# EDGAR Filing Document

**Accession Number:** 0002105398
**File Stem:** 0001104659-26-036760
**Filing Date:** 2026-3
**Character Count:** 8425590
**Document Hash:** 49422881b321b795ed02482f33fdaf41
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-036760.hdr.sgml**: 20260616

**ACCESSION NUMBER**: 0001104659-26-036760

**CONFORMED SUBMISSION TYPE**: DRS

**PUBLIC DOCUMENT COUNT**: 28

**FILED AS OF DATE**: 20260330

**DATE AS OF CHANGE**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BIF III US Aggregator (Delaware) LLC
- **CENTRAL INDEX KEY:** 0002105398
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 830679216
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DRS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 377-09193
- **FILM NUMBER:** 26812632

**BUSINESS ADDRESS:**
- **STREET 1:** 250 VESEY STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10281
- **BUSINESS PHONE:** (855) 699-8372

**MAIL ADDRESS:**
- **STREET 1:** 250 VESEY STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10281

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BIF III US Aggregator (Delaware) LLC
- **DATE OF NAME CHANGE:** 20260114

[**TABLE OF CONTENTS**](#TOC)

 **As submitted confidentially to the Securities and Exchange Commission on March 30, 2026. This draft registration statement has not been publicly filed with the Securities and Exchange Commission, and all information herein remains strictly confidential.** 

#### Registration No. 333-

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

### FORM S-1

#### REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

### BIF III US Aggregator (Delaware) LLC
to be converted as described herein to a corporation named

### Csquare, Inc.
(Exact name of registrant as Specified in its Charter)

---

| | | |
|:---|:---|:---|
| **Delaware** <br> (State or other jurisdiction of <br> incorporation or organization)  | **7370** <br> (Primary Standard Industrial <br> Classification Code Number)  | **83-0679216** <br> (I.R.S. Employer <br> Identification Number)  |

---

#### 3100 Olympus Blvd., Suite 510 Coppell, TX 75019 (855) 699-8372
(Address, including Zip Code, and Telephone Number, Including Area Code, of Registrant's Principal Executive Offices)

#### Spencer Mullee Chief Executive Officer 3100 Olympus Blvd., Suite 510 Coppell, TX 75019 (855) 699-8372
(Name, Address, including Zip Code, and Telephone Number, including Area Code, of Agent for Service)

#### Copies to:

---

| | | |
|:---|:---|:---|
| **Brian M. Janson, Esq. <br> Christopher J. Cummings, Esq. <br> Christopher Van Buren, Esq. <br> Paul, Weiss, Rifkind, Wharton & Garrison LLP <br> 1285 Avenue of the Americas <br> New York, NY 10019-6064 <br> (212) 373-3000**  | **Catherine Smith, Esq. <br> Chief Legal Officer <br> 3100 Olympus Blvd., Suite 510 <br> Coppell, TX 75019 <br> (855) 699-8372**  | **Lewis W. Kneib, Esq. <br> Brent T. Epstein, Esq. <br> Devon L. MacLaughlin, Esq. <br> Latham & Watkins LLP <br> 1271 Avenue of the Americas <br> New York, NY 10020 <br> (212) 906-1200**  |

---

Approximate date of commencement of proposed sale of the securities to the public: As soon as practicable after the effective date of this registration statement.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following box. ☐

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

 **The registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.** 

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### EXPLANATORY NOTE
BIF III US Aggregator (Delaware) LLC (the "Company"), the registrant whose name appears on the cover of this registration statement, is a Delaware limited liability company. Prior to the closing of this offering, the Company will convert into a Delaware corporation pursuant to a statutory conversion and change its name to Csquare, Inc. as described in the section captioned "Corporate Conversion" (the "Corporate Conversion"). As a result of the Corporate Conversion, the common equityholders of the Company will become holders of shares of common stock of Csquare, Inc. Except as disclosed in the prospectus included in this registration statement, the consolidated financial statements and selected historical consolidated financial data and other financial information included in this registration statement are those of the Company and its subsidiaries and do not give effect to the Corporate Conversion. Shares of common stock of Csquare, Inc. are being offered by the prospectus included in this registration statement.

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The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and we are not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted.

Confidential Treatment Requested by the Registrant Pursuant to 17 C.F.R. Section 200.83

PRELIMINARY PROSPECTUS Subject to completion, dated March 30, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares

## Csquare, Inc.
Common Stock

This is the initial public offering of shares of common stock of Csquare, Inc., a Delaware corporation. We are offering shares of common stock. Prior to this offering, there has been no public market for our common stock. We expect the initial public offering price to be between $ and $ per share. We intend to apply to list our common stock on the New York Stock Exchange (the "NYSE") under the symbol "CSQR".

Following the completion of this offering, certain entities managed by affiliates of Brookfield Corporation (together with its affiliates, "Brookfield") will beneficially own approximately % of the voting power of our outstanding common stock. As a result, Brookfield will have the ability to determine all matters requiring approval by our stockholders and we expect to be a "controlled company" within the meaning of the corporate governance standards of the NYSE and therefore will be exempt from certain corporate governance requirements of such rules. See "Risk Factors—Risks Related to this Offering and Ownership of Our Common Stock," "Management—Controlled Company" and "Principal Stockholders."

Investing in our common stock involves risks that are described in the "Risk Factors" section beginning on page [15](#tRIFA) of this prospectus.

---

| | | |
|:---|:---|:---|
|  | *Per Share*  | *Total*  |
| *Initial public offering price*  |  | $— |
| *Underwriting discounts and commissions<sup>(1)</sup>*  |  | $— |
| *Proceeds, before expenses, to us*  |  | $— |

---

(1) See "*Underwriting*" for additional information regarding the underwriting compensation.

We have granted the underwriters an option to purchase up to additional shares of common stock, solely to cover over-allotments, if any, from us at the initial public offering price, less underwriting discounts and commissions, within 30 days from the date of this prospectus.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

The underwriters expect to deliver the shares of common stock to purchasers on or about , 2026.

*Morgan Stanley* <br> *TD Securities* 

Prospectus dated , 2026

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
![[MISSING IMAGE: ph_cooling1-4clr.jpg]](ph_cooling1-4clr.jpg)

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![[MISSING IMAGE: ph_pdu-4clr.jpg]](ph_pdu-4clr.jpg)

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
![[MISSING IMAGE: ph_interiorcage-4clr.jpg]](ph_interiorcage-4clr.jpg)

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![[MISSING IMAGE: ph_chilledwater-4clr.jpg]](ph_chilledwater-4clr.jpg)

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [PROSPECTUS SUMMARY](#tPRSU)  | [1](#tPRSU) |
| [RISK FACTORS](#tRIFA)  | [15](#tRIFA) |
|  [CAUTIONARY NOTE REGARDING <br> FORWARD-LOOKING <br> STATEMENTS](#tCANO)  | [42](#tCANO) |
| [USE OF PROCEEDS](#tUOP)  | [44](#tUOP) |
| [DIVIDEND POLICY](#tDIPO)  | [45](#tDIPO) |
| [CAPITALIZATION](#tCAP)  | [46](#tCAP) |
| [DILUTION](#tDIL)  | [47](#tDIL) |
|  [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#tMDAA)  | [49](#tMDAA) |
| [BUSINESS](#tBUS)  | [71](#tBUS) |
| [MANAGEMENT](#tMAN)  | [84](#tMAN) |
| [EXECUTIVE COMPENSATION](#tEXCO)  | [89](#tEXCO) |
|  [CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#tCRAR)  | [97](#tCRAR) |

---

---

| | |
|:---|:---|
| [PRINCIPAL STOCKHOLDERS](#tPRST)  | [101](#tPRST) |
|  [DESCRIPTION OF CAPITAL STOCK](#tDOCS)  | [102](#tDOCS) |
|  [SHARES ELIGIBLE FOR FUTURE SALE](#tSEFF)  | [110](#tSEFF) |
|  [MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS](#tMUFI)  | [112](#tMUFI) |
| [UNDERWRITING](#tUCOI) | [116](#tUCOI) |
| [LEGAL MATTERS](#tLEMA)  | [122](#tLEMA) |
| [EXPERTS](#tEXP)  | [123](#tEXP) |
|  [WHERE YOU CAN FIND MORE INFORMATION](#tWYCF)  | [124](#tWYCF) |
|  [INDEX TO CONSOLIDATED FINANCIAL STATEMENTS](#tITCF)  | [F-1](#tITCF) |

---

We have not, and the underwriters have not, authorized any other person to provide you with any information or to make any representations other than those contained in this prospectus or in any free writing prospectuses we have prepared. We and the underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may provide you. We are offering to sell, and seeking offers to buy, shares of our common stock only in jurisdictions where offers and sales are permitted. You should assume that the information appearing in this prospectus and any free writing prospectus prepared by us is accurate only as of their respective dates or on the date or dates which are specified in these documents. Our business, financial condition, results of operations and prospects may have changed since those dates.

For investors outside the United States: neither we nor the underwriters have done anything that would permit this offering or possession or distribution of this prospectus or any free writing prospectus we may provide to you in connection with this offering in any jurisdiction where action for that purpose is required, other than in the United States. You are required to inform yourselves about and to observe any restrictions relating to this offering and the distribution of this prospectus and any such free writing prospectus outside of the United States.

 **Through and including , 2026 (the 25th day after the date of this prospectus), all dealers effecting transactions in the common stock, whether or not participating in this offering, may be required to deliver a prospectus. This delivery requirement is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.** 

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### TRADEMARKS, TRADE NAMES AND SERVICE MARKS
We own or have rights to trademarks, service marks and trade names that we use in connection with the operation of our business, including Csquare. Other trademarks, service marks and trade names appearing in this prospectus are the property of their respective owners. Solely for convenience, trademarks and trade names referred to in this prospectus may appear without the <sup>®</sup> or <sup>TM</sup> symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other companies' trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

#### INDUSTRY AND MARKET DATA
We include in this prospectus statements regarding our industry, our competitors and factors that have impacted our and our customers' industries. Such statements are statements of belief and are based on industry data and forecasts that we have obtained from industry publications and surveys, including those published by CBRE Group, Inc., as well as internal company sources. Industry publications, surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of such information. In addition, while we believe that the industry information included herein is generally reliable, such information is inherently imprecise. Certain statements regarding our competitors are based on publicly available information, including filings with the Securities and Exchange Commission by such competitors, published industry sources and management estimates. While we are not aware of any misstatements regarding the industry, competitor and market data presented herein, our estimates involve risks and uncertainties and are subject to change based on various factors, including those discussed under the caption "*Risk Factors*" in this prospectus.

#### BASIS OF PRESENTATION
In this prospectus, unless otherwise indicated or the context otherwise requires, references to the "Company," the "Issuer," "Csquare," "we," "us" and "our" refer, prior to the Corporate Conversion, to BIF III US Aggregator (Delaware) LLC and its consolidated subsidiaries and, after the Corporate Conversion, to Csquare, Inc. and its consolidated subsidiaries.

All consolidated financial statements presented in this prospectus have been prepared in U.S. dollars in accordance with generally accepted accounting principles in the United States of America ("GAAP").

ii

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### PROSPECTUS SUMMARY
 *The following summary highlights information contained in greater detail elsewhere in this prospectus. This summary is not complete and does not contain all of the information that you should consider in making your investment decision. Before you make an investment decision, you should review this prospectus in its entirety, including matters set forth under "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and the related notes thereto included elsewhere in this prospectus. Some of the statements in the following summary constitute forward-looking statements. See "Cautionary Note Regarding Forward-Looking Statements."* 

#### Overview
Csquare is a leading North American enterprise digital infrastructure platform providing carrier-neutral colocation and interconnection services that support the applications powering the modern economy. We deliver mission-critical infrastructure to a diversified customer base of more than 1,800 enterprise, network, cloud, and technology customers. Our facilities support long-duration, availability-sensitive workloads with high barriers to exit, underpinned by strong customer retention, recurring revenue, and requirements for exceptional reliability, security, and connectivity.

We own and operate a geographically diverse portfolio of highly engineered, carrier-neutral data centers located in 21 major metropolitan markets across the United States, Canada and the United Kingdom. Our data centers provide essential infrastructure, including secure space, redundant power, advanced cooling systems, physical security, and dense interconnection capabilities, enabling customers to deploy and operate critical IT and network infrastructure.

As of December 31, 2025, our platform is comprised of approximately 60 sites across 21 major metropolitan markets, delivering approximately 379 megawatts ("MW") of Sellable Power Capacity and over 38,000 interconnection products. Please see "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Business Metrics*" for details regarding the definition of Sellable Power Capacity.

The following map shows the locations and installed capacities of our data centers as of December 31, 2025.

![[MISSING IMAGE: mp_catalyst-4c.jpg]](mp_catalyst-4c.jpg)

Our platform is purpose-built to serve enterprise customers with complex operating requirements, including the need for network proximity, consistent operating standards, and high service availability. We focus primarily on sub-10 MW colocation deployments within multi-customer, interconnection-rich environments. We opportunistically can and will consider larger deployments based on customer demand. This approach

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
allows us to support a broad range of long-standing blue-chip customers while maintaining high levels of operational efficiency and scalability across our portfolio.

We generate nearly all our revenue from recurring colocation and interconnection services under contractual arrangements that generally range from one to seven years, with our average remaining contract term being approximately 30 months as of December 31, 2025. We believe our diversified customer base, combined with the mission-critical nature of our services and the high switching costs associated with data center relocation, has contributed to our low Net Revenue Churn, which was less than 8% for the year ended December 31, 2025, and stable, predictable cash flows. Please see "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Business Metrics*" for details regarding the definition of Net Revenue Churn and the calculation thereof.

Our multi-customer operating model is designed to drive significant customer diversification and limit reliance on any single customer or industry vertical. In addition, we believe our interconnection-rich facilities enhance customer retention and support incremental revenue growth through cross-connects and expansion deployments. As customers scale their infrastructure within our data centers, we believe we will be able to benefit from embedded growth with limited incremental capital investment.

Our customers rely on us as a critical infrastructure partner that simplifies the deployment and operation of mission-critical IT environments. We provide a geographically proximate, carrier-neutral colocation platform with pre-built power and cooling infrastructure that can be activated and scaled quickly within existing facilities. This enables enterprises to deploy capacity with short lead times, predictable costs, and minimal upfront capital.

Because our data centers, power distribution, and fiber ecosystems are already in place, customers benefit from low-latency connectivity, reduced execution risk, and flexible, modular expansion without the complexity or capital intensity of self-build or greenfield alternatives. This value proposition has driven sustained demand and strong customer adoption.

Strong operating performance and cash generation have enabled us to fund growth primarily through operating cash flow and disciplined financing activities. Most of our expansions are executed within existing, transformer-enabled facilities, requiring modest, site-specific capital expenditures and typically costing approximately $4 million to $8 million per MW—meaningfully lower than the expected cost of greenfield development.

This capital-efficient expansion model allows us to add incremental revenue with limited reliance on new building construction. As enterprises place additional workloads into production, including hybrid cloud and inference use cases, our portfolio of urban, carrier-neutral data centers provides a durable runway for scalable growth.

We believe our portfolio, operating strategy, and customer mix position us to benefit from long-term secular trends, including increased enterprise outsourcing of data center infrastructure, growth in network-intensive and latency-sensitive applications, artificial intelligence ("AI") inference, and rising demand for reliable, secure, and interconnected digital infrastructure. We believe our disciplined capital allocation strategy, strong corporate liquidity and operating cash flows, as well as focus on operational excellence, support sustainable growth.

Our business has grown rapidly since inception, including organically and through acquisitions in January 2024 and October 2025. Our revenue was $987.0 million, $907.6 million and $198.3 million for the years ended December 31, 2025, 2024 and 2023, respectively, representing year-over-year growth of 9% and 358%, respectively. Our net income (loss) for the years ended December 31, 2025, 2024 and 2023 was $(119.9) million, $458.5 million and $(79.7) million, respectively. Our Adjusted EBITDA for the years ended December 31, 2025, 2024 and 2023 was $390.0 million, $288.7 million and $18.1 million, respectively. Our funds from operations ("FFO") for the years ended December 31, 2025, 2024 and 2023 were $152.0 million, $718.1 million and $(29.3) million, respectively. Our Adjusted Funds From Operations ("AFFO") for the years ended December 31, 2025, 2024 and 2023 were $149.4 million, $140.5 million and $(55.8) million, respectively. Adjusted EBITDA, FFO and AFFO are non-GAAP financial measures. For additional information about our non-GAAP financial measures, including reconciliations of the non-GAAP financial measure to the most

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
directly comparable financial measure stated in accordance with GAAP, see "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Discussion of Non-GAAP Financial Measures*."

#### Our Origins
We were established in 2019. Our strategic development has been shaped by acquiring portfolios of data center assets that were built to high quality engineering standards, with robust power redundancy, dense embedded fiber connectivity, and strategically located urban footprints. As a result, many of our facilities benefit from infrastructure characteristics and locations that would be difficult and costly to replicate today.

In 2024, we acquired a portfolio of assets through a highly structured and disciplined process, capitalizing on a unique opportunity to add scale and quality to our platform. By focusing on assets with established power, connectivity, and enterprise demand, we enhanced our urban, carrier-neutral footprint with limited execution risk and attractive capital efficiency. The success of this approach is reflected in strong post-acquisition performance and sustained customer demand, demonstrating our ability to create value through operational expertise, balance sheet discipline, and opportunistic growth.

In addition, our current platform of assets has benefited from a comprehensive operational transformation. This process included the selective assumption and renegotiation of site leases, the divestiture of non-core international assets, significantly increased ownership of underlying real estate, and the consolidation of operations, systems, and go-to-market functions. These actions significantly improved our portfolio's quality, enhanced operating efficiency, and aligned the platform with our long-term strategic objectives.

#### Our Commercial Strategy
We serve more than 1,800 customers across a broad range of industries, including financial services, health care, cloud and IT services, media and content, network service providers, semiconductors, gaming, and enterprise technology. Our customer base is highly diversified, and no single customer represented more than 7% of our revenue for the year ended December 31, 2025.

Most of our revenue is recurring and generated under contractual customer arrangements with multi-year terms, and our average remaining contract length was approximately 30 months as of December 31, 2025, which has increased from approximately 21 months as of December 31, 2024. Substantially all of our contractual arrangements contain power pass-through pricing mechanisms and annual escalators, reducing our exposure to utility price volatility and simplifying our cash flow planning over multi-year contracts. We have historically experienced low levels of Net Revenue Churn, with less than 8% for the year ended December 31, 2025, reflecting the mission-critical nature of our services and the operational complexity associated with relocating data center infrastructure. Finally, we generated 70.6% of our net operating income for the year ended December 31, 2025 from owned sites, which, when combined with sites under long-term leases, provides significant operational control to deliver to our customers, improved capital markets access, and greater cost base certainty over the long term.

Our commercial strategy emphasizes long-term customer relationships and disciplined pricing over short-term revenue maximization, which we believe supports revenue visibility, and stability.

We provide several primary service offerings to our customer base:

*Enterprise Colocation*: Our primary service offering is enterprise-focused colocation. Customers deploy IT and network infrastructure within our data centers to support production IT environments, hybrid cloud architectures, latency-sensitive applications, financial trading platforms, content delivery networks, and enterprise AI and inference workloads. Most customer deployments are below 5 MW and average approximately 7.6 kW per rack across our footprint, though we have the infrastructure and ability to provide high density computing environments in most of our data centers. We have installed and operate deployments as high as 150 kW per rack, with the ability to operate installations beyond 150 kW per rack.

*Interconnection*: Interconnection is a powerful growth engine at the center of our platform, and we averaged 21 interconnection products per customer as of December 31, 2025. Our data centers provide highly network-dense, carrier-neutral environments that give customers immediate access to a broad ecosystem of leading network service providers, cloud on-ramps, and direct customer-to-customer connectivity. With multiple

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providers operating in every facility, customers can rapidly scale, optimize performance, and reduce latency and costs—without vendor lock-in. This rich interconnection ecosystem enables faster deployments, efficient expansion, and stronger business partnerships from day one.

Interconnection services accounted for approximately 10.7% of our total revenue for the year ended December 31, 2025, and we believe such services are a key driver of long-term customer value. By embedding customers within thriving, multi-tenant ecosystems, we help them build resilient, future-ready infrastructure that grows with their business.

While interconnection is not positioned as a primary customer acquisition tool, we believe it materially enhances customer "stickiness" by increasing switching costs and supporting operational integration within our facilities. As a result, our interconnection-rich environments contribute to average customer relationships with our top 50 customers of over a decade (as measured by monthly recurring revenue).

*Additional Services*: We also offer a range of additional services that generate incremental revenue and enhance customer retention. These services typically include remote hands and eyes support, equipment installation and removal, cabling and cross-connects, hardware troubleshooting, monitoring, and other on-demand technical assistance. Additional services are generally billed on a time-and-materials or per-service basis and allow customers to operate critical infrastructure without maintaining on-site personnel, while providing us with higher-margin, non-power-dependent revenue streams that complement our core colocation offerings.

#### Pricing Models and Power Cost Exposure
Data center contracts are typically structured as either "all-in" (bundled) or "metered power" (plus electricity). As of December 31, 2025, all-in contracts and metered power contracts comprised approximately 72% and approximately 28% of our total portfolio recurring revenue, respectively.

Under all-in contracts, customers pay a single recurring charge that includes power. However, substantially all of our all-in contracts as of December 31, 2025 included explicit mechanisms such as power indexation, tariff pass-throughs, or extraordinary cost adjustment clauses. Where such mechanisms exist, certain increases in utility costs may be passed through to customers. Our exposure to utility rate volatility is significantly reduced through our ability to pass-through power costs to substantially all of our customers.

Under metered power contracts, customers pay a fixed facility and capacity fee plus electricity as a separate, metered charge. Electricity costs are generally passed through based on actual utility tariffs or agreed indices. As a result, power price increases are typically passed through to customers, and the customer bears most or all of electricity price volatility.

Across both models, contracts are typically based on a committed power capacity (kW), and increases in customer power usage or capacity commitments generally result in higher customer charges, subject to contractual terms governing overages and capacity adjustments.

#### Our Competitive Strengths: Why We Win
Our ability to attract and retain customers is driven by several specific qualities that are critical to our success.

*High Quality Infrastructure Engineered for Reliability and Longevity*: Our data center facilities are designed and operated to support continuous, mission-critical workloads. Across our portfolio, we have historically achieved nearly 100% of uptime over more than a decade of operating history by us and our predecessors. Our model emphasizes preventative maintenance and disciplined capital reinvestment, including the systematic replacement and upgrading of power and cooling systems.

These ongoing investments are intended to maintain the reliability and performance of our facilities over time and to support evolving customer requirements. We believe this approach reduces operational risk, extends asset useful life, and mitigates the risk of infrastructure obsolescence.

*Scaled Presence in Urban Population Centers Offering Low Latency Connections*: Our portfolio of interconnection-oriented data centers is predominantly located in urban population centers in the United States market, that in almost all cases serve as demarcation points for key fiber-optic backbone providers.

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
These fiber-optic backbone providers are part of a dense connectivity ecosystem within each of our data center campuses that include network service providers, cloud platforms, and enterprise customers.

*Embedded Power Availability that Scales with Customer Demand*: Our facilities are generally designed with **embedded power availability and future potential expandable capacity**, enabling customers to scale efficiently as their power and density requirements grow. This design allows us to activate additional capacity within almost all of our existing facilities in response to customer demand, supporting rapid deployments, expansions, and evolving workloads without the delays typically associated with new site development.

Because our facilities are already connected to utility power, fiber networks, and operational systems, customers may be able to benefit from **shorter lead times, lower execution risk, and greater flexibility** as their requirements change. This scalable approach allows customers to grow within our portfolio over time, supporting long-term relationships and repeat deployments while ensuring capacity is delivered in alignment with actual demand.

*Structurally Advantaged Exposure to Enterprise AI and Inference Workloads*: The increased usage of AI increases demand for power densities and interconnection. We have embedded capacity to respond to **enterprise AI and inference workloads** in a capital efficient manner where these deployments align with our enterprise-focused operating model and facility capabilities. This allows customers to deploy higher-performance computing solutions, including GPU-based configurations, within a secure, operationally mature colocation environment designed for mission-critical workloads.

While many customers continue to operate at traditional enterprise power densities, many facilities within our portfolio can accommodate **higher-density deployments**, providing customers with flexibility to adopt AI and advanced computing use cases as their needs evolve. This approach enables customers to scale performance within a familiar platform and operating model, without requiring purpose-built facilities, while allowing us to participate in AI-related demand in a disciplined and targeted manner.

*Industry Leading Management Team with Significant Data Center Experience and Proven Track Record*: Our senior management team comprises seasoned industry professionals with more than a century of combined experience in the ownership, operation, and commercialization of data center and digital infrastructure assets. The team is supported by an in-house team of specialized data center engineers, electricians, and operations personnel with deep expertise across facility development, power systems, and day-to-day operations. This integrated operating platform, combined with management's decades-long customer relationships and a strong understanding of enterprise requirements, enables us to deliver highly reliable, customized solutions and sustain long-term customer retention.

#### Industry Background
Data centers are specialized facilities designed to house servers, data storage systems, and networking equipment used to store, process, and transmit digital information. As enterprises increasingly rely on digital technologies to support core business operations, data centers have become critical infrastructure, providing secure, reliable, and continuously available environments for mission-critical workloads.

Colocation data centers enable organizations to outsource facility-level infrastructure while maintaining ownership and control of their IT equipment. These facilities provide essential services, including power, cooling, physical security, and access to network and cloud connectivity. By colocating infrastructure within shared facilities, customers can reduce capital expenditures, increase operational flexibility, and avoid the complexity associated with designing, building, and operating proprietary data center infrastructure.

Certain data centers are located at centralized network exchange points where multiple communications networks converge. These facilities function as interconnection hubs, enabling customers to establish direct physical connections with network service providers, cloud platforms, and other enterprises. Interconnection-rich environments facilitate efficient data exchange, support low-latency and high-availability applications, and allow customers to access multiple connectivity options within a single location.

The colocation data center business model is characterized by recurring and contractual revenue streams, typically generated through multi-year customer agreements that often include annual pricing escalators.

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
Interconnection services generally involve recurring fees for physical cross-connects between customers, networks, and cloud platforms within a facility. These connections are typically maintained for the duration of the underlying workloads.

Together, colocation and interconnection services form a complementary operating model in which customers establish a physical presence within a facility and layer connectivity relationships on top of that footprint. Over time, the accumulation of customers, networks, and cloud providers within interconnection-rich facilities can create dense ecosystems that support strong customer retention and long-term occupancy.

#### Demand Drivers
Demand for data center capacity continues to increase as enterprises, service providers, and technology platforms expand their reliance on digital infrastructure. Industry estimates indicate that global data center demand is expected to grow at a strong pace over the next five years, with demand for power and capacity increasingly outstripping new supply in many established markets. This growth is driven by a combination of structural trends that are increasing compute intensity, power requirements, and the need for secure, interconnected infrastructure.

The adoption of AI across enterprise, consumer, and industrial applications is contributing to higher power density, cooling, and compute requirements within data centers. As these workloads are deployed alongside traditional enterprise applications, they are increasing demand for flexible colocation environments capable of supporting a range of operating profiles.

The increased demand for colocation data centers is supported by several key factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Enterprise Workload Expansion.* Enterprise data traffic and processing requirements continue to increase in complexity and volume. As a result, enterprises are increasingly outsourcing IT infrastructure and adopting hybrid IT architectures to access secure, resilient, and scalable environments operated by specialized data center providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Rise of High-Density Computing and AI.* Enterprise adoption of AI is driving increased demand for higher-density computing, particularly for inference workloads that are latency-sensitive, network-intensive, and deployed close to users and enterprise data environments. Unlike large-scale training, these workloads prioritize low latency, high availability, and dense connectivity, favoring data centers with strong interconnection ecosystems, proximity to cloud and network providers, and the ability to support elevated power and cooling requirements. As AI adoption matures, industry trends indicate a shift from training toward inference deployed in production environments, increasing demand for infrastructure that can support advanced computing alongside existing enterprise workloads. We believe our facilities are well positioned to support this evolution by enabling customers to deploy AI-enabled applications within secure, network-rich, and operationally mature environments without requiring purpose-built AI campuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Regulatory, Compliance, and Data Localization Requirements.* Increasing regulatory requirements in certain industries and jurisdictions are driving demand for third-party data center facilities that can support compliance and security, data sovereignty, and localization needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Shift Away from On-Premises Infrastructure.* Many enterprises are migrating workloads away from on-premises environments to gain greater flexibility, reduce long-term capital requirements, access newer technologies, and locate infrastructure closer to end markets and network exchange points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Cloud Repatriation and Hybrid Architectures.* Some enterprises are reevaluating public cloud deployments and relocating certain workloads to colocation environments, where dedicated infrastructure can offer greater cost predictability, performance control, and customization. Colocation data centers provide a flexible alternative that supports hybrid and multi-cloud strategies.

#### Key Factors Influencing Industry Structure
The retail colocation data center industry operates within a capital intensive, technically complex environment as well as connectivity-dependent framework that can make entry and rapid scaling challenging for new participants.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
Entry into the colocation data center sector in the major markets that we target requires access to reliable and scalable utility power, significant upfront capital requirements and ongoing reinvestment needs, specialized technical expertise and operating personnel, suitably zoned sites, and compliance with regulatory and permitting requirements.

New supply is further constrained by factors such as power availability, lengthy permitting and zoning timelines, supply chain limitations, and extended construction and commissioning cycles. These constraints are compounded by the technical complexity associated with the design, construction, and operation of data center facilities, particularly those capable of supporting higher-density or advanced computing workloads.

Customers tend to have long-term relationships with their providers due to the cost, operational risk and complexity involved in migrating critical infrastructure, as well as the presence of embedded connectivity and interconnection relationships within existing facilities. In addition, achieving scale in the colocation sector requires the ability to deliver consistent service across multiple locations while effectively managing capital deployment and long-term asset maintenance.

Finally, interconnection-oriented data centers are often located along established fiber-optic backbones and within dense connectivity ecosystems that include network service providers, cloud platforms, and enterprise customers. These ecosystems typically develop over extended periods of time and are frequently concentrated in or near major metropolitan areas, making comparable connectivity environments difficult to replicate.

#### Growth Strategy
Our growth is driven by a repeatable, capital-efficient expansion model within our existing portfolio. Customers enter the platform with an initial deployment that converts into recurring revenue through predictable installation cycles. As workloads scale and architectures evolve, customers generally have the ability to expand power, density, and footprint within existing facilities, driving incremental revenue with materially lower capital intensity than new development. Over time, customers also have the ability to layer interconnection and additional services onto their colocation footprint, increasing revenue per customer and reinforcing long-term retention through rising switching costs. This operating model enables us to compound revenue and cash flow primarily through expansion inside our existing asset base while maintaining disciplined capital deployment and limited execution risk.

We maintain a backlog of booked-but-not-billed customer contracts, representing signed customer commitments that require installation and deployment prior to the commencement of billing. Our growth strategy includes converting this backlog into recurring revenue through disciplined execution, efficient project delivery, and close coordination among our sales, engineering, and operations teams. This backlog provides visibility into near-term revenue growth and reduces reliance on speculative demand or market timing.

Further, we are focused on expanding recurring revenue and cash flow through capital-efficient investment within our existing portfolio, disciplined customer acquisition, and selective support of evolving enterprise workloads. We prioritize growth opportunities that preserve customer diversification, enhance interconnection ecosystems, and generate attractive risk-adjusted returns without increasing development, concentration, or execution risk.

As we pursue organic growth, we expect to fund our expansion activities primarily through operating cash flows, supported by our strong balance sheet and, where appropriate, access to debt financing. Our growth strategy is designed to be largely self-funded, benefiting from a predominantly fixed cost structure and meaningful operating leverage as incremental capacity is deployed. We believe that revenue growth from under-roof expansion, backlog conversion, and customer relationship expansion will translate efficiently into cash flow, supported by centralized operations, procurement scale, and standardized systems across our portfolio.

#### Customer Relationship Expansion
We are focused on expanding existing customer relationships through incremental deployments, densification, and the provision of additional interconnection and additional services. Customers typically enter our platform with an initial deployment and generally have the ability to expand their deployment over time as workloads scale, architectures evolve, or additional applications are placed into production. As enterprise customer use cases continue to evolve—including increased adoption of higher-density computing and AI-enabled

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
workloads such as inference—we believe we are well positioned to support rising power, cooling, and connectivity requirements within our existing facilities.

Our interconnection-rich environments, operational reliability, and flexible infrastructure enable customers to scale efficiently within our footprint, which we believe will allow us to increase revenue per customer while maintaining low customer acquisition costs and high retention.

#### Product and Pricing Optimization
We continue to refine our commercial strategy to enhance revenue quality and growth. This includes contractual annual pricing escalators, disciplined pricing for power-intensive deployments, and optimization of additional services such as cross-connects, remote hands, and on-site storage.

#### Under-Roof Expansion
A primary growth driver is under-roof expansion within our existing data center footprint to support additional capacity requirements. Our portfolio includes embedded capacity in the form of available power, vacant shell space, and infrastructure upgrade opportunities that can be activated through targeted investments, including additional UPS capacity, electrical topology enhancements, and increased rack density.

Under-roof expansion projects generally require lower capital investment and shorter development timelines than greenfield construction, as core building structures, utility power, and connectivity ecosystems are already in place. We expect a significant portion of near- and medium-term growth to be generated through these opportunities, in connection with contracted customer demand.

#### Disciplined Portfolio Optimization and Selective Acquisitions
We may pursue selective acquisitions or asset purchases that complement our existing footprint, enhance market density, or increase ownership of underlying real estate. Any such transactions are expected to meet strict underwriting criteria and align with our focus on enterprise colocation and interconnection.

#### Financial Policy
We seek to adhere to a conservative financial policy, which we believe is important to generating a stable and growing AFFO profile, maintaining a high rate of cash conversion and managing corporate liquidity.

The key pillars of our financial policy include the following:

*Generate cash flows from recurring, contractual arrangements with long-tenured, high-quality customers.* We target generating substantially all of our cash flows from recurring contractual arrangements with highly creditworthy counterparties under long-term offtake agreements. We believe this approach supports cash flow stability and reduces the capital intensity of our operations. For the year ended December 31, 2025, approximately 86% of our revenues were derived from enterprise colocation and interconnection services, which we consider to represent a stable, recurring base of cash flows.

In addition, we maintain a high level of customer diversification, with more than 1,800 customers across a broad range of industries. No single customer represented more than 7% of total revenues for the year ended December 31, 2025, which limits our exposure to any individual customer, service, or sector.

We also benefit from a long-standing customer base, with our top 50 customers having maintained relationships with us for more than a decade and a Net Revenue Churn of less than 8% for the year ended December 31, 2025. We believe these factors reflect the durability of our customer relationships and contribute to the overall stability of our operations.

*Maintain high levels of liquidity.* As of December 31, 2025, we had total available liquidity of $515.7 million, consisting of $403.4 million of cash and cash equivalents and restricted cash, $166.0 million of undrawn and available capacity under our $800.0 million revolving credit facility (the "Revolving Credit Facility") and our variable funding notes, less $53.7 million due to the issuance of letters of credit. Our business has limited non-discretionary capital requirements, and accordingly we intend to use available liquidity to reinvest into

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
accretive growth initiatives designed to grow and enhance our service offerings, fund working capital requirements, and repay outstanding indebtedness.

*Focus on self-funding accretive capital deployment while maintaining a conservative leverage profile*. Over the long term, as we pursue organic growth, we target funding our pipeline of accretive growth opportunities primarily through operating cash flows and, where appropriate, through incremental debt financing. We seek to build and maintain an inventory of growth opportunities that meet our internal return thresholds.

#### Risk Factor Summary
Participating in this offering involves substantial risk. Our business is also subject to numerous risks and uncertainties of which you should be aware before making a decision to invest in our common stock. These risks are more fully described in the section titled "Risk Factors" immediately following this prospectus summary. These risks, among others, include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our portfolio of properties is geographically concentrated, and adverse developments in local economic conditions, power availability, or demand for data center space in these markets could have a material adverse effect on our business, financial condition and operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • demand for data center space is affected by economic conditions, technology trends, and customer deployment decisions, and a reduction in demand could have a material adverse effect on our business, financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a small number of customers account for a significant portion of our operating revenues, and the loss, default, or reduced utilization by any of these customers could significantly harm our business, financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to generate interconnection and other service revenues depends on attracting and retaining a balanced customer base, and failure to attract, grow and retain this base of customers or future consolidation in the technology industry could harm our business, financial condition and operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our products and services have a long sales cycle, and delays in leasing decisions may harm our revenues and operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we face significant competition and may be unable to sell vacant space, renew existing customer agreements, or contract space at favorable rates as customer agreements expire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our growth depends on the successful development and expansion of our data centers, and delays, cost overruns, or selling risk could have a material adverse effect on our business, financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • power procurement and interconnection constraints may limit our ability to deliver and monetize capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we depend on third parties for network connectivity, critical equipment, and utility power, and disruptions or cost increases could adversely affect our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the loss of one or more of our key personnel or our failure to attract and retain qualified personnel could harm our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our substantial indebtedness could adversely affect our financial condition and ability to raise additional capital to fund our operations and limit our ability to react to changes in the economy or our industry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we continue to be controlled by Brookfield, and Brookfield's interests may conflict with our interests and the interests of other stockholders.

#### Our Sponsor
Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. Brookfield Corporation has three core businesses: alternative asset management, wealth solutions and its operating businesses, which are in infrastructure, energy, business and industrial services, and real estate.

Upon the closing of this offering, Brookfield will continue to beneficially own approximately % of the voting power of our outstanding common stock. As a result, Brookfield will have the ability to determine all

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
matters requiring approval by our stockholders, and we will be a "controlled company" within the meaning of the corporate governance standards of the NYSE and therefore will be exempt from certain corporate governance requirements of such rules. For further information on the implications of being a "controlled company," see "*Risk Factors—Risks Related to this Offering and Ownership of Our Common Stock*" and "*Management—Controlled Company*."

Following the closing of this offering, Brookfield will have the right, at any time until Brookfield no longer beneficially owns at least 5% of the voting power of our outstanding common stock, to nominate a number of directors comprising a percentage of our board of directors in accordance with their beneficial ownership of the voting power of our outstanding common stock (rounded up to the nearest whole number), except that if Brookfield beneficially owns more than 50% of the voting power of our outstanding common stock, Brookfield will have the right to nominate a majority of the directors. In addition, the approval of Brookfield will be required for certain matters, including, but not limited to, material acquisitions and dispositions other than certain transactions in the ordinary course of business, certain issuances of equity securities and incurrence of debt, and mergers, consolidations and transfers of all or substantially all of our assets, until the first time that Brookfield ceases to beneficially own at least 20% of our common stock. See "*Management—Board Composition*," "*Certain Relationships and Related Party Transactions—Stockholders Agreement*" and "*Description of Capital Stock—Composition of Board of Directors; Election and Removal of Directors*" for more information.

#### Corporate Conversion
We currently operate as a Delaware limited liability company under the name BIF III US Aggregator (Delaware) LLC. Prior to the closing of this offering, the Company will convert into a Delaware corporation pursuant to a statutory conversion and change its name to Csquare, Inc. In this prospectus, we refer to all of the transactions related to our conversion to a corporation described above as the Corporate Conversion.

In connection with the Corporate Conversion, all of the outstanding equity interests of the Company will be converted into an aggregate of shares of our common stock. In connection with the Corporate Conversion, Csquare, Inc. will continue to hold all property and assets of the Company and will assume all of the debts and obligations of the Company.

Csquare, Inc. will be governed by a certificate of incorporation filed with the Delaware Secretary of State and bylaws, the material portions of which are described in the section captioned "*Description of Capital Stock*."

#### Corporate Information
We were organized under the laws of the State of Delaware as a limited liability company on May 25, 2018 and will be converted to a corporation under the laws of the state of Delaware prior to closing of this offering as part of the Corporate Conversion. Our principal executive offices are located at 3100 Olympus Blvd., Suite 510, Coppell, TX 75019. Our telephone number is (855) 699-8372. Our website is located at https://www.csquare.com. Our website and the information contained on, or that can be accessed through, our website will not be deemed to be incorporated by reference in, and are not considered part of, this prospectus. You should not rely on our website or any such information in making your decision whether to purchase shares of our common stock.

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### The Offering
Issuer

Csquare, Inc.

Common stock offered by us

shares (or shares if the underwriters exercise their option to purchase additional shares in full).

Underwriters' option to purchase additional shares

We have granted the underwriters a 30-day option to purchase up to an additional shares from us, solely to cover over-allotments, if any, at the initial public offering price less underwriting discounts and commissions. See "*Underwriting*."

Common stock to be outstanding after giving effect to this offering

shares (or shares if the underwriters exercise their option to purchase additional shares in full).

Use of proceeds

We estimate that the net proceeds from this offering will be approximately $ million (or approximately $ million if the underwriters exercise their option to purchase additional shares in full), after deducting underwriting discounts and commissions, based on an assumed initial offering price of $ per share (the midpoint of the range set forth on the cover page of this prospectus).

We currently expect to use approximately $ million of the net proceeds from this offering to repay a portion of certain series of our outstanding 2024 ABS Notes (as defined herein) and the remainder for general corporate purposes, which may include, in addition to repayment of indebtedness, funding acquisitions, additions to working capital, repurchases of common stock, dividends, capital expenditures and investments in our subsidiaries. We will retain broad discretion as to how we use the proceeds from this offering, and such proceeds may not be used immediately following this offering. See "*Use of Proceeds*" for additional information.

Controlled company

Upon completion of this offering, Brookfield will continue to beneficially own more than 50% of the voting power of our outstanding common stock. As a result, we will be a "controlled company" within the meaning of the corporate governance standards of the NYSE. As a "controlled company," we will be permitted to, and we intend to, elect not to comply with certain corporate governance requirements of the NYSE, including those that would otherwise require that (1) our board of directors to have a majority of independent directors, (2) the compensation committee of our board of directors be comprised entirely of independent directors and (3) the nominating and corporate governance committee of our board of directors be comprised entirely of independent directors. See "*Management—Controlled Company*."

Dividend policy

We currently do not intend to pay dividends on our common stock in the foreseeable future. However, we may, in the future, decide to pay dividends on our common stock. Any declaration and payment of dividends in the future, if any, will be at the discretion of our board of directors and will depend upon such factors as earnings levels, cash flows, capital requirements, levels of indebtedness, restrictions imposed by applicable law, our overall financial condition, restrictions in our debt agreements, and any other factors deemed relevant by our board of directors. See "*Dividend Policy*."

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
Listing

We intend to apply to list our common stock on the NYSE under the symbol "CSQR".

Risk Factors

Investing in our common stock involves risks. You should read the section titled "*Risk Factors*" and the other information included in this prospectus for a discussion of some of the risks and uncertainties you should carefully consider before deciding to invest in our common stock.

Except as otherwise indicated, all of the information in this prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • gives effect to a -for- stock split of our common stock, which will occur prior to the closing of this offering (the "Stock Split");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • assumes an initial public offering price of $ per share of common stock, the midpoint of the range set forth on the cover page of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • assumes no exercise of the underwriters' option to purchase up to additional shares of common stock in this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • does not reflect shares of common stock reserved for future grant under our new equity incentive plan (the "Omnibus Incentive Plan"). See "*Executive Compensation—Equity Compensation Plans—2026 Omnibus Incentive Plan.*"

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### Summary Consolidated Financial and Operating Information
The following table sets forth our summary consolidated financial data as of the dates and for the periods indicated. The statements of operations data and statements of cash flows data set forth below for the years ended December 31, 2025, 2024 and 2023 and the balance sheet data as of December 31, 2025 and 2024 are derived from our audited consolidated financial statements that are included elsewhere in this prospectus. Our historical results are not necessarily indicative of the results to be expected in any period in the future.

You should read the following summary consolidated financial data and operating information in conjunction with the section titled "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" and our consolidated financial statements, the related notes, and other financial information included elsewhere in this prospectus. The summary consolidated financial data in this section are not intended to replace our consolidated financial statements and the related notes and are qualified in their entirety by our consolidated financial statements and the related notes included elsewhere in this prospectus.

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| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
|  | **(in thousands, except per unit data)**  | **(in thousands, except per unit data)**  | **(in thousands, except per unit data)**  |
| **Statements of Operations Data:** |  |  |  |
| **Revenues**  | $986980 | $907551 | $198260 |
| **Costs and operating expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Cost of revenues, excluding depreciation and amortization  | 509249 | 516500 | 140058 |
| &nbsp;&nbsp;&nbsp; Selling, marketing, general and administrative  | 87724 | 102326 | 40143 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 271916 | 259575 | 50423 |
| &nbsp;&nbsp;&nbsp; Transaction and other costs  | 17710 | 69375 | 8873 |
| Total costs and operating expenses  | 886599 | 947776 | 239497 |
| &nbsp;&nbsp;&nbsp; Income (loss) from operations  | 100381 | (40225) | (41237) |
| &nbsp;&nbsp;&nbsp; Interest expense  | (241165) | (185614) | (46170) |
| &nbsp;&nbsp;&nbsp;&nbsp; (Loss) gain on extinguishment of debt  | (7114) | (14934) | 9782 |
| &nbsp;&nbsp;&nbsp; Bargain purchase gain  |  | 544097 |  |
| &nbsp;&nbsp;&nbsp; Other income (loss), net  | 9479 | 10678 | (1039) |
| &nbsp;&nbsp;&nbsp;&nbsp; (Loss) income before income taxes  | (138419) | 314002 | (78664) |
| &nbsp;&nbsp;&nbsp; Income tax benefit (expense)  | 18515 | 144539 | (1032) |
| **Net (loss) income**  | (119904) | $458541 | $(79696) |
| &nbsp;&nbsp;&nbsp; Net income (loss) per unit:  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic and diluted  | (0.25) | 0.95 | (0.16) |
| &nbsp;&nbsp;&nbsp; Weighted average common units outstanding:  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic and diluted  | 484000 | 484000 | 484000 |

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| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
|  | **(in thousands)**  | **(in thousands)**  | **(in thousands)**  |
| **Statements of Cash Flows Data:** |  |  |  |
| Net cash provided by (used in) operating activities  | $171984 | $80968 | $(56261) |
| Net cash used in investing activities  | (871519) | (1356632) | (184165) |
| Net cash provided by financing activities  | 988370 | 1371020 | 236291 |
|  Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash  | (6006) | (1646) | (46) |
| Net change in cash, cash equivalents and restricted cash  | 282829 | 93710 | (4181) |

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

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| | | |
|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  |
| | **2025**  | **2024**  |
|  | **(in thousands)**  | **(in thousands)**  |
| **Consolidated Balance Sheet Data:** |  |  |
| Total current assets  | $718895 | $283043 |
| Total non-current assets  | 5375528 | 4247667 |
| Total current liabilities  | 316216 | 376073 |
| Total non-current liabilities  | 5904953 | 3376213 |
| Total member's (deficit) equity  | (126746) | 778424 |

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#### Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we use Adjusted EBITDA, FFO and AFFO, collectively, to help us evaluate our business. We use such non-GAAP financial measures to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate operating performance. We believe that these non-GAAP financial measures may be helpful to investors because they allow for greater transparency into what measures we use in operating our business and measuring our performance and enable comparison of financial trends and results between periods where items may vary independent of business performance. These non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. See the section titled "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures*" for additional information and reconciliations of our non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP.

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| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
|  | **(dollars in thousands)**  | **(dollars in thousands)**  | **(dollars in thousands)**  |
| Net (loss) income  | $(119904) | $458541 | $(79696) |
| Adjusted EBITDA  | 390007 | 288725 | 18059 |
| FFO  | 152012 | 718116 | (29273) |
| AFFO  | 149377 | 140474 | (55804) |

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#### Key Business Metrics
We evaluate our operating performance, growth, and the stability of our revenue base using a set of key business metrics that are specific to the retail colocation data center industry. These metrics are used by management and reviewed regularly by our board of directors to assess demand for our capacity, pricing trends, operating leverage, customer retention, and the durability of our customer relationships. We believe these metrics provide useful information to investors regarding the drivers of our financial results and our ability to generate long-term, recurring cash flows.

The following table presents our key business metrics (MW presented as whole numbers and dollars presented in thousands, unless otherwise noted):

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| | | | |
|:---|:---|:---|:---|
| | **As of and for the years ended December 31,**  | **As of and for the years ended December 31,**  | **As of and for the years ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| Contracted Power Capacity (MW) (period end)<sup>(1)</sup>  | 374 | 259 | 46 |
| Sellable Power Capacity (MW) (period end)<sup>(1)</sup>  | 379 | 290 | 60 |
| Contracted Utilization Rate (%) (period end)<sup>(1)</sup>  | 99% | 90% | 78% |
| Net Revenue Churn (%)<sup>(1)</sup>  | 7.9% | 3.4% | 11.8% |
| Bookings<sup>(1)</sup> | $164759 | $122868 | $45280 |

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(1) For definitions of Contracted Power Capacity, Sellable Power Capacity, Contracted Utilization Rate, Net Revenue Churn and Bookings, see "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Business Metrics.*"

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### RISK FACTORS
 *Investing in our common stock involves risks. You should carefully consider the risks and uncertainties described below, as well as the other information contained in this prospectus, including our consolidated financial statements and the related notes thereto included elsewhere in this prospectus and "Management's Discussion and Analysis of Financial Condition and Results of Operations," before deciding to invest in our common stock. In addition, past financial performance may not be a reliable indicator of future performance and historical trends should not be used to anticipate results or trends in future periods. Any of the following risks could materially and adversely affect our business, financial condition and results of operations, in which case the trading price of our common stock could decline and you could lose all or part of your investment.* 

#### Risks Related to Our Business and Industry

#### Industry, Market and Customer Risks
 ***Our portfolio of properties is geographically concentrated, and adverse developments in local economic conditions, power availability, or demand for data center space in these markets could have a material adverse effect on our business, financial condition and operating results.***

Our portfolio of properties consists primarily of data centers concentrated in Chicago, Silicon Valley, Northern Virginia, New Jersey, Dallas, Phoenix and Atlanta. These markets comprised approximately 14%, 13%, 11%, 11%, 10%, 5% and 4%, respectively, of our total portfolio annualized recurring revenue as of December 31, 2025. As a result, we are susceptible to market-specific developments, including local economic conditions, changes in technology-related real estate fundamentals, utility and grid limitations, local permitting and zoning practices, and the supply of and demand for data center space in these markets. For example, the cost of power in the Boston and California markets is higher and more volatile.

A downturn in the economy, real estate markets, or the technology infrastructure industry in any of these markets, or an oversupply of or reduced demand for data center space in these markets, could reduce occupancy, slow leasing, increase concessions, or reduce rental rates. Because our portfolio is less diversified geographically than many broader real estate portfolios, adverse developments in any one of these markets could have a material adverse effect on our business, financial condition and results of operations.

 ***Demand for data center space is affected by economic conditions, technology trends, and customer deployment decisions, and a reduction in demand could have a material adverse effect on our business, financial condition and results of operations.***

We are in the business of operating data centers. A reduction in the demand for data center space, power or connectivity would have a greater adverse effect on our business and financial condition than if we had a more diversified business. Our development and leasing activities are susceptible to general economic slowdowns and adverse developments in the data center, internet and data communications, and broader technology industries. A slowdown in these industries could lead to reduced corporate IT spending, delayed or cancelled deployments, and reduced demand for data center space and related services. Demand could also decline due to customer relocations to metropolitan areas that we do not currently serve.

In addition, changes in technology and industry practices may reduce or shift demand for the physical data center space and infrastructure we provide. For example, customers may adopt computing architectures, software optimization, or hardware innovations that reduce required capacity per unit of workload, or they may shift to different facility types with higher power densities, specialized cooling, or other infrastructure attributes. Some customers—particularly larger customers—may choose to develop their own data centers, expand their existing data centers, consolidate into data centers that we do not own or operate, or shift their workloads to public cloud deployments or other technology solutions. In addition, mergers or consolidations among technology companies could reduce the number of our customers and potential customers, increase customer bargaining power, and make us more dependent on a smaller number of customers. If customers merge with, or are acquired by, other entities that are not our customers, they may discontinue or reduce their use of our data centers.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
If demand shifts toward facility designs or service offerings that our existing or planned data centers cannot cost-effectively support, we may be required to incur significant capital expenditures, accept lower pricing, or experience lower occupancy, which could have a material adverse effect on our business, financial condition and results of operations.

 ***A small number of customers account for a significant portion of our operating revenues, and the loss, default, or reduced utilization by any of these customers could significantly harm our business, financial condition and results of operations.***

We currently depend, and expect to continue to depend, on a relatively small number of customers for a significant percentage of our operating revenue. Our top 10 customers accounted for an aggregate of approximately 30% of our total portfolio annualized recurring revenue as of December 31, 2025. If we lose one or more significant customers, if one or more significant customers materially reduces its contracted space or service usage, or if one or more significant customers exerts pricing pressure on us at renewal or expansion, our revenues and operating results could be materially and adversely affected. There is no assurance that, if we lose a customer, we would be able to replace that customer at a comparable rental rate or at all, particularly in markets experiencing increased supply or power constraints.

Some of our customers may experience business downturns or other factors that weaken their financial condition, resulting in late payments, defaults, reductions in interconnection services, reductions in space contracted, or terminations of their relationships with us. If a customer becomes a debtor under the federal Bankruptcy Code, we generally may not evict the customer solely due to the bankruptcy, and the bankruptcy court might authorize the customer to reject and terminate its agreement with us. There can be no assurance that such customers (or such customers' parent entities or affiliates, as applicable) will satisfy their contractual obligations upon a default. In such circumstances, our claim for unpaid and future rent would be subject to statutory limitations and may not be paid in full. As of December 31, 2025, we did not have any material customers in bankruptcy.

In addition, competitive dynamics among our customers may negatively affect our operations. Certain of our customers compete with one another, and a customer could determine that it is not in that customer's interest to deploy mission-critical equipment in a facility where we derive a significant portion of our revenue from a key competitor. The loss of one or more large customers for this or any other reason could have a material adverse effect on our business, financial condition and results of operations.

 ***We depend on our ability to generate interconnection and other service revenues, which may be affected by our ability to attract and retain a balanced customer base and achieve a dense customer ecosystem.***

Our ability to generate interconnection and other service revenues depends in part on our ability to attract, grow, and retain a balanced customer base across a broad range of industries, including financial services, health care, cloud and IT services, media and content, network service providers, semiconductors, gaming, and enterprise technology. A balanced customer base in a data center market can increase demand for interconnection services and other higher-margin offerings. Conversely, if we fail to develop and maintain a sufficiently diverse and complementary mix of customers in a market, interconnection revenue opportunities may be limited, and we may need to rely more heavily on base rent, discounts, or other incentives to sell space.

Additionally, our ability to generate interconnection and other service revenues depends on us achieving dense customer ecosystems, and we may not be able to establish those ecosystems in certain markets. A key component of our strategy is to increase higher-margin interconnection services and other value-added offerings by developing ecosystems of cross-connected customers within each market. We have achieved varying levels of success across markets, and it may be difficult in some markets to develop ecosystems comparable to those of incumbent, network-dense data centers. Industry consolidation may further limit ecosystem development by reducing the number of network carriers, cloud on-ramps, or complementary customers in a market. If we cannot establish sufficiently dense ecosystems, we may have difficulty attracting or retaining customers that require them, and our ability to grow higher-margin services, improve customer stickiness, and sustain pricing power at levels that are comparable to our most highly evolved interconnected ecosystems, which may have a material adverse effect on our business, financial condition and results of operations.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
Our ability to attract and retain customers depends on a variety of factors, including demand for data center space, the presence of multiple network carriers and cloud operators in our facilities, reliability and security performance, connectivity, geographic coverage, available power, and the products and services we offer. If customers face competitive pressure, fail, or consolidate through merger or acquisition, we may experience increased churn in our customer base and reduced opportunities to expand, which could have a material adverse effect on our business, financial condition and results of operations.

#### Our products and services have a long sales cycle, and delays in leasing decisions may harm our revenues and operating results.
A customer's decision to contract for data center space and purchase additional services often involves a significant commitment of resources and internal approvals, contributing to a long sales cycle. We may expend significant time and resources pursuing customers and transactions that do not ultimately result in revenue. In addition, with respect to our backlog of booked-but-not-billed customers, there will be a delay in receiving the associated revenues and we may face lags or delay times in installation or deployment which would delay billing such customers and adversely affect our results of operations. Macroeconomic conditions may further impact our sales cycle by reducing customers' ability to forecast and plan future business activities, causing customers to slow spending or delay decision-making. These delays can reduce leasing efficiency, impair our ability to efficiently plan development and capital expenditures, and materially and adversely affect our business, financial condition and results of operation.

 ***We face significant competition and may be unable to sell vacant space, renew existing customer agreements, or contract space at favorable rates as customer agreements expire.***

We compete with numerous developers, owners, and operators of data centers and other technology-related real estate, many of which own properties like ours in the same markets. We may also face competition from new entrants. Competition is driven by reputation and track record, quality and availability of space and power, service quality, technical expertise, security, reliability, functionality, geographic coverage, scale, financial strength, network density, and price. Some competitors have advantages, including greater name recognition, longer operating histories, lower operating costs, lower leverage, stronger customer relationships, greater financial, marketing and other resources, and access to less expensive or more readily available power. These advantages could allow our competitors to respond more quickly or effectively to strategic opportunities or changes in our industries or markets.

If competitors offer space that existing or potential customers perceive as superior to ours based on a variety of factors, including power availability, location, security, network connectivity, or other factors, or if competitors offer rental rates below ours, we may lose customers, incur costs to upgrade our facilities, or be required to offer concessions, or reduce rental rates. The risk of pricing pressure can be compounded by customer agreement maturity concentration. Data center customer agreements representing 33%, 21% and 14% of our total portfolio annualized recurring revenue for the fiscal year ended December 31, 2025 are currently set to expire during 2026, 2027, and 2028, respectively. There can be no assurance that any of our legacy customers who benefit from favorable terms in their respective agreements relative to our current market terms will renew their agreements with us upon expiration of their existing agreements. If we are unable to renew agreements, fill vacant space, or contract expiring space at or above current rates, our business, financial condition and results of operations could be materially and adversely affected.

Certain customer agreements also contain early termination provisions that allow customers to shorten the term of their agreements, sometimes subject to payment of early termination charges. Even where early termination charges apply, those amounts may not fully offset reselling downtime, marketing costs, improvement costs, or required upgrades, and the exercise of early termination rights could adversely affect our business, financial condition and results of operations.

 ***Our growth depends on the successful development and expansion of our data centers, and delays, cost overruns, or selling risk could have a material adverse effect on our business, financial condition and results of operations.***

Our growth depends on successfully completing development and expansion of our existing data centers and pursuing similar projects in the future. These projects involve substantial planning and allocation of significant

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
resources and are subject to risks related to land acquisition, zoning ordinances and codes, entitlement and regulatory approvals, construction costs and delays, labor availability, and financing conditions.

We also rely on the performance of general contractors and subcontractors. If a general contractor or key subcontractor experiences financial distress or performance issues, we could experience significant delays, increased costs to complete projects, and reduced returns. In addition, site selection is critical, and there may not be suitable properties available in our markets that combine attractive customer location, connectivity, high ceilings, heavy floor loading capacity, and access to required utility infrastructure. While we may prefer to locate new data centers near existing campuses, we may be limited by the availability and characteristics of suitable sites.

In some cases, we may not require commitments from customers before we develop or expand a data center, and we may not have sufficient customer demand to sell newly developed space upon completion. Once a development phase is completed, we incur operating expenses even if space is not occupied. A lack of customer demand, delays in customer deployments, or excess market capacity could impair our ability to achieve expected returns, require pricing concessions, or result in underutilized assets, which could have a material adverse effect on our business, financial condition and results of operations.

If we are unable to successfully develop and expand our data center properties, our ability to grow our business, compete and meet market expectations will be significantly impaired, which could have a material adverse effect on our business, financial condition and operating results.

#### Power procurement and interconnection constraints may limit our ability to deliver and monetize capacity.
Data centers require substantial electrical power. Development and expansion may require us to obtain access to sufficient power from utilities, which may involve lengthy timelines, significant costs, complex technical requirements, and, in some cases, the need to develop substations or other infrastructure on or near our properties to accommodate our power needs. Long lead times in our ability to access sufficient power may increase our interim costs and delay our time to market. We may also face constraints on the amount of electricity that a local grid can supply, delays in interconnection approvals, curtailments, or changes in utility programs and pricing. We may seek to negotiate long-term power contracts, but there can be no assurance that we will be able to do so on acceptable terms or at all. In addition, our power pass-through arrangements may not fully cover the incremental costs of obtaining power, and we may be impacted by back-office lags or other factors. If we cannot secure power in sufficient volumes, on a timely basis, or at competitive costs, we may be unable to deliver capacity to customers, may experience delayed stabilization, and may suffer reduced returns and impaired growth prospects, all of which could have a material adverse effect on our business, financial condition and results of operations.

#### We may be unable to identify, complete, and successfully integrate acquisitions or operate acquired properties.
We continually evaluate opportunities to acquire data centers or properties suited for data center development. Our ability to execute acquisitions on favorable terms and to realize intended benefits involves significant risks, including but not limited to competition from other acquirers, increased purchase prices, challenges in financing acquisitions, underestimating required capital improvements, integration difficulties, tax reassessments leading to higher property taxes, inability to obtain sufficient utility power, challenges in keeping existing customers, and market conditions that result in higher vacancy or lower rents than expected. In addition, we may assume customer contracts or operating obligations that are less favorable than our standard terms.

Post-acquisition integration presents additional risks. For example, we have faced post-acquisition difficulties in integrating legacy IT systems, migrating historical customer and invoicing data, and harmonizing billing software and procedures. Systems migrations or process changes have in the past, and may continue to in the future, lead to billing lags, delayed or inaccurate invoicing, or extended collection cycles, any of which could require incremental investments in systems and personnel for remediation. If our acquisitions do not perform as expected, our ability to grow, compete, and meet market expectations could be impaired, which could have a material adverse effect on our business, financial condition and results of operations.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
 ***Joint ventures and strategic collaborations involve risks and uncertainties, and failures of these arrangements could have a material adverse effect on our business, financial condition and results of operations.***

We may enter joint ventures, strategic collaborations, and similar arrangements. These arrangements involve risks, including partners failing to satisfy obligations, governance disputes or deadlocks, misalignment of strategic objectives or investment horizons, limitations on our control over decisions or asset dispositions, and the difficulty of monitoring and managing operations. We may also be exposed to liabilities through guarantees or other commitments. A failure of any such relationship could have a material adverse effect on our business, financial condition and results of operations.

#### We may be subject to unknown or contingent liabilities related to acquisitions for which we may have limited or no recourse against sellers.
Assets and entities that we have acquired, including recently in 2024 and 2025, or may acquire in the future may be subject to unknown or contingent liabilities, for which we may have limited or no recourse against the sellers. These may include environmental remediation liabilities, customer or vendor claims, tax liabilities, or other obligations incurred in the ordinary course or otherwise. In some transactions, representations and warranties may be limited or may not survive closing, and seller indemnities may include materiality thresholds, a significant deductible or an aggregate cap on losses. As a result, we may be unable to recover losses from sellers, and unknown liabilities could require us to incur significant costs, which could have a material adverse effect on our business, financial condition and results of operations.

#### Our international activities expose us to additional risks, and we may be unable to effectively manage our international operations.
As of December 31, 2025, our portfolio included approximately 60 sites, including locations outside the United States in Canada and the United Kingdom. Owning and operating data centers outside the United States subjects us to risks, including foreign currency exchange rate fluctuations, which can affect reported revenues and operating margins and could materially and adversely impact our financial condition, results of operations, cash flow, cash available for distribution, and our ability to satisfy our debt obligations. Although we may seek to mitigate exchange-rate risk through local currency financing or hedging, there can be no assurance such strategies will be available or effective.

International operations also involve risks not generally associated with U.S. operations, including limited knowledge of local markets and relationships; complexity and costs of international development and operations; challenges hiring qualified management, sales and construction personnel and service providers in a timely fashion; trade restrictions or tariffs or the occurrence of trade wars; differing employment practices and labor issues; changing legal, regulatory, permitting, and tax and treaty regimes; exposure to increased taxation, confiscation or expropriation; currency transfer restrictions; difficulty enforcing agreements in non-U.S. jurisdictions, including those entered into in connection with our acquisitions or in the event of a default by one or more of our customers, suppliers or contractors; local business and cultural factors; geographic, political and economic instability, including sovereign credit risk and rapid and unpredictable changes in economic policy and regulatory environments; and anti-bribery and corruption risks.

We may also face higher diligence and transaction costs in unfamiliar metropolitan areas. If we fail to manage these risks, our business, financial condition and results of operations could be adversely affected.

#### Government customers expose us to unique risks, including termination rights, audits, investigations, sanctions, and penalties.
We derive a portion of revenues from contracts with governmental entities and agencies. Government customers may terminate contracts in whole or in part, sometimes without cause, and government spending pressures may reduce demand. Some contracts are subject to appropriations and funding authorizations. Government contracts are often subject to audits and investigations that could result in civil or criminal penalties, administrative sanctions, termination, refund obligations, suspension of payments, fines, or suspension or debarment from future government business. Additionally, evolving security or facility requirements applicable to government contracts may impose obligations we may be unable to satisfy.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
Termination or reduction of government contracts could reduce revenues at related data centers, which could have a material adverse effect on our business, financial condition and results of operations.

#### Operations and Infrastructure Risks

#### The loss of one or more of our key personnel or our failure to attract and retain qualified personnel could harm our business.
We depend on the continuous service and performance of our senior management team and other key personnel. The loss of any key executive or employee could disrupt operations and create uncertainty while we recruit and integrate replacements. If key personnel leave to join competitors or form competing businesses, we may lose customers or prospective customers, which could have a material adverse effect on our business, financial condition and results of operations.

We must continue to identify, hire, train, and retain IT professionals, technical engineers, operations employees, and sales, marketing, finance, and senior management personnel who maintain relationships with our customers and who can provide the technical, strategic and marketing skills required for us to grow. There is a limited pool of qualified talent in these areas, and we compete with other companies for personnel. Rising labor costs, turnover, and recruiting challenges could adversely affect our ability to grow and operate our business effectively.

#### Data center infrastructure may become obsolete, and we may be unable to upgrade power and cooling systems cost-effectively or at all.
The industries in which we and our customers operate are characterized by rapid technological change, evolving standards and evolving customer demands. Changes in technology or industry practice—such as virtualization, new computing architectures, higher power density equipment, or alternative deployment models—could reduce demand for certain facility configurations or require infrastructure capabilities our facilities were not designed to provide.

Our ability to deliver reliable and technologically sophisticated infrastructure, including power and cooling, is critical to leasing and customer retention. Customers increasingly deploy high-density equipment, which may require higher power delivery, advanced cooling, and, in some cases, liquid cooling. Retrofitting existing data centers to support higher densities or liquid cooling can be complex, expensive, and time-consuming and may not be feasible in certain facilities. If we cannot cost-effectively adapt our infrastructure, we may lose customers, face pricing pressure, or incur significant capital expenditures, which could have a material adverse effect on our business, financial condition and results of operations.

#### Any failure of our physical infrastructure or services could lead to significant costs, reputational harm, and reduced revenues.
Our business depends on providing highly reliable service. We may fail to provide such service due to human error, accidents, power loss, equipment failures, exposure to temperature, humidity, smoke and other environmental hazards, improper maintenance by landlords in leased facilities, physical or cyber security breaches, fire, earthquakes, hurricanes, floods, other natural disasters, public health emergencies, war, terrorism, theft, sabotage, or vandalism. We may also fail to maintain or timely replace critical site infrastructure or equipment.

Disruptions or equipment damage could result in service interruptions and billing abatements under service level commitments. While we have, in limited past instances, provided courtesy or service-level credits, such credits may not be viewed by customers as adequate compensation. As a result, customers could seek additional remedies, including contract termination or non-renewal. Service interruptions can also lead to legal liability and reputational harm and could impair our ability to attract and retain customers. Significant or frequent disruptions could have a material adverse effect on our business, financial condition and operating results.

#### We depend on third parties for network connectivity, critical equipment, and utility power, and disruptions or cost increases could adversely affect our business.
We rely on computer systems, hardware, software, technology infrastructure and online sites and networks for both internal and external operations that are critical to our business (collectively, "IT Systems"). We own and

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
manage some of these IT Systems but also rely on third parties for a range of IT Systems and related products and services. For example, we depend on telecommunications carriers and other network providers to deliver connectivity within our data centers and interconnection between certain facilities. We also purchase critical infrastructure equipment—such as generators, batteries, switches, PDUs, transformers, switchgear, and HVAC components—from a limited number of vendors and generally do not maintain significant inventories of such equipment. Long lead times or supply disruptions could delay development and customer deployments, increase costs, and adversely affect returns.

We also rely on third parties, including utilities, to provide adequate and reliable power. Our data centers consume large amounts of electricity and have access to a finite power capacity. As customers increase power usage—especially with high-performance computing and artificial intelligence workloads—available power for future customers may be limited. Demand may exceed designed electrical capacity in certain facilities, which could constrain leasing, reduce growth, or require significant upgrades. Increases in energy costs can adversely affect operating results, particularly where costs cannot be fully passed through or where customers resist price increases.

Our data centers may experience power outages, shortages, or increases in energy costs. Reliable network connectivity within and between our data centers is important to our operations, and delays in establishing such connectivity, service interruptions, or failures could adversely affect our operations and customer relationships. In addition, material interruptions in these services could negatively impact our ability to attract or retain customers. We may also be subject to fluctuations in energy costs, including increases driven by municipal utilities or changes in fuel prices, which could reduce the cost competitiveness of certain data center locations relative to others. Historically, energy costs at our properties have been seasonal, with higher costs typically incurred during the summer months, which have affected results of operations during those periods.

#### Supply chain and procurement disruptions could delay development, increase costs, and harm customer relationships.
Our development and operations depend on timely delivery of equipment and materials. Global supply chain disruptions—caused by geopolitical events, trade disputes and tariffs, war, terrorism, natural disasters, public health issues, inflation, labor disputes, industrial accidents, national security concerns, and other business interruptions—could delay projects, increase costs, result in penalties, or lead to customer terminations. Customers may also face procurement constraints that delay their deployments in our facilities, reducing revenue and slowing stabilization. Although we actively manage procurement and supplier relationships, sustained disruptions could have a material adverse effect on our business, financial condition and results of operations. In addition, the ongoing military conflict between Russia and Ukraine, tensions between China and Taiwan, tensions between the United States and Venezuela as well as conflicts in the Middle East and other potential global conflicts, could lead to market disruptions, including significant volatility in commodity prices, credit and capital markets, an increase in cyber security incidents as well as supply chain disruptions.

#### A significant portion of our expenses is relatively fixed and decreases in revenue may disproportionately reduce profitability.
Many of our expenses—such as debt service payments, taxes, insurance, utilities, employee wages and benefits, and corporate expenses—do not decrease proportionately with reductions in operating revenue. Inflationary pressures may also increase costs, and certain expenses may rise faster than inflation. If we cannot offset increased costs through higher rates or other revenue growth, our business, financial condition and results of operations could be materially and adversely affected.

 ***We do not own all of the buildings in which our data centers are located, and our ability to renew facility leases materially impacts our operations.***

We lease certain data center space from third-party landlords. As of December 31, 2025, approximately 45% of our data centers were located on sites subject to a real estate lease. Our business could be harmed if we are unable to renew these leases on favorable terms or at all, or if lease renewals materially increase costs that cannot be offset through revenue growth. Failure to renew could require relocation of equipment and customers, which could be costly and disruptive, and could result in customer losses. In addition, strained

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
landlord relationships or landlord failures to maintain base building systems could adversely affect our operations and customer relationships.

#### Cybersecurity incidents, physical breaches and other security incidents could materially impact our operations, financial condition and reputation.
We face evolving cybersecurity risks that threaten the confidentiality, integrity, and availability of our information and IT Systems, including from diverse threat actors, such as state-sponsored organizations, opportunistic hackers and hacktivists, as well as through diverse attack vectors, such as social engineering/phishing, malware (including ransomware), malfeasance by insiders, human or technological error, and as a result of bugs, misconfigurations or exploited vulnerabilities in software or hardware. We may not be able to anticipate or implement effective preventive measures against security breaches, especially because the methods of attack change frequently or may not be recognized until after such attack has been launched. Additionally, cyberattacks on local and state government databases and offices, including the rising trend of ransomware attacks and of cyberattacks as a tactical risk of modern warfare, expose us to the risk of losing access to critical data and the ability to provide services to clients. The introduction of AI has also reduced the level of difficulty for bad actors to submit high quality fraudulent content as part of a cyberattack, which could make it more difficult to contain cyber breaches, identify bad actors and fraudulent activity. AI-orchestrated cyberattacks may be launched with minimal human involvement, potentially increasing both the frequency and sophistication of future attacks.

While we do not provide data management services or directly manage any of our customers' data, our IT Systems are vulnerable to a range of physical and cybersecurity risks and threats, including malicious code embedded in open-source software, or misconfigurations, "bugs" or other vulnerabilities in commercial software that is integrated into our (or our suppliers' or service providers') IT systems. Even if vulnerabilities are publicly known or identified through our security tools, we cannot guarantee that patches or mitigating measures will be implemented before a threat actor can exploit them. Threat actors regularly launch attacks against companies in our industry, seeking to disrupt operations, prevent access to critical business records, misappropriate business information, compromise personal information of employees or visitors and to commit corporate espionage, among other things. Because our services are integrated with our customers' systems and processes, the circumvention or failure of our cybersecurity defenses or measures could compromise the confidentiality, integrity, and availability of our customers' own IT Systems and information. And because we rely on various third party service providers for various IT Systems, the circumvention or failure of a third party's security measures could expose us to material adverse impacts, including but not limited to financial harm, and/or the misappropriation of information in our custody or control.

We are also subject to laws, rules, regulations, industry standards, and other requirements relating to the collection, use, sharing and security of third-party data, including data that relates to or identifies an individual person or that constitutes "personal data," "personal information," "personally identifiable information" or similar terms under applicable data privacy laws. In many cases, these laws apply not only to third-party transactions, but also to transfers of information between and among our properties and other parties with which they have commercial relations. In the event of a breach resulting in loss of data, such as personally identifiable information or other such data protected by data privacy or other laws, we may be liable for damages, fines and penalties for such losses under applicable regulatory frameworks despite not handling the data directly, and may also be subject to lawsuits or other proceedings relating to these types of incidents. Any such claim or proceeding could cause us to incur significant unplanned expenses, which could have an adverse impact on our financial condition and results of operations. Furthermore, if a high-profile security breach or cyberattack occurs with respect to another provider of mission-critical data center facilities, our customers and potential customers may lose trust in the security of these business models generally, which could harm our reputation and brand image as well as our ability to retain existing customers or attract new ones.

In addition, the regulatory framework around data custody, data protection, data privacy and breaches varies by jurisdiction and is an evolving area of law. The legal framework around privacy issues is rapidly evolving, as the U.S., Canada, the European Union, the United Kingdom, and other countries in which we may operate now or in the future, including state and local jurisdictions therein, have adopted, are planning to enact or are revising increasingly complex and rigorous privacy, information security and data protection laws, regulations and standards that could have a significant impact on our current and planned privacy, data protection and

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
information security-related practices, and our practices regarding the collection, use, sharing, retention, transfer, and safeguarding of personal data or third-party data. Compliance with current or future privacy, data protection, and information security laws affecting customer data or employee data to which we may be subject could result in additional costs, and our failure to comply with such laws could result in potentially significant regulatory investigations or government actions, penalties or remediation, litigation, judgments and other costs, as well as adverse publicity, loss of revenues and profits and an increase in fees payable to third parties. Ensuring that the collection, use, transfer, storage, maintenance, transfer, and other processing of data complies with applicable laws, regulations, rules, standards and contractual obligations regarding data privacy and cybersecurity in relevant jurisdictions can also increase operating costs, impact the development of new products, offerings or services, and reduce operational efficiency. As a result of the increasing awareness concerning the importance of safeguarding personal information, the potential misuse of such information and legislation that has been adopted or is being considered regarding the protection, privacy and security of personal information, information-related risks may be significant.

We expend resources to protect against these threats to our information and IT Systems, but there is no assurance our security measures, including our policies, controls or procedures, will be fully implemented, complied with or effective in protecting our IT Systems and information. As part of our cybersecurity program, we also regularly identify and track known security vulnerabilities in our IT Systems but we cannot guarantee patches or mitigating measures will be applied before such vulnerabilities can be exploited by a threat actor. Cyberattacks are expected to accelerate on a global basis in frequency and magnitude as threat actors are becoming increasingly sophisticated in using techniques and tools—including AI—that circumvent security controls, evade detection and remove forensic evidence. As a result, we may be unable to detect, investigate, remediate or recover from future attacks or incidents, or to avoid a material adverse impact to our IT Systems, Confidential Information or business. Any significant, adverse impact to the availability, integrity or confidentiality of our IT Systems or information could result in litigation (including class actions), regulatory investigations, fines or penalties, increased insurance and security costs, loss of customers and reputational damage, any of which could have a material adverse effect on our business, financial condition and results of operations. We cannot guarantee that any costs and liabilities incurred in relation to an attack or incident will be covered by our existing insurance policies or that applicable insurance will be available to us in the future on economically reasonable terms or at all.

#### Our data center properties may be difficult to repurpose, which could limit our ability to sell or reposition assets and increase downside risk.
Our data centers are specifically designed to house and operate computing and networking equipment and include specialized electrical and mechanical infrastructure. If we are unable to sell available space or if market demand shifts away from the characteristics of a particular facility, we may be required to incur significant capital expenditures to reposition the property, and such repurposing may not be feasible or economical. This could reduce asset liquidity, impair values, and have a material adverse effect on our business, financial condition and results of operations.

#### Financial Risks

#### The data center business is capital-intensive, and we may be unable to raise sufficient capital on acceptable terms to meet our needs.
Constructing, developing, operating, renovating, and maintaining data centers requires substantial capital. We often must invest significant amounts before generating revenue, and anticipated demand may not materialize, leaving us with excess capacity. Development delays, cost overruns, and procurement constraints can further increase capital needs.

We are required to fund the costs of constructing, developing, operating, renovating and maintaining our data centers and growing our operations with cash. We may need to raise additional funds through debt or equity financings to meet operating and capital requirements. Financing may not be available when needed or may not be available on satisfactory terms. Our access to capital depends on economic and financial market conditions, investor perceptions, our existing leverage, limitations on our ability to incur debt under our existing debt agreements, our earnings and cash flow, and the market price of our common stock. Interest rate

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
volatility can increase borrowing costs, reduce property values, and adversely affect refinancing terms. If we cannot generate sufficient cash from operations or obtain additional financing, we may need to curtail capital expenditures, delay projects, or prioritize among investments, which could materially and adversely affect our business, financial condition and results of operations.

#### Our operating results may fluctuate.
We may experience fluctuations in our results of operations. The fluctuations in our operating results may cause the market price of our common stock to be volatile. We may experience significant fluctuations in our operating results in the foreseeable future due to a variety of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • demand for space, power and services at our data centers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in general economic conditions, such as an economic downturn, or specific market conditions in the industries in which our customers operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the duration of the sales cycle for our business offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the timing and logistics required for customer implementation of new programs such as our hybrid cloud solution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • acquisitions or dispositions we may make or be a part of;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the financial condition and credit risk of our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the provision of customer discounts and credits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the mix of current and proposed products and offerings and the gross margins associated with our products and offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the timing required for new and future data centers to open or become fully utilized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • competition in the markets in which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • conditions related to international operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • increasing repair and maintenance expenses in connection with our data centers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • lack of available capacity in our existing data centers to generate new revenue or delays in opening new or acquired data centers that delay our ability to generate new revenue in markets which have otherwise reached capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the timing and magnitude of other operating expenses, including taxes, expenses related to the expansion of sales, marketing, operations and acquisitions, if any, of complementary businesses and assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the cost and availability of adequate public utilities, including power;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in employee stock-based compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • overall inflation and inflationary pressures, which may increase costs for materials, supplies, and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • disruptions and inefficiencies in the supply chain;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • increasing interest expense due to any increases in interest rates and/or potential additional debt financings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in our tax planning strategies or failure to realize anticipated benefits from such strategies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in income tax benefit or expense; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in or new accounting principles generally accepted in the United States as periodically released by the Financial Accounting Standards Board.

Any of the foregoing factors, or other factors discussed elsewhere in this prospectus, could have a material adverse effect on our business, results of operations and financial condition. Although we have experienced positive revenue growth in the past, this growth rate is not necessarily indicative of future operating results. We

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
may not be able to generate net income on a quarterly or annual basis in the future. In addition, a relatively large portion of our expenses is fixed in the short term. Therefore, our results of operations are particularly sensitive to fluctuations in revenue. As such, comparisons to prior reporting periods should not be relied upon as indications of our future performance, and our results of operations for any quarter may not be indicative of the results that may be achieved for a full fiscal year. As a result, our operating results in one or more reporting periods may fail to meet the expectations of securities analysts or investors.

#### Losses to our properties may not be covered by insurance or may exceed coverage limits.
Our properties are subject to risks from earthquakes, storms, hurricanes, floods, fires, and other natural disasters, as well as riots, terrorism, and war. While we maintain insurance, coverage may be insufficient to cover all losses, and premiums, deductibles, and exclusions may increase over time, particularly for climate-related risks. In addition, we may discontinue or alter these policies on some or all our properties in the future if the cost of premiums for any of these policies exceeds, in our judgment, the value of the coverage relative to the risk of loss. If we experience an uninsured loss or losses exceeding coverage limits, we could lose invested capital and anticipated future cash flows. Even where insured, business interruption and rental loss insurance may not fully compensate for lost revenue, and a casualty event could cause customers to terminate or not renew agreements. While we monitor the solvency of our insurance carriers, it can be difficult to evaluate the stability and net assets or capitalization of insurance companies, and any insurer's ability to meet its claim payment obligations.

#### Increases in property taxes or other state and local taxes could adversely affect our results if such costs cannot be passed through to customers.
We are subject to state and local taxes, including real and personal property taxes, that may increase as a result of changes in tax rates or reassessments. We may appeal increased assessments, but there is no assurance we will succeed. Our customer agreements, except in the case of select triple-net leases, generally do not allow us to increase rent as a result of increases in property or other similar taxes. If property or other similar taxes increase and we cannot offset those increases through higher rents on new customer agreements or renewals, our cash flows and ability to make distributions to stockholders could be adversely affected.

#### Regulatory, Legal, and Environmental Risks
 ***We may incur significant costs complying with laws and regulations, and changes in regulation could materially and adversely affect our business, financial condition and results of operations.***

Our properties and operations are subject to numerous laws and regulations in the United States and internationally, including fire and life safety requirements, accessibility requirements, environmental and occupational safety rules, and evolving regulations related to cybersecurity, operational resilience, sustainability, and data privacy. In jurisdictions experiencing shortages of power, land, or water resources, governments may impose additional restrictions on data center development, including requirements related to energy efficiency, water usage, emissions, and community impact. Compliance can be costly and time-consuming. If we are found to be non-compliant, we could face fines, penalties, remediation requirements, and reputational harm.

We are also subject to sanctions, export controls, anti-corruption laws, and other national security-related regulations in the U.S. and abroad. Our business must be conducted in compliance with applicable economic and trade sanctions laws and regulations, such as those administered and enforced by the U.S. Department of the Treasury's Office of Foreign Assets Control, the U.S. Department of State, the United Nations Security Council, the United Kingdom, and Canada; as well as export control and import control laws and regulations, such as the U.S. Export Administration Regulations administered by the U.S. Department of Commerce, and the U.S. Customs and Border Protection regulations. Economic sanctions and export control laws and regulations may prohibit or restrict transactions, including the shipment of certain products and services, to embargoed, sanctioned or restricted countries, governments, and persons, as well as shipments for certain end uses (e.g., military end uses). Complying with sanctions and export controls laws and regulations may be time-consuming and result in the delay or loss of revenue opportunities. Enforcement activity in these areas has increased, and violations can result in severe civil and criminal penalties and restrictions on our business.

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
While we have informed our employees that they must comply with applicable laws and regulations, we currently do not have written policies or procedures, or formal internal processes, to comply with export controls or sanctions regulations. We therefore cannot ensure that we, or third parties who we do not control, have complied or will comply in the future with all laws or regulations in this regard. Failure by our employees, representatives, contractors, partners, agents, intermediaries, or other third parties to comply with applicable laws and regulations also could have negative consequences to us, including reputational harm, government investigations, loss of export privileges and penalties.

Changes to sanctions and export or import restrictions in the jurisdictions in which we operate could further impact our ability to do business in certain parts of the world and to do business with certain persons and entities, which could adversely affect our business, operating results, financial condition, and future prospects. For example, the Remote Access Security Act, which recently passed the U.S. House of Representatives, could put restrictions on our customers' ability to provide remote access to computing resources which would have a negative effect on our business and future prospects. Any change in export or import regulations, economic sanctions, or related legislation, shift in the enforcement or scope of existing regulations, or change in the countries, governments, persons, or technologies targeted by such regulations, could result in decreased sales of our solutions and services to existing or potential customers outside of the U.S. Any decreased sales of our solutions or services or limitation on our ability to export or sell our solutions or services would adversely affect our business, operating results, financial condition, and future prospects.

In addition, various laws and governmental regulations, both in the U.S. and abroad, governing internet-related services, related communications services and information technologies remain largely unsettled. We expect there may also be forthcoming regulation in areas of regulating the responsible use of AI and the introduction of heightened measures to be adopted with respect to cybersecurity, operational resilience, data privacy, sustainability, taxation and data security, any of which could impact us or our customers.

We strive to comply with all laws and regulations that apply to our business. However, as these laws evolve, they may be subject to varying interpretations and regulatory discretion. To the extent a regulator or court disagrees with our interpretation of these laws and determines that our practices are not in compliance with applicable laws and regulations, we could be subject to civil and criminal penalties that could adversely affect our business operations. The adoption, or modification of laws or regulations relating to the internet and our business, or interpretations of existing laws, could have a material adverse effect on our business, financial condition and results of operations.

#### We may be subject to litigation, and our contracts with customers could expose us to significant liability.
From time to time, we may be called upon to defend claims relating to our business operations. Litigation is inherently uncertain, and adverse outcomes could result in significant damages, legal fees, and management distraction. In the ordinary course, customer contracts often include indemnification, limitation of liability, and service level provisions. Certain events—such as outages, security incidents, or alleged breaches—could lead to claims for monetary damages and significant defense costs, including under assumed contracts from acquisitions. We may also become subject to securities class actions or similar litigation, which can be costly and distracting and could have a material adverse effect on our business, financial condition and results of operations.

#### Any failure of our physical or information technology or operational technology infrastructure or services could lead to significant costs and disruptions.
Our business depends on providing customers with highly reliable services, including with respect to power supply, physical security, cybersecurity, and maintenance of environmental conditions. We may fail to provide such services because our operations are vulnerable to, among other things, mechanical or telecommunications failure, power outage, human error, physical or electronic security breaches, cyberattacks, war, terrorism, fire, earthquake, pandemics, hurricane, flood and other natural disasters, sabotage and vandalism.

Substantially all of our customer agreements include terms requiring us to meet certain service level commitments. A failure to meet these or other commitments or equipment damage in our data centers could subject us to contractual liability, including service level credits against customer rent payments, legal liability and monetary damages, regulatory sanctions, or, in certain cases of repeated failures, the right by the customer

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
to terminate the agreement. Service interruptions, equipment failures or security breaches could also materially impact our brand and reputation globally and lead to customer contract terminations or non-renewals and an inability to attract customers in the future.

 ***Tax matters, including changes in corporate tax laws, developments relating to "Pillar Two" minimum tax rules, and disagreements with taxing authorities, could impact our financial results and cash taxes payable.***

We conduct business across the United States and in Canada and the United Kingdom and file income tax returns in each of these jurisdictions. Significant judgment is required in our accounting for income taxes. In the ordinary course of our business, there are transactions and calculations for which the most appropriate tax treatment is unsettled or unresolved. In addition, changes in tax laws and regulations, in addition to conflicts in administrative interpretations and other tax guidance, could materially impact our provision for income taxes, deferred tax assets and liabilities and liabilities for uncertain tax positions.

On July 4, 2025, the One Big Beautiful Bill Act ("the 2025 Tax Act") was enacted into law. The 2025 Tax Act includes significant changes to the U.S. tax code, including reinstatement of 100% bonus depreciation for qualifying property. Additionally, the 2025 Tax Act eases the statutory limitation on interest expense deductions under Section 163(j) of the Internal Revenue Code by allowing companies to calculate their income for Section 163(j) purposes before deducting depreciation and amortization. We will continue to monitor development and evaluate the impact of the 2025 Tax Act on our financial statements and business operations.

The Organization for Economic Co-operation and Development (the "OECD") has introduced a framework to implement a global minimum corporate tax, referred to as "Pillar Two". These rules have been adopted or partially adopted in certain jurisdictions and may continue to evolve. Depending on how these rules are implemented and interpreted in the jurisdictions in which we operate, they could increase our effective tax rate and cash taxes. We continue to evaluate the impacts of these developments on our operations.

Issues relating to tax audits or examinations and any related interest or penalties and uncertainty in obtaining deductions or credits claimed in various jurisdictions could also impact the accounting for income taxes. Our results of operations are reported based on our determination of the amount of taxes we owe in various tax jurisdictions, and our provision for income taxes and tax liabilities are subject to review or examination by taxing authorities in applicable tax jurisdictions. An adverse outcome of such a review or examination could adversely affect our business, financial condition and results of operations, and the results of tax examinations and audits could have a negative impact on our results of operations and financial condition where the results differ from the liabilities recorded in our financial statements.

#### Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
As of December 31, 2025, the Company has U.S. federal net operating loss ("NOL") carryforwards of $118.2 million generated in tax years 2018 through 2025, of which all will carry forward indefinitely. The Company has state and local NOL carryforwards of $24.7 million, of which the majority has a 20 year carryforward period. Additionally, the Company has foreign NOL carryforwards of $13.1 million, of which the carryforward period varies from five years to indefinite. In addition, we have material "Section 163(j)" carryforwards arising from interest expense deductibility limitations in prior years for United States federal and state purposes. Realization of these net operating loss and Section 163(j) interest deduction carryforwards depends on our future taxable income, and it is possible that these amounts will not be usable in the near-term. Any changes in law or the inability to otherwise use these carryforwards in the future (including as the result of any audit or other tax proceeding) could adversely impact our financial statements, effective tax rate and cash flows.

In addition, under Sections 382 and 383 of the Internal Revenue Code, if a corporation undergoes an "ownership change," generally defined as a greater than 50% cumulative change (by value) in ownership by "5 percent shareholders" over a rolling three-year period, the corporation's ability to use its pre-change NOLs and other pre-change tax attributes to offset its post-change income or taxes may be limited. We may in the future experience ownership changes as a result of shifts in our stock ownership or as a result of the present and future offerings of our shares. As a result, if we earn net taxable income, our ability to use our pre-change U.S. NOL carryforwards and other tax attributes to offset U.S. federal taxable income may be subject to limitations, which could potentially result in increased future tax liability to us. Similar provisions of state tax

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
law may also apply to limit our use of accumulated state tax NOLs. In addition, at the state level, there may be periods during which the use of NOLs is suspended or otherwise limited, which could accelerate or permanently increase our state income tax liabilities. As a result of the foregoing, we may be unable to use all or a material portion of our net operating losses and other tax attributes, which could adversely affect our future cash flows.

 ***If we fail to protect our proprietary intellectual property rights adequately, our competitive position could be impaired, and we may lose valuable assets, generate reduced revenue and incur costly litigation to protect our rights.***

Our success depends, in part, on our ability to protect our proprietary intellectual property rights, including certain methodologies, practices, tools, technologies and technical expertise we use in designing, developing, implementing and maintaining applications and processes used in providing our services. We rely on a combination of patent, trademark, trade secrets and other intellectual property laws, non-disclosure agreements with our employees, consultants, customers and other relevant persons, and other measures to protect our intellectual property, including our brand identity. However, the steps we take to protect our intellectual property may be inadequate, and we may choose not to pursue or maintain protection for our intellectual property in the United States or foreign jurisdictions. We will not be able to protect our intellectual property if we are unable to enforce our rights or if we do not detect unauthorized use of our intellectual property. Despite our precautions, it may be possible for unauthorized third parties to copy our technology and use information that we regard as proprietary to create technology that competes with ours. In addition, the laws of some countries do not protect proprietary rights to the same extent as the laws of the United States, and mechanisms for enforcement of intellectual property rights in some foreign countries may be inadequate. To the extent we expand our international activities, our exposure to unauthorized copying and use of our technologies and proprietary information may increase. Accordingly, despite our efforts, we may be unable to prevent third parties from infringing upon or misappropriating our technology and intellectual property.

We rely in part on trade secrets, proprietary know-how and other confidential information to maintain our competitive position. Although we enter into non-disclosure and invention assignment agreements with our employees, enter into non-disclosure agreements with our customers, consultants and other parties with whom we have strategic relationships and business alliances and enter into intellectual property assignment agreements with our consultants and vendors, no assurance can be given that these agreements will be effective in controlling access to and distribution of our technology and proprietary information. In addition, these agreements do not prevent our competitors from independently developing technologies that are substantially equivalent or superior to our products.

To protect our intellectual property rights, we may be required to spend significant resources to monitor and protect these rights. Litigation may be necessary in the future to enforce our intellectual property rights and to protect our trade secrets. Such litigation could be costly, time consuming and distracting to management and could result in the impairment or loss of portions of our intellectual property. Furthermore, our efforts to enforce our intellectual property rights may be met with defenses, counterclaims and countersuits attacking the validity and enforceability of our intellectual property rights. Our inability to protect our proprietary technology, as well as any costly litigation or diversion of our management's attention and resources, could disrupt our business, as well as have a material adverse effect on our financial condition and results of operations.

#### We may in the future be subject to intellectual property disputes, which are costly to defend and could harm our business and operating results.
We may from time to time face allegations that we have infringed the patents, copyrights, trademarks and other intellectual property rights of third parties, including from our competitors. We may be unaware of the intellectual property rights that others may claim cover some or all of our technology or services. Patent and other intellectual property litigation may be protracted and expensive, and the results are difficult to predict and may require us to stop using certain technologies or offering certain services or may result in significant damage awards or settlement costs.

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
Even if these matters do not result in litigation or are resolved in our favor or without significant cash settlements, these matters, and the time and resources necessary to litigate or resolve them, could divert the time and resources of our management team and harm our business, our operating results and our reputation.

#### Environmental liabilities, climate change, and related regulations could increase costs, disrupt operations, and reduce demand for our facilities.
Environmental liabilities such as contamination, compliance deficiencies, asbestos-containing materials, and indoor air quality issues could arise and require costly investigation or remediation. Federal, state and local laws and regulations relating to the protection of the environment may require a current or previous owner or operator of real estate to investigate and remediate hazardous or toxic substances or petroleum product releases at or from our property, regardless of fault. In addition, we could incur costs to comply with environmental health and safety laws and regulations, the violation of which could lead to substantial fines and penalties.

Climate change may increase the frequency and severity of extreme weather events—including droughts, heat waves, fires, hurricanes, tornadoes, rising sea levels, and flooding—which could cause physical damage, disrupt power supply, increase cooling costs, and reduce demand for or value of affected properties. An increase in the frequency, duration and severity of such extreme weather events and/or our failure to prevent or mitigate the impact of such events on our customers could have a material adverse effect on our business. Changes in average temperatures may increase operating costs, particularly for cooling.

Climate regulation is evolving rapidly. New or changing laws—such as carbon taxes, emissions reporting requirements, energy efficiency standards, or restrictions on fossil fuels—could increase electricity costs and require capital expenditures or operational changes. In addition, our customers, investors, and other stakeholders may impose sustainability expectations that require us to incur additional costs. These stakeholder requests, along with evolving laws and regulations, could limit our ability to develop new facilities or result in substantial compliance costs, maintenance costs, repair costs, retrofit costs and construction costs, including capital expenditures for environmental control facilities and other new equipment. If we fail to meet such stakeholder expectations, or if there is controversy or shifting public policy regarding sustainability initiatives, our reputation, customer relationships, investor demand, and share price could be adversely affected.

#### We may fail to achieve our sustainability objectives and pursuing them may increase costs and expose us to scrutiny.
We have established sustainability objectives, including long-term goals of procuring 100% clean and renewable energy coverage and reducing our GHG emissions from our operations and supply chain. Achieving these goals may require additional costs for data collection, measurement, reporting, procurement strategies, and operational changes. Renewable energy procurement or low-carbon alternatives may be more expensive than conventional sources, and facility modifications to improve efficiency may require significant capital expenditures.

There is no assurance we will achieve our sustainability objectives on the timeline we anticipate, or that stakeholders will view our efforts as sufficient. Changes in political administrations, regulatory priorities, or public sentiment could also increase scrutiny, compliance burdens, or litigation risk related to sustainability goals and disclosures. Any failure to achieve stated goals, or significant controversy regarding those goals or related disclosures, could adversely affect public perception of our business, employee morale, customer demand, investor interest, and our share price.

#### Risks Related to Our Indebtedness
 ***Our substantial indebtedness could adversely affect our financial condition and ability to raise additional capital to fund our operations and limit our ability to react to changes in the economy or our industry.***

We have a significant amount of indebtedness. As of December 31, 2025, we had $659.0 million of borrowings outstanding under our $800.0 million Revolving Credit Facility and $4.3 billion outstanding under our securitized notes, all of which is secured.

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
Subject to the limitations contained in the documents governing our indebtedness, we may incur substantial additional debt from time to time to finance working capital, capital expenditures, investments, acquisitions or for other purposes. If we do incur substantial additional debt, the risks related to our high level of debt could intensify. Our substantial indebtedness could have important consequences for us and our stockholders. For example, it could:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • make us more vulnerable to changes in our business, our industry, or the economy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • limit our ability to obtain additional financing to fund working capital, capital expenditures, investments, acquisitions or other general corporate requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • require us to dedicate a substantial portion of our cash flow from operations to the payment of interest and the repayment of our indebtedness instead of other purposes, thereby reducing the amount of cash flow available for working capital, capital expenditures, investments, acquisitions and other general corporate purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • limit our flexibility in planning for, or reacting to, changes in the industry in which we compete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • make us more highly leveraged than some of our competitors, which may place us at a competitive disadvantage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • restrict us from making strategic acquisitions, engaging in development activities, or exploiting business opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • limit, along with the restrictive covenants in our indebtedness, among other things, our ability to borrow additional funds or dispose of assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • expose us to the risk of increased interest rates, as certain of our borrowings, including borrowings under the Revolving Credit Facility, are at variable rates of interest.

In addition, the credit agreement governing the Revolving Credit Facility (the "Credit Agreement") and the indentures governing our securitized notes (the "Indentures") contain restrictive covenants that limit our ability to engage in activities that may be in our long-term best interest. Our failure to comply with those covenants could result in an event of default which, if not cured or waived, could result in the acceleration of such indebtedness. Any event of default under the agreements governing our indebtedness could result in the applicable lenders or noteholders declaring all outstanding principal and interest to be due and payable, terminating their commitments to provide additional funding and foreclosing against the assets securing their indebtedness.

#### Despite our substantial indebtedness , we may still be able to incur significantly more debt , including secured debt , which could intensify the risks associated with our indebtedness.
We and our subsidiaries may be able to incur substantial indebtedness in the future. Although our existing debt agreements, including the terms of the Credit Agreement and the Indentures, contain restrictions on our and our subsidiaries' ability to incur additional indebtedness, these restrictions are subject to a number of important qualifications and exceptions, and the indebtedness incurred in compliance with these restrictions could be substantial. These restrictions do not prevent us from incurring obligations that do not constitute indebtedness. As of December 31, 2025, we had $141.0 million available for additional borrowing under the Revolving Credit Facility, all of which would be secured. In addition to our securitized notes and our borrowings under the Revolving Credit Facility, the covenants under the Credit Agreement and the Indentures and under any other of our existing or future debt instruments could allow us to incur a significant amount of additional indebtedness and, subject to certain limitations, such additional indebtedness could be secured. The more leveraged we become, the more we, and in turn our security holders, will be exposed to certain risks described above under "—*Our substantial indebtedness could adversely affect our financial condition and ability to raise additional capital to fund our operations and limit our ability to react to changes in the economy or our industry*."

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
 ***We may not be able to generate sufficient cash to service all of our indebtedness and to fund our working capital and capital expenditures, and may be forced to take other actions to satisfy our significant debt service obligations, which would adversely affect our financial condition and results of operations.***

Our ability to pay principal and interest on, and satisfy, our debt obligations will depend upon, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our future financial and operating performance, which will be affected by prevailing economic, industry, and competitive conditions and financial, business, legislative, regulatory, and other factors, many of which are beyond our control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our future ability to refinance or restructure our existing debt obligations, which depends on, among other things, the condition of the capital markets, our financial condition, and the terms of existing or future debt agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our future ability to borrow under our Revolving Credit Facility, the availability of which depends on, among other things, our compliance with the covenants in the Credit Agreement.

We cannot assure you that our business will generate cash flow from operations, or that we will be able to draw under our Revolving Credit Facility, in an amount sufficient to fund our liquidity needs. If our cash flows and capital resources are insufficient to service our indebtedness, we may be forced to reduce or delay capital expenditures, sell assets, seek additional capital, or restructure or refinance our indebtedness. These alternative measures may not be successful and may not permit us to meet our scheduled debt service obligations. Our ability to restructure or refinance our debt will depend on the condition of the capital markets and our financial condition at such time. Any refinancing of our debt could be at higher interest rates and may require us to comply with more onerous covenants, which could further restrict our business operations. We cannot assure you that we will be able to restructure or refinance any of our debt on commercially reasonable terms or at all. In addition, the terms of existing or future debt agreements, including the Credit Agreement and the Indentures, may restrict us from adopting some of these alternatives. In the absence of such operating results and resources, we could face substantial liquidity problems and might be required to dispose of material assets or operations to meet our debt service and other obligations. We may not be able to consummate those dispositions for fair market value or at all. Furthermore, any proceeds that we could realize from any such dispositions may not be adequate to meet our debt service obligations then due. Brookfield and our other equity holders have no continuing obligation to provide us with debt or equity financing. Our inability to generate sufficient cash flow to satisfy our debt obligations, or to refinance our indebtedness on commercially reasonable terms or at all, could result in a material adverse effect on our business, results of operations and financial condition.

If we cannot make scheduled payments on our indebtedness, we will be in default, and our lenders and noteholders could declare all outstanding principal and interest to be due and payable and terminate their commitments to provide additional funding, foreclose against the assets securing their indebtedness and we could face financial distress.

If our indebtedness is accelerated, we may need to repay or refinance all or a portion of our indebtedness. There can be no assurance that we will be able to obtain sufficient funds to enable us to repay or refinance our debt obligations on commercially reasonable terms, or at all.

#### Repayment of our debt is dependent on cash flow generated by our subsidiaries.
We are a holding company and have no material assets other than our investment in the equity interests of our subsidiaries and no direct operations other than activities directly related to our ownership of equity interests in our subsidiaries. Accordingly, repayment of indebtedness is dependent on the generation of cash flow by our subsidiaries and their ability to make such cash available to us by dividend, debt repayment, or otherwise. Our subsidiaries may not be able to, or may not be permitted to, make distributions to enable us to make payments in respect of their respective indebtedness. Each of our subsidiaries is a distinct legal entity, and under certain circumstances legal and contractual restrictions may limit our ability to obtain cash from them, and we may be limited in our ability to cause any future joint ventures to distribute their earnings to us. While our debt agreements limit our and our subsidiaries' ability to incur consensual restrictions on their respective ability to pay dividends or make other intercompany payments to us, these limitations are subject to certain

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
qualifications and exceptions. In the event that we do not receive distributions from our subsidiaries, we may be unable to make required principal and interest payments on our indebtedness.

#### Our debt agreements contain restrictions that limit our flexibility in operating our business.
The Credit Agreement contains, and any other existing or future indebtedness of ours would likely contain, a number of covenants that will impose significant operating and financial restrictions on us, including restrictions on our and our subsidiaries' ability to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • incur additional debt, guarantee indebtedness, or issue certain preferred shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • pay dividends on or make distributions in respect of, or repurchase or redeem, our capital stock or make other restricted payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • prepay, redeem, or repurchase certain debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • make loans or certain investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • sell certain assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • create liens on certain assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • consolidate, merge, sell, or otherwise dispose of all or substantially all of our assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • enter into certain transactions with affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • substantially alter the businesses we conduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • enter into agreements restricting our subsidiaries' ability to pay dividends.

In addition, the Indentures contain covenants that restrict the ability of certain of our subsidiaries to incur additional debt or create liens on the assets covered by such Indentures.

As a result of these covenants, we will be limited in the manner in which we conduct our business, and we may be unable to engage in favorable business activities or finance future operations or capital needs.

A failure to comply with the covenants under the Credit Agreement, the Indentures or any of our other existing or future indebtedness could result in an event of default, which, if not cured or waived, could have a material adverse effect on our business, financial condition and results of operations.

If any of our outstanding indebtedness under the Revolving Credit Facility or our other indebtedness, including our securitized notes, were to be accelerated, there can be no assurance that our assets would be sufficient to repay such indebtedness in full.

In addition, the Indentures also require us to maintain specified financial ratios. Our ability to maintain these financial ratios may be adversely affected by events beyond our control, and we may be unable to satisfy such ratios. With respect to the Indentures, a breach of these covenants could result in a rapid amortization event or default under such debt agreements. If amounts owed under such debt agreements are accelerated because of a default and we are unable to pay such amounts, the applicable investors or lenders may have the right to, among other things, assume control of substantially all of the assets securing such indebtedness, if any, or require us to repay such indebtedness. If we are unable to refinance or repay amounts under the debt agreements prior to the expiration of the applicable term or upon rapid amortization occurring as a result of our failure to maintain specified financial ratios, our cash flow would be directed to the repayment of our debt and, other than management fees sufficient to cover minimal selling, general and administrative expenses, would not be available for operating our business.

#### Our variable rate indebtedness subjects us to interest rate risk , which could cause our debt service obligations to increase significantly.
Borrowings under the Revolving Credit Facility and a portion of our indebtedness under the Indentures are at variable rates of interest and expose us to interest rate risk. Increases in interest rates would raise our interest expense under any variable-rate debt that is not effectively converted to fixed-rate debt and increase our overall cost of capital, which could adversely affect our cash flows and FFO, and reduce our ability to use the capital that is being paid in interest in other ways. As of December 31, 2025, assuming the Revolving Credit Facility

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
is fully borrowed, each 0.25% change in assumed blended interest rates would result in an approximately $2.0 million change in annual interest expense on indebtedness under the Revolving Credit Facility. As of December 31, 2025, assuming our Series 2024-1, Class A-1 variable funding notes under the Indentures are fully drawn, each 0.25% change in assumed blended interest rates would result in an approximately $0.25 million change in annual interest expense on indebtedness under our securitized notes. In the future, we may enter into interest rate swaps that involve the exchange of floating for fixed rate interest payments in order to reduce interest rate volatility. However, we may not maintain interest rate swaps with respect to all of our variable rate indebtedness, and any swaps we enter into may not fully mitigate our interest rate risk, may prove disadvantageous, or may create additional risks. Increases in interest rates would also increase our interest expense on future fixed rate borrowings.

 ***The Indentures may restrict cash flow from the entities subject to such debt agreements to us and our subsidiaries and, upon the occurrence of certain events, cash flow would be further restricted.***

The Indentures require that cash from the entities subject to such debt agreements be allocated in accordance with a specified priority of payments. In the ordinary course, this means that funds available to us are paid at the end of the priority of payments, after expenses and debt service for securitized debt. In addition, in the event that a rapid amortization event occurs under the Indentures (including, without limitation, upon an event of default, failure to maintain specified financial ratios or the failure to repay the securitized debt at the end of the applicable term), the funds available to us would be reduced or eliminated, which would in turn reduce our ability to operate or grow our business.

#### Changes in our credit ratings and outlook may reduce access to capital and increase borrowing costs.
Our credit ratings are based on a number of factors, including our financial strength and factors outside of our control, such as conditions affecting our industry generally or the introduction of new rating practices and methodologies. Our current credit ratings may not remain in effect, and such ratings may be lowered, suspended or withdrawn entirely by the applicable rating agencies. If any rating agencies lower, suspend, or withdraw our ratings, the market price or marketability of our securities may be adversely affected. In addition, any change in our ratings could make it more difficult for us to raise capital on favorable terms, impact our ability to obtain adequate financing, and result in higher interest costs for our existing credit facilities or on future financings.

#### Risks Related to this Offering and Ownership of Our Common Stock

#### Our stock price may fluctuate significantly and purchasers of our common stock could incur substantial losses.
The market price of our common stock could vary significantly as a result of a number of factors, some of which are beyond our control. In the event of a drop in the market price of our common stock, you could lose a substantial part or all of your investment in our common stock. The following factors could affect our stock price:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our operating and financial performance and prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • quarterly variations in the rate of growth (if any) of our financial or operational indicators, such as earnings per share, net income, and revenues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the public reaction to our press releases, our other public announcements and our filings with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • strategic actions by our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in operating performance and the stock market valuations of other companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • announcements related to litigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • differences between our actual financial and operating results and those expected by investors and analysts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in revenue or earnings estimates or changes in recommendations or withdrawal of research coverage, by equity research analysts;

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • speculation in the press or investment community;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • market reaction to any indebtedness we incur in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • sales of our common stock by us or our stockholders, or the perception that such sales may occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in accounting principles, policies, guidance, interpretations or standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • additions or departures of key management personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • actions by our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • general economic and market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • military conflicts, natural and man-made disasters, climate change-related events, pandemics or other health crises and their effects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • domestic and international economic, legal and regulatory factors unrelated to our performance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • material weakness in our internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the realization of any risks described under this "*Risk Factors*" section, or other risks that may materialize in the future.

The stock markets in general have experienced extreme volatility that has often been unrelated to the operating performance of particular companies. These broad market fluctuations may adversely affect the trading price of our common stock. Securities class action litigation has often been instituted against companies following periods of volatility in the overall market and in the market price of a company's securities. Such litigation, if instituted against us, could result in very substantial costs, divert our management's attention and resources and harm our business, financial condition and results of operations.

#### We will incur significant costs and devote substantial management time as a result of operating as a public company.
We will incur significant legal, accounting and other expenses that we did not incur as a private company. As a public company with listed equity securities, we will need to comply with new laws, regulations and requirements, including the reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which will require, among other things, that we file with the SEC annual, quarterly and current reports with respect to our business and financial condition. In addition, we will be required to comply with the requirements of Section 404(a) of the Sarbanes-Oxley Act and the Dodd-Frank Act, as well as rules and regulations subsequently implemented by the SEC and heightened auditing standards, and the NYSE, our stock exchange, including the establishment and maintenance of effective disclosure and financial controls and changes in corporate governance practices. In addition, our independent registered public accounting firm will be required to formally attest to the effectiveness of our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act commencing the year following our first annual report required to be filed with the SEC.

The rules governing management's assessment of our internal control over financial reporting are complex and require significant documentation, testing and possible remediation. We expect that compliance with these requirements will increase our legal and financial compliance costs and will make some activities more time consuming and costly. In addition, we expect that our management and other personnel will need to divert attention from operational and other business matters to devote substantial time to these public company requirements. In particular, we expect to continue incurring significant expenses and devote substantial management effort toward ensuring compliance with the requirements of the Sarbanes-Oxley Act. In that regard, we may need to hire additional accounting and financial staff with appropriate public company experience and technical accounting knowledge. Furthermore, if we fail to achieve and maintain an effective internal control environment, we could suffer material misstatements in our consolidated financial statements and fail to meet our reporting obligations, which would likely cause investors to lose confidence in our reported financial information. Additionally, ineffective internal control over financial reporting could expose us to increased risk of fraud or misuse of corporate assets and subject us to potential delisting from the NYSE, regulatory investigations, civil or criminal sanctions and litigation, any of which would have a material and adverse effect on our business, results of operations and financial condition. We cannot predict or estimate the

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
amount of additional costs we may incur as a result of becoming a public company or the timing and materiality of such costs.

 ***We previously identified a material weakness in our internal control over financial reporting in the preparation of our audited financial statements for a historical period, and if we identify additional material weaknesses in the future, our ability to accurately report our financial results may be adversely affected.***

Although we are not yet subject to the certification or attestation requirements of Section 404 of the Sarbanes-Oxley Act, while preparing our audited financial statements for a historical period, we identified a material weakness in our internal control over financial reporting. A material weakness is a deficiency or combination of deficiencies in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our financial statements will not be prevented or detected and corrected on a timely basis.

The material weakness related to controls over the identification and assessment of indicators of impairment for goodwill and long-lived assets, including the design, operation, and documentation of such controls in accordance with applicable accounting guidance. This material weakness primarily related to impairment evaluations associated with certain subsidiaries and historical periods that were not previously subject to audit while we operated as a private company. We have taken steps to remediate this material weakness, including enhancing control activities related to the identification and evaluation of impairment indicators and updating policies and procedures to ensure appropriate documentation and review. The material weakness, which was identified in connection with the preparation of the 2022 financial statements, has been remediated as of December 31, 2025.

Upon completion of this offering, we will be subject to Section 404 of the Sarbanes-Oxley Act, which requires that we include a report of management on our internal control over financial reporting in our second annual report on Form 10-K. In addition, our independent registered public accounting firm must attest to and report on the effectiveness of our internal control over financial reporting in our second annual report on Form 10-K. If we identify additional material weaknesses in the future, our ability to produce timely and accurate financial statements could be adversely affected. If we are unable to comply with the requirements of Section 404 in a timely manner, or if our independent registered public accounting firm is unable to express an opinion as to the effectiveness of our internal control over financial reporting, investors may lose confidence in our financial reporting, which could negatively affect the market price of our common stock.

#### We continue to be controlled by Brookfield , and Brookfield's interests may conflict with our interests and the interests of other stockholders.
Following this offering, Brookfield will beneficially own approximately % of the voting power of our outstanding common equity (or approximately % if the underwriters exercise their option to purchase additional shares in full). Therefore, individuals affiliated with Brookfield will have effective control over the outcome of votes on all matters requiring approval by our stockholders, including the election of directors, entering into significant corporate transactions such as mergers, tender offers and the sale of all or substantially all of our assets and certain other corporate matters. The interests of Brookfield could conflict with or differ from our interests or the interests of our other stockholders. For example, the concentration of ownership held by Brookfield could delay, defer, or prevent a change in control of our company or impede a merger, takeover, or other business combination which may otherwise be favorable for us. Additionally, Brookfield is in the business of making investments in companies and may, from time to time, acquire and hold interests in or provide advice to businesses that compete directly or indirectly with us, or are suppliers or customers of ours. Brookfield may also pursue acquisition opportunities that may be complementary to our business, and as a result, those acquisition opportunities may not be available to us. Any such investment may increase the potential for the conflicts of interest discussed in this risk factor. So long as Brookfield continues to directly or indirectly beneficially own a significant amount of our equity, even if such amount is less than 50%, Brookfield will continue to be able to substantially influence or effectively control our ability to enter into corporate transactions. Brookfield also has a right to nominate a number of directors comprising a percentage of our board of directors in accordance with Brookfield's beneficial ownership of the voting power of our outstanding common stock (rounded up to the nearest whole number), except that if Brookfield beneficially owns more than 50% of the voting power of our outstanding common stock, Brookfield will have the right to nominate a majority of the directors. See "*Management—Board Composition*." In addition, following the

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
consummation of this offering, we expect to have an executive committee that serves at the discretion of our board of directors and includes members nominated by Brookfield, who are authorized to take actions (subject to certain exceptions) that they reasonably determine are appropriate. See "*Management—Board Committees—Executive Committee*" for a further discussion.

 ***We are a "controlled company" within the meaning of the NYSE rules and, as a result, qualify for and intend to rely on exemptions from certain corporate governance requirements. You will not have the same protections afforded to stockholders of companies that are subject to such requirements.***

Following this offering, Brookfield will continue to control a majority of the voting power of our outstanding voting stock and, as a result, we will be a controlled company within the meaning of the NYSE's corporate governance standards. Under the NYSE rules, a company of which more than 50% of the voting power is held by another person or group of persons acting together is a controlled company and may elect not to comply with certain corporate governance requirements, including the requirements that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a majority of our board of directors consist of independent directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our board of directors have a nominating and corporate governance committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our board of directors have a compensation committee that is comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

Upon completion of this offering, a majority of our board of directors will not consist of independent directors and, although we will have nominating and corporate governance and compensation committees with written charters addressing such committees' purposes and responsibilities, such committees will not be comprised entirely of independent directors. We intend to utilize these exemptions as long as we remain a controlled company. Accordingly, you will not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of the NYSE.

#### Our organizational documents may impede or discourage a takeover , which could deprive our investors of the opportunity to receive a premium on their shares.
Certain provisions of our certificate of incorporation and bylaws may have the effect of delaying or preventing a merger, acquisition, tender offer, takeover attempt or other change of control transaction that a stockholder might consider to be in its best interest, including attempts that might result in a premium over the market price of our common stock. These provisions include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • providing that our board of directors will be divided into three classes, with each class of directors serving three-year terms and with terms of the directors of only one class expiring in any given year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • prohibiting cumulative voting in the election of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • providing for the removal of directors only for cause and only upon the affirmative vote of the holders of at least 66<sup>2</sup>∕3% in voting power of all the then-outstanding shares of stock of the Company entitled to vote generally in the election of directors, voting together as a single class, if less than 50.1% of the voting power of our outstanding common stock is beneficially owned by Brookfield;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • empowering only our board of directors to fill any vacancy on our board of directors (other than in respect of a Brookfield Director (as defined below)), whether such vacancy occurs as a result of an increase in the number of directors or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • authorizing the issuance of "blank check" preferred stock without any need for action by stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • prohibiting stockholders from acting by written consent if less than 50.1% of the voting power of our outstanding common stock is beneficially owned by Brookfield;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to the extent permitted by law, prohibiting stockholders from calling a special meeting of stockholders if less than 50.1% of the voting power of our outstanding common stock is beneficially owned by Brookfield; and

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • establishing advance notice requirements for nominations for election to our board of directors or for proposing matters that can be acted on by stockholders at stockholder meetings.

Additionally, our certificate of incorporation provides that we are not governed by Section 203 of the Delaware General Corporation Law (the "DGCL"), which prohibits a publicly held Delaware corporation from engaging in a business combination transaction with an interested stockholder for a period of three years after the interested stockholder became such unless the transaction fits within an applicable exemption, such as board approval of the business combination or the transaction which resulted in such stockholder becoming an interested stockholder. However, our certificate of incorporation will include a provision that restricts us from engaging in any business combination with an interested stockholder for three years following the date that person becomes an interested stockholder, but such restrictions shall not apply to any business combination between Brookfield and any affiliate thereof or their direct and indirect transferees, on the one hand, and us, on the other, or certain other situations as described below in "*Description of Capital Stock—Certain Corporate Anti-takeover Provisions—Delaware Takeover Statute*."

Any issuance by us of preferred stock could delay or prevent a change in control of us. Our board of directors will have the authority to cause us to issue, without any further vote or action by the stockholders, shares of preferred stock, par value $0.01 per share, in one or more series, to designate the number of shares constituting any series, and to fix the rights, preferences, privileges, and restrictions thereof, including dividend rights, voting rights, rights and terms of redemption, redemption price or prices, and liquidation preferences of such series. The issuance of shares of our preferred stock may have the effect of delaying, deferring, or preventing a change in control without further action by the stockholders, even where stockholders are offered a premium for their shares.

In addition, as long as Brookfield beneficially owns a majority of the voting power of our outstanding common stock, Brookfield will be able to control all matters requiring stockholder approval, including the election of directors, amendment of our certificate of incorporation and certain corporate transactions. We intend to enter into a stockholders agreement with Brookfield (the "Stockholders Agreement") that will also require the approval of Brookfield for certain important matters, including, but not limited to, material acquisitions and dispositions other than certain transactions in the ordinary course of business, certain issuances of equity securities and incurrence of debt, and mergers, consolidations and transfers of all or substantially all of our assets, until the first time that Brookfield ceases to beneficially own at least 20% of our common stock. See "*Description of Capital Stock—Certain Corporate Anti-takeover Provisions—Certain Matters that Require Consent of Our Stockholders*.*"* 

Together, the provisions in our certificate of incorporation, bylaws and Stockholders Agreement and statutory provisions may discourage transactions that otherwise could involve payment of a premium over prevailing market prices for our common stock.

Furthermore, the existence of the foregoing provisions, as well as the significant common stock beneficially owned by Brookfield and its right to nominate a specified number of directors, could limit the price that investors might be willing to pay in the future for shares of our common stock. They could also deter potential acquirers of us, thereby reducing the likelihood that you could receive a premium for your common stock in an acquisition. For a further discussion of these and other such anti-takeover provisions, see "*Description of Capital Stock—Certain Corporate Anti-takeover Provisions*."

 ***Our certificate of incorporation will provide that the Court of Chancery of the State of Delaware will be the sole and exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.***

Our certificate of incorporation will provide that, unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware lacks jurisdiction over such action or proceeding, then another court of the State of Delaware, or if no court of the State of Delaware has jurisdiction, then the United States District Court for the District of Delaware), to the fullest extent permitted by law, is the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf, (ii) any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers, employees or agents to us or our stockholders, (iii) any action asserting a claim arising

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
pursuant to any provision of the DGCL or of our certificate of incorporation or our bylaws or as to which the DGCL confers jurisdiction on the Court of Chancery of the State of Delaware, or (iv) any action asserting a claim related to or involving the Company or any director or officer of the Company that is governed by the internal affairs doctrine; provided that, the federal district courts of the United States will be the exclusive forum for the resolution of any action, suit or proceedings asserting a cause of action arising under the Securities Act of 1933, as amended (the "Securities Act"). Section 22 of the Securities Act would otherwise create concurrent federal and state jurisdiction over all suits brought to enforce a liability or duty created under the Securities Act. Therefore, the exclusive federal forum provision in our certificate of incorporation for claims brought under the Securities Act will limit a stockholder's right to bring a claim to enforce a liability or duty created under the Securities Act in state court. The exclusive forum provisions in our certificate of incorporation will not apply to claims arising under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We recognize that the forum selection clause in our certificate of incorporation may impose additional litigation costs on stockholders in pursuing any such claims, particularly if the stockholders do not reside in or near the State of Delaware. Additionally, the forum selection clause in our certificate of incorporation may limit our stockholders' ability to bring a claim in a forum that they find favorable for disputes with us or our directors, officers or employees, which may discourage such lawsuits against us and our directors, officers and employees even though an action, if successful, might benefit our stockholders. The Court of Chancery of the State of Delaware and the federal district courts of the United States may also reach different judgments or results than would other courts, including courts where a stockholder considering an action may be located or would otherwise choose to bring the action, and such judgments may be more or less favorable to us than our stockholders.

The choice of forum provision may limit a stockholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, or other employees, which may discourage such lawsuits against us and our directors, officers and other employees. However, the enforceability of similar forum provisions in other companies' certificates of incorporation has been challenged in legal proceedings. If a court were to find the choice of forum provision contained in our certificate of incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could materially and adversely affect our business, financial condition and results of operations.

#### Our certificate of incorporation will contain a provision renouncing our interest and expectancy in certain corporate opportunities.
Under our certificate of incorporation, none of Brookfield, the portfolio companies owned by Brookfield, or any of their respective officers, directors, principals, partners, members, managers, employees, agents or other representatives will have any duty to refrain from engaging, directly or indirectly, in the same business activities, similar business activities, or lines of business in which we operate. Under our certificate of incorporation, Brookfield, the portfolio companies owned by Brookfield, or any of their respective officers, directors, principals, partners, members, managers, employees, agents or other representatives have the right to invest in, or provide services to, any person that is engaged in the same or similar business activities as us or our affiliates or directly or indirectly competes with us or any of our affiliates. In addition, our certificate of incorporation provides that, to the fullest extent permitted by law, no officer or director of ours who is also an officer, director, principal, partner, member, manager, employee, agent or other representative of Brookfield will be liable to us or our stockholders for breach of any fiduciary duty by reason of the fact that any such individual directs a corporate opportunity to Brookfield, instead of us, or does not communicate information regarding a corporate opportunity to us that the officer, director, employee, managing director, or other affiliate has directed to Brookfield or its representatives. For instance, a director of our company who also serves as a director, officer, principal, partner, member, manager, employee, agent or other representative of Brookfield or any of its portfolio companies, funds, or other affiliates may pursue certain acquisitions or other opportunities that may be complementary to our business and, as a result, such acquisition or other opportunities may not be available to us. Upon consummation of this offering, our board of directors will consist of members, of whom will be Brookfield Directors. These potential conflicts of interest could have a material and adverse effect on our business, financial condition, results of operations, or prospects if attractive corporate opportunities are allocated by Brookfield to itself or the portfolio companies owned by

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
Brookfield instead of to us. A description of our obligations related to corporate opportunities under our certificate of incorporation are more fully described in "*Description of Capital Stock—Corporate Opportunity*."

#### Investors in this offering will experience immediate and substantial dilution.
The initial public offering price per share of common stock will be substantially higher than our pro forma as adjusted net tangible book value (deficit) per share immediately after this offering. Based on our pro forma as adjusted net tangible book value (deficit) per share as of December 31, 2025 and an assumed initial public offering price of $ per share, which is the midpoint of the estimated price range set forth on the cover page of this prospectus, we expect that purchasers of our common stock in this offering will experience immediate and substantial dilution in an amount of $ per share of common stock, or $ per share of common stock if the underwriters exercise their option to purchase additional shares in full. This dilution is due in large part to earlier investors having paid substantially less than the initial public offering price when they purchased their shares. See "*Dilution*."

 ***You may be diluted by the future issuance of additional common stock or convertible securities in connection with our incentive plans, acquisitions or otherwise, which could adversely affect our stock price.***

After the completion of this offering, we will have shares of common stock authorized but unissued (assuming no exercise of the underwriters' option to purchase additional shares). Our certificate of incorporation will authorize us to issue these shares of common stock and options, rights, warrants and appreciation rights relating to common stock for the consideration and on the terms and conditions established by our board of directors in its sole discretion, whether in connection with acquisitions or otherwise. We have reserved approximately shares for future grant under our Omnibus Incentive Plan. See "*Executive Compensation—Equity Compensation Plans—2026 Omnibus Incentive Plan*." Any common stock that we issue, including under our Omnibus Incentive Plan or other equity incentive plans that we may adopt in the future would dilute the percentage ownership held by the investors who purchase common stock in this offering.

From time to time in the future, we may also issue additional shares of our common stock or securities convertible into common stock pursuant to a variety of transactions, including acquisitions. Our issuance of additional shares of our common stock or securities convertible into our common stock would dilute your ownership of us and the sale of a significant amount of such shares in the public market could adversely affect prevailing market prices of our common stock.

 ***Future sales of our common stock in the public market, or the perception in the public market that such sales may occur, could reduce our stock price.***

After this offering, the sale of shares of our common stock in the public market, or the perception that such sales could occur, could harm the prevailing market price of shares of our common stock. These sales, or the possibility that these sales may occur, also might make it more difficult for us to sell equity securities in the future at a time and at a price that we deem appropriate.

After the completion of this offering (assuming no exercise of the underwriters' option to purchase additional shares), we will have shares of common stock outstanding. All shares of our common stock sold in this offering will be freely tradable without restriction or further registration under the Securities Act. The remaining number of outstanding shares of common stock are "restricted securities," as defined under Rule 144 under the Securities Act, and eligible for sale in the public market subject to the requirements of Rule 144. We, Brookfield and each of our executive officers and directors, who collectively hold substantially all of our issued and outstanding common stock, have agreed that, for a period of 180 days after the date of this prospectus, we and they will not, without the prior written consent of the representatives on behalf of the underwriters, dispose of any shares of common stock or any securities convertible into or exchangeable for our common stock, subject to certain exceptions. See "*Underwriting*." Following the expiration of the applicable lock-up period, all of the issued and outstanding shares of our common stock will be eligible for future sale, subject to the applicable volume, manner of sale, holding periods, and other limitations of Rule 144. on behalf of the underwriters may, in its sole discretion, release all or any portion of the shares subject to lock-up agreements at any time and for any reason. In addition, Brookfield has certain rights to require us to register the sale of common stock held by them including in connection with underwritten offerings. Sales

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
of significant amounts of stock in the public market upon expiration of lock-up agreements, the perception that such sales may occur, or early release of any lock-up agreements, could adversely affect prevailing market prices of our common stock or make it more difficult for you to sell your shares of common stock at a time and price that you deem appropriate. See "*Shares Eligible for Future Sale*" for a discussion of the shares of common stock that may be sold into the public market in the future.

#### We will have broad discretion in the use of the net proceeds to us from this offering and may not use them effectively.
We will have broad discretion in the application of the net proceeds to us from this offering, including for the purposes described in the section titled "*Use of Proceeds*," and you will not have the opportunity as part of your investment decision to assess whether the net proceeds are being used appropriately. We intend to use a portion of the net proceeds of this offering to repay a portion of certain series of our outstanding 2024 ABS Notes and the remainder for general corporate purposes, which may include, in addition to repayment of indebtedness, funding acquisitions, additions to working capital, repurchases of common stock, dividends, capital expenditures and investments in our subsidiaries. Our management may not apply the net proceeds in ways that increase the value of your investment in our common stock. Because of the number and variability of factors that will determine our use of the net proceeds from this offering, our ultimate use may vary substantially from our currently intended use. Investors will need to rely upon the judgment of our management with respect to the use of proceeds. Pending use, we may invest the net proceeds from this offering in short-term, investment-grade, interest-bearing securities, such as money market accounts, certificates of deposit, commercial paper and guaranteed obligations of the U.S. government that may not generate a high yield for our stockholders or that may lose value. If we do not use the net proceeds that we receive in this offering effectively, our business, financial condition, results of operations and prospects could be harmed, and the market price of our common stock could decline.

 ***There has been no prior public market for our common stock and there can be no assurances that a viable public market for our common stock will develop or be sustained.***

Prior to this offering, there has been no public market for our common stock, and there can be no assurance that an active trading market will develop or be sustained or that shares of our common stock will be resold at or above the initial public offering price. An active, liquid and orderly trading market for our common stock may not develop or be maintained after this offering. Active, liquid and orderly trading markets usually result in less price volatility and more efficiency in carrying out investors' purchase and sale orders. We cannot predict the extent to which investor interest in our common stock will lead to the development of an active trading market on the NYSE or otherwise or how liquid that market might become. The initial public offering price for the common stock will be determined by negotiations between us and the representatives of the underwriters and may not be indicative of prices that will prevail in the open market following this offering. See "*Underwriting*." The market price of our common stock may decline below the initial offering price and you may not be able to sell your shares of our common stock at or above the price you paid in this offering, or at all. If an active public market for our common stock does not develop, or is not sustained, it may be difficult for you to sell your shares at a price that is attractive to you or at all.

 ***We currently do not intend to pay dividends on our common stock in the foreseeable future and, as a result, your returns on your investment may depend solely on the appreciation of our common stock.***

We currently do not intend to pay any dividends in the foreseeable future on our common stock. We expect to retain all future earnings for the operation and expansion of our business and the repayment of outstanding debt. Our existing debt agreements contain, and any future indebtedness likely will contain, restrictive covenants that impose significant operating and financial restrictions on us, including restrictions on our ability to pay dividends and make other restricted payments. As a result, capital appreciation, if any, of our common stock may be your major source of gain for the foreseeable future. The market price for our common stock may never exceed, and may fall below, the price that you pay for such common stock. While we may change this policy at some point in the future, we cannot assure you that we will make such a change. See "*Dividend Policy*."

#### If securities or industry analysts do not publish research or reports about our business or publish negative reports , our stock price could decline.

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
The trading market for our common stock will be influenced by the research and reports that industry or securities analysts publish about us or our business. We do not control these analysts and cannot assure you that any analysts will initiate or maintain research coverage of us and our stock. If one or more of these analysts ceases coverage of our company or fails to publish reports on us regularly, we could lose visibility in the financial markets, which in turn could cause our stock price or trading volume to decline. Moreover, if one or more of the analysts who cover our company downgrades our common stock, provide more favorable recommendations about our competitors, publishes inaccurate or unfavorable research about our business or if our operating results do not meet their expectations, our stock price could decline.

#### We may issue preferred securities , the terms of which could adversely affect the voting power or value of our common stock.
Our certificate of incorporation will authorize us to issue, without the approval of our stockholders, one or more classes or series of preferred securities having such designations, preferences, limitations, and relative rights, including preferences over our common stock respecting dividends and distributions, as our board of directors may determine. The terms of one or more classes or series of preferred securities could adversely impact the voting power or value of our common stock. For example, we might grant holders of preferred securities the right to elect some number of our directors in all events or on the happening of specified events or the right to veto specified transactions. Similarly, the repurchase or redemption rights or liquidation preferences we might assign to holders of preferred securities could affect the residual value of the common stock.

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#### CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains forward-looking statements, which involve risks and uncertainties. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "likely," "may," "plan," "possible," "potential," "predict," "project," "should," "target," "will," "would" and, in each case, their negative or other various or comparable terminology. All statements other than statements of historical facts contained in this prospectus, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of management, and expected market growth are forward-looking statements. The forward-looking statements are contained principally in the sections entitled *"Prospectus Summary," "Risk Factors," "Use of Proceeds," "Management's Discussion and Analysis of Financial Condition and Results of Operations"* and *"Business"* and include, among other things, statements relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our strategies, outlook and growth prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our operational and financial targets and dividend policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • general economic trends and trends in the industry and markets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the competitive environment in which we operate.

These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Important factors that could cause our results to vary from expectations include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our concentration in certain geographic areas;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in demand for data center space;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in economic conditions, technology trends, and customer deployment decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our customer concentration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in customer preferences, including self-supplying, consolidating deployments, or shifting workloads to alternative solutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to attract, grow and retain a balanced customer base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a long sales cycle for our products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • competition in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to successfully develop or expand our data centers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • power procurement and interconnection constraints;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our dependence on third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to attract and retain qualified personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to identify, complete, and successfully integrate acquisitions or operate acquired properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to raise additional capital or service our substantial indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • other risk factors included under "*Risk Factors*" in this prospectus.

These forward-looking statements reflect our views with respect to future events as of the date of this prospectus and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent our estimates and assumptions only as of the date of this prospectus and, except as required by law, we undertake no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this prospectus. We anticipate that subsequent events and developments will cause our views to change. You should read this prospectus and the documents filed as exhibits to the registration statement, of which this prospectus is a part, completely and with the

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
understanding that our actual future results may be materially different from what we expect. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments we may undertake. We qualify all of our forward-looking statements by these cautionary statements.

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#### USE OF PROCEEDS
We expect to receive approximately $ million of net proceeds (based upon the assumed initial public offering price of $ per share, the midpoint of the range set forth on the cover page of this prospectus and assuming no exercise of the underwriters' option to purchase additional shares) from the sale of the common stock offered by us, after deducting underwriting discounts and commissions. Assuming no exercise of the underwriters' option to purchase additional shares, each $1.00 increase (decrease) in the initial public offering price would increase (decrease) our net proceeds by approximately $ million. We estimate that the net proceeds to us, if the underwriters exercise their option to purchase the maximum number of additional shares of common stock from us, will be approximately $ million (based upon the assumed initial public offering price of $ per share, the midpoint of the range set forth on the cover page of this prospectus), after deducting underwriting discounts and commissions.

We currently expect to use approximately $ million of the net proceeds from this offering to pay fees and expenses in connection with this offering, which include legal and accounting fees, SEC and FINRA registrations fees, printing expenses, and other similar fees and expenses.

We currently expect to use approximately $ million of the net proceeds from this offering to repay a portion of certain series of our outstanding 2024 ABS Notes, as determined by management.

Our Series 2024-1 Class A-1 variable funding notes bear interest at a rate equal to SOFR, plus 2.45% per annum. Our fixed-rate 2024 ABS Notes bear interest at rates ranging from 5.00% per annum to 5.90% per annum and, as of December 31, 2025, the weighted average interest rate of such notes was 5.43%. The 2024 ABS Notes have legal final maturity dates ranging from October 2054 to December 2055. The proceeds from our securitized notes that were issued within one year of the date of this prospectus were used for general corporate purposes. Certain of the underwriters and/or affiliates of the underwriters may be holders of our securitized notes, and as a result, in the event that we use the net proceeds from this offering of our common stock to repay any such outstanding indebtedness, certain of the underwriters and/or their affiliates may receive a portion of the proceeds from this offering. See "*Underwriting.*"

We will use any remaining net proceeds for general corporate purposes. General corporate purposes may include, in addition to repayment of indebtedness, funding acquisitions, additions to working capital, repurchases of common stock, dividends, capital expenditures and investments in our subsidiaries. Our management team will retain broad discretion to allocate the net proceeds of this offering. Pending use as described above, we may invest the net proceeds from this offering in short-term, investment-grade, interest-bearing securities, such as money market accounts, certificates of deposit, commercial paper and guaranteed obligations of the U.S. government.

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#### DIVIDEND POLICY
We currently do not intend to pay dividends on our common stock in the foreseeable future. However, we may, in the future, decide to pay dividends on our common stock. Any declaration and payment of dividends in the future, if any, will be at the discretion of our board of directors and will depend upon such factors as earnings levels, cash flows, capital requirements, levels of indebtedness, restrictions imposed by applicable law, our overall financial condition, restrictions in our debt agreements and any other factors deemed relevant by our board of directors.

As a holding company, our ability to pay dividends depends on our receipt of cash dividends from our operating subsidiaries. Our ability to pay dividends will therefore be restricted as a result of restrictions on their ability to pay dividends to us under existing or future indebtedness that we or they may incur. See "*Risk Factors—Risks Related to this Offering and Ownership of Our Common Stock*" and "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources*."

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### CAPITALIZATION
The following table sets forth our cash, cash equivalents and restricted cash and our capitalization as of December 31, 2025 on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an actual basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a pro forma basis to give effect to (i) the Corporate Conversion and (ii) the filing and effectiveness of our amended and restated certificate of incorporation, which will be in effect immediately prior to the completion of this offering, as if each of the foregoing had occurred on December 31, 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a pro forma as adjusted basis to give effect to (i) the pro forma adjustments set forth above and (ii) the issuance of shares of common stock in this offering at an assumed initial public offering price of $ per share, which is the midpoint of the price range set forth on the front cover of this prospectus, after deducting underwriting discounts, commissions and estimated offering expenses payable by us, and the use of the net proceeds of this offering as described in "*Use of Proceeds*," as if each of the foregoing had occurred on December 31, 2025. Our management team will retain broad discretion to allocate the net proceeds of this offering.

The information set forth in the table below is illustrative only and will adjust based on the actual initial public offering price and other terms of this offering determined at the time of the pricing of this offering.

You should read this table together with the information included elsewhere in this prospectus, including *"Prospectus Summary—Summary Consolidated Financial and Operating Information," "Use of Proceeds*," *"Management's Discussion and Analysis of Financial Condition and Results of Operations,"* and our consolidated financial statements and the related notes thereto included elsewhere in this prospectus.

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| | | |
|:---|:---|:---|
| | **As of December 31, 2025**  | **As of December 31, 2025**  |
| **(in thousands)**  | **Actual**  | **Pro forma as <br> adjusted**  |
| Cash, cash equivalents and restricted cash  | $403416 | $|
| Debt: |  |  |
| &nbsp;&nbsp;&nbsp; Revolving Credit Facility<sup>(1)</sup>  | 659000 |  |
| &nbsp;&nbsp;&nbsp; ABS Notes  | 4338000 |  |
| Total debt  | 4997000 |  |
| Member's / stockholders' equity (deficit): |  |  |
| &nbsp;&nbsp;&nbsp; Member's interest – 484,000 common units authorized, issued and <br> outstanding (actual); no shares issued and outstanding <br> (pro forma and pro forma as adjusted)  | 1094620 |  |
| &nbsp;&nbsp;&nbsp; Common stock – $0.01 par value; no shares authorized, issued and <br> outstanding (actual); shares authorized, shares <br> issued and outstanding (pro forma); shares authorized, <br> shares issued and outstanding (pro forma as adjusted)  |  |  |
| &nbsp;&nbsp;&nbsp; Preferred stock – $0.01 par value; no shares authorized, issued and <br> outstanding (actual); shares authorized, shares <br> issued and outstanding (pro forma); shares authorized, <br> shares issued and outstanding (pro forma as adjusted)  |  |  |
| Additional paid-in capital  |  |  |
| Accumulated deficit  | (1225641) |  |
| Accumulated other comprehensive income  | 4275 |  |
| Total member's / stockholders' deficit  | (126746) |  |
| **Total capitalization**  | $4870254 | $|

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(1) As of December 31, 2025, the Revolving Credit Facility had commitments of $800.0 million. For additional information regarding the Revolving Credit Facility, see "*Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Debt*."

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### DILUTION
Purchasers of the common stock in this offering will experience immediate and substantial dilution to the extent of the difference between the initial public offering price per share of our common stock and the pro forma as adjusted net tangible book value (deficit) per share of our common stock after this offering.

Our pro forma net tangible book value (deficit) as of December 31, 2025 was $, or $ per share of our common stock. Pro forma net tangible book value (deficit) per share represents the amount of our total tangible assets (total assets less goodwill, certain intangible assets and deferred offering costs) less total liabilities divided by the number of shares of common stock issued and outstanding as of December 31, 2025, after giving effect to the Corporate Conversion and the filing and effectiveness of our certificate of incorporation, which will be in effect immediately prior to the completion of this offering.

Our pro forma as adjusted net tangible book value (deficit) as of December 31, 2025 was $, or $ per share of our common stock. Pro forma as adjusted net tangible book value (deficit) per share represents our pro forma net tangible book value (deficit) after giving effect to the sale of shares of common stock by us in this offering at the assumed initial public offering price of $ per share (the midpoint of the range set forth on the cover page of this prospectus) and the application of the net proceeds from this offering.

The following table illustrates the dilution per share of our common stock, assuming the underwriters do not exercise their option to purchase additional shares of our common stock:

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| | |
|:---|:---|
| Assumed initial public offering price per share  | $|
| &nbsp;&nbsp;&nbsp; Pro forma net tangible book value (deficit) per share as of December 31, 2025  | $— |
| &nbsp;&nbsp;&nbsp; Increase in pro forma net tangible book value (deficit) per share attributable to new investors purchasing shares in this offering  | $— |
|  Pro forma as adjusted net tangible book value (deficit) per share after this <br> offering  | $|
|  Dilution in pro forma as adjusted net tangible book value per share to new investors purchasing shares in this offering  | $|

---

Dilution in pro forma as adjusted net tangible book value per share to new investors purchasing shares in this offering is determined by subtracting pro forma as adjusted net tangible book value (deficit) per share after this offering from the initial public offering price per share of common stock.

The dilution information discussed above is illustrative only and may change based on the actual initial public offering price and other terms of this offering. A $1.00 increase (decrease) in the assumed initial public offering price of $ per share of common stock, the midpoint of the range set forth on the cover page of this prospectus, would increase (decrease) our pro forma as adjusted net tangible book value (deficit) per share after this offering by $ per share and increase (decrease) the dilution to new investors by $ per share, in each case assuming the number of shares of common stock offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting estimated underwriting discounts and commissions. Similarly, each increase or decrease of 1,000,000 shares in the number of shares of common stock offered by us would increase (decrease) our pro forma as adjusted net tangible book value by approximately $ per share and decrease (increase) the dilution to new investors by approximately $ per share, in each case assuming the assumed initial public offering price of $ per share of common stock remains the same, and after deducting estimated underwriting discounts and commissions.

To the extent the underwriters' option to purchase additional shares is exercised, there will be further dilution to new investors. If the underwriters exercise their option to purchase additional shares of common stock in full, the pro forma as adjusted net tangible book value (deficit) per share would be $ per share, and the dilution per share to new investors purchasing shares in this offering would be $ per share.

The following table summarizes, as of December 31, 2025, on a pro forma as adjusted basis as described above, the total number of shares of common stock owned by existing stockholders and to be owned by new investors, the total consideration paid, and the average price per share paid by our existing stockholders and

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
to be paid by new investors in this offering at the assumed initial public offering price of $ per share, calculated before deduction of estimated underwriting discounts and commissions and estimated offering expenses payable by us.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Shares Purchased**  | **Shares Purchased**  | **Total Consideration**  | **Total Consideration**  | **Average <br> Price per <br> Share**  |
| | **Number**  | **Percent**  | **Amount**  | **Percent**  | **Average <br> Price per <br> Share**  |
| Existing stockholders  |  | **%**  |  | **%**  | **$** |
| Investors in this offering  |  | % |  | % |  |
| Total  |  | 100% |  | $100% |  |

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A $1.00 increase (decrease) in the assumed initial public offering price would increase (decrease) total consideration paid by new investors, total consideration paid by all stockholders and average price per share paid by new investors by $, $ and $ per share, respectively.

If the underwriters were to fully exercise their option to purchase additional shares of our common stock, the percentage of common stock held by existing investors would be %, and the percentage of shares of common stock held by new investors would be %.

The foregoing tables and calculations, except as otherwise indicated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • give effect to the Stock Split;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • assume an initial public offering price of $ per share of common stock, the midpoint of the range set forth on the cover page of this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • assume no exercise of the underwriters' option to purchase additional shares of common stock in this offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • do not reflect shares of our common stock reserved for future grant under the Omnibus Incentive Plan. See "*Executive Compensation—Equity Compensation Plans—2026 Omnibus Incentive Plan.*"

We may choose to raise additional capital due to market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans. To the extent that additional capital is raised through the sale of equity or convertible debt securities, the issuance of such securities could result in further dilution to our stockholders. To the extent that any outstanding options or warrants to purchase our common stock are exercised, RSUs vest or new awards are granted under our equity compensation plans, there will be further dilution to investors participating in this offering.

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 *You should read the following discussion of our financial condition and results of operations in conjunction with our consolidated financial statements and the related notes thereto included elsewhere in this prospectus. This discussion contains forward-looking statements that involve risk, assumptions and uncertainties, such as statements of our plans, objectives, expectations, intentions and forecasts. Our actual results and the timing of selected events could differ materially from those discussed in these forward-looking statements as a result of several factors, including those set forth under the section of this prospectus titled "Risk Factors" and elsewhere in this prospectus. You should carefully read the "Risk Factors" to gain an understanding of the important factors that could cause actual results to differ materially from our forward-looking statements. Please also see the section of this prospectus titled "Cautionary Note Regarding Forward-Looking Statements."* 

#### Overview of Our Business
We are a leading North American enterprise digital infrastructure platform providing carrier-neutral colocation and interconnection services that support the applications powering the modern economy. We deliver mission-critical infrastructure to a diversified customer base of more than 1,800 enterprise, network, cloud, and technology customers. Our facilities support long-duration, availability-sensitive workloads with high barriers to exit, underpinned by strong customer retention, recurring revenue, and requirements for exceptional reliability, security, and connectivity.

We own and operate a geographically diverse portfolio of highly engineered, carrier-neutral data centers located in 21 major metropolitan markets across the United States, Canada and the United Kingdom. Our data centers provide essential infrastructure, including secure space, redundant power, advanced cooling systems, physical security, and dense interconnection capabilities, enabling customers to deploy and operate critical IT and network infrastructure.

As of December 31, 2025, our platform is comprised of approximately 60 sites across 21 major metropolitan markets, delivering approximately 379 MW of Sellable Power Capacity and over 38,000 interconnection products.

#### Key Business Metrics
We evaluate our operating performance, growth, and the stability of our revenue base using a set of key business metrics that are specific to the retail colocation data center industry. These metrics are used by management and reviewed regularly by our board of directors to assess demand for our capacity, pricing trends, operating leverage, customer retention, and the durability of our customer relationships. We believe these metrics provide useful information to investors regarding the drivers of our financial results and our ability to generate long-term, recurring cash flows.

The following table presents our key business metrics (MW presented as whole numbers and dollars presented in thousands, unless otherwise noted):

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| | | | |
|:---|:---|:---|:---|
| | **As of and for the years ended December 31,**  | **As of and for the years ended December 31,**  | **As of and for the years ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| Contracted Power Capacity (MW) (period end)  | 374 | 259 | 46 |
| Sellable Power Capacity (MW) (period end)  | 379 | 290 | 60 |
| Contracted Utilization Rate (%) (period end)  | 99% | 90% | 78% |
| Net Revenue Churn (%)  | 7.9% | 3.4% | 11.8% |
| Bookings  | $164759 | $122868 | $45280 |

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#### Contracted Power Capacity
Contracted Power Capacity represents the aggregate amount of Sellable Power Capacity, measured in MW, that is subject to executed customer contracts as of the end of the applicable period. Contracted Power Capacity includes both revenue-generating capacity and capacity that has been contracted but is not yet in

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service. The period between contract execution and the commencement of billing varies based on customer requirements and can range from one to 12 months, primarily depending on the combination of deployment size and level of customer-specific design requirements.

We use Contracted Power Capacity as a measure of customer demand and revenue visibility.

**2025 compared to 2024.** Contracted Power Capacity increased by 115 MW, or 44%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. This increase was driven by positive year-over-year growth in sales due to organic growth from existing customers and newly acquired customers during the year.

**2024 compared to 2023.** Contracted Power Capacity increased by 213 MW, or 463%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. This increase was primarily due to the growth in the scale and scope of the business following the completion of the acquisition of 42 data centers that provide retail colocation and interconnection services on January 12, 2024 (the "2024 Portfolio Acquisition"), as well as strong in-year bookings activity.

#### Sellable Power Capacity
Sellable Power Capacity represents the total amount of critical IT load, measured in MW, that is available for customer use across our data center facilities as of the end of the applicable period. Sellable Power Capacity includes installed capacity that can support customer equipment, whether such capacity is contracted, and excludes capacity under development or otherwise not yet available for customer deployment.

We use Sellable Power Capacity to evaluate the scale of our platform and the availability of inventory to support future customer demand.

**2025 compared to 2024.** Sellable Power Capacity increased by 89 MW, or 31%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. This increase was driven by 30 MW of incremental expansion capacity added across our portfolio on a same site basis compared to 2024 and 59 MW of additional capacity from acquisitions and newly opened data centers during the year.

**2024 compared to 2023.** Sellable Power Capacity increased by 230 MW, or 384%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. This increase was driven by 18 MW of incremental expansion capacity added across our portfolio on a same site basis compared to 2023 and 212 MW of additional capacity added as part of the 2024 Portfolio Acquisition.

#### Contracted Utilization Rate
Contracted Utilization Rate represents the percentage of our Sellable Power Capacity that is Contracted Power Capacity as of the end of the applicable period. Contracted Utilization Rate is calculated by dividing Contracted Power Capacity by Sellable Power Capacity.

We use Contracted Utilization Rate to assess the efficiency with which we deploy our infrastructure and the extent to which incremental revenue growth can be achieved with limited incremental operating costs and capital expenditures.

**2025 compared to 2024.** Contracted Utilization Rate increased to 99% as of December 31, 2025 compared to 90% as of December 31, 2024. The increase in utilization was driven by strong sales performance during 2025 across existing customers and newly acquired customers during the year.

**2024 compared to 2023.** Contracted Utilization Rate increased to 90% as of December 31, 2024 compared to 78% as of December 31, 2023. This increase was primarily due to growth in MW sold during the year, along with a positive impact from the 2024 Portfolio Acquisition.

#### Net Revenue Churn
Net Revenue Churn represents the percentage of net recurring revenue lost during the applicable period. Net recurring revenue lost is defined as the sum of (i) customer terminations, (ii) partial disconnects at renewal, and (iii) net reductions in contracted services from existing customers, which is the total reductions in service

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[**TABLE OF CONTENTS**](#TOC)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
from all existing customers subtracted from total expansions in services from all existing customers, floored at zero. Net Revenue Churn is calculated by dividing net recurring revenue lost during the period by recurring revenue at the beginning of the period. Net Revenue Churn excludes any impact from divestments or site closures.

We use Net Revenue Churn to assess customer retention, the durability of our revenue base, and the effectiveness of our customer engagement and renewal strategies.

**2025 compared to 2024.** Net Revenue Churn increased to 7.9% for the year ended December 31, 2025 compared to 3.4% for the year ended December 31, 2024. The increase in Net Revenue Churn was driven by higher year-over-year customer churn, partially offset by higher starting net recurring revenue at the beginning of the year compared to 2024. During both 2025 and 2024, expansion activity from customers exceeded reductions in contracted services for the year and therefore did not contribute to churn.

**2024 compared to 2023.** Net Revenue Churn decreased to 3.4% for the year ended December 31, 2024 compared to 11.8% for the year ended December 31, 2023. The decline in Net Revenue Churn was driven by the increase in recurring revenue as a result of the 2024 Portfolio Acquisition, partially offset by higher year over year customer churn. During both 2024 and 2023, expansion activity from customers exceeded reductions in contracted services for the year and therefore did not contribute to churn.

#### Bookings
Bookings represent the amount of closed sales activity during the applicable period. They are reported on an annualized recurring revenue basis and are the sum of (i) recurring revenue from new customers and (ii) increases in recurring revenue from existing customers who expanded their portfolio of contracted services. Bookings do not include non-recurring revenues, usage-based charges, or contractual escalation activity. Annualized recurring revenue represents monthly recurring revenue from closed sales during the 12 month period ending December 31 of the applicable year, multiplied by 12.

We use Bookings to assess demand trends across our portfolio, evaluate commercial performance and execution, forecast future revenue and guide resource allocation decisions.

**2025 compared to 2024.** Bookings increased by $41.9 million, or 34%, for the year ended December 31, 2025 compared to the year ended December 31, 2024. This increase reflected broad-based strength across direct and indirect sales channels, increasing demand for colocation services from newly acquired and existing customers and accelerating growth in bookings of one MW or greater.

**2024 compared to 2023.** Bookings increased by $77.6 million, or 171%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. This increase was driven by the successful implementation of the Company's sales processes across its expanded data center portfolio following the 2024 Portfolio Acquisition and sales growth in bookings of one MW or greater.

#### Key Components of Our Results of Operations
 *Revenues* 

We derive the majority of our revenues from recurring revenue streams, consisting of: (i) enterprise colocation services, which include fees for the licensing of cabinet space and power; (ii) interconnection services, which includes cross connects and exchange ports; and (iii) other revenues including but not limited to lease income from tenants and/or subtenants and revenue for additional services such as remote hands and eyes support, equipment installation and removal, cabling and cross-connects, hardware troubleshooting, monitoring, and other on-demand technical assistance. Our colocation and interconnection service offerings are generally billed monthly and recognized ratably on a straight line basis over the term of the contract.

Our non-recurring revenues are primarily comprised of installation services related to a customer's initial deployment, professional services we perform, and other one-time charges such as termination fees and storage fees.

In addition to the above, we also generate metered power revenues, which are primarily comprised of usage-based cost of power charges that are billed directly to the customer, without an associated mark up.

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[**TABLE OF CONTENTS**](#TOC)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
 *Cost of revenues, excluding depreciation and amortization* 

The components of our cost of revenue consist of utility costs, including electricity and other sources of power, real estate costs, including rental payments related to our leased data centers, personnel-related expenses, including data center employees' salaries and benefits and fees paid to contractors, property taxes, as well as repairs and maintenance. A majority of our cost of revenues is fixed in nature and should not vary significantly from period to period, unless we expand our existing data centers or open or acquire new data centers. However, there are certain costs that are considered more variable in nature, including utility costs and repairs and maintenance, that are directly related to growth in our existing and new customer base.

 *Selling, marketing, general and administrative* 

Our selling, marketing, general and administrative expenses consist primarily of personnel-related expenses, including salaries and benefits for our sales and marketing, executive, finance, human resources, legal and IT functions and administrative personnel, internal sales commissions, and other expenses including software subscription fees, insurance premiums, third-party professional services fees, and administrative-related rent expense.

 *Depreciation and amortization* 

Depreciation and amortization expense primarily consists of depreciation and amortization on our property and equipment, inclusive of amortization of assets under finance leases, as well as amortization of intangible assets.

 *Transaction and other costs* 

Transaction and other costs are primarily comprised of costs related to the 2024 Portfolio Acquisition and the acquisition of 10 data centers in the United States and Canada that provide retail colocation services on October 1, 2025 (the "2025 Portfolio Acquisition"). These costs include closing costs, commissions and other fees, including legal and accounting fees, as well as other non-recurring integration costs.

 *Interest expense* 

Interest expense is primarily comprised of interest incurred under our debt facilities and on finance leases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Loss) gain on extinguishment of debt

(Loss) gain on extinguishment of debt is comprised of gains or losses, if any, that are recognized due to the repayment of debt, typically related to repurchases of debt at below par values and the write-off of the unamortized debt discounts and deferred issuance costs.

 *Bargain purchase gain* 

Bargain purchase gain is comprised of the amount by which fair value of the net assets acquired in the acquisition exceeds the fair value of the purchase consideration as a gain in earnings as of the acquisition date.

 *Other income (loss), net* 

Other income (loss), net is primarily comprised of the impact of foreign currency gains and losses.

 *Income tax benefit (expense)* 

Income tax benefit (expense) is primarily comprised of income taxes in certain federal, state, local and foreign jurisdictions in which we conduct business. Foreign jurisdictions typically have different statutory tax rates from those in the United States.

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[**TABLE OF CONTENTS**](#TOC)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### Results of Operations
The following table sets forth our consolidated statements of operations data for the periods indicated (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| Revenues  | $986980 | $907551 | $198260 |
| Costs and operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp; Cost of revenues, excluding depreciation and amortization  | 509249 | 516500 | 140058 |
| &nbsp;&nbsp;&nbsp; Selling, marketing, general and administrative  | 87724 | 102326 | 40143 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 271916 | 259575 | 50423 |
| &nbsp;&nbsp;&nbsp; Transaction and other costs  | 17710 | 69375 | 8873 |
| Total costs and operating expenses  | 886599 | 947776 | 239497 |
| Income (loss) from operations  | 100381 | (40225) | (41237) |
| &nbsp;&nbsp;&nbsp; Interest expense  | (241165) | (185614) | (46170) |
| &nbsp;&nbsp;&nbsp;&nbsp; (Loss) gain on extinguishment of debt  | (7114) | (14934) | 9782 |
| &nbsp;&nbsp;&nbsp; Bargain purchase gain  |  | 544097 |  |
| &nbsp;&nbsp;&nbsp; Other income (loss), net  | 9479 | 10678 | (1039) |
| (Loss) income before income taxes  | (138419) | 314002 | (78664) |
| &nbsp;&nbsp;&nbsp; Income tax benefit (expense)  | 18515 | 144539 | (1032) |
| Net (loss) income  | $(119904) | $458541 | $(79696) |

---

#### Comparison of the Years Ended December 31, 2025 and 2024
 *Revenues* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(dollars in thousands)**  | **2025**  | **2024**  | **$ Change**  | **% Change**  |
| Colocation  | $741751 | $683111 | $58640 | 9% |
| Interconnection  | 105611 | 108191 | (2580) | (2)% |
| Other  | 40600 | 37303 | 3297 | 9% |
| &nbsp;&nbsp;&nbsp; Recurring revenues  | 887962 | 828605 | 59357 | 7% |
| Non-recurring revenues  | 40709 | 34896 | 5813 | 17% |
| Metered power revenues  | 58309 | 44050 | 14259 | 32% |
| &nbsp;&nbsp;&nbsp; Total revenues  | $986980 | $907551 | $79429 | 9% |

---

Revenues for the year ended December 31, 2025 increased by $79.4 million, or 9%, compared to the year ended December 31, 2024. This growth was primarily due to a:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • $58.6 million increase in colocation revenues, driven by organic growth from both existing and new customers, as well as inorganic growth of $16.8 million resulting from the 2025 Portfolio Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • $9.1 million increase in non-recurring and other revenues due to installation revenue that is amortized over either the lease term or the average customer life, primarily driven by large-scale customer contracts entered into in late 2024 and throughout 2025; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • $14.3 million increase in metered power revenue, primarily driven by customer contracts entered into in late 2024 and throughout 2025, including agreements with metered power billing structures in addition to inorganic growth resulting from the 2025 Portfolio Acquisition.

These increases were partially offset by a $2.6 million decrease in interconnection revenues, primarily driven by the closure of eight data center sites in 2025.

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[**TABLE OF CONTENTS**](#TOC)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
 *Cost of revenues, excluding depreciation and amortization* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(dollars in thousands)**  | **2025**  | **2024**  | **$ Change**  | **% Change**  |
| Cost of revenues, excluding depreciation and amortization  | $509249 | $516500 | $(7251) | (1)% |
| Percentage of revenue  | 52% | 57% | N/A | N/A |

---

Cost of revenues, excluding depreciation and amortization for the year ended December 31, 2025 decreased by $7.3 million, or 1%, compared to the year ended December 31, 2024. This decrease primarily consisted of an $8.7 million decrease in real estate costs, an $8.4 million decrease in property taxes, a $0.3 million decrease in personnel costs, and a $6.6 million decrease in other costs, partially offset by a $15.9 million increase in utilities costs and a $1.0 million increase in repairs and maintenance costs.

Cost of revenues as a percentage of revenue decreased from 57% for the year ended December 31, 2024 to 52% for the year ended December 31, 2025. The decrease was primarily driven by positive operating leverage from revenue growth.

 *Selling, marketing, general and administrative* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(dollars in thousands)**  | **2025**  | **2024**  | **$ Change**  | **% Change**  |
| Selling, marketing, general and administrative  | $87724 | $102326 | $(14602) | (14)% |
| Percentage of revenue  | 9% | 11% | N/A | N/A |

---

Selling, marketing, general and administrative expenses for the year ended December 31, 2025 decreased by $14.6 million, or 14%, compared to the year ended December 31, 2024. This decrease primarily consisted of lower personnel related expenses after the Company completed the integration activities related to the 2024 Portfolio Acquisition. The decrease in selling, marketing, general and administrative expenses as a percentage of revenue is attributable to synergies realized from the integration of the acquired portfolios and the increase in revenue.

 *Depreciation and amortization* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(dollars in thousands)**  | **2025**  | **2024**  | **$ Change**  | **% Change**  |
| Depreciation and amortization  | $271916 | $259575 | $12341 | 5% |

---

Depreciation and amortization for the year ended December 31, 2025 increased by $12.3 million, or 5%, compared to the year ended December 31, 2024. The increase in depreciation and amortization was due to the depreciation and amortization related to the property and equipment, as well as additional intangible assets, acquired as part of the 2025 Portfolio Acquisition.

 *Transaction and other costs* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(dollars in thousands)**  | **2025**  | **2024**  | **$ Change**  | **% Change**  |
| Transaction and other costs  | $17710 | $69375 | $(51665) | (74)% |

---

Transaction and other costs for the year ended December 31, 2025 decreased by $51.7 million, or 74%, compared to the year ended December 31, 2024. The decrease in transaction and other costs was primarily due to lower acquisition-related costs incurred in connection with the 2025 Portfolio Acquisition, as well as a reduction in other non-recurring expenses related to the integration of the acquired portfolio, compared to costs incurred in connection with the 2024 Portfolio Acquisition.

 *Interest expense* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(dollars in thousands)**  | **2025**  | **2024**  | **$ Change**  | **% Change**  |
| Interest expense  | $241165 | $185614 | $55551 | 30% |

---

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[**TABLE OF CONTENTS**](#TOC)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
Interest expense for the year ended December 31, 2025 increased by $55.6 million, or 30%, compared to the year ended December 31, 2024. This increase was due to the assumption of the 2021 ABS Notes in connection with the 2025 Portfolio Acquisition, as well as issuances of our 2024 ABS Notes in 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Loss) gain on extinguishment of debt

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(dollars in thousands)**  | **2025**  | **2024**  | **$ Change**  | **% Change**  |
| (Loss) gain on extinguishment of debt  | $(7114) | $(14934) | $7820 | (52)% |

---

The loss on extinguishment of debt for the year ended December 31, 2025 decreased by $7.8 million, or 52%, compared to the year ended December 31, 2024. The decrease in loss on extinguishment of debt is attributable to lower repayments made under a two-year term loan facility (the "2024 Term Loan Facility") for the year ended December 31, 2025 compared to the year ended December 31, 2024.

 *Bargain purchase gain* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(dollars in thousands)**  | **2025**  | **2024**  | **$ Change**  | **% Change**  |
| Bargain purchase gain  | $— | $544097 | $(544097) | N/A |

---

There was no bargain purchase gain for the year ended December 31, 2025, compared to $544.1 million for the year ended December 31, 2024. The bargain purchase gain recorded during the year ended December 31, 2024 is entirely attributable to the 2024 Portfolio Acquisition, primarily relating to the negotiation process with the seller of the portfolio during its insolvency proceedings, resulting in cash consideration paid being less than the fair value of the net assets acquired.

 *Other income (loss), net* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(dollars in thousands)**  | **2025**  | **2024**  | **$ Change**  | **% Change**  |
| Other income (loss), net  | $9479 | $10678 | $(1199) | (11)% |

---

Other income (loss), net for the year ended December 31, 2025 decreased by $1.2 million, or 11%, compared to the year ended December 31, 2024. The decrease in other income relates mainly to a reduction of other income from management services provided to an affiliate of a parent of the Company, partially offset by unrealized foreign currency exchange gains.

 *Income tax benefit (expense)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(dollars in thousands)**  | **2025**  | **2024**  | **$ Change**  | **% Change**  |
| Income tax benefit (expense)  | $18515 | $144539 | $(126024) | (87)% |
| Effective tax rate  | 13% | (46)% | N/A | N/A |

---

Income tax benefit (expense) for the year ended December 31, 2025 decreased by $126.0 million, or 87%, compared to the year ended December 31, 2024. The decrease in income tax benefit (expense) is due to the release of a valuation allowance during the year ended December 31, 2024, in connection with the 2024 Portfolio Acquisition.

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[**TABLE OF CONTENTS**](#TOC)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### Comparison of the Years Ended December 31, 2024 and 2023
 *Revenues* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(dollars in thousands)**  | **2024**  | **2023**  | **$ Change**  | **% Change**  |
| Colocation  | $683111 | $154294 | $528817 | 343% |
| Interconnection  | 108191 | 18998 | 89193 | 469% |
| Other  | 37303 | 21228 | 16075 | 76% |
| Recurring revenues  | 828605 | 194520 | 634085 | 326% |
| Non-recurring revenues  | 34896 | 3113 | 31783 | 1021% |
| Metered power revenues  | 44050 | 627 | 43423 | 6926% |
| Total revenues  | $907551 | $198260 | $709291 | 358% |

---

Revenue for the year ended December 31, 2024 increased by $709.3 million, or 358%, compared to the year ended December 31, 2023. This increase across each of the revenue streams described above was primarily due to the growth in the business following the completion of the 2024 Portfolio Acquisition, which contributed $704.3 million of total revenues for the year ended December 31, 2024.

 *Cost of revenues, excluding depreciation and amortization* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(dollars in thousands)**  | **2024**  | **2023**  | **$ Change**  | **% Change**  |
| Cost of revenues, excluding depreciation and amortization  | $516500 | $140058 | $376442 | 269% |
| Percentage of revenue  | 57% | 71% | N/A | N/A |

---

Cost of revenue, excluding depreciation and amortization for the year ended December 31, 2024 increased by $376.4 million, or 269%, compared to the year ended December 31, 2023. This change primarily consisted of a $134.5 million increase in utilities costs, a $95.1 million increase in real estate costs, a $43.9 million increase in personnel costs, a $29.9 million increase in property taxes, and a $15.6 million increase in repairs and maintenance costs. Each of these increases was primarily due to the growth in the business following the completion of the 2024 Portfolio Acquisition.

Cost of revenues as a percentage of revenue decreased from 71% for the year ended December 31, 2023 to 57% for the year ended December 31, 2024. This decrease was primarily driven by the acquisition of new data centers as part of the 2024 Portfolio Acquisition, which included structurally higher operating margins primarily due to favorable customer pricing and lower operating costs.

 *Selling, marketing, general and administrative* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(dollars in thousands)**  | **2024**  | **2023**  | **$ Change**  | **% Change**  |
| Selling, marketing, general and administrative  | $102326 | $40143 | $62183 | 155% |
| Percentage of revenue  | 11% | 20% | N/A | N/A |

---

Selling, marketing, general and administrative for the year ended December 31, 2024 increased by $62.2 million, or 155%, compared to the year ended December 31, 2023. This increase is primarily attributable to an increase in other costs of $57.5 million related to the 2024 Portfolio Acquisition, which generated proportionately higher revenues relative to the incremental selling, marketing, general and administrative costs required to operate the acquired facilities.

 *Depreciation and amortization* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(dollars in thousands)**  | **2024**  | **2023**  | **$ Change**  | **% Change**  |
| Depreciation and amortization  | $259575 | $50423 | $209152 | 415% |

---

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[**TABLE OF CONTENTS**](#TOC)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
Depreciation and amortization for the year ended December 31, 2024 increased by $209.2 million, or 415%, compared to the year ended December 31, 2023. The increase in depreciation and amortization was primarily due to the depreciation and amortization related to the property and equipment, as well as additional intangible assets acquired as part of the 2024 Portfolio Acquisition.

 *Transaction and other costs* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(dollars in thousands)**  | **2024**  | **2023**  | **$ Change**  | **% Change**  |
| Transaction and other costs  | $69375 | $8873 | $60502 | 682% |

---

Transaction and other costs for the year ended December 31, 2024 increased by $60.5 million, or 682%, compared to the year ended December 31, 2023. This was primarily due to an increase in acquisition-related costs of $46.5 million incurred in connection with the 2024 Portfolio Acquisition and an increase in other non-recurring expenses of $16.4 million related to integration of the acquired portfolio.

 *Interest expense* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(dollars in thousands)**  | **2024**  | **2023**  | **$ Change**  | **% Change**  |
| Interest expense  | $185614 | $46170 | $139444 | 302% |

---

Interest expense for the year ended December 31, 2024 increased by $139.4 million, or 302%, compared to the year ended December 31, 2023. This was primarily due to the increase in interest expense of $134.3 million associated with $2.0 billion of additional indebtedness used to fund the 2024 Portfolio Acquisition and an increase of $40.5 million interest expense associated with the finance leases acquired as part of the 2024 Portfolio Acquisition. This increase was partially offset by a $33.7 million remeasurement gain recognized on the interest rate swap agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Loss) gain on extinguishment of debt

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(dollars in thousands)**  | **2024**  | **2023**  | **$ Change**  | **% Change**  |
| (Loss) gain on extinguishment of debt  | $(14934) | $9782 | $(24716) | (253)% |

---

The loss on extinguishment of debt for the year ended December 31, 2024 was $14.9 million, compared to a gain on extinguishment of debt of $9.8 million for the year ended December 31, 2023. The loss on extinguishment of debt in 2024 was primarily due to write-off of unamortized deferred debt issuance costs on the $755.2 million prepayment on the 2024 Term Loan Facility.

 *Bargain purchase gain* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(dollars in thousands)**  | **2024**  | **2023**  | **$ Change**  | **% Change**  |
| Bargain purchase gain  | $544097 | $— | $544097 | N/A |

---

Bargain purchase gain for the year ended December 31, 2024 was $544.1 million. The bargain purchase gain recorded during the year ended December 31, 2024 is entirely attributable to the 2024 Portfolio Acquisition, primarily relating to the negotiation process with the seller of the portfolio during its insolvency proceedings, resulting in cash consideration paid being less than the fair value of the net assets acquired.

 *Other income (loss), net* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(dollars in thousands)**  | **2024**  | **2023**  | **$ Change**  | **% Change**  |
| Other income (loss), net  | $10678 | $(1039) | $11717 | 1,128% |

---

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
Other income (loss), net for the year ended December 31, 2024 was $10.7 million, compared to an other loss, net of $1.0 million the year ended December 31, 2023. The change in other income (loss), net was primarily due to an increase in miscellaneous local state tax refunds and the management services provided to an affiliate of a parent of the Company.

 *Income tax benefit (expense)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(dollars in thousands)**  | **2024**  | **2023**  | **$ Change**  | **% Change**  |
| Income tax benefit (expense)  | $144539 | $(1032) | $145571 | N/A |
| Effective tax rate  | (46)% | (1)% | N/A | N/A |

---

Income tax benefit (expense) for the year ended December 31, 2024 increased by $145.6 million, compared to the year ended December 31, 2023. This was primarily due to the tax effects of the non-taxable bargain gain and valuation allowance release.

#### Non-GAAP Financial Measures
We prepare our financial statements in conformity with U.S. GAAP, though we believe evaluating our ongoing results of operations may be difficult if limited to reviewing only GAAP financial measures. Accordingly we use non-GAAP financial measures to supplement our evaluation of our operations. We believe that these non-GAAP financial measures, when taken collectively with our U.S. GAAP financial statements, may be helpful to investors because they allow for greater transparency into what measures we use in operating our business and measuring our performance and enable comparison of financial trends and results between periods where items may vary independent of business performance. These non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP financial measures used by other companies. Because of these limitations, our non-GAAP financial measures should not be considered in isolation or as substitutes for net (loss) income, or any other measure calculated in accordance with U.S. GAAP, as applicable, and should be considered together with our GAAP financial measures and the reconciliations to the corresponding GAAP financial measures set forth in this prospectus.

#### Adjusted EBITDA
We define Adjusted EBITDA as net (loss) income, excluding (i) income taxes, (ii) interest expense, (iii) depreciation and amortization, (iv) (loss) gain on extinguishment of debt, (v) bargain purchase gain, (vi) other income (loss), net, and (vii) transaction and other costs. Management uses Adjusted EBITDA as a key measure of our operating performance and to assess the results of our business excluding certain items that we believe are not indicative of our core operating results. In addition, we believe Adjusted EBITDA is frequently used by securities analysts, investors, and other interested parties in the evaluation of data centers and other real estate companies. However, because Adjusted EBITDA is calculated before recurring cash charges, including interest expense and income taxes, and is not adjusted for capital expenditures or other recurring cash requirements of our business, its utility as a measure of our performance is limited. Other companies may calculate Adjusted EBITDA differently than we do and, as a result, Adjusted EBITDA may not be comparable to other companies' Adjusted EBITDA. Accordingly, Adjusted EBITDA should not be viewed in isolation or as a substitute for net (loss) income or any other performance measure calculated in accordance with U.S. GAAP.

#### Funds from Operations and Adjusted Funds From Operations
Management uses FFO and AFFO, which are non-GAAP financial measures commonly used in the real estate industry. These measures are used by management to evaluate performance corresponding to the retail colocation data center industry which have similarities to other real estate type companies. FFO is calculated in accordance with the standards approved by the Board of Governors of the National Association of Real Estate Investment Trusts. FFO represents net (loss) income (calculated in accordance with GAAP), excluding, when applicable, (i) loss or gain from the disposition of real estate assets, (ii) depreciation and amortization and (iii) impairment write-downs of real estate assets and investments in entities when the impairment is

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
directly attributable to decreases in the value of depreciable real estate held by the entity. AFFO represents FFO, excluding, when applicable, (i) bargain purchase gain, (ii) stock-based compensation expense, (iii) the impact of the straight lining of rental income and rent expenses, (iv) amortization of installation revenue, (v) amortization of contract costs, (vi) gain or loss from the disposition of non-real estate assets, (vii) net favorable or unfavorable leasehold interest amortization, (viii) transaction and other costs, (ix) amortization of deferred financing costs and debt discounts, (x) loss or gain on debt extinguishment, (xi) deferred income tax expense adjustment and (xii) recurring capital expenditures.

Management uses FFO and AFFO as supplemental performance measures because, in excluding the items identified in the calculation, they provide performance measures that, when compared year over year, captures trends in utilization rates, pricing and operating costs. In addition, we believe FFO and AFFO frequently used by securities analysts, investors, and other interested parties in the evaluation of data centers and other real estate companies. However, because FFO and AFFO exclude depreciation and amortization and captures neither the changes in the value of our data centers that result from use or market conditions, nor the level of capital expenditures necessary to maintain the operating performance of our data centers, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO and AFFO as measures of our performance is limited. Other companies may calculate FFO and AFFO differently than we do and, as a result, FFO and AFFO may not be comparable to other companies' FFO and AFFO. Accordingly, FFO and AFFO should not be considered in isolation or as substitutes for net (loss) income or any other performance measure calculated in accordance with U.S. GAAP.

#### Discussion of Non-GAAP Financial Measures

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(dollars in thousands)**  | **2025**  | **2024**  | **2023**  |
| Net (loss) income  | $(119904) | $458541 | $(79696) |
| Adjusted EBITDA  | 390007 | 288725 | 18059 |
| FFO  | 152012 | 718116 | (29273) |
| AFFO  | 149377 | 140474 | (55804) |

---

Adjusted EBITDA increased by $101.3 million, or 35%, to $390.0 million for the year ended December 31, 2025, compared to $288.7 million for the year ended December 31, 2024. This increase reflected improved operating performance across our expanded platform following the 2024 Portfolio Acquisition, including growth in recurring colocation and interconnection revenues, and a reduction in cost of revenues as well as selling, marketing, general and administrative expenses through improved operational oversight and operating synergies. Adjusted EBITDA increased by $270.7 million, or 1,499%, to $288.7 million for the year ended December 31, 2024, compared to $18.1 million for the year ended December 31, 2023. This increase reflects the scale of the platform following the completion of the 2024 Portfolio Acquisition on January 12, 2024, combined with strong operating execution, including increased recurring colocation and interconnection revenues, improved sales performance, and the realization of operating and financial synergies across the expanded portfolio. These improvements were partially offset by higher operating costs associated with supporting the larger platform.

AFFO increased by $8.9 million, or 6%, to $149.4 million for the year ended December 31, 2025, compared to $140.5 million for the year ended December 31, 2024. This increase primarily reflects improved operating performance across the expanded platform following the 2024 Portfolio Acquisition, including growth in recurring colocation and interconnection revenues, realization of financial and operating synergies, enhanced sales execution, and improved operational oversight. These factors more than offset increases in cash interest expense associated with acquisition-related financing and higher recurring capital expenditures associated with the larger asset base. AFFO increased by $196.3 million, or 352%, to $140.5 million for the year ended December 31, 2024, compared to a loss of $55.8 million for the year ended December 31, 2023. This increase reflects improved operating performance across the expanded platform following the 2024 Portfolio Acquisition, including growth in recurring revenues, improved sales execution, and the realization of financial and operational synergies. These improvements more than offset increases in cash interest expense associated with acquisition-related financing and higher recurring capital expenditures related to the larger asset base.

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[**TABLE OF CONTENTS**](#TOC)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
The following table presents the calculation of Adjusted EBITDA for the periods presented, with a reconciliation to the most comparable GAAP metric:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(dollars in thousands)**  | **2025**  | **2024**  | **2023**  |
| **Net (loss) income**  | $(119904) | $458541 | $(79696) |
| Adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense  | 241165 | 185614 | 46170 |
| &nbsp;&nbsp;&nbsp; Income tax (benefit) expense  | (18515) | (144539) | 1032 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 271916 | 259575 | 50423 |
| &nbsp;&nbsp;&nbsp;&nbsp; (Loss) gain on extinguishment of debt  | 7114 | 14934 | (9782) |
| &nbsp;&nbsp;&nbsp; Bargain purchase gain  |  | (544097) |  |
| &nbsp;&nbsp;&nbsp; Other (income) loss, net  | (9479) | (10678) | 1039 |
| &nbsp;&nbsp;&nbsp; Transaction and other costs  | 17710 | 69375 | 8873 |
| **Adjusted EBITDA**  | $390007 | $288725 | $18059 |

---

The following table presents the calculation of FFO and AFFO for the periods presented, with a reconciliation to the most comparable GAAP metric:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(dollars in thousands)**  | **2025**  | **2024**  | **2023**  |
| **Net (loss) income**  | $(119904) | $458541 | $(79696) |
| Adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 271916 | 259575 | 50423 |
| **FFO**  | $152012 | $718116 | $(29273) |
| Adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp; Bargain purchase gain  |  | (544097) |  |
| &nbsp;&nbsp;&nbsp; Straight lining of rental income  | (31239) | (8497) | (1534) |
| &nbsp;&nbsp;&nbsp; Straight lining of rent expenses  | 4022 | 11980 | (10839) |
| &nbsp;&nbsp;&nbsp; Amortization of installation revenue  | 37656 | 43390 | 9201 |
| &nbsp;&nbsp;&nbsp; Amortization of contract costs  | (9531) | (22247) | (5102) |
| &nbsp;&nbsp;&nbsp; Net favorable (unfavorable) leasehold interest amortization  | 7923 | 9546 |  |
| &nbsp;&nbsp;&nbsp; Transaction and other costs  | 17710 | 69375 | 8873 |
| &nbsp;&nbsp;&nbsp; Amortization of deferred financing costs and debt discounts  | 29012 | 23939 | 3044 |
| &nbsp;&nbsp;&nbsp; Loss (gain) on debt extinguishment  | 7114 | 14934 | (9782) |
| &nbsp;&nbsp;&nbsp; Deferred income tax (benefit) expense adjustment  | (19748) | (145765) | 871 |
| &nbsp;&nbsp;&nbsp; Recurring capital expenditures  | (45554) | (30200) | (21263) |
| **AFFO**  | $149377 | $140474 | $(55804) |

---

#### Liquidity and Capital Resources
The following table presents our available liquidity as of the end of the periods:

---

| | | |
|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  |
| **(dollars in thousands)**  | **2025**  | **2024**  |
| Cash and cash equivalents  | $140159 | $77935 |
| Restricted cash<sup>(1)</sup>  | 263257 | 42652 |
| Undrawn and available committed credit facility  | 141000 | 52000 |

---

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[**TABLE OF CONTENTS**](#TOC)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

---

| | | |
|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  |
| **(dollars in thousands)**  | **2025**  | **2024**  |
| Undrawn and available variable funding notes  | 25000 | 100000 |
| Letters of credit  | (53750) | (19159) |
| **Total available liquidity**  | $515666 | $253428 |

---

(1) Restricted cash represents cash under the control of a non-affiliated trustee appointed in conjunction with the issuance of asset-backed notes. These amounts are contractually restricted for specified purposes, such as principal and interest payments and capital expenditures, and are not available for general corporate use. The restrictions lapse upon final repayment of the related debt. For further information on restricted cash, see Note 10 to our audited consolidated financial statements included elsewhere in this prospectus.

As of December 31, 2025, we had $515.7 million of available liquidity, which was comprised of $403.4 million of available cash and cash equivalents and restricted cash, $166.0 million of undrawn and available capacity under our corporate Revolving Credit Facility and our variable funding notes, less $53.7 million due to the issuance of any letters of credit. Our primary source of liquidity and capital resources are contractual cash flows generated from over 1,800 customers, most of whom we have long-standing relationships.

As of December 31, 2024, we had $253.4 million of available liquidity, which was comprised of $120.6 million of available cash and cash equivalents and restricted cash and $152.0 million of undrawn and available capacity under our corporate Revolving Credit Facility and our variable funding notes, less $19.2 million due to the issuance of any letters of credit. Our primary source of liquidity and capital resources are contractual cash flows generated from over 1,800 customers, most of whom we have long-standing relationships.

Our business has few non-discretionary capital requirements and generates strong cash flows from operations. Our largest normal course capital requirements are interest payments on our debt facilities and capital expenditures to maintain the operating performance of our data center assets.

We believe our existing balance of cash and cash equivalents and short-term investments, in addition to amounts available for borrowing under our Revolving Credit Facility and variable funding note, combined with our operating cash flows, will be sufficient to meet obligations due or anticipated to be due for the next twelve months, including interest payments on our debt, anticipated capital expenditures and cash lease payments.

As we continue to grow, we may pursue additional capital expenditures focused on, but not limited to, investments within our existing portfolio, disciplined customer acquisition, and selective support of evolving enterprise workloads. We may elect to fund these growth initiatives by accessing the debt capital markets from time to time opportunistically, particularly if financing is available on attractive terms. We will continue to evaluate our operating requirements and financial resources in light of future developments.

#### Cash Flows
The following summary discussion of our cash flows is based on the consolidated statements of cash flows included elsewhere in this prospectus and is not meant to be an all-inclusive discussion of the changes in our cash flows for the periods presented below.

 *Comparison of Year Ended December 31, 2025 to Year Ended December 31, 2024* 

The following table shows cash flows for the periods presented:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(dollars in thousands)**  | **2025**  | **2024**  | **$ Change**  |
| Net cash provided by operating activities  | $171984 | $80968 | $91016 |
| Net cash used in investing activities  | (871519) | (1356632) | 485113 |
| Net cash provided by financing activities  | 988370 | 1371020 | (382650) |

---

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[**TABLE OF CONTENTS**](#TOC)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
 *Operating activities* 

Net cash provided by operating activities was $172.0 million for the year ended December 31, 2025 as compared to $81.0 million for the year ended December 31, 2024. The increase was driven primarily by increases in our income from operations as well as increases in cash inflows from collection activity. The increase was partially offset by a reduction in accounts payable.

 *Investing activities* 

Net cash used by investing activities was $871.5 million for the year ended December 31, 2025 as compared to $1,356.6 million for the year ended December 31, 2024. The reduction in cash outflows was driven primarily by a $311.5 million decrease in business acquisition-related disbursements in 2025 as well as a decrease of $378.4 million in purchases of previously leased property. The decrease was partially offset by a $56.4 million increase in capital spending to support investment across our data center portfolio as well as a $142.3 million increase in loans and deposits placed at affiliates of a parent of the Company.

 *Financing activities* 

Net cash provided by financing activities was $988.4 million for the year ended December 31, 2025 as compared to $1,371.0 million for the year ended December 31, 2024. The decrease was driven primarily by a $684.4 million increase in distributions to our member and a $505.9 million increase in debt repayments compared to the prior year. The decrease was partially offset by an additional $875.9 million in borrowings on available revolving lines of credit.

 *Comparison of Year Ended December 31, 2024 to Year Ended December 31, 2023* 

The following table shows cash flows for the periods presented:

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(dollars in thousands)**  | **2024**  | **2023**  | **$ Change**  |
| Net cash provided by (used in) operating activities  | $80968 | $(56261) | $137229 |
| Net cash used in investing activities  | (1356632) | (184165) | (1172467) |
| Net cash provided by financing activities  | 1371020 | 236291 | 1134729 |

---

 *Operating activities* 

Net cash provided by operating activities was $81.0 million for the year ended December 31, 2024 as compared to $56.3 million net cash used in operating activities for the year ended December 31, 2023. The increase was driven primarily by greater operating leverage following the completion of the 2024 Portfolio Acquisition.

 *Investing activities* 

Net cash used by investing activities was $1,356.6 million for the year ended December 31, 2024 as compared to $184.2 million for the year ended December 31, 2023. The increase in cash used for investing activities is attributed to the 2024 Portfolio Acquisition.

 *Financing activities* 

Net cash provided by financing activities was $1,371.0 million for the year ended December 31, 2024 as compared to $236.3 million for the year ended December 31, 2023. The increase in net cash provided by financing activities primarily reflects proceeds from incremental indebtedness incurred in connection with the financing of the 2024 Portfolio Acquisition.

#### Debt
 *Revolving Credit Facility* 

On January 12, 2024, Phoenix Data Center Acquisitions LLC, one of our wholly-owned subsidiaries, as borrower (the "Borrower"), entered into the Revolving Credit Facility with Wells Fargo Bank, National

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[**TABLE OF CONTENTS**](#TOC)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
Association, as administrative agent and collateral agent, the guarantors party thereto and the lenders and issuing banks party thereto, which provided for revolving loans in an aggregate principal amount of up to $200.0 million over a three-year term. On April 17, 2024, the Revolving Credit Facility was amended to add certain definitions related to the calculation of Consolidated EBITDA. On February 28, 2025, the Revolving Credit Facility was further amended to increase the aggregate principal amount of revolving loans available under the Revolving Credit Facility to $300.0 million and to amend certain interest rate-related provisions. On December 22, 2025, the Revolving Credit Facility was further amended to extend the maturity date of the Revolving Credit Facility to December 22, 2026 and to increase the aggregate principal amount of revolving loans available under the Revolving Credit Facility to $800.0 million. The proceeds of the Revolving Credit Facility may be used for working capital and general corporate purposes (including the financing of acquisitions). The Revolving Credit Facility includes a $50.0 million letter of credit sub-facility.

Amounts borrowed under the Revolving Credit Facility bear interest at a rate equal to (i) term SOFR, subject to a 0.0% floor, plus a margin of 3.00% per annum or (ii) the alternate base rate, as defined in the Revolving Credit Facility, plus a margin of 2.00% per annum. The unused portion of the Revolving Credit Facility accrues unused commitment fees at a rate equal to (i) 0.50% per annum if 50% or less of the commitments are drawn, or (ii) 0.375% per annum if more than 50% of the commitments are drawn, and letters of credit accrue participation fees equal to 3.00% per annum on the average daily stated amount of each outstanding letter of credit, plus a fronting fee of 0.25% per annum.

The Borrower may make voluntary prepayments under the Revolving Credit Facility in whole or in part upon prior written notice without prepayment premium or penalty, other than customary "breakage" costs. The Borrower may be required to make mandatory prepayments of borrowings from excess cash flow depending on the periodic calculation of our loan-to-value and fixed charge coverage ratio, as described in the Revolving Credit Facility. In lieu of mandatory prepayments, we may cause one or more sponsor guarantors to provide a guarantee of such obligations.

All obligations under the Revolving Credit Facility are guaranteed, jointly and severally, by Phoenix Data Center Intermediate LLC and certain of the Borrower's wholly-owned subsidiaries. The obligations under the Revolving Credit Facility are secured by first-priority security interests in, subject to certain exceptions, substantially all of the assets of the Borrower and each guarantor.

The Revolving Credit Agreement contains customary affirmative and negative covenants that limit, among other things, the Borrower and certain of its subsidiaries' ability to incur, assume or guarantee certain additional indebtedness and liens, sell certain assets outside the ordinary course of business, make certain investments, pay certain dividends or make other restricted payments, enter into certain transactions with affiliates and enter into certain change of control or other fundamental transactions. As of December 31, 2025, we were in compliance with all covenants under the Credit Agreement. The Credit Agreement also provides for customary events of default.

As of December 31, 2025, there was $659.0 million of borrowings outstanding under the Revolving Credit Facility.

 *Asset-Backed Notes* 

<u>2021 ABS Notes</u> 

On October 1, 2025, as a result of the 2025 Portfolio Acquisition, we acquired $743.0 million of asset-backed securitized notes (the "2021 ABS Notes") issued by Compass Datacenters Issuer, LLC and Compass Datacenters Canada Issuer Limited Partnership, each a special-purpose entity and indirect wholly-owned subsidiary of Compass Datacenters LLC (together, the "2021 Co-Issuers"), pursuant to an amended and restated indenture, dated as of May 28, 2021, among the 2021 Co-Issuers, certain subsidiaries of the 2021 Co-Issuers and Wilmington Trust, National Association, as trustee (as amended, restated, supplemented or otherwise modified from time to time, the "2021 Indenture"). On December 4, 2025, we used a portion of the proceeds from an issuance of 2024 ABS Notes to prepay $220.0 million of the 2021 ABS Notes.

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[**TABLE OF CONTENTS**](#TOC)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
The 2021 ABS Notes were issued in series in 2020, 2021 and 2022 and, as of December 31, 2025, there was $523.0 million aggregate outstanding principal amount of the 2021 ABS Notes, with each outstanding series as set forth in the table below (in thousands, except for coupon rate):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Series**  | **Class**  | &nbsp;&nbsp;&nbsp; **Initial <br> Principal <br> Amount**  | &nbsp;&nbsp;&nbsp;&nbsp; **Note Principal <br> Balance**  | &nbsp;&nbsp; **Coupon <br> Rate**  | **Anticipated <br> Repayment <br> Date ("ARD")**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maturity <br> Date**  |
| 2020-2  | A-2  | $250000.0 | $250000.0 | 2.50% | October 2027  | October 2050  |
| 2021-1  | B  | $61000.0 | $61000.0 | 3.60% | May 2028  | May 2051  |
| 2021-1  | C  | $41000.0 | $41000.0 | 5.60% | May 2028  | May 2051  |
| 2022-1  | A-2  | $120000.0 | $120000.0 | 4.60% | April 2029  | April 2052  |
| 2022-1  | B  | $51000.0 | $51000.0 | 5.10% | April 2029  | April 2052  |

---

In the event that a series of 2021 ABS Notes is not repaid in full on or before the applicable ARD, the interest rate on such series of 2021 ABS Notes will increase and we will be required to use excess cash flows to pay down the unpaid principal balance of such series of 2021 ABS Notes in accordance with the priority of payments set forth in the 2021 Indenture.

We may prepay the notes of any series of the 2021 ABS Notes in whole or in part upon prior written notice at a prepayment premium applicable to such series if such series is in its applicable prepayment period, plus all accrued and unpaid interest on the principal amount of the notes being prepaid through the date of such prepayment.

The 2021 ABS Notes are secured obligations of the 2021 Co-Issuers and are fully and unconditionally, jointly and severally, guaranteed by certain subsidiaries of the 2021 Co-Issuers. The 2021 ABS Notes and related guarantees are secured by first-priority security interests in a collateral pool consisting of multi-tenant enterprise data centers, held in both fee simple and leasehold interests, subject to certain exceptions and permitted liens. The 2021 Indenture contains covenants that, among other things, limit the 2021 Co-Issuers' and certain of their subsidiaries' ability to incur additional debt and create liens on certain assets. As of December 31, 2025, we were in compliance with all covenants under the 2021 Agreement. The 2021 Indenture also provides for customary events of default.

<u>2024 ABS Notes</u> 

On October 17, 2024, Centersquare Issuer LLC and Centersquare Co-Issuer LLC, each a special-purpose entity and indirect wholly-owned subsidiary of Phoenix Data Centers Acquisitions LLC (together, the "2024 Co-Issuers"), completed an asset-backed securitization transaction in which the 2024 Co-Issuers issued $885.0 million of asset-backed securitized notes (the "2024 ABS Notes") pursuant to an indenture, dated as of October 17, 2024, among the 2024 Co-Issuers, certain subsidiaries of the 2024 Co-Issuers and Wilmington Trust, National Association, as trustee (as amended, restated, supplemented or otherwise modified from time to time, the "2024 Indenture"). On March 20, 2025, the 2024 Co-Issuers issued an additional $940.0 million aggregate principal amount of our 2024 ABS Notes. On August 21, 2025, the 2024 Co-Issuers issued an additional $815.0 million aggregate principal amount of our 2024 ABS Notes. On December 4, 2025, the 2024 Co-Issuers issued an additional $1,100.0 million aggregate principal amount of our 2024 ABS Notes.

The 2024 ABS Notes were issued in series in 2024 and 2025 and, as of December 31, 2025, there was $3,815.0 million aggregate outstanding principal amount of the 2024 ABS Notes, with each outstanding fixed-rate series as set forth in the table below (in thousands, except for coupon rate):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Series**  | **Class**  | &nbsp;&nbsp;&nbsp; **Initial <br> Principal <br> Amount**  | &nbsp;&nbsp;&nbsp; **Note <br> Principal <br> Balance**  | &nbsp;&nbsp; **Coupon <br> Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ARD**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maturity <br> Date**  |
| 2024-1  | A-2  | $400000.0 | $400000.0 | 5.20% | October 2029  | October 2054  |
| 2024-1  | B  | $85000.0 | $85000.0 | 5.60% | October 2029  | October 2054  |
| 2024-2  | A-2  | $400000.0 | $400000.0 | 5.40% | October 2031  | October 2054  |
| 2025-1  | A-2  | $445000.0 | $445000.0 | 5.50% | March 2030  | March 2055  |
| 2025-2  | A-2  | $440000.0 | $440000.0 | 5.70% | March 2032  | March 2055  |

---

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[**TABLE OF CONTENTS**](#TOC)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Series**  | **Class**  | &nbsp;&nbsp;&nbsp; **Initial <br> Principal <br> Amount**  | &nbsp;&nbsp;&nbsp; **Note <br> Principal <br> Balance**  | &nbsp;&nbsp; **Coupon <br> Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ARD**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maturity <br> Date**  |
| 2025-1  | B  | $55000.0 | $55000.0 | 5.90% | March 2030  | March 2055  |
| 2025-3  | A-2  | $395000.0 | $395000.0 | 5.00% | August 2030  | August 2055  |
| 2025-4  | A-2  | $390000.0 | $390000.0 | 5.20% | August 2032  | August 2055  |
| 2025-3  | B  | $30000.0 | $30000.0 | 5.40% | August 2030  | August 2055  |
| 2025-5  | A-2  | $150000.0 | $150000.0 | 5.30% | December 2029  | December 2055  |
| 2025-6  | A-2  | $335000.0 | $335000.0 | 5.30% | December 2030  | December 2055  |
| 2025-7  | A-2  | $575000.0 | $575000.0 | 5.80% | December 2032  | December 2055  |
| 2025-6  | B  | $40000.0 | $40000.0 | 5.85% | December 2030  | December 2055  |

---

In addition to the fixed-rate series of the 2024 ABS Notes set forth above, the 2024 Indenture provides for an additional variable-rate series of 2024 ABS Notes, which is $100.0 million of asset-backed, floating rate Series 2024-1 Secured Data Center Revenue Variable Funding Notes (the "Series 2024-1 Variable Funding Notes"). The applicable interest rate to the Series 2024-1 Variable Funding Notes is equal to SOFR plus 2.45% per annum. As of December 31, 2025, there was $75.0 million of outstanding draws on the Series 2024-1 Variable Funding Notes, as well as $25 million of outstanding letters of credit. The Series 2024-1 Variable Funding Notes have an ARD of October 2029 and will mature in October 2054.

In the event that a series of 2024 ABS Notes is not repaid in full on or before the applicable ARD, the interest rate on such series of 2024 ABS Notes will increase and we will be required to use excess cash flows to pay down the unpaid principal balance of such series of 2024 ABS Notes in accordance with the priority of payments set forth in the 2024 Indenture.

The 2024 Co-Issuers may prepay the notes of any series of the 2024 ABS Notes in whole or in part upon prior written notice at a prepayment premium applicable to such series if such series is in its applicable prepayment period, plus all accrued and unpaid interest on the principal amount of the notes being prepaid through the date of such prepayment. In addition, the 2024 Co-Issuers may prepay each series of the 2024 ABS Notes in an aggregate amount not to exceed 35.0% of the initial outstanding principal balance of such series with the proceeds received in connection with a "qualified deleveraging event" (which this offering will qualify as), as defined in the 2024 Indenture.

The 2024 ABS Notes are secured obligations of the 2024 Co-Issuers and are fully and unconditionally, jointly and severally, guaranteed by certain subsidiaries of the 2024 Co-Issuers. The 2024 ABS Notes and related guarantees are secured by first-priority security interests in a collateral pool consisting of multi-tenant enterprise data centers, held in both fee simple and leasehold interests, subject to certain exceptions and permitted liens. The 2024 Indenture contains covenants that, among other things, limit the 2024 Co-Issuers' and certain of their subsidiaries' ability to incur additional debt and create liens on certain assets. These limitations are subject to a number of qualifications and exceptions set forth in the 2024 Indenture. The 2024 Indenture also provides for customary events of default.

#### Off-Balance-Sheet Arrangements
We did not have during the periods presented, and we do not currently have, any off-balance sheet financing arrangements or any relationships with unconsolidated entities or financial partnerships, including entities sometimes referred to as structured finance or special purpose entities, that were established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

#### Critical Accounting Estimates
Discussion and analysis of our financial condition and results of operations are based on our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities and related disclosure of contingent assets and liabilities, revenue and expenses at the date of the financial statements. Generally, we base our estimates on historical experience and on various other assumptions in accordance with U.S. GAAP that we believe to be reasonable under the circumstances.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
Because of the uncertainty inherent in these matters, actual results may differ from these estimates under different assumptions or conditions.

Critical accounting estimates are those that we consider the most important to the portrayal of our financial condition and results of operations because they require the Company's most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Based on this definition, we have identified the following critical accounting estimates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • accounting for revenue recognition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • accounting for income taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • accounting for leases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • accounting for business combinations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • accounting for fair value measurements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • accounting for impairment of goodwill and other intangible assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • accounting for property and equipment, net.

These critical accounting estimates are addressed below. In addition, we have other key accounting estimates that are described in Note 2 to our consolidated financial statements.

 *Revenue recognition* 

We derive the majority of our revenues primarily from revenue streams, consisting of (i) enterprise colocation services, which includes the licensing of cabinet space and power; (ii) interconnection services, such as cross connects and exchange ports; and (iii) other revenues including but not limited to rental income from tenants and/or subtenants. The remainder of the Company's revenues are from non-recurring revenue streams, such as installation services and other one-time charges such as termination fees and storage fees, as well as metered power revenue. Metered power revenues are determined based on the customer's measured consumption multiplied by the prevailing utility rate.

Our revenue contracts are accounted for in accordance with ASC Topic 606, Revenue from Contracts with Customers ("Topic 606"), with the exception of certain contracts that contain lease components and are accounted for in accordance with ASC Topic 842, *Leases* ("Topic 842") if the lease component is predominant. Under the revenue accounting guidance, revenues are recognized when services are provided to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for the services. Revenues from recurring revenue streams are generally invoiced monthly in advance and recognized ratably over the term of the contract, which generally ranges from one to seven years. Non-recurring installation fees, although generally invoiced upfront upon installation, are typically deferred and recognized ratably over the average customer life. Determining whether services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. A given transaction price is allocated to a separate performance obligation on a relative standalone selling price basis. The standalone selling price is determined based on overall pricing objectives, taking into consideration market conditions, geographic locations and other factors. Other judgments include determining if any variable consideration should be included in the total contract value of the arrangement, such as price increases.

Revenue recognition involves significant judgment, particularly in (i) identifying the predominant components of contracts that include lease and non-lease elements, (ii) identifying and separating distinct performance obligations within bundled service arrangements, (iii) estimating standalone selling prices for allocation purposes when observable prices are not available, and (iv) estimating average customer life for purposes of amortizing non-recurring installation fees.

For the years ended December 31, 2025, 2024 and 2023, we recognized $987.0 million, $907.6 million and $198.3 million in revenue, respectively. Changes in the judgments and estimates discussed above could materially affect the timing and amount of revenue recognized.

For further information on revenue recognition, see Note 4 to our audited consolidated financial statements included elsewhere in this prospectus.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
 *Income taxes* 

The Company's income tax provision was prepared following the separate return method. The separate return method applies ASC 740, *Income Taxes*, to the stand-alone financial statements of each member of the consolidated group as if the group members were a separate taxpayer. We make estimates, assumptions, and judgments to determine our provision for income taxes, deferred tax assets and liabilities, and any valuation allowance recorded against deferred tax assets. A tax benefit from an uncertain income tax position may be recognized in the financial statements only if it is more-likely-than-not that the position is sustainable, based solely on its technical merits and consideration of the relevant taxing authority's widely understood administrative practices and precedents.

The assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry forward periods by jurisdiction, our experience with loss carryforwards not expiring unutilized and all tax planning alternatives that may be available. A valuation allowance is recognized if, under applicable accounting standards, we determine it is more-likely-than-not that a deferred tax asset would not be realized. To the extent we increase or decrease the allowance in a period, we recognize the change in the allowance within net income (loss) in the audited consolidated statements of operations.

For the years ended December 31, 2025, 2024 and 2023, we recognized $18.5 million, $144.5 million and $(1.0) million in income tax benefit (expense), respectively.

For further information on income taxes, see Note 13 to our audited consolidated financial statements included elsewhere in this prospectus.

 *Leases* 

The accounting for leases requires significant judgment, including determining whether an arrangement contains a lease, the classification of leases as operating or finance leases, identification of lease and non-lease components, allocation of consideration between components, and determination of the lease term, including assessing the likelihood of exercising renewal options.

Lease liabilities are measured based on the present value of fixed lease payments over the lease term. Variable lease payments that do not depend on an index or rate are excluded from the measurement of lease liabilities and expensed as incurred. Right-of-use assets consist of (i) the initial measurement of the lease liability, (ii) lease payments made to the lessor at or before the commencement date, less any lease incentives received, and (iii) any initial direct costs incurred by us. We utilize our own incremental borrowing rate ("IBR") to discount the present value of the remaining lease payments. We utilize a market-based approach to estimate the IBR. The IBR is based on our estimated rate of interest for a collateralized borrowing with a similar term and payments as the lease, which requires significant judgment. Therefore, we utilize different data sets to estimate IBRs via an analysis of (i) yields on our outstanding debt (ii) yields on comparable credit rating composite curves, and (iii) yields on comparable market curves.

These estimates are subject to uncertainty because (i) the IBR requires judgment about our creditworthiness and market conditions that may not be directly observable, (ii) the assessment of whether renewal options are reasonably certain to be exercised requires assumptions about future business needs and market conditions, and (iii) the allocation of consideration between lease and non-lease components involves judgment when standalone prices are not readily available. Changes in assumptions or estimates used in determining the lease term, IBR, or variable lease components could materially affect the recorded lease liabilities, corresponding right-of-use assets, and lease expense.

As of December 31, 2025, the operating and finance lease liabilities were $433.3 million and $443.4 million, respectively, and the corresponding operating and finance right-of-use assets were $355.2 million and $509.8 million, respectively. For the years ended December 31, 2025, 2024 and 2023, we recognized operating lease costs of $90.6 million, $106.9 million, $20.7 million, respectively. For the years ended December 31, 2025 and 2024, we recognized finance lease cost of $80.9 million and $83.9 million, respectively, and no finance lease cost was recognized for the year ended December 31, 2023. Changes in assumptions or estimates used in determining the lease term, IBR, or variable lease components could materially affect the recorded lease liabilities, corresponding right-of-use assets, and lease expense.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
 *Business combinations* 

The accounting for business combinations requires significant judgment, particularly in determining the fair value of assets acquired and liabilities assumed at the acquisition date. These judgments primarily relate to the valuation of identifiable intangible assets and liabilities and are based on estimates and assumptions regarding the timing and amount of future revenues and expenses, future expected cash flows from acquired users and acquired technology from a market participant perspective, estimated useful lives, discount rates, and expected cost savings. We use all available information and, in certain cases, engages third-party valuation specialists to assist in estimating fair values using accepted valuation techniques, including discounted cash flow and market multiple analyses. In connection with our acquisitions, the estimated fair value of net assets acquired either exceeded the consideration transferred, resulting in the recognition of a bargain purchase gain, or was less than the consideration transferred, resulting in the recognition of goodwill.

Changes in assumptions or estimates used to determine fair values at the acquisition date could have affected the allocation of purchase price and the amount of bargain purchase gain and goodwill recognized.

For further information on business combinations, see Note 3 to our audited consolidated financial statements included elsewhere in this prospectus.

 *Fair value measurements* 

We measure certain financial instruments, including interest rate swap derivatives, at fair value on a recurring basis. Fair value is determined using valuation techniques that maximize the use of observable market inputs and reflect market participant assumptions at the measurement date. These measurements are primarily based on Level 2 inputs, including observable interest rate yield curves, forward interest rate expectations, and other market-based inputs, and require judgment in assessing the significance of inputs and the appropriate classification within the fair value hierarchy.

These estimates are subject to uncertainty because (i) the valuation of interest rate derivatives depends on forward rate expectations that are inherently volatile, (ii) credit valuation adjustments require judgment about counterparty credit risk, and (iii) market liquidity conditions can affect the availability and reliability of observable inputs.

Changes in market conditions or assumptions used in these valuation techniques would directly affect the estimated fair value of derivative assets and liabilities and, depending on hedge designation, could impact the amounts recognized in accumulated other comprehensive income or earnings.

For the years ended December 31, 2025, 2024 and 2023, we recognized gains (losses) on interest rate swaps of $0.1 million, $33.7 million and $(2.2) million, respectively.

 *Impairment of goodwill and intangible assets* 

Our goodwill impairment assessments require significant judgment. We perform quantitative goodwill impairment tests annually, or more frequently if indicators of impairment exist, by comparing the fair value of the reporting unit to its carrying value. The fair value of the reporting unit is estimated using an income approach, based on a discounted cash flow method, and a market approach.

These valuation approaches require significant estimates and assumptions, including forecasted operating results, risk-adjusted discount rates, the selection of appropriate market comparables, and assumptions regarding future economic conditions and other market data. These estimates are inherently uncertain, and changes in the underlying assumptions could result in the carrying value of the reporting unit exceeding its fair value, which could lead to a material impairment charge and adversely affect our results of operations and financial position.

We operate as a single operating segment and reporting unit and periodically reassess this conclusion for changes in facts and circumstances, including indicators of potential impairment. Such indicators may include a significant decline in market value, adverse changes in the business climate or legal environment, operating or cash flow losses, or expectations that assets will be sold or disposed of earlier than previously estimated.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
Our intangible assets consist primarily of customer relationships and developed technology, which are amortized over their estimated useful lives. We review intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The valuation and recoverability of our intangible assets, primarily customer relationships and developed technology, require significant judgment and estimates, including projected future cash flows, useful lives, customer attrition rates, and assumptions about future market and economic conditions. Changes in these assumptions could materially impact the carrying value of our intangible assets and result in impairment charges

The balance of our intangible assets, net as of December 31, 2025 and 2024 was $436.3 million and $425.3 million, respectively. We recorded no impairment charges on intangible assets during the years ended December 31, 2025, 2024 and 2023.

 *Property and equipment, net* 

We have a significant amount of property and equipment recorded on our consolidated balance sheets. Property and equipment are depreciated using the straight-line method over their estimated useful lives, subject to lease terms for leasehold improvements and equipment located in leased properties.

Accounting for property and equipment requires significant judgment, primarily in estimating useful lives for depreciation purposes. These estimates are based on assumptions regarding the expected use of the assets, historical experience, and anticipated future economic benefits.

Additionally, we review our asset groups on an ongoing basis to identify any events or changes in circumstances indicating that the carrying amount of an asset group may not be recoverable, such as a significant decrease in market price of an asset group, a significant adverse change in the extent or manner in which an asset group is used, a significant adverse change in legal factors or business climate that could affect the value of an asset group or a continuous deterioration of financial condition. This assessment requires our assumptions and estimates derived from a review of its actual and forecasted operating results, approved business plans, future economic conditions and other market data. If a potential impairment trigger is identified, the measurement of an impairment loss requires assumptions and estimates of undiscounted and discounted future cash flows, and assumptions about the market price of assets. These assumptions and estimates require significant judgment and are inherently uncertain.

These estimates are subject to uncertainty because (i) the determination of useful lives requires assumptions about technological change, physical wear and obsolescence that may differ from actual experience, (ii) impairment testing requires assumptions about future cash flows that are inherently uncertain, and (iii) changes in business strategy or market conditions could affect the expected use of assets.

As of December 31, 2025 and 2024, we had property and equipment, net of $3,951.1 million and $2,766.1 million, respectively. During the years ended December 31, 2025, 2024 and 2023 we recorded depreciation expense of $217.1 million, $207.7 million and $34.7 million, respectively. We evaluated the estimated useful lives of our property and equipment and made no revisions to these estimates during the years ended December 31, 2025, 2024 and 2023. Subsequent changes in the estimated useful lives of our property and equipment could have a significant impact on results of operations.

#### Recent Accounting Pronouncements
See the sections titled "Summary of Significant Accounting Policies—Recent Accounting Pronouncements—Accounting Standards Recently Adopted" and "Summary of Significant Accounting Policies—Recent Accounting Pronouncements—Accounting Standards Not Yet Adopted" in Note 2 to our audited consolidated financial statements included elsewhere in this prospectus for more information.

#### Quantitative and Qualitative Disclosures About Market Risk
 *Market risk* 

The following discussion about market risk involves forward-looking statements. Actual results could differ materially from those projected in the forward-looking statements. We may be exposed to market risks related

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
to changes in interest rates and foreign currency exchange rates and fluctuations in the prices of certain commodities, primarily electricity.

 *Interest rate risk* 

We are exposed to interest rate risk related to our outstanding debt. An immediate increase or decrease in current interest rates from their position as of December 31, 2025 would not have a material impact on our interest expense due to the fixed coupon rate on 85% of our total debt obligations. However the interest expense associated with our Revolving Credit Facility that bears interest at variable rates could be affected. We enter into floating-to-fixed interest rate swaps to fix our variable cost of borrowing, to the extent that those variable-rate borrowings are material, which are designated as cash flow hedges. When interest rate hedges are settled periodically, any accumulated gain or loss included as a component of other comprehensive (loss) income will be amortized to Interest expense over the term of the forecasted hedging transaction which is equivalent to the term of the interest rate swap. As of December 31, 2025 we did not have any float to fixed interest rate swaps; however our floating rate exposure is 15% of our total debt obligations. As a result, for every 100-basis point increase or decrease in interest rates, our annual interest expense could increase or decrease by $0.1 million based on the total balance of our Revolving Credit Facility borrowings as of December 31, 2025.

The fair value of our long-term fixed interest rate debt is subject to interest rate risk. Generally, the fair value of fixed interest rate debt will increase as interest rates fall and decrease as interest rates rise. These interest rate changes may affect the fair value of the fixed interest rate debt but do not impact our earnings or cash flows.

 *Foreign currency risk* 

We are subject to risk from the effects of exchange rate movements of foreign currencies, which may affect future costs and cash flows. Our primary currency exposure is the Canadian dollar. As a result, our consolidated results of operations and cash flows are subject to fluctuations due to changes in foreign currency exchange rates and may be adversely affected by such changes in the future. To date, we have not entered into any hedging arrangements with respect to foreign currency risk or other derivative financial instruments; however, we may choose to do so in the future.

 *Commodity price risk* 

Certain operating costs we incur are subject to price fluctuations resulting from volatility in underlying commodity prices. The commodities most likely to impact our results of operations in the event of price changes are energy and diesel fuel used in our generators. The Company has both all-in contracts and metered power contracts. Under all-in contracts, customers pay a single recurring charge that includes power. However, substantially all of our all-in contracts as of December 31, 2025 included explicit mechanisms such as power indexation, tariff pass-throughs, or extraordinary cost adjustment clauses. Where such mechanisms exist, certain increases in utility costs may be passed through to customers. Under metered power contracts, customers pay a fixed facility and capacity fee plus electricity as a separate, metered charge. For metered power contracts, power price increases are typically passed through to customers, and the customer bears most or all of electricity price volatility. Therefore, under these contracts, increases in electricity costs are generally passed through to customer and, as a result, such increases do not materially impact net earnings under those contracts.

We do not currently employ forward contracts or other financial instruments to address commodity price risk.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BUSINESS

#### Overview
Csquare is a leading North American enterprise digital infrastructure platform providing carrier-neutral colocation and interconnection services that support the applications powering the modern economy. We deliver mission-critical infrastructure to a diversified customer base of more than 1,800 enterprise, network, cloud, and technology customers. Our facilities support long-duration, availability-sensitive workloads with high barriers to exit, underpinned by strong customer retention, recurring revenue, and requirements for exceptional reliability, security, and connectivity.

We own and operate a geographically diverse portfolio of highly engineered, carrier-neutral data centers located in 21 major metropolitan markets across the United States, Canada and the United Kingdom. Our data centers provide essential infrastructure, including secure space, redundant power, advanced cooling systems, physical security, and dense interconnection capabilities, enabling customers to deploy and operate critical IT and network infrastructure.

As of December 31, 2025, our platform is comprised of approximately 60 sites across 21 major metropolitan markets, delivering approximately 379 MW of Sellable Power Capacity and over 38,000 interconnection products.

The following map shows the locations and installed capacities of our data centers as of December 31, 2025.

![[MISSING IMAGE: mp_catalyst-4c.jpg]](mp_catalyst-4c.jpg)

Our platform is purpose-built to serve enterprise customers with complex operating requirements, including the need for network proximity, consistent operating standards, and high service availability. We focus primarily on sub-10 MW colocation deployments within multi-customer, interconnection-rich environments. We opportunistically can and will consider larger deployments based on customer demand. This approach allows us to support a broad range of long-standing blue-chip customers while maintaining high levels of operational efficiency and scalability across our portfolio.

We generate nearly all our revenue from recurring colocation and interconnection services under contractual arrangements that generally range from one to seven years, with our average remaining contract term being approximately 30 months as of December 31, 2025. We believe our diversified customer base, combined with the mission-critical nature of our services and the high switching costs associated with data center relocation, has contributed to our low Net Revenue Churn, which was less than 8% for the year ended December 31, 2025, and stable, predictable cash flows.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
Our multi-customer operating model is designed to drive significant customer diversification and limit reliance on any single customer or industry vertical. In addition, we believe our interconnection-rich facilities enhance customer retention and support incremental revenue growth through cross-connects and expansion deployments. As customers scale their infrastructure within our data centers, we believe we will be able to benefit from embedded growth with limited incremental capital investment.

Our customers rely on us as a critical infrastructure partner that simplifies the deployment and operation of mission-critical IT environments. We provide a geographically proximate, carrier-neutral colocation platform with pre-built power and cooling infrastructure that can be activated and scaled quickly within existing facilities. This enables enterprises to deploy capacity with short lead times, predictable costs, and minimal upfront capital.

Because our data centers, power distribution, and fiber ecosystems are already in place, customers benefit from low-latency connectivity, reduced execution risk, and flexible, modular expansion without the complexity or capital intensity of self-build or greenfield alternatives. This value proposition has driven sustained demand and strong customer adoption.

Strong operating performance and cash generation have enabled us to fund growth primarily through operating cash flow and disciplined financing activities. Most of our expansions are executed within existing, transformer-enabled facilities, requiring modest, site-specific capital expenditures and typically costing approximately $4 million to $8 million per MW—meaningfully lower than the expected cost of greenfield development.

This capital-efficient expansion model allows us to add incremental revenue with limited reliance on new building construction. As enterprises place additional workloads into production, including hybrid cloud and inference use cases, our portfolio of urban, carrier-neutral data centers provides a durable runway for scalable growth.

We believe our portfolio, operating strategy, and customer mix position us to benefit from long-term secular trends, including increased enterprise outsourcing of data center infrastructure, growth in network-intensive and latency-sensitive applications, AI inference, and rising demand for reliable, secure, and interconnected digital infrastructure. We believe our disciplined capital allocation strategy, strong corporate liquidity and operating cash flows, as well as focus on operational excellence, support sustainable growth.

#### Our Origins
We were established in 2019. Our strategic development has been shaped by acquiring portfolios of data center assets that were built to high quality engineering standards, with robust power redundancy, dense embedded fiber connectivity, and strategically located urban footprints. As a result, many of our facilities benefit from infrastructure characteristics and locations that would be difficult and costly to replicate today.

In 2024, we acquired a portfolio of assets through a highly structured and disciplined process, capitalizing on a unique opportunity to add scale and quality to our platform. By focusing on assets with established power, connectivity, and enterprise demand, we enhanced our urban, carrier-neutral footprint with limited execution risk and attractive capital efficiency. The success of this approach is reflected in strong post-acquisition performance and sustained customer demand, demonstrating our ability to create value through operational expertise, balance sheet discipline, and opportunistic growth.

In addition, our current platform of assets has benefited from a comprehensive operational transformation. This process included the selective assumption and renegotiation of site leases, the divestiture of non-core international assets, significantly increased ownership of underlying real estate, and the consolidation of operations, systems, and go-to-market functions. These actions significantly improved our portfolio's quality, enhanced operating efficiency, and aligned the platform with our long-term strategic objectives.

#### Our Commercial Strategy
We serve more than 1,800 customers across a broad range of industries, including financial services, health care, cloud and IT services, media and content, network service providers, semiconductors, gaming, and

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
enterprise technology. Our customer base is highly diversified, and no single customer represented more than 7% of our revenue for the year ended December 31, 2025.

Most of our revenue is recurring and generated under contractual customer arrangements with multi-year terms, and our average remaining contract length was approximately 30 months as of December 31, 2025, which has increased from approximately 21 months as of December 31, 2024. Substantially all of our contractual arrangements contain power pass-through pricing mechanisms and annual escalators, reducing our exposure to utility price volatility and simplifying our cash flow planning over multi-year contracts. We have historically experienced low levels of Net Revenue Churn, with less than 8% for the year ended December 31, 2025, reflecting the mission-critical nature of our services and the operational complexity associated with relocating data center infrastructure. Finally, we generated 70.6% of our net operating income for the year ended December 31, 2025 from owned sites, which, when combined with sites under long-term leases, provides significant operational control to deliver to our customers, improved capital markets access, and greater cost base certainty over the long term.

Our commercial strategy emphasizes long-term customer relationships and disciplined pricing over short-term revenue maximization, which we believe supports revenue visibility, and stability.

We provide several primary service offerings to our customer base:

*Enterprise Colocation*: Our primary service offering is enterprise-focused colocation. Customers deploy IT and network infrastructure within our data centers to support production IT environments, hybrid cloud architectures, latency-sensitive applications, financial trading platforms, content delivery networks, and enterprise AI and inference workloads. Most customer deployments are below 5 MW and average approximately 7.6 kW per rack across our footprint, though we have the infrastructure and ability to provide high density computing environments in most of our data centers. We have installed and operate deployments as high as 150 kW per rack, with the ability to operate installations beyond 150 kW per rack.

*Interconnection*: Interconnection is a powerful growth engine at the center of our platform, and we averaged 21 interconnection products per customer as of December 31, 2025. Our data centers provide highly network-dense, carrier-neutral environments that give customers immediate access to a broad ecosystem of leading network service providers, cloud on-ramps, and direct customer-to-customer connectivity. With multiple providers operating in every facility, customers can rapidly scale, optimize performance, and reduce latency and costs—without vendor lock-in. This rich interconnection ecosystem enables faster deployments, efficient expansion, and stronger business partnerships from day one.

Interconnection services accounted for approximately 10.7% of our total revenue for the year ended December 31, 2025, and we believe such services are a key driver of long-term customer value. By embedding customers within thriving, multi-tenant ecosystems, we help them build resilient, future-ready infrastructure that grows with their business.

While interconnection is not positioned as a primary customer acquisition tool, we believe it materially enhances customer "stickiness" by increasing switching costs and supporting operational integration within our facilities. As a result, our interconnection-rich environments contribute to average customer relationships with our top 50 customers of over a decade (as measured by monthly recurring revenue).

*Additional Services*: We also offer a range of additional services that generate incremental revenue and enhance customer retention. These services typically include remote hands and eyes support, equipment installation and removal, cabling and cross-connects, hardware troubleshooting, monitoring, and other on-demand technical assistance. Additional services are generally billed on a time-and-materials or per-service basis and allow customers to operate critical infrastructure without maintaining on-site personnel, while providing us with higher-margin, non-power-dependent revenue streams that complement our core colocation offerings.

#### Pricing Models and Power Cost Exposure
Data center contracts are typically structured as either "all-in" (bundled) or "metered power" (plus electricity). As of December 31, 2025, all-in contracts and metered power contracts comprised approximately 72% and approximately 28% of our total portfolio recurring revenue, respectively.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
Under all-in contracts, customers pay a single recurring charge that includes power. However, substantially all of our all-in contracts as of December 31, 2025 included explicit mechanisms such as power indexation, tariff pass-throughs, or extraordinary cost adjustment clauses. Where such mechanisms exist, certain increases in utility costs may be passed through to customers. Our exposure to utility rate volatility is significantly reduced through our ability to pass-through power costs to substantially all of our customers.

Under metered power contracts, customers pay a fixed facility and capacity fee plus electricity as a separate, metered charge. Electricity costs are generally passed through based on actual utility tariffs or agreed indices. As a result, power price increases are typically passed through to customers, and the customer bears most or all of electricity price volatility.

Across both models, contracts are typically based on a committed power capacity (kW), and increases in customer power usage or capacity commitments generally result in higher customer charges, subject to contractual terms governing overages and capacity adjustments.

#### Our Competitive Strengths: Why We Win
Our ability to attract and retain customers is driven by several specific qualities that are critical to our success.

*High Quality Infrastructure Engineered for Reliability and Longevity*: Our data center facilities are designed and operated to support continuous, mission-critical workloads. Across our portfolio, we have historically achieved nearly 100% of uptime over more than a decade of operating history by us and our predecessors. Our model emphasizes preventative maintenance and disciplined capital reinvestment, including the systematic replacement and upgrading of power and cooling systems.

These ongoing investments are intended to maintain the reliability and performance of our facilities over time and to support evolving customer requirements. We believe this approach reduces operational risk, extends asset useful life, and mitigates the risk of infrastructure obsolescence.

*Scaled Presence in Urban Population Centers Offering Low Latency Connections*: Our portfolio of interconnection-oriented data centers is predominantly located in urban population centers in the United States market, that in almost all cases serve as demarcation points for key fiber-optic backbone providers. These fiber-optic backbone providers are part of a dense connectivity ecosystem within each of our data center campuses that include network service providers, cloud platforms, and enterprise customers.

*Embedded Power Availability that Scales with Customer Demand*: Our facilities are generally designed with **embedded power availability and future potential expandable capacity**, enabling customers to scale efficiently as their power and density requirements grow. This design allows us to activate additional capacity within almost all of our existing facilities in response to customer demand, supporting rapid deployments, expansions, and evolving workloads without the delays typically associated with new site development.

Because our facilities are already connected to utility power, fiber networks, and operational systems, customers may be able to benefit from **shorter lead times, lower execution risk, and greater flexibility** as their requirements change. This scalable approach allows customers to grow within our portfolio over time, supporting long-term relationships and repeat deployments while ensuring capacity is delivered in alignment with actual demand.

*Structurally Advantaged Exposure to Enterprise AI and Inference Workloads*: The increased usage of AI increases demand for power densities and interconnection. We have embedded capacity to respond to **enterprise AI and inference workloads** in a capital efficient manner where these deployments align with our enterprise-focused operating model and facility capabilities. This allows customers to deploy higher-performance computing solutions, including GPU-based configurations, within a secure, operationally mature colocation environment designed for mission-critical workloads.

While many customers continue to operate at traditional enterprise power densities, many facilities within our portfolio can accommodate **higher-density deployments**, providing customers with flexibility to adopt AI and advanced computing use cases as their needs evolve. This approach enables customers to scale performance within a familiar platform and operating model, without requiring purpose-built facilities, while allowing us to participate in AI-related demand in a disciplined and targeted manner.

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*Industry Leading Management Team with Significant Data Center Experience and Proven Track Record*: Our senior management team comprises seasoned industry professionals with more than a century of combined experience in the ownership, operation, and commercialization of data center and digital infrastructure assets. The team is supported by an in-house team of specialized data center engineers, electricians, and operations personnel with deep expertise across facility development, power systems, and day-to-day operations. This integrated operating platform, combined with management's decades-long customer relationships and a strong understanding of enterprise requirements, enables us to deliver highly reliable, customized solutions and sustain long-term customer retention.

#### Industry Background
Data centers are specialized facilities designed to house servers, data storage systems, and networking equipment used to store, process, and transmit digital information. As enterprises increasingly rely on digital technologies to support core business operations, data centers have become critical infrastructure, providing secure, reliable, and continuously available environments for mission-critical workloads.

Colocation data centers enable organizations to outsource facility-level infrastructure while maintaining ownership and control of their IT equipment. These facilities provide essential services, including power, cooling, physical security, and access to network and cloud connectivity. By colocating infrastructure within shared facilities, customers can reduce capital expenditures, increase operational flexibility, and avoid the complexity associated with designing, building, and operating proprietary data center infrastructure.

Certain data centers are located at centralized network exchange points where multiple communications networks converge. These facilities function as interconnection hubs, enabling customers to establish direct physical connections with network service providers, cloud platforms, and other enterprises. Interconnection-rich environments facilitate efficient data exchange, support low-latency and high-availability applications, and allow customers to access multiple connectivity options within a single location.

The colocation data center business model is characterized by recurring and contractual revenue streams, typically generated through multi-year customer agreements that often include annual pricing escalators. Interconnection services generally involve recurring fees for physical cross-connects between customers, networks, and cloud platforms within a facility. These connections are typically maintained for the duration of the underlying workloads.

Together, colocation and interconnection services form a complementary operating model in which customers establish a physical presence within a facility and layer connectivity relationships on top of that footprint. Over time, the accumulation of customers, networks, and cloud providers within interconnection-rich facilities can create dense ecosystems that support strong customer retention and long-term occupancy.

#### Demand Drivers
Demand for data center capacity continues to increase as enterprises, service providers, and technology platforms expand their reliance on digital infrastructure. Industry estimates indicate that global data center demand is expected to grow at a strong pace over the next five years, with demand for power and capacity increasingly outstripping new supply in many established markets. This growth is driven by a combination of structural trends that are increasing compute intensity, power requirements, and the need for secure, interconnected infrastructure.

The adoption of AI across enterprise, consumer, and industrial applications is contributing to higher power density, cooling, and compute requirements within data centers. As these workloads are deployed alongside traditional enterprise applications, they are increasing demand for flexible colocation environments capable of supporting a range of operating profiles.

The increased demand for colocation data centers is supported by several key factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Enterprise Workload Expansion.* Enterprise data traffic and processing requirements continue to increase in complexity and volume. As a result, enterprises are increasingly outsourcing IT infrastructure and adopting hybrid IT architectures to access secure, resilient, and scalable environments operated by specialized data center providers.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Rise of High-Density Computing and AI.* Enterprise adoption of AI is driving increased demand for higher-density computing, particularly for inference workloads that are latency-sensitive, network-intensive, and deployed close to users and enterprise data environments. Unlike large-scale training, these workloads prioritize low latency, high availability, and dense connectivity, favoring data centers with strong interconnection ecosystems, proximity to cloud and network providers, and the ability to support elevated power and cooling requirements. As AI adoption matures, industry trends indicate a shift from training toward inference deployed in production environments, increasing demand for infrastructure that can support advanced computing alongside existing enterprise workloads. We believe our facilities are well positioned to support this evolution by enabling customers to deploy AI-enabled applications within secure, network-rich, and operationally mature environments without requiring purpose-built AI campuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Regulatory, Compliance, and Data Localization Requirements.* Increasing regulatory requirements in certain industries and jurisdictions are driving demand for third-party data center facilities that can support compliance and security, data sovereignty, and localization needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Shift Away from On-Premises Infrastructure.* Many enterprises are migrating workloads away from on-premises environments to gain greater flexibility, reduce long-term capital requirements, access newer technologies, and locate infrastructure closer to end markets and network exchange points.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Cloud Repatriation and Hybrid Architectures.* Some enterprises are reevaluating public cloud deployments and relocating certain workloads to colocation environments, where dedicated infrastructure can offer greater cost predictability, performance control, and customization. Colocation data centers provide a flexible alternative that supports hybrid and multi-cloud strategies.

#### Key Factors Influencing Industry Structure
The retail colocation data center industry operates within a capital intensive, technically complex environment as well as connectivity-dependent framework that can make entry and rapid scaling challenging for new participants.

Entry into the colocation data center sector in the major markets that we target requires access to reliable and scalable utility power, significant upfront capital requirements and ongoing reinvestment needs, specialized technical expertise and operating personnel, suitably zoned sites, and compliance with regulatory and permitting requirements.

New supply is further constrained by factors such as power availability, lengthy permitting and zoning timelines, supply chain limitations, and extended construction and commissioning cycles. These constraints are compounded by the technical complexity associated with the design, construction, and operation of data center facilities, particularly those capable of supporting higher-density or advanced computing workloads.

Customers tend to have long-term relationships with their providers due to the cost, operational risk and complexity involved in migrating critical infrastructure, as well as the presence of embedded connectivity and interconnection relationships within existing facilities. In addition, achieving scale in the colocation sector requires the ability to deliver consistent service across multiple locations while effectively managing capital deployment and long-term asset maintenance.

Finally, interconnection-oriented data centers are often located along established fiber-optic backbones and within dense connectivity ecosystems that include network service providers, cloud platforms, and enterprise customers. These ecosystems typically develop over extended periods of time and are frequently concentrated in or near major metropolitan areas, making comparable connectivity environments difficult to replicate.

#### Growth Strategy
Our growth is driven by a repeatable, capital-efficient expansion model within our existing portfolio. Customers enter the platform with an initial deployment that converts into recurring revenue through predictable installation cycles. As workloads scale and architectures evolve, customers generally have the ability to expand power, density, and footprint within existing facilities, driving incremental revenue with materially lower capital intensity than new development. Over time, customers also have the ability to layer

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interconnection and additional services onto their colocation footprint, increasing revenue per customer and reinforcing long-term retention through rising switching costs. This operating model enables us to compound revenue and cash flow primarily through expansion inside our existing asset base while maintaining disciplined capital deployment and limited execution risk.

We maintain a backlog of booked-but-not-billed customer contracts, representing signed customer commitments that require installation and deployment prior to the commencement of billing. Our growth strategy includes converting this backlog into recurring revenue through disciplined execution, efficient project delivery, and close coordination among our sales, engineering, and operations teams. This backlog provides visibility into near-term revenue growth and reduces reliance on speculative demand or market timing.

Further, we are focused on expanding recurring revenue and cash flow through capital-efficient investment within our existing portfolio, disciplined customer acquisition, and selective support of evolving enterprise workloads. We prioritize growth opportunities that preserve customer diversification, enhance interconnection ecosystems, and generate attractive risk-adjusted returns without increasing development, concentration, or execution risk.

As we pursue organic growth, we expect to fund our expansion activities primarily through operating cash flows, supported by our strong balance sheet and, where appropriate, access to debt financing. Our growth strategy is designed to be largely self-funded, benefiting from a predominantly fixed cost structure and meaningful operating leverage as incremental capacity is deployed. We believe that revenue growth from under-roof expansion, backlog conversion, and customer relationship expansion will translate efficiently into cash flow, supported by centralized operations, procurement scale, and standardized systems across our portfolio.

#### Customer Relationship Expansion
We are focused on expanding existing customer relationships through incremental deployments, densification, and the provision of additional interconnection and additional services. Customers typically enter our platform with an initial deployment and generally have the ability to expand their deployment over time as workloads scale, architectures evolve, or additional applications are placed into production. As enterprise customer use cases continue to evolve—including increased adoption of higher-density computing and AI-enabled workloads such as inference—we believe we are well positioned to support rising power, cooling, and connectivity requirements within our existing facilities.

Our interconnection-rich environments, operational reliability, and flexible infrastructure enable customers to scale efficiently within our footprint, which we believe will allow us to increase revenue per customer while maintaining low customer acquisition costs and high retention.

#### Product and Pricing Optimization
We continue to refine our commercial strategy to enhance revenue quality and growth. This includes contractual annual pricing escalators, disciplined pricing for power-intensive deployments, and optimization of additional services such as cross-connects, remote hands, and on-site storage.

#### Under-Roof Expansion
A primary growth driver is under-roof expansion within our existing data center footprint to support additional capacity requirements. Our portfolio includes embedded capacity in the form of available power, vacant shell space, and infrastructure upgrade opportunities that can be activated through targeted investments, including additional UPS capacity, electrical topology enhancements, and increased rack density.

Under-roof expansion projects generally require lower capital investment and shorter development timelines than greenfield construction, as core building structures, utility power, and connectivity ecosystems are already in place. We expect a significant portion of near- and medium-term growth to be generated through these opportunities, in connection with contracted customer demand.

#### Disciplined Portfolio Optimization and Selective Acquisitions
We may pursue selective acquisitions or asset purchases that complement our existing footprint, enhance market density, or increase ownership of underlying real estate. Any such transactions are expected to meet strict underwriting criteria and align with our focus on enterprise colocation and interconnection.

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#### Financial Policy
We seek to adhere to a conservative financial policy, which we believe is important to generating a stable and growing AFFO profile, maintaining a high rate of cash conversion and managing corporate liquidity.

The key pillars of our financial policy include the following:

*Generate cash flows from recurring, contractual arrangements with long-tenured, high-quality customers.* We target generating substantially all of our cash flows from recurring contractual arrangements with highly creditworthy counterparties under long-term offtake agreements. We believe this approach supports cash flow stability and reduces the capital intensity of our operations. For the year ended December 31, 2025, approximately 86% of our revenues were derived from enterprise colocation and interconnection services, which we consider to represent a stable, recurring base of cash flows.

In addition, we maintain a high level of customer diversification, with more than 1,800 customers across a broad range of industries. No single customer represented more than 7% of total revenues for the year ended December 31, 2025, which limits our exposure to any individual customer, service, or sector.

We also benefit from a long-standing customer base, with our top 50 customers having maintained relationships with us for more than a decade and a Net Revenue Churn of less than 8% for the year ended December 31, 2025. We believe these factors reflect the durability of our customer relationships and contribute to the overall stability of our operations.

*Maintain high levels of liquidity.* As of December 31, 2025, we had total available liquidity of $515.7 million, consisting of $403.4 million of cash and cash equivalents and restricted cash, $166.0 million of undrawn and available capacity under our Revolving Credit Facility and our variable funding notes, less $53.7 million due to the issuance of letters of credit. Our business has limited non-discretionary capital requirements, and accordingly we intend to use available liquidity to reinvest into accretive growth initiatives designed to grow and enhance our service offerings, fund working capital requirements, and repay outstanding indebtedness.

*Focus on self-funding accretive capital deployment while maintaining a conservative leverage profile*. Over the long term, as we pursue organic growth, we target funding our pipeline of accretive growth opportunities primarily through operating cash flows and, where appropriate, through incremental debt financing. We seek to build and maintain an inventory of growth opportunities that meet our internal return thresholds.

#### Competition
We offer a broad range of colocation, interconnection, deployment and related support services. As a result, we compete with a wide range of data center service providers and other infrastructure providers for some or all the services we offer. The end markets we target are highly competitive and continue to evolve rapidly, and we expect competition to intensify as technologies, customer requirements and market dynamics change.

We face competition from numerous (i) developers, owners and operators in the data center industry, including Digital Realty Trust, Equinix, CoreSite, DataBank, CyrusOne, Switch, Cologix, Flexential, and TierPoint, some of which own or lease data centers, or may do so in the future, in markets in which our data centers are located, and/or (ii) providers of public cloud infrastructure, such as Amazon Web Services, Microsoft Azure and Google Cloud. In addition, certain customers and potential customers may elect to develop or expand their own data center facilities.

Competitors compete primarily on price, facility location, scale, reliability, reputation and perceived technical expertise and performance. We believe we are differentiated from many competitors in the retail data center industry because we offer an integrated platform that combines the scale and geographic reach of our data center portfolio with a dense interconnection ecosystem. This platform enables customers to efficiently connect with other enterprises, networks and business partners and to deploy hybrid computing architectures supported by innovative, software-defined technologies. These capabilities enhance our value proposition by increasing flexibility, scalability and ease of deployment for our customers. See "*Risk Factors—Risks Related to Our Business and Operations—Industry, Market and Customer Risks—We face significant competition and may be unable to sell vacant space, renew existing customer agreements, or contract space at favorable rates as customer agreements expire*."

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#### Seasonality
Our business is not subject to material seasonal fluctuations, and we do not experience significant variations in revenue or operating results due to seasonal factors.

#### Customers
We serve more than 1,800 customers across a broad range of industries, including financial services, health care, cloud and IT services, media and content, network service providers, semiconductors, gaming, and enterprise technology. We believe that our ecosystem serves thousands of additional entities through our customers. Our customer base is highly diversified, and no single customer represented more than 7% of our revenue for the year ended December 31, 2025. For the years ended December 31, 2025, 2024 and 2023, our top 10 customers collectively accounted for approximately 33%, 34% and 35% of total revenue, respectively. We provide each customer with access to highly customized solutions tailored to their scale, colocation and interconnection requirements.

We seek to provide a consistent customer experience and a high level of service at competitive cost, which we believe supports customer retention and contributes to low churn rates relative to industry peers. For the year ended December 31, 2025, our Net Revenue Churn was less than 8%.

#### Sales and Marketing
We market our services through a direct sales force complemented by selected partner relationships. Our offerings are targeted to global enterprises, content providers, financial institutions, cloud service providers and network and mobile service providers. Our sales professionals work closely with customers to understand their requirements and design tailored solutions to meet their operational, performance and scalability needs.

Our sales strategy is designed to maximize market coverage and customer engagement through a combination of accounts managed directly by our in-house sales team and relationships with brokers, agents and other channel partners.

#### Environmental Matters
Under certain environmental laws and regulations, a current or former owner, operator or lessee of real property may be liable for the costs of removing or remediating contamination resulting from the presence or release of regulated materials or substances, including petroleum or petroleum-derived products, radioactive materials, asbestos, lead or lead-containing materials, per- or polyfluoroalkyl substances and polychlorinated biphenyls. Such liability may be imposed regardless of whether the responsible party knew of or caused the contamination and may be joint and several. These costs and liabilities could be substantial, and joint and several liability under these laws may attach without regard to whether the owner or operator knew of, or was responsible for, the presence of the contaminants.

We may acquire or develop properties in the future with unknown environmental conditions resulting from historical or nearby operations. The presence of contamination, or failure to remediate contamination for which we are responsible, could (i) expose us to third-party claims, including for cleanup costs, bodily injury or property damage, (ii) result in governmental liens against affected properties, (iii) restrict the use of the properties or the operation of our business, and/or (iv) materially adversely affect our ability to sell, lease, develop or finance the affected properties.

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We believe there are no environmental conditions associated with our data centers that are reasonably likely to result in material liability under applicable environmental laws. However, the occurrence of new spills or releases, or the discovery of previously unidentified contamination, could result in significant additional costs.

Our properties are subject to federal, state and local environmental, health and safety laws and regulations, including those governing the storage of petroleum products, stormwater and wastewater discharges, air emissions and fire safety. In particular, our emergency generators are subject to strict air emissions requirements, which could limit their operation and potentially result in business disruptions or reputational harm if compliance issues arise. Failure to comply with applicable laws and regulations could result in fines, penalties and other liabilities. Some of our properties are subject to more stringent regulatory state and local restrictions on equipment use and noise, which may affect our ability to expand such properties and increase capacity in the future or plan new data centers in regions that impose stricter permitting obligations, and may require increased capital expenditures in order to remain in compliance with applicable permitting obligations.

Our operations also require permits, approvals and response plans related to the operation of generators and other regulated activities. These requirements may restrict operations or delay the development of new data centers. In addition, future changes in environmental laws and regulations could increase compliance costs or otherwise adversely affect our business.

#### Other Regulation
***Occupational Safety and Health***. We are subject to the Occupational Safety and Health Act in the United States and comparable health and safety laws in other jurisdictions, which govern various aspects of our operations.

***Zoning and Land Use***. The ownership and operation of our data centers subject us to federal, state and local laws and regulations relating to zoning, land use, building design and construction and other real estate-related matters.

***Data Privacy***. We are subject to laws, regulations, industry standards and contractual obligations relating to the collection, use, sharing and protection of third-party data, including personal data. These requirements include U.S. federal and state laws, the EU and U.K. General Data Protection Regulation and other international data privacy regimes.

***Climate Change Legislation***. Numerous international, federal, state and local initiatives have been proposed or implemented to address climate change. The physical effects of climate change and regulatory responses to climate-related risks could increase our operating and compliance costs and have a long-term adverse effect on our business. The scope and impact of future climate-related legislation and regulation remain uncertain. See "*Risk Factors—Risks Related to Our Business and Operations—Regulatory, Legal and Environmental Risks—Environmental problems may arise and can be costly, and we may be adversely affected by climate change and regulations related to climate change*."

***Other Laws***. We are also subject to various local, state and federal laws and administrative practices affecting our business, including those relating to employment, labor standards, equal employment opportunity, wages and licensing.

#### Human Capital
Our employees are critical to our long-term success. As of December 31, 2025, we employed 608 individuals. Of these employees, 562 were located in the United States and 46 were located outside the United States, including 18 in Canada, 27 in the United Kingdom and one in Japan. We also engage consultants and contractors as needed to supplement our workforce. None of our employees are represented by a labor union, and we believe we maintain positive employee relations.

We seek to foster a safe, inclusive and engaging workplace that supports professional growth and development. Our board of directors provides oversight of human capital management, including corporate culture, talent acquisition and retention, employee engagement and succession planning. Management reports regularly to the board on human capital matters.

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Key human capital initiatives include employee engagement, training and development and competitive compensation and benefits. We conduct periodic employee engagement surveys through an independent third party and host regular employee town halls. We provide training on our Code of Business Conduct and Ethics, harassment prevention and job-specific skills, as well as leadership development programs. We strive to offer competitive, merit-based compensation and benefits, and our executive compensation programs are designed to align management incentives with Company performance and long-term value creation.

#### Insurance
We maintain property, liability and other insurance coverage that we believe is customary and adequate for our industry, including coverage for fire, earthquake, hurricane and flood risks, subject to commercially reasonable deductibles and limits. We also maintain directors' and officers' liability insurance, business interruption insurance, cybersecurity insurance, fiduciary coverage and workers' compensation insurance. Insurance market conditions may limit the availability or affordability of coverage in the future. Losses exceeding coverage limits or outside the scope of our insurance could materially adversely affect our business, financial condition and results of operations.

#### Intellectual Property
We rely on a combination of trade names, service marks, trademarks, copyrights and patents to protect our brand and proprietary technologies, including "Csquare" and "CSQR." While we cannot assure continued registration or ownership of all such intellectual property, we are not currently aware of any facts that would materially impair our use of these assets. As of December 31, 2025, we had nine issued patents and three pending patent applications covering various technologies, including those related to our Digital Exchange, which is our interconnection platform we use for our colocation customers. For more information regarding the risks related to our intellectual property, see "*Risk Factors—Regulatory, Legal, and Environmental Risks—If we fail to protect our proprietary intellectual property rights adequately, our competitive position could be impaired, and we may lose valuable assets, generate reduced revenue and incur costly litigation to protect our rights" and "Risk Factors—Regulatory, Legal, and Environmental Risks—We may in the future be subject to intellectual property disputes, which are costly to defend and could harm our business and operating results*."

#### Properties
Our executive offices are located in Coppell, Texas. Our data centers are enterprise-grade facilities that house customer server, storage and networking equipment in secure, managed environments. We manage space, power distribution, cooling and physical security, and provide on-site support services. Our facilities feature dense fiber connectivity, redundant power and cooling infrastructure, remote building management systems, multi-layered physical and electronic security and automatic fire suppression systems.

As of December 31, 2025, our portfolio consisted of 64 completed and operating data centers in the United States, Canada and the United Kingdom, including (i) 35 owned data centers located in markets including Boston, Chicago, Columbus, Dallas, Denver, Minneapolis, Nashville, New Jersey, Northern Virginia, Phoenix, Raleigh, Seattle, Silicon Valley and Tulsa and (ii) 29 leased data centers located in markets including Albuquerque, Atlanta, Boston, Chicago, Denver, London, Los Angeles, New Jersey, Northern Virginia, Seattle and Tampa. Our data centers are strategically located near major business and financial centers and key connectivity hubs, and we have a diverse customer base that includes global enterprises and leading hyperscale cloud providers.

The table below presents general information with regards to our data centers as of December 31, 2025:

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| **Data Center**  | **Sellable <br> Capacity (sq. ft.)**  | **Capacity <br> Sold (sq. ft.)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **% of Capacity <br> Sold**  | **Owned/<br>Leased**  |
| Boston–BOS1_A  | 26707 | 7873 | 29.5% | Owned |
| Boston–BOS4_A  | 38979 | 14361 | 36.8% | Owned |
| Chicago–ORD2_A  | 104983 | 58955 | 56.2% | Owned |
| Chicago–ORD4_A  | 98689 | 70471 | 71.4% | Owned |

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| **Data Center**  | **Sellable <br> Capacity (sq. ft.)**  | **Capacity <br> Sold (sq. ft.)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **% of Capacity <br> Sold**  | **Owned/<br>Leased**  |
| Columbus–CMH1_A  | 18265 | 15232 | 83.4% | Owned |
| Dallas–DFW1_A  | 142916 | 84642 | 59.2% | Owned |
| Dallas–DFW2_A  | 44215 | 24009 | 54.3% | Owned |
| Dallas–DFW3_A  | 61379 | 38845 | 63.3% | Owned |
| Dallas–DFW4_A  | 16000 | 16000 | 100.0% | Owned |
| Dallas–DFW5_A  | 16000 | 16000 | 100.0% | Owned |
| Denver–DEN1_A  | 41719 | 29808 | 71.4% | Owned |
| Minneapolis–MSP1_A  | 17476 | 15255 | 87.3% | Owned |
| Montreal–YUL1_A  | 8787 | 7239 | 82.4% | Owned |
| Montreal–YUL1_B  | 9053 | 9053 | 100.0% | Owned |
| Montreal–YUL2_A  | 77200 | 77200 | 100.0% | Owned |
| N. Virginia–IAD2_A  | 49427 | 27962 | 56.6% | Owned |
| N. Virginia–IAD3_A  | 26111 | 13181 | 50.5% | Owned |
| Nashville–BNA1_A  | 40000 | 0 | 0.0% | Owned |
| Nashville–BNA2_A  | 10000 | 10000 | 100.0% | Owned |
| Nashville–BNA2_B  | 16000 | 16000 | 100.0% | Owned |
| New Jersey–EWR2_A  | 126828 | 64154 | 50.6% | Owned |
| New Jersey–EWR5_A  | 59513 | 48334 | 81.2% | Owned |
| Phoenix–PHX3_A  | 50436 | 39857 | 79.0% | Owned |
| Raleigh–RDU1_A  | 10000 | 10000 | 100.0% | Owned |
| Raleigh–RDU1_B  | 12212 | 12212 | 100.0% | Owned |
| Seattle–SEA2_A  | 30998 | 21626 | 69.8% | Owned |
| Seattle–SEA3_A  | 37843 | 28805 | 76.1% | Owned |
| Silicon Valley–SFO1_A  | 57457 | 35855 | 62.4% | Owned |
| Silicon Valley–SFO1_B  | 39352 | 24725 | 62.8% | Owned |
| Silicon Valley–SFO2_A  | 45045 | 41216 | 91.5% | Owned |
| Silicon Valley–SFO2_B  | 56209 | 53788 | 95.7% | Owned |
| Silicon Valley–SFO4_B  | 35754 | 35754 | 100.0% | Owned |
| Silicon Valley–SFO9_A  | 33154 | 5500 | 16.6% | Owned |
| Toronto–YYZ3_A  | 38633 | 33163 | 85.8% | Owned |
| Tulsa–TUL1_A  | 16000 | 16000 | 100.0% | Owned |
| **TOTAL OWNED**  | **1513340** | **1023075** | **67.6%** |  |
| Albuquerque–ABQ1_A  | 12975 | 2859 | 22.0% | Leased |
| Atlanta–ATL1_A  | 51528 | 46005 | 89.3% | Leased |
| Atlanta–ATL1_D  | 50443 | 30180 | 59.8% | Leased |
| Boston–BOS1_B  | 23460 | 14473 | 61.7% | Leased |
| Chicago–ORD1_A  | 33031 | 21616 | 65.4% | Leased |
| Chicago–ORD1_B  | 26191 | 23853 | 91.1% | Leased |
| Denver–DEN2_A  | 29431 | 18378 | 62.4% | Leased |
| London–LHR2_A  | 5764 | 3988 | 69.2% | Leased |
| London–LHR2_B  | 7640 | 5110 | 66.9% | Leased |
| London–LHR3_A  | 24971 | 17034 | 68.2% | Leased |

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| **Data Center**  | **Sellable <br> Capacity (sq. ft.)**  | **Capacity <br> Sold (sq. ft.)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **% of Capacity <br> Sold**  | **Owned/<br>Leased**  |
| Los Angeles–LAX3_A  | 73844 | 25663 | 34.8% | Leased |
| Los Angeles–LAX4_A  | 22984 | 6013 | 26.2% | Leased |
| Los Angeles–LAX5_A  | 52470 | 29217 | 55.7% | Leased |
| N. Virginia–IAD1_A  | 48031 | 22457 | 46.8% | Leased |
| N. Virginia–IAD1_B  | 37879 | 20570 | 54.3% | Leased |
| N. Virginia–IAD1_C  | 57447 | 39019 | 67.9% | Leased |
| N. Virginia–IAD4_A  | 58939 | 46258 | 78.5% | Leased |
| New Jersey–EWR2_C  | 74852 | 63346 | 84.6% | Leased |
| New Jersey–EWR3_A  | 47506 | 27353 | 57.6% | Leased |
| Phoenix–PHX1_A  | 24974 | 22623 | 90.6% | Leased |
| Phoenix–PHX1_B  | 15786 | 15575 | 98.7% | Leased |
| Phoenix–PHX2_A  | 23536 | 23536 | 100.0% | Leased |
| Seattle–SEA1_A  | 36767 | 12471 | 33.9% | Leased |
| Seattle–SEA1_B  | 39936 | 30963 | 77.5% | Leased |
| Silicon Valley–SFO3_A  | 19958 | 16533 | 82.8% | Leased |
| Silicon Valley–SFO4_A  | 21724 | 20207 | 93.0% | Leased |
| Tampa–TPA1_A  | 19423 | 8112 | 41.8% | Leased |
| Toronto–YYZ1_A  | 25597 | 18301 | 71.5% | Leased |
| Toronto–YYZ2_A  | 37381 | 29521 | 79.0% | Leased |
| TOTAL LEASED  | 1004468 | 661234 | 65.8% |  |
| **TOTAL** | **2517808** | **1684309** | **66.9%** |  |

---

We believe that our facilities are suitable to meet our current needs. We intend to expand our facilities or add new facilities as we grow, and we believe that suitable additional or alternative spaces will be available on commercially reasonable terms, if required.

#### Legal Proceedings
We are subject to commercial litigation claims and to administrative and regulatory proceedings and reviews that may be asserted or maintained from time to time. We currently believe that the ultimate outcome of such lawsuits, proceedings and reviews will not, individually or in the aggregate, have a material adverse effect on our financial position, liquidity or results of operations. For more information, see Note 14 to our audited consolidated financial statements included elsewhere in this prospectus.

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#### MANAGEMENT
The following table sets forth the name, age and position of each of our executive officers and directors as of the date of this prospectus.

---

| | | | |
|:---|:---|:---|:---|
| **Name**  | **Age**  | **Age**  | **Position**  |
| Spencer Mullee  |  | 63 | Chief Executive Officer |
| Steven Cook  |  | 42 | Chief Financial Officer and Chief Investment and Strategy Officer |
| Catherine Smith  |  | 61 | Chief Legal Officer, Chief Administrative Officer and Corporate Secretary  |
| Sean Charnock  |  | 48 | Chief Operating Officer |
|  |  |  | Director |

---

The following are brief biographies describing the backgrounds of the executive officers and directors of the Company.

***Spencer Mullee*** has served as our Chief Executive Officer since 2023. Prior to the formation of Csquare, Mr. Mullee was the Chief Executive Officer of Evoque. Prior to his time at Evoque, Mr. Mullee was the President and Chief Executive Officer of Via Lago Investments, a real estate investment firm, from 2019 to 2023, and Founder of DCI Data Centers, a data center developer in Australia and the Asia Pacific market, and also served as its Chief Executive Officer, Chief Operating Officer and member of its board of directors from 2001 to 2019. Mr. Mullee holds a B.S. in Managerial Economics from the University of California, Davis.

***Steven Cook*** has served as our Chief Financial Officer since 2023 and our Chief Investment and Strategy Officer since 2025. Mr. Cook joined Evoque in 2021 and served as Vice President, Finance & Investor Relations from 2021 to 2023. Mr. Cook has extensive experience in corporate strategy, capital allocation, growth implementation, and cost reduction initiatives. Prior to joining Evoque, he served in a number of roles at Wells Fargo, Rent-A-Center, and HundredX. Mr. Cook holds an MBA from the Kellogg School of Management at Northwestern University and a B.B.A. in Finance from the University of Notre Dame.

***Catherine Smith*** has served as Chief Legal Officer, Chief Administrative Officer, and Corporate Secretary since 2021. Ms. Smith has experience in legal and corporate governance matters across public companies and private equity backed organizations, including senior legal leadership roles at Motorola and Brightstar Corp. (now Likewize). Ms. Smith served as General Counsel of Brightstar Corp. and was a member of its Board of Directors from 2014 to 2020. She also served on the Board of Directors of Tilson Technology Management from 2020 to 2025 and was a member of its Audit and Compensation Committees. Ms. Smith holds a Juris Doctor degree from Georgetown University Law Center and a Bachelor of Arts degree in Government from the University of Virginia.

***Sean Charnock*** has served as our Chief Operating Officer since 2025. Mr. Charnock originally joined Csquare in 2024 and served as Chief Strategy Officer from 2024 to 2025. Prior to joining Csquare, Mr. Charnock served as Chief Executive Officer of Faction, an IT consulting firm, from 2018 to 2023 and as a member of its board of directors from 2018 to 2024. In addition, Mr. Charnock was previously the founder of SoftLayer Technologies, a pioneer in the cloud and IAAS sectors. His executive leadership spans multiple disciplines including data center, IAAS/SAAS, cloud and cyber security technologies, and he has been a part of multiple large scale venture and private equity backed companies including acquisitions from Siemens, IBM and FireEye Technologies. Mr. Charnock holds an MBA from Regis University and B.S. Degrees in Finance, Banking and Real Estate from the University of North Florida.

#### Non-Employee Directors

#### Family Relationships
There are no family relationships among our directors and executive officers.

#### Controlled Company
We intend to apply to list our common stock on the NYSE. As Brookfield will continue to beneficially own more than 50% of our combined voting power upon the completion of this offering, we will be considered a

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
"controlled company" for the purposes of that exchange's rules and corporate governance standards. As a "controlled company," we will be permitted to elect not to comply with certain corporate governance requirements, including (1) those that would otherwise require our board of directors to have a majority of independent directors, (2) those that would require that we establish a compensation committee comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities and (3) those that would require we have a nominating and corporate governance committee comprised entirely of independent directors with a written charter addressing the committee's purpose and responsibilities. Upon completion of this offering, a majority of our board of directors will not consist of independent directors and, although we will have nominating and corporate governance and compensation committees with written charters addressing such committees' purposes and responsibilities, such committees will not be comprised entirely of independent directors. We intend to utilize these exemptions as long as we remain a controlled company. Accordingly, you will not have the same protections afforded to stockholders of companies that are subject to all of these corporate governance requirements. In the event that we cease to be a "controlled company" and our shares of common stock continue to be listed on the NYSE, we will be required to comply with these provisions within the applicable transition periods.

#### Director Independence
While we are a "controlled company" we are not required to have a majority of independent directors. As allowed under the applicable rules and regulations of the SEC and the NYSE, we intend to phase in compliance with the heightened independence requirements prior to the end of the one-year transition period after we cease to be a "controlled company." Upon consummation of this offering, we expect our independent directors, as such term is defined by the applicable rules and regulations of the NYSE, will be , and .

#### Board Composition
Upon the consummation of this offering, our board of directors will consist of members. We intend to avail ourselves of the "controlled company" exception under the NYSE rules, which eliminates the requirements that we have a majority of independent directors on our board of directors and that we have a compensation committee and a nominating and corporate governance committee composed entirely of independent directors. We will be required, however, to have an audit committee with one independent director during the 90-day period beginning on the date of effectiveness of the registration statement of which this prospectus is a part. After such 90-day period and until one year from the date of effectiveness of the registration statement, we will be required to have a majority of independent directors on our audit committee. Thereafter, we will be required to have an audit committee comprised entirely of independent directors.

If at any time we cease to be a "controlled company" under the NYSE, rules, our board of directors will take all action necessary to comply with the applicable NYSE rules, including appointing a majority of independent directors to our board of directors and establishing certain committees composed entirely of independent directors, subject to a permitted "phase-in" period.

Upon the consummation of this offering, our board of directors will be divided into three classes. The members of each class will serve staggered, three-year terms (other than with respect to the initial terms of the Class I and Class II directors, which will be one and two years, respectively), with only one class of directors being elected at each annual meeting of stockholders. Upon the expiration of the term of a class of directors, directors in that class will be elected for three-year terms at the annual meeting of stockholders in the year in which their term expires. Upon consummation of this offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • will be Class I directors, whose initial terms will expire at the 2027 annual meeting of stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • will be Class II directors, whose initial terms will expire at the 2028 annual meeting of stockholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • will be Class III directors, whose initial terms will expire at the 2029 annual meeting of stockholders.

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Any additional directorships resulting from an increase in the number of directors will be distributed among the three classes so that, as nearly as possible, each class will consist of one-third of our directors. This classification of our board of directors may have the effect of delaying or preventing changes in control. At each annual meeting, our stockholders will elect the successors to one class of our directors.

The authorized number of directors may be increased or decreased by our board of directors in accordance with our certificate of incorporation. At any meeting of our board of directors, except as otherwise required by law, a majority of the total number of directors then in office will constitute a quorum for all purposes, except that if Brookfield beneficially owns at least 5% of the voting power of our outstanding common stock and there is at least one member of our board of directors who is a Brookfield Director, then that Brookfield Director must be present for there to be a quorum unless each Brookfield Director waives his or her right to be included in the quorum at such meeting.

Brookfield has the right, at any time until Brookfield no longer beneficially owns at least 5% of the voting power of our outstanding common stock, to nominate a number of directors (the "Brookfield Directors") comprising a percentage of our board of directors in accordance with their beneficial ownership of the voting power of our outstanding common stock (rounded up to the nearest whole number), except that if Brookfield beneficially owns more than 50% of the voting power of our outstanding common stock, they will have the right to nominate a majority of the directors.

Upon the consummation of this offering, , , and will be the Brookfield Directors.

#### Board Committees
Following the completion of this offering, the board committees will include an executive committee, an audit committee, a compensation committee and a nominating and corporate governance committee. So long as Brookfield beneficially owns at least 5% of the voting power of our outstanding common stock, a number of directors nominated by Brookfield that is as proportionate (rounding up to the next whole director) to the number of members of such committee as is the number of directors that Brookfield is entitled to nominate to the number of members of our board of directors will serve on each committee of our board, subject to compliance with applicable law and the rules and regulations of the NYSE.

#### Executive Committee
Following the consummation of this offering, our executive committee will consist of and . Subject to certain exceptions, the executive committee generally may exercise all of the powers of our board of directors when our board of directors is not in session. The executive committee serves under the authority of our board of directors. This committee and any of its members may continue or be changed once Brookfield no longer owns a controlling interest in us.

#### Audit Committee
Following the consummation of this offering, our audit committee will consist of , as chairperson, and . The NYSE listing rules allow us to phase in an independent audit committee. We will be required to have an audit committee with one independent director during the 90-day period beginning on the date of effectiveness of the registration statement of which this prospectus is a part. After such 90-day period and until one year from the date of effectiveness of the registration statement, we will be required to have a majority of independent directors on our audit committee. Thereafter, we will be required to have an audit committee comprised entirely of independent directors. Our board of directors has determined that qualifies as an "audit committee financial expert" as such term is defined in Item 407(d)(5) of Regulation S-K and that is independent as independence is defined in Rule 10A-3 of the Exchange Act and under the NYSE listing standards. The principal duties and responsibilities of our audit committee will be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to prepare the annual audit committee report to be included in our annual proxy statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to oversee and monitor our accounting and financial reporting processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to oversee and monitor the integrity of our financial statements and internal control system;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to oversee and monitor the independence, retention, performance and compensation of our independent auditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to oversee and monitor the performance, appointment and retention of our internal audit department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to discuss, oversee and monitor policies with respect to risk assessment and risk management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to oversee and monitor our compliance with legal and regulatory matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to oversee and monitor our cybersecurity, information and technology security and data privacy strategies and policies.

The audit committee will also have the authority to retain counsel and advisors to fulfill its responsibilities and duties and to form and delegate authority to subcommittees. In connection with the consummation of this offering, our board of directors will adopt a written charter for the audit committee, which will be available on our website.

#### Compensation Committee
Following the consummation of this offering, our compensation committee will consist of , as chairperson, and . The principal duties and responsibilities of the compensation committee will be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to review, evaluate and make recommendations to the full board of directors regarding our compensation policies and programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to review and approve the compensation of our chief executive officer, other executive officers and key employees, including all material benefits, option or stock award grants and perquisites and all material employment agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to review and make recommendations to our board of directors with respect to our incentive compensation plans and equity-based compensation plans and pension plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to administer incentive compensation and equity-related plans and pension plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to review and make recommendations to our board of directors with respect to the financial and other performance targets that must be met;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to oversee our human capital management policies, including policies related to talent development; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to prepare an annual compensation committee report and take such other actions as are necessary and consistent with the governing law and our organizational documents.

The compensation committee will also have the authority to retain counsel and advisors to assist in its responsibilities and to form and delegate authority to subcommittees. We intend to avail ourselves of the "controlled company" exception under the NYSE rules which exempts us from the requirement that we have a compensation committee composed entirely of independent directors. In connection with the consummation of this offering, our board of directors will adopt a written charter for the compensation committee, which will be available on our website.

#### Nominating and Corporate Governance Committee
Following the consummation of this offering, our nominating and corporate governance committee will consist of , as chairperson, and . The principal duties and responsibilities of the nominating and corporate governance committee will be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to identify candidates qualified to become directors of the Company, consistent with criteria approved by our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to recommend to our board of directors nominees for election as directors at the next annual meeting of stockholders or a special meeting of stockholders at which directors are to be elected, as well as to recommend directors to serve on the other committees of the board;

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to recommend to our board of directors candidates to fill vacancies and newly created directorships on our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to identify best practices and recommend corporate governance principles, including giving proper attention and making effective responses to stockholder concerns regarding corporate governance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to review, and propose for our board of directors to approve, the compensation of the non-executive members of our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to develop and recommend to our board of directors guidelines setting forth corporate governance principles applicable to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to oversee the evaluation of our board of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • to assist our board of directors in reviewing and overseeing the Company's strategies, goals and policies relating to sustainability.

The nominating and corporate governance committee will also have the authority to retain counsel and advisors to assist in its responsibilities and to form and delegate authority to subcommittees. We intend to avail ourselves of the "controlled company" exception under the NYSE rules which exempts us from the requirement that we have a nominating and corporate governance committee composed entirely of independent directors. In connection with the consummation of this offering, our board of directors will adopt a written charter for the nominating and corporate governance committee, which will be available on our website.

#### Compensation Committee Interlocks and Insider Participation
None of our executive officers served as a member of our board of directors or compensation committee, or similar committee, of any other company whose executive officer(s) served as a member of our board of directors.

#### Code of Business Conduct and Ethics
Upon the consummation of this offering, our board of directors will adopt a code of business conduct and ethics that will apply to all of our directors, officers and employees and is intended to comply with the relevant listing requirements for a code of conduct as well as qualify as a "code of ethics" as defined by the rules of the SEC. The code of business conduct and ethics will contain general guidelines for conducting our business consistent with the highest standards of business ethics. We intend to disclose future amendments to certain provisions of our code of business conduct and ethics, or waivers of such provisions applicable to any principal executive officer, principal financial officer, principal accounting officer and controller, or persons performing similar functions, and our directors, on our website at https://www.csquare.com. The code of business conduct and ethics will be available on our website.

#### Board Leadership Structure and Board's Role in Risk Oversight
Our board of directors has an oversight role, as a whole and also at the committee level, in overseeing management of its risks. Our board of directors regularly reviews information regarding our credit, liquidity and operations, as well as the risks associated with each. Our board of directors also plays an active role in monitoring and overseeing cybersecurity and information technology risks, including those that arise in connection with our relationships with suppliers and service providers, and receives regular reports from management regarding such risks and our controls and procedures relating to such risks. Following the completion of this offering, the compensation committee of our board of directors will be responsible for overseeing the management of risks relating to employee compensation plans and arrangements and the audit committee of our board of directors will oversee the management of financial risks. While each committee will be responsible for evaluating certain risks and overseeing the management of such risks, the entire board of directors will be regularly informed through committee reports about such risks.

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### EXECUTIVE COMPENSATION

#### Compensation Discussion and Analysis
This Compensation Discussion and Analysis ("CD&A") discusses the 2025 compensation for our chief executive officer, our chief financial officer and our other executive officers (collectively, our "named executive officers" or "NEOs"), who are listed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Spencer Mullee, Chief Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Steven Cook, Chief Financial Officer and Chief Investment and Strategy Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Catherine Smith, Chief Legal Officer, Chief Administrative Officer and Corporate Secretary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Sean Charnock, Chief Operating Officer

Consistent with SEC requirements, the information below is primarily historical and reflects our compensation practices while we were a private company. Following this offering, we expect the compensation committee of our board of directors (the "Compensation Committee") to work with the board and management to implement and maintain a compensation framework suitable for a public company, including establishing objectives and programs tailored to executive officers of a public company.

#### Executive Compensation Overview and Objectives
Our executive compensation and benefits program is designed to deliver a total compensation package that attracts, motivates, and retains the skilled leaders necessary for our continued success. We have structured executive compensation to provide meaningful equity participation, motivate our NEOs to meet or exceed goals and reward performance when objectives are achieved.

Once we become a public company following this offering, we expect to aim for total compensation that is reasonable and competitive, taking into account each executive's experience, performance, responsibilities, prior contributions and expected future impact on the success of our business, with plans intended to align with our business strategy and reflect market practices. Consistent with these principles, we expect to continue to offer total pay opportunities intended to retain and motivate executives and support the stability of our leadership team, which is critical to the success of our business.

After the offering, we expect the Compensation Committee to review our compensation program and each of its components in light of our status as a public company and make adjustments as it deems appropriate from time to time. Generally the executive compensation decisions for 2025 while a private company were made by a board of directors or its representative, with significant input from the CEO, and were not according to a policy allocating among types of compensation.

#### Components of Compensation for 2025
The compensation provided to the named executive officers in 2025 included base salary, a short-term cash incentive opportunity, equity-based awards granted in prior years in the form of profits interests and other employee benefits. Each of these elements is described in more detail below.

 *Base Salary* 

The base salary of each NEO is intended to align with the scope and complexity of their roles and their relative responsibilities. Salaries are regularly reviewed to ensure they are appropriate for the role.

The following table shows the base salaries of our NEOs at the end of 2025 along with the salaries in effect starting January 1, 2026:

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| | | |
|:---|:---|:---|
| **Name**  | &nbsp;&nbsp;&nbsp;&nbsp; **Annual Base <br> Salary ($) <br> (December 31, <br> 2025)**  | &nbsp;&nbsp;&nbsp;&nbsp; **Annual Base <br> Salary ($) <br> (January 1, <br> 2026)**  |
| Spencer Mullee  | $600000 | $618000 |
| Steven Cook  | $395000(1) | $395000 |
| Catherine Smith  | $357000 | $367710 |
| Sean Charnock  | $395000(1) | $395000 |

---

(1) These amounts differ from those set forth in the Summary Compensation Table for 2025 as a result of mid-year increases following a review of their roles and responsibilities.

 *Short-Term Incentive Plan (STIP)* 

Our STIP for 2025 was designed to reward the NEOs for achieving business performance results as well as individual goals over the course of the year. Target bonus opportunities for each executive were set as a percentage of base salary, reflecting the applicable executive's role. For 2025, payouts were approved at 130% of target based on a combination of achievement of financial performance measures as well as recognition of our executives' collective performance.

The following performance measures were selected for 2025: EBITDA, WALE and MRR+ BBNB. For purposes of the STIP, EBITDA is defined as earnings before interest, taxes, depreciation, and amortization, WALE is defined as weighted average lease expiration, MRR is defined as monthly recurring revenue and BBNB is booked but not billed backlog. An individual performance factor may also be applied.

The following table shows each NEO's target bonus and actual earned bonus.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name**  | **Target Bonus <br> (as % of Salary)**  | **Target <br> Bonus ($)**  | &nbsp;&nbsp;&nbsp;&nbsp; **Actual Bonus <br> (as % of Target <br> Bonus)**  | **Actual <br> Bonus ($)**  |
| Spencer Mullee  | 100% | 600000 | 130% | 780000 |
| Steven Cook  | 80% | 274215 | 130% | 356480 |
| Catherine Smith  | 100% | 357000 | 130% | 464100 |
| Sean Charnock  | 80% | 289139 | 130% | 375881 |

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 *Equity Incentives* 

As a public company following this offering, we expect to provide equity-based incentive compensation to our NEOs because it links our long-term results achieved for our stockholders and the rewards provided to NEOs, thereby ensuring that our executives have a continuing stake in our long-term success.

In connection with our initial public offering, we expect to adopt an equity compensation plan at the Company level as described below, with future equity grants to be made under that plan. Specific grants will be determined by the compensation committee and board from time to time.

While we were a private company, our equity program reflected our ownership structure. As a result, prior to 2025, our NEOs previously received incentive units representing partnership interests in an indirect parent company, which are intended to be profits interests for federal income tax purposes, representing the right to receive future profit appreciation in the event of a change in control or other specified liquidity events for our sponsor. The incentive units are further described under "*Executive Compensation Tables—Outstanding Equity Awards at Fiscal Year-End*" below.

#### Employee Benefits
We provide a number of employee benefit plans to our employees including our NEOs. As a result, our NEOs are eligible for programs such as medical and dental plans, as well as a 401(k) retirement plan with matching contributions up to a specified limit.

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
We do not generally view perquisites as a material component of our executive compensation program. In the future, we may provide additional or different perquisites or other personal benefits to our NEOs in limited circumstances, such as where we believe doing so is appropriate to assist an executive in the performance of his or her duties, to make our named executive officers more efficient and effective and for recruitment, motivation and/or retention purposes.

 *Post-Termination and Change in Control Benefits* 

We have entered into employment agreements with each of our NEOs. The terms of these agreements are described under "*Executive Compensation Tables—Narrative Relating to Summary Compensation Table and Grants of Plan-Based Awards Table*" below. The terms of these employment agreements are based on a consideration of factors including the individual's role, negotiations upon hiring and Company practice. These employment agreements include severance payments and benefits in the event of a qualifying termination of employment, as described under "*Executive Compensation Tables—Potential Payments Upon Termination or Change in Control*" below. We believe that including severance protections under the agreements with our NEOs is appropriate in return for executives' commitment to our company and the restrictive covenants described below.

#### Determination of Executive Compensation
 *Process for Determination* 

Following this offering, the Compensation Committee will generally be responsible for reviewing and approving, or recommending to our board of directors for approval, the compensation of our NEOs.

Although we did not engage in any benchmarking or use a specific peer group in determining 2025 compensation, we sometimes use market survey data to gather information regarding market practice. Our practice following this offering as a public company may be different.

 *Compensation Risk Assessment* 

We periodically review our employee compensation policies, plans and practices to determine if they create incentives or encourage behavior that is reasonably likely to have a material adverse effect on the Company. We do not believe that our compensation policies, plans and practices create incentives or encourage behavior that is reasonably likely to have a material adverse effect on us.

#### Tax and Accounting Considerations
The tax and accounting impacts are among many factors that may be considered in determining compensation. We intend to continue to compensate our executive officers in a manner consistent with the best interests of our stockholders and reserve the right to award compensation that may not be tax deductible, where the Company believes it is appropriate to do so.

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#### Executive Compensation Tables

#### Summary Compensation Table
The following table shows compensation of the named executive officers for 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Executive**  | **Year**  | **Salary <br> ($)<sup>(1)</sup>**  | **Bonus <br> ($)<sup>(2)</sup>**  | **Stock <br> Awards <br> ($)**  | **Non-Equity <br> Incentive Plan <br> Compensation <br> ($)<sup>(3)</sup>**  | **All Other <br> Compensation <br> ($)<sup>(4)</sup>**  | **Total <br> ($)**  |
| **Spencer Mullee <br> *Chief Executive Officer***  | 2025 | 600000 | 1250000 | &nbsp;&nbsp; – &nbsp;&nbsp; | 780000 | 16800 | 2646800 |
| ***Steven Cook** <br> Chief Financial Officer and <br> Chief Investment and <br> Strategy Officer*  | 2025 | 342769 |  | &nbsp;&nbsp; – &nbsp;&nbsp; | 356480 | 16800 | 716049 |
| ***Catherine Smith** <br> Chief Legal Officer, Chief Administrative Officer and Corporate Secretary*  | 2025 | 357000 |  | &nbsp;&nbsp; – &nbsp;&nbsp; | 464100 | 16800 | 837900 |
| **Sean Charnock <br> *Chief Operating Officer***  | 2025 | 361424 |  | &nbsp;&nbsp; – &nbsp;&nbsp; | 375881 | 16800 | 754105 |

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(1) Represents the salary earned in 2025.

(2) Reflects a discretionary bonus paid to our CEO in 2025.

(3) Reflects amounts earned for 2025 performance under our STIP, as described in "*Compensation Discussion and Analysis*" above, and paid in early 2026.

(4) Reflects matching contributions under our defined contribution 401(k) retirement plan.

#### Grants of Plan-Based Awards During Fiscal Year
The following table shows grants of awards to our NEOs in 2025.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | **Estimated future payouts under <br> non-equity incentive plan awards<sup>(1)</sup>**  | **Estimated future payouts under <br> non-equity incentive plan awards<sup>(1)</sup>**  | **Estimated future payouts under <br> non-equity incentive plan awards<sup>(1)</sup>**  | **All other <br> stock awards: <br> Number of <br> shares of stock <br> or unit (#)<sup>(2)</sup>**  | **Grant date <br> fair value <br> of stock <br> awards ($)**  |
| **Name**  | **Grant Date**  | **Plan**  | **Threshold ($)**  | **Target ($)**  | **Maximum ($)**  | **All other <br> stock awards: <br> Number of <br> shares of stock <br> or unit (#)<sup>(2)</sup>**  | **Grant date <br> fair value <br> of stock <br> awards ($)**  |
| Spencer Mullee  | n/a | STIP | n/a | 600000 | n/a |  |  |
| Steven Cook  | n/a | STIP | n/a | 274215 | n/a |  |  |
| Catherine Smith  | n/a | STIP | n/a | 357000 | n/a |  |  |
| Sean Charnock  | n/a | STIP | n/a | 289139 | n/a |  |  |

---

(1) Represents the target value of cash bonus awards that could have been earned by the NEOs under the STIP for performance in 2025. There was no threshold or maximum for the 2025 plan. The actual payments are set forth in the Summary Compensation Table above.

#### Narrative Relating to Summary Compensation Table and Grants of Plan-Based Awards Table
 *Employment Agreements* 

We entered into employment agreements in 2024 with each of our NEOs providing for initial base salary and annual cash bonus opportunity. For updated salary and bonus information, see the "*Compensation Discussion and Analysis*" above**.** Each employment agreement includes confidentiality provisions and post-termination non-competition and non-solicitation covenants. Each of the agreements has a three-year initial term with automatic one-year renewals unless terminated by either party. Each agreement provides for benefits in the event of an involuntary termination without cause, as described under "*Potential Payments Upon Termination or Change in Control*" below.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
 *Annual Bonus Plan* 

Our STIP provides the opportunity for the award of annual cash bonuses depending on performance. For a summary of the plan and payouts for 2025 performance, see "*Compensation Discussion and Analysis*" above. We may from time to time provide bonuses outside of our STIP program, as set forth in the Summary Compensation Table.

 *Retirement Plans and Other Benefits* 

The Company maintains a 401(k) retirement plan and other benefits for employees including health benefits. Under the 401(k) Plan, employees (including the NEO) are eligible for matching contributions up to prescribed limits.

 *Outstanding Equity Awards at Fiscal Year-End* 

The following table shows each NEO's outstanding equity awards at December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Option Awards<sup>(1)</sup>**  | **Option Awards<sup>(1)</sup>**  | **Option Awards<sup>(1)</sup>**  | **Option Awards<sup>(1)</sup>**  |
| **Name**  | **Number of <br> Securities <br> Underlying <br> Unexercised <br> Options (#) <br> Exercisable**  | **Number of <br> Securities <br> Underlying <br> Unexercised <br> Options (#) <br> Unexercisable**  | &nbsp;&nbsp; **Option <br> Exercise <br> Price**  | &nbsp;&nbsp;&nbsp; **Option <br> Expiration <br> Date**  |
| Spencer Mullee  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1</sup>)  | N/A | N/A |
| Steven Cook  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1</sup>)  | N/A | N/A |
| Catherine Smith  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1</sup>)  | N/A | N/A |
| Sean Charnock  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1</sup>)  | N/A | N/A |

---

(1) The equity awards disclosed in this table are incentive units granted as partnership interests in an indirect parent of the Company, which are intended to be "profits interests" for federal income tax purposes. These incentive units do not require the payment of an exercise price or have an option expiration date but represent the right to receive future profit appreciation on specified liquidity events for our sponsor. The incentive units are subject to time-based vesting conditions over five years, with 40% of the award vesting on April 30, 2026, and 20% vesting annually each year thereafter. The profits interests represent a percentage participation in a parent company profits rather than shares of the Company and so no share numbers are listed in this table.

#### Option Exercises and Stock Vested
No option awards were exercised or stock awards became vested during 2025.

#### Potential Payments Upon Termination or Change in Control
*Employment Agreements*. Under the employment agreements in effect on December 31, 2025, in the event of an involuntary termination without cause (as defined in the applicable agreement) on such date, our NEOs would have been eligible to receive the following severance benefits, subject to signing an effective release of claims:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Mr. Mullee: 12 months of salary (with a value of $600,000) and 12 months of COBRA premiums (assuming a value of approximately $2,000 per month, having an estimated value of $24,000)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Mr. Cook: 6 months of salary (with a value of $197,500) and 6 months of COBRA premiums (assuming a value of approximately $2,000 per month, having an estimated value of $12,000)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Ms. Smith: 12 months of salary (with a value of $357,000) and 12 months of COBRA premiums (assuming a value of approximately $2,000 per month, having an estimated value of $24,000)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Mr. Charnock: 6 months of salary (with a value of $197,500) and 6 months of COBRA premiums (assuming a value of approximately $2,000 per month, having an estimated value of $12,000)

*Equity Compensation*. The incentive units in our indirect parent company, which are intended to be " profits interests" for federal income tax purposes would become fully vested and eligible for payout upon a qualifying

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
liquidity event for our sponsor. Because the payout of such awards depends on the proceeds from the liquidity event, no value of the accelerated vesting of such awards can be estimated at this time.

#### Post-IPO Compensation Arrangements and Policies
 *Omnibus Incentive Plan* 

Prior to the consummation of this offering, our board of directors expects to adopt, and we expect our stockholders to approve, the Omnibus Incentive Plan to become effective in connection with the pricing of this offering. The following summary of the Omnibus Incentive Plan is qualified in its entirety by reference to the Omnibus Incentive Plan that is included as an exhibit to the registration statement of which this prospectus forms a part and is ultimately adopted by our board of directors.

*Administration*. The Omnibus Incentive Plan will generally be administered by the Compensation Committee, unless otherwise determined by our board of directors. However, the Compensation Committee may delegate to a committee of one or more members of our board of directors or one or more of our officers the authority to grant awards to participants other than our senior executives who are subject to Section 16 of the Exchange Act. In addition, the full board of directors will administer the Omnibus Incentive Plan with respect to awards made to non-employee directors. The Compensation Committee and our board of directors, as applicable, are sometimes referred to herein as the "Administrator." The Administrator has authority to interpret the Omnibus Incentive Plan and all award agreements, and to adopt rules for the administration, interpretation and application of the Omnibus Incentive Plan, to interpret, amend or revoke any such rules and to amend the Omnibus Incentive Plan or any award agreement, subject to certain limits set forth in the Omnibus Incentive Plan.

*Eligibility*. Persons eligible to participate in the Omnibus Incentive Plan include all non-employee members of our board of directors, as well as employees and consultants of the Company and its parents and subsidiaries, as determined by the Administrator.

*Number of Shares Authorized*. The maximum number of shares of our common stock available for issuance under the Omnibus Incentive Plan will be no more than . The shares may be authorized but unissued shares, treasury shares or shares purchased in the open market.

Awards granted under the Omnibus Incentive Plan upon the assumption of, or in substitution for, outstanding equity awards previously granted by an entity in connection with a corporate transaction, such as a merger, combination, consolidation or acquisition of property or stock ("Substitute Awards") will not reduce the shares authorized for grant under the Omnibus Incentive Plan and shares subject to such Substitute Awards may not be added to the Omnibus Incentive Plan's share reserve if such awards are forfeited or expire.

*Non-Employee Director Compensation Limit*. Notwithstanding any other provision in the Omnibus Incentive Plan or in any policy of ours regarding non-employee director compensation, the maximum amount of total compensation payable to a non-employee director for director services in any fiscal year may not exceed $, calculated as the sum of (i) the grant date fair value of all awards granted under the Omnibus Incentive Plan, plus (ii) cash compensation in the form of retainers and meeting or similar fees. However, the foregoing limit will not apply in respect of any compensation payable in the year of a non-employee director's initial appointment or election to our board of directors.

*Change in Capitalization*. The Administrator has broad discretion to take action under the Omnibus Incentive Plan, as well as to make adjustments to the number and kind of shares issuable under the Omnibus Incentive Plan and the terms, conditions and exercise price (if any) of existing and future awards, to prevent the dilution or enlargement of intended benefits and facilitate necessary or desirable changes in the event of certain transactions and events affecting our common stock, such as stock dividends, stock splits, mergers, acquisitions, consolidations and other corporate transactions, as well as equity restructurings.

*Awards Available for Grant*. The Omnibus Incentive Plan provides for the grant of stock options, including incentive stock options ("ISOs") and nonqualified stock options ("NSOs"), stock appreciation rights ("SARs"), restricted stock, RSUs, PSUs, other stock-based incentive awards, dividend equivalents, and cash-based incentive awards. All awards under the Omnibus Incentive Plan will be set forth in award agreements, which will detail all terms and conditions of the awards, including any applicable vesting and payment terms,

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
performance criteria, and post-termination exercise limitations. Awards other than cash-based incentive awards generally will be settled in shares of our common stock, but the Administrator may provide for cash settlement of any award. With limited exceptions, awards under the Omnibus Incentive Plan are generally non-transferable. A brief description of different award types follows.

*Stock Options and SARs*. Stock options provide for the purchase of shares of our common stock in the future at an exercise price set on the grant date. ISOs are subject to specified requirements under the tax code. SARs entitle their holder, upon exercise, to receive from us an amount equal to the appreciation of the shares subject to the award between the grant date and the exercise date, payable in shares, cash or a combination of shares and cash. The exercise price of all stock options and SARs granted pursuant to the Omnibus Incentive Plan will not be less than 100% of the fair market value of our common stock on the date of grant, with the exception of Substitute Awards. The exercise price of a stock option may be paid by the participant in any form permitted by the Administrator. Stock options and SARs may be exercised as determined by the Administrator, but in no event may have a term extending beyond the tenth anniversary of the date of grant. The period during which a participant may have a right to vest in and exercise an option or SAR will be set by the Administrator. The Administrator may accelerate the vesting of an option.

*Restricted Stock*. Restricted stock is an award of nontransferable shares of our common stock that remain forfeitable unless and until specified conditions are met, and which may be subject to a purchase price. Upon the issuance of restricted stock, a participant will have all of the rights of a stockholder, including the right to vote and to receive dividends and other distributions, subject to the Administrator's discretion. The vesting period will be set by the Administrator. The Administrator may accelerate the vesting of restricted stock by removing any and all restrictions imposed on the award. Except as otherwise determined by the Administrator, in the event a participant's service is terminated during the applicable restriction period and such participant holds an award of restricted stock, then (i) if such participant paid no price for the restricted stock award, the unvested portion of such restricted stock award shall be forfeited and cancelled for no consideration on the participant's date of termination, or (ii) if such participant paid a price for the restricted stock award, then we will have the right to repurchase the unvested portion of such restricted stock award at a cash price per share equal to the price paid by the participant for such restricted stock award or such other amount as may be specified in the applicable award agreement.

*RSU Awards*. Restricted stock units ("RSUs") are contractual promises to deliver shares of our common stock in the future if specified conditions are met. A participant will have no stockholder rights unless and until the RSUs vest and shares are delivered to the participant. Delivery of the shares underlying RSUs may be deferred under the terms of the award or at the election of the participant, if the Administrator permits such a deferral. The vesting period will be set by the Administrator. Performance-based RSUs ("PSUs") may be granted. The Administrator may accelerate the vesting of RSUs. Unless otherwise provided by the Administrator, RSUs will be settled and paid in the form of fully transferable shares, but may also be settled in cash or in a combination of shares and cash.

*Other Stock or Cash-Based Awards*. Other stock or cash-based awards are awards linked to or derived from shares of our common stock or value metrics related to our shares, and may remain forfeitable unless and until specified conditions are met. Such awards will be paid in stock, cash, or a combination of stock and cash. These stock or cash-based awards may, but need not, be made in lieu of compensation to which a participant is otherwise entitled.

*Dividend Equivalents*. Dividend equivalents represent the right to receive the equivalent value of dividends paid on shares of our common stock and may be granted alone or in tandem with certain other types of awards. Generally dividend equivalents are credited as of dividend record dates during the period between the date an award is granted and the date such award vests, is exercised, is distributed or expires, as determined by the Administrator. Unless otherwise determined by the Administrator, dividend equivalents that are based on dividends paid prior to the vesting of an award will be paid out to the participant only to the extent that the award vests and in no event may any award provide for a participant's receipt of any other dividends prior to the vesting of such award.

*Vesting and Performance Criteria*. Vesting conditions determined by the Administrator may apply to each award and may include continued service, achievement of performance goals and/or such other criteria as determined by the Administrator.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
*Non-U.S. Participants*. The Administrator may modify award terms, establish subplans and/or adjust other terms and conditions of awards, subject to the share limits described above, in order to facilitate grants of awards subject to the laws and/or stock exchange rules of countries outside of the United States.

*Plan Amendment and Termination*. Our board of directors may amend, suspend, or terminate the Omnibus Incentive Plan at any time; however, except in connection with certain changes in our capital structure, stockholder approval will be required for any amendment that increases the number of shares available under the Omnibus Incentive Plan, "reprices" any stock option or SAR, or cancels any stock option or SAR in exchange for cash or another award when the option or SAR price per share exceeds the fair market value of the underlying shares. No amendment, suspension, or termination of the Omnibus Incentive Plan may materially and adversely affect any rights or obligations under any outstanding award without the consent of the participant, unless the award agreement expressly provides otherwise.

*Clawback/Forfeiture*. All awards will be subject to the provisions of any claw-back policy implemented by us to the extent set forth in such claw-back policy and/or in the applicable award agreement, as well as to any claw-back required by applicable law or stock exchange listing rule.

#### Director Compensation
*Director Compensation for 2025*. We did not have any non-employee directors who received compensation for their service on our board of directors and committees of our board of directors during 2025.

*Post-IPO Director Compensation*. We are evaluating the specific terms of our director compensation program following this offering, but we anticipate that our non-employee directors will be eligible to receive cash and/or and equity compensation in connection with their services and will be reimbursed for out-of-pocket expenses in connection with their services.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
Other than compensation arrangements for our executive officers and directors (see "*Executive Compensation*" for a discussion of compensation arrangements for our named executive officers and directors) and the transactions discussed below, there were no transactions, to which we were a party or will be a party, in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the amounts involved exceeded or will exceed $120,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any of our directors, executive officers or holders of more than 5% of our capital stock, or any member of the immediate family of the foregoing persons, had or will have a direct or indirect material interest.

#### Stockholders Agreement
In connection with the completion of this offering, we intend to enter into the Stockholders Agreement with Brookfield. The Stockholders Agreement will provide that Brookfield has the right, at any time until Brookfield no longer beneficially owns at least 5% of the voting power of our outstanding common stock, to nominate a number of directors comprising a percentage of the board in accordance with its beneficial ownership of our outstanding common stock (rounded up to the nearest whole number), except that if Brookfield beneficially owns more than 50% of the voting power of our outstanding common stock, Brookfield has the right to nominate a majority of the directors. See "*Management—Board Composition*."

Any vacancy on our board of directors in respect of a Brookfield Director will be filled only by individuals designated by Brookfield, for so long as Brookfield beneficially owns at least 5% of the voting power of our outstanding common stock.

In the event that Brookfield has nominated less than the total number of Brookfield Directors that they are entitled to nominate, Brookfield will have the right, at any time, to nominate such additional nominee(s), and our board of directors will take all necessary actions, whether by increasing the size of our board of directors or otherwise, to effect the election of such additional nominee(s) to fill any existing vacancy or newly-created directorship. To the extent any nominee to become a Brookfield Director is not elected as a director at a meeting of our stockholders, Brookfield will continue to have the right to nominate the nominee to become a Brookfield Director, and our board of directors will take all necessary actions, whether by increasing the size of our board of directors or otherwise, to effect the election of such additional nominee(s) to fill any existing vacancy or newly-created directorship.

In addition, the Stockholders Agreement will set forth certain information rights granted to Brookfield.

The Stockholders Agreement will also provide that until Brookfield no longer beneficially owns at least 20% of our issued and outstanding common stock, we will not take certain significant actions specified therein without the prior consent of Brookfield, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • amending, modifying or repealing (whether by merger, consolidation or otherwise) any provision of our certificate of incorporation, our bylaws or equivalent organizational documents of our subsidiaries in a manner that adversely affects Brookfield;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • issuing additional shares of our or our subsidiaries' equity securities other than any award issued pursuant to an equity compensation plan approved by the stockholders or a majority of the Brookfield Directors, or intracompany issuance among the Company and our wholly-owned subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • acquiring of equity interests or assets of any other entity, or any business, properties, assets or entities in excess of $ million in any single transaction, other than ordinary course acquisitions with vendors, customers and suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • disposing of any of our or our subsidiaries' assets or equity interests in excess of $ million in any single transaction, other than ordinary course dispositions with vendors, customers and suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • incurring indebtedness for borrowed money, in a single transaction or a series of related transactions, aggregating to more than $ million, except for (i) debt under a revolving credit facility that has previously been approved or is in existence on the date of closing of this offering, or (ii) intercompany indebtedness;

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • merging or consolidating with or into any other entity, or transferring (by lease, assignment, sale or otherwise) all or substantially all of the Company's and our subsidiaries' assets, taken as a whole, to another entity, or enter into or agree to undertake any other transaction that would constitute a "change of control" as defined in our or our subsidiaries' debt agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • undertaking any liquidation, dissolution or winding up of the Company or any material subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • effecting any material change in the nature of the business of the Company and its subsidiaries, taken as a whole; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changing the size of our board of directors.

#### Registration Rights Agreement
In connection with the completion of this offering, we intend to enter into a registration rights agreement (the "Registration Rights Agreement") with Brookfield. Subject to several exceptions, including our right to defer a demand registration, shelf registration or underwritten offering under certain circumstances, Brookfield may require that we register for public resale under the Securities Act all shares of common stock that it requests to be registered at any time following this offering, subject to the restrictions in the lock-up agreements entered into in connection with this offering, so long as the securities being registered in each registration statement or sold in any underwritten offering are reasonably expected to produce aggregate proceeds of at least $ million.

If we become eligible to register the sale of our securities on Form S-3 under the Securities Act, which will not be until at least twelve calendar months after the date of this prospectus, Brookfield has the right to require us to register the sale of the common stock held by them on Form S-3, subject to offering size and other restrictions. Brookfield also has the right to request marketed and non-marketed underwritten offerings using a shelf registration statement.

If we propose to file certain types of registration statements under the Securities Act with respect to an offering of equity securities (including for sale by us), we will be required to use our reasonable best efforts to offer Brookfield the opportunity to register the sale of all or part of their shares on the terms and conditions set forth in the Registration Rights Agreement (customarily known as "piggyback rights").

All expenses of registration under the Registration Rights Agreement, including the legal fees of counsel chosen by stockholders participating in a registration, will be paid by us.

The registration rights granted in the Registration Rights Agreement are subject to customary restrictions including blackout periods and, if a registration is underwritten, any limitations on the number of shares to be included in the underwritten offering as reasonably advised by the managing underwriter or underwriters. The Registration Rights Agreement also contains customary indemnification and contribution provisions. The Registration Rights Agreement is governed by Delaware law.

Any sales in the public market of any common stock registrable pursuant to the Registration Rights Agreement could adversely affect prevailing market prices of our common stock. See "*Risk Factors—Risks Related to this Offering and Ownership of Our Common Stock—Future sales of our common stock in the public market, or the perception in the public market that such sales may occur, could reduce our stock price*" and "*Shares Eligible for Future Sale*."

#### Other Transactions
 *Compass Acquisition Agreement* 

On June 4, 2025, certain subsidiaries of the Company entered into an Interest Purchase Agreement to acquire 10 data centers from entities affiliated with Compass Datacenters, LLC, an entity approximately 49% owned by Brookfield, for approximately $202.5 million. The acquisition closed on October 1, 2025. As part of the acquisition, we assumed $743.0 million of asset-backed securitized notes issued by Compass Datacenters Issuer, LLC and Compass Datacenters Canada Issuer Limited Partnership. See "*Management's Discussion* 

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
 *and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Debt—Asset-Backed Notes—2021 ABS Notes."* 

 *Prior ABS Note Offerings* 

From time to time, Brookfield Securities LLC, an affiliate of Brookfield, has acted as a passive bookrunner in prior debt issuances by the Company's subsidiaries.

On October 17, 2024, Brookfield Securities LLC received approximately $1.3 million in connection with its role as a passive bookrunner in the issuance of its Series 2024-1 and Series 2024-2 notes.

On March 20, 2025, Brookfield Securities LLC received approximately $1.4 million in connection with its role as a passive bookrunner in the issuance of its Series 2025-1 and 2025-2 notes.

On August 21, 2025, Brookfield Securities LLC received approximately $1.2 million in connection with its role as a passive bookrunner in the issuance of its Series 2025-3 and Series 2025-4 notes.

On December 22, 2025, Brookfield Securities LLC received approximately $1.7 million in connection with its role as a passive bookrunner in the issuance of its Series 2025-5, Series 2025-6 and Series 2025-7 notes.

 *Other* 

For the years ended December 31, 2025, 2024 and 2023, we recognized related party revenue from transactions with affiliates of Brookfield for colocation revenues of $3.4 million, $2.5 million and $0.1 million, respectively, of which Brookfield's interest was approximately 49%.

For the years ended December 31, 2025 and 2024, we recognized related party expenses from transactions with affiliates of Brookfield for data center property leasing expenses of $3.3 million and $3.7 million, respectively, of which Brookfield's interest was approximately 49%.

#### Indemnification Agreements
We expect to enter into customary indemnification agreements with our executive officers and directors that provide them, in general, with customary indemnification in connection with their service to us or on our behalf. The indemnification agreements and our amended and restated bylaws will require us to indemnify our directors to the fullest extent not prohibited by DGCL. Subject to very limited exceptions, our amended and restated bylaws will also require us to advance expenses incurred by our directors and officers. For more information regarding these agreements, see "*Description of Capital Stock—Limitation on Liability and Indemnification*."

#### Policies and Procedures for Related Party Transactions
Upon the consummation of this offering, we will adopt a written Related Party Transactions Policy (the "policy"), which will set forth our policy with respect to the review, approval, ratification and disclosure of all related party transactions by our audit committee. In accordance with the policy, our audit committee will have overall responsibility for implementation of and compliance with the policy.

For purposes of the policy, a "related party transaction" is a transaction, arrangement or relationship (or any series of similar transactions, arrangements or relationships) in which we were, are or will be a participant and the amount involved exceeded, exceeds or will exceed $120,000 and in which any related party (as defined in the policy) had, has or will have a direct or indirect material interest. A "related party transaction" does not include any employment relationship or transaction involving an executive officer and any related compensation resulting solely from that employment relationship that has been reviewed and approved by our board of directors or audit committee.

The policy will require that notice of a proposed related party transaction be provided to our legal department prior to entry into such transaction. If our legal department determines that such transaction is a related party transaction, the proposed transaction will be submitted to our audit committee for consideration. Under the policy, our audit committee may approve only those related party transactions that are in, or not inconsistent with, our best interests and the best interests of our stockholders. In the event that we become aware of a

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
related party transaction that has not been previously reviewed, approved or ratified under the policy and that is ongoing or is completed, the transaction will be submitted to the audit committee so that it may determine whether to ratify, rescind or terminate the related party transaction.

The policy will also provide that the audit committee review certain previously approved or ratified related party transactions that are ongoing to determine whether the related party transaction remains in our best interests and the best interests of our stockholders. Additionally, we will make periodic inquiries of directors and executive officers with respect to any potential related party transaction of which they may be a party or of which they may be aware.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### PRINCIPAL STOCKHOLDERS
The following table sets forth the beneficial ownership of our common stock, as of , 2026 by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each person, or group of affiliated persons, who we know to beneficially own more than 5% of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each of our named executive officers for the year ended December 31, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each of our current directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all of our current directors and executive officers as a group.

The SEC has defined "beneficial ownership" of a security to mean the possession, directly or indirectly, of voting power and/or investment power over such security. A stockholder is also deemed to be, as of any date, the beneficial owner of all securities that such stockholder has the right to acquire within 60 days after that date through the exercise or vesting of any right to acquire shares of common stock. Except as otherwise indicated, all persons listed below have sole voting and investment power with respect to the shares beneficially owned by them, subject to applicable community property laws. The table below excludes any purchases that may be made in this offering. Unless otherwise indicated, the address of each person or entity named in the table below is c/o Csquare, Inc., 3100 Olympus Blvd., Suite 510, Coppell, TX 75019.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Shares of Common Stock <br> Beneficially Owned <br> Before the Offering**  | **Shares of Common Stock <br> Beneficially Owned <br> Before the Offering**  | **Shares of Common Stock <br> Beneficially Owned <br> After the Offering assuming <br> underwriters' option is <br> not exercised**  | **Shares of Common Stock <br> Beneficially Owned <br> After the Offering assuming <br> underwriters' option is <br> not exercised**  | **Shares of Common Stock <br> Beneficially Owned <br> After the Offering assuming <br> underwriters' option is <br> exercised**  | **Shares of Common Stock <br> Beneficially Owned <br> After the Offering assuming <br> underwriters' option is <br> exercised**  |
| | **Number**  | **Percent**  | **Number**  | **Percent**  | **Number**  | **Percent**  |
| **5% Stockholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Brookfield<sup>(1)</sup>  |  |  |  |  |  |  |
|  **Named Executive Officers and Directors**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Spencer Mullee  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Steven Cook  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Catherine Smith  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sean Charnock  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; All current directors and executive officers as a group (persons)  |  |  |  |  |  |  |

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\*

Indicates beneficial ownership of less than 1%

(1) Dawn Topco L.P. (the "Brookfield Stockholder") is the record holder of the shares of common stock beneficially owned by Brookfield Corporation. BIF III GP (Cayman) L.P. ("BIF III GP Cayman") serves as the general partner of the Brookfield Stockholder. Brookfield Corporation indirectly owns and controls BIF III GP Cayman. Each of BIF III GP Cayman and Brookfield Corporation disclaims beneficial ownership of any shares held of record by the Brookfield Stockholder, in each case except to the extent of any pecuniary interest therein. The address of the Brookfield Stockholder is 225 Liberty Street, 8th Floor, New York, NY 10281. The address of BIF III GP Cayman is PO Box 309 Ugland House Grand Cayman KY1-1104 Cayman Islands. The address of Brookfield Corporation is 181 Bay Street, Suite 100 Toronto, Ontario M5J 2T3, Canada.

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#### DESCRIPTION OF CAPITAL STOCK
 *The following is a description of the material terms of our amended and restated certificate of incorporation and amended and restated bylaws, each of which will become effective prior to the consummation of this offering, and of specific provisions of Delaware law. The following description also assumes the completion of the Corporate Conversion. The following description is intended as a summary only and is qualified in its entirety by reference to our certificate of incorporation, our bylaws and the DGCL.* 

#### General
Upon the closing of this offering and the filing of our amended and restated certificate of incorporation that will become effective prior to the closing of this offering, our capital stock will consist of authorized shares, of which shares, par value $0.01 per share, will be designated as "common stock" and shares, par value $0.01 per share, will be designated as "preferred stock." As of December 31, 2025, after giving effect to the Corporate Conversion, there would have been shares of common stock outstanding and no shares of preferred stock outstanding.

#### Common Stock
*Voting Rights*. The holders of our common stock are entitled to one vote per share on all matters submitted for action by the stockholders generally.

*Dividend Rights*. Subject to any preferential rights of any then outstanding preferred stock, all shares of our common stock are entitled to share equally in any dividends our board of directors may declare from legally available sources.

*Liquidation Rights*. Upon our liquidation, dissolution or winding up, whether voluntary or involuntary, after payment in full of the amounts required to be paid to holders of any then outstanding preferred stock, all shares of our common stock are entitled to share equally in the assets available for distribution to stockholders after payment of all of our prior obligations.

*Other Matters*. Holders of our common stock have no preemptive or conversion rights, and our common stock is not subject to further calls or assessments by us. There are no redemption or sinking fund provisions applicable to our common stock. The rights, powers, preferences and privileges of holders of our common stock will be subject to those of the holders of any shares of our preferred stock that we may designate and issue in the future.

#### Preferred Stock
Pursuant to our certificate of incorporation, shares of preferred stock are issuable from time to time, in one or more series, with the designations, voting rights (full, limited or no voting rights), powers, preferences, participating, optional or other special rights (if any), and any qualifications, limitations or restrictions thereof, of each series as our board of directors from time to time may adopt by resolution (and without further stockholder approval). Each series of preferred stock will consist of an authorized number of shares as will be stated and expressed in the certificate of designations providing for the creation of the series.

#### Composition of Board of Directors; Election and Removal
In accordance with our certificate of incorporation and our bylaws, the number of directors comprising our board of directors is determined from time to time exclusively by our board of directors; provided that the number of directors shall not be less than three and shall not exceed 15. Our certificate of incorporation will provide for a board of directors divided into three classes (each as nearly as equal as possible and with directors in each class serving staggered three-year terms), initially consisting of directors in Class I, directors in Class II and directors in Class III. See "*Description of Capital Stock—Certain Corporate Anti-takeover Provisions—Classified Board of Directors*."

Under our Stockholders Agreement, Brookfield will have the right, but not the obligation, at any time until Brookfield no longer beneficially owns at least 5% of our issued and outstanding common stock, to nominate a number of directors comprising a percentage of our board of directors in accordance with their beneficial

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ownership of our outstanding common stock (rounded up to the nearest whole number), except that if Brookfield beneficially owns more than 50% of the voting power of our outstanding common stock, Brookfield will have the right to nominate a majority of the directors. We refer to the directors nominated by Brookfield based on such percentage ownership as the "Brookfield Directors." See "*Certain Relationships and Related Party Transactions—Stockholders Agreement*."

Each director is to hold office for a three-year term and until the annual meeting of stockholders for the election of the class of directors to which such director has been elected and until his or her successor is duly elected and qualified or until his or her earlier death, resignation or removal. Any vacancy on our board of directors (other than in respect of a Brookfield Director) will be filled only by the affirmative vote of a majority of the remaining directors, even if less than a quorum. Any vacancy on our board of directors in respect of a Brookfield Director will be filled only by individuals designated by Brookfield, for so long as Brookfield beneficially owns at least 5% of our issued and outstanding common stock. See "*Certain Relationships and Related Party Transactions—Stockholders Agreement*."

At any meeting of our board of directors, except as otherwise required by law, a majority of the total number of directors then in office will constitute a quorum for all purposes, except that if Brookfield beneficially owns at least 5% of our issued and outstanding common stock and there is at least one member of our board of directors who is a Brookfield Director, then at least one director that is a Brookfield Director must be present for there to be a quorum unless each Brookfield Director waives his or her right to be included in the quorum at such meeting.

#### Certain Corporate Anti-takeover Provisions
Certain provisions in our certificate of incorporation, bylaws and Stockholders Agreement summarized below may be deemed to have an anti-takeover effect and may delay, deter or prevent a tender offer or takeover attempt that a stockholder might consider to be in its best interests, including attempts that might result in a premium being paid over the market price for the shares held by stockholders.

 *Preferred Stock* 

Our certificate of incorporation contains provisions that permit our board of directors to issue, without any further vote or action by stockholders, shares of preferred stock in one or more series and, with respect to each such series, to fix the number of shares constituting the series and the designation of the series, the voting rights (if any) of the shares of the series, the powers, preference, participating, optional and other special rights, if any, and any qualifications, limitations or restrictions, of the shares of such series.

 *Classified Board of Directors* 

Our certificate of incorporation provides that our board of directors will be divided into three classes of directors, with the classes to be as nearly equal in number as possible, and with the directors in each class serving staggered three-year terms. As a result, approximately one-third of our board of directors will be elected each year. The classification of directors will have the effect of making it more difficult for stockholders to change the composition of our board of directors. Our certificate of incorporation provides that, subject to any rights of holders of preferred stock to elect additional directors under specified circumstances, the number of directors will be fixed from time to time exclusively pursuant to a resolution adopted by our board of directors, as described above in "*—Composition of Board of Directors; Election and Removal*."

 *Removal of Directors; Vacancies* 

Under the DGCL, unless otherwise provided in our certificate of incorporation, directors serving on a classified board may be removed by the stockholders only for cause. Our certificate of incorporation provides that directors may be removed with or without cause upon the affirmative vote of a majority in voting power of all outstanding shares of stock entitled to vote generally in the election of directors, voting together as a single class; provided, however, that from and after the time Brookfield ceases to beneficially own, in the aggregate, at least 50.1% of the voting power of our outstanding common stock, directors may only be removed for cause, and only by the affirmative vote of holders of at least 66<sup>2</sup>∕3% in voting power of all the then-outstanding shares of stock of the Company entitled to vote generally in the election of directors, voting

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together as a single class. For so long as Brookfield is entitled to nominate a director to our board of directors pursuant to the Stockholders Agreement, any vacancy on our board of directors in respect of a Brookfield Director shall only be filled by Brookfield. Any other vacancy on our board of directors will be filled only by the affirmative vote of a majority of the remaining directors, even if less than a quorum, as described above in "*—Composition of Board of Directors; Election and Removal*."

 *No Cumulative Voting* 

Under our certificate of incorporation, stockholders do not have the right to cumulative votes in the election of directors.

 *Special Meetings of Stockholders* 

Our certificate of incorporation provides that if less than 50.1% of the voting power of our outstanding common stock is beneficially owned by Brookfield, special meetings of the stockholders may be called only by the chairperson of our board of directors or by the secretary at the direction of a majority of the directors then in office. For so long as at least 50.1% of the voting power of our outstanding common stock is beneficially owned by Brookfield, special meetings may also be called by the secretary at the written request of the holders of a majority of the voting power of the then outstanding common stock. The business transacted at any special meeting will be limited to the proposal or proposals included in the notice of the meeting.

 *Stockholder Action by Written Consent* 

Subject to the rights of the holders of one or more series of our preferred stock then outstanding, any action required or permitted to be taken by stockholders must be effected at a duly called annual or special meeting of our stockholders; provided, that prior to the time at which Brookfield ceases to beneficially own at least 50.1% of the voting power our outstanding common stock, any action required or permitted to be taken at any annual or special meeting of our stockholders may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, is signed by or on behalf of the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and are delivered in accordance with applicable Delaware law.

 *Advance Notice Requirements for Stockholder Proposals and Director Nominations* 

Our bylaws provide that stockholders who are seeking to bring business before an annual meeting of stockholders, or to nominate candidates for election as directors at an annual meeting of stockholders, other than any nomination for a Brookfield Director, must provide timely notice thereof in writing. To be timely, a stockholder's notice generally must be delivered to and received at our principal executive offices not less than 90 days nor more than 120 days prior to the first anniversary of the preceding year's annual meeting of stockholders; provided, that in the event that the date of such meeting is advanced by more than 30 days prior to, or delayed by more than 60 days after, the anniversary of the preceding year's annual meeting of our stockholders, a stockholder's notice to be timely must be so delivered not earlier than the close of business on the 120th day prior to such meeting and not later than the close of business on the 90th day prior to such meeting or, if the first public announcement of the date of such meeting is less than 100 days prior to the date of such annual meeting, the 10th day following the day on which public announcement of the date of such meeting is first made. Our bylaws specify certain requirements as to the form and content of a stockholder's notice. These provisions may preclude stockholders from bringing matters before an annual meeting of stockholders or from making nominations for directors at an annual meeting of stockholders.

All of the foregoing provisions of our certificate of incorporation and bylaws could discourage potential acquisition proposals and could delay or prevent a change in control. These provisions are intended to enhance the likelihood of continuity and stability in the composition of our board of directors and in the policies formulated by our board of directors and to discourage certain types of transactions that may involve an actual or threatened change in control. These same provisions may delay, deter or prevent a tender offer or takeover attempt that a stockholder might consider to be in its best interest. In addition, such provisions could have the effect of discouraging others from making tender offers for our shares and, as a consequence, they

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
also may inhibit fluctuations in the market price of our common stock that could result from actual or rumored takeover attempts. Such provisions also may have the effect of preventing changes in our management.

 *Delaware Takeover Statute* 

We have opted out of Section 203 of the General Corporation Law of the State of Delaware (the "DGCL"), which prohibits a publicly held Delaware corporation from engaging in a business combination transaction with an interested stockholder for a period of three years after the interested stockholder became such unless the transaction fits within an applicable exemption, such as board approval of the business combination or the transaction which resulted in such stockholder becoming an interested stockholder. However, our certificate of incorporation contains similar provisions that restrict us from engaging in any business combination with an interested stockholder for three years following the date that person becomes an interested stockholder. Such restrictions shall not apply to any business combination between Brookfield and any affiliate thereof or their direct and indirect transferees, on the one hand, and us, on the other. Therefore, Brookfield will be able to transfer control of us to a third-party by transferring their shares of our common stock (subject to certain restrictions and limitations), which would not require the approval of our board of directors or our other stockholders. In addition, such restrictions will not apply if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a stockholder becomes an interested stockholder inadvertently and (i) as soon as practicable divests itself of ownership of sufficient shares so that it ceases to be an interested stockholder and (ii) within the three-year period immediately prior to the business combination between the Company and such stockholder, would not have been an interested stockholder but for the inadvertent acquisition of ownership; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the business combination is proposed prior to the consummation or abandonment of, and subsequent to the earlier of the public announcement or the notice required under the certificate of incorporation of, a proposed transaction that (i) constitutes one of the transactions described in the proviso of this sentence, (ii) is with or by a person who either was not an interested stockholder during the previous three years or who became an interested stockholder with the approval of our board of directors and (iii) is approved or not opposed by a majority of the directors then in office (but not less than one) who were directors prior to any person becoming an interested stockholder during the previous three years or were recommended for election or elected to succeed such directors by a majority of such directors; provided that the proposed transactions are limited to (x) a merger or consolidation of the Company (except for a merger in respect of which, pursuant to Section 251(f) of the DGCL, no vote of the stockholders of the Company is required), (y) a sale, lease, exchange, mortgage, whether as part of a dissolution or otherwise, of assets of the Company or of any direct or indirect majority-owned subsidiary of the Company (other than to any wholly owned subsidiary or to the Company) having an aggregate market value equal to 50% or more of either that aggregate market value of all the assets of the Company determined on a consolidated basis or the aggregate market value of all the outstanding stock of the Company or (z) a proposed tender or exchange offer for 50% or more of the outstanding voting stock of the Company; provided further that the Company will give not less than 20 days' notice to all interested stockholders prior to the consummation of any of the transactions described in clause (x) or (y) above.

Additionally, we would be able to enter into a business combination with an interested stockholder if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • before that person became an interested stockholder, our board of directors approved the transaction in which the interested stockholder became an interested stockholder or approved the business combination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • upon consummation of the transaction that resulted in the interested stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding (but not the outstanding voting stock owned by the interested stockholder) stock held by directors who are also officers of our Company and by employee stock plans that do not provide employees with the right to determine confidentially whether shares held under the plan will be tendered in a tender or exchange offer; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • following the transaction in which that person became an interested stockholder, the business combination is approved by our board of directors and authorized at a meeting of stockholders by the affirmative vote of the holders of at least 66<sup>2</sup>∕3% of the voting power of our outstanding voting stock not owned by the interested stockholder.

In general, a "business combination" is defined to include mergers, asset sales and other transactions resulting in financial benefit to a stockholder and an "interested stockholder" is any person who, together with affiliates and associates, is the owner of 15% or more of our outstanding voting stock or is our affiliate or associate and was the owner of 15% or more of our outstanding voting stock at any time within the three-year period immediately before the date of determination. Under our certificate of incorporation, an "interested stockholder" generally does not include Brookfield and any affiliate thereof or their direct and indirect transferees.

This provision of our certificate of incorporation could prohibit or delay mergers or other takeover or change in control attempts and, accordingly, may discourage attempts to acquire us even though such a transaction may offer our stockholders the opportunity to sell their stock at a price above the prevailing market price.

 *Amendment of Our Certificate of Incorporation* 

Under Delaware law, our certificate of incorporation may be amended only with the affirmative vote of holders of at least a majority of the outstanding stock entitled to vote thereon.

Notwithstanding the foregoing, our certificate of incorporation provides that, from and after the time Brookfield ceases to beneficially own at least 50.1% of the voting power of our outstanding common stock, in addition to any vote required by applicable law, our certificate of incorporation or bylaws, the affirmative vote of holders of at least 66<sup>2</sup>∕3% of the voting power of our outstanding shares of our capital stock entitled to vote thereon, voting together as a single class, is required to alter, amend or repeal the following provisions of our certificate of incorporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the provision authorizing our board of directors to designate one or more series of preferred stock and, by resolution, to provide the rights, powers and preferences, and the qualifications, limitations and restrictions thereof, of any series of preferred stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the provisions providing for a classified board of directors and the number of the directors, establishing the term of office of directors, setting forth the quorum of any meeting of our board of directors, relating to the removal of directors, specifying the manner in which vacancies on our board of directors and newly created directorships may be filled and relating to any voting rights of preferred stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the provisions authorizing our board of directors to make, alter, amend or repeal our bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the provisions regarding the calling of special meetings and stockholder action by written consent in lieu of a meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the provisions eliminating monetary damages for breaches of fiduciary duty by a director or officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the provisions providing for indemnification and advance of expenses of our directors and officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the provisions regarding competition and corporate opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the provision specifying that, unless we consent in writing to the selection of an alternative forum, the Chancery Court of the State of Delaware will be the sole and exclusive forum for intra-corporate disputes and the federal district courts of the United States will be the exclusive forum for complaints asserting a cause of action arising under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the provisions regarding entering into business combinations with interested stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the provision requiring that, from and after the time Brookfield ceases to beneficially own at least 50.1% of the voting power of our outstanding common stock, amendments to specified provisions of our certificate of incorporation require the affirmative vote of 66<sup>2</sup>∕3% in voting power of our outstanding stock, voting as a single class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the provision requiring that, from and after the time Brookfield ceases to beneficially own at least 50.1% of the voting power of our outstanding common stock, amendments by the stockholders to our bylaws require the affirmative vote of 66<sup>2</sup>∕3% in voting power of our outstanding stock, voting as a single class.

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
 *Amendment of Our Bylaws* 

Our bylaws provide that they can be amended by the vote of the holders of shares constituting a majority of the voting power or by the vote of a majority of our board of directors. However, our certificate of incorporation provides that, from and after the time Brookfield ceases to beneficially own at least 50.1% of the voting power of our outstanding common stock, in addition to any vote required under our certificate of incorporation, the affirmative vote of the holders of at least 66<sup>2</sup>∕3% of the voting power of the outstanding shares of stock entitled to vote thereon, voting as a single class, is required for the stockholders to alter, amend or repeal any provision of our bylaws or to adopt any provision inconsistent therewith.

 *Certain Matters that Require Consent of Brookfield* 

The Stockholders Agreement provides that until Brookfield no longer beneficially owns at least 20% of our issued and outstanding common stock, we will not take certain significant actions specified therein without the prior consent of Brookfield, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • amending, modifying or repealing (whether by merger, consolidation or otherwise) any provision of our certificate of incorporation, our bylaws or equivalent organizational documents of our subsidiaries in a manner that adversely affects Brookfield;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • issuing additional shares of our or our subsidiaries' equity securities other than any award issued pursuant to an equity compensation plan approved by the stockholders or a majority of the Brookfield Directors, or intracompany issuance among the Company and our wholly-owned subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any acquisition of equity interests or assets of any other entity, or any business, properties, assets or entities in excess of $ million in any single transaction, other than ordinary course acquisitions with vendors, customers and suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any disposition of any of our or our subsidiaries' assets or equity interests in excess of $ million in any single transaction, other than ordinary course dispositions with vendors, customers and suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the incurrence of indebtedness for borrowed money, in a single transaction or a series of related transactions, aggregating to more than $ million, except for (i) debt under a revolving credit facility that has previously been approved or is in existence on the date of closing of this offering, or (ii) intercompany indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • merging or consolidating with or into any other entity, or transferring (by lease, assignment, sale or otherwise) all or substantially all of the Company's and our subsidiaries' assets, taken as a whole, to another entity, or enter into or agree to undertake any other transaction that would constitute a "change of control" as defined in the Stockholders Agreement (other than, in each case, transactions among the Company and our wholly-owned subsidiaries);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • undertaking any liquidation, dissolution or winding up of the Company or any material subsidiary of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • effecting any material change in the nature of the business of the Company and its subsidiaries, taken as a whole; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a change in the size of our board of directors. See "*Certain Relationships and Related Party Transactions—Stockholders Agreement*."

The provisions of the DGCL, our certificate of incorporation, our bylaws and the Stockholders Agreement could have the effect of discouraging others from attempting hostile takeovers and, as a consequence, they may also inhibit temporary fluctuations in the market price of our common stock that often result from actual or rumored hostile takeover attempts. These provisions may also have the effect of preventing changes in our management. It is possible that these provisions could make it more difficult to accomplish transactions that stockholders may otherwise deem to be in their best interests.

#### Corporate Opportunity
Under Delaware law, officers and directors generally have an obligation to present to the corporation they serve business opportunities which the corporation is financially able to undertake and which falls within the

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
corporation's business line and are of practical advantage to the corporation, or in which the corporation has an actual or expectant interest. A corollary of this general rule is that when a business opportunity comes to an officer or director that is not one in which the corporation has an actual or expectant interest, the officer is generally not obligated to present it to the corporation. Certain of our officers and directors may serve as officers, directors or fiduciaries of other entities and, therefore, may have legal obligations relating to presenting available business opportunities to us and to other entities. Potential conflicts of interest may arise when our officers and directors learn of business opportunities (e.g., the opportunity to acquire an asset or portfolio of assets, to make a specific investment, to effect a sale transaction, etc.) that would be of material advantage to us and to one or more other entities of which they serve as officers, directors or other fiduciaries.

Section 122(17) of the DGCL permits a corporation to renounce, in advance, in its certificate of incorporation or by action of its board of directors, any interest or expectancy of a corporation in certain classes or categories of business opportunities. Where business opportunities are so renounced, certain of our officers and directors will not be obligated to present any such business opportunities to us. Our certificate of incorporation provides that, to the fullest extent permitted by law, no officer or director of ours who is also an officer, director, principal, partner, member, manager, employee, agent or other representative of Brookfield or its affiliates will be liable to us or our stockholders for breach of any fiduciary duty by reason of the fact that any such individual directs a corporate opportunity to Brookfield or its affiliates and representatives instead of us, or does not communicate information regarding a corporate opportunity to us that the officer, director, employee, managing director or other affiliate has directed to Brookfield.

#### Exclusive Forum Selection
Unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware (or, if the Court of Chancery of the State of Delaware lacks jurisdiction over such action or proceeding, then another court of the State of Delaware, or if no court of the State of Delaware has jurisdiction, then the United States District Court for the District of Delaware) will, to the fullest extent permitted by law, be the sole and exclusive forum for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any derivative action or proceeding brought on our behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any action asserting a claim of breach of a fiduciary duty owed by any of our directors, officers, employees or agents to us or our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any action asserting a claim arising pursuant to any provision of the DGCL or of our certificate of incorporation or our bylaws or as to which the DGCL confers jurisdiction on the Court of Chancery of the State of Delaware; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any action asserting a claim related to or involving the Company or any director or officer of the Company that is governed by the internal affairs doctrine,

in each such case subject to the Court of Chancery of the State of Delaware having personal jurisdiction over the indispensable parties named as defendants.

The foregoing exclusive forum provision in our certificate of incorporation will not apply to claims arising under the Securities Act as our certificate of incorporation will provide that the federal district courts of the United States will be the exclusive forum for the resolution of any action, suit or proceedings asserting a cause of action arising under the Securities Act. Section 22 of the Securities Act would otherwise create concurrent federal and state jurisdiction over all suits brought to enforce a liability or duty created under the Securities Act. Therefore, the exclusive federal forum provision in our certificate of incorporation for claims brought under the Securities Act will limit a stockholder's right to bring a claim to enforce a liability or duty created under the Securities Act in state court. The exclusive forum provisions in our certificate of incorporation will not apply to claims arising under the Exchange Act. However, the enforceability of similar forum provisions in other companies' certificates of incorporation has been challenged in legal proceedings, and it is possible that a court could find these types of provisions to be unenforceable.

We recognize that the forum selection clause in our certificate of incorporation may impose additional litigation costs on stockholders in pursuing any such claims, particularly if the stockholders do not reside in or near the State of Delaware. Additionally, the forum selection clause in our certificate of incorporation may limit our stockholders' ability to bring a claim in a forum that they find favorable for disputes with us or our

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
directors, officers or employees, which may discourage such lawsuits against us and our directors, officers and employees even though an action, if successful, might benefit our stockholders. Alternatively, if a court were to find the choice of forum provision contained in our certificate of incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions. The Court of Chancery of the State of Delaware and the federal district courts of the United States may also reach different judgments or results than would other courts, including courts where a stockholder considering an action may be located or would otherwise choose to bring the action, and such judgments may be more or less favorable to us than our stockholders.

#### Limitation of Liability and Indemnification
Our certificate of incorporation limits the liability of our directors and officers to the maximum extent permitted by the DGCL. The DGCL provides that directors and officers will not be personally liable for monetary damages for breach of their fiduciary duties as directors, except liability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • for any breach of their duty of loyalty to the corporation or its stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • under Section 174 of the DGCL (governing distributions to stockholders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • for any transaction from which the director or officer derived an improper personal benefit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • of an officer in any action by or in the right of the Company

However, if the DGCL is amended to authorize corporate action further eliminating or limiting the personal liability of directors and officers, then the liability of our directors and officers will be eliminated or limited to the fullest extent permitted by the DGCL, as so amended. The modification or repeal of this provision of our certificate of incorporation will not adversely affect any right or protection of a director or officer existing at the time of such modification or repeal.

Our certificate of incorporation provides that we will, to the fullest extent from time to time permitted by law, indemnify our directors and officers against all liabilities and expenses in any suit or proceeding, arising out of their status as an officer or director or their activities in these capacities. We will also indemnify any person who, while a director or officer, at our request, is or was serving as a director, officer or employee of another corporation, partnership, joint venture, trust or other enterprise. We may, by action of our board of directors, provide indemnification to our employees and agents within the same scope and effect as the foregoing indemnification of directors and officers.

The right to be indemnified will include the right of an officer or a director to be paid expenses in advance of the final disposition of any proceeding, provided that, if required by law, we receive an undertaking to repay such amount if it will be determined that he or she is not entitled to be indemnified.

Our board of directors may take such action as it deems necessary to carry out these indemnification provisions, including adopting procedures for determining and enforcing indemnification rights and purchasing insurance policies. Our board of directors may also adopt bylaws, resolutions or contracts implementing indemnification arrangements as may be permitted by law. Neither the amendment nor the repeal of these indemnification provisions, nor any provision of our certificate of incorporation that is inconsistent with these indemnification provisions, will eliminate or reduce any rights to indemnification relating to their status or any activities prior to such amendment, repeal or adoption.

We believe these provisions will assist in attracting and retaining qualified individuals to serve as directors.

#### Listing
We intend to apply to list our shares of common stock on the NYSE under the symbol "CSQR".

#### Transfer Agent and Registrar
The transfer agent and registrar for our common stock is Computershare Trust Company, N.A.

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### SHARES ELIGIBLE FOR FUTURE SALE
Prior to this offering, there has been no public market for our common stock. As described below, only a limited number of shares will be available for sale shortly after this offering due to contractual and legal restrictions on resale. Nevertheless, sales of a substantial number of shares of our common stock in the public market after such restrictions lapse, or the perception that those sales may occur, could adversely affect the prevailing market price of our common stock at such time and our ability to raise equity-related capital at a time and price we deem appropriate. See "*Risk Factors—Risks Related to this Offering and Ownership of Our Common Stock—Future sales of our common stock in the public market, or the perception in the public market that such sales may occur, could reduce our stock price*."

#### Sales of Restricted Shares
Upon the completion of this offering and after giving effect to the Corporate Conversion, we will have outstanding an aggregate of shares of common stock (or shares if the underwriters exercise their option to purchase additional shares in full). Of these shares, all of the shares of common stock to be sold in this offering (or shares assuming the underwriters exercise their option to purchase additional shares in full) will be freely tradable without restriction, unless the shares are held by any of our "affiliates" as such term is defined in Rule 144 under the Securities Act, and without further registration under the Securities Act. All remaining shares of common stock will be deemed "restricted securities" as such term is defined under Rule 144.

Restricted securities may be sold in the public market only if they qualify for an exemption from registration under Rule 144 under the Securities Act, which is summarized below, or any other applicable exemption under the Securities Act, or pursuant to a registration statement that is effective under the Securities Act. Immediately following the consummation of this offering, the holders of approximately shares of our common stock will be entitled to dispose of their shares following the expiration of an initial 180-day underwriter "lock-up" period, subject to the holding period, volume and other restrictions of Rule 144. is entitled to waive these lock-up provisions in its discretion prior to the expiration date of such lock-up agreements.

#### Lock-up Agreements
We, Brookfield and all of our directors and executive officers, who collectively hold substantially all of our issued and outstanding common stock, have agreed not to sell any common stock or securities convertible into or exercisable or exchangeable for shares of common stock for a period of 180 days from the date of this prospectus, subject to certain exceptions. Please see "*Underwriting*" for a description of these lock-up provisions. The representatives, in their sole discretion, may at any time release all or any portion of the shares from the restrictions in such agreements, subject to applicable notice requirements.

#### Rule 144
After giving effect to this offering, we expect that shares of our outstanding common stock will be "restricted" securities under the meaning of Rule 144 under the Securities Act and may not be sold in the absence of registration under the Securities Act unless an exemption from registration is available, including the exemption provided by Rule 144.

In general, under Rule 144 under the Securities Act as currently in effect, beginning 90 days after the date of this prospectus, a person (or persons whose shares are aggregated) who is not deemed to have been an affiliate of ours at any time during the six months preceding a sale, and who has beneficially owned restricted securities within the meaning of Rule 144 for at least six months (including any period of consecutive ownership of preceding non-affiliated holders) would be entitled to sell those shares, subject only to the availability of current public information about us. A non-affiliated person who has beneficially owned restricted securities within the meaning of Rule 144 for at least one year would be entitled to sell those shares without regard to the provisions of Rule 144.

A person (or persons whose shares are aggregated) who is deemed to be an affiliate of ours and who has beneficially owned restricted securities within the meaning of Rule 144 for at least six months would be entitled to sell within any three-month period a number of shares that does not exceed the greater of one percent of

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
the then outstanding shares of our common stock or the average weekly trading volume of our common stock reported by the NYSE during the four calendar weeks preceding the filing of notice of the sale; provided, in each case, that we are subject to the Exchange Act periodic reporting requirements for at least 90 days before the same and have filed all required reports during that time period. Such sales by affiliates are also subject to certain manner of sale provisions, notice requirements and the availability of current public information about us.

#### Rule 701
In general, under Rule 701 under the Securities Act, any of our employees, directors, officers, consultants or advisors who purchase shares from us in connection with a compensatory stock or option plan or other written agreement before the effective date of this offering is entitled to sell such shares 90 days after the effective date of this offering in reliance on Rule 144, without having to comply with the holding period requirement of Rule 144 and, in the case of non-affiliates, without having to comply with the public information, volume limitation or notice filing provisions of Rule 144. The SEC has indicated that Rule 701 will apply to typical stock options granted by an issuer before it becomes subject to the reporting requirements of the Exchange Act, along with the shares acquired upon exercise of such options, including exercises after the date of this prospectus.

#### Stock Issued Under Employee Plans
We intend to file a registration statement on Form S-8 under the Securities Act to register our common stock issuable under the Omnibus Incentive Plan. This registration statement on Form S-8 is expected to be filed following the effective date of the registration statement of which this prospectus is a part and will be effective upon filing. Accordingly, shares registered under such registration statement will be available for sale in the open market following the effective date, unless such shares are subject to vesting restrictions with us, Rule 144 restrictions applicable to our affiliates or the lock-up restrictions described above.

#### Registration Rights
Following this offering and subject to the lock-up agreements, Brookfield will be entitled to certain rights with respect to the registration of the sale of their shares of common stock under the Securities Act. For more information, see "*Certain Relationships and Related Party Transactions—Registration Rights Agreement*." After such registration, these shares of common stock will become freely tradable without restriction under the Securities Act except for shares purchased by affiliates.

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS
The following is a discussion of certain material U.S. federal income tax considerations applicable to Non-U.S. Holders (as defined below) with respect to the ownership and disposition of our common stock issued pursuant to this offering. The following discussion is based upon current provisions of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), U.S. judicial decisions, administrative pronouncements of the U.S. Internal Revenue Service (the "IRS") and existing and proposed U.S. Treasury regulations, all as in effect as of the date hereof, all of which are subject to change at any time or subject to differing interpretations, possibly with retroactive effect, which may result in U.S. federal income tax consequences different from those discussed below. We have not requested, and will not request, a ruling from the IRS with respect to any of the U.S. federal income tax consequences described below, and as a result there can be no assurance that the IRS or a court will not disagree with or challenge any of the conclusions we have reached and describe herein.

This discussion only addresses consequences to Non-U.S. Holders that hold our common stock as a "capital asset" within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all aspects of U.S. federal income taxation that may be important to a Non-U.S. Holder in light of such Non-U.S. Holder's particular circumstances or that may be applicable to Non-U.S. Holders subject to special treatment under U.S. federal income tax law (including, for example, banks and other financial institutions, regulated investment companies, real estate investment trusts, dealers in securities, traders in securities that elect mark-to-market treatment, insurance companies, tax-exempt entities, Non-U.S. Holders who acquire our common stock pursuant to the exercise of employee stock options or otherwise as compensation for their services, Non-U.S. Holders subject to special tax rules as a result of any item of income being taken into account in an applicable financial statement, Non-U.S. Holders that actually or constructively own more than five percent of our common stock, Non-U.S. Holders liable for the alternative minimum tax, controlled foreign corporations, foreign controlled foreign corporations, passive foreign investment companies, former citizens or former long-term residents of the United States, entities or arrangements classified as partnerships for U.S. federal income tax purposes and investors therein, Non-U.S. Holders that hold our common stock as part of a hedge, straddle, constructive sale or conversion transaction, "qualified foreign pension funds" as defined in Section 897(l)(2) of the Code and entities all of the interests of which are held by qualified foreign pension funds and Non-U.S. Holders that are foreign governments and other entities eligible for the benefits of Section 892 of the Code). In addition, this discussion does not address U.S. federal tax laws other than those pertaining to U.S. federal income tax (such as U.S. federal estate or gift tax or the Medicare contribution tax on certain net investment income), nor does it address any aspects of U.S. state, local or non-U.S. taxes. Non-U.S. Holders should consult their own tax advisors regarding the possible application of these taxes.

For purposes of this discussion, the term "Non-U.S. Holder" means a beneficial owner of our common stock that is, for U.S. federal income tax purposes, an individual, corporation, estate or trust, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an individual who is a citizen or resident of the United States, as determined for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a corporation, or other entity taxable as a corporation for U.S. federal income tax purposes, created or organized in the United States or under the laws of the United States, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an estate, the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a trust if: (i) a court within the United States is able to exercise primary supervision over the administration of the trust and one or more "U.S. persons" (within the meaning of Section 7701(a)(30) of the Code) have the authority to control all substantial decisions of the trust; or (ii) it has a valid election in effect under applicable U.S. Treasury regulations to be treated as a domestic trust.

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds shares of our common stock, the tax treatment of a person treated as a partner of such partnership generally will depend on the status of the partner and the activities of the partnership. Partnerships and persons that, for U.S. federal income tax purposes, are treated as partners in a partnership considering an investment in shares of our common stock should consult their own tax advisors.

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
THE FOLLOWING DISCUSSION IS FOR GENERAL INFORMATION PURPOSES ONLY AND IS NOT INTENDED TO BE, NOR SHOULD IT BE CONSTRUED AS, LEGAL OR TAX ADVICE TO ANY HOLDER OR PROSPECTIVE HOLDER OF OUR COMMON STOCK. PROSPECTIVE HOLDERS SHOULD CONSULT THEIR TAX ADVISORS AS TO THE PARTICULAR CONSEQUENCES TO THEM UNDER U.S. FEDERAL, STATE AND LOCAL, AND APPLICABLE NON-U.S. TAX LAWS OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF OUR COMMON STOCK.

#### Distributions
Distributions of cash or property that we pay in respect of our common stock will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Subject to the discussions below under "—*U.S. Trade or Business Income*," "—*Information Reporting and Backup Withholding*" and "—*FATCA*," you generally will be subject to U.S. federal withholding tax at a 30% rate, or at a reduced rate prescribed by an applicable income tax treaty, on any dividends received in respect of our common stock. If the amount of any distribution exceeds our current and accumulated earnings and profits, such excess first will be treated as a return of capital to the extent of your tax basis in our common stock (determined separately for each share), and thereafter will be treated as capital gain as described below under "—*Sale, Exchange or Other Taxable Disposition of Common Stock*." However, except to the extent that the applicable withholding agent elects otherwise based on a reasonable estimate that we may provide of our current and accumulated earnings and profits for the taxable year of such distribution, such withholding agent must generally withhold at the applicable rate on the entire distribution, in which case you would be entitled to a refund from the IRS for the withholding tax on the portion, if any, of the distribution that exceeded our current and accumulated earnings and profits.

In order to obtain a reduced rate of U.S. federal withholding tax under an applicable income tax treaty, you must provide a proper certification of your entitlement to benefits under the treaty (usually on an IRS Form W-8BEN or W-8BEN-E, as applicable). A Non-U.S. Holder that does not timely furnish the required documentation but that qualifies for a reduced treaty rate may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. You should consult your own tax advisor regarding your possible entitlement to benefits under an applicable income tax treaty.

#### Sale, Exchange or Other Taxable Disposition of Common Stock
Subject to the discussions below under "—*U.S. Trade or Business Income*," "—*Information Reporting and Backup Withholding*" and "—*FATCA*," you generally will not be subject to U.S. federal income or withholding tax in respect of any gain on a sale, exchange or other taxable disposition of our common stock unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the gain is effectively connected with your conduct of a U.S. trade or business, in which case, such gain will be taxed as described in "—*U.S. Trade or Business Income*" below (and, if required by an applicable income tax treaty, you maintain a permanent establishment in the U.S. to which such gain is attributable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • you are an individual who is present in the United States for 183 or more days in the taxable year of the disposition and certain other conditions are met; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our common stock constitutes a U.S. real property interest (a "USRPI") by reason of our status as a "United States real property holding corporation" (a "USRPHC") under Section 897 of the Code at any time during the shorter of the five-year period ending on the date of the disposition and your holding period for the common stock that is the subject of such disposition (the "Applicable Period"), in which case, subject to the exception set forth below, such gain will be subject to U.S. federal income tax.

Gain described in the first bullet point above generally will be subject to U.S. federal income tax on a net basis at regular U.S. federal income tax rates in the same manner as a U.S. person. A Non-U.S. Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate specified by an applicable income tax treaty) on its effectively connected earnings and profits (as adjusted for certain items), which will generally include such effectively connected gain.

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
If you are described in the second bullet point above, you will be subject to U.S. federal income tax at a rate of 30% (or a reduced rate under an applicable income tax treaty) on the amount by which certain capital gains allocable to U.S. sources exceed certain capital losses allocable to U.S. sources, provided you have timely filed your U.S. federal income tax return with respect to such losses.

With respect to the third bullet point above, in general, a corporation is a USRPHC if the fair market value of its "United States real property interests" equals or exceeds 50% of the sum of the fair market value of its worldwide real property interests and its other assets used or held for use in a trade or business. We believe we are not currently, and, based on current information available to us, we do not anticipate becoming in the future, a USRPHC, though the determination of whether we are or will be treated as a USRPHC is highly fact-dependent and no assurances can be provided with respect to our present or future status. In the event that we are determined to be a USRPHC, gain arising from the sale, exchange or other taxable disposition of our common stock by a Non-U.S. Holder will, nonetheless, not be subject to U.S. federal income tax if our common stock is regularly traded on an established securities market (within the meaning of applicable U.S. Treasury regulations) and you owned (directly and indirectly, taking into account certain constructive ownership rules) 5% or less of our common stock at all times during the Applicable Period. If the exceptions above do not apply, you will generally be subject to U.S. federal income tax on a net basis at regular U.S. federal income tax rates in the same manner as a U.S. person on the sale, exchange or other disposition of our common stock, and withholding taxes at a 15% rate may apply.

#### U.S. Trade or Business Income
Generally, dividend income and gain on the sale, exchange or other taxable disposition of our common stock that is effectively connected with your conduct of a U.S. trade or business (or, if you are eligible for the benefits on an applicable income tax treaty and such treaty requires that such dividends or gain is attributable to a permanent establishment (or, if you are an individual, a fixed base) that you maintain in the United States) is not subject to U.S. federal withholding tax (provided that you comply with applicable certification and disclosure requirements, including providing a properly executed IRS Form W-8ECI (or successor form)), but will instead generally be subject to U.S. federal income tax on a net basis at regular U.S. federal income tax rates in the same manner as a U.S. person. If you are a corporation, such dividends and gain may also be subject to a "branch profits tax" at a 30% rate (or at a lower rate specified by an applicable income tax treaty).

#### Information Reporting and Backup Withholding
Information returns are required to be filed with the IRS in connection with payments of dividends on our common stock. Copies of these information returns may also be made available under the provisions of a specific treaty or agreement to the tax authorities of the country in which a Non-U.S. Holder resides or is established. Under certain circumstances, the Code imposes a backup withholding obligation on certain reportable payments. Dividends paid to you will generally be exempt from backup withholding if you certify your non-U.S. status by providing a properly executed IRS Form W-8BEN, Form W-8BEN-E or Form W-8ECI, as applicable (or, in each case, a successor form) or otherwise establish an exemption and the applicable withholding agent does not have actual knowledge or reason to know that you are a U.S. person or that the conditions of such other exemption are not, in fact, satisfied.

The payment of the proceeds from the disposition of our common stock to or through the U.S. office of any broker (U.S. or non-U.S.) will be subject to information reporting and possible backup withholding unless you certify as to your non-U.S. status under penalties of perjury by providing the certification described above to the broker or otherwise establish an exemption, and the broker does not have actual knowledge or reason to know that you are a U.S. person or that the conditions of any other exemption are not, in fact, satisfied. The payment of proceeds from the disposition of our common stock to or through a non-U.S. office of a non-U.S. broker will not be subject to information reporting or backup withholding unless the non-U.S. broker has certain types of relationships with the United States (a "U.S. related financial intermediary"). In the case of the payment of proceeds from the disposition of our common stock to or through a non-U.S. office of a broker that is either a U.S. person or a U.S. related financial intermediary, the U.S. Treasury regulations require information reporting (but not backup withholding) on the payment unless the broker has documentary evidence in its files, such as the certifications described above, that the Non-U.S. Holder is not a

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
U.S. person and the broker has no knowledge to the contrary. You should consult your tax advisor on the application of information reporting and backup withholding in light of your particular circumstances.

Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules from a payment to you will be refunded or credited against your U.S. federal income tax liability, if any, provided that the required information is timely furnished to the IRS.

#### FATCA
Pursuant to Section 1471 through 1474 of the Code, commonly referred to as the Foreign Account Tax Compliance Act ("FATCA"), foreign financial institutions (which include most foreign hedge funds, private equity funds, mutual funds, and other investment vehicles) and certain other foreign entities that do not otherwise qualify for an exemption must comply with information reporting rules with respect to their U.S. account holders and investors or be subject to a withholding tax on U.S. source payments made to them (whether received as a beneficial owner or as an intermediary for another party).

More specifically, a 30% withholding tax may be imposed on dividends on, or (subject to the proposed U.S. Treasury regulations discussed below) gross proceeds from the sale or other disposition of, our common stock paid to a "foreign financial institution" or a "non-financial foreign entity" (each as defined in the Code), unless (i) in the case of a foreign financial institution, certain diligence and reporting obligations are undertaken, (ii) in the case of a non-financial foreign entity, the non-financial foreign entity either certifies it does not have any "substantial United States owners" (as defined in the Code) or furnishes identifying information regarding each of its direct and indirect substantial United States owners, or (iii) the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules.

FATCA currently applies to payments of dividends made in respect of our common stock. Proposed U.S. Treasury regulations, the preamble to which states that they can be relied upon until final regulations are issued, exempt from FATCA gross proceeds on dispositions of stock. To avoid withholding on dividends, Non-U.S. Holders may be required to provide the applicable withholding agent with applicable tax forms or other information. Prospective Non-U.S. Holders should consult their own tax advisors regarding the effect, if any, of the FATCA provisions to them based on their particular circumstances.

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### UNDERWRITING
Under the terms and subject to the conditions in an underwriting agreement dated the date of this prospectus, the underwriters named below, for whom Morgan Stanley & Co. LLC and TD Securities (USA) LLC are acting as representatives, have severally agreed to purchase, and we have agreed to sell to them, severally, the number of shares indicated below:

---

| | |
|:---|:---|
| **Name**  | **Number of Shares**  |
| Morgan Stanley & Co. LLC  |  |
| TD Securities (USA) LLC  |  |
| &nbsp;&nbsp;&nbsp; Total:  |  |

---

The underwriters and the representatives are collectively referred to as the "underwriters" and the "representatives," respectively. The underwriters are offering the shares of common stock subject to their acceptance of the shares from us and subject to prior sale. The underwriting agreement provides that the obligations of the several underwriters to pay for and accept delivery of the shares of common stock offered by this prospectus are subject to the approval of certain legal matters by their counsel and to certain other conditions. The underwriters are obligated to take and pay for all of the shares of common stock offered by this prospectus if any such shares are taken. However, the underwriters are not required to take or pay for the shares covered by the underwriters' over-allotment option described below.

The underwriters initially propose to offer part of the shares of common stock directly to the public at the offering price listed on the cover page of this prospectus and part to certain dealers at a price that represents a concession not in excess of $ per share under the initial public offering price. After the initial offering of the shares of common stock, the offering price and other selling terms may from time to time be varied by the representatives.

We have granted to the underwriters an option, exercisable for 30 days from the date of this prospectus, to purchase up to additional shares of common stock at the initial public offering price listed on the cover page of this prospectus, less underwriting discounts and commissions. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any, made in connection with the offering of the shares of common stock offered by this prospectus. To the extent the option is exercised, each underwriter will become obligated, subject to certain conditions, to purchase about the same percentage of the additional shares of common stock as the number listed next to the underwriter's name in the preceding table bears to the total number of shares of common stock listed next to the names of all underwriters in the preceding table.

The following table shows the per share and total initial public offering price, underwriting discounts and commissions, and proceeds before expenses to us. These amounts are shown assuming both no exercise and full exercise of the underwriters' option to purchase up to an additional shares of common stock.

---

| | | | |
|:---|:---|:---|:---|
| | **Per <br> Share**  | **Total**  | **Total**  |
| | **Per <br> Share**  | **No Exercise**  | **Full Exercise**  |
| Initial public offering price  |  | $&nbsp;&nbsp; | $&nbsp;&nbsp; |
| Underwriting discounts and commissions  |  | $&nbsp;&nbsp; | $&nbsp;&nbsp; |
| Proceeds, before expenses, to us  |  | $&nbsp;&nbsp; | $&nbsp;&nbsp; |

---

The estimated offering expenses payable by us, exclusive of the underwriting discounts and commissions, are approximately $. We have agreed to reimburse the underwriters for expense relating to clearance of this offering with the Financial Industry Regulatory Authority up to $.

The underwriters have informed us that they do not intend sales to discretionary accounts to exceed 5% of the total number of shares of common stock offered by them. Our common stock will be listed on the New York Stock Exchange under the trading symbol "CSQR".

We and all directors and officers and the holders of all of our outstanding stock and stock options have agreed, subject to certain exceptions, that, without the prior written consent of the representatives on behalf

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#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
of the underwriters, we and they will not, and will not publicly disclose an intention to, during the period ending 180 days after the date of this prospectus (the "restricted period"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, any shares of common stock or any securities convertible into or exercisable or exchangeable for shares of common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • file any registration statement with the Securities and Exchange Commission relating to the offering of any shares of common stock or any securities convertible into or exercisable or exchangeable for common stock; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of the common stock or any securities convertible into or exchangeable for common stock.

whether any such transaction described above is to be settled by delivery of common stock or such other securities, in cash or otherwise. In addition, we and each such person agrees that, without the prior written consent of the representatives on behalf of the underwriters, we or such other person will not, during the restricted period, make any demand for, or exercise any right with respect to, the registration of any shares of common stock or any security convertible into or exercisable or exchangeable for common stock.

The representatives, in their sole discretion, may release the common stock and other securities subject to the lock-up agreements described above in whole or in part at any time.

In order to facilitate the offering of the common stock, the underwriters may engage in transactions that stabilize, maintain or otherwise affect the price of the common stock. Specifically, the underwriters may sell more shares than they are obligated to purchase under the underwriting agreement, creating a short position. A short sale is covered if the short position is no greater than the number of shares available for purchase by the underwriters under the over-allotment option. The underwriters can close out a covered short sale by exercising the over-allotment option or purchasing shares in the open market. In determining the source of shares to close out a covered short sale, the underwriters will consider, among other things, the open market price of shares compared to the price available under the over-allotment option. The underwriters may also sell shares in excess of the over-allotment option, creating a naked short position. The underwriters must close out any naked short position by purchasing shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of the common stock in the open market after pricing that could adversely affect investors who purchase in this offering. As an additional means of facilitating this offering, the underwriters may bid for, and purchase, shares of common stock in the open market to stabilize the price of the common stock. These activities may raise or maintain the market price of the common stock above independent market levels or prevent or retard a decline in the market price of the common stock. The underwriters are not required to engage in these activities and may end any of these activities at any time.

We and the underwriters have agreed to indemnify each other against certain liabilities, including liabilities under the Securities Act.

A prospectus in electronic format may be made available on websites maintained by one or more underwriters, or selling group members, if any, participating in this offering. The representatives may agree to allocate a number of shares of common stock to underwriters for sale to their online brokerage account holders. Internet distributions will be allocated by the representatives to underwriters that may make Internet distributions on the same basis as other allocations.

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. Certain of the underwriters and their respective affiliates have, from time to time, performed, and may in the future perform, various financial advisory and investment banking services for us, for which they received or will receive customary fees and expenses.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
In addition, in the ordinary course of their various business activities, the underwriters and their respective affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers and may at any time hold long and short positions in such securities and instruments. Such investment and securities activities may involve our securities and instruments. The underwriters and their respective affiliates may also make investment recommendations or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long or short positions in such securities and instruments.

#### Pricing of the Offering
Prior to this offering, there has been no public market for our common stock. The initial public offering price was determined by negotiations between us and the representatives. Among the factors considered in determining the initial public offering price were our future prospects and those of our industry in general, our sales, earnings and certain other financial and operating information in recent periods, and the price-earnings ratios, price-sales ratios, market prices of securities, and certain financial and operating information of companies engaged in activities similar to ours.

#### Selling Restrictions

#### Notice to prospective investors in European Economic Area
In relation to each Member State of the European Economic Area (each a "Relevant State"), no shares have been offered or will be offered pursuant to the offering to the public in that Relevant State prior to the publication of a prospectus in relation to the shares which has been approved by the competent authority in that Relevant State or, where appropriate, approved in another Relevant State and notified to the competent authority in that Relevant State, all in accordance with the Prospectus Regulation, except that the shares may be offered to the public in that Relevant State at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

to any qualified investor as defined under Article 2 of the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the Prospectus Regulation), subject to obtaining the prior consent of the representatives for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

in any other circumstances falling within Article 1(4) of the Prospectus Regulation,

provided that no such offer of shares shall require us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation, supplement a prospectus pursuant to Article 23 of the Prospectus Regulation or publish an Annex IX document pursuant to Article 1(4) of the Prospectus Regulation.

For the purposes of this provision, the expression an "offer to the public" in relation to the shares in any Relevant State means the communication in any form and by any means of sufficient information on the terms of the offer and any shares to be offered so as to enable an investor to decide to purchase any shares, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.

#### Notice to prospective investors in United Kingdom
No shares have been offered or will be offered pursuant to the offering to the public in the United Kingdom except that the shares may be offered to the public in the United Kingdom at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

where the offer is conditional on the admission of the shares to trading on the London Stock Exchange plc's main market (in reliance on the exception in paragraph 6(a) of Schedule 1 of the POATR);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

to any qualified investor as defined under paragraph 15 of Schedule 1 of the POATR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)

to fewer than 150 persons (other than qualified investors as defined under paragraph 15 of Schedule 1 of the POATR), subject to obtaining the prior consent of the representatives for any such offer; or

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d)

in any other circumstances falling within Part 1 of Schedule 1 of the POATR.

For the purposes of this provision, the expression an "offer to the public" in relation to the shares in the United Kingdom means the communication to any person which presents sufficient information on: (a) the shares to be offered; and (b) the terms on which they are to be offered, to enable an investor to decide to buy or subscribe for the shares and the expressions "POATR" means the Public Offers and Admissions to Trading Regulations 2024.

#### Notice to prospective investors in Canada
The shares of our common stock may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the shares of our common stock must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts ("NI 33-105"), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

#### Notice to prospective investors in Switzerland
This prospectus does not constitute an offer to the public or a solicitation to purchase or invest in any shares of our common stock. No shares of our common stock have been offered or will be offered to the public in Switzerland, except that offers of shares of our common stock may be made to the public in Switzerland at any time under the following exemptions under the Swiss Financial Services Act ("FinSA"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

to any person which is a professional client as defined under the FinSA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

to fewer than 500 persons (other than professional clients as defined under the FinSA), subject to obtaining the prior consent of the representatives of the underwriters for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

in any other circumstances falling within Article 36 FinSA in connection with Article 44 of the Swiss Financial Services Ordinance, provided that no such offer of shares shall require us or any investment bank to publish a prospectus pursuant to Article 35 FinSA.

The shares of our common stock have not been and will not be listed or admitted to trading on a trading venue in Switzerland.

Neither this document nor any other offering or marketing material relating to the shares of our common stock constitutes a prospectus as such term is understood pursuant to the FinSA and neither this document nor any other offering or marketing material relating to the shares of our common stock may be publicly distributed or otherwise made publicly available in Switzerland.

#### Notice to prospective investors in Japan
The shares of our common stock have not been and will not be registered pursuant to Article 4, Paragraph 1 of the Financial Instruments and Exchange Act. Accordingly, none of the shares of our common stock nor any interest therein may be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any "resident" of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly,

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
in Japan or to or for the benefit of a resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange Act and any other applicable laws, regulations and ministerial guidelines of Japan in effect at the relevant time.

#### Notice to prospective investors in Hong Kong
The shares of our common stock have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (i) to "professional investors" as defined in the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) (the "SFO") of Hong Kong and any rules made thereunder; or (ii) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong (the "CO") or which do not constitute an offer to the public within the meaning of the CO. No advertisement, invitation, or document relating to the shares of our common stock has been or may be issued or has been or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to shares of our common stock which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" as defined in the SFO and any rules made thereunder.

#### Notice to prospective investors in Singapore
Each underwriter has acknowledged that this prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, each underwriter has represented and agreed that it has not offered or sold any shares of our common stock or caused such shares to be made the subject of an invitation for subscription or purchase and will not offer or sell any shares of our common stock or cause such shares to be made the subject of an invitation for subscription or purchase, and has not circulated or distributed, nor will it circulate or distribute, this prospectus or any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares of our common stock, whether directly or indirectly, to any person in Singapore other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

to an institutional investor (as defined in Section 4A of the Securities and Futures Act (Chapter 289) of Singapore, as modified or amended from time to time (the "SFA")) pursuant to Section 274 of the SFA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Where the shares of our common stock are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, securities or securities-based derivatives contracts (each term as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the shares pursuant to an offer made under Section 275 of the SFA except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(c)(ii) of the SFA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

where no consideration is or will be given for the transfer;

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

where the transfer is by operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.

as specified in Section 276(7) of the SFA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.

as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018. Singapore

*SFA Product Classification*—In connection with Section 309B of the SFA and the CMP Regulations 2018, unless otherwise specified before an offer of shares of our common stock, we have determined, and hereby notify all relevant persons (as defined in Section 309A(1) of the SFA), that the shares of common stock are "prescribed capital markets products" (as defined in the CMP Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### LEGAL MATTERS
The validity of the shares of common stock offered hereby will be passed upon for us by Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York, New York. Certain legal matters related to this offering will be passed upon for the underwriters by Latham & Watkins LLP, New York, New York.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### EXPERTS
The financial statements of BIF III US Aggregator (Delaware) LLC as of December 31, 2025 and 2024, and for each of the three years in the period ended December 31, 2025, included in this prospectus, have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report. Such financial statements are included in reliance upon the report of such firm given their authority as experts in accounting and auditing.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC a registration statement on Form S-1 with respect to the common stock being sold in this offering. This prospectus constitutes a part of that registration statement. This prospectus does not contain all the information set forth in the registration statement and the exhibits and schedules to the registration statement, because some parts have been omitted in accordance with the rules and regulations of the SEC. For further information with respect to us and our common stock being sold in this offering, you should refer to the registration statement and the exhibits and schedules filed as part of the registration statement. Statements contained in this prospectus regarding the contents of any agreement, contract or other document referred to herein are not necessarily complete; reference is made in each instance to the copy of the contract or document filed as an exhibit to the registration statement. Each statement is qualified by reference to the exhibit.

The SEC maintains an Internet site that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC. The SEC's website address is www.sec.gov.

After we have completed this offering, we will file annual, quarterly and current reports, proxy statements and other information with the SEC. We intend to make these filings available on our website (www.csquare.com) once this offering is completed. Our website and the information contained on, or that can be accessed through, our website will not be deemed to be incorporated by reference in, and are not considered part of, this prospectus. You should not rely on our website or any such information in making your decision whether to purchase shares of our common stock. You can also request copies of these documents, for a copying fee, by writing to the SEC, or you can review these documents on the SEC's website, as described above. In addition, we will provide electronic or paper copies of our filings free of charge upon request.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

---

| | |
|:---|:---|
| **Audited Consolidated Financial Statements** |  |
| [Report of Independent Registered Public Accounting Firm](#tIARP)  | [F-2](#tIARP) |
| [Consolidated Balance Sheets as of December 31, 2025 and 2024](#tCBS)  | [F-4](#tCBS) |
| [Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023](#tCSOO)  | [F-5](#tCSOO) |
|  [Consolidated Statements of Comprehensive (Loss) Income for the years ended December 31, 2025, <br> 2024 and 2023](#tCSOC)  | [F-6](#tCSOC) |
|  [Consolidated Statements of Member's Equity (Deficit) for the years ended December 31, 2025, 2024 <br> and 2023](#tCSOM)  | [F-7](#tCSOM) |
| [Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023](#tCSOC1)  | [F-8](#tCSOC1) |
| [Notes to the Consolidated Financial Statements](#tNTTC)  | [F-10](#tNTTC) |

---

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Member and the Board of Directors of BIF III US Aggregator (Delaware) LLC

#### Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of BIF III US Aggregator (Delaware) LLC and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income (loss), member's equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

#### Critical Audit Matters
The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

#### 2025 Portfolio Acquisition- Refer to Note 3 to the financial statements
 *Critical Audit Matter Description* 

The Company completed the acquisition of the operations of ten data centers located in the United States and Canada that provide retail colocation services for a total purchase price of $202.5 million on October 1, 2025. The Company accounted for the acquisition under the acquisition method of accounting for business combinations. Accordingly, the purchase price was allocated to the assets acquired and liabilities assumed based on their respective fair values, including property and equipment of $789.2 million. Management

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>
estimated the fair value of property and equipment using accepted valuation techniques. The fair value determination of the property and equipment required management to make significant estimates and assumptions.

We identified the property and equipment for the 2025 Portfolio acquisition as a critical audit matter because of the significant estimates and assumptions management makes to fair value these assets. This required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists, when performing audit procedures to evaluate the reasonableness of management's assumptions.

 *How the Critical Audit Matter Was Addressed in the Audit* 

Our audit procedures related to the valuation of the property and equipment included the following, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We tested the design and implementation of management's controls over the valuation of acquired property and equipment and the review of the work of management's third-party specialists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We tested the completeness and accuracy of underlying data used in the valuation, including reconciling selected items to source records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • With the assistance of our fair value specialists, we selected a sample of property and equipment assets and evaluated management's valuation of the assets by comparing management's fair value conclusions to those determined using accepted valuation techniques in accordance with generally accepted valuation practices for similar assets.

#### Revenues — Refer to Note 4 to the financial statements
 *Critical Audit Matter Description* 

The Company's total revenues for the year ended December 31, 2025 were $986.9 million, of which a majority relates to $741.7 million of colocation revenue and $105.6 million of interconnection revenue. Colocation and interconnection revenues are recurring revenue streams that are generally billed monthly and recognized ratably over the term of the contract. Revenues are recognized when services are provided to the Company's customers, in an amount that reflects the consideration management expects to be entitled to in exchange for the services.

We identified revenues as a critical audit matter because of the significant degree of auditor effort involved and the degree of auditor judgement in evaluating the contractual terms and determining the appropriate timing of revenue recognition.

 *How the Critical Audit Matter Was Addressed in the Audit* 

Our audit procedures related to the Company's revenue transactions included the following, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We tested the design and implementation of internal controls within the relevant revenue business processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We analyzed the population of revenue transactions to evaluate trends in the revenue data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • For a sample of revenue transactions, we performed detail transaction testing by agreeing the amounts recognized to source documents, including those that evidence existence of an arrangement, and tested the mathematical accuracy of the recorded revenue.

/s/ Deloitte & Touche LLP

Miami, Florida

March 30, 2026

We have served as the Company's auditor since 2025.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Consolidated Balance Sheets (in thousands)

---

| | | |
|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  |
| | **2025**  | **2024**  |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | $140159 | $77935 |
| &nbsp;&nbsp;&nbsp; Restricted cash  | 263257 | 42652 |
| &nbsp;&nbsp;&nbsp; Due from related parties  | 144451 | 5532 |
| &nbsp;&nbsp;&nbsp; Accounts receivable, net of allowance for expected credit losses of $2,643 and <br> $4,366 as of December 31, 2025 and 2024, respectively  | 90708 | 112473 |
| &nbsp;&nbsp;&nbsp; Prepaid assets  | 7013 | 12296 |
| &nbsp;&nbsp;&nbsp; Other current assets  | 73307 | 32155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets  | 718895 | 283043 |
| Property and equipment, net  | 3951089 | 2766140 |
| Right-of-use assets  | 355237 | 588141 |
| Goodwill  | 541493 | 404893 |
| Intangible assets, net  | 436299 | 425329 |
| Other assets  | 91410 | 63164 |
| **Total assets**  | $6094423 | $4530710 |
| **Liabilities and member's (deficit) equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable  | $34477 | $29935 |
| &nbsp;&nbsp;&nbsp; Accrued expenses  | 128606 | 151886 |
| &nbsp;&nbsp;&nbsp; Due to related parties  |  | 3334 |
| &nbsp;&nbsp;&nbsp; Contract liabilities, current  | 96358 | 104425 |
| &nbsp;&nbsp;&nbsp; Current portion of long-term debt, net of deferred financing costs  |  | 25136 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities, current  | 41755 | 41850 |
| &nbsp;&nbsp;&nbsp; Finance lease liabilities, current  | 15020 | 19507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities  | 316216 | 376073 |
| Contract liabilities, net of current portion  | 122762 | 76949 |
| Long-term debt, net of deferred financing costs  | 4755553 | 2185747 |
| Operating lease liabilities, net of current portion  | 391577 | 560062 |
| Finance lease liabilities, net of current portion  | 428364 | 435257 |
| Deferred tax liabilities  | 165600 | 86651 |
| Other liabilities, non-current  | 41097 | 31547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | $6221169 | $3752286 |
| Commitments and contingencies (Note 14) |  |  |
| Member's (deficit) equity: |  |  |
| &nbsp;&nbsp;&nbsp; Member's interest, 484,000 common units authorized, issued and outstanding as of December 31, 2025 and December 31, 2024  | 1094620 | 1092299 |
| &nbsp;&nbsp;&nbsp; Accumulated deficit  | (1225641) | (320736) |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive income  | 4275 | 6861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total member's (deficit) equity  | (126746) | 778424 |
| **Total liabilities and member's (deficit) equity**  | $6094423 | $4530710 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Consolidated Statements of Operations (in thousands, except per unit data)

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| &nbsp;&nbsp;&nbsp; **Revenues**  | $986980 | $907551 | $198260 |
| &nbsp;&nbsp;&nbsp; **Costs and operating expenses:**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of revenues, excluding depreciation and amortization  | 509249 | 516500 | 140058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selling, marketing, general and administrative  | 87724 | 102326 | 40143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization  | 271916 | 259575 | 50423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transaction and other costs  | 17710 | 69375 | 8873 |
| &nbsp;&nbsp;&nbsp; **Total costs and operating expenses**  | 886599 | 947776 | 239497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Income (loss) from operations**  | 100381 | (40225) | (41237) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense  | (241165) | (185614) | (46170) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Loss) gain on extinguishment of debt  | (7114) | (14934) | 9782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bargain purchase gain  |  | 544097 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income (loss), net  | 9479 | 10678 | (1039) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Loss) income before income taxes  | (138419) | 314002 | (78664) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax benefit (expense)  | 18515 | 144539 | (1032) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net (loss) income**  | $(119904) | $458541 | $(79696) |
| &nbsp;&nbsp;&nbsp; **Net (loss) income per unit:**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted  | $(0.25) | $0.95 | $(0.16) |
| **Weighted average common units outstanding:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted  | 484000 | 484000 | 484000 |

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The accompanying notes are an integral part of these consolidated financial statements.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Consolidated Statements of Comprehensive Income (Loss) (in thousands)

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| **Net (loss) income**  | $(119904) | $458541 | $(79696) |
| **Other comprehensive income (loss), net of tax:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustment ("CTA")  | 18349 | (6903) | (1487) |
| &nbsp;&nbsp;&nbsp; Unrealized loss on cash flow hedges, net of tax effects of $1,013, ($818) and ($0)  | (21205) | (17056) | (5137) |
| &nbsp;&nbsp;&nbsp; Net income (loss) on defined benefit plans, net of tax effects of ($18), <br> ($89) and $0  | 270 | (1852) | (726) |
| &nbsp;&nbsp;&nbsp; **Total other comprehensive loss, net of tax**  | (2586) | (25811) | (7350) |
| **Comprehensive (loss) income, net of tax**  | $(122490) | $432730 | $(87046) |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Consolidated Statements of Member's Equity (DEFICIT) (in thousands, except unit data)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Member's Interest**  | **Member's Interest**  | **Accumulated <br> deficit**  | **Accumulated <br> Other <br> Comprehensive <br> Income**  | **Total Member's <br> Equity (Deficit)**  | **Non-controlling <br> Interest**  | **Total <br> Equity <br> (Deficit)**  |
| | **Units**  | **Amount**  | **Accumulated <br> deficit**  | **Accumulated <br> Other <br> Comprehensive <br> Income**  | **Total Member's <br> Equity (Deficit)**  | **Non-controlling <br> Interest**  | **Total <br> Equity <br> (Deficit)**  |
| **Balance as of December 31, 2022**  | 484000000 | $953724 | $(598964) | $40022 | $394782 | $7849 | $402631 |
| &nbsp;&nbsp;&nbsp; Net loss  |  |  | (79696) |  | (79696) |  | (79696) |
| &nbsp;&nbsp;&nbsp; Contributions from member  |  | 131160 |  |  | 131160 |  | 131160 |
| &nbsp;&nbsp;&nbsp; Other comprehensive loss  |  |  |  | (7350) | (7350) |  | (7350) |
| **Balance as of December 31, 2023**  | 484000000 | 1084884 | (678660) | 32672 | 438896 | 7849 | 446745 |
| &nbsp;&nbsp;&nbsp; Net income  |  |  | 458541 |  | 458541 |  | 458541 |
| &nbsp;&nbsp;&nbsp; Contributions from member  |  | 8666 |  |  | 8666 |  | 8666 |
| &nbsp;&nbsp;&nbsp; Distribution of assets to <br> member  |  |  | (100617) |  | (100617) |  | (100617) |
| &nbsp;&nbsp;&nbsp; Purchase of non-controlling interest  |  | (1251) |  |  | (1251) | (7849) | (9100) |
| &nbsp;&nbsp;&nbsp; Other comprehensive loss  |  |  |  | (25811) | (25811) |  | (25811) |
| **Balance as of December 31, 2024**  | 484000000 | 1092299 | (320736) | 6861 | 778424 |  | 778424 |
| &nbsp;&nbsp;&nbsp; Net loss  |  |  | (119904) |  | (119904) |  | (119904) |
| &nbsp;&nbsp;&nbsp; Contributions from member  |  | 2321 |  |  | 2321 |  | 2321 |
| &nbsp;&nbsp;&nbsp; Distribution of assets to <br> member  |  |  | (785001) |  | (785001) |  | (785001) |
| &nbsp;&nbsp;&nbsp; Other comprehensive loss  |  |  |  | (2586) | (2586) |  | (2586) |
| **Balance as of December 31, 2025**  | 484000000 | $1094620 | $(1225641) | $4275 | $(126746) | $— | $(126746) |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Consolidated Statements of Cash Flows (in thousands)

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| **Operating activities** |  |  |  |
| **Net (loss) income**  | $(119904) | $458541 | $(79696) |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net (loss) income to net cash provided <br> by (used in) operating activities:  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization  | 271916 | 259575 | 50423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred financing costs  | 29012 | 23939 | 3044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Gain) loss on hedge termination  | (121) | (33691) | 3172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net periodic pension and OPEB (benefit) cost  | 1953 | (1594) | (182) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss (gain) on extinguishment of debt  | 7114 | 14934 | (9782) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bargain purchase gain  |  | (544097) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax (benefit) loss  | (19748) | (145765) | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Gain) Loss on modification of leases  | (51) | 1648 | (20360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating activities  | (1630) | (1012) | (219) |
| &nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities:  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable  | 39343 | (23696) | 2066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid and other current assets  | (6797) | 8917 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease right-of-use assets  | 49607 | 61730 | 11488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to related parties  | 36 | (4926) | 541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets  | (38387) | (114) | (8084) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities  | (46071) | 43872 | (2716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other long-term liabilities  | 43191 | 2698 | 14235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating lease liabilities  | (37479) | (39991) | (22327) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by (used in) operating activities**  | 171984 | 80968 | (56261) |
| &nbsp;&nbsp;&nbsp; **Investing activities**  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchase of property and equipment  | (244832) | (188414) | (83018) |
| &nbsp;&nbsp;&nbsp; Purchase of previously leased property  | (300599) | (679000) |  |
| &nbsp;&nbsp;&nbsp; Proceeds from the disposal of property and equipment  |  | 6032 |  |
| &nbsp;&nbsp;&nbsp; Loans and deposits to related party  | (142288) |  |  |
| &nbsp;&nbsp;&nbsp; Business acquisitions, net of cash acquired  | (183800) | (495250) |  |
| &nbsp;&nbsp;&nbsp; Deposits for acquisitions  |  |  | (101147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash used in investing activities**  | (871519) | (1356632) | (184165) |
| &nbsp;&nbsp;&nbsp; **Financing activities**  |  |  |  |
| &nbsp;&nbsp;&nbsp; Borrowings on long-term debt, net of discount  | 2756353 | 2831669 |  |
| &nbsp;&nbsp;&nbsp; Repayments on long-term debt  | (1463640) | (1223162) | (4313) |
| &nbsp;&nbsp;&nbsp; Borrowings on revolving credit facility  | 1039000 | 163131 | 262591 |
| &nbsp;&nbsp;&nbsp; Repayments on revolving credit facility  | (477900) | (212497) | (4841) |
| &nbsp;&nbsp;&nbsp; Repayment of finance lease liabilities  | (16132) | (12424) |  |
| &nbsp;&nbsp;&nbsp; Distributions to member  | (785001) | (100617) |  |
| &nbsp;&nbsp;&nbsp; Contributions from member  | 2321 | 8118 | 6557 |

---

------

[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Consolidated Statements of Cash Flows (Continued) (in thousands)

---

| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| &nbsp;&nbsp;&nbsp; Cash paid to purchase non-controlling interest  |  | (9100) |  |
| &nbsp;&nbsp;&nbsp; Payment of debt financing cost  | (66631) | (74098) |  |
| &nbsp;&nbsp;&nbsp; Debt buyback settlement  |  |  | (23703) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net cash provided by financing activities**  | 988370 | 1371020 | 236291 |
| &nbsp;&nbsp;&nbsp; Effect of foreign currency exchange rates on cash, cash equivalents and restricted cash  | (6006) | (1646) | (46) |
| **Cash, cash equivalents and restricted cash** |  |  |  |
| Net change in cash, cash equivalents and restricted cash  | 282829 | 93710 | (4181) |
| &nbsp;&nbsp;&nbsp; Balance, beginning of year  | 120587 | 26877 | 31058 |
| &nbsp;&nbsp;&nbsp; Balance, end of year  | $403416 | $120587 | $26877 |
|  **Reconciliation of cash and cash equivalents and restricted cash to the consolidated balance sheets**  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | $140159 | $77935 | $24491 |
| &nbsp;&nbsp;&nbsp; Restricted cash  | 263257 | 42652 | 2386 |
| **Total cash and cash equivalents and restricted cash**  | $403416 | $120587 | $26877 |
| **Supplemental disclosure of cash flow information:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Taxes paid (received)  | $2035 | $(99) | $360 |
| &nbsp;&nbsp;&nbsp; Interest paid  | $178555 | $153751 | $39690 |
|  ***Supplemental disclosure of non-cash financing activities:*** |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating lease right-of-use asset acquired through lease liabilities  | $1792 | $472961 | $— |
| &nbsp;&nbsp;&nbsp; Finance lease right-of-use asset acquired through lease <br> liabilities  | $56972 | $787195 | $— |
| &nbsp;&nbsp;&nbsp; Contributions from member  | $— | $548 | $124603 |

---

The accompanying notes are an integral part of these consolidated financial statements.

------

[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements
1. Organization and Description of Business

BIF III US Aggregator (Delaware) LLC (collectively with its consolidated subsidiaries referred to as "Csquare", or the "Company", or "we") was formed as a Delaware limited liability company in 2018. The Company commenced operations on January 1, 2019 and is headquartered in Coppell, Texas. The Company is a wholly owned subsidiary of Dawn Topco L.P. ("Parent"), which is majority-owned by investment funds managed by Brookfield Corporation.

The Company is a leading enterprise digital infrastructure platform, owning and operating a geographically diverse portfolio of highly engineered, carrier-neutral data centers located primarily in 21 of the largest population centers across the United States, Canada and the United Kingdom. The Company provides carrier-neutral colocation and interconnection services that provide infrastructure, including secure space, redundant power, advanced cooling systems, physical security, and interconnection capabilities, enabling customers to deploy and operate critical IT and network infrastructure. The Company's facilities support enterprise, network, cloud, and technology customers, providing long-duration, and availability-sensitive workloads.

On January 12, 2024 and October 1, 2025, the Company acquired two distinct, substantial data center portfolios, which significantly expanded the Company's data center footprint, enhanced connectivity and service capabilities, broadened its customer base, and secured key real estate assets to support future growth. Refer to Note 3—Business Combinations for further information.

2. Summary of Significant Accounting Policies

**Basis of Presentation and Consolidation**—The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") and are presented in our reporting currency, the U.S. dollar. The consolidated financial statements include the accounts of the Company and its wholly and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

**Use of Estimates**—The accompanying consolidated financial statements are presented in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates and assumptions. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to the allowance for expected credit losses, useful lives of intangible assets and property and equipment, valuation of interest rate swaps, and the accounting for impairment of goodwill and long-lived assets. The Company bases its estimates on historical experience and assumptions that management considers reasonable.

**Business Combinations**—The Company accounts for business combinations using the acquisition method of accounting, which requires the fair values of the assets acquired and the liabilities assumed to be recognized in the consolidated financial statements. Assets acquired and liabilities assumed in a business combination are recognized at their estimated fair value as of the acquisition date. Determining fair value of identifiable assets, particularly intangibles, and liabilities acquired requires management to make estimates, which are based on all available information and, in some cases, assumptions with respect to the timing and amount of future revenues and expenses associated with an asset or liability, future expected cash flows from acquired users and acquired technology from a market participant perspective, useful lives and discount rates, and the cost savings expected to be derived from acquiring an asset. These estimates are inherently uncertain. The excess purchase price over the fair value of assets acquired and liabilities assumed is recorded as goodwill. The allocation of fair values may be subject to adjustment after the initial allocation for up to a one-year period, with the corresponding offset to goodwill. If the fair value of the net assets acquired exceeds the aggregate fair value of the consideration transferred, the excess is recognized as a bargain purchase gain in earnings on the acquisition date. Acquisition-related costs, such as legal and consulting fees, are recognized separately from the business combination and are expensed as incurred and typically included in transaction and other costs in the Consolidated Statements of Operations.

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[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
2. Summary of Significant Accounting Policies (Continued)

**Concentration of Credit Risk**—The Company's revenues are primarily derived from colocation and interconnection services, the market for which is highly competitive and rapidly changing. Significant changes in this industry or changes in customer buying behavior could adversely impact operating results. The Company generally has not experienced any material losses related to receivables from individual customers or groups of customers. Due to these factors, no additional credit risk beyond amounts provided for in the allowance for expected credit losses in the Company's accounts receivable is believed by management to be probable.

Financial instruments that potentially expose the Company to concentrations of credit risk consist mainly of cash and cash equivalents, restricted cash, and accounts receivable. The Company maintains its cash and cash equivalents principally in accredited financial institutions of high credit standing; however, cash deposits may exceed Federal Deposit Insurance Corporation ("FDIC") insured limits. While the Company regularly reviews its accounts and adjusts these balances as appropriate, they could be impacted if the underlying depository institutions fail or could be subject to other adverse conditions in the financial markets. To date, the Company has experienced no material loss or lack of access to its cash and cash equivalents and restricted cash; however, it can provide no assurances that access to funds will not be impacted by adverse conditions in the financial markets.

 *Significant Customers* 

The following customers accounted for 10% or more of the Company's accounts receivable, net for the year ended December 31, 2025:

---

| | |
|:---|:---|
| | **Year Ended <br> December 31, 2025**  |
| **Customer A**  | 15% |
| **Customer B**  | 13% |
| **Customer C**  | 10% |

---

As of December 31, 2024, there were no customers that accounted for more than 10% of accounts receivable, net. For the years ended December 31, 2025, 2024 and 2023, there were no customers that represented more than 10% of total revenues.

**Cash and Cash Equivalents**—Cash and cash equivalents consist of unrestricted cash balances and short term, highly liquid investments with original maturity of three months or less at the date of purchase.

**Restricted Cash**—Restricted cash represents cash under the control of a non-affiliated trustee appointed in conjunction with the issuance of asset-backed notes. These amounts are contractually restricted for specified purposes, such as principal and interest payments and capital expenditures, and are not available for general corporate use. The restrictions lapse upon final repayment of the related debt. Refer to Note 10—Debt for additional information.

**Accounts Receivable and Allowance for Expected Credit Losses**—Accounts receivable consist primarily of amounts due from customers related to services provided under contracts with customers.

Accounts receivable are recorded at the amount invoiced to customers, net of an allowance for expected credit losses, which reflects the Company's estimate of expected credit losses over the life of the receivables in accordance with *Accounting Standards Codification ("ASC") 326, Financial Instruments—Credit Losses* ("Topic 326").

The Company maintains an allowance for current expected credit losses for receivables based on a combination of factors including historical loss experience, aging of receivables, credit quality of customers, current and expected future economic conditions, and specific identification of accounts deemed uncollectible.

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[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
2. Summary of Significant Accounting Policies (Continued)

Accounts are written off against the allowance when collection efforts have been exhausted, and the amounts are deemed uncollectible. Recoveries of previously written-off accounts are recognized when received.

**Property and Equipment, Net**—Property and equipment is recorded at the Company's original cost or at fair value for property and equipment acquired through acquisition, net of accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful life of the respective asset. Finance leases and leasehold improvements are amortized over the shorter of (i) the useful life of the asset or (ii) the length of the expected lease term. When property and equipment is sold or otherwise disposed of, the costs and accumulated depreciation are removed from the applicable accounts and any gain or loss is recognized in income.

Estimated useful lives of property equipment are generally as follows:

---

| | |
|:---|:---|
| **Asset Class**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Estimated Useful Life (years)**  |
| Buildings and improvements  | 2–40  |
| Machinery and equipment  | 2–20  |
| Office equipment  | 2–10  |
| Furniture and fixtures  | 2–7  |
| Computers and networking equipment  | 2–5  |
| Finance leases  | Shorter of remaining lease term or estimated useful lives  |
| Leasehold improvements  | Shorter of remaining lease term or estimated useful lives  |

---

The Company's construction-in-progress is stated at its original cost. Construction-in-progress consists of costs incurred under construction contracts, including services related to project management, engineering and schematic design, design development, construction, and other construction-related fees and services. Major improvements are capitalized, while maintenance and repairs are expensed when incurred.

**Asset Retirement Obligations**—The Company has asset retirement obligations (each an "ARO") primarily associated with its obligations to retire long-lived assets from leased properties under long-term arrangements and, to a lesser extent, the removal and disposal of fuel tanks from both leased and owned properties. AROs are initially measured at fair value and recognized at the time the obligation is incurred. Upon initial recognition, a liability for the retirement obligation is recorded. The associated cost is capitalized as part of the cost basis of the related long-lived asset and amortized over the useful life of that asset. The Company has several leases that require remediation of the leased premises and/or removal of all of the Company's owned property and equipment from the leased premises at the expiration of the lease term. The Company's ARO liability associated with these activities is recorded within other liabilities, non-current and was $12.0 million and $11.5 million as of December 31, 2025 and December 31, 2024, respectively. The related cost is capitalized within property and equipment, net on the Consolidated Balance Sheets.

**Intangible Assets, Net**—The Company accounts for intangible assets in accordance with *ASC 350, Intangibles—Goodwill and Other* ("Topic 350"). Intangible assets acquired through acquisitions are recorded at fair value. At the time of initial recognition, each intangible asset is evaluated to determine whether it has a finite or indefinite useful life. Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives and are presented net of accumulated amortization on the Consolidated

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[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
2. Summary of Significant Accounting Policies (Continued)

Balance Sheets. The Company periodically evaluates the remaining useful lives of these assets and liabilities for potential changes in estimated lease term or indicators of impairment.

---

| | |
|:---|:---|
| **Asset Class**  | **Weighted-average Remaining Life (years)**  |
| Patents  | 14  |
| Customer Relationships  | 11  |
| Lease in Place  | 4  |
| Developed Technology  | 1  |
| IP Address  | —  |
| Internet Domain  | Indefinite  |
| Trademarks  | Indefinite  |

---

**Goodwill**—Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired. The Company performs impairment testing for goodwill annually or more frequently if an event or change in circumstances indicates that goodwill may be impaired. Goodwill is evaluated for impairment at the reporting unit level. The Company has one reportable segment, one operating segment, and one reporting unit. The Company first assesses qualitative factors to determine if it is more likely than not that the fair value of the reporting unit is less than its carrying value. If the Company concludes the fair value is less than its carrying value, then a quantitative test is performed. The Company performs a quantitative goodwill impairment test by determining the fair value of the reporting unit and comparing it to the carrying value of the reporting unit. If the fair value of the reporting unit is greater than the reporting unit's carrying value, then the carrying value of the reporting unit is deemed to be recoverable. If the carrying value of the reporting unit is greater than the reporting unit's fair value, goodwill is impaired and written down to the reporting unit's fair value. The Company did not record any impairment charges on goodwill during the years ended December 31, 2025, 2024 and 2023.

**Impairment of Long-lived Assets**—Long-lived assets, such as property and equipment, right-of-use assets and intangible assets subject to amortization, are tested for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Some of the events and circumstances that would trigger an impairment review include, but are not limited to, a significant decrease in the market price of a long-lived asset, a significant adverse change in legal factors or business climate that could affect the value of a long-lived asset, or a continuous deterioration of the Company's financial condition. Recoverability of assets to be held and used is assessed by comparing the carrying amount of an asset to the estimated undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized based on the amount by which the carrying amount of the asset exceeds the fair value of the asset. No impairment charges were recorded during the years ended December 31, 2025, 2024 and 2023.

**Derivatives**—The Company does not use derivative instruments for trading or speculative purposes. The Company enters into interest rate swap agreements for the purpose of hedging cash flow exposure to floating interest rates on certain portions of debt. All derivative instruments are recognized on the Consolidated Balance Sheets at their fair values. Changes in the fair value of a designated interest rate swap are recorded in other comprehensive income until earnings are affected by the underlying hedged item. Any ineffective portion of the gain or loss is immediately recognized in earnings. Upon settlement, realized gains and losses are recognized in interest expense in the Consolidated Statements of Operations.

The accounting for changes in the value of a derivative depends on whether the contract qualifies and has been designated for hedge accounting. In order to qualify for hedge accounting, a derivative must be considered highly effective at reducing the risk associated with the exposure being hedged and there must be documentation of the risk management objective and strategy, including identification of the hedging

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[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
2. Summary of Significant Accounting Policies (Continued)

instrument, the hedged item and the risk exposure, and the effectiveness assessment methodology. Hedge designations are reviewed on a quarterly basis to assess whether circumstances have changed that would disrupt the hedging instrument's relationship to the forecasted transactions.

Interest rate derivatives are presented on a gross basis on the Consolidated Balance Sheets—with interest rate swap assets presented in other assets, and interest rate swap liabilities presented in other liabilities, noncurrent. Net interest paid or received on interest swaps is recognized as interest expense. Unrealized gains and losses resulting from the early termination of interest rate swap agreements are deferred and amortized as adjustments to interest expense over the remaining period of the debt originally covered by the terminated swap.

The Company will discontinue hedge accounting when (1) the hedge is deemed to be ineffective and that the designation of the derivative as a hedging instrument is no longer appropriate; (2) the derivative matures, terminates or is sold; or (3) occurrence of the contracted or committed transaction is no longer probable or will not occur in the originally expected period. When hedge accounting is discontinued and the derivative remains outstanding, the Company will carry the derivative at its estimated fair value on the Consolidated Balance Sheet, recognizing changes in the fair value in current period earnings. If a cash flow hedge becomes ineffective, any deferred gains or losses remain in Accumulated other comprehensive income until the underlying hedged item is recognized. If it becomes probable that a hedged forecasted transaction will not occur, deferred gains or losses on the hedging instrument are recognized in earnings immediately.

**Foreign Currency**—The Company's foreign subsidiaries reported their earnings in their local currencies. After evaluating the relevant economic factors, the Company concluded that the operations in each of the foreign locations were relatively self-contained and integrated within their own particular country or economic environment, thus leading to the conclusion that the local currency was used as their functional currency and translated into United States Dollars ("USD"), the reporting currency. The Company's foreign subsidiaries translated foreign assets and liabilities at exchange rates in effect at the balance sheet dates. The Company's foreign subsidiaries translated revenues and expenses using average rates during the period. The resulting foreign currency translation adjustments were recorded as a separate component of accumulated other comprehensive income in the accompanying Consolidated Balance Sheets.

Foreign exchange gains or losses resulting from foreign currency transactions, including intercompany foreign currency transactions, that are anticipated to be repaid within the foreseeable future, are reported as other income (loss), net on the Company's accompanying Consolidated Statements of Operations. For the years ended December 31, 2025, 2024 and 2023, net foreign currency gains (losses) of $4.0 million, $(1.1) million, and $(0.6) million, respectively, were included in other income (loss), net.

**Debt Issuance Costs**—Debt issuance costs and fees incurred upon debt issuance are capitalized and amortized over the term of the related loans based on the effective interest method. Such amortization is included as a component of interest expense on the Consolidated Statements of Operations. Debt issuance costs related to outstanding non-revolving debt are presented as a reduction of the carrying amount of the debt obligation and debt issuance costs related to the revolving credit facility are presented as other assets.

**Leases**—The Company accounts for leases in accordance with ASC 842, *Leases* ("Topic 842"). The Company determines if an arrangement is or contains a lease at its inception. The Company enters into lease arrangements primarily for data center spaces, office spaces and equipment. The Company recognizes a right-of-use ("ROU") asset and lease liabilities on the Consolidated Balance Sheets for all leases with a term longer than 12 months, including renewals reasonably certain to be exercised.

The Company elected to apply the short-term lease measurement and recognition exemption in which ROU assets and lease liabilities are not recognized for leases with a term of 12 months or less. The Company recognizes payments for short-term leases in net income on a straight-line basis over the lease term.

------

[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
2. Summary of Significant Accounting Policies (Continued)

ROU assets represent the Company's right to use an underlying asset for the lease term. Lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and lease liabilities are classified and recognized at the commencement date of a lease. Lease liabilities are measured based on the present value of fixed lease payments over the lease term. ROU assets consist of (i) the initial measurement of the lease liability, (ii) lease payments made to the lessor at or before the commencement date, less any lease incentives received, and (iii) any initial direct costs incurred by the Company. When there is a lease modification or a change in lease term triggered by a reassessment event, the Company reassesses its classification and remeasures the ROU asset and lease liability.

The favorable and unfavorable lease terms associated with leasehold interests acquired in conjunction with business acquisitions are recorded as an adjustment to right-of-use assets and property and equipment for operating and financing leases, respectively. A favorable leasehold interest is recorded when the acquired lease terms are below current market rates. Conversely, an unfavorable leasehold interest is recorded when the acquired lease terms are above current market rates. These amounts are amortized on a straight-line basis over the remaining lease term, including renewal periods that are reasonably certain to be exercised. Amortization related to favorable and unfavorable lease terms for finance leases and are included in depreciation and amortization expense in the Consolidated Statements of Operations. For operating leases, the favorable and unfavorable lease terms are recognized as a component of operating lease cost and presented within cost of revenues, excluding depreciation and amortization in the Consolidated Statements of Operations.

Lease payments may vary because of changes in facts or circumstances occurring after the commencement, including changes in inflation indices. Variable lease payments that depend on an index or a rate (such as the Consumer Price Index or a market interest rate) are included in the measurement of ROU assets and lease liabilities using the index or rate at the commencement date. Variable lease payments that do not depend on an index or a rate are excluded from the measurement of ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. Since most of the Company's leases do not provide an implicit rate, the Company uses its own incremental borrowing rate ("IBR") on a collateralized basis in determining the present value of lease payments. The Company utilizes a market-based approach to estimate the IBR. The approach requires significant judgment. Therefore, the Company utilizes different data sets to estimate IBRs via an analysis of (i) yields on our outstanding debt (ii) yields on comparable credit rating composite curves, and (iii) yields on comparable market curves.

The majority of the Company's lease arrangements include options to extend the term of the applicable lease. If the Company is reasonably certain to exercise such options, the periods covered by the options are included in the lease term. When assessing the reasonableness of exercising lease renewal options, the Company takes into account all relevant facts and circumstances that contribute to the economic benefits associated with exercising the lease renewal options, which includes the expected changes in facts and circumstances between the commencement of the lease term and the exercise date of the options. Certain leases also include options to purchase the underlying asset. If the Company is reasonably certain to exercise a purchase option, the exercise price of the purchase option is included in the measurement of the lease liability, and the lease term is assumed to extend through the date of expected exercise. Conversely, we do not include options to renew or purchase leased assets in the measurement of lease liabilities unless those options are reasonably certain of exercise.

The Company recognizes rental expenses for operating leases that contain predetermined fixed escalation clauses on a straight-line basis over the expected term of the lease. The depreciable lives of certain fixed assets and leasehold improvements are limited by the expected lease term, unless there is a purchase option reasonably certain of exercise. Amortization of assets under finance leases is generally recognized on a straight-line basis over the lease term, unless the lease contains an option to purchase the underlying asset that the Company is reasonably certain to exercise. In such cases, the amortization of the right-of-use asset is recognized over the estimated useful life of the underlying asset. The amortization under finance leases is included in depreciation and amortization. Interest related to finance lease liabilities is recognized utilizing the

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[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
2. Summary of Significant Accounting Policies (Continued)

effective interest method over the lease term and is included in interest expense in the Company's Consolidated Statements of Operations. Operating lease costs for data centers are included in cost of revenues while operating lease costs for office leases and equipment are included in selling, marketing, general and administrative in the Company's Consolidated Statements of Operations. The Company currently does not have any lease arrangements with residual value guarantees.

In arrangements where the Company is the lessor, the Company recognizes variable rental payments as revenue in the period in which the changes in facts and circumstances on which the variable lease payments are based, occur. Sublease rental income is recognized on a straight-line basis over the duration of each lease term.

**Revenue Recognition**—The Company derives its revenues primarily from recurring revenue streams, consisting of (i) enterprise colocation services, which includes the licensing of cabinet space and power; (ii) interconnection services, such as cross connects and exchange ports; and (iii) other revenues including but not limited to rental income from tenants and/or subtenants. The remainder of the Company's revenues are from non-recurring revenue streams, such as installation services and other one-time charges such as termination fees and storage fees, as well as metered power revenues. The Company provides metered electrical power to customers as a distinct performance obligation within its colocation service arrangements. Metered power revenues are determined based on the customer's measured consumption multiplied by the prevailing utility rate.

The Company enters into revenue contracts with customers for data center and office spaces, which contain both lease and non-lease components. The combined component is accounted for in accordance with Topic 842 if the lease component is predominant, and in accordance with *ASC 606, Revenue from Contracts with Customers* ("Topic 606") if the non-lease component is predominant. As a lessor, the Company elected to adopt the practical expedient to combine our lease and related non-lease components by asset class for our leases, and account for them as one component if they have the same timing and pattern of transfer.

In general, customer contracts for the use of data centers are accounted for under Topic 606. Customer contracts for the use of data center space and office space where the Company does not retain substantive substitution rights are accounted for under Topic 842 as lease revenue, refer to Note 7—Leases for additional information.

Revenue is recognized as services are delivered, in an amount that reflects the consideration the Company expects to be entitled to in exchange for services. Revenues from recurring revenue streams are generally billed monthly and recognized ratably over the term of the contract for data center colocation customers. Non-recurring installation fees, although generally paid upfront upon installation, are typically deferred and recognized ratably over the average customer life. For contracts with customers that contain multiple performance obligations, the Company accounts for individual performance obligations separately if they are distinct. Determining whether services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. The standalone selling price is determined based on overall pricing objectives, taking into consideration market conditions, geographic locations and other factors. Other judgments include determining if any variable consideration should be included in the total contract value of the arrangement, such as price increases.

The Company applied the practical expedient in Topic 606 and did not evaluate payment terms of one year or less for the existence of a significant financing component. Revenue is recognized net of any taxes collected from customers (e.g., sales tax and other indirect taxes), which are subsequently remitted to governmental entities. The Company generally does not offer a right of refund in its contracts, except in limited circumstances, such as termination resulting from the Company's uncured material breach or where non-recurring charges were paid for services not received.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
2. Summary of Significant Accounting Policies (Continued)

 *Contract Balances* 

The timing of revenue recognition, billings and cash collections result in accounts receivables, contract assets and contract liabilities. A receivable is recorded at the invoice amount, net of an allowance for credit losses and is recognized in the period when we have provided services to our customers and the Company's right to consideration is unconditional.

A contract asset exists when we have transferred products or provided services to our customers but customer payment is conditioned on reasons other than the passage of time, such as upon the satisfaction of additional performance obligations. Contract assets are included in other current assets and other assets in the Consolidated Balance Sheets.

A contract liability is recognized when we have an unconditional right to a payment before we transfer the products or services to customers. Contract liabilities are included in the contract liabilities, current and contract liabilities, net of current portion in the Consolidated Balance Sheets.

 *Costs to Obtain a Contract* 

Direct and indirect incremental costs solely related to obtaining revenue contracts are capitalized as costs of obtaining a contract, when they are incremental and if they are expected to be recovered. Such costs consist primarily of commission fees and sales bonuses, as well as indirect related payroll costs. For the year ended December 31, 2025, contract costs, excluding external commission fees, were amortized over the estimated period of approximately 74 months on a straight-line basis. External commission fees were amortized on a straight-line basis over the related contract term. We elected to apply the practical expedient which allows us to expense contract costs when incurred, if the amortization period is one year or less. Total capitalized costs to obtain a contract are included in other assets on the Consolidated Balance Sheets.

**Employee Benefit Plan**—Certain of the Company's U.S. employees participate in a qualified defined benefit pension plan (the "Qualified Plan"). The assets, liabilities and expenses recognized, and disclosures made about plan actuarial and financial information are dependent on the assumptions and estimates used in calculating such amounts. The assumptions include factors such as discount rates, health care cost trend rates, inflation, expected rates of return on plan assets, retirement rates, mortality rates, turnover and other factors.

These assumptions are assessed at least annually in consultation with independent actuaries as of year-end and adjustments are made as needed. The Company evaluates prevailing market conditions, including appropriate rates of return, interest rates and medical inflation (health care cost trend) rates. The Company ensures that the significant assumptions are within reasonable range relative to market data. Discount rates are estimated using high quality corporate bond yields with a duration matching the expected benefit payments. The expected rates of return on plan assets are derived from reviews of asset allocation strategies, expected future experience for trust asset returns, risks and other factors adjusted for the Company's specific investment strategy.

The Company evaluates the funded status of the Qualified Plan using current assumptions and determines the appropriate funding level considering applicable regulatory requirements, tax deductibility, reporting considerations, cash flow requirements and other factors.

The Company has a defined contribution plan intended to qualify under Section 401 of the Internal Revenue Code (the "401(k) Plan"). Participants may contribute a portion of their annual compensation limited to a maximum annual amount set by the Internal Revenue Service. The Company sponsors a 401(k) defined contribution plan covering all eligible U.S. employees. Contributions to the 401(k) Plan are discretionary.

**Parent Incentive Units for Certain Key Employees**—In April 2024, Parent amended its limited partnership agreement in order to grant incentive units to key employees for the purpose of providing incentives that align the interests of grantees with the long-term growth and financial performance of the Company. The

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[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
2. Summary of Significant Accounting Policies (Continued)

incentive units vest over a period of time specified in the corresponding grant agreements, typically over five years. Once vested, certain qualifying liquidity events, such as change in control event or public offering events, are required for any payment related to the incentive units. Vesting is accelerated in the event of a qualifying liquidity event subject to the participant's continued employment through the applicable vesting date. Any payment to a participant is dependent on a market-based condition which requires the Parent to achieve a minimum specified internal rate of return on its investment in the Company through the qualifying liquidity event. As of December 31, 2025 and 2024, no qualifying liquidity events have occurred or are probable of occurring, no incentive units have vested and no liability or compensation expense has been recognized by the Company. Furthermore, no amounts have been paid for the incentive units.

**Income Taxes**—Income tax expense includes U.S. (federal and state) and foreign income taxes. We file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions.

Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in the tax rates is recognized in income in the period that includes the enactment date.

Deferred tax assets represent amounts available to reduce income taxes payable in future periods. Deferred tax assets are evaluated for future realization and reduced by a valuation allowance to the extent we believe they will not be realized. We consider many factors when assessing the likelihood of future realization of our deferred tax assets, including recent cumulative loss experience and expectations of future earnings, capital gains and investment in such jurisdiction, the carry-forward periods available to us for tax reporting purposes, and other relevant factors.

We utilize a two-step approach to recognizing and measuring uncertain income tax positions (income tax contingencies). The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not the position will be sustained on audit, including resolution of related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount which is more than 50% likely of being realized upon ultimate settlement. We consider many factors when evaluating our tax positions and estimating our tax benefits, which may require periodic adjustments and which may not accurately forecast actual outcomes.

**Fair Value Measurements**—Fair value is intended to reflect the price that would be received for the sale of an asset or paid for the transfer of a liability in an orderly transaction between market participants at the measurement date (the exit price). We estimate fair value using available market information and valuation methods we believe to be appropriate for these purposes. The Company maximizes the use of observable inputs when available and minimizes the use of unobservable inputs when determining fair value. There are three levels in the fair value hierarchy under U.S. GAAP, which are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Level 1—Quoted prices (unadjusted) in active markets for identical assets or liabilities that an entity can access at the measurement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Level 2—Inputs that are directly or indirectly observable for the associated asset or liability, but which do not qualify as Level 1 inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Level 3—Unobservable inputs to measurement of the fair value of the asset or liability, which require management judgment or estimation.

In instances where inputs from multiple different levels of the fair value hierarchy are used to determine fair value, the lowest level input that is significant is used to determine the fair-value measurement in its entirety.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
2. Summary of Significant Accounting Policies (Continued)

Our assessment of the significance of a particular input to a fair-value measurement requires judgment and considers factors specific to the asset or liability.

The Company follows the accounting standard for the measurement of fair value for certain non-financial assets and liabilities. These include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Non-financial assets and non-financial liabilities initially measured at fair value in a business combination or other new basis event, but not measured at fair value in subsequent reporting periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Reporting units and non-financial assets and non-financial liabilities measured at fair value for goodwill impairment tests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Non-financial long-lived assets or asset groups measured at fair value for impairment assessments or disposal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Asset retirement obligations initially measured at fair value but not subsequently measured at fair value.

**Segment Information**—The Company's chief operating decision maker ("CODM"), the Chief Executive Officer, reviews discrete financial information presented on a consolidated basis for purposes of making operating decisions, allocation of resources, and assessing financial performance. The Company operates its business in one operating segment and, therefore, has one reportable segment.

The CODM uses consolidated net (loss) income to identify underlying trends in the performance of the business for purposes of allocating resources and evaluating financial performance. The Company's objective in making resource allocation decisions is to optimize the consolidated financial results.

**Earnings Per Unit ("EPU")**—We compute basic and diluted (loss) income per unit. Basic EPU is computed using net income and the weighted-average number of common units outstanding. Diluted EPU is computed using net income and the weighted-average number of common units outstanding plus any dilutive potential common units outstanding. For the years ended December 31, 2025, 2024 and 2023, the Company did not have any potentially dilutive common unit, and as a result, diluted EPU is the same as basic EPU.

#### Recent Accounting Pronouncements—Accounting Standards Recently Adopted
In November 2023, FASB issued ASU 2023-07, Segment Reporting ("Topic 280"): Improvements to Reportable Segment Disclosure. The ASU is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted and retrospective adoption required. The Company adopted this on a retrospective basis as of January 1, 2024. Refer to Note 16—Segment Reporting for disclosures required by this ASU.

In December 2023, the FASB issued ASU 2023-09, Income Taxes ("Topic 740"): Improvements to Income Tax Disclosures. The objective of ASU 2023-09 is to enhance disclosures related to income taxes, including specific thresholds for inclusion within the tabular disclosure of income tax rate reconciliation and specified information about income taxes paid. ASU 2023-09 is effective for public companies starting in annual periods beginning after December 15, 2024. The Company adopted ASU 2023-09 for the year ended December 31, 2025 on a prospective basis. See Note 13—Income Taxes for additional information.

#### Recent Accounting Pronouncements—Accounting Standards Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03: Disaggregation of Income Statement Expenses ("DISE"). The ASU requires additional disclosure of the nature of expenses included in the income statement. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
2. Summary of Significant Accounting Policies (Continued)

beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted. We are currently evaluating the extent of the impact of this ASU on disclosures in our consolidated financial statements.

We determined that all other recently issued accounting pronouncements that have yet to be adopted by the Company will not have a material impact on our consolidated financial statements or do not apply to our operations.

3. Business Combinations

 *2024 Portfolio Acquisition* 

On January 12, 2024, the Company acquired 100% of a data center portfolio consisting of the operations of 42 data centers in the United States, two data centers in Canada, and wholly owned international entities in the United Kingdom that provide retail colocation and interconnection services (the "2024 Portfolio Acquisition"). The acquisition expanded the Company's data center footprint, enhanced connectivity and service capabilities, broadened its customer base, and secured key real estate assets to support future growth. In connection with and upon execution of the Asset Purchase Agreement (the "Asset Purchase Agreement"), the Company deposited cash of $101.1 million with an escrow agent through December 2023. This deposit was credited against the cash payable at closing. The Company paid $603.4 million in cash, inclusive of the aforementioned deposit, pursuant an Asset Purchase Agreement dated October 31, 2023. The data center operations in the United States and Canada are wholly owned and consolidated site level special purpose entities ("SPE").

Subsequent to the 2024 Portfolio Acquisition, the Company acquired the physical property (land and buildings) underlying eight of the data centers acquired for $0.7 billion which were previously leased facilities. The purchase price of the 2024 Portfolio Acquisition, as well as the subsequent acquisition of physical property were funded by $2.0 billion of borrowings under the 2024 Term Loan Facility and 2024 Revolving Credit Facility as discussed in Note 10—Debt.

Upon closing of the 2024 Portfolio Acquisition, the Company recorded a bargain purchase gain of $544.1 million. The bargain purchase gain resulted from negotiations with a distressed seller during its bankruptcy proceedings. The cash consideration paid was less than the fair value of the net assets acquired as a result of the sellers' expedited timeline and the Company's deep industry experience, which together enabled the Company to proceed quickly to acquire the assets at a discount to fair value.

In connection with the acquisition, the Company incurred acquisition-related costs of $46.5 million, which were included in transaction and other costs within the Consolidated Statements of Operations.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
3. Business Combinations (Continued)

The table below sets forth the consideration paid, the fair value of the assets acquired and liabilities assumed, and the estimated bargain purchase gain for the acquisition (in thousands):

---

| | |
|:---|:---|
| **Consideration transferred**  | $**603438** |
| *Fair value of assets acquired and liabilities assumed:* |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 7048 |
| &nbsp;&nbsp;&nbsp; Accounts receivable  | 65476 |
| &nbsp;&nbsp;&nbsp; Prepaid assets  | 40456 |
| &nbsp;&nbsp;&nbsp; Property and equipment  | 1764499 |
| &nbsp;&nbsp;&nbsp; Right-of-use assets  | 608827 |
| &nbsp;&nbsp;&nbsp; Intangible assets  | 372000 |
| &nbsp;&nbsp;&nbsp; Other assets  | 10144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | $2868450 |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities  | 77587 |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities  | 467559 |
| &nbsp;&nbsp;&nbsp; Finance lease liabilities  | 782609 |
| &nbsp;&nbsp;&nbsp; Contract liabilities  | 140523 |
| &nbsp;&nbsp;&nbsp; Other liabilities  | 25564 |
| &nbsp;&nbsp;&nbsp; Deferred tax liability  | 227073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 1720915 |
| **Net assets acquired**  | **1147535** |
| **Bargain purchase gain**  | $**544097** |

---

The table below sets forth the intangible assets acquired (in thousands):

---

| | | |
|:---|:---|:---|
| | **Fair Value**  | **Estimated <br> Useful Life <br> (in years)**  |
| **Intangible assets** |  |  |
| Customer relationships  | $330000 | 14 |
| Developed technology  | $42000 | 2 |

---

The fair values of the intangible assets were estimated using the multi-period excess earnings method for customer relationships and the replacement cost method for developed technology.

Revenue attributable to the 2024 Portfolio Acquisition in the post-acquisition period for the fiscal year ended December 31, 2024 was $704.3 million. Due to the integration of the business, we determined it is impractical to determine and include net loss specific to the 2024 Portfolio Acquisition in the post-acquisition period for the fiscal year ended December 31, 2024.

Additionally, we determined it is impractical to include pro forma revenue and earnings information for the 2024 Portfolio Acquisition due to a lack of access to historical financial information during the year ended December 31, 2023 and the period January 1, 2024 through January 11, 2024.

 *2025 Portfolio Acquisition* 

On October 1, 2025, the Company entered into an Interest Purchase Agreement (the "Purchase Agreement") and acquired 100% of a data center portfolio from an affiliate of Brookfield Corporation, consisting of the operations of 10 data centers located in the United States and Canada that provide retail colocation services (the "2025 Portfolio" and collectively the "2025 Portfolio Acquisition"). The acquisition provides the Company

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
3. Business Combinations (Continued)

with a strong diversity of existing and prospective colocation customers, expanded data center locations, and an experienced management team critical to ongoing operations. The Company paid a total preliminary purchase price of $202.5 million, consisting of $195.1 million in cash and $16.2 million placed in escrow, reduced by $2.4 million related to the settlement of a pre-existing relationship. The preliminary purchase price was further reduced by $6.4 million, attributable to a net working capital adjustment, which has been recorded as a receivable, as the Company had not received this amount as of December 31, 2025. To fund the acquisition, the Company drew $220.0 million on the 2024 Revolving Credit Facility, as defined in Note 10—Debt. Upon closing of the 2025 Portfolio Acquisition, the Company recorded preliminary goodwill of $134.9 million. In connection with the acquisition, the Company incurred acquisition-related costs of $6.6 million, which were included in transaction and other costs within the Consolidated Statements of Operations.

Pursuant to the Purchase Agreement, the Company funded $16.2 million into escrow related to the resolution of requests submitted by two subsidiaries of the 2025 Portfolio for a change in fiscal period with the Canada Revenue Agency and Revenue Quebec. The escrow amount of $16.2 million was included in preliminary purchase price. Given the contingency related to an uncertain tax position, the Company recorded income tax liabilities and a related indemnification asset of $16.2 million. See Note 13—Income Taxes for more information regarding the income tax liability.

Also included in preliminary purchase price is the settlement of a pre-existing lease between a wholly owned subsidiary of the Company and a subsidiary of the 2025 Portfolio. Upon closing of the acquisition, this lease was effectively settled and was legally terminated shortly after the closing. The Company did not recognize the rent receivable previously recorded by the subsidiary of the 2025 Portfolio, and the Company's net lease liability of $2.4 million recorded on its Consolidated Balance Sheets as of the acquisition date was forgiven, which was accounted for as a $2.4 million reduction to the preliminary purchase price. The settlement of this pre-existing relationship did not result in a gain or loss, and the settlement of the outstanding lease was treated as a noncash activity within operating activities in the Consolidated Statements of Cash Flows.

The table below sets forth the preliminary purchase price, the preliminary fair value of the assets acquired and liabilities assumed, and the preliminary goodwill recognized for the acquisition (in thousands):

---

| | |
|:---|:---|
| **Preliminary Purchase Price**  | $**202478** |
| *Preliminary Fair value of assets acquired and liabilities assumed:* |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 6780 |
| &nbsp;&nbsp;&nbsp; Restricted cash  | 20754 |
| &nbsp;&nbsp;&nbsp; Accounts receivable  | 15672 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses  | 2244 |
| &nbsp;&nbsp;&nbsp; Property and equipment  | 782907 |
| &nbsp;&nbsp;&nbsp; Intangible assets  | 63700 |
| &nbsp;&nbsp;&nbsp; Other current assets  | 20379 |
| &nbsp;&nbsp;&nbsp; Total assets  | **912436** |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued liabilities  | 21492 |
| &nbsp;&nbsp;&nbsp; Contract liabilities  | 4678 |
| &nbsp;&nbsp;&nbsp; Long-term debt, net of deferred financing costs  | 720000 |
| &nbsp;&nbsp;&nbsp; Deferred tax liabilities  | 98642 |
| &nbsp;&nbsp;&nbsp; Total liabilities  | 844812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets acquired  | 67624 |
| **Preliminary Goodwill**  | $**134854** |

---

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
3. Business Combinations (Continued)

The Company recognized customer relationships as an intangible asset, to be amortized over a weighted-average useful life of 12.4 years. The fair values of the customer relationships were estimated using the with-and-without method.

The preliminary goodwill of $134.9 million arising from the transaction is primarily related to new customer contracts associated with expected capacity expansions after the acquisition and the workforce of the acquired businesses. The goodwill recognized is not deductible for tax purposes.

The results of the 2025 Portfolio Acquisition have been included in the Company's Consolidated Statements of Operations since the acquisition date. The amount of revenue and net loss of the 2025 Portfolio Acquisition included in the Company's Consolidated Statements of Operations from the acquisition date to December 31, 2025 are $21.4 million and $(10.7) million, respectively.

The following unaudited pro forma financial information represents the combined results of operations as if the acquisition had occurred on January 1, 2024 (in thousands):

---

| | | |
|:---|:---|:---|
| | **(Unaudited) <br> For the years ended December 31,**  | **(Unaudited) <br> For the years ended December 31,**  |
| | **2025**  | **2024**  |
| Revenue  | $1036497 | $971373 |
| Net (loss) income  | $(164869) | $398934 |

---

The results presented above reflect the impact of nonrecurring pro forma adjustments, including depreciation and amortization of acquired Property and equipment and intangible assets, acquisition-related transaction costs, interest expense on assumed debt, and the related income tax effects of these pro forma adjustments. The unaudited pro forma results do not include any anticipated synergies or other expected benefits of the acquisition. The unaudited pro forma financial information is provided for informational purposes only and is not indicative of future operations or results that would have been achieved had the acquisition been completed as of the beginning of fiscal 2024.

4. Revenues

 *Disaggregation of revenues* 

The following table presents the Company's revenues disaggregated by revenue stream (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| Colocation  | $741751 | $683111 | $154294 |
| Interconnection  | 105611 | 108191 | 18998 |
| Other  | 40600 | 37303 | 21228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recurring revenues  | 887962 | 828605 | 194520 |
| Non-recurring revenues<sup>(1)</sup>  | 40709 | 34896 | 3113 |
| Metered power revenues  | 58309 | 44050 | 627 |
| &nbsp;&nbsp;&nbsp; **Total revenues<sup>(2)</sup>**  | $986980 | $907551 | $198260 |

---

(1) Our non-recurring revenues consist of installation services and other one-time charges such as termination fees and storage fees. These services are considered to be non-recurring because they are billed typically once, upon completion of the installation, professional service work performed, or based on customer consumption of power, rather than on a fixed, recurring basis.

(2) Revenues recognized as a result of applying Topic 842 were 13%, 5%, and 20% of total revenues for the years ended December 31, 2025, 2024 and 2023, respectively.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
4. Revenues (Continued)

 *Contract Balances* 

The following table summarizes the opening and closing balances of our accounts receivable, net; contract assets, current; contract assets, non-current; contract liabilities, current; and contract liabilities, non-current (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Accounts <br> receivable, net**  | **Contract <br> assets, <br> current**  | **Contract <br> assets, <br> non-current**  | **Contract <br> liabilities, <br> current**  | **Contract <br> liabilities, <br> non-current**  |
| Beginning balances as of January 1, 2024  | $23763 | $1456 | $676 | $6471 | $18754 |
| Closing balances as of December 31, 2024  | 112473 | 15744 | 846 | 104425 | 76949 |
| Increase (decrease)  | $88710 | $14288 | $170 | $97954 | $58195 |
| Beginning balances as of January 1, 2025  | 112473 | 15744 | 846 | 104425 | 76949 |
| Closing balances as of December 31, 2025  | 90708 | 26588 | 1557 | 96358 | 122762 |
| Increase (decrease)  | $(21765) | $10844 | $711 | $(8067) | $45813 |

---

During the year ended December 31, 2024, the change in the Company's accounts receivable, net, contract assets, and contract liabilities primarily results from revenue growth attributable to the 2024 Portfolio Acquisition as discussed in Note 3—Business Combinations. During the year ended December 31, 2025, the change in the Company's accounts receivable, net, contract assets, and contract liabilities primarily results from the timing difference between the satisfaction of our performance obligations and the customer's payment. The amounts of revenue recognized during the years ended December 31, 2025, 2024 and 2023 from the opening contract liabilities balance were $94.1 million, $6.1 million, and $4.2 million, respectively. For the years ended December 31, 2025, 2024 and 2023, no impairment loss related to contract balances was recognized in the Consolidated Statements of Operations.

 *Allowance for credit losses* 

In accordance with Topic 326, the Company maintains an allowance for expected credit losses consisting of (i) a general reserve based on historical loss experience, current conditions, and reasonable and supportable forecasts, and (ii) specific reserves for customers with identified collectability concerns. The following table summarizes the activity of our allowance for expected credit losses (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| Allowance for expected credit losses, beginning  | $4366 | $405 | $1764 |
| Allowance for expected credit losses assumed in 2024 Portfolio Acquisition  |  | 5583 |  |
| Provision for expected credit losses, net<sup>(1)</sup>  | (121) | 425 |  |
| Write offs, net  | (1602) | (2047) | (1359) |
| Allowance for expected credit losses, ending balance  | $2643 | $4366 | $405 |

---

(1) For the years ended December 31, 2025, and 2023, the Company recognized provisions for expected credit losses of $0.9 million and $0.8 million, respectively. These amounts were offset by recoveries of amounts previously reserved, resulting in the net provision presented above. The recoveries were primarily attributable to collections from customers previously identified as at risk.

#### Costs to Obtain a Contract
The ending balance of net capitalized contract costs as of December 31, 2025 and December 31, 2024 were $44.2 million and $35.1 million, respectively, which were included in other assets in the Consolidated Balance Sheets.

------

[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
4. Revenues (Continued)

For the years ended December 31, 2025, 2024 and 2023, $11.1 million, $7.0 million and $2.6 million, respectively, of contract costs were amortized and included in selling, marketing, general and administrative in the Consolidated Statements of Operations.

#### Remaining performance obligations
Under colocation contracts, the Company provides customers with space and power through fixed duration agreements. The Company's revenue contracts typically have initial terms ranging from one to five years and automatically renew thereafter for either one-year periods or the original contract term, as specified in the underlying master service agreement. Remaining performance obligations include amounts allocated to contracts in both their initial term and subsequent renewal periods.

Amounts that will be invoiced and recognized in future periods are considered remaining performance obligations. We estimate our remaining performance obligations at a point in time. Actual amounts and timing of revenue recognition may differ from these estimates due to changes in actual deployments dates, contract modifications, renewals and/or terminations.

The remaining performance obligations do not include variable consideration related to unsatisfied performance obligations such as the usage of metered power or service fees based on actual costs incurred in the future. The remaining performance obligations below do not include revenues to be recognized in the future related to arrangements where we are considered the lessor.

The following table presents estimated revenue expected to be recognized in the future related to the unsatisfied portion of the performance obligation as of December 31, 2025 (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2026**  | **2027**  | **2028**  | **2029**  | **2030**  | **Thereafter**  |
| Colocation  | $600754 | $348073 | $202618 | $113763 | $42934 | $15619 |
| Interconnection  | 88451 | 44909 | 23581 | 11415 | 4220 | 2882 |
| Other revenue  | 18740 | 14762 | 10627 | 9639 | 8546 | 4940 |
| Total  | $707945 | $407744 | $236826 | $134817 | $55700 | $23441 |

---

5. Property and Equipment, Net

Property and equipment, net consisted of the following as of December 31, 2025 and 2024 (in thousands):

---

| | | |
|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  |
| | **2025**  | **2024**  |
| Land  | $552915 | $336129 |
| Buildings and improvements  | 1725357 | 831512 |
| Finance leases  | 578004 | 633684 |
| Leasehold improvements  | 507773 | 470660 |
| Machinery and equipment  | 859706 | 648596 |
| Construction in progress  | 223551 | 152691 |
| Computer networking  | 18058 | 15560 |
| Other  | 17120 | 9092 |
| **Property and equipment, total**  | 4482484 | 3097924 |
| &nbsp;&nbsp;&nbsp; Less: accumulated depreciation  | (531395) | (331784) |
| **Property and equipment, net**  | $3951089 | $2766140 |

---

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[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
5. Property and Equipment, Net (Continued)

Depreciation on property and equipment was $217.1 million, $207.7 million and $34.7 million, for the years ended December 31, 2025, 2024 and 2023, respectively, and included in depreciation and amortization expense on the Consolidated Statements of Operations.

6. Goodwill and Intangible Assets, Net

As of December 31, 2025 and 2024 goodwill was $541.5 million and $404.9 million, respectively. The changes in the carrying amount of goodwill during the years ended December 31, 2025 and 2024 are as follows (in thousands):

---

| | |
|:---|:---|
| Balance as of January 1, 2024  | $404893 |
| Impact of foreign currency translation  | – |
| Balance of December 31, 2024  | 404893 |
| 2025 Portfolio Acquisition  | 134854 |
| Impact of foreign currency translation  | 1746 |
| Balance of December 31, 2025  | $541493 |

---

Intangible assets, net consisted of the following as of December 31, 2025 and 2024 (in thousands):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025**  | **As of December 31, 2025**  | **As of December 31, 2025**  | **As of December 31, 2024**  | **As of December 31, 2024**  | **As of December 31, 2024**  |
| | **Gross <br> Carrying <br> Amount**  | **Accumulated <br> Amortization**  | **Total**  | **Gross <br> Carrying <br> Amount**  | **Accumulated <br> Amortization**  | **Total**  |
| Finite-lived intangibles: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Customer Relationships  | $572854 | $(154104) | $418750 | $509154 | $(116062) | $393092 |
| &nbsp;&nbsp;&nbsp; Developed Technology  | 42000 | (28000) | 14000 | 42000 | (13578) | 28422 |
| &nbsp;&nbsp;&nbsp; Lease in place  | 5696 | (2742) | 2954 | 5696 | (1931) | 3765 |
| &nbsp;&nbsp;&nbsp; IP Addresses  | 286 | (286) |  | 286 | (236) | 50 |
| &nbsp;&nbsp;&nbsp; Patents  | 450 | (29) | 421 |  |  |  |
| Total finite-lived intangibles  | 621286 | (185161) | 436125 | 557136 | (131807) | 425329 |
| Indefinite-lived intangibles: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Trademarks  | 24 |  | 24 |  |  |  |
| &nbsp;&nbsp;&nbsp; Internet Domain  | 150 |  | 150 |  |  |  |
| Total indefinite-lived intangibles  | 174 |  | 174 |  |  |  |
| **Total intangibles**  | $621460 | $(185161) | $436299 | $557136 | $(131807) | $425329 |

---

The Company recorded $63.7 million and $372.0 million of intangible assets that were acquired in conjunction with the 2025 Portfolio Acquisition and 2024 Portfolio Acquisition, respectively.

The Company recorded amortization expense on intangible assets of $54.8 million, $51.9 million, and $15.8 million for the years ended December 31, 2025, 2024 and 2023, respectively, which was included in depreciation and amortization expense on the Consolidated Statements of Operations. The Company did not record any impairment charges related to intangible assets for the years ended December 31, 2025, 2024 and 2023.

------

[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
6. Goodwill and Intangible Assets, Net (Continued)

The Company estimates annual amortization expense for existing intangible assets subject to amortization as follows (in thousands):

---

| | |
|:---|:---|
| **For the years ending December 31,** |  |
| 2026  | $56372 |
| 2027  | 42373 |
| 2028  | 42373 |
| 2029  | 41979 |
| 2030  | 41695 |
| Thereafter  | 211333 |
| **Estimated future amortization expense of definite-lived intangible assets**  | $436125 |

---

7. Leases

 *Lessee Accounting* 

The Company enters into lease arrangements primarily for data center spaces, office spaces and for certain equipment. The Company determines if an arrangement is or contains a lease at inception. The Company recognizes a right-of-use asset and lease liability on the Consolidated Balance Sheets for all leases with a term longer than 12 months. Many of the Company's lease agreements include options to extend the lease, which are not included in the minimum lease payments unless they are reasonably certain to be exercised at lease commencement. Rental expense related to operating leases is recognized on a straight-line basis over the lease term. Operating lease right-of-use assets are presented as Right-of-use assets on the Consolidated Balance Sheets, while finance lease right-of-use assets are included within Property and equipment, net.

The Company subleases certain office space that it does not intend to occupy. The sublease arrangement expires during the year 2030 and provides for escalations of lease payments in the normal course of business.

The components of lease expenses and income for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| **Operating lease costs:** |  |  |  |
| Operating lease cost  | $90591 | $106938 | $20657 |
| **Finance lease cost:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Amortization of right-of-use assets  | 41661 | 43390 |  |
| &nbsp;&nbsp;&nbsp; Interest on lease liabilities  | 39199 | 40529 |  |
| Total finance lease cost  | $80860 | $83919 | $— |
| Short-term lease cost  | 2160 | 935 | 2709 |
| Sublease income  | (2026) | (1966) |  |
| **Total lease cost**  | $171585 | $189826 | $23366 |

---

In the Company's Consolidated Statements of Operations, amortization of right-of-use assets under finance leases and interest on finance lease liabilities are included in depreciation and amortization and interest expense, respectively. Operating lease costs for data centers are included in cost of revenues, and operating lease costs for office leases are included in selling, marketing, general and administrative expenses in the Company's Consolidated Statements of Operations.

------

[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
7. Leases (Continued)

For the years ended December 31, 2025, 2024 and 2023, the Company did not record any impairment charges related to right-of-use assets.

Supplemental consolidated cash flow and other information related to leases is as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating cash flows used by operating leases  | $(78463) | $(85199) | $(31496) |
| &nbsp;&nbsp;&nbsp; Operating cash flows used by finance leases  | (39199) | (40529) |  |
| &nbsp;&nbsp;&nbsp; Financing cash flows used by finance leases  | (16132) | (12424) |  |
|  Right-of-use assets obtained in exchange for new or modified lease obligations:  |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating lease right-of-use assets  | $1792 | $472961 | $— |
| &nbsp;&nbsp;&nbsp; Finance lease right-of-use assets  | 56972 | 787195 |  |
| Derecognition of right-of-use assets |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating leases  | $127431 | $26696 | $15690 |
| &nbsp;&nbsp;&nbsp; Finance leases  | 50902 | 314505 |  |
| Derecognition of lease liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating leases  | $133340 | $26348 | $36050 |
| &nbsp;&nbsp;&nbsp; Finance leases  | 55612 | 313205 |  |
| Weighted average remaining lease term (in years) – operating leases  | 11 | 13 | 17 |
| Weighted average remaining lease term (in years) – finance leases  | 18 | 19 | N/A |
| Weighted average discount rate – operating leases  | 7.1% | 7.6% | 4.7% |
| Weighted average discount rate – finance leases  | 8.4% | 9.0% | N/A |

---

 *Derecognition of right-of-use assets and lease liabilities* 

During the year ended December 31, 2023, the Company modified and exited certain lease arrangements associated with sites it was vacating. In connection with these exits, the Company derecognized the related right-of-use assets and lease liabilities. The resulting net difference of $20.4 million between the carrying amounts was recognized as a gain on lease modification and is included in transaction and other costs in the Consolidated Statements of Operations for the year ended December 31, 2023.

Immediately following the 2024 Portfolio Acquisition, the Company acquired the underlying properties associated with certain operating and finance leases. Upon acquisition of the underlying properties, the Company derecognized the related right-of-use assets and lease liabilities. The resulting difference of $1.6 million between the carrying amounts, which primarily related to prepaid rent balances, was recognized as a loss on lease modification and is included in other income (loss), net in the Consolidated Statements of Operations for the year ended December 31, 2024.

In connection with the 2025 Portfolio Acquisition, the Company settled a pre-existing relationship related to lease arrangements under which it was the lessee, resulting in a $2.4 million decrease to the purchase price. During the year ended December 31, 2025, the Company also acquired the underlying data centers subject to certain of these leases for an aggregate purchase price of $300.6 million. Upon acquisition of the underlying properties, the Company derecognized the associated right-of-use assets and lease liabilities. The resulting difference of $10.6 million between the carrying amounts of the right-of-use assets and the corresponding lease liabilities was recorded as an adjustment to the basis of the acquired properties.

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[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
7. Leases (Continued)

As of December 31, 2025, maturities of lease liabilities were as follows (in thousands):

---

| | | |
|:---|:---|:---|
| **For the years ending December 31,**  | **Operating Leases**  | **Finance Leases**  |
| 2026  | $68461 | $48433 |
| 2027  | 68858 | 41638 |
| 2028  | 70241 | 38362 |
| 2029  | 67948 | 39274 |
| 2030  | 54744 | 40209 |
| Thereafter  | 303291 | 752386 |
| Total lease payments  | $633543 | $960302 |
| Imputed interest  | (200211) | (516918) |
| **Total lease liabilities**  | $433332 | $443384 |

---

 *Lessor Accounting* 

Our leases generally have non-cancelable initial lease terms ranging from five to ten years and may include options to extend or renew the lease for additional periods. Lease payments typically consist of fixed payments, including contractual rent escalation provisions, and, for certain leases, variable lease payments. Variable lease payments are primarily based on usage or other factors specified in the lease agreements and are billed in arrears based on actual consumption. The lease arrangements do not contain purchase options.

A summary of minimum lease payments due from our customers under operating leases of colocation space within data center environments, as well as other facilities leased under triple net arrangements are shown below. These amounts do not reflect future rental revenues from renewal or replacement of existing leases unless we are reasonably certain we will exercise the option or the lessee has the sole ability to exercise the option. Reimbursements of operating expenses and variable rent increases are excluded from the table below.

Future minimum lease receipts for operating leases under Topic 842 as of December 31, 2025 are as follows (in thousands):

---

| | |
|:---|:---|
| **For the years ending December 31,** |  |
| 2026  | $167959 |
| 2027  | 193401 |
| 2028  | 188535 |
| 2029  | 184594 |
| 2030  | 158224 |
| Thereafter  | 199860 |
| **Total minimum lease receipts**  | $1092573 |

---

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[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
8. Other Current Assets and Accrued Expenses

The components of certain Consolidated Balance Sheets accounts are as follows (in thousands):

---

| | | |
|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  |
| | **2025**  | **2024**  |
| Other current assets: |  |  |
| &nbsp;&nbsp;&nbsp; Contract assets, current  | $26588 | $15744 |
| &nbsp;&nbsp;&nbsp; Deferred rent  | 2460 | 9157 |
| &nbsp;&nbsp;&nbsp; Deferred commissions  | 12272 | 3414 |
| &nbsp;&nbsp;&nbsp; Indemnification asset  | 16413 |  |
| &nbsp;&nbsp;&nbsp; Other  | 15574 | 3840 |
| Total other current assets  | $73307 | $32155 |

---

---

| | | |
|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  |
| | **2025**  | **2024**  |
| Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp; Compensation  | $29775 | $35876 |
| &nbsp;&nbsp;&nbsp; Property and other taxes  | 41418 | 32147 |
| &nbsp;&nbsp;&nbsp; Utilities  | 23285 | 31352 |
| &nbsp;&nbsp;&nbsp; Transition service agreement liability  | 96 | 10297 |
| &nbsp;&nbsp;&nbsp; Acquisition related obligation  |  | 6070 |
| &nbsp;&nbsp;&nbsp; Interest payable  | 5290 | 5998 |
| &nbsp;&nbsp;&nbsp; Rent  | 969 | 5654 |
| &nbsp;&nbsp;&nbsp; Professional fees  | 665 | 1493 |
| &nbsp;&nbsp;&nbsp; Refund liabilities  | 11943 | 7999 |
| &nbsp;&nbsp;&nbsp; Other  | 15165 | 15000 |
| Total accrued expenses  | $128606 | $151886 |

---

9. Derivatives

The Company is party to various interest rate swap agreements designated and qualifying as cash flow hedges of the Company's forecasted variable interest cash flows. The Company partially terminated two swap agreements associated with the 2022 Mortgage Note and 2018 Term Loan Facility during the twelve months ended December 31, 2023. During the twelve months ended December 31, 2024, the two swap agreements outstanding from prior year were fully terminated, five new swap agreements were entered into, and four of the new swap agreements were partially terminated. During the twelve months ended December 31, 2025, all five swap agreements outstanding from prior year were fully terminated. As a result, the Company recorded gains (losses) from derivative instruments in interest expense of $0.1 million, $33.7 million, and $(2.2) million during the years ended December 31, 2025, 2024 and 2023, respectively. The Company expects $0.7 million to be reclassified from accumulated other comprehensive income to earnings during the subsequent twelve months ending December 31, 2026.

On January 12, 2024, the Company entered into interest rate swap agreements to hedge exposure to floating interest rates on the 2024 Term Loan Facility (as defined in Note 10—Debt). In March 2024, the Company modified its interest rate swap agreements to increase the notional amount in connection with an increase in committed debt financing. On October 17, 2024, the Company reduced the notional amount of the interest rate swaps to align with a partial paydown of the 2024 Term Loan Facility. As of December 31, 2024, the Company had $1.2 billion of notional amount in outstanding designated interest rate swaps with third parties. As of December 31, 2025, there were no outstanding designated interest rate swaps with third parties. All interest rate swaps are highly effective.

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[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
9. Derivatives (Continued)

The following table presents a roll-forward of interest rate swaps recognized in accumulated other comprehensive income ("AOCI") (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| Balance, beginning of period  | $16860 | $34734 | $39871 |
| Total amount recorded in AOCI  | (20071) | 15817 | (7324) |
| Amount reclassified from AOCI to income  | (121) | (33691) | 2187 |
| Balance, end of period  | $(3332) | $16860 | $34734 |

---

10. Debt

The Company's total debt obligations are as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Maturities<sup>(1)</sup>**  | **Effective <br> Interest <br> Rates<sup>(2)</sup>**  | **December 31, <br> 2025**  | **December 31, <br> 2024**  |
| 2020 Asset-Backed Secured Note 2 A-2  | October 2027  | 5.13% | $250000 | $— |
| 2021 Asset-Backed Secured Note 1 B  | May 2028  | 5.95% | 61000 |  |
| 2021 Asset-Backed Secured Note 1 C  | May 2028  | 8.39% | 41000 |  |
| 2021 Fund Revolving Credit Facility  | June 2027<sup>(3)</sup>  | —% |  | 25136 |
| 2022 Asset-Backed Secured Note 1 A-2  | April 2029  | 5.27% | 120000 |  |
| 2022 Asset-Backed Secured Note 1 B  | April 2029  | 5.96% | 51000 |  |
| 2024 Term Loan Facility  | January 2026  | —% |  | 1243640 |
| 2024 Revolving Credit Facility  | December 2026  | —% | 659000 | 148000 |
| Series 2024-1 VFN  | October 2029  | —% | 75000 |  |
| 2024 Asset-Backed Secured Note 1 A-2  | October 2029  | 7.07% | 400000 | 400000 |
| 2024 Asset-Backed Secured Note 2 A-2  | October 2031  | 7.31% | 400000 | 400000 |
| 2024 Asset-Backed Secured Note 1 B  | October 2029  | 7.77% | 85000 | 85000 |
| 2025 Asset-Backed Secured Note 1 A-2  | March 2030  | 6.60% | 445000 |  |
| 2025 Asset-Backed Secured Note 2 A-2  | March 2032  | 6.88% | 440000 |  |
| 2025 Asset-Backed Secured Note 1 B  | March 2030  | 7.24% | 55000 |  |
| 2025 Asset-Backed Secured Note 3 A-2  | August 2030  | 6.46% | 395000 |  |
| 2025 Asset-Backed Secured Note 4 A-2  | August 2032  | 6.78% | 390000 |  |
| 2025 Asset-Backed Secured Note 3 B  | August 2030  | 6.90% | 30000 |  |
| 2025 Asset-Backed Secured Note 5 A-2  | December 2029  | 6.40% | 150000 |  |
| 2025 Asset-Backed Secured Note 6 A-2  | December 2030  | 6.40% | 335000 |  |
| 2025 Asset-Backed Secured Note 7 A-2  | December 2032  | 6.60% | 575000 |  |
| 2025 Asset-Backed Secured Note 6 B  | December 2030  | 7.39% | 40000 |  |
| Total Principal debt  |  |  | 4997000 | 2301776 |
| &nbsp;&nbsp;&nbsp; Less: unamortized debt issuance costs  |  |  | (241447) | (90893) |
|  Total debt, net of unamortized discount and issuance costs  |  |  | 4755553 | 2210883 |
| &nbsp;&nbsp;&nbsp; Less: debt, current portion  |  |  |  | (25136) |
| **Total long-term debt, net of current**  |  |  | $4755553 | $2185747 |

---

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[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
10. Debt (Continued)

(1) For the asset-backed secured notes, the maturity is the anticipated repayment date.

(2) Includes amortization of debt premiums (discounts) and debt issuance costs and the impact of interest rate swap instruments.

(3) The maturity date for the drawn balance that is outstanding as of December 31, 2024 is January 2025.

As of December 31, 2025, the future principal payments for the Company's debt were as follows (in thousands):

---

| | |
|:---|:---|
| **For the years ending December 31,** |  |
| 2026  | $— |
| 2027  | 909000 |
| 2028  | 102000 |
| 2029  | 881000 |
| 2030  | 1300000 |
| Thereafter  | 1805000 |
| **Total**  | $4997000 |

---

For the years ended December 31, 2025, 2024 and 2023, total interest expense for the Company's debt obligations were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| Stated interest expense<sup>(1)</sup>  | $173492 | $154450 | $40939 |
| Amortization of deferred financing costs  | 29012 | 23939 | 3044 |
| **Total**  | $202504 | $178389 | $43983 |

---

(1) Includes interest rate swap settlements in the amount of $3.5 million, $28.9 million, and $12.9 million as a reduction of stated interest expense for the years ended December 31, 2025, 2024 and 2023, respectively.

 *2018 Term Loan Facility* 

On December 31, 2018, the Company, through a wholly owned indirect subsidiary, entered into a credit agreement with a group of lenders for a $550.0 million senior secured term loan facility maturing on December 31, 2025 (the "2018 Term Loan Facility"). The 2018 Term Loan Facility also included a revolving credit facility. The Company is required to repay the 2018 Term Loan Facility at the rate of 1.00% of the original principal amount per annum with the remaining balance to be repaid in full at its maturity. The 2018 Term Loan Facility bears interest at a rate based on the London Inter-bank Offered Rate ("LIBOR") plus a margin that can vary from 3.25% to 3.75%.

In 2021, the Company began repurchasing the 2018 Term Loan Facility directly from third party debt holders in multiple transactions cumulatively totaling $166.8 million. During the year ending December 31, 2023, the Company repurchased $33.9 million, resulting in a $9.8 million gain. No amount was repurchased in the year ending December 31, 2024.

In conjunction with the 2024 Term Loan Facility and 2024 Revolving Credit Facility, the Company extinguished its 2018 Term Loan Facility and therefore as of December 31, 2025 and 2024 there is no balance outstanding. This was treated as a debt extinguishment. In accordance with debt extinguishment accounting rules, in 2024, the Company recorded $3.1 million in debt extinguishment costs in the Consolidated Statements of Operations related to the write-off of all unamortized deferred debt issuance costs that were related to the 2018 Term Loan Facility.

------

[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
10. Debt (Continued)

 *2018 Revolving Credit Facility* 

On December 31, 2018, the Company, through a wholly owned indirect subsidiary, entered into the Revolving Facility (the "2018 Revolving Credit Facility") which allows the Company to borrow, repay and re-borrow over its term, in an agreement principal amount of up to $50.0 million. As a part of the 2018 Revolving Credit Facility there is a sub-limit restriction for the issuance of letters of credit of up to $25.0 million at any one time. Borrowings under the Revolving Facility bear interest at the option of the Company at a rate based on LIBOR plus a margin that can vary from 2.75% to 3.25% or, alternate base rate ("ABR") plus a margin that can vary from 1.75% and 2.25%. The Company is required to pay 0.50% per annum on the average daily unused portion of the 2018 Revolving Credit Facility, payable quarterly in arrears. The Company is required to pay a per annum letter of credit fee equal to the applicable spread over adjusted LIBOR. The credit agreement was amended to account for the LIBOR to Secured Overnight Financing Rate ("SOFR") transition.

In conjunction with the 2024 Term Loan Facility and 2024 Revolving Credit Facility, the Company extinguished its 2018 Revolving Credit Facility and therefore as of December 31, 2025 and 2024 there is no balance outstanding.

 *2021 Fund Revolving Credit Facility* 

Under a revolving credit agreement entered into by investment funds affiliated with Brookfield Corporation, BIF III US Aggregator (Delaware) LLC is jointly and severally liable, as a named borrower, for obligations under the facility (the "2021 Fund Revolving Credit Facility"), which allows the Company to borrow, repay and re-borrow over its term. Typically, the Company rolls the drawn balance on a month-by-month basis. As of December 31, 2025, total commitments under the subscription credit facility were $500.0 million.

The facility includes a letter of credit sub-limit equal to 50% of total commitments. Borrowings bear interest at SOFR plus 1.75% per annum (December 31, 2024 and 2023; SOFR plus 1.95%) and are subject to a commitment fee on the average daily unused portion of the commitments equal to 0.25% per annum when unused commitments exceed 50% of total commitments and 0.20% per annum when unused commitments are 50% or less (December 31, 2024 and 2023: 0.25%). Letters of credit bear a fee equal to the applicable margin of 1.75% per annum on the daily undrawn amount, plus a customary fronting fee.

On June 20, 2025, investment funds affiliated with Brookfield Corporation entered into an amended revolving credit facility agreement, extending the maturity of the subscription credit facility for the 2021 Fund Revolving Credit Facility from June 20, 2025 to June 17, 2027. On October 31, 2025, investment funds affiliated with Brookfield Corporation entered into another amended revolving credit facility where borrowings under the amended facility bear interest at SOFR plus 1.75% per annum and increased the total commitments to up to $500.0 million during a temporary period, reducing to $400.0 million on January 9, 2026.

As of December 31, 2025, there was no balance outstanding by BIF III US Aggregator (Delaware) LLC on the 2021 Fund Revolving Credit Facility. As of December 31, 2024, the outstanding borrowings by BIF III US Aggregator (Delaware) LLC on the 2021 Fund Revolving Credit Facility were $25.1 million. As of December 31, 2025 and 2024, the total outstanding borrowings on the 2021 Fund Revolving Credit Facility by all of its loan parties were $12.2 million and $70.6 million, respectively.

As of December 31, 2025 and 2024, the Company was in compliance with all financial covenants and requirements related to the 2021 Revolving Credit Facility.

 *2022 Mortgage Note* 

On November 1, 2022, the Company, through a wholly owned indirect subsidiary, entered into a credit agreement under which the Company obtained a mortgage note payable (the "2022 Mortgage Note") secured

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[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
10. Debt (Continued)

by all of the data center property located at 11830 Webb Chapel Road, Dallas, Texas in addition to an assignment of rents. The 2022 Mortgage Note has a principal balance of $110.0 million and is set to mature November 1, 2025. The 2022 Mortgage Note bears interest at three-month SOFR. Monthly payments consist of interest only with principal due upon maturity.

The 2022 Mortgage Note is guaranteed by the wholly owned indirect subsidiary.

In conjunction with the 2024 Term Loan Facility and 2024 Revolving Credit Facility, the Company extinguished its 2022 Mortgage Note and therefore as of December 31, 2025 and 2024 there is no balance outstanding. This was treated as a debt extinguishment. In accordance with debt extinguishment accounting rules, the Company recorded $1.5 million in debt extinguishment costs in the Consolidated Statements of Operations related to the write-off of all unamortized deferred debt issuance costs that were related to the 2022 Mortgage Note.

 *2024 Term Loan Facility* 

On January 12, 2024, certain subsidiaries of the Company, entered into a Loan Agreement (the "2024 Term Loan Agreement") with Wells Fargo Bank, National Association ("Wells Fargo") and TD Securities (USA) LLC ("TD") (the "2024 Term Loan"). Pursuant to the 2024 Term Loan Agreement, the Company received a two-year term loan in an aggregate principal amount equal to $1,965.9 million. The 2024 Term Loan Facility bears interest at a rate based on the SOFR plus 3.75% with 25.0 basis point step up at month 13 and every 6 months thereafter until maturity of the original principal amount per annum. The 2024 Term Loan matures January 12, 2026, with provision for two successive terms of six months each, subject to certain conditions.

On March 1, 2024, the Company amended its 2024 Term Loan Agreement to increase the principal amount of loan by $33.0 million.

On October 17, 2024, in conjunction with the asset-backed securitization transaction, the Company prepaid outstanding principal of $755.2 million under the 2024 Term Loan Facility. In conjunction with the debt repayment the Company recognized a debt extinguishment charge of $10.3 million.

As of December 31, 2024, the Company's debt obligation under the 2024 Term Loan Facility was $1,243.6 million net of unamortized deferred issuance cost of $12.8 million.

On March 11, 2025, the Company prepaid outstanding principal of $646.7 million under the 2024 Term Loan Facility. In conjunction with the debt repayment the Company recognized a debt extinguishment charge of $5.3 million.

On August 21, 2025, in conjunction with the asset-backed borrowings, the Company prepaid outstanding principal of $431.3 million under the 2024 Term Loan Facility. In conjunction with the debt repayment the Company recognized a debt extinguishment charge of $1.6 million.

On December 4, 2025, in conjunction with the asset-backed borrowings, the Company prepaid outstanding principal of $165.6 million under the 2024 Term Loan Facility. In conjunction with the debt repayment the Company recognized a debt extinguishment charge of $0.2 million. As a result, the Company has fully paid down the 2024 Term Loan Facility.

As of December 31, 2025 and 2024, the Company was in compliance with all financial covenants and requirements related to the 2024 Term Loan Facility. The 2024 Term Loan Facility requires a minimum debt yield which is tested on a quarterly basis.

 *2024 Revolving Credit Facility* 

On January 12, 2024, certain subsidiaries of the Company entered into a Revolving Credit Facility (the "2024 Revolving Credit Facility") with Wells Fargo Securities, LLC and TD. The 2024 Revolving Credit Facility

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[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
10. Debt (Continued)

provided for revolving loans in an aggregate principal amount of up to $200.0 million over a three-year term. As a part of the 2024 Revolving Facility there is a sub-limit restriction for the issuance of letters of credit of up to $50.0 million at any one time. Borrowings under the 2024 Revolving Credit Facility bear interest of SOFR plus a margin of 4.25% and the Company is required to pay 0.75% per annum on the average daily unused portion of the 2024 Revolving Credit Facility. The Company is required to pay a 4.50% per annum letter of credit fee.

On February 28, 2025, the Company amended the 2024 Revolving Credit Facility to increase total commitments from $200.0 million to $300.0 million and to reduce the applicable interest rate margin from SOFR plus 4.25% to SOFR plus 3.00%.

On December 22, 2025, the Company closed a $500.0 million upsize to the 2024 Revolving Credit Facility with a maturity of December 2026, with provision for two successive terms of one year each, subject to certain conditions. The Company intends to extend the maturity for at least one year.

As of December 31, 2025 and 2024, the outstanding balance on the 2024 Revolving Credit Facility was $659.0 million and $148.0 million, respectively.

As of December 31, 2025 and 2024, the Company was in compliance with all financial covenants and requirements related to the 2024 Revolving Credit Facility. The 2024 Revolving Credit Facility requires a maximum loan to value ratio, which is tested on a quarterly basis. Management monitors compliance with these covenants on an ongoing basis.

 *Asset-Backed Notes* 

On October 17, 2024, certain subsidiaries of the Company completed an asset-backed securitization transaction totaling $885.0 million. The Company issued two series of fixed-rate notes—Series 2024-1 and Series 2024-2 (together, the "Series 2024-1/2 Notes") pursuant to an indenture (the "2024 Indenture"). Net proceeds from the issuance were used to refinance the existing term loan, pay transaction costs, and for general corporate purposes.

On March 20, 2025, certain subsidiaries of the Company completed an asset-backed securitization transaction totaling $940.0 million. The Company issued two series of fixed-rate notes—Series 2025-1 and Series 2025-2 (together, the "Series 2025-1/2 Notes") pursuant to a series supplement to the 2024 Indenture. Net proceeds from the issuance were used to repay outstanding indebtedness and for general corporate purposes.

On August 21, 2025, certain subsidiaries of the Company completed an asset-backed securitization transaction totaling $815.0 million. The Company issued two series of fixed-rate notes—Series 2025-3 and Series 2025-4 (together, the "Series 2025-3/4 Notes") pursuant to a series supplement to the 2024 Indenture. Net proceeds from the issuance were used to repay outstanding indebtedness and for general corporate purposes.

On October 1, 2025, as a result of the 2025 Portfolio Acquisition, the Company acquired three series of fixed-rate notes—Series 2020-1/2 Notes, Series 2021-1 Notes, and Series 2022-1 Notes for a total of $743.0 million. See Note 3—Business Combinations for more information.

On December 4, 2025, certain subsidiaries of the Company completed an asset-backed securitization transaction totaling $1,100.0 million. The Company issued three series of fixed-rate notes—Series 2025-5, Series 2025-6 and Series 2025-7 (together, the "Series 2025-5/6/7 Notes") pursuant to a series supplement to the 2024 Indenture. Net proceeds from the issuance were used to repay outstanding indebtedness and for general corporate purposes.

On December 4, 2025, in conjunction with the Series 2025-5/6/7 Notes, the Company had paid off $220.0 million of Series 2020-1/2 Notes. Therefore, for the Series 2020-1/2 Notes, only the Series 2020-2 Notes are outstanding as of December 31, 2025.

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[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
10. Debt (Continued)

The Series 2020-2 Notes, Series 2021-1 Notes, Series 2022-1 Notes, Series 2024-1/2 Notes, Series 2025-1/2 Notes, Series 2025-3/4 Notes, and Series 2025-5/6/7 Notes (collectively, the "Asset-Backed Secured Notes") are secured by a collateral pool consisting of multi-tenant enterprise data centers, held in both fee simple and leasehold interests.

The Asset-Backed Secured Notes were issued in the following tranches (dollars in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Series**  | **Class**  | &nbsp;&nbsp;&nbsp;&nbsp; **Initial Principal <br> Amount**  | &nbsp;&nbsp;&nbsp;&nbsp; **Note Principal <br> Balance**  | **Coupon Rate**  | &nbsp;&nbsp; **Anticipated <br> Repayment Date**  |
| 2020-2  | A-2  | $250000 | $250000 | 2.50% | October 2027  |
| 2021-1  | B  | $61000 | $61000 | 3.60% | May 2028  |
| 2021-1  | C  | $41000 | $41000 | 5.60% | May 2028  |
| 2022-1  | A-2  | $120000 | $120000 | 4.60% | April 2029  |
| 2022-1  | B  | $51000 | $51000 | 5.10% | April 2029  |
| 2024-1  | A-2  | $400000 | $400000 | 5.20% | October 2029  |
| 2024-1  | B  | $85000 | $85000 | 5.60% | October 2029  |
| 2024-2  | A-2  | $400000 | $400000 | 5.40% | October 2031  |
| 2025-1  | A-2  | $445000 | $445000 | 5.50% | March 2030  |
| 2025-2  | A-2  | $440000 | $440000 | 5.70% | March 2032  |
| 2025-1  | B  | $55000 | $55000 | 5.90% | March 2030  |
| 2025-3  | A-2  | $395000 | $395000 | 5.00% | August 2030  |
| 2025-4  | A-2  | $390000 | $390000 | 5.20% | August 2032  |
| 2025-3  | B  | $30000 | $30000 | 5.40% | August 2030  |
| 2025-5  | A-2  | $150000 | $150000 | 5.30% | December 2029  |
| 2025-6  | A-2  | $335000 | $335000 | 5.30% | December 2030  |
| 2025-7  | A-2  | $575000 | $575000 | 5.80% | December 2032  |
| 2025-6  | B  | $40000 | $40000 | 5.85% | December 2030  |

---

The Asset-Backed Secured Notes are classified as long-term debt, net of deferred financing costs in the Consolidated Balance Sheets.

Interest expense on the Asset-Backed Secured Notes is recognized using the effective interest method. Direct costs incurred in connection with the issuance of the Asset-Backed Secured Notes are capitalized as deferred financing costs and amortized over the expected life of the related debt using the effective interest method. As of December 31, 2025, the Company had unamortized deferred financing costs of $11.3 million, $5.7 million, $3.7 million, $67.0 million, $46.9 million, $57.7 million, and $49.2 million which are presented as a direct deduction from the carrying amount of the Series 2020-2 Notes, Series 2021-1 Notes, Series 2022-1 Notes, Series 2024-1/2 Notes, Series 2025-1/2 Notes, Series 2025-3/4 Notes, and Series 2025-5/6/7, respectively, in the Consolidated Balance Sheets. As of December 31, 2024, the Company had unamortized deferred financing costs of $78.1 million which are presented as a direct deduction from the carrying amount of the Series 2024-1/2 Notes in the Consolidated Balance Sheets.

As of December 31, 2025 and 2024, the Company was in compliance with all financial covenants and requirements related to its Asset-Backed Secured Notes. The agreement also includes requirements related to a minimum debt service coverage ratio and a minimum loan-to-value ratio, both of which are tested monthly and could increase restricted cash requirements if prescribed levels are not met. Management monitors compliance with these covenants on an ongoing basis.

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[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
10. Debt (Continued)

 *Variable Funding Note* 

The 2024 Indenture provided for $100.0 million of asset-backed, floating rate Series 2024-1 Secured Data Center Revenue Variable Funding Note (the "Series 2024-1 VFN" or "Variable Funding Note") over a five-year term. On August 21, 2025, the Company entered into an amendment whereby the Company increased the sub-limit restriction for the issuance of letters of credit of up to $25.0 million at any one time from $15.0 million at any one time. The applicable interest rate is equal to the SOFR plus 2.45%. The Company is required to pay 0.50% per annum on the average daily unused portion of the Variable Funding Note. The Company is required to pay a 2.00% per annum letter of credit fee.

As of December 31, 2024, there were no amounts outstanding under the Series 2024-1 VFN. The Series 2024-1 VFN has a revolving note structure and is intended to be used primarily for general corporate purposes, including working capital needs for the multi-tenant data centers securing the Series 2024-1/2 Notes.

As of December 31, 2025, the outstanding balance on the Series 2024-1 VFN was $75.0 million.

As of December 31, 2025, the Company was in compliance with all financial covenants and requirements related to the Series 2024-1 VFN. The agreement also includes requirements related to a minimum debt service coverage ratio and a minimum loan-to-value ratio, both of which are tested monthly and could increase restricted cash requirements if prescribed levels are not met. Management monitors compliance with these covenants on an ongoing basis.

11. Employee Benefits

The Company assumed a qualified defined benefit plan (the "Pension Plan") covering a portion of the U.S Company's employees. Benefits accrue to eligible employees based on years of service and compensation. The Company also assumed post-employment benefit plan other than pensions (the "OPEB") for the associated employees. The plan is provided to certain domestic employees who meet specific age, participation and length of service requirements at the time of retirement.

The plans' benefit obligations, asset fair values and funded status as of December 31, 2025 were $7.0 million, $4.0 million, and $(3.0) million, respectively. The plans' benefit obligations, asset fair values and funded status as of December 31, 2024 were $7.1 million, $4.8 million, and $(2.2) million, respectively. The total expense/(benefit) related to these plans were $2.0 million, $(1.6) million, and $(0.2) million in the years ended December 31, 2025, 2024 and 2023, respectively. Additionally, the net periodic pension and postretirement health benefit costs for the years ended December 31, 2025, 2024 and 2023 were not material, both in aggregate and for each component individually, including service costs, interest costs, expected return on plan assets, gains and losses and amortization of prior service cost/credit.

The Company intends to terminate the Pension Plan in 2026.

12. Member's Interest

Pursuant to the BIF III US Aggregator (Delaware) LLC agreement ("LLC Agreement"), the Company is authorized to issue a single class of member's interest which are designated as common unit. As of December 31, 2025, 2024 and 2023, the Company issued 484,000,000 units. The common units represent the only class of member's equity interests authorized and outstanding. The Company does not have preferred equity or multiple classes of member's interests.

Each common unit represents a unit of limited liability company interest and entitles the holder to one vote per unit, allocations of profits and losses, and distributions of available earnings, in proportion to ownership of common units, in accordance with the LLC Agreement and applicable law.

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[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
12. Member's Interest (Continued)

In 2023, the Company entered into a joint venture with Archer Datacenters SPE 1 LLC ("Archer Datacenters") to develop a new data center, which resulted in non-controlling interests ("NCI"). During 2024, the Company acquired all remaining NCI from Archer Datacenters for $9.1 million. As a result, no remaining NCI existed as of December 31, 2025 and 2024.

13. Income Taxes

The components of the (loss) income before income taxes for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| Domestic operations  | $(140115) | $320262 | $(76968) |
| Foreign operations  | 1696 | (6260) | (1696) |
| &nbsp;&nbsp;&nbsp; Total (loss) income before taxes  | $(138419) | $314002 | $(78664) |

---

The income tax benefit (expense) from continuing operations for the years ended December 31, 2025, 2024 and 2023 consists of the following (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| Federal: |  |  |  |
| &nbsp;&nbsp;&nbsp; Current  | $2141 | $547 | $— |
| &nbsp;&nbsp;&nbsp; Deferred  | 25714 | 134745 | (715) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total federal benefit (expense)  | 27855 | 135292 | (715) |
| Foreign: |  |  |  |
| &nbsp;&nbsp;&nbsp; Current  | (2730) | (924) | 115 |
| &nbsp;&nbsp;&nbsp; Deferred  | 2328 | 2352 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total foreign  | (402) | 1428 | 115 |
| State and local: |  |  |  |
| &nbsp;&nbsp;&nbsp; Current  | (644) | (849) | (276) |
| &nbsp;&nbsp;&nbsp; Deferred  | (8294) | 8668 | (156) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total state and local  | (8938) | 7819 | (432) |
| Total income tax benefit (expense)  | $18515 | $144539 | $(1032) |

---

The following table presents the reconciliation of the statutory federal income tax rate to the Company's effective tax rate for the year ended December 31, 2025:

---

| | | |
|:---|:---|:---|
| | **For the year ended December 31, 2025**  | **For the year ended December 31, 2025**  |
| | **Amounts**  | **%**  |
| U.S. federal statutory income tax rate  | $29068 | 21%  |
| State and local income taxes<sup>(1)</sup>  | (7007) | (5)%  |
| Foreign Operations  | (45) | —%  |
| Non-deductible expenditures  | (89) | —%  |
| Change in valuation allowance  | (3412) | (3)%  |
| Total income tax benefit (expense)  | $18515 | 13%  |

---

(1) State taxes in California, New Jersey and Illinois made up the majority (greater than 50%) of the tax effect in this category.

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[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
13. Income Taxes (Continued)

The following table presents the reconciliation of the statutory federal income tax rate to the Company's effective tax rate for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  |
| | **2024**  | **2023**  |
| U.S. federal statutory income tax rate  | $(65940) | $16519 |
| State and local income taxes  | 6177 | (341) |
| Foreign Operations  | 113 | (241) |
| Non-deductible expenditures  | (1540) | (2159) |
| Bargain gain  | 114707 |  |
| Change in valuation allowance  | 91022 | (14810) |
| Total income tax benefit (expense)  | $144539 | $(1032) |
| Effective income tax rate  | (46)% | (1)% |

---

The following table presents the income taxes paid, net of refunds, disaggregated by jurisdiction for the year ended December 31, 2025:

---

| | |
|:---|:---|
| | **As of <br> December 31, <br> 2025**  |
| U.S. Federal  | $165 |
| U.S. State |  |
| &nbsp;&nbsp;&nbsp; Florida  | 215 |
| &nbsp;&nbsp;&nbsp; New Jersey  | 262 |
| &nbsp;&nbsp;&nbsp; Texas  | 248 |
| &nbsp;&nbsp;&nbsp; Other State Jurisdictions  | 61 |
| Foreign |  |
| &nbsp;&nbsp;&nbsp; Canada  | 1731 |
| &nbsp;&nbsp;&nbsp; Germany  | (657) |
| &nbsp;&nbsp;&nbsp; Other Foreign Jurisdictions  | 9 |
| Total income tax payments, net of refunds  | $2035 |

---

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company's deferred tax assets and liabilities as of December 31, 2025 and 2024 were as follows (in thousands):

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[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
13. Income Taxes (Continued)

---

| | | |
|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  |
| **(in thousands)**  | **2025**  | **2024**  |
| Deferred tax assets: |  |  |
| Net operating loss carryforward  | $156051 | $118392 |
| Interest expense limitation carryforward  | 85509 | 73781 |
| Reserves / accrued liabilities  | 17929 | 15298 |
| Lease obligations  | 79072 | 154578 |
| Other  |  |  |
| Gross deferred tax assets  | 338561 | 362049 |
| Valuation allowance  | (71600) | (49069) |
| Total deferred tax assets, net of valuation allowance  | 266961 | 312980 |
| Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Goodwill and intangible assets  | (90776) | (82154) |
| Right-of-use asset  | (91226) | (192923) |
| Property and equipment  | (241316) | (111362) |
| Hedge assets / liabilities  | 345 | (4432) |
| Other  | (9588) | (8760) |
| Net deferred tax assets (liabilities), net of valuation allowance  | $(165600) | $(86651) |

---

As of December 31, 2025 and 2024, the Company had undistributed foreign earnings which the Company intends to either reinvest indefinitely or distribute in a tax-free manner. With respect to the balance of earnings the Company intends to reinvest indefinitely as of December 31, 2025, the Company does not expect to incur US federal, state, local or foreign withholding taxes on the balance of these unremitted earnings as management plans to indefinitely reinvest these earnings overseas. In the event the Company determines not to continue to assert that all or part of its undistributed foreign earnings are permanently reinvested, such a determination in the future could result in the accrual and payment of additional foreign withholding taxes and US taxes on currency transaction gains and losses, the determination of which is not practicable due to the complexities associated with the hypothetical calculation.

As of December 31, 2025, the Company has U.S. federal net operating loss ("NOL") carryforwards of $118.2 million generated in tax years 2018 through 2025, of which all will carry forward indefinitely. The Company has state and local NOL carryforwards of $24.7 million, of which the majority has a 20 year carryforward period. Additionally, the Company has foreign NOL carryforwards of $13.1 million, of which the carryforward period varies from five years to indefinite.

We record valuation allowances against deferred income tax assets when we determine that it is more likely than not that such deferred income tax assets will not be realized based upon all the available evidence. As of December 31, 2025, the Company has recorded a valuation allowance of $34.1 million, $30.8 million and $6.7 million for US Federal, US State and Foreign, respectively for the portion of the deferred tax asset that did not meet the more-likely-than-not realization criteria.

The Company does not have any unrecorded uncertain tax positions ("UTPs") as of December 31, 2025, 2024 and 2023. While the Company currently does not have any UTPs, it is foreseeable that the calculation of the Company's tax liabilities may involve dealing with uncertainties in the application of complex tax laws and regulations in a multitude of jurisdictions across the Company's global operations. ASC 740 states that a tax benefit from an uncertain tax position may be recognized when it is more-likely-than-not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, on the

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
13. Income Taxes (Continued)

basis of the technical merits. Upon identification of a UTP, the Company would (1) record the UTP as a liability in accordance with ASC 740 and (2) adjust these liabilities if/when management's judgment changes as a result of the evaluation of new information not previously available. Ultimate resolution of UTPs may produce a result that is materially different from an entity's estimate of the potential liability. In accordance with ASC 740, the Company would reflect these differences as increases or decreases to income tax expense in the period in which new information is available.

The Company is subject to taxation in the United States and various foreign jurisdictions. As of December 31, 2025, the Company is not currently under audit in any foreign or domestic jurisdiction.

14. Commitments and Contingencies

 *Guarantees and Indemnifications* 

In connection with the 2025 Portfolio Acquisition, the Company maintains credit support agreements in the aggregate amount of $18.6 million with certain utility providers. As of December 31, 2025, a portion of such credit support is subject to renewal in the near term, with the remainder in effect through the fourth quarter of 2026. As of December 31, 2025, no renewal or replacement agreement has been negotiated.

 *Legal Contingencies* 

From time to time the Company is involved in certain legal proceedings and claims which arise in the ordinary course of business. It is the Company's policy to accrue for amounts related to these legal matters if it is probable that a liability has been incurred and the amount is reasonably estimable. In the opinion of the management, based on consultations with counsel, the results of any of these matters individually and in the aggregate, are not expected to have a material effect on its results of operations, financial condition or cash flows. As of December 31, 2025 and December 31, 2024, the Company has not accrued any material potential loss.

15. Related Party Transactions

 *Related Party Revenues and Expenses* 

An affiliate of the Parent pays certain expenses and interest obligations on behalf of the Company. Amounts advanced are recorded as due to related party in the Consolidated Balance Sheets. There was no outstanding balance as of December 31, 2025 and the outstanding balance was approximately $3.3 million as of December 31, 2024. The payable is unsecured, non-interest bearing, and has no specific repayment terms.

The Company recognized related party revenue with affiliates of the Parent of $3.4 million, $2.5 million and $0.1 million, during the years ended December 31, 2025, 2024 and 2023, respectively, which are included in revenues. The revenues primarily relate to colocation revenue. As of December 31, 2025 and 2024, there were no outstanding balances due to these related party revenues.

The Company recognized related party expenses with affiliates of the Parent of $3.3 million and $3.7 million during the years ended December 31, 2025 and 2024, respectively, which are included in selling, marketing, general and administrative. The expenses primarily relate to rent expenses. The Company did not recognize any related party expenses with affiliates of the Parent during the year ended December 31, 2023. As of December 31, 2025 and 2024, there were no outstanding balances due to these related party expenses.

In 2024, the Company provided management services to an affiliate of the Parent. The Company recognized $5.8 million of other income related to these services during the year ended December 31, 2024. As of December 31, 2025 and 2024, the outstanding balance due from the affiliate for these services was approximately $2.5 million and $5.5 million, respectively.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
15. Related Party Transactions (Continued)

 *Related Party Loans* 

In 2025, the Company paid certain bonuses to executives on behalf of an affiliate of the Parent in return for a loan receivable from the affiliate. As of December 31, 2025, the outstanding balance due from affiliates was approximately $8.3 million.

In 2025, the Company paid debt on behalf of an affiliate of the Parent in return for a loan receivable from the affiliate. As of December 31, 2025, the outstanding balance due from affiliates was approximately $6.4 million.

From time to time, the Company receives short-term bridge loan financing from Parent. On March 11, 2025 the Company received a $646.0 million loan from Parent, the proceeds of which were used to repay outstanding principal under the Company's 2024 Term Loan Facility in advance of the Company's Series 2025-1/2 Notes issuance. On March 20, 2025 the bridge loan from Parent was repaid utilizing the proceeds received from the Series 2025-1/2 Notes issuances.

 *Related Party Deposits* 

From time to time, the Company temporarily deposits cash with affiliates of Parent bearing interest at a market-based rate. The deposits are presented in due from related parties on the Consolidated Balance Sheets and interest income recognized in the Consolidated Statements of Operations. As of December 31, 2025, the Company had a deposit with the Parent of $127.6 million bearing interest at a rate of 3.99% per annum. The balance was initially deposited on December 23, 2025 and has a maturity date of three months.

16. Segment Reporting

The CODM evaluates the performance of the Company's segment based upon consolidated net (loss) income and considers budget-to-actual or forecast-to-actual variances to assess performance and make decisions about allocating resources. The CODM is regularly provided disaggregated expense information at a level more detailed than that presented in financial statements herein.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
16. Segment Reporting (Continued)

The following tables presents the significant revenue streams, significant segment expenses and other segment items regularly reviewed by our CODM, as well as consolidated net (loss) income (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| Revenues |  |  |  |
| &nbsp;&nbsp;&nbsp; Colocation  | $741751 | $683111 | $154294 |
| &nbsp;&nbsp;&nbsp; Interconnection  | 105611 | 108191 | 18998 |
| &nbsp;&nbsp;&nbsp; Other  | 40600 | 37303 | 21228 |
| &nbsp;&nbsp;&nbsp; Non-recurring  | 40709 | 34896 | 3113 |
| &nbsp;&nbsp;&nbsp; Metered power revenues  | 58309 | 44050 | 627 |
| &nbsp;&nbsp;&nbsp; Total revenues  | $986980 | $907551 | $198260 |
| Significant Segment Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp; Utilities  | (197479) | (181588) | (47109) |
| &nbsp;&nbsp;&nbsp; Real estate  | (111323) | (120047) | (24978) |
| &nbsp;&nbsp;&nbsp; Personnel  | (80944) | (81284) | (37418) |
| &nbsp;&nbsp;&nbsp; Property taxes  | (32093) | (40511) | (10600) |
| &nbsp;&nbsp;&nbsp; Repairs and maintenance  | (28410) | (27449) | (11829) |
| &nbsp;&nbsp;&nbsp; Selling, marketing, general and administrative  | (87724) | (102326) | (40143) |
| &nbsp;&nbsp;&nbsp; Transaction and other costs  | (17710) | (69375) | (8873) |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | (271916) | (259575) | (50423) |
| &nbsp;&nbsp;&nbsp; Other income (loss), net  | 9479 | 10678 | (1039) |
| &nbsp;&nbsp;&nbsp; Bargain purchase gain  |  | 544097 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Loss) gain on extinguishment of debt  | (7114) | (14934) | 9782 |
| &nbsp;&nbsp;&nbsp; Interest expense  | (241165) | (185614) | (46170) |
| &nbsp;&nbsp;&nbsp; Income tax benefit (expense)  | 18515 | 144539 | (1032) |
| &nbsp;&nbsp;&nbsp; Other segment items<sup>(1)</sup>  | (59000) | (65621) | (8124) |
| **Segment net (loss) income / Consolidated net (loss) income**  | $(119904) | $458541 | $(79696) |

---

(1) Other segment items are primarily comprised cost of revenues related to data center security services, commissions paid to third-party business partners, other professional services associated with site management.

The following table provides information about disaggregated revenue by primary geographic region (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | **For the years ended December 31,**  | **For the years ended December 31,**  | **For the years ended December 31,**  |
| | **2025**  | **2024**  | **2023**  |
| United States  | $906221 | $844277 | $189481 |
| Canada  | 36934 | 23103 |  |
| United Kingdom  | 30911 | 25986 | 2781 |
| All other countries  | 12914 | 14185 | 5998 |
| **Total revenues**  | $986980 | $907551 | $198260 |

---

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[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
16. Segment Reporting (Continued)

The following table provides information about long-lived assets by primary geographical region (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31,**  | **As of December 31,**  | **As of December 31,**  | **As of December 31,**  |
| | **2025**  | **2025**  | **2024**  | **2024**  |
| | **Property and <br> equipment, net**  | **Right-of-use <br> assets**  | **Property and <br> equipment, net**  | **Right-of-use <br> assets**  |
| United States  | $3290324 | $348549 | $2667685 | $581349 |
| Canada  | 622378 | 1652 | 56868 | 1932 |
| United Kingdom  | 38387 | 5036 | 41443 | 4740 |
| All other countries  |  |  | 144 | 120 |
| **Total**  | $3951089 | $355237 | $2766140 | $588141 |

---

17. Fair Value Measurement

The Company's financial instruments include cash, cash equivalents, restricted cash, accounts receivable, derivative instruments, accounts payable and accrued liabilities. Cash, cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date.

Our financial assets measured at fair value on a recurring basis as of December 31, 2025 and 2024 were as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | | **As of December 31,**  | **As of December 31,**  |
| | | **2025**  | **2024**  |
| | **Fair value Hierarchy**  | **Fair Value**  | **Fair Value**  |
| **Financial assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Derivative – interest rate swap  | Level 2  | $— | $16860 |

---

The 2021 Fund Revolving Credit Facility, 2024 Term Loan Facility, 2024 Revolving Credit Facility, and Series 2024-1 VFN (as defined in Note 10—Debt) are considered Level 2 instruments and recorded at book value on the Company's Consolidated Balance Sheets. As they reprice frequently due to variable interest rate terms and entail no significant changes in credit risk, the fair value approximates carrying value. Refer to Note 10—Debt for additional information.

The Series 2024-1/2 Notes (as defined in Note 10—Debt), which contain a fixed rate coupon, were issued on October 17, 2024. These notes are considered Level 2 instruments. Due to the proximity of the issuance date to December 31, 2024, and the absence of significant changes in market interest rates or the Company's credit risk since issuance, the carrying amount of the Series 2024-1/2 Notes approximates their fair value at December 31, 2024. Refer to Note 10—Debt for additional information.

The Series 2020-2 Notes, Series 2021-1 Notes, and Series 2022-1 Notes (as defined in Note 10—Debt), which contain a fixed rate coupon, were assumed on October 1, 2025. These notes are considered Level 2 instruments. Due to the proximity of the date the Company acquired the Series 2020-2 Notes, Series 2021-1 Notes, and Series 2022-1 Notes to December 31, 2025, and the absence of significant changes in market interest rates or the Company's credit risk since issuance, the carrying amount of the Series 2020-2 Notes, Series 2021-1 Notes, and Series 2022-1 Notes approximates their fair value at December 31, 2025. Refer to Note 10—Debt for additional information.

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[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### BIF III US Aggregator (Delaware) LLC

#### Notes to the Consolidated Financial Statements (Continued)
17. Fair Value Measurement (Continued)

The fair value of fixed rate debt as of December 31, 2025, was as follows (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | | **As of December 31, 2025**  | **As of December 31, 2025**  |
| | **Fair value Hierarchy**  | **Carrying Value**  | **Fair Value**  |
| **Financial liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp; 2024-1 A-2  | Level 2  | $375166 | $395225 |
| &nbsp;&nbsp;&nbsp; 2024-2 A-2  | Level 2  | 363912 | 384788 |
| &nbsp;&nbsp;&nbsp; 2024-1 B  | Level 2  | 78952 | 82078 |
| &nbsp;&nbsp;&nbsp; 2025-1 A-2  | Level 2  | 427073 | 438047 |
| &nbsp;&nbsp;&nbsp; 2025-2 A-2  | Level 2  | 413748 | 427856 |
| &nbsp;&nbsp;&nbsp; 2025-1 B  | Level 2  | 52325 | 53635 |
| &nbsp;&nbsp;&nbsp; 2025-3 A-2  | Level 2  | 371962 | 381916 |
| &nbsp;&nbsp;&nbsp; 2025-4 A-2  | Level 2  | 357094 | 366932 |
| &nbsp;&nbsp;&nbsp; 2025-3 B  | Level 2  | 28214 | 29325 |
| &nbsp;&nbsp;&nbsp; 2025-5 A-2  | Level 2  | 144298 | 147051 |
| &nbsp;&nbsp;&nbsp; 2025-6 A-2  | Level 2  | 319494 | 323968 |
| &nbsp;&nbsp;&nbsp; 2025-7 A-2  | Level 2  | 549591 | 557670 |
| &nbsp;&nbsp;&nbsp; 2025-6 B  | Level 2  | $37456 | $38593 |

---

18. Subsequent Events

The Company has evaluated subsequent events through March 30, 2026, the date the consolidated financial statements were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the consolidated financial statements.

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#### Confidential Treatment Requested by the Registrant Pursuant to 17 C.F.R. Section 200.83

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares

### Csquare, Inc.

### Common Stock

#### PROSPECTUS

---

| | |
|:---|:---|
| ***Morgan Stanley*** |  |
|  |  ***TD Securities***  |

---

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[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### PART II

#### INFORMATION NOT REQUIRED IN PROSPECTUS

#### Item 13. Other Expenses of Issuance and Distribution
Set forth below is a table of the registration fee for the Securities and Exchange Commission (the "SEC") and estimates of all other expenses to be paid by the registrant in connection with the issuance and distribution of the securities described in the registration statement:

---

| | |
|:---|:---|
| SEC registration fee  | $|
| Stock exchange listing fee  |  |
| Financial Industry Regulatory Authority filing fee  |  |
| Printing expenses  |  |
| Legal fees and expenses  |  |
| Accounting fees and expenses  |  |
| Transfer agent and registrar fees  |  |
| Miscellaneous  |  |
| Total  | $|

---

#### Item 14. Indemnification of Directors and Officers
Section 145 of the Delaware General Corporation Law (the "DGCL") provides that a corporation may indemnify directors and officers as well as other employees and individuals against expenses (including attorneys' fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred by such person in connection with any threatened, pending, or completed actions, suits, or proceedings in which such person is made a party by reason of such person being or having been a director, officer, employee or agent to the registrant. The DGCL provides that Section 145 is not exclusive of other rights to which those seeking indemnification may be entitled under any bylaw, agreement, vote of stockholders, or disinterested directors or otherwise. The registrant's certificate of incorporation provides for indemnification by the registrant of its directors, officers, and employees to the fullest extent permitted by the DGCL.

Section 102(b)(7) of the DGCL permits a corporation to provide in its certificate of incorporation that a director or officer of the corporation shall not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer, except for liability (i) for any breach of the director's or officer's duty of loyalty to the corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) for unlawful payments of dividends or unlawful stock repurchases, redemptions, or other distributions, (iv) for any transaction from which the director or officer derived an improper personal benefit, or (v) with respect to officers, any action by or in the right of the corporation. The registrant's certificate of incorporation provides for such limitation of liability.

The registrant maintains standard policies of insurance under which coverage is provided (a) to its directors and officers against loss rising from claims made by reason of breach of duty or other wrongful act and (b) to the registrant with respect to payments which may be made by the registrant to such officers and directors pursuant to the above indemnification provision or otherwise as a matter of law.

The proposed form of underwriting agreement we enter into in connection with the sale of common stock being registered will provide for indemnification of directors and officers of the registrant by the underwriters against certain liabilities.

We expect to enter into customary indemnification agreements with our executive officers and directors that provide them, in general, with customary indemnification in connection with their service to us or on our behalf.

#### Item 15. Recent Sales of Unregistered Securities
None.

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#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### Item 16. Exhibits and Financial Statement Schedules
(a) #### Exhibits

---

| | |
|:---|:---|
| **Exhibit <br> Number**  | **Exhibit Description**  |
| 1.1\* | Form of Underwriting Agreement |
| 2.1 | Asset Purchase Agreement, dated October 31, 2023, by and among Cyxtera Technologies, Inc., certain of its subsidiaries, and Phoenix Data Center Holdings LLC  |
| 3.1\* | Form of Amended and Restated Certificate of Incorporation of Csquare, Inc., to become effective prior to the completion of this offering  |
| 3.2\* | Form of Amended and Restated Bylaws of Csquare, Inc., to become effective prior to the completion of this offering  |
| 4.1 | Second Amended and Restated Indenture, dated as of May 28, 2021, among Compass Datacenters Issuer, LLC, Compass Datacenters Canada Issuer Limited Partnership, each entity of the Co-Issuers party thereto and Wilmington Trust, National Association, as trustee.  |
| 4.2 | First Amendment to Second Amended and Restated Indenture, dated as of April 21, 2022, among Compass Datacenters Issuer, LLC, Compass Datacenters Canada Issuer Limited Partnership, each entity of the Co-Issuers party thereto and Wilmington Trust, National Association, as trustee.  |
| 4.3 | Series 2020-2 Supplement, dated as of October 2, 2020, among Compass Datacenters Issuer, LLC, Compass Datacenters Canada Issuer Limited Partnership, each entity of the Co-Issuers party thereto and Wilmington Trust, National Association, as trustee.  |
| 4.4 | Series 2021-1 Supplement, dated as of May 28, 2021, among Compass Datacenters Issuer, LLC, Compass Datacenters Canada Issuer Limited Partnership, each entity of the Co-Issuers party thereto and Wilmington Trust, National Association, as trustee.  |
| 4.5 | Series 2022-1 Supplement, dated as of April 21, 2022, among Compass Datacenters Issuer, LLC, Compass Datacenters Canada Issuer Limited Partnership, each entity of the Co-Issuers party thereto and Wilmington Trust, National Association, as trustee.  |
| 4.6 | Indenture, dated as of October 17, 2024, among Centersquare Issuer LLC, Centersquare Co-Issuer LLC, Centersquare MSA Holdings LLC, each of the Closing Date Real Estate Asset Entities party thereto, Centersquare Non-RE Asset Entity LLC and Wilmington Trust, National Association, as trustee.  |
| 4.7 | First Amendment to Indenture, dated as of June 10, 2025, among Centersquare Issuer LLC, Centersquare Co-Issuer LLC, Centersquare MSA Holdings LLC, each of the Closing Date Real Estate Asset Entities party thereto, Centersquare Non-RE Asset Entity LLC and Wilmington Trust, National Association, as trustee.  |
| 4.8 | Second Amendment to Indenture, dated as of August 21, 2025, among Centersquare Issuer LLC, Centersquare Co-Issuer LLC, Centersquare MSA Holdings LLC, each of the Closing Date Real Estate Asset Entities party thereto, Centersquare Non-RE Asset Entity LLC and Wilmington Trust, National Association, as trustee.  |
| 4.9 | Series 2024-1 Supplement, dated as of October 17, 2024, among Centersquare Issuer LLC, Centersquare Co-Issuer LLC, Centersquare MSA Holdings LLC, each of the Closing Date Real Estate Asset Entities party thereto, Centersquare Non-RE Asset Entity LLC and Wilmington Trust, National Association, as trustee.  |
| 4.10 | Series 2024-2 Supplement, dated as of October 17, 2024, among Centersquare Issuer LLC, Centersquare Co-Issuer LLC, Centersquare MSA Holdings LLC, each of the Closing Date Real Estate Asset Entities party thereto, Centersquare Non-RE Asset Entity LLC and Wilmington Trust, National Association, as trustee.  |
| 4.11 | Series 2025-1 Supplement, dated as of March 20, 2025, among Centersquare Issuer LLC, Centersquare Co-Issuer LLC, Centersquare MSA Holdings LLC, each of the Closing Date Real Estate Asset Entities party thereto, Centersquare Non-RE Asset Entity LLC and Wilmington Trust, National Association, as trustee.  |

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[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

---

| | |
|:---|:---|
| **Exhibit <br> Number**  | **Exhibit Description**  |
| 4.12 | Series 2025-2 Supplement, dated as of March 20, 2025, among Centersquare Issuer LLC, Centersquare Co-Issuer LLC, Centersquare MSA Holdings LLC, each of the Closing Date Real Estate Asset Entities party thereto, Centersquare Non-RE Asset Entity LLC and Wilmington Trust, National Association, as trustee.  |
| 4.13 | Series 2025-3 Supplement, dated as of August 21, 2025, among Centersquare Issuer LLC, Centersquare Co-Issuer LLC, Centersquare MSA Holdings LLC, each of the Closing Date Real Estate Asset Entities party thereto, Centersquare Non-RE Asset Entity LLC and Wilmington Trust, National Association, as trustee.  |
| 4.14 | Series 2025-4 Supplement, dated as of August 21, 2025, among Centersquare Issuer LLC, Centersquare Co-Issuer LLC, Centersquare MSA Holdings LLC, each of the Closing Date Real Estate Asset Entities party thereto, Centersquare Non-RE Asset Entity LLC and Wilmington Trust, National Association, as trustee.  |
| 4.15 | Series 2025-5 Supplement, dated as of December 4, 2025, among Centersquare Issuer LLC, Centersquare Co-Issuer LLC, Centersquare MSA Holdings LLC, each of the Closing Date Real Estate Asset Entities party thereto, Centersquare Non-RE Asset Entity LLC and Wilmington Trust, National Association, as trustee.  |
| 4.16 | Series 2025-6 Supplement, dated as of December 4, 2025, among Centersquare Issuer LLC, Centersquare Co-Issuer LLC, Centersquare MSA Holdings LLC, each of the Closing Date Real Estate Asset Entities party thereto, Centersquare Non-RE Asset Entity LLC and Wilmington Trust, National Association, as trustee.  |
| 4.17 | Series 2025-7 Supplement, dated as of December 4, 2025, among Centersquare Issuer LLC, Centersquare Co-Issuer LLC, Centersquare MSA Holdings LLC, each of the Closing Date Real Estate Asset Entities party thereto, Centersquare Non-RE Asset Entity LLC and Wilmington Trust, National Association, as trustee.  |
| 5.1\* | Opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP as to the validity of the securities being offered  |
| 10.1\* | Form of Stockholders' Agreement by and among Csquare, Inc. and the stockholders party thereto  |
| 10.2\* | Form of Registration Rights Agreement by and between Csquare, Inc. and the Holders party thereto  |
| 10.3\* | Form of Indemnification Agreement by and between Csquare, Inc. and each of its directors and executive officers  |
| 10.4\*† | Csquare, Inc. 2026 Omnibus Incentive Plan |
| 10.5\*† | Form of Senior Executive Option Award Agreement |
| 10.6\*† | Form of Director Option Award Agreement |
| 10.7\*† | Form of Director RSU Award Agreement |
| 10.8\*† | Employment Agreement with Spencer Mullee |
| 10.9\*† | Employment Agreement with Steven Cook |
| 10.10\*†  | Employment Agreement with Catherine Smith |
| 10.11\*†  | Employment Agreement with Sean Charnock |
| 10.12 | U.S. Revolving Credit Agreement, dated as of January 12, 2024, among Phoenix Data Center Acquisitions LLC, Phoenix Data Center Intermediate LLC, the lending institutions from time to time parties thereto, the Letter of Credit Issuers from time to time parties thereto and Wells Fargo Bank, National Association, as administrative agent and collateral agent.  |
| 10.13 | First Amendment to Credit Agreement, dated as of April 17, 2024, by and among Phoenix Data Center Acquisitions LLC, the Guarantors party thereto, Wells Fargo Bank, National Association, as administrative agent and the Lenders party thereto.  |
| 10.14 | Second Amendment to Credit Agreement, dated as of February 28, 2025, by and among Phoenix Data Center Acquisitions LLC, the Guarantors party thereto, Wells Fargo Bank, National Association, as administrative agent and the Lenders party thereto.  |

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[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

---

| | |
|:---|:---|
| **Exhibit <br> Number**  | **Exhibit Description**  |
| 10.15 | Third Amendment to Credit Agreement, dated as of December 22, 2025, by and among Phoenix Data Center Acquisitions LLC, the Guarantors party thereto, Wells Fargo Bank, National Association, as administrative agent and the Lenders party thereto.  |
| 21.1\* | Subsidiaries of the registrant |
| 23.1\* | Consent of Deloitte & Touche LLP, independent registered public accounting firm |
| 23.2\* | Consent of Paul, Weiss, Rifkind, Wharton & Garrison LLP (included in Exhibit 5.1) |
| 24.1\* | Powers of Attorney (included in signature page) |
| 107\* | Filing Fee Table |

---

\*

To be filed by amendment.

†

Indicates management contract or compensatory plan.

(b) #### Financial Statement Schedule
See the Index to the consolidated financial statements included on page F-1 for a list of the financial statements included in this registration statement. All schedules not identified above have been omitted because they are not required, are inapplicable, or the information is included in the consolidated financial statements or notes contained in this registration statement.

#### Item 17. Undertakings
The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreement, certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each purchaser.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The undersigned registrant hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

For purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

For purposes of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

------

[**TABLE OF CONTENTS**](#TOC3)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Coppell, Texas, on the day of , 2026.

#### CSQUARE, INC.
By:

Name:

Spencer Mullee

Title:

Chief Executive Officer

------

[**TABLE OF CONTENTS**](#TOC)

#### Confidential Treatment Requested by the Registrant

#### <sup>Pursuant to 17 C.F.R. Section 200.83</sup>

#### POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each individual whose signature appears below hereby constitutes and appoints Spencer Mullee, Steven Cook and Catherine Smith, his or her true and lawful agent, proxy and attorney-in-fact, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to (i) act on, sign and file with the Securities and Exchange Commission any and all amendments (including post-effective amendments) to this registration statement together with all schedules and exhibits thereto and any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, together with all schedules and exhibits thereto, (ii) act on, sign and file such certificates, instruments, agreements and other documents as may be necessary or appropriate in connection therewith, (iii) act on and file any supplement to any prospectus included in this registration statement or any such amendment or any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and (iv) take any and all actions which may be necessary or appropriate in connection therewith, granting unto such agents, proxies and attorneys-in-fact, and each of them, full power and authority to do and perform each and every act and thing necessary or appropriate to be done, as fully for all intents and purposes as he or she might or could do in person, hereby approving, ratifying and confirming all that such agents, proxies and attorneys-in-fact or any of their substitutes may lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature**  | **Title**  | **Date**  |
| <br>Spencer Mullee  | Chief Executive Officer <br>(Principal Executive Officer)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026  |
| <br>Steven Cook  | Chief Financial Officer <br> (Principal Financial and Accounting Officer)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026  |
|  | Director  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026  |
|  | Director  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026  |
|  | Director  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026  |
|  | Director  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026  |
|  | Director  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026  |
|  | Director  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026  |
|  | Director  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2026  |

---

------

## Exhibit 2.1

**Exhibit 2.1**

**EXECUTION VERSION**

------

**ASSET PURCHASE AGREEMENT**

**Dated as of OCTOBER 31, 2023**

**by and AMONG**

**PHOENIX DATA CENTER HOLDINGS LLC** **, as Purchaser, and**

**Cyxtera Technologies, Inc.**

**AND ITS SUBSIDIARIES NAMED HEREIN, as Sellers**

------

**<u>**TABLE OF CONTENTS**</u>**

**<u>Page</u>**

---

| | | |
|:---|:---|:---|
| Article I Purchase and Sale of Acquired Assets; Assumption of Assumed Liabilities | Article I Purchase and Sale of Acquired Assets; Assumption of Assumed Liabilities | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | Purchase and Sale of the Acquired Assets | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | Excluded Assets | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | Assumption of Certain Liabilities | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | Excluded Liabilities | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | Assumption/Rejection of Certain Contracts | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | Non-Assignment | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | Designated Purchaser(s) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 | Certain Bank Accounts | 15 |
| Article II Consideration; Payment; Closing | Article II Consideration; Payment; Closing | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | Consideration; Payment; Estimated Adjustment Amount | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | Deposit | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | Closing | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | Closing Deliveries by Sellers | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | Closing Deliveries by Purchaser | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | Post-Closing Adjustment | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | Withholding | 25 |
| Article III Representations and Warranties of Sellers | Article III Representations and Warranties of Sellers | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Organization and Qualification | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Authorization of Agreement | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | Equity Interests of Acquired Entities. | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | Conflicts; Consents | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 | Financial Statements; No Undisclosed Liabilities; Internal Controls | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 | Absence of Certain Changes or Developments | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 | Legal Actions | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 | Compliance with Laws; Permits; Escheat | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 | Title to Properties; Sufficiency of Tangible Assets | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | Material Contracts | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 | Intellectual Property | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 | Information Technology and Data Matters | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 | Tax Matters | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 | Environmental Matters | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 | Labor and Employment | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | Employee Benefit Plans | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 | Customers and Suppliers | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 | Insurance | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 | Transactions with Related Parties | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 | Brokers | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 | Letters of Credit, Surety Bonds | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 | Critical Technologies | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23 | No Other Representations or Warranties | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24 | No Outside Reliance | 45 |

---

i

**<u>**TABLE OF CONTENTS**</u>**

**<u>Page</u>**

---

| | | |
|:---|:---|:---|
| Article IV Representations and Warranties of Purchaser | Article IV Representations and Warranties of Purchaser | 45.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | Organization and Qualification | 45.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | Authorization of Agreement | 46.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | Conflicts; Consents | 46.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 | Financing | 47.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 | Security Law Matters | 48.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 | Brokers | 48.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 | No Litigation | 48.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 | Certain Arrangements | 48.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 | Solvency | 48.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 | Investigation | 48.0 |
| Article V Bankruptcy Court Matters | Article V Bankruptcy Court Matters | 49.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | Bankruptcy Actions | 49.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | Cure Costs | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | Approval | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 | Avoidance Actions | 51.0 |
| Article VI Covenants and Agreements | Article VI Covenants and Agreements | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | Conduct of the Business of Sellers | 51.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 | Access to Information | 55.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 | Employee Matters | 58.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 | Regulatory Approvals | 61.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 | Antitrust Notification | 61.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 | Corporate Name | 63.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 | Commercially Reasonable Efforts; Cooperation; Notices and Consents | 64.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 | Further Assurances | 65.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 | Insurance Matters | 65.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 | Third Party Credit Support Obligations | 66.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 | Acknowledgement by Purchaser. | 67.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 | Receipt of Misdirected Assets; Wrong Pockets | 68.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 | Directors' and Officers' Indemnification | 68.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 | Financing Matters | 68.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 | Title Insurance Policies; Memoranda of Lease; Estoppel Certificates | 70.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 | Seller Joinder | 71.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 | Confidentiality | 71.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 | DLR Transactions | 71.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.19 | Shared Agreements | 75.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20 | DLR Closing Distributions | 75.0 |

---

ii

**<u>**TABLE OF CONTENTS**</u>**

**<u>Page</u>**

---

| | | |
|:---|:---|:---|
| Article VII Conditions to Closing | Article VII Conditions to Closing | 76.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | Conditions Precedent to the Obligations of Purchaser and Seller | 76.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | Conditions Precedent to the Obligations of Purchaser | 77.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 | Conditions Precedent to the Obligations of Seller | 78.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 | Waiver of Conditions | 78.0 |
| Article VIII Termination | Article VIII Termination | 78.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | Termination of Agreement | 78.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 | Effect of Termination | 80.0 |
| Article IX Taxes | Article IX Taxes | 82.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | Transfer Taxes | 82.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | Allocation of Purchase Price | 84.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 | Cooperation | 84.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 | Preparation of Tax Returns and Payment of Taxes | 85.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 | Tax Sharing Agreements | 86.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 | Straddle Period Allocations | 86.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 | Tax Treatment | 86.0 |
| Article X Miscellaneous | Article X Miscellaneous | 87.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 | Non-Survival of Representations and Warranties and Certain Covenants; Certain Waivers | 87.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 | Expenses | 87.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 | Notices | 88.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 | Binding Effect; Assignment | 89.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 | Amendment and Waiver | 89.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 | Third Party Beneficiaries | 89.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 | Non-Recourse | 89.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 | Severability | 90.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 | Construction | 90.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 | Schedules | 90.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 | Complete Agreement | 91.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 | Specific Performance | 91.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 | Jurisdiction and Exclusive Venue | 92.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 | Governing Law; Waiver of Jury Trial | 92.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 | No Right to Set-Off | 93.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16 | Counterparts and PDF | 93.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17 | Publicity | 94.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.18 | Bulk Sales Laws | 94.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.19 | Release | 95.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.20 | Sellers' Representative | 96.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.21 | Debt Financing Sources | 96.0 |
| Article XI Additional Definitions and Interpretive Matters | Article XI Additional Definitions and Interpretive Matters | 97.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 | Certain Definitions | 97.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 | Index of Defined Terms | 112.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 | Rules of Interpretation | 115.0 |

---

iii

**<u>**TABLE OF CONTENTS**</u>**

**<u>Page</u>**

**INDEX OF EXHIBITS**

---

| | |
|:---|:---|
| EXHIBIT A | FORM OF BILL OF SALE AND ASSIGNMENT AND ASSUMPTION AGREEMENT |
| EXHIBIT B | FORM OF PATENT ASSIGNMENT AGREEMENT |
| EXHIBIT C | FORM OF TRADEMARK ASSIGNMENT AGREEMENT |
| EXHIBIT D | FORM OF COPYRIGHT ASSIGNMENT AGREEMENT |
| EXHIBIT E | FORM OF ASSIGNMENT AND ASSUMPTION OF LEASE |
| EXHIBIT F | WORKING CAPITAL |
| EXHIBIT G | FORM OF DOMAIN NAME TRANSFER AGREEMENT |
| EXHIBIT H | DLR TRANSACTIONS |
| EXHIBIT I | FORM OF SELLER JOINDER |

---

iv

**Asset Purchase Agreement**

This Asset Purchase Agreement (this "<u>Agreement</u>"), dated as of October 31, 2023, is made by and among Phoenix Data Center Holdings LLC, a Delaware limited liability company ("<u>Purchaser</u>"), Cyxtera Technologies, Inc., a Delaware corporation (as in existence on the date hereof, as a debtor-in-possession and a reorganized debtor, as applicable, "<u>CTI</u>") and the Subsidiaries of CTI that are indicated on the signature pages attached hereto and, after the date hereof, each Person who executes and delivers a Seller Joinder pursuant to <u>Section 6.16</u> (together with CTI, each a "<u>Seller</u>" and collectively, the "<u>Sellers</u>"). Purchaser and Sellers are referred to herein individually as a "<u>Party</u>" and collectively as the "<u>Parties</u>." Capitalized terms used herein shall have the meanings set forth herein, including <u>Article XI</u>, or the Plan (as defined herein).

WHEREAS, on June 4, 2023 (the "<u>Petition Date</u>"), Seller, together with certain of Seller's Affiliates (the "<u>Debtors</u>"), commenced voluntary cases under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101-1532 (the "<u>Bankruptcy Code</u>"), in the United States Bankruptcy Court for the District of New Jersey (the "<u>Bankruptcy Court</u>"), which cases are jointly administered for procedural purposes under *In re Cyxtera Technologies, Inc.*, Case No. 23-14853 (JKS) (Bankr. D.N.J. June 4, 2023) (collectively, the "<u>Bankruptcy Cases</u>");

WHEREAS, on June 6, 2023, the Foreign Representative and Canadian Sellers obtained an Initial Recognition Order (Foreign Main Proceeding) and Supplemental Order (Foreign Main Proceeding) from the CCAA Court (the "<u>CCAA Proceeding</u>") and thereafter have obtained further recognition Orders from CCAA Court recognizing Orders made by the Bankruptcy Court granted in the Bankruptcy Cases; and

WHEREAS, pursuant to the Bidding Procedures Order, the Plan, and upon the terms and conditions set forth in this Agreement and entry of the Confirmation Order, and as authorized under sections 105, 363, 365, 1123, 1129, 1141 and 1142 of the Bankruptcy Code, Purchaser (or a Designee) desires to purchase the Acquired Assets and assume the Assumed Liabilities from Sellers, and Sellers desire to sell, convey, assign, and transfer to Purchaser (or a Designee) the Acquired Assets together with the Assumed Liabilities

WHEREAS, Purchaser (or a Designee) desires to purchase the Acquired Assets and assume the Assumed Liabilities from Sellers, and Sellers desire to sell, convey, assign, and transfer to Purchaser (or a Designee) the Acquired Assets together with the Assumed Liabilities, in a sale authorized by the Bankruptcy Court pursuant to, *inter alia*, sections 105, 363, 365, 1123, 1129, 1141, and 1142 of the Bankruptcy Code, in accordance with the other applicable provisions of the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure and the local rules for the Bankruptcy Court, all on the terms and subject to the conditions set forth in this Agreement and the Plan and subject to entry of the Confirmation Order and consummation of the Plan; and

WHEREAS, as of the date hereof, in connection with the Transactions, Sellers entered into certain lease amendments or surrender agreements in respect of those certain leases between Sellers or their Affiliates, as tenant, on the one hand, and Affiliates of Digital Realty Trust Inc., as landlord, on the other hand, at the following locations: (i) 365 S. Randolphville Road, Piscataway, New Jersey; (ii) 200 N. Nash Street, El Segundo, California; (iii) 3015 Winona Avenue, Burbank, California (the lease amendments for the properties set forth in foregoing clauses (i), (ii) and (iii), the "**US Lease Amendments**"); (iv) Hanauer Landstrasse 298, 60314 Frankfurt am Main, Germany (FRA1); (v) Wilhelm-Fay-Strasse 24, Sossenheim, 65936 Frankfurt am Main, Germany (FRA2); and (vi) premises on the 7<sup>th</sup> floor of 29A International Business Park, Jurong East, Singapore (SIN2-C).

NOW, THEREFORE, in consideration of the foregoing premises and the mutual representations, warranties, covenants, and agreements set forth herein, and intending to be legally bound hereby, the Parties hereby agree as follows:

**Article I** **<br> Purchase and Sale of Acquired Assets;<br> Assumption of Assumed Liabilities**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Purchase and Sale of the Acquired Assets</u>. Pursuant to sections 105, 363, 365, 1123, 1129, 1141, and 1142 of the Bankruptcy Code, on the terms and subject to the conditions set forth herein and in the Confirmation Order and the Plan, at the Closing, Sellers shall sell, transfer, assign, convey, and deliver to Purchaser or one or more Designees, and Purchaser or such Designee(s) shall purchase, acquire, and accept from Sellers all of Sellers' right, title and interest in, to and under, the Acquired Assets (which sale shall, if Purchaser delivers a DLR Election Notice in accordance with <u>Section 2.3(b)</u>, be effected in connection with the consummation of the DLR Transactions in accordance with, and subject to the terms and conditions of, <u>Section 6.18</u>), free and clear of all Encumbrances other than Permitted Post-Closing Encumbrances. "<u>Acquired Assets</u>" means all of the properties, rights, interests and other assets of each Seller as of the Closing, whether tangible or intangible, real, personal, or mixed, wherever located and whether or not required to be reflected on a balance sheet prepared in accordance with GAAP, including any such properties, rights, interests, and other assets acquired by any Seller after the date hereof (in accordance with this Agreement) and prior to the Closing, and including Sellers' right, title and interest in and to, as of the Closing, the following assets of each Seller, but excluding in all cases the Excluded Assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) the Specified Agreement (solely to the extent the transactions contemplated thereunder have not been consummated prior to the Closing), and (ii) the Acquired Leases and (iii) the other Contracts listed on <u>Schedule 1.1(a)</u>, in each case, subject to <u>Section 1.5</u> (the "<u>Assigned Contracts</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all accounts receivable, notes receivable, payment intangibles, negotiable instruments, chattel paper and other amounts receivable owed to the Sellers or their Subsidiaries (whether current or non-current), together with all security or collateral therefor and any unpaid interest, fees or financing charges accrued thereon or other amounts due with respect thereto, including all Actions pertaining to the collection of amounts payable, or that may become payable, to the Sellers or their Subsidiaries with respect to products sold or services performed on or prior to the Closing Date, other than any of the foregoing to the extent owed by any Seller to any other Seller (other than any Seller that is an Acquired Entity), which shall be Excluded Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all bank accounts, prepaid assets, and all prepaid or deferred charges and expenses and all other current assets, all assets (including, to the extent applicable, all Tax pre-payments, refunds, credits, and other assets) that are within the trial balance categories used in determining, or otherwise would have been taken into account in, Closing Working Capital, and all lease and rental payments that have been prepaid by any Seller with respect to any Acquired Leased Real Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all Documents, but excluding any information to the extent prohibited by Law (which shall be Excluded Assets);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Leased Real Property listed on <u>Schedule 1.1(e)</u>, in each case, subject to <u>Section 1.5</u> (the "<u>Acquired Leased Real Property</u>" and the Lease governing any Acquired Leased Real Property, an "<u>Acquired Lease</u>"), including any Leasehold Improvements and all fixtures and improvements thereon and appurtenances thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all Owned Real Property of Sellers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all tangible assets (including Equipment, computer systems, computer hardware, supplies furniture, fixtures, machinery and fixed assets) of Sellers, including the tangible assets of Sellers located at any Acquired Leased Real Property or Owned Real Property and any such tangible assets on order to be delivered to any Seller; <u>provided</u> that, with respect to any such tangible asset that is leased to any Seller, the underlying lease agreement covering such leased tangible asset is an Assigned Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all rights against third parties (including customers, suppliers, vendors, merchants, manufacturers and counterparties to Leases, licenses or any Assigned Contract), including causes of action, claims, counterclaims, defenses, credits, rebates (including any vendor or supplier rebates), demands, allowances, refunds (other than Tax refunds that are Excluded Assets), causes of action, rights of set off, rights of recovery, rights of recoupment or rights under or with respect to express or implied guarantees, warranties, representations, covenants or indemnities made by such third parties, with respect to any of the Acquired Assets or Assumed Liabilities (in each case, other than against any Seller or its Subsidiaries that are not Acquired Entities (which shall be Excluded Assets));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all shares of capital stock or other Equity Interests that any Seller owns in the Persons set forth on <u>Schedule 1.1(i)</u> (the "<u>Transferred Subsidiaries</u>" and, together with the Subsidiaries of any Transferred Subsidiary, the "<u>Acquired Entities</u>"), including any securities convertible into, or exchangeable or exercisable for, any such shares of capital stock or other Equity Interests, investments or contributions in the Transferred Subsidiaries (collectively, the "<u>Acquired Interests</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) all assets, including receivables, due from an Acquired Entity as of the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) all of the rights, interests and benefits (if any) accruing under all Permits and Governmental Authorizations, and all pending applications therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) all current and prior insurance policies of any Seller (excluding all director and officer insurance policies, which shall be Excluded Assets), and all rights and benefits of any nature of Sellers of any nature with respect thereto, including all insurance recoveries and receivables (to the extent relating to any Assumed Liability) thereunder and rights to assert claims with respect to any such insurance recoveries and receivables (to the extent relating to any Assumed Liability);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) all rights of Sellers under non-disclosure or confidentiality, non-compete, or non-solicitation agreements with any Transferred Employee or any current or former employee of Sellers, current or former directors, consultants, independent contractors and agents of Sellers or their Subsidiaries or any of their Affiliates or with third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the sponsorship of each Employee Benefit Plan set forth on <u>Schedule 3.16(a)</u> (other than the Employee Benefit Plans set forth on <u>Schedule 1.1(n)</u>) (each, an "<u>Acquired Seller Plan</u>") and all right, title and interest in any assets (including all Contracts, properties and accounts) or trusts thereof or relating thereto, including any in-process insurance receivables under Acquired Seller Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) all Intellectual Property owned by the Sellers, including the Intellectual Property set forth on <u>Schedule 3.11(a)</u>, and all data collected by or on behalf of the Sellers and relating to customers and customer Contracts, all rights to collect royalties and proceeds in connection with such Intellectual Property, all rights to sue and recover for past, present and future infringements, dilutions, misappropriations or other violations of, or other conflicts with, such Intellectual Property and any and all corresponding rights that, now or hereafter, may be secured throughout the world (collectively, the "<u>Acquired Intellectual Property</u>") (regardless of whether or not such claims and causes of action have been asserted by Sellers), and all other rights of indemnity, warranty rights, rights of contribution, rights to refunds, rights of reimbursement and other rights of recovery, in each case. with respect to any of the foregoing and possessed by Sellers as of Closing (regardless of whether such rights are currently exercisable), and rights to protection of interests in the foregoing under the Laws of all jurisdictions, including all registrations, renewals, extensions, combinations, divisions, or reissues of, and applications for, any of the rights referred to above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) all inventory, supplies and materials of Sellers as of the Closing (including all rights of Sellers to receive such inventory, supplies, materials and spare parts that are on order), and all open purchase orders with suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) all goodwill, payment intangibles and general intangible assets and rights of Sellers, including all goodwill associated with the Intellectual Property of Sellers and all rights under any confidentiality agreements executed by any third party for the benefit of Sellers or their Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) (i) all rights of Sellers to cash collateral held as security for any of the Assumed Liabilities and (ii) security and other deposits (including maintenance deposits, and security deposits for rent, electricity, telephone or otherwise) held by any Seller or third-party as security for any of the Assumed Liabilities (collectively, the "<u>Acquired Cash Collateral</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) only in the event that the transactions contemplated by the Specified Agreement are not consummated in accordance therewith prior to the Closing, the "Acquired Assets" (as defined in and only to the extent defined in the Specified Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) all other assets that are owned or leased by any Seller as of the Closing that are not Excluded Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Excluded Assets</u>. Notwithstanding anything to the contrary in this Agreement, in no event shall Sellers be deemed to sell, transfer, assign, convey or deliver, and Sellers shall retain all right, title and interest in, to and under the following properties, rights, interests and other assets of Sellers (collectively, the "<u>Excluded Assets</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) other than the Acquired Cash Collateral, all Cash and Cash Equivalents, the bank account(s) set forth on <u>Schedule 1.2(a)</u>, and any retainers or similar amounts paid to Advisors or other professional service providers, in each case not included in the Acquired Assets pursuant to <u>Section 1.1(c)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) all Contracts set forth on <u>Schedule 1.2(b)</u>, (ii) all Contracts designated for rejection in accordance with <u>Section 1.5</u>, (iii) the Excluded Data Center Contracts, (iv) any other Contracts that (A) have not been disclosed on <u>Schedule 1.5(a)</u> and (B) relate exclusively to Excluded Assets or Excluded Liabilities, and (v) the Specified Agreement (solely to the extent the transactions contemplated thereunder have been consummated prior to the Closing) (the "<u>Excluded Contracts</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Documents (including information stored on the computer systems, data networks or servers of any Seller) (i) to the extent they primarily relate to any of the Excluded Assets or Excluded Liabilities, (ii) that are Sellers' minute books, Organizational Documents, stock certificates or other Equity Interests instrument, stock registers and such other similar books and records of any Seller pertaining to the ownership, organization or existence of such Seller, corporate seal, checkbooks, and canceled checks, in each case not including any Acquired Entity, (iii) that any Seller is required by Law to retain, (iv) subject to <u>Section 9.3</u>, Tax Returns (and any related work papers) of any Seller, or (v) that are governed under Privacy Laws that prohibit the transfer or sale of Personal Information; <u>provided</u> that Purchaser shall have the right to make copies of any portions of such Documents referenced in clauses (i) through (v) to the extent not prohibited by applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all documents prepared or received by any Seller or any of its Affiliates or on their behalf in connection with the sale of the Acquired Assets, this Agreement or the other Transaction Agreements, the Transactions, or the Bankruptcy Cases (excluding confidentiality agreements with prospective purchasers of the Acquired Assets or the Assumed Liabilities or any portion thereof), including (i) all records and reports prepared or received by Sellers or any of their respective Affiliates or Advisors in connection with the sale of the Acquired Assets and the Transactions, including all analyses relating to the business of Purchaser or its Affiliates so prepared or received and (ii) all bids and expressions of interest received from third parties with respect to the acquisition of any of Sellers' businesses or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all director and officer insurance policies, and all rights and benefits of any nature of Sellers with respect thereto, including all insurance recoveries thereunder and rights to assert claims with respect to any such insurance recoveries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all Equity Interests of any Seller or any of their respective Subsidiaries, in all cases, other than any of the foregoing issued by any Acquired Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i) all Avoidance Actions, and (ii) all claims that any Seller or any of its Affiliates may have against any Person to the extent related to any Excluded Assets or any Excluded Liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Sellers' claims, causes of action or other rights under this Agreement, including the Purchase Price hereunder, or any agreement, certificate, instrument, or other document executed and delivered between any Seller or its Affiliates and Purchaser in connection with the Transactions, or any other agreement between any Seller or its Affiliates and Purchaser entered into on or after the date hereof in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Tax refunds, Tax attributes and Tax assets, in each case, of Sellers, other than (i) any such Tax attributes or assets that transfer by operation of Law by virtue of the acquisition of the Acquired Assets and (ii) any such Tax refunds, attributes or assets that are Acquired Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the sponsorship of each Employee Benefit Plan that is not an Acquired Seller Plan, and all rights, title and interest in any assets (including Contracts, properties and accounts) or trusts thereof or relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) in-process insurance receivables to the extent not relating to any of the Acquired Assets under <u>Section 1.1(l)</u> and <u>Section 1.1(n)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) only in the event that the transactions contemplated by the Specified Agreement are consummated in accordance therewith prior to the Closing, the "Acquired Assets" (as defined in and only to the extent defined in the Specified Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) all receivables in respect of the Excluded Liabilities consisting of intercompany Liabilities between or among any Seller(s), on the one hand, and any other Seller(s) (other than an Acquired Entity), on the other hand.

Notwithstanding the foregoing or anything to the contrary herein, all current assets of Sellers and their Subsidiaries included in the final Closing Working Capital calculation will not be Excluded Assets hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Assumption of Certain Liabilities</u>. On the terms and subject to the conditions set forth herein, and in the Confirmation Order and Plan, effective as of the Closing, in addition to the payment of the Cash Payment in accordance with <u>Section 2.1</u>, subject to the terms and conditions set forth in <u>Section 6.18</u> (as applicable), Purchaser or one or more Designees shall irrevocably assume from each applicable Seller (and from and after the Closing pay, perform, discharge, or otherwise satisfy if, as and when required by their respective terms), and Sellers shall irrevocably transfer, assign, convey, and deliver to Purchaser or one or more Designees, the following (and only the following) Liabilities, without duplication and only to the extent not paid prior to the Closing (collectively, the "<u>Assumed Liabilities</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) all Liabilities and obligations of any Seller under the Assigned Contracts, solely to the extent first arising from and after the Closing, and (ii) all Liabilities (other than Liabilities arising prior to the Petition Date including any Claims under Section 502(g) of the Bankruptcy Code) under open purchase orders with suppliers to the extent such purchase orders are Acquired Assets but excluding, in the case of clauses (i) and (ii), for the avoidance of doubt, any Cure Costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Liabilities included in the definition of, but not limited to the amount included in any calculation of, Working Capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Liabilities (including all government charges or fees) to the extent first arising out of the conduct of the business or the ownership or operation of the Acquired Assets (and not relating to or arising out of the pre-Closing period), in each case, by Purchaser from and after the Closing Date, and all Taxes arising with respect to the Acquired Assets for any taxable period (or portion thereof) beginning after the Closing Date; <u>provided</u> that, for the avoidance of doubt, in the case of Taxes arising in any Straddle Period, unless otherwise included as an Assumed Liability in <u>Section 1.3(a)</u> or <u>Section 1.3(b)</u>, only Taxes arising in the post-Closing portion of any Straddle Period shall be Assumed Liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all Liabilities to the extent related to, resulting from or arising out of any customer deposits that constitute an Acquired Asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the sponsorship of and all Liabilities at any time arising under, pursuant to or in connection with the Acquired Seller Plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all Taxes imposed by a Taxing Authority in the United Kingdom, Germany or Singapore (including any such Taxes imposed in the United Kingdom, Germany or Singapore that are income Taxes, withholding Taxes, or Transfer Taxes), in each case, that are required to be paid by Sellers as a result of the DLR Transactions (if applicable), including with respect to repatriating or otherwise delivering any cash received in connection with such transactions to the Sellers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all Liabilities agreed in writing to be assumed by Purchaser or for which Purchaser has agreed in writing to be responsible in accordance with, or pursuant to the terms and conditions of, this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (i) all Liabilities relating to (x) Transferred Employees and (y) any Business Employees who do not become Transferred Employees in accordance with <u>Section 6.3(e)</u> as a result of Purchaser breaching its obligations under <u>Section 6.3</u>; and (ii) all Liabilities and obligations otherwise expressly assumed by Purchaser under <u>Section 6.3</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All Liabilities set forth on <u>Schedule 1.3(i)</u>.

Notwithstanding the foregoing and for the avoidance of doubt, Assumed Liabilities shall not include any Liability (1) relating to or arising out of any violation of Law by, or any Action against, any Seller or any breach, default or violation by any Seller or any of its Affiliates of or under any Assigned Contracts, or (2) that is, or is contemplated to be, discharged or released under the Plan, all of which shall constitute Excluded Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Excluded Liabilities</u>. Purchaser and its Designee(s) shall not assume, be obligated to pay, perform or otherwise discharge or in any other manner be liable or responsible for any Liabilities of, or Action against, any Seller of any kind or nature whatsoever, whether absolute, accrued, contingent or otherwise, liquidated or unliquidated, due or to become due, known or unknown, currently existing or hereafter arising, matured or unmatured, direct or indirect, and however arising, whether existing on the Closing Date or arising thereafter as a result of any act, omission, or circumstances taking place prior to the Closing, other than the Assumed Liabilities (all such Liabilities that are not Assumed Liabilities being referred to collectively herein as the "<u>Excluded Liabilities</u>"). Without limiting the foregoing, Purchaser and its Designee(s) shall not be obligated to assume, and do not assume, and hereby disclaim all the Excluded Liabilities, including the following Liabilities of any of the Sellers or of any predecessor of any of the Sellers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all cure costs required to be paid pursuant to sections 365 and 1123(b)(2) of the Bankruptcy Code in connection with the assumption and assignment of the Assigned Contracts as finally determined by the Bankruptcy Court (the "<u>Cure Cost</u>s");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Liabilities arising under or relating to any Employee Benefit Plan that is not an Acquired Seller Plan (including all assets, trusts, insurance policies and administration service contracts related thereto), and all Liabilities otherwise expressly deemed to be Excluded Liabilities under <u>Section 6.3</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) except as expressly assumed under <u>Section 1.3(a)</u>, <u>Section 1.3(b)</u>, <u>Section 1.3(c)</u>, <u>Section 1.3(f)</u>, or <u>Section 1.3(g)</u>, all Taxes of Sellers, or of or relating to the Excluded Assets, for any Tax period, and all Taxes of or relating to the Acquired Assets or Assumed Liabilities for any Tax period ending on or prior to the Closing Date, and for the pre-Closing portion of any Straddle Period, including all Taxes for which Sellers are responsible under <u>Section 9.4(a)</u>; provided that, for the avoidance of doubt, any Taxes of an Acquired Entity for any Tax period shall not constitute an Excluded Liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all Liabilities to the extent relating to Excluded Assets, including all Liabilities arising under executory Contracts that are not Assigned Contracts, and all intercompany Liabilities between or among any Seller(s), on the one hand, and any other Seller(s) (other than an Acquired Entity), on the other hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all Liabilities arising from or related to any claim, Action, arbitration, audit, hearing, investigation, suit, litigation or other proceeding (whether civil, criminal, administrative, investigative, or informal and whether pending or threatened or having any other status) against any Seller or any Subsidiary thereof or any of their respective Affiliates, or related to the Acquired Assets or the Assumed Liabilities, pending or threatened or with respect to facts, actions, omissions, circumstances or conditions existing, occurring or accruing prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all Liabilities to any equityholder of any Seller or Subsidiary of a Seller (including to any equityholders who are also employees, but solely in their capacity as equityholders and not as employees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all Liabilities in respect of Indebtedness, including in respect of accrued or unpaid interest thereon and any premiums, fees, expenses or penalties (including prepayment or early termination fees) associated with the repayment thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all Liabilities arising out of or relating to services, products or product or service warranties of any Seller or any predecessor or Affiliate of any Seller to the extent provided, developed, designed, manufactured, sourced, produced, marketed, sold, or distributed prior to the Closing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) except as expressly assumed pursuant to <u>Section 1.3(g)</u> and <u>Section 1.3(h)</u>, all Liabilities of Sellers arising out of or relating to the winding down by Sellers of the business of Sellers, and any prepetition claims, rejection damages claims or other Liabilities arising in connection with the rejection of any Contracts pursuant to <u>Section 1.5(b)</u>, other than, in each case, as contemplated by <u>Section 1.5</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) all Liabilities arising under section 503(b)(9) of the Bankruptcy Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) all Liabilities for any legal, accounting, investment banking, reorganization, restructuring, brokerage or similar fees or expenses incurred, owed or subject to reimbursement by any Seller or any of the Acquired Entities or, in each case, any of their predecessors in connection with, resulting from or attributable to the Transactions or the Bankruptcy Cases or otherwise, including pursuant to the engagement letter with Guggenheim Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) all Liabilities for fees, costs and expenses that have been incurred or that are incurred, owed or subject to reimbursement by Sellers or any of the Acquired Entities or, in each case, any of their predecessors in connection with this Agreement or the administration of the Bankruptcy Cases and all costs and expenses incurred in connection with (i) the negotiation, execution and consummation of the Transactions and each of the other documents delivered in connection herewith and (ii) the consummation of the transactions contemplated by this Agreement, including any retention bonuses, "success" fees, change of control payments and any other payment obligations of Sellers or of any of their predecessors payable as a result of the consummation of the Transactions and the documents delivered in connection herewith other than as contemplated by <u>Section 1.5</u>;

<u>provided</u> that in the event of a conflict between the terms of <u>Section 1.3</u> and this <u>Section 1.4</u>, the terms of <u>Section 1.3</u> will control; <u>provided</u>, <u>however</u>, that the Sellers hereby agree that Purchaser shall not assume, be obligated to pay, perform or otherwise discharge or in any other manner be liable or responsible for any (i) Liabilities that arose prior to the Petition Date, including any Claims under Section 502(g) of the Bankruptcy Code; and (ii) any Claims, Administrative Claims, or other Liabilities of the Debtors or the Post-Effective Date Debtors that do not constitute Acquired Assets or Assumed Liabilities; <u>provided further</u>, <u>however</u>, if an Assumed Liability is an Allowed Administrative Claim, whether such Liability arose or is deemed to have arisen prior to the Petition Date shall not determine whether such Liability is an Excluded Liability for purposes hereunder.

Notwithstanding the foregoing, Purchaser hereby acknowledges and agrees that no Liability of any Acquired Entity shall be an Excluded Liability and that all Liabilities of any Acquired Entity as of the Closing shall continue to be the Liabilities of such Acquired Entity following the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 <u>Assumption/Rejection of Certain Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Schedule 1.5(a)</u> sets forth a true, complete and correct list, as of such date of delivery, of all executory Contracts and unexpired Acquired Leases to which any Seller is a party that are available for Purchaser to potentially acquire pursuant to <u>Section 1.1(a)</u> and <u>Section 1.1(e)</u> (the "<u>Available Contracts</u>"), including Sellers' proposed Cure Costs associated with each such Contract and unexpired Lease set forth therein (the "<u>Proposed Cure Costs</u>"), which <u>Schedule 1.5(a)</u> may with the prior written consent of Purchaser (not to be unreasonably withheld, conditioned or delayed) be updated from time to time to add or remove any Contracts or Leases inadvertently included or excluded from such schedule or entered into following the date of such Schedule in accordance herewith. Upon written request by Purchaser, Sellers shall provide to Purchaser as promptly as practicable an updated <u>Schedule 1.5(a)</u> setting forth, to the Knowledge of Sellers, the Proposed Cure Costs as of the date of such request with respect to any Contracts or Leases identified by Purchaser in such written request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From the date hereof until the date that is ten (10) days prior to the scheduled Closing Date, Purchaser may, in its sole discretion, (i) designate any Contract, including any Intellectual Property license, and any Lease, in each case listed on <u>Schedule 1.5(a)</u> (other than any Excluded Data Center Contracts), for assumption and assignment to Purchaser or its Designee(s), effective on and as of the Closing, or (ii) designate any Contract (but only with the prior written consent of CTI (not to be unreasonably withheld, conditioned or delayed)) or Lease listed on <u>Schedule 1.5(a)</u> as an Excluded Contract for rejection effective on or as soon as reasonably practicable after the Closing (subject to <u>Section 1.5(i)</u>). Automatically upon any such designation by Purchaser in accordance with <u>Section 1.5(b)</u>, any such Contract or Lease designated under <u>Section 1.5(b)(i)</u> shall be an Assigned Contract and any such Contract or Lease designated under <u>Section 1.5(b)(ii)</u> shall be an Excluded Contract for all purposes of this Agreement, and in each case with respect to an Excluded Contract, no Liabilities arising thereunder or relating thereto shall be assumed by Purchaser or be the Liability or responsibility of Purchaser, in each case, except as expressly set forth in this <u>Section 1.5</u> or as Purchaser may otherwise consent to in writing (email being sufficient).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Assigned Contracts as of the date hereof that are to be assumed and assigned effective on and as of the Closing are set forth on <u>Schedule 1.1(a)</u> hereto, which Schedule shall (and shall be deemed to) (i) include, as of the date hereof, all Available Contracts, other than any Available Contracts set forth on <u>Schedule 1.2(b)</u> and the Excluded Data Center Contracts and (ii) be modified or supplemented to reflect additions or removals, as applicable, of Leases and Contracts that are (x) designated for assumption and assignment or (y) designated for rejection, in each case, as set forth in <u>Section 1.5(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Purchaser shall be responsible for the payment of any and all Liabilities of Purchaser, Sellers or any of their respective Affiliates under any Contracts or Leases that are designated for assumption and assignment (except for any Cure Costs, which shall be paid by Sellers in accordance with <u>Section 5.2</u>), in each case, that are incurred and come due and payable during the period from and after the Closing through the effective date of such Contract's or Lease's assumption and assignment to Purchaser or its Designee in accordance with this Agreement. For the avoidance of doubt, from and after the Closing, Purchaser or its Designee shall pay all such Liabilities, and such other costs for which Purchaser is responsible under <u>Section 1.5(i)</u> (solely with respect to Acquired Leases), on a current basis as and when they come due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Sellers shall provide timely and proper notice of the motion seeking entry of the Confirmation Order to all parties to any executory Contracts or unexpired Leases to which any Seller is a party that are Assigned Contracts and take all other actions reasonably necessary to cause such Assigned Contracts to be assumed by the Seller and assigned to the Purchaser (or its Designee) pursuant to sections 365 and 1123(b)(2) of the Bankruptcy Code. Sellers and Purchaser shall take all actions reasonably required to assume and assign the Assigned Contracts to Purchaser or its Designee (and for Purchaser or its Designee to assume all Assumed Liabilities in connection therewith), including taking all actions reasonably necessary to facilitate any negotiations with the counterparties to such Contracts or Leases and, if necessary, to obtain an Order of the Bankruptcy Court (which may be the Confirmation Order) containing a finding that the proposed assumption and assignment of the Contracts or Leases to Purchaser or its Designee satisfies all applicable requirements of sections 365 and 1123(b)(2) of the Bankruptcy Code. In the case of any Contract or Lease of a Canadian Seller listed on <u>Schedule 1.5(a)</u>, the Canadian Sellers and Purchaser shall cooperate in good faith to provide for treatment of each such Contract or Lease in accordance with this Agreement, and pursuant to the pending CCAA Proceeding of such Canadian Sellers to the extent permitted by or otherwise in accordance with applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) From the date any Contract or Lease is designated for assumption and assignment pursuant to <u>Section 1.5(b)</u> and continuing until such time as it is assumed by Purchaser or its Designee as an Assigned Contract, Sellers shall not reject, terminate, amend, supplement, modify, or waive or take affirmative action to exercise any rights under such Contract or Lease, without the prior written consent of Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) From and after the Closing Date until sixty (60) days following Closing, the Seller Parties and Purchaser may (but shall have no obligation to) mutually agree to seek authorization from the Bankruptcy Court pursuant to sections 365 and 1123(b)(2) of the Bankruptcy Code to assume and assign a Contract that was not identified as an Assigned Contract as of Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If prior to the entry of a final decree closing the Chapter 11 Cases it is discovered by any Party that a Contract or Lease that is related to the business or the Acquired Assets was excluded from <u>Schedule 1.5(a)</u> (any such Contract, a "<u>Previously Omitted Contract</u>"), the discovering Party shall, promptly following the discovery thereof (but in no event later than three (3) Business Days following the discovery thereof), notify the other Party in writing of such Previously Omitted Contract. If Purchaser wishes for the applicable Seller to assign such Previously Omitted Contract to Purchaser, Purchaser shall designate such contract as an Assigned Contract (i) within ten (10) Business Days following receipt of such notice from Seller or (ii) if such Previously Omitted Contract is identified prior to the Closing, on or before the Closing. Any such designated Previously Omitted Contract shall be deemed an Assigned Contract for all purposes under this Agreement. The Seller Parties and Purchaser shall seek authorization from the Bankruptcy Court pursuant to sections 365 and 1123(b)(2) of the Bankruptcy Code to assume and assign any such Contract if so requested by Purchaser. If Purchaser fails to timely deliver a Designation Notice providing for the assumption and assignment of such Previously Omitted Contract, such Previously Omitted Contract shall be for all purposes under this Agreement an Excluded Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to any Acquired Lease that Purchaser designates for rejection after the date hereof in accordance with <u>Section 1.5(b)</u>, for a period from the Closing through and until the termination of all operations at and occupancy of all such sites:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Purchaser shall be responsible for the payment of any actual and necessary costs and expenses and Liabilities of Sellers or their estates to third parties and actually incurred from and after the Closing in connection with (including any Taxes resulting solely from and that would not have been incurred but for) (A) the rejection of such Lease, (B) the winddown of all operations at, and the transfer or removal of all customers from, the site governed by such Lease, (C) all actions taken by Purchaser or its Affiliates or Advisors in connection with the foregoing; and (D) any incremental reasonable and documented out-of-pocket costs and expenses payable to Advisors or other professional service providers or otherwise by Sellers or their estates in connection with the foregoing matters; <u>provided</u>, that Purchaser shall only be responsible for such costs and expenses that constitute Administrative Claims that are Allowed; and <u>provided further</u> that Purchaser shall be entitled to all revenue or other proceeds generated from and after the Closing Date from the operations at the site governed by such Lease or the disposition of any assets (tangible or intangible) located at or related to the operations at the site governed by such Lease, it being the intent of the Parties that Purchaser bear the net economic benefit or burden of such operations from and after the Closing; <u>provided further</u>, <u>however</u>, that Purchaser shall not be responsible for the payment of any Claims arising prior to the Petition Date, including any Claims under Section 502(g) of the Bankruptcy Code, including Claims for rejection damages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Purchaser acknowledges and agrees that Purchaser, its Affiliates, and its customers will be required to vacate the premises governed by such Lease in accordance with applicable Law and the Bankruptcy Code and any Orders of the Bankruptcy Court or CCAA Court (including the Confirmation Order with respect to (and the effectiveness of) the Plan) and Purchaser shall be responsible for any and all Liabilities related to such vacating of the premises, including related to any breach of Contract, Order, or Law arising from Purchaser or any customer failing to timely vacate (or leaving behind or abandoning any tangible assets at) such premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Purchaser shall, upon reasonable request, provide to Sellers any and all personnel, services, systems, and other resources as are reasonably necessary in connection with the continued operation until, and the completion of, the winddown of all operations at the site governed by such Lease, and Purchaser shall be responsible for all costs, expenses, and other Liabilities of the type and nature described in <u>Section 1.5(i)(i)</u> or <u>Section 1.5(i)(ii)</u> in connection therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Sellers shall reject such Lease as requested by Purchaser in accordance with this <u>Section 1.5</u> and subject to <u>Section 1.5(i)(ii)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Purchaser shall direct and control all operations at the site governed by such Lease and the winddown thereof, including personnel at such site, all communications and relations with the customers at such site and their potential relocation, until the termination of all operations at and occupancy of such site; provided that each Seller agrees to use its reasonable best efforts to reasonably cooperate with Purchaser in effectuating, and timely provide any reasonable assistance requested by Purchaser, the winddown of operations and occupancy at such site; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Notwithstanding anything else to the contrary herein and the retention of bare legal title of any Lease by Sellers, Purchaser or a Designee shall acquire all benefits and assume all burdens of ownership with respect to the Leases (and the Parties intend that the provisions herein be interpreted consistent with this <u>Section 1.5(i)(vi)</u>) and the Parties agree that Purchaser or a Designee shall be treated as having acquired such Lease and any related intangible for U.S. federal (and other applicable) income Tax purposes as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 <u>Non-Assignment</u>. Notwithstanding anything herein to the contrary, a Contract, Lease or insurance policy (each, a "<u>Specified Asset</u>") shall not be an Assigned Contract or Acquired Asset, as applicable, hereunder and shall not be assigned to, or assumed by, Purchaser or its Designee to the extent that such Specified Asset (i) is terminated by a Seller (subject to <u>Section 6.1(b)(v)</u>) or the counterparty thereto, or terminates or expires by and in accordance with its terms, on or prior to such time as it is to be assumed by Purchaser as an Assigned Contract or Acquired Asset, as applicable, hereunder and is not continued or otherwise extended upon assumption, or (ii) requires a Consent or Governmental Authorization (other than, and in addition to, that of the Bankruptcy Court) in order to permit the sale or transfer to Purchaser or its Designee of the applicable Seller's rights under such Specified Asset, and such Consent or Governmental Authorization has not been obtained prior to the Closing. In addition, a Permit or Governmental Authorization shall not be assigned to, or assumed by, Purchaser or its Designee to the extent that such Permit or Governmental Authorization requires a Consent or Governmental Authorization (other than, and in addition to, that of the Bankruptcy Court) in order to permit the sale or transfer to Purchaser or its Designee of the applicable Seller's rights under such Permit or Governmental Authorization, and no such Consent or Governmental Authorization has been obtained prior to the Closing. In the event that any Specified Asset is deemed not to be assigned pursuant to clause (ii) in the first sentence of this <u>Section 1.6</u> or any Permit is deemed not to be assigned pursuant to the second sentence of this <u>Section 1.6</u>, the Closing shall nonetheless occur subject to the terms and conditions set forth herein and, thereafter, through the earlier of (x) such time as such Consent or Governmental Authorization is obtained and (y) twelve (12) months following the Closing (or in each case of clauses (x) and (y), the remaining term of such Contract or the closing of the Bankruptcy Case, if shorter), Sellers and Purchaser shall (A) use commercially reasonable efforts to secure such Consent or Governmental Authorization as promptly as practicable after the Closing and (B) cooperate in good faith in any lawful and commercially reasonable arrangement reasonably proposed by Purchaser, including subcontracting, licensing, or sublicensing to Purchaser or a Designee or an Affiliate thereof any or all of any Seller's rights and obligations with respect to any such Specified Asset or Permit or Governmental Authorization, under which (1) Purchaser or its Designee shall obtain (without infringing upon the legal rights of such third party or violating any Law) the economic rights and benefits under such Specified Asset or Permit or Governmental Authorization with respect to which the Consent or Governmental Authorization has not been obtained and (2) Purchaser or its Designee shall assume any related burden and obligation (including performance) with respect to such Specified Asset or Permit or Governmental Authorization, in each case, subject to the final sentence of this <u>Section 1.6</u>. Upon satisfying any requisite Consent or Governmental Authorization requirement applicable to such Specified Asset or Permit or Governmental Authorization after the Closing, Seller's right, title and interest in and to such Specified Asset or Permit or Governmental Authorization shall promptly be transferred and assigned to Purchaser or its Designee(s) in accordance with the terms of this Agreement, the Plan, the Confirmation Order, and the Bankruptcy Code. Notwithstanding anything herein to the contrary (x) the provisions of this <u>Section 1.6</u> shall not apply to any Consent or approval required under the HSR Act and any Antitrust Laws, which Consent or approval shall be governed by <u>Section 6.4</u> and the Bankruptcy Code. Without limitation of the foregoing, prior to the Closing, Sellers shall cooperate with Purchaser or its Designee in connection with obtaining any Consent, including by providing Purchaser or its Designee with reasonable access to and facilitating discussions with the applicable counterparties (after consultation with, and with the presence or participation of, Sellers) in respect of such Consents, and shall use commercially reasonable efforts to assist Purchaser or its Designee with obtaining such Consents as promptly as practicable after the date hereof and prior to the Closing. The Parties shall reasonably cooperate to effect any transfers or other arrangements described in this <u>Section 1.6</u> in a manner that is mutually Tax efficient for the Parties and their respective Affiliates, including by treating any Seller (or applicable Affiliate thereof) initially in possession of any payment referenced in this <u>Section 1.6</u> after the Closing as holding such payment as an agent or nominee for the Purchaser or its applicable Designee for income and other applicable Tax purposes to the extent permitted by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 <u>Designated Purchaser(s)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with the Closing, Purchaser shall be entitled to designate, in accordance with the terms and subject to the limitations set forth in this <u>Section 1.7</u>, one (1) or more of its Affiliates or, with the prior written consent of CTI (which shall not be unreasonably withheld, conditioned or delayed and which may be by email (it being agreed that it would be unreasonable for CTI not to consent to the Person (or any of its Affiliates) previously identified by Purchaser to Sellers as a possible Designee)), any other Person, in each case, to exercise Purchaser's rights or obligations to acquire any of the Acquired Assets and assume any of the Assumed Liabilities, in accordance with <u>Sections 1.1</u> and <u>1.3</u> and all of the other terms of this Agreement applicable thereto (each such Person that is properly designated by Purchaser in accordance with this <u>Section 1.7</u>, a "<u>Designee</u>"); <u>provided</u> that no such designation would materially delay the Closing or materially and adversely affect the receipt of any regulatory approval. Prior to the Closing, Purchaser may rescind any such designation upon written notice to CTI (including via email). At and after the Closing, Purchaser shall, or shall cause its respective Designee(s) to, honor Purchaser's obligations (to the extent of the designation) at and from and after the Closing, and the Purchaser shall not be relieved of any Liability or obligation hereunder until satisfaction of such Liability or obligation by such Designee(s). Purchaser shall, promptly upon request by CTI, reimburse Sellers for their reasonable and documented out-of-pocket costs arising out of their complying with their obligations under this <u>Section 1.7(a)</u> and <u>Section 6.18</u>; <u>provided</u> that such reimbursable costs shall not exceed $250,000 in the aggregate without Purchaser's prior written consent. Purchaser shall further indemnify and hold harmless the Seller Parties from and against any and all Liabilities (other than Liabilities in respect of income Taxes, except to the extent such Liabilities in respect of income Taxes constitute Assumed Liabilities under <u>Section 1.3(f)</u>), suffered or incurred by them solely as a result of (and which would not have arisen but for) their complying with their obligations under this <u>Section 1.7(a)</u> and <u>Section 6.18</u>, in each case, except such Liabilities suffered or incurred as a result of such Person's gross negligence, willful misconduct or willful breach of this Agreement, in each case, as determined by a final, non-appealable decision of a court of competent jurisdiction. After the Closing, any reference to Purchaser made in this Agreement in respect of any purchase, assumption or employment referred to in this Agreement shall be deemed to include reference to Purchaser's Designee(s), if any, whether or not such reference so appears. For the avoidance of doubt, by agreeing to honor Purchaser's obligations pursuant to this <u>Section 1.7</u>, a Designee agrees, and such Designee shall agree in writing, to be bound by all obligations applicable to Purchaser (to the extent of the designation), including those covenants contained in <u>Article VI</u>; <u>provided</u> that notwithstanding the designation of any one or more Designee(s) pursuant to this <u>Section 1.7(a)</u>, from and after the date of any designation of a Designee and continuing after the Closing, except as required by applicable Law or to the extent necessary to effect the Transactions contemplated herein, Sellers shall be entitled to engage solely with and rely solely on any action, omission, decisions, communications, or writings of Purchaser (including on behalf of any Designee) with respect to any matters arising under and related to this Agreement or the Transactions, including the matters contemplated by <u>Section 2.7</u>, <u>Article VI</u>, <u>Article IX</u>, or any Agreement Dispute, including with respect to any waiver of any Closing condition or amendment to this Agreement. Notwithstanding anything to the contrary set forth herein, Sellers shall not have any Liability, including to any Designee, for any act or omission taken or not taken in reliance upon the actions taken or not taken or decisions, communications or writings made, given or executed by Purchaser on behalf of any Designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The designation of a Designee in accordance with this <u>Section 1.7</u> shall be made by Purchaser by way of a written notice to be delivered to the Sellers in no event later than five (5) Business Days prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the avoidance of doubt, in the event any Designee fails to comply with any of its obligations hereunder (including with respect to any DLR Transaction and including any failure to deliver any items required to be delivered by such Designee at or prior to the Closing) or fails to comply with any Contract or obligations with Purchaser or any of its Affiliates, Purchaser shall still be required to consummate the Closing and the Transactions in accordance with the terms and subject to the conditions of this Agreement as if such Designee was not a Designee hereunder (which may include, if applicable as a result of any of the foregoing, not consummating the applicable DLR Transaction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 <u>Certain Bank Accounts</u>. At the Closing, Sellers shall cause Cyxtera Receivables Holdings, LLC, a Delaware limited liability company and Subsidiary of Sellers, to deliver to Purchaser all right, title and interest of Cyxtera Receivables Holdings, LLC in, to and under all bank accounts thereof, free and clear of all Encumbrances other than Permitted Post-Closing Encumbrances.

**Article II** **<br> Consideration; Payment; Closing**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Consideration; Payment; Estimated Adjustment Amount</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate consideration (collectively, the "<u>Purchase Price</u>") to be paid by or on behalf of Purchaser at the Closing for the purchase of the Acquired Assets shall be the sum of (i) a cash payment of $775,000,000, <u>plus</u> (ii) the Estimated Adjustment Amount (which may be expressed as a positive or negative number) (the result of (i) and (ii), the "<u>Cash Payment</u>") and (iii) the assumption of the Assumed Liabilities in accordance herewith. At least five (5) Business Days prior to the scheduled Closing Date, CTI (on behalf of the Sellers) shall deliver (or cause to be delivered) to Purchaser, a preliminary statement (the "<u>Estimated Closing Statement</u>") that sets forth the Sellers' good faith estimates of the (i) Cash Amount, (ii) Closing Working Capital and the resulting estimated Working Capital Overage or Working Capital Underage, if any, (iii) Factoring Facility Payoff Amount and (iv) Adjustment Amount resulting therefrom (which may be expressed as a positive or negative number) (such amount in the foregoing clause (iv), the "<u>Estimated Adjustment Amount</u>"), in each case, prepared in accordance with <u>Exhibit F</u> hereto and this Agreement, and accompanied by reasonably detailed supporting documentation for the estimates and calculations contained therein. The Cash Amount, the Closing Working Capital, the Working Capital Overage or Working Capital Underage, as applicable, the Factoring Facility Payoff Amount and the Adjustment Amount will be determined in accordance with the definitions set forth in this Agreement and will not include any changes in assets or liabilities as a result of purchase accounting adjustments. During the period after the delivery of the Estimated Closing Statement and prior to the Closing Date, Purchaser shall have an opportunity to review the Estimated Closing Statement and CTI (on behalf of the Sellers) shall provide Purchaser and its Advisors reasonable access to all properties, books and records relating thereto and the officers and other employees and advisors of the Sellers and their Affiliates, in each case, to the extent reasonably necessary to assist Purchaser and its Advisors in their review of the Estimated Closing Statement. CTI (on behalf of the Sellers) shall cooperate with Purchaser in good faith to mutually agree upon the Estimated Closing Statement in the event Purchaser disputes any item proposed to be included therein, and the Estimated Closing Statement shall be updated by CTI (on behalf of the Sellers) accordingly to reflect any such resolution prior to the Closing; provided that, to the extent that CTI (on behalf of the Sellers) and Purchaser do not agree (it being understood that neither Party shall be required to agree with the other Party) as to any one or more items by the day immediately preceding the Closing Date, then with respect to each such item the amount of such item set forth in the initial Estimated Closing Statement sent by CTI (on behalf of the Sellers) will be used for purposes of calculating the Cash Payment for the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At the Closing, Purchaser (or its Designee) shall deliver, or cause to be delivered, to Sellers an aggregate amount equal to the Cash Payment <u>less</u> the Deposit (the "<u>Closing Date Payment</u>"); <u>provided</u> that, in the event that a DLR Election Notice is provided by Purchaser in accordance with <u>Section 2.3(b)</u>, the Closing Date Payment for all purposes of this Agreement shall be reduced by the sum of (i) the DLR Closing Proceeds that are actually delivered, or caused to be delivered, in cash by the UK Seller, the Germany Seller, or the Singapore Seller (as applicable) to the other Sellers prior to or at the Closing pursuant to <u>Section 6.20</u> and (ii) the US Intangibles Consideration Payment. Subject to <u>Section 6.20</u>, the Closing Date Payment and any cash payment required to be made pursuant to any other provision hereof shall be made in cash by wire transfer of immediately available funds to such bank account as shall be designated in writing by the applicable Person to (or for the benefit of) whom such payment is to be made, with such designation to be made at least two (2) Business Days prior to the date such payment is to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the transactions contemplated by the Specified Agreement are consummated in accordance therewith following the Closing, but prior to the date that is ninety (90) days following the Closing Date (the "<u>Specified Date</u>"), and Purchaser (or its applicable Affiliate) actually receives the Closing Date Payment (as defined in the Specified Agreement) prior to the Specified Date, Purchaser shall promptly deliver to Sellers, by wire transfer of immediately available funds to such bank account as shall be designated in writing by CTI, cash in an aggregate amount equal to the Adjusted Specified Closing Date Payment. For purposes of this Agreement, the "<u>Adjusted Specified Closing Date Payment</u>" shall mean the amount equal to (i) the Closing Date Payment (as defined in the Specified Agreement) less (ii) the aggregate amount of all costs, expenses and Taxes incurred by Purchaser and its Affiliates in connection with, or in consummating, the transactions contemplated by the Specified Agreement from and after the Closing, which Taxes shall be computed by Purchaser in its good faith discretion and by assuming that Purchaser and its applicable Affiliates have no Tax attributes or assets other than any basis in the assets sold pursuant to the Specified Agreement actually available to the applicable Affiliate of Purchaser acquiring such assets under the terms of this Agreement. Notwithstanding anything to the contrary herein, including <u>Sections 1.1(a)</u>, <u>1.1(s)</u>, <u>1.2(b)</u> and <u>1.2(l)</u> or in the definition of Excluded Data Center Contracts, in the event that the transactions contemplated by the Specified Agreement are consummated following the Closing, but prior to the Specified Date, (i) the Specified Agreement shall be deemed an Excluded Contract and (ii) the "Acquired Assets" (as defined in and only to the extent defined in the Specified Agreement) shall be deemed Excluded Assets, in the case of each of the foregoing clauses (i) and (ii), as of the Closing for all purposes of this Agreement. In furtherance of the foregoing, the Parties will execute and deliver, or cause to be executed and delivered, all such documents and instruments, and will take, or cause to be taken, all such further or other actions as may be reasonably necessary or desirable to evidence and effectuate the transactions contemplated in this <u>Section 2.1(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Deposit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Purchaser will, no later than forty-eight (48) hours after the date hereof, make, or cause to be made, an earnest money deposit with Acquiom Clearinghouse LLC (the "<u>Escrow Agent</u>") in the amount equal to $77,500,000 (the "<u>Deposit</u>"), by wire transfer of immediately available funds for deposit into a separate segregated, interest bearing escrow account (the "<u>Escrow Account</u>") maintained by the Escrow Agent in accordance with the Bidding Procedures Order and established pursuant to the escrow agreement, dated as of the date hereof, by and among CTI, Purchaser and the Escrow Agent (the "<u>Escrow Agreement</u>"). The Deposit shall not be subject to any lien, attachment, trustee process, or any other judicial process of any creditor of any Seller or Purchaser and, if the Closing occurs, shall be applied in accordance with <u>Section 2.2(e)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If this Agreement has been terminated by Sellers pursuant to <u>Section 8.1(d)</u> or <u>8.1(f)</u> (or by Purchaser pursuant to <u>Section 8.1(c)</u>, in circumstances where Sellers would be entitled to terminate this Agreement pursuant to <u>Section 8.1(d)</u> or <u>8.1(f)</u>), then the Parties shall promptly, but in any event within five (5) Business Days after such termination hereof, deliver joint written instructions to the Escrow Agent directing the Escrow Agent to transfer by wire transfer of immediately available funds 100% of the Deposit (together with any and all investment interest thereon, if any) to such account(s) as may be designated by Seller, and Seller shall retain the Deposit (together with any and all investment interest thereon if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If this Agreement has been terminated by any Party, other than as contemplated by <u>Section 2.2(b)</u>, then the Parties shall promptly, but in any event within five (5) Business Days after such termination hereof, deliver joint written instructions to the Escrow Agent directing the Escrow Agent to transfer by wire transfer of immediately available funds 100% of the Deposit (together with any and all investment interest thereon, if any) to such account(s) as may be designated by Purchaser, and the Deposit, together with any and all investment interest thereon, if any, shall be returned to Purchaser within five (5) Business Days after such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Parties agree that Sellers' right to retain the Deposit, as set forth in <u>Section 2.2(b)</u>, is not a penalty, but rather is liquidated damages in a reasonable amount that will compensate Sellers for their efforts and resources expended and the opportunities foregone while negotiating this Agreement and in reliance on this Agreement and on the expectation of the consummation of the Transactions, which amount would otherwise be impossible to calculate with precision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Closing occurs, at the Closing, the Parties shall deliver joint written instructions to the Escrow Agent directing the Escrow Agent to transfer, by wire transfer of immediately available funds, an amount equal to (i) 100% of the Deposit <u>minus</u> (ii) the Adjustment Escrow Amount to such account(s) as may be designated by Seller as a credit toward payment of the Cash Payment pursuant to <u>Section 2.1(a)</u>, and the remaining portion of the Deposit in the Escrow Account shall continue to be held in accordance with the Escrow Agreement and the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Closing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth in <u>Section 2.3(b)</u>, if applicable, the closing of the purchase and sale of the Acquired Assets, the delivery of the Closing Date Payment, and the assumption of the Assumed Liabilities in accordance with this Agreement (the "<u>Closing</u>") will take place by telephone conference and electronic exchange of documents (or, if the Parties agree to hold a physical closing, at the offices of Kirkland & Ellis LLP, located at 601 Lexington Avenue, New York, New York 10022) at 10:00 a.m. Eastern Time on the fourth (4<sup>th</sup>) Business Day following full satisfaction or due waiver (by the Party entitled to the benefit of such condition) of the closing conditions set forth in <u>Article VII</u> (other than conditions that by their terms or nature are to be satisfied at the Closing, but subject to the satisfaction or due waiver (by the Party entitled to the benefit of such condition) at the Closing), or at such other place and time as the Parties may agree in writing; provided that, without limiting the foregoing, the Closing Date will coincide with the Effective Date of the Plan; <u>provided</u>, <u>further</u>, that, notwithstanding the full satisfaction or due waiver (by the Party entitled to the benefit of such condition) of the closing conditions set forth in <u>Article VII</u> (other than conditions that by their terms or nature are to be satisfied at the Closing, but subject to the satisfaction or due waiver (by the Party entitled to the benefit of such condition) at the Closing), the Closing shall not occur prior to January 2, 2024 without the prior written consent of the Purchaser. The date on which the Closing actually occurs is referred to herein as the "<u>Closing Date</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the generality of <u>Section 2.3(a)</u>, if Purchaser provides CTI with written notice, at least ten (10) Business Days prior to the anticipated Closing Date, of its election to effect (x) the UK Transaction in accordance with <u>Section 6.18(a)</u>, (y) the Germany Transaction in accordance with <u>Section 6.18(b)</u>, or (z) the Singapore Transaction in accordance with <u>Section 6.18(c)</u> (any such notice, a "<u>DLR Election Notice</u>", and any transactions to be consummated in accordance with such a DLR Election Notice, a "<u>DLR Transaction</u>", and collectively, the "<u>DLR Transactions</u>"), then at the Closing, the Parties shall take, or cause to be taken, the following actions in the order set forth below (it being understood that no successive step shall be undertaken or initiated until the immediately preceding step has been completed), it being understood that the Parties shall coordinate timing of the payments in clause (i) below at such times which are feasible in the time zones of the applicable jurisdictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *first*, (w) the consummation of the UK Transaction and the delivery of the UK Consideration Payment in accordance with <u>Section 6.18(a)</u>, (x) the consummation of the Germany Transaction and the delivery of the Germany Consideration Payment in accordance with <u>Section 6.18(b)</u>, (y) the consummation of the Singapore Transaction and the delivery of the Singapore Consideration Payment in accordance with <u>Section 6.18(c)</u>, and (z) the consummation of the US Intangibles Transfer and the delivery of the US Intangibles Consideration Payment in accordance with <u>Section 6.18(d)</u>, in the case of each of the foregoing clauses (w), (x), (y) and (z), occurring simultaneously and solely to the extent contemplated in the DLR Election Notice provided by Purchaser to CTI in accordance with this <u>Section 2.3(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *second*, the distribution of the Aggregate DLR Consideration Amount to an applicable Seller(s) in accordance with <u>Section 6.20</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *third*, the consummation of the remaining transactions contemplated by this Agreement to be completed at the Closing pursuant to <u>Section 2.3</u>, taking into account the foregoing clauses (i) and (ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Closing Deliveries by Sellers</u>. At or prior to the Closing, the Sellers shall deliver to Purchaser (or its applicable Designee), or in the case of the Adjustment Escrow Amount, the Escrow Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one or more applicable bill(s) of sale and assignment and assumption agreement(s) substantially in the form of <u>Exhibit A</u> (each, an "<u>Assignment and Assumption Agreement</u>"), each with respect to such Acquired Assets and Assumed Liabilities as determined by Purchaser (but all of which shall, in the aggregate, include all Acquired Assets and Assumed Liabilities), duly executed by the applicable Sellers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a short-form patent assignment agreement substantially in the form of <u>Exhibit B</u>, duly executed by the applicable Sellers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a short-form trademark assignment agreement substantially in the form of <u>Exhibit C</u>, duly executed by the applicable Sellers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a short-form copyright assignment agreement substantially in the form of <u>Exhibit D</u>, duly executed by the applicable Sellers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a short-form domain name transfer agreement substantially in the form of <u>Exhibit G</u>, duly executed by the applicable Sellers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) instruments, agreement, or other documents, in each ease in customary form that are necessary or advisable to transfer the Equity Interests of the Transferred Subsidiaries to Purchaser in the manner required by applicable Law, which instruments, agreement, or documents shall not expand any representation or warranty, or any remedy or Liability, of any Party, duly executed by the applicable Sellers, together with certificates representing all of the Equity Interests of the Transferred Subsidiaries (to the extent that such Equity Interests are certificated), each in a form reasonably satisfactory to Sellers and Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) an assignment and assumption (or, if requested by Purchaser, assignments and assumptions) of lease for the Acquired Leases substantially in the form of <u>Exhibit E</u> (the "<u>Assignment and Assumption of Lease</u>"), duly executed by Sellers (and, in the case of each Acquired Lease of record, the applicable assignment and assumption shall be in a form customary for recordation in each applicable jurisdiction or, in each case, Sellers shall deliver to Purchaser a memorandum thereof in a form customary for recordation in each applicable jurisdiction duly executed by the applicable Seller, in each case, which assignments and assumptions and memoranda shall not expand any representation or warranty, of any agreement or Liability of any Party);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a quit claim deed with respect to each Owned Real Property, duly executed by the applicable Sellers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an IRS Form W-9 or IRS Form W-8, as applicable, executed by each Seller or such Seller's regarded owner for U.S. federal income Tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) where applicable, the joint election(s) contemplated by <u>Section 9.1(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) where applicable, the Clearance Certificate(s) contemplated by <u>Section 9.1(d)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) an officer's certificate, dated as of the Closing Date, executed by a duly authorized officer of CTI certifying that the conditions set forth in <u>Sections 7.2(a)</u>, <u>7.2(b)</u> and <u>7.2(d)</u> have been satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) if a DLR Election Notice is provided by Purchaser in accordance with <u>Section 2.3(b)</u> and such DLR Election Notice contemplates the consummation of the Germany Transaction, the Germany Lease Termination Agreement(s) duly executed by the Germany Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) if a DLR Election Notice is provided by Purchaser in accordance with <u>Section 2.3(b)</u> and such DLR Election Notice contemplates a Singapore Lease Termination<u>,</u> the Singapore Lease Termination Agreement(s) duly executed by the Singapore Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) a joint written instruction to the Escrow Agent to release a portion of the Deposit in accordance with <u>Section 2.2(e)</u>, duly executed by CTI; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) any additional instruments, agreements and other documents, each in form reasonably satisfactory to Sellers and Purchaser and customary for each applicable jurisdiction, that are required by local Law to be, or are customarily, filed or recorded with deeds or assignments and assumptions of lease (or memoranda thereof) in the applicable jurisdiction to give effect to this Agreement or required in connection with the consummation of any DLR Transaction, including, in each case, certificates, filings, Contracts, agreements or other documentation reasonably requested by Purchaser, in each case duly executed by the applicable Seller, which instruments, agreements, and documents shall not expand any representation or warranty, or any remedy or Liability, of any Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Closing Deliveries by Purchaser</u>. At the Closing, Purchaser (or its applicable Designee) shall deliver to (or at the direction of) Sellers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Closing Date Payment; <u>provided</u> that if a DLR Election Notice is delivered by Purchaser in accordance with <u>Section 2.3(b)</u>, then the Aggregate DLR Consideration Amount shall first be paid to the UK Seller, the Germany Seller, or the Singapore Seller, as applicable, and distributed pursuant to <u>Section 6.20</u> (as the DLR Closing Proceeds) prior to the payment of the Closing Date Payment hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Assignment and Assumption Agreement(s), duly executed by Purchaser (or its applicable Designee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a short-form patent assignment agreement substantially in the form of <u>Exhibit B</u>, duly executed by the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a short-form trademark assignment agreement substantially in the form of <u>Exhibit C</u>, duly executed by the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a short-form copyright assignment agreement substantially in the form of <u>Exhibit D</u>, duly executed by Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a short-form domain name transfer agreement substantially in the form of <u>Exhibit G</u>, duly executed by the applicable Sellers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) each Assignment and Assumption of Lease, duly executed by Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if a DLR Election Notice is provided by Purchaser in accordance with <u>Section 2.3(b)</u>, and such DLR Election Notice contemplates the consummation of the Germany Transaction, the Germany Lease Termination Agreement(s) duly executed by the applicable Designee or its Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if a DLR Election Notice is provided by Purchaser in accordance with <u>Section 2.3(b)</u> and such DLR Election Notice contemplates a Singapore Lease Termination, the Singapore Lease Termination Agreement(s) duly executed by the applicable Designee or its Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) where applicable, the joint election(s) contemplated by <u>Section 9.1(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) an officer's certificate, dated as of the Closing Date, executed by a duly authorized officer of Purchaser certifying that the conditions set forth in <u>Sections 7.3(a)</u> and <u>7.3(b)</u> have been satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) a joint written instruction to the Escrow Agent to release a portion of the Deposit in accordance with <u>Section 2.2(e)</u>, duly executed by Purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any additional instruments, agreements and other documents, each in form reasonably satisfactory to the Sellers and Purchaser and customary for each applicable jurisdiction, that are required by local Law to be, or are customarily, filed or recorded with deeds or assignments and assumptions of lease (or memoranda thereof) in the applicable jurisdiction to give effect to this Agreement, in each case duly executed by Purchaser, which instruments, agreements, and documents shall not expand any representation or warranty, or any remedy or Liability, of any Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Post-Closing Adjustment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within ninety (90) days after the Closing Date, Purchaser shall deliver (or shall cause to be delivered) to CTI (on behalf of all of the Sellers) a statement (the "<u>Statement</u>") setting forth Purchaser's good faith calculations of (i) Cash Amount, (ii) Closing Working Capital and the resulting estimated Working Capital Overage or Working Capital Underage, if any, (iii) the Factoring Facility Payoff Amount and (iv) the Adjustment Amount resulting therefrom (which may be expressed as a positive or negative number), accompanied by reasonably detailed supporting documentation for the estimates and calculations contained therein, including changes from the corresponding amounts in the Estimated Closing Statement. Purchaser shall not amend, supplement or modify the Statement following its delivery to CTI. The Cash Amount, the Closing Working Capital, the Working Capital Overage or Working Capital Underage, as applicable, the Factoring Facility Payoff Amount and the Adjustment Amount will be determined in accordance with the definitions set forth in this Agreement and will not include any changes in assets or liabilities as a result of purchase accounting adjustments. The Parties agree that the purpose of determining the Final Adjustment Amount is solely to accurately measure changes (if any) in the Estimated Adjustment Amount set forth in the Estimated Closing Statement in accordance with this Agreement (including <u>Exhibit F</u>) in order to determine the Seller Adjustment Amount or Purchaser Adjustment Amount, as applicable, and that such processes are not intended to permit the introduction of principles, policies, practices, procedures, methodologies, classifications or methods that are different from those set forth in <u>Exhibit F</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Statement shall become final and binding upon all of the Parties at 5:00 p.m. in New York, New York on the thirtieth (30th) day following the date on which the Statement was timely delivered by Purchaser to CTI within the applicable number of days as set forth in <u>Section 2.6(a)</u>, unless CTI (on behalf of the Sellers) delivers written notice of its disagreement with the Statement (a "<u>Notice of Disagreement</u>") to Purchaser prior to such time. Any Notice of Disagreement shall specify in reasonable detail the nature and the amount of any disagreement so asserted. If a Notice of Disagreement is received by Purchaser in accordance with the first sentence of this <u>Section 2.6(b)</u> then the Statement (as revised in accordance with this <u>Section 2.6(b)</u>) shall become final and binding upon the Sellers and Purchaser on the earlier of (i) the date CTI (on behalf of the Sellers) and Purchaser resolve in writing any and all differences they have with respect to the matters specified in the Notice of Disagreement and (ii) if any differences remain that CTI and Purchaser are unable to resolve following the Discussion Period referred to below, the date any such remaining disputed matters are finally resolved in writing by the Independent Accountant. During the fourteen (14)-day period (or such longer period as the Parties may agree in writing, the "<u>Discussion Period</u>") following the delivery of a Notice of Disagreement, CTI (on behalf of the Sellers) and Purchaser shall seek in good faith to resolve in writing any differences that they may have with respect to the matters specified in the Notice of Disagreement. All discussions related thereto will be governed by Rule 408 of the Federal Rules of Evidence (as in effect as of the date of this Agreement) and any applicable similar state rule, unless otherwise agreed in writing by Sellers and Purchaser. If at the end of such Discussion Period, CTI (on behalf of the Sellers) and Purchaser have not resolved in writing the matters specified in the Notice of Disagreement, then, no later than ten (10) days following such Discussion Period, CTI and Purchaser shall submit to the Independent Accountant for resolution, in accordance with the standards set forth in this <u>Section 2.6</u>. Each of CTI (on behalf of the Sellers) and Purchaser shall use reasonable efforts to cause the Independent Accountant to render a written decision resolving the matters submitted to the Independent Accountant within thirty (30) days of the receipt of such submission, and the Independent Accountant shall resolve only matters that remain in dispute as submitted by the Parties. Purchaser and CTI (on behalf of the Sellers) will execute a customary engagement letter if so requested by the Independent Accountant and will cooperate with the Independent Accountant during the term of its engagement. The Independent Accountant will have exclusive jurisdiction over any disputes arising out of or relating to the adjustments pursuant to this <u>Section 2.6</u>, and resort to the process involving the Independent Accountant as provided in this <u>Section 2.6(b)</u> will be the only recourse and remedy of the Parties against one another with respect to any such dispute. The scope of the disputes to be resolved by the Independent Accountant shall be limited to correcting mathematical errors and determining whether the items in dispute were determined in accordance with this Agreement. The Independent Accountant's decision shall be based solely on written submissions by CTI (on behalf of the Sellers) and Purchaser and their respective Advisors and not by independent review, acting as an accountant and not as an arbitrator, and, shall be final and binding on all of the Parties and not subject to appeal or further review. The Independent Accountant may not assign a value for any item that is greater than the greatest value for such item claimed by either Party or smaller than the smallest value for such item claimed by either Party. Judgment may be entered upon the determination of the Independent Accountant in any court having jurisdiction over the Party against which such determination is to be enforced. The fees, costs and expenses of the Independent Accountant incurred pursuant to this <u>Section 2.6</u> (the "<u>Accounting Fees</u>") shall be borne *pro rata* as between the Sellers, on the one hand, and Purchaser, on the other hand, in proportion to the final allocation made by such Independent Accountant of the disputed items weighted in relation to the claims made by CTI and Purchaser, such that the prevailing Party pays the lesser proportion of such fees, costs and expenses. For example, if Purchaser claims that the appropriate adjustments are, in the aggregate, $1,000 greater than the amount determined by CTI and if the Independent Accountant ultimately resolves the dispute by awarding to Purchaser an aggregate of $300 of the $1,000 contested, then the fees, costs and expenses of the Independent Accountant will be allocated 30% (*i.e.*, 300 ÷ 1,000) to the Sellers and 70% (*i.e.*, 700 ÷ 1,000) to Purchaser. In connection with its determination of Final Adjustment Amount, the Independent Accountant will, pursuant to the terms of this <u>Section 2.6(b)</u>, also determine the allocation of the Accounting Fees between Purchaser and Sellers, which such determination will be final, conclusive and binding upon the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As used herein, "<u>Final Adjustment Amount</u>" means (i) if CTI (on behalf of the Sellers) fails to deliver a Notice of Disagreement in accordance with <u>Section 2.6(b)</u>, the Adjustment Amount as set forth in the Statement or (ii) if the Adjustment Amount is resolved by Purchaser and CTI (on behalf of the Sellers) or by submission of any disputes to the Independent Accountant, as contemplated by <u>Section 2.6(b)</u>, the Adjustment Amount as so resolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the determination of the Final Adjustment Amount in accordance with <u>Section 2.6(b)</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if the Final Adjustment Amount exceeds the Estimated Adjustment Amount (any such excess, the "<u>Seller Adjustment Amount</u>"), within five (5) Business Days after the Final Adjustment Amount is determined (A) Purchaser shall pay to CTI, by wire transfer of immediately available funds, an amount equal to the lesser of (x) an amount equal to the Seller Adjustment Amount and (y) an amount equal to the Adjustment Escrow Amount, it being acknowledged and agreed by the Parties that the maximum amount Purchaser shall be required to pay pursuant to this <u>Section 2.6</u> shall not exceed the Adjustment Escrow Amount even if such amount is less than the Seller Adjustment Amount and (B) Purchaser and CTI shall provide joint written instruction to the Escrow Agent directing the Escrow Agent to release to CTI the Adjustment Escrow Amount from the Escrow Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Estimated Adjustment Amount exceeds the Final Adjustment Amount (any such excess, the "<u>Purchaser Adjustment Amount</u>"), within five (5) Business Days after the Final Adjustment Amount is determined: (A) CTI and Purchaser shall provide joint written instruction to the Escrow Agent directing the Escrow Agent to make payment from the Escrow Account by wire transfer of immediately available funds to Purchaser of an amount equal to such Purchaser Adjustment Amount, which amount shall not exceed the Adjustment Escrow Amount, and (B) if the Purchaser Adjustment Amount is less than the Adjustment Escrow Amount, Purchaser and CTI shall provide joint written instruction to the Escrow Agent directing the Escrow Agent to release to CTI the amount by which the Adjustment Escrow Amount exceeds the Purchaser Adjustment Amount; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the Final Adjustment Amount equals the Estimated Adjustment Amount, within five (5) Business Days after the Final Adjustment Amount is determined Purchaser and CTI shall provide joint written instruction to the Escrow Agent directing the Escrow Agent to release to CTI the Adjustment Escrow Amount from the Escrow Account. Upon payment of the amounts provided in this <u>Section 2.6(d)</u>, none of the Parties may make or assert any claim under this <u>Section 2.6</u>. Any payment to be made pursuant to this <u>Section 2.6(d)</u> will be treated by all Parties for applicable Tax purposes as an adjustment to the Purchase Price (unless otherwise required by applicable Law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Purchaser agrees that payment of the Purchaser Adjustment Amount (if any) from the Adjustment Escrow Amount in the Escrow Account in accordance with the Escrow Agreement will be the sole and exclusive remedy for Purchaser for payment of the Purchaser Adjustment Amount, if any, and the Adjustment Escrow Amount in the Escrow Account will be Purchaser's sole and exclusive source of recovery for any amounts owing to Purchaser pursuant to this <u>Section 2.6</u>, even if the Purchaser Adjustment Amount exceeds the Adjustment Escrow Amount. The Parties further agree that the adjustments to the Adjustment Amount provided for in this <u>Section 2.6</u>, and the dispute resolution provisions provided for in this <u>Section 2.6</u>, will be the exclusive remedy for the matters addressed or that could be addressed by this <u>Section 2.6</u>. For the avoidance of doubt, and without limiting the generality of the foregoing, no claim by Purchaser or any of its Affiliates or advisors for the payment of the Purchaser Adjustment Amount will be asserted against any of the Sellers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No actions taken by Purchaser, on its own behalf or on behalf of the Acquired Entities, on or following the Closing Date, shall be given effect for purposes of determining the Adjustment Amount or any component thereof. During the period of time from and after the Closing Date through the final determination and payment of any Seller Adjustment Amount or Purchaser Adjustment Amount in accordance with this <u>Section 2.6</u>, Purchaser shall afford, and shall cause the Acquired Entities to afford, to CTI and its Advisors reasonable access during normal business hours upon reasonable advance notice to all the properties, books, Contracts, personnel, Advisors (subject to execution of customary access letters) and records of Purchaser and the Acquired Entities and such Advisors (including work papers subject to execution of customary access letters) relevant to the Sellers' review of the Statement and Purchaser's determination of the Adjustment Amount or any component thereof in accordance with this <u>Section 2.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Withholding</u>. Each of Purchaser and its Affiliates, and the Escrow Agent, shall be entitled to deduct and withhold from amounts otherwise payable pursuant to this Agreement to any Seller (including pursuant to <u>Section 2.2</u>) such amounts as Purchaser (or its applicable Affiliate), or the Escrow Agent, is required to deduct and withhold under applicable Tax law, with respect to the making of such payment; <u>provided</u>*,* <u>however</u>, that except for any amounts that are withheld by reason of any Seller's failure to provide the certificate described in <u>Section 2.4(i)</u>, Purchaser shall use commercially reasonable efforts to notify such Seller at least five (5) Business Days prior to the Closing Date of any potentially applicable withholding requirement of which Purchaser is aware, and each of the Parties agrees to take commercially reasonable efforts to cooperate to eliminate or reduce any such deduction or withholding. All amounts so withheld shall be treated for all purposes of this Agreement as having been paid to the Person in respect of whom such deduction and withholding was made, and shall be timely paid by Purchaser (or its applicable Affiliate) to the applicable Governmental Body.

**Article III** **<br> Representations and Warranties of Sellers**

Except as (a) disclosed in the forms, reports, schedules, statements, exhibits and other documents filed with the SEC by CTI in respect of Sellers and their business during the twelve (12) months preceding the date hereof and solely to the extent publicly available on the SEC's EDGAR database (the "<u>Filed SEC Documents</u>") (other than any disclosures set forth under the headings "Risk Factors" or "Forward-Looking Statements" in such Filed SEC Documents and any other disclosures included therein to the extent they are forward-looking in nature) or (ii) set forth in the Schedules delivered by Sellers concurrently herewith (each, a "<u>Schedule</u>" and collectively, the "<u>Schedules</u>") and subject to <u>Section 10.10</u>, Sellers represent and warrant to Purchaser as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Organization and Qualification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth in <u>Schedule 3.1(a)</u>, (i) each Seller is a corporation, unlimited liability corporation, or limited liability company, as applicable, duly organized, validly existing and in good standing under the Laws of the jurisdiction of its incorporation or formation and (ii) each Acquired Entity is duly organized, validly existing and in good standing (where such concept is recognized under applicable Law) under the Laws of the jurisdiction of its organization. Except as set forth in <u>Schedule 3.1(a)</u>, each Seller and Acquired Entity has all requisite corporate or similar organizational power and authority necessary to own or lease its assets and properties and to operate its business as it is now being conducted, subject to the provisions of the Bankruptcy Code, and is duly licensed or qualified to do business under the Laws of each jurisdiction in which the nature of its business or the character or location of the properties and assets owned or leased by it makes such licensing or qualification necessary, except where failure to be so licensed, qualified or in good standing would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) True, complete and correct copies of each of the Acquired Entities' Organizational Documents have been provided to Purchaser prior to the date hereof. All such Organizational Documents are in full force and effect on the date hereof and no Seller or Acquired Entity is in violation of any of the provisions of its Organizational Documents, except as would not reasonably be expected to be material to such Seller or Acquired Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Schedule 3.1(c)</u> sets forth a true, complete and correct list of (i) each of the Acquired Entities and (ii) each jurisdiction in which each Seller and Acquired Entity is duly licensed or qualified to do business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Authorization of Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to requisite Bankruptcy Court approvals, each Seller has all necessary corporate or similar organizational power and authority to execute and deliver this Agreement and the other Transaction Agreements to which each such Seller is a party and to perform its obligations hereunder and to consummate the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance by each Seller of this Agreement and the other Transaction Agreements to which such Seller is a party, and the consummation by such Seller of the Transactions, subject to requisite Bankruptcy Court approvals and CCAA Orders being granted (each as described in this Agreement), have been duly authorized by all requisite corporate action, limited liability company action or limited partnership action on the part of such Seller, as applicable, and no other organizational proceedings on such Seller's part are necessary to authorize the execution, delivery and performance by such Seller of this Agreement or the other Transaction Agreements and the consummation by it of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to requisite Bankruptcy Court approvals and CCAA Orders (as described in this Agreement), this Agreement and the other Transaction Agreements to which each Seller is a party have been, or will be, duly executed and delivered by such Seller and, assuming due authorization, execution and delivery hereof and thereof by the other parties hereto and thereto, constitutes, or will constitute, legal, valid and binding obligations of such Seller, enforceable against such Seller in accordance with its and their terms, except that such enforceability (a) may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar Laws of general application affecting or relating to the enforcement of creditors' rights generally and (b) is subject to general principles of equity, whether considered in a proceeding at law or in equity (collectively, the "<u>Enforceability Exceptions</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Equity Interests of Acquired Entities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The issued and outstanding shares of capital stock or other Equity Interests of each of the Acquired Entities are as set forth on <u>Schedule 3.3(a)(i)</u>, and there are no other issued or outstanding shares of capital stock or other Equity Interests of the Acquired Entities (except as authorized or issued pursuant to the UK Restructuring Transactions, to the extent applicable). All of the outstanding capital stock or other Equity Interests of the Acquired Entities are duly authorized, validly issued, fully paid and are non-assessable (where such concepts are legally recognized in the jurisdictions of organization of such Subsidiaries) and have not been issued in violation of applicable Law or any Contract (including preemptive rights or similar rights). The UK Seller's register of members is in compliance with applicable Law and true, correct and complete as of the Closing (a true, correct and complete copy of which has been provided to Purchaser prior to the Closing). Except as set forth on <u>Schedule 3.3(a)(ii)</u>, there are no outstanding options, warrants, convertible, exercisable or exchangeable securities, "phantom" stock rights, stock appreciation rights, stock-based performance units, rights to subscribe to, purchase rights, calls or commitments relating to the issuance, purchase, sale, redemption or repurchase of any capital stock or other Equity Interests issued by any Acquired Entities containing any equity features, or Contracts, commitments, understandings, arrangements or other obligations by which any of the Acquired Entities is bound to issue, deliver or sell, or cause to be issued, delivered or sold, additional capital stock or other Equity Interests, or options, warrants, convertible, exercisable or exchangeable securities, "phantom" stock rights, stock appreciation rights, stock-based performance units, rights to subscribe to, purchase rights, calls or commitments relating to any capital stock or other Equity Interests of the Subsidiaries of the Sellers, or that otherwise give any Person the right to receive any benefits or rights similar to any rights enjoyed by or accruing to the holders of shares of capital stock or other Equity Interests of any Acquired Entities (including any rights to receive any payment in respect, or based on the price or value, thereof). None of the Sellers or their Subsidiaries is a party to any shareholders' agreement, voting trust agreement, registration rights agreement or other similar Contract or understanding relating to any Equity Interests of any Acquired Entities or any other Contract relating to the issuance, disposition, voting or payment of dividends or distributions with respect to any Equity Interests of any Acquired Entities. There are no accrued and unpaid dividends with respect to any outstanding Equity Interests of any Acquired Entities, and no Acquired Entities have any obligation to pay any dividend or make any distribution in respect thereof. The issued and outstanding Equity Interests of each of the Acquired Entities are (i) owned of record by the Seller(s) or Subsidiaries of a Seller identified on <u>Schedule 3.3(a)(iii)</u> as owning such Equity Interests (or as identified on <u>Exhibit H</u> in connection with the UK Restructuring Transactions, to the extent applicable),(ii) owned free and clear of any Encumbrances (except for Encumbrances arising under applicable securities Laws) by the applicable Seller(s) or Subsidiaries of a Seller identified on <u>Schedule 3.3(a)(iii)</u> as owning such Equity Interests (or as identified on <u>Exhibit H</u> in connection with the UK Restructuring Transactions, to the extent applicable), and (iii) the applicable Seller(s) or Subsidiaries of a Seller have good, valid and marketable title (to the extent such concepts are applicable) to the Equity Interests identified on <u>Schedule 3.3(a)(iii)</u> as owned by such Seller or Subsidiary of a Seller (or as identified on <u>Exhibit H</u> in connection with the UK Restructuring Transactions, to the extent applicable). The Acquired Interests constitute all of the issued and outstanding Equity Interests of the Transferred Subsidiaries, all of which are owned beneficially and of record by the Sellers, free and clear of any Encumbrances (other than Encumbrances arising under applicable securities Laws). At Closing, Purchaser (or its Designee) will acquire good and valid title to the Acquired Interests, free and clear of all Encumbrances (other than transfer restrictions under applicable securities Laws).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth on <u>Schedule 3.3(b)</u>, the Acquired Entities do not, directly or indirectly, (i) own, of record or beneficially, any Equity Interests or other interests in any Person or hold any right (contingent or otherwise) to acquire the same or (ii) have any obligations to contribute capital to, or loan any amounts to, invest in, or acquire Equity Interests of, any Person. The Acquired Entities do not have any outstanding bonds, debentures, notes or other obligations which provide the holders thereof the right to vote (or are convertible or exchangeable into or exercisable for securities having the right to vote) with the equityholders of the Acquired Entities on any matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Conflicts; Consents</u>. Assuming that (a) the Confirmation Order and all other requisite Bankruptcy Court approvals and CCAA Orders are obtained (each as described in this Agreement), (b) the notices, authorizations, approvals, Orders, Permits or consents set forth on <u>Schedule 3.4</u> are made, given or obtained (as applicable), (c) the requirements of the HSR Act are complied with, and (d) any filings required by any applicable federal or state securities or "blue sky" Laws are made, the execution and delivery by Sellers of this Agreement and the other Transaction Agreements, the consummation by Sellers of the Transactions, performance and compliance by Sellers with any of the terms or provisions hereof or thereof, do not and will not (i) conflict with or violate any provision of the Organizational Documents of any Seller or Acquired Entity (ii) except as set forth on <u>Schedule 3.4</u>, conflict with, violate or constitute a breach of or default (with or without notice or lapse of time, or both) under or result in the acceleration of any obligation under or give rise to a right of termination, modification, acceleration or cancelation of any obligation or to the loss of any benefit under, any of the terms or provisions of any Material Contract, Permit, loan or credit agreement or other Contract to which any Seller or Acquired Entity is party or by which any Seller or Acquired Entity is bound or to which any the Acquired Assets is subject, (iii) conflict with or violate in any material respect, any Law or Order applicable to any Seller, Acquired Entity or any of the Acquired Assets or by which any Seller, Acquired Entity or any of the Acquired Assets may be bound or affected or (iv) result in the creation of any Encumbrance (other than a Permitted Encumbrance) on any properties or assets owned by any Seller or Acquired Entity, except, in the case of clauses (ii) or (iv), as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Financial Statements; No Undisclosed Liabilities; Internal Controls</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) Included in the Filed SEC Documents is CTI's Form 10K (as amended by the attached Form 10K/A), which includes the audited consolidated balance sheets of CTI and its Subsidiaries as of December 31, 2022, and the related consolidated statements of operations, comprehensive loss, changes in shareholders' equity and cash flows for the fiscal year then ended (collectively, the "<u>Audited 2022 Financial Statements</u>"), (ii) attached to <u>Schedule 3.5(a)</u> are Sellers' unaudited condensed consolidated balance sheets as of June 30, 2023 (the "<u>Latest Balance Sheet</u>"), and the related condensed consolidated statements of operations, comprehensive loss, shareholders' equity and cash flows for the portion of each fiscal year then ended and (iii) attached to <u>Schedule 3.5(a)</u> are the available standalone balance sheets, income statements, shareholders' equity and cash flows or other financial statements, as applicable, in each case, as described on, for the Acquired Entities listed on, and as of the date or the periods indicated on <u>Schedule 3.5(a)</u> (together with the Audited 2022 Financial Statements and the financial statements referenced in the foregoing clause (ii), the "<u>Financial Statements</u>"). The Financial Statements have been prepared in accordance with GAAP applied on a consistent basis during the periods involved (except as may be indicated in the notes thereto) and fairly present in all material respects the consolidated financial position of CTI and its Subsidiaries (or applicable Acquired Entity, as the case may be) as of the dates thereof and the consolidated results of their operations and cash flows for the periods shown, except for, in the case of unaudited financials, (x) the absence of footnote disclosures (none of which are materially different from those presented in the Audited 2022 Financial Statements), and (y) changes resulting from normal and recurring fiscal year end adjustment (none of which are expected to be material, individually or in the aggregate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) CTI and its Subsidiaries have established and maintain disclosure controls and procedures and a system of internal controls over financial reporting (as such terms are defined in paragraphs (e) and (f), respectively, of Rule 13a-15 under the Exchange Act) as required by Rule 13a-15 under the Exchange Act, that are effective in providing reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP, and includes policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of CTI and its Subsidiaries, (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of CTI and its Subsidiaries are being made only in accordance with authorizations of management and directors of CTI and its Subsidiaries (as applicable) and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of CTI and its Subsidiaries' assets that could have a material effect on its Financial Statements. CTI and its Subsidiaries' management has completed an assessment of the effectiveness of CTI and its Subsidiaries' internal control over financial reporting in compliance with the requirements of Section 404 of the Sarbanes-Oxley Act for the fiscal year ended December 31, 2022, and such assessment concluded that such internal control system was effective. Except as set forth on <u>Schedule 3.5(b)</u>, since January 1, 2021, none of CTI, its Subsidiaries or their independent registered public accounting firm has identified or been made aware of (A) "significant deficiencies" or "material weaknesses" (as defined by the Public Company Accounting Oversight Board) in the design or operation of CTI and its Subsidiaries' internal controls over financial reporting which would reasonably be expected to adversely affect in any material respect CTI's or its Subsidiaries' ability to record, process, summarize and report financial data, in each case which has not been subsequently remediated or (B) any fraud, whether or not material, that involves management or other employees who have a significant role in CTI and its Subsidiaries' internal control over financial reporting with respect to CTI and its Subsidiaries. CTI and its Subsidiaries do not maintain any "off-balance-sheet arrangement" within the meaning of Item 303 of Regulation S-K of the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except (i) as specifically and adequately reflected in the latest Financial Statements, (ii) as set forth in <u>Schedule 3.5(c)</u>, (iii) for Liabilities that have arisen since the date of the Latest Balance Sheet in the Ordinary Course and are not material to CTI or any of its Subsidiaries (individually or in the aggregate), (iv) Liabilities arising under the executory portion of a Contract (excluding in each case Liabilities for breach, non-performance or default), (v) Liabilities in connection with the Bankruptcy Cases, the Transactions, or the negotiation, execution, and performance of the Transactions and (vi) Liabilities to the extent included in the computation of Closing Working Capital, CTI or its Subsidiaries do not have any Liabilities of the type required to be accrued on or reserved against in a consolidated balance sheet prepared in accordance with GAAP consistently applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Absence of Certain Changes or Developments</u>. Except as set forth on <u>Schedule 3.6</u> and the Bankruptcy Cases or in connection with the Transactions or the Bankruptcy Cases or preparation therefor (including debtor-in-possession financing), since the date of the Latest Balance Sheet, (a) the Sellers and their Subsidiaries have conducted their respective businesses in the Ordinary Course, (b) no Effect has occurred that has had, or would be reasonably expected to have, either individually or in the aggregate, a Material Adverse Effect and (c) there has not occurred any action that would require the consent of Purchaser pursuant to <u>Section 6.1(b)</u> if taken after the date of this Agreement and prior to Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <u>Legal Actions</u>. Except as set forth on <u>Schedule 3.7</u>, there are no, and during the three (3) years preceding the date hereof there have been no, (a) Actions pending or threatened (in writing or, to the Knowledge of Seller, orally) to which any Seller or any of their Subsidiaries is or was a party or to which any property, rights or interests of any of them is or was subject, except as would not reasonably be expected to be material and adverse to any Acquired Entity or the Acquired Assets and the Assumed Liabilities, taken as a whole, or (b) Orders imposed upon the Sellers or any of their Subsidiaries, in each case, by or before any Governmental Body. <u>Schedule 3.7</u> sets forth, as of the date hereof, each Action pending against CTI or any of its Subsidiaries by or before any Governmental Body (other than the Bankruptcy Cases) that (i) seeks or reasonably could be expected to result in fines or damages of more than $1,000,000 or relates to a criminal matter or calls for injunctive relief or other restriction that would reasonably be expected to be material to any Acquired Entity or the Acquired Assets and the Assumed Liabilities, taken as a whole, or (ii) challenges the validity or enforceability of this Agreement or any other Transaction Agreement or that may have the effect of preventing, delaying, making illegal or otherwise interfering with, the consummation of any of the Transactions. During the three (3) years preceding the date hereof there has been no formal written or, to the Knowledge of the Sellers, oral allegation of sexual harassment or sexual misconduct submitted to any Seller or any of their Subsidiaries against any employee who is an executive officer, director, or management level employee in their capacities as such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Compliance with Laws; Permits; Escheat</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as set forth on <u>Schedule 3.8(a)(i)</u>, each Seller and Subsidiary of a Seller is, and during the three (3) years preceding the date hereof has been, in compliance in all material respects with the requirements of all Laws applicable to it or to its properties (including the ownership and operation of the Acquired Assets). Except as set forth on <u>Schedule 3.8(a)(ii)</u> or as related to or as a result of the filing or pendency of the Bankruptcy Cases and the CCAA Proceeding, during the three (3) years preceding the date hereof (A) no Seller or Subsidiary of a Seller has received any written notice of, or been charged with, the material violation of any Laws, and (B) to the Knowledge of Sellers, no event has occurred or circumstance exists that (with or without notice, passage of time, or both), individually or in the aggregate, would constitute or result in a failure by any Seller or Subsidiary of a Seller to comply, in any material respect, with any applicable Law. Except as set forth on <u>Schedule 3.8(a)(iii)</u> as related to or as a result of the filing or pendency of the Bankruptcy Cases and the CCAA Proceeding, no investigation, review or Action by any Governmental Body in relation to any actual or alleged material violation of Law by any Seller or Subsidiary of a Seller is pending or, to the Knowledge of Sellers, threatened, nor has any Seller or Subsidiary of a Seller received any written notice from any Governmental Body indicating an intention to conduct the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth on <u>Schedule 3.8(b)(i)</u>, the Sellers and their Subsidiaries possess all Permits that are necessary or required to conduct their businesses as currently conducted, and all such Permits are in full force and effect and will continue to be in full force and effect following the consummation of the Transactions, except for such Permits, the failure to have so obtained, made or delivered would not, individually or in the aggregate, reasonably be expected to be material to any Acquired Entity or the Acquired Assets and the Assumed Liabilities, taken as a whole. The Sellers and their Subsidiaries are not in default or violation (and no event has occurred which, with notice or the lapse of time or both, would constitute a default or violation) of any term, condition or provision of any Permit required for the operation of their businesses as presently conducted and to which they are parties, except where such default or violation would not be reasonably expected to be, individually or in the aggregate, material to any Acquired Entity or the Acquired Assets and the Assumed Liabilities, taken as a whole. <u>Schedule 3.8(b)(ii)</u> sets forth a true, complete and correct list of all material Permits maintained by the Sellers and their Subsidiaries that are necessary or required to conduct their businesses as currently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Action is pending or, to the Knowledge of Sellers, threatened to terminate, revoke, limit, cancel, suspend or modify any Permit or Permits that, individually or in the aggregate, are material to the operation of the business of the Sellers and their Subsidiaries, and no Seller or Subsidiary of a Seller has received notice from any Governmental Body that (i) any such Permit will be revoked or not reissued on the same or similar terms, (ii) any application for any new Permit by any Seller or any of its Subsidiaries or renewal of any Permit or Permits that, individually or in the aggregate, are material to the operation of the business of the Sellers and their Subsidiaries will be denied, or (iii) the Permit holder is in material violation of any Permit or Permits that, individually or in the aggregate, are material to the operation of the business of the Sellers and their Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the past three (3) years, each Seller and Subsidiary of Seller has been and is in compliance in all material respects with all applicable International Trade Laws and no Seller or Subsidiary of a Seller or, to the Knowledge of Sellers, any other Person acting on their behalf has engaged in or is currently engaged in any conduct that is prohibited under International Trade Laws. Without limiting any of the foregoing, during the past three (3) years, no Seller or Subsidiary of a Seller or any of their respective officers, directors, or employees, or, to the Knowledge of Seller, any other Person acting on their behalf has engaged in any business or dealings, directly or indirectly, involving (i) any country or territory that is or whose government is the target of comprehensive sanctions imposed by the United States, Canada, the European Union, or the United Kingdom, as of the date of this Agreement (Cuba, Iran, North Korea, Syria, Venezuela, the Crimea region, and the so-called Donetsk and Luhansk People's Republics; each a "<u>Sanctioned Jurisdiction</u>"); or (ii) a Person that is designated on, or that is owned or controlled by a Person that is designated on any list of sanctioned parties maintained by the United States, Canada, the United Kingdom, or the European Union, including the list of Specially Designated Nationals and Blocked Persons maintained by OFAC (any such Person a "<u>Sanctioned Person</u>") in violation of applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Seller or Subsidiary of a Seller or any of their respective directors, officers, employees, shareholders, or, to the Knowledge of Seller, other Persons acting on their behalf is (i) a Sanctioned Person; or (ii) located, organized, or resident in a Sanctioned Jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) During the past three (3) years, each Seller and Subsidiary of a Seller has been and is in compliance in all material respects with all applicable Anti-Corruption Laws, and no Seller or Subsidiary of a Seller or any of their respective directors, officers, employees, or, to the Knowledge of Sellers, any other Person acting on their behalf has violated any Anti-Corruption Law. Without limiting the foregoing, during the past three (3) years, no Seller or Subsidiary of a Seller, or any of their respective directors, officers, employees, or, to the Knowledge of Seller, any other Person acting on their behalf has paid, offered, promised, or authorized the payment of money or anything of value, directly or indirectly, to any Government Official, any political party, or any other Person for the purpose of influencing any act or decision or to secure any improper advantage in violation of Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) During the past three (3) years, no Seller or Subsidiary of a Seller or any of their respective directors, officers, employees, or, to the Knowledge of Sellers, any other Person acting on their behalf has received from any Governmental Body or any other Person any written notice of any violation, alleged violation, or any suspected violation of any Anti-Corruption Law or International Trade Law, or conducted any internal investigation with respect to, or made any voluntary or involuntary disclosure to a Governmental Body concerning, any actual, suspected, or alleged violation of any Anti-Corruption Law or International Trade Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Except as set forth in <u>Schedule 3.8(h)</u>, all material reports or other filings required to be filed by or with respect to any Acquired Asset or Assumed Liabilities, and each Acquired Entity, relating to escheat or any abandoned or unclaimed property have been timely filed in compliance with applicable Law in all material respects. Each Seller, and each Subsidiary of any Seller have complied in all material respects with all applicable escheat or abandoned or unclaimed property Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <u>Title to Properties; Sufficiency of Tangible Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Owned Real Property</u>. <u>Schedule 3.9(a)</u> sets forth a true, complete and correct list of all Owned Real Property. The Sellers have a valid leasehold or sublease interest in each Leased Real Property. The Sellers and their Subsidiaries have good, valid and marketable title to the Owned Real Property, subject only to Permitted Encumbrances. With respect to the Owned Real Property: (i) except as set forth on <u>Schedule 3.9(a)</u>, none of the Sellers or their Subsidiaries has leased or otherwise granted to any Person the right to use or occupy such Owned Real Property or any portion thereof, which lease or grant remains in effect; and (ii) there are no outstanding options, rights of first offer or rights of first refusal to purchase such Owned Real Property or any portion thereof or interest therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Leased Real Property</u>. <u>Schedule 3.9(b)</u> sets forth the address of each Leased Real Property, and a true, complete and correct list of all Leases for each such Leased Real Property. The Sellers have made available to the Purchaser or the Purchaser's Advisors true, complete and correct copies of the Leases. Except as set forth on <u>Schedule 3.9(b)</u>, with respect to each of the Leases: (i) subject of entry of the Confirmation Order (as to the applicable Seller), such Lease is legal, valid, binding, enforceable and in full force and effect, subject to the Enforceability Exceptions; (ii) to the Knowledge of Seller, there are no existing material disputes with respect to such Lease; (iii) except as a result of the commencement of the Bankruptcy Cases, none of Sellers, the Subsidiaries of the Sellers or, to the Knowledge of Seller, any other party to the Lease is in material breach or default under such Lease, and no event has occurred or circumstance exists that, with the delivery of notice, the passage of time or both, would constitute such a material breach or default by any Seller, any Subsidiary of a Seller or, to the Knowledge of Seller, any other party to the Lease, or permit the termination, material modification or acceleration of rent under such Lease; (iv) neither the Sellers nor any of their Subsidiaries have subleased, licensed or otherwise granted any Person the right to use or occupy such Leased Real Property or any portion thereof which sublease, license or grant remains in effect, except pursuant to co-location Contracts with customers; (v) the applicable Seller or Subsidiary of a Seller has good and valid leasehold title to the property demised thereby, subject only to Permitted Encumbrances and (vi) none of Sellers, the Subsidiaries of the Sellers or any other prior tenant under any Lease has granted any option, right of first offer or right of first refusal to purchase any rights of the tenant under such Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Seller or Subsidiary thereof has received written notice from any Governmental Body regarding pending or threatened condemnation or eminent domain proceedings or their local equivalent affecting or relating to any Owned Real Property or Leased Real Property. No Seller or Subsidiary thereof is in material breach or default under any Permitted Encumbrance in respect of any Owned Real Property or Leased Real Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to requisite Bankruptcy Court or CCAA Court approvals as described in this Agreement, and assumption by the applicable Seller of the applicable Contract in accordance with applicable Law (including satisfaction of any applicable Cure Costs by the Sellers) and except as a result of the commencement of the Bankruptcy Cases, the Sellers and their Subsidiaries own good title to, or hold a valid leasehold interest in, all of the material tangible property necessary in the conduct of their businesses as now conducted, free and clear of all Encumbrances, except for Permitted Encumbrances, other than any failure to own or hold such tangible property that is not material to the Acquired Entities or the Acquired Assets and the Assumed Liabilities, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All tangible assets of the Seller and their Subsidiaries are (i) in good working order and condition, ordinary wear and tear excepted, (ii) have been reasonably maintained, (iii) are suitable for the uses for which they are being utilized in the businesses conducted by the Sellers and theirs Subsidiaries, subject to replacement in accordance with Sellers' modernization plan, a copy of which has been made available to Purchaser, and (iv) comply in all material respects with all requirements under any Laws and any licenses which govern the use and operation thereof. The Acquired Assets include all the tangible properties and tangible, assets reasonably necessary, and are sufficient in all material respects, for the conduct of the businesses of the Sellers and their Subsidiaries as currently conducted, taking into account that Purchaser is not acquiring the Excluded Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Material Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Schedule 3.10</u> sets forth a list of each Material Contract, as of the date of this Agreement, including the applicable Seller or Subsidiary thereof who is a party thereto. For purposes of this Agreement, "<u>Material Contract</u>" means any Contract to which the Sellers or their Subsidiaries are party or by which a Seller or Subsidiary of a Seller is bound in connection with any of the Acquired Assets, in all cases other than any Employee Benefit Plan, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is or would be required to be filed as an exhibit to CTI's Annual Report on Form 10-K pursuant to Item 601(b)(10) of Regulation S-K under the Securities Act; <u>provided</u> that any such Contracts that are so filed are not required to be set forth on <u>Schedule 3.10</u> but shall nonetheless constitute "Material Contracts";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) relates to the formation, creation, governance, economics, or control of any joint venture, partnership or other similar arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (x) provides for Indebtedness for borrowed money of the Sellers or the Acquired Entities having an outstanding or committed amount in excess of $1,000,000, other than letters of credit and Indebtedness that constitutes Excluded Liabilities or (y) grants an Encumbrance (other than Permitted Encumbrances and Encumbrances to be removed by operation of the Confirmation Order) on all or any part of the assets of an Acquired Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) relates to the acquisition or disposition of any business, assets or properties (whether by merger, sale of stock, sale of assets or otherwise) for aggregate consideration under such Contract in excess of $2,500,000 pursuant to which any earn-out, indemnification or deferred or contingent payment obligations remain outstanding that would reasonably be expected to involve payments by or to the Sellers or the Acquired Entities of more than $1,000,000 after the date hereof (in each case, excluding for the avoidance of doubt, acquisitions or dispositions of Equipment in the Ordinary Course, or of Equipment that is obsolete, worn out, surplus or no longer used or useful in the conduct of the business of the Sellers and their Subsidiaries);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) is a Contract pursuant to which a Seller or any Subsidiary of a Seller is required to make or is entitled to receive (or would reasonably be expected to make or receive) payments on an annual basis in excess of $3,500,000 in the aggregate, other than Contracts with Material Customers (which are the subject of <u>Section 3.10(a)(vi)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) is a Contract with a Material Customer or a Material Supplier or listed on <u>Schedule 3.19</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) contains any provision (A) limiting, in any material respect, the right of the Sellers or their Subsidiaries to engage in any business or compete with any Person, or operate anywhere in the world, (B) granting any exclusivity right to any third party or containing a "most favored nation" provision in favor of any third party, (C) containing any option, right of first refusal or preferential or similar right in favor of any third party or (D) that is a "take or pay" or similar provision requiring the business to make a minimum payment for goods or services from third party suppliers irrespective of usage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) is a Contract with a Governmental Body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) is a Contract that requires future capital expenditures in excess of $1,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) is a Contract under which a Seller or any Subsidiary of a Seller is (A) lessee of or holds or operates any personal property, owned by any other party, except for any lease of personal property under which the aggregate annual rental payments do not exceed $1,000,000, or (B) lessor of or permits any third party to hold or operate any personal property owned or controlled by a Seller or any Subsidiary of a Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) is a Contract the primary purpose of which the indemnification or holding harmless of any Person, other than those entered into in the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) is a Contract relating to any swap, forward, futures, warrant, option or other derivative transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) is a (A) letter of credit or surety agreement or (B) other similar undertaking or guarantee with respect to contractual performance of a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) is a Contract pursuant to which a Seller or any of its Subsidiaries (A) receives a license to, or covenant not to be sued under, any Intellectual Property (other than (1) any license for commercial off-the-shelf Software costing or having an annual fee of less than $100,000, (2) Contracts relating to free or Open Source Software, and (3) Contracts primarily for the provision of services where the granting or obtaining any non-exclusive right to use any Intellectual Property is ancillary or incidental to the transactions contemplated in such Contract) ("<u>Inbound IP Licenses</u>") or (B) grants a license to, or covenant not to sue under, any Owned Intellectual Property (other than any non-exclusive licenses of Intellectual Property granted in the Ordinary Course); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) is a written or oral commitment or agreement to enter into any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Schedule 3.10(b)</u> sets forth a list of each material Contract to which UK Seller (solely at the "LHR1" data center), Germany Seller, or Singapore Seller is a party, as of the date of this Agreement (organized by such Acquired Entity on the Schedule), each of which will be a "Material Contract" hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to requisite Bankruptcy Court approvals and CCAA Orders being granted (each as described in this Agreement), and assumption by the applicable Seller of the applicable Contract in accordance with applicable Law (including satisfaction by the Sellers of any applicable Cure Costs) and except (i) as a result of the commencement of the Bankruptcy Cases or CCAA Proceedings and (ii) with respect to any Contract that has previously expired in accordance with its terms, been terminated, restated, or replaced, (A) each Material Contract is valid and binding on the Seller or Subsidiary of a Seller that is a party thereto, as applicable, and, to the Knowledge of Sellers, each other party thereto, and is in full force and effect, subject to the Enforceability Exceptions, (B) the applicable Seller or Subsidiary of a Seller, and, to the Knowledge of Sellers, any other party thereto, have performed all obligations required to be performed by it under each Material Contract, (C) the Sellers and their Subsidiaries have received no written notice of the existence of any breach or default on the part of any Seller or Subsidiary of a Seller under any Material Contract, (D) there are no events or conditions which constitute, or, after notice or lapse of time or both, will constitute a default on the part of a Seller or Subsidiary of a Seller, or to the Knowledge of Sellers, any counterparty under such Material Contract and (E) to the Knowledge of Sellers, Sellers and their Subsidiaries have not received any notice from any Person that such Person intends to terminate, not renew, breach or materially amend the terms of any Material Contract, except in each case of <u>clauses (A)</u> through <u>(E)</u>, as would not, individually or in the aggregate, reasonably be expected to be material to the Acquired Entities or the Acquired Assets and the Assumed Liabilities, taken as a whole. True, complete and correct copies of all Material Contracts (together with all modifications, schedules or supplements thereto) have been made available to Purchaser by the Sellers prior to the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Intellectual Property</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Schedule 3.11(a)(i)</u> sets forth a true, complete and correct list (including the owner and jurisdiction) of all issued patents, trademark and service mark registrations, copyright registrations, and domain name registrations and pending patent, trademark and service mark applications included in the Owned Intellectual Property ("<u>Registered Intellectual Property</u>") and <u>Schedule 3.11(a)(ii)</u> sets forth a true, complete and correct list of all material proprietary Software included in the Owned Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Seller or one of its Subsidiaries solely and exclusively owns, free and clear of all Encumbrances other than Permitted Encumbrances, the Owned Intellectual Property. To the Knowledge of Seller, each item of Registered Intellectual Property is subsisting, valid and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Owned Intellectual Property and the Intellectual Property licensed pursuant to the Inbound IP Licenses constitute all Intellectual Property reasonably necessary for the conduct of the business of the Seller and their Subsidiaries as currently conducted, and the Purchaser will own or have a valid and enforceable license to all Intellectual Property reasonably necessary for the conduct of such business following the Closing in the same manner it was conducted as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The consummation of the Transactions will not alter, encumber, impair or extinguish any Owned Intellectual Property and no Contract to which the Sellers or their Subsidiaries are party or by which a Seller or a Subsidiary of a Seller is bound in connection with the Acquired Assets would, upon Closing, grant or purport to grant to any Person any license, covenant not to sue, or other rights related to the Owned Intellectual Property (other than the Acquired Entities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The conduct of the business of the Sellers and their Subsidiaries as currently conducted does not infringe upon, misappropriate or otherwise violate and, in the three (3) years preceding the date hereof has not infringed upon, misappropriated or otherwise violated, the Intellectual Property rights of any Person. No claim or litigation regarding any of the foregoing or challenging the legality, validity, enforceability, use or ownership of any Owned Intellectual Property is pending or threatened in writing and, to the Knowledge of Seller, no Person is infringing upon, misappropriating or otherwise violating the Owned Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Seller and each Subsidiary of a Seller have taken commercially reasonable actions to maintain, enforce and protect the Owned Intellectual Property, including protecting the confidentiality of all Owned Intellectual Property the value of which is contingent upon maintaining the confidentiality thereof. Each current and former employee and contractor of the Sellers and their Subsidiaries who developed, invented or contributed to any Owned Intellectual Property has executed a written agreement assigning all rights in and to such Owned Intellectual Property to a Seller or its Subsidiaries, except where such rights automatically vested in Seller or one of its Subsidiaries by operation of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The manner in which any Open Source Software is incorporated into, linked to or called by, or otherwise combined or distributed with any Owned Intellectual Property does not, according to the terms of the license applicable to such Open Source Software, obligate any Seller or its Subsidiaries to: (i) disclose, make available, offer or deliver all or any portion of any source code of any such software product or service or any component thereof to any third party, other than the applicable Open Source Software, or (ii) create obligations to grant, or purport to grant, to any third party any rights or immunities under any Owned Intellectual Property (including any agreement not to assert patents), or impose any present economic limitations on any commercial exploitation thereof. None of the Sellers or their Subsidiaries has any duty or obligation (whether present, contingent or otherwise) to deliver, license or make available the source code of any Owned Intellectual Property to any escrow agent or other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No (i) government funding or (ii) facilities of a university, college, other education institution or research center was used in the development of the Owned Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <u>Information Technology and Data Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company Systems are in good working order and operate and perform in a manner that permits the operation of the business of the Sellers and their Subsidiaries as currently conducted in all material respects. Within the three (3) years preceding the date hereof, the Sellers and their Subsidiaries have used commercially reasonable efforts to protect the confidentiality, integrity and security of the Company Systems and to prevent any theft, corruption, loss or unauthorized use, access, interruption, or modification of such Company Systems. Within the three (3) years preceding the date hereof, there has been no outage, substandard performance, theft, corruption, loss or unauthorized use, access, interruption or modification of the Company Systems that has caused any disruption in or to the Sellers' and their Subsidiaries' business and that has not been remediated in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Sellers (i) maintain, and for the past three (3) years have maintained, commercially reasonable appropriate policies, procedures and rules regarding data privacy, protection and security consistent with all applicable Privacy Laws (the "<u>Privacy Policies</u>"), and (ii) have, for the past three (3) years preceding the date hereof, complied, and are currently in compliance with, all Privacy Laws, the Privacy Policies, and the terms of all Contracts concerning the Processing of Personal Information, in each case of (i) and (ii) except as would not, individually or in the aggregate, reasonably be expected to be material and adverse to any Acquired Entity or the Acquired Assets and the Assumed Liabilities, taken as a whole. Within the three (3) years preceding the date hereof, no Seller or any Subsidiary of a Seller has experienced any material incident in which Personal Information was exfiltrated, compromised, stolen or accessed in an unauthorized manner that required notification to affected individuals under Privacy Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The execution, delivery and performance of this Agreement and the purchase of the Acquired Assets and Acquired Entities will not violate any Privacy Laws, and immediately following the Closing, Purchaser will continue to have the right to use Personal Information used by the Sellers in connection with the Acquired Assets and Acquired Entities on the same terms and conditions as the Sellers and their Subsidiaries enjoyed immediately prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Seller, nor any Subsidiary of any Seller, has for the past three (3) years received any (i) written notices from any Governmental Body alleging non-compliance with applicable Privacy Laws, (ii) written complaints from any person, alleging that Sellers' Processing of Personal Information is in violation in any material respect of applicable Privacy Laws, or (iii) written notices of any claims or legal actions brought by, or on behalf of, any person in respect of any actual or alleged breach by any Seller of applicable Privacy Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 <u>Tax Matters</u>. Except as set forth on <u>Schedule 3.13</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All income and other material Tax Returns required to be filed by or with respect to (i) any of the Acquired Assets or Assumed Liabilities or (ii) any Acquired Entity have, in each case, been timely and properly filed with the appropriate Taxing Authorities (after giving effect to any valid extensions of time in which to make such filings), and all such Tax Returns (taking into account all amendments thereto) are true, complete and accurate in all material respects. All material amounts of Taxes due from, or with respect to,(i) any of the Acquired Assets or Assumed Liabilities or(ii) any Acquired Entity, whether or not shown on any Tax Return, have, in each case, been timely paid in full, except for Taxes being contested in good faith by appropriate proceedings that have been adequately reserved for by Sellers in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Seller, and each Subsidiary of any Seller, has duly and timely withheld from employee salaries, wages, and other compensation and have paid over to the appropriate Taxing Authorities all material amounts required to be so withheld and paid over for all periods under all applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) There are no Encumbrances for Taxes on any of the Acquired Assets or any of the assets of any of the Acquired Entities, other than Permitted Encumbrances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Seller, or Subsidiary of any Seller, has waived any statute of limitations in respect of Taxes or agreed to any extension of time with respect to an assessment or deficiency for income or a material amount of other Taxes (other than pursuant to extensions of time to file Tax Returns obtained in the Ordinary Course).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All material deficiencies asserted or assessments made by the IRS or any other Taxing Authority (i) with respect to the Acquired Entities and (ii) with respect to the Acquired Assets or Assumed Liabilities, have, in each case, been fully and timely paid, settled or withdrawn, and, to the Knowledge of Sellers, there are no other audits, investigations, disputes, notices of deficiency or other Actions or proceedings by any Taxing Authority pending or threatened in writing with respect to (i) the Acquired Entities or (ii) the Acquired Assets or Assumed Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Acquired Entities have withheld all material amounts of Taxes as are required to be withheld under applicable Law and has timely paid or remitted all such Taxes to the appropriate Governmental Body.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No written notice has been received from any Governmental Body in a jurisdiction in which any Acquired Entity does not currently file a given type of Tax Return that such Acquired Entity is or may be subject any such Tax or is or may be required to file that type of Tax Return in such jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Cyxtera Communications Canada, ULC, and Cyxtera Canada TRS, ULC are residents of Canada for the purposes of the ITA, and no other Seller is disposing of "taxable Canadian property" within the meaning of the ITA pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Acquired Entity has been resident at all times since its incorporation solely in the jurisdiction of its incorporation and does not have a permanent establishment in, and is not and has never been treated for any Tax purpose as resident (or dual-resident) in, any other jurisdiction(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Each Acquired Entity has complied in all material respects with all Laws relevant to VAT and GST/HST and, in each case, has made and obtained correct and up to date records and invoices and other documents appropriate or requisite for the purposes of all such Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Neither Purchaser nor any Acquired Entity will be required to include any material item of income in, or exclude any material deduction from, taxable income for any taxable period (or portion thereof) ending after the Closing Date as a result of any: (i) change in method of Tax accounting or use of an improper method of accounting for a taxable period (or portion thereof) ending on or prior to the Closing Date; (ii) "closing agreements" (as described in Section 7121 of the Tax Code or any corresponding provision of state, local or foreign Tax Law) executed prior to the Closing Date; (iii) prepaid amounts or other deferred revenue items arising on or prior to the Closing Date outside the ordinary course of business; or (iv) any installment sale or open transaction disposition made on or prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The U.S. federal income Tax classification of each of the Acquired Entities is as set forth on <u>Schedule 3.13(l)</u>.

The representations and warranties contained in <u>Section 3.6</u>, this <u>Section 3.13</u> and <u>Section 3.16</u> are the only representations and warranties being made with respect to Tax matters of Sellers or any of their Subsidiaries, and nothing in this <u>Section 3.13</u> or otherwise in the Agreement shall be construed as a representation or warranty with respect to the amount, availability or usability of any net operating loss, capital loss, Tax basis or other income Tax asset or attribute of any Acquired Entity, Acquired Asset or Assumed Liability in any post-Closing taxable period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 <u>Environmental Matters</u>. Except as set forth on <u>Schedule 3.14</u> or, as would not, individually or in the aggregate, be reasonably expected to result in a Material Adverse Effect, (a) Seller and its Subsidiaries are in compliance in all respects with all applicable Environmental Laws, which compliance includes possessing and complying with all Permits required by applicable Environmental Laws, (b) within the three (3) years preceding the date hereof Seller and its Subsidiaries have not received any written notice, and there are no Actions pending or, to the Knowledge of Seller, threatened in writing against Seller or any Subsidiary, regarding any violation or Liability pursuant to Environmental Laws, (c) to the Knowledge of Seller, there have been no releases of any Hazardous Material at the Leased Real Property or at Owned Real Property in a manner that requires remediation under Environmental Laws, (d) Sellers have furnished to Purchaser all material environmental site assessment reports prepared in the last three (3) years relating to the Leased Real Property or Owned Real Property that are in their possession and (e) the contemplated Transactions do not require any filing with a Governmental Body pursuant to the New Jersey Industrial Site Recovery Act, N.J.S.A. 13:1K *et seq*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 <u>Labor and Employment</u>. Except as set forth on <u>Schedule 3.15</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Sellers are in compliance with all applicable Laws respecting employment practices and labor, including those related to wages and hours, vacation pay, collective bargaining, unemployment insurance, workers' compensation, language, immigration, harassment and discrimination, disability rights and benefits, human rights, affirmative action, accessibility, pay equity, and employee layoffs, except where the failure to be in compliance would not reasonably be expected to result in material Assumed Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There is no Action pending or, to the Knowledge of Seller, threatened in writing against any Seller or Subsidiary of a Seller alleging a violation of any labor or employment Law brought by any current employee of a Seller or a Subsidiary of a Seller that is before any Governmental Body, except for such Actions (or threatened Actions) that, if adversely determined, would not, individually or in the aggregate, reasonably be expected to result in material Assumed Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the Sellers nor any of their Subsidiaries are party to any collective bargaining agreement and, to the Knowledge of Seller, no employees of a Seller or a Subsidiary of a Seller are represented by any labor union with respect to their employment with the Seller or its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the Knowledge of Seller, no union organizing or decertification activities are underway, pending or threatened in writing with respect to any Business Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) There is not presently pending, any material labor strike, slow-down, or work stoppage against the Sellers or any of their Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) As of the date hereof, no collective bargaining agreement is currently being negotiated by the Sellers or any of their Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Schedule 3.15(g)</u>, sets forth, as of the date hereof, a list of each Business Employee indicating each employee's: (i) name or identification number; (ii) hire date; (iii) active or inactive status; (iv) title; (v) full time, part time or temporary status; (vi) work location; (vii) overtime exempt classification under applicable Laws; (viii) hourly rate of pay or base annual salary; (ix) bonus or commission potential; (x) employer and (xi) Employee Benefit Plan participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sellers and their Subsidiaries are and during the past three (3) years have been in compliance with the WARN Act and have no material unsatisfied liabilities thereunder. Sellers have reasonably investigated all sexual harassment allegations of, or against any current and former Business Employees the past three (3) years. With respect to each such allegation with potential merit, Sellers have taken prompt corrective action that is reasonably calculated to prevent further discrimination and harassment and the Sellers do not reasonably expect to incur any material Assumed Liability with respect to any such allegations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 <u>Employee Benefit Plans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Schedule 3.16(a)</u> sets forth a true, complete and correct list of each material Employee Benefit Plan. For purposes of this Agreement, an "<u>Employee Benefit Plan</u>" means each employee benefit plan within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>"), and each other plan, program, policy, practice, agreement or arrangement (whether written or unwritten, registered or unregistered, funded or unfunded, insured or uninsured), including any deferred compensation, bonus or incentive compensation, equity or equity based compensation, pension, supplemental pension, retirement savings, retiree or post-employment benefits, health and welfare (including medical, drug, vision, dental, accidental death and dismemberment, critical illness, disability or life insurance coverage), severance or termination payment, retention payment, separation, change-of-control payment, fringe benefit (including employee assistance, employee loan, education assistance, vehicle, housing or other allowance or employee mortgage insurance) or similar benefit or compensation plan, program, policy, practice, agreement or arrangement, in each case, (i) that is maintained, sponsored, administered or contributed or required to by Sellers or any of their respective Subsidiaries for employees or former employees of Sellers or any of their respective Subsidiaries, or (ii) with respect to which Sellers or any of their respective Subsidiaries has any current or contingent liability, but excluding any statutory plans that the Sellers or any of their respective Subsidiaries is required to participate in or comply with, including the Canada and Quebec Pension Plans and plans administered pursuant to applicable health tax, workplace safety insurance and employment insurance legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to each material Employee Benefit Plan, the Seller has made available to Purchaser, copies of, to the extent applicable, (i) the plan documents and related summaries and each trust, insurance, annuity or other funding Contract related thereto, (ii) the most recent financial statements and actuarial or other valuation reports prepared with respect thereto, (iii) copies of material notices, letters or other non-routine correspondence from any Governmental Body within the last year, and (iv) all other material documentation pursuant to which such Employee Benefit Plan is currently administered or funded, including the use of the funds held under such Employee Benefit Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) None of the Sellers, any of their respective Subsidiaries or, to the Knowledge of Seller, any other Person has engaged in a prohibited transaction, within the meaning of Section 406 of ERISA or Section 4975 of the Tax Code, with respect to any Employee Benefit Plan that would result in material Assumed Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither the execution and delivery of this Agreement nor the consummation of any of the other Transactions, either alone or together with another event, will (A) result in any payment (including severance, unemployment compensation, golden parachute, bonuses, change-in-control, retention, forgiveness of Indebtedness or otherwise) becoming due under any Employee Benefit Plan, whether or not such payment is contingent, (B) increase any benefits or compensation otherwise payable under any Employee Benefit Plan or other arrangement, (C) result in the acceleration of the time of payment, vesting or funding of any benefits or compensation, or (D) would result in the payment of any "excess parachute payments" within the meaning of Section 280G of the Tax Code. Neither the Seller nor any of its Affiliates has any obligation to gross up any current or former employee or individual service provider for any Taxes under Sections 409A or 4999 of the Tax Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Employee Benefit Plan intended to qualify for Tax-preferred or Tax-exempt status (including under Section 401(a) of the Tax Code and the ITA) meets such requirements in all material respects (and, if applicable, has received a favorable determination letter, or is the subject of a favorable opinion letter, from the IRS as to its qualified status under the Tax Code) and, to the Knowledge of Seller, no fact or event has occurred that would reasonably be expected to adversely affect the qualified status of any such Employee Benefit Plan. With respect to each Employee Benefit Plan, all contributions, distributions, reimbursements and premium payments that are due have been made. Neither Sellers nor any of their respective Subsidiaries has any obligation to provide any retiree or post-employment health or welfare benefits to any Person, except for continuation of health coverage under COBRA. The Sellers and their respective Subsidiaries have complied, and are in compliance with, the requirements of Section 4980B of the Tax Code, except as would not, individually or in the aggregate, be reasonably expected to result in a material Assumed Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Except as would not, individually or in the aggregate, be reasonably expected to result in material Assumed Liability:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Employee Benefit Plan has been maintained, funded, operated, and administered in compliance with its terms and the requirements of any applicable Law, including ERISA and the Tax Code, and including with respect to the proper inclusion or exclusion of employees as participants in such Employee Benefit Plan; no breach of fiduciary duty (as determined under ERISA or common law) by the Sellers, or, to the Knowledge of Seller, any other Person has occurred with respect to any Employee Benefit Plan; neither Sellers nor any of their respective Subsidiaries have any current or contingent liability under or relating to any "pension plan" (as defined in Section 3(2) of ERISA) subject to Section 412 of the Tax Code or Title IV or Section 302 of ERISA; neither Sellers nor any of their respective Subsidiaries contribute to, have any obligation to contribute to, or have any current or contingent liability under or with respect to any "multiemployer plan" (as defined in Section 3(37) of ERISA); and no Employee Benefit Plan is (i) subject to provincial or federal pension standards legislation in Canada, (ii) a "retirement compensation arrangement" (as such term is defined in subsection 248(1) of the ITA), (iii) is a "salary deferral arrangement" (as such term is defined in subsection 248(1) of ITA), (iv) an "employee life and health trust" (as such term is defined in subsection 248(1) of the ITA); or, (v) a "health and welfare ‎trust" (within the meaning of Canada Revenue Agency Income Tax Folio S2-F1-C1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) There is no pending or, to the Knowledge of Seller, threatened Action relating to any Employee Benefit Plan, and, to the Knowledge of the Seller, no circumstances exist that would reasonably be expected to lead to a claim or Action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the Knowledge of Seller, no Business Employee has been improperly included in or excluded from any Employee Benefit Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 <u>Customers and Suppliers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Schedule 3.17(a)</u> contains a complete and accurate list of the ten (10) largest customers of the Sellers and their Subsidiaries, taken as a whole (measured by aggregate billings) during the period from the end of the second fiscal quarter of fiscal year 2022 through the third fiscal quarter of fiscal year 2023 (the "<u>Material Customers</u>"). Except as disclosed in <u>Schedule 3.17(a)</u>, since the date of the Latest Balance Sheet, (i) no Material Customer has materially reduced, cancelled or terminated (except for expiration of Contracts pursuant to their terms) its business relationship with any Seller or Subsidiary of a Seller, as applicable, or has notified Seller or such Subsidiary, as applicable, in writing, or to the Knowledge of Seller, orally, of any intent to do so and (ii) there has been no material dispute or controversy or, to the Knowledge of Seller, threatened material dispute or controversy, between any Seller or Subsidiary of a Seller, on one hand, and any Material Customer, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Schedule 3.17(b)</u> contains a complete and accurate list of the ten (10) largest suppliers from which the Sellers and their Subsidiaries, taken as a whole purchased materials, supplies, services or other goods (measured by dollar volume of purchases from such suppliers) during the twelve (12) months ended May 16, 2023 (such suppliers collectively referred to as "<u>Material Suppliers</u>"), and the amount for which each such Material Supplier invoiced the Sellers and their Subsidiaries during such period. Since the Latest Balance Sheet, no Material Supplier has materially increased the pricing, or adversely altered other terms of its business with the Sellers and their Subsidiaries, or, to the Knowledge of Sellers, indicated an intention to terminate, cancel, materially reduce the volume, materially reduce its business, materially increase its pricing, or adversely alter other terms of its business with any of the Sellers or their Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 <u>Insurance</u>. <u>Schedule 3.18</u> sets forth a description of policies of fire and casualty, general liability, director and officer liability, and all other forms of material insurance maintained by or on behalf of the Sellers and their Subsidiaries (the "<u>Business Insurance Policies</u>"), including with respect to each such policy the first named insured, the policy/bond number, the insurer(s), the material limits, the deductibles and the term thereof. All such Business Insurance Policies (i) collectively provide reasonably adequate coverage against all risks customarily insured against by companies in similar lines of business as the Sellers and their Subsidiaries and (ii) are in full force and effect. All premiums past due have been paid and no outstanding notice of default, cancellation, modification or termination has been received by or on behalf of the Sellers or any of their Subsidiaries with respect to any such Business Insurance Policies (except notices in connection with scheduled renewals) and there is no existing default or event which, with the giving of notice or lapse of time or both, would constitute a default by any insured thereunder. There have been no material claims by the Sellers or any of their Subsidiaries under any such policy as to which coverage has been denied or disputed by the underwriters of such policy. Prior to the date hereof, the Sellers have made available to Purchaser true, complete and correct (a) loss-runs for the last three (3) years in respect of the Sellers and their Subsidiaries, including the remaining deductible and retention amounts and coverage limits, under the Business Insurance Policies and (b) copies of the Business Insurance Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 <u>Transactions with Related Parties</u>. Except for any other Contract entered into by the Seller Parties in connection with the Bankruptcy Cases, in connection with employee compensation or employee arrangements in the Ordinary Course (including participation in Employee Benefit Plans) or as set forth in <u>Schedule 3.19</u>, there are no Contracts, ongoing transactions or business relationships involving payments, Liabilities, or assets, in each case, having value in excess of $120,000, between a Seller or any of its Subsidiaries, on the one hand, and any current or former executive officer, director, employee or Affiliate of a Seller or any of its Subsidiaries, or any member of the immediate family of any such officer, director, employee or Affiliate, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 <u>Brokers</u>. Except for Guggenheim Securities, LLC ("<u>Guggenheim Securities</u>") or as set forth on <u>Schedule 3.20</u>, the fees and expenses of which will be borne solely by the Sellers, no broker, finder, investment banker, financial advisor or other Person is entitled to any broker's, finder's, financial advisor's or other similar fee or commission, or the reimbursement of expenses in connection therewith, in connection with the Transactions based upon arrangements made by or on behalf of a Seller or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 <u>Letters of Credit, Surety Bonds</u>. <u>Schedule 3.21</u> sets forth a true, complete and correct list of all letters of credit, surety bonds, and similar obligations of the Sellers and their Subsidiaries. As of the date hereof, no draw or request for payment or reimbursement has been made with respect to any letter of credit, surety bond, or similar obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 <u>Critical Technologies</u>. No Acquired Entity produces, designs, tests, manufactures, fabricates, or develops any critical technologies as that term is defined in 31 C.F.R. § 800.215.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23 <u>No Other Representations or Warranties</u>. Except for the representations and warranties expressly contained in this <u>Article III</u> (as qualified by the Schedules and in accordance with the express terms and conditions (including limitations and exclusions) of this Agreement) or in the certificate delivered pursuant to <u>Section 2.4(l)</u> (the "<u>Express Representations</u>") (it being understood that Purchaser has relied only on such Express Representations and warranties), Purchaser acknowledges and agrees that no Seller nor any other Person on behalf of any Seller makes, and neither Purchaser has relied on, is relying on, or will rely on the accuracy or completeness of any express or implied representation or warranty with respect to any Seller, any Subsidiary of a Seller, the Acquired Assets, or the Assumed Liabilities or with respect to any information, statements, disclosures, documents, Projections, forecasts or other material of any nature made available or provided by any Person (including in any presentations or other materials prepared by Guggenheim Securities or AlixPartners) (the "<u>Information Presentation</u>") or in that certain "Project Cadillac" datasite administered by Venue (the "<u>Dataroom</u>") or elsewhere to Purchaser or any of its Affiliates or Advisors on behalf of Sellers or any of their Affiliates or Advisors. Without limiting the foregoing, no Seller nor any of its Advisors or any other Person will have or be subject to any Liability whatsoever to Purchaser, or any other Person, resulting from the distribution to Purchaser or any of its Affiliates or Advisors, or Purchaser's or any of its Affiliates' or Advisors' use of or reliance on, any such information, including the Information Presentation, the Projections, any information, statements, disclosures, documents, Projections, forecasts or other material made available to Purchaser or any of its Affiliates or Advisors in the Dataroom or otherwise in expectation of the Transactions or any discussions with respect to any of the foregoing information. Notwithstanding the foregoing, nothing in this Agreement shall limit any claim for Fraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24 <u>No Outside Reliance</u>. Notwithstanding anything contained in this <u>Article III</u> or any other provision of this Agreement to the contrary, each of the Sellers acknowledges and agrees, on its own behalf and on behalf of its Subsidiaries, that the representations and warranties expressly contained in <u>Article IV</u> (as qualified in accordance with the express terms and conditions (including limitations and exclusions) of this Agreement) or in the officer's certificate delivered by Purchaser pursuant to <u>Section 2.5(k)</u> are the sole and exclusive representations, warranties and statements of any kind made to the Sellers and on which the Sellers may rely in connection with the Transactions.

**Article IV** **<br> Representations and Warranties of Purchaser**

Purchaser represents and warrants to Sellers as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Organization and Qualification</u>. Purchaser is an entity duly formed or organized (as applicable), validly existing and in good standing under the Laws of the jurisdiction of its formation or organization (as applicable) and has all requisite organizational power and authority necessary to own or lease its assets and properties and to operate its business as it is now being conducted, except (other than with respect to Purchaser's due formation and valid existence) as would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on Purchaser's ability to consummate the Transactions. Purchaser is duly licensed or qualified to do business and is in good standing (where such concept is recognized under applicable Law) under the Laws of each jurisdiction in which the nature of its business or the character or location of the properties owned or leased by it makes such licensing or qualification necessary, except where the failure to be so licensed, qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on Purchaser's ability to consummate the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Authorization of Agreement</u>. Purchaser has all necessary organizational power and authority to execute and deliver this Agreement and to perform its obligations hereunder and to consummate the Transactions. The execution, delivery and performance by Purchaser of this Agreement, and the consummation by Purchaser of the Transactions, subject to requisite Bankruptcy Court approvals and CCAA Orders being granted (each as described in this Agreement), have been duly authorized by all requisite corporate or similar organizational action and no other corporate or similar organizational proceedings on its part are necessary to authorize the execution, delivery and performance by Purchaser of this Agreement and the consummation by it of the Transactions. Subject to requisite Bankruptcy Court approvals and CCAA Orders being granted (each as described in this Agreement), this Agreement has been duly executed and delivered by Purchaser and, assuming due authorization, execution and delivery hereof by the other Parties, constitutes a legal, valid and binding obligation of Purchaser, enforceable against Purchaser in accordance with its terms, except that such enforceability may be limited by the Enforceability Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Conflicts; Consents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Assuming that (i) the Confirmation Order, and all other requisite Bankruptcy Court approvals and CCAA Orders are obtained (each as described in this Agreement), (ii) the notices, authorizations, approvals, Orders, Permits or consents set forth on <u>Schedule 4.3(a)</u> are made, given or obtained (as applicable), (iii) the requirements of the HSR Act are complied with, and (iv) any filings required by any applicable federal or state securities or "blue sky" Laws are made, the execution and delivery by Purchaser of this Agreement, the consummation by Purchaser of the Transactions, and the performance and compliance by Purchaser with any of the terms or provisions hereof, do not and will not (A) conflict with or violate any provision of Purchaser's Organizational Documents, (B) violate any Law or Order applicable to Purchaser, (C) violate or constitute a breach of or default (with or without notice or lapse of time, or both) under or give rise to a right of termination, modification, or cancelation of any obligation or to the loss of any benefit, any of the terms or provisions of any loan or credit agreement or other material Contract to which Purchaser is a party or accelerate Purchaser's obligations under any such Contract, or (D) result in the creation of any Encumbrance (other than a Permitted Encumbrance) on any properties or assets of Purchaser or any of its Subsidiaries, except, in the case of <u>clauses (B)</u> through <u>(D)</u>, as would not, individually or in the aggregate, reasonably be expected to materially affect the ability of the Purchaser to consummate the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth on <u>Schedule 4.3(a)</u>, Purchaser is not required to file, seek or obtain any notice, authorization, approval, Order, Permit or consent of or with any Governmental Body in connection with the execution, delivery and performance by Purchaser of this Agreement or the consummation by Purchaser of the Transactions, except (i) any filings required to be made under the HSR Act, (ii) such filings as may be required by any applicable federal or state securities or "blue sky" Laws, or (iii) where failure to obtain such consent, approval, authorization or action, or to make such filing or notification, would not, individually or in the aggregate, reasonably be expected to prevent or materially impair, alter or delay the ability of Purchaser to consummate the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Financing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the date of this Agreement, Purchaser has received and accepted, and delivered to CTI a true, complete and correct copy of, an executed equity commitment letter dated as of the date hereof, among Purchaser and the other respective parties thereto (the "<u>Investors</u>") (together with all annexes, schedules and exhibits thereto, the "<u>Equity Commitment Letter</u>") relating to the commitment to provide Purchaser the amount of equity financing set forth therein (the "<u>Equity Financing</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As of the date of this Agreement, except as set forth in the Equity Commitment Letter, there are no conditions precedent to the obligations of the Investors to provide the Equity Financing or any contingencies that would permit the Investors to reduce the total amount of the Equity Financing below the Required Amount (as defined below). Subject to the satisfaction of the conditions set forth in <u>Sections 7.1</u> and <u>7.2</u>, as of the date of this Agreement, Purchaser does not have any reason to believe that it will be unable to satisfy on a timely basis any term or condition to Closing to be satisfied by it in the Equity Commitment Letter or that sufficient funds in an aggregate amount necessary to pay the Required Amount will not be made available to Purchaser, on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As of the date of this Agreement, the Equity Financing, to the extent funded in accordance with the Equity Commitment Letter, shall provide Purchaser with immediately available cash on the Closing Date, sufficient to pay the Closing Date Payment, and all related expenses required to be paid by Purchaser hereunder (the Closing Date Payment, and all such related expenses, the "<u>Required Amount</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As of the date of this Agreement, the Equity Commitment Letter is the legal, valid, binding and enforceable obligation of Purchaser and, each other party thereto, subject in each case to the Enforceability Exceptions, and is in full force and effect. As of the date of this Agreement, no event has occurred that, with or without notice, lapse of time, or both, would reasonably be expected to constitute a material default or breach or failure to satisfy a condition precedent on the part of Purchaser under the terms and conditions of such Equity Commitment Letter. As of the date of this Agreement, the Equity Commitment Letter has not been withdrawn, rescinded or terminated or otherwise amended or modified in any respect that would be material and adverse to the Sellers, and no such amendment or modification is contemplated. As of the date of this Agreement, no counterparty to the Equity Commitment Letter has notified Purchaser of its intention to terminate the Equity Commitment Letter or not to provide such Equity Financing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Purchaser expressly acknowledges and agrees that the receipt or availability of any funds or financing (including, for the avoidance of doubt, the Equity Financing) by Purchaser is not a condition to Closing or any of Purchaser's obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Security Law Matters</u>. Purchaser is acquiring the capital stock or other Equity Interests of the Acquired Entities for its own account with the present intention of holding such securities for investment purposes and not with a view to, or for sale in connection with, any distribution of such securities in violation of any federal or state securities Laws. Purchaser is an "accredited investor" as that term is defined in Regulation D promulgated under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 <u>Brokers</u>. Except for Moelis & Company LLC, all of whose fees and expenses will be borne solely by Purchaser, there is no investment banker, broker, finder, or other intermediary which has been retained by or is authorized to act on behalf of Purchaser that is entitled to any fee or commission in connection with the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 <u>No Litigation</u>. There are no Actions pending or, to Purchaser's knowledge, threatened against or affecting Purchaser that will or would be reasonably likely to materially and adversely affect Purchaser's performance of its obligations under this Agreement or the consummation of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 <u>Certain Arrangements</u>. As of the date hereof, there are no Contracts, undertakings, commitments or obligations, whether written or oral, between any member of the Purchaser Group, on the one hand, any member of the management of Seller or its board of directors (or applicable governing body of any Affiliate of Seller), any holder of equity or debt securities of Seller, or any lender of Seller or any Affiliate of Seller (and expressly excluding any landlords under Leases), in each case, in its capacity as such, on the other hand, (a) relating in any way to the acquisition of the Acquired Assets or the Transactions or (b) that would be reasonably likely to prevent, restrict, impede or affect adversely the ability of Seller or any of its Affiliates to entertain, negotiate or participate in any such transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9 <u>Solvency</u>. Assuming that the representations and warranties of the Sellers contained in this Agreement are true and correct in all respects as of the Closing and Sellers comply with all of their covenants and agreements hereunder, Purchaser is, and immediately after giving effect to the Closing, Purchaser and the Acquired Entities, taken as a whole, will be, solvent and will: (a) be able to pay their debts as they become due; (b) own property that has a fair saleable value greater than the amounts required to pay their debt (including a reasonable estimate of the amount of all contingent Liabilities) and (c) have adequate capital to carry on their business. No transfer of property is being made and no obligation is being incurred in connection with the Transactions with the intent to hinder, delay or defraud either present or future creditors of Purchaser or any of the Acquired Entities. In connection with the Transactions, Purchaser has not incurred, nor plans to incur, debts beyond its ability to pay as they become absolute and matured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 <u>Investigation</u>. Purchaser acknowledges, covenants and agrees that it is relying on its own independent investigation and analysis in entering into this Agreement and consummating the Transactions. Purchaser is knowledgeable about the industries in which the Acquired Entities operate and is capable of evaluating the merits and risks of the Transactions and is able to bear the substantial economic risk of such investment for an indefinite period of time. Subject to <u>Section 6.2</u>, Purchaser has been afforded access to the books and records, facilities and personnel of the Acquired Entities for purposes of conducting a due diligence investigation and has conducted a due diligence investigation of the Acquired Entities. Notwithstanding the foregoing, nothing in this Agreement shall limit any claim for Fraud.

**Article V** **<br> Bankruptcy Court Matters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Bankruptcy Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Sellers shall schedule a hearing on November 16, 2023, at 2:00 p.m., prevailing Eastern Time or such other date as may be scheduled by the Bankruptcy Court and mutually agreed to in writing by Sellers and Purchaser (email being sufficient) to obtain entry of the Confirmation Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From the date hereof until the earlier of (i) the termination of this Agreement in accordance with <u>Article VIII</u> and (ii) the Closing Date, Sellers shall use commercially reasonable efforts to obtain entry by the Bankruptcy Court of the Confirmation Order, including filing the Confirmation Brief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Sellers shall use reasonable best efforts to: (i) facilitate the solicitation, confirmation, and consummation of the Plan and the transactions contemplated hereby, (ii) obtain entry of the Confirmation Order, (iii) consummate the Plan and (iv) cause the conditions to the US Lease Amendments to be satisfied as promptly as practicable after the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Purchaser shall take such actions as are reasonably requested by Seller to assist in obtaining the Bankruptcy Court's entry of Confirmation Order and any other Order that Purchaser reasonably determines is necessary in connection with the Transactions, including furnishing affidavits, financial information, or other documents or information for filing with the Bankruptcy Court for the purposes of, among other things, providing necessary assurances of performance by Purchaser under this Agreement, and demonstrating that Purchaser is a "good faith" purchaser under section 363(m) of the Bankruptcy Code, as well as demonstrating Purchaser's ability to pay and perform or otherwise satisfy any Assumed Liabilities following the Closing; <u>provided</u>, <u>however</u>, that nothing in this Agreement shall require either Purchaser or its Affiliates to give testimony to or submit any pleading, affidavit or information to the Bankruptcy Court, the CCAA Court, or any Person that is untruthful or to violate any duty of candor or other fiduciary duty to the Bankruptcy Court, the CCAA Court or its stakeholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Foreign Representative and Canadian Sellers shall promptly file with the CCAA Court an application in the CCAA Proceeding seeking the granting of the CCAA Orders within five (5) Business Days following approval of the Confirmation Order by the Bankruptcy Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Party shall (i) appear formally or informally in the Bankruptcy Court if reasonably requested by the other Party or required by the Bankruptcy Court in connection with the Transactions and (ii) keep the other reasonably apprised of the status of material matters related to the Agreement, including, upon reasonable request, promptly furnishing the other with copies of notices or other communications received by a Seller from the Bankruptcy Court with respect to the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Sellers shall not voluntarily pursue or seek, or fail to use commercially reasonable efforts to oppose any third party in pursuing or seeking, a conversion of the Bankruptcy Cases to cases under Chapter 7 of the Bankruptcy Code, the appointment of a trustee under Chapter 11 or Chapter 7 of the Bankruptcy Code or the appointment of an examiner with expanded powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Sellers shall cooperate with Purchaser concerning the Confirmation Order and any other Orders (whether of the Bankruptcy Court, CCAA Court or otherwise) relating to the Transactions and the bankruptcy or other insolvency proceedings in connection therewith. Sellers shall provide draft copies to Purchaser of all applications, pleadings, notices, proposed Orders and other documents (including the Confirmation Brief, Sale Election Notice and the Stalking Horse Notice) relating to this Agreement or the Transactions no less than three (3) days, or as soon as reasonably practicable thereafter, prior to the proposed filing date so as to permit Purchaser sufficient time to review and comment on such drafts, and with respect to all provisions of the foregoing that relate to the Purchaser, this Agreement or the Transactions, such applications, pleadings, notices and proposed Orders shall be in form and substance reasonably acceptable to Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Promptly upon execution of this Agreement but in any event, not later than the Sale Transaction Notice Deadline (as provided in the Disclosure Statement Order), the Sellers shall prepare and file a notice electing to pursue a Sale Transaction (the "<u>Sale Election Notice</u>") in accordance with the provisions of the Order approving the Disclosure Statement [Docket No. 551] (as may be amended from time to time, the "<u>Disclosure Statement Order</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Promptly upon execution of this Agreement but in any event, not more than two (2) Business Days thereafter, the Sellers shall prepare and file a notice and proposed form of order designating Purchaser as the Stalking Horse Bidder (as such term is defined in the Bidding Procedures Order) (together, the "<u>Stalking Horse Notice</u>") in accordance with the Bidding Procedures Order, and which shall disclose the Expense Reimbursement and Breakup Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Promptly upon execution of this Agreement but in any event, not more than three (3) Business Days thereafter, the Sellers shall prepare and file (i) an amended Plan, in form and substance acceptable to the Purchaser (with respect to provisions that relate to or affect Purchaser, this Agreement, or the Transactions), incorporating the Transactions and the provisions necessary in the Plan to authorize and consummate the Transactions under the Plan, (ii) such amended notice and solicitation materials as the Sellers deem necessary, in consultation with Purchaser, to provide adequate notice to holders of claims against and interests in the Sellers or the Debtors' estates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Not later than the Confirmation Brief and Confirmation Objection Reply Deadline (as provided in the Disclosure Statement Order), the Sellers shall file a memorandum seeking confirmation of and providing legal support for entry of the Confirmation Order and confirmation of the Plan (a "<u>Confirmation Brief</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Sellers agree that the Confirmation Order, Sale Election Notice and Stalking Horse Notice shall be in form and substance satisfactory to the Purchaser with respect to all provisions of the foregoing that relate to or affect Purchaser, this Agreement, or the Transactions, including any amendments thereto, whether before or after such documents and pleadings have been filed with or approved by the Bankruptcy Court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Sellers agree that, as of the Sale Transaction Notice Deadline, the Auction has been closed, and the Sellers shall not solicit bids or alternative restructuring proposals, or ask the Bankruptcy Court to consider any such bids or alternative restructuring proposals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Cure Costs</u>. Subject to entry of the Confirmation Order and the effectiveness of the Plan, the Sellers shall, on or prior to the Closing (or, in the case of any Contract that is to be assigned following the Closing pursuant to <u>Section 1.5</u>, on or prior to the date of such assignment), pay the Cure Costs and cure any and all other defaults and breaches under the Assigned Contracts so that such Contracts may be assumed by the applicable Seller and assigned to Purchaser in accordance with the provisions of sections 365 and 1123(b)(2) of the Bankruptcy Code and this Agreement. Sellers shall file such motions or pleadings, and provide such notices, as may be appropriate or necessary to assume and assign the Assigned Contracts and to determine the amount of any Cure Costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Approval</u>. Sellers' obligations under this Agreement and in connection with the Transactions are subject to entry of and, to the extent entered, the terms of any Orders of the Bankruptcy Court (including entry of the Confirmation Order) and CCAA Court (including granting of the CCAA Orders). Nothing in this Agreement shall require Sellers or their respective Affiliates to give testimony to or submit a motion to the Bankruptcy Court that is untruthful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Avoidance Actions</u>. The Plan shall provide that all Avoidance Actions shall be cancelled and extinguished on the Effective Date of the Plan and no Seller or any Affiliates thereof shall pursue or bring any claim or Action with respect to any Avoidance Action.

**Article VI** **<br> Covenants and Agreements**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Conduct of the Business of Sellers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as (i) required by applicable Law, Order, or a Governmental Body, (ii) required or restricted by the terms of the DIP Facility (as defined in the Final DIP Order), (iii) expressly required by this Agreement, or (iv) set forth in <u>Schedule 6.1(a)</u>, during the period from the date of this Agreement until the Closing Date or the earlier termination of this Agreement in accordance with <u>Article VIII</u>, each Seller shall, and shall cause each of its Subsidiaries to, (A) conduct its business in the Ordinary Course and (Y) use their respective commercially reasonable efforts to (1) preserve intact the present business operations, organization and goodwill of its business, (2) preserve and maintain satisfactory relationships with material licensors, licensees, contractors, distributors, consultants, vendors, suppliers and others having business relationships with the Sellers or any of their Subsidiaries in connection with the operation of its business, (3) keep available the services of its officers and employees in the Ordinary Course, (4) pay all of its undisputed post-petition obligations in the Ordinary Course and (5) continue to operate its business and Acquired Assets in all material respects in compliance with all Laws applicable to such business, the Sellers and their respective Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the generality of the foregoing, except as (i) required by applicable Law, Order, or a Governmental Body, (ii) required or restricted by the terms of the DIP Facility, or (iii) set forth in <u>Schedule 6.1(a)</u>, during the period from the date of this Agreement until the Closing Date or the earlier termination of this Agreement in accordance with <u>Article VIII</u>, each Seller shall not, and shall not permit any of its Subsidiaries to, take any of the following actions without the prior written consent of Purchaser (not to be unreasonably withheld, conditioned or delayed, other than in the case of any of the following matters that would be included in the nature and scope of the Fundamental Representations, each of which shall be in the sole discretion of Purchaser):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) issue, sell, encumber or grant any shares of the capital stock or other equity or voting interests of a Seller or any of its Subsidiaries, or any securities or rights convertible into, exchangeable or exercisable for, or evidencing the right to subscribe for any shares of such capital stock or other equity or voting interests, or any rights, warrants or options to purchase any shares of such capital stock or other equity or voting interests; (B) redeem, purchase or otherwise acquire any of the outstanding shares of capital stock or other equity or voting interests of a Seller or any of its Subsidiaries, or any rights, warrants or options to acquire any shares of such capital stock or other equity or voting interests, except in connection with any actions required by <u>Section 6.20</u>, (C) establish a record date for, declare, set aside for payment or pay any dividend on, or make any other distribution in respect of, any shares of the capital stock or other equity or voting interests of a Seller or any of its Subsidiaries, except in connection with any actions required by <u>Section 6.20</u>, or (D) split, combine, subdivide or reclassify any shares of the capital stock or other equity or voting interests of a Seller or any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sell, divest, distribute, assign, license, transfer or lease to any Person, or otherwise dispose of, in a single transaction or series of related transactions, any of the Acquired Assets (other than Owned Intellectual Property) for consideration, individually or in the aggregate, in excess of $500,000, except dispositions of obsolete, surplus or worn out assets or assets that are no longer used; <u>provided</u>, <u>however</u>, that a Seller shall not, and shall not permit its Subsidiaries to, (i) construct, materially alter or destroy any material improvement on the Owned Real Property or Leased Real Property (including any Leasehold Improvement); (ii) sell, lease, sublease or license to any Person any of the Owned Real Property or Leased Real Property or (in each case) any portion thereof; (iii) enter into, materially amend or waive, extend, fail to exercise any renewal option under, or voluntarily terminate any Lease; or (iv) acquire any real property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (x) incur or commit to incur any capital expenditure or authorization or commitment with respect thereto, or (y) delay or fail to make any capital expenditures, including for property, plant and Equipment, except for those (A) that are materially consistent with the Sellers' capital expenditure schedule set forth on <u>Schedule 6.1(b)(iii)</u>, or (B) in the case of clause (x), otherwise in an aggregate amount for all such capital expenditures made pursuant to this clause (B) not to exceed $1,000,000 in the aggregate in any calendar year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) acquire or agree to acquire by merging or consolidating with, or invest in or purchase (by asset acquisition, equity purchase or similar transaction) any portion of the stock of, or other ownership interests in, or material portion of assets of, or by any other manner, any business or any Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) (A) amend, terminate (partially or completely), supplement, modify, renew or fail to exercise any renewal rights, waive any provision of, or accelerate any rights, benefits or obligations under, any Material Contract or Permit, except in the Ordinary Course or upon the expiration in accordance with its term; (B) enter into any Contract that would be a Material Contract if in existence on the date hereof, except for in the Ordinary Course upon substantially the same terms as similar Material Contracts; or (C) enter into any Contract that includes a change of control, anti-assignment or similar provision that would require a Consent from, a material payment to or would give rise to any material rights (including termination rights) of the other party or parties thereto in connection with the consummation of the Transactions or any future change of control, in each case, including with respect to any Excluded Data Center Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) sell, lease, mortgage, pledge, grant any Encumbrance (other than Permitted Encumbrances and Encumbrances to be removed by operation of the Confirmation Order) on or otherwise encumber or dispose of any of its properties or assets (including the Acquired Assets), other than (A) to secure Indebtedness and other obligations in existence at the date of this Agreement (and required to be so secured by their terms) or permitted under <u>Section 6.1(b)(vii)</u>; <u>provided</u>, <u>further</u>, that any such Encumbrance will be extinguished by the Sellers in connection with the Closing; or (B) to a Seller or to a wholly owned Subsidiary of a Seller; <u>provided</u> that any such Encumbrance will be extinguished by the Sellers as of the Closing or transferred to the benefit of Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) (A) issue, incur, assume or otherwise become liable for (i) any indebtedness for borrowed money, (ii) any notes, mortgages, bonds, debentures or other debt securities or warrants or other rights to acquire any notes, mortgages, bonds, debentures or other debt securities of a Seller or any of its Subsidiaries, (iii) any amounts owing as deferred purchase price for property or services, including any capital leases, seller notes and "earn out" payments, or other contingent payment obligations, (iv) any guarantee of any of the foregoing obligations of another Person, or any "keep well" or other agreement to maintain any financial statement condition of another Person, (v) obligations under any letters of credit, surety bonds, bank guarantees, security or performance bonds or similar credit support instruments, overdraft facilities or cash management programs, and (vi) any interest rate swap, forward Contract, currency or other hedging arrangements, to the extent payable if terminated (collectively, "<u>Indebtedness</u>"), except (1) Indebtedness that will constitute Excluded Liabilities, and (2) letters of credit, surety bonds, bank guarantees, security or performance bonds or similar credit support instruments, overdraft facilities or cash management programs, in each case issued, made or entered into in the Ordinary Course, (B) enter into any swap or hedging transaction or other derivative agreements other than in the Ordinary Course or (C) make any loans, capital contributions or advances to, or investments in, any Person other than the advancement of expenses to employees in the Ordinary Course in accordance with existing policies of a Seller or its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) except as required by the terms of an existing Employee Benefit Plan disclosed to Purchaser on <u>Schedule 3.16(a)</u>, (A) enter into, adopt, establish, materially amend or terminate any material Employee Benefit Plan other than in the Ordinary Course, (B) grant to any current or former director, officer, employee or other individual service provider of a Seller or any of its Subsidiaries any increase in compensation or benefits other than in the Ordinary Course, (C) grant to any current or former director, officer, employee or other individual service provider of a Seller or any of its Subsidiaries any severance, retention, change in control, termination or similar compensation or benefits, (D) grant or amend or modify any equity, equity-based or other incentive awards, (E) hire, appoint or promote any employee or terminate (other than for "cause") any employee other than in the Ordinary Course, or (F) take any action to increase or accelerate the vesting of, or payment of, any compensation or benefit under any Employee Benefit Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) waive, release, assign, pay, discharge, settle, satisfy or compromise any Action (including any pending or threatened Action) against a Seller or any of its Subsidiaries that would result in an Assumed Liability or any material restriction, or other material obligation, on the conduct of the business of a Seller and its Subsidiaries, from and after the Closing, or commence any such Action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) make any material changes in financial accounting methods, principles or practices materially affecting the consolidated assets, Liabilities or results of operations of the Sellers and their Subsidiaries, except insofar as may be required (A) by GAAP (or any interpretation thereof), (B) by any applicable Law, including Regulation S-X under the Securities Act, or (C) by any Governmental Body or quasi-Governmental Body (including the Financial Accounting Standards Board or any similar organization);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) amend a Seller's articles of incorporation or bylaws (or comparable Organizational Documents) or amend the Organizational Documents of any Subsidiary of a Seller;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) sell, license, sublicense, abandon or permit to lapse, transfer or dispose of, create or incur any Encumbrance (other than any Permitted Encumbrance) on, or otherwise fail to take any action necessary to maintain, enforce or protect any Owned Intellectual Property (except for non-exclusive licenses granted in the Ordinary Course);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) amend in any material respect, cancel or terminate any material insurance policy naming a Seller or a Subsidiary of a Seller as an insured, a beneficiary or a loss payable payee without obtaining comparable substitute insurance coverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) (A) make, revoke or change any method of Tax accounting or material Tax election, (B) file any amended Tax Return with respect to material amounts of Taxes, (C) enter into any closing agreement with respect to Taxes or settle or compromise any Tax claim or assessment, (D) consent to any extension or waiver of the limitation period with respect to Taxes, or (E) initiate any voluntary Tax disclosure or request any Tax ruling, in each case, relating to, or otherwise affecting, any Acquired Entity, Acquired Asset, or Assumed Liability to the extent such action would reasonably be expected to have a non-*de-minimis* and adverse effect on Purchaser and its Affiliates (including, after the Closing, Acquired Entities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) transfer any (A) Liabilities or assets to any Acquired Entity or (B) Liabilities that would become Assumed Liabilities or assets out of an Acquired Entity, in either case, outside of the Ordinary Course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) enter into a Contract with an Affiliate other than on arm's length terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) accelerate the collection of any accounts receivable or delay the payment of any accounts payable in relation to their applicable due dates, or otherwise fail to manage Working Capital in the Ordinary Course, in each case, in any material respect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) authorize, or commit or agree, in writing or otherwise, to take, any of the foregoing actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the avoidance of doubt, nothing contained in this Agreement shall be construed to give to Purchaser, directly or indirectly, rights to control or direct the operations of Sellers prior to the Closing, and nothing contained in this Agreement is intended to give a Seller, directly or indirectly, the right to control or direct Purchaser's or its Affiliates' operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Access to Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From the date hereof until the Closing, Sellers will provide Purchaser (and its Designee) and its authorized Advisors and the Debt Financing Sources with reasonable access and upon reasonable advance notice and during regular business hours to the facilities, books and records, documents data, files, properties, personnel, and Advisors of Sellers and their Subsidiaries in order for Purchaser (and its Designee) and its authorized Advisors and the Debt Financing Sources to access such information regarding the Acquired Assets and Assumed Liabilities as is reasonably necessary in order to consummate the Transactions and to assess any amounts that are or may become payable in connection therewith; <u>provided</u> that (i) such access does not unreasonably interfere with the normal operations of Sellers or any of their Subsidiaries, (ii) such access will occur in such a manner as Sellers reasonably determines to be appropriate to protect the confidentiality of the Transactions and such books and records, (iii) all requests for access will be directed to Guggenheim Securities or such other Person(s) as Sellers may designate in writing from time to time, (iv) nothing herein will require Sellers or any of their Subsidiaries to provide access to, or to disclose any information to, Purchaser or any other Person if such access or disclosure (A) would reasonably cause significant competitive harm to Sellers or any of their Subsidiaries if the Transactions are not consummated, (B) would waive any legal privilege or (C) would be in violation of applicable Laws (including the HSR Act and Antitrust Laws) or the provisions of any Contract to which Sellers or any Acquired Entity is bound or would violate any fiduciary duty; <u>provided</u> that, in the case of this clause (iv), the Sellers and their respective Subsidiaries will use commercially reasonable efforts to provide a reasonable alternative means of accessing any such information in a manner that would not result in material competitive harm, the waiver of any legal privilege or violation of applicable Laws, the provisions of any agreement or any fiduciary duty; <u>provided</u>, <u>further</u>, that no such access shall be required in connection with an adversarial proceeding between Purchaser (or its Designee) or any of its Affiliates, on the one hand, and any Seller or any of its Affiliates, on the other hand, and (v) nothing herein will permit Purchaser (or its Designee) or its authorized Advisors to conduct any sampling or testing of environmental media or any other invasive investigation or assessment at any Leased Real Property or Owned Real Property of Sellers or the Acquired Entities, including of the type commonly known as a Phase II environmental site assessment; <u>provided</u>, <u>however</u>, that notwithstanding the foregoing, in the event any additional sampling or testing of environmental media or any other invasive investigation or assessment at any Leased Real Property or Owned Real Property of Sellers or the Acquired Entities is required by the Purchaser's Debt Financing Sources providing the Debt Financing with respect to such Leased Real Property or Owned Real Property in connection with the Debt Financing, then the Sellers will not withhold, condition or delay consent in response to a written request of Purchaser in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The information provided pursuant to this <u>Section 6.2</u> will be governed by all the terms and conditions of the Confidentiality Agreement, which Confidentiality Agreement shall survive the execution of this Agreement notwithstanding anything to the contrary therein. Purchaser will, and will cause its Advisors to, abide by the terms of the Confidentiality Agreement with respect to such access and any information furnished to Purchaser or any of its Advisors. Seller makes no representation or warranty as to the accuracy of any information, if any, provided pursuant to this <u>Section 6.2</u>, and none of Purchaser or its Advisors may rely on the accuracy of any such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) From and after the Closing for a period of three (3) years following the Closing Date, Purchaser will provide Sellers and their Advisors with reasonable access, during normal business hours, and upon reasonable advance notice, to the books and records, including work papers, schedules, memoranda and other documents (for the purpose of examining and copying) relating to the Acquired Assets, the Acquired Entities, the Excluded Assets, the Assumed Liabilities or the Excluded Liabilities, in each case to the extent in Purchaser's possession or control, with respect to periods or occurrences prior to the Closing Date, and reasonable access, during normal business hours, and upon reasonable advance notice, to employees, officers, Advisors, accountants, offices and properties of Purchaser (including for the purpose of better understanding the books and records), as may be reasonably requested by a Seller in connection with the Bankruptcy Cases, the wind-down and liquidation of Sellers, the winddown, transfer or disposition of any Excluded Assets, and any other bona fide legal compliance, accounting or Tax purpose; <u>provided</u> that nothing herein will require Purchaser to provide access to, or to disclose any information to, Sellers if such access or disclosure (A) would waive any legal privilege or (B) would be in violation of applicable Laws (including the HSR Act and Antitrust Laws) or the provisions of any agreement to which Purchaser or any of its Subsidiaries or Affiliates is bound or would violate any fiduciary duty; <u>provided</u> that Purchaser and its Subsidiaries will use commercially reasonable efforts to provide a reasonable alternative means of accessing any such information in a manner that would not result in material competitive harm, the waiver of any legal privilege or violation of applicable Laws, the provisions of any agreement or any fiduciary duty; <u>provided</u>, <u>further</u>, that no such access shall be required in connection with an adversarial proceeding between Purchaser or any of its Affiliates, on the one hand, and any Seller or any of its Affiliates, on the other hand. Unless otherwise consented to in writing by Sellers, Purchaser will use commercially reasonable efforts, for a period of three years following the Closing Date, to not destroy, alter or otherwise dispose of any of such books and records without first offering to surrender to Sellers such books and records or any portion thereof that Purchaser may intend to destroy, alter or dispose of. From and after the Closing, Purchaser will, and will cause its employees to, provide Sellers with reasonable assistance, support and cooperation with Sellers' wind-down and related activities (*e.g.*, helping to locate documents or information related to and assisting in preparation of Tax Returns or prosecution or processing of insurance/benefit claims or reconciliation of claims in the Bankruptcy Case) consistent with such employees responsibilities prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as otherwise permitted hereunder, Purchaser will not, and will not permit any member of the Purchaser Group to, contact any officer, manager, director, employee, customer, supplier lessee, lessor, lender, licensee, licensor, distributor or noteholder of any Seller prior to the Closing with respect to any Seller, any of its Subsidiaries, any of their respective businesses or the Transactions, in each case, without the prior written consent of Sellers for each such consent with such consent not to be unreasonably withheld, conditioned or delayed; <u>provided</u> that Purchaser and Purchaser Group may, without such consent, (i) contact any landlords to negotiate the amendment, assignment or termination of any Lease, the purchase, directly or indirectly, of any real property leased pursuant to any Leases, or the financeability of such real property interests, (ii) contact officers, managers, directors and employees of any Seller or its Subsidiaries to discuss compensation, benefits and arrangements in order to facilitate a smooth transition and integration of such Persons post-Closing and (iii) contact any customer, supplier, distributor or other commercial relation of any Seller or its Subsidiaries in connection with any matter contemplated by <u>Section 1.5</u>, <u>Section 6.18</u> or <u>Section 6.19</u>; <u>provided</u> that, in the case of each of the foregoing clauses (ii) and (iii), Purchaser shall provide CTI with reasonable prior written notice thereof and reasonably coordinate the foregoing with Sellers. The Parties shall also reasonably cooperate to make employees available for the matters contemplated by <u>Section 6.3</u>. In furtherance of the foregoing, Sellers shall assist Purchaser (or its Designee) in facilitating conversations with any officer, manager, director, employee, customer, supplier lessee, lessor, lender, licensee, licensor, distributor or noteholder of any Seller, in each case reasonably requested by Purchaser (or its Designee), prior to the Closing in accordance with this <u>Section 6.2(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) From and after the Closing for a period of three (3) years following the Closing Date (or, if earlier, the closing of the Bankruptcy Case), Sellers will provide Purchaser (and its Designee) and its Advisors with reasonable access, during normal business hours, and upon reasonable advance notice, to the books and records, including work papers, schedules, memoranda, and other documents relating to Sellers or their Subsidiaries (other than the Documents), in each case, to the extent in Seller's possession or control (for the purpose of examining and copying) relating to the Acquired Assets or the Assumed Liabilities with respect to periods or occurrences prior to the Closing Date as may be reasonably requested by Purchaser (or its Designee) in connection with a bona fide legal compliance, accounting or Tax purpose; <u>provided</u> that nothing herein will require Sellers to provide access to, or to disclose any information to, Purchaser (or its Designee) if such access or disclosure (A) would waive any legal privilege or (B) would be in violation of applicable Laws (including the HSR Act and Antitrust Laws) or the provisions of any agreement to which any Seller is bound or would violate any fiduciary duty; <u>provided</u> that Sellers and their Subsidiaries will use commercially reasonable efforts to provide a reasonable alternative means of accessing any such information in a manner that would not result in the waiver of any legal privilege or violation of applicable Laws, the provisions of any agreement or any fiduciary duty; <u>provided</u>, <u>further</u>, that no such access shall be required in connection with an adversarial proceeding between Purchaser (or its Designee) or any of its Affiliates, on the one hand, and any Seller or any of its Affiliates, on the other hand. Unless otherwise consented to in writing by Purchaser, Sellers will not, for a period of three (3) years following the Closing Date (or, if earlier, the closing of the Bankruptcy Case), destroy, alter or otherwise dispose of any of such books and records without first offering to surrender to the Purchaser such books and records or any portion thereof that Sellers may intend to destroy, alter or dispose of.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Neither of <u>Section 6.2(c)</u> or <u>Section 6.2(e)</u> shall apply with respect to Tax matters, which are the subject of <u>Section 9.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Employee Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At least ten (10) Business Days prior to Closing, Purchaser shall extend to each Business Employee employed by Sellers a written offer of employment reviewed by Sellers, and which Sellers have had an opportunity to comment on, providing for a position that is the same or substantially similar to such employee's position immediately prior to the Closing (including, primary location of employment) and on the terms set forth in this <u>Section 6.3</u> (or, in the case of any Business Employee employed by Sellers that is a party to an Acquired Seller Plan that is an existing employment agreement, including assumption of such employment agreement (<u>provided</u> any such employment agreements are set forth and identified on <u>Schedule 6.3(a)</u>)) ("<u>Transfer Offer</u>") and that, if accepted, shall become effective immediately after the Closing. Business Employees who accept such Transfer Offers and begin employment with Purchaser, and Business Employees employed by the Acquired Entities as of the Closing Date, shall be collectively referred to herein as "<u>Transferred Employees</u>." Purchaser shall notify Sellers in a reasonable timeframe (but in any event within ten (10) Business Days of receiving a response from the applicable Business Employee and no later than one (1) Business Day prior to the Closing) with respect to whether each such Transfer Offer has been accepted or rejected. Nothing herein shall be construed as a representation or guarantee by any Seller or any of their respective Affiliates that any or all Business Employees employed by Sellers will accept the Transfer Offer, or that any Transferred Employee will continue in employment with Purchaser following the Closing for any period of time. Effective as of the Closing, each Transferred Employee previously employed by Sellers (other than the Acquired Entities) shall cease to be an employee of Sellers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For a period of one (1) year from and after the Closing Date, Purchaser shall provide each Transferred Employee, or cause each Transferred Employee to be provided, with, and each Transfer Offer shall include,: (i) a base compensation or wage rate, as applicable, that is no less than that provided to such Transferred Employee as of immediately prior to the Closing; (ii) short-term cash incentive opportunities that are substantially comparable in the aggregate in target dollar value to those provided to such Transferred Employee as of immediately prior to the Closing; and (iii) other employee benefits (excluding severance, change of control, key employee incentive, key employee retention, other retention or one-time bonus and equity-based incentive plans or arrangements) that are substantially comparable in the aggregate in dollar value to those provided to such Transferred Employees as of immediately prior to the Closing. For purposes of eligibility, vesting and determining level of benefits under the benefit plans and programs maintained by Purchaser or any of its Affiliates after the Closing Date (the "<u>Purchaser Plans</u>"), subject to the terms of any applicable Contracts and any required third-party consents, each Transferred Employee shall be credited with his or her years of service with Sellers (and any predecessor thereto) before the Closing Date, except to the extent such credit would result in a duplication of benefits. Prior to the Closing Date, the Sellers shall make available to Purchaser all data in Sellers' possession that is reasonably requested by Purchaser as necessary to administer each Acquired Seller Plan and, upon reasonable request from Purchaser, Seller shall request from Seller's agent any such information so requested by Purchaser that is not in Seller's possession.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) Purchaser shall use commercially reasonable efforts to cause each Transferred Employee to be immediately eligible to participate, without any waiting time, in the Purchaser Plans; (ii) for purposes of each Purchaser Plan providing health or welfare benefits, Purchaser shall cause all pre-existing condition exclusions and actively-at-work requirements of such Purchaser Plan to be waived for such Transferred Employee and his or her covered dependents (unless such exclusions or requirements were not waived under comparable Employee Benefit Plans); and (iii) Purchaser shall cause any co-payments, deductible and other eligible expenses incurred by such Transferred Employee or his or her covered dependents during the plan year in which the Closing Date occurs to be credited for purposes of satisfying all deductible, coinsurance and maximum out-of-pocket requirements applicable to such Transferred Employee and his or her covered dependents for the applicable plan year of each comparable Purchaser Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Purchaser shall assume, honor and be solely responsible for paying, providing and satisfying when due in accordance with the terms of any applicable Acquired Seller Plan, each of the following: (i) all accrued and unused vacation, personal days, sick pay and other paid time off for Transferred Employees earned but unused as of the Closing Date; (ii) all accrued and unpaid cash key employee retention incentive obligations as of the Closing Date; and (iii) all vacation, personal days, sick pay and other paid time off, benefits and benefit claims, severance and termination pay, notice, and benefits (including any employer Taxes related thereto), in each case of this clause (iii), accruing, incurred or arising as a result of employment or separation from employment with Purchaser on or after the Closing Date with respect to Transferred Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For the avoidance of doubt, (i) except as expressly provided under <u>Section 6.3</u> of this Agreement, included in the definition of Working Capital, or in connection with an Acquired Seller Plan, all obligations, Liabilities relating to the employment with, termination of employment with, application for employment with or any other employment or labor-related Liabilities with respect to current and former employees of any of the Acquired Entities prior to the Closing shall be deemed an Excluded Liability and Seller shall be solely responsible for paying, providing and satisfying any such Liabilities, and that (ii) Purchaser shall be solely responsible for those Liabilities (excluding those identified in <u>Section 1.4(d)</u> of this Agreement) in respect of claims made by any Transferred Employee (or any other individual claiming that he or she is or should be a Transferred Employee) for severance or other termination benefits under any Acquired Seller Plan or applicable Law (including claims for wrongful dismissal, notice of termination of employment, pay in lieu of notice or breach of Contract) arising out of, relating to or in connection with any failure to offer employment to (or the terms of such offer), or to continue the employment of, any such Transferred Employee (or other individual claiming that he or she is or should be a Transferred Employee) or other failure to comply with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Purchaser will, or will cause its Affiliates to, provide any required notice under the Worker Adjustment and Retraining Notification Act of 1988 or any similar Laws ("<u>WARN Act</u>") and to otherwise comply with the WARN Act with respect to any "plant closing" or "mass layoff" or group termination or similar event under the WARN Act affecting Business Employees or Transferred Employees (including as a result of the consummation of Transactions) and occurring on and after the Closing. Purchaser will not, and will cause its Affiliates not to, take any action on or after the Closing Date that would cause any termination of employment of any employees by Sellers or their Affiliates occurring prior to or at the Closing to constitute a "plant closing," "mass layoff" or group termination or similar event under the WARN Act, or to create any Liability or penalty to Sellers or any of their Affiliates for any employment terminations under applicable Law; <u>provided</u> that Purchaser and Seller shall cooperate in good faith in order to ensure compliance with the WARN Act and upon written request of the Purchaser, Seller shall send WARN notices to employees and any other Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Purchaser shall be solely responsible for any and all obligations and Liabilities arising under Section 4980B of the Tax Code with respect to all "M&A qualified beneficiaries" as defined in 26 C.F.R. § 54.4980B-9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) For any Transferred Employees who are principally based outside the United States, the Parties will comply with applicable Law and the intention of the Parties is that the provisions of this <u>Section 6.3</u> shall not trigger any severance, separation pay, notice or pay in lieu thereof or similar termination indemnities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Sellers shall timely provide to Purchaser all information required to be provided by the predecessor under Section 5 of the Revenue Procedure 2004-53 and any other information reasonably required by Purchaser in connection with its reporting obligations thereunder and, provided such information is timely provided, Purchaser shall adopt the "alternate procedure" for preparing and filing IRS Forms W-2 (Wage and Tax Statements), as described in Section 5 of Revenue Procedure 2004-53.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) With respect to any Acquired Seller Plan that is intended to be qualified under Section 401(a) of the Tax Code, Purchaser shall contribute to such plan any unpaid employer matching contribution amounts for the 2023 plan year based on the employer matching formula in effect as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The provisions of this <u>Section 6.3</u> are for the sole benefit of the Parties and nothing herein, express or implied, is intended or shall be construed to confer upon or give any Person (including for the avoidance of doubt any employees of Sellers or Transferred Employees), other than the Parties and their respective permitted successors and assigns, any legal or equitable or other rights or remedies (with respect to the matters provided for in this <u>Section 6.3</u> or under or by reason of any provision of this Agreement). Nothing contained herein, express or implied: (i) shall be construed to establish, amend, or modify any Employee Benefit Plan or any other benefit or compensation plan, program, policy, agreement or arrangement; (ii) shall, subject to compliance with the other provisions of this <u>Section 6.3</u>, alter or limit Purchaser's or Sellers' ability to amend, modify or terminate any particular benefit or compensation plan, program, policy, agreement or arrangement; or (iii) is intended to confer upon any current or former employee any right to employment or continued employment for any period of time by reason of this Agreement, or any right to a particular term or condition of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Regulatory Approvals</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 6.5</u>, each Seller will, and will cause its Subsidiaries to, (i) make or cause to be made all filings and submissions required to be made by Seller under any applicable Laws for the consummation of the Transactions, if any, (ii) cooperate with Purchaser in exchanging such information and providing such assistance as Purchaser may reasonably request in connection with any filings required to be made by the Purchaser Group pursuant to <u>Section 6.4(b)</u>, and (iii)(A) supply promptly any additional information and documentary material that may be requested in connection with the filings made pursuant to this <u>Section 6.4(a)</u> or <u>Section 6.4(b)</u> and (B) use reasonable best efforts to take all actions necessary to obtain all required clearances in connection with such filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>Section 6.5</u>, Purchaser will, and will cause its Affiliates and Advisors to, (i) make or cause to be made all filings and submissions required to be made by any member of the Purchaser Group under any applicable Laws for the consummation of the Transactions, if any, (ii) cooperate with any Seller in exchanging such information and providing such assistance as any Seller may reasonably request in connection with any filings made by any Seller pursuant to <u>Section 6.4(a)</u>, and (iii) (A) supply promptly any additional information and documentary material that may be requested in connection with the filings made pursuant to this <u>Section 6.4(b)</u> or <u>Section 6.4(a)</u> and (B) use reasonable best efforts to take all actions necessary to obtain all required clearances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This <u>Section 6.4</u> shall not apply to efforts related to Antitrust Laws, which shall be governed by the obligations set forth in <u>Section 6.5</u> below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Antitrust Notification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent required, each Seller and Purchaser (and their respective Affiliates, if applicable) will, (i) as promptly as practicable and no later than ten (10) Business Days following the date of this Agreement, file with the United States Federal Trade Commission (the "<u>FTC</u>") and the United States Department of Justice (the "<u>DOJ</u>"), a Notification and Report Form relating to this Agreement the Transactions pursuant to the HSR Act, and (ii) as promptly as practicable file all notifications, filings, registrations, forms and submissions, including any draft notifications in jurisdictions requiring pre-notification, as are required by the Antitrust Laws set forth on <u>Schedule 7.1(a)</u>. Each Seller and Purchaser shall (and shall cause their respective Affiliates to) (A) cooperate and coordinate (and shall cause its respective Affiliates to cooperate and coordinate) with the other in the making of such filings; (B) supply the other (or cause the other to be supplied) with any information that may be required in order to make such filings; (C) make (or cause to be made) an appropriate response to any additional information that may be required or requested by the FTC, the DOJ or the Governmental Bodies of any other applicable jurisdiction; and (D) take (and cause their Affiliates to take) all action necessary, proper or advisable to (1) cause the expiration or termination of the applicable waiting periods pursuant to the HSR Act and any other Antitrust Laws applicable to this Agreement or the Transactions; and (2) obtain any required Consents pursuant to the HSR Act and any other Antitrust Laws applicable to this Agreement or the Transactions, in each case as promptly as reasonably practicable and in any event prior to the Outside Date. If any Party or Affiliate thereof receives any comments or a request for additional information or documentary material from any Governmental Body with respect to the Transactions pursuant to the HSR Act or any other applicable Antitrust Law, then such Party shall make (or cause to be made), as promptly as practicable and after consultation with the other Party, an appropriate response to such request. No Party shall stay, or cause its Affiliates to, toll or extend any applicable waiting period under the HSR Act, pull and refile under the HSR Act, or enter into any timing agreement or other understanding with any Governmental Body with respect to the HSR Act or any other Antitrust Law applicable to the Transactions without the prior written consent of the other Parties, which shall not be unreasonably withheld, conditioned or delayed. Purchaser and Sellers, including their respective counsel, shall cooperate in good faith to consider any requests to stay, toll, or extend any applicable waiting period under the HSR Act or any other Antitrust Law applicable to the Transactions. Purchaser will be solely responsible for payment of all filing fees payable in connection with such filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the immediately following sentence, each Seller and Purchaser will use their reasonable best efforts to as promptly as practicable (and in any event prior to the Outside Date) obtain any clearances, Consents, approvals, waivers, actions, waiting period expirations or terminations, non-actions or other authorizations required under the HSR Act or any other Antitrust Law for the consummation of this Agreement and the Transactions. In furtherance and not in limitation of the other covenants in this <u>Section 6.5</u>, and notwithstanding anything else in this Agreement, Purchaser will take any and all steps necessary to avoid or eliminate each and every impediment under the HSR Act and any other Antitrust Law as may be required to obtain satisfaction of the closing conditions set forth in <u>Section 7.1(a)</u> or <u>Section 7.1(b)</u> and allow the consummation of this Agreement and the Transactions as soon as practicable and, in any event, prior to the Outside Date, including offering, negotiating, committing to and effecting, by Consent decree, hold separate Order or otherwise, (i) the sale, divestiture, transfer, license, disposition, or hold separate (through the establishment of a trust or otherwise), of any and all of the capital stock or other equity or voting interest, assets (whether tangible or intangible), rights, properties, products or businesses of Purchaser or its Subsidiaries, or the Seller and its Subsidiaries; (ii) the termination, modification, or assignment of existing relationships, joint ventures, Contracts, or obligations of Purchaser or its Subsidiaries, or the Seller and its Subsidiaries; (iii) the modification of any course of conduct regarding future operations of Purchaser or its Subsidiaries, or the Seller and its Subsidiaries; and (iv) any other restrictions on the activities of Purchaser or its Subsidiaries, or the Seller and its Subsidiaries, including the freedom of action of Purchaser or its Subsidiaries, or the Seller and its Subsidiaries with respect to, or their ability to retain, any of their respective operations, divisions, businesses, product lines, customers, assets or rights or interests, or their freedom of action with respect to the assets, properties, or businesses to be acquired pursuant to this Agreement. Purchaser shall oppose any request for or, the entry of, and shall seek to have vacated or terminated, any Order, judgment, decree, injunction or ruling of any Governmental Body that could restrain, prevent or delay any required Consents applicable to the Transactions, including by defending through litigation, any Action asserted by any Person in any court or before any Governmental Body and by exhausting all avenues of appeal, including appealing properly any adverse decision or Order by any Governmental Body, it being understood that the costs and expenses of all such actions shall be borne by Purchaser. Notwithstanding anything to the contrary herein, Purchaser shall not be required to take or agree to take any actions with respect to the Sellers' assets, properties, or businesses that would, individually or in the aggregate, reasonably be likely to result in a material adverse effect on (i) the Sellers' assets, properties, and businesses to be acquired pursuant to this Agreement, taken as a whole or (ii) the governance or information rights necessary to enable Purchaser to operate the assets to be acquired pursuant to this Agreement following the Closing in the Ordinary Course; <u>provided further</u> for the avoidance of doubt, nothing in this Agreement shall require any equityholders or Affiliates of Purchaser to take or agree to take any actions, including with respect to any of their businesses, assets, or other interests. Notwithstanding anything to the contrary herein, nothing in this Agreement shall require the Sellers or any of their Subsidiaries or Affiliates to take or agree to take (and they shall not take or agree to take without the written consent of Purchaser) any action that is not conditioned on the Closing as may be required in order to obtain satisfaction of the closing conditions set forth in <u>Section 7.1(a)</u> prior to the Outside Date, in each case, so as to allow the consummation of this Agreement and the Transactions as soon as practicable and, in any event, prior to the Outside Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) None of the Sellers or Purchaser will participate in any substantive meeting or discussion with any Governmental Body with respect to any filings, applications, investigation or other inquiry relating to the Transactions without giving the other Party reasonable prior notice of the meeting or discussion and, to the extent permitted by the relevant Governmental Body, the opportunity to attend and participate in such meeting or discussion, unless prohibited by such Governmental Body. Each Party will have the right to review the content of any draft notifications, formal notifications, filings, submissions, or other substantive written communications (and any analyses, memoranda, presentations, white papers, correspondence or other written materials submitted therewith) to be submitted to any Governmental Body in advance of any such submission and will consider in good faith the views of the other Party in connection therewith. Each Party acknowledges that, with respect to any non-public information provided by a Party to the other Party pursuant to this <u>Section 6.5</u>, the disclosing Party may (i) designate such material as restricted to "outside counsel only" and any such material shall not be shared with employees, officers or directors or their equivalents of the receiving Party without approval of the disclosing Party and (ii) redact such materials as necessary to satisfy contractual confidentiality obligations, preserve attorney-client privilege or protect material relating to the valuation of the Acquired Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as expressly contemplated or permitted by this Agreement, Purchaser will not, and will not permit Brookfield Infrastructure Fund III GP LLC (together with its controlled investment vehicles) to, directly or indirectly take any action or agree to take any action (including to acquiring or agreeing to acquire any assets or businesses) that would be reasonably likely to (i) materially delay or prevent the receipt of any required clearances, Consents, approvals, waivers, actions, waiting period expirations or terminations, non-actions or other authorizations under the HSR Act or any other Antitrust Law, (ii) increase the risk of any Governmental Body entering an Order preventing, delaying or prohibiting the consummation of the Transactions or (iii) delay or prevent the satisfaction of the closing conditions set forth in <u>Section 7.1(a)</u> or <u>Section 7.1(b)</u> or the consummation of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Corporate Name</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As soon as reasonably practicable, but in no event more than thirty (30) days after the Closing, the Sellers shall cause an amendment to the certificate of incorporation or formation (or other constituent documents) of each Seller and each Subsidiary that is not an Acquired Entity to be filed with the appropriate Governmental Body and shall take all other action necessary to change each Seller's and such Subsidiary's name, as applicable, to a name or names not containing "Cyxtera," "Cyxtera Technologies" or any other trademark included in the Owned Intellectual Property or any name confusingly similar to the foregoing ("<u>Transferred Marks</u>") and will cause to be filed as soon as reasonably practicable after the Closing, in the jurisdiction in which such Seller or such Subsidiary is organized, any documents necessary to reflect such change in its name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As soon as reasonably practicable, but in no event more than fifteen (15) days after the name change contemplated by <u>Section 6.6(a)</u>, the Sellers shall file such pleadings and move to obtain such orders as are necessary to change the caption of each Seller petition that is a Debtor in the Bankruptcy Cases to change each Seller's and such Subsidiary's legal name on such petitions, as applicable, to a name or names not containing "Cyxtera," "Cyxtera Technologies" or any other trademark included in the Acquired Intellectual Property or any name confusingly similar to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Purchaser (on behalf of each of the Purchasers and their respective Affiliates) hereby grant (and hereby cause its Affiliates to grant) to Seller and its Affiliates, a limited, revocable, non-exclusive license to use the Transferred Marks solely on a wind-down and transitional basis for a period from the Closing through until the earlier of (i) the first anniversary of the Closing Date and (ii) the termination of all operations at and occupancy of all sites covered by any Lease that Purchaser designates for rejection in accordance with <u>Section 1.5</u> (the "<u>IP Wind-Down Period</u>") in a substantially similar manner as used prior to the Closing. Notwithstanding any of the foregoing, nothing in this <u>Section 6.6</u> shall prevent the Sellers or any of its Affiliates from using any trademarks or service marks (i) as required by applicable Law, (ii) on internal business and legal documents, materials, and items, solely for internal use and archival purposes, or (iii) in a manner that could not reasonably constitute trademark infringement or dilution even in absence of a license (including fair use, nominative fair use, or other descriptive, non-trademark use).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Promptly after the IP Wind-Down Period, the Sellers further agree that from and after the Closing, each of the Sellers and their respective Affiliates (i) will cease to make any use of the name "Cyxtera," "Cyxtera Technologies" or any other Transferred Marks and any similar names indicating affiliation with the Purchaser or any of its Affiliates and (ii) will cease using any and all Owned Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>Commercially Reasonable Efforts; Cooperation; Notices and Consents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the other terms of this Agreement, each Party shall, and shall cause its Subsidiaries to, use its and their respective commercially reasonable efforts to perform its and their respective obligations hereunder and to take, or cause to be taken, and do, or cause to be done, all things necessary, proper or advisable to cause the Transactions to be effected as soon as practicable, but in any event on or prior to the Outside Date, in accordance with the terms hereof and to cooperate with each other Party, its Affiliates and its and their respective Advisors in connection with any step required to be taken as a part of its obligations hereunder. For the avoidance of doubt, the Parties agree that the foregoing cannot be construed to create any obligation on any of the aforementioned Advisors to take or refrain from taking any action, absent an express contractual requirement to do so, nor can any of the foregoing be construed to override existing confidentiality and other obligations owed by any Party or other Person to such Advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to the Closing, Sellers will, and will cause the Acquired Entities to, terminate any intercompany Liability (i) between or among any Acquired Entity, on the one hand, and any Seller or its Affiliates, on the other hand, or (ii) between or among one or more Acquired Entities, in each case, without Liability to Purchaser or any of its Affiliates (including any Acquired Entities), except to the extent that such Liability is taken into account in the final calculation of Closing Working Capital, unless Purchaser otherwise requests in writing that they not so terminate any such intercompany Liability. For the avoidance of doubt, any intercompany Liability not terminated pursuant to this <u>Section 6.7(b)</u>, including all intercompany Liabilities solely between the Sellers or their respective Affiliates (other than Acquired Entities), shall be deemed to be an Excluded Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As promptly as practicable following the date hereof, Sellers will give, or will cause to be given, any notices to third parties, and will use their respective commercially reasonable efforts to obtain any third party Consents or sublicenses, in each case, that may be triggered by or required in connection with the Transactions, including the assignment to Purchaser or its Designee, of the Assigned Contracts. On the final termination of the Factoring Facility, to occur no later than the Closing, Sellers shall repay, or cause to be repaid, any outstanding amounts still due and owing thereunder and shall obtain a standard payoff letter from PNC Bank National Association, as administrative agent, and file lien releases and account control agreement terminations, releasing the collateral thereunder. Sellers agree to work in good faith with PNC, as administrative agent, under the Factoring Facility to facilitate a repurchase of account receivables, if any, that remain outstanding thereunder on the date of termination thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Promptly following the date hereof, Seller will use reasonable best efforts to provide Purchaser with a true, complete and correct list of all Permits maintained by the Sellers and their Subsidiaries that are necessary or required to conduct their businesses as conducted as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <u>Further Assurances</u>. Except as expressly limited by this Agreement or any other Transaction Agreement, from time to time, as and when requested by any Party and at such requesting Party's expense, any other Party will execute and deliver, or cause to be executed and delivered, all such documents and instruments, and will take, or cause to be taken, all such further or other actions as may be reasonably necessary or desirable to evidence and effectuate the Transactions, the transfer of title to the Acquired Assets to, and assumption of Assumed Liabilities by, Purchaser or its Designee(s) in accordance with the terms of this Agreement, and the DLR Transactions, to the extent applicable (including any distribution of cash contemplated thereby).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 <u>Insurance Matters</u>. Purchaser acknowledges that, subject to the next sentence, from and after the Closing, all nontransferable and non-assignable insurance coverage provided in relation to any Seller and the Acquired Assets that is maintained by such Seller or its Affiliates (whether such policies are maintained with third party insurers or with such Seller or its Affiliates) shall not provide any coverage to Purchaser and the Acquired Assets and no further coverage shall be available to Purchaser or the Acquired Assets under any such policies. From and after the Closing, Purchaser shall have the right to make claims and the right to any recovered insurance proceeds with respect to, and to the extent of any losses sustained or assumed by the Purchaser or its Designee or their respective Affiliates with respect to, any matter related to the Acquired Assets or Assumed Liabilities or Acquired Entities under any insurance policies for occurrence-based claims pertaining to or arising out of occurrences that took place in periods prior to the Closing, and Sellers shall seek the maximum recovery or allow Purchaser to seek recovery under such insurance policies, and Sellers shall cooperate with Purchaser's reasonable requests if it seeks recovery, with respect to such matters and shall remit (or, at Purchaser's request, direct any such insurer to pay directly to Purchaser) any insurance proceeds actually obtained therefrom (net of Sellers' reasonable and documented out-of-pocket costs and expenses of seeking such recovery, to the extent not otherwise paid or reimbursed by Purchaser) to Purchaser or its Designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 <u>Third Party Credit Support Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Purchaser acknowledges that in the course of conduct of their business, Sellers and their Affiliates may have entered into various arrangements (a) in which guarantees, letters of credit, sureties, bonds or similar arrangements were issued by Sellers or their Affiliates and (b) in which Sellers or their Affiliates are the primary obligors on other Contracts, in any such case to support or facilitate such business, which are set forth in <u>Schedule 6.10(a)</u> (the "<u>Seller Support Obligations</u>"). It is understood that the Seller Support Obligations are not intended to continue after the Closing. Purchaser agrees that it shall use its commercially reasonable efforts to obtain either (i) the full and unconditional release of Sellers and their Affiliates of each if the Seller Support Obligations, or (ii) replacements for the Seller Support Obligations, in either case that will be in effect at the Closing, or, in the case of Seller Support Obligations described in the foregoing <u>clause (b)</u>, will use its commercially reasonable efforts to arrange for itself or one of its Subsidiaries to be substituted as the primary obligor thereon effective as of the Closing through an assumption, accession, acknowledgement or similar agreement (which shall include the full and unconditional release of Sellers and their Affiliates) with the beneficiary of the applicable Seller Support Obligation; it being understood and agreed that such exercise of commercially reasonable efforts shall not require Purchaser to (x) expend its own cash or other assets or property in order to replace such Seller Support Obligations or otherwise to fulfill its obligations under this <u>Schedule 6.10(a)</u> or (y) breach its obligations with respect to the Debt Financing or take any action that could reasonably be expected to cause any of the conditions precedent therein to not be satisfied. Whether or not Purchaser is able to satisfy the terms of the immediately preceding sentence, Purchaser shall indemnify Sellers and their Affiliates and each of their respective officers, directors, employees, agents and representatives from and against any and all Liabilities incurred by any of them relating to the Seller Support Obligations, except to the extent due to the breach, gross negligence or willful misconduct of the Sellers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except for those set forth in <u>Schedule 6.10(b)</u>, Sellers and their Affiliates shall (i) maintain the effectiveness of each letter of credit, surety bond or similar obligation of a Seller and its Subsidiaries from and after the Closing Date until it is released by the secured party, (ii) not amend or modify such letter of credit, surety bond or similar obligation of a Seller and its Subsidiaries in a manner adverse to Purchaser and (iii) not let any such letter of credit, surety bond or similar obligation of a Seller and its Subsidiaries lapse or terminate without the prior written consent of Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the period following the Closing and until the first (1<sup>st</sup>) anniversary of the Closing Date, Purchaser shall (i) use commercially reasonable efforts to collect any cash collateral held by or any behalf of any utility provider as security for any utilities-related Liabilities (including deposits for electricity, telephone or other utilities) of the Sellers or any Acquired Entity, and (ii) remit to the Sellers, by wire transfer of immediately available funds to such account designated in writing by CTI, any such actually collected amounts (net of any documented, out-of-pocket third party costs of recovery) and any amounts applied for credit on invoices, promptly following actual receipt by Purchaser thereof prior to the first (1<sup>st</sup>) anniversary of the Closing Date, solely to the extent such amounts are not otherwise included in the Cash Amount for purposes of this Agreement; <u>provided</u> that, notwithstanding the foregoing, Purchaser shall not be required to initiate or pursue any Action against any applicable utility provider in connection with the obligations set forth in this <u>Section 6.10(c)</u>. Notwithstanding the foregoing, at the first (1<sup>st</sup>) anniversary of the Closing Date, solely to the extent Purchaser has not previously remitted to the Sellers an amount equal to or greater than $6,000,000 pursuant to the foregoing sentence and clause (ii) of the definition of Cash Amount, Purchaser shall remit to the Sellers, by wire transfer of immediately available funds to such account designated in writing by CTI, an amount equal to the excess (if any) of (x) $6,000,000, over (y) any and all amounts previously remitted by Purchaser to the Sellers pursuant to this <u>Section 6.10(c)</u> and clause (ii) of the definition of Cash Amount (such amount, the "<u>Final Deposits Payment Amount</u>"). Upon the payment of the Final Deposits Payment Amount by Purchaser, no amount shall be due and owing to the Sellers pursuant to this <u>Section 6.10(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 <u>Acknowledgement by Purchaser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without limiting the generality of <u>Section 3.23</u>, in connection with the investigation by the Purchaser of Sellers and their Subsidiaries, Purchaser and the members of the Purchaser Group, and the Advisors of each of the foregoing, have received or may receive, from or on behalf of Seller or other Seller Parties, certain projections, forward-looking statements and other forecasts (whether in written, electronic, or oral form, and including in the Information Presentation, Dataroom, management meetings, etc.) (collectively, "<u>Projections</u>"). Purchaser acknowledges and agrees, on its own behalf and on behalf of the members of Purchaser Group, that (i) such Projections are being provided solely for the convenience of Purchaser to facilitate its own independent investigation of Seller and its Subsidiaries, (ii) there are uncertainties inherent in attempting to make such Projections, (iii) Purchaser is familiar with such uncertainties, and (iv) Purchaser is taking full responsibility for making its own evaluation of the adequacy and accuracy of all Projections (including the reasonableness of the assumptions underlying such Projections).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchaser acknowledges and agrees, on its own behalf and on behalf of the members of Purchaser Group, that it will not assert, institute, or maintain, and will cause each member of the Purchaser Group not to assert, institute or maintain, any Action that makes any claim contrary to the agreements and covenants set forth in this <u>Section 6.11</u>. Purchaser acknowledges and agrees, on its own behalf and on behalf of the members of Purchaser Group, that the covenants and agreements contained in this <u>Section 6.11</u> (i) require performance after the Closing to the maximum extent permitted by applicable Law and (ii) are an integral part of the Transactions and that, without these agreements set forth in this <u>Section 6.11</u>, Seller would not enter into this Agreement. Notwithstanding anything to the contrary contained herein, nothing in this <u>Section 6.11</u> shall limit or affect any claims for Fraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 <u>Receipt of Misdirected Assets; Wrong Pockets</u>. From and after the Closing, if any Seller or any of its respective Affiliates receives any right, property or asset that is an Acquired Asset, the applicable Seller shall promptly transfer or cause such of its Affiliates to transfer such right, property or asset (and shall promptly endorse and deliver any such asset that is received in the form of cash, checks or other documents) to Purchaser, and such asset will be deemed the property of Purchaser held in trust by such Seller for Purchaser until so transferred. From and after the Closing, if Purchaser or any of its Affiliates receives any right, property or asset that is an Excluded Asset, Purchaser shall promptly transfer or cause such of its Affiliates to transfer such asset (and shall promptly endorse and deliver any such right, property or asset that is received in the form of cash, checks, or other documents) to the applicable Seller, and such asset will be deemed the property of such Seller held in trust by Purchaser for such Seller until so transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 <u>Directors' and Officers' Indemnification</u>. Following the Closing until the sixth (6th) anniversary thereof, Purchaser shall cause the Acquired Entities not to amend, repeal or otherwise modify the Acquired Entities' constitutive documents as in effect at the Closing, in any manner that would adversely affect the indemnification and exculpation rights thereunder of individuals who are or were directors or officers of the Acquired Entities with respect to periods prior to the Closing. Purchaser shall not take any action to cancel or otherwise reduce coverage under any "tail" insurance policies purchased by the Acquired Entities prior to the Closing; <u>provided</u> that no payments shall be required of the Acquired Entities or the Purchaser Group with respect to such policies after the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 <u>Financing Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From the date hereof until the Closing or the earlier termination of this Agreement, the Sellers shall, and shall cause each Acquired Entity and its and their respective representatives to use their commercially reasonable efforts to reasonably cooperate with Purchaser and its Affiliates in connection with, the arrangement of any debt financing to be incurred on the Closing Date in connection with the Transactions (the "<u>Debt Financing</u>"), which shall include using commercially reasonable efforts for (i) upon reasonable advance notice and at mutually agreeable times, participating in a reasonable number of bank meetings and similar presentations to and with the Debt Financing Sources and rating agencies, including direct contact between senior management and the other representatives of the Sellers and their Subsidiaries or such Acquired Entity, on the one hand, and the actual and potential Debt Financing Sources, on the other hand, (ii) furnishing Purchaser with historical financial statements and other information regarding the Sellers and their Subsidiaries as is customarily provided in connection with financings of the type contemplated by the Debt Financing in the format and presentation, presently prepared by the Seller's current preparer, (iii) providing information for the preparation of any pledge and security agreements and other definitive financing documentation for the Debt Financing, including schedules to the definitive documentation for the Debt Financing as may be reasonably requested by Purchaser, (iv) facilitating the pledging of collateral for the Debt Financing (including cooperation in connection with the (A) pay-off of existing Indebtedness to the extent contemplated by this Agreement and the release (or, at Purchaser's request in the case of jurisdictions that impose mortgage recording or similar taxes, assignment) of related Encumbrances and termination of security interests (including delivering prepayment or termination notices as required by the terms of any existing Indebtedness and delivering the customary payoff letters), (B) Lease amendments to facilitate such pledging, and (C) obtaining of any mortgages in favor of the Debt Financing Sources on any Acquired Assets that are Owned Real Property or Leased Real Property) and (v) providing to Purchaser, it Affiliates and their Debt Financing Sources at least four (4) Business Days prior to the Closing Date all documentation and other information required by Governmental Bodies under applicable "know your customer" and anti-money laundering rules and regulations. Purchaser and its Affiliates shall be permitted to disclose confidential information subject to the Confidentiality Agreement to any parties providing commitments for the Debt Financing, rating agencies and prospective lenders, subject to such parties providing commitments, rating agencies and prospective lenders entering into customary confidentiality undertakings for a syndication with respect to such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Seller and Subsidiary of a Seller consents to the customary and reasonable use of such Seller's or Subsidiary's logos in connection with any Debt Financing; <u>provided</u> that such logos are used solely in a manner that is not intended, or reasonably likely, to harm or disparage the Sellers and their Subsidiaries or the reputation or goodwill of the Sellers and their Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything in this Agreement to the contrary, nothing herein shall require (i) any Seller or Subsidiary of a Seller or any of their representatives to execute or enter into any certificate, instrument, agreement or other document in connection with the Debt Financing, (ii) cooperation or other actions or efforts on the part of the Sellers or their Subsidiaries, or any of their respective representatives, in connection with the Debt Financing to the extent it would interfere unreasonably with the business or operations of such Seller or Subsidiary of a Seller, (iii) the Sellers or their Subsidiaries or any of their respective representatives to pay any commitment or other fee or incur any other Liability in connection with the Debt Financing that is not reimbursed by Purchaser, (iv) the board of directors or similar governing body of any Seller of Subsidiary of a Seller, prior to the Closing, to adopt resolutions approving, or otherwise approve, the agreements, documents or instruments pursuant to which the Debt Financing is made, (v) the Sellers or their Subsidiaries to provide any access or information if (A) doing so would reasonably be expected to violate any fiduciary duty, applicable law or existing Contract to which a member of the Sellers or their Subsidiaries is party (B) doing so would reasonably be expected to result in the loss of the ability to successfully assert attorney-client, work product or similar privileges; <u>provided</u> that the Sellers and their Subsidiaries shall use reasonable best efforts to make appropriate substitute arrangements under circumstances in which the foregoing restrictions do not apply, or (C) in a format or presentation not consistent with Seller's current practices (vi) cooperation that would violate, or result in the waiver of any benefit under this Agreement, any other material Contract (not entered in contemplation hereof) or any Law to which the Sellers or their Subsidiaries are a party or (vii) the Sellers or their Subsidiaries or any of their respective representatives to prepare or provide (and Purchaser shall be solely responsible for) pro forma financial information, including pro forma cost savings, synergies, capitalization or other pro forma adjustments desired to be incorporated into any pro forma financial information in connection with the Debt Financing; <u>provided</u> that the Sellers and their Subsidiaries and their respective representatives shall reasonably assist Purchaser in the preparation of such pro forma financial information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All non-public information regarding Sellers provided to Purchaser, its Affiliates, its Debt Financing Sources, or its Advisors pursuant to this <u>Section 6.14</u> shall be kept confidential by them in accordance with the Confidentiality Agreement or confidentiality provisions comparable to those set forth in the Confidentiality Agreement. None of Sellers shall be required to disclose any information that is subject to attorney-client or similar privilege. None of Sellers shall be required to take any action pursuant to this <u>Section 6.14</u> that would subject it to actual or potential Liability for which it would not be indemnified hereunder or to bear any cost or expense or to pay any commitment or other fee or provide or agree to provide any indemnity in connection with the Debt Financing. Purchaser shall indemnify and hold harmless the Seller Parties from and against any and all Liabilities, suffered or incurred by them in connection with this <u>Section 6.14</u> and any information utilized in connection therewith, in each case, except such Liabilities suffered or incurred as a result of such Person's gross negligence, willful misconduct or willful breach of this Agreement, in each case, as determined by a final, non-appealable decision of a court of competent jurisdiction. Purchaser shall, promptly upon request by CTI, reimburse Sellers for all reasonable and documented out-of-pocket costs incurred by them in connection with their complying with their obligations under this <u>Section 6.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding this <u>Section 6.14</u> or anything else in this Agreement, Purchaser acknowledges and agrees that (i) it is not a condition to the Closing or to any of Purchaser's other obligations under this Agreement that the Purchaser obtain financing for or related to any of the Transaction (including all or any portion of the Debt Financing). The Parties agree that this <u>Section 6.14</u> (and not <u>Section 6.7</u> or <u>Section 6.8</u>) sets forth Sellers' sole obligations with respect to the Debt Financing and (ii) the condition set forth in <u>Section 7.2(b)</u>, as it applies to Sellers' obligations under this <u>Section 6.14</u>, shall be deemed satisfied unless the Debt Financing has not been obtained as a direct result of Sellers' knowing and material willful breach of their obligations under this <u>Section 6.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 <u>Title Insurance Policies; Memoranda of Lease; Estoppel Certificates</u>. The Sellers and their Subsidiaries shall cooperate reasonably with Purchaser in Purchaser's efforts to (i) obtain any commitments, reports or policies of title insurance with respect to any Owned Real Property or Leased Real Property, including by providing affidavits, indemnities and other similar instruments reasonably required by the applicable title insurance companies in connection therewith, which affidavits, indemnities, and instruments shall not expand any representation or warranty, or any remedy or Liability, of any Party and (ii) place each Lease of record, including by executing and delivering and using commercially reasonable efforts to cause the landlord or other counterparty under such Lease to execute and deliver a memorandum of such Lease (as well as the applicable Assignment and Assumption of Lease or a memorandum thereof) in a form appropriate for recordation in the applicable jurisdiction; <u>provided</u> that Purchaser shall be responsible for all recording costs and any applicable transfer or conveyance taxes (or similar taxes) payable in connection with the recordation of any memorandum of a Lease other than any such items which are not payable as a result of the exemption available under Section 1146(a) of the Bankruptcy Code. The Sellers and their Subsidiaries shall use commercially reasonable efforts to cause the landlord or other counterparty under each Lease to execute and deliver (for the benefit of Purchaser and its financing sources) within thirty (30) days prior to the Closing an estoppel certificate in a form that is reasonably satisfactory to Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 <u>Seller Joinder</u>. Following the date hereof, at Purchaser's request, CTI or the other Sellers shall promptly cause the UK Seller, the Germany Seller or the Singapore Seller, to the extent such Person is designated as a Seller in accordance with any DLR Transaction and is not already a Seller hereunder, to execute and deliver to the other Parties hereto a joinder to this Agreement in the form attached hereto as <u>Exhibit I</u> (each, a "<u>Seller Joinder</u>") and, from and after the delivery of such Seller Joinder, such UK Seller, Germany Seller or Singapore Seller (as applicable) shall be deemed to be a Seller and a Party for such purposes of, and in connection with, the consummation of such DLR Transaction; <u>provided</u>, that such UK Seller, Germany Seller or Singapore Seller (as applicable) will remain a Transferred Subsidiary for all purposes hereof; <u>provided</u> that the Parties acknowledge and agree that the Germany Seller, the Singapore Seller, and the UK Seller are not and shall not in any event be Debtors and, as such, none of the provisions of this Agreement incorporating, applying, or involving the Bankruptcy Code (but only to the extent the Bankruptcy Code is so incorporated, applied, or involved and not otherwise disapplying such provisions generally) shall apply to the transactions in which the Germany Seller, the Singapore Seller, and the UK Seller directly participate hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 <u>Confidentiality</u>. The Confidentiality Agreement shall automatically terminate in connection with the Closing without further action by any Party thereto. Following the Closing, each Seller shall, and shall cause the other Seller Parties, to, (i) maintain the confidentiality of, (ii) not use, and (iii) not divulge to any Person (other than its employees and Advisors), any confidential, non-public or proprietary information included in the Acquired Assets or otherwise relating to the business of the Sellers and their Subsidiaries ("<u>Confidential Information</u>"), except to the extent necessary in connection with their winddown, liquidation, and related activities (including Tax Returns and processing of claims in the Bankruptcy Case) and the operation and winddown of any sites governed by any Lease that Purchaser designates for rejection in accordance with <u>Section 1.5(b)</u>, with the prior written consent of Purchaser, or as may be required by applicable Law; provided that such Seller Parties shall not be subject to such obligation of confidentiality for Confidential Information that is or becomes generally available to the public without breach of this Agreement by such Seller Party. If any Seller Party shall be required by applicable Law to divulge any Confidential Information, such Seller Party shall provide Purchaser with prompt written notice of each such request so that Purchaser may, at Purchaser's sole expense, seek an appropriate protective Order or other appropriate remedy, and such Seller Party shall reasonably cooperate with Purchaser to obtain a protective Order or other remedy; provided that, in the event that a protective Order or other remedy is not obtained, such Seller Party shall furnish only that portion of such Confidential Information which, in the opinion of its counsel, such Seller Party is legally compelled to disclose and shall exercise its commercially reasonable efforts to obtain reliable assurance that confidential treatment will be accorded any such Confidential Information so disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 <u>DLR Transactions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>UK Transaction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If a DLR Election Notice is provided by Purchaser in accordance with <u>Section 2.3(b)</u> that contemplates the consummation of the UK Transaction, then no later than three (3) Business Days prior to the Closing Date, the Sellers shall, and shall cause their relevant respective Subsidiaries to, effect the restructuring transactions set forth on the UK Restructuring Steps Plan attached hereto as <u>Exhibit H</u> (such transactions, the "<u>UK Restructuring Transactions</u>"), reasonably cooperate with Purchaser and its Affiliates in connection therewith, including by providing any reasonably requested information required in connection with the foregoing to Purchaser, its Affiliates and their respective representatives, and, following the UK Restructuring Transactions, at the Closing in accordance with <u>Section 2.3(b)</u>, sell, transfer, assign, convey, and deliver to the Designee specified in the DLR Election Notice (in its capacity as a Designee hereunder) all shares of capital stock or other Equity Interests of any entity formed (and to which the designated assets and liabilities were transferred) pursuant to the UK Restructuring Transactions free and clear of any Encumbrances (other than Encumbrances arising under applicable securities Laws), on the terms and subject to the conditions set forth herein (the "<u>UK Transaction</u>"), in exchange for the payment and delivery of the UK Consideration Payment, payable by the Designee specified in the DLR Election Notice (in its capacity as a Designee hereunder) to the UK Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In connection with the consummation of the UK Transaction, Sellers shall, and shall cause their relevant respective Subsidiaries to use their commercially reasonable efforts to obtain all applicable third-party consents or approvals and send any applicable notices, in each case, reasonably required to effect the UK Transaction. Purchaser shall prepare the initial drafts of any certificates, filings, Contracts, agreements or other documentation, and any amendments or supplements thereto, to be made or entered into by any Seller, or any of their respective Subsidiaries, giving effect to, or entered into in connection with, the UK Transaction (the "<u>UK Documents</u>"), substantially complete initial drafts of which shall be delivered to Sellers at least three (3) Business Days in advance of the effectiveness of the transactions contemplated therein or, if earlier, the execution thereof. Any and all comments of Sellers with respect to any UK Document made in good faith shall be reflected in the finalized UK Documents, and the relevant Parties shall each cooperate with each other in respect thereof. The UK Documents shall not expand any representation or warranty, or any remedy or Liability, of any Party and shall not require any Seller or any of its Subsidiaries to incur any Liability in connection with the UK Documents that is not reimbursed by Purchaser in accordance with <u>Section 6.18</u>. An executed version of each of the finalized UK Documents shall promptly be provided to Purchaser upon its execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Germany Transaction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If a DLR Election Notice is provided by Purchaser in accordance with <u>Section 2.3(b)</u> that contemplates the consummation of the Germany Transaction, then the Sellers shall cause the Germany Seller to, at the Closing in accordance with <u>Section 2.3(b)</u>, enter into the Germany Lease Termination Agreements and terminate the leases set forth on <u>Exhibit H</u> hereto between the Germany Seller and the applicable Designee or its Affiliate (such leases, the "<u>Germany Leases</u>") in exchange for the payment and delivery of the Germany Consideration Payment, payable by the Designee specified in the DLR Election Notice (in its capacity as Designee hereunder) to the Germany Seller (collectively, the "<u>Germany Transaction</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In connection with the consummation of the Germany Transaction, Sellers shall, and shall cause their relevant respective Subsidiaries to use their commercially reasonable efforts to obtain all applicable third-party consents or approvals and send any applicable notices, in each case, reasonably required to effect the Germany Transaction. Purchaser shall prepare the initial drafts of any certificates, filings, Contracts, agreements or other documentation, and any amendments or supplements thereto, to be made or entered into by any Seller, or any of their respective Subsidiaries, giving effect to, or entered into in connection with, the Germany Transaction (the "<u>Germany Documents</u>"), substantially complete initial drafts of which shall be delivered to Sellers at least three (3) Business Days in advance of the effectiveness of the transactions contemplated therein or, if earlier, the execution thereof. Any and all comments of Sellers with respect to any Germany Document made in good faith shall be reflected in the finalized Germany Documents, and the relevant Parties shall each cooperate with each other in respect thereof. The Germany Documents shall not expand any representation or warranty, or any remedy or Liability, of any Party and shall not require any Seller or any of its Subsidiaries to incur any Liability in connection with the Germany Documents that is not reimbursed by Purchaser in accordance with <u>Section 6.18</u>. An executed version of each of the finalized Germany Documents shall promptly be provided to Purchaser upon its execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Singapore Transaction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If a DLR Election Notice is provided by Purchaser in accordance with <u>Section 2.3(b)</u> that contemplates the consummation of the Singapore Transaction, then the Sellers shall cause the Singapore Seller to, at the Closing in accordance with <u>Section 2.3(b)</u>, (x) enter into the Singapore Lease Termination Agreement(s) and terminate the lease(s) set forth on <u>Exhibit H</u> hereto between the Singapore Seller and the applicable Designee or its Affiliate which are designated for termination (such leases, the "<u>Singapore Leases</u>" and such transactions, the "<u>Singapore Lease Termination</u>"), or (y) sell, transfer, assign, convey, and deliver to Purchaser's Designee as set forth in the DLR Election Notice the assets and liabilities of the Singapore Seller as set forth on <u>Exhibit H</u> free and clear of all Encumbrances other than Permitted Post-Closing Encumbrances, on the terms and subject to the conditions set forth herein (the "<u>Singapore Asset Sale</u>" and together with the Singapore Lease Termination (if applicable), collectively, the "<u>Singapore Transaction</u>"), in the case of either clause (x) or (y), in exchange for the payment and delivery of the Singapore Consideration Payment, payable by the Designee specified in the DLR Election Notice (in its capacity as a Designee hereunder) to the Singapore Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In connection with the consummation of the Singapore Transaction, Sellers shall, and shall cause their relevant respective Subsidiaries to use their commercially reasonable efforts to obtain all applicable third-party consents or approvals and send any applicable notices, in each case, reasonably required to effect the Singapore Transaction. Purchaser shall prepare the initial drafts of any certificates, filings, Contracts, agreements or other documentation, and any amendments or supplements thereto, to be made or entered into by any Seller, or any of their respective Subsidiaries, giving effect to, or entered into in connection with, the Singapore Transaction (the "<u>Singapore Documents</u>"), substantially complete initial drafts of which shall be delivered to Sellers at least three (3) Business Days in advance of the effectiveness of the transactions contemplated therein or, if earlier, the execution thereof. Any and all comments of Sellers with respect to any Singapore Document made in good faith shall be reflected in the finalized Singapore Documents, and the relevant Parties shall each cooperate with each other in respect thereof. The Singapore Documents shall not expand any representation or warranty, or any remedy or Liability, of any Party and shall not require any Seller or any of its Subsidiaries to incur any Liability in connection with the Singapore Documents that is not reimbursed by Purchaser in accordance with <u>Section 6.18</u>. An executed version of each of the finalized Singapore Documents shall promptly be provided to Purchaser upon its execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>United States Intangibles Transaction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If a DLR Election Notice contemplating the consummation of the UK Transaction, the Germany Transaction, or the Singapore Transaction is provided by Purchaser in accordance with <u>Section 2.3(b)</u>, then, in connection with any of the UK Transaction, the Germany Transaction, or the Singapore Transaction occurring at the Closing in accordance with <u>Section 2.3(b)</u>, the Sellers (other than the UK Seller, the Germany Seller and the Singapore Seller) shall, contemporaneously therewith, sell, transfer, assign, convey, and deliver to the Designee specified in the DLR Election Notice (in its capacity as a Designee hereunder) those rights and entitlements to and under any Contracts, Intellectual Property and other intangible assets that are Acquired Assets solely to the extent relating to, and necessary for the operations of, the assets and liabilities transferred to such Designee in the UK Transaction, the Germany Transaction or the Singapore Asset Sale (in each case, as may be (and solely to the extent) specified on <u>Exhibit H</u>), as applicable (the "<u>US Intangibles Transfer</u>"), in exchange for the payment and delivery of the US Intangibles Consideration Payment, payable by the Designee specified in the DLR Election Notice (in its capacity as a Designee hereunder) to Sellers (other than the UK Seller, the Germany Seller, and the Singapore Seller).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Purchaser shall prepare the initial drafts of any certificates, filings, Contracts, agreements or other documentation, and any amendments or supplements thereto, to be made or entered into by any Seller, or any of their respective Subsidiaries, giving effect to, or entered into in connection with, the US Intangibles Transfer (the "<u>US Intangible Transfer Documents</u>"), substantially complete initial drafts of which shall be delivered to Sellers at least three (3) Business Days in advance of the effectiveness of the transactions contemplated therein or, if earlier, the execution thereof. Any and all comments of Seller with respect to any US Intangible Transfer Documents made in good faith shall be reflected in the finalized US Intangible Transfer Documents, and the relevant Parties shall each cooperate with each other in respect thereof. The US Intangible Transfer Documents shall not expand any representation or warranty, or any remedy or Liability, of any Party and shall not require any Seller or any of its Subsidiaries to incur any Liability in connection with the US Intangible Transfer Documents that is not reimbursed by Purchaser in accordance with <u>Section 6.18</u>. An executed version of each of the finalized US Intangible Transfer Documents shall promptly be provided to Purchaser upon its execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything to the contrary herein (including <u>Section 10.5</u>), <u>Exhibit H</u> and <u>Schedule 9.2</u> (solely to the extent of the value allocated to the transactions set forth in this <u>Section 6.18</u>) may be amended, modified or supplemented as determined by the Purchaser, subject only to the consent of CTI (such consent not to be unreasonably withheld, conditioned or delayed), from time to time at any time not later than five (5) Business Days prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.19 <u>Shared Agreements</u>. The Parties acknowledge that certain Available Contracts relate to business conducted at more than one property of a Seller or its Subsidiaries, including Acquired Leased Real Property, Owned Real Property or leased real property of an Acquired Entity, or otherwise relating to a Shared Customer Contract (as defined in the Specified Agreement) (each, together with any applicable related Contracts between any Seller and the applicable counterparty, a "<u>Shared Agreement</u>"). From and after the date hereof, if requested by Purchaser in writing, the Parties will act in good faith and use commercially reasonable efforts to obtain from the applicable counterparty to each Shared Agreement written consent (if required) to separate Shared Agreements each into two or more separate Contracts (each, a "<u>Separated Agreement</u>") and to separate such Shared Agreements, effective as of the Closing, with each such Separated Agreement covering a separate property included in the Acquired Assets. Prior to the separation of such Shared Agreement each of the Parties will cooperate in good faith in negotiating with the applicable counterparty to achieve at the Closing or as promptly as practicable thereafter the separation of rights and obligations contemplated by this <u>Section 6.19</u>, in each case if the consent of or notice to such counterparty is required pursuant to the applicable Shared Agreement. The Parties will also use their respective commercially reasonable efforts to cause and facilitate each Separated Agreement to: (i) be separate and independent from Separated Agreements of another Party, a Designee or their respective Affiliates and (ii) not contain any cross default, set-off, joint or continuing liability, or similar provisions that can be triggered under other Separated Agreements of another Party, a Designee or their respective Affiliates. Notwithstanding this <u>Section 6.19</u> or anything else in this Agreement, Purchaser acknowledges and agrees that it is not a condition to the Closing or to any of Purchaser's other obligations under this Agreement that the Parties obtain any Separated Agreements. The Parties agree that this <u>Section 6.19</u> (and not <u>Section 6.7</u> or <u>Section 6.8</u>) sets forth Sellers' sole obligations with respect to the potential Separated Agreements and (ii) the condition set forth in <u>Section 7.2(b)</u>, as it applies to Sellers' obligations under this <u>Section 6.19</u>, shall be deemed satisfied unless the failure to obtain a material number of Separated Agreements is a direct result of Sellers' uncured breach of their obligations under this <u>Section 6.19</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20 <u>DLR Closing Distributions</u>. From and after the date hereof, each of the Sellers, the UK Seller, the Germany Seller, the Singapore Seller, and each of their respective Subsidiaries shall use reasonable best efforts to take, or cause to be taken, subject to compliance with applicable Law, any and all such actions as may be necessary or desirable (including approving the relevant book accounts and distributable profits on a prospective basis, taking into account the DLR Transactions) to ensure that, promptly following the consummation of any DLR Transaction (to the extent applicable), each of the UK Seller, the Germany Seller, and the Singapore Seller will, and will be authorized and permitted to, distribute, to the maximum extent permitted by Law and without limitation of the Sellers' obligations pursuant to <u>Section 6.7(b)</u>, the portion of the Aggregate DLR Consideration Amount received by each of the UK Seller, the Germany Seller, or the Singapore Seller, as applicable, in connection with the consummation of any DLR Transaction to any Seller(s) other than the UK Seller, the Germany Seller and the Singapore Seller. In furtherance of the foregoing, at the Closing as set forth in <u>Section 2.3(b)</u>, each of the UK Seller, the Germany Seller, and the Singapore Seller shall distribute to the maximum extent permitted by Law, the portion of the Aggregate DLR Consideration Amount received by each of the UK Seller, the Germany Seller, or the Singapore Seller, as applicable, in connection with the consummation of any DLR Transaction to any Seller(s) designated by CTI (other than the UK Seller, the Germany Seller and the Singapore Seller). Without limitation of Sellers' obligations hereunder, Purchaser and its applicable Designee(s) shall reasonably cooperate with Sellers with respect to Sellers' implementation of the provisions of this <u>Section 6.20</u>, and Sellers' shall reasonably consult with Purchaser in determining the portion, if any, of the Aggregate DLR Consideration Amount permitted to be distributed by Law and the determination of any withholding Taxes that may be imposed in connection with such distribution.

**Article VII** **<br> Conditions to Closing**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Conditions Precedent to the Obligations of Purchaser and Seller</u>. The respective obligations of each Party to consummate the Closing are subject to the satisfaction (or to the extent permitted by Law, written waiver by CTI (on behalf of each of the Sellers) and Purchaser) on or prior to the Closing Date, of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the expiration or termination of any required waiting period (and any extensions thereof, including any agreement or commitments with any Governmental Body to delay consummation of the Transaction (e.g., timing agreements)) under the HSR Act or any other Antitrust Law set forth in <u>Schedule 7.1</u> applicable to the Transactions, and the receipt of any required approval related to the Transactions under any Antitrust Law set forth in <u>Schedule 7.1</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Governmental Body of competent jurisdiction shall have issued, enacted, entered, promulgated or enforced any Order (including any temporary restraining Order or preliminary or permanent injunction) or Law restraining, enjoining or otherwise prohibiting the Closing that is continuing in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Bankruptcy Court shall have entered the Confirmation Order approving the Plan, which Confirmation Order shall be a Final Order and which shall be in all respects consistent with the terms of this Agreement and otherwise satisfactory to Purchaser (with respect to all provisions of the foregoing that relate to or affect Purchaser, this Agreement, or the Transactions), and no Order staying, reversing, modifying or amending the Confirmation Order shall be in effect on the Closing Date, and which Plan shall be in all respects consistent with the terms of this Agreement and otherwise satisfactory to Purchaser (with respect to all provisions of the foregoing that relate to or affect Purchaser, this Agreement, or the Transactions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Effective Date of the Plan shall have occurred (which may be contemporaneous with the Closing); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the CCAA Court shall have pronounced the CCAA Orders, which CCAA Orders shall each be a Final Order and in all respects consistent with the terms of this Agreement and otherwise satisfactory to Sellers and, solely with respect to the Purchaser, this Agreement, or the Transactions, Purchaser, and no Order staying, setting-side, reversing, modifying or amending the CCAA Orders shall be in effect on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Conditions Precedent to the Obligations of Purchaser</u>. The obligations of Purchaser to consummate the Closing are subject to the satisfaction (or to the extent permitted by Law, written waiver by Purchaser in its sole discretion), on or prior to the Closing Date, of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Representations and Warranties</u>. (i) The representations and warranties made by Sellers in <u>Article III</u> (in each case, other than the Fundamental Representations) shall be true and correct in all respects as of the date hereof and as of the Closing Date as though made on and as of the Closing Date, except (A) that representations and warranties that are made as of a specified date need be true and correct in all respects only as of such date and (B) to the extent the failure of such representations and warranties to be true and correct as of such dates (without giving effect to any limitation as to "materiality," "material adverse effect," "Material Adverse Effect" or similar qualifiers contained therein (other than "material weaknesses" in <u>Section 3.5(b)</u> and the word "Material" when used in the instances of the defined terms "Material Contract," and "Material Supplier")) has not had a Material Adverse Effect and (ii) the representations and warranties set forth in <u>Section 3.1</u> (Organization and Qualification) (other than <u>Section 3.1(b))</u>, <u>Section 3.2</u> (Authorization of Agreement), <u>Section 3.3</u> (Equity Interests of Acquired Entities), <u>Section 3.4</u> (Conflicts; Consents) (solely with respect to clause (i) thereof), <u>Section 3.6(b)</u> (Absence of Certain Changes or Developments), <u>Section 3.9(e)</u> (Title to Properties; Sufficiency of Tangible Assets) (solely with respect to the last sentence thereof) and <u>Section 3.20</u> (Brokers) (collectively, the "<u>Fundamental Representations</u>") shall be true and correct in all respects (except for any *de minimis* inaccuracy therein) as of the Closing Date as though made on and as of the Closing Date, except that such Fundamental Representations that are made as of a specified date need be true and correct in all respects (except for any *de minimis* inaccuracy therein) only as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Compliance with this Agreement</u>. Sellers shall have performed or complied with, in all material respects, all of the obligations and covenants required to be performed or complied with by the Sellers under this Agreement on or prior to Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Closing Certificate</u>. Purchaser shall have received on and as of the Closing Date a certificate of an authorized officer of the Sellers confirming that the conditions set forth <u>Section 7.2(a)</u>, <u>Section 7.2(b)</u> and <u>Section 7.2(d)</u> have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>No Material Adverse Effect</u>. Since the date hereof, there shall not have occurred a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Certain Documents</u>. Sellers shall have delivered, or caused to be delivered, to Purchaser all of the items set forth in <u>Section 2.4</u>; <u>provided</u>, that the sole remedy of Purchaser for the failure by the Sellers to provide to Purchaser the documentation described in <u>Section 2.4(i)</u> shall be to withhold Taxes from the consideration otherwise payable pursuant to this Agreement in accordance with <u>Section 2.7</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Acquired Entities Financing Encumbrances</u>. Each of the applicable Acquired Entities shall have obtained a complete, irrevocable and unconditional release in a form satisfactory to Purchaser from all Encumbrances in connection with the Term Loan Facilities, Revolving Credit Facility, Bridge Facility and DIP Facility (each as defined in the Final DIP Order) to the extent such Acquired Entity has granted or incurred any Encumbrance in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All Material Contracts and Acquired Leases designated for assumption and assignment by Purchaser pursuant to <u>Section 1.1(a)</u>, <u>Section 1.1(e)</u>, <u>Section 1.5(b)</u> or <u>Section 1.5(c)</u>, as applicable, shall have been assigned by the applicable Seller to Purchaser or its Designee pursuant to sections 105, 365 and 1123(b)(2) of the Bankruptcy Code, and all Cure Costs shall have been paid by the applicable Seller in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Conditions Precedent to the Obligations of Seller</u>. The obligations of the Sellers to consummate the Closing are subject to the satisfaction (or to the extent permitted by Law, written waiver by CTI (on behalf of each of the Sellers) in its sole discretion), on or prior to the Closing Date, of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Representations and Warranties</u>. The representations and warranties made by Purchaser in <u>Article IV</u> shall be true and correct in all respects as of the date hereof and as of the Closing Date as though made on and as of the Closing Date (other than representations and warranties that are made as of a specified date, which shall be true and correct in all material respects only as of such date), except where the failure of such representations or warranties to be so true and correct (without giving effect to any limitation as to "materiality," "material adverse effect," "Material Adverse Effect" or similar qualifiers contained therein) has not had, and would not reasonably be expected to have, individually or in the aggregate, a material adverse effect on Purchaser's ability to consummate the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Compliance with this Agreement</u>. Purchaser shall have performed or complied with, in all material respects, all of the obligations and covenants required to be performed or complied with by it under this Agreement on or prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Closing Certificate</u>. Seller shall have received on and as of the Closing Date a certificate of an authorized officer of Purchaser confirming that the conditions set forth in <u>Section 7.3(a)</u> and <u>Section 7.3(b)</u> have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Certain Documents</u>. Purchaser shall have delivered, or caused to be delivered, to the Sellers all of the items set forth in <u>Section 2.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Waiver of Conditions</u>. Upon the occurrence of the Closing, any condition set forth in this <u>Article VII</u> that was not satisfied as of the Closing will be deemed to have been waived for all purposes by the Party having the benefit of such condition as of and after the Closing.

**Article VIII** **<br> Termination**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Termination of Agreement</u>. This Agreement may be terminated at any time prior to the Closing only in accordance with this <u>Section 8.1</u>, and in no other matter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by the mutual written consent of CTI (on behalf of the Sellers) and Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by written notice of either Purchaser or CTI (on behalf of the Sellers) to the other, if there is in effect any Law or Order enacted or issued by a Governmental Body of competent jurisdiction that restrains, enjoins, declares unlawful or otherwise prohibits the consummation of the Closing or declaring unlawful the Transactions, and such Law or Order has become final, binding and non-appealable; <u>provided</u> that no Party may terminate this Agreement under this <u>Section 8.1(b)</u> if the issuance of such Order was caused by such Party's (or, in the case of CTI, any other Seller's) failure to perform any of its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by written notice of either Purchaser or CTI (on behalf of the Sellers), if the Closing shall not have occurred on or before the date that is four (4) months following the date hereof (the "<u>Outside Date</u>") (or such later date as provided in <u>Section 10.12)</u>; <u>provided</u> that if as of the Outside Date any of the conditions set forth in <u>Section 7.1(a)</u>, or <u>Section 7.1(b)</u> or if, in the case of <u>Section 7.1(b)</u>, the prohibition or restraint relates to or arises under any Antitrust Law have not been satisfied but all other conditions set forth in <u>Sections 7.2</u> and <u>7.3</u> shall have been satisfied or waived (other than those conditions that by their nature are to be satisfied at the Closing, but <u>provided</u> that such conditions shall then be capable of being satisfied if the Closing were to take place on such date), then the Outside Date shall be automatically extended to June 30, 2024 and such date shall become the Outside Date for purposes of this Agreement; <u>provided</u>, <u>further</u>, that a Party shall not be permitted to terminate this Agreement pursuant to this <u>Section 8.1(c)</u> if the failure of the Closing to have occurred by the Outside Date was caused by such Party's (or, in the case of CTI, any other Seller's) failure to perform any of its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) by written notice from CTI (on behalf of the Sellers) to Purchaser, upon a breach of any covenant or agreement on the part of Purchaser, or if any representation or warranty of Purchaser will have become untrue, in each case, such that the conditions set forth in <u>Section 7.3(a)</u> or <u>7.3(b)</u> would not be satisfied; <u>provided</u> that (i) if such breach is curable by Purchaser (other than a breach or failure by Purchaser to close when required pursuant to <u>Section 2.3</u>) then CTI (on behalf of the Sellers) may not terminate this Agreement under this <u>Section 8.1(d)</u> unless such breach has not been cured by the date which that the earlier of (A) two (2) Business Days prior to the Outside Date and (B) thirty (30) days after CTI notifies Purchaser of such breach and (ii) CTI's (on behalf of the Sellers) right to terminate this Agreement pursuant to this <u>Section 8.1(d)</u> will not be available to CTI at any time that any Seller is in breach of, any covenant, representation or warranty hereunder such that the conditions in <u>Section 7.2</u> cannot be satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) by written notice from Purchaser to CTI (on behalf of the Sellers), upon a breach of any covenant or agreement on the part of the Sellers, or if any representation or warranty of the Sellers will have become untrue, in each case, such that the conditions set forth in <u>Section 7.2(a)</u> or <u>7.2(b)</u> would not be satisfied; <u>provided</u> that (i) if such breach is curable by the Sellers (other than a breach or failure by Sellers to close when required pursuant to <u>Section 2.3</u>) then Purchaser may not terminate this Agreement under this <u>Section 8.1(e)</u> unless such breach has not been cured by the date which is the earlier of (A) two (2) Business Days prior to the Outside Date and (B) thirty (30) days after Purchaser notifies CTI (on behalf of the Sellers) of such breach and (ii) the right to terminate this Agreement pursuant to this <u>Section 8.1(e)</u> will not be available to Purchaser at any time that Purchaser is in breach of, any covenant, representation or warranty hereunder such that the conditions in <u>Section 7.3</u> cannot be satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) by written notice from CTI (on behalf of the Sellers) to Purchaser, if (i) all of the conditions set forth in <u>Sections 7.1</u> and <u>7.2</u> have been satisfied (other than conditions that by their nature are to be satisfied at the Closing, but <u>provided</u> that such conditions shall then be capable of being satisfied if the Closing were to take place on such date) or waived, (ii) CTI (on behalf of the Sellers) has delivered written notice to Purchaser that it is ready, willing and able to complete the Closing on such date and throughout the four (4) Business Day period following delivery of such notice and (iii) Purchaser fails to complete the Closing at the time required by <u>Section 2.1</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) by written notice from CIT (on behalf of Sellers) to Purchaser, if any Seller or the board of directors (or similar governing body) of any Seller determines in good faith after consultation with its financial advisors and outside counsel that that proceeding with the Transaction or failing to terminate this Agreement would be inconsistent with its or such Person's or body's fiduciary duties under the applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) by written notice of either Purchaser or CTI (on behalf of the Sellers), if (i) any Seller enters into one or more Alternative Transactions with one or more Persons other than Purchaser, (ii) the Bankruptcy Court approves an Alternative Transaction, or (iii) the Sellers consummate an Alternative Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by written notice from Purchaser to CTI (on behalf of the Sellers), if any of the Bankruptcy Cases is dismissed or converted to a case under chapter 7 of the Bankruptcy Code, or if a trustee or examiner with expanded powers to operate or manage the affairs or reorganization of any of the Sellers is appointed in any of the Bankruptcy Cases;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) by written notice from Purchaser to CTI (on behalf of the Sellers), if (i) Sellers withdraw or seek to withdraw any motion seeking approval of this Agreement and the Transactions or file any motion seeking approval of an Alternative Transaction, (ii) the Confirmation Order, in form and substance satisfactory to the Purchaser, is not entered by the Bankruptcy Court on or before November 17, 2023, (iii) the CCAA Orders, in form and substance satisfactory to the Purchaser, are not entered by the CCAA Court on or before November 24, 2023, or (iv) an Order, in form and substance satisfactory to Purchaser, approving the Breakup Fee and the Expense Reimbursement is not entered by the Bankruptcy Court on or before November 17, 2023; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) by written notice from Purchaser to CTI (on behalf of the Sellers), if (i) any of the Acquired Entities commences a voluntary case under any Bankruptcy Law, consents to the entry of an Order for relief in an involuntary case under any Bankruptcy Law, or consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee or similar official for an Acquired Entity or all or any portion of its assets or property or effects any assignment for the benefit of creditors, or (ii) any court of competent jurisdiction enters a decree or Order for relief in respect of any Acquired Entity in any involuntary case under any Bankruptcy Law or for the appointment of a receiver, liquidator, assignee, custodian, trustee or similar official for an Acquired Entity or any of its property or assets or for any winding up or liquidation of an Acquired Entity, in each case without the prior written consent of Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Effect of Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event of termination of this Agreement in accordance with <u>Article VIII</u>, this Agreement shall forthwith become null and void and no Party or any of its partners, officers, directors, managers, equityholders or representatives will have any Liability under this Agreement; <u>provided</u> that <u>Section 2.2</u>, <u>Section 6.2(b)</u>, <u>Section 6.14(d)</u>, this <u>Section 8.2</u>, and, to the extent necessary to effectuate the foregoing enumerated provisions, <u>Article X</u> and <u>Article XI</u>, shall survive any such termination; <u>provided further</u> that nothing in this <u>Section 8.2</u> will be deemed to interfere with the Sellers' rights to retain the Deposit to the extent provided in <u>Section 2.2(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding <u>Section 8.2(a)</u>, if this Agreement is terminated pursuant to <u>Sections 8.1(e)</u>, <u>8.1(g)</u>, <u>8.1(h)</u>, <u>8.1(i)</u>, <u>8.1(j)</u> or <u>8.1(k)</u> (or by the Sellers pursuant to <u>Section 8.1(c)</u> in circumstances where Purchaser would be entitled to terminate this Agreement pursuant to <u>Sections 8.1(e)</u>, <u>8.1(h)</u>, <u>8.1(i)</u>, <u>8.1(j)</u> or <u>8.1(k)</u>), then CTI (on behalf of the Sellers) shall pay (or cause to be paid) to Purchaser by wire transfer of immediately available funds within three (3) Business Days following such termination of this Agreement an amount equal to the reasonable and documented out-of-pocket costs and expenses (including fees and expenses of counsel) incurred by Purchaser or its Affiliates in connection with the negotiation, diligence, execution, performance and enforcement of this Agreement, which amount shall not exceed $7,750,000 ("<u>Expense Reimbursement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding <u>Section 8.2(a)</u>, in consideration for Purchaser having expended considerable time and expense in connection with this Agreement and the negotiation thereof and the identification and quantification of assets of the Sellers, if this Agreement is terminated pursuant to <u>Sections 8.1(e)</u>, <u>8.1(g)</u>, <u>8.1(h)</u>, <u>8.1(i)</u>, <u>8.1(j)(i)</u> or <u>8.1(k)</u> (or by the Sellers pursuant to <u>Section 8.1(c)</u> in circumstances where Purchaser would be entitled to terminate this Agreement pursuant to <u>Sections 8.1(e)</u>, <u>8.1(h)</u>, <u>8.1(i)</u>, <u>8.1(j)(i)</u> or <u>8.1(k)</u>), CTI (on behalf of the Sellers) shall pay (or cause to be paid) to Purchaser (or, at the option of Purchaser, a Designee) a break-up fee in an amount equal to $23,250,000 (the "<u>Breakup Fee</u>"); <u>provided</u> that the Breakup Fee shall be payable by wire transfer of immediately available funds within three (3) Business Days of the termination of this Agreement, or, solely in the event this Agreement is terminated pursuant to <u>Sections 8.1(g)</u>, <u>8.1(h)</u> or <u>8.1(j)(i)</u> because of an Alternative Transaction, by wire transfer of immediately available funds contemporaneously with the closing of such Alternative Transaction (including any Alternative Transaction that includes a credit bid under Section 363(k) of the Bankruptcy Code or any other form of equalization or non-cash consideration). Each of the Parties acknowledges and agrees that (i) the agreements contained in this <u>Section 8.2</u> are an integral part of this Agreement, (ii) in the absence of CTI's (on behalf of the Sellers) obligations to make these payments Purchaser would not have entered into this Agreement, (iii) the Breakup Fee and the Expense Reimbursement shall constitute allowed superpriority administrative expense claims pursuant to sections 105(a), 364(c)(1), 503(b), and 507(a)(2) of the Bankruptcy Code with priority over all other administrative expenses of the kind specified in section 503(b) of the Bankruptcy Code and such allowed superpriority administrative expense claim shall be superior in priority to all other similarly situated claims asserted or allowed in the Bankruptcy Cases, and (iv) the Expense Reimbursement and the Breakup Fee are not a penalty, but rather represent liquidated damages in a reasonable amount that will reasonably compensate Purchaser in the circumstances in which the Expense Reimbursement or Breakup Fee, as applicable, is payable for the efforts and resources expended and opportunities foregone by Purchaser while negotiating and pursuing this Agreement and in reasonable reliance on this Agreement and on the reasonable expectation of the consummation of the Transactions, which amount would otherwise be impossible to calculate with precision. Each Seller acknowledges and agrees that such Seller shall be jointly and severally liable for the entire Breakup Fee and the Expense Reimbursement amounts payable by CTI (on behalf of the Sellers) pursuant to this Agreement. The obligations of the Sellers to pay the Breakup Fee or the Expense Reimbursement shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject in all cases to <u>Section 10.12</u>, prior to the Closing, in the event of any breach by Seller of this Agreement, the sole and exclusive monetary remedy of Purchaser shall be to terminate this Agreement in accordance with <u>Section 8.1</u> and, if applicable, to receive the Expense Reimbursement or the Breakup Fee, as applicable, in accordance with <u>Section 8.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject in all cases to <u>Section 10.12</u>, the Sellers acknowledge and agree that, prior to the Closing, the Sellers' right (if any) to retain the Deposit pursuant to <u>Section 2.2(b)</u> shall be the sole and exclusive remedy (whether at law, in equity, in contract, in tort or otherwise) of the Sellers against Purchaser and any of its former, current or future general or limited partners, stockholders, managers, members, directors, officers, Affiliates or agents or any of the Debt Financing Related Parties for any Liability, damage or other loss resulting from the termination of this Agreement, breach of any representation, warranty, covenant or agreement contained herein or the failure of the Transactions to be consummated, and prior to the Closing, none of the Sellers nor any of their Affiliates shall have any other remedy or cause of action against Purchaser or any of its former, current or future general or limited partners, stockholders, managers, members, directors, officers, Affiliates or agents or any of the Debt Financing Related Parties, and, prior to the Closing, none of the foregoing shall have any further Liability or obligation, in each case, arising out of or relating to this Agreement or the Transactions. For the avoidance of doubt, prior to the Closing, but subject to <u>Section 10.12</u>, the maximum Liability of Purchaser under this Agreement shall not exceed the Deposit, other than any amounts payable by Purchaser pursuant to <u>Section 6.14(d)</u>.

**Article IX** **<br> Taxes**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Transfer Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any sales, consumption, use, excise, GST/HST, value added, registration, real property, transfer, deed, fixed asset, stamp, documentary stamp or other similar Taxes and recording charges (including all related interest, penalties, and additions to any of the foregoing) payable solely by reason of the sale of the Acquired Assets or the assumption of the Assumed Liabilities under this Agreement or the Transactions and imposed under applicable Law in connection with the Transactions (but excluding any Tax on, based upon or measured by, net income, receipts, gains or profits) (collectively, the "<u>Transfer Taxes</u>") shall be borne one hundred percent (100%) by Purchaser, and Purchaser shall timely file all required Tax Returns related to, any Transfer Taxes with the appropriate Taxing Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchaser shall prepare all necessary Tax Returns and other documentation in connection with the payment or administration of any Transfer Taxes, and, at the request of Purchaser, each Seller (or the applicable Affiliate of any Seller) shall execute all Tax Returns and other documents as may reasonably be required to be provided or filed in connection therewith. Each of the Sellers, Purchaser and their respective Affiliates shall use commercially reasonable efforts (i) to cooperate to ensure that all Tax Returns related to Transfer Taxes are timely filed and (ii) to mitigate the imposition of any Transfer Taxes in a manner consistent with this Agreement, including any claim for exemption or exclusion from the application or imposition of any such Transfer Taxes (whether by application of Section 1146(a) of the Bankruptcy Code or otherwise). If the Parties agree that the election is available in respect of the disposition of Acquired Assets by a Canadian Seller, then, at Purchaser's request, such Canadian Seller and Purchaser will complete and sign on or before the Closing Date, a joint election under subsection 167(1) of the ETA and under any corresponding provision of provincial Law, to have the sale of the Canadian Assets take place on a GST/HST free basis under the ETA and, if applicable, the corresponding provision of provincial Law. Purchaser will file the election or elections with the appropriate Governmental Body in Canada within the time prescribed under the ETA or, if applicable, other applicable Tax Law in Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any of the Canadian Sellers and Purchaser do not jointly elect under subsection 167(1) of the ETA and under any corresponding provincial Law, at Purchaser's request, such Canadian Seller shall issue an invoice to Purchaser and such invoice shall include all of the information required under subsection 169(4) of the ETA and the corresponding provision under provincial Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If required under section 187 of the *Provincial Sales Tax Act* (British Columbia) or a corresponding provision of the Law of another Canadian province, a Seller shall obtain and provide to Purchaser on or prior to Closing, the applicable certificate issued by the appropriate Taxing Authority indicating that the Seller has paid all provincial sales Tax owing under the *Provincial Sales Tax Act* (British Columbia) or the corresponding provincial sales Tax or retail sales Tax Law of another province in respect of its business up to the Closing Date (a "<u>Clearance Certificate</u>"). If an applicable Seller does not provide to Purchaser a Clearance Certificate that is required to be obtained under applicable Law prior to Closing, such applicable Seller will, as promptly as possible following Closing, provide such Clearance Certificate to Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Canadian Seller shall, if requested by Purchaser, jointly elect with Purchaser in prescribed form and within the prescribed time under section 22 of the ITA and the corresponding provisions of applicable provincial Tax statutes in respect of any accounts receivable transferred by such Canadian Seller pursuant to this Agreement. Each such Canadian Seller and Purchaser agrees to execute and file all necessary documents and instruments to give effect to the elections referred to in this <u>Section 9.1(e)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Allocation of Purchase Price</u>. For all applicable Tax purposes, Purchaser, Sellers, and their respective Affiliates shall allocate the Purchase Price (and any Assumed Liabilities or other amounts treated as part of the Purchase Price for applicable Tax purposes) among the Acquired Assets, which, in the case of any allocation for U.S. federal (and applicable state and local) income Tax purposes, shall be consistent with the requirements of Section 1060 of the Tax Code and the regulations promulgated thereunder and any similar provision of applicable Tax Law and in accordance with <u>Section 1.5(i)(vi)</u>, <u>Schedule 9.2</u> and the Intended Tax Treatment. To the extent permitted by applicable Law, (i) the amount payable in respect of any Acquired Entity in respect of which an election is made pursuant to Section 338(g) of the Tax Code shall be subject to a separate Section 1060 allocation and, (ii) without limitation of the foregoing, the amounts paid to Sellers by any Designee in respect of the Acquired Assets and Assumed Liabilities transferred to such Designee shall be subject to one or more separate Section 1060 allocations in respect of the set of Acquired Assets purchased by each such Designee. As soon as commercially practicable, but no later than forty-five (45) days following the determination of the final Purchase Price pursuant to <u>Section 2.6</u>, Purchaser shall provide a proposed allocation (the "<u>Allocation")</u> to CTI setting forth the allocation of the Purchase Price (and other amounts treated as part of the Purchase Price for applicable Tax purposes) among the Acquired Assets for Sellers' review and comment. All reasonable comments provided by CTI to Purchaser with respect to the draft Allocation shall be considered by Purchaser in good faith, and the Parties shall negotiate in good faith to resolve any dispute with respect to any changes proposed by CTI with respect to the Allocation. Sellers and Purchaser acknowledge and agree that a preliminary Allocation may be necessary on a timeframe that is faster than the timeframe set forth above in order to comply with applicable Transfer Tax and withholding Tax obligations, and the Sellers and Purchaser shall cooperate in good faith to agree upon a preliminary Allocation for such purposes. If any item on the Allocation is disputed by a Seller in good faith, the Parties shall negotiate in good faith to resolve any such dispute prior to the Closing Date. If the Parties cannot resolve any disputed item, the item in question shall timely be referred to, and resolved by, the Independent Accountant in accordance with the procedures set forth in <u>Section 2.6(b)</u>, *mutatis mutandis*. The Parties and their respective Affiliates shall file all Tax Returns in accordance with the Allocation (as finally agreed upon between the Parties under this <u>Section 9.2</u>) and shall not take any Tax related action inconsistent therewith, in each case, unless otherwise required by a "determination" within the meaning of section 1313(a) of the Tax Code and analogous provisions of applicable Tax Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Cooperation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Purchaser and Sellers shall reasonably cooperate, as and to the extent reasonably requested by the other Party, in connection with the filing of Tax Returns, and any Action, audit, litigation, or other proceeding with respect to Taxes, in the review of any Applicable Seller Prepared Return or Straddle Period Return under <u>Section 9.4(a)</u> and <u>Section 9.4(b)</u>, and in connection with any dispute resolution relating to an Applicable Seller Prepared Return or Straddle Period Return under <u>Section 9.4(c)</u>. In connection therewith, each Party shall provide the other Party and its Advisors with reasonable access, during normal business hours, and upon reasonable advance notice, to the books and records, including work papers, schedules, memoranda, and other documents (for the purpose of examining and copying) relating to Taxes of, or with respect to, the Acquired Assets, the Acquired Entities, the Excluded Assets, the Assumed Liabilities or the Excluded Liabilities, in each case, with respect to periods or occurrences prior to the Closing Date, and reasonable access, during normal business hours, and upon reasonable advance notice, to employees, officers, Advisors, accountants, offices and properties of such other Party for the purpose of better understanding the books and records. Unless otherwise consented to in writing by Purchaser, Sellers will not, for a period ending upon the earlier of (i) of three (3) years following the Closing Date and (ii) the closing of the Bankruptcy Case, destroy, alter or otherwise dispose of any of Tax books and records without first offering to surrender to the Purchaser such Tax books and records or any portion thereof that Sellers may intend to destroy, alter or dispose of.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Sellers shall, (i) if requested in writing by Purchaser, within sixty (60) days following the Closing, make, to the extent permitted by Law, an election to close the taxable year of any Acquired Entity formed outside of the United States as of the end of the day on the Closing Date, in accordance with the procedures set forth in Treasury Regulations Section 1.245A-5(e)(3)(i) and (ii) if requested in writing by Purchaser within thirty (30) days following the Closing, make, to the extent permitted by Law, a "check the box" election to treat any of the Acquired Entities formed outside of the United States as a disregarded entity for U.S. federal income tax purposes effective prior to the Closing; provided that no "check the box" election shall be made to the extent it would reasonably be expected to have a non-*de minimis* and adverse effect on Sellers without the prior written consent of Sellers (such consent not to be unreasonably withheld, delayed or conditioned).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sellers shall cooperate with Purchaser in providing all information requested by Purchaser in respect of any applicable Seller's GST/HST registration, and each other registration for each provincial sales Tax statute for which such Seller is registered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Preparation of Tax Returns and Payment of Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided by <u>Section 9.1</u>, Sellers shall prepare and timely file, in a manner consistent with past practice except as otherwise required by applicable Law, (i) all Tax Returns with respect to the Acquired Assets for any Tax period ending on or before the Closing Date (other than Tax Returns of the Acquired Entities that are due, including applicable extension, after the Closing Date) (the "<u>Applicable Seller Prepared Returns</u>") and (ii) all income Tax Returns of Sellers. Sellers shall provide Purchaser with a draft of all Applicable Seller Prepared Returns at least thirty (30) days prior to the filing of any such Tax Return to the extent such Applicable Seller Prepared Returns relate to any Acquired Assets or any Assumed Liability. Except if referred to dispute resolution under <u>Section 9.4(c)</u>, Sellers shall incorporate any changes reasonably requested by Purchaser with respect to such Tax Returns (for the avoidance of doubt, any changes the absence of which could adversely affect Purchaser, including in the determination of the final Purchase Price pursuant to <u>Section 2.6</u>, shall be considered reasonably requested by Purchaser). Sellers shall be responsible for paying any Taxes reflected on any Tax Return that Sellers are obligated to prepare and file under this <u>Section 9.4(a)</u> other than any Assumed Liability and Purchaser shall be responsible for paying any Taxes reflected on any such Tax Return that is an Assumed Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Purchaser shall prepare and timely file (i) all Tax Returns with respect to the Acquired Assets (including the Acquired Entities) for any Tax period beginning before and ending after the Closing Date and (ii) all Tax Returns of the Acquired Entities for taxable periods ending on or before the Closing Date that are due, including applicable extensions, after the Closing Date. Purchaser shall prepare such Tax Returns consistent with past practice except as otherwise required by applicable Law, and shall provide Sellers or their successors in rights, as applicable, with a draft of such Tax Returns at least thirty (30) days prior to the filing of any such Tax Return to the extent any Seller or its successor in rights could reasonably be expected to be liable for any such Taxes under this Agreement. Except if referred to dispute resolution under <u>Section 9.4(c)</u>, Purchaser shall incorporate any changes reasonably requested by Sellers with respect to such Tax Returns (for the avoidance of doubt, any changes the absence of which could adversely affect Sellers, including in the determination of the final Purchase Price pursuant to <u>Section 2.6</u>, shall be considered reasonably requested by Sellers<u>)</u>. Purchaser shall be responsible for paying any Taxes reflected on any Tax Return that Purchaser is obligated to prepare and file under this <u>Section 9.4(b)</u> to the extent constituting an Assumed Liability (including, for the avoidance of doubt, all such Taxes of the Acquired Entities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any item on an Applicable Seller Prepared Return or a Tax Return prepared by Purchaser under <u>Section 9.4(b)</u> is disputed by the non-preparing party in good faith, the Parties shall negotiate in good faith to resolve any such dispute prior to the date on which the relevant Tax Return is required to be filed. If the Parties cannot resolve any disputed item, the item in question shall timely be referred to, and resolved by, the Independent Accountant in accordance with the procedures set forth in <u>Section 2.6(b)</u>, *mutatis mutandis*<u>.</u> The preparing party shall, after prior reasonable consultation with the non-preparing party (or its designated successor), be permitted to file the Tax Return as previously prepared (reasonably taking into account the non-preparing party's comments), and the relevant Tax Return shall thereafter be adjusted (or amended, if previously filed) to reflect its resolution under this <u>Section 9.4(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Purchaser shall not file any amendment to any previously filed Tax Return that has the effect of increasing any Tax that is payable or otherwise borne by Sellers. Purchaser shall be permitted to make an election under Section 338(g) of the Tax Code with respect to any or all of the Acquired Entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Tax Sharing Agreements</u>. On or before the Closing Date, Sellers shall take all actions as may be necessary to terminate all Tax sharing agreements or arrangements (whether written or otherwise), if any, to which any Acquired Entity, on the one hand, and any Seller (or any Affiliate of any Seller that is not an Acquired Entity), on the other hand, are parties, in each case, in a manner such that after the applicable termination, no Acquired Entity will have any past, present, or future Liability thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>Straddle Period Allocations.</u> Any Liability for Taxes attributable to a Straddle Period required to be apportioned under this Agreement shall be apportioned as follows: (a) the amount of property, ad valorem, intangible, and other periodic Taxes allocable to the pre-Closing portion of any Straddle Period shall be equal to (i) the amount of such Taxes for the entire Straddle Period multiplied by (ii) a fraction, the numerator of which is the number of calendar days during the Straddle Period that are in the pre-Closing portion of such Straddle Period and the denominator of which is the number of calendar days in the entire Straddle Period; and (b) all Taxes not allocated under clause (a) shall be allocated to the pre-Closing portion of any Straddle Period on the basis of a "closing of the books," as if such taxable period ended as of the end of the day on the Closing Date; provided that, exemptions, allowances or deductions that are calculated on an annual basis (including depreciation and amortization deductions) shall be allocated between the period ending on the Closing Date and the period beginning after the Closing Date in proportion to the number of calendar days in each period; provided that, for the avoidance of doubt, nothing contained in this Section 9.6 shall be construed so as to cause an Assumed Liability to become an Excluded Liability or *vice versa*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 <u>Tax Treatment</u>. The Parties intend the Transactions to constitute "applicable asset acquisitions" (within the meaning of Section 1060(c) of the Tax Code) pursuant to which the Purchaser (or each of Purchaser and one or more of its Designees, with, for clarity, such Designee being treated as the direct "purchaser" in the "applicable asset acquisition") acquired the entirety of the "trade or business" (within the meaning of Section 1060 of the Tax Code) in respect of which the applicable Acquired Assets and Assumed Liabilities (including, for this purpose, in respect of the Leases subject to <u>Section 1.5(i)</u>) relate, including all "amortizable section 197 intangibles" (within the meaning of Treasury Regulations Section 1.197-2(d)), or rights to use or interests (including beneficial or other indirect interests) in such "amortizable section 197 intangibles" and that no interest in any such "amortizable section 197 intangibles" be treated as having been retained by the Sellers or their Affiliates (the "<u>Intended Tax Treatment</u>"). No Party shall take any position inconsistent with the Intended Tax Treatment on any Tax Return or otherwise, except as otherwise required by a final "determination" (within the meaning of Section 1313 of the Tax Code and analogous provisions of applicable Law).

**Article X** **<br> Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Non-Survival of Representations and Warranties and Certain Covenants; Certain Waivers</u>. Each of the representations and warranties and the covenants and agreements (to the extent such covenant or agreement contemplates or requires performance by such Party prior to the Closing) of the Parties set forth in this Agreement or in any other document contemplated hereby, or in any certificate delivered hereunder or thereunder, will terminate effective immediately as of the Closing such that no claim for breach of any such representation, warranty, covenant or agreement, detrimental reliance or other right or remedy (whether in contract, in tort or at law or in equity) may be brought with respect thereto after the Closing. Each covenant and agreement that explicitly contemplates performance at or after the Closing, will, in each case and to such extent, expressly survive the Closing in accordance with its terms, and if no term is specified, then for the applicable statute of limitations plus sixty (60) days, and nothing in this <u>Section 10.1</u> will be deemed to limit any rights or remedies of any Person for breach of any such surviving covenant or agreement. Purchaser and the Seller Parties acknowledge and agree, on their own behalf, and with respect to Purchaser, and on behalf of the Purchaser Group that the agreements contained in this <u>Section 10.1</u> require performance after the Closing to the maximum extent permitted by applicable Law and, if no term is specified, will survive the Closing for the applicable statute of limitations plus sixty (60) days. Purchaser on behalf of itself and the other members of the Purchaser Group hereby waives all rights and remedies with respect to any environmental, health or safety matters, including those arising under the Comprehensive Environmental Response, Compensation and Liability Act of 1980, or any other Environmental Laws, relating to this Agreement or the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Expenses</u>. Whether or not the Closing takes place, except as otherwise provided herein (including <u>Section 1.5</u>, <u>Section 1.7</u>, <u>Section 6.18</u> and <u>Section 8.2</u>), all fees, costs and expenses (including fees, costs and expenses of Advisors) incurred in connection with the negotiation of this Agreement and the other agreements contemplated hereby, the performance of this Agreement and the other agreements contemplated hereby and the consummation of the Transactions will be paid by the Party incurring such fees, costs and expenses; it being acknowledged and agreed that (a) all fees and expenses in connection with any filing or submission required under the HSR Act and the Antitrust Laws or other regulations set forth in <u>Schedule 7.1</u> will be allocated pursuant to <u>Section 6.4</u>, (b) all Transfer Taxes will be allocated pursuant to <u>Section 9.1</u> and (c) all Cure Costs will be allocated pursuant to <u>Section 5.2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Notices</u>. Except as otherwise expressly provided herein, all notices, demands and other communications to be given or delivered under or by reason of the provisions of this Agreement will be in writing and will be deemed to have been given (a) when personally delivered, (b) when transmitted by electronic mail upon confirmation of receipt or, if receipt is not confirmed, delivery by another method permitted by this <u>Section 10.3</u>, (c) the day following the day on which the same has been delivered prepaid to a reputable national overnight air courier service or (d) the third Business Day following the day on which the same is sent by certified or registered mail, postage prepaid, in each case, to the respective Party at the number, electronic mail address or street address, as applicable, set forth below, or at such other number, electronic mail address or street address as such Party may specify by written notice to the other Party.

<u>Notices to Purchaser</u>:

c/o Brookfield Asset Management Inc.

250 Vesey Street, 15th Floor

New York, New York 10281

Attention: Fred Day

Michael Rudnick

Email: fred.day@brookfield.com

michael.rudnick@brookfield.com

with a copy to (which shall not constitute notice):

Paul, Weiss, Rifkind, Wharton & Garrison LLP<br> 1285 Avenue of the Americas<br> New York, NY 10019-6064<br> Attention: Edward T. Ackerman

Jacob A. Adlerstein

Brian S. Hermann

Email: eackerman@paulweiss.com

adlerstein@paulweiss.com

bhermann@paulweiss.com

<u>Notices to Sellers</u>:

Cyxtera Technologies, Inc.

2333 Ponce De Leon Blvd, Suite 900

Coral Gables, Florida 33134

Attention: Victor Semah, Chief Legal Counsel

Email: victor.semah@cyxtera.com

with copies to (which shall not constitute notice):

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022

Attention: Christopher Marcus, P.C.

Derek Hunter

Steve Toth

Email: christopher.marcus@kirkland.com

derek.hunter@kirkland.com

steve.toth@kirkland.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Binding Effect; Assignment</u>. This Agreement shall be binding upon Purchaser and, subject to the terms of the Bidding Procedures Order (with respect to the matters covered thereby) and the entry and terms of the Confirmation Order, Sellers, and shall inure to the benefit of and be so binding on the Parties and their respective successors and permitted assigns, including any trustee or estate representative appointed in the Bankruptcy Cases or any successor Chapter 7 cases; <u>provided</u> that, subject to <u>Section 1.7</u>, neither this Agreement nor any of the rights or obligations hereunder may be assigned or delegated without the prior written consent of Purchaser and CTI (on behalf of the Sellers), and any attempted assignment or delegation without such prior written consent shall be null and void; <u>provided further</u> that Purchaser may, without the consent of the Sellers, assign all or any portion of its rights or obligations hereunder to any of the Debt Financing Sources pursuant to the terms of the Debt Financing for purposes of creating a security interest herein or otherwise assigning as collateral security in respect of the Debt Financing; <u>provided further</u> that Purchaser may, without the consent of the Sellers, assign all or any portion of its rights or obligations hereunder to a Designee in accordance with <u>Section 1.7</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 <u>Amendment and Waiver</u>. Any provision of this Agreement or the Schedules or exhibits hereto may be (a) amended only in a writing signed by Purchaser and CTI (on behalf of the Sellers) or (b) waived only in a writing executed by the Party (or, in the case of any Seller, CTI) against which enforcement of such waiver is sought. No waiver of any provision hereunder or any breach or default thereof will extend to or affect in any way any other provision or prior or subsequent breach or default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 <u>Third Party Beneficiaries</u>. Except as otherwise expressly provided in <u>Section 10.7</u>, nothing expressed or referred to in this Agreement will be construed to give any Person other than (i) for purposes of <u>Section 6.13</u>, the directors and officers referred to therein; (ii) for purposes of <u>Section 10.7</u>, the Non-Party Affiliates, and (iii) the Parties hereto and such permitted assigns, any legal or equitable right, remedy, or claim under or with respect to this Agreement or any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 <u>Non-Recourse</u>. All claims or causes of action (whether in contract or in tort, in law or in equity, or granted by statute) that may be based upon, in respect of, arise under, out or by reason of, be connected with, or related in any manner to this Agreement or the other Transaction Agreement to which Purchaser or the Sellers are party, may be made only against (and are expressly limited to) the Persons that are expressly identified as parties hereto or thereto (the "<u>Contracting Parties</u>"). In no event shall any Contracting Party have any shared or vicarious Liability for the actions or omissions of any other Person. No Person who is not a Contracting Party, including any director, officer, employee, incorporator, member, partner, manager, stockholder, Affiliate, agent, attorney or representative of, and any financial advisor or Debt Financing Related Party to, any of the foregoing (the "<u>Non-Party Affiliates</u>"), shall have any Liability (whether in contract or in tort, in law or in equity, or granted by statute or based upon any theory that seeks to impose Liability of an entity party against its owners or Affiliates) for any claims, causes of action, obligations or Liabilities arising under, out of, in connection with or related in any manner to this Agreement or the other Transaction Agreements or based on, in respect of, or by reason of this Agreement or the other Transaction Agreements or their negotiation, execution, performance or breach; and, to the maximum extent permitted by Law, each Contracting Party waives and releases all such Liabilities, claims and obligations against any such Non-Party Affiliates. Without limiting the foregoing, to the maximum extent permitted by Law, (a) each Contracting Party hereby waives and releases any and all rights, claims, demands, or causes of action that may otherwise be available at law or in equity, or granted by statute, to avoid or disregard the entity form of a Contracting Party or otherwise impose Liability of a Contracting Party on any Non-Party Affiliate, whether granted by statute or based on theories of equity, agency, control, instrumentality, alter ego, domination, sham, single business enterprise, piercing the veil, unfairness, undercapitalization, or otherwise; and (b) each Contracting Party disclaims any reliance upon any Non-Party Affiliates with respect to the performance of this Agreement or the other Transaction Agreements to which the Sellers are party or any representation or warranty made in, in connection with, or as an inducement to this Agreement or the other Transaction Agreements. The Parties acknowledge and agree that the Non-Party Affiliates are intended third-party beneficiaries of this <u>Section 10.7</u> and <u>Section 10.21</u>. Nothing in this Agreement (including this <u>Section 10.7</u> or <u>Section 10.12(b)</u>) will limit the rights of the parties to the Equity Commitment Letter (or CTI as an intended third party beneficiary of the Equity Commitment Letter solely to the extent set forth therein) but subject to the terms and conditions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 <u>Severability</u>. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable Law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable Law in any jurisdiction, such provision will be ineffective only to the extent of such prohibition or invalidity in such jurisdiction, without invalidating the remainder of such provision or the remaining provisions of this Agreement or in any other jurisdiction, unless the severance of any such provision from the remainder of this Agreement would change the economic substance of the Agreement as a whole in a manner that is materially adverse to any Party (and such change is not waived in writing by such affected Person (or, in the case of any Seller, CTI)); <u>provided</u> that the economic substance of the Agreement as a whole shall be deemed to be affected in a manner materially adverse to the Parties if <u>Section 8.2(c)</u> or <u>Section 10.12</u> is held to be prohibited or invalid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 <u>Construction</u>. The language used in this Agreement will be deemed to be the language chosen by the Parties to express their mutual intent, and no rule of strict construction will be applied against any Person. The headings of the sections and paragraphs of this Agreement have been inserted for convenience of reference only and will in no way restrict or otherwise modify any of the terms or provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 <u>Schedules</u>. The Schedules have been arranged for purposes of convenience in separately numbered sections corresponding to the sections of this Agreement; <u>provided</u> that each section of the Schedules will be deemed to incorporate by reference all information disclosed in any other section of the Schedules to the extent the relevance of such disclosure to such other section of the Schedules or such other representation or warranty set forth in this Agreement is reasonably apparent on the face of such disclosure. Capitalized terms used in the Schedules and not otherwise defined therein have the meanings given to them in this Agreement. The specification of any dollar amount or the inclusion of any item in the representations and warranties contained in this Agreement, the Schedules or the attached exhibits is not intended to imply that the amounts, or higher or lower amounts, or the items so included, or other items, are or are not required to be disclosed (including whether such amounts or items are required to be disclosed as material or threatened) or are within or outside of the Ordinary Course, and no Party will use the fact of the setting of the amounts or the fact of the inclusion of any item in this Agreement, the Schedules or exhibits in any dispute or controversy between the Parties as to whether any obligation, item or matter not set forth or included in this Agreement, the Schedules or exhibits is or is not required to be disclosed (including whether the amount or items are required to be disclosed as material or threatened) or are within or outside of the Ordinary Course. In addition, matters reflected in the Schedules are not necessarily limited to matters required by this Agreement to be reflected in the Schedules. Such additional matters are set forth for informational purposes only and do not necessarily include other matters of a similar nature. No information set forth in the Schedules will be deemed to broaden in any way the scope of the Parties' representations and warranties. The information contained in this Agreement, in the Schedules and exhibits hereto is disclosed solely for purposes of this Agreement, and no information contained herein or therein will be deemed to be an admission by any Party to any third party of any matter whatsoever, including any violation of Law or breach of Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 <u>Complete Agreement</u>. This Agreement, together with the Confidentiality Agreement and any other agreements expressly referred to herein or therein, contains the entire agreement of the Parties respecting the sale and purchase of the Acquired Assets and the Assumed Liabilities and the Transactions and supersedes all prior agreements among the Parties respecting the sale and purchase of the Acquired Assets and the Assumed Liabilities and the Transactions. In the event an ambiguity or question of intent or interpretation arises with respect to this Agreement, the terms and provisions of the execution version of this Agreement will control and prior drafts of this Agreement and the documents referenced herein will not be considered or analyzed for any purpose (including in support of parol evidence proffered by any Person in connection with this Agreement), will be deemed not to provide any evidence as to the meaning of the provisions hereof or the intent of the Parties with respect hereto and will be deemed joint work product of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 <u>Specific Performance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties agree that irreparable damage, for which monetary relief, even if available, would not be an adequate remedy, would occur in the event that any provision of this Agreement is not performed in accordance with its specific terms or is otherwise breached, including if any of the Parties fails to take any action required of it hereunder to consummate the Transactions. It is accordingly agreed that (i) the Parties will be entitled to an injunction or injunctions, specific performance or other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in the courts described in <u>Section 10.13</u> without proof of damages or otherwise, this being in addition to any other remedy to which they are entitled under this Agreement, and (ii) the right of specific performance and other equitable relief is an integral part of the Transactions and without that right, neither Sellers nor Purchaser would have entered into this Agreement. The Parties acknowledge and agree that any Party pursuing an injunction or injunctions or other Order to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in accordance with this <u>Section 10.12</u> will not be required to provide any bond or other security in connection with any such Order. The remedies available to Sellers pursuant to this <u>Section 10.12</u> will be in addition to any other remedy to which they were entitled at law or in equity, and the election to pursue an injunction or specific performance will not restrict, impair or otherwise limit any Seller from seeking to collect or collecting damages. If, prior to the Outside Date, any Party brings any Action, in each case in accordance with <u>Section 10.13</u>, to enforce specifically the performance of the terms and provisions hereof by any other Party, the Outside Date will automatically be extended (x) for the period during which such Action is pending, plus ten (10) Business Days or (y) by such other time period established by the court presiding over such Action, as the case may be. In no event will this <u>Section 10.12</u> be used, alone or together with any other provision of this Agreement, to require any Seller to remedy any breach of any representation or warranty made by any Seller herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything herein to the contrary, it is hereby acknowledged and agreed that the Sellers shall be entitled to an injunction or injunctions, specific performance or other equitable relief, to cause Purchaser to cause the Equity Financing to be funded or to consummate the Closing if, and only if, (i) Purchaser is required to complete the Closing pursuant to <u>Section 2.3</u> and Purchaser fails to complete the Closing by the date the Closing is required to have occurred pursuant to <u>Section 2.3</u>, and (ii) the Sellers have confirmed in writing to Purchaser that, if specific performance is granted and the Equity Financing is funded, then the Closing will occur substantially simultaneously therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 <u>Jurisdiction and Exclusive Venue</u>. Each of the Parties irrevocably agrees that any Action of any kind whatsoever, including a counterclaim, cross-claim, or defense, regardless of the legal theory under which any Liability or obligation may be sought to be imposed, whether sounding in contract or in tort or under statute, or whether at law or in equity, or otherwise under any legal or equitable theory, that may be based upon, arising out of, or related to this Agreement or the negotiation, execution, or performance of this Agreement or the Transactions and any questions concerning the construction, interpretation, validity and enforceability of this Agreement (each, an "<u>Agreement Dispute</u>") brought by any other Party or its successors or assigns will be brought and determined only in (a) the Bankruptcy Court and any federal court to which an appeal from the Bankruptcy Court may be validly taken or (b) if the Bankruptcy Court is unwilling or unable to hear such Action, in the Court of Chancery of the State of Delaware (or if such court lacks jurisdiction, any other state or federal court sitting in the State of Delaware) (the "<u>Chosen Courts</u>"), and each of the Parties hereby irrevocably submits to the exclusive jurisdiction of the Chosen Courts for itself and with respect to its property, generally and unconditionally, with regard to any Agreement Dispute. Each of the Parties agrees not to commence any Agreement Dispute except in the Chosen Courts, other than Actions in any court of competent jurisdiction to enforce any Order, decree or award rendered by any Chosen Courts, and no Party will file a motion to dismiss any Agreement Dispute filed in a Chosen Court on any jurisdictional or venue-related grounds, including the doctrine of *forum non-conveniens*. The Parties irrevocably agree that venue would be proper in any of the Chosen Courts, and hereby irrevocably waive any objection that any such court is an improper or inconvenient forum for the resolution of any Agreement Dispute. Each of the Parties further irrevocably and unconditionally consents to service of process in the manner provided for notices in <u>Section 10.3</u>. Nothing in this Agreement will affect the right of any Party to serve process in any other manner permitted by Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 <u>Governing Law; Waiver of Jury Trial</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except to the extent the mandatory provisions of the Bankruptcy Code apply, this Agreement and any Agreement Dispute will be governed by and construed in accordance with the internal Laws of the State of Delaware applicable to agreements executed and performed entirely within such State without regards to conflicts of law principles of the State of Delaware or any other jurisdiction that would cause the Laws of any jurisdiction other than the State of Delaware to apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY AGREEMENT DISPUTE IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND THEREFORE HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY AGREEMENT DISPUTE. EACH OF THE PARTIES AGREES AND CONSENTS THAT ANY SUCH AGREEMENT DISPUTE WILL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES TO THE IRREVOCABLE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. EACH PARTY (I) CERTIFIES THAT NO ADVISOR OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY AGREEMENT DISPUTE, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 <u>No Right to Set-Off</u>. Purchaser, on its own behalf and on behalf the Purchaser Group and its and their respective successors and permitted assigns, hereby waives any rights of set-off, netting, offset, recoupment or similar rights that Purchaser, any member of the Purchaser Group or any of its or their respective successors and permitted assigns has or may have with respect to the payment of the Purchase Price or any other payments to be made by Purchaser pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16 <u>Counterparts and PDF</u>. This Agreement and any other agreements referred to herein or therein, and any amendments hereto or thereto, may be executed in multiple counterparts, any one of which need not contain the signature of more than one party hereto or thereto, but all such counterparts taken together will constitute one and the same instrument. Any counterpart, to the extent signed and delivered by means of a.PDF or other electronic transmission, will be treated in all manner and respects as an original Contract and will be considered to have the same binding legal effects as if it were the original signed version thereof delivered in person. Minor variations in the form of the signature page to this Agreement or any agreement or instrument contemplated hereby, including footers from earlier versions of this Agreement or any such other document, will be disregarded in determining the effectiveness of such signature. At the request of any party hereto or thereto or pursuant to any such Contract, each other party hereto or thereto will re-execute original forms thereof and deliver them to all other parties. No party hereto or to any such Contract will raise the use of a.PDF or other electronic transmission to deliver a signature or the fact that any signature or Contract was transmitted or communicated through the use of PDF or other electronic transmission as a defense to the formation of a Contract and each such party forever waives any such defense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17 <u>Publicity</u>. No Party (including for avoidance of doubt, any Designee) shall, and each Party shall cause its Affiliates not to, issue any press release or public announcement concerning this Agreement or the Transactions without obtaining the prior written approval of Purchaser and CTI, which approval will not be unreasonably conditioned, withheld or delayed, unless, in the reasonable judgment of Purchaser (or its Designee) or CTI (on behalf of the Sellers), as applicable, disclosure is otherwise required of such Party (its Affiliates or any Designee) by or advisable under applicable Law or by the Bankruptcy Court or CCAA Court with respect to filings to be made with the Bankruptcy Court or CCAA Court in connection with this Agreement or by the applicable rules of any stock exchange on which Purchaser, any Designee or any Seller (or their respective Affiliates) lists securities or is otherwise consistent with customary reporting obligations of Purchaser or its Designee (or their respective Affiliates); <u>provided</u> that the Party intending to make such release shall use its reasonable efforts consistent with such applicable Law or Bankruptcy Court or CCAA Court requirement, to the extent reasonably practicable under the circumstances, to consult with each of the other Parties (or, in the case of the Sellers, CTI) with respect to the from and text thereof. Notwithstanding any of the foregoing, Purchaser (or its applicable Designee) shall at all times be entitled to provide (in a non-public manner) general information concerning the Transactions to its direct or indirect investors, limited partners, prospective investors, Advisors or the Debt Financing Related Party, for the purpose of fundraising, marketing or reporting or informational activities, in each case, without obtaining the prior approval of any other Party, so long as such Persons have an obligation to maintain the confidentiality of such information and Purchaser (or its applicable Designee) shall be liable for their failure to do so. No Party (or its applicable Designee) shall be required to obtain any prior written approval or otherwise comply with this <u>Section 10.17</u> to the extent any proposed release or announcement is consistent with and not containing more non-public information than has previously been made public without breach of the obligations under this <u>Section 10.17</u>. All publicity concerning the Transactions shall be jointly planned, coordinated, approved and released by the Parties; <u>provided</u>, <u>however</u>, that nothing herein shall prohibit either Party (or a Designee) from making any press release (other than the initial press release) or disclosure as may be permitted pursuant to this <u>Section 10.17</u>, so long as such press release or public disclosure is (a) to the extent reasonably practicable under the circumstances, jointly coordinated and discussed by the Parties (acting reasonably and in good faith) and (b) consistent with and no more expansive than prior disclosures made in accordance with <u>Section 10.17</u>. Notwithstanding the foregoing, the initial press release in respect of the Transactions shall be issued on the date hereof and shall be in the form mutually agreed by the Parties in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.18 <u>Bulk Sales Laws</u>. The Parties intend that pursuant to section 363(f) of the Bankruptcy Code, the transfer of the Acquired Assets shall be free and clear of any Encumbrances in the Acquired Assets including any liens or claims arising out of the bulk transfer Laws except Permitted Post-Closing Encumbrances, and the Parties shall take such steps as may be necessary or appropriate to so provide in the Confirmation Order. In furtherance of the foregoing, each Party hereby waives compliance by the Parties with the "bulk sales," "bulk transfers" or similar Laws and all other similar Laws in all applicable jurisdictions in respect of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.19 <u>Release</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective upon the Closing Date, each Seller on behalf of itself and its Affiliates and its respective directors, officers, control persons (as defined in Section 15 of the Securities Act or Section 20 of the Exchange Act), members, employees, agents, attorneys, financial advisors, consultants, legal representatives, shareholders, partners, estates, successors and assigns solely in their capacity as such, and any of their respective agents, attorneys, financial advisors, legal advisors, Affiliates, directors, managers, officers, control persons, shareholders, members or employees, in each case, solely in their capacity as such (each a "<u>Related Party</u>" and collectively, the "<u>Related Parties</u>") acknowledges that it has no claim, counterclaim, setoff, recoupment, Action or cause of action of any kind or nature whatsoever against Purchaser or its Related Parties that directly or indirectly arises out of, is based upon, or is in any manner connected with any transaction, event, circumstances, action, failure to act or occurrence of any sort or type in connection with the Transactions, the Acquired Assets or Assumed Liabilities, including any approval or acceptance given or denied, whether known or unknown, which occurred, existed, was taken or begun prior to the consummation of the Transactions (any and all such direct or derivative claims, collectively, the "<u>Seller Released Claims</u>"); and, should any Seller Released Claims nonetheless exist, each Seller on behalf of itself and its Related Parties hereby (i) releases and discharges Purchaser and its Related Parties from any Liability whatsoever on such Seller Released Claims that directly or indirectly arises out of, is based upon, or is in any manner connected with any such transaction, event, circumstances, action, failure to act or occurrence of any sort or type, including any approval or acceptance given or denied, whether known or unknown, which occurred, existed, was taken or begun prior to the consummation of the Transactions, and (ii) releases, remises, waives and discharges all such Seller Released Claims against Purchaser and its Related Parties; <u>provided</u> that nothing herein shall release Purchaser or a Seller of its obligations under this Agreement or the other Transaction Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Effective upon the Closing Date, Purchaser on behalf of itself and its Affiliates acknowledges that it has no claim, counterclaim, setoff, recoupment, Action or cause of action of any kind or nature whatsoever against any Seller that directly or indirectly arises out of, is based upon, or is in any manner connected with any transaction, event, circumstances, action, failure to act or occurrence of any sort or type in connection with the Transactions, the Acquired Assets or Assumed Liabilities, including any approval or acceptance given or denied, whether known or unknown, which occurred, existed, was taken or begun prior to the consummation of the Transactions (any and all such direct or derivative claims, collectively, the "<u>Purchaser Released Claims</u>"); and should any Purchaser Released Claim nonetheless exist, each Purchaser on behalf of itself and its Affiliates hereby (i) releases and discharges each Seller from any Liability whatsoever on Purchaser Released Claims that directly or indirectly arises out of, is based upon, or is in any manner connected with any such transaction, event, circumstances, action, failure to act or occurrence of any sort or type, including any approval or acceptance given or denied, whether known or unknown, which occurred, existed, was taken or begun prior to the consummation of the Transactions contemplated hereunder, and (ii) releases, remises, waives and discharges all such Purchaser Released Claims against each Seller; <u>provided</u> that nothing herein shall release a Purchaser or a Seller of its obligations under this Agreement or the other Transaction Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without limiting in any way the scope of the release contained in this <u>Section 10.19</u> and effective upon the Closing Date, each Seller, to the fullest extent allowed under applicable Law, hereby waives and relinquishes all statutory and common law protections purporting to limit the scope or effect of a general release, whether due to lack of knowledge of any claim or otherwise, including, waiving and relinquishing the terms of any Law which provides that a release may not apply to material unknown claims. Each Seller hereby affirms its intent to waive and relinquish such unknown claims and to waive and relinquish any statutory or common law protection available in any applicable jurisdiction with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.20 <u>Sellers' Representative</u>. Each Party agrees that CTI has the power and authority to unilaterally act on behalf of all or any of the Sellers for the purposes of this Agreement and the other Transaction Agreements. Such power will include the power to make all decisions, actions, Consents and determinations on behalf of the Sellers, including to make any waiver of any Closing condition or agree to any amendment to this Agreement. No Seller shall have any right to object, dissent, protest or otherwise contest the same. Purchaser shall be entitled to rely on any action or omission taken by CTI on behalf of the Sellers. Purchaser and its Affiliates may rely exclusively, without independent verification or investigation, upon all decisions, communications or writings made, given or executed by CTI on behalf of the other Seller in connection with this Agreement, the other Transaction Agreements and the Transactions. Purchaser shall be entitled to disregard any decisions, communications or writings made, given or executed by any Seller in connection with this Agreement, the other Transaction Agreements and the Transactions unless the same is made, given or executed by CTI on behalf of the Sellers. Notwithstanding anything to the contrary set forth herein, Purchaser and its Affiliates shall not be liable for any Liability to any Person, including any Seller, for any action taken or not taken by CTI on behalf of the Sellers or for any act or omission taken or not taken in reliance upon the actions taken or not taken or decisions, communications or writings made, given or executed by CTI on behalf of the Sellers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.21 <u>Debt Financing Sources</u>. Notwithstanding anything in this Agreement to the contrary, each Seller on behalf of itself, its Subsidiaries and each of its controlled Affiliates hereby: (a) agrees that any proceeding, whether in law or in equity, whether in contract or in tort or otherwise, involving the Debt Financing Related Parties, arising out of or relating to, this Agreement, the Debt Financing or any of the agreements entered into in connection with the Debt Financing or any of the Transactions or thereby or the performance of any services thereunder shall be subject to the exclusive jurisdiction of any federal or state court in the Borough of Manhattan, New York, New York, so long as such forum is and remains available, and any appellate court thereof and each party hereto irrevocably submits itself and its property with respect to any such proceeding to the exclusive jurisdiction of such court, (b) agrees that any such proceeding shall be governed by the Laws of the State of New York (without giving effect to any conflicts of law principles that would result in the application of the Laws of another state), except as otherwise provided in the applicable definitive document relating to the Debt Financing, (c) agrees not to bring or support or permit any of its controlled Affiliates to bring or support any proceeding of any kind or description, whether in law or in equity, whether in contract or in tort or otherwise, against any Debt Financing Related Party in any way arising out of or relating to, this Agreement, the Debt Financing or any of the transactions contemplated hereby or thereby or the performance of any services thereunder in any forum other than any federal or state court in the Borough of Manhattan, New York, New York, (d) agrees that service of process upon the Sellers or their controlled Affiliates in any such proceeding shall be effective if notice is given in accordance with this <u>Section 10.21</u>, (e) irrevocably waives, to the fullest extent that it may effectively do so, the defense of an inconvenient forum to the maintenance of such proceeding in any such court, (f) knowingly, intentionally and voluntarily waives to the fullest extent permitted by applicable law trial by jury in any proceeding brought against the Debt Financing Related Parties in any way arising out of or relating to, this Agreement, the Debt Financing or any of the transactions contemplated hereby or thereby or the performance of any services thereunder, (g) agrees that none of the Debt Financing Related Parties will have any Liability to the Seller or any of its Affiliates (for the avoidance of doubt, in each case, other than (x) Purchaser and its permitted assigns in connection with the commitment letter governing the Debt Financing or the definitive agreements governing the Debt Financing and (y) Purchaser and its Subsidiaries following the Closing) relating to or arising out of this Agreement, the Debt Financing or any of the transactions contemplated hereby or thereby or the performance of any services thereunder, whether in law or in equity, whether in Contract or in tort or otherwise (except, after giving effect to the Closing, to the Acquired Entities in accordance with the definitive agreements entered into with respect to the Debt Financing) and (h) agrees that Debt Financing Sources are express third party beneficiaries of, and may enforce, any of the provisions of this <u>Section 10.21</u>, and that such provisions of this <u>Section 10.21</u> and the definitions of "Debt Financing Sources" and "Debt Financing Related Parties" (and any other provisions of this Agreement to the extent a modification thereof would directly affect the substance of any of the foregoing) shall not be amended in any way adverse to the Debt Financing Related Parties without the prior written consent of the Debt Financing Sources. This <u>Section 10.21</u> shall, with respect to the matters referenced herein, supersede any provision of this Agreement to the contrary. Notwithstanding the foregoing, nothing in this <u>Section 10.21</u> shall in any way limit or modify (i) the rights and obligations of Purchaser and its Affiliates under this Agreement or (ii) any Debt Financing Related Parties' obligations to, and the corresponding rights in connection therewith of, Purchaser or any of their Affiliates (following the Closing, including the Acquired Entities) under the commitment letter governing the Debt Financing or the definitive agreements governing the Debt Financing.

**Article XI** **<br> Additional Definitions and Interpretive Matters**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Certain Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Action</u>" means any action, claim (including a counterclaim, cross-claim, or defense), complaint, grievance, summons, suit, litigation, arbitration, third-party mediation, audit, or proceeding (including any civil, criminal, administrative, investigative or appellate proceeding), prosecution, contest, hearing, inquiry, inquest, examination or investigation, of any kind whatsoever, regardless of the legal theory under which such Liability or obligation may be sought to be imposed, whether sounding in contract or tort, or whether at law or in equity, or otherwise under any legal or equitable theory, commenced, brought, conducted or heard by or before, or otherwise involving, any Governmental Body.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Adjustment Amount</u>" means (a) the Working Capital Overage, if any, <u>minus</u> (b) the Working Capital Underage, if any; <u>plus</u> (c) the Cash Amount; <u>plus</u> (d) the Factoring Facility Payoff Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Adjustment Escrow Amount</u>" means thirty million United States dollars ($30,000,000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Advisors</u>" means, with respect to any Person as of any relevant time, any directors, officers, employees, investment bankers, financial advisors, accountants, agents, attorneys, consultants, or other representatives of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Affiliate</u>" means, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such Person; <u>provided</u> that any "portfolio company" (as such term is commonly understood in the private equity industry) of any investment fund affiliates of any Person (and any investment fund affiliates of any Person) shall not be considered an "Affiliate" of such Person. For purposes of this definition, the term "control" (including the terms "controlled by" and "under common control with") means the possession, directly or indirectly, of the power to direct or cause the direction of the management, affairs and policies of such Person, whether through ownership of voting securities, by Contract or otherwise. For the avoidance of doubt, the Acquired Entities will be Affiliates of Sellers until Closing and Affiliates of Purchaser after Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Aggregate DLR Consideration Amount</u>" means the sum of (i) the UK Consideration Payment, (ii) the Germany Consideration Payment, and (iii) the Singapore Consideration Payment, in each case, to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>AlixPartners</u>" means AlixPartners, LLP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Alternative Transaction</u>" means (i) any investment in, financing of, capital contribution or loan to or restructuring or recapitalization of Sellers or any of their respective direct or indirect Subsidiaries (including any exchange of all or a substantial portion of Sellers' or any of their respective Affiliates' outstanding debt obligations for equity securities of Sellers or any of their respective Affiliates), (ii) any merger, consolidation, share exchange or other similar transaction to which Sellers or any of their respective Affiliates is a party that has the effect of transferring, directly or indirectly, any non-*de minimis* portion of the Acquired Assets, or any issuance, sale or transfer of Equity Interests in, Sellers or the Acquired Entities, (iii) any direct or indirect sale of any non-*de minimis* portion of the Acquired Assets of, or any issuance, sale or transfer of Equity Interests in, Sellers or the Acquired Assets or (iv) any other transaction, including a plan of liquidation or agreement with a liquidation firm (or consortium) for the orderly liquidation of the Sellers, all or any non-*de minimis* portion of the Acquired Assets (other than any wind-down or similar plan or transaction or dismissal with respect to the sale of Excluded Assets) or reorganization (in any jurisdiction, whether domestic, foreign, international or otherwise), in each instance that transfers or vests ownership of, economic rights to, or benefits in any portion of the Acquired Assets to any party other than Purchaser or a Designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Anti-Corruption Laws</u>" means the United States Foreign Corrupt Practices Act, the U.K. Bribery Act, any national and international Law enacted to implement the OECD Convention on Combating Bribery of Foreign Officials in International Business Transactions, or any other applicable anti-corruption or anti-bribery Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Antitrust Law</u>" means the Sherman Antitrust Act of 1890, the Clayton Antitrust Act of 1914, the HSR Act, the Federal Trade Commission Act of 1914, and all other Laws, in any jurisdiction, whether domestic or foreign, in each case that are designed or intended to (i) prohibit, restrict or regulate actions having the purpose or effect of monopolization or restraint of trade or lessening of competition, or the creation or strengthening of a dominant position through merger or acquisition, or (ii) restrict, govern, control or regulate foreign investment or participation, including foreign direct investment (FDI), and similar Laws (expressly excluding CFIUS).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Auction</u>" shall have the meaning ascribed to such term in the Bidding Procedures Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Avoidance Actions</u>" means any and all avoidance, recovery, subordination, preference, transfer at undervalue, or other claims, Actions, or remedies which any of the Debtors under the Bankruptcy Case, the Debtors, their estates in the Bankruptcy Cases, or any other appropriate parties in interest have asserted or may assert under sections 502, 510, 542, 544, 545, or 547 through 553 of the Bankruptcy Code or under similar or related state, federal or foreign statutes and common law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>Bankruptcy Law</u>" means the Bankruptcy Code, CCAA, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or other similar debtor relief Laws of the United States or any other applicable jurisdiction from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "<u>Bidding Procedures Order</u>" means the Bankruptcy Court's *Order (I) Approving the Bidding Procedures, (II) Approving Stalking Horse Bid Protections, (III) Scheduling Bid Deadlines, (IV) Approving the Form and Manner of Notice Thereof, and (V) Granting Related Relief* [Docket No. 180].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>Business Day</u>" means any day other than a Saturday, Sunday or other day on which banks in New York City, New York or Toronto, Ontario, Canada are authorized or required by Law to be closed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "<u>Business Employee</u>" means each employee of any of the Sellers or any Acquired Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "<u>Canadian Assets</u>" means the Acquired Assets of the Canadian Sellers being purchased by the Purchaser pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "<u>Canadian Sellers</u>" means Cyxtera Canada, LLC, Cyxtera Communications Canada, ULC, and Cyxtera Canada TRS, ULC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "<u>Cash Amount</u>" means the aggregate amount (expressed in United States dollars) as of immediately prior to the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) only to the extent remaining as an asset of the Acquired Entities as of the Closing, of the Acquired Entities' cash (including checks and deposits in transit, demand deposits, money markets or similar accounts), checking account balances, marketable securities, certificates of deposits, time deposits, bankers' acceptances, commercial paper, security entitlements, securities accounts, commodity Contracts, commodity accounts, government securities, and any other cash equivalents to the extent convertible to cash withing 30 days, whether on hand, in transit, in banks or other financial institutions, or otherwise held; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Acquired Cash Collateral and any cash collateral held by or any behalf of any Acquired Entity as security for any utilities-related Liabilities (including deposits for electricity, telephone or other utilities) of the Acquired Entities, in each case, solely to the extent (A) a corresponding current liability is included in the definition of Working Capital in respect of such specific cash collateral and (B) such cash collateral amount is actually collected (without needing to be replaced) or applied for credit on invoices by Purchaser or its Affiliates in cash within the seventy five (75) day period following the Closing Date; <u>plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent that Sellers pay any or all of the accrued key employee retention incentive obligations contemplated by clause (iii) of <u>Section 6.3(d)</u> that are due and owing prior to the Closing Date in accordance with the applicable key employee retention plan, an amount equal to the amount of such paid obligations not to exceed $2,660,000 in the aggregate;

<u>provided</u> that (X) the Cash Amount shall be reduced by any Restricted Cash of the Acquired Entities and (Y) for clarity, the Cash Amount shall not include the Aggregate DLR Consideration Amount paid to any Acquired Entity or one of its Affiliates; <u>provided further</u> that notwithstanding anything to the contrary contained herein, in no event shall the "Cash Amount" be included in the amount of current assets with respect to Working Capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "<u>Cash and Cash Equivalents</u>" means all of Sellers cash (including checks and deposits in transit, demand deposits, money markets or similar accounts), checking account balances, marketable securities, certificates of deposits, time deposits, bankers' acceptances, commercial paper, security entitlements, securities accounts, commodity Contracts, commodity accounts, government securities, and any other cash equivalents whether on hand, in transit, in banks or other financial institutions, or otherwise held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "<u>CCAA</u>" means the *Companies' Creditors Arrangement Act* (R.S.C., 1985, c. C-36).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "<u>CCAA Court</u>" means the Court of King's Bench of Alberta under Court File No. 2301-07385 with respect to the CCAA Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "<u>CCAA Orders</u>" means a Canadian recognition Order of the Confirmation Order and a Canadian vesting Order for the benefit of the Purchaser with respect to the Canadian Assets, both as granted by the CCAA Court in the CCAA Proceeding pursuant to the CCAA, in each case in form and substance reasonably acceptable to the Purchaser solely with respect to all provisions of the foregoing that relate to the Purchaser, this Agreement, or the Transactions. Any form of CCAA Orders that is or will be filed, or any amendments to such order, shall be in form and substance acceptable to the Sellers, and with respect to provisions of the CCAA Orders that relate to Purchaser, this Agreement, or the Transactions, Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "<u>Closing Working Capital</u>" means the Working Capital as of immediately prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "<u>COBRA</u>" means Part 6 of Subtitle B of Title I of ERISA, Section 4980B of the Tax Code and any similar state Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "<u>Company Systems</u>" means any and all computer systems, servers, hardware systems, Software, websites, databases, routers, hubs, switches, circuits, networks, data communication lines, workstations, and other information technology systems, infrastructure and equipment owned, leased or licensed by Seller or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "<u>Confidentiality Agreement</u>" means that certain letter agreement, dated as of May 11, 2023, by and between CTI and Brookfield Special Investments LLC (as amended, restated, supplemented or otherwise modified from time to time in accordance with its terms).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "<u>Confirmation Order</u>" means an order of the Bankruptcy Court, approving the proposed Transactions and the Plan pursuant to sections 105, 363, 365, 1123, 1129, 1141 and 1142 of the Bankruptcy Code, in form and substance reasonably acceptable to the Sellers and, with respect to provisions of the Confirmation Order that relate to Purchaser, this Agreement, or the Transactions, including any amendments thereto, whether before or after such documents and pleadings have been filed with or approved by the Bankruptcy Court, Purchaser. Any form of Confirmation Order that is or will be filed, and any amendments to such order, shall be in form and substance acceptable to the Sellers, and with respect to provisions of the Confirmation Order that relate to Purchaser, this Agreement, or the Transactions, Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "<u>Consent</u>" means any approval, consent, ratification, clearance, non-action, permission, waiver or authorization, or an Order of the Bankruptcy Court that deems or renders unnecessary the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "<u>Contract</u>" means any contract, indenture, note, bond, lease, sublease, license, mortgage, agreement, guarantee, or other agreement that is legally binding upon a Person or its property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "<u>COVID-19</u>" means SARS-CoV-2 or COVID-19, and any evolutions thereof or related or associated epidemics, pandemic or disease outbreaks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "<u>Debt Financing Related Parties</u>" means the Debt Financing Sources and their respective Affiliates and each of their respective successors and assigns, together with each of their respective officers, directors, employees, partners, controlling persons, advisors, attorneys, agents and representatives and each of their respective successors and assigns; <u>provided</u> that none of the Purchaser, the Seller nor any Affiliate of the Purchaser or the Seller, as applicable, shall constitute a "<u>Debt Financing Source</u>" or a "<u>Debt Financing Related Party</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "<u>Debt Financing Sources</u>" means the arrangers or lenders party to the commitment letter in respect of the Debt Financing that have committed to Purchaser or its Affiliates to provide Debt Financing subject to the conditions set forth in such commitment letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "<u>DLR Closing Proceeds</u>" means the actual aggregate cash amount distributed by the UK Seller, the Germany Seller, and the Singapore Seller to one or more of the Sellers pursuant to and in accordance with <u>Section 6.20</u>; for the avoidance of doubt, not including any amounts that are required to be withheld in respect of Taxes under applicable Law from any such distributions by the UK Seller, the Germany Seller, or the Singapore Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "<u>Documents</u>" means all of Sellers' written files, documents, instruments, papers, books, reports, records, tapes, microfilms, photographs, letters, budgets, forecasts, plans, operating records, safety and environmental reports, data, studies, and documents, Tax Returns, ledgers, journals, title policies, customer lists, regulatory filings, operating data and plans, research material, technical documentation (design specifications, engineering information, test results, maintenance schedules, functional requirements, operating instructions, logic manuals, processes, flow charts, etc.), user documentation (installation guides, user manuals, training materials, release notes, working papers, etc.), marketing documentation (sales brochures, flyers, pamphlets, web pages, etc.), and other similar materials, in each case whether or not in electronic form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "<u>Encumbrance</u>" means any lien (as defined in section 101(37) of the Bankruptcy Code), encumbrance, license, claim (as defined in section 101(5) of the Bankruptcy Code), charge, mortgage, deed of trust, option, pledge, security interest or similar interests, title defects, hypothecations, easements, rights of way, encroachments, Orders, covenants, conditional sale or other title retention agreements and other similar impositions, imperfections or defects of title or restrictions on transfer or use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "<u>Environmental Laws</u>" means all Laws concerning pollution, human health or safety (solely to the extent relating to exposure of any natural Person to Hazardous Materials), or protection of the environment as enacted and in effect as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "<u>Equipment</u>" means any and all equipment, computers, furniture, furnishings, fixtures, office supplies, supply inventory, vehicles and all other fixed assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "<u>Equity Interests</u>" means, with respect to a Person, any membership interests, partnership interests, profits interests, capital stock or other equity securities (including profit participation features or equity appreciation rights, phantom stock rights or other similar rights) or ownership interests of such Person, or any securities (including debt securities or other Indebtedness) exercisable or exchangeable for or convertible into, or other rights to acquire, membership interests, partnership interests, capital stock or other equity securities or ownership interests of such Person (or otherwise constituting an investment in such Person).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "<u>ETA</u>" means Part IX of the *Excise Tax Act* (Canada) (R.S.C., 1985, c. E-15), as amended, and the regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "<u>Exchange Act</u>" means the Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "<u>Excluded Data Center Contracts</u>" means, in the event that the transactions contemplated by the Specified Agreement are consummated in accordance therewith prior to the Closing, the "Assigned Contracts" as defined in and only to the extent defined in the Specified Agreement (other than to the extent constituting Shared Customer Contracts (as defined therein) and the rights, remedies and defenses related thereto and set forth in Section 6.4 thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "<u>Factoring Facility</u>" means collectively, (i) the Purchase and Sale Agreement, dated as of August 31, 2022, by and among Cyxtera Communications, LLC ("<u>Communications</u>"), Cyxtera Federal Group Inc., and Cyxtera Receivables Holdings, (ii) the Receivables Purchase Agreement, dated as of August 31, 2022, by and among Communications, as servicer, PNC Bank National Association, as administrative agent and PNC Capital Markets LLC, as structuring agent and (iii) the other documentation executed in connection therewith or related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "<u>Factoring Facility Payoff Amount</u>" means an aggregate amount equal to (i) $37,500,000 plus (ii) any remaining required amounts (including breakage, termination and other similar costs and expenses) due and owning pursuant to the terms and conditions of, the Factoring Facility upon its termination in accordance with <u>Section 6.7(b)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "<u>Final DIP Order</u>" means that certain final order (i) authorizing the Debtors to obtain postpetition financing, (ii) authorizing the Debtors to use cash collateral, (iii) granting liens and providing superpriority administrative expense claims, (iv) granting adequate protection, (v) modifying the automatic stay, and (vi) granting related relief entered on July 19, 2023 in the Bankruptcy Cases [Docket No. 297].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "<u>Final Order</u>" means an Order entered by the Bankruptcy Court or other court of competent jurisdiction (including the CCAA Court or any other non-U.S. court): (a) that has not been reversed, stayed, modified, amended, or revoked, and as to which (i) any right to appeal or seek leave to appeal, certiorari, review, reargument, stay, or rehearing has been waived or (ii) the time to appeal or seek leave to appeal, certiorari, review, reargument, stay, or rehearing has expired and no appeal, motion for leave to appeal, or petition for certiorari, review, reargument, stay, or rehearing is pending or (b) as to which an appeal has been taken, a motion for leave to appeal, or petition for certiorari, review, reargument, stay, or rehearing has been filed and (i) such appeal, motion for leave to appeal or petition for certiorari, review, reargument, stay, or rehearing has been resolved by the highest court to which the Order or judgment was appealed or from which leave to appeal, certiorari, review, reargument, stay, or rehearing was sought and (ii) the time to appeal (in the event leave is granted) further or seek leave to appeal, certiorari, further review, reargument, stay, or rehearing has expired and no such appeal, motion for leave to appeal, or petition for certiorari, further review, reargument, stay, or rehearing is pending

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "<u>Foreign Representative</u>" means Cyxtera Technologies, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "<u>Fraud</u>" means an act committed by (a) Sellers, in the making to Purchaser the representations and warranties in <u>Article III</u> or in the certificate delivered pursuant to <u>Section 2.4(l)</u> or (b) Purchaser, in the making to the Sellers the representations and warranties in <u>Article IV</u> or in the certificate delivered pursuant to <u>Section 2.5(k)</u>, in any such case, with intent to deceive another party hereto, or to induce such other party to enter into this Agreement and requires (i) a false representation of material fact made in such representation; (ii) with knowledge that such representation is false; (iii) with an intention to induce the party to whom such representation is made to act or refrain from acting in reliance upon it; (iv) causing that party, in justifiable reliance upon such false representation, to take or refrain from taking action; and (v) causing such party to suffer damage by reason of such reliance, which together constitutes common law fraud under Delaware Law (and does not include any fraud claim based on constructive knowledge, negligent misrepresentation, recklessness or a similar theory).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "<u>GAAP</u>" means United States generally accepted accounting principles as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "<u>Germany Consideration Payment</u>" has the meaning set forth on <u>Exhibit H</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "<u>Germany Lease Termination Agreements</u>" means the termination agreements in respect of the Germany Leases in the form attached hereto as <u>Exhibit H</u>, in each case, effective on or prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "<u>Germany Seller</u>" means Cyxtera Germany GmbH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "<u>Government Official</u>" means an employee, officer, or representative of, or any Person otherwise acting in an official capacity for or on behalf of a Governmental Body, whether elected or appointed, including an officer or employee of a state-owned or state-controlled enterprise, a political party, political party official or employee, candidate for public office, or an officer or employee of a public international organization (such as the World Bank, United Nations, International Monetary Fund, or Organization for Economic Cooperation and Development).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) "<u>Governmental Authorization</u>" means any Permit, license, certificate, approval, consent, permission, clearance, designation, qualification or authorization issued, granted, given or otherwise made available by or under the authority of any Governmental Body or pursuant to any Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) "<u>Governmental Body</u>" means any government, quasi-governmental entity, or other governmental or regulatory body, agency, tribunal, board or political subdivision thereof of any nature, whether foreign, federal, provincial, territorial, state or local, or any agency, branch, department, official, entity, instrumentality or authority thereof, or any court or arbitrator (public or private) of applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) "<u>GST/HST</u>" means the goods and services tax and harmonized sales tax imposed under Part IX of the ETA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) "<u>Hazardous Material</u>" means any material, substance or waste that is defined as "hazardous" or "toxic" under Environmental Laws due to its dangerous or deleterious properties or characteristics, including petroleum products or byproducts, friable asbestos, per- and polyfluoroalkyl substances or polychlorinated biphenyls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) "<u>HSR Act</u>" means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) "<u>Independent Accountant</u>" means RSM US, LLP, or if RSM US, LLC declines to accept engagement hereunder, such other nationally or regionally recognized certified public accounting firm, valuation firm, or firm that practices in purchase price dispute resolution as is reasonably acceptable to Purchaser and Sellers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) "<u>Intellectual Property</u>" means any and all intellectual property and other proprietary rights in any jurisdiction throughout the world, whether registered or unregistered including any and all inventions, patents (and all divisions, reissues, continuations, continuations-in-part), industrial designs, trademarks, service marks, corporate names or trade names, logos, trade dress, works of authorship, copyrights, mask works, domain names, social media accounts, Software, data and databases, trade secrets and know-how, applications and registrations for and goodwill associated with any of the foregoing and rights to sue or recover and retain damages and costs and attorneys' fees for past, present and future infringement, misappropriation or other violation of any of the forgoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "<u>International Trade Laws</u>" means any of the following: (a) any Laws concerning the importation of merchandise or items (including technology, services, and Software), including to those administered by U.S. Customs and Border Protection or the U.S. Department of Commerce, (b) any Laws concerning the exportation or re-exportation of items (including technology, services, and Software), including to those administered by the U.S. Department of Commerce or the U.S. Department of State, or (c) any economic sanctions administered by the United States (including but those administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("<u>OFAC</u>") and the U.S. State Department), the United Nations, Canada, the European Union, or the United Kingdom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) "<u>IRS</u>" means the U.S. Internal Revenue Service and any Governmental Body succeeding to the functions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk) "<u>ITA</u>" means the *Income Tax Act* (Canada), as amended, and the regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll) "<u>Knowledge of Seller</u>," "<u>Knowledge of Sellers</u>," or words of like import means the actual knowledge of each of Mitchell Fonseca, Carlos Sagasta, and Victor Semah after reasonable inquiry of their reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm) "<u>Law</u>" means any federal, national, state, provincial, territorial, county, municipal, provincial, local, foreign or multinational, statute, constitution, common law, ordinance, code, Order, rule, regulation or requirement issued, enacted, adopted, promulgated, implemented or otherwise put into effect by or under the authority of any Governmental Body of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn) "<u>Lease</u>" means any lease, license, concession or other agreement (written or oral) pursuant to which any Seller or any Subsidiary thereof holds any Leased Real Property, and all amendments, renewals, guaranties, assignments and other agreements relating thereto, including the right to all security deposits and other amounts and instruments deposited by or on behalf of Seller or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooo) "<u>Leased Real Property</u>" means, collectively, all right, title and interest of the Sellers and their Subsidiaries in and to any real property that any Seller or Subsidiary thereof leases, licenses or otherwise uses or occupies or has the right to use or occupy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp) "<u>Leasehold Improvements</u>" means all buildings, structures, improvements and fixtures which are owned by a Seller or Subsidiary thereof and located on any Leased Real Property, regardless of whether title to such buildings, structures, improvements or fixtures are subject to reversion to the landlord or other third party upon the expiration or termination of the Lease for such Leased Real Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqq) "<u>Liability</u>" means, as to any Person, any debt, adverse claim, liability (including any liability that results from, relates to or arises out of tort or any other product liability claim), duty, responsibility, obligation, commitment, assessment, cost, expense, Tax, loss, expenditure, charge, fee, penalty, fine, contribution, or premium of any kind or nature whatsoever, whether known or unknown, asserted or unasserted, absolute or contingent, direct or indirect, accrued or unaccrued, liquidated or unliquidated, or due or to become due, and regardless of when sustained, incurred or asserted or when the relevant events occurred or circumstances existed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrr) "<u>Material Adverse Effect</u>" means any matter, event, change, development, occurrence, circumstance or effect (each, an "<u>Effect</u>") that, individually or in the aggregate with all other Effects, has had or would reasonably be expected to have a material adverse effect on (x) the Acquired Assets and Assumed Liabilities, taken as whole, or the results of operations or condition (financial or otherwise) of the Acquired Assets and Assumed Liabilities, taken as a whole, or (y) the Sellers' ability to consummate the Closing; <u>provided</u> that solely for purposes of the foregoing clause (x), no Effect shall constitute, or be taken into account in determining whether or not there has been, a Material Adverse Effect, to the extent relating to any Effect in, arising from or relating to (i) general business or economic conditions affecting the industry in which Sellers and their Subsidiaries operate or their respective business is conducted; (ii) national or international political or social conditions, including tariffs, riots, protests, the engagement by the United States or other countries in hostilities or the escalation thereof, whether or not pursuant to the declaration of a national emergency or war, or the occurrence or the escalation of any military, cyber or terrorist (whether or not state-sponsored) attack upon the United States or any other country, or any of its territories, possessions, or diplomatic or consular offices or upon any military installation, asset, Equipment or personnel of the United States or of any other country; (iii) any fire, flood, hurricane, earthquake, tornado, windstorm, other act of God, global or national health concern, epidemic, pandemic (whether or not declared as such by any Governmental Body), viral outbreak (including COVID-19) or any quarantine or trade restrictions related thereto or any other *force majeure*; (iv) the decline or rise in price of any currency or any Equipment or supplies necessary to or used in the provision of services by Sellers or their Subsidiaries; (v) financial, banking, or securities markets (including (A) any disruption of any of the foregoing markets, (B) any change in currency exchange rates, (C) any decline or rise in the price of any security, commodity, Contract, or index, and (D) any increased cost, or decreased availability, of capital or pricing or terms related to any financing for the Transactions); (vi) changes in, GAAP or the interpretation thereof occurring after the date of this Agreement; (vii) changes in, Laws or other binding directives or determinations issued or made by or agreements with or consents of any Governmental Body (including, any such items related to <u>Section 6.5</u>) and any increase (or decrease) in the terms or enforcement of (or negotiations or disputes with respect to or any changes in policy or practices of any Governmental Body regarding) any of the foregoing, in each case occurring after the date of this Agreement; (viii)(A) the taking of any action required by this Agreement (other than pursuant to <u>Section 6.1</u>) or at the written request of Purchaser or its Affiliates, (B) the failure to take any action if such action is prohibited by this Agreement, or (C) the negotiation, announcement, or pendency of this Agreement or the Transactions, the identity, nature, or ownership of Purchaser or its Affiliates or Purchaser's or its Affiliates' plans with respect to the Acquired Assets and Assumed Liabilities, including the impact thereof on the relationships, contractual or otherwise, of the business of Sellers or their Subsidiaries with employees, customers, lessors, suppliers, vendors, or other commercial partners (other than for purposes of any representation or warranty set forth in <u>Section 3.4</u> or the conditions set forth in <u>Section 7.2</u> with respect to such representation or warranty, in either case, to the extent such representation or warranty addresses the effect of the negotiation, announcement or pendency of this Agreement of the Transactions); (ix) any seasonal fluctuations in the business of the Sellers or their Subsidiaries; (x) any failure, in and of itself, to achieve any budgets, Projections, forecasts, estimates, plans, predictions, performance metrics or operating statistics or the inputs into such items (whether or not shared with Purchaser or its Affiliates or Advisors) and any other failure to win or maintain customers or business; <u>provided</u> that the underlying cause(s) of such failure may be taken into account in determining whether a Material Adverse Effect has occurred; (xi) any action taken by Purchaser or its Affiliates with respect to the Transactions or the financing thereof or any breach by Purchaser of this Agreement; (xii) any material breach by Purchaser of this Agreement; or (xiii)(A) the commencement or pendency of the Bankruptcy Cases; (B) any objections in the Bankruptcy Court or the CCAA Court to (1) this Agreement or any of the Transactions, (2) the Plan or the Confirmation Order or the CCAA Order, or the reorganization or liquidation of Sellers or (3) the assumption or rejection of any Assigned Contract; or (C) any Order of the Bankruptcy Court or the CCAA Court or any actions or omissions of Sellers required thereby; <u>provided</u> that any adverse Effects resulting or arising from the matters described in clauses (i) through (vii) and (ix) above may be taken into account in determining whether there has been a Material Adverse Effect to the extent only to the extent, that they have had or would reasonably be expected to have a disproportionate effect on Sellers and their Subsidiaries in the aggregate relative to participants of similar size and scope in the industries and geographic areas in which the Sellers and their Subsidiaries operate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sss) "<u>Open Source Software</u>" means software or other material that is distributed as "free software," "open source software" or under similar licensing or distribution terms (including any license approved by the Open Source Initiative and listed at opensource.org/licenses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttt) "<u>Order</u>" means any order, injunction, judgment, decree, ruling, writ, assessment or arbitration award of a Governmental Body of competent jurisdiction, including any Order entered by the Bankruptcy Court in the Bankruptcy Cases (including the Confirmation Order) or any Order entered by the CCAA Court in the CCAA Proceeding (including the CCAA Orders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuu) "<u>Ordinary Course</u>" means the ordinary and usual course of operations of the business conducted by Sellers and their Subsidiaries, taken as a whole consistent with past practice, taking into account the preparation, commencement and pendency of the Bankruptcy Cases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvv) "<u>Organizational Documents</u>" means, with respect to any Person other than a natural person, the documents by which such Person was organized (such as a certificate of incorporation, certificate of formation, certificate of limited partnership or articles of organization, and including any certificates of designation for preferred stock or other forms of preferred equity) or which relate to the internal governance of such Person (such as bylaws, a partnership agreement, an operating, limited liability or members agreement or a stockholders' agreement or any other similar agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(www) "<u>Owned Intellectual Property</u>" means any and all Intellectual Property owned or purported to be owned by any Seller or any of its Subsidiaries, including the Acquired Intellectual Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) "<u>Owned Real Property</u>" means all land, together with all buildings, structures, improvements and fixtures located thereon, and all easements and other rights and interests appurtenant thereto, currently owned by a Seller or any Subsidiary thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyy) "<u>Permits</u>" means all licenses, permits, registrations, certifications, agreements, authorizations, Orders, certificates, qualifications, waivers, approvals, permissions, authorizations, and exemptions pending with or issued by Governmental Bodies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzz) "<u>Permitted Encumbrances</u>" means (i) Encumbrances for utilities and Taxes (A) which are not yet due and payable, (B) that are being contested in good faith by appropriate proceedings or (C) the nonpayment of which is permitted or required by the Bankruptcy Code, in each case, for which adequate reserves have been established in accordance with GAAP, (ii) easements, rights of way, restrictive covenants, encroachments and similar non-monetary encumbrances or non-monetary impediments against any of the Acquired Assets (other than Intellectual Property) which do not, individually or in the aggregate, materially adversely affect the operation of the applicable Acquired Assets and, in the case of Owned Real Property or Leased Real Property, which do not, individually or in the aggregate, materially adversely affect the use or occupancy of the applicable Owned Real Property or Leased Real Property as it relates to the operation of the Acquired Assets, (iii) in the case of any Owned Real Property or Leased Real Property, applicable zoning Laws, building codes, land use restrictions, Environmental Laws and other similar restrictions imposed by Law which are not violated by the current use or occupancy of such Owned Real Property or Leased Real Property, as applicable, (iv) materialmen's, mechanics', artisans', shippers', warehousemen's or other similar common law or statutory liens incurred in the Ordinary Course for amounts not yet due and payable, (v) such other non-monetary Encumbrances or title exceptions which do not, individually or in the aggregate, materially and adversely affect the operation of the applicable Acquired Assets (other than Intellectual Property), (viii) non-exclusive licenses of Intellectual Property granted in the Ordinary Course, (ix) any Encumbrances set forth on <u>Schedule 11.1(zzz)</u>, and (x) solely prior to Closing, any Encumbrances that will be removed or released by operation of the Confirmation Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaa) "<u>Permitted Post-Closing Encumbrances</u>" means (a) in the case of any Owned Real Property or Leased Real Property, applicable zoning Laws, building codes, land use restrictions and other similar restrictions imposed by Law which are not violated by the current use or occupancy of such Owned Real Property or Leased Real Property, as applicable, (b) non-monetary Encumbrances not violated by Sellers' current use of the assets or property subject to such Encumbrances, to the extent that the Confirmation Order does not in fact release such Encumbrances upon the Closing, and (c) in the case of any Leased Real Property, any Encumbrances on the interest of the landlord or sublandlord under the applicable Lease or on the underlying fee interest therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbb) "<u>Person</u>" means an individual, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization, organization, estate, Governmental Body or other entity or group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cccc) "<u>Personal Information</u>" means (1) any information that permits the identity of an individual to whom the information applies to be reasonably inferred by either direct or indirect means, including any information that can be used to distinguish or trace an individual's identity, including name, email address, phone number, social security number, date and place of birth, mother's maiden name, and (2) any other information that is linked or linkable to an individual, including financial, medical, biometric, and geolocation information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dddd) "<u>Plan</u>" means the *Second Amended Joint Plan of Reorganization of Cyxtera Technologies, Inc. and Its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code* [Docket No. 551], dated as of September 24, 2023, and the Plan Supplement, each as may be amended, restated, supplemented, or otherwise modified from time to time, in form and substance reasonably acceptable to the Sellers and with respect to provisions of the Plan and the Plan Supplement that relate to Purchaser, this Agreement, or the Transactions, including any amendments thereto, whether before or after such documents and pleadings have been filed with or approved by the Bankruptcy Court, the Purchaser. Any form of Plan and the Plan Supplement that is or will be filed, or any amendments to such Plan and the Plan Supplement, shall be in form and substance acceptable to the Sellers, and with respect to provisions of the Plan and the Plan Supplement that relate to Purchaser, this Agreement, or the Transactions, the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeee) "<u>Privacy Laws</u>" means all Laws or binding standards (including the PCI-DSS Standards) applicable to the operation of each Seller's and Acquired Entity's business during the relevant period relating to the Processing of Personal Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ffff) "<u>Processing</u>" means any operation or set of operations which is performed upon Personal Information, whether or not by automatic means, including collection, recording, organization, storage, or alteration, use, disclosure by transmission, dissemination or otherwise making available, erasure or destruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gggg) "<u>Purchaser Group</u>" means, with respect to Purchaser, Purchaser, the Investors, any Affiliate of Purchaser (including, following the Closing, the Acquired Entities) or any Investor, any lender or investor of the foregoing and any Affiliate of any such lender or investor, and, in each case of the foregoing, each of their respective former, current or future Affiliates, officers, directors, employees, partners, members, managers, agents, Advisors, successors or permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhhh) "<u>Restricted Cash</u>" means any cash and cash equivalents that (i) are not freely usable because such cash and cash equivalents are subject to restrictions or limitations on use or distribution by Law, Contract or otherwise (including restrictions on dividends or repatriation) or (ii) would be subject to, or otherwise give rise to, Taxes if distributed or repatriated (but then solely an amount equal to the amount of such Taxes shall be Restricted Cash). Without limiting the foregoing, "Restricted Cash" shall include (a) any cash that is subject to restrictions on use by Contract or applicable Law (including security deposits, cash held in escrow or posted for bonds), (b) the amounts of any outstanding checks, drafts and wire transfers at such time, (c) Transaction expenses or Indebtedness paid after the effective date of the Estimated Closing Statement, but prior to the Closing, as calculated in accordance with the Working Capital Methodology, and (d) any marketable securities and other short term investments (including amounts held in brokerage accounts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iiii) "<u>Securities Act</u>" means the Securities Act of 1933 and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjjj) "<u>Seller Parties</u>" means each Seller and its former, current, or future Affiliates, officers, directors, employees, partners, members, equityholders, controlling or controlled Persons, managers, agents, Advisors, successors or permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkkk) "<u>Singapore Consideration Payment</u>" has the meaning set forth on <u>Exhibit H</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(llll) "<u>Singapore Lease Termination Agreements</u>" means the termination agreements in respect of the Singapore Leases in the form attached hereto as <u>Exhibit H</u> in each case, effective on or prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmmm) "<u>Singapore Seller</u>" means Cyxtera Singapore Pte. Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnnn) "<u>Software</u>" means any and all (i) computer programs, including any and all software implementations of algorithms, models and methodologies, whether in source code, object code, human readable form or other form (ii) databases and compilations, whether machine readable or otherwise, (iii) descriptions, flow-charts, instructions and other work product used to design, plan, organize and develop any of the foregoing, screens, user interfaces, report formats, firmware, development tools, templates, menus, buttons and icons, and (iv) all documentation, including user manuals and other training documentation, related to any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oooo) "<u>Specified Agreement</u>" has the meaning set forth in <u>Schedule (oooo)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pppp) "<u>Straddle Period</u>" means any taxable period that includes but does not end on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqqq) "<u>Subsidiary</u>" or "<u>Subsidiaries</u>" means, with respect to any Person, any corporation, limited liability company or other entity of which a majority of the total voting power of shares of stock or other Equity Interests entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees or other governing body or Person thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person or a combination thereof or any partnership, association or other business entity of which a majority of the partnership or other similar ownership interest is at the time owned or controlled, directly or indirectly, by, or the general partner, manager, managing member or similar is or is owned or controlled, directly or indirectly, by such Person or one or more Subsidiaries of such Person or a combination thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrrr) "<u>Tax</u>" or "<u>Taxes</u>" means all U.S. federal, state, provincial, local or non-U.S. taxes including any net income, gross receipts, capital stock, franchise, profits, ad valorem, value added, levies, duties, fees, imposts, import, export, withholding, social security, governmental pension, employment insurance, unemployment, disability, workers compensation, real property, personal property, business, development, occupancy, stamp, excise, occupation, consumption sales, use, transfer, land transfer, conveyance, service, digital service, registration, premium, windfall or excess profits, customs, licensing, surplus, alternative minimum, estimated, GST/HST or other similar tax, including any interest, penalty, fines or addition thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ssss) "<u>Tax Code</u>" means the United States Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tttt) "<u>Tax Return</u>" means any return, report, election, statement, and any similar filing (including the attached schedules) filed or required to be filed with respect to Taxes, including any information return, claim for refund, or amended return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuuu) "<u>Taxing Authority</u>" means any Governmental Body exercising authority with respect to Taxes or Tax matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvvv) "<u>Transaction Agreements</u>" means this Agreement and any other agreements, instruments or documents entered into pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(wwww) "<u>Transactions</u>" means the transactions contemplated by this Agreement and the other Transaction Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxx) "<u>UK Consideration Payment</u>" has the meaning set forth on <u>Exhibit H</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyyy) "<u>UK Seller</u>" means Cyxtera Technology UK Limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzzz) "<u>US Intangibles Consideration Payment</u>" has the meaning set forth on <u>Exhibit H</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaaa) "<u>VAT</u>" means (i) value added tax as defined in the Value Added Tax Act 1994; (ii) any Tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); (iii) any Tax computed or charged by reference to use, consumption of goods and services, value added, turnover, sales, use, distribution including provincial sales Taxes, and retail sales Taxes; and (iv) any corresponding Tax or Tax of a similar nature to such Tax referred to in (ii) or (iii) above, in any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbbb) "<u>Working Capital</u>" means, at any date, (i) the consolidated current assets of Sellers and their Subsidiaries set forth under the heading "Current Assets" on <u>Exhibit F</u>, <u>minus</u> (ii) the consolidated current liabilities of Sellers and their Subsidiaries set forth under the heading "Current Liabilities" on <u>Exhibit F</u>, in each case calculated in accordance with, and including the use of the same line items and line item entries set forth in, <u>Exhibit F</u> and the Working Capital Methodology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccccc) "<u>Working Capital Methodology</u>" means the accounting principles, methods, assumptions, policies, procedures, categorizations and practices set forth on <u>Exhibit F</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddddd) "<u>Working Capital Overage</u>" means, when (and only when) the Closing Working Capital is greater than the Working Capital Target, the amount by which the Closing Working Capital is greater than the Working Capital Target.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeeee) "<u>Working Capital Target</u>" means negative ninety-three million United States dollars $(93,000,000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fffff) "<u>Working Capital Underage</u>" means when (and only when) the Closing Working Capital is less than the Working Capital Target, the amount by which the Closing Working Capital is less than the Working Capital Target.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Index of Defined Terms</u>.

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| | |
|:---|:---|
| Term | Section |
| Accounting Fees | 2.6(b) |
| Acquired Assets | 1.1 |
| Acquired Cash Collateral | 1.1(r) |
| Acquired Entities | 1.1(i) |
| Acquired Intellectual Property | 1.1(o) |
| Acquired Interests | 1.1(i) |
| Acquired Lease | 1.1(e) |
| Acquired Leased Real Property | 1.1(e) |
| Acquired Seller Plan | 1.1(n) |
| Adjusted Specified Closing Date Payment | 2.1(c) |
| Agreement | Preamble |
| Agreement Dispute | 10.13 |
| Allocation | 9.2 |
| Applicable Seller Prepared Returns | 9.4(a) |
| Assigned Contracts | 1.1(a) |
| Assignment and Assumption Agreement | 2.4(a) |
| Assignment and Assumption of Lease | 2.4(g) |
| Assumed Liabilities | 1.3 |
| Audited 2022 Financial Statements | 3.5(a) |
| Available Contracts | 1.5(a) |
| Bankruptcy Cases | Recitals |
| Bankruptcy Court | Recitals |
| Bankruptcy Code | Recitals |
| Breakup Fee | 8.2(c) |
| Business Insurance Policies | 3.18 |
| Cash Payment | 2.1(a) |
| CCAA Proceeding | Recitals |
| Chosen Courts | 10.13 |
| Clearance Certificate | 9.1(d) |
| Closing | 2.3(a) |
| Closing Date | 2.3(a) |
| Closing Date Payment | 2.1(b) |
| Communications | 11.1(qq) |
| Confidential Information | 6.17 |
| Confirmation Brief | 5.1(l) |
| Contracting Parties | 10.7 |
| CTI | Preamble |
| Cure Costs | 1.4(a) |
| Dataroom | 3.23 |
| Debt Financing | 6.14(a) |
| Debtors | Recitals |
| Deposit | 2.2(a) |
| Designee | 1.7(a) |
| Disclosure Statement Order | 5.1(i) |
| Discussion Period | 2.6(b) |
| DLR Election Notice | 2.3(b) |
| DLR Transaction | 2.3(b) |

---

---

| | |
|:---|:---|
| DLR Transactions | 2.3(b) |
| DOJ | 6.5(a) |
| Effect | 11.1(rrr) |
| Employee Benefit Plan | 3.16(a) |
| Enforceability Exceptions | 1.1(c) |
| Equity Commitment Letter | 4.4(a) |
| Equity Financing | 4.4(a) |
| ERISA | 3.16(a) |
| Escrow Account | 2.2(a) |
| Escrow Agent | 2.2(a) |
| Escrow Agreement | 2.2(a) |
| Estimated Adjustment Amount | 2.1(a) |
| Estimated Closing Statement | 2.1(a) |
| Excluded Assets | 1.2 |
| Excluded Contracts | 1.2(b) |
| Excluded Liabilities | 1.4 |
| Expense Reimbursement | 8.2(b) |
| Express Representations | 3.23 |
| Filed SEC Documents | III |
| Final Adjustment Amount | 2.6(c) |
| Final Deposits Payment Amount | 6.10(c) |
| Financial Statements | 3.5(a) |
| FTC | 6.5(a) |
| Fundamental Representations | 7.2(a) |
| Germany Documents | 6.18(b)(ii) |
| Germany Leases | 6.18(b)(i) |
| Germany Transaction | 6.18(b)(i) |
| Guggenheim Securities | 3.20 |
| Inbound IP Licenses | 3.10(a)(xiv) |
| Indebtedness | 6.1(b)(vii) |
| Information Presentation | 3.23 |
| Intended Tax Treatment | 9.7 |
| Investors | 4.4(a) |
| IP Wind-Down Period | 6.6(c) |
| Latest Balance Sheet | 3.5(a) |
| Material Contract | 3.10(a) |
| Material Customers | 3.17(a) |
| Material Suppliers | 3.17(b) |
| Non-Party Affiliates | 10.7 |
| Notice of Disagreement | 2.6(b) |
| OFAC | 11.1(iii) |
| Outside Date | 8.1(c) |
| Parties | Preamble |
| Party | Preamble |
| Petition Date | Recitals |
| Privacy Policies | 3.12(b) |

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---

| | |
|:---|:---|
| Previously Omitted Contract | 1.5(h) |
| Projections | 6.11(a) |
| Proposed Cure Costs | 1.5(a) |
| Purchase Price | 2.1(a) |
| Purchaser | Preamble |
| Purchaser Adjustment Amount | 2.6(d)(ii) |
| Purchaser Plans | 6.3(b) |
| Purchaser Released Claims | 10.19(b) |
| Registered Intellectual Property | 3.11(a) |
| Related Parties | 10.19(a) |
| Related Party | 10.19(a) |
| Required Amount | 4.4(c) |
| Sale Election Notice | 5.1(i) |
| Sanctioned Jurisdiction | 3.8(d) |
| Sanctioned Person | 3.8(d) |
| Schedule | III |
| Schedules | III |
| Seller | Preamble |
| Seller Adjustment Amount | 2.6(d)(i) |
| Seller Joinder | 6.16 |
| Seller Released Claims | 10.19(a) |
| Seller Support Obligations | 6.10(a) |
| Sellers | Preamble |
| Separated Agreement | 6.19 |
| Shared Agreement | 6.19 |
| Singapore Asset Sale | 6.18(c)(i) |
| Singapore Documents | 6.18(c)(ii) |
| Singapore Lease Termination | 6.18(c)(i) |
| Singapore Transaction | 6.18(c)(i) |
| Specified Asset | 1.6 |
| Specified Date | 2.1(c) |
| Stalking Horse Notice | 5.1(j) |
| Statement | 2.6(a) |
| Transfer Offer | 6.3(a) |
| Transfer Taxes | 9.1(a) |
| Transferred Employees | 6.3(a) |
| Transferred Marks | 6.6(a) |
| Transferred Subsidiaries | 1.1(i) |
| UK Documents | 6.18(a)(ii) |
| UK Transaction | 6.18(a)(i) |
| UK Restructuring Transactions | 6.18(a)(i) |
| US Intangible Transfer Documents | 6.18(d)(ii) |
| US Intangibles Transfer | 6.18(d)(i) |
| WARN Act | 6.3(f) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 <u>Rules of Interpretation</u>. Unless otherwise expressly provided in this Agreement, the following will apply to this Agreement, the Schedules and any other certificate, instrument, agreement or other document contemplated hereby or delivered hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The terms "hereof," "herein" and "hereunder" and terms of similar import are references to this Agreement as a whole and not to any particular provision of this Agreement. Section, clause, Schedule and exhibit references contained in this Agreement are references to sections, clauses, Schedules and exhibits in or to this Agreement, unless otherwise specified. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Schedule or Exhibit but not otherwise defined therein shall be defined as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whenever the words "include," "includes" or "including" are used in this Agreement, they will be deemed to be followed by the words "without limitation." Where the context permits, the use of the term "or" will be equivalent to the use of the term "and/or."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The words "to the extent" shall mean "the degree by which" and not simply "if."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) When calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date that is the reference date in calculating such period will be excluded. If the last day of such period is a day other than a Business Day, the period in question will end on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Words denoting any gender will include all genders, including the neutral gender. Where a word is defined herein, references to the singular will include references to the plural and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The word "will" will be construed to have the same meaning and effect as the word "shall." The words "shall," "will," or "agree(s)" are mandatory, and "may" is permissive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) All references to "$" and dollars will be deemed to refer to United States currency unless otherwise specifically provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All references to a day or days will be deemed to refer to a calendar day or calendar days, as applicable, unless otherwise specifically provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any document or item will be deemed "delivered," "provided" or "made available" by Sellers, within the meaning of this Agreement if and only if such document or item is included in the Dataroom prior to 6:00 p.m. Eastern Time on October 31, 2023 through the Closing Date. Sellers will continue to maintain Purchaser's and its Advisors' access to the Dataroom, as in effect as of the date hereof, and the Designee Dataroom to Purchaser (and its Designee) through the Closing Date and will also deliver or cause to be delivered to Purchaser, no later than the Closing, two identical encrypted USB devices with the contents of the Dataroom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Sellers shall provide any document or item that (i) is required to be and is deemed to have been "delivered," "provided" or "made available" by Sellers, within the meaning of this Agreement, and (ii)(A) relates to the UK Seller's "LHR1" data center or (B) is to be provided to Designee or its Affiliates pursuant to the Germany Lease Termination Agreement or the Singapore Lease Termination Agreements, to the electronic "data room" through www.dfsvenue.com, a website maintained by Sellers (the "<u>Designee Dataroom</u>") prior to 5:00 p.m. Eastern Time on the date that is five (5) Business Days following the date hereof, which shall be maintained by or on behalf of the Sellers through the Closing Date. In addition, Sellers will provide materials that are required to be provided to Designee pursuant to any other definitive agreements relating to the DLR Transactions in the Designee Dataroom in a timely manner in accordance with such agreements. Sellers will continue to maintain Designee's and its Advisors' access to the Designee Dataroom, as in effect as of the date hereof, through the Closing Date and will also deliver or cause to be delivered to Designee, no later than the Closing, two identical encrypted USB devices with the contents of the Designee Dataroom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Any reference to any agreement or Contract will be a reference to such agreement or Contract, as amended, modified, supplemented or waived, but in the case of a Contract required to be made available, only if all such amendments, modifications, supplements or waivers have been made available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Any reference to any particular Bankruptcy Code or Tax Code section or any Law will be interpreted to include any amendment to, revision of or successor to that section or Law regardless of how it is numbered or classified; <u>provided</u> that, for the purposes of the representations and warranties set forth herein, with respect to any violation of or non-compliance with, or alleged violation of or non-compliance, with any Bankruptcy Code or Tax Code section or Law, the reference to such Bankruptcy Code or Tax Code section or Law means such Bankruptcy Code or Tax Code section or Law as in effect at the time of such violation or non-compliance or alleged violation or non-compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) A reference to any Party to this Agreement or any other agreement or document shall include such Party's successors and assigns, but only if such successors and assigns are not prohibited by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) A reference to a Person in a particular capacity excludes such Person in any other capacity or individually.

[*Signature pages follow.*]

**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed by their respective duly authorized officers as of the date first above written.

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| | |
|:---|:---|
| **<u>PURCHASER:</u>** | **<u>PURCHASER:</u>** |
| **PHOENIX DATA CENTER HOLDINGS LLC** | **PHOENIX DATA CENTER HOLDINGS LLC** |
| By: | /s/ Fred Day |
| Name: | Fred Day |
| Title: | Vice President |

---

[signature Page To Asset Purchase Agreement]

**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed by their respective duly authorized officers as of the date first above written.

---

| | |
|:---|:---|
| **<u>SELLERS</u>**: | **<u>SELLERS</u>**: |
| **CYXTERA TECHNOLOGIES, INC.** | **CYXTERA TECHNOLOGIES, INC.** |
| By: | /s/ Eric Koza |
| Name: | Eric Koza |
| Title: | Chief Restructuring Officer |
| **CYXTERA TECHNOLOGIES MARYLAND, INC.** | **CYXTERA TECHNOLOGIES MARYLAND, INC.** |
| By: | /s/ Eric Koza |
| Name: | Eric Koza |
| Title: | Authorized Signatory |
| **CYXTERA HOLDINGS, LLC** | **CYXTERA HOLDINGS, LLC** |
| By: | /s/ Eric Koza |
| Name: | Eric Koza |
| Title: | Authorized Signatory |
| **CYXTERA EMPLOYER SEVICES, LLC** | **CYXTERA EMPLOYER SEVICES, LLC** |
| By: | /s/ Eric Koza |
| Name: | Eric Koza |
| Title: | Authorized Signatory |
| **CYXTERA TECHNOLOGIES, LLC** | **CYXTERA TECHNOLOGIES, LLC** |
| By: | /s/ Eric Koza |
| Name: | Eric Koza |
| Title: | Authorized Signatory |

---

[signature Page To Asset Purchase Agreement]

---

| | |
|:---|:---|
| **CYXTERA FEDERAL GROUP, INC.** | **CYXTERA FEDERAL GROUP, INC.** |
| By: | /s/ Eric Koza |
| Name: | Eric Koza |
| Title: | Authorized Signatory |
| **CYXTERA DC PARENT HOLDINGS, INC.** | **CYXTERA DC PARENT HOLDINGS, INC.** |
| By: | /s/ Eric Koza |
| Name: | Eric Koza |
| Title: | Authorized Signatory |
| **CYXTERA DC HOLDINGS, INC.** | **CYXTERA DC HOLDINGS, INC.** |
| By: | /s/ Eric Koza |
| Name: | Eric Koza |
| Title: | Authorized Signatory |
| **CYXTERA MANAGEMENT, INC.** | **CYXTERA MANAGEMENT, INC.** |
| By: | /s/ Eric Koza |
| Name: | Eric Koza |
| Title: | Authorized Signatory |
| **CYXTERA DATA CENTERS, INC.** | **CYXTERA DATA CENTERS, INC.** |
| By: | /s/ Eric Koza |
| Name: | Eric Koza |
| Title: | Authorized Signatory |
| **CYXTERA COMMUNICATIONS, LLC** | **CYXTERA COMMUNICATIONS, LLC** |
| By: | /s/ Eric Koza |
| Name: | Eric Koza |
| Title: | Authorized Signatory |

---

[signature Page To Asset Purchase Agreement]

---

| | |
|:---|:---|
| **CYXTERA DIGITAL SERVICES, LLC** | **CYXTERA DIGITAL SERVICES, LLC** |
| By: | /s/ Eric Koza |
| Name: | Eric Koza |
| Title: | Authorized Signatory |
| **CYXTERA CANADA, LLC** | **CYXTERA CANADA, LLC** |
| By: | /s/ Eric Koza |
| Name: | Eric Koza |
| Title: | Authorized Signatory |
| **CYXTERA COMMUNICATIONS CANADA, ULC** | **CYXTERA COMMUNICATIONS CANADA, ULC** |
| By: | /s/ Eric Koza |
| Name: | Eric Koza |
| Title: | Authorized Signatory |
| **CYXTERA CANADA TRS, ULC** | **CYXTERA CANADA TRS, ULC** |
| By: | /s/ Eric Koza |
| Name: | Eric Koza |
| Title: | Authorized Signatory |

---

[signature Page To Asset Purchase Agreement]

## Exhibit 4.1

**Exhibit 4.1**

 ****

***Execution Version***

SECOND AMENDED AND RESTATED INDENTURE

<u>among</u>

COMPASS DATACENTERS ISSUER, LLC,

COMPASS DATACENTERS CANADA ISSUER LIMITED PARTNERSHIP

<u>and</u>

THE ENTITIES OF THE CO-ISSUERS PARTY HERETO,

as Obligors,

<u>and</u>

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Indenture Trustee

dated as of May 28, 2021

Secured Data Center Revenue Notes

**TABLE OF CONTENTS**

**<u>Page</u>**

---

| | | |
|:---|:---|:---|
| ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE | ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 | Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.02 | Rules of Construction | 53 |
| ARTICLE II THE NOTES | ARTICLE II THE NOTES | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01 | The Notes | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02 | Registration of Transfer and Exchange of Notes | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03 | Book-Entry Notes | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.04 | Mutilated, Destroyed, Lost or Stolen Notes | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.05 | Persons Deemed Owners | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.06 | Certification by Note Owners | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.07 | Notes Issuable in Series | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.08 | Principal Amortization | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.09 | Prepayments | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.10 | Post-ARD Additional Interest | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.11 | Subordinate Purchase Right | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.12 | Defeasance | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.13 | Additional Data Centers; Additional Notes | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.14 | Canadian Interest Act | 71 |
| ARTICLE III ACCOUNTS | ARTICLE III ACCOUNTS | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01 | Establishment of Collection Accounts and Sub-Accounts | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02 | Deposits to the Collection Accounts | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.03 | Withdrawals from the Collection Accounts | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.04 | Application of Funds in the Collection Accounts | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.05 | Application of Funds after Event of Default | 73 |
| ARTICLE IV RESERVES | ARTICLE IV RESERVES | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01 | Security Interest in Reserves; Other Matters Pertaining to Reserves | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.02 | Funds Deposited with Indenture Trustee | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.03 | Priority Expense Reserve Sub-Accounts | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.04 | Capital Expenditures Reserve Sub-Accounts | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.05 | Cash Trap Reserve Sub-Accounts | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.06 | Early Termination Fee Reserve Sub-Accounts | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.07 | Executed Forward Starting Lease Reserve Sub Accounts | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.08 | Liquidity Reserve Sub-Accounts | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.09 | Debt Service Sub-Account | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.10 | Specified Material Tenant Lease Reserve Sub-Accounts | 80 |
| ARTICLE V ALLOCATION OF COLLECTIONS; PAYMENTS TO NOTEHOLDERS | ARTICLE V ALLOCATION OF COLLECTIONS; PAYMENTS TO NOTEHOLDERS | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.01 | Allocations and Payments | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.02 | Payments of Principal | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.03 | Payments of Interest and VFN Undrawn Commitment Fees | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.04 | No Gross Up | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.05 | Equity Cure Contributions | 95 |

---

i

---

| | | |
|:---|:---|:---|
| ARTICLE VI REPRESENTATIONS AND WARRANTIES | ARTICLE VI REPRESENTATIONS AND WARRANTIES | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.01 | Organization, Powers, Capitalization, Good Standing, Business | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.02 | Authorization of Borrowing, etc. | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.03 | Financial Statements | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.04 | Indebtedness and Contingent Obligations | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.05 | Tenant Leases; Material Agreements | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.06 | Litigation; Adverse Facts | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.07 | Payment of Taxes | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.08 | Performance of Agreements | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.09 | Employee Benefit Plans | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.10 | Solvency | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.11 | Use of Proceeds and Margin Security | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.12 | Insurance | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.13 | Investments | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.14 | OFAC | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.15 | Anti-Corruption Laws | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.16 | Intellectual Property | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.17 | Governmental Regulation | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.18 | Representations and Warranties With Respect To Data Centers and Tenant Leases | 100 |
| ARTICLE VII ARTICLE VII COVENANTS | ARTICLE VII ARTICLE VII COVENANTS | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.01 | Payment on Notes | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.02 | Financial Statements and Other Reports | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.03 | Existence; Qualification | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.04 | Payment of Impositions and Claims | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.05 | Maintenance of Insurance | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.06 | Operation and Maintenance of the Data Centers; Casualty; Condemnation | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.07 | Inspection; Investigation | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.08 | Compliance with Laws and Obligations | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.09 | Further Assurances | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.10 | Performance of Agreements and Tenant Leases | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.11 | New Tenant Leases; Recorded Mortgages | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.12 | Management Agreements | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.13 | Maintenance of Office or Agency by Co-Issuers | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.14 | Deposits; Application of Deposits | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.15 | Estoppel Certificates | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.16 | Indebtedness | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.17 | No Liens | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.18 | Contingent Obligations | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.19 | Restriction on Fundamental Changes | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.20 | Bankruptcy, Receivers, Similar Matters | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.21 | ERISA; Canadian Benefit Plans | 116 |

---

ii

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.22 | Money for Payments to be Held in Trust | 116.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.23 | Ground Leases | 117.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.24 | Rule 144A Information | 122.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.25 | Maintenance of Books and Records | 122.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.26 | Continuation of Ratings | 122.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.27 | The Indenture Trustee and Servicer's Expenses | 122.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.28 | Environmental Remediation | 122.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.29 | Amendments to Tenant Leases | 122.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.30 | Asset Entities' Option to Dispose of Data Centers and Non-Core Assets | 123.0 |
| ARTICLE VIII SINGLE-PURPOSE, BANKRUPTCY-REMOTE REPRESENTATIONS, WARRANTIES AND COVENANTS | ARTICLE VIII SINGLE-PURPOSE, BANKRUPTCY-REMOTE REPRESENTATIONS, WARRANTIES AND COVENANTS | 124.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.01 | Applicable to the Co-Issuers, the Asset Entities and the Other Entities. | 124.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.02 | Applicable to the Co-Issuers | 128.0 |
| ARTICLE IX SATISFACTION AND DISCHARGE | ARTICLE IX SATISFACTION AND DISCHARGE | 128.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.01 | Satisfaction and Discharge of Indenture | 128.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.02 | Application of Trust Money | 129.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.03 | Repayment of Monies Held by Paying Agent | 129.0 |
| ARTICLE X EVENTS OF DEFAULT; REMEDIES | ARTICLE X EVENTS OF DEFAULT; REMEDIES | 130.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.01 | Events of Default | 130.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.02 | Acceleration and Remedies | 132.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.03 | Performance by the Indenture Trustee | 135.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.04 | Evidence of Compliance | 135.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.05 | Controlling Class Representative | 136.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.06 | Certain Rights and Powers of the Controlling Class Representative | 137.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.07 | Collection of Indebtedness and Suits for Enforcement by Indenture Trustee | 139.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.08 | Remedies | 141.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.09 | Optional Preservation of the Trust Estate | 142.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.10 | Limitation of Suits | 142.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.11 | Unconditional Rights of Noteholders to Receive Principal and Interest | 143.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.12 | Restoration of Rights and Remedies | 143.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.13 | Rights and Remedies Cumulative | 143.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.14 | Delay or Omission Not a Waiver | 143.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.15 | Waiver of Past Defaults | 143.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.16 | Undertaking for Costs | 144.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.17 | Waiver of Stay or Extension Laws | 144.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.18 | Action on Notes | 144.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.19 | Waiver | 145.0 |
| ARTICLE XI THE INDENTURE TRUSTEE | ARTICLE XI THE INDENTURE TRUSTEE | 145.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.01 | Shared Facilities | 145.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.02 | Duties of Indenture Trustee | 145.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.03 | Certain Matters Affecting the Indenture Trustee | 148.0 |

---

iii

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.04 | Indenture Trustee's Disclaimer | 151.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.05 | Indenture Trustee May Own Notes | 151.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.06 | Fees and Expenses of Indenture Trustee; Indemnification of the Indenture Trustee | 151.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.07 | Eligibility Requirements for Indenture Trustee | 152.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.08 | Resignation and Removal of Indenture Trustee | 153.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.09 | Successor Indenture Trustee | 154.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.10 | Merger or Consolidation of Indenture Trustee | 154.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.11 | Appointment of Co-Indenture Trustee or Separate Indenture Trustee | 155.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.12 | Access to Certain Information | 156.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.13 | Quebec Hypothecary Representative | 159.0 |
| ARTICLE XII NOTEHOLDERS' LISTS, REPORTS AND MEETINGS | ARTICLE XII NOTEHOLDERS' LISTS, REPORTS AND MEETINGS | 159.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.01 | Co-Issuers to Furnish Indenture Trustee Names and Addresses of Noteholders | 159.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.02 | Preservation of Information; Communications to Noteholders | 160.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.03 | Voting by Noteholders | 160.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.04 | Communication by Noteholders with other Noteholders | 160.0 |
| ARTICLE XIII INDENTURE SUPPLEMENTS | ARTICLE XIII INDENTURE SUPPLEMENTS | 161.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.01 | Indenture Supplements without Consent of Noteholders | 161.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.02 | Indenture Supplements with Consent of Noteholders | 162.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.03 | Execution of Indenture Supplements | 164.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.04 | Effect of Indenture Supplement | 164.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.05 | Reference in Notes to Indenture Supplements | 164.0 |
| ARTICLE XIV PLEDGE OF OTHER COMPANY COLLATERAL | ARTICLE XIV PLEDGE OF OTHER COMPANY COLLATERAL | 164.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.01 | Grant of Security Interest/UCC and PPSA Collateral | 164.0 |
| ARTICLE XV MISCELLANEOUS | ARTICLE XV MISCELLANEOUS | 167.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.01 | Compliance Certificates and Opinions, etc. | 167.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.02 | Form of Documents Delivered to Indenture Trustee | 168.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.03 | Acts of Noteholders | 169.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.04 | Notices; Copies of Notices and Other Information | 170.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.05 | Notices to Noteholders; Waiver | 171.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.06 | Payment and Notice Dates | 171.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.07 | Effect of Headings and **Table of Contents** | 171.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.08 | Successors and Assigns | 171.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.09 | Severability; Entire Agreement | 171.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.10 | Benefits of Indenture | 172.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.11 | Legal Holiday | 172.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.12 | Waiver of Jury Trial | 172.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.13 | Governing Law; Jurisdiction | 172.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.14 | Counterparts | 172.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.15 | Recording of Indenture | 173.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.16 | Corporate Obligation | 173.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.17 | No Petition | 173.0 |

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iv

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.18 | Extinguishment of Obligations | 173.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.19 | Excluded Data Centers | 173.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.20 | Waiver of Immunities | 174.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.21 | Non-Recourse | 174.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.22 | Indenture Trustee's Duties and Obligations Limited | 174.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.23 | Appointment of Servicer | 174.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.24 | Agreed Upon Tax Treatment | 174.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.25 | Tax Forms | 174.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.26 | Request for Rating Agency Confirmation | 175.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.27 | Amendment and Restatement | 175.0 |
| ARTICLE XVI GUARANTEES | ARTICLE XVI GUARANTEES | 176.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.01 | Guarantees | 176.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.02 | Limitation on Liability | 178.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.03 | Successors and Assigns | 178.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.04 | No Waiver | 178.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.05 | Modification | 178.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.06 | Release of Asset Entity | 178.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.07 | USA PATRIOT Act | 179.0 |

---

v

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| | |
|:---|:---|
| ANNEXES AND SCHEDULES | ANNEXES AND SCHEDULES |
| Annex I | CLOSING DATE ASSET ENTITIES |
| Annex II | CLOSING DATE OTHER ENTITIES |
| Schedule I | DESCRIPTION OF INSURANCE POLICIES |
| Schedule II | REPRESENTATIONS AND WARRANTIES WITH RESPECT TO DATA CENTERS AND TENANT LEASES |
| Schedule III | EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES WITH RESPECT TO DATA CENTERS AND TENANT LEASES AS OF THE [AMENDMENT AND RESTATEMENT CLOSING DATE] |
| EXHIBITS | EXHIBITS |
| Exhibit A-1 | FORM OF RULE 144A GLOBAL NOTE |
| Exhibit A-2 | FORM OF REGULATION S GLOBAL NOTE |
| Exhibit A-3 | FORM OF VARIABLE FUNDING NOTE |
| Exhibit B-1 | FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF BENEFICIAL INTERESTS IN REGULATION S GLOBAL NOTE FOR BENEFICIAL INTERESTS IN RULE 144A GLOBAL NOTE |
| Exhibit B-2 | FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF BENEFICIAL INTERESTS IN RULE 144A NOTE FOR BENEFICIAL INTERESTS IN REGULATION S GLOBAL NOTE |
| Exhibit B-3 | FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS OF DEFINITIVE NOTES TO QUALIFIED INSTITUTIONAL BUYERS |
| Exhibit B-4 | FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS OF DEFINITIVE NOTES TO INSTITUTIONAL ACCREDITED INVESTORS |
| Exhibit B-5 | FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF DEFINITIVE NOTES TO QUALIFIED INSTITUTIONAL BUYERS |
| Exhibit B-6 | FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF DEFINITIVE NOTES TO INSTITUTIONAL ACCREDITED INVESTORS |
| Exhibit C | FORM OF RENT ROLL |
| Exhibit D-1 | FORM OF INFORMATION REQUEST FROM NOTEHOLDER OR NOTE OWNER |

---

vi

---

| | |
|:---|:---|
| Exhibit D-2 | FORM OF INFORMATION REQUEST FROM PROSPECTIVE INVESTOR |
| Exhibit E | FORM OF INDENTURE TRUSTEE REPORT |
| Exhibit F | FORM OF CURRENCY CONVERSION DIRECTION LETTER |
| Exhibit G | FORM OF JOINDER AGREEMENT |

---

vii

SECOND AMENDED AND RESTATED INDENTURE, dated as of May 28, 2021 (the "<u>Effective Date</u>") (as further amended, supplemented or otherwise modified and in effect from time to time, this "<u>Indenture</u>"), among COMPASS DATACENTERS ISSUER, LLC, a Delaware limited liability company (the "<u>U.S. Co-Issuer</u>"), COMPASS DATACENTERS CANADA ISSUER LIMITED PARTNERSHIP, a limited partnership formed under the laws of the Province of Ontario (the "<u>Canadian Co-Issuer</u>" and, together with the U.S. Co-Issuer, the "<u>Co-Issuers</u>"), each entity of the Co-Issuers party hereto and listed on <u>Annex I</u> hereto (the "<u>Closing Date Asset Entities</u>" and together with any entity that becomes a party hereto after the date hereof as an "<u>Additional Asset Entity</u>", the "<u>Asset Entities</u>"), each entity party hereto and listed on <u>Annex II</u> hereto (the "<u>Closing Date Other Entities</u>" and together with any entity that becomes a party hereto after the date hereof as an "<u>Additional Other Entity</u>", the "<u>Other Entities</u>"; the Other Entities, the Asset Entities and the Co-Issuers, collectively, the "<u>Obligors</u>"), and WILMINGTON TRUST, NATIONAL ASSOCIATION, as indenture trustee and not in its individual capacity and any successor thereto in such capacity (the "<u>Indenture Trustee</u>").

RECITALS

WHEREAS, the Co-Issuers, the Closing Date Asset Entities, the Closing Date Other Entities and the Indenture Trustee previously entered into that certain Indenture, dated as of June 5, 2020 (the "<u>Original Indenture</u>", as amended by that certain Amended and Restated Indenture, dated as of October 2, 2020, as further amended, supplemented or otherwise modified prior to the date hereof, the "<u>Existing Indenture</u>"), to provide for the issuance from time to time of one or more Series of Secured Data Center Revenue Notes;

WHEREAS, the Co-Issuers desire to amend and restate the Existing Indenture in the form of this Indenture;

WHEREAS, the parties hereto have duly authorized the execution and delivery of this Indenture to provide for the amendment and restatement of the Existing Indenture and the issuance from time to time by the Co-Issuers of one or more series of Secured Data Center Revenue Notes, issuable as provided in this Indenture;

WHEREAS, it is hereby agreed between the parties hereto and the Indenture Trustee, on behalf of itself and the Noteholders, that in the performance of any of the agreements of the Co-Issuers herein contained, any obligation the Obligors may thereby incur for the payment of money shall not be general debt on its part, but shall be secured by and payable solely from the Collateral (as defined herein), payable in such order of preference and priority as provided herein;

WHEREAS, each Series will be constituted by this Indenture and a Series Supplement; and

WHEREAS, the Notes of any Series issued pursuant to this Indenture will be divided into classes and type of note (i.e., Variable Funding Note or Term Note) as provided in this Indenture and a Series Supplement.

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the Obligors and the Indenture Trustee agree as follows:

**ARTICLE I**

**DEFINITIONS AND INCORPORATION BY REFERENCE**

Section 1.01 <u>Definitions</u>. Except as otherwise specified in this Indenture or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Indenture and each Series Supplement. In the event of a definitional conflict between this Indenture and a Series Supplement, the definition contained in the Series Supplement shall control.

"<u>17g-5 Website</u>" shall mean the website established by, or on behalf of, the U.S. Co-Issuer and/or the Canadian Co-Issuer for purposes of compliance with Rule 17g-5(a)(3)(iii) of the Exchange Act.

"<u>30/360 Basis</u>" shall mean the accrual of interest calculated on the basis of a 360-day year consisting of twelve 30-day months.

"<u>AANOI Leverage Ratio</u>" shall mean, as of date of determination, the ratio of (a) the aggregate outstanding principal amount of any Class A Notes as of such date, less any amounts on deposit in the Specified Material Tenant Lease Reserve Sub-Accounts as of such date to (b) Leverage Annualized Adjusted Net Operating Income.

"<u>Acceptable Manager</u>" shall mean Compass Management, LLC, Compass Datacenters, Inc., or, in the event of a termination of the applicable Management Agreement with either Compass Management, LLC or Compass Datacenters, Inc., an Affiliate of Compass Management, LLC or Compass Datacenters, Inc., as applicable, or, upon receipt of a Rating Agency Confirmation, another reputable management company reasonably acceptable to the Servicer with experience managing wholesale data centers similar to the Data Centers, which shall be selected by the U.S. Co-Issuer or the Canadian Co-Issuer, so long as no Event of Default has occurred and is continuing. After the occurrence and during the continuance of an Event of Default, such selection will be performed by the Servicer.

"<u>Account Collateral</u>" shall mean all of the Obligors' right, title and interest in and to the Accounts, the Reserves, all monies and amounts which may from time to time be on deposit therein, all monies, checks, notes, instruments, documents, deposits, and credits from time to time in the possession of the Indenture Trustee (or the Servicer on its behalf) on behalf of the Noteholders representing or evidencing such Accounts and Reserves and all earnings and investments held therein and proceeds thereof.

"<u>Account Control Agreement</u>" shall have the meaning ascribed to it in the Cash Management Agreement.

"<u>Accounts</u>" shall mean, collectively, the Lock Box Accounts, the Collection Accounts, the Sub-Accounts and any other accounts pledged to the Indenture Trustee pursuant to this Indenture or any other Transaction Document.

"<u>Accrued Note Interest</u>" shall mean, for any Note for each Payment Date, the interest that will accrue during the Interest Accrual Period for such Payment Date at the applicable Note Rate (x) with respect to the Variable Funding Notes, on the daily average Note Principal Balance of the Variable Funding Notes during such Interest Accrual Period and (y) with respect to any Class of Term Notes, on the Note Principal Balance of such Term Notes immediately prior to such Payment Date; *provided* that (i) Accrued Note Interest on any Note will not include Contingent Interest on such Note and (ii) PIK Interest on any Class B Note or Class C Note that has been added to the Note Principal Balance for any such Note shall not constitute Accrued Note Interest on such Notes, but any interest that accrues on such PIK Interest on and after the date it is added to the Note Principal Balance shall constitute Accrued Note Interest with respect to any such Note(s). Accrued Note Interest for any Variable Funding Note of any Class of any Series for each Payment Date shall be calculated on an Actual/360 Basis and Accrued Note Interest for any Term Notes of any Class of any Series for each Payment Date shall be calculated on a 30/360 Basis, in each case, unless otherwise specified in the Series Supplement for such Series. For the avoidance of doubt, Accrued Note Interest for the Term Notes of any Class of any Series shall be calculated as if each "Interest Accrual Period" will have 30 days and the total days of interest paid for the entire year equals 360.

"<u>Act</u>" shall have the meaning ascribed to it in Section 15.03(a).

"<u>Actual/360 Basis</u>" shall mean the accrual of interest calculated on the basis of the actual number of days elapsed during the relevant period in a year consisting of 360 days.

"<u>Additional Asset Entity</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Additional Data Center</u>" shall have the meaning ascribed to it in Section 2.13(a).

"<u>Additional Issuer Expenses</u>" shall mean, as applicable, (i) reimbursements of fees and expenses (other than such fees and expenses that are included in the Indenture Trustee Fee) to be paid pursuant to the Indenture Trustee's fee schedule, incurred by the Person acting as the Indenture Trustee in its capacity as Indenture Trustee or in any other capacity under this Indenture and in its capacity as Indenture Trustee under the other Transaction Documents, and indemnification payments to the Person acting as the Indenture Trustee in its capacity as Indenture Trustee or in any other capacity under this Indenture and in its capacity as Indenture Trustee under the other Transaction Documents to which the Indenture Trustee is a party and certain persons related to it as described hereunder and under the other Transaction Documents; (ii) reimbursements and indemnification payments payable to the Servicer and certain persons related to it as described under the Servicing Agreement and the other Transaction Documents and (iii) following the occurrence and continuance of an Event of Default, payment of expenses incurred by Noteholders in connection with any inspection rights that are payable by the Obligors pursuant to any Transaction Document, subject to the applicable cap. Additional Issuer Expenses shall not include reimbursements in respect of Advances.

"<u>Additional Notes</u>" shall have the meaning ascribed to it in Section 2.13(b).

"<u>Additional Other Entity</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Additional Principal Payment Amount</u>" shall mean, with respect to any Payment Date when no Amortization Period is in effect and no Event of Default has occurred and is continuing, the amount (other than (i) any Class A Sweep Amount, Class B Sweep Amount or Class C Sweep Amount, (ii) any Class A-2 Monthly Amortization Amount, (iii) any Early Termination Fee Prepayment Amount, (iv) any Specified Material Tenant Lease Prepayment Amount, (v) any amount withdrawn from the Cash Trap Reserve Sub-Accounts for the prepayment of Notes and (vi) mandatory prepayments of principal on and after the Anticipated Repayment Date with respect to any Variable Funding Notes or Term Notes of any Outstanding Series for prepayment of the Notes) required to be applied pursuant hereto as a mandatory prepayment of principal of the Notes on such date.

"<u>Advance Interest</u>" with respect to any Advance made by Servicer, shall have the meaning ascribed to it in the Servicing Agreement and with respect to any Advance made by the Manager, shall have the meaning ascribed to it in the Management Agreement.

"<u>Advances</u>" shall mean Debt Service Advances, Manager Advances and Servicing Advances.

"<u>Advance Suspension Period</u>" shall have the meaning ascribed thereto in the Servicing Agreement.

"<u>Affiliate</u>" shall mean, with respect to any specified Person, any other Person controlling or controlled by or under common control with such specified Person. For the purposes of this definition, "<u>control</u>" when used with respect to any Person shall mean the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms "<u>controlling</u>" and "<u>controlled</u>" shall have meanings correlative to the foregoing.

"<u>Affirmative Direction</u>" shall mean, with respect to any Series, a written direction of Noteholders of such Series representing more than 25.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes of such Series.

"<u>Aggregate Available Terminated Tenant Lease Rent Amount</u>" shall mean, as of any date of determination, an amount equal to the lesser of (i) for each Early Terminated Tenant Lease with respect to which an Early Termination Fee is on deposit in the Early Termination Fee Reserve Sub-Accounts as of such date, the aggregate amount of the excess (if any) of (1) the aggregate amount of base rent that would have been payable under such Early Terminated Tenant Lease during the succeeding 6 months (or, if shorter, the period of time from such date until the date that is 6 months after the effective date of the termination of such Early Terminated Tenant Lease) <u>over</u> (2) the base rent under any replacement Tenant Leases with respect to such Early Terminated Tenant Lease for the same period referenced in clause (1) and (ii) the aggregate amount on deposit on such date in the Early Termination Fee Reserve Sub-Accounts.

"<u>Allocable Share</u>" shall mean the percentage allocation ascribed to the U.S. Obligors and the Canadian Obligors, as applicable, as determined and set by the Managers on the Initial Closing Date and thereafter as determined and reset if and when required by the Managers from time to time upon notice to the Indenture Trustee and the Servicer, including upon each issuance of Additional Notes, each draw under any outstanding Variable Funding Notes after the Initial Closing Date and each payment of principal of the Notes; provided that, for the avoidance of doubt, the sum of the Allocable Share for the U.S. Obligors and the Allocable Share for the Canadian Obligors shall at all times equal 100%.

"<u>Allocated Appraised Value</u>" shall mean for any Data Center as of any date of determination an amount determined by allocating the aggregate Note Principal Balances of all Classes of Outstanding Notes on such date of determination to such Data Center based on the ratio of the Appraised Value of such Data Center to the aggregate Appraised Value for all Data Centers.

"<u>Allocated Note Amount</u>" shall mean for any Data Center as of any date of determination an amount determined by allocating the aggregate Class Principal Balances of all Classes of Outstanding Notes on such date of determination to such Data Center based on the ratio of the Annualized Adjusted Base Rent with respect to all Tenant Leases that relate to such Data Center to the Annualized Adjusted Base Rent for all Tenant Leases on all Data Centers. In connection with the issuance of Additional Notes or in connection with the addition of any Additional Data Center, the Allocated Note Amount for each Data Center will be recalculated by the Managers using a similar methodology to that described in the preceding sentence.

"<u>Amended Ground Lease</u>" shall have the meaning ascribed to it in Section 7.23(a).

"<u>Amendment and Restatement Closing Date</u>" shall mean October 2, 2020.

"<u>Amortization Period</u>" shall mean a period that will commence as of the end of any calendar month if either (i) (x) the three-month average Class A Amortization DSCR as of the last day of such calendar month is less than 1.20x, (y) the three-month average Class B Amortization DSCR as of the last day of such calendar month is less than 1.10x or (z) the three-month average Class C Amortization DSCR as of the last day of such calendar month is less than 1.00x and will continue to exist until (A) the three-month average Class A Amortization DSCR has exceeded 1.20x as of the last day of two consecutive months, (B) the three-month average Class B Amortization DSCR has exceeded 1.10x as of the last day of two consecutive months and (C) the three-month average Class C Amortization DSCR has exceeded 1.00x as of the last day of two consecutive months, or (ii) the Co-Issuers fail to deposit the full Specified Material Tenant Lease Reserve Amount into the Specified Material Tenant Lease Reserve Sub-Accounts within five (5) Business Days of being required to make such deposit pursuant to Section 4.10.

"<u>Annual Additional Issuer Expense Limit</u>" shall mean, on any Payment Date, an amount equal to the excess, if any, of (x) $500,000 over (y) the aggregate amount of Additional Issuer Expenses paid to the Indenture Trustee, the Servicer and/or other applicable Person pursuant to clause (iii) of Section 5.01(a) on or after the eleventh Payment Date preceding such Payment Date. For the avoidance of doubt, any Additional Issuer Expenses not paid as a result of the Annual Additional Issuer Expense Limit or otherwise due to insufficient funds available in accordance with Section 5.01 may be paid on subsequent Application Dates subject to the limitations applicable on such Application Date.

"<u>Annualized Adjusted Base Rent</u>" shall mean, for any Tenant Lease as of any date of determination, the sum of: (i) if such Tenant Lease is not an Executed Forward Starting Lease or a Specified Material Tenant Lease for which a Specified Material Tenant Lease Event has occurred, the Annualized Base Rent for such Tenant Lease as of such date of determination, (ii) if such Tenant Lease is an Executed Forward Starting Lease, the maximum base rent (without giving any effect to escalations) with respect to such Tenant Lease payable within any calendar month in the succeeding 18 months of such date of determination multiplied by 12; provided that if the Capital Expenditures required for the Commencement of any Executed Forward Starting Lease exceeds the Available Capital Expenditure Amount for such Tenant Lease then the Annualized Adjusted Base Rent derived from any Tenant Lease that is an Executed Forward Starting Leases shall be reduced to exclude any rent amounts for which there are no Available Capital Expenditure Amounts and (iii) if such Tenant Lease is a Specified Material Tenant Lease for which a Specified Material Tenant Lease Event has occurred the greater of (x) if a renewal of the Specified Material Tenant Lease has occurred, the Annualized Base Rent under the new Tenant Lease or, (y) the succeeding 12 months of base rent due and payable under such Specified Material Tenant Lease; *provided* that, for the avoidance of doubt, Annualized Adjusted Base Rent does not include Pass-Through Data Center Expenses; *provided further* that the sum of the amounts set forth in clauses (i) and (iii) of this definition shall be without duplication resulting from leases for the same data center space and Leased Capacity arising from replacement tenants; *provided further*, that amounts payable in any foreign currency are converted to USD at the applicable FX Rate.

"<u>Annualized Adjusted Net Operating Income</u>" shall mean, as of any date of determination, (a) the sum of (i) the Leverage Annualized Adjusted Net Operating Income (ii) amounts on deposit in the Executed Forward Starting Lease Reserve Sub-Account, (iii) the Specified Material Tenant Lease Amount with respect to such date of determination and (iv) the sum of base rent due on Executed Forward Starting Leases for the succeeding 12 month period (without giving effect to any escalations) as of such date of determination, less (b) the sum of the amounts derived in clauses (ii) and (iii) of the definition of Annualized Adjusted Base Rent; provided that if the Capital Expenditures required for the Commencement of any Executed Forward Starting Lease exceeds the Available Capital Expenditure Amount for such Tenant Lease then the Annualized Adjusted Base Rent derived from any Tenant Lease that is an Executed Forward Starting Leases shall be reduced to exclude any rent amounts for which there are no Available Capital Expenditure Amounts.

"<u>Annualized Base Rent</u>" shall mean, for any Tenant Lease, as of any date of determination, the base rent with respect to such Tenant Lease payable during the calendar month in which such date of determination occurs multiplied by 12; *provided* that, for the avoidance of doubt, Annualized Base Rent does not include Pass-Through Data Center Expenses; *provided further* that amounts payable in any foreign currently are converted to USD at the applicable FX Rate.

"<u>Annualized Targeted Maintenance Capital Expenditures</u>" shall mean, as of any date, an amount equal to (i) $0.25 per square foot per annum for all Data Centers owned by the U.S. Co-Issuer and (ii) 65 CAD per kW per annum of completed critical load power available for delivery to Tenants for the calendar month in which such date occurs, for any Data Center owned by the Canadian Co-Issuer, in each case, other than any Data Center owned by the U.S. Co-Issuer for which maintenance and repair costs are factored into the Annualized Base Rent.

"<u>Anti-Corruption Laws</u>" shall mean the U.S. Foreign Corrupt Practices Act, as amended, and its related rules and regulations, and any similar laws, rules or regulations of any jurisdiction where the Obligors are located or doing business.

"<u>Anticipated Repayment Date</u>" for any Series of Variable Funding Notes or Term Notes, shall have the meaning ascribed to it in the Series Supplement for such Series of Variable Funding Notes or Term Notes.

"<u>Applicable Class A Payment Priority</u>" shall mean the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Other than during the continuance of an Event of Default, Class A-1 Notes will be (i) senior in right of payment of interest to other Class A Notes and (ii) senior in right of payment of principal to other Class A Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the continuance of an Event of Default, Class A-1 Notes will be (i) *pari passu* in right of payment of interest with other Class A Notes according to the amount then due and payable and (ii) *pari passu* in right of payment of principal with other Class A Notes according to the amount then due and payable.

"<u>Applicable Procedures</u>" shall mean, with respect to any transfer or transaction involving a Regulation S Global Note or beneficial interest therein, the rules and procedures of the Depositary, Euroclear and Clearstream, as the case may be, for such Global Note, in each case to the extent applicable to such transaction and as in effect from time to time.

"<u>Application Date</u>" shall mean each Optional Application Date and each Scheduled Application Date.

"<u>Appraised Eligible Data Center</u>" shall mean a Data Center that is an Eligible Data Center designated by the applicable Manager as an "Appraised Eligible Data Center" provided that on the date of such designation (1) such Eligible Data Center has an Appraised Value, or if all Data Centers on the related campus are "Appraised Eligible Data Centers" (determined without regard to this clause (1), the related campus has an Appraised Value that includes such Eligible Data Center, in either case, determined within the preceding 12 month period), (2) at least one phase of construction of such Eligible Data Center is completed and operating, as reasonably determined by the applicable Manager; provided, however, 75 Fima Cres, Toronto, ON M8W 3R1 shall be deemed an Appraised Eligible Data Center even if it does not satisfy this clause (2) as of the Initial Closing Date, and (3) after giving effect to such designation at least 75.0% of the Leased Capacity with respect to all Appraised Eligible Data Centers (including such Eligible Data Center) is leased by Tenants under one or more Tenant Leases (and for which the related Tenants are current with respect to Rent payable on such Tenant Lease).

"<u>Appraised Value</u>" shall mean, with respect to any one or more Data Centers located on the same campus, the most recent appraised value of such Data Centers determined pursuant to an independent, full narrative (complete summary) or limited scope (limited restricted) MAI appraisal provided to the Indenture Trustee and the Servicer or obtained by the Servicer in accordance with the Uniform Standards of Professional Appraisal Practice (as recognized by the Financial Institutions Reform, Recovery and Enforcement Act of 1989) and which takes into account the leased fee value of the related buildings and land of such Data Centers, consistent with industry standards, and excludes the value of equipment and other tangible personal property and business enterprise value.

"<u>ARD Period</u>" shall mean, with respect to any Class of Notes in a Series, the period commencing on the applicable Anticipated Repayment Date for such Class (if the Notes of such Class have not been paid in full on or prior to the applicable Anticipated Repayment Date for such Class of Notes) and ending on the Payment Date on which all principal of, and interest (including Post-ARD Additional Interest) on, such Notes is paid in full.

"<u>Asset Entities</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Asset Entity Interests</u>" shall have the meaning ascribed to it in Section 8.01(a).

"<u>Assets</u>" shall mean the assets of the Asset Entities.

"<u>Assignment/Contribution Agreement</u>" shall mean each assignment agreement, contribution agreement or other similar agreement whereby an Asset Entity is assigned and/or contributed to the U.S. Co-Issuer or the Canadian Co-Issuer or a Data Center and/or other assets is assigned and/or contributed to and/or from an Asset Entity.

"<u>Authorized Officer</u>" shall mean (i) any director, Member, Manager, Executive Officer or other officer of the U.S. Co-Issuer or the Canadian Co-Issuer (or the Co-Issuer GP on its behalf) who is authorized to act for or on behalf of the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, in matters relating to the U.S. Co-Issuer or the Canadian Co-Issuer and (ii) for so long as the Management Agreements are in full force and effect, any officer of the Canadian Manager or the U.S. Manager who is authorized to act for the applicable Manager in matters relating to the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, and to be acted upon by such Manager pursuant to the applicable Management Agreement, and, in each case, who is identified on the list of Authorized Officers delivered by the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, to the Indenture Trustee and the Servicer on the Closing Date (as such list may be modified or supplemented from time to time thereafter).

"<u>Authorized Representative</u>" shall have the meaning ascribed to it in Section 15.26(a).

"<u>Available Capital Expenditure Amount</u>" shall mean, as of any date of determination for each Tenant Lease whose Commencement is subject to Capital Expenditure by any Obligor or an affiliate thereof, an amount equal to the sum of, without duplication of any such amounts for more than one Tenant Lease, (i) the funds available in the Capital Expenditures Reserve Sub-Account on such date, (ii) the undrawn Class A-1 Commitment Amount that would be permitted to be drawn on such date, (iii) unrestricted cash and cash equivalent at the Manager or the applicable affiliate and (iv) undrawn equity commitments of the Parent.

"<u>Available Funds</u>" shall mean, for each Application Date and with respect to (x) the U.S. Collection Account, (y) the Canadian Collection Accounts (z) or any other foreign Collections Accounts established pursuant to the terms of this Indenture, together (i) Receipts received by or on behalf of the Asset Entities and deposited into such Collection Account or Collection Accounts, as applicable, during the Relevant Collection Period and (ii) any amounts transferred from the relevant Sub-Accounts to be applied as such on such Application Date; *provided* that (i) Available Funds constituting U.S. Collections shall be held in the U.S. Collection Account, Available Funds constituting Canadian Collections shall be held in the USD Canadian Collection Account or the CAD Canadian Collection Account based on the currency in which such Canadian Collections are denominated and Available Funds in the Canadian Collection Accounts shall be calculated and applied on an aggregate basis (subject to Section 5.01(c)), Available Funds constituting foreign Collections shall be held in the Collection Account established pursuant to this Indenture for such foreign currency and (ii) Receipts on deposit in a Collection Account that were received during one Collection Period but are attributable to amounts due from a Tenant in a succeeding Collection Period shall not constitute Available Funds for any Application Date with respect to the Collection Period in which such amounts are received but shall be included in the Available Funds for the first Application Date with respect to the Collection Period in which such amounts are due. For the avoidance of doubt, proceeds of draws under Variable Funding Notes shall not constitute Available Funds.

"<u>Available Terminated Tenant Lease Rent Amount</u>" shall mean, with respect to any Collection Period, an amount equal to the monthly base rent (or the portion of the base rent that represents any shortfall in base rent with respect to any Leased Capacity contracted to be provided under any Early Terminated Tenant Lease that has not been re-leased) that would have been payable during such Collection Period under each Early Terminated Tenant Lease for which an Early Termination Fee is on deposit in an Early Termination Fee Reserve Sub-Account.

"<u>Bankruptcy Code</u>" shall mean Title 11 of the United States Code, as amended from time to time, and all rules and regulations promulgated thereunder.

"<u>Beneficial Owner</u>" shall mean, with respect to any Series of Term Notes, the owner of a beneficial interest in a Global Note of such Series of Term Notes.

"<u>BIA</u>" shall mean the Bankruptcy and Insolvency Act (Canada), as amended from time to time.

"<u>Book-Entry Notes</u>" shall mean any Note registered in the name of the Depositary or its nominee.

"<u>Budgeted Operating Expenses</u>" shall mean collectively the U.S. Budgeted Operating Expenses and the Canadian Budgeted Operating Expenses.

"<u>Business Day</u>" shall mean any day other than (i) a Saturday, (ii) a Sunday or (iii) a legal holiday in the state of New York, California, the state where the primary servicing office of the Servicer is located or the state in which the corporate trust office of the Indenture Trustee is located, or any such day on which banking institutions located in any such state are generally not open for the conduct of regular business.

"<u>CAD Canadian Capital Expenditures Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.04.

"<u>CAD Canadian Collection Account"</u> shall have the meaning ascribed to it in Section 3.01.

"<u>CAD Canadian Early Termination Fee Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.06.

"<u>CAD Canadian Executed Forward Starting Lease Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.07.

"<u>CAD Canadian Priority Expense Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.03.

"<u>CAD Canadian Specified Material Tenant Lease Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.10.

"<u>Canadian Asset Entities</u>" shall mean the Asset Entities formed in Canada.

"<u>Canadian Benefit Plans</u>" shall mean any plan, fund, program, or policy, whether oral or written, formal or informal, funded or unfunded, insured or uninsured, providing employee benefits, including medical, hospital care, dental, sickness, accident, disability, life insurance, pension, retirement or savings benefits, under which any Obligor has any liability with respect to any Canadian employee or former employee of any of them, but excluding any Canadian Pension Plans.

"<u>Canadian Capital Expenditures Reserve Sub-Accounts</u>" shall have the meaning ascribed to it in Section 4.04.

"<u>Canadian Budgeted Operating Expenses</u>" shall have the meaning ascribed to it in the Canadian Management Agreement.

"<u>Canadian Cash Trap Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.05.

"<u>Canadian Co-Issuer</u>" shall have the meaning ascribed to is in the preamble hereto.

"<u>Canadian Collection Accounts</u>" shall have the meaning ascribed to it in Section 3.01.

"<u>Canadian Collection Account Bank</u>" shall have the meaning ascribed to it in Section 3.01.

"<u>Canadian Collection Account Control Agreement</u>" shall have the meaning ascribed to it in Section 3.01.

"<u>Canadian Collections</u>" shall have the meaning ascribed to it in Section 3.01.

"<u>Canadian Data Centers</u>" shall mean the Data Centers located in Canada.

"<u>Canadian Early Termination Fee Reserve Sub-Accounts</u>" shall have the meaning ascribed to it in Section 4.06.

"<u>Canadian Executed Forward Starting Lease Reserve Sub-Accounts</u>" shall have the meaning ascribed to it in Section 4.07.

"<u>Canadian Guarantee and Security Agreement</u>" shall mean, collectively, the deed of hypothec granted by Compass Datacenters YUL I LP and Compass Datacenters YUL II LP in favor of the Indenture Trustee, as hypothecary representative on behalf of the Noteholders, on June 5, 2020 and the guarantee and security agreement dated as of the Initial Closing Date made by the Canadian Guarantors in favor of the Indenture Trustee on behalf of the Noteholders.

"<u>Canadian Specified Material Tenant Lease Reserve Sub-Accounts</u>" shall have the meaning ascribed to it in Section 4.06.

"<u>Canadian Guarantors</u>" shall mean Compass Datacenters Canada Guarantor Limited Partnership and Compass Datacenters Canada Issuer, Inc.

"<u>Canadian Liquidity Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.08.

"<u>Canadian Management Agreement</u>" shall mean that certain Canadian Management Agreement, dated as of the Initial Closing Date (as amended by that certain Amendment to Management Agreement, dated as of the Amendment and Restatement Closing Date), among the Canadian Obligors and the Canadian Manager.

"<u>Canadian Manager</u>" shall mean the manager described in the Canadian Management Agreement or an Acceptable Manager as may hereafter be charged with management of the Canadian Obligors in accordance with Section 7.12.

"<u>Canadian Obligors</u>" shall mean the Obligors formed in Canada (including the Canadian Co-Issuer and any Additional Asset Entity formed in Canada).

"<u>Canadian Pension Plans</u>" shall mean pension plan required to be registered under Canadian federal or provincial law that is maintained or contributed to by any Obligor for its employees or former employees, but does not include the Canada Pension Plan or the Quebec Pension Plan as maintained by the Government of Canada or the Province of Quebec, respectively.

"<u>Canadian Priority Expense Reserve Sub-Accounts</u>" shall have the meaning ascribed to it in Section 4.03.

"<u>Capital Expenditures</u>" shall mean expenditures for Capital Improvements that, in conformity with GAAP, would not be included in the Obligors' annual financial statements as Operating Expenses of the Data Centers.

"<u>Capital Expenditures Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.04.

"<u>Capital Improvements</u>" shall mean capital improvements, repairs or alterations, fixtures, equipment and other capital items (whether paid in cash or property or accrued as liabilities) made by the Asset Entities.

"<u>Cash Management Agreement</u>" shall mean the Cash Management Agreement, dated as of the Initial Closing Date, among the Obligors, the Indenture Trustee and the Managers.

"<u>Cash Trap Condition</u>" shall mean, as of the end of any calendar month, (i) an Amortization Period is not then continuing and (ii) (x) the Class A Amortization DSCR is less than 1.30x, (y) the Class B Amortization DSCR is less than 1.15x, or (z) the Class C Amortization DSCR is less than 1.05x, and will continue to exist until (A) the Class A Amortization DSCR is equal to or has exceeded 1.30x, (B) the Class B Amortization DSCR is equal to or has exceeded 1.15x and (C) the Class C Amortization DSCR is equal to or has exceeded 1.05x, in each case as of the last day of the same three consecutive months.

"<u>Cash Trap Reserve</u>" shall have the meaning ascribed to it in Section 4.05.

"<u>Cash Trap Reserve Amount</u>" shall have the meaning ascribed to it in Section 4.05.

"<u>Cash Trap Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.05.

"<u>CCAA</u>" shall mean the Companies' Creditors Arrangement Act (Canada), as amended from time to time.

"<u>Claims</u>" shall have the meaning ascribed to it in Section 7.04(a).

"<u>Class</u>" shall mean, collectively, all of the Notes bearing the same alphabetical type and, if applicable, numerical class designation and having the same payment terms. The respective Classes of Notes are designated under Series Supplements.

"<u>Class A- 1 Administrative Agent</u>" shall mean with respect to any Series of Variable Funding Notes, the "Class A-1 Administrative Agent," if any, as specified in the related Variable Funding Note Purchase Agreement.

"<u>Class A- 1 Administrative Agent Fee</u>" shall mean with respect to any Series of Variable Funding Notes, the fee, if any, set forth in the related Variable Funding Note Purchase Agreement for payment to the applicable Class A-1 Administrative Agent.

"<u>Class A-1 Commitment Amount</u>" shall mean the aggregate maximum outstanding principal amount available under this Indenture and any Variable Funding Note Purchase Agreement with respect to any Variable Funding Notes.

"<u>Class A-1 Notes</u>" shall mean all Notes of any Series issued under this Indenture and any related Series Supplement that are designated Class "A-1".

"<u>Class A- 2 Monthly Amortization Amount</u>" shall mean, as of each Payment Date with respect to the Class A-2 Notes of any Series, the sum of (i) the Class A-2 Targeted Amortization Amount for such Notes, if any, as of such Payment Date and (ii) the Unpaid Class A-2 Monthly Amortization Amount for such Notes as of such Payment Date.

"<u>Class A-2 Notes</u>" shall mean all Notes of any Series issued under this Indenture and any related Series Supplement that are designated Class "A-2".

"<u>Class A- 2 Targeted Amortization Amount</u>" shall mean, as of each Payment Date with respect to the Class A- 2 Notes of any Series, the amount, if any, set forth in the Series Supplement for such Notes for such Payment Date.

"<u>Class A Amortization DSCR</u>" shall mean, as of any date, the ratio of (i) the excess, if any, of (a) the Annualized Adjusted Net Operating Income as of such date over (b) the Annualized Targeted Maintenance Capital Expenditures as of such date to (ii) the amount of (x) the interest on any Class A Notes that the Co-Issuers would be required to pay over the succeeding twelve Payment Dates (other than any Contingent Interest or Deferred Contingent Interest), (y) the principal of any Class A Notes that the Co-Issuers would be required to pay over the succeeding twelve Payment Dates and (z) with respect to any Class A-1 Notes, any VFN Undrawn Commitment Fees and any other fees, expenses and other amounts due to the holders of the Class A-1 Notes under any Variable Funding Note Purchase Agreement that the Co-Issuers would be required to pay over the succeeding twelve Payment Dates, in each case determined as though the Class A Notes were subject to a 30-year "mortgage style" amortization (determined without duplication of any Class A-2 Monthly Amortization Amounts payable during such period) at the then-current blended average rate of all Outstanding Class A Notes. For the purposes of this calculation, it is assumed that (x) the base rate, LIBOR rate or CP Rate for the related Interest Accrual Periods will be equal to the then-current base rate, LIBOR rate or CP Rate and (y) no Class A Sweep Amount or Early Termination Fee Prepayment Amount is payable.

"<u>Class A LTV Ratio</u>" shall mean, as of any date, the ratio of (a) the excess, if any, of (i) the aggregate outstanding principal amount of any Class A Notes as of such date over (ii) the sum of (x) the aggregate amount of funds on deposit in the Liquidity Reserve Sub-Accounts as of such date and (y) any amounts on deposit in the Specified Material Tenant Lease Reserve Sub-Accounts as of such date to (b) the aggregate Appraised Value for all Appraised Eligible Data Centers (including, without duplication, in the case of a campus consisting solely of Appraised Eligible Data Centers, the Appraised Value of such campus); *provided* that in connection with a disposition of one or more Data Centers in accordance with Section 7.30, the Class A LTV Ratio shall be calculated after giving pro-forma effect to the disposition of such Data Center and the prepayment of the Notes based on the applicable Disposition Price.

"<u>Class A Notes</u>" shall mean all Notes of any Series issued under this Indenture and any related Series Supplement that are designated Class "A" (regardless of type or numerical designation).

"<u>Class A Sweep Amount</u>" shall mean, with respect to any Payment Date, the greater of (a) the excess, if any, of (i) the amount, if any, of principal of the Class A Notes of any Series on such Payment Date the repayment of which is necessary to cause the Class A LTV Ratio, after giving effect to such reduction and the payment of the Class A-2 Monthly Amortization Amount to the Class A-2 Notes for such Payment Date, to be less than or equal to 70.0% over (ii) any amount allocated on any Application Date prior to such Payment Date for which such Payment Date is the Relevant Payment Date to the Debt Service Sub-Account pursuant to Section 5.01(a)(xi) and (b) if a Specified Material Tenant Lease Event has occurred and is continuing, then the excess, if any, of (i) the amount, if any, of principal of the Class A Notes of any Series on such Payment Date the repayment of which is necessary to cause the AANOI Leverage Ratio, after giving effect to such reduction and the payment of the Class A- 2 Monthly Amortization Amount to the Class A-2 Notes for such Payment Date, to be less than or equal to a ratio that is 0.25x greater than the Target Leverage Ratio as of such Payment Date over (ii) any amount allocated on any Application Date prior to such Payment Date for which such Payment Date is the Relevant Payment Date to the Debt Service Sub-Account pursuant to Section 5.01(a)(xi).

"<u>Class B Amortization DSCR</u>" shall mean, as of any date, the ratio of (i) the excess, if any, of (a) the Annualized Adjusted Net Operating Income as of such date over (b) the Annualized Targeted Maintenance Capital Expenditures as of such date to (ii) the amount of (x) the interest on the Class A Notes and the Class B Notes that the Co-Issuers would be required to pay over the succeeding twelve Payment Dates (other than any Contingent Interest or Deferred Contingent Interest), (y) the principal of the Class A Notes and Class B Notes that the Co-Issuers would be required to pay over the succeeding twelve Payment Dates and (z) with respect to any Class A-1 Notes, any VFN Undrawn Commitment Fees and any other fees, expenses and other amounts due to the holders of the Class A-1 Notes under any Variable Funding Note Purchase Agreement that the Co-Issuers would be required to pay over the succeeding twelve Payment Dates, in each case determined as though the Class A Notes and the Class B Notes were subject to a 30-year "mortgage style" amortization (determined without duplication of any Class A-2 Monthly Amortization Amounts payable during such period) at the then-current blended average rate of all Outstanding Class A Notes or Class B Notes, as applicable. For the purposes of this calculation, it is assumed that (x) the base rate, LIBOR rate or CP Rate for the related Interest Accrual Periods will be equal to the then- current base rate, LIBOR rate or CP Rate, as applicable, and (y) no Class A Sweep Amount, Class B Sweep Amount or Early Termination Fee Prepayment Amount is payable.

"<u>Class B LTV Ratio</u>" shall mean, as of any date, the ratio of (a) the excess, if any, of (i) the aggregate outstanding principal amount of any Class A Notes and Class B Notes as of such date over (ii) the sum of (x) the aggregate amount of funds on deposit in the Liquidity Reserve Sub-Accounts as of such date and (y) any amounts on deposit in the Specified Material Tenant Lease Reserve Sub-Accounts as of such date to (b) the aggregate Appraised Value for all Appraised Eligible Data Centers (including, without duplication, in the case of a campus consisting solely of Appraised Eligible Data Centers, the Appraised Value of such campus); provided that in connection with a disposition of one or more Data Centers in accordance with <u>Section 7.30</u>, the Class B LTV Ratio shall be calculated after giving pro-forma effect to the disposition of such Data Center and the prepayment of the Notes based on the applicable Disposition Price.

"<u>Class B Notes</u>" shall mean all Notes of any Series issued under this Indenture and any related Series Supplement that are designated Class "B" (regardless of type or numerical designation).

"<u>Class B Sweep Amount</u>" shall mean, with respect to any Payment Date, the greater of the excess, if any, of (i) the amount, if any, of principal of the Class B Notes of any Series on such Payment Date the repayment of which is necessary to cause the Class B LTV Ratio, after giving effect to such reduction and the payment of any Class A Sweep Amount and the Class A-2 Monthly Amortization Amount to the Class A-2 Notes for such Payment Date, to be less than or equal to (A) on or prior to the third anniversary of the Initial Closing Date, 75.0% or (B) following the third anniversary of the Initial Closing Date 80.0% over (ii) any amount allocated on any Application Date prior to such Payment Date for which such Payment Date is the Relevant Payment Date to the Debt Service Sub-Account pursuant to <u>Section 5.01 (a)(xvi)</u>.

"<u>Class C Amortization DSCR</u>" shall mean, as of any date, the ratio of (i) the excess, if any, of (a) the Annualized Adjusted Net Operating Income as of such date over (b) the Annualized Targeted Maintenance Capital Expenditures as of such date to (ii) the amount of (x) the interest on the Class A Notes and the Class B Notes and Class C Notes that the Co-Issuers would be required to pay over the succeeding twelve Payment Dates (other than any Contingent Interest or Deferred Contingent Interest), (y) the principal of the Class A Notes, Class B Notes and Class C Notes that the Co-Issuers would be required to pay over the succeeding twelve Payment Dates and (z) with respect to any Class A-1 Notes, any VFN Undrawn Commitment Fees and any other fees, expenses and other amounts due to the holders of the Class A-1 Notes under any Variable Funding Note Purchase Agreement that the Co-Issuers would be required to pay over the succeeding twelve Payment Dates, in each case determined as though the Class A Notes, the Class B Notes and the Class C Notes were subject to a 30-year "mortgage style" amortization (determined without duplication of any Class A-2 Monthly Amortization Amounts payable during such period) at the then- current blended average rate of all Outstanding Class A Notes, Class B Notes or Class C Notes, as applicable. For the purposes of this calculation, it is assumed that (x) the base rate, LIBOR rate or CP Rate for the related Interest Accrual Periods will be equal to the then-current base rate, LIBOR rate or CP Rate, as applicable, and (y) no Class A Sweep Amount, Class B Sweep Amount, Class C Sweep Amount or Early Termination Fee Prepayment Amount is payable.

"<u>Class C LTV Ratio</u>" shall mean, as of any date, the ratio of (a) the excess, if any, of (i) the aggregate outstanding principal amount of any Class A Notes, Class B Notes and Class C Notes as of such date over (ii) the sum of (x) the aggregate amount of funds on deposit in the Liquidity Reserve Sub-Accounts as of such date and (y) any amounts on deposit in the Specified Material Tenant Lease Reserve Sub-Accounts as of such date to (b) the aggregate Appraised Value for all Appraised Eligible Data Centers (including, without duplication, in the case of a campus consisting solely of Appraised Eligible Data Centers, the Appraised Value of such campus); provided that in connection with a disposition of one or more Data Centers in accordance with <u>Section 7.30</u>, the Class C LTV Ratio shall be calculated after giving pro-forma effect to the disposition of such Data Center and the prepayment of the Notes based on the applicable Disposition Price.

"<u>Class C Notes</u>" shall mean all Notes of any Series issued under this Indenture and any related Series Supplement that are designated Class "C" (regardless of type or numerical designation).

"<u>Class C Sweep Amount</u>" shall mean, with respect to any Payment Date, the greater of the excess, if any, of (i) the amount, if any, of principal of the Class C Notes of any Series on such Payment Date the repayment of which is necessary to cause the Class C LTV Ratio, after giving effect to such reduction and the payment of any Class A Sweep Amount, Class B Sweep Amount and the Class A-2 Monthly Amortization Amount to the Class A-2 Notes for such Payment Date, to be less than or equal to (A) on or prior to the third anniversary of the Initial Closing Date, 80.0% or (B) following the third anniversary of the Initial Closing Date 85.0% over (ii) any amount allocated on any Application Date prior to such Payment Date for which such Payment Date is the Relevant Payment Date to the Debt Service Sub-Account pursuant to <u>Section 5.01 (a)(xix)</u>.

"<u>Class Principal Balance</u>" shall mean, as of any date of determination, the Note Principal Balance of all Outstanding Notes of such Class on such date. The Class Principal Balance of each Class of Notes may be increased by the issuance of Additional Notes of such Class in an additional Series, or in the case of the Variable Funding Notes, also by draws on their commitment. The Class Principal Balance of each Class of Notes will be reduced by the amount of any principal payments made to the Holders of the Notes of such Class.

"<u>Clearstream</u>" shall mean Clearstream Banking S.A.

"<u>Closing Date</u>" with respect to a Series, shall have the meaning ascribed to it in the Series Supplement for such Series.

"<u>Closing Date Asset Entities</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Closing Date Data Centers</u>" shall mean (i) the data centers owned by the Closing Date Asset Entities on the Initial Closing Date and (ii) the data centers for which all related cashflow from any Data Center Asset (including all rent from any related Tenant Lease) has been contributed to any Obligor.

"<u>Closing Date Other Entities</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Co-Issuer GP</u>" shall mean Compass Datacenters Canada Issuer, Inc., a Canadian corporation formed under the laws of Canada.

"<u>Co-Issuers</u>" shall have the meaning ascribed to is in the preamble hereto.

"<u>Code</u>" shall mean the United States Internal Revenue Code of 1986, as amended.

"<u>Collateral</u>" shall mean any property which is the subject of a Grant in favor of the Indenture Trustee on behalf of the Noteholders pursuant to any Transaction Document.

"<u>Collection Account Control Agreements</u>" shall have the meaning ascribed to it in Section 3.01.

"<u>Collection Account Bank</u>" shall mean the depositary institution at which a Collection Account is maintained pursuant to a Collection Account Control Agreement.

"<u>Collection Accounts</u>" shall have the meaning ascribed to it in Section 3.01.

"<u>Collection Period</u>" shall mean each successive period of one calendar month; *provided* that the initial Collection Period shall commence on the first day of the calendar month in which the Initial Closing Date occurs and end on the last day of the calendar month in which the Initial Closing Date occurs.

"<u>Commenced</u>" shall mean, with respect to any Tenant Lease, that the related Tenant with respect to such Tenant Lease has been granted a right to occupy all or a portion of a Data Center (not taking into account any early-occupancy period during which such tenant is permitted to install equipment, conduct tenant improvements or undertake similar activities) pursuant to the related Tenant Lease (regardless of whether such Tenant is obligated to pay rent with respect to the full amount of the electrical capacity leased pursuant to the related Tenant Lease at such time).

"<u>Compliance Certificate</u>" shall have the meaning ascribed to it in Section 7.02(a)(ix).

"<u>Condemnation Proceeds</u>" shall mean, collectively, the proceeds of any condemnation or taking pursuant to the exercise of the power of eminent domain or purchase in lieu thereof.

"<u>Consent Fee</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Contingent Interest</u>" if any, with respect to any Variable Funding Note of a Series, shall have the meaning ascribed to it in the Series Supplement for such Series.

"<u>Contingent Obligation</u>" as applied to any Person, shall mean any direct or indirect liability, contingent or otherwise, of that Person: (A) with respect to any indebtedness, lease, dividend or other obligation of another if the primary purpose or intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in whole or in part) against loss with respect thereto; (B) with respect to any letter of credit issued for the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings; (C) under any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement or other similar agreement or arrangement designed to protect against fluctuations in interest rates; or (D) under any foreign exchange contract, currency swap agreement or other similar agreement or arrangement designed to protect that Person against fluctuations in currency values. Contingent Obligations shall include, without limitation, (i) the direct or indirect guaranty, endorsement (other than for collection or deposit in the ordinary course of business), co-making (other than the Notes), discounting with recourse or sale with recourse by such Person of the obligation of another, (ii) the obligation to make take-or-pay or similar payments if required regardless of nonperformance by any other party or parties to an agreement, and (iii) any liability of such Person for the obligations of another through any agreement to purchase, repurchase or otherwise acquire such obligation or any property constituting security therefor, to provide funds for the payment or discharge of such obligation or to maintain the solvency, financial condition or any balance sheet item or level of income of another. The amount of any Contingent Obligation shall be equal to the amount of the obligation so guaranteed or otherwise supported or, if not a fixed and determined amount, the maximum amount so guaranteed.

"<u>Continuing Notes</u>" shall have the meaning ascribed to it in Section 2.13(b).

"<u>Contractual Obligation</u>" as applied to any Person, shall mean any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject, other than the Transaction Documents.

"<u>Controlling Class</u>" shall mean, as of any date of determination, the senior most Outstanding Class of Notes (*i.e.*, the Class with the highest alphabetical designation), without regard to allocation to a particular Series. In the event that the Class A Notes are the Controlling Class, the Controlling Class will be comprised of all Class A Notes, collectively, based on the outstanding principal amounts of such Class A Notes (assuming the full amount of any Class A-1 Commitment Amount that is permitted to be drawn on such date is fully drawn).

"<u>Controlling Class Representative</u>" shall have the meaning ascribed in Section 10.05(a).

"<u>Corporate Trust Office</u>" shall mean the principal office of the Indenture Trustee at which at any particular time its corporate trust business shall be administered, which office at the date of execution of this Indenture is located at Rodney Square North, 1100 N. Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration – Compass Datacenters; or at such other address the Indenture Trustee may designate from time to time by notice to the Noteholders and the Obligors, or the principal corporate trust office of any successor Indenture Trustee at the address designated by such successor Indenture Trustee by notice to the Noteholders and the Obligors. For purposes of all Notes surrendered for payment or registration of transfer or exchange, or deemed destroyed, lost or stolen, the corporate trust office of the Indenture Trustee shall be as follows: Rodney Square North, 1100 N. Market Street, Wilmington, Delaware 19890, Attention: Workflow Management – Compass Datacenters.

"<u>Currency Conversion Direction Letter</u>" shall have the meaning ascribed to it in Section 11.12(d).

"<u>Data Center Assets</u>" shall have the meaning ascribed to it in Section 7.30(b).

"<u>Data Centers</u>" shall mean the Closing Date Data Centers and any Additional Data Centers.

"<u>Data Center Acquisition Fee</u>" shall have the meaning ascribed to it in the Servicing Agreement.

"<u>Data Center Release Fee</u>" shall have the meaning ascribed to it in the Servicing Agreement.

"<u>Data Center Space</u>" shall mean the space at a Data Center that is leased, subleased or licensed by an Asset Entity to one or more Tenants under a Tenant Lease.

"<u>DBRS</u>" shall mean DBRS Inc. and any of its successors.

"<u>Debt Service Advance</u>" shall mean the advance solely with respect to Class A Notes required, subject to a determination that such is not a Nonrecoverable Advance and the absence of any Advance Suspension Period, to be made by the Servicer on the Business Day preceding each Payment Date provided that no Advance Suspension Period is then in effect in an amount equal to the excess of (i) the Monthly Payment Amount for such Payment Date over (ii) the balance in the Debt Service Sub-Account (inclusive of transfers made thereto (x) for periods prior to an Event of Default, from the Liquidity Reserve Sub-Accounts and Cash Trap Reserve Sub-Accounts and, (y) from and after an Event of Default, transfers thereto from all Reserve Sub-Accounts) on such date available to pay such Monthly Payment Amount. For the avoidance of doubt, neither the Indenture Trustee nor the Servicer shall have any obligation to make any Debt Service Advance with respect to the Class B Notes or Class C Notes.

"<u>Debt Service Sub-Account</u>" shall mean a Sub-Account of the U.S. Collection Account to reserve the amount required for payments due on the Notes in the manner required pursuant to Section 5.01(a).

"<u>Default</u>" shall mean any event, occurrence or circumstance that is, or with notice or the lapse of time or both, would become, an Event of Default.

"<u>Defaulted Tenant Lease</u>" shall mean any Tenant Lease included in the Collateral, with respect to which a default occurs under the applicable Tenant Lease that materially and adversely affects the interest of the applicable Asset Entity and that continues unremedied for the applicable grace period under the terms of such Tenant Lease (or, if no grace period is specified, for 30 days).

"<u>Defeasance Date</u>" shall have the meaning ascribed to it in Section 2.12(a).

"<u>Defeasance Payment Date</u>" shall mean, for any Series, the Payment Date on which the Prepayment Period for such Series commences.

"<u>Deferred Contingent Interest</u>" shall mean any Contingent Interest not paid on any Payment Date which is deferred and added to any Contingent Interest previously deferred and remaining unpaid.

"<u>Deferred Base Rate Amount</u>" has the meaning set forth in any Variable Funding Note Purchase Agreement.

"<u>Deferred CP Rate Funding Amount</u>" has the meaning set forth in the definition of "CP Funding Rate" set forth in any Variable Funding Note Purchase Agreement.

"<u>Deferred Eurodollar Rate Amount</u>" has the meaning set forth in any Variable Funding Note Purchase Agreement.

"<u>Deferred Post-ARD Additional Interest</u>" shall have the meaning ascribed to it in Section 2.10.

"<u>Deferred VFN Funding Amount</u>" means any "Deferred Base Rate Amount", "Deferred CP Rate Funding Amount" or "Deferred Eurodollar Funding Amount", in each case, as defined in any Variable Funding Note Purchase Agreement.

"<u>Definitive Notes</u>" shall have the meaning ascribed to it in Section 2.01(b).

"<u>Definitive Term Notes</u>" shall have the meaning ascribed to it in Section 2.01(b).

"<u>Definitive Variable Funding Notes</u>" shall have the meaning ascribed to it in Section 2.01(a).

"<u>Delinquent Tenant Lease</u>" shall mean any Tenant Lease included in the Collateral (other than a Defaulted Asset), with respect to which any amounts due thereunder becomes delinquent for 60 or more consecutive days.

"<u>Depositary</u>" and "<u>DTC</u>" shall mean The Depository Trust Company, or any successor Depositary hereafter named as contemplated by Section 2.03(c).

"<u>Depositary Participants</u>" shall mean a broker, dealer, bank or other financial institution or other Person for whom from time to time the Depositary effects book-entry transfers and pledges of securities deposited with the Depositary.

"<u>Discretionary Capital Expenditures</u>" shall mean (i) non-recurring Capital Expenditures made to enhance the Operating Revenues of Data Centers, such as to accommodate expansion for additional tenant equipment and (ii) other non-recurring Capital Expenditures made to decrease the Operating Expenses of the Data Centers.

"<u>Disposition Price</u>" shall mean, with respect to any disposition of any Data Center, an amount with respect to such Data Center equal to (i) if (w) the pro forma DSCR after giving effect to the disposition of such Data Center and any prepayment of Term Notes occurring concurrently with such disposition, is equal to or greater than 1.85x, (x) the Class A LTV Ratio after giving effect to the disposition of such Data Center and any prepayment of Term Notes occurring concurrently with such disposition is less than or equal to (A) on or prior to the third anniversary of the Initial Closing Date, 65.0% or (B) following the third anniversary of the Initial Closing Date 70.0%, (y) the Class B LTV Ratio after giving effect to the disposition of such Data Center and any prepayment of Term Notes occurring concurrently with such disposition is less than or equal to (A) on or prior to the third anniversary of the Initial Closing Date, 75.0% or (B) following the third anniversary of the Initial Closing Date 80.0%, and (z) the Class C LTV Ratio after giving effect to the disposition of such Data Center and any prepayment of Term Notes occurring concurrently with such disposition is less than or equal to (A) on or prior to the third anniversary of the Initial Closing Date, 80.0% or (B) following the third anniversary of the Initial Closing Date 85.0%, then $0 and (ii) if (w) the pro forma DSCR after giving effect to the disposition of such Data Center and any prepayment of Term Notes occurring concurrently with such disposition, is less than 1.85x, (x) the Class A LTV Ratio after giving effect to the disposition of such Data Center and any prepayment of Term Notes occurring concurrently with such disposition is greater than (A) on or prior to the third anniversary of the Initial Closing Date, 65.0% or (B) following the third anniversary of the Initial Closing Date, 70.0%, (y) the Class B LTV Ratio after giving effect to the disposition of such Data Center and any prepayment of Term Notes occurring concurrently with such disposition is greater than (A) on or prior to the third anniversary of the Initial Closing Date, 75.0% or (B) following the third anniversary of the Initial Closing Date, 80.0%, or (z) the Class C LTV Ratio after giving effect to the disposition of such Data Center and any prepayment of Term Notes occurring concurrently with such disposition is greater than (A) on or prior to the third anniversary of the Initial Closing Date, 80.0% or (B) following the third anniversary of the Initial Closing Date, 85.0%, then, the greater of (a) 125% of the Allocated Note Amount for such Data Center and (b) the amount, if any, of principal of the Term Notes of any Series the repayment of which is necessary to cause the pro forma DSCR after giving effect to the disposition of such Data Center and any prepayment (and any issuance) of Term Notes occurring concurrently with such disposition, to be greater than or equal to 1.85x.

"<u>Division</u>" shall mean, with respect to any Person that is a limited liability company organized under the laws of the State of Delaware, the division of such Person into two or more domestic limited liability companies (whether or not the original Person survives such division) pursuant to and in accordance with § 18-217 of Title 6 of Delaware Code.

"<u>DSCR</u>" shall mean, as of any date, the ratio of (i) the excess, if any, of (a) the Annualized Adjusted Net Operating Income as of such date over (b) the Annualized Targeted Maintenance Capital Expenditures as of such date to (ii) the sum of (a) the amount of interest (other than any Contingent Interest or Deferred Contingent Interest) and, with respect to any Class A-1 Notes, any accrued and unpaid VFN Undrawn Commitment Fees and any other fees, expenses and other amounts due to the holders of the Class A-1 Notes under any Variable Funding Note Purchase Agreement in respect thereof, that the Co-Issuers will be required to pay over the succeeding twelve Payment Dates on the aggregate Note Principal Balance of the Notes and (b) the amount of the Indenture Trustee Fees and the Servicer Fees payable during such period, assuming that (a) the Note Rate for the related Interest Accrual Periods will be equal to the then-current Note Rate and (b) the Note Principal Balance of the Notes that will be Outstanding on the Payment Date following the date of determination will remain Outstanding during such period, unless the DSCR is being calculated in connection with the issuance of Additional Notes, in which case, the assumed aggregate Note Principal Balance of the Notes that will be Outstanding during such period will be increased by the Initial Class Principal Balance of each Class of such Additional Notes.

"<u>DTC Custodian</u>" shall mean the Indenture Trustee, in its capacity as custodian of any Series or Class of Global Notes for DTC.

"<u>Early Termination Fee</u>" shall mean, with respect to any Tenant Lease, (x) any amount payable to an Asset Entity in connection with any termination of such Tenant Lease (in whole or in part) earlier than the stated termination date set forth therein and (y) any capital contribution made by the Parent in connection with the termination of any Early Terminated Tenant Lease as set forth in Section 3(d) of the Management Agreement.

"<u>Early Termination Fee Prepayment Amount</u>" shall mean, as of any date of determination, with respect to any Early Terminated Tenant Lease, an amount equal to the excess of (x) the Early Termination Fee with respect to such Early Terminated Tenant Lease <u>over</u> (y) all Available Terminated Tenant Lease Rent Amounts transferred to the applicable Collection Account prior to such date.

"<u>Early Termination Fee Reserve Sub-Account</u>s" shall have the meaning ascribed to it in Section 4.06.

"<u>Early Terminated Tenant Lease</u>" shall mean any Tenant Lease that is subject to a full or partial termination (including, without limitation, by reducing the Leased Capacity contracted to be provided under such Tenant Lease).

"<u>Eligible Account</u>" shall mean a separate and identifiable account from all other funds held by the holding institution, which account is either (i) an account maintained with an Eligible Bank or (ii) a segregated trust account maintained by a corporate trust department of a federal depositary institution or a state chartered depositary institution subject to regulations regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal Regulations § 9.10, which institution, in either case, has a combined capital and surplus of at least $100,000,000 and has corporate trust powers and is acting in its fiduciary capacity and for which a Rating Agency Confirmation has been received.

"<u>Eligible Bank</u>" shall mean a bank that satisfies the Rating Criteria.

"<u>Eligible Data Centers</u>" shall mean, as of any date of determination, a data center that satisfies each of the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such data center is located in one of the G-7 Countries or Israel unless a Rating Agency Confirmation has been obtained; *provided* that with respect to any Data Center that is not located in a G-7 Country, such Data Center will only constitute an Eligible Data Center if, as of any date of determination, the aggregate Appraised Value for all Data Centers not located in a G-7 Country is less than 50% of the aggregate Appraised Value for all Appraised Eligible Data Centers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such data center is (x) owned directly or indirectly by an Asset Entity in fee simple absolute or, in the case of a Data Center located in Québec, through an ownership interest (real rights) in immovable property or (y) leased under a Ground Lease or, in the case of a Data Center located in Québec, an emphyteutic lease, in each case, free and clear of Liens (other than Permitted Encumbrances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the U.S. Co-Issuer or Canadian Co-Issuer has provided to the Indenture Trustee a Mortgage and a Title Policy with respect to such data center and has provided to such title company issuing such Title Policy the Mortgage to be submitted for recording in the appropriate office of real property records and a survey or certificate of location with respect to such data center; provided that the requirement set forth in this clause (iii) shall be deemed satisfied for purposes of the First Collateral Date so long as such policies are delivered to the Indenture Trustee no later than 15 days after the Initial Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such data center is not subject to any outstanding tax liens or condemnation proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such data center is in compliance with all applicable regulations and has all necessary permits and licenses, unless, in the case of any such permit or license required to be obtained by the Tenant, the failure by such Tenant to obtain such permit or license would not materially and adversely affect the Asset Entity's interest in such data center;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Obligors have delivered to the Indenture Trustee and the Servicer a Phase I environmental report on each such data center, and if such Phase I environmental report reveals any condition that in the Servicer's reasonable judgment so warrants, a Phase II environmental report, and such report concludes that such data center does not contain any Hazardous Materials in material violation of applicable Environmental Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) such data center is not, and no interest of the Obligors therein is, subject to any Lien (other than Permitted Encumbrances) or any negative pledge; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Obligors have completed architectural, structural and other due diligence at such data center (consistent with the Managers' existing standards and practices) with no material adverse findings and the data center is otherwise free of all material structural, architectural or title defects and is free of material deferred maintenance.

"<u>Employee Benefit Plan</u>" shall mean any employee benefit plan within the meaning of Section 3(3) of ERISA (including any Multiemployer Plan) which is subject to Title IV of ERISA or to Section 412 of the Code.

"<u>Environmental Assessment</u>" shall have the meaning ascribed to it in Section 10.02(f).

"<u>Environmental Laws</u>" shall mean all applicable statutes, ordinances, codes, orders, decrees, laws, rules or regulations of any Governmental Authority pertaining to or imposing liability or standards of conduct concerning environmental protection (including, without limitation, regulations concerning health and safety to the extent relating to human exposure to Hazardous Materials), contamination or clean-up or the handling, generation, release or storage of Hazardous Material affecting the Data Centers including, without limitation, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, the Resource Conservation and Recovery Act, as amended, the Emergency Planning and Community Right-to-Know Act of 1986, as amended, the Hazardous Substances Transportation Act, as amended, the Solid Waste Disposal Act, as amended, the Clean Water Act, as amended, the Clean Air Act, as amended, the Toxic Substances Control Act, as amended, the Safe Drinking Water Act, as amended, the Occupational Safety and Health Act, as amended (to the extent relating to human exposure to Hazardous Materials), any state superlien and environmental clean-up statutes and all regulations adopted in respect of the foregoing laws whether now or hereafter in effect, but excluding any historic preservation or similar laws of any Governmental Authority relating to historical resources and historic preservation not related to (i) protection of the environment or (ii) Hazardous Materials.

"<u>Equity Cure Contribution</u>" means, with respect the any monthly period, any cash contribution made to the Co-Issuers at any time prior to the latest Rated Final Payment Date for any Series of Notes Outstanding to make deposits into the Specified Material Tenant Lease Reserve Sub-Accounts in accordance with Section 5.05 of this Indenture.

"<u>ERISA</u>" shall mean the Employee Retirement Income Security Act of 1974, as amended.

"<u>ERISA Affiliate</u>" shall mean, in relation to any Person, any other Person that, together with the first Person, is treated as a single employer Section 414(b), (c), (m) or (o) of the Code.

"<u>EU Risk Retention Requirement</u>" shall mean the requirement accepted by the Parent to retain, on an ongoing basis, a material net economic interest of not less than five percent in the securitisation as determined in accordance with Article 6 of the Securitisation Regulation.

"<u>Euroclear</u>" shall mean the Euroclear System.

"<u>Event of Default</u>" shall have the meaning ascribed to it in Section 10.01.

"<u>Excess Cash Flow</u>" shall mean, with respect to any Payment Date, amounts remaining in the Debt Service Sub-Account on such Payment Date after payment of all amounts required to be paid on such Payment Date pursuant to Section 5.01(g)(i).

"<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as amended.

"<u>Excluded Data Centers</u>" shall have the meaning ascribed to it in Section 15.19.

"<u>Executed Forward Starting Lease</u>" shall mean a Tenant Lease for which the Tenant is not required to pay rent or is required to pay rents at a reduced rate (i.e., less than the Rent based on the full Leased Capacity), in either case, for a specified time and such Tenant (or the applicable Executed Forward Starting Lease, as applicable) is any of (a) an existing Tenant in good standing, (b) has an investment grade rating from an NRSRO, (c) has a market capitalization exceeding $5 billion at the time of execution of the applicable Executed Forward Starting Lease, (d) the applicable Executed Forward Starting Lease is guaranteed by a third-party that is rated investment grade by an NRSRO or (e) is a wholly-owned foreign subsidiary of a third-party that is rated investment grade by an NRSRO.

"<u>Executed Forward Starting Lease Rent Commencement Date</u>" shall mean, with respect to any Executed Forward Starting Lease the date that the related Tenant is obligated to pay rent with respect to the full amount of the Leased Capacity pursuant to such Tenant Lease.

"<u>Executed Forward Starting Lease Reserve Amount</u>" shall mean, as of any date of determination with respect to an Executed Forward Starting Lease Reserve Sub-Account, the sum of the excess of (x) up to the maximum base rent under each such Executed Forward Starting Lease over the succeeding 18 month period based on the full Leased Capacity (without giving effect to any escalations) multiplied by 12 over (y) the aggregate Rent actually required to be paid under such Executed Forward Starting Lease over the succeeding twelve month period (without giving effect to any escalations); *provided* that if the required Capital Expenditures for an Executed Forward Starting Lease exceeds the Available Capital Expenditure Amount for such Tenant Lease and the Executed Forward Starting Lease's Commencement is subject to such Capital Expenditures by any Obligor, then the Executed Forward Starting Lease Reserve Amount available to be deposited into the Executed Forward Starting Lease Reserve Sub-Account with respect to such Executed Forward Starting Lease shall be reduced to exclude any rent amounts for which there are no Available Capital Expenditure Amounts; *provided further*, that amounts reserved in a foreign currency are converted to USD at the applicable FX Rate for the purpose of including these funds in the definition of Annualized Adjusted Net Operating Income.

"<u>Executed Forward Starting Lease Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.07.

"<u>Executive Officer</u>" shall mean, with respect to any corporation or limited liability company, the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, President, any Executive Vice President, any Senior Vice President, the Chief Accounting Officer, any Vice President, the Secretary or the Treasurer of such corporation or limited liability company and, with respect to any partnership, any individual general partner thereof or, with respect to any other general partner, any such officer of such general partner.

"<u>FATCA</u>" shall mean Sections 1471 through 1474 of the Code, as of the Initial Closing Date (or any amended or successor version of such sections that is substantially comparable and not materially more onerous to comply with), or any regulations or agreements thereunder or official interpretations thereof or any intergovernmental agreement between the United States and another jurisdiction entered into in connection with the implementation thereof (or any law implementing such an intergovernmental agreement).

"<u>FATCA Withholding Tax</u>" shall mean any withholding or deduction required pursuant to FATCA.

"<u>Financial Statements</u>" shall mean the consolidated statement of operations, statement of members' equity, statement of cash flow and balance sheet of the Obligors.

"<u>First Collateral Date</u>" shall mean, with respect to any Data Center, the later of (i) the Initial Closing Date and (ii) the date of addition of such Data Center as an Additional Data Center.

"<u>FX Rate</u>" shall mean, as of any date of determination, the three-month average of foreign exchange rate that the Co-Issuers were able to exchange the applicable foreign currency to USD, which rate may be replaced at the option of the Series 2020-1 Class A-1 Administrative Agent if unavailable at any time.

"<u>G-7 Countries</u>" shall mean each of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.

"<u>GAAP</u>" shall mean, as applicable, Canadian Generally Accepted Accounting Principles or United States Generally Accepted Accounting Principles, in each case, in effect from time to time.

"<u>Global Notes</u>" shall mean Rule 144A Global Notes and Regulation S Global Notes.

"<u>Governmental Authority</u>" shall mean with respect to any Person, any federal, state, provincial or territorial government or other political subdivision thereof and any entity, including any regulatory or administrative authority or court, exercising executive, legislative, judicial, regulatory or administrative or quasi-administrative functions of or pertaining to government, and any arbitration board or tribunal in each case having jurisdiction over such applicable Person or such Person's property, and any stock exchange on which shares of capital stock of such Person are listed or admitted for trading.

"<u>Grant</u>" shall mean to create a security interest in, or to mortgage, any property now owned or at any time hereafter acquired or any right, title or interest that may be acquired in the future.

"<u>Ground Lease</u>" shall mean a ground lease or emphyteutic lease (or sublease) interest granted to an Asset Entity in land by the owner of a fee interest in such land or the lessee of such land pursuant to an agreement in writing; *provided* that a "<u>Ground Lease</u>" shall not refer to any ground lease where an Asset Entity is the landlord under such lease.

"<u>Ground Lease Data Center</u>" shall mean each Data Center that is situated on land that one of the Asset Entities leases (or subleases) pursuant to a Ground Lease.

"<u>Ground Lease Default</u>" shall have the meaning ascribed to it in Section 7.23(c).

"<u>Ground Lease Term</u>" shall mean any amendment or modification to a Ground Lease that (i) after giving effect to the terms of such amendment or modification, would result in a material reduction of the DSCR (when compared against the DSCR as of the most recent Closing Date) or (ii) would reduce the term (including any extension options) of such Ground Lease.

"<u>Ground Lessors</u>" shall mean the landlords under the Ground Leases.

"<u>Guaranteed Obligations</u>" shall have the meaning ascribed to it in Section 16.01.

"<u>Guarantors</u>" shall mean the U.S. Guarantor and the Canadian Guarantors, collectively.

"<u>Guaranty</u>" shall mean with respect to a Tenant Lease, the guarantee of obligations and performance thereunder of the respective Tenant made by a parent entity of such Tenant in favor of the respective Asset Entity as lessor.

"<u>Hazardous Material</u>" shall mean all or any of the following: (A) substances, materials, compounds, wastes, products, emissions and vapors that are defined or listed in, regulated by, or otherwise classified pursuant to, any applicable Environmental Laws, including any so defined, listed, regulated or classified as "hazardous substances", "hazardous materials", "hazardous wastes", "toxic substances", "pollutants", "contaminants", or any other similar formulation intended to regulate, define, list or classify substances by reason of deleterious, harmful or dangerous properties; (B) waste oil, oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced waters and other wastes associated with the exploration, development or production of crude oil, natural gas or geothermal resources; (C) any flammable substances or explosives or any radioactive materials; (D) asbestos in any form; (E) electrical or hydraulic equipment which contains any oil or dielectric fluid containing polychlorinated biphenyls; (F) radon; (G) toxic mold; or (H) urea formaldehyde, *provided, however*, such definition shall not include (i) batteries, fuel, cleaning materials and other substances commonly used in the ordinary course of the Asset Entities' businesses, which materials exist in reasonable quantities and are stored, contained, transported, used, released, and disposed of in accordance with all applicable Environmental Laws, or (ii) batteries, fuel, cleaning materials and other substances commonly used in the ordinary course of the Asset Entities' tenant's, or any of their respective agent's, business, which materials exist in reasonable quantities and are stored, contained, transported, used, released, and disposed of in accordance with all applicable Environmental Laws.

"<u>Holder</u>" and "<u>Noteholder</u>" shall mean a Person in whose name a particular Note is registered in the Note Register.

"<u>Impositions</u>" shall mean (i) all real estate and personal property taxes (net of abatements, reductions or refunds of real estate or personal property taxes relating to the Data Centers applicable to and actually received or credited during the corresponding period) paid or payable by any Asset Entity and other taxes, levies, assessments and similar charges assessed by Governmental Authorities on a Data Center (including any payments in lieu of taxes) and (ii) all rents payable by any Obligor relating to a Data Center or upon the ownership, use, occupancy or enjoyment thereof, including, without limitation, any ground rents relating to the Data Centers.

"<u>Improvements</u>" shall mean all buildings, structures, fixtures, additions, enlargements, extensions, modifications, repairs, replacements and improvements of every kind and nature now or hereafter located on the Data Centers and owned by any of the Asset Entities.

"<u>Indebtedness</u>" shall mean, for any Person, without duplication: (i) all indebtedness of such Person for borrowed money, for amounts drawn under a letter of credit, or for the deferred purchase price of property for which such Person or its assets is liable, (ii) all unfunded amounts under a loan agreement, letter of credit (unless secured in full by cash), or other credit facility for which such Person would be liable if such amounts were advanced thereunder, (iii) all amounts required to be paid by such Person as a guaranteed payment to partners or a preferred or special dividend, including any mandatory redemption of shares or interests but not any preferred return or special dividend paid solely from, and to the extent of, excess cash flow after the payment of all operating expenses, capital improvements and debt service on all Indebtedness, (iv) all obligations under leases that constitute capital leases for which such Person is liable, and (v) all obligations of such Person under interest rate swaps, caps, floors, collars and other interest hedge agreements, in each case whether such Person is liable contingently or otherwise, as obligor, guarantor or otherwise, or in respect of which obligations such Person otherwise assures a creditor against loss, *provided* that reimbursement or indemnity obligations related to surety bonds or letters of credit incurred in the ordinary course of business and fully secured by cash collateral shall not be considered "Indebtedness" hereunder.

"<u>Indenture</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Indenture Supplement</u>" shall mean an indenture supplemental to this Indenture, any Series Supplement or any Notes.

"<u>Indenture Trustee</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Indenture Trustee Fee</u>" shall mean the fee to be paid monthly in arrears on each Payment Date for the Interest Accrual Period ending on or immediately preceding such Payment Date to the Indenture Trustee as compensation for services rendered by it in its capacity as Indenture Trustee in an amount equal to the sum of (i) $500 for each Series of Variable Funding Notes outstanding on such Payment Date and (ii) $1,250 for each Series of Term Notes outstanding on such Payment Date (or $1,750 as of the Initial Closing Date).

"<u>Indenture Trustee Report</u>" shall have the meaning ascribed to it in Section 11.12(d).

"<u>Independent</u>" shall mean, when used with respect to any specified Person, that such Person (a) is in fact independent of the Obligors, any other obligor on the Notes and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial interest or any material indirect financial interest in the Obligors, any such other obligor or any Affiliate of any of the foregoing Persons and (c) is not connected with the Obligors, any such other obligor or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions.

"<u>Independent Certificate</u>" shall mean a certificate or opinion to be delivered to the Indenture Trustee or the Servicer, as applicable, and upon which each may conclusively rely under the circumstances described in, and otherwise complying with the applicable requirements of, Section 15.01 made by an Independent certified public accountant or other expert appointed by an Issuer Order, and such opinion or certificate shall state that the signer has read the definition of "Independent" in this Indenture and that the signer is Independent within the meaning thereof.

"<u>Initial Class Principal Balance</u>" shall mean, with respect to any Class of Term Notes or Variable Funding Notes, the aggregate initial principal balance of all Term Notes or Variable Funding Notes of that Class on the date of issuance; *provided* that upon the payment in full of all Notes of a particular Series such Term Notes or Variable Funding Notes shall no longer be included in the "Initial Class Principal Balance" of the relevant Class.

"<u>Initial Closing Date</u>" shall mean June 5, 2020.

"<u>Initial Purchaser</u>" or "<u>Initial Purchasers</u>" with respect to a particular Series, if any, shall have the meaning ascribed to it in the Series Supplement for such Series.

"<u>Initial Request</u>" shall have the meaning ascribed to it in Section 15.26(a).

"<u>Institutional Accredited Investor</u>" shall mean an "accredited investor" within the meaning of paragraph (1), (2), (3) or (7) of Rule 501(a) of Regulation D of the Securities Act or an entity owned entirely by other entities that fall within such paragraphs.

"<u>Insurance Policies</u>" shall have the meaning ascribed to it in Section 7.05.

"<u>Insurance Premiums</u>" shall mean the annual insurance premiums for the Insurance Policies required to be maintained by the Asset Entities with respect to the Data Centers under Section 7.05.

"<u>Insurance Proceeds</u>" shall mean all of the proceeds received under the Insurance Policies (other than liability insurance) by reason of theft, physical destruction or damage or any other similar event with respect to any properties or assets of the Obligors other than liability in respect of a covered loss thereunder. For the avoidance of doubt, "Insurance Proceeds" shall not include any proceeds of policies of insurance not described above, such as business interruption insurance and liability insurance, which shall be treated as provided in Section 7.06(b).

"<u>Interest Accrual Period</u>" shall mean, for each Payment Date, (i) with respect to any Term Notes, the period from and including the twenty-first (21<sup>st</sup>) day of the calendar month in which the immediately preceding Payment Date was scheduled to occur without giving effect to any Business Day adjustment (or, with respect to the initial period for a Series, the Closing Date for such Series) to but excluding the twenty-first (21<sup>st</sup>) day of the calendar month that includes the date on which the then-current Payment Date is scheduled to occur, without giving effect to any Business Day adjustment and (ii) with respect to any Variable Funding Notes, the "VFN Interest Accrual Period" as defined in the Series Supplement for such Series of Variable Funding Notes.

"<u>Investment Company Act</u>" shall mean the Investment Company Act of 1940, as amended.

"<u>Involuntary Bankruptcy</u>" shall mean (i) in respect of any Person other than the Canadian Manager and any Canadian Obligor, any involuntary case under the Bankruptcy Code or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, in which any of the Guarantors, the Managers, the Co-Issuers or any of the Asset Entities is a debtor or any Assets of any such entity, any Tenant Leases, any portion of the Data Centers, and/or any other Collateral is property of the estate therein, and (ii) in respect of the Canadian Manager and any Canadian Obligor, any petition is filed, application made or other proceeding instituted against or in respect of such Person (a) seeking to adjudicate such Person as insolvent; (b) seeking a receiving order against such Person under the BIA; (c) seeking liquidation, dissolution, winding-up, reorganization, compromise, arrangement, adjustment, protection, moratorium, relief, stay of proceedings of creditors generally (or any class of creditors), or composition of such Person or its debts or any other relief under any federal, provincial, territorial or foreign Law now or hereafter in effect relating to bankruptcy, winding-up, insolvency, reorganization, receivership, plans of arrangement or relief or protection of debtors (including the BIA, the CCAA and any applicable corporations legislation) or at common law or in equity; or (d) seeking the entry of an order for relief or the appointment of, or the taking of possession by, a receiver, interim receiver, receiver/manager, sequestrator, conservator, custodian, administrator, trustee, liquidator or other similar official for such Person or any substantial part of its property.

"<u>Involuntary Obligor Bankruptcy</u>" shall have the meaning ascribed to it in Section 7.20.

"<u>Issuer Order</u>" and "<u>Issuer Request</u>" shall mean a written order or request signed in the name of the Co-Issuers by any one of their Authorized Officers and delivered to the Indenture Trustee and the Servicer upon which the Indenture Trustee and the Servicer, as applicable, may conclusively rely.

"<u>Joinder Agreement</u>" shall mean an agreement substantially in the form of Exhibit G.

"<u>KBRA</u>" shall mean Kroll Bond Rating Agency, LLC

"<u>Knowledge</u>" whenever used in this Indenture or any of the other Transaction Documents, or in any document or certificate executed pursuant to this Indenture or any of the other Transaction Documents, (whether by use of the words "knowledge" or "known", or other words of similar meaning, and whether or not the same are capitalized), shall mean actual knowledge (without independent investigation unless otherwise specified) (i) of the individuals who have significant responsibility for any policy making, major decisions or financial affairs of the applicable entity (or, in the case of the Indenture Trustee, any Responsible Officer); and (ii) also to the knowledge of the person signing such document or certificate.

"<u>Leased Capacity</u>" shall mean, as of any date of determination, (i) with respect to any Turn Key Tenant Lease or any other Tenant Lease (other than any Powered Shell Tenant Lease), the critical load power allocated to the related Tenant under the related Tenant Lease as of such date and (ii) with respect to any Powered Shell Tenant Lease, the amount of rentable square feet leased to the related Tenant under the related Tenant Lease as of such date.

"<u>Lien</u>" shall mean, with respect to any property or assets, any lien, hypothecation, encumbrance, assignment for security, charge, mortgage, pledge, security interest, conditional sale or other title retention agreement or similar lien.

"<u>Leverage Annualized Adjusted Net Operating Income</u>" shall mean, as of any date of determination, the excess of (i) the sum, without duplication, of (A) the aggregate Annualized Adjusted Base Rent for all Tenant Leases related to an Eligible Data Center as of such date and (B) the sum of the Pass- Through Payment Amount Differentials with respect to each of the immediately preceding twelve calendar months as of such date, (C) the Aggregate Available Terminated Tenant Lease Rent Amount as of such date and (D) the sum of any additional revenue received for services provided over the preceding twelve calendar months <u>over</u> (ii) the sum, without duplication, as of such date, of (A) the sum of all Priority Expenses for the immediately preceding twelve calendar months other than Priority Expenses that are Pass-Through Data Center Expenses (provided that, with respect to any Data Center or Asset Entity owned or operated by the Co-Issuers or their affiliates for less than twelve calendar months prior to such date the amount in this clause (A) shall be the sum of all Priority Expenses that are not Pass-Through Data Center Expenses that are reasonably believed by the Managers to have been incurred with respect to any Data Center or Asset Entity during the immediately preceding twelve calendar month period), (B) management fees, in the aggregate, equal to 3.0% of the Annualized Adjusted Base Rent for all Tenant Leases, and (C) annualized Operating Expenses with respect to the most recently ended Collection Period associated with the revenue received during such Collection Period; *provided* that during the occurrence of a Material Specified Tenant Lease Event, if the aggregate Annualized Adjusted Base Rent for all Tenant Leases that relate to Executed Forward Starting Leases exceeds 30.0% of Leverage Annualized Adjusted Net Operating Income, then the amount of such excess aggregate Annualized Adjusted Base Rent over 30.0% of such Leverage Annualized Adjusted Net Operating Income shall be excluded from the Leverage Annualized Adjusted Net Operating Income; *provided further,* that amounts payable in any foreign currency are converted to USD at the applicable FX Rate; *provided*, *further*, that the preceding proviso may be amended at the request of the Co-Issuers upon the receipt of a Rating Agency Confirmation.

"<u>Liquidation Expenses</u>" shall mean all customary and reasonable out-of-pocket costs and expenses due and owing (but not otherwise covered by Servicing Advances) in connection with the liquidation of the Guarantors, the Co-Issuers, the Asset Entities, the Other Entities, any of their respective Assets, any Tenant Leases, any Data Centers or any other Collateral and the proceeds of any of the foregoing (including legal fees and expenses, committee or referee fees and, if applicable, brokerage commissions and conveyance taxes, appraisal fees and fees in connection with the preservation and maintenance of any of the foregoing).

"<u>Liquidation Fee</u>" shall have the meaning ascribed to it in the Servicing Agreement.

"<u>Liquidation Proceeds</u>" shall mean all cash amounts (other than Insurance Proceeds or Condemnation Proceeds) received by the Indenture Trustee in connection with: (a) the full, discounted or partial liquidation of a Data Center, the Guarantors, the Co-Issuers, the Asset Entities, any of their respective Assets, any Tenant Lease or any other Collateral constituting security for the Notes, the U.S. Guaranty and Security Agreement or the Canadian Guarantee and Security Agreement or any proceeds of any of the foregoing following default, through the Servicer's sale, foreclosure sale or otherwise, exclusive of any portion thereof required to be released to the grantor of any such Collateral or owner of such Assets in accordance with applicable law and/or the terms and conditions of this Indenture or the other Transaction Documents; or (b) the realization upon any deficiency judgment obtained against such Person.

"<u>Liquidity Reserve Expense Draw Amount</u>" shall mean, with respect to any Business Day during any Collection Period, an amount of funds equal to the excess, if any, of (a) the sum of (i) the Monthly Expense Amount and (ii) any Operating Expenses and Maintenance Capital Expenditures in excess of the Monthly Expense Amount that has been approved by the Servicer, in each case for such Collection Period (or any portion thereof as determined by the Managers) over (b) the amount of Available Funds available to pay such Monthly Expense Amount and such excess Operating Expenses and Maintenance Capital Expenditures pursuant to Section 5.01(a)(vii) and Section 5.01(a)(ix), respectively, on any Application Dates on or before such Business Day for which such Collection Period is the Relevant Collection Period.

"<u>Liquidity Reserve Interest Draw Amount</u>" shall mean, with respect to any Payment Date, an amount equal to the excess, if any, of (a) the Monthly Payment Amount with respect to such Payment Date over (b) the sum of (i) the balance in the Debt Service Sub-Account available to pay such Monthly Payment Amount on such Payment Date in accordance with Section 5.01(g) and (ii) the amount of any Debt Service Advances made by the Servicer or the Indenture Trustee in respect of such Monthly Payment Amount on or before such Payment Date; provided that during an Amortization Period or an ARD Period for any Series of Class A Notes, such Liquidity Reserve Interest Draw Amount shall be calculated only with respect to the Class A Notes.

"<u>Liquidity Reserve Priority Expense Draw Amount</u>" shall mean, on any Business Day, an amount of funds equal to the excess, if any, of (a) any Priority Expenses due and payable on or prior to the Business Day immediately succeeding such Business Day over (b) the aggregate amount of funds on deposit in the Priority Expense Reserve Sub-Accounts available to pay such Priority Expenses on such Business Day.

"<u>Liquidity Reserve Sub-Accounts</u>" shall have the meaning ascribed to it in Section 4.08.

"<u>Lock Box Account</u>" shall mean one or more lock box accounts established and maintained by the U.S. Co-Issuer or the Canadian Co-Issuer, or its designee, in the name of the applicable Asset Entity and into which Tenants shall have been directed to pay Rent and other sums owing to the Asset Entities, and into which the Obligors will deposit Receipts pursuant to Section 7.14.

"<u>Lock Box Bank</u>" shall mean the bank at which a Lock Box Account is maintained.

"<u>Loss Proceeds</u>" shall mean, collectively, all Insurance Proceeds and all Condemnation Proceeds.

"<u>MAI</u>" shall mean a designation signifying that the designee is a member of the "Appraisal Institute," a real estate appraisers and valuation professionals trade group.

"<u>Maintenance Capital Expenditures</u>" shall mean Capital Expenditures made for the purpose of maintaining any Data Center or complying with applicable laws, regulations, ordinances, statutes, codes, or rules applicable to such Data Center, but shall exclude (x) acquisition expenses made to acquire a Data Center and (y) Discretionary Capital Expenditures.

"<u>Management Agreements</u>" shall mean the U.S. Management Agreement and the Canadian Management Agreement, collectively.

"<u>Management Fee</u>" shall mean a fee payable to the applicable Manager, for each Collection Period, equal to the Management Fee Percentage of the aggregate Rent (other than Pass-Through Data Center Expenses) received by the applicable Asset Entities managed by such Manager with respect to all Tenant Leases for the applicable Data Centers for such Collection Period in the same currency as the corresponding aggregate base rent is received.

"<u>Management Fee Percentage</u>" shall mean 3.0%; *provided, however*, that the Management Fee Percentage used to calculate the Management Fee payable to any Manager that is not an Affiliate of the Obligors that succeeds the U.S. Manager or the Canadian Manager, as applicable, may be less, but not more, than 3.0%, unless approved by the Servicer.

"<u>Managers</u>" shall mean the U.S. Manager and the Canadian Manager, collectively.

"<u>Manager Advances</u>" shall have the meaning set forth in the Management Agreements.

"<u>Material Adverse Effect</u>" shall mean, (i) a material adverse effect (which may include economic or political events) upon the business, operations, or condition (financial or otherwise) of the Obligors and the Guarantors (taken as a whole), or (ii) the material impairment of the ability of the Obligors and the Guarantors (taken as a whole) to perform their obligations under the Transaction Documents (taken as a whole), or (iii) a material adverse effect on the use, value or operation of the Data Centers (taken as a whole). In determining whether any individual event would result in a Material Adverse Effect, notwithstanding that such event does not of itself have such effect, a Material Adverse Effect shall be deemed to have occurred if the cumulative effect of such event and all other then- occurring events and existing conditions result in a Material Adverse Effect (taking into account the benefit of any Title Policy or Insurance Policies).

"<u>Material Agreement</u>" shall mean any written contract or agreement, or series of related written agreements, by any Obligor relating to the ownership, management, use, operation, co-location, leasing, maintenance, repair or improvement of the Data Centers under which there is an obligation of an Obligor, in the aggregate, to pay, or under which any Obligor receives in compensation, more than $1,000,000 per annum, excluding (i) the Management Agreements, (ii) the Tenant Leases and (iii) any agreement which is terminable by an Obligor on not more than 90 days' prior written notice without any fee or penalty.

"<u>Material Tenant Lease</u>" shall mean each Tenant Lease, or series of related Tenant Leases, by any Tenant (and such Tenant's Affiliates) of space at one or more of the Data Centers which (x)(a) provides for annual rent or other payments in an amount equal to or greater than $250,000, and (b) may not be cancelled by the applicable Tenant (or related Affiliate) on 30 days' notice without payment of a termination fee, penalty or other cancellation fee, or (y) obligates any of the Asset Entities to make any improvements to the Data Centers either directly or through cash allowances (including, without limitation, free rent, tenant improvement allowances, or landlord's construction work) to the applicable Tenant (and related Affiliates) in excess of $100,000.

"<u>Member</u>" shall mean, individually or collectively, any entity which is now or hereafter becomes the managing member or shareholder of any of the Obligors under such Persons' limited liability company operating agreement (other than the sole member of any single member limited liability company) or articles.

"<u>Monthly Expense Amount</u>" shall mean, for any Collection Period, the lesser of

(x) the actual Operating Expenses and Maintenance Capital Expenditures for the Asset Entities for such Collection Period and (y) the sum of (1) the Budgeted Operating Expenses of each Asset Entity for such Collection Period and (2) the product of (A) the Annualized Targeted Maintenance Capital Expenditures for the Data Centers owned by such Asset Entities as of the last day of such Collection Period and (B) the number of days in such Collection Period divided by 360.

"<u>Monthly Payment Amount</u>" shall mean, for any Payment Date, the Accrued Note Interest due and payable on such Payment Date.

"<u>Monthly Report</u>" shall mean the "Manager Report" as defined in the Management Agreements.

"<u>Moody's</u>" shall mean Moody's Investors Service, Inc.

"<u>Mortgage</u>" shall mean a mortgage, hypothec, deed of trust, deed to secure debt, trust deed or other security document entered into by an Asset Entity in favor of the Indenture Trustee for the benefit of the Noteholders creating a Lien on a Data Center, in such form as reasonably agreed between the Co-Issuers and the Servicer, as the same may have been, or may be, assigned, modified or amended from time to time.

"<u>Multiemployer Plan</u>" shall mean a "multiemployer plan" as defined in Section 3(37) or Section 4001(a)(3) of ERISA.

"<u>NRSRO</u>" shall mean a nationally recognized statistical rating organization.

"<u>Non-Core Assets</u>" shall mean assets owned by an Asset Entity associated with a Data Center, but not necessary for the operation or use of the related Data Center.

"<u>Nonrecoverable Advance</u>" shall mean any Nonrecoverable Debt Service Advance or Nonrecoverable Servicing Advance.

"<u>Nonrecoverable Debt Service Advance</u>" shall mean, as evidenced by a certificate of an authorized officer of the determining party, any portion of a Debt Service Advance previously made or to be made in respect of the Notes that, together with any unreimbursed Advances, as determined by the Servicer (or, if applicable, the Indenture Trustee), in accordance with the Servicing Standard or in its reasonable good faith judgment, will not be ultimately recoverable (with interest thereon) from late payments, Insurance Proceeds, other insurance proceeds, Condemnation Proceeds, Liquidation Proceeds or any other recovery on or in respect of the Notes or from any funds on deposit in the Collection Accounts. In making such determination, the relevant party may consider only the obligations of the Obligors and the Guarantors under the terms of the Transaction Documents as they may have been modified, the related Data Centers in "as is" or then-current condition and the timing and availability of anticipated cash flows as modified by such party's assumptions regarding the possibility and effect of future adverse changes, together with such other factors, that the Servicer determines should be taken into account in accordance with the Servicing Standard, including but not limited to an estimate of future expenses (including expenses that could be incurred by the Servicer or Indenture Trustee in a bankruptcy proceeding affecting the Obligors or the Guarantors), timing of recovery (including delays that could be expected by the Servicer in a bankruptcy proceeding affecting the Obligors), any deteriorating value of the Collateral, the inherent risk of a protracted period to complete liquidation or the potential inability and cost to liquidate collateral, including, but not limited to, as a result of intervening creditor claims or of a bankruptcy proceeding affecting an Obligor or the Guarantors and the effect thereof on the existence, validity and priority of any security interest encumbering the Assets, the Tenant Leases, the direct and indirect equity interests in the Asset Entities, available cash on deposit in the Lock Box Accounts attributable to the Tenant Leases and the Collection Accounts (only to the extent available to repay Advances, with interest thereon, and only to the extent the cash therein is or will not be restricted, delayed or unavailable as a result of any bankruptcy, receivership or similar judicial proceeding relating to any Obligor or Guarantor) and the net proceeds derived from any of the foregoing. The relevant party may update or change its nonrecoverability determination at any time. Any such determination of nonrecoverability will be conclusive and binding on the Indenture Trustee (in the case of a determination made by the Servicer) and the Noteholders (in the case of a determination made by the Servicer or the Indenture Trustee) so long as it was made in accordance with the Servicing Standard (in the case of the Servicer).

"<u>Nonrecoverable Servicing Advance</u>" shall mean, as evidenced by a certificate of an authorized officer of the determining party, any portion of a Servicing Advance previously made or to be made in respect of the Notes or a Data Center that, together with any unreimbursed Advances, as determined by the Servicer (or, if applicable, the Indenture Trustee), in accordance with the Servicing Standard or in its reasonable good faith judgment, will not be ultimately recoverable (with interest thereon) from late payments, Insurance Proceeds, other insurance proceeds, Condemnation Proceeds, Liquidation Proceeds or any other recovery on or in respect of the Notes or such Data Center or from any funds on deposit in the Collection Accounts. In making such determination, the relevant party may consider only the obligations of the Obligors and the Guarantors under the terms of the Transaction Documents as they may have been modified, the related Data Centers in "as is" or then- current condition and the timing and availability of anticipated cash flows as modified by such party's assumptions regarding the possibility and effect of future adverse changes, together with such other factors, that the Servicer determines should be taken into account in accordance with the Servicing Standard, including but not limited to an estimate of future expenses (including expenses that could be incurred by the Servicer or Indenture Trustee in a bankruptcy proceeding affecting the Obligors or the Guarantors), timing of recovery (including delays that could be expected by the Servicer in a bankruptcy proceeding affecting the Obligors or any Guarantor), any deteriorating value of the Collateral, the inherent risk of a protracted period to complete liquidation or the potential inability and cost to liquidate collateral, including, but not limited to, as a result of intervening creditor claims or of a bankruptcy proceeding affecting an Obligor or the Guarantors and the effect thereof on the existence, validity and priority of any security interest encumbering the Assets, the Tenant Leases, the direct and indirect equity interests in the Asset Entities, available cash on deposit in the Lock Box Accounts attributable to the Tenant Leases and the Collection Accounts (only to the extent available to repay Advances, with interest thereon, and only to the extent the cash therein is or will not be restricted, delayed or unavailable as a result of any bankruptcy, receivership or similar judicial proceeding relating to any Obligor or Guarantor) and the net proceeds derived from any of the foregoing. The relevant party may update or change its nonrecoverability determination at any time. Any such determination of nonrecoverability will be conclusive and binding on the Indenture Trustee (in the case of a determination made by the Servicer) and the Noteholders (in the case of a determination made by the Servicer or the Indenture Trustee) so long as it was made in accordance with the Servicing Standard (in the case of the Servicer).

"<u>Note Owners</u>" shall mean, with respect to any Book-Entry Note, the Person who is the beneficial owner of such Note as reflected on the books of the Depositary or on the books of a Depositary Participant or on the books of an indirect participating brokerage firm for which a Depositary Participant acts as agent.

"<u>Note Principal Balance</u>" shall mean, for any individual Note as of any date of determination, (x) with respect to any Variable Funding Notes, the outstanding principal balance of such Note on such date, and (y) with respect to any Term Note, (i) the initial principal balance of such Note on the date of issuance of such Note, as set forth on the face thereof, less (ii) any payment of principal made in respect of such Note up to and including such determination date, plus (iii) with respect to any Class B Note or Class C Note, the aggregate amount of any PIK Interest with respect to such Note.

"<u>Note Rate</u>" with respect to any Term Note or Variable Funding Note of a Class and a Series, shall mean the interest rate applicable thereto as set forth in the Series Supplement for such Term Note or Variable Funding Note of such Class and Series.

"<u>Note Register</u>" and "<u>Note Registrar</u>" shall mean the register maintained and the registrar appointed or otherwise acting pursuant to Section 2.02(a).

"<u>Notes</u>" shall mean the Term Notes and the Variable Funding Notes issued by the Co-Issuers pursuant to this Indenture and the Series Supplements.

"<u>Noteholder Tax Identification Information</u>" shall mean information and/or properly completed and signed tax certifications provided by a recipient of payments that is sufficient (i) to eliminate the imposition of or determine the amount of any withholding of tax, including FATCA Withholding Tax, (ii) to determine that such recipient of payments has complied with such recipient's obligations under FATCA or (iii) to otherwise allow the U.S. Co-Issuer, Canadian Co-Issuer, Paying Agent and Indenture Trustee to comply with their respective obligations under FATCA.

"<u>Obligations</u>" shall mean the unpaid principal amount of the Outstanding Notes, accrued interest thereon and all other obligations, liabilities and indebtedness of every nature to be paid or performed by any of the Guarantors or Obligors under the Transaction Documents, including fees, costs and expenses, and other sums now or hereafter owing, due or payable and whether before or after the filing of a proceeding under the Bankruptcy Code, the BIA, the CCAA or any other applicable bankruptcy, insolvency or other similar law now or hereafter in effect by or against any of the Guarantors or Obligors, and the performance of all other terms, conditions and covenants under the Transaction Documents.

"<u>Obligors</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Offering Memorandum</u>" with respect to a Series, if applicable, shall have the meaning ascribed to it in the Series Supplement for such Series, if applicable.

"<u>Officer's Certificate</u>" shall mean a certificate signed by any Authorized Officer of the U.S. Co-Issuer, the Canadian Co-Issuer or a Manager, and delivered to the Indenture Trustee or the Servicer, as applicable.

"<u>Omitted Payable Sums Certification</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Operating Budget</u>" shall mean, collectively, the budgets set forth in Section 8 of each Management Agreement, as may be amended pursuant to Section 7.02(b).

"<u>Operating Expenses</u>" shall mean, for any period, all operating expenses accrued and related to the ownership, operation or maintenance of any Data Center for such period determined in accordance with GAAP (including, but not limited to, site operations labor, repairs and preventative maintenance, utilities (other than utilities included as Pass-Through Data Center Expenses) and security, but specifically excluding the Management Fee payable by the Obligors and the cost of portfolio support personnel provided by the Managers) for such period; *provided* that Operating Expenses shall not include, without duplication, (x) Maintenance Capital Expenditures or (y) Priority Expenses. For the avoidance of doubt, Operating Expenses shall not include Pass-Through Data Center Expenses.

"<u>Operating Revenues</u>" shall mean all revenues of the Asset Entities from the ownership, operation or maintenance of the Data Centers or otherwise arising in respect of the Data Centers that are properly allocable to the Data Centers for such period in accordance with GAAP (excluding amounts collected from Tenants which constitute Pass-Through Data Center Expenses, pre-paid rents and revenues and security deposits except to the extent applied in satisfaction of such Tenant's obligations for rent during such period) excluding the impact on revenue of accounting for Tenant Leases with fixed escalators on a straight-line basis as required under GAAP, as compared to a billed and earned basis.

"<u>Opinion of Counsel</u>" shall mean one or more written opinions of counsel which shall be reasonably acceptable to and delivered to the addressee(s) thereof.

"<u>Optional Application Date</u>" shall mean up to one Business Day following the Scheduled Application Date during the month in which such Scheduled Application Date occurs identified by the Managers to the Indenture Trustee and the Servicer in accordance with Section 5.01(a) as an "Optional Application Date."

"<u>Other Entities</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Other Company Collateral</u>" shall have the meaning ascribed to it in Section 14.01.

"<u>Other Servicing Fees</u>" shall mean the Special Servicing Fee, the Liquidation Fee, the Workout Fee, the Data Center Acquisition Fee, the Consent Fee and the Data Center Release Fee.

"<u>Outstanding</u>" shall mean, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notes theretofore cancelled by the Indenture Trustee or delivered to the Indenture Trustee for cancellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notes for the payment of which money in the necessary amount has been theretofore deposited with the Indenture Trustee or any Paying Agent (other than the Co-Issuers) in trust for the Holders of such Notes (*provided, however*, that if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision for such notice has been made, satisfactory to the Indenture Trustee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture unless proof satisfactory to the Indenture Trustee is presented that any such first- mentioned Notes are held by a protected purchaser; *provided, however*, that in determining whether the Holders of the requisite Class Principal Balances of all Classes of Outstanding Notes have given any request, demand, authorization, direction, notice, consent, or waiver hereunder or under any other Transaction Document, Notes owned by the U.S. Co-Issuer, the Canadian Co-Issuer, or any other obligor upon the Notes or any Affiliate of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent, or waiver, only Notes identified as being so owned in an Officer's Certificate of the Co-Issuers delivered to the Indenture Trustee shall be so disregarded. Upon the written request of the Indenture Trustee, the Co-Issuers shall furnish to the Indenture Trustee promptly an Officers' Certificate identifying all Notes, if any, actually known by the Co-Issuers to be owned by an Obligor or any Affiliate thereof, and the Indenture Trustee shall be entitled to accept and rely upon such Officer's Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not identified therein are outstanding for the purpose of any determination. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the pledgee's right so to act with respect to such Notes and that the pledgee is not an Obligor, any other obligor upon the Notes or any Affiliate of any of the foregoing Persons.

"<u>Ownership Interest</u>" shall mean, in the case of any Note, any ownership or security interest in such Note as the Holder thereof and any other interest therein, whether direct or indirect, legal or beneficial, as owner or as pledgee.

"<u>Parent</u>" shall mean Compass Datacenters, LLC, a Delaware limited liability company.

"<u>Pass-Through Data Center Expenses</u>" shall mean all amounts payable by Tenants pursuant to Tenant Leases for utilities (including electricity), maintenance costs, taxes (including VAT, GST, PST and HST), insurance, Impositions and other operating expenses.

"<u>Pass-Through Payment Amount Differential</u>" shall mean, with respect to any calendar month, an amount (which may be positive or negative) equal to (x) all amounts paid by the Tenants during such month in respect of Pass-Through Data Center Expenses minus (y) the costs incurred to supply the services with respect to which such Pass-Through Data Center Expenses relate.

"<u>Paying Agent</u>" shall initially be (x) the Indenture Trustee, who is hereby authorized by the Co-Issuers to make payments as agent of the Co-Issuers from the Debt Service Sub-Account including payment of principal of or interest (and premium, if any) on the Notes on behalf of the Co-Issuers, or (y) any successor appointed by the Indenture Trustee who (i) meets the eligibility standards for the Indenture Trustee specified in Section 11.07 and (ii) is authorized to make payments from the Debt Service Sub-Account including payment of principal of or interest (and premium, if any) on the Notes.

"<u>Payment Date</u>" shall mean the 21st day of each calendar month or, if any such day is not a Business Day, the next succeeding Business Day; *provided* that the initial Payment Date for any Series may be specified in the Series Supplement for such Series. The Payment Date with respect to any Collection Period is the Payment Date immediately succeeding such Collection Period.

"<u>Payment Date Funds</u>" shall have the meaning ascribed to it in Section 5.01(g).

"<u>Percentage Interest</u>" shall mean, with respect to any Note, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Note Principal Balance of such Note on such date, and the denominator of which is the Class Principal Balance of the Class to which such Note belongs on such date. The Percentage Interest for the Class A Notes is calculated based on the outstanding principal amounts of such Class A Notes (assuming the full amount of the Class A-1 Commitment Amount that is permitted to be drawn on such date is fully drawn).

"<u>Permitted Indebtedness</u>" shall have the meaning ascribed to it in Section 7.16.

"<u>Permitted Investments</u>" shall have the meaning ascribed to it in the Cash Management Agreement.

"<u>Person</u>" shall mean any individual, corporation, estate, partnership, joint venture, association, joint stock company, limited liability company, unlimited liability company, trust (including any beneficiary thereof), unincorporated organization, or government or any agency or political subdivision thereof.

"<u>PIK Interest</u>" means any interest on a Class B Note or Class C Note that is not paid in part or in full pursuant to <u>Section 5.01(g)(viii)</u>, <u>(xi)</u>, <u>(xvi)</u>, or <u>(xvii</u>) and as a result is added to the Note Principal Balance of such Note as of such date.

"<u>Placement Agent</u>" with respect to a particular Series, shall have the meaning, if any, ascribed to it in the applicable Series Supplement.

"<u>Plan</u>" shall mean (i) any "employee benefit plan" within the meaning of Section 3(3) of ERISA which is subject to Title I of ERISA, (ii) any plan, individual retirement account or other arrangement that is subject to Section 4975 of the Code or provisions under any Similar Laws, and (iii) any entity whose underlying assets are deemed to include "plan assets" (within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, or any applicable Similar Laws) of any such plan, account or arrangement described in clauses (i) or (ii).

"<u>Post-ARD Additional Interest</u>" shall have the meaning ascribed to it in Section 2.10.

"<u>Post-ARD Additional Interest Rate</u>" shall have the meaning ascribed to it in Section 2.10.

"<u>Post-ARD Note Spread</u>" with respect to a Class and a Series of Variable Funding Notes or Term Notes, shall have the meaning ascribed to it in the Series Supplement for such Class and Series of Variable Funding Notes or Term Notes.

"<u>Powered Shell Tenant Lease</u>" shall mean a Tenant Lease at a Data Center pursuant to which the applicable Asset Entity leases to the related Tenant site space with access to power and connectivity at a Data Center without any other additional offerings (i.e., without backup power and cooling or other offerings) and the site space allocated to the related Tenant under such Tenant Lease is a primary basis for the economic terms of such Tenant Lease.

"<u>PPSA</u>" shall mean the Personal Property Security Act of the Province of British Columbia, as such legislation may be amended, renamed or replaced from time to time, and includes all regulations from time to time made under such legislation.

"<u>PPSAs</u>" shall mean the Personal Property Security Act of any Province of Canada, as such legislation may be amended, renamed or replaced from time to time, and includes all regulations from time to time made under such legislation.

"<u>Pre-Existing Condition</u>" shall have the meaning ascribed to it in Section 7.06(c).

"<u>Prepayment Consideration</u>" for each Series, shall have the meaning ascribed to it in the Series Supplement for such Series.

"<u>Prepayment Period</u>" for each Series, shall have the meaning ascribed to it in the Series Supplement for such Series.

"<u>Priority Expense Amount</u>" shall mean, with respect to each Application Date and a Priority Expense Reserve Sub-Account, an amount equal to the amount of Priority Expenses that are allocable (x) to the U.S. Data Centers, (y) to the Canadian Data Centers, or (z) to any other Eligible Data Centers and that are payable in USD, CAD or another foreign currency, as applicable, in each case that are reasonably expected by the applicable Manager to be due and payable during the Collection Period immediately succeeding the Relevant Payment Date for such Application Date.

"<u>Priority Expenses</u>" shall mean, collectively, (i) Impositions, (ii) annual premiums for insurance the Asset Entities are required to maintain with respect to the Data Centers (or the Asset Entities' respective proportional share of premiums with respect to general liability insurance policies maintained by Affiliates of the Co-Issuers), (iii) premiums with respect to casualty insurance policies maintained by the Asset Entities (or the Asset Entities' respective proportionate share of premiums with respect to casualty insurance policies maintained by Affiliates of the Co-Issuers) to insure casualties not otherwise insured by a Tenant due to a default by such Tenant under the insurance covenants of its Tenant Lease or because a Tenant permitted to self-insure fails to pay for casualty losses and (iv) electricity expenses for the Data Centers.

"<u>Priority Expense Reserve Sub-Accounts</u>" shall have the meaning ascribed to it in Section 4.03.

"<u>Probable Maximum Loss</u>" shall mean, with respect to any Data Centers located in an area prone to geological phenomena, the maximum loss that such Data Center is likely to sustain during the most severe geological phenomena that could reasonably be expected to affect such Data Centers during the 500-year succeeding period based on the replacement cost of such Data Center (including all costs associated with meeting legal requirements, including building codes, and ordinances that may have gone into effect since such Data Center's original construction). The Probable Maximum Loss with respect to the Closing Date Data Centers that are located in areas prone to geological phenomena as of the Initial Closing Date is $1,075,332.

"<u>Proceeding</u>" shall mean any suit in equity, action at law or other judicial or administrative proceeding.

"<u>Qualified Institutional Buyer</u>" shall mean a qualified institutional buyer within the meaning of Rule 144A under the Securities Act.

"<u>Qualified Tenant Lease</u>" shall mean any lease or license which is denominated in United States Dollars, Canadian Dollars, Euros or Great British Pound and for which the related Tenant has been directed to remit payments directly to a Lock Box Account.

"<u>RAC Requesting Party</u>" shall have the meaning ascribed to it in Section 15.26(a).

"<u>Rated Final Payment Date</u>" for any Series, shall have the meaning ascribed to it in the Series Supplement for such Series.

"<u>Rating Agencies</u>" shall mean, with respect to any action or event in regards to a Series of Notes, the rating agencies specified as such in the Series Supplement for such Series.

"<u>Rating Agency Confirmation</u>" with respect to any Class and Series of Notes, shall have the meaning ascribed to it in the Series Supplement for such Series with respect to any transaction or matter in regards to such Class or Series, or, if not ascribed a meaning therein, shall mean, with respect to any transaction or matter in regards to such Class or Series, notification in writing from each Rating Agency then rating such Class of Series of Notes (which may be in the form of e-mail, facsimile, press release, posting to its internet website or other such means then considered industry standard as determined by such Rating Agency) that such transaction or matter will not result in a downgrade, qualification, or withdrawal of the then-current ratings of any Class of Notes of such Series (or the placing of such Class on negative credit watch or ratings outlook in contemplation of any such action with respect thereto).

"<u>Rating Criteria</u>" with respect to any Person, shall mean that the long-term unsecured debt obligations of such Person have (i) a rating commonly regarded as "investment grade" by S&P, or (ii) any other ratings, subject to Rating Agency Confirmation.

"<u>Receipts</u>" shall mean all revenues, receipts and other payments to the Asset Entities of every kind arising from their ownership, operation or management of the Data Centers, including without limitation, (x) all warrants, stock options, or equity interests in any tenant, licensee or other Person occupying space at, or providing services related to or for the benefit of, the Data Centers received by or on behalf of such Asset Entities in lieu of rent or other payment and (y) amounts payable to the Co- Issuers pursuant to the Assignment/Contribution Agreements, but excluding, (i) any amounts received by or on behalf of such Asset Entities and required to be paid to any Person (other than to an Affiliate of the Co-Issuers) as management fees, brokerage fees, fees payable to a Ground Lessor, or similar fees or reimbursements, (ii) any other amounts received by or on behalf of such Asset Entities that constitute the property of a Person other than an Asset Entity (including, without limitation, all revenues, receipts and other payments arising from the ownership, operation or management of properties by Affiliates of such Asset Entities) and (iii) security deposits received under a Tenant Lease, unless and until such security deposits are applied to the payment of amounts due under such Tenant Lease.

"<u>Record Date</u>" shall mean with respect to payments made on any Payment Date, the close of business on the last Business Day of the month immediately preceding the month in which such Payment Date occurs and with respect to payments made on any other date such date as shall be established by the Indenture Trustee in respect thereof.

"<u>Regulation S</u>" shall mean Regulation S promulgated under the Securities Act.

"<u>Regulation S Global Note</u>" shall mean with respect to any Series and Class of Term Notes, a single global Note, in definitive, fully registered form without interest coupons, representing such Series and Class of Term Notes offered and sold outside the United States in reliance on Regulation S, which Note bears a Regulation S Legend.

"<u>Regulation S Legend</u>" shall mean, with respect to any Series and Class of Term Notes, a legend generally to the effect that such Series and Class of Term Notes may not be offered, sold, pledged or otherwise transferred in the United States or to a U.S. Person prior to the date that is 40 days following the later of the commencement of the initial offering of such Series of Term Notes and the Closing Date for such Series of Term Notes except pursuant to an exemption from the registration requirements of the Securities Act.

"<u>Release Date</u>" shall mean, with respect to any Series and Class of Term Notes, the date that is 40 days following the later of (i) the Closing Date for such Series of Notes and (ii) the commencement of the initial offering of such Series of Notes in reliance on Regulation S.

"<u>Relevant Collection Period</u>" shall mean, for any Application Date, (i) if such Application Date is a Scheduled Application Date, the immediately preceding Collection Period or (ii) if such Application Date is an Optional Application Date, the current Collection Period.

"<u>Relevant Payment Date</u>" shall mean, for any Application Date, (i) if such Application Date is a Scheduled Application Date, the concurrent Payment Date or (ii) if such Application Date is an Optional Application Date, the immediately succeeding Payment Date.

"<u>Remedial Work</u>" shall mean any investigation, site monitoring, cleanup or other remedial work of any kind (including any post-closure care or monitoring) required to be performed by any Asset Entity under applicable Environmental Laws because of or in connection with any actual or suspected presence or release of any Hazardous Materials on, in, under or from any Data Center.

"<u>Rent Roll</u>" shall mean, collectively, a rent roll for each of the Data Centers certified by the Co-Issuers and substantially in the form of Exhibit C.

"<u>Rent</u>" shall mean the monies owed to the Asset Entities by the Tenants pursuant to the Tenant Leases.

"<u>Requesting Party</u>" shall have the meaning ascribed to it in Section 11.12(c).

"<u>Required Liquidity Reserve Amount</u>" shall mean, with respect to either Liquidity Reserve Sub-Account on any date, the greater of (a) an amount equal to the product of (i) the applicable Allocable Share of the Monthly Payment Amount with respect to the immediately succeeding Payment Date (excluding for the purposes of this calculation, any PIK Interest added to the aggregate Note Principal Balance of the Notes and any Accrued Interest on such PIK Interest) (or if such date is a Payment Date, with respect to such Payment Date) and (ii) five and (b) an amount equal to the sum of (i) all Priority Expenses with respect to the U.S. Data Centers or the Canadian Data Centers, as applicable, for the 12 calendar months immediately preceding such date other than Priority Expenses that are Pass-Through Data Center Expenses and (ii) the portion of the Annualized Targeted Maintenance Capital Expenditures allocable to all U.S. Data Centers or Canadian Data Centers, as applicable, that are Eligible Data Centers as of such date.

"<u>Reserve Sub-Account</u>" shall mean the Sub-Accounts of the Collection Accounts established by the Co-Issuers with the Indenture Trustee for the purpose of holding funds in the Reserves including: (a) the Priority Expense Reserve Sub-Accounts, (b) the Cash Trap Reserve Sub-Accounts, (c) the Capital Expenditures Reserve Sub-Accounts, (d) the Debt Service Sub-Account, (e) the Executed Forward Starting Lease Reserve Sub-Accounts; (f) the Liquidity Reserve Sub-Accounts, (g) the Early Termination Fee Reserve Sub-Accounts and (h) the Specified Material Tenant Lease Reserve Sub-Accounts.

"<u>Reserves</u>" shall mean the reserves held by or on behalf of the Indenture Trustee pursuant to this Indenture or the other Transaction Documents, including without limitation, the reserves established pursuant to Article IV.

"<u>Responsible Officer</u>" shall mean, when used with respect to the Indenture Trustee, any officer within the corporate trust department of the Indenture Trustee, including any trust officer or any other officer of the Indenture Trustee who customarily performs functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person's knowledge of and familiarity with the particular subject and who, in each case, has direct responsibility for the administration of this Indenture.

"<u>Restoration</u>" shall have the meaning ascribed to it in Section 7.06(b).

"<u>Risk Retention Letter</u>" shall mean a letter agreement, dated as of the Initial Closing Date (as may be amended, supplemented or replaced in accordance with the European Retention Requirements), among the Parent, the Indenture Trustee, the Holders of the Series 2020-1 Notes, pursuant to which the Parent has made certain undertakings in relation to the EU Risk Retention Requirement.

"<u>Rule 144A</u>" shall mean Rule 144A promulgated under the Securities Act and any successor provision thereto.

"<u>Rule 144A Global Note</u>" shall mean, with respect to any Series and Class of Term Notes, a single global Note, in definitive, fully registered form without interest coupons, representing such Series and Class of Term Notes, which Term Note does not bear a Regulation S Legend.

"<u>Rule 144A Information</u>" shall mean the information required to be delivered pursuant to Rule 144(A)(d)(4) under the Securities Act to permit compliance with Rule 144A in connection with resales of the Notes pursuant to Rule 144A.

"<u>S&P</u>" shall mean S&P Global Ratings, acting through Standard & Poor's Financial Services.

"<u>Sanctions</u>" shall have the meaning ascribed to it in Section 6.14.

"<u>Scheduled Application Date</u>" shall mean the 21<sup>st</sup> day of each calendar month, or if such day is not a Business Day, the next succeeding Business Day.

"<u>Scheduled Defeasance Payments</u>" shall mean with respect to the Notes of a particular Series, payments on or prior to, but as close as possible to (i) each Payment Date after the Defeasance Date and through and including the Defeasance Payment Date for such Series in amounts equal to the scheduled payments of interest on the Notes of such Series, the Class A-2 Targeted Amortization Amounts, if any, as of each Payment Date with respect to any Series, and payments of Indenture Trustee Fees, Workout Fees, Servicing Fees, Other Servicing Fees and any other amounts due and owing to the Servicer or the Indenture Trustee, if any, due on such dates under this Indenture and (ii) the Defeasance Payment Date for such Series in an amount equal to the aggregate Note Principal Balance of each Class of Outstanding Notes of such Series (net, in the case of any Class A Notes of such Series, of any such Class A-2 Targeted Amortization Amounts with respect to such Series).

"<u>SEC</u>" shall mean the Securities and Exchange Commission.

"<u>Second Request</u>" shall have the meaning ascribed to it in Section 15.26(b).

"<u>Securities Act</u>" shall mean the Securities Act of 1933, as amended.

"<u>Securitisation Regulation</u>" shall mean Regulation (EU) 2017/2402 relating to a European framework for simple, transparent and standardised securitization, as amended, varied or substituted from time to time, including any implementing regulation, technical standards and official guidance related thereto.

"<u>Series</u>" shall mean a series of Notes issued pursuant to this Indenture and a related Series Supplement.

"<u>Series 2020-1 Administrative Agent</u>" shall mean Barclays Bank plc.

"<u>Series 2020-1 Class A-1 Notes</u>" shall have the meaning ascribed to it in the related Series Supplement.

"<u>Series 2020-1 Class A-2 Notes</u>" shall have the meaning ascribed to it in the related Series Supplement.

"<u>Series 2020-1 Notes</u>" shall mean the Series 2020-1 Class A-1 Notes and the Series 2020-1 Class A-2 Notes, collectively.

"<u>Series Supplement</u>" shall mean an Indenture Supplement that authorizes a particular Series.

"<u>Servicer</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Servicer Remittance Date</u>" shall have the meaning ascribed to it in the Servicing Agreement.

"<u>Servicing Advances</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Servicing Agreement</u>" shall mean the Amended and Restated Servicing Agreement, dated as of the Amendment and Restatement Closing Date (as amended by that certain Amendment No. 1 to Servicing Agreement, dated as of the Effective Date), between the Servicer and the Indenture Trustee.

"<u>Servicing Fee</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Servicing Report</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Servicing Standard</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Servicer Termination Event</u>" shall have the meaning ascribed to it in the Servicing Agreement.

"<u>Shared Facilities</u>" shall mean interests in real property, facilities, or equipment owned by an Asset Entity, but serving both the Data Centers and one or more other properties owned by Affiliates of the Co-Issuers (other than the Guarantors or the Obligors) under an arm's length agreement entered into by a Manager, on behalf of the applicable Obligor, and the applicable affiliates of the Co-Issuers, which Shared Facilities may include any existing or to-be-built substations, utilities, storm water detention ponds, parking facilities, and access roads.

"<u>Shortfall Payment</u>" shall have the meaning ascribed to it in Section 5.01(b).

"<u>Similar Law</u>" shall mean the provisions under any federal, state, local, non-U.S. or other laws or regulations that are similar to the fiduciary responsibility provisions of Title I of ERISA or prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code.

"<u>Special Servicing Fee</u>" shall have the meaning ascribed to it in the Servicing Agreement.

"<u>Special Servicing Period</u>" shall mean any period of time during which any of the Notes constitute Specially Serviced Notes (as such term is defined in the Servicing Agreement).

"<u>Specified Material Tenant Lease</u>" shall mean, as of the Initial Closing Date, the Tenant Lease with an expiration of June 30, 2021 as has been and may be amended, restated, supplemented, renewed, replaced or otherwise modified from time to time, and, as of any date of determination, any other Tenant Lease designated as a "Specified Material Tenant Lease" pursuant to a written agreement by and among the Servicer, Co-Issuers, Managers and Indenture Trustee, in each case, which has been made available for review to each Administrative Agent and each initial purchaser of any Term Notes, whether an Initial Purchaser or otherwise.

"<u>Specified Material Tenant Lease Amount</u>" shall mean, as of any date of determination and with respect to any Specified Material Tenant Lease for which a Specified Material Tenant Lease Event has occurred, an amount equal to, the lesser of (a) the excess of (x) the base rate with respect to such Specified Material Tenant Lease as of the date such Specified Material Tenant Lease Event occurred multiplied by 12 over (y) the base rate with respect to the new Tenant Lease(s) with respect to the Leased Capacity (or portion thereof) of such Specified Material Tenant Lease multiplied by 12 and (b) amounts on deposit in the Specified Material Tenant Lease Reserve Sub-Accounts with respect to such Specified Material Tenant Lease.

"<u>Specified Material Tenant Lease Event</u>" shall mean, with respect to any Specified Material Tenant Lease, either (a) the execution of a new Tenant Lease with respect to the Leased Capacity (or a portion thereof) at a materially lower Annualized Adjusted Base Rent than the Specified Material Tenant Lease or (b) the receipt of notice of non-renewal of such Specified Material Tenant Lease, in either case results in the pro forma AANOI Leverage Ratio being greater than the Target Leverage Ratio.

"<u>Specified Material Tenant Lease Prepayment Amount</u>" shall have the meaning ascribed to it in Section 4.10.

"<u>Specified Material Tenant Lease Reserve Amount</u>" shall have the meaning ascribed to it in Section 4.10.

"<u>Specified Material Tenant Lease Reserve Sub-Accounts</u>" shall have the meaning ascribed to it in Section 4.10.

"<u>Spot Rate</u>" shall mean, with respect to any currency conversion required to be made under this Indenture, the relevant spot rate of exchange between the relevant currencies.

"<u>Subclause (i) Override Period</u>" shall have the meaning ascribed to it in Section 5.01.

"<u>Sub-Account</u>" shall mean (i) the Priority Expense Reserve Sub-Accounts, (ii) the Cash Trap Reserve Sub-Accounts, (iii) the Executed Forward Starting Lease Reserve Sub-Accounts, (iv) the Debt Service Sub-Account, (v) the Liquidity Reserve Sub-Accounts, (vi) the Capital Expenditures Reserve Sub-Accounts, (vii) the Early Termination Fee Reserve Sub-Accounts and (viii) the Specified Material Tenant Lease Reserve Sub-Accounts.

"<u>Supplemental Financial Information</u>" shall mean such financial reports as the subject entity shall routinely and regularly prepare, or can reasonably prepare, in each case, as reasonably requested by the Indenture Trustee or the Servicer.

"<u>Survey</u>" shall mean with respect to any Data Center, an as built survey of the land underlying such Data Center prepared by a professional land surveyor licensed in the state in which the Data Center is located within the preceding 18 months, certified to the Indenture Trustee and its successors and assigns and, if a Title Policy has been or is being issued in respect of such Data Center, the related Title Company, which contains a legal description of the real property on which such Data Center is situated that matches the legal description contained in the Title Policy, if any, in respect of such Data Center and a certification of whether the surveyed property is located in a flood hazard zone.

"<u>Target Leverage Ratio</u>" shall mean (x) 12.0x for any date of determination on or before the second anniversary of the Initial Closing Date and (y) 11.0x for any date of determination after the second anniversary of the Initial Closing Date; *provided* that this definition may be amended upon receipt of a Rating Agency Confirmation.

"<u>Tenant</u>" shall mean the Person who leases, subleases, licenses or enters into any other agreement in respect of Data Center Space from one or more Asset Entities pursuant to a Tenant Lease.

"<u>Tenant Lease</u>" shall mean, as of any date of determination, a Qualified Tenant Lease that (a) has been executed and delivered and remains in full force and effect, (b) has (A) Commenced (and the obligation of the Tenant to commence paying Rent is not subject to the fulfillment of any further obligations on the part of the Obligors other than (i) ordinary course obligations of the Obligors as landlords under such lease and (ii) any agreement of the Obligors to provide additional capacity that would require payments of additional Rent by such Tenant) or (B) been executed but that by its terms has not Commenced (or has Commenced, but the obligation of the Tenant to commence paying Rent remains subject to the fulfillment of further obligations on the part of the Obligors other than (i) ordinary course obligations of the Obligors as landlords under such lease and (ii) any agreement of the Obligors to provide additional capacity that would require payments of additional Rent by such Tenant); and (c) has a minimum term of 3 years from the time the related Tenant is obligated to commence paying Rent under such lease.

"<u>Tenant Lease File</u>" shall mean, with respect to each Data Center and any related Tenant Leases, collectively the following documentation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) the executed original or a copy of the related Tenant Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the executed original or a copy of any Guaranty of the relatedT enant Lease and any amendment, modification, waiver agreement or instrument related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) copies of any financing statements relating to the related Tenant Lease and any amendments and continuation statements, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the executed original recorded Mortgage and any modification or assignment thereof in favor of the Indenture Trustee with respect to the related Data Center, or, if such original Mortgage and/or any assignment thereof has not been returned from the applicable public recording office, a complete copy thereof delivered by the related Asset Entity, the U.S. Co-Issuer or the Canadian Co-Issuer or any applicable title company that closed or is closing the Mortgage as a true and complete copy of the original thereof submitted for recording (which delivery shall be deemed to be a certification by such Asset Entity that such copy is a true and complete copy of the original submitted for recording);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an original or copy of the lender's title insurance policy relating to the Mortgage for such Data Center, together with all riders thereto showing the Indenture Trustee and its successors and assigns as the named insured, or, with respect to each Data Center as to which a title insurance policy has not yet been issued, a policy meeting the foregoing description as evidenced by a commitment for title insurance "marked up" together with a closing instruction letter setting forth such requirements of the lender's title insurance policy (or by "pro-forma" otherwise agreed to by the title company) as of the closing date of the acquisition of such Data Center;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a Tenant estoppel certificate, if any, to the extent in the possession of the applicable Asset Entity, in which the Tenant acknowledges that the Tenant Lease is in full force and effect, that the Tenant is not in default under the terms of the Tenant Lease, and that no circumstances currently exist that would give the Tenant the right to abate or offset its rent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a copy of the appraisal (whether in hard copy or electronic copy) containing the appraisal information for such Data Center;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) environmental reports (whether in hard copy or electronic copy), if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) a copy of the environmental insurance policy, if applicable, together with the original assignment thereof to the Indenture Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) evidence of insurance showing the Asset Entity as the insured or an additional insured party under certain casualty insurance policies, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) originals or copies of all Ground Leases, Ground Lease estoppels and amendments thereof;

*provided*, that whenever the term "Tenant Lease File" is used to refer to documents actually received by the Indenture Trustee pursuant to this Indenture, such term shall be deemed not to include any of the foregoing documents unless they are actually so received.

"<u>Term Note Purchase Agreement</u>" shall mean the purchase agreement between, among others, the Co-Issuers and the Holders of any Series of Term Notes setting forth certain terms with respect to the purchase of such Series of Term Notes.

"<u>Term Notes</u>" shall mean notes of a Series designated at the time of issuance thereof as "Term Notes" and pursuant to which the Note Principal Balance thereof permanently decreases with any principal payment on such notes.

"<u>Title Company</u>" shall mean any one or more of the following: Fidelity National Title Insurance Company, First American Title Insurance Company, Old Republic National Title Insurance Company, Republic Title of Texas, Inc., Stewart Title Guaranty Company or such other title company as may be reasonably acceptable to the Servicer.

"<u>Title Policy</u>" shall mean an ALTA lenders policy of title insurance (or, if a final policy has not yet been issued, a marked, signed and predated commitment to issue a title insurance policy or a pro forma title insurance policy) pertaining to a Mortgage on a Data Center issued by a Title Company to the Indenture Trustee on behalf of the Noteholders, insuring the lien of the Mortgage or a first lien on such Data Center or such Asset Entity's fee title to such Data Center, subject only to Permitted Encumbrances, which policy of title insurance shall be accompanied by such endorsements as are available through commercially reasonable efforts and as the Servicer shall reasonably require.

"<u>Transaction Documents</u>" shall mean the Notes, this Indenture, the Series Supplements, the U.S. Guarantee and Security Agreement, the Canadian Guarantee and Security Agreement, the Cash Management Agreement, the Management Agreements, the Servicing Agreement, each Variable Funding Note Purchase Agreement, each Term Note Purchase Agreement, the Assignment/Contribution Agreements, the Mortgages, any Collection Account Control Agreements, the Account Control Agreements, the Risk Retention Letter and all other documents executed by the Managers, the Guarantors or any Obligor in connection with the issuance of Notes. For the avoidance of doubt, the term "Transaction Documents" shall not include the Tenant Leases or any Ground Leases.

"<u>Transfer</u>" shall mean any direct or indirect transfer, sale, pledge, hypothecation, or other form of assignment of any Ownership Interest in a Note.

"<u>Transferee</u>" shall mean any Person who is acquiring by Transfer any Ownership Interest in a Note.

"<u>Transferor</u>" shall mean any Person who is disposing by Transfer any Ownership Interest in a Note.

"<u>Turn Key Tenant Lease</u>" shall mean a Tenant Lease at a Data Center pursuant to which the applicable Asset Entity leases to the related Tenant site space at a Data Center supplied with critical load power capacity, connectivity and backup power and cooling provided by such Data Center's critical mechanical and electrical infrastructure and the critical load power allocated to the related Tenant under such Tenant Lease is a primary basis for the economic terms of such Tenant Lease.

"<u>UCC</u>" shall mean the Uniform Commercial Code in effect in the state of New York.

"<u>United States</u>" shall mean any state, Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands and other territories or possessions of the United States of America, except with respect to U.S. federal income tax matters in which case it shall have the meaning given to it in the Code.

"<u>Unpaid Class A-2 Monthly Amortization Amount</u>" shall mean, as of each Payment Date with respect to the Class A-2 Notes of any Series, the amount, if any, of the Class A-2 Monthly Amortization Amount for such Notes, if any, as of the Payment Date immediately preceding such Payment Date that was not paid on such preceding Payment Date.

"<u>U.S. Asset Entities</u>" shall mean the Asset Entities formed in the United States.

"<u>U.S. Budgeted Operating Expenses</u>" shall have the meaning ascribed to it in the U.S. Management Agreement.

"<u>U.S. Capital Expenditures Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.04.

"<u>U.S. Cash Trap Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.05.

"<u>U.S. Co-Issuer</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>U.S. Collection Account</u>" shall have the meaning ascribed to it in Section 3.01.

"<u>U.S. Collection Account Bank</u>" shall have the meaning ascribed to it in Section 3.01.

"<u>U.S. Collections</u>" shall have the meaning ascribed to it in Section 3.01.

"<u>U.S. Data Centers</u>" shall mean the Data Centers located in the United States.

"<u>U.S. Early Termination Fee Reserve Sub-Account</u>s" shall have the meaning ascribed to it in Section 4.06.

"<u>U.S. Executed Forward Starting Lease Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.07.

"<u>U.S. Guarantee and Security Agreement</u>" shall mean the Guarantee and Security Agreement, dated as of the Initial Closing Date, made by the U.S. Guarantor in favor of the Indenture Trustee on behalf of the Noteholders.

"<u>U.S. Guarantor</u>" shall mean Compass Datacenters Guarantor, LLC, a Delaware limited liability company.

"<u>U.S. Liquidity Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.08.

"<u>U.S. Manager</u>" shall mean the manager described in the U.S. Management Agreement or an Acceptable Manager as may hereafter be charged with management of the U.S. Obligors in accordance with Section 7.12.

"<u>U.S. Management Agreement</u>" shall mean that certain Management Agreement, dated as of the Initial Closing Date, among the U.S. Manager and the U.S. Obligors.

"<u>U.S. Obligors</u>" shall mean the Obligors formed in the United States (including the U.S. Co-Issuer, the Closing Date Asset Entities (other than the U.S. Co-Issuer) and any Additional Asset Entity formed in the United States).

"<u>U.S. Persons</u>" shall mean U.S. Persons within the meaning of Rule 902(k) of the Securities Act.

"<u>U.S. Priority Expense Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.03.

"<u>U.S. Specified Material Tenant Lease Reserve Sub-Account</u>s" shall have the meaning ascribed to it in Section 4.10.

"<u>USA PATRIOT Act</u>" shall mean collectively, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107 56 (signed into law October 26, 2001) and its implementing regulations.

"<u>USD Canadian Capital Expenditures Reserve Sub-Account"</u> shall have the meaning ascribed to it in Section 4.04.

"<u>USD Canadian Collection Account</u>" shall have the meaning ascribed to it in Section 3.01.

"<u>USD Canadian Priority Expense Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.03.

"<u>Variable Funding Note Purchase Agreement</u>" shall mean the purchase agreement between, among others, the Co-Issuers and the Holders of any Series of Variable Funding Notes setting forth certain terms with respect to such Series of Variable Funding Notes.

"<u>Variable Funding Notes</u>" shall mean Notes of a Series designated at the time of issuance thereof as "Variable Funding Notes" and pursuant to which the Note Principal Balance thereof may increase and decrease from time to time.

"<u>VFN Undrawn Commitment Fee</u>" with respect to any Series of Variable Funding Notes shall have the meaning ascribed to it in the respective Series Supplement with respect to such Series of Variable Funding Notes.

"<u>Voting Rights</u>" shall mean the voting rights evidenced by the respective Notes as determined in accordance with Section 12.03.

"<u>Workout Fee</u>" shall have the meaning ascribed to it in the Servicing Agreement.

"<u>Yield Maintenance</u>" shall mean the excess, if any, of (x) the present value on the date of prepayment of all future installments of principal and interest that the Co-Issuers would otherwise be required to pay on the Notes being prepaid from the date of such prepayment to and including the first Payment Date that occurs prior to the Prepayment Period applicable to such Notes absent such prepayment and assuming that (i) no Class A Sweep Amount, Class B Sweep Amount, Class C Sweep Amount, Disposition Price, Specified Material Tenant Lease Prepayment Amount or Early Termination Fee Prepayment Amounts are applied to reduce the outstanding principal balance of such Notes, (ii) monthly payments of principal on such Notes are made based upon the Class A-2 Targeted Amortization Amount for such Notes (and with interest calculated based on the principal balance of such Notes as reduced by each such principal payment) and (iii) the entire unpaid Class Principal Balance of such Notes is required to be paid on such Payment Date, with such present value determined by the use of a discount rate equal to the sum of (a) the yield to maturity (adjusted to a "mortgage equivalent basis" pursuant to the standards and practices of the Securities Industry and Financial Markets Association), on a date of determination 5 Business Days prior to the date of such prepayment for such Note of the United States Treasury Security having the term to maturity closest to such Payment Date, plus (b) 0.50% over (y) the principal amount of such Notes being prepaid on the date of such prepayment.

Section 1.02 <u>Rules of Construction</u>. Unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) a term has the meaning assigned to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an accounting term not otherwise defined herein and accounting terms partly defined herein, to the extent not defined, shall have the respective meanings given to them under GAAP as in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "or" is not exclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) "including" means including without limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) words in the singular include the plural and words in the plural include the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all references to "$" or to "USD" are to United States dollars unless otherwise stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all references to "$(Cdn)" or "CAD" are to Canadian dollars unless otherwise stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any agreement, instrument or statute defined or referred to in this Indenture or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, restated, amended and restated, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) references to a Person are also to its permitted successors and assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the words "hereof", "herein" and "hereunder" and words of similar import, when used in this Indenture, shall refer to this Indenture as a whole and not to any particular provision of this Indenture, and Section, Schedule and Exhibit references are to this Indenture unless otherwise specified; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) whenever the phrase "in direct order of alphabetical designation" or "highest alphabetical designation" or a similar phrase is used herein, it shall be construed to mean beginning with the letter "A" and ending with the letter "Z"; whenever the phrase "direct order of numerical designation" or a similar phrase is used herein, it shall be construed to mean beginning with the numerical designation "1" and ending with the highest applicable numerical designation "100".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) For the purposes of any assets, liabilities or entities in the Province of Quebec and for all other purposes pursuant to which interpretation or construction of this Agreement may be subject to the laws of the Province of Quebec or a court or tribunal exercising jurisdiction in the Province of Quebec, (a) "personal property" shall include "movable property", (b) "real property" or "real estate" shall include "immovable property", (c) "tangible property" shall include "corporeal property", (d) "intangible property" shall include "incorporeal property", (e) "security interests", "mortgage" and "lien" shall include a "hypothec", "right of retention", "prior claim" and a resolutory clause, (f) all references to filing, perfection, priority or remedies, registering or recording under the Uniform Commercial Code or a personal property security act of any jurisdiction shall include publication under the Civil Code of Quebec, (g) all references to "perfection" or "perfected" liens or security interest shall include a reference to an "opposable" or "set up" lien or security interest as against third parties, (h) any "right of offset", "right of set off" or similar expression shall include a "right of compensation", (i) "goods" shall include "corporeal movable property" other than chattel paper, documents of title, instruments, money and securities, (j) an "agent" shall include a "mandatary", (k) "construction lien" shall include "legal hypothec", (l) "joint and several" shall include "solidary", (m) "gross negligence or willful misconduct" shall be deemed to be "intentional or gross fault", (n) "beneficial ownership" shall include "ownership on behalf of another as mandatary", (o) "easement" shall include "servitude", (p) "priority" shall include "prior claim", (q) "survey" shall include "certificate of location and plan", (r) "state" shall include "province", (s) "fee simple title" shall include "absolute ownership" and (t) "accounts" shall include "claims".

**ARTICLE II**

**THE NOTES**

Section 2.01 <u>The Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Variable Funding Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Variable Funding Notes shall be substantially in the form attached as Exhibit A-3; *provided*, *however*, that any of the Variable Funding Notes may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with rules or regulations pursuant thereto, or with the rules of any securities market in which the Variable Funding Notes may be admitted to trading, or to conform to general usage. The Variable Funding Notes shall be issued and delivered in fully registered, certificated form (the "<u>Definitive Variable Funding Notes</u>"). The Variable Funding Notes shall be revolving Notes. Additional borrowings may be made under any Variable Funding Notes pursuant to the applicable Variable Funding Note Purchase Agreement and the principal of the Variable Funding Notes may be repaid and reborrowed pursuant to the terms of the applicable Variable Funding Note Purchase Agreement. The Variable Funding Notes shall be issued in minimum denominations of $100,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Variable Funding Notes shall be executed by manual signature by an Authorized Officer of each of the U.S. Co-Issuer and the Canadian Co-Issuer. Variable Funding Notes bearing the manual signatures of individuals who were at any time the authorized officers of each of the U.S. Co-Issuer and the Canadian Co-Issuer shall be entitled to all benefits under this Indenture, subject to the following sentence, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Variable Funding Notes or did not hold such offices at the date of such Variable Funding Notes. The Indenture Trustee shall, upon receipt of an Issuer Order, authenticate and deliver any Variable Funding Notes executed by the Co-Issuers for issuance pursuant to this Indenture. No Variable Funding Notes shall be entitled to any benefit under this Indenture, or be valid for any purpose, however, unless there appears on such Variable Funding Notes a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by manual signature, and such certificate of authentication upon any Variable Funding Note shall be conclusive evidence, and the only evidence, that such Variable Funding Note has been duly authenticated and delivered hereunder. All Variable Funding Notes shall be dated the date of their authentication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any Variable Funding Notes must be designated as "Class A-1 Notes" and no Notes that are not Variable Funding Notes may be designated as "Class A-1 Notes."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Subject to satisfaction of the conditions precedent set forth in the applicable Variable Funding Note Purchase Agreement, the Co-Issuers may increase the Outstanding Note Principal Balance in the manner provided in the Variable Funding Note Purchase Agreement. Upon each such increase, the Indenture Trustee shall, or shall cause the Note Registrar to, indicate in the Note Register such increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Term Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless otherwise provided in any applicable Series Supplement, the Term Notes shall be substantially in the form attached as Exhibit A- 1 and Exhibit A-2, as applicable; *provided, however*, that any of the Term Notes may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with rules or regulations pursuant thereto, or with the rules of any securities market in which the Term Notes may be admitted to trading, or to conform to general usage. The Term Notes shall be issuable in book-entry form and in accordance with Section 2.03, Ownership Interests in the Book-Entry Notes shall initially be held and transferred through the book-entry facilities of the Depositary; *provided, however*, that Term Notes purchased by Institutional Accredited Investors that are not Qualified Institutional Buyers will be delivered in fully registered, certificated form and Term Notes of a Series to the extent provided in the related Series Supplement, upon original issuance, may be issued in fully registered, certificated form (collectively, the "<u>Definitive Term Notes</u>" and, together with the Definitive Variable Funding Notes, "<u>Definitive Notes</u>"). Unless otherwise provided in any applicable Series Supplement, the Term Notes shall be issued in minimum denominations of $25,000 initial principal balance and in any whole dollar denomination in excess thereof; *provided, however*, Term Notes issued as Definitive Term Notes shall be issued in minimum denominations of $100,000 initial principal balance and in integral multiples of $1,000 in excess thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Term Notes shall be executed by manual signature by an Authorized Officer of each of the U.S. Co-Issuer and the Canadian Co-Issuer. Term Notes bearing the manual signatures of individuals who were at any time the authorized officers of each of the U.S. Co-Issuer and the Canadian Co-Issuer shall be entitled to all benefits under this Indenture, subject to the following sentence, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Term Notes or did not hold such offices at the date of such Term Notes. The Indenture Trustee shall, upon receipt of an Issuer Order, authenticate and deliver any Notes executed by the Co-Issuers for issuance pursuant to this Indenture. No Term Note shall be entitled to any benefit under this Indenture, or be valid for any purpose, however, unless there appears on such Term Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by manual signature, and such certificate of authentication upon any Term Note shall be conclusive evidence, and the only evidence, that such Term Note has been duly authenticated and delivered hereunder. All Term Notes shall be dated the date of their authentication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate principal amount of the Term Notes which may be authenticated and delivered under this Indenture shall be unlimited.

Section 2.02 <u>Registration of Transfer and Exchange of Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers may, at their own expense, appoint any Person with appropriate experience as a securities registrar to act as Note Registrar hereunder; *provided*, that in the absence of any other Person appointed in accordance herewith acting as Note Registrar, the Indenture Trustee agrees to act in such capacity in accordance with the terms hereof. The Note Registrar shall be subject to the same standards of care, limitations on liability and rights to indemnity as the Indenture Trustee, and the provisions of Sections 11.02, 11.03, 11.04, 11.05, 11.06(b), and 11.06(c) shall apply to the Note Registrar to the same extent that they apply to the Indenture Trustee and with the same rights of recovery. Any Note Registrar appointed in accordance with this Section 2.02(a) may at any time resign by giving at least 30 days' advance written notice of resignation to the Indenture Trustee, the Servicer and the Co- Issuers. The Co-Issuers may at any time terminate the agency of any Note Registrar appointed in accordance with this Section 2.02(a) by giving written notice of termination to such Note Registrar, with a copy to the Servicer.

At all times during the term of this Indenture, there shall be maintained at the office of the Note Registrar a Note Register in which, subject to such reasonable regulations as the Note Registrar may prescribe, the Note Registrar shall provide for the registration of Notes and of transfers and exchanges of Notes as herein provided. The Co-Issuers, the Servicer and the Indenture Trustee shall have the right to inspect the Note Register or to obtain a copy thereof at all reasonable times, and to rely conclusively upon a certificate of the Note Registrar as to the information set forth in the Note Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No transfer, sale, pledge or other disposition of any Note or interest therein shall be made unless such transfer, sale, pledge or other disposition is exempt from the registration and/or qualification requirements of the Securities Act and any applicable state securities laws, or is otherwise made in accordance with the Securities Act and such state securities laws.

Unless otherwise provided in any applicable Series Supplement, if a transfer of any Note that constitutes a Definitive Note is to be made without registration under the Securities Act (other than in connection with the initial issuance of the Notes or a transfer of a Book-Entry Note to a successor Depositary as contemplated by Section 2.03(c)), then such transfer shall not be registered by the Note Registrar unless the Note Registrar receives (and, upon receipt, may conclusively rely upon) either: (i) a certification from the Noteholder desiring to effect such transfer substantially in the form attached hereto as Exhibit B-5, in the case of a transfer to a Qualified Institutional Buyer, or Exhibit B-6, in the case of a transfer to an Institutional Accredited Investor, and a certification from the prospective Transferee substantially in the form attached hereto as Exhibit B-3, in the case of a transfer to a Qualified Institutional Buyer, or Exhibit B-4, in the case of a transfer to an Institutional Accredited Investor, or (ii) an Opinion of Counsel to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Co-Issuers, the Servicer, the Indenture Trustee or the Note Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Noteholder desiring to effect such transfer and/or such Noteholder's prospective Transferee on which such Opinion of Counsel is based.

If a transfer of any interest in a Rule 144A Global Note is to be made without registration under the Securities Act to a Person who will take delivery of such interest in the form of an interest in a Regulation S Global Note, then the Note Owner desiring to effect such transfer shall be required to deliver to the Note Registrar (i) a certification substantially in the form attached as Exhibit B-2 and (ii) such written orders and instructions as are required under the Applicable Procedures to direct the Indenture Trustee to debit the account of a Depositary Participant by a denomination of interests in such Rule 144A Global Note, and credit the account of a Depositary Participant by a denomination of interests in such Regulation S Global Note, that is equal to the denomination of beneficial interests in the Class of Notes to be transferred. Upon delivery to the Note Registrar of such certification and such orders and instructions, the Indenture Trustee, subject to and in accordance with the Applicable Procedures, shall reduce the denomination of the Rule 144A Global Note in respect of the applicable Class of Notes and increase the denomination of the Regulation S Global Note for such Class by the denomination of the beneficial interest in such Class specified in such orders and instructions. If a transfer of any interest in a Rule 144A Global Note is to be made without registration under the Securities Act to a Person who will take delivery of such interest in the form of an interest in such Rule 144A Global Note, the Note Owner desiring to effect such transfer shall be deemed to have represented and warranted that the certifications set forth in Exhibit B-1 are, with respect to the subject Transfer, true and correct.

Any interest in a Rule 144A Global Note with respect to any Class of Book-Entry Notes may be transferred by any Note Owner holding such interest to any Institutional Accredited Investor (other than a Qualified Institutional Buyer) that takes delivery in the form of a Definitive Note of the same Class as such Rule 144A Global Note upon delivery to the Note Registrar of (i) (A) a certification from such Note Owner's prospective Transferee substantially in the form of Exhibit B-4, or (B) an Opinion of Counsel (which Opinion of Counsel shall not be an expense of the Co-Issuers, the Servicer, the Indenture Trustee or the Note Registrar in their respective capacities as such), to the effect that such transfer may be made without registration under the Securities Act and (ii) such written orders and instructions as are required under the Applicable Procedures to direct the Indenture Trustee to debit the account of a Depositary Participant by the denomination of the transferred interests in such Rule 144A Global Note. Upon delivery to the Note Registrar of the certification and/or opinion contemplated by this paragraph of Section 2.02(b), the Indenture Trustee, subject to and in accordance with the Applicable Procedures, shall reduce the denomination of the subject Rule 144A Global Note by the denomination of the transferred interests in such Rule 144A Global Note, and shall cause a Definitive Note of the same Class as such Rule 144A Global Note, and in a denomination equal to the reduction in the denomination of such Rule 144A Global Note, to be executed, authenticated and delivered in accordance with this Indenture to the applicable Transferee.

Except as provided in the next sentence, on and prior to the Release Date, no beneficial interest in a Regulation S Global Note for any Class of Book-Entry Notes shall be transferred to any Person who takes delivery other than in the form of a beneficial interest in such Regulation S Global Note. On and prior to the Release Date, a Note Owner holding an interest in a Regulation S Global Note desiring to effect a Transfer to a Person who takes delivery of such interest in the form of a beneficial interest in the Rule 144A Global Note for such Class of Notes shall be required to deliver to the Note Registrar a written certification substantially in the form of Exhibit B-1 including such written orders and instructions as are required under the Applicable Procedures to direct the Indenture Trustee to debit the account of a Depositary Participant by a denomination of interests in such Regulation S Global Note, and credit the account of a Depositary Participant by a denomination of interests in such Rule 144A Global Note, that is equal to the denomination of beneficial interests in the Class of Notes to be transferred. Upon delivery to the Note Registrar of such certification and orders and instructions, the Indenture Trustee, subject to and in accordance with the Applicable Procedures, shall reduce the denomination of the Regulation S Global Note in respect of the applicable Class of Notes and increase the denomination of the Rule 144A Global Note for such Class by the denomination of the beneficial interest in such Class specified in such orders and instructions. On or prior to the Release Date, beneficial interests in the Regulation S Global Note for each Class of Book-Entry Notes may be held only through Euroclear or Clearstream.

None of the U.S. Co-Issuer, the Canadian Co-Issuer, the Indenture Trustee or the Note Registrar shall be obligated to register or qualify any Class of Notes under the Securities Act or any other securities law or to take any action not otherwise required under this Indenture to permit the transfer of any Note or interest therein without registration or qualification. Any Noteholder or Note Owner desiring to effect a transfer, sale, pledge or other disposition of any Note or interest therein shall, and does hereby agree to, indemnify the Parent, the Guarantors, the Obligors, the Indenture Trustee, the Managers, the Servicer and the Note Registrar against any liability that may result if such transfer, sale, pledge or other disposition is not exempt from the registration and/or qualification requirements of the Securities Act and any applicable state securities laws or is not made in accordance with such federal and state laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No transfer of any Note or any interest therein shall be made to any Plan or to any Person who is directly or indirectly acquiring such Note on behalf of, as fiduciary of, as trustee of, or with the assets of, a Plan, except in each such case, in accordance with the following provisions of this Section 2.02(c). Any attempted or purported transfer of a Note in violation of this Section 2.02(c) will be null and void and vest no rights in any purported Transferee.

The Note Registrar shall not register the transfer of a Note that constitutes a Definitive Note or the transfer of an interest in a Book-Entry Note that following such purported transfer will constitute a Definitive Note unless the Note Registrar has received from the prospective Transferee a certification that either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such prospective Transferee is not a Plan and is not directly or indirectly acquiring or holding such Note or any interest in such
Note on behalf of, as fiduciary of, as trustee of, or with assets of, a Plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such acquisition and holding of such Note or any interest therein by such prospective Transferee will not result in a non-exempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code or a similar violation of any applicable Similar Laws.

It is hereby acknowledged that either of the forms of certification attached hereto as Exhibits B-3 and B-4 is acceptable for purposes of clauses (i) and (ii) of the preceding sentence.

The Note Owner desiring to effect a transfer of an interest in a Book-Entry Note (other than a transfer of an interest in a Book-Entry Note that following such purported transfer will constitute a Definitive Note which transfer shall be subject to the forms of certification attached hereto as Exhibits B-3 and B-4 as provided for above) shall obtain from its prospective Transferee a certification that such prospective Transferee is not a Plan and is not directly or indirectly acquiring, holding and subsequently disposing of such Note or any interest in such Note on behalf of, as fiduciary of, as trustee of, or with assets of, a Plan.

It is hereby acknowledged that either of the forms of certification attached hereto as Exhibits B-1 and B-2 is acceptable for purposes of the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Person is acquiring a Note as a fiduciary or agent for one or more accounts, such Person shall be required to deliver to the Note Registrar a certification to the effect that, and such other evidence as may be reasonably required by the Note Registrar to confirm that, it has (i) sole investment discretion with respect to each such account and (ii) full power to make the applicable foregoing acknowledgments, representations, warranties, certifications and/or agreements with respect to each such account as set forth in subsections (b), (c) and/or (d), as appropriate, of this Section 2.02.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to the preceding provisions of this Section 2.02, upon surrender for registration of transfer of any Note at the offices of the Note Registrar maintained for such purpose, one or more new Notes of authorized denominations of the same Class and Series evidencing a like aggregate principal balance shall be executed, authenticated and delivered, in the name of the designated Transferee or Transferees, in accordance with Section 2.01(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) At the option of any Noteholder, its Notes may be exchanged for other Notes of authorized denominations of the same Class and Series evidencing a like aggregate principal balance, upon surrender of the Notes to be exchanged at the offices of the Note Registrar maintained for such purpose. Whenever any Notes are so surrendered for exchange, the Notes which the Noteholder making the exchange is entitled to receive shall be executed, authenticated and delivered in accordance with Section 2.01(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Every Note presented or surrendered for transfer or exchange shall (if so required by the Note Registrar) be duly endorsed by, or be accompanied by a written instrument of transfer in a form satisfactory to, the Note Registrar duly executed by the Noteholder thereof or his attorney duly authorized in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No service charge shall be imposed for any transfer or exchange of Notes, but the Indenture Trustee or the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All Notes surrendered for transfer and exchange shall be physically canceled by the Note Registrar, and the Note Registrar shall dispose of such canceled Notes in accordance with its standard procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) None of the Parent, the Guarantors, the Obligors, the Managers, the Indenture Trustee, the Note Registrar nor any agent of any of the foregoing shall have any responsibility for any actions taken or not taken by the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Indenture Trustee and the Note Registrar shall have no responsibility or obligation to any Person with respect to the accuracy of the books or records, or the acts or omissions, of the Depositary or its nominee or of any Depositary Participant, with respect to any Ownership Interest in the Notes or with respect to the delivery to any Person (other than the Depositary) of any notice (including any notice of prepayment) or the payment of any amount, under or with respect to the Notes. All notices and communications to be given to the Holders and all payments to be made to the Holders hereunder shall be given or made only to or upon the order of the Holders (which shall be the Depositary or its nominee in the case of a Book-Entry Note). The rights of Note Owners in any Book- Entry Note shall be exercised only through the Depositary subject to the customary procedures of the Depositary. The Indenture Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Indenture Trustee and the Note Registrar shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any Note or any transfer of any interest in any Book-Entry Note other than to require delivery of the certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance on their face to the express requirements of this Indenture. In connection with any transfer of any Note, the Indenture Trustee and the Note Registrar shall be under no duty to inquire into the validity, legality and due authorization of such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Note Registrar shall provide to each of the other parties hereto, upon reasonable written request and at the expense of the Requesting Party, an updated copy of the Note Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Transfers of Variable Funding Notes shall be subject to such additional terms and conditions as may be set forth in the applicable Variable Funding Note Purchase Agreement.

Section 2.03 <u>Book-Entry Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise provided in any applicable Series Supplement, each Class and Series of Term Notes shall initially be issued as one or more Notes registered in the name of the Depositary or its nominee and, except as provided in Section 2.03(c), transfer of such Notes may not be registered by the Note Registrar unless such transfer is to a successor Depositary that agrees to hold such Notes for the respective Note Owners with Ownership Interests therein. Such Note Owners shall hold and, subject to Sections 2.02(b) and 2.02(c), transfer their respective Ownership Interests in and to such Notes through the book-entry facilities of the Depositary and, except as provided in Section 2.03(c), shall not be entitled to Definitive Notes in respect of such Ownership Interests. Term Notes of each Class and Series of Notes initially sold in reliance on Rule 144A shall be represented by the Rule 144A Global Note for such Class and Series, which shall be deposited with the DTC Custodian and registered in the name of Cede & Co. as nominee of the Depositary. Term Notes of each Class and Series of Notes initially sold in offshore transactions in reliance on Regulation S shall be represented by the Regulation S Global Note for such Class and Series, which shall be deposited with the DTC Custodian and registered in the name of Cede & Co. as nominee of the Depositary. All transfers by Note Owners of their respective Ownership Interests in the Book-Entry Notes shall be made in accordance with the procedures established by the Depositary Participant or brokerage firm representing each such Note Owner. Each Depositary Participant shall only transfer the Ownership Interests in the Book-Entry Notes of Note Owners it represents or of brokerage firms for which it acts as agent in accordance with the Depositary's normal procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The U.S. Co-Issuer, the Canadian Co-Issuer, the Servicer, the Indenture Trustee and the Note Registrar shall for all purposes, including the making of payments due on the Book-Entry Notes, deal with the Depositary as the authorized representative of the Note Owners with respect to such Notes for the purposes of exercising the rights of Noteholders hereunder. The rights of Note Owners with respect to the Book-Entry Notes shall be limited to those established by law and agreements between such Note Owners and the Depositary Participants and indirect participating brokerage firms representing such Note Owners. Multiple requests and directions from, and votes of, the Depositary as holder of the Book-Entry Notes with respect to any particular matter shall not be deemed inconsistent if they are made with respect to different Note Owners. The Indenture Trustee may establish a reasonable record date in connection with solicitations of consents from or voting by Noteholders and shall give notice to the Depositary of such record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Term Notes initially issued in the form of Book-Entry Notes will thereafter be issued as Definitive Notes to applicable Note Owners or their nominees, rather than to the Depositary or its nominee, only (i) if the Co-Issuers advise the Indenture Trustee in writing that the Depositary is no longer willing or able to properly discharge its responsibilities as Depositary with respect to such Notes and the Co-Issuers are unable to locate a qualified successor or (ii) in connection with the transfer by a Note Owner of an interest in a Global Note to an Institutional Accredited Investor that is not a Qualified Institutional Buyer. Upon the occurrence of the event described in clause (i) of the preceding sentence, the Indenture Trustee will be required to notify, in accordance with the Depositary's procedures, all Depositary Participants (as identified in a listing of Depositary Participant accounts to which each Class and Series of Book-Entry Notes is credited) through the Depositary of the availability of such Definitive Notes. Upon surrender to the Note Registrar of any Class of Book-Entry Notes (or any portion of any Class thereof) by the Depositary, accompanied by re-registration instructions from the Depositary for registration of transfer, Definitive Notes in respect of such Class (or portion thereof) and Series shall be executed and authenticated in accordance with Section 2.01(b) and delivered to the Note Owners identified in such instructions. None of the U.S. Co-Issuer, the Canadian Co-Issuer, the Servicer, the Indenture Trustee or the Note Registrar shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes for purposes of evidencing ownership of any Book-Entry Notes, the registered holders of such Definitive Notes shall be recognized as Noteholders hereunder and, accordingly, shall be entitled directly to receive payments on, to exercise Voting Rights with respect to, and to transfer and exchange such Definitive Notes.

Section 2.04 <u>Mutilated, Destroyed, Lost or Stolen Notes</u>. If (i) any mutilated Note is surrendered to the Note Registrar, or the Note Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee and the Note Registrar such security or indemnity as may be reasonably required by them to hold each of them harmless and any other documents (including a lost note affidavit) that the Indenture Trustee and the Note Registrar may reasonably request, then, in the absence of actual notice to the Indenture Trustee or the Note Registrar that such Note has been acquired by a protected purchaser, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a new Note of the same Class, type and Series and of like Note Principal Balance shall be executed, authenticated and delivered in accordance with Section 2.01(b). Upon the issuance of any new Note under this Section 2.04, the Indenture Trustee and the Note Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the reasonable fees and expenses of the Indenture Trustee and the Note Registrar) connected therewith. Any replacement Note issued pursuant to this Section shall constitute complete and indefeasible evidence of ownership of such Note, as if originally issued, whether or not the lost, stolen or destroyed Note shall be found at any time.

Section 2.05 <u>Persons Deemed Owners</u>. Prior to due presentment for registration of transfer, the U.S. Co-Issuer, the Canadian Co-Issuer, the Servicer, the Indenture Trustee, the Notes Registrar and any agent of any of them may treat the Person in whose name any Note is registered as the owner of such Note for the purpose of receiving payments pursuant to Article V and for all other purposes whatsoever, and none of the U.S. Co-Issuer, the Canadian Co-Issuer, the Servicer, the Indenture Trustee, the Note Registrar or any agent of any of them will acknowledge or be affected by any notice to the contrary.

Section 2.06 <u>Certification by Note Owners</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Note Owner is hereby deemed, by virtue of its acquisition of an Ownership Interest in the Global Notes, to agree to comply with the transfer requirements of Section 2.02(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent that under the terms of this Indenture, it is necessary to determine whether any Person is a Note Owner, the Indenture Trustee may conclusively rely on a certificate of such Person in such form as shall be reasonably acceptable to the Indenture Trustee and shall specify the Class, Series and Note Principal Balance of the Book-Entry Note beneficially owned by such Person.

Section 2.07 <u>Notes Issuable in Series</u>. The Notes of the Co-Issuers may be issued in one or more Series subject to satisfaction of the applicable conditions set forth in Section 2.13. There shall be established in one or more Series Supplements, prior to the issuance of Notes of any Series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the title of the Notes of such Series (which shall distinguish the Notes of such Series from Notes of other Series) and whether such Notes will be Variable Funding Notes or Term Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any limit upon the aggregate principal balance of the Notes of such Series that may be authenticated and delivered under this Indenture (except for Notes authenticated and delivered upon registration of transfer of, in exchange for, or in lieu of, other Notes of such Series pursuant to Section 2.02 or 2.04);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date or dates on which the principal of the Notes of such Series is payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Class A-2 Targeted Amortization Amounts, if any, for the Class A-2 Notes of such Series as of each Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the rate or rates at which the Notes of such Series shall bear interest, if any, or the method by which such rate shall be determined, the date or dates from which such interest shall accrue, the interest payment dates on which such interest shall be payable and the record dates for the determination of Holders to whom interest is payable (in each case to the extent such items are not specified herein or if specified herein to the extent such items are modified by such Series Supplement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any other terms of such Series (which terms shall not be inconsistent with the provisions of this Indenture except to the extent that such Series Supplement also constitutes an amendment of this Indenture pursuant to Article XIII).

The Notes of a Series may have more than one settlement or issue date. The Notes of each Series will be assigned to one or more Classes and shall satisfy the requirements of Section 2.13(b) as of the date of issuance.

Section 2.08 <u>Principal Amortization</u>. Prior to the Anticipated Repayment Date for a Series, unless an Amortization Period commences and is continuing, an Event of Default occurs and is continuing, a Cash Trap Condition occurs and continues for more than 6 consecutive calendar months, any Early Termination Fee Prepayment Amount, there exists Class A Sweep Amount, Class B Sweep Amount or Class C Sweep Amount, there exists Specified Material Tenant Lease Prepayment Amount, or any Disposition Price is payable by the Co-Issuers, or as otherwise provided in <u>Section 7.06</u> or in the Series Supplement for such Series, no principal shall be required to be paid with respect to such Series. No other principal shall be required to be paid with respect to such Series. During an Amortization Period or after the occurrence and during the continuance of an Event of Default, all Excess Cash Flow shall be applied as set forth in <u>Section 5.01(g)</u>.

Section 2.09 <u>Prepayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers may optionally prepay the Notes of any Series in whole or in part on any Business Day *provided* that (i) the Co-Issuers shall have provided written notice of such prepayment to the Indenture Trustee no later than five Business Days prior to the date of such prepayment or such shorter notice period set forth in the Variable Funding Note Purchase Agreement for any Series of Variable Funding Notes and (ii) such prepayment is accompanied by all accrued and unpaid interest on the principal amount of the Notes being prepaid through the date of such prepayment and any applicable Prepayment Consideration if such prepayment occurs prior to the Prepayment Period for such Series; *provided* that no Prepayment Consideration shall be payable in connection with (r) prepayments of the Variable Funding Notes of any Series, (s) prepayments of the Class A Sweep Amount to the Class A Notes of any Series, the Class B Sweep Amount to the Class B Notes of any Series or the Class C Sweep Amount to the Class C Notes of any Series (including prepayments with amounts other than Receipts), (t) prepayments of the Class A-2 Notes of any Series on any Payment Date in an amount up to the applicable Class A-2 Monthly Amortization Amount as of such Payment Date, (u) prepayments of the Term Notes from amounts on deposit in the Cash Trap Reserve Sub-Accounts or to cure a Cash Trap Condition (including prepayments with amounts other than Receipts), (v), prepayments of the Specified Material Tenant Lease Prepayment Amount, (w) mandatory prepayments of the Notes of any Series as provided in the related Series Supplement, (x) prepayments of the Term Notes with Loss Proceeds in accordance with Section 7.06 or (y) prepayments made during an Amortization Period (including prepayments with amounts other than Receipts) or after the occurrence and during the continuance of an Event of Default or (z) prepayments of any Series of Notes in an amount equal to the applicable Disposition Price in connection with the disposition of one or more Data Centers in accordance with Section 7.30 in an amount (1) up to $50 million in the aggregate for all such dispositions with respect to the Series 2020-1 Notes and the Series 2020-2 Notes, collectively, and (2) set forth in the applicable Series Supplement with respect to any other Series; *provided*, *further*, that such prepayment of any Series of Variable Funding Notes shall be accompanied by such additional amounts required to be paid pursuant to the related Variable Funding Note Purchase Agreement. On the date of any prepayment in connection with which Prepayment Consideration is payable, the Indenture Trustee or the Paying Agent, at the direction of the Servicer, shall pay such Prepayment Consideration received in respect of any Class or Series of Notes to the Holders of the corresponding Class or Series of Notes pro rata based on the amount prepaid on each such Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Partial optional or mandatory prepayments made in conformity with the provisions of this Section 2.09 will be applied to the Classes of all Notes of all Series in direct order of alphabetical designation; *provided* that optional prepayments (other than those funded by application of amounts on deposit in the Cash Trap Reserve Sub-Accounts) may be directed by the Co-Issuers to be applied to the Notes of a particular Series in direct order of alphabetical designation and, with respect to optional prepayments of the Class A Notes (other than those funded by application of amounts on deposit in the Cash Trap Reserve Sub-Accounts) may be directed by the Co-Issuers to be applied to the Class A-1 Notes or to be applied to other Class A Notes, with any such application to other Class A Notes being in direct order of numerical designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A portion of the principal of the Class A Notes of each Series will be payable on each Payment Date in an amount equal to the lesser of (i) the Class A Sweep Amount, if any, on such Payment Date and (ii) the funds available for such purpose pursuant to Section 5.01(g) (with any amounts so applied to the Class A Notes being further applied among the numerical Classes of Class A Notes in accordance with the Applicable Class A Payment Priority). Failure on the part of the Co-Issuers to pay the entire Class A Sweep Amount with respect to the Class A Notes of any Series on any Payment Date, other than the Rated Final Payment Date for such Series, shall not constitute an Event of Default or otherwise provide to the Noteholders (or the Indenture Trustee on behalf of the Noteholders) any additional rights or remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A portion of the principal of the Class B Notes of each Series will be payable on each Payment Date in an amount equal to the lesser of (i) the Class B Sweep Amount, if any, on such Payment Date and (ii) the funds available for such purpose pursuant to Section 5.01(g). Failure on the part of the Co-Issuers to pay the entire Class B Sweep Amount with respect to the Class B Notes of any Series on any Payment Date, other than the Rated Final Payment Date for such Series, shall not constitute an Event of Default or otherwise provide to the Noteholders (or the Indenture Trustee on behalf of the Noteholders) any additional rights or remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A portion of the principal of the Class C Notes of each Series will be payable on each Payment Date in an amount equal to the lesser of (i) the Class C Sweep Amount, if any, on such Payment Date and (ii) the funds available for such purpose pursuant to Section 5.01(g). Failure on the part of the Co-Issuers to pay the entire Class C Sweep Amount with respect to the Class C Notes of any Series on any Payment Date, other than the Rated Final Payment Date for such Series, shall not constitute an Event of Default or otherwise provide to the Noteholders (or the Indenture Trustee on behalf of the Noteholders) any additional rights or remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In connection with each disposition of a Data Center pursuant to Section 7.30, if and to the extent required thereunder, the Co-Issuers shall prepay the Term Notes in an amount equal to the Disposition Price for such disposed Data Center (and pay the current obligations of the Indenture Trustee and the Servicer, including any Advances (with interest thereon), along with the Indenture Trustee Fee, Servicing Fee and Other Servicing Fees, in each case to the extent sufficient funds have not been deposited in the applicable Collection Account for distribution on the applicable Payment Date) together with any applicable Prepayment Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If and to the extent provided in the Series Supplement for any Series, commencing on the Payment Date specified in such Series Supplement for such Series, and subject to the availability hereunder of funds for such purpose and so long as a Cash Trap Condition is not continuing, a portion of the principal of the Class A-2 Notes of such Series will be payable on each Payment Date in an amount equal to the Class A-2 Monthly Amortization Amount as of such Payment Date with respect to such Notes as specified in such Series Supplement in accordance with Section 5.01(g). Failure on the part of the Co-Issuers to pay the entire Class A-2 Monthly Amortization Amount with respect to the Class A-2 Notes of any Series on any Payment Date, other than the Rated Final Payment Date for such Series, shall not constitute an Event of Default or otherwise provide to the Noteholders (or the Indenture Trustee on behalf of the Noteholders) any additional rights or remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If any Specified Material Tenant Lease is not renewed on or before the date that is 12 months after such renewal date, the Co-Issuers shall make a prepayment on the Notes as set forth in Section 4.10.

Section 2.10 <u>Post-ARD Additional Interest</u>.

Additional interest ("<u>Post-ARD Additional Interest</u>") shall begin to accrue with respect to a Variable Funding Note or Term Note of a Series and Class from and after the Anticipated Repayment Date for such Variable Funding Note or Term Note of such Class and such Series on the Note Principal Balance thereof at a per annum rate (each, a "<u>Post-ARD Additional Interest Rate</u>") equal to (x) in the case of a Series of Variable Funding Notes, the Post-ARD Note Spread applicable to such Variable Funding Note and (y) in the case of a Series of Term Notes, the rate determined by the Servicer to be the greater of (i) 5.0% per annum and (ii) the amount, if any, by which the sum of the following exceeds the Note Rate for such Note: (A) the yield to maturity (adjusted to a "mortgage equivalent basis" pursuant to the standards and practices of the Securities Industry and Financial Markets Association) on the Anticipated Repayment Date for such Note of the United States Treasury Security having a term closest to 10 years plus (B) 5.0%, plus (C) the Post-ARD Note Spread applicable to such Note. The Servicer shall provide written notice to the Indenture Trustee of the Post-ARD Additional Interest Rate. In no event shall the Indenture Trustee be obligated to recalculate or verify the Post-ARD Additional Interest Rate for any Note. The Post- ARD Additional Interest accrued for any Note will be payable on each Payment Date in accordance with the provisions of Section 5.01(g) and, to the extent that sufficient funds are not available on such Payment Date, the Post-ARD Additional Interest will be deferred and added to any Post-ARD Additional Interest previously deferred and remaining unpaid (the "<u>Deferred Post-ARD Additional Interest</u>"). Deferred Post-ARD Additional Interest will not bear interest.

Section 2.11 <u>Subordinate Purchase Right</u>.

Each of the initial Noteholders of a Series 2021-1 Class C Note and, at any time there are no Series 2021-1 Class C Notes outstanding, each of the initial Noteholders of a Series 2021-1 Class B Note (other than any Series 2021-1 Class C Note or Series 2021-1 Class B Note, as applicable, held by the Issuer or an affiliate of the Issuer) shall have the right (the "<u>Subordinate Purchase Right</u>") following the occurrence of an Event of Default that is continuing as of the date of purchase, upon not less than twenty (20) Business Days' written notice to the Indenture Trustee (with a copy to the Issuer), to purchase all, but not less than all, of the Class A Notes and, solely in the case of any Series 2021-1 Class C Noteholder, the Class B Notes of all Outstanding Series for a purchase price equal to the aggregate Outstanding Note Principal Balance of all such Class A Notes and, if applicable, Class B Notes, plus accrued and unpaid interest (at the applicable rate of interest for the related sub-class of Class A Notes or, if applicable, Class B Notes) on such Outstanding Note Principal Balance together with any Post-ARD Additional Interest (including any Deferred Post-ARD Additional Interest) due and payable to the Noteholders of the Class A Notes and, if applicable, Class B Notes (any such principal and interest in respect of any such sub-class of Class A Notes and, if applicable Class B Notes, Post-ARD Additional Interest (including any Deferred Post-ARD Additional Interest) and other payments, the "<u>Subordinate Purchase Right Outstanding Priority Balance</u>"); <u>provided</u> that (i) such Subordinate Purchaser shall be required to deliver such written notice within twenty (20) Business Days of obtaining knowledge of such Event of Default, (ii) if prior to the end of such twenty (20) Business Day period any other Noteholder of a Series 2021-1 Class C Note or, if applicable, a Series 2021-1 Class B Note (other than any Class C Note or Class B Note held by the Issuer or an affiliate of the Issuer) notifies such purchasing holder of a Series 2021-1 Class C Note or, if applicable, a Series 2021-1 Class B Note that such other Noteholder of a Series 2021-1 Class C Note or a Series 2021-1 Class B Note wants to participate in such purchase, then such other Noteholder of a Series 2021-1 Class C Note or, if applicable, a Series 2021-1 Class B Note may join with the purchasing Noteholder of a Series 2021-1 Class C Note, or, if applicable, a Series 2021-1 Class B Note (any such purchasing Noteholders of a Series 2021-1 Class C Note or, if applicable, a Series 2021-1 Class B Note shall be collectively referred to as the "<u>Subordinate Purchasers</u>") in exercising the Subordinate Purchase Right and (iii) if prior to the end of such twenty (20) Business Day period any other Noteholder of a Series 2021-1 Class C Note or, if applicable, a Series 2021-1 Class B Note fails to notify the Subordinate Purchasers of such other Noteholder of a Series 2021-1 Class C Note's, or if applicable, a Series 2021-1 Class B Note's desire to participate in such a purchase, then such other Noteholder of a Series 2021-1 Class C Note or, if applicable, a Series 2021-1 Class B Note designated shall lose its right to purchase the Class A Notes and, if applicable, Class B Notes of all Outstanding Series. Upon receipt of any such notice, the Servicer shall calculate the then Subordinate Purchase Right Outstanding Priority Balance. Payment of the Subordinate Purchase Right Outstanding Priority Balance will in each case be made ratably by each Subordinate Purchaser to the Class A Noteholders and, if applicable, the Class B Noteholders based on the ratio of the Outstanding Note Principal Balance of the Class C Notes or, if applicable, Class B Notes held by such Subordinate Purchaser to the Outstanding Note Principal Balance of the Class C Notes or, if applicable, Class B Notes held by all Subordinate Purchasers. Following all Subordinate Purchaser's payment of their portion of the Subordinate Purchase Right Outstanding Priority Balance, each applicable Subordinate Purchaser shall be the Noteholder of the applicable Class A Notes and, if applicable, Class B Notes and shall be entitled to all rights and interests to which a Noteholder of the Class A Notes and, if applicable, Class B Notes would be entitled. Any party who exercises the Subordinate Purchase Right will, upon exercising such right, become the Controlling Class Representative.

Section 2.12 <u>Defeasance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time other than during the continuance of the Prepayment Period for a Series of Outstanding Term Notes, upon 10 Business Days' notice to the Indenture Trustee, the Co-Issuers may obtain the release from all covenants of this Indenture relating to the ownership and operation of the Data Centers by delivering United States government securities that provide for payments equal to the Scheduled Defeasance Payments with respect to each Series of then Outstanding Term Notes, *provided*, that (i) no Event of Default has occurred and is continuing, (ii) all Variable Funding Notes have been paid in full and the Class A-1 Commitment Amount of all Variable Funding Notes has been irrevocably reduced to zero and (iii) the Co-Issuers shall pay or deliver on the date of such defeasance (the "<u>Defeasance Date</u>") (a) all interest accrued and unpaid on the Class Principal Balance of each Class of Outstanding Term Notes to but not including the Defeasance Date (and if the Defeasance Date is not a Payment Date, the interest that would have accrued to but not including the next Payment Date), (b) all other sums then due under each Class of Term Notes and all other Transaction Documents executed in connection therewith, including any costs incurred in connection with such defeasance, and (c) U.S. government securities providing for payments equal to the Scheduled Defeasance Payments with respect to each Series of then Outstanding Term Notes. In addition, the Co-Issuers shall deliver to the Servicer on behalf of the Indenture Trustee (1) a security agreement granting the Indenture Trustee a first priority perfected security interest in the U.S. government securities so delivered by the Co-Issuers, (2) an Opinion of Counsel as to the enforceability and perfection of such security interest, (3) a confirmation by an Independent certified public accounting firm that the U.S. government securities so delivered are sufficient to pay all Scheduled Defeasance Payments with respect to each Series of Outstanding Notes, and (4) a Rating Agency Confirmation. The Co-Issuers, pursuant to the security agreement described above, shall authorize and direct that the payments received from the U.S. government securities shall be made directly to the Indenture Trustee and applied to satisfy the obligations of the Co-Issuers under the Notes and the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Asset Entities will continue to own any material assets other than the U.S. government securities delivered in connection with the defeasance, the Co-Issuers shall establish or designate a special- purpose bankruptcy-remote successor entity acceptable to the Indenture Trustee (with respect to which (i) a substantive non-consolidation Opinion of Counsel has been delivered to the Indenture Trustee and (ii) an Opinion of Counsel has been delivered to the Indenture Trustee that neither of the Co-Issuers will be required to register as an investment company under the Investment Company Act), and to transfer to that entity the pledged U.S. government securities. The new entity shall assume the obligations of the Co-Issuers under the Notes being defeased and the security agreement and the Obligors and the Guarantors shall be relieved of their obligations in respect thereof under the Transaction Documents. The Co-Issuers shall pay $10 to such new entity as consideration for assuming such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Co-Issuers satisfy the requirements of Section 2.12(a) to defease the Notes and delivers to the Indenture Trustee an Officer's Certificate of the Co-Issuers and an Opinion of Counsel in compliance with Section 15.01, the Indenture Trustee shall promptly execute, acknowledge and deliver to the Obligors a release of the Collateral under the applicable Transaction Documents in recordable form to the extent applicable for such release; *provided* that the Obligors shall, at their sole expense, prepare any and all documents and instruments necessary to effect such release, all of which shall be subject to the reasonable approval of the Indenture Trustee, and the Obligors shall pay all costs reasonably incurred by the Indenture Trustee (including, but not limited to, reasonable attorneys' fees and disbursements) in connection with the review, execution and delivery of the documents and instruments necessary to effect such release.

Section 2.13 <u>Additional Data Centers; Additional Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From time to time, the Co-Issuers may add one or more additional data centers and related tenant leases as additional collateral for the Notes (each such additional data center added after the Initial Closing Date, an "<u>Additional Data Center</u>"); *provided* that in connection with each such addition the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) such Additional Data Center shall be an Eligible Data Center;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) a Rating Agency Confirmation is received with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during a Special Servicing Period, the Servicer shall have confirmed satisfaction of the conditions precedent to the addition of such Additional Data Centers, such confirmation not to be unreasonably withheld, conditioned or delayed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Indenture Trustee and the Servicer shall have received such Opinions of Counsel (consistent with the legal opinions delivered on the Initial Closing Date) as may be reasonably requested by the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, shall, or shall have caused the applicable Asset Entity to, have reimbursed the Indenture Trustee and the Servicer for all third-party out-of-pocket costs and expenses incurred by the Indenture Trustee and the Servicer in relation to such addition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if such Additional Data Center is owned by an Additional Asset Entity to be contributed to either of the Co-Issuers in connection with the addition of such Additional Data Center, the Additional Asset Entity shall have executed and delivered to the Indenture Trustee and the Servicer a Joinder Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) depending on whether the Additional Data Center is located in the United States or Canada, the U.S. Manager or the Canadian Manager, as applicable, shall have delivered an Officer's Certificate of the Manager to the Servicer and the Indenture Trustee confirming compliance with the requirements of this Section 2.13(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Co-Issuers may at any time and from time to time issue additional Notes ("<u>Additional Notes</u>") in the manner set forth in Section 2.07 subject to the satisfaction of the applicable conditions set forth in this Section 2.13(b) pursuant to a Series Supplement in one or more Classes that may rank senior to, *pari passu* with, or subordinate to, any Series of Notes that will remain Outstanding after the issuance of such Additional Notes; *provided* that if any Notes (other than the Additional Notes) will remain Outstanding after the issuance of such Additional Notes (such Notes, the "<u>Continuing Notes</u>") the following conditions shall have been satisfied with respect to such issuance: (a) the Additional Notes of a particular Class shall rank *pari passu* with the Continuing Notes, if any, of the Class of Notes bearing the same alphabetical and numerical Class designation (regardless of Series or date of issuance), although such Class of Notes may have other characteristics different than the Continuing Notes, and may have an Anticipated Repayment Date earlier than the Anticipated Repayment Date for any Series of Continuing Notes; (b) so long as the Series 2020-1 Class A-1 Notes are Outstanding, the Rated Final Payment Date of the Additional Notes will be later than the Rated Final Payment Date for the Series 2020-1 Class A-1 Notes; (c) a Rating Agency Confirmation with respect to each Series of Continuing Notes is obtained from each Rating Agency then rating such Series of Continuing Notes; (d) the Co-Issuers receive an Opinion of Counsel (which opinion may contain similar assumptions and qualifications as are contained in the Opinion of Counsel with respect to the tax treatment of the Notes delivered on the Initial Closing Date) to the effect that the issuance of such Additional Notes will not (x) cause any of the Continuing Notes to be deemed to have been exchanged for a new debt instrument pursuant to Treasury Regulations § 1.1001-3, (y) cause the U.S. Co-Issuer or the Canadian Co-Issuer to be taxable as other than a partnership or disregarded entity for U.S. federal income tax purposes or (z) cause any of the Continuing Notes to be characterized as other than indebtedness for U.S. federal income tax purposes; (e) after giving effect to the issuance of such Additional Notes the following conditions are satisfied: (w) the Class A LTV Ratio is less than or equal to (A) on or prior to the third anniversary of the Initial Closing Date, 65.0% or (B) following the third anniversary of the Initial Closing Date 70.0%, (x) the Class B LTV Ratio is less than or equal to (A) on or prior to the third anniversary of the Closing Date, 75.0% or (B) following the third anniversary of the Initial Closing Date 80.0%, (y) the Class C LTV Ratio is less than or equal to (A) on or prior to the third anniversary of the Closing Date, 80.0% or (B) following the third anniversary of the Initial Closing Date 85.0%, and (z) and the DSCR is equal to or greater than 1.85x; (f) the Servicer or the structuring advisor with respect to such Additional Notes (who will deliver the related appraisal to the Servicer), shall deliver new appraisals to the Indenture Trustee meeting the requirements set forth in the Servicing Agreement with respect to the Data Centers owned by the Asset Entities as of the closing date of the issuance of such Additional Notes; (g) immediately following the issuance of such Additional Notes, the outstanding principal amount of all Notes with a Note Rate that is a floating interest rate (assuming for the purposes of such calculation that the outstanding principal amount of any Variable Funding Notes is the maximum principal amount for such Notes) is less than or equal to 30.0% of the aggregate outstanding principal amount of all Notes outstanding; and (h) the Indenture Trustee receives an Officer's Certificate of the Co-Issuers stating that all conditions precedent to the issuance of the Additional Notes under the Indenture have been satisfied.

Section 2.14 <u>Canadian Interest Act</u>. For the purposes of the Interest Act (Canada) and disclosure thereunder, whenever interest or a fee to be paid hereunder or under any Note or in connection herewith is to be calculated on the basis of a year of 360 days consisting of twelve 30-day months, the yearly rate of interest to which the rate or fee used in such calculation is equivalent during any particular period is the rate or fee so used multiplied by a fraction of which (a) the numerator is the product of (i) the actual number of days in the calendar year in which such period ends; and (ii) the sum of (A) the product of 30 and the number of complete months elapsed in the relevant period, and (B) the number of days elapsed in any incomplete month in the relevant period; and (b) the denominator is the product of 360 and the actual number of days in the relevant period. The Canadian Co-Issuer acknowledges and confirms that (1) this paragraph satisfies the requirements of Section 4 of the Interest Act (Canada) to the extent it applies to the expression or statement of any interest or fees payable hereunder or any Notes; and (2) it is able to calculate the yearly rate or percentage of interest payable under any Note based upon the methodology set out above. If any provision of this Indenture would oblige a Canadian Obligor to make any payment of interest or other amount payable to any Noteholder in an amount or calculated at a rate which would be prohibited by applicable law or would result in a receipt by that Noteholder of "interest" at a "criminal rate" (as such terms are construed under the Criminal Code (Canada)), then, notwithstanding such provision, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law or so result in a receipt by that Noteholder of "interest" at a "criminal rate".

**ARTICLE III**

**ACCOUNTS**

Section 3.01 <u>Establishment of Collection Accounts and Sub-Accounts</u>. (a) On or before the Initial Closing Date, the U.S. Co-Issuer shall have established an Eligible Account to serve as a collection account in the name of the Indenture Trustee (such account, and any account replacing the same in accordance with this Indenture and the Cash Management Agreement, the "<u>U.S. Collection Account</u>") pursuant to, in any case in which the relevant Collection Account Bank is not the Indenture Trustee, an agreement with the Collection Account Bank at which the U.S. Collection Account is established (the "<u>U.S. Collection Account Bank</u>") and the Indenture Trustee (the "<u>U.S. Collection Account Control Agreement</u>") for the holding of collections with respect to the Data Centers located in the United States and any other collateral located in the United States (collectively, "<u>U.S. Collections</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or before the Initial Closing Date, the Canadian Co-Issuer shall have established two Eligible Accounts to serve as collection accounts in the name of the Indenture Trustee (such accounts, and any account replacing the same accordance with this Indenture and the Cash Management Agreement, the "<u>Canadian Collection Accounts</u>" and, together with the U.S. Collection Account, and any other Eligible Account established to serve as a collection account in the name of the Indenture Trustee, the "<u>Collection Accounts</u>" and each a "<u>Collection Account</u>"), pursuant to, in any case in which the relevant Collection Account Bank is not the Indenture Trustee an agreement with the Collection Account Bank at which the Canadian Collection Accounts are established (the "<u>Canadian Collection Account Bank</u>") and the Indenture Trustee (the "<u>Canadian Collection Account Control Agreement</u>" and, together with the U.S. Collection Account Control Agreement, and any other agreements with a Collection Account Bank with respect to other Collection Accounts established in connection with this Indenture, the "<u>Collection Account Control Agreements</u>") for the holding of collections with respect to the Data Centers located in Canada and any other collateral located in Canada (collectively, "<u>Canadian Collections"</u>). One Canadian Collection Account shall hold Canadian Collections denominated in USD (the "<u>USD Canadian Collection Account</u>") and the other shall hold Canadian Collections denominated in CAD (the "<u>CAD Canadian Collection Account</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An Eligible Account for each Sub-Account (each of which may have its own distinct portfolio number) shall be established and maintained for the benefit of the Noteholders. Each of the Collection Accounts and the Sub-Accounts shall be a non-interest bearing trust account and treated as a "securities account" as such term is defined in Section 8-501(a) of the UCC. Except as expressly provided herein or in the Collection Account Control Agreements or the Cash Management Agreement, the Obligors shall not have the right to control or direct the investment or payment of funds in the Collection Accounts or the Sub-Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For so long as Wilmington Trust, National Association maintains the Collection Accounts and the Sub-Accounts, any foreign currency exchange related thereto shall be limited to CAD unless the Issuer has received the prior consent of Wilmington Trust, National Association.

Section 3.02 <u>Deposits to the Collection Accounts</u>. Any available funds on deposit in any Lock Box Account that the applicable Manager has identified as constituting Receipts pursuant to the Cash Management Agreement shall be deposited by wire transfer (or transfer via the ACH System) into the applicable Collection Account within two Business Days of receipt.

Section 3.03 <u>Withdrawals from the Collection Accounts</u>. The Indenture Trustee may make, from time to time and in accordance with the written direction of the Servicer, withdrawals from the Collection Accounts in the applicable Allocable Amounts as necessary for any of the following purposes and without regard to the priorities set forth in Article V: (i) to pay to itself the Indenture Trustee Fee then owing, (ii) to pay the Servicer the Servicing Fee then owing and, if an Event of Default exists under this Indenture, any Special Servicing Fee or Liquidation Fee then owing, or any Workout Fee, or any Other Servicing Fees then owing, each of which shall be payable at the times and in the amounts described in the Servicing Agreement, (iii) to pay or reimburse the Servicer, the Managers and the Indenture Trustee for Advances made by each and not previously reimbursed, together with Advance Interest thereon, in each case as set forth in this Indenture with respect to Debt Service Advances or Servicing Advances, (iv) to pay, reimburse or indemnify the Servicer or the Indenture Trustee for any other amounts payable, reimbursable or indemnifiable pursuant to the terms of this Indenture or the other Transaction Documents, (v) to pay any other Additional Issuer Expenses, (vi) to pay to the persons entitled thereto any amounts deposited in error and (vii) to clear and terminate the Collection Accounts on the date there are no Notes Outstanding.

Section 3.04 <u>Application of Funds in the Collection Accounts</u>. Funds in the Collection Accounts shall be allocated on each Application Date to the Sub- Accounts in accordance with Section 5.01 of this Indenture and Section 3.03 of the Cash Management Agreement.

Section 3.05 <u>Application of Funds after Event of Default</u>. If an Event of Default shall occur and be continuing, then notwithstanding anything to the contrary in this Article III, the Servicer (acting on behalf of the Indenture Trustee for the benefit of the Noteholders) shall have all of the rights and remedies of the Indenture Trustee, for the benefit of the Noteholders, available under applicable law and under the Transaction Documents. Without limitation of the foregoing, for so long as an Event of Default is continuing, the Indenture Trustee (solely at the direction of the Servicer) shall apply any and all funds in the Collection Accounts, the Cash Trap Reserve Sub-Accounts and any other Accounts, and all other cash reserves held by or on behalf of the Indenture Trustee against all or any portion of any of the Obligations; *provided, however*, that any such payments in respect of amounts due on the Notes and/or any other amounts due under the Transaction Documents will be made in accordance with the priorities set forth in Article V.

**ARTICLE IV**

**RESERVES**

Section 4.01 <u>Security Interest in Reserves; Other Matters Pertaining to Reserves</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Obligors hereby grant to the Indenture Trustee a security interest for the benefit of the Indenture Trustee, individually and on behalf of the Noteholders, in and to all of the Obligors' right, title and interest in and to the Account Collateral, including the Reserves, as security for payment and performance of all of the Obligations hereunder and under the other Transaction Documents. The Reserves constitute Account Collateral and are subject to the security interest in favor of the Indenture Trustee on behalf of the Noteholders created herein and all provisions of this Indenture and the other Transaction Documents pertaining to Account Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the rights and remedies provided in Article III and elsewhere herein, upon the occurrence and during the continuance of any Event of Default, the Servicer (acting on behalf of the Indenture Trustee) shall have all rights and remedies pertaining to the Reserves as are provided for in any of the Transaction Documents or under any applicable law. Without limiting the foregoing, upon and at all times after the occurrence and during the continuance of an Event of Default, the Indenture Trustee at the written direction of the Servicer, in the Servicer's sole discretion, but subject to the Servicing Standard, may use the Reserves (or any portion thereof) for any purpose, including but not limited to any combination of the following: (i) payment of any of the Obligations in such order as the Servicer may determine in its sole discretion; *provided, however*, that such application of funds shall not cure or be deemed to cure any default and *provided, further*, that any payments on the Notes will be made in accordance with the priorities set forth in Article V, (ii) reimbursement of the Indenture Trustee and/or the Servicer for any outstanding fees and actual losses or expenses or indemnities (including, without limitation, reasonable legal fees), (iii) payment for the work or obligation for which such Reserves were reserved or were required to be reserved and (iv) application of the Reserves in connection with the exercise of any and all rights and remedies available to the Servicer acting on behalf of the Indenture Trustee at law or in equity or under this Indenture or pursuant to any of the other Transaction Documents. Nothing contained in this Indenture shall obligate the Servicer to apply all or any portion of the funds contained in the Reserves during the continuance of an Event of Default to payment of the Notes or (except as provided in the proviso to clause (i) of this Section 4.01(b)) in any specific order of priority.

Section 4.02 <u>Funds Deposited with Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Permitted Investments; Return of Reserves to Obligors</u>. Unless otherwise expressly provided herein, all funds of the Obligors which are deposited with the U.S. Collection Account Bank or the Canadian Collection Account Bank hereunder shall be invested by the applicable Collection Account Bank in one or more Permitted Investments at the written direction of the applicable Manager in accordance with the Cash Management Agreement and any investment income with respect thereto shall be credited to the related Reserve Sub-Account; provided that all amounts on deposit in the CAD Canadian Collection Account or in any Reserve Sub-Account thereof shall remain uninvested. Absent such written direction, the funds in the related Collection Accounts shall remain uninvested. After repayment of all of the Obligations, all funds held as Reserves will be promptly returned to, or as directed by, the Co-Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Funding at Closing</u>. The Co-Issuers shall deposit with the Indenture Trustee the <u>amounts</u> necessary to fund each of the Reserves as set forth below. Deposits into the Reserves on the Initial Closing Date (or on any subsequent Closing Date) may occur by deduction from the amount of proceeds of the issuance of the Notes on such Closing Date that otherwise would be disbursed to the Co-Issuers, followed by deposit of the same into the applicable Sub- Account or Collection Account in accordance with the applicable Series Supplement on such Closing Date. Notwithstanding such deductions, the Notes shall be deemed for all purposes to be fully paid on the Closing Date for such Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Funding upon any Addition of Additional Data Centers</u>. The Co-Issuers shall deposit, upon the addition of any Additional Data Center, any amounts necessary to fully fund the Reserves described in Section 4.03 after giving effect to any increase in the Reserves made to reflect the addition of such Additional Data Centers.

Section 4.03 <u>Priority Expense Reserve Sub-Accounts</u>.

Pursuant to this Indenture, the Indenture Trustee, at the written request of the applicable Manager or based upon information set forth in the Monthly Report, shall deposit from Available Funds available for such purpose under Article V on each Application Date into (i) a Sub-Account of the U.S. Collection Account (said Sub-Account, the "<u>U.S. Priority Expense Reserve Sub-Account</u>"), an amount such that the amount on deposit in the U.S. Priority Expense Reserve Sub-Account on such Application Date equals the applicable Priority Expense Amount for such Application Date, (ii) a Sub-Account of the USD Canadian Collection Account (said Sub-Account, the "<u>USD Canadian Priority Expense Reserve Sub-Account</u>"), an amount such that the amount on deposit in the USD Canadian Priority Expense Reserve Sub-Account on such Application Date equals the applicable Priority Expense Amount for such Application Date, and (iii) a Sub-Account of the CAD Canadian Collection Account (said Sub-Account, the "<u>CAD Canadian Priority Expense Reserve Sub-Account</u>" and, together with the USD Canadian Priority Expense Reserve Sub-Account, the "<u>Canadian Priority Expense Reserve Sub-Accounts</u>" and, together with the U.S. Priority Expense Reserve Sub-Account and any other Sub-Account established in connection with this Indenture for purposes of Priority Expenses, the "<u>Priority Expense Reserve Sub-Accounts</u>"), an amount such that the amount on deposit in the CAD Canadian Priority Expense Reserve Sub-Account on such Application Date equals the applicable Priority Expense Amount for such Application Date. The funds held in the U.S. Priority Expense Reserve Sub- Account and the USD Canadian Priority Expense Reserve Sub-Account will be denominated in USD and the funds held in the CAD Canadian Priority Expense Reserve Sub-Account will be denominated in CAD and funds held in any other Priority Expense Reserve Sub-Account other than a U.S. Priority Expense Reserve Sub-Account or Canadian Priority Expense Reserve Sub-Account shall be held in the currency of the applicable Priority Expense Amount.

Each Monthly Report provided pursuant to Section 7.02(a)(iv) will set forth certain information with respect to the amounts of Priority Expenses due during the following Collection Period. So long as (i) no Event of Default has occurred and is continuing, (ii) the Obligors have provided the Indenture Trustee and the Servicer with the foregoing materials in a timely manner, and (iii) sufficient funds are held in the Priority Expense Reserve Sub-Accounts for the payment of the Priority Expenses relating to the Data Centers, as applicable, the Indenture Trustee shall, at the applicable Manager's election and written direction, with written notice simultaneously delivered to the Servicer, from funds available in applicable Priority Expense Reserve Sub-Account (x) pay the Priority Expenses directly, (y) disburse such amounts to the Obligors to pay such Priority Expenses or (z) reimburse the Obligors for Priority Expenses previously paid by or on behalf of the Obligors.

Section 4.04 <u>Capital Expenditures Reserve Sub-Accounts</u>.

The Indenture Trustee, at the written request of the applicable Manager (in its sole and absolute discretion), shall deposit from Available Funds available for such purpose under Section 5.01(a) on each Application Date into (i) a Sub-Account of the U.S. Collection Account (said Sub-Account, the "<u>U.S. Capital Expenditures Reserve Sub-Account</u>"), an amount of funds necessary to fund expected Capital Expenditures (other than Maintenance Capital Expenditures) on the U.S. Data Centers, (ii) a Sub-Account of the USD Canadian Collection Account (said Sub-Account, the "<u>USD Canadian Capital Expenditures Reserve Sub-Account</u>"), an amount of funds denominated in USD necessary to fund expected Capital Expenditures payable in USD (other than Maintenance Capital Expenditures) on the Canadian Data Centers and (iii) a Sub-Account of the CAD Canadian Collection Account (said Sub-Account, the "CAD Canadian Capital Expenditures Reserve Sub-Account" and, together with the USD Canadian Capital Expenditures Reserve Sub-Account, the "<u>Canadian Capital Expenditures Reserve Sub- Accounts</u>" and, together with the U.S. Canadian Capital Expenditures Sub-Account and any other Sub-Account established in connection with this Indenture for purposes of Capital Expenditures, the "<u>Capital Expenditures Reserve Sub-Accounts</u>"), an amount of funds denominated in CAD necessary to fund expected Capital Expenditures payable in CAD (other than Maintenance Capital Expenditures) on the Canadian Data Centers.

Funds held in the U.S. Capital Expenditures Reserve Sub-Account and the USD Canadian Capital Expenditures Reserve Sub-Account will be denominated in USD. Funds held in the CAD Canadian Capital Expenditures Reserve Sub-Account will be denominated in CAD, and thus any Canadian Collections in USD that are to be deposited therein on any Application Date will be converted to CAD four Business Days prior to the date of such deposit using the Spot Rate in effect on the Business Day immediately preceding such date of conversion. Funds held in any other Capital Expenditure Reserve Sub-Account other than a U.S. Capital Expenditure Reserve Sub-Account or Canadian Capital Expenditure Reserve Sub-Account shall be held in the currency of the applicable Capital Expenditure and thus any Collections that are to be deposited therein on any Application Date will be converted to such applicable foreign currency four Business Days prior to the date of such deposit using the Spot Rate in effect on the Business Day immediately preceding such date of conversion. In addition, the Co- Issuers may, at any time, deposit (i) any draws on the Variable Funding Notes (or the proceeds of the issuance of Additional Notes), (ii) any capital contribution received from the Parent for such purpose or (iii) any other amounts available to the Co-Issuers into the applicable Capital Expenditures Reserve Sub-Account for use in connection with funding of expected Capital Expenditures (other than Maintenance Capital Expenditures) with respect to any Data Center. At any time at which the applicable Manager determines that the sum of (x) the amount on deposit in the applicable Capital Expenditures Reserve Sub-Account and (y) the applicable Allocable Share of the undrawn Class A-1 Commitment Amount that would be permitted to be drawn at such time exceeds the amount of funds reasonably necessary to fund expected Capital Expenditures (other than Maintenance Capital Expenditures) on the applicable Data Centers, the Issuer or the Co-Issuer may, upon written direction to the Indenture Trustee, which direction may not be delivered more than once per calendar month with respect to any withdrawal from any one Capital Expenditures Reserve Sub-Account, withdraw any excess funds on deposit in the applicable Capital Expenditures Reserve Sub-Account. The Indenture Trustee shall release to the Issuer or the Co-Issuer (or the applicable Manager on the behalf of the Issuer or the Co-Issuer, as applicable) upon written request of the Issuer or the Co-Issuer (or the applicable Manager on the behalf of the Issuer or the Co- Issuer, as applicable) from the applicable Capital Expenditures Reserve Sub-Account, within one Business Day of receipt of such request, funds on deposit therein required to pay any amount due and payable with respect to any Capital Expenditures (other than Maintenance Capital Expenditures).

Section 4.05 <u>Cash Trap Reserve Sub-Accounts</u>.

If a Cash Trap Condition shall occur (as set forth in a report by the Servicer, which shall be based upon the Monthly Report required to be delivered pursuant to Section 7.02(a)(iv)), then, on each Application Date from and after the date that it is determined that a Cash Trap Condition has occurred and for so long as such Cash Trap Condition continues to exist, an amount equal to the remaining amount of Available Funds in the Collection Accounts for such Application Date after making the allocations and payments set forth in Section 5.01(a)(i) through (xx) (the "<u>Cash Trap Reserve Amount</u>") shall be deposited with the Indenture Trustee and (i) in the case of cash from U.S. Collections, held in a Sub-Account of the U.S. Collection Account (the "U<u>.S. Cash Trap Reserve Sub-Account</u>") or (ii) in the case of Canadian Collections, held in a Sub-Account of the USD Canadian Collection Account (the "<u>Canadian Cash Trap Reserve Sub-Account</u>" and, together with the U.S. Cash Trap Reserve Sub-Account, the "<u>Cash Trap Reserve Sub-Account</u>"), in each case, in accordance with the terms of the Cash Management Agreement and this Indenture (said funds, together with any interest thereon, the "<u>Cash Trap Reserve</u>"). Funds held in the Cash Trap Reserve Sub-Accounts will be denominated in USD, and thus any Collections in a foreign currency that are to be deposited in either Cash Trap Reserve Sub- Account will be converted to USD four Business Days prior to the date of such deposit using the Spot Rate in effect on the Business Day immediately preceding such date of conversion.

Prior to the commencement of an Amortization Period, if a Cash Trap Condition ceases to exist and if no Event of Default has occurred and is continuing, any funds then on deposit in the Cash Trap Reserve Sub-Accounts will be transferred by the Indenture Trustee, upon written direction of the applicable Manager or the Servicer, to the applicable Collection Account to be applied as Available Funds. Prior to the commencement of an Amortization Period, if a Cash Trap Condition exists for six consecutive calendar months, then on the immediately succeeding Payment Date (and on each sixth Payment Date thereafter so long as such Cash Trap Condition continues to exist), the Indenture Trustee, at the written direction of the Servicer, shall apply all funds on deposit in the Cash Trap Reserve Sub-Accounts to make a prepayment on the Classes of Notes of all Series in direct order of alphabetical designation (with any amounts so applied to the Class A Notes being further applied among the numerical Classes of Class A Notes in accordance with the Applicable Class A Payment Priority). On (i) the first Business Day to occur after the commencement of an Amortization Period, (ii) the first Business Day after the occurrence of an Event of Default that is then continuing or (iii) at the direction of the Co-Issuers, on any Business Day, the Indenture Trustee shall apply all funds on deposit in the Cash Trap Reserve Sub-Accounts, at the written direction of the Servicer, to reimburse the Indenture Trustee and the Servicer in respect of any unreimbursed Advances (including Advance Interest thereon) or any other amounts then due to the Servicer or the Indenture Trustee hereunder or under the other Transaction Documents (including, but not limited to, unpaid Additional Issuer Expenses, and all unpaid fees, expenses, and indemnification due to the Servicer and the Indenture Trustee hereunder and under the other Transaction Documents), and the remaining amount thereof shall be deposited in the Debt Service Sub-Account and applied to payment of the Notes on such Payment Date in accordance with Section 5.01(g).

Section 4.06 <u>Early Termination Fee Reserve Sub-Accounts</u>.

If an Early Termination Fee is received by an Asset Entity with respect to an Early Terminated Tenant Lease and either (1) after giving effect to such termination (together with any concurrent replacement), (x) the pro forma Class A Amortization DSCR is less than 1.30x, (y) the pro forma Class B Amortization DSCR is less than 1.15x, or (z) the pro forma Class C Amortization DSCR is less than 1.05x or (2) such termination, considered together with any such concurrent replacement, would have a Material Adverse Effect, then such Early Termination Fee shall be deposited into (i) a Sub-Account of the U.S. Collection Account (the "<u>U.S. Early Termination Fee Reserve Sub- Account</u>") in the case of any Early Termination Fees received by an Asset Entity located in the United States, (ii) a Sub-Account of the USD Canadian Collection Account (the "<u>USD Canadian Early Termination Fee Reserve Sub-Account</u>") in the case of any Early Termination Fees denominated in USD received by an Asset Entity located in Canada and (iii) a Sub-Account of the CAD Canadian Collection Account (the "<u>CAD Canadian Early Termination Fee Reserve Sub-Account</u>" and, together with the USD Canadian Early Termination Fee Reserve Sub- Account, the "<u>Canadian Early Termination Fee Reserve Sub-Accounts</u>" and, together with the U.S. Early Termination Fee Reserve Sub- Account and any other Sub-Account established in connection with this Indenture for purposes of Early Termination Fees, the "<u>Early Termination Fee Reserve Sub- Accounts</u>") in the case of any Early Termination Fees denominated in CAD received by an Asset Entity located in Canada. Funds held in the U.S. Early Termination Fee Reserve Sub-Account and the USD Canadian Early Termination Fee Reserve Sub-Account will be denominated in USD, funds held in the CAD Canadian Early Termination Fee Reserve Sub-Account will be denominated in CAD and funds held in any other Early Termination Fee Reserve Sub-Account other than a U.S. Early Termination Fee Reserve Sub-Account or Canadian Early Termination Fee Reserve Sub-Account shall be held in the currency of the applicable Early Termination Fee.

On the first Business Day of each Collection Period, an amount equal to the Available Terminated Tenant Lease Rent Amount for such Collection Period under each Early Terminated Tenant Lease for which an Early Termination Fee is on deposit in an Early Termination Fee Reserve Sub-Account shall be transferred from the applicable Early Termination Fee Reserve Sub-Account to the related Collection Account, at the written direction of the Servicer, to be applied pursuant to Section 5.01(a). On the first Business Day of each Collection Period on which all of the Leased Capacity contracted to be provided under such Early Terminated Tenant Lease has been re-leased, if, after giving effect to such re-leasing, (w) the pro forma Class A Amortization DSCR is at least 1.30x, (x) the pro forma Class B Amortization DSCR is at least 1.15x, (y) the pro forma Class C Amortization DSCR is at least 1.05x and (z) the termination of such Early Terminated Tenant Lease (giving effect to such re-leasing) does not have a Material Adverse Effect, then the Early Termination Fee with respect to such Early Terminated Tenant Lease (less all Available Terminated Tenant Lease Rent Amounts previously transferred to the applicable Collection Account) shall be transferred from such Early Termination Fee Reserve Sub-Account to the related Collection Account to be applied as Available Funds (at the written direction of the Servicer). If either (x) on the first date on which all of the Leased Capacity contracted to be provided under such Early Terminated Tenant Lease has been re-leased, after giving effect to such re-leasing, (A) the pro forma Class A Amortization DSCR is less than 1.30x, (B) the pro forma Class B Amortization DSCR is less than 1.15x, (C) the pro forma Class C Amortization DSCR is less than 1.05x or (D) the termination of such Early Terminated Tenant Lease does have a Material Adverse Effect or (y) all of the Leased Capacity contracted to be provided under such Early Terminated Tenant Lease is not re-leased on or prior to the date that is 12 months after the effective date of the termination of such Early Terminated Tenant Lease and if (1) the pro forma Class A Amortization DSCR is less than 1.30x, (2) the pro forma Class B Amortization DSCR is less than 1.15x, (3) the pro forma Class C Amortization DSCR is less than 1.05x or (4) such shortfall would have a Material Adverse Effect, then on such date the Indenture Trustee, upon written direction from the Servicer, shall apply the related Early Termination Fee Prepayment Amount as of such date to make a prepayment on the unpaid principal amount of the Term Notes, together with any applicable Prepayment Consideration, in direct order of alphabetical designation, pro rata based on the Note Principal Balance of each such Note of such Class on such date.

Section 4.07 <u>Executed Forward Starting Lease Reserve Sub Accounts</u>.

The Indenture Trustee, at the written request of the applicable Manager, shall deposit from Available Funds available for such purpose under Section 5.01(a) on each Application Date into (i) a Sub-Account of the U.S. Collection Account (said Sub-Account, the "<u>U.S. Executed Forward Starting Lease Reserve Sub-Account</u>"), an amount determined by the U.S. Manager to be deposited therein up to the amount necessary to cause the balance of such Sub-Account to be equal to the applicable Executed Forward Starting Lease Reserve Amount as of such day, (ii) a Sub-Account of the USD Canadian Collection Account (said Sub-Account, the "<u>USD Canadian Executed Forward Starting Lease Reserve Sub-Account</u>"), an amount determined by the Canadian Manager to be deposited therein up to the amount necessary to cause the balance of such Sub-Account to be equal to the applicable Executed Forward Starting Lease Reserve Amount as of such day and (iii) a Sub-Account of the CAD Canadian Collection Account (said Sub-Account, the "<u>CAD Canadian Executed Forward Starting Lease Reserve Sub-Account</u>" and, together with the USD Canadian Executed Forward Starting Lease Reserve Sub-Account, the "<u>Canadian Executed Forward Starting Lease Reserve Sub-Accounts</u>" and, together with the U.S. Executed Forward Starting Lease Reserve Sub-Account and any other Sub-Account established in connection with this Indenture for purposes of the Executed Forward Starting Lease Reserve Amount, the "<u>Executed Forward Starting Lease Reserve Sub-Accounts</u>"), an amount determined by the Canadian Manager to be deposited therein up to the amount necessary to cause the balance of such Sub-Account to be equal to the applicable Executed Forward Starting Lease Reserve Amount as of such day. On the first Business Day of each Collection Period commencing on or prior to the Executed Forward Starting Lease Rent Commencement Date for any Executed Forward Starting Lease for which amounts have been so deposited in an Executed Forward Starting Lease Reserve Sub- Account, an amount equal to the portion of the reserved funds allocable to such Collection Period (in accordance with a schedule delivered to the Indenture Trustee and the Servicer by the applicable Manager) will be transferred from such Executed Forward Starting Lease Reserve Sub-Account to the related Collection Account to be applied pursuant to Section 5.01(a). Funds held in the U.S. Executed Forward Starting Lease Reserve Sub-Account and the USD Canadian Executed Forward Starting Lease Reserve Sub-Account will be denominated in USD, funds held in the CAD Canadian Executed Forward Starting Lease Reserve Sub-Account will be denominated in CAD and funds held in any other Executed Forward Starting Lease Reserve Sub-Account other than a U.S. Executed Forward Starting Lease Reserve Sub-Account or Canadian Executed Forward Starting Lease Reserve Sub-Account shall be held in the currency of the applicable Executed Forward Starting Lease.

Section 4.08 <u>Liquidity Reserve Sub-Accounts</u>.

The Indenture Trustee, at the written request of the applicable Manager or upon the direction of Servicer if the applicable Manager fails to provide such written request (or in the context of an Omitted Payable Sums Certification), shall deposit from Available Funds available for such purpose under Section 5.01(a) on each Application Date (i) into a Sub-Account of the U.S. Collection Account (such Sub-Account, the "<u>U.S. Liquidity Reserve Sub-Account</u>") any amounts necessary to make the amount on deposit therein equal to the applicable portion of the Required Liquidity Reserve Amount as of such date and (ii) into a Sub-Account of the USD Canadian Collection Account (such Sub-Account, the "<u>Canadian Liquidity Reserve Sub-Account</u>" and, together with the U.S. Liquidity Reserve Sub-Account, the "<u>Liquidity Reserve Sub-Accounts</u>") any amounts necessary to make the amount on deposit therein equal to the applicable portion of the Required Liquidity Reserve Amount as of such date. If on any Payment Date, the amounts on deposit in either Liquidity Reserve Sub-Account exceed the applicable Required Liquidity Reserve Amount, the excess amount then on deposit in the applicable Liquidity Reserve Sub-Account will be released to, or at the direction of, the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable. Funds held in the Liquidity Reserve Sub-Accounts will be denominated in USD, and thus any Collections in a foreign currency that are to be deposited therein will be converted to USD four Business Days prior to the date of such deposit using the Spot Rate in effect on the Business Day immediately preceding such date of conversion.

Section 4.09 <u>Debt Service Sub-Account</u>. Funds shall be deposited in the Debt Service Sub-Account in accordance with this Indenture and the other Transaction Documents. Funds held in the Debt Service Sub-Account will be denominated in USD, and thus any Collections in a foreign currency that are to be deposited therein will be converted to USD four Business Days prior to the date of such deposit using the Spot Rate in effect on the Business Day immediately preceding such date of conversion.

Section 4.10 <u>Specified Material Tenant Lease Reserve Sub-Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If as of any date of determination, a Specified Material Tenant Lease Event occurs the Co-Issuers shall, on the date of such occurrence deposit into (i) a Sub-Account of the U.S. Collection Account (the "<u>U.S. Specified Material Tenant Lease Reserve Sub-Account</u>") in the case of any Specified Material Tenant Leases received by an Asset Entity located in the United States, (ii) a Sub-Account of the USD Canadian Collection Account (the "<u>USD Canadian Specified Material Tenant Lease Reserve Sub-Account</u>") in the case of any Specified Material Tenant Leases denominated in USD received by an Asset Entity located in Canada and (iii) a Sub-Account of the CAD Canadian Collection Account (the "<u>CAD Canadian Specified Material Tenant Lease Reserve Sub-Account</u>" and, together with the USD Canadian Specified Material Tenant Lease Reserve Sub- Account, the "<u>Canadian Specified Material Tenant Lease Reserve Sub-Accounts</u>" and, together with the U.S. Specified Material Tenant Lease Reserve Sub-Account and any other Sub-Account established in connection with this Indenture for purposes of Specified Material Tenant Leases, the "<u>Specified Material Tenant Lease Reserve Sub- Accounts</u>") (including in the form of an Equity Cure Contribution) an amount equal to the *lesser* of (A) (1) the product of two and the Annualized Base Rent with respect to such Specified Material Tenant Lease, less (2) the aggregate amount of base rent (less any Pass-Through Expenses) scheduled to be paid until the termination of such lease and (B) the Annualized Base Rent for such Specified Material Tenant Lease as of the date such Specified Material Tenant Lease Event occurred less the Annualized Base Rate as of the date of determination with respect to any new Tenant Lease related to the Leased Capacity (or any portion thereof) of such Specified Material Tenant Lease (such amount the "<u>Specified Material Tenant Lease Reserve Amount</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the pro forma AANOI Leverage is greater than the Target Leverage Ratio on the first Business Day of each Collection Period commencing after the occurrence of a Specified Material Tenant Lease Event and before the Payment Date that is 12 calendar months following the occurrence of a Specified Material Tenant Lease Event, then an amount equal to the portion of the reserved funds allocable to such Collection Period (in accordance with a schedule delivered to the Indenture Trustee and the Servicer by the applicable Manager) will be transferred from such Specified Material Tenant Lease Reserve Sub-Account to the related Collection Account to be applied pursuant to Section 5.01(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the Payment Date that is 12 calendar months following the occurrence of a Specified Material Tenant Lease Event, the Indenture Trustee, upon written direction from the Servicer, shall apply amounts deposited into the Specified Material Lease Sub-Account with respect to such Specified Material Tenant Lease in an amount necessary to reduce the pro forma AANOI Leverage Ratio (calculated without giving effect to amounts on deposit in the Specified Material Tenant Lease Reserve Sub-Accounts with respect to such Tenant Lease) to the Target Leverage Ratio as of such date (such amount a "<u>Specified Material Tenant Lease Prepayment Amount</u>") to make a prepayment on the unpaid principal amount of the Term Notes, pro rata based on the Note Principal Balance of each such Note of such Class on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At such time or any other time in which the pro forma AANOI Leverage Ratio is less than the Target Leverage Ratio, the Indenture Trustee, at the direction of the Servicer, shall release any other amounts on deposit in the Specified Material Tenant Lease Reserve Sub-Accounts with respect to such Specified Material Tenant Lease to the U.S. Collection Account to be applied as Available Funds on the next Application Date.

**ARTICLE V**

**ALLOCATION OF COLLECTIONS; PAYMENTS TO NOTEHOLDERS**

Section 5.01 <u>Allocations and Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each Scheduled Application Date and any Optional Application Date, (in the case of an Optional Application Date, at the prior written election of the Managers delivered to the Indenture Trustee and the Servicer four Business Days prior to such date), Available Funds for such Application Date in the U.S. Collection Account and Available Funds for such Application Date in the Canadian Collection Accounts will be applied by the Indenture Trustee at the written direction of the Servicer (pursuant to the applicable Servicing Report and in accordance with the related Monthly Report or, alternatively, if delivered in accordance with the terms of the Transaction Documents, based on the information contained in an Omitted Payable Sums Certification delivered by Servicer) in the following order of priority (in each case after taking into account (x) allocations and payments of a higher priority, (y) all Available Funds for any prior Optional Application Date having the same Relevant Payment Date applied on such prior Optional Application Date and (z) the payment obligations between the U.S. Co-Issuer and the Canadian Co-Issuer to fund Shortfall Payments and the Co-Issuer's ability to use funds in any available Collection Account (in each case, as described in Sections 5.01(b) through (f))):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the applicable Priority Expense Reserve Sub-Account, until such Sub-Account contains an amount equal to the applicable Priority Expense Amount for such Application Date; provided, however, that at any time that an Event of Default exists pursuant to Section 10.01(k) ("<u>Subclause (i) Override Period</u>"), then no Available Funds shall be applied pursuant to this subclause (i) until all Debt Service Advances and Servicing Advances, together with Advance Interest thereon, have been repaid in full to the Servicer or Indenture Trustee, as applicable, pursuant to subclause (ii)(B) hereof, inclusive of the proviso thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the following order, (A) to the Indenture Trustee and the Servicer in an amount equal to the applicable Allocable Share of Indenture Trustee Fee, the Servicing Fee and the Other Servicing Fees that remain unpaid from prior Payment Dates, (B) to the Indenture Trustee and the Servicer in respect of the applicable Allocable Share of unreimbursed Advances, including Advance Interest thereon and (C) to the Indenture Trustee and the Servicer the amount of the applicable Allocable Share of the Indenture Trustee Fee, the Servicing Fee and the Other Servicing Fees due on or prior to the Relevant Payment Date and unpaid as of such date; provided, however, that during any Subclause (i) Override Period, amounts due pursuant to subclause (B) hereof shall be paid in first priority over amounts due pursuant to subclause (A) hereof, it being the intent of all parties that during a Subclause (i) Override Period all Available Funds be applied first to reimburse the Indenture Trustee and the Servicer for outstanding Advances as set forth in subclause (B);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the following order, (A) to the Indenture Trustee, the Servicer and/or other applicable Person in payment of the applicable Allocable Share of Additional Issuer Expenses due on or prior to the Relevant Payment Date and unpaid as of such date, but, other than after the occurrence and during the continuance of an Event of Default, only to the extent that after giving effect thereto, and all other concurrent or previous payments of Additional Issuer Expenses during the Relevant Collection Period, the Annual Additional Issuer Expense Limit with respect to the Relevant Payment Date shall have not been exceeded and (B) to the Class A-1 Administrative Agent for any Series of Variable Funding Notes in an amount equal to the applicable Allocable Share of Class A-1 Administrative Agent Fee for such Series of Variable Funding Notes due and unpaid as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to the Debt Service Sub-Account, an amount equal to the amount of (A) the applicable Allocable Share of Accrued Note Interest (other than Contingent Interest) for all Class A Notes for the Relevant Payment Date (including any amounts expected to accrue on any anticipated draws on any Class A-1 Notes prior to the end of the related Interest Accrual Period, as reasonably determined by the Managers) and, to the extent not previously paid, for all prior Payment Dates and (B) the applicable Allocable Share of any accrued and unpaid VFN Undrawn Commitment Fees and any other fees, expenses and other amounts due on or prior to the Relevant Payment Date to the holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement with respect to such Class A-1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if (A) an Amortization Period is not then in effect, (B) no Event of Default has occurred and is continuing and (C) such Application Date does not occur during an ARD Period with respect to any Class A Notes, to the Debt Service Sub-Account, an amount equal to the amount of the applicable Allocable Share of Accrued Note Interest for all Class B Notes for the Relevant Payment Date and, to the extent not previously paid, for all prior Payment Dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if (A) an Amortization Period is not then in effect, (B) no Event of Default has occurred and is continuing and (C) such Application Date does not occur during an ARD Period with respect to any Class A Notes or Class B Notes, to the Debt Service Sub-Account, an amount equal to the amount of the applicable Allocable Share of Accrued Note Interest for all Class C Notes for the Relevant Payment Date and, to the extent not previously paid, for all prior Payment Dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to the U.S. Asset Entities or the Canadian Asset Entities, as applicable, until such Asset Entities have received an aggregate amount equal to the excess, if any, of (a) the Monthly Expense Amount for the Relevant Collection Period and, to the extent not previously paid, for all prior Collection Periods over (b) the amount, if any, drawn from the Liquidity Reserve Sub-Accounts with respect to Operating Expenses and Maintenance Capital Expenditures of such Asset Entities for the Relevant Collection Period and, to the extent not previously paid, for all prior Collection Periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to the applicable Manager, the amount necessary to pay the accrued and unpaid Management Fee due to such Manager for the Relevant Collection Period and, to the extent not previously paid, for all prior Collection Periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to the U.S. Asset Entities or the Canadian Asset Entities, as applicable, the amount equal to the excess, if any, of (a) the amount necessary to pay the Operating Expenses and Maintenance Capital Expenditures of such Asset Entities for the Relevant Collection Period, in excess of the Monthly Expense Amount for such Collection Period that has been approved by the Servicer, if any over (b) the amount, if any, drawn from the Liquidity Reserve Sub-Accounts with respect to Operating Expenses and Maintenance Capital Expenditures of such Asset Entities for such Collection Period in excess of the Monthly Expense Amount for such Collection Period that has been approved by the Servicer, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to the applicable Liquidity Reserve Sub-Account, any amounts necessary to make the amount on deposit therein equal to the applicable Required Liquidity Reserve Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the applicable Allocable Share of the Class A Sweep Amount, if any, for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) if (A) an Amortization Period is not then in effect, (B) a Cash Trap Condition is not then in effect and (C) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the applicable Allocable Share of the Class A-2 Monthly Amortization Amount for any Class A-2 Notes of a Series for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, if the Additional Principal Payment Amount for the Relevant Payment Date is greater than zero, to the Debt Service Sub-Account, an amount equal to the applicable Allocable Share of the Additional Principal Payment Amount for the Relevant Payment Date together with any applicable Prepayment Consideration with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) if such Application Date is during an ARD Period for any of Outstanding Variable Funding Notes or Term Notes that contains Class A Notes and (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, the applicable Allocable Share of the aggregate Note Principal Balance of the Outstanding Variable Funding Notes or Term Notes that are Class A Notes, as the case may be, of such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the amount of the applicable Allocable Share of Accrued Note Interest for all Class B Notes for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the applicable Allocable Share of the Class B Sweep Amount, if any, for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) if such Application Date is during an ARD Period for any outstanding Class B Notes and (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, the applicable Allocable Share of the aggregate Note Principal Balance of the outstanding Class B Notes of such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the amount of the applicable Allocable Share of Accrued Note Interest for all Class C Notes for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the applicable Allocable Share of the Class C Sweep Amount, if any, for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) if such Application Date is during an ARD Period for any outstanding Class C Notes and (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, the applicable Allocable Share of the aggregate Note Principal Balance of the outstanding Class C Notes of such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) if a Cash Trap Condition is continuing and no Event of Default or Amortization Period has occurred and is continuing, to the applicable Cash Trap Reserve Sub-Account, the remaining amount of Available Funds with respect to the U.S. Collection Account or the Canadian Collection Accounts, as applicable, for such Application Date after making the allocations and payments described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) during an Amortization Period or during the continuation of an Event of Default, to the Debt Service Sub-Account the applicable Allocable Share of the aggregate Note Principal Balance of all Outstanding Class A Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) during an Amortization Period or during the continuation of an Event of Default, to the Debt Service Sub-Account, an amount equal to the amount of the applicable Allocable Share of Accrued Note Interest for all Class B Notes for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) during an Amortization Period or during the continuation of an Event of Default, to the Debt Service Sub-Account, the applicable Allocable Share of the aggregate Note Principal Balance of the outstanding Class B Notes of such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) during an Amortization Period or during the continuation of an Event of Default, to the Debt Service Sub-Account, an amount equal to the amount of the applicable Allocable Share of Accrued Note Interest for all Class C Notes for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) during an Amortization Period or during the continuation of an Event of Default, to the Debt Service Sub-Account, the applicable Allocable Share of the aggregate Note Principal Balance of the outstanding Class C Notes of such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) to the Debt Service Sub-Account the applicable Allocable Share of the amount of Contingent Interest, Deferred VFN Funding Amount, Deferred Contingent Interest, Post-ARD Additional Interest and Deferred Post-ARD Additional Interest due in respect of the Notes for the Relevant Payment Date, and, to the extent not previously paid, for all prior Payment Dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) to the Indenture Trustee, the Servicer and/or other applicable Person an amount equal to the applicable Allocable Share of any Additional Issuer Expenses not otherwise paid to the Indenture Trustee, the Servicer and/or other applicable Person pursuant to clause (iii) above due to the operation of the Annual Additional Issuer Expense Limit, plus accrued interest thereon as if such Additional Issuer Expenses were Advances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) at the direction of the applicable Manager, to the applicable Executed Forward Starting Lease Reserve Sub-Account, any amounts determined by such Manager to be deposited therein up to the amount that would cause the balance thereof to be equal to the applicable Executed Forward Starting Lease Reserve Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) at the direction of the applicable Manager, to the applicable Specified Material Tenant Lease Reserve Sub-Account, any amounts determined by such Manager to be deposited therein up to the amount that would cause the balance thereof to be equal to the applicable Specified Material Tenant Lease Reserve Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) at the direction of the Co-Issuers (or the Managers on behalf of the Co-Issuers), to the Class A-1 Noteholders (or the Class A-1 Administrative Agent, on behalf of the Class A- 1 Noteholders), the applicable Allocable Share of any optional payments of principal on the aggregate Note Principal Balance of the Class A-1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) at the direction of the applicable Manager, to the applicable Capital Expenditures Reserve Sub-Account, any amounts determined by the applicable Manager to be deposited therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) to the applicable Manager, in respect of the applicable Allocable Share of any unreimbursed Advances, including Advance Interest thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv) in the case of Available Funds with respect to the U.S. Collection Account, to the Canadian Co-Issuer the amount of any Shortfall Payments made by the Canadian Co-Issuer on any prior Application Date and not previously reimbursed, and in the case of Available Funds with respect to the Canadian Collection Accounts, to the U.S. Co-Issuer the amount of any Shortfall Payments made by the Issuer on any prior Application Date and not previously reimbursed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxv) to the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, the remaining amount of Available Funds in the U.S. Collection Account or the Canadian Collection Accounts, respectively, for such Application Date after making the allocations and payments described above, to be used for any purpose not prohibited under the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the U.S. Co-Issuer and the Canadian Co-Issuer shall be obligated to pay any shortfall in the priority of payments due to a lack of funds in the U.S. Collection Account or the Canadian Collection Accounts, as applicable. So long as there are sufficient funds to pay the amounts so allocated to the U.S. Obligors at a given priority from the U.S. Collection Account and to pay the amounts so allocated to the Canadian Obligors at such priority from the Canadian Collection Accounts, such payments shall be made from such applicable accounts. In the event that, for a given payment priority, there are insufficient funds in the U.S. Collection Account but there are additional funds in the Canadian Collection Accounts or there are insufficient funds in the Canadian Collection Accounts but there are additional funds in the U.S. Collection Account, the funds in such other Collection Account or Collection Accounts shall be applied to the extent necessary to fund such shortfall (any such funds applied to fund such shortfall, a "<u>Shortfall Payment</u>"). All collections constitute Collateral for the Notes and in no event will any amounts be released to any Obligor from any Collection Account on any Application Date, except as and only to the extent specifically provided for in Section 5.01(a)(vii) and (ix), if any payments specified in Section 5.01(a)(i) through (xxx) remain unpaid on such Application Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All collections received by Obligors with respect to the Data Centers shall be deposited into the applicable Collection Account based on the currency in which such collections are received, and shall be applied on an aggregate basis in accordance with Section 5.01(a) to obligations of the Obligors. For any given priority, to the extent available, Collections will be applied in the same currency as the related obligation is denominated in. In the event that, for a given priority, there are insufficient funds in one Canadian Collection Account to make payments in the related currency, but there are additional funds in the other Canadian Collection Account, the funds in such other Canadian Collection Account will be applied to the extent necessary to fund such shortfall.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If, on any Application Date, Available Funds denominated in USD need to be converted to pay obligations payable in a different foreign currency, or available funds denominated in a foreign currency need to be converted to pay obligations payable in USD, such funds shall be converted to the necessary currency four Business Days prior to such Application Date using the Spot Rate in effect on the Business Day immediately preceding such date of conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If a Cash Trap Condition is continuing and no Event of Default has occurred and is continuing, all available funds on deposit in any non-U.S. Dollar denominated Collection Account on any Application Date after making the allocations and payments pursuant to Section 5.01(a)(i) through (xx) above, shall be converted to U.S. Dollars four Business Days prior to such Application Date using the Spot Rate in effect on the Business Day immediately preceding such date of conversion and shall be deposited into the applicable Cash Trap Reserve Sub- Account pursuant to Section 5.01(a)(xxi) on such Application Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If an Amortization Period is continuing or an Event of Default has occurred and is continuing, all Available Funds on deposit in any non-U.S. Dollar denominated Collection Account on any Application Date after making the allocations and payments described in Section 5.01(a)(i) through (xxi) above, shall be converted to U.S. Dollars four Business Days prior to such Application Date using the Spot Rate in effect on the Business Day immediately preceding such date of conversion and shall be deposited into the Debt Service Sub-Account pursuant to Section 5.01(a)(xxii)-(xxvi).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) On each Payment Date, based upon information set forth in the Servicing Report, funds deposited in the Debt Service Sub-Account from the Collection Accounts on each Application Date for which such Payment Date is the Relevant Payment Date and any amounts that are required to be transferred from the Cash Trap Reserve Sub-Accounts or the Liquidity Reserve Sub-Accounts to the Debt Service Sub-Account on such Payment Date, in each case, in accordance with the priority of payments set forth in <u>Section 5.01(a)</u>, together with any Debt Service Advance for such Payment Date (collectively, the "<u>Payment Date Funds</u>") will be (i) to the extent such amounts are denominated in a foreign currency, converted to USD four Business Days prior to such Application Date using the Spot Rate in effect on the Business Day immediately preceding such date of conversion and (ii) applied by the Indenture Trustee or the Paying Agent, upon direction from the Servicer, in the following order of priority (in each case to the extent of available funds on such day after taking into account allocations and payments of a higher priority but subject to the right of the Indenture Trustee to withdraw funds from the Debt Service Sub- Account to pay amounts owing under the Transaction Documents to the Indenture Trustee and the Servicer pursuant to Article III and Article IV):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if no Event of Default has occurred and is continuing, to the Holders of each Class of Class A Notes (and amounts so allocated to the Class A Notes will be further allocated among the numerical Classes of Class A Notes in accordance with the Applicable Class A Payment Priority), in respect of interest (and any accrued and unpaid VFN Undrawn Commitment Fees and any other fees, expenses and other amounts due to the holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement) pro rata based on the amount of Accrued Note Interest for each such Note of such Class (and accrued amount of any such VFN Undrawn Commitment Fees and any other fees, expenses and other amounts due to the holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement) on such Payment Date (and, to the extent not previously paid, for all prior Payment Dates), up to an amount equal to the aggregate Accrued Note Interest (other than Contingent Interest) for such Class of Notes (and accrued amount of any such VFN Undrawn Commitment Fees and any other fees, expenses and other amounts due to the holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement) for such Payment Date (and, to the extent not previously paid, for all prior Payment Dates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if (A) an Amortization Period is not then in effect, (B) no Event of Default has occurred and is continuing and (C) such Payment Date does not occur during an ARD Period for any Class A Notes, to the holders of each Class of Class B Notes, in respect of interest, pro rata based on the amount of Accrued Note Interest for each such Note of such Class on such Payment Date up to an amount equal to the aggregate Accrued Note Interest for such Class of Notes for such Payment Date (and, to the extent not previously paid, for all prior Payment Dates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if (A) an Amortization Period is not then in effect, (B) no Event of Default has occurred and is continuing and (C) such Payment Date does not occur during an ARD Period for any Class A Notes or Class B Notes, to the holders of each Class of Class C Notes, in respect of interest, pro rata based on the amount of Accrued Note Interest for each such Note of such Class on such Payment Date up to an amount equal to the aggregate Accrued Note Interest for such Class of Notes for such Payment Date (and, to the extent not previously paid, for all prior Payment Dates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the holders of any Class A Notes (and amounts so allocated to the Class A Notes will be further allocated among the numerical Classes of Class A Notes in accordance with the Applicable Class A Payment Priority), an amount up to the Class A Sweep Amount, if any, as of such Payment Date, in respect of principal pro rata based on the Note Principal Balance of such Note on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if (A) an Amortization Period is not then in effect, (B) a Cash Trap Condition is not then in effect and (C) no Event of Default has occurred and is continuing, to the holders of any Class A-2 Notes for which a Class A-2 Monthly Amortization Amount is due on such Payment Date, pro rata, based on the Class A-2 Monthly Amortization Amount of each such Note as of such Payment Date, an amount up to the Class A-2 Monthly Amortization Amount applicable thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, if the Additional Principal Payment Amount for such Payment Date is greater than zero, to the Holders of each Class of Notes, in direct order of alphabetical designation (and amounts so allocated to the Class A Notes will be further allocated among the numerical Classes of Class A Notes in accordance with the Applicable Class A Payment Priority), in respect of principal pro rata based on the Note Principal Balance of each such Note of such Class on such Payment Date together with any applicable Prepayment Consideration then due in respect of such principal repayment, up to an amount equal to the lesser of (a) the Class Principal Balance of such Class of Notes and (b) the Additional Principal Payment Amount and any such Prepayment Consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if such Payment Date is during the ARD Period for any Series of Outstanding Variable Funding Notes or Term Notes containing Class A Notes and (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Holders of each Class of such Series of Variable Funding Notes or Term Notes, as the case may be (and amounts so allocated to the Class A Notes will be further allocated among the numerical Classes of Class A Notes in accordance with the Applicable Class A Payment Priority), in respect of principal pro rata based on the Note Principal Balance of each such Note of such Class on such Payment Date, up to an amount equal to the unpaid principal amount of such Class of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the holders of each Class of Class B Notes, in respect of interest, pro rata based on the amount of Accrued Note Interest for each such Note of such Class on such Payment Date up to an amount equal to the aggregate Accrued Note Interest for such Class of Notes for such Payment Date and any shortfall of Accrued Note Interest shall be considered PIK Interest that is to be added to the Note Principal Balance for such Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the holders of any Class B Notes, an amount up to the Class B Sweep Amount, if any, as of such Payment Date, in respect of principal pro rata based on the Note Principal Balance of such Note on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) if such Payment Date is during the ARD Period for any Class B Notes and (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the holders of such Class B Notes, pro rata in respect of principal, based on the Note Principal Balance of each such Note of such Class on such Payment Date, up to an amount equal to the unpaid principal amount of such Class of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the holders of each Class of Class C Notes, in respect of interest, pro rata based on the amount of Accrued Note Interest for each such Note of such Class on such Payment Date up to an amount equal to the aggregate Accrued Note Interest for such Class of Notes for such Payment Date and any shortfall of Accrued Note Interest shall be considered PIK Interest that is to be added to the Note Principal Balance for such Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the holders of any Class C Notes, an amount up to the Class C Sweep Amount, if any, as of such Payment Date, in respect of principal pro rata based on the Note Principal Balance of such Note on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) if such Payment Date is during the ARD Period for any Class C Notes and (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the holders of such Class C Notes, pro rata in respect of principal, based on the Note Principal Balance of each such Note of such Class on such Payment Date, up to an amount equal to the unpaid principal amount of such Class of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) if such Payment Date is during an Amortization Period and no Event of Default has occurred and is continuing, to the Holders of each Class of Class A Notes (and amounts so allocated to the Class A Notes will be further allocated among the numerical Classes of Class A Notes in accordance with the Applicable Class A Payment Priority), in respect of principal pro rata based on the Note Principal Balance of each such Note of such Class on such Payment Date, up to an amount equal to the Class Principal Balance of such Class of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) if such Payment Date is after the occurrence and during the continuance of an Event of Default, to the Holders of each Class of Class A Notes (and amounts so allocated to the Class A Notes will be further allocated among the numerical Classes of Class A Notes in accordance with the Applicable Class A Payment Priority) with respect to each such Class of Notes, (A) first, in respect of interest (and any accrued and unpaid VFN Undrawn Commitment Fees and any other fees, expenses and other amounts due to the Holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement) for such Class of Notes pro rata based on the amount of Accrued Note Interest for each such Note of such Class (and any accrued amount of any such VFN Undrawn Commitment Fees and any other fees, expenses and other amounts due to the holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement) on such Payment Date (and, to the extent not previously paid, for all prior Payment Dates), up to an amount equal to the aggregate Accrued Note Interest for such Class of Notes (and any accrued amount of any such VFN Undrawn Commitment Fees and any other fees, expenses and other amounts due to the holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement) for such Payment Date (and, to the extent not previously paid, for all prior Payment Dates), and (B) second, in respect of principal for such Class of Notes pro rata based on the Note Principal Balance of each such Note of such Class on such Payment Date, up to an amount equal to the Class Principal Balance of such Class of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) during an Amortization Period or during the continuation of an Event of Default, to the holders of each Class of Class B Notes, (A) first, in respect of interest, pro rata based on the amount of Accrued Note Interest for such Class of Notes and any shortfall of Accrued Note Interest shall be considered PIK Interest that is to be added to the Note Principal Balance for such Note and (B) second, in respect of principal for such Class of Notes pro rata based on the Note Principal Balance of each such Note of such Class on such Payment Date, up to an amount equal to the Class Principal Balance of such Class of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) during an Amortization Period or during the continuation of an Event of Default, to the holders of each Class of Class C Notes, (A) first, in respect of interest, pro rata based on the amount of Accrued Note Interest for such Class of Notes and any shortfall of Accrued Note Interest shall be considered PIK Interest that is to be added to the Note Principal Balance for such Note and (B) second, in respect of principal for such Class of Notes pro rata based on the Note Principal Balance of each such Note of such Class on such Payment Date, up to an amount equal to the Class Principal Balance of such Class of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) (A) first, if the Contingent Interest for such Payment Date is greater than zero, pro rata to the Holders of the related Class A-1 Notes, up to the amount equal to the Contingent Interest, (B) second, if the Deferred Contingent Interest for such Payment Date is greater than zero, pro rata to the Holders of the related Class A-1 Notes, up to the amount equal to the Deferred Contingent Interest and (C) third, to the Holders of each Class of Notes, in direct order of alphabetical designation (and amounts so allocated to the Class A Notes will be further allocated among the numerical Classes of Class A Notes in accordance with the Applicable Class A Payment Priority), first, in respect of Deferred VFN Funding Amount pro rata based on the amount of Deferred VFN Funding Amount due on each such Note of such Class, second in respect of Post-ARD Additional Interest pro rata based upon the amount of Post-ARD Additional Interest due on each such Note of such Class, and third, in respect of Deferred Post-ARD Additional Interest pro rata based on the amount of Deferred Post-ARD Additional Interest due on each such Note of such Class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) to the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, the applicable Allocable Share of the remaining amount of Payment Date Funds for such Payment Date after making the allocations and payments described above, to be used for any purpose not prohibited under the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) On each Business Day on which the Liquidity Reserve Priority Expense Draw Amount is greater than zero, the Indenture Trustee, upon written direction of the Co-Issuers, within one Business Day of receipt of such direction, shall withdraw an aggregate amount from the Liquidity Reserve Sub- Accounts equal to the lesser of (x) such Liquidity Reserve Priority Expense Draw Amount and (y) the aggregate amount on deposit in the Liquidity Reserve Sub-Accounts on the Business Day of such withdrawal. Funds shall be withdrawn, to the extent possible, from the U.S. Liquidity Reserve Sub-Account and Canadian Liquidity Reserve Sub-Account in the proportion of the applicable Priority Expenses that are payable with respect to the U.S. Data Centers and the Canadian Data Centers, respectively; *provided* that if there are insufficient funds in one Liquidity Reserve Sub-Account, funds in the amount of such insufficiency shall be withdrawn from the other Liquidity Reserve Sub-Account and applied to the payment of the related unpaid Priority Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On each Business Day on which the Liquidity Reserve Expense Draw Amount is greater than zero, the Indenture Trustee shall, upon direction of the Co-Issuers, within one Business Day of receipt of such direction, withdraw an aggregate amount from the Liquidity Reserve Sub-Accounts equal to the lesser of (x) such Liquidity Reserve Expense Draw Amount and (y) the aggregate amount on deposit in the Liquidity Reserve Sub-Accounts on the Business Day of such withdrawal (after giving effect to any draws in respect of any Liquidity Reserve Interest Draw Amount or Liquidity Reserve Priority Expense Draw Amount on such Business Day if such Business Day is a Payment Date). Funds shall be withdrawn, to the extent possible, from the U.S. Liquidity Reserve Sub-Account and Canadian Liquidity Reserve Sub-Account in the proportion of the applicable Operating Expenses and Maintenance Capital Expenditures that are payable with respect to the U.S. Data Centers and the Canadian Data Centers, respectively; *provided* that if there are insufficient funds in one Liquidity Reserve Sub-Account, funds in the amount of such insufficiency shall be withdrawn from the other Liquidity Reserve Sub-Account and applied to the payment of the related unpaid Operating Expenses and Maintenance Capital Expenditures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) On each Payment Date on which the Liquidity Reserve Interest Draw Amount is greater than zero, the Indenture Trustee, upon direction of the Co-Issuers, within one Business Day of receipt of such direction, shall withdraw an aggregate amount from the Liquidity Reserve Sub-Accounts equal to the lesser of (x) such Liquidity Reserve Interest Draw Amount and (y) the aggregate amount on deposit in the Liquidity Reserve Sub-Accounts on such Payment Date (after giving effect to any draws in respect of any Liquidity Reserve Priority Expense Draw Amount on such Payment Date). Funds shall be withdrawn, to the extent possible, from the U.S. Liquidity Reserve Sub-Account and Canadian Liquidity Reserve Sub-Account in the applicable Allocable Share of such Liquidity Reserve Interest Draw Amount; *provided* that if there are insufficient funds in one Liquidity Reserve Sub-Account, funds in the amount of such insufficiency shall be withdrawn from the other Liquidity Reserve Sub-Account. The Indenture Trustee shall deposit such funds into the Debt Service Sub-Account to be applied to the payment of the Monthly Payment Amount to the holders of each Class of Notes in accordance with Section 5.01(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) In the event that more than one withdrawal is to be made from a Liquidity Reserve Sub-Account on the same Business Day, the balance in such account shall be applied first to any Liquidity Reserve Priority Expense Draw Amounts, then to any Liquidity Reserve Interest Draw Amounts and then to any Liquidity Reserve Expense Draw Amounts, in each case, first, with respect to such Liquidity Reserve Sub-Account and then, to cover any shortfalls in the payment of such amounts from the other Liquidity Reserve Sub-Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Except as otherwise provided below, all such payments made with respect to each Class of Notes on each Payment Date shall be made to the Holders of such Notes of record at the close of business on the immediately preceding Record Date and, in the case of each such Holder, shall be made by wire transfer of immediately available funds to the account specified by the Holder at a bank or other entity having appropriate facilities therefor, if such Holder shall have provided the Indenture Trustee with wiring instructions no less than 5 Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent Payment Dates), and otherwise shall be made by check mailed to the address of such Holder as it appears in the Note Register. The final payment on each certificated Definitive Note will be made in like manner, but only upon presentation and surrender of such Note at the offices of the Note Registrar or such other location specified in the notice to Noteholders of the pendency of such final payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Each payment with respect to a Book-Entry Note shall be paid to the Depositary, as Holder thereof, and the Depositary shall be responsible for crediting the amount of such payment to the accounts of its Depositary Participants in accordance with its normal procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The rights of the Noteholders to receive payments from the proceeds of the Collateral, and all rights and interests of the Noteholders in and to such payments, shall be as set forth in this Indenture. Neither the Holders of any Class of Notes nor any party hereto shall in any way be responsible or liable to the Holders of any other Class of Notes in respect of amounts previously paid on the Notes in accordance with this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Except as otherwise provided herein, whenever the Indenture Trustee receives written notice that the final payment with respect to any Class of Notes will be made on the next Payment Date, the Indenture Trustee shall, as promptly as possible thereafter, mail to each Holder of such Class of Notes of record on such date a notice to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Indenture Trustee expects that the final payment with respect to such Class of Notes will be made on such Payment Date but only upon presentation and surrender of such Notes at the office of the Note Registrar or at such other location therein specified, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no interest shall accrue on such Notes from and after the end of the Interest Accrual Period for such Payment Date.

Any funds not paid to any Holder or Holders of Notes of such Class on such Payment Date because of the failure of such Holder or Holders to tender their Notes shall be held and paid in accordance with Section 7.22(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Notwithstanding any other provision of this Indenture, the Indenture Trustee shall comply with all U.S. federal or Canadian withholding requirements respecting payments to Noteholders of interest or principal that are applicable under the Code or Canadian tax law. The consent of Noteholders shall not be required for such withholding. If the Indenture Trustee does withhold any amount from payments or advances of interest or principal to any Noteholder pursuant to withholding requirements, the Indenture Trustee shall indicate the amount withheld to such Noteholder. Any amounts so withheld shall be deemed to have been paid to such Noteholder for all purposes of this Indenture.

Section 5.02 <u>Payments of Principal</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Class A-2 Monthly Amortization Amount for a Series of Notes and any Class A Sweep Amount for the Class A Notes of any Series will be payable as provided in Section 5.01(g). Any Class B Sweep Amount for the Class B Notes of any Series will be payable as provided in Section 5.01(g). Any Class C Sweep Amount for the Class C Notes of any Series will be payable as provided in Section 5.01(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Commencing on the first Payment Date to occur on or after the occurrence and during the continuance of an Amortization Period or on or after the occurrence and during the continuance of an Event of Default, all Excess Cash Flow will be applied to the payment of the aggregate Note Principal Balance of the Notes of each Class and Series as provided pursuant to Section 5.01. Payments of principal on all other Payment Dates shall be made in accordance with the provisions of Section 5.01(g) from funds on deposit in the Debt Service Sub-Account which are available to pay principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to the commencement of an Amortization Period, if a Cash Trap Condition occurs and continues for more than 6 consecutive calendar months, any amounts on deposit in the Cash Trap Reserve Sub-Accounts will be withdrawn and applied to the payment of the Note Principal Balance of the Notes of each Class and Series in direct order of alphabetical designation (with any amounts so applied to the Class A Notes being further applied among the numerical Classes of Class A Notes in accordance with the Applicable Class A Payment Priority).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prepayments of the Notes in connection with any Early Termination Fee Prepayment Amount will be applied pursuant to Section 4.06.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Prepayments of the Notes in connection with any Specified Material Tenant Lease Prepayment Amount will be applied pursuant to Section 4.10.

Section 5.03 <u>Payments of Interest and VFN Undrawn Commitment Fees</u>. On each Payment Date, Accrued Note Interest, Contingent Interest, Deferred Contingent Interest and Deferred VFN Funding Amount then due for each Note of each Class for such Payment Date and on each Payment Date while any Variable Funding Notes are Outstanding, any VFN Undrawn Commitment Fees on the Variable Funding Notes, will be paid from amounts on deposit in the Debt Service Sub-Account in accordance with Section 5.01(g).

Section 5.04 <u>No Gross Up</u>. The Co-Issuers shall not be obligated to pay any additional amounts to the Holders or the holders of beneficial interests in the Notes as a result of any withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges. The Co-Issuers shall determine whether or not any payments made pursuant to this Indenture are classified as "withholdable payments" or "foreign passthru payments" under FATCA. Based on such determination by the Co-Issuers, the Indenture Trustee shall be entitled to deduct FATCA Withholding Tax, and shall have no obligation to gross-up any payment hereunder or to pay any additional amount as a result of such FATCA Withholding Tax. Nothing in the immediately preceding sentence shall be construed as obligating the Obligors to make any "gross up" payment or similar reimbursement in connection with a payment in respect of which amounts are so withheld or deducted.

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to provide and shall provide to the Indenture Trustee, Paying Agent and/or the Co-Issuers (or other person responsible for withholding of taxes) the Noteholder Tax Identification Information. Further, each Noteholder and Note Owner is deemed to understand, acknowledge and agree that the Indenture Trustee, Paying Agent and Co-Issuers have the right to withhold on payments with respect to a Note (without any corresponding gross-up) where an applicable party fails to comply with the requirements set forth in the preceding sentence or the Indenture Trustee, Paying Agent or Co-Issuers is otherwise required to so withhold under applicable law. The Co-Issuers hereby covenant with the Indenture Trustee that the Co-Issuers will provide the Indenture Trustee with sufficient information so as to enable the Indenture Trustee to determine whether or not the Indenture Trustee is obliged to make any withholding, including FATCA Withholding Tax, in respect of any payments with respect to a Note (and if applicable, to provide the necessary detailed information to effectuate any withholding, including FATCA Withholding Tax, such as setting forth applicable amounts to be withheld). The parties agree that the Indenture Trustee shall be released of any liability relating to its actions and compliance under this Section 5.04 and FATCA. Notwithstanding any other provisions herein, the term 'applicable law' for purposes of this Section 5.04 includes U.S. federal tax law, Canadian tax law and FATCA. Upon request from the Indenture Trustee or Paying Agent, the Co-Issuers will provide such additional information that it may have to assist the Indenture Trustee and Paying Agent in making any withholdings or informational reports.

Section 5.05 <u>Equity Cure Contributions</u>. At any time after the Initial Closing Date, the Co-Issuers may (but are not required to) designate Equity Cure Contributions to be deposited into the applicable Specified Material Tenant Lease Reserve Sub-Account in accordance with Section 4.10.

**ARTICLE VI**

**REPRESENTATIONS AND WARRANTIES**

Each of the Obligors represents and warrants to the Indenture Trustee that the statements set forth in this Article VI will be, true, correct and complete in all material respects as of each Closing Date.

Section 6.01 <u>Organization, Powers, Capitalization, Good Standing, Business</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Powers</u>. It is duly organized, validly existing and in good standing under the laws of its jurisdiction of formation or incorporation. It has all requisite power and authority to own and operate its properties, to carry on its businesses as now conducted and proposed to be conducted. It has all requisite power and authority to enter into each Transaction Document to which it is a party and to perform the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Qualification</u>. It is duly qualified and in good standing in each state, province or territory where necessary to carry on its present businesses and operations, except in jurisdictions in which the failure to be qualified and in good standing could not reasonably be expected to have a Material Adverse Effect.

Section 6.02 <u>Authorization of Borrowing, etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Authorization of Borrowing</u>. It has the power and authority to incur or guarantee the Indebtedness evidenced by the Notes and this Indenture. The execution, delivery and performance by it of the Transaction Documents to which it is a party and the consummation of the transactions contemplated thereby have been duly authorized by all necessary limited liability company, partnership, corporate or other action, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Conflict</u>. The execution, delivery and performance by it of the Transaction Documents to which each is a party and the consummation of the transactions contemplated thereby do not and will not: (1) violate (x) its certificate of formation, certificate of incorporation, articles of incorporation, limited partnership agreement, bylaws, declaration of trust, limited liability company agreement, operating agreement or other organizational documents, as the case may be; (y) any provision of law applicable to it (except where such violation will not have a Material Adverse Effect) or (z) any order, judgment or decree of any Governmental Authority binding on it or any of its property (except where such violation will not have a Material Adverse Effect); (2) result in a breach of or constitute (with due notice or lapse of time or both) a default under any Contractual Obligation binding upon it or its property (except where such breach or default will not have a Material Adverse Effect); (3) result in or require the creation or imposition of any material Lien (other than the Lien of the Transaction Documents) upon its assets; or (4) require any approval or consent of any Person under any Contractual Obligation binding upon it or its property, which approvals or consents have not been obtained on or before the dates required under such Contractual Obligation (except where the failure to obtain such approval or consent will not have a Material Adverse Effect).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Consents</u>. The execution and delivery by it of the Transaction Documents to which it is a party, and the consummation of the transactions contemplated thereby do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any Governmental Authority which has not been obtained or made and is in full force and effect other than any of the foregoing the failure to have made or obtained which will not have a Material Adverse Effect. For the purposes of complying with any transfer restrictions contained in the organizational documents of any issuer of investment property (as defined in the PPSAs) that is Collateral, each Obligor hereby irrevocably consents to any transfer of such Obligor's investment property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Obligations</u>. This Indenture is, and each of the other Transaction Documents to which such Obligor is a party, when executed and delivered by such Obligor will be, the legally valid and binding obligations of such Obligor, enforceable against it, in accordance with their respective terms, subject to bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting creditor's rights.

Section 6.03 <u>Financial Statements</u>. All Financial Statements which have been furnished by or on behalf of the Obligors to the Indenture Trustee pursuant to this Indenture present fairly in all material respects the financial condition of the Persons covered thereby; *provided*, *however*, the Indenture Trustee shall have no obligation to review any such Financial Statements.

Section 6.04 <u>Indebtedness and Contingent Obligations</u>. As of the Closing Date, the Obligors shall have no outstanding Indebtedness or Contingent Obligations other than the Obligations and other Permitted Indebtedness.

Section 6.05 <u>Tenant Leases; Material Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Tenant Leases; Material Agreements</u>. The Obligors have delivered to the Indenture Trustee (i) true and complete electronic copies (in all material respects) of all Tenant Leases as in effect on the Initial Closing Date and (ii) a list of all Material Agreements affecting the operation and management of the Data Centers as of the Initial Closing Date; *provided*, *however*, the Indenture Trustee shall have no obligation to review any such Material Tenant Leases and Material Agreements. Such Material Agreements and Material Tenant Leases affecting the operation and management of the Data Centers, or the replacement list of all Material Agreements and Material Tenant Leases affecting the operation and management of the Data Centers most recently delivered electronically to the Indenture Trustee remains complete. No Person other than the Managers has any right or obligation to manage any of the Data Centers on behalf of the Asset Entities or to receive compensation in connection with such management. Except for the parties to any leasing brokerage agreement that has been delivered electronically to the Indenture Trustee, no Person has any right or obligation to lease or solicit tenants for the Data Centers, or to receive compensation in connection with such leasing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Rent Roll, Disclosure</u>. A true and correct electronic copy of the Rent Roll as of the Initial Closing Date setting forth, among other things, (1) a description of each Tenant, (2) the Leased Capacity for each Tenant and (3) the scheduled annual rental payments per year and gross Rent per kW for each effective Tenant Lease, has been delivered to the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Management Agreements</u>. The Co-Issuers have delivered to the Indenture Trustee a true and complete copy of each of the Management Agreements as in effect on such Closing Date, and the Management Agreements have not been modified or amended except pursuant to amendments or modifications delivered to the Indenture Trustee. The Management Agreements are in full force and effect and no default by any of the parties thereto exists thereunder.

Section 6.06 <u>Litigation; Adverse Facts</u>. There are no judgments outstanding against any of the Obligors, or affecting any of the Data Centers or any property of any of the Obligors, nor to the Obligors' Knowledge is there any action, charge, claim, demand, suit, proceeding, petition, governmental investigation or arbitration now pending or threatened against any of the Obligors or any of the Data Centers that could, in the aggregate, reasonably be expected to result in a Material Adverse Effect.

Section 6.07 <u>Payment of Taxes</u>. Except as would not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, all federal, state, provincial, territorial and local tax returns and reports of the U.S. Co-Issuer, the Canadian Co-Issuer and each Asset Entity and Other Entity required to be filed have been timely filed (or each such Person has timely filed for an extension and the applicable extension has not expired), and all taxes, assessments, fees and other governmental charges (including any payments in lieu of taxes) upon such Persons and upon its properties, assets, income and franchises which are due and payable have been paid except to the extent the same are being contested in accordance with Section 7.04(b).

Section 6.08 <u>Performance of Agreements</u>. To the Obligors' Knowledge, neither the Co-Issuers nor the Asset Entities are in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any Contractual Obligation of any such Persons which could, in the aggregate, reasonably be expected to have a Material Adverse Effect, and no condition exists that, with the giving of notice or the lapse of time or both, would constitute such a default which could, in the aggregate, reasonably be expected to have a Material Adverse Effect.

Section 6.09 <u>Employee Benefit Plans</u>. No Obligor maintains has, or has ever had, any employees or individual independent contractors, and no Obligor is or has ever been an employer, joint employer or co-employer of any individual. No Obligor maintains or contributes to, or has any obligation or liability under or with respect to, any Employee Benefit Plan and, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, no ERISA Affiliate of any Obligor maintains or contributes to, or has any obligation or liability (including a contingent obligation or liability) under or with respect to, any Employee Benefit Plan. No Obligor has any liability relating to an Employee Benefit Plan that could result in a Lien on the assets of any Obligor in favor of the Pension Benefit Guaranty Corporation or any Employee Benefit Plan pursuant to ERISA or the Code (or any successor thereto) with respect to any Employee Benefit Plan and no such Lien has arisen during the six year period prior to the date on which this representation is made or deemed made and, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, no ERISA Affiliate of any Obligor has any liability relating to an Employee Benefit Plan that could result in a Lien on the assets of such ERISA Affiliate in favor of the Pension Benefit Guaranty Corporation or any Employee Benefit Plan pursuant to ERISA or the Code (or any successor thereto) with respect to any Employee Benefit Plan and no such Lien has arisen during the six year period prior to the date on which this representation is made or deemed made.

Section 6.10 <u>Solvency</u>. The Obligors (a) have not entered into any Transaction Document with the actual intent to hinder, delay, or defraud any creditor and (b) received reasonably equivalent value in exchange for their obligations under the Transaction Documents. After giving effect to the issuance of the Notes, the fair saleable value of the Obligors' assets taken as a whole exceed and will, immediately following the issuance of any Notes, exceed the Obligors' total liabilities, including, without limitation, subordinated, unliquidated, disputed and Contingent Obligations. The fair saleable value of the Obligors' assets taken as a whole is and will, immediately following the issuance of any Notes, be greater than the Obligors' probable liabilities, including the maximum amount of its Contingent Obligations on its debts as such debts become absolute and matured. The Obligors' assets taken as a whole do not and, immediately following the issuance of any Notes will not, constitute unreasonably small capital to carry out their businesses as conducted or as proposed to be conducted. The Obligors do not intend to, and do not believe that they will, incur Indebtedness and liabilities (including Contingent Obligations and other commitments) beyond their ability to pay such Indebtedness and liabilities as they mature (taking into account the timing and amounts of cash to be received by the Obligors and the amounts to be payable on or in respect of obligations of the Obligors).

Section 6.11 <u>Use of Proceeds and Margin Security</u>. No portion of the proceeds from the issuance of the Term Notes and draws under the Variable Funding Notes shall be used by the Co-Issuers or any Person in any manner that might cause the borrowing or the application of such proceeds to violate Regulation T, Regulation U, Regulation X or any other regulation of the Board of Governors of the Federal Reserve System.

Section 6.12 <u>Insurance</u>. Set forth on Schedule I is a description of all policies of insurance for the Asset Entities and Other Entities that are in effect as of the Amendment and Restatement Closing Date. Such Insurance Policies conform to the requirements of Section 7.05. No notice of cancellation has been received with respect to such policies, and, to the Asset Entities' Knowledge, the Asset Entities are in compliance with all material conditions contained in such policies.

Section 6.13 <u>Investments</u>. The Co-Issuers and the Asset Entities have no (i) direct or indirect interest in, including without limitation stock, partnership interest or other equity securities of, any other Person (other than, in the case of the Co-Issuers, the Asset Entities), or (ii) direct or indirect loan, advance or capital contribution to any other Person, including all indebtedness from that other Person other than, in the case of the Co-Issuers, in the Asset Entities.

Section 6.14 <u>OFAC</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) None of the Obligors or, to their knowledge, any director, officer, employee, agent or controlled Affiliate thereof, is a Person that is the subject of any sanctions administered or enforced by the Office of Foreign Assets Control, the U.S. Department of State, the United Nations Security Council, the Government of Canada, the European Union, Her Majesty's Treasury, or other relevant sanctions authority (collectively, "<u>Sanctions</u>"). None of the Obligors, the Guarantor, or any of their respective subsidiaries or, to their knowledge, any director, officer or controlled Affiliate thereof, is a Person that is located, organized or resident in a country or territory that is, or whose government is, the subject of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Obligors will directly or, to its knowledge, indirectly, use the proceeds of the Term Notes or any draw under the Variable Funding Notes or otherwise make available such proceeds or draw amounts to any Person, for the purpose of financing the activities of any Person currently subject to any Sanctions.

Section 6.15 <u>Anti-Corruption Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (A) None of the Obligors or, to their knowledge, any director, officer, employee, agent or controlled Affiliate thereof is currently in violation of (x) any Anti-Corruption Laws or (y) the USA PATRIOT Act and (B) no part of the proceeds of the Term Notes and no proceeds of any draw under the Variable Funding Notes will be used, directly or, to the knowledge of any Obligor, indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to improperly obtain, retain or direct business or obtain any improper advantage, in violation of Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Obligor has implemented and maintains in effect policies and procedures reasonably designed to promote compliance by the Parent, the Guarantors and the Co-Issuers, their respective Subsidiaries and the respective directors, officers, employees and agents of the foregoing with each of Anti-Corruption Laws and the USA PATRIOT Act.

Section 6.16 <u>Intellectual Property</u>. To the Obligors' Knowledge, the use by any Obligor of all patents, trademarks, trade names, service marks and copyrights material to such Obligor's business, and all applications therefor and licenses thereof, does not infringe on the rights and entitlements of any third parties thereto that could reasonably be expected to result in a Material Adverse Effect.

Section 6.17 <u>Governmental Regulation</u>. The Obligors are not subject to regulation under the Investment Company Act. None of the Obligors is an EEA Financial Institution.

Section 6.18 <u>Representations and Warranties With Respect To Data Centers and Tenant Leases</u>. Subject to any exceptions (w) set forth on Schedule III (as such schedule may be updated from time to time in connection with each Additional Issuance), (x) approved by Noteholders representing more than 50.0% of the Voting Rights of the Controlling Class of Notes, (y) with respect to which the Rating Agency Confirmation is obtained or (z) for any Additional Data Center and the related Tenant Leases added as Collateral on any Closing Date after the Initial Closing Date, as set forth in the Series Supplement for the Series issued on such Closing Date, (i) in connection with the issuance of any Series of Notes on the Initial Closing Date and any subsequent Closing Date, the Obligors hereby make the applicable representations and warranties set forth on Schedule II with respect to the Data Centers and any related Tenant Leases added as Collateral on such Closing Date; *provided* that such representations and warranties shall be made as of the date specified in such representation or warranty or, in the event no such date is specified with respect to any such representation or warranty, as of the date of addition or acquisition thereof, or (ii) in any other instance in which an Asset Entity acquires any Data Center and related Tenant Leases on any date other than a Closing Date (including in connection with the addition of any Additional Data Center), the Obligors hereby make the applicable representations and warranties set forth on Schedule II with respect to such Data Center and any related Tenant Leases, respectively; provided, that such representations and warranties shall be made as of the date specified in such representation or warranty or, in the event no such date is specified with respect to any such representation or warranty, as of the date of addition or acquisition thereof.

**ARTICLE VII**

**ARTICLE VII COVENANTS**

Each of the Obligors covenants and agrees that until payment in full of the Obligations, it shall, and in the case of the Co-Issuers shall cause the Asset Entities and the Other Entities to, perform and comply with all covenants in this Article VII applicable to such Person.

Section 7.01 <u>Payment on Notes</u>. Subject to Section 15.18 and Section 15.21, the Co-Issuers shall duly and punctually pay the principal, interest and other amounts on the Notes of each Series in accordance with the terms of the Notes, this Indenture and the related Series Supplement and, in the case of Variable Funding Notes, the applicable Variable Funding Note Purchase Agreement. Amounts properly withheld under the Code or Canadian law by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Co-Issuers to such Noteholder for all purposes of this Indenture and the related Series Supplement.

Section 7.02 <u>Financial Statements and Other Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Annual Reporting</u>. Within 120 days after the end of each fiscal year of the Co-Issuers, the Co-Issuers (commencing with the fiscal year ended December 31, 2020) shall furnish to the Indenture Trustee and the Servicer (on a consolidated basis for the Obligors) copies of the Financial Statements for such year. Such Financial Statements shall be in accordance with GAAP consistently applied and shall be audited by a certified public accounting firm of national standing, and shall bear the unqualified certification of such accountants that such Financial Statements present fairly in all material respects the financial position of the Obligors for the period covered by such Financial Statements. Such Financial Statements shall be accompanied by Supplemental Financial Information for such fiscal year. Such Financial Statements shall also be accompanied by a certification executed by the Chief Executive Officer or Chief Financial Officer (or other officer with similar duties) of each of the U.S. Co-Issuer and the Canadian Co-Issuer (or the Co-Issuer GP on its behalf) to the effect set forth in Section 7.02(a)(ix) and by a Compliance Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Quarterly Reporting</u>. Within 45 days after the end of each of the first three fiscal quarters in each fiscal year of the Co-Issuers, the Co-Issuers (commencing with the fiscal quarter ended June 30, 2020) shall furnish to the Indenture Trustee and the Servicer (on a consolidated basis for the Obligors) copies of the unaudited Financial Statements for such quarter, together with a certification executed by Chief Executive Officer or Chief Financial Officer (or other officer with similar duties) of each of the U.S. Co- Issuer and the Canadian Co-Issuer (or the Co-Issuer GP on its behalf) to the effect set forth in Section 7.02(a)(ix). Such quarterly Financial Statements shall be accompanied by Supplemental Financial Information and a Compliance Certificate for such fiscal quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Tenant Lease Reports</u>. Within 45 days after the end of each fiscal quarter of the Co-Issuers, the Co-Issuers (commencing with the fiscal quarter ended June 30, 2020) shall furnish to the Servicer: (A) a certified Rent Roll and a schedule of security deposits held under Material Tenant Leases each in form and substance reasonably acceptable to the Servicer, (B) a schedule of any Material Tenant Leases that expired during such fiscal quarter and (C) a schedule of Material Tenant Leases scheduled to expire within the following four fiscal quarters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Monthly Report</u>. No later than four Business Days prior to each Application Date, the Co-Issuers shall provide, or cause the Managers to provide, to the Indenture Trustee and the Servicer, a Monthly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Portfolio Stratifications</u>. On or prior to June 5 of each calendar year, the Co-Issuers shall provide, or cause the Managers to provide, to each Rating Agency, a data tape relating to the Data Centers and Tenant Leases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Currency Conversion Direction Letter</u>. The Co-Issuers shall provide, or cause the Managers to provide, to the Indenture Trustee and the Servicer, a Currency Conversion Direction Letter no later than five Business Days prior to each Application Date (to the extent a currency conversion is necessary in connection with the upcoming Application Date); *provided* that the Co-Issuers may deliver multiple Currency Direction Letters with respect to the same Application Date and will confirm in writing (which may include, for the avoidance of doubt, email) that it does not to intend to deliver any additional Currency Conversion Direction Letters with respect to such Application Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>Additional Reporting</u>. In addition to the foregoing, the Co-Issuers and the Managers shall promptly provide to the Indenture Trustee and the Servicer such further documents and information that are readily available in the Co-Issuer's or the Manager's possession concerning its operations, properties, ownership, and finances as the Indenture Trustee and the Servicer shall from time to time reasonably request in good faith upon prior written notice to the Co-Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) <u>GAAP</u>. The Co-Issuers will maintain systems of accounting established and administered in accordance with sound business practices and sufficient in all respects to permit preparation of the Financial Statements in conformity with applicable GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) <u>Certifications of Financial Statements and Other Documents, Compliance Certificate</u>. Together with the Financial Statements provided to the Indenture Trustee and the Servicer pursuant to Sections 7.02(a)(i) and (ii), the Co-Issuers shall also furnish to the Indenture Trustee and the Servicer, a certification upon which the Indenture Trustee and the Servicer can conclusively rely, executed by its (or its general partner's or manager's) Chief Executive Officer or Chief Financial Officer (or other officer with similar duties), stating that to its Knowledge after due inquiry such Financial Statements fairly present the financial condition and results of operations of the Obligors on a consolidated basis for the period(s) covered thereby (except for the absence of footnotes with respect to the quarterly Financial Statements). In addition, where this Indenture requires a "<u>Compliance Certificate</u>", the Person required to submit the same shall deliver a certificate duly executed on behalf of such Person by an Executive Officer upon which the Indenture Trustee and the Servicer can rely, stating that, to their Knowledge after due inquiry, there does not exist any Default or Event of Default, or if any of the foregoing exists, specifying the same in detail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Fiscal Year</u>. None of the Co-Issuers or any other Obligor shall change its fiscal year end from December 31.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Annual Operating Budget</u>. On or before March 31 of each year, the Co-Issuers shall deliver to the Indenture Trustee and the Servicer the Operating Budget (in each case presented on a monthly and annual basis) for such calendar year. The Co-Issuers may make changes to the Operating Budget at the time of the addition of any Additional Data Centers to reflect the budgeted Operating Expenses reasonably determined by the applicable Manager for such Additional Data Centers, with the budgeted Operating Expenses for the calendar month and year of such addition being adjusted pro rata based on the period from the date of addition of such Additional Data Centers through the last day of such calendar month or such year, as applicable. In addition, the applicable Manager may, in its reasonable judgment, adjust the budgeted Operating Expenses for any Data Center at the time of (x) the addition of an Additional Data Center or (y) the completion of a phase of new construction on an existing Data Center, in each case, located on the same campus, to account for the reallocation of fixed Operating Expenses with respect to such campus based on an increased completed Leased Capacity with respect to such campus. Notice of any material modifications to the Operating Budget shall be delivered to the Indenture Trustee and the Servicer within 30 days after such modification is made. The Operating Budget will be delivered to the Indenture Trustee and the Servicer for the Indenture Trustee's and Servicer's information only and shall not be subject to the Indenture Trustee's or Servicer's approval; *provided* that the Co-Issuers shall cause each such budget to be delivered in a form consistent with the budgets delivered to the Servicer on or about the Initial Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Material Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Co-Issuers shall promptly deliver, or cause to be delivered, to the Servicer and the Indenture Trustee, copies of all notices given or received with respect to a default under any term or condition related to any Permitted Indebtedness of any Obligor which is reasonably likely to result in a Material Adverse Effect, and shall notify the Indenture Trustee and the Servicer within five Business Days of any material event of default of which it obtains Knowledge with respect to any such Permitted Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Co- Issuers shall promptly deliver to the Indenture Trustee and the Servicer copies of any and all notices of a material default or breach with respect to any Material Agreement or any Material Tenant Lease which is reasonably likely to result in a termination of such Material Agreement or such Material Tenant Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Events of Default, etc</u>. Promptly upon the Co-Issuers obtaining Knowledge of any of the following events or conditions, the Co-Issuers shall deliver to the Servicer and the Indenture Trustee (upon which each can conclusively rely) a certificate executed on its behalf by an Executive Officer specifying the nature and period of existence of such condition or event and what action the Co-Issuers or the affected Asset Entity or any Affiliate thereof has taken, is taking and proposes to take with respect thereto: (i) any condition or event that constitutes an Event of Default; (ii) any actual or alleged breach or default under the Transaction Documents which is reasonably likely to have a Material Adverse Effect; or (iii) any actual or alleged breach or default under any Tenant Lease or Ground Lease which is reasonably likely to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Litigation</u>. Promptly upon either of the Co- Issuers obtaining Knowledge of (1) the institution of any action, suit, proceeding, governmental investigation or arbitration against an Obligor or any of the Data Centers not previously disclosed in writing to the Indenture Trustee and the Servicer which would be reasonably likely to have a Material Adverse Effect and is not covered by insurance or (2) any material development in any action, suit, proceeding, governmental investigation or arbitration at any time pending against or affecting an Obligor or any of the Data Centers not covered by insurance which, in each case, could reasonably be expected to have a Material Adverse Effect, the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, shall give notice thereof to the Indenture Trustee and the Servicer and, upon request from the Servicer, provide such other information as may be reasonably available to them to enable the Servicer and its counsel to evaluate such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Insurance</u>. On or before the last day of each insurance policy period of the Obligors, the Co-Issuers shall deliver certificates, reports, and/or other information (all in form and substance reasonably satisfactory to the Servicer), (i) outlining all material insurance coverage maintained as of the date thereof by the Obligors and all material insurance coverage planned to be maintained by the Obligors in the subsequent insurance policy period and (ii) to the extent not paid directly by the Managers or one of their Affiliates, evidencing payment in full of the premiums for such insurance policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Other Information</u>. Within a reasonable period following the receipt of a request, the Co-Issuers shall deliver such other information that is readily available in the Co-Issuers' possession and data with respect to the Obligors or the Data Centers as from time to time may be reasonably requested in good faith by the Indenture Trustee or the Servicer.

Section 7.03 <u>Existence; Qualification</u>. Each Obligor shall at all times preserve and keep in full force and effect its existence as a limited liability company, limited partnership, unlimited liability company, trust or corporation, as the case may be, *provided,* that any U.S. Asset Entity may merge with any other U.S. Asset Entity and any Canadian Asset Entity may merge with any other Canadian Asset Entity at any time, and shall at all times preserve and keep in full force and effect all rights and franchises material to its business, including its qualification to do business in each state, province or territory where it is required by law to so qualify, except to the extent that the failure to be so qualified would not have a Material Adverse Effect; provided that nothing contained in this Section 7.03 shall restrict the merger or consolidation of a U.S. Asset Entity with another U.S. Asset Entity or a Canadian Asset Entity with another Canadian Asset Entity.

Section 7.04 <u>Payment of Impositions and Claims</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for those matters being contested pursuant to clause (b) below, each Obligor shall pay (i) all Impositions; (ii) all claims (including claims for labor, services, materials and supplies) for sums that have become due and payable and that by law have or may become a Lien upon any of its properties or assets (hereinafter referred to as the "<u>Claims</u>"); and (iii) all federal, state, provincial, territorial and local income taxes, sales taxes, excise taxes and all other taxes and assessments of such Obligor on its business, income or assets (except to the extent the effect of which is not reasonably expected to result in a Material Adverse Effect); in each instance before any material penalty or fine is incurred with respect thereto; *provided* that the foregoing shall not be deemed to require that an Asset Entity pay any such tax or other liability that is imposed upon a Ground Lessor or a Tenant or that any Ground Lessor or Tenant is obligated to pay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Asset Entities shall not be required to pay, discharge or remove any Imposition or material Claim relating to a Data Center so long as the Asset Entities or the Co-Issuers contest in good faith such Imposition or Claim or the validity, applicability or amount thereof by an appropriate proceeding which operates to prevent the collection of such amounts and the sale of the applicable Data Center or any portion thereof, so long as: (i) no Event of Default shall have occurred and be continuing, (ii) prior to the date on which such Imposition or Claim would otherwise have become delinquent, the Asset Entities shall have given the Indenture Trustee and the Servicer prior written notice of their intent to contest said Imposition or Claim and shall have deposited with the Indenture Trustee (or with a court of competent jurisdiction or other appropriate body reasonably approved by the Servicer) such additional amounts as are necessary to keep on deposit at all times, an amount by way of cash (or other form reasonably satisfactory to the Servicer), equal to (after giving effect to any Reserves then held by the Indenture Trustee for the item then subject to contest) the total of (x) the balance of such Imposition or Claim then remaining unpaid, and (y) all interest, penalties, costs and charges accrued or accumulated thereon; (iii) no risk of sale, forfeiture or loss of any interest in the applicable Data Center or any part thereof arises, in the Servicer's reasonable judgment, during the pendency of such contest; (iv) such contest does not, in the Servicer's reasonable determination, have a Material Adverse Effect; and (v) such contest is based on bona fide, material, and reasonable claims or defenses. Any such contest shall be prosecuted with due diligence, and the Asset Entities shall promptly pay the amount of such Imposition or Claim as finally determined, together with all interest and penalties payable in connection therewith (it being understood that the Asset Entities shall have the right to direct the Indenture Trustee to use any amount deposited with the Indenture Trustee under Section 7.04(b)(ii) for the payment thereof). The Indenture Trustee (at the sole written direction of the Servicer) shall have full power and authority, but no obligation, to apply any amount deposited with the Indenture Trustee to the payment of any unpaid Imposition or Claim to prevent the sale or forfeiture of the applicable Data Center for non-payment thereof, if the Servicer reasonably believes that such sale or forfeiture is threatened.

Section 7.05 <u>Maintenance of Insurance</u>. The Obligors shall continuously maintain the following described policies of insurance without cost to the Indenture Trustee or the Servicer (the "<u>Insurance Policies</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Property insurance against loss and damage by all risks (other than risks described in clause (v) below) of physical loss or damage covering the Improvements and third-party liability for personal property on the Data Centers, and bearing a replacement cost endorsement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Commercial general liability insurance, including death, bodily injury and broad form property damage coverage with a combined single limit in an amount not less than $1,000,000 per occurrence and $2,000,000 in the aggregate for any policy year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Employer's liability/benefits insurance, in an amount not less than $1,000,000 each accident for bodily injury by accident, $1,000,000 each employee for bodily injury by disease and $1,000,000 policy limit for bodily injury by disease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Automobile liability for all hired and non-owned vehicles, in an amount not less than $1,000,000; provided that if the Obligors own any vehicles, such policy will also cover such owned vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If any of the Data Centers are in an area prone to geological phenomena, including, but not limited to, subsidence, floods or earthquakes, property insurance against loss and damage by risks of physical loss or damage due to such phenomena, covering the Improvements and third-party liability for personal property on the Data Centers, in an aggregate amount not less than the lesser of (x) the Probable Maximum Loss with respect to such Data Centers and (y) the sum of the replacement cost of such Data Centers (including all costs associated with meeting legal requirements, including building codes, and ordinances that may have gone into effect since such Data Center's original construction) with a maximum 5.0% per unit deductible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) For each Data Center located in whole or in part in a federally designated "special flood hazard area", flood insurance to the extent required by law and available at federally subsidized rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) An umbrella excess liability policy with a limit of not less than $25,000,000 over primary insurance, which policy shall include coverage for contractual liability coverage, premises and automobile liability coverage, and coverage for safeguarding of personal property and may also include such additional coverages and insured risks which are acceptable to the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Business interruption insurance in an amount not less than (x) 24 months of business interruption or loss of income insurance for all-risk, excluding earthquakes and (y) 12 months of business interruption or loss of income insurance for earthquakes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Workers' compensation, in an amount specified under applicable law.

All Insurance Policies shall be in content (including, without limitation, endorsements or exclusions, if any), form, and amounts, and issued by companies, reasonably satisfactory to the Servicer from time to time and shall name the Indenture Trustee and its successors and assignees as their interests may appear as an "additional insured" or "loss payee" and "mortgagee" (with respect to property insurance, as applicable) for each of the policies under this Section 7.05 for which such designation is applicable and shall contain a waiver of subrogation clause reasonably acceptable to the Servicer. All Insurance Policies under Sections 7.05(i), (ii), (iv) and (vi) with respect to the Data Centers shall contain a Non-Contributory Standard mortgagee clause and a mortgagee's Loss Payable Endorsement (Form 438 BFU NS), or their equivalents (such endorsements shall entitle the Indenture Trustee to collect any and all proceeds payable under all such insurance, with the insurance company waiving any claim or defense against the Indenture Trustee for premium payment, deductible, self-insured retention or claims reporting provisions). The Obligors may obtain any insurance required by this Section 7.05 through blanket policies; *provided, however*, that such blanket policies shall separately set forth the amount of insurance in force (together with applicable deductibles, and per occurrence limits) with respect to the Data Centers (which shall not be reduced by reason of events occurring on property other than the Data Centers) and shall afford all the protections to the Indenture Trustee as are required under this Section 7.05. Except as may be expressly provided above, all policies of insurance required hereunder shall contain no annual aggregate limit of liability, other than with respect to liability, earthquake or flood insurance. If a blanket policy is issued, a certified copy of said policy shall be furnished, together with a certificate indicating that the Indenture Trustee is an additional insured (and, if applicable, loss payee) under such policy in the designated amount. Prior to the expiration of any Insurance Policy maintained to satisfy the requirements of this Section 7.05, the Obligors shall deliver to the Indenture Trustee and the Servicer an insurance certificate executed by the insurer or its authorized agent evidencing the renewal of such Insurance Policy, which certificate shall be acceptable to the Servicer. Upon the request of the Servicer, the Obligors shall deliver to the Servicer a duplicate original of any Insurance Policy maintained to satisfy the requirements hereof. An insurance company shall not be satisfactory unless such insurance company (a) is licensed or authorized to issue insurance in the state where the applicable Data Center is located and (b) has a claims paying ability rating by S&P of not less than "A" and, if rated by Moody's, of not less than "Baa2". Notwithstanding the foregoing, a carrier which does not meet the foregoing ratings requirement shall nevertheless be deemed acceptable hereunder provided that such carrier is reasonably acceptable to the Servicer and the Obligors shall deliver notice to each of the Rating Agencies of the ratings of such carriers. If any insurance coverage required under this Section 7.05 is maintained by a syndicate of insurers, the preceding ratings requirements shall be deemed satisfied as long as at least 75.0% of the coverage (if there are four or fewer members of the syndicate) or at least 60.0% of the coverage (if there are 5 or more members of the syndicate) is maintained with carriers meeting the claims-paying ability ratings requirements by S&P and Moody's (if applicable) set forth above and all carriers in such syndicate have a claims-paying ability rating by S&P of not less than "BBB" (to the extent rated by S&P) and by Moody's of not less than "Baa2" (to the extent rated by Moody's). The Obligors shall furnish the Indenture Trustee and the Servicer receipts for the payment of premiums on such Insurance Policies or other evidence of such payment reasonably satisfactory to the Servicer in the event that such premiums have not been paid by the Managers pursuant to this Indenture. The requirements of this Section 7.05 shall apply to any separate policies of insurance taken out by the Obligors concurrent in form or contributing in the event of loss with the Insurance Policies. Property losses shall be payable to the Indenture Trustee notwithstanding (1) any act, failure to act or negligence of the Obligors or their agents or employees, the Indenture Trustee or any other insured party which might, absent such agreement, result in a forfeiture or all or part of such insurance payment, other than the willful misconduct or gross negligence of the Indenture Trustee knowingly in violation of the conditions of such policy, (2) the occupation or use of the Data Centers or any part thereof for purposes more hazardous than permitted by the terms of such policy, (3) any foreclosure or other action or proceeding taken pursuant to this Indenture or (4) any change in title to or ownership of the Data Centers or any part thereof. For purposes of determining whether the required insurance coverage is being maintained hereunder, each of the Indenture Trustee and Servicer shall be entitled to rely solely on a certification thereof furnished to it by the Co-Issuers or the Managers, without any obligation to investigate the accuracy or completeness of any information set forth therein, and shall have no liability with respect thereto. The property insurance described in this Section 7.05 shall include "time element" coverage by which the Indenture Trustee shall be assured payment of all amounts due under the Notes, this Indenture and the other Transaction Documents, "extra expense" (i.e., soft costs), clean-up, transit and ordinary payroll coverage and "expediting expense" coverage to facilitate rapid repair or restoration of the Data Centers. The Insurance Policies shall not contain any deductible in excess of $250,000.

Section 7.06 <u>Operation and Maintenance of the Data Centers; Casualty; Condemnation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Asset Entity shall maintain or cause to be maintained in good repair, working order and condition all material property necessary for use in its business, including the applicable Data Centers, and shall make or cause to be made all appropriate repairs, renewals and replacements thereof except to the extent the failure to do so would not reasonably be expected to have a Material Adverse Effect. All work required or permitted under this Indenture shall be performed in a workmanlike manner and in compliance with all applicable laws except to the extent the failure to do so would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the event of material casualty or property loss at any of the Data Centers, the Co-Issuers shall promptly (and in any event within three Business Days of obtaining Knowledge thereof) give written notice thereof to the Indenture Trustee and the Servicer. In the event of any such casualty or property loss which, in the U.S. Co-Issuer's or the Canadian Co-Issuer's reasonable opinion, is likely to result in a Material Adverse Effect, the applicable Asset Entity shall, to the extent permitted by law and consistent with prudent business practices, promptly commence and diligently prosecute to completion, in accordance with the terms hereof, the repair and restoration of the Data Center as nearly as possible to the Pre-Existing Condition (a "<u>Restoration</u>"). The Asset Entities hereby authorize and empower the Servicer as attorney-in-fact for the Asset Entities (jointly with the Asset Entities unless an Event of Default has occurred and is continuing), or any of them, and upon not less than 10 Business Days' prior written notice, with respect to Insurance Proceeds relating to a casualty in excess of $5,000,000 to make proof of loss, to adjust and compromise any claim under Insurance Policies, to appear in and prosecute any action arising from such Insurance Policies, to collect Insurance Proceeds and to receive Insurance Proceeds in excess of $5,000,000 (to be held in the applicable Priority Expense Reserve Sub- Account pending the Asset Entities' determination with respect to Restoration of the affected Data Center as set forth in Section 7.06(c)), and to deduct therefrom the Indenture Trustee's and the Servicer's reasonable expenses incurred in the collection of such proceeds; *provided, however*, that nothing contained in this Section 7.06 shall require the Indenture Trustee or the Servicer to incur any expense or take any action hereunder. The Co-Issuers further authorize the Indenture Trustee, at the Servicer's option and written direction, with respect to proceeds in excess of $5,000,000 (a) to hold the balance of such proceeds to be made available to the Asset Entities for the cost of Restoration of any of the Data Centers or (b) unless prohibited by Section 7.06(c), to apply such Insurance Proceeds to prepay the principal amount of the Notes whether or not then due, in accordance with Section 2.09(a). The Servicer shall not direct the Indenture Trustee to apply such Insurance Proceeds to prepay the principal amount of the Notes so long as each of the conditions (as applicable) to the release of Loss Proceeds for restoration or repair of the Data Centers under Section 7.06(c) have been satisfied with respect to such Insurance Proceeds in all material respects. The Asset Entities hereby authorize and empower the Servicer as attorney-in-fact for the Asset Entities (jointly with the Asset Entities unless an Event of Default has occurred and is continuing), or any of them, and upon not less than 10 Business Days' prior written notice, with respect to proceeds of Insurance Policies not included in the definition of Insurance Proceeds, such as business interruption insurance and liability insurance, to adjust and compromise any claim under such Insurance Policies, to appear in and prosecute any action arising from such insurance policies (which, for the avoidance of doubt, may coincide with proceedings relating to the settlement and adjustment of Insurance Proceeds described above), to collect and to receive such proceeds (to be held in the Priority Expense Reserve Sub-Accounts pending the Servicer's allocation of such proceeds for the intended purposes). The Co-Issuers further authorize the Indenture Trustee, at the Servicer's option and written direction, with respect to such proceeds (a) to hold the balance of such proceeds from liability insurance to be made available to the Asset Entities for the reimbursement of any expenses of any of the Data Centers related to such event or (b) otherwise, to deposit such amounts in the Collection Accounts and allocate such proceeds over such period of time for which such proceeds correspond (e.g., if the proceeds under the Insurance Policies provided 3 months of proceeds with respect to a business interruption policy, then such amounts shall be applied as Available Funds in the current Collection Period and each of the two immediately succeeding Collection Periods).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Co-Issuers shall promptly give the Indenture Trustee and the Servicer written notice of the commencement of any condemnation or eminent domain proceeding affecting the Data Centers or any portion thereof of which the Asset Entities' have Knowledge and that could, in the U.S. Issuer's or Canadian Co-Issuer's reasonable opinion, be likely to result in a Material Adverse Effect. The Asset Entities hereby irrevocably appoint the Servicer as the attorney-in-fact for the Asset Entities (jointly with the Asset Entities unless an Event of Default has occurred and is continuing), or any of them, and upon not less than 10 Business Days' prior written notice, with respect to condemnation proceedings likely to result in Condemnation Proceeds in excess of $5,000,000 to collect Condemnation Proceeds and to receive and retain any Condemnation Proceeds in excess of $5,000,000 (to be held in the Priority Expense Reserve Sub-Account pending the Asset Entities' determination with respect to Restoration of the affected Data Center as set forth in Section 7.06(c)) and to make any compromise or settlement in connection with such proceeding. In accordance with the terms hereof, the Asset Entities shall cause Condemnation Proceeds in excess of $5,000,000 which are payable to the Asset Entities to be paid directly to the Indenture Trustee for deposit in the applicable Priority Expense Reserve Sub-Account. If the applicable Data Center is sold following an Event of Default, through foreclosure or otherwise, prior to the receipt by the Indenture Trustee of Condemnation Proceeds, the Indenture Trustee shall have the right to receive said Condemnation Proceeds, or a portion thereof sufficient to pay the Obligations. Notwithstanding the foregoing, the Asset Entities may prosecute any condemnation proceeding and settle or compromise and collect Condemnation Proceeds of not more than $5,000,000 *provided* that: (a) no Event of Default shall have occurred and be continuing, (b) the Asset Entities apply the Condemnation Proceeds to any reconstruction or repair of the Data Center necessary or desirable as a result of such condemnation or taking, and (c) the Asset Entities promptly commence and diligently prosecute such reconstruction or repair to completion in accordance with all applicable laws. Subject to the terms hereof, each of the Asset Entities authorizes the Servicer and the Indenture Trustee to apply such Condemnation Proceeds, after the deduction of the Indenture Trustee and the Servicer's reasonable expenses incurred in the collection of such Condemnation Proceeds, at the Servicer's option and written direction, to restoration or repair of the Data Centers or, at the Servicer's option and written direction, to prepay the principal amount of the Notes, whether or not then due, in accordance with Section 2.09(a). The Servicer shall not direct the Indenture Trustee to apply such Condemnation Proceeds to prepay the principal amount of the Notes if each of the conditions (as applicable) to the release of Loss Proceeds for restoration or repair of the Data Centers under Section 7.06(c) have been satisfied with respect to such Condemnation Proceeds in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything to the contrary herein, the Co-Issuers shall have the right to apply Loss Proceeds toward the prepayment of the principal amount of the Notes (without any Yield Maintenance) in accordance with Section 2.09(a) in lieu of applying the same toward restoration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Servicer shall not direct the Indenture Trustee to apply Loss Proceeds to the prepayment of the principal amount of the Notes in accordance with Section 2.09(a) so long as each of the following conditions shall have been satisfied in all material respects: (i) no Event of Default then exists; (ii) the Servicer reasonably determines that there will be sufficient funds to complete the Restoration of the Data Center to at least substantially the condition it was in immediately prior to such casualty or condemnation (excluding replacement of obsolete Assets which are not required in connection with operating the applicable Data Center) and in compliance with applicable laws (the "<u>Pre-Existing Condition</u>") and to timely make all payments due under the Transaction Documents during the Restoration of the affected Data Center; and (iii) the Servicer determines that the Restoration of the affected Data Center to the Pre-Existing Condition will be completed no later than 6 months prior to the latest Anticipated Repayment Date for any Series of Outstanding Notes. If the Servicer elects to apply Loss Proceeds to the prepayment of the principal of the Notes, such application shall be made on the Payment Date immediately following such election in accordance with Section 2.09(a). Notwithstanding the foregoing to the contrary, in the event the Asset Entities, in their reasonable discretion, and within 180 days of receipt of such Loss Proceeds, elect not to restore a Data Center or are not able to restore a Data Center after the use of commercially reasonable efforts, any Loss Proceeds relating to such Data Center (less any Loss Proceeds expended to restore such Data Center) held in the Priority Expense Reserve Sub-Accounts, after reimbursing any amounts due to the Servicer and the Indenture Trustee, shall be applied to the prepayment of the Notes on the Payment Date immediately following such election in accordance with Section 2.09(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Servicer shall not direct the Indenture Trustee to disburse Loss Proceeds more frequently than twice every calendar month. If Loss Proceeds are applied to the prepayment of the principal of the Notes, any such application shall not extend or postpone the due dates of the monthly payments due under the Notes or otherwise under the Transaction Documents, or change the amounts of such payments. If the Servicer elects to apply all of such Loss Proceeds toward the prepayment of the principal of the Notes in accordance with Section 2.09(a), the Co-Issuers shall be entitled to obtain from the Indenture Trustee a release (without representation or warranty) of the applicable Data Center from the Lien of the Mortgage relating to such Data Center (in which event the Asset Entities shall not be obligated to restore the applicable property pursuant to Section 7.06(b)). Any amount of Loss Proceeds remaining in the Priority Expense Reserve Sub-Accounts after the full and final payment and discharge of all Obligations shall be refunded to, or as directed by, the Asset Entities or otherwise paid in accordance with applicable law. If a Data Center is sold at foreclosure or if the Indenture Trustee acquires title to a Data Center, the Indenture Trustee shall have all of the right, title and interest of the applicable Asset Entity in and to any Loss Proceeds and unearned premiums on Insurance Policies relating to such Data Center.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In no event shall the Servicer direct the Indenture Trustee to make disbursements of Loss Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration, as certified by the Co-Issuers, less a retainage equal to the greater of (x) the actual retainage required pursuant to the permitted contract, or (y) 10.0% of such costs incurred until the Restoration has been completed. The retainage shall in no event be less than the amount actually held back by the Asset Entities from contractors, subcontractors and materialmen engaged in the Restoration. The retainage shall not be released until the Servicer is reasonably satisfied that the Restoration has been completed in accordance with the provisions of this Section 7.06 and that all approvals necessary for the re-occupancy and use of the Data Center have been obtained from all appropriate Governmental Authorities, and the Servicer receives final lien waivers and such other evidence reasonably satisfactory to the Servicer that the costs of the Restoration have been paid in full or will be paid in full out of the retainage.

Section 7.07 <u>Inspection; Investigation</u>. Each Obligor shall permit any authorized representatives designated by the Indenture Trustee or the Servicer (and on and after the occurrence and continuance of an Event of Default, the Controlling Class Representative) to visit and inspect during normal business hours its business, including its financial and accounting records, and to make copies and take extracts therefrom and to discuss its affairs, finances and business with its officers and independent public accountants (with such Obligor's representative(s) present), at such reasonable times during normal business hours and as often as may be reasonably requested, *provided* that same is conducted in such a manner as to not unreasonably interfere with such Obligor's business. In addition, such authorized representatives of the Indenture Trustee and the Servicer (and the Controlling Class Representative, on and after the occurrence and continuance of an Event of Default) shall also have the right to conduct reasonable site investigations of the Data Centers with respect to environmental matters; *provided, however*, that no subsurface investigations or other investigations that would reasonably be deemed to be intrusive or destructive shall be conducted without the prior written consent of such Obligor, such consent not to be unreasonably withheld. Unless an Event of Default or Advance Period has occurred and is continuing, (x) the Indenture Trustee and Servicer shall provide advance written notice of at least three Business Days prior to visiting or inspecting any Data Center or any Obligor's offices and (y) no more than one such visit shall be made to any Data Center or any Obligor's offices in any calendar year. Additionally, the Obligors shall cooperate with all reasonable requests of the Servicer in connection with the performance of its obligations under the Transaction Documents (including any duty to obtain an appraisal of the Collateral or to perform an in-depth analysis of the Managers or Obligors and their financial positions, in connection with a Consent request, in connection with a proposed Advance or if an Advance Period is outstanding and continuing).

Section 7.08 <u>Compliance with Laws and Obligations</u>. The Obligors shall (A) comply with the requirements of all present and future applicable laws, rules, regulations and orders of any Governmental Authority in all jurisdictions in which it is now doing business or may hereafter be doing business, other than those laws, rules, regulations and orders the noncompliance with which collectively could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, (B) maintain all licenses and permits now held or hereafter acquired by any Obligor, the loss, suspension, or revocation of which, or failure to renew, in the aggregate could have a Material Adverse Effect and (C) perform, observe, comply and fulfill all of its material obligations, covenants and conditions contained in any Contractual Obligation except to the extent the failure to so observe, comply or fulfill such could not reasonably be expected to have a Material Adverse Effect.

Section 7.09 <u>Further Assurances</u>. Each Obligor shall, from time to time, execute and/or deliver such documents, instruments, agreements, financing statements, and perform such acts as necessary or as the Indenture Trustee and/or the Servicer at any time may reasonably request to evidence, preserve and/or protect the Assets and Collateral at any time securing or intended to secure the Obligations and/or to better and more effectively carry out the purposes of this Indenture and the other Transaction Documents. The Obligors shall file or cause to be filed all documents (including, without limitation, all financing statements) required to be filed by the terms of this Indenture and any applicable Series Supplement in accordance with and within the time periods provided for in this Indenture and in each applicable Series Supplement. If an Asset Entity converts a Ground Lease Data Center to a Data Center owned in fee/freehold, the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, shall cause such Asset Entity simultaneously (or such period of time agreed upon between the applicable Co-Issuer, each Class A-1 Administrative Agent and the Controlling Class Representative) with the conversion of the related Ground Lease Data Center to a Data Center owned in fee to deliver (x) to the Indenture Trustee a pro forma title insurance policy, in a form acceptable to the Controlling Class Representative and any Class A-1 Administrative Agent, covering such Data Center insuring the Lien of the Mortgage in an amount equal to 100% of the Allocated Note Amount with respect to such Data Center dated as of the date of such conversion and (y) to the Title Company issuing such Title Policy, in the case of the U.S. Co-Issuer, or to the Indenture Trustee, in the case of the Canadian Co-Issuer an amended Mortgage (or replacement of) encumbering the fee interest to be submitted for recording/registration in the appropriate office of real property records and a Survey with respect to such Data Center (unless the general survey coverage is included in the Title Policy for such Data Center).

Section 7.10 <u>Performance of Agreements and Tenant Leases</u>. Each Asset Entity or Other Entity shall duly and punctually perform, observe and comply in all material respects with all of the terms, provisions, conditions, covenants and agreements on its part to be performed, observed and complied with (i) hereunder and under the other Transaction Documents to which it is a party, (ii) under all Material Agreements and all Tenant Leases and (iii) all other agreements entered into or assumed by such Person in connection with the Data Centers, and will not suffer or permit any material default or event of default (giving effect to any applicable notice requirements and cure periods) to exist under any of the foregoing except where the failure to perform, observe or comply with any agreement referred to in clause (ii) or this clause (iii) of this Section 7.10 would not reasonably be expected to have a Material Adverse Effect.

Section 7.11 <u>New Tenant Leases; Recorded Mortgages</u>. Promptly after execution thereof, the Asset Entities shall deliver electronically to the Servicer executed copies of each Tenant Lease entered into after the Initial Closing Date. Within 30 days of the receipt of any written request from the Servicer, the Asset Entities shall deliver electronically to the Servicer copies of Mortgages with evidence of recording indicated thereon when returned from the applicable recording offices.

Section 7.12 <u>Management Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor shall (i) perform and observe all of the material terms, covenants and conditions of the applicable Management Agreement on the part of such Obligor to be performed and observed, (ii) promptly notify the Indenture Trustee and the Servicer of any material default under either Management Agreement of which it is aware, and (iii) prior to termination of the applicable Manager in accordance with the terms of the related Management Agreement, to renew such Management Agreement prior to each expiration date thereunder in accordance with its terms. If any Obligor shall default in the performance or observance of any material term, covenant or condition of the applicable Management Agreement on the part of such Obligor to be performed or observed, then, without limiting the Indenture Trustee's other rights or remedies under this Indenture or the other Transaction Documents, and without waiving or releasing such Obligor from any of its obligations hereunder or under such Management Agreement, the Indenture Trustee or the Servicer on its behalf, shall have the right, upon prior written notice to such Obligor, to pay any sums and to perform any act as may be reasonably appropriate to cause such material conditions of the applicable Management Agreement on the part of such Obligor to be performed or observed; *provided, however*, that neither the Indenture Trustee nor the Servicer will be under any obligation to pay such sums or perform such acts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Obligors shall not surrender, terminate, cancel, or modify (other than non-material changes) either Management Agreement, or enter into any other Management Agreement with any new Manager, other than an Acceptable Manager, or consent to the assignment by the U.S. Manager or the Canadian Manager, as applicable, of its interest under the applicable Management Agreement, other than to an Acceptable Manager. If at any time an Acceptable Manager shall become the Manager, the Obligors shall (i) cause such Acceptable Manager, prior to commencement of its duties as Manager, to enter into a subordination of management agreement in substantially the form delivered on the Initial Closing Date with the Obligors, and (ii) provide written notice thereof to the Rating Agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Indenture Trustee and the Servicer are each permitted to utilize and in good faith rely upon the advice of the Managers (or, with respect to the Servicer and at its own expense (except to the extent that a particular expense is expressly provided herein to be an Advance or an Additional Issuer Expense) to utilize other agents or attorneys), in performing certain of its obligations under this Indenture and the other Transaction Documents, including, without limitation, Data Center management, operation, and maintenance; and confirmation of compliance by the Asset Entities with the provisions hereunder and under the other Transaction Documents and neither the Indenture Trustee nor the Servicer shall have any liability with respect thereto.

Section 7.13 <u>Maintenance of Office or Agency by Co-Issuers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers shall maintain an office, agency or address where Notes may be presented or surrendered for payment and where Notes may be surrendered for registration of transfer or exchange. The Co-Issuers will give prompt written notice to the Indenture Trustee of the location, and any change in the location, of such office, agency or address; *provided, however*, that if the Co-Issuers do not furnish the Indenture Trustee with an address in Wilmington, Delaware where Notes may be presented or surrendered for payment, such presentations and surrenders may be made at the Corporate Trust Office, and the Co-Issuers hereby appoint the Indenture Trustee to receive all such presentations and surrenders. The Co-Issuers hereby appoint the Corporate Trust Office as its agency for such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Co-Issuers may also from time to time designate one or more other offices or agencies where Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Co-Issuers will give prompt written notice to the Indenture Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

Section 7.14 <u>Deposits; Application of Deposits</u>. The Obligors shall direct the Tenants under the Tenant Leases to send directly to a Lock Box Account all payments of Receipts in accordance with the Cash Management Agreement. The Obligors will deposit all Receipts into, and otherwise comply with, the Lock Box Accounts. All such deposits to the Lock Box Accounts and the Collection Accounts will be allocated and applied pursuant to the terms of the Cash Management Agreement and this Indenture.

Section 7.15 <u>Estoppel Certificates</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within 10 Business Days following a written request by the Indenture Trustee or the Servicer, the Co-Issuers shall provide to the Indenture Trustee and the Servicer a duly acknowledged written statement (upon which the Indenture Trustee and the Servicer may conclusively rely) confirming (i) the aggregate Class Principal Balances of all Classes of Outstanding Notes, (ii) the terms of payment and maturity date of the Notes, (iii) the date to which interest has been paid, (iv) whether any offsets or defenses exist against the Obligations, and if any such offsets or defenses are alleged to exist, the nature thereof shall be set forth in detail and (v) that this Indenture, the Notes, the Mortgages and the other Transaction Documents are legal, valid and binding obligations of the U.S. Co-Issuer, the Canadian Co-Issuer and each Asset Entity or Other Entity (as applicable) and have not been modified or amended except in accordance with the provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within 10 Business Days following a written request by the Co-Issuers, the Indenture Trustee shall provide to the Co-Issuers a duly acknowledged written statement setting forth the aggregate Class Principal Balances of all Classes of Outstanding Notes, the date to which interest has been paid, and whether the Indenture Trustee has provided the Co-Issuers, on behalf of itself, the Asset Entities and Other Entities, with written notice of any Event of Default. Compliance by the Indenture Trustee with the requirements of this Section shall be for informational purposes only and shall not be deemed to be a waiver of any rights or remedies of the Indenture Trustee hereunder or under any other Transaction Document.

Section 7.16 <u>Indebtedness</u>. The Co-Issuers shall not, and shall not permit the Asset Entities or Other Entities to, create, incur, assume, guarantee, or otherwise become or remain directly or indirectly liable with respect to any Indebtedness except for the following (collectively, "<u>Permitted Indebtedness</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) (i) Unsecured trade payables not evidenced by a note and arising out of purchases of goods or services in the ordinary course of business (other than any retention payments in connection with any construction contracts), (ii) Indebtedness incurred in the financing of equipment or other personal property used at any Data Center in the ordinary course of business, (iii) reimbursement of Manager Advances to the Managers and (iv) in the case of the Canadian Co-Issuer, liabilities that exist on the Initial Closing Date related to the operations of the Canadian Data Centers or that otherwise could not be transferred; *provided, however*, that (A) each such trade payable referred to in clause (i) above is paid not later than 90 days after the due date (unless such payment is being contested in good faith) and (B) the aggregate amount of such trade payables, Indebtedness incurred in the financing of equipment and personal property and reimbursement obligations to the Managers, or, in the case of the Canadian Co-Issuer, obligations related to the operations of the Canadian Data Centers existing on the Initial Closing Date, referred to in clauses (i), (ii) and (iii) above outstanding does not, at any time, exceed an amount equal to 5.0% of the aggregate Initial Class Principal Balances of all Classes of then Outstanding Notes in the aggregate for all the Asset Entities.

In no event shall any Indebtedness other than the Obligations be secured, in whole or in part, by the Collateral or other Assets or any portion thereof or interest therein or any proceeds of any of the foregoing.

Section 7.17 <u>No Liens</u>. None of the Co-Issuers, the Asset Entities or the Other Entities shall create, incur, assume or permit to exist any Lien on or with respect to the Data Centers or any other Collateral except Permitted Encumbrances.

Section 7.18 <u>Contingent Obligations</u>. Other than Permitted Indebtedness, none of the Co-Issuers or any of the Asset Entities shall create or become or be liable with respect to any material Contingent Obligation.

Section 7.19 <u>Restriction on Fundamental Changes</u>. Except as otherwise expressly permitted in this Indenture, none of the Co-Issuers, any of the Asset Entities or the Other Entities shall (i) amend, modify or waive any term or provision of their respective partnership agreement, certificate of limited partnership, articles of incorporation, by-laws, articles of organization, operating agreement or other organizational documents so as to violate or permit the violation of the limited purpose entity provisions set forth in Article VIII, unless required by law; (ii) adopt, file or effect a Division; or (iii) liquidate, wind-up or dissolve; *provided* that nothing contained in this Section 7.19 shall restrict the merger or consolidation of one Asset Entity or Other Entity into another Asset Entity so long as the surviving entity is an Asset Entity.

Section 7.20 <u>Bankruptcy, Receivers, Similar Matters</u>. An Obligor shall not apply for, consent to, or aid, solicit, support, or otherwise act, cooperate or collude to cause the appointment of or taking possession by, a receiver, trustee or other custodian for all or a substantial part of the assets of any other Obligor. As used in this Indenture, an "<u>Involuntary Obligor Bankruptcy</u>" shall mean any involuntary case under the Bankruptcy Code, the BIA, the CCAA or any other applicable bankruptcy, insolvency or other similar law now or hereafter in effect, in which any Obligor is a debtor or any portion of the Assets is property of the estate therein. An Obligor shall not file a petition for, consent to the filing of a petition for, or aid, solicit, support, or otherwise act, cooperate or collude to cause the filing of a petition for an Involuntary Obligor Bankruptcy. In any Involuntary Obligor Bankruptcy, the other Obligors shall not, without the prior written consent of the Indenture Trustee and the Servicer, consent to the entry of any order, file any motion, or support any motion (irrespective of the subject of the motion), and such Obligors shall not file or support any plan of reorganization. In any Involuntary Obligor Bankruptcy the other Obligors shall do all things reasonably requested by the Indenture Trustee and the Servicer to assist the Indenture Trustee and the Servicer in obtaining such relief as the Indenture Trustee and the Servicer shall seek, and shall in all events vote as directed by the Indenture Trustee. Without limitation of the foregoing, each such Obligor shall do all things reasonably requested by the Indenture Trustee to support any motion for relief from stay or plan of reorganization proposed or supported by the Indenture Trustee.

Section 7.21 <u>ERISA; Canadian Benefit Plans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Employee Benefit Plans</u>. The Obligors (i) shall not establish, maintain, contribute to, or incur any obligation or liability under or with respect to any Employee Benefit Plan or commence making contributions to (or become obligated to make contributions to) any Employee Benefit Plan and (ii) shall not assume, or otherwise become responsible for, any obligation or liability of any other Person under or with respect to an Employee Benefit Plan (other than any obligation or liability assumed, or for which the Obligors otherwise become responsible, under the requirements of ERISA or the Code that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Compliance with ERISA</u>. Except as would not, individually or in the aggregate, reasonably be expected to result in material liability to the Obligors, the Obligors shall not engage in any non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, *provided* that such Obligor shall be deemed not to be in breach of this representation if such breach results solely because (i) any portion of the Notes have been, or will be, funded with plan assets of any Plan and (ii) the purchase or holding of such portion of the Notes by such Plan constitutes a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of applicable Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Canadian Benefit Plans</u>. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the Obligors shall not establish or commence making contributions in respect of any Canadian Benefit Plan or Canadian Pension Plan provided that in no event shall the Obligors establish a Canadian Pension Plan that has a defined benefit provision, or commence making contributions to (or become obligated to make contributions to) any Canadian Pension Plan that has a defined benefit provision. For purposes of this subsection, "defined benefit provision" has the meaning set out in section 147.1 of the Income Tax Act (Canada) as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Compliance with Canadian Benefit Plans</u>. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the Obligors shall ensure that each Canadian Benefit Plan and Canadian Pension Plan is administered in accordance with its terms and applicable law. In particular, the Obligors shall ensure that all contributions that are required to be made to any Canadian Pension Plan are timely made on or before the due date under any applicable pension standards laws.

Section 7.22 <u>Money for Payments to be Held in Trust</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Paying Agent is hereby authorized to pay the principal of and interest on any Notes (as well as any other Obligation hereunder and under any other Transaction Document) on behalf of the Co-Issuers and shall have an office or agency in Wilmington, Delaware where Notes may be presented or surrendered for payment and where notices, designations or requests in respect for payments with respect to the Notes and any other Obligations due hereunder and under any other Transaction Document may be served. The Co-Issuers hereby appoint the Indenture Trustee as the initial Paying Agent for amounts due on the Notes of each Series and the other Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On each Payment Date (or such other dates as may be required or permitted hereunder) the Paying Agent shall cause all payments of amounts due and payable with respect to any Notes and other Obligations that are to be made from amounts withdrawn from any Collection Account or Sub-Account to be made on behalf of the Co-Issuers, and no amounts so withdrawn from such Collection Account or Sub-Account for payments of the Notes and other Obligations shall be paid over to the Co-Issuers. All such payments shall be made based on information set forth in the Servicing Report or, if applicable, an Omitted Payable Sum Certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to applicable laws with respect to escheatment of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and be paid to the Co-Issuers on an Issuer Request; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Co-Issuers for payment thereof (but only to the extent of the amounts so paid to the Co-Issuers), and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; *provided, however*, that the Indenture Trustee or such Paying Agent, before being required to make any such repayment shall at the expense and direction of the Co-Issuers cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in the Borough of Manhattan, The City of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining shall be repaid to the Co- Issuers. The Indenture Trustee shall also adopt and employ, at the expense and direction of the Co-Issuers, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice of such repayment to Holders whose right to or interest in monies due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for each such Holder).

Section 7.23 <u>Ground Leases</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Modification</u>. Except as provided in this Section 7.23, the Asset Entities shall not modify or amend any Ground Lease Term of any Ground Lease, or terminate or surrender any Ground Lease, without the prior written consent of the Servicer, which consent shall not be unreasonably withheld, conditioned or delayed. Any such attempted or purported modification or amendment or termination or surrender of any Ground Lease without the Servicer's prior written consent shall be null and void and of no force or effect. Notwithstanding the foregoing to the contrary, the Asset Entities shall be permitted, without the Servicer's consent, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) extend the term of a Ground Lease or add a renewal term or option period to a Ground Lease, in each case on terms and conditions in accordance with prudent business practices or (B) convert any Ground Lease Data Center to a Data Center owned in fee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provided no Event of Default shall have occurred and is then continuing (unless the same shall cure such Event of Default), increase, decrease or reconfigure the area of real property covered by a Ground Lease, and in connection therewith amend and restate the existing Ground Lease or replace the existing Ground Lease (either, an "<u>Amended Ground Lease</u>"), to include such additional real property or reflect such decrease or reconfiguration; *provided* that such Amended Ground Lease is on commercially reasonable substantive and economic terms (taking into consideration the additional, reduced or reconfigured real property covered by the Amended Ground Lease) with no material reduction in the economic value of the applicable Data Center, and subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if additional real property is being added to the Ground Lease, on or prior to execution and delivery of the Amended Ground Lease, the Asset Entities shall have delivered electronically to the Indenture Trustee and provided the Servicer with electronic access to the most recent Phase I environmental report obtained by the Asset Entities or any Affiliate thereof on such real property, together with a Phase II Environmental Assessment report (if such Phase I environmental report reveals any condition that in the Servicer's reasonable judgment warrants such a report) which concludes that such real property does not contain any Hazardous Materials in material violation of applicable Environmental Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) within 120 days of the execution and delivery of the Amended Ground Lease, (x) the Indenture Trustee shall have received an endorsement to (or replacement of) the existing Title Policy covering such Data Center insuring the Lien of the Amended Mortgage in an amount equal to 100% of the Allocated Note Amount with respect to such Data Center dated as of the date of the Amended Ground Lease and (y) the Title Company issuing such Title Policy shall have received an amended Mortgage encumbering the property included under the Amended Ground Lease to be submitted for recording in the appropriate office of real property records and a Survey with respect to such Data Center (unless the general survey exception in the Title Policy for such Data Center is eliminated without a Survey with respect thereto); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, shall pay or reimburse the Indenture Trustee and the Servicer for all reasonable costs and expenses incurred by the Indenture Trustee and the Servicer (including, without limitation, reasonable attorneys' fees and disbursements) in connection with such Amended Ground Lease, and all recording charges, filing fees, taxes or other expenses (including, without limitation, mortgage and intangibles taxes and documentary stamp taxes) payable in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Performance of Ground Leases</u>. The Asset Entities shall fully perform as and when due each and all of their obligations under each Ground Lease in accordance with the terms of such Ground Lease, and shall not cause or suffer to occur any material breach or default in any of such obligations. The Asset Entities shall exercise any option to renew or extend any Ground Lease; *provided, however* that, the Asset Entities may elect not to exercise such option to renew or extend such Ground Lease as long as the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, shall give the Servicer 30 days' prior written notice thereof. If any Asset Entity fails to renew a Ground Lease which is required to be renewed pursuant to this Section 7.23(b), each of the Indenture Trustee and the Servicer shall have the right, but the Indenture Trustee shall have no obligation, to renew such Ground Lease on behalf of such Asset Entity. For the avoidance of doubt, the Asset Entities shall have no obligation to renew a Ground Lease that expires by its terms if the Ground Lease does not provide to the applicable Asset Entity an extension option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice of Default</u>. If an Obligor shall receive any written notice that any default under a Ground Lease has occurred, the effect of which, in such Obligor's reasonable opinion, is likely to result in the termination of such Ground Lease (a "<u>Ground Lease Default</u>"), then the Co-Issuers shall, within three Business Days of receipt of such notice, notify the Indenture Trustee, the Servicer and the Managers in writing of the same and deliver to the Indenture Trustee and the Servicer a true and complete copy of such notice. Further, the Co-Issuers shall provide such documents and information as the Indenture Trustee and the Servicer shall reasonably request concerning any Ground Lease Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Servicer's Right to Cure</u>. If any Ground Lease Default shall occur and be continuing, and notice has been given pursuant to Section 7.23(c), or if any Ground Lessor asserts in writing to an Asset Entity or the Servicer that a Ground Lease Default has occurred (whether or not the Asset Entities question or deny such assertion), then, subject to (i) the terms and conditions of the applicable Ground Lease, and (ii) the Asset Entities' right to terminate or assign the applicable Ground Lease in accordance with Section 7.23(a), the Servicer, upon 5 Business Days' prior written notice to the Co-Issuers, unless the Servicer reasonably determines that a shorter period (or no period) of notice is necessary to protect the Indenture Trustee's interest in the applicable Ground Lease, may (but shall not be obligated to) take any action that the Servicer deems reasonably necessary, including, without limitation, (i) performance or attempted performance of the applicable Asset Entity's obligations under the applicable Ground Lease, (ii) curing or attempting to cure any actual or purported Ground Lease Default under the applicable Ground Lease, (iii) mitigating or attempting to mitigate any damages or consequences of the same and (iv) entry upon the applicable Data Center for any or all of such purposes. Upon the Indenture Trustee's or the Servicer's written request, the applicable Asset Entity shall submit satisfactory evidence of payment or performance of any of its obligations under the applicable Ground Lease. The Servicer may pay and expend such sums of money as the Servicer in its sole discretion deems necessary or desirable for any such purpose, and the Co-Issuers shall pay to the Servicer within 5 Business Days of the written demand of the Servicer all such sums so paid or expended by the Servicer, together with interest thereon from the date of expenditure at the rate provided for Servicing Advances in the Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Legal Action</u>. The Obligors shall not commence any action or proceeding against any Ground Lessor or affecting or potentially affecting any Ground Lease or the Asset Entities' or the Indenture Trustee's interest therein, the effect of which could, in the Obligors' reasonable opinion, be reasonably likely to result in an event of default under, or the termination of, any such Ground Lease, without the prior written consent of the Servicer, which consent shall not be unreasonably withheld, conditioned or delayed. The Co-Issuers shall notify the Indenture Trustee and the Servicer immediately if any action or proceeding shall be commenced between any Ground Lessor and any Asset Entity, or affecting or potentially affecting any Ground Lease or any Asset Entity's or the Indenture Trustee's interest therein (including, without limitation, any case commenced by or against any Ground Lessor under the Bankruptcy Code). The Servicer shall have the option, exercisable upon notice from the Servicer to the Co-Issuers, to participate in any action or proceeding of which it is notified in compliance with this Section 7.23(e) with counsel of the Servicer's choice. Each Obligor shall cooperate with the Servicer, comply with the reasonable instructions of the Servicer, execute any and all powers, authorizations, consents or other documents reasonably required by the Servicer in connection therewith, and shall not settle any such action or proceeding which could, in such Obligor's reasonable opinion, be reasonably likely to result in a Material Adverse Effect without the prior written consent of the Servicer, which consent shall not be unreasonably withheld, conditioned or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Bankruptcy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If any Ground Lessor shall reject any Ground Lease under or pursuant to Section 365 of the Bankruptcy Code, without the Servicer's prior written consent, the applicable Asset Entity shall not elect to treat the Ground Lease as terminated but shall elect to remain in possession of the applicable Ground Lease Data Center and the leasehold estate under such Ground Lease. The lien of the Mortgage covering any such Data Center does and shall encumber and attach to all of the Asset Entity's rights and remedies at any time arising under or pursuant to Section 365 of the Bankruptcy Code, including without limitation, all of such Asset Entity's rights to remain in possession of such Data Center and the leasehold estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Asset Entity acknowledges and agrees that in any case commenced by or against such Asset Entity under the Bankruptcy Code, the Indenture Trustee by reason of the liens and rights granted under the Mortgage covering a Data Center that is a Ground Lease Data Center shall have a substantial and material interest in the treatment and preservation of such Asset Entity's rights and obligations under the related Ground Lease, and that such Asset Entity shall, in any such bankruptcy case, provide to the Indenture Trustee immediate and continuous reasonably adequate protection of such interests. Each Asset Entity and the Indenture Trustee agree that such adequate protection shall include but shall not necessarily be limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Indenture Trustee shall be deemed a party to the Ground Lease (but shall not have any obligations thereunder) for purposes of Section 365 of the Bankruptcy Code, and shall, *provided* that, prior to an Event of Default, no such action by the Indenture Trustee would adversely and materially affect the Asset Entity's ability to prosecute, or defend, any such claims asserted therein, have standing to appear and act as a party in interest in relation to any matter arising out of or related to the Ground Lease or Ground Lease Data Center.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Such Asset Entity shall serve the Indenture Trustee and the Servicer with copies of all notices, pleadings and other documents relating to or affecting the Ground Lease or the applicable Ground Lease Data Center. Such Asset Entity (i) will contemporaneously serve on the Indenture Trustee and Servicer any notice, pleading or document served by such Asset Entity on any other party in the bankruptcy case, and (ii) any notice, pleading or document served upon or received by such Asset Entity from any other party in the bankruptcy case to be served by such Asset Entity on the Indenture Trustee and the Servicer promptly upon receipt by such Asset Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Upon written request of the Indenture Trustee or the Servicer, such Asset Entity shall assume the Ground Lease, and shall take such steps as are necessary to preserve such Asset Entity's right to assume the Ground Lease, including without limitation using commercially reasonable efforts to obtain extensions of time to assume or reject the Ground Lease under Section 365(d) of the Bankruptcy Code to the extent it is applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If an Asset Entity or the applicable Ground Lessor seeks to reject any Ground Lease or have the Ground Lease deemed rejected, then prior to the hearing on such rejection such Asset Entity shall give the Indenture Trustee and the Servicer, subject to applicable law, no less than 20 days' notice and opportunity to elect in lieu of rejection to have the Ground Lease assumed and assigned to a nominee of the Indenture Trustee. If the Indenture Trustee shall (which shall be at the Servicer's direction) so elect to assume and assign the Ground Lease, such Asset Entity shall, subject to applicable law, continue any request to reject the Ground Lease until after the motion to assume and assign has been heard. If the Indenture Trustee shall not elect (which shall be at the Servicer's direction) to assume and assign the Ground Lease, then the Indenture Trustee may, subject to applicable law, obtain in connection with the rejection of the Ground Lease a determination that the applicable Ground Lessor, at the Indenture Trustee's option (which shall be at the Servicer's direction), shall (1) agree to terminate the Ground Lease and enter into a new lease with the Indenture Trustee on the same terms and conditions as the Ground Lease, for the remaining term of the Ground Lease, or (2) treat the Ground Lease as breached and provide the Indenture Trustee with the rights to cure defaults under the Ground Lease and to assume the rights and benefits of the Ground Lease.

Each Asset Entity agrees to join with and support any request by the Indenture Trustee to grant and approve the foregoing as necessary for adequate protection of the Indenture Trustee's interests. Notwithstanding the foregoing, the Indenture Trustee may seek additional terms and conditions, including such economic and monetary protections as it or the Servicer deems reasonably appropriate to adequately protect its interests, and any request for such additional terms or conditions shall not delay or limit the Indenture Trustee's right to receive the specific elements of adequate protection set forth herein.

Each Asset Entity hereby appoints the Indenture Trustee as its attorney in fact to act on behalf of such Asset Entity in connection with all matters relating to or arising out of the assumption or rejection of any Ground Lease, in which the other party to the lease is a debtor in a case under the Bankruptcy Code. This grant of power of attorney is present, unconditional, irrevocable, durable and coupled with an interest.

Section 7.24 <u>Rule 144A Information</u>. So long as any of the Notes are Outstanding, and the Co-Issuers is not subject to Section 13 or 15(d) of the Exchange Act, upon the request of a Noteholder, the Co-Issuers shall promptly furnish at its expense to such Holder, and the prospective purchasers designated by such Holder, Rule 144A Information in order to permit compliance with Rule 144A under the Securities Act in connection with the resale of such Notes by such Holder.

Section 7.25 <u>Maintenance of Books and Records</u>. The Obligors shall maintain and implement, administrative and operating procedures reasonably necessary in the performance of their obligations hereunder and shall keep and maintain at all times all documents, books, records, accounts and other information reasonably necessary or advisable for the performance of their obligations hereunder to the extent required under applicable law.

Section 7.26 <u>Continuation of Ratings</u>. With respect to any Series of Notes that has been rated, to the extent permitted by applicable laws, rules or regulations, the Obligors shall (i) provide the Rating Agencies with information, to the extent reasonably obtainable by the Obligors, and take all reasonable action necessary to enable the Rating Agencies to monitor their respective credit ratings of the Notes, and (ii) pay such ongoing fees of the Rating Agencies as they may reasonably request to monitor their respective ratings of the Notes.

Section 7.27 <u>The Indenture Trustee and Servicer's Expenses</u>. The Co-Issuers shall pay, on written demand by the Indenture Trustee or the Servicer, out of the funds available therefor pursuant to Section 5.01(a), all reasonable out-of-pocket expenses, charges, costs, fees (including reasonable attorneys' fees and expenses) and indemnities in connection with the negotiation, documentation, closing, administration, servicing, enforcement, interpretation, and collection of the Notes and the Transaction Documents, and in the preservation and protection of the Indenture Trustee's rights hereunder and thereunder. Without limitation the Co-Issuers shall pay, out of the funds available therefor pursuant to Section 5.01(a), all costs and expenses, including reasonable attorneys' fees, incurred by the Indenture Trustee and the Servicer in any case or proceeding under the Bankruptcy Code (or any law succeeding or replacing any of the same) involving the Obligors, the Managers or the Guarantors.

Section 7.28 <u>Environmental Remediation</u>. Each Asset Entity agrees to promptly commence after written demand by the Indenture Trustee (acting at the written direction of the Controlling Class Representative) or the Servicer and reasonably diligently prosecute to completion any Remedial Work of any kind required by it under applicable Environmental Laws. If an Asset Entity fails to promptly commence and reasonably diligently pursue to completion any such Remedial Work, the Servicer may (but will not be obligated to), upon 30 days' prior notice to the Co-Issuers of its intention to do so, cause such Remedial Work to be performed. The Obligors agree to pay or reimburse the Servicer for all expenses reasonably incurred by the Servicer in connection with monitoring, reviewing or performing such Remedial Work.

Section 7.29 <u>Amendments to Tenant Leases</u>. No Asset Entity shall consent to any amendment, modification or supplement to any Tenant Leases to which it is a party other than in accordance with Section 3 or Section 5 of each Management Agreement.

Section 7.30 <u>Asset Entities' Option to Dispose of Data Centers and Non-Core Assets.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Other than (x) the sale, assignment, transfer or other disposition during the Disposition Period as set forth in the Management Agreements or (y) otherwise, as expressly permitted in this Section 7.30, the Asset Entities may not Dispose of any Data Centers so long as any Notes are Outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Asset Entities may sell, assign, transfer or otherwise dispose of one or more Data Centers (including through the sale, assignment, transfer or other disposition of an Asset Entity by the U.S. Co-Issuer or the Canadian Co-Issuer), the related Tenant Leases and other assets related to such Data Centers (collectively, "<u>Data Center Assets</u>") to one or more persons (including Affiliates of the Asset Entities) at any time so long as the following conditions are satisfied, as certified to the Indenture Trustee and the Servicer by the Managers: (i) during a Special Servicing Period, the Servicer consents thereto, (ii) a Rating Agency Confirmation is obtained, (iii) no Event of Default has occurred and is continuing, no Amortization Period is in effect and no Cash Trap Condition is in effect, in each case, immediately prior to and after giving effect to such sale, assignment, transfer or other disposition, (iv) after giving effect to the applicable disposition and the concurrent payment of principal of the Term Notes, (x) the pro forma Class A LTV Ratio is not greater than 65.0% and after the third anniversary of the Initial Closing Date is not greater than 70.0%, (y) the pro forma Class B LTV Ratio is not greater than 75.0% and after the third anniversary of the Initial Closing Date is not greater than 80.0%, and (z) the pro forma Class C LTV Ratio is not greater than 80.0% and after the third anniversary of the Initial Closing Date is not greater than 85.0%, (v) pro forma DSCR after giving effect to such disposition and any prepayment of Notes occurring concurrently with such disposition, is greater than or equal to 1.85x (vi) the Servicer and the Indenture Trustee have been paid all outstanding Advances, Advance Interest, unpaid Additional Issuer Expenses and all unpaid fees and expenses to the extent then due and payable to the Servicer and the Indenture Trustee, as applicable, under the Transaction Documents (in each case only to the extent sufficient funds for payment in full of such amounts have not been deposited in the Collection Account for distribution on the applicable Payment Date) and (vii) the Co-Issuers prepay the Term Notes in an amount equal to the Disposition Price for the Data Center (or Data Centers), together with any applicable Prepayment Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to the circumstances described in <u>Section 7.30(b)</u>, the Asset Entities may also dispose of one or more Data Center Assets and the Co-Issuers will have the option to dispose of one or more Asset Entities that own Data Center Assets, in each case, to one or more persons (including Affiliates of the Asset Entities) in connection with the payment in full of the outstanding principal amount of a Series of Notes; *provided* that if any Series of Notes remains Outstanding following such payment in full, the following conditions must be satisfied, as certified to the Indenture Trustee and the Servicer by the Managers: (i) during a Special Servicing Period, the Servicer consents thereto, (ii) a Rating Agency Confirmation is obtained, (iii) no Event of Default has occurred and is continuing, no Amortization Period is in effect and no Cash Trap Condition is in effect, in each case, immediately prior to and after giving effect to such disposition, (iv) after giving effect to such disposition and any prepayment of Notes occurring concurrently with such disposition, (x) the pro forma Class A LTV Ratio is not greater than 65.0% and after the third anniversary of the Initial Closing Date is not greater than 70.0%, (y) the pro forma Class B LTV Ratio is not greater than 75.0% and after the third anniversary of the Initial Closing Date is not greater than 80.0%, and (z) the pro forma Class C LTV Ratio is not greater than 80.0% and after the third anniversary of the Initial Closing Date is not greater than 85.0%, (v) the pro forma DSCR after giving effect to such disposition and any prepayment of Notes occurring concurrently with such disposition, is greater than or equal to 1.85x and (vi) the Servicer and the Indenture Trustee have been paid all outstanding Advances, Advance Interest, unpaid Additional Issuer Expenses and all unpaid fees and expenses to the extent then due and payable to the Servicer and the Indenture Trustee, as applicable, under the Transaction Documents (in each case only to the extent sufficient funds for payment in full of such amounts have not been deposited in the Collection Accounts for distribution on the applicable Payment Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, the Asset Entities may also dispose of or otherwise transfer Non-Core Assets, so long as such disposition or transfer does not reduce the Operating Revenues generated from the associated Data Center; *provided* that such Asset Entity shall have provided written notice to the Servicer of such transfer within five Business Days of such transfer. Any net proceeds received in connection with the disposition or transfer of Non-Core Assets shall be deposited into the applicable Collection Account and applied as Available Funds.

**ARTICLE VIII**

**SINGLE-PURPOSE, BANKRUPTCY-REMOTE REPRESENTATIONS, WARRANTIES AND COVENANTS**

Section 8.01 <u>Applicable to the Co-Issuers, the Asset Entities and the Other Entities</u>. Each of the Co-Issuers hereby represents, warrants and covenants as of the Initial Closing Date that since its formation and at all times thereafter until such time as all Obligations are paid in full, each Closing Date Asset Entity hereby represents, warrants and covenants as of the Initial Closing Date that since its formation and at all times thereafter until such time as all Obligations are paid in full, each Additional Asset Entity hereby represents, warrants and covenants as of the date on which such Additional Asset Entity first becomes a party to the Transaction Documents that since its formation and at all times thereafter until such time as all Obligations are paid in full, each Closing Date Other Entity hereby represents, warrants and covenants as of the Initial Closing Date that since its formation and at all times thereafter until such time as all Obligations are paid in full, and each Additional Other Entity hereby represents, warrants and covenants as of the date on which such Additional Other Entity first becomes a party to the Transaction Documents that since its formation and at all times thereafter until such time as all Obligations are paid in full:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for properties, or interests therein, which such Obligor has sold or assigned and for which such Obligor has no continuing obligations or liabilities other than Permitted Indebtedness, it has not owned, and does not own and will not own, any assets other than (i) with respect to an Asset Entity (including the Co-Issuer), the Data Centers, related Tenant Leases and other assets related to the Data Centers (including incidental personal property necessary for the operation thereof and proceeds therefrom) and, prior to the date such Obligor first became a party to the Transaction Documents, similar data centers, the tenant leases relating thereto and the other assets related to those data centers, or (ii) with respect to the U.S. Co-Issuer and the Canadian Co-Issuer, direct or indirect ownership interests in the Asset Entities or such incidental assets as are necessary to enable it to discharge its obligations with respect to the Asset Entities (the "<u>Asset Entity Interests</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has not and is not engaged, and will not engage, in any business, directly or indirectly, other than (i) in the case of an Asset Entity (including the Co-Issuer), the ownership, management and operation of the Data Centers and, prior to the date such Obligor first became a party to the Transaction Documents, similar data centers and (ii), in the case of the U.S. Co-Issuer and the Canadian Co-Issuer, the acquisition and ownership of the Asset Entity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it has not entered, and will not enter, into any contract or agreement with any partner, member, shareholder, trustee, beneficiary, principal or Affiliate of any Obligor except upon terms and conditions that are intrinsically fair and substantially similar to those that would be available on an arm's-length basis with third parties other than such Affiliate (it being understood that (i) the Management Agreements and the other Transaction Documents and

(ii) management agreements and related agreements entered into with the Managers and the other Obligors in connection with other similar financing transactions, which financing transaction is terminated on or prior to the Initial Closing Date, comply with this covenant);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it has not incurred any Indebtedness that remained outstanding as of the date such Obligor first became a party to the Transaction Documents and will not incur any Indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than Permitted Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it has not made any loans or advances to any Person (other than among the Obligors or, in the case of the Canadian Co-Issuer only, other than to Compass Datacenters Inc. reasonably necessary for prudent tax planning and that do not otherwise have a Material Adverse Effect on the Noteholders) that remained outstanding as of the date such Obligor first became a party to the Transaction Documents and will not make any loan or advance to any Person (including any of its Affiliates) other than another Obligor or, in the case of the Canadian Co-Issuer only, other than to Compass Datacenters Inc. reasonably necessary for prudent tax planning and that do not otherwise have a Material Adverse Effect on the Noteholders, and has not acquired, and will not acquire, obligations or securities of any of its Affiliates other than the other Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it is and reasonably expects to remain solvent and pay its own liabilities, indebtedness, and obligations of any kind solely from its own separate assets as the same shall become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) it has done or caused to be done, and will do, all things necessary to preserve its existence, and will not, nor will any partner, member, shareholder, trustee, beneficiary or principal, amend, modify or otherwise change its partnership agreement, trust agreement, articles of incorporation, by-laws, articles of organization, operating agreement, or other organizational documents in any manner with respect to the matters set forth in this Article VIII except as otherwise permitted under such organizational documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) it has continuously maintained, and shall continuously maintain, its existence and be qualified to do business in all states, provinces and territories necessary to carry on its business, specifically including in the case of an Asset Entity, the states, provinces and territories where its Data Centers are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it has conducted and operated, and will conduct and operate, its business as presently contemplated with respect to the ownership of the Data Centers, or the Asset Entity Interests, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) it has maintained, and will maintain, books and records and bank accounts (other than bank accounts established hereunder, established by a Manager pursuant to the applicable Management Agreement or, prior to the date such Obligor first became a party to the Transaction Documents, bank accounts established in connection with other similar financing transactions, which financing transaction is terminated on or prior to the Initial Closing Date) separate from those of its partners, members, shareholders, trustees, beneficiaries, principals or Affiliates or any other Person (other than the other Obligors) and it will maintain its Financial Statements separate from those of its Affiliates; *provided*, that it and its assets may be included in consolidated Financial Statements of its Affiliates if (i) appropriate notation shall be made on such consolidated Financial Statements to indicate the separateness of the Obligors from such Affiliates and to indicate that the Obligors' assets and credit are not available to satisfy the debts and other obligations of such Affiliates or any other Person and (ii) the assets of each Obligor shall also be listed on such Obligor's own separate balance sheet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) except as contemplated by the Management Agreements and management agreements entered into with the Managers and the other Obligors in connection with other similar financing transactions, it has at all times held, and will continue to hold, itself out to the public as a legal entity separate and distinct from any other Person (including any of its partners, members, shareholders, trustees, beneficiaries, principals or Affiliates, and any Affiliates of any of the same), and not as a department or division of any Person (other than the other Obligors) and will correct any known misunderstandings regarding its existence as a separate legal entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) it has had and will have a sufficient number of employees (if any) in light of its contemplated business operations and has and shall pay the salaries of its own employees, if any, solely from its own funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) it has allocated, and will continue to allocate, fairly and reasonably any overhead for shared expenses with Affiliates (including, without limitation, any shared office space or other services and the services performed by any employee of an Affiliate, including as a director or officer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) it has and will use stationery, invoices and checks bearing its own name separate from those of any Affiliate (it being understood that the Guarantors and the Obligors are expressly permitted to use common stationery, invoices and checks among the Guarantors and the Obligors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) it has filed, and will continue to file, its own tax returns separate from those of any other Person except to the extent that such Obligor is treated as a "disregarded entity" for tax purposes or is otherwise not required to file tax returns under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) it reasonably expects to maintain adequate capital for its obligations in light of its contemplated business operations; *provided* however, that the foregoing shall not require its respective Member, shareholders or any partner to make additional capital contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) it has not sought, acquiesced in, or suffered or permitted, and will not seek, acquiesce in, or suffer or permit, its liquidation, dissolution or winding up, in whole or in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) except as otherwise permitted hereunder, it will not enter into any transaction of merger or consolidation, sell all or substantially all of its assets, or acquire by purchase or otherwise all or substantially all of the business or assets of, or any stock or beneficial ownership of, any Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) it has not commingled or permitted to be commingled, and will not commingle or permit to be commingled, its funds or other assets with those of any other Person (other than, with respect to the Obligors, each other Obligor, or any such funds as may be held by a Manager, as agent, for each Asset Entity pursuant to the terms of the applicable Management Agreement or any management agreement entered into with the Managers and the other Obligors in connection with a similar financing transaction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) it has maintained, and will maintain, its assets in such a manner that it is not costly or difficult to segregate, ascertain or identify its individual assets from those of any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) it has not held itself out to be responsible for the debts or obligations of any other Person that remain outstanding and will not hold itself out to be responsible for the debts or obligations (other than the Obligations) of any other Person (other than another Obligor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) it has not guaranteed or otherwise become liable in connection with any obligation of any other Person (other than the other Obligors) that remains outstanding, and will not guarantee or otherwise become liable on or in connection with any obligation (other than the Obligations) of any other Person (other than the other Obligors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) it has not pledged its assets to secure obligations of any other Person (other than the other Obligors) that remains outstanding, and will not pledge its assets to secure obligations of any other Person (other than the other Obligors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) it has not held, and, except for funds deposited into the Accounts in accordance with the Transaction Documents, shall not hold, title to its assets other than in its name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) it has conducted, and will continue to conduct, its business solely in its own name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) it has observed, and will continue to observe, all corporate, limited partnership, unlimited liability company or limited liability company, as applicable, formalities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) since the date such Obligor first became a party to the Transaction Documents, it has not formed, acquired or held any subsidiary (other than another Obligor) and will not form, acquire or hold any subsidiary (other than another Obligor).

Section 8.02 <u>Applicable to the Co-Issuers</u>. In addition to its obligations under Section 8.01, and without limiting the provisions of Section 7.20, each of the Co-Issuers hereby represent, warrant and covenant as of the Initial Closing Date and until such time as all Obligations are paid in full:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers shall not, and the Co-Issuers shall not in their capacity as the sole member or limited partner of any Asset Entity or Other Entities, permit such Asset Entity to, without the prior unanimous written consent of the board of directors or its partners (or similar governing board) of the Co-Issuers (or Co-Issuer GP in the case of the Canadian Co-Issuer) including the independent directors of such board, institute proceedings for any of themselves to be adjudicated bankrupt or insolvent; consent to the institution of bankruptcy or insolvency proceedings against themselves; file a petition seeking, or consent to, reorganization or relief under any applicable federal, provincial, territorial or state law relating to bankruptcy; seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) for themselves or a substantial part of their property; make or consent to any assignment for the benefit of creditors; or admit in writing their inability to pay their debts generally as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the U.S. Co-Issuer and the Canadian Co-Issuer has and at all times shall maintain at least two independent directors on its board of directors, who shall initially be Steven P. Zimmer and Jennifer A. Schwartz.

**ARTICLE IX**

**SATISFACTION AND DISCHARGE**

Section 9.01 <u>Satisfaction and Discharge of Indenture</u>. This Indenture shall cease to be of further effect with respect to any Notes of a particular Series except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or wrongfully taken Notes of a particular Series, (iii) rights of Noteholders of a particular Series to receive payments of principal thereof and interest thereon, (iv) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 11.03 and the obligations of the Indenture Trustee under Section 9.02), and (v) the rights of Noteholders of a particular Series as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Co-Issuers, shall execute proper instruments, to be prepared by the Co-Issuers or their counsel, acknowledging satisfaction and discharge of this Indenture with respect to the Notes of a particular Series, when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Notes of a particular Series theretofore authenticated and delivered (other than (i) Notes of a particular Series that have been mutilated, destroyed, lost or wrongfully taken and that have been replaced or paid as provided in Section 2.04 and (ii) Notes of a particular Series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Co-Issuers and thereafter repaid to the Co-Issuers or discharged from such trust, as provided in Section 7.22) have been delivered to the Indenture Trustee for cancellation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all Notes not theretofore delivered to the Indenture Trustee for cancellation have become due and payable and the Co-Issuers have irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation, for principal and interest to the date of such deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each of the Obligors has paid or caused to be paid all Obligations and other sums due and payable hereunder by the Obligors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Co-Issuers have delivered to the Indenture Trustee an Officer's Certificate, an Opinion of Counsel and (if required by the Indenture Trustee) an Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements of Section 15.01 and, subject to Section 15.02, each stating that all conditions precedent provided for in this Indenture relating to the satisfaction and discharge of this Indenture with respect to such Series have been satisfied.

Section 9.02 <u>Application of Trust Money</u>. With respect to such Series, all monies deposited with the Indenture Trustee pursuant to Section 9.01 shall be held in trust and applied by the Indenture Trustee, in accordance with the provisions of the Notes of such Series and this Indenture, to the payment through the Paying Agent to the Holders of the particular Notes of such Series for the payment of which such monies have been deposited with the Indenture Trustee, of all sums due and to become due thereon for the aggregate Note Principal Balance of such Notes and interest but such monies need not be segregated from other funds except to the extent required in this Indenture or required by law.

Section 9.03 <u>Repayment of Monies Held by Paying Agent</u>. With respect to each Series, in connection with the satisfaction and discharge of this Indenture, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Co-Issuers, be paid to the Indenture Trustee to be held and applied according to Section 7.22 and thereupon such Paying Agent shall be released from all further liability with respect to such monies.

**ARTICLE X**

**EVENTS OF DEFAULT; REMEDIES**

Section 10.01 <u>Events of Default</u>. Subject to the standard of care set forth in Section 11.02(a), which standard may require the Indenture Trustee (or Servicer on its behalf) to act, any rights or remedies granted to the Indenture Trustee (or Servicer on its behalf) under this Article X or elsewhere in this Indenture and the other Transaction Documents, upon the occurrence of an Event of Default, are hereby expressly delegated to and assumed by the Servicer, who shall act on behalf of the Indenture Trustee with respect to all enforcement matters relating to any such Event of Default (whether or not the parenthetical phrase ("or the Servicer on its behalf") is expressly so stated), including, without limitation, the right to institute and prosecute any Proceeding on behalf of the Indenture Trustee (or Servicer on its behalf) and the Noteholders and direct the application of monies held by the Indenture Trustee (to the extent the Indenture Trustee (or Servicer on its behalf) has the discretion hereunder to apply such monies as it deems necessary or appropriate); *provided, however*, that such delegation of authority shall not apply to any matters relating to the Controlling Class Representative set forth in Section 10.05. "<u>Event of Default</u>", wherever used in this Indenture or in any Series Supplement shall mean the occurrence or existence of any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest</u>. Failure of the Co-Issuers to make any payment of interest on the Notes when due on any Payment Date and such failure continues for two Business Days (*provided* that the failure of the Co-Issuers to pay (i) any Contingent Interest for which funds are not available in accordance with Section 5.01(g)(xviii) shall not constitute an Event of Default and (ii) any Accrued Note Interest on the Class B Notes or the Class C Notes on any Payment Date on which an Amortization Period or an ARD Period with respect to any Outstanding Class of Notes is in effect for which funds are not available in accordance <u>Section 5.01(g)(viii)</u>, <u>(xi)</u>, <u>(xvi)</u> or <u>(xvii</u>) shall not constitute an Event of Default unless such amounts remain unpaid as of the applicable Rated Final Payment Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Principal</u>. Failure of the Co-Issuers to make any payment of principal of the Notes (including any PIK Interest added to the Note Principal Balance of the Notes) when due on any Payment Date (*provided* that the failure of the Co-Issuers to pay any optional payments of principal on the outstanding principal amount on the Class A-1 Notes in accordance with the terms of the Variable Funding Note Purchase Agreement or any Class A Sweep Amount, Class B Sweep Amount, Class C Sweep Amount or Class A-2 Monthly Amortization Amount for which funds are not available in accordance with Section 5.01(g) shall not constitute an Event of Default);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Other Monetary Default</u>. Any monetary default by any Guarantor or Obligor under any Transaction Document, including failure to pay VFN Undrawn Commitment Fees and any other fees expenses and other amounts due to the Holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement, in each case, within the applicable cure period (other than those covered by clause (a) or clause (b) above) (*provided* that the failure of the Co-Issuers to pay any VFN Undrawn Commitment Fees or any other fees, expenses and other amounts due to the Holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement for which funds are not available in accordance with Section 5.01(g)(xviii) shall not constitute an Event of Default) or if no cure period is set forth in such Transaction Document, which default continues unremedied for a period of 30 days after receipt by the Co-Issuers of written notice from the Indenture Trustee or the Servicer (with a copy to the Indenture Trustee) of such default requiring such default to be remedied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Breach of Reporting Provisions</u>. Failure of any Obligor to perform or comply with any term or condition contained in Section 7.02 which continues for a period of 30 days after receipt by the Obligors of written notice from the Indenture Trustee or the Servicer (with a copy to the Indenture Trustee) of such failure requiring such failure to be remedied, unless such period is otherwise extended upon request by the Obligors and the Indenture Trustee (or Servicer on its behalf) receives Rating Agency Confirmation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Other Defaults Under Transaction Documents</u>. Any default by any Guarantor or Obligor in the observance and performance of, or compliance with, any covenant or agreement contained in this Indenture or the other Transaction Documents (other than a default described in another subsection of this Section 10.01) and such default is reasonably likely to cause a Material Adverse Effect and such default shall continue unremedied for a period of 30 days after receipt by the Co-Issuers of written notice from the Indenture Trustee or the Servicer (with a copy to the Indenture Trustee) of such default requiring such default to be remedied; *provided, however*, that if (i) the default is reasonably susceptible of cure but not within such period of 30 days, (ii) the applicable Guarantor or the applicable Obligor, as the case may be, has commenced the cure within such 30 day period and has pursued such cure diligently, and (iii) the applicable Guarantor or the applicable Obligor, as the case may be, delivers to the Indenture Trustee and the Servicer evidence of the foregoing, then such period shall be extended for so long as is reasonably necessary for the applicable Guarantor or the applicable Obligor, as the case may be, in the exercise of due diligence to cure such default, but in no event beyond 120 days after the original notice of default, *provided* that the applicable Guarantor or the applicable Obligor, as the case may be, continues to diligently and continuously pursue such cure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Breach of Warranty</u>. Any representation, warranty, certification or other statement made by any Guarantor or Obligor in any Transaction Document or in any statement or certificate at any time given in writing pursuant to or in connection with any Transaction Document is false as of the date made and such breach is reasonably likely to cause a Material Adverse Effect, *provided* that such breach shall not constitute an Event of Default if such breach is reasonably susceptible of cure and within 45 days after (i) any Guarantor or Obligor has Knowledge of such breach or (ii) receipt by the applicable Guarantor or the applicable Obligor, as the case may be, of written notice from a Responsible Officer of the Indenture Trustee or the Servicer (with a copy to the Indenture Trustee) of such breach, such Guarantor or such Obligor, as the case may be, takes such action as may be required to make such representation, warranty, certification or other statement to be true as made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Involuntary Bankruptcy; Appointment of Receiver, etc</u>. (i) A court enters a decree or order for relief with respect to any Guarantor or Obligor, in an Involuntary Bankruptcy, which decree or order is not stayed or other similar relief is not granted under any applicable federal, provincial, territorial or state law unless dismissed within 90 days; (ii) the occurrence and continuance of any of the following events for 90 days unless dismissed or discharged within such time: (x) an involuntary case under the Bankruptcy Code, the BIA, the CCAA or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, is commenced, in which any Guarantor or Obligor is a debtor or any portion of the Data Center is property of the estate therein, (y) a decree or order of a court for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over any Guarantor or Obligor, over all or a substantial part of its property, is entered or (z) an interim receiver, trustee or other custodian is appointed without the consent of any Guarantor or Obligor, as applicable, for all or a substantial part of its property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Voluntary Bankruptcy; Appointment of Receiver, etc</u>. (i) An order for relief is entered with respect to any Guarantor or Obligor, or any Guarantor or Obligor commences a voluntary case under the Bankruptcy Code, the BIA, the CCAA or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case or to the conversion of an involuntary case to a voluntary case under any such law or consents to the appointment of or taking possession by a receiver, trustee or other custodian for any Guarantor or Obligor, for all or a substantial part of the property of such Guarantor or Obligor; (ii) any Guarantor or Obligor makes any assignment for the benefit of creditors; or (iii) the board of directors or other governing body of any Guarantor or Obligor adopts any resolution or otherwise authorizes action to approve any of the actions referred to in this Section 10.01(h);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Solvency</u>. Any Guarantor or Obligor ceases to be solvent or admits in writing its present or prospective inability to pay its debts as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Ownership</u>. The U.S. Guarantor shall cease to own, directly or indirectly, 100% of the limited liability company or other ownership interests in the U.S. Co- Issuer, the Canadian Guarantors shall cease to own, collectively, directly or indirectly, 100% of the partnership interest in the Canadian Co-Issuer, or the Co-Issuers shall cease to own, directly or indirectly, 100% of the limited liability company, partnership, unlimited liability company or other ownership interests in any Asset Entity originally owned by it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Outstanding Advances</u>. Any Advance (other than a Manager Advance) remains outstanding for 90 or more days.

Except with respect to a default order under Section 10.01(d), if more than one of the foregoing paragraphs shall describe the same condition or event, then the Indenture Trustee (or Servicer on its behalf) shall have the right to select which paragraph or paragraphs shall apply. In any such case, the Indenture Trustee (or Servicer on its behalf) shall have the right (but not the obligation) to designate the paragraph or paragraphs which provide for non-written notice (or for no notice) or for a shorter time to cure (or for no time to cure).

Section 10.02 <u>Acceleration and Remedies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the occurrence and during the continuance of any Event of Default described in any of Section 10.01(g) or Section 10.01(h), the aggregate Class Principal Balances of all Classes of Outstanding Notes, together with accrued and unpaid interest thereon through the date of acceleration, and all other Obligations shall automatically become immediately due and payable, without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other requirements of any kind, subject to the provisions of Section 15.18. Upon the occurrence and during the continuance of any other Event of Default, the Indenture Trustee (or Servicer on its behalf) shall, at the direction of the Noteholders representing more than 50.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes, declare all of the Notes immediately due and payable, by written notice to the Co-Issuers. Upon any such declaration, the aggregate Class Principal Balances of all Classes of Outstanding Notes together with accrued and unpaid interest thereon through the date of acceleration, and all other Obligations shall become immediately due and payable, subject to the provisions of Section 15.18.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time after an automatic acceleration of maturity or a declaration of acceleration of maturity has been made and before a judgment or decree for payment of the amount due has been obtained by the Indenture Trustee (or Servicer on its behalf) as hereinafter provided in this Section 10.02, Noteholders representing more than 50.0% of the aggregate Class Principal Balance of all Classes of Outstanding Notes may, with written notice to the Co-Issuers and the Indenture Trustee, rescind and annul such declaration and its consequences; *provided, however*, such rescission or annulment shall be effective only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Co-Issuers have paid or deposited with the Indenture Trustee a sum sufficient to pay:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all payments of the principal of and interest on all Notes and all other Obligations that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) all sums paid or advanced by the Indenture Trustee or the Servicer hereunder or pursuant to the Servicing Agreement (including, without limitation, all Debt Service Advances and Servicing Advances and Advance Interest thereon) and the compensation, expenses, disbursements and advances of the Indenture Trustee, the Servicer and their respective agents and counsel and other amounts due and owing to the Indenture Trustee pursuant to Section 11.06 or the Servicing Agreement, as applicable, shall have been paid in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all Events of Default, other than the nonpayment of the principal and interest of the Notes that has become due solely by such acceleration, have been cured or waived as provided in Section 10.15.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the occurrence and during the continuance of an Event of Default of which a Responsible Officer of the Indenture Trustee has Knowledge, all or any one or more of the rights, powers, privileges and other remedies available to the Indenture Trustee (or Servicer on its behalf) against the Obligors (or the Guarantors) under this Indenture or any of the other Transaction Documents, or at law or in equity, may be exercised by the Indenture Trustee (or Servicer on its behalf) at any time and from time to time, whether or not all or any of the Obligations shall be declared due and payable, and whether or not the Indenture Trustee (or Servicer on its behalf) shall have commenced any action for the enforcement of its rights and remedies under any of the Transaction Documents with respect to the Data Centers, the Assets, the Tenant Leases or the other Collateral and the proceeds from any of the foregoing. Any such actions taken by the Indenture Trustee (or Servicer on its behalf) shall be cumulative and concurrent and may be pursued independently, singly, successively, together or otherwise, at such time and in such order as the Indenture Trustee (or Servicer on its behalf) may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of the Indenture Trustee (or Servicer on its behalf) permitted by law, equity or contract or as set forth herein or in the other Transaction Documents. Without limiting the generality of the foregoing, if an Event of Default is continuing (i) to the fullest extent permitted by law, the Indenture Trustee (or Servicer on its behalf) shall not be subject to any "one action" or "election of remedies" law or rule, and (ii) all liens and other rights, remedies or privileges provided to the Indenture Trustee (or Servicer on its behalf) shall remain in full force and effect until the Indenture Trustee (or Servicer on its behalf) has exhausted all of its remedies against each Data Center, the Assets, the Tenant Leases and the other Collateral and the proceeds from any of the foregoing or the Obligations have been paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the occurrence and during the continuance of an Event of Default of which a Responsible Officer of the Indenture Trustee has Knowledge, the Indenture Trustee (or Servicer on its behalf) shall have the right from time to time to partially foreclose the Mortgages in any manner and for any amounts secured by the Mortgages then due and payable as determined by the Indenture Trustee (or Servicer on its behalf) in its sole discretion including, without limitation, the following circumstances: (i) in the event the Co-Issuers default beyond any applicable grace period in the payment of one or more scheduled payments of principal and interest, the Indenture Trustee (or Servicer on its behalf) may foreclose the Mortgages to recover such delinquent payments, or (ii) in the event the Indenture Trustee (or Servicer on its behalf) elects to accelerate less than the entire aggregate Class Principal Balances of all Classes of Outstanding Notes, the Indenture Trustee (or Servicer on its behalf) may foreclose the Mortgages or any of them to recover so much of the unpaid principal balances of the Notes as the Indenture Trustee (or Servicer on its behalf) may accelerate and such other sums secured by the Mortgages as the Indenture Trustee (or Servicer on its behalf) may elect. Notwithstanding one or more partial foreclosures, the Data Centers shall remain subject to the Mortgages to secure payment of sums secured by the Mortgages and not previously recovered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any amounts recovered from the Data Centers, the Assets, the Tenant Leases or any other Collateral and the proceeds from any of the foregoing for the Notes and other Obligations after an Event of Default shall be applied by the Indenture Trustee toward the payment of any interest and/or principal of the Notes and/or any other amounts due under the Transaction Documents in accordance with the priorities set forth in Article V of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding any provision to the contrary contained in this Indenture, the Indenture Trustee (or Servicer on its behalf) shall not be required to obtain title to the Collateral as a result of or in lieu of foreclosure or otherwise, and shall not otherwise be required to acquire possession of the Collateral subject to foreclosure if, as a result thereof, the Indenture Trustee (or Servicer on its behalf) (i) would be in material violation of any applicable Environmental Laws, or (ii) has a reasonable basis to believe that the Indenture Trustee (or the Servicer on its behalf) or any Noteholder would be considered to be a "mortgagee-in-possession" of, or an "owner" or "operator" of, such real property within the meaning of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended from time to time, or any comparable law, and be subject to material liability under such laws, unless the Indenture Trustee (or Servicer on its behalf) (i) has previously obtained reasonably satisfactory Phase I and, if reasonably recommended by the current Phase I, Phase II environmental assessment reports, subject to any necessary consents (collectively, an "<u>Environmental Assessment</u>") prepared by an independent third-party professional who regularly conducts Environmental Assessments, together with written documentation of the status of remediation efforts, if any, being undertaken with respect to the adverse environmental conditions, if any, existing at or under such Collateral subject to foreclosure and (ii) such foreclosure or otherwise does not expose the Indenture Trustee (or the Servicer on its behalf) to any material loss, liability, claim, cost or expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The rights and remedies set forth in this Section 10.02 are in addition to, and not in limitation of, any other right or remedy provided for in this Indenture or any other Transaction Document including, without limitation, the rights and remedies provided for in Section 10.08.

Section 10.03 <u>Performance by the Indenture Trustee</u>. Upon the occurrence and during the continuance of an Event of Default, if any of the Asset Entities, the Co-Issuers, the Guarantors or the Managers shall fail to perform, or cause to be performed, any material covenant, duty or agreement contained in any of the Transaction Documents (subject to applicable notice and cure periods), the Indenture Trustee may, but shall have no obligation to, perform or attempt to perform such covenant, duty or agreement on behalf of such Asset Entity, the U.S. Co-Issuer, the Canadian Co-Issuer, such Guarantor or such Manager including making protective advances on behalf of any Asset Entities, or, causing the obligations of the Obligors to be satisfied with the proceeds of any Reserve. In such event, the Obligors shall, at the request of the Indenture Trustee, promptly pay to the Indenture Trustee, or reimburse, as applicable, any of the Reserves, any actual amount reasonably expended or disbursed by the Indenture Trustee in such performance or attempted performance, together with interest thereon (including reimbursement of any applicable Reserves), from the date of such expenditure or disbursement, until paid. Any amounts advanced or expended by the Indenture Trustee to perform or attempt to perform any such matter shall be added to and included within the Obligations and shall be secured by all of the Collateral securing the Notes. Notwithstanding the foregoing, it is expressly agreed that neither the Indenture Trustee nor the Servicer shall have any liability or responsibility for the performance of any obligation of the Asset Entities, the Other Entities, the Co-Issuers, the Guarantors or the Managers under this Indenture or any other Transaction Document, and it is further expressly agreed that no such performance by the Indenture Trustee shall cure any Event of Default hereunder.

Section 10.04 <u>Evidence of Compliance</u>. Promptly following written request by the Indenture Trustee (or Servicer on its behalf), the Co-Issuers shall, and/or shall cause each Asset Entity, Other Entity, Guarantor or Manager to, provide such documents and instruments as shall be reasonably satisfactory to the Indenture Trustee (or Servicer on its behalf) to evidence compliance with any material provision of the Transaction Documents applicable to such entities.

Section 10.05 <u>Controlling Class Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Noteholders (or, in the case of Book-Entry Notes, the Note Owners) of the Controlling Class whose Outstanding Notes represent more than 50.0% of the related Class Principal Balance shall be entitled, to select a representative (the "<u>Controlling Class Representative</u>") having the rights and powers specified in the Servicing Agreement and this Indenture (including those specified in Section 10.06) or to replace an existing Controlling Class Representative. Upon (i) the receipt by the Indenture Trustee of written requests for the selection of a Controlling Class Representative from the Noteholders (or, in the case of Book-Entry Notes, the Note Owners) of Outstanding Notes representing more than 50.0% of the Class Principal Balance of the Controlling Class, (ii) the resignation or removal of the Person acting as Controlling Class Representative or (iii) Knowledge by the Indenture Trustee that the Controlling Class has changed, the Indenture Trustee shall promptly notify the Co-Issuers, the Servicer and the Noteholders of the Controlling Class that they may select a Controlling Class Representative. Such notice shall set forth the requirements set forth in this Indenture for selecting a Controlling Class Representative. No appointment of any Person as a Controlling Class Representative shall be effective until such Person provides the Indenture Trustee with written confirmation of its acceptance of such appointment, that it will keep confidential all information received by it as Controlling Class Representative hereunder or otherwise with respect to the Notes, the Assets and/or the Servicing Agreement, an address and facsimile number for the delivery of notices and other correspondence and a list of officers or employees of such Person with whom the parties to the Servicing Agreement may deal (including their names, titles, work addresses and email addresses). No Affiliate of the Co-Issuers may act as Controlling Class Representative. In the event that the Class A Notes are the Controlling Class, the Controlling Class will be comprised of all Class A Notes, collectively, based on the outstanding principal amounts of such Class A Notes (assuming the full amount of the Class A-1 Commitment Amount that is permitted to be drawn on such date is fully drawn).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within 10 Business Days (or as soon thereafter as practicable if the Controlling Class consists of Book-Entry Notes) of any change in the identity of the Controlling Class Representative of which a Responsible Officer of the Indenture Trustee has Knowledge, the Indenture Trustee shall deliver to the Noteholders of the Controlling Class and the Servicer a notice setting forth the identity of the new Controlling Class Representative and a list of each Noteholder of the Controlling Class, including, in each case, names and addresses. With respect to such information, the Indenture Trustee shall be entitled to rely conclusively on information provided to it by the Noteholders (or, in the case of Book-Entry Notes, by the Depositary, the Depositary Participants or, subject to Section 2.06, the Note Owners) of such Notes, and the Servicer shall be entitled to rely on the information provided in the notice by the Indenture Trustee regarding the identity of the Controlling Class Representative with respect to any obligation or right hereunder that the Servicer may have to deliver information or otherwise communicate with the Controlling Class Representative or any of the Noteholders (or, if applicable, Note Owners) of the Controlling Class. In addition to the foregoing, within two Business Days of the selection, resignation or removal of a Controlling Class Representative, the Indenture Trustee shall notify the parties to this Indenture of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Controlling Class Representative may at any time resign as such by giving written notice to the Indenture Trustee and to each Noteholder (or, in the case of Book-Entry Notes, each Note Owner) of the Controlling Class. The Noteholders (or, in the case of Book-Entry Notes, the Note Owners) of the Controlling Class whose Outstanding Notes represent more than 50.0% of the Class Principal Balance of the Controlling Class shall be entitled to remove any existing Controlling Class Representative by giving written notice to the Indenture Trustee and to such existing Controlling Class Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Once a Controlling Class Representative has been selected pursuant to this Section 10.05, each of the parties to the Servicing Agreement and each Noteholder (or Note Owner, if applicable) shall be entitled to rely on such selection unless a majority of the Noteholders (or, in the case of Book-Entry Notes, the Note Owners) of the Controlling Class, by Class Principal Balance, or such Controlling Class Representative, as applicable, shall have notified the Indenture Trustee and each other party to the Servicing Agreement and each Noteholder (or, in the case of Book-Entry Notes, Note Owner) of the Controlling Class, in writing, of the resignation or removal of such Controlling Class Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any and all expenses of the Controlling Class Representative shall be borne by the Noteholders (or, if applicable, the Note Owners) of Notes of the Controlling Class, pro rata according to their respective Percentage Interests in such Class. Notwithstanding the foregoing, if a claim is made against the Controlling Class Representative by a Guarantor or Obligor with respect to the Servicing Agreement or the Notes, the Controlling Class Representative shall immediately notify the Indenture Trustee and the Servicer, whereupon (if the Servicer or the Indenture Trustee are also named parties to the same action and, in the sole judgment of the Servicer, (i) the Controlling Class Representative had acted in good faith, without gross negligence or willful misconduct, with regard to the particular matter at issue, and there is no potential for the Servicer or the Indenture Trustee to be an adverse party in such action as regards the Controlling Class Representative) the Servicer on behalf of the Indenture Trustee for the benefit of the Noteholders shall, subject to the Servicing Agreement, assume the defense of any such claim against the Controlling Class Representative (with any costs incurred in connection therewith being deemed to be reimbursable Additional Issuer Expenses).

Section 10.06 <u>Certain Rights and Powers of the Controlling Class Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time that the Servicer proposes to transfer the ownership of a Data Center or the ownership of the direct or indirect equity interests of any of the Asset Entities, the Controlling Class Representative shall be entitled to advise the Servicer with respect to such transfer, and notwithstanding anything in any other Section of this Indenture to the contrary, but in all cases subject to Section 10.06(b), the Servicer shall not be permitted to take such action if the Controlling Class Representative has objected in writing within 10 Business Days of having been notified thereof and having been provided with information with respect thereto reasonably requested no later than the fifth Business Day after notice thereof (*provided*, that if such written objection has not been received by the Servicer within such 10 Business Day period, then the Controlling Class Representative's approval will be deemed to have been given).

If the Controlling Class Representative affirmatively approves or is deemed to have approved in writing such a request, the Servicer will implement the action for which approval was sought. If the Controlling Class Representative disapproves of such a request within the 10 Business Day period referred to in the preceding paragraph, the Servicer must (unless it withdraws the request) revise the request and deliver to the Controlling Class Representative a revised request promptly and in any event within 30 days after such disapproval. The Servicer will be required to implement the action for which approval was most recently requested (unless such request was withdrawn by the Servicer) upon the earlier of (x) the failure of the Controlling Class Representative to disapprove a request within 10 Business Days after its receipt thereof and (y) (1) the passage of 60 days following the Servicer's delivery of its initial request to the Controlling Class Representative and (2) the determination by the Servicer in its reasonable good faith judgment that the failure to implement the most recently requested action would violate the Servicer's obligation to act in accordance with the Servicing Standard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything herein to the contrary, (i) the Servicer shall not have any right or obligation to consult with or to seek and/or obtain consent or approval from any Controlling Class Representative prior to acting, and provisions of the Servicing Agreement requiring such shall be of no effect, during the period prior to the initial selection of a Controlling Class Representative and, if any Controlling Class Representative resigns or is removed, during the period following such resignation or removal until a replacement is selected and (ii) no advice, direction or objection from or by the Controlling Class Representative, as contemplated by Section 10.06(a), may (A) require or cause the Servicer to violate applicable law, the terms of the Notes or any provision of the Servicing Agreement, including the Servicer's obligation to act in accordance with the Servicing Standard, (B) expose the Servicer or the Indenture Trustee, or any of their respective Affiliates, officers, directors, members, managers, employees, agents or partners, or the Indenture Trustee, to any claim, suit or liability, or (C) materially expand the scope of the Servicer's responsibilities under the Servicing Agreement. In addition, the Controlling Class Representative may not prevent the Servicer from transferring the ownership of a Data Center or the ownership of any of the direct or indirect equity or partnership interests of the Co-Issuers or any of the Asset Entities (including by way of foreclosure on the equity or partnership interests of the Co-Issuers or the direct or indirect equity interests of Asset Entities) if any Advance is outstanding and the Servicer determines in accordance with the Servicing Standard that such foreclosure would be in the best interest of the Noteholders (taken as a whole).

The Controlling Class Representative shall not be liable to the Noteholders for any action taken, or for refraining from the taking of any action, in good faith pursuant to the Servicing Agreement, or for errors in judgment; *provided, however*, that the Controlling Class Representative shall not be protected against any liability which would otherwise be imposed by reason of willful misconduct, gross negligence or reckless disregard of obligations or duties under the Servicing Agreement. Each Noteholder and Note Owner acknowledges and agrees, by its acceptance of its Notes or interest therein, that the Controlling Class Representative may have special relationships and interests that conflict with those of Noteholders and Note Owners of one or more Classes of Notes, that the Controlling Class Representative may act solely in the interests of the Noteholders and Note Owners of the Controlling Class, that the Controlling Class Representative does not have any duties to the Noteholders and Note Owners of any Class of Notes other than the Controlling Class, that the Controlling Class Representative may take actions that favor the interests of the Noteholders and Note Owners of the Controlling Class over the interests of the Noteholders and Note Owners of one or more other Classes of Notes, that the Controlling Class Representative will not be deemed to have been grossly negligent or reckless, or to have acted in bad faith or engaged in willful misconduct by reason of its having acted solely in the interests of the Controlling Class and that the Controlling Class Representative shall have no liability whatsoever for having so acted, and no Noteholder may take any action whatsoever against the Controlling Class Representative for having so acted or against any director, officer, employee, agent or principal thereof for having so acted.

Section 10.07 <u>Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of Section 10.02, upon the acceleration of the maturity of the Notes pursuant to Section 10.02, the Co-Issuers shall pay to the Indenture Trustee, for the benefit of the Holders of the Notes, the aggregate Class Principal Balances of all Classes of Outstanding Notes and accrued and unpaid interest thereon, with interest upon the overdue principal and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest at the rate borne by the relevant Notes and in addition thereto all other Obligations, including, but not limited to, such further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel and other amounts due and owing to the Indenture Trustee pursuant to Section 11.06.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the provisions of Section 10.02 and Section 15.18, in case the Co-Issuers shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee (or Servicer on its behalf), in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Co-Issuers or the other Obligors and collect in the manner provided by law out of the property of the Co-Issuers or the other Obligors wherever situated, the monies adjudged or decreed to be payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the provisions of Section 15.18, if an Event of Default occurs and is continuing, the Indenture Trustee (or Servicer on its behalf) may, as more particularly provided in Section 10.08, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee (or Servicer on its behalf) shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or any Series Supplement or in aid of the exercise of any power granted in this Indenture or any Series Supplement, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee (or Servicer on its behalf) by this Indenture or any Series Supplement or by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to file and prove a claim or claims for the whole amount of the principal and interest owing and unpaid in respect of Notes, and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for compensation, expenses, disbursements and advances of the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and all other amounts due and owing to the Indenture Trustee pursuant to Section 11.06 and all other amounts due and owing to the Servicer under the Servicing Agreement) and of the Noteholders allowed in such Proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) unless prohibited by applicable law and regulations, to vote on behalf and, at the direction of the Noteholders, in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to collect and receive any monies or other property payable or deliverable on any such claims and to pay all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Noteholders allowed in any judicial proceedings relative to the U.S. Co-Issuer, the Canadian Co-Issuer or any other Obligor, the creditors of the U.S. Co-Issuer, the Canadian Co-Issuer or any other Obligor and its property;

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other amounts due and owing to the Indenture Trustee pursuant to Section 11.06 and all other amounts due and owing to the Servicer under the Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing contained in this Indenture or in any Series Supplement shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any such Noteholder in any such Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person and be a member of a creditors' or other similar committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subject to the provisions of Section 15.18, all rights of action and of asserting claims under this Indenture or in any Series Supplement, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee may be brought in its own name and as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements, advances, amounts owed to and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the benefit of the Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture or any Series Supplement to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder a party to any such Proceedings.

Section 10.08 <u>Remedies</u>. If an Event of Default shall have occurred and be continuing, the Indenture Trustee (or Servicer on its behalf) may do one or more of the following (subject to Section 10.02, Section 10.09, and Section 15.18):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this Indenture, any Series Supplement or any other Transaction Document with respect thereto, whether by declaration or otherwise, enforce any judgment obtained and collect from the U.S. Co-Issuer, the Canadian Co-Issuer and any other Obligor upon such Notes, this Indenture, any Series Supplement or any other Transaction Document monies adjudged due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture or any Series Supplement with respect to the Trust Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) exercise any and all rights and remedies of a secured party under applicable law of any relevant jurisdiction or in equity and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) sell the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) without notice to the Co-Issuers, except as required by law and as otherwise provided in this Indenture, and at any time or from time to time, charge, set-off and otherwise apply all or any part of the Collateral against the Obligations or any part thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) demand, collect, take possession of, receive, settle, compromise, adjust, sue for, foreclose or realize upon the Collateral (or any portion thereof) as the Indenture Trustee (or Servicer on its behalf) may determine.

Section 10.09 <u>Optional Preservation of the Trust Estate</u>. If the maturity of the Notes has been accelerated under Section 10.02 following an Event of Default, and such acceleration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, with the written consent of Noteholders representing more than 50.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes, elect to maintain possession of the Trust Estate and apply proceeds as if there had been no declaration of acceleration. In determining whether to maintain possession of the Trust Estate, the Indenture Trustee may at the Co-Issuers' expense, but need not, obtain and shall be protected in relying upon an opinion of an Independent investment banking or accounting firm of international reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose.

Section 10.10 <u>Limitation of Suits</u>. Subject to the provisions of Section 15.18, no Noteholder shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture or any Series Supplement or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Noteholders by an Affirmative Direction have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such Holder or Holders has offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in complying with such request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Indenture Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no direction inconsistent with such written request has been given to the Indenture Trustee during such 60 day period by Noteholders representing more than 50.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes.

It is understood and intended that no one or more Noteholders shall have any right in any manner whatsoever by virtue of, or by availing of, any provision of this Indenture or any Series Supplement to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture or any Series Supplement, except in the manner provided in this Indenture.

In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders, each representing less than a majority of the aggregate Class Principal Balances of all Classes of Outstanding Notes, no action shall be taken, notwithstanding any other provisions of this Indenture or any Series Supplement. Notwithstanding any provision of this Section 10.10, the Indenture Trustee shall not take any action or permit any action to be taken that is inconsistent with Section 15.18.

Section 10.11 <u>Unconditional Rights of Noteholders to Receive Principal and Interest</u>. Notwithstanding any other provisions in this Indenture or any Series Supplement, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture or any Series Supplement, and such right shall not be impaired without the consent of such Holder.

Section 10.12 <u>Restoration of Rights and Remedies</u>. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture or any Series Supplement and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted.

Section 10.13 <u>Rights and Remedies Cumulative</u>. Except as provided herein, no right or remedy conferred in this Indenture, in any Series Supplement or in any other Transaction Document upon or reserved to the Indenture Trustee (or Servicer on its behalf) or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder, in any Series Supplement or in any other Transaction Document or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, in any Series Supplement, or in any other Transaction Document or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

Section 10.14 <u>Delay or Omission Not a Waiver</u>. No delay or omission of the Indenture Trustee (or Servicer on its behalf) or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or any acquiescence therein. Every right and remedy given by this Article X or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be.

Section 10.15 <u>Waiver of Past Defaults</u>. Prior to the acceleration of the maturity of the Notes as provided in Section 10.02, Noteholders representing more than 50.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes may waive any past Default or Event of Default and its consequences except (i) a Default (a) in the payment of principal of or interest on any of the Notes or (b) in respect of a covenant or provision hereof that cannot be amended, supplemented or modified without the consent of each Noteholder and (ii) before any such waiver may be effective, the Indenture Trustee and the Servicer must receive any reimbursement then due or payable in respect of unreimbursed Advances (including Advance Interest thereon) or any other amounts then due to the Servicer or the Indenture Trustee hereunder or under the other Transaction Documents (including, but not limited to, unpaid Additional Issuer Expenses, and all unpaid fees, expenses, and indemnification due to the Servicer and the Indenture Trustee hereunder and under the other Transaction Documents). Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture or any Series Supplement; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto.

Section 10.16 <u>Undertaking for Costs</u>. All parties to this Indenture or any Series Supplement agree, and each Holder of any Note by such Holder's acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture or any Series Supplement, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant (other than the Co-Issuers) in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorney's fees, against any party litigant (other than the Co-Issuers) in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant (other than the Co- Issuers); but the provisions of this Section 10.16 as may be modified by any Series Supplement shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, representing more than 10.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes or (c) any suit instituted by any Noteholder for the enforcement of the payment of the unpaid principal balance of any Note or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture or any Series Supplement.

Section 10.17 <u>Waiver of Stay or Extension Laws</u>. Each Obligor covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, or plead or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture, any Series Supplement or any Transaction Document; and each Obligor (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not hinder, delay or impede the execution of any power granted in this Indenture to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

Section 10.18 <u>Action on Notes</u>. The Indenture Trustee's right to seek and recover judgment on the Notes or under this Indenture, any Series Supplement or any Transaction Document shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture, any Series Supplement or any Transaction Document. No rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the U.S. Co-Issuer or the Canadian Co-Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the Assets of the U.S. Co-Issuer or the Canadian Co-Issuer.

Section 10.19 <u>Waiver</u>. Each of the U.S. Co-Issuer and the Canadian Co-Issuer hereby expressly waives, to the fullest extent permitted by law, presentment, demand, protest or any notice of any kind in connection with this Indenture or the Collateral. Each of the U.S. Co-Issuer and the Canadian Co-Issuer acknowledges and agrees that 10 days' prior written notice of the time and place of any public sale of the Collateral or any other intended disposition thereof shall be reasonable and sufficient notice to the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, within the meaning of the UCC.

**ARTICLE XI**

**THE INDENTURE TRUSTEE**

Section 11.01 <u>Shared Facilities</u>. At any time, and from time to time, while any of the Notes remain outstanding, at U.S. Co-Issuer's or Canadian Co-Issuer's direction, the Indenture Trustee shall enter into a non-disturbance agreement or other similar agreement, in form and substance reasonably satisfactory to the Servicer, relating to the shared use of Shared Facilities with third parties or Affiliates of the Co-Issuers that are not Asset Entities, which agreement will provide, among other things, that in the event the Indenture Trustee commences a foreclosure or other action, or otherwise exercises any other remedies against any Obligor, the Indenture Trustee will not disturb, terminate or otherwise interfere with the rights of any third parties or Affiliates of the Co-Issuers that are not Asset Entities to use or access the Shared Facilities.

Section 11.02 <u>Duties of Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee, prior to the occurrence of an Event of Default of which a Responsible Officer of the Indenture Trustee has Knowledge and after the curing or waiving of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and shall be liable in accordance herewith only to the extent of such duties. If an Event of Default of which a Responsible Officer of the Indenture Trustee has Knowledge occurs and is continuing, the Indenture Trustee (or the Servicer on its behalf) shall exercise such of the rights and powers vested in it by this Indenture, any Series Supplement and any other Transaction Document, and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of its own affairs. Any permissive right of the Indenture Trustee contained in this Indenture, any Series Supplement or any other Transaction Document shall not be construed as a duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Indenture Trustee which are specifically required to be furnished pursuant to any provision of this Indenture, any Series Supplement or any other Transaction Document, the Indenture Trustee shall examine them to determine whether they conform on their face to the requirements of this Indenture, such Series Supplement or such other Transaction Document. If any such instrument is found not to conform on its face to the requirements of this Indenture, such Series Supplement or such other Transaction Document in a material manner, the Indenture Trustee shall request the person providing such instrument to correct such instrument. The Indenture Trustee shall not be responsible or liable for the accuracy or content of any resolution, certificate, statement, opinion, report, document, order or other instrument furnished by the Co-Issuers, the Guarantors, the Asset Entities, the Other Entities, the Managers, the Servicer, any actual or prospective Noteholder or Note Owner or any Rating Agency, and accepted by the Indenture Trustee in good faith, pursuant to this Indenture, any Series Supplement or any other Transaction Document. The Indenture Trustee shall not be responsible for recomputing, recalculating, certifying or verifying any information provided by the Servicer or the Managers pertaining to any Servicing Report, Monthly Report, any other report, distribution statement, Officer's Certificate, instrument or document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No provision of this Indenture shall be construed to relieve the Indenture Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct; *provided, however*, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Prior to the occurrence of an Event of Default of which a Responsible Officer of the Indenture Trustee has Knowledge, and after the curing or waiving of all Events of Default which may have occurred, the duties and obligations of the Indenture Trustee shall be determined solely by the express provisions of this Indenture, the Indenture Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture or any Series Supplement and no implied covenants or obligations shall be read into this Indenture or any Series Supplement against the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the absence of bad faith on the part of the Indenture Trustee, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates, reports, or opinions or other documents furnished to the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Indenture Trustee shall not be liable for any actions taken or error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Indenture Trustee unless it shall be proved that the Indenture Trustee was negligent in ascertaining the pertinent facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Indenture Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by the Indenture Trustee, in good faith in accordance with this Indenture or the direction of Noteholders representing more than 25.0% (or, as to any particular matter, any higher percentage as may be specifically provided for hereunder) of the aggregate Class Principal Balances of all Classes of Outstanding Notes relating to the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred upon the Indenture Trustee, under this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Indenture Trustee shall not be required to act or to take notice or be deemed to have notice or knowledge of, or to give any notice of, a default, event (including any Event of Default or Servicer Termination Event) or information unless either (1) a Responsible Officer shall have Knowledge of such default, event (including any Event of Default or Servicer Termination Event) or information or (2) written notice of such Event of Default or Servicer Termination Event referring to the Notes, this Indenture and any Series Supplement shall have been received by a Responsible Officer in accordance with the provisions of this Indenture and any Series Supplement. In the absence of receipt of such notice or Knowledge, the Indenture Trustee may conclusively assume that there is no default, Event of Default or Servicer Termination Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Subject to the other provisions of this Indenture, and without limiting the generality of this Section 11.02, the Indenture Trustee shall not have any duty, (A) to cause any recording, filing, or depositing of this Indenture or any Series Supplement or any agreement referred to herein or therein or any financing statement or continuation statement evidencing a security interest, or to cause the maintenance of any such recording or filing or depositing or to any rerecording, refiling or redepositing of any thereof, (B) to see to or cause the maintenance of any insurance, (C) to confirm or verify the truth, accuracy or contents of any reports, certificates or other documentation of the Co-Issuers, the Guarantors, the Asset Entities, the Other Entities, the Managers, the Servicer, any Noteholder or Note Owner or any Rating Agency, delivered to the Indenture Trustee pursuant to this Indenture reasonably believed by the Indenture Trustee to be genuine and without manifest error and to have been signed or presented by the proper party or parties (*provided, however*, the Indenture Trustee may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Indenture Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the U.S. Co-Issuer, the Canadian Co-Issuer and any Asset Entity personally or by agent or attorney), and (D) to see to the payment of any assessment or other governmental charge or any lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Collateral other than from funds available in the Collection Accounts (*provided*, that such assessment, charge, lien or encumbrance did not arise out of the Indenture Trustee's willful misconduct or negligence).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) None of the provisions contained in this Indenture or any Series Supplement shall in any event require the Indenture Trustee to perform, or be responsible for the manner of performance of, any of the obligations of the Servicer under the Servicing Agreement except during such time, if any, as the Indenture Trustee shall be successor to, and be vested with the rights, duties, powers and privileges of, the Servicer in accordance with the terms of this Indenture and the Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The rights, protections, immunities and indemnities given to the Indenture Trustee hereunder are extended to and shall be enforceable by the Person acting as Indenture Trustee hereunder in each of its other capacities hereunder and as Indenture Trustee under the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) If the same Person is acting as Indenture Trustee and Note Registrar, then any notices required to be given by such Person in one such capacity shall be deemed to have been timely given to itself in any other such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Indenture Trustee is hereby directed to execute and deliver any Transaction Document to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing with the Co-Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law, this Indenture or any Series Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Every provision in this Indenture and any Series Supplement that in any way relates to the Indenture Trustee is subject to paragraphs (a) through (f) of this Section 11.02.

Section 11.03 <u>Certain Matters Affecting the Indenture Trustee</u>. Except as otherwise provided in Section 11.02:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Indenture Trustee may conclusively rely upon and shall be protected in acting or refraining from acting upon any resolution, Officers' Certificate, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine and without manifest error and to have been signed or presented by the proper party or parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Indenture Trustee may consult with counsel and any advice or opinion of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder in good faith and in accordance therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Indenture Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Indenture or any Series Supplement or to make any investigation of matters arising hereunder or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Noteholders, unless such Noteholders shall have provided to the Indenture Trustee security or indemnity reasonably satisfactory to the Indenture Trustee against the costs, expenses and liabilities which may be incurred therein or thereby; the Indenture Trustee shall not be required to expend or risk its own funds (except to pay allocable overhead, such as costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses and similar internal costs and expenses) or otherwise incur any liability (financial or otherwise) in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Indenture Trustee shall not be liable for any action reasonably taken, suffered or omitted by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture on any Series Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by Noteholders representing more than 25.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes; *provided, however*, the Indenture Trustee may require an indemnity reasonably satisfactory to the Indenture Trustee against such expense or liability as a condition to taking any such action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Indenture Trustee shall not be required to give any bond or surety in respect of the execution of the trusts created hereby or the powers granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Indenture Trustee may execute any of the trusts or powers vested in it by this Indenture or any Series Supplement and may perform any of its duties hereunder, either directly or by or through agents, attorneys, or custodians, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of any such agent, attorney, or custodian appointed by the Indenture Trustee with due care; *provided*, that the use of agents, attorneys, or custodians shall not be deemed to relieve the Indenture Trustee of any of its duties and obligations hereunder (except as expressly set forth herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Indenture Trustee shall not be responsible for any act or omission of the Servicer (unless, in the case of the Indenture Trustee, it is acting as Servicer), the U.S. Co-Issuer, the Canadian Co-Issuer or any other party to the Transaction Documents and may assume compliance by such parties with their obligations under this Indenture or any related agreements, unless a Responsible Officer of the Indenture Trustee shall have received written notice to the contrary at the Corporate Trust Office of the Indenture Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Indenture Trustee shall not have any obligation or duty to monitor, determine or inquire as to compliance with any restriction on transfer imposed under Article II under this Indenture or under applicable law with respect to any transfer of any Note or any interest therein, other than to require delivery of the certification(s) and/or Opinions of Counsel described in said Article applicable with respect to changes in registration or record ownership of Notes in the Note Register and to examine the same to determine substantial compliance with the express requirements of this Indenture; and the Indenture Trustee and the Note Registrar shall have no liability for transfers, including transfers made through the book-entry facilities of the Depositary or between or among Depositary Participants or Note Owners of the Notes, made in violation of applicable restrictions except for its failure to perform its express duties in connection with changes in registration or record ownership in the Note Register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Indenture Trustee shall not be liable for any losses on investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) in order to comply with laws, rules, regulation and executive orders in effect from time to time including those relating to the funding of terrorist activities and money laundering, the Indenture Trustee may be required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Indenture Trustee, and accordingly, each of the parties hereto agrees to provide the Indenture Trustee upon its reasonable request from time to time such identifying information and documentation as may be reasonably available for such party in order to enable the Indenture Trustee to comply with the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) whenever in the administration of the provisions of this Indenture or any Series Supplement the Indenture Trustee shall deem it necessary (in good faith) that a matter be proved or established as a matter of fact prior to taking or suffering any action or refraining from taking any action, the Indenture Trustee may require an Officer's Certificate or an Opinion of Counsel from the party requesting that the Indenture Trustee act or refrain from acting in form and substance acceptable to the Indenture Trustee, the costs of which (including the Indenture Trustee's reasonable attorney's fees and expenses) shall be paid by the party requesting that the Indenture Trustee act or refrain from acting. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer's Certificate or Opinion of Counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) in no event shall the Indenture Trustee be liable for any failure or delay in the performance of its obligations under any Transaction Document because of circumstances beyond the Indenture Trustee's control, including, but not limited to, a failure, termination, or suspension of a clearing house, securities depositary, settlement system or central payment system in any applicable part of the world or acts of God, flood, war (whether declared or undeclared), civil or military disturbances or hostilities, nuclear or natural catastrophes, political unrest, explosion, severe weather or accident, earthquake, terrorism, fire, riot, labor disturbances, strikes or work stoppages for any reason, embargo, government action, including any laws, ordinances, regulations or the like (whether domestic, federal, state, county or municipal or foreign) which delay, restrict or prohibit the providing of the services contemplated by the Transaction Documents, or the unavailability of communications or computer facilities, the failure of equipment or interruption of communications or computer facilities, or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility, or any other causes beyond the Indenture Trustee's control whether or not of the same class or kind as specified above; *provided* that upon the occurrence of any of the foregoing events, the Indenture Trustee shall use commercially reasonable efforts to resume performance of its obligations as soon as practicable under the circumstances, and, other than if Knowledge of such circumstances is otherwise available to the Co-Issuers and the Servicer, the Indenture Trustee shall provide the Co-Issuers and the Servicer notice of any failure or delay by it as a result of any of the foregoing events as soon as practicable under the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) the Indenture Trustee shall not be liable for failing to comply with its obligations under any Transaction Document in so far as the performance of such obligations is dependent upon the timely receipt of instructions and/or other information from any other Person which are not received or not received by the time required or contain errors or are otherwise incomplete or deficient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the Indenture Trustee shall be fully justified in failing or refusing to take any action under any Transaction Document if such action (A) would be contrary to applicable law or any Transaction Document or (B) is not provided for in the Transaction Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) Knowledge of the Indenture Trustee shall not be attributed or imputed to Wilmington's other roles in the transaction and knowledge of the Paying Agent or the Note Registrar shall not be attributed or imputed to each other or to the Indenture Trustee (other than those where the roles are performed by the same group or division within Wilmington or otherwise share the same Responsible Officers), or any Affiliate, line of business, or other division of Wilmington (and vice versa).

Section 11.04 <u>Indenture Trustee's Disclaimer</u>. The Indenture Trustee (i) shall not be responsible for, and makes no representation, as to the validity, legality, enforceability, sufficiency or adequacy of this Indenture, any Series Supplement, any other Transaction Document or the Notes or as to the correctness of any statement contained therein and (ii) shall not be accountable for the U.S. Co-Issuer's or the Canadian Co-Issuer's use of the Notes, the proceeds from the Notes, or responsible for any statement of the U.S. Co-Issuer and the Canadian Co-Issuer in this Indenture, any Series Supplement, any other Transaction Document or in any document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee's certificate of authentication. The recitals contained herein and in the Notes shall be construed as the statements of the Co-Issuers.

Section 11.05 <u>Indenture Trustee May Own Notes</u>. The Indenture Trustee (in its individual or any other capacity) or any of its respective Affiliates may become the owner or pledgee of Notes with (except as otherwise provided in the definition of "<u>Noteholder</u>") the same rights it would have if it were not the Indenture Trustee or one of its Affiliates, as the case may be.

Section 11.06 <u>Fees and Expenses of Indenture Trustee; Indemnification of the Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each Payment Date, the Indenture Trustee shall withdraw funds on deposit in the Collection Accounts and pay to itself pursuant to Section 5.01(a)(ii) the Indenture Trustee Fee due on such Payment Date as compensation for all services rendered by the Indenture Trustee hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indenture Trustee and any of its Affiliates, directors, officers, employees or agents shall be entitled to be indemnified and held harmless out of the funds available therefor pursuant to Section 5.01(a) for and against any fee, loss, liability, claim, costs or expense (including, without limitation, any reasonable attorneys' fees and expenses, including those incurred in connection with any enforcement, claim or action brought by any such person of any indemnification or other obligation of the Co-Issuers or any other Person pursuant to the Transaction Documents) arising out of, or incurred in connection with, this Indenture, the Notes, (unless, in the case of the Indenture Trustee, it incurs any such expense or liability in the capacity of successor servicer, in which case such expense or liability will be reimbursable thereto in the same manner as it would be for any other Servicer in accordance with the Servicing Agreement) or any act or omission of the Indenture Trustee relating to the exercise and performance of any of the rights and duties of the Indenture Trustee hereunder or any other Transaction Document; *provided, however*, that none of the Indenture Trustee or any of the other above specified Persons shall be entitled to indemnification or reimbursement pursuant to this Section 11.06(b) for (1) any expense that constitutes allocable overhead, such as costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses and similar internal costs and expenses or (2) any loss, liability, damage, claim or expense by reason of any breach on the part of the Indenture Trustee of any of its representations or warranties contained herein or any willful misconduct or negligence in the performance of such Person's obligations and duties hereunder. Without limiting the foregoing, the Co-Issuers agree to indemnify and hold harmless the Indenture Trustee and its Affiliates from and against any liability (including for taxes, penalties or interest asserted by any taxing jurisdiction) arising from amounts on deposit in the Collection Accounts or any income in respect thereof. The Indenture Trustee shall notify the Co-Issuers promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Co-Issuers shall not relieve the Co-Issuers of their obligations hereunder. To the extent the Indenture Trustee (or the Servicer on its behalf) renders services or incurs expenses after an Event of Default specified in Section 10.01(g) or Section 10.01(h), the compensation for services and expenses incurred by it are intended to constitute expenses of administration under any applicable federal, provincial, territorial, state or foreign bankruptcy, insolvency or other similar law now or hereafter in effect. The Indenture Trustee (for itself and on behalf of the Servicer) shall have a lien on the Collateral, as governed by this Indenture, to secure the obligations of the Co-Issuers under this Section 11.06.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything in this Indenture to the contrary, in no event shall the Indenture Trustee be liable for special, indirect, punitive or consequential damages of any kind whatsoever (including but not limited to lost profits), even if the Indenture Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Section 11.06 shall survive the termination or assignment of this Indenture or the resignation or removal of the Indenture Trustee as regards rights and obligations prior to such termination, resignation or removal.

Section 11.07 <u>Eligibility Requirements for Indenture Trustee</u>. The Indenture Trustee hereunder shall not be an Affiliate of the Servicer or any Asset Entity (unless the Indenture Trustee is a successor servicer) and shall at all times be a corporation, bank, trust company or association that: (i) is organized and doing business under the laws of the United States of America or any state thereof or the District of Columbia and authorized under such laws to exercise corporate trust powers; (ii) has a combined capital and surplus of at least $100,000,000; and (iii) is subject to supervision or examination by federal or state authority. If such corporation, bank, trust company or association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation, bank, trust company or association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In addition: (i) the Indenture Trustee shall at all times meet the requirements of Section 26(a)(1) of the Investment Company Act; and (ii) the Indenture Trustee may not have any affiliations or act in any other capacity with respect to the transactions contemplated hereby that would cause PTE 90-24 or PTE 93-31 (in each case as amended by PTE 2000-58 and PTE 2002-41) to be unavailable with respect to any Class of Notes that it would otherwise be available in respect of. Furthermore, the Indenture Trustee shall at all times maintain (or shall have caused to have been appointed a fiscal agent that at all times maintains) a long-term unsecured debt rating of no less than a rating commonly regarded as "investment grade" from Moody's and a short-term unsecured debt rating of no less than a rating commonly regarded as "investment grade" from Moody's, and a long-term unsecured debt rating of no less than a rating commonly regarded as "investment grade" by Fitch Ratings Inc. (or such lower rating with respect to which the Indenture Trustee shall have received Rating Agency Confirmation). The corporation, bank, trust company or association serving as Indenture Trustee may have normal banking and trust relationships with the Asset Entities, the Servicer and their respective Affiliates but, except to the extent permitted or required by the Servicing Agreement, shall not be an "Affiliate" (as such term is defined in Section III of PTE 2000-58) of the Servicer, any sub-servicer, any Initial Purchaser, any Placement Agent, the U.S. Co-Issuer, the Canadian Co-Issuer and the Asset Entities or any "Affiliate" (as such term is defined in Section III of PTE 2000-58) of any such Persons.

Section 11.08 <u>Resignation and Removal of Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee may at any time resign and be discharged from its obligations and duties created hereunder with respect to one or more or all Series of Notes by giving not less than 60 days' prior written notice thereof to the other parties to this Indenture, the Servicer and all of the Noteholders. Upon receiving such notice of resignation, the Co-Issuers shall use their best efforts to promptly appoint a successor indenture trustee meeting the eligibility requirements of Section 11.07 by written instrument, in duplicate, which instrument shall be delivered to the resigning Indenture Trustee and to the successor indenture trustee. A copy of such instrument shall be delivered to the other parties to this Indenture and the Servicer by the Co-Issuers. If no successor indenture trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Indenture Trustee may petition any court of competent jurisdiction for the appointment of a successor indenture trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time the Indenture Trustee shall cease to be eligible in accordance with the provisions of Section 11.07 and shall fail to resign after written request therefor by the Co-Issuers, the Managers or the Servicer, or if at any time the Indenture Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Indenture Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Indenture Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or if the Indenture Trustee's continuing to act in such capacity would (as confirmed in writing to the Co-Issuers by any Rating Agency) result in the qualification, downgrade or withdrawal of the rating then assigned to any Class of Notes rated by such Rating Agency (or the placing of such Class of Notes on negative credit watch or ratings outlook negative status in contemplation of any such action with respect thereto), then the Co-Issuers or Noteholders representing more than 50.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes may remove the Indenture Trustee and appoint a successor indenture trustee by written instrument, in duplicate, which instrument shall be delivered to the Indenture Trustee so removed and to the successor indenture trustee. A copy of such instrument shall be delivered to the other parties to this Indenture and the Servicer by the Co-Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Noteholders representing more than 50.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes may at any time (with or without cause) remove the Indenture Trustee and appoint a successor indenture trustee by written instrument or instruments, in triplicate, signed by such holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to each of the Co-Issuers, one complete set to the Indenture Trustee so removed, and one complete set to the successor indenture trustee so appointed. All expenses incurred by the Indenture Trustee in connection with its transfer of all documents relating to the Notes to a successor indenture trustee following the removal of the Indenture Trustee without cause pursuant to this Section 11.08(c) shall be reimbursed to the removed Indenture Trustee within 30 days of demand therefor, such reimbursement to be made by the Noteholders that terminated the Indenture Trustee; *provided, however,* that if such Noteholders do not reimburse the Indenture Trustee within such 30 day period, such expenses shall be reimbursed as Additional Issuer Expenses. A copy of such instrument shall be delivered to the other parties to this Indenture and the Servicer by the successor indenture trustee so appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any resignation or removal of the Indenture Trustee and appointment of a successor indenture trustee pursuant to any of the provisions of this Section 11.08 shall not become effective until acceptance of appointment by the successor indenture trustee as provided in Section 11.09.

Section 11.09 <u>Successor Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any successor indenture trustee appointed as provided in Section 11.08 shall execute, acknowledge and deliver to the Co-Issuers, the Servicer and its predecessor indenture trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor indenture trustee shall become effective and such successor indenture trustee, without any further act, deed or conveyance, shall become fully vested with all of the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named as indenture trustee herein. The predecessor indenture trustee shall deliver to the successor indenture trustee all documents relating to the Notes held by it hereunder, and the Co-Issuers, the Servicer and the predecessor indenture trustee shall execute and deliver such instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor indenture trustee all such rights, powers, duties and obligations, and to enable the successor indenture trustee to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No successor indenture trustee shall accept appointment as provided in this Section 11.09 unless at the time of such acceptance such successor indenture trustee shall be eligible under the provisions of Section 11.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon acceptance of appointment by a successor indenture trustee as provided in this Section 11.09, such successor indenture trustee shall mail notice of the succession of such indenture trustee hereunder to the Co-Issuers, the Servicer and the Noteholders.

Section 11.10 <u>Merger or Consolidation of Indenture Trustee</u>. Any entity into which the Indenture Trustee may be merged or converted or with which it may be consolidated or any entity resulting from any merger, conversion or consolidation to which the Indenture Trustee shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of the Indenture Trustee shall be the successor of the Indenture Trustee hereunder, *provided*, such entity shall be eligible under the provisions of Section 11.07, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

Section 11.11 <u>Appointment of Co-Indenture Trustee or Separate Indenture Trustee.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provisions hereof, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any of the Notes or property securing the same may at the time be located, for enforcement actions and where a conflict of interest exists, the Indenture Trustee shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Indenture Trustee to act as co - indenture trustee or co-indenture trustees, jointly with the Indenture Trustee, or separate indenture trustee or separate indenture trustees, of the Notes, and to vest in such Person or Persons, in such capacity, such title to the Notes, or any part thereof, and, subject to the other provisions of this Section 11.11, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-indenture trustee or separate indenture trustee hereunder shall be deemed an agent of the Indenture Trustee or be required to meet the terms of eligibility as a successor indenture trustee under Section 11.07, and no notice to holders of Notes of the appointment of co-indenture trustee(s) or separate indenture trustee(s) shall be required under Section 11.09.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of any appointment of a co-indenture trustee or separate indenture trustee pursuant to this Section 11.11, all rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate indenture trustee or co-indenture trustee jointly, except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed (whether as Indenture Trustee hereunder or when acting as successor servicer under the Servicing Agreement), the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations shall be exercised and performed by such separate indenture trustee or co-indenture trustee solely at the direction of the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate indenture trustees and co-indenture trustees, as effectively as if given to each of them. Every instrument appointing any separate indenture trustee or co-indenture trustee shall refer to this Indenture and the conditions of this Article XI. Each separate indenture trustee and co-indenture trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all of the provisions of this Indenture and any Series Supplement, specifically including every provision of this Indenture and any Series Supplement relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any separate trustee or co-trustee may, at any time, constitute the Indenture Trustee, its agent or attorney-in-fact, with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture or any Series Supplement on its behalf and in its name. The Indenture Trustee shall not be responsible or liable for any act, inaction or the appointment of any such trustee or co-trustee. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The appointment of a co-trustee or separate trustee under this Section 11.11 shall not relieve the Indenture Trustee of its duties and responsibilities hereunder.

Section 11.12 <u>Access to Certain Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee shall afford to the Co-Issuers, the Servicer, each Rating Agency and any banking or insurance regulatory authority that may exercise authority over any Noteholder or Note Owner, access on a password protected website (currently wilmingtontrustconnect.com) to any documentation reasonably requested regarding the Notes that are in its possession. Such access shall be afforded without charge but only upon reasonable prior written request and during normal business hours at the Corporate Trust Office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indenture Trustee shall maintain at the Corporate Trust Office and, upon reasonable prior written request and during normal business hours, shall make available, or cause to be made available, for review by the Co-Issuers, the Rating Agencies and, subject to the satisfaction of the conditions set forth in Section 11.12(c), any Holder of a Note of any Series, any Note Owner of a Note of any Series or any Person identified to the Indenture Trustee as a prospective Transferee of a Note of any Series or an interest therein (a "<u>Requesting Party</u>"), originals and/or copies of the following items (to the extent that such items were prepared by or delivered to the Indenture Trustee):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Offering Memorandum, if applicable, relating to such Series of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this Indenture, and the Series Supplement relating to such Series of Notes and any amendments and exhibits hereto or thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Cash Management Agreement and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Servicing Agreement and any amendments and exhibits thereto; thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Management Agreements and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the U.S. Guarantee and Security Agreement and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Canadian Guarantee and Security Agreement and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Assignment/Contribution Agreements and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) all Monthly Reports and Indenture Trustee Reports actually delivered or otherwise made available to Noteholders pursuant to Section 11.12(e) since the Closing Date with respect to such Series of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the most recent audited or unaudited consolidated Financial Statements of the Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the most recent appraisals with respect to the Data Centers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any other information in the possession of the Indenture Trustee that may be necessary to satisfy the requirements of subsection (d)(4)(i) of Rule 144A under the Securities Act (as determined by the Issuer or Co-Issuer);

*provided* that, with respect to clause (x) hereof, upon mutual agreement of the Obligors, the Series 2020-1 Class A- 1 Administrative Agent and the Controlling Class Representative, such items may be delivered by a third-party service provider other than the Indenture Trustee.

The Indenture Trustee shall make available on a password protected website (currently wilmingtontrustconnect.com) copies of any and all of the foregoing items to any of the Persons set forth in the previous sentence promptly following request therefor by such Person; *provided, however*, that except in the case of the Rating Agencies, the Indenture Trustee shall be permitted to require payment of a sum sufficient to cover the reasonable costs and expenses of providing such copies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon reasonable advance notice and at the expense of the Co-Issuers, the Indenture Trustee shall make available on a password protected website (currently wilmingtontrustconnect.com) to such Requesting Party copies of (i) all items delivered to it pursuant to Section 7.02 and (ii) the documents and information described in clauses (i) through (x) of Section 11.12(b); *provided*, that the Requesting Party furnish to the Indenture Trustee a written certification substantially in the form attached hereto as Exhibit D-1, in the case of a Requesting Party that is a Holder of a Note or a Note Owner, or Exhibit D-2, in the case of a Requesting Party that is a prospective Transferee of a Note or an interest therein, to the effect that (x) in the case of a Noteholder, such Person or entity will keep such information confidential (except that any Noteholder may provide any such information obtained by it to any other person or entity that holds or is contemplating the purchase of any Note or interest therein; *provided* that such other person or entity confirms to such Noteholder in writing such Ownership Interest or prospective Ownership Interest and agrees to keep such information confidential); (y) in the case of a Note Owner, such person or entity is a beneficial owner of Notes held in book-entry form and will keep such information confidential (except that such Note Owner may provide such information to any other Person or entity that holds or is contemplating the purchase of any Note or interest therein; *provided* that such other person or entity confirms to such Note Owner in writing such Ownership Interest or prospective Ownership Interest and agrees to keep such information confidential) and (z) in the case of a Person identified to the Indenture Trustee as a prospective Transferee of a Note or an interest therein, such person or entity is a bona fide prospective purchaser of a Note or an interest therein, is requesting the information for use in evaluating a possible investment in Notes and will otherwise keep such information confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Based on information provided in the Servicing Report, which will be based on information provided in the Monthly Report, which Monthly Report is delivered to the Indenture Trustee not later than five Business Days prior to each Scheduled Application Date (or, if applicable, on information provided in the Omitted Payable Sums Certification), and any currency conversion direction letter from the Managers (each, a "<u>Currency Conversion Direction Letter</u>"), substantially in the form attached as Exhibit F, which Currency Conversion Direction Letter is delivered to the Indenture Trustee at least five Business Days prior to any Application Date, the Indenture Trustee shall compile a report specifying the payments made in respect of the Notes on each Payment Date, a restatement of the calculation of the DSCR as of the last day of the preceding calendar month and the three-month average DSCR as of the last day of the preceding calendar month and such comments as may be required pursuant to Section 2.09(e) of the Servicing Agreement (the "<u>Indenture Trustee Report</u>"), substantially in the form attached as Exhibit E, which Indenture Trustee Report shall include, among other things, a copy of the related Monthly Report from the Managers and any Currency Conversion Direction Letter from the Managers on which such Indenture Trustee Report is compiled (in each case to the extent such information is provided to the Indenture Trustee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Indenture Trustee shall make available to the Noteholders the following reports received by the Indenture Trustee pursuant to this Indenture on a password protected website (currently wilmingtontrustconnect.com):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on or before the first Payment Date after the Initial Closing Date, the information required by Section 4(c)(1)(ii) of the U.S. Risk Retention Rules (as delivered to the Indenture Trustee by the Co-Issuers for which the Indenture Trustee has no liability or oversight obligations as to the accuracy or completeness of such information or its sufficiency for any purpose).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on or before each Payment Date, a copy of the Monthly Report and the Indenture Trustee Report for such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as promptly as practicable after receipt, a copy of the Financial Statements for each fiscal year of the Co-Issuers delivered to the Indenture Trustee pursuant to Section 7.02(a)(i); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) as promptly as practicable after receipt, a copy of the Financial Statements for each fiscal quarter of the Co-Issuers delivered to the Indenture Trustee pursuant to Section 7.02(a)(ii);

*provided* that, with respect to clauses (iii) and (iv) hereof, upon mutual agreement of the Obligors, the Series 2020-1 Class A-1 Administrative Agent and the Controlling Class Representative, such items may be delivered by a third-party service provider other than the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Indenture Trustee shall not be liable for providing or disseminating information in accordance with the terms of this Indenture.

Section 11.13 <u>Quebec Hypothecary Representative</u>. For the purposes of the hypothecs which may now or in the future be required to be provided by any Obligor under the laws of the Province of Quebec, each of the Noteholders hereby irrevocably authorises appoints and designates each Indenture Trustee (and successor thereto) to act as the hypothecary representative ("fondé de pouvoir") within the meaning of Article 2692 of the Civil Code of Quebec for all present and future Noteholders and other creditors of the Obligations (in such capacity the "Hypothecary Representative") in order to hold any hypothec granted under the laws of the Province of Quebec as security for the Obligations and to exercise such rights and duties as are conferred upon the Hypothecary Representative under the relevant deed of hypothec and applicable laws (with the power to delegate any such rights or duties). The execution prior to the date hereof by the Indenture Trustee in its capacity as the Hypothecary Representative of any deed of hypothec or other security documents made pursuant to the laws of the Province of Quebec is hereby ratified and confirmed. Any Person who becomes a Noteholder or other creditor of the Obligations shall be deemed to have consented to and ratified the foregoing appointment of the Indenture Trustee as the Hypothecary Representative on behalf of all Noteholders and other creditors of the Obligations. For greater certainty, the Indenture Trustee acting as the Hypothecary Representative, shall have the same rights, powers, immunities, indemnities and exclusions from liability as are prescribed in favour of the Indenture Trustee in this Indenture, which shall apply mutatis mutandis. In the event of the resignation of the Indenture Trustee (which shall include its resignation as Hypothecary Representative) and appointment of a successor Indenture Trustee, such successor Indenture Trustee shall also act as the Hypothecary Representative on behalf of the Noteholders and other creditors of the Obligations, as contemplated above. Each such successor Indenture Trustee without further act or formality (other than the filing of a notice of replacement in the applicable register in accordance with Article 2692 of the Civil Code of Québec for the purposes of exercising the rights relating to any hypothec) shall automatically become the successor Hypothecary Representative under each then existing deed of hypothec. Notwithstanding anything to the contrary, this provision shall be governed and construed under the internal laws of the Province of Quebec.

**ARTICLE XII**

**NOTEHOLDERS' LISTS, REPORTS AND MEETINGS**

Section 12.01 <u>Co-Issuers to Furnish Indenture Trustee Names and Addresses of Noteholders</u>. The Co-Issuers shall furnish or cause to be furnished, to the Indenture Trustee (a) not more than three Business Days prior to each Payment Date a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Holders of Definitive Notes as of such date and (b) at such other times as the Indenture Trustee may request in writing, within 30 days after receipt by the Co-Issuers of any such request, a list of similar form and content as of a date not more than 10 days prior to the time such list is furnished;

*provided, however*, that the Co-Issuers shall not be required to furnish such list so long as the Indenture Trustee is the Note Registrar.

Section 12.02 <u>Preservation of Information; Communications to Noteholders</u>. The Indenture Trustee shall cause the Note Registrar to preserve in as current a form as is reasonably practicable, the names and addresses of Holders of Definitive Notes received by the Note Registrar and the names and addresses of the Holders of Definitive Notes contained in the most recent list furnished to the Indenture Trustee as provided in Section 12.01. The Indenture Trustee may destroy any list furnished to it as provided in such Section 12.01 upon receipt of a new list so furnished.

Section 12.03 <u>Voting by Noteholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 100% of the Voting Rights will be allocated among the respective Classes of Notes according to the ratio of the Class Principal Balance of each Class of Outstanding Notes to the aggregate Class Principal Balances of all Classes of Outstanding Notes. Voting Rights allocated to a Class of Notes will be allocated among the Notes of such Class in proportion to the Percentage Interest in such Class evidenced thereby. Notes held by the U.S. Co-Issuer or the Canadian Co-Issuer or any of their Affiliates shall be deemed not to be Outstanding in determining Voting Rights. In the event that the Class A Notes are the Controlling Class, the Controlling Class will be comprised of all Class A Notes, collectively, based on the outstanding principal amounts of such Class A Notes (assuming the full amount of the Class A-1 Commitment Amount that is permitted to be drawn on such date is fully drawn).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided in this Indenture or any Series Supplement, all resolutions of Noteholders shall be passed by Noteholders representing more than 50.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes. Book-Entry Notes shall be voted by the Depositary on behalf of the Beneficial Owners thereof in accordance with written instructions received in accordance with Applicable Procedures of the Depositary.

Section 12.04 <u>Communication by Noteholders with other Noteholders</u>. Noteholders may communicate pursuant to Section 3.12(b) of the Trust Indenture Act of 1939, as amended, with other Noteholders with respect to their rights under this Indenture, any Series Supplement or the Notes. If any Noteholder makes written request to the Note Registrar, and such request states that such Noteholder desires to communicate with other Noteholders with respect to their rights under this Indenture or under the Notes and such request is accompanied by a copy of the communication that such Noteholder proposes to transmit, then the Note Registrar shall, within 30 days after the receipt of such request, afford the requesting Noteholder access during normal business hours to, or deliver to the requesting Noteholder a copy of, the most recent list of Noteholders held by the Note Registrar (which list shall be current as of a date no earlier than 30 days prior to the Note Registrar's receipt of such request). Every Noteholder, by receiving such access, acknowledges that neither the Note Registrar nor the Indenture Trustee will be held accountable in any way by reason of the disclosure of any information as to the names and addresses of any Noteholder regardless of the source from which such information was derived.

**ARTICLE XIII**

**INDENTURE SUPPLEMENTS**

Section 13.01 <u>Indenture Supplements without Consent of Noteholders</u>. Without the consent of the Noteholders, the Co-Issuers and the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more Indentures Supplements at the expense of the party requesting the supplement or amendment to this Indenture, any Series Supplement or any Notes, in form satisfactory to the Indenture Trustee for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to correct any typographical error or cure any ambiguity, or to cure, correct or supplement any defective or inconsistent provision in this Indenture, any Series Supplement or any Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to conform any provision of this Indenture to the description thereof contained in any Offering Memorandum relating to the Series of Notes issued on the Initial Closing Date or any provision of any Series Supplement relating to a Series of Notes or of any provision of any Notes of any Series to the description thereof contained in any Offering Memorandum relating to the Notes of such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to convey, transfer, assign, mortgage or pledge any property to the Indenture Trustee (on behalf of the Noteholders) as security for the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to modify this Indenture, any Series Supplement or any Notes as required or made necessary by any change in applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to add to the covenants of the Obligors or any other party for the benefit of the Noteholders, or to surrender any right or power conferred upon the Obligors in this Indenture or any Series Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to issue a Series of Notes pursuant to a Series Supplement in accordance with Section 2.13(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to comply with any requirements imposed by the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to prevent the Co-Issuers, the Noteholders or the Indenture Trustee from being subject to taxes (including, without limitation, withholding taxes), fees or assessments, or to reduce or eliminate any such taxes, fees or assessments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to evidence and provide for the acceptance of appointment by a successor indenture trustee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) for any other purpose;

*provided*, that (x) any such amendment of this Indenture, any Series Supplement or any Notes (1) will not adversely affect in any material respect the interests of any Noteholder (as evidenced by a Rating Agency Confirmation) and (2) will not diminish any rights or remedies or increase any liabilities or obligations of the Servicer hereunder, under the Servicing Agreement or under any other Transaction Document without the consent of the Servicer, and (y) in connection with any supplement or amendment for purposes described in clauses (iii), (iv), (v), (vii) or (x) above, the Co-Issuers receive an Opinion of Counsel (which opinion may contain similar assumptions and qualifications as are contained in the Opinion of Counsel with respect to the tax treatment of the Notes delivered on the Initial Closing Date) to the effect that such supplement or amendment will not (1) cause any of the Continuing Notes to be deemed to have been exchanged for a new debt instrument pursuant to Treasury Regulations § 1.1001-3, (2) cause the U.S. Co-Issuer or the Canadian Co-Issuer to be taxable as other than a partnership or disregarded entity for U.S. federal income tax purposes or (3) cause any of the Continuing Notes to be characterized as other than indebtedness for U.S. federal income tax purposes.

In addition, the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may, without the consent of the Noteholders, enter into any amendment of any other Transaction Document with the parties to such Transaction Document or provide its consent to any amendment of any other Transaction Document, in each case in accordance with the terms of such Transaction Document; *provided*, that (x) either (1) such amendment will not adversely affect in any material respect the interests of any Noteholder (as evidenced by a Rating Agency Confirmation) or (2) the Indenture Trustee shall have received the consent of the Noteholders as and to the same extent such consent would be required for an Indenture Supplement pursuant to Section 13.02, and (y) such amendment will not diminish any rights or remedies or increase any liabilities or obligations of the Servicer under the Servicing Agreement or under any other Transaction Document without the consent of the Servicer; *provided* that any consent by the Indenture Trustee required by the provisions of Section 9(j)(ii) of the limited liability company agreement of the U.S. Co-Issuer or of the U.S. Guarantor shall require the prior direction of Noteholders representing more than 50.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes. In executing any amendment to, or providing its consent to any amendment of, any Transaction Document in accordance with this Section 13.01, the Indenture Trustee shall be entitled to receive, and, subject to Section 11.03, shall be fully protected in relying upon, an Officer's Certificate of the Co-Issuers and an Opinion of Counsel stating that the execution of such amendment or the giving of such consent is authorized or permitted by this Indenture.

Section 13.02 <u>Indenture Supplements with Consent of Noteholders</u>. The Co-Issuers and the Indenture Trustee, when authorized by an Issuer Order, with a prior direction of Noteholders representing more than 50.0% of the Voting Rights of each Class of Notes adversely affected thereby and without prior notice to any other Noteholder, also may amend, supplement or modify this Indenture, any Series Supplement or any Notes or waive compliance by the Co-Issuers with any provision of this Indenture, any Series Supplement or the Notes; *provided, however*, that no such amendment, modification, supplement or waiver may, without the consent of the Holder of each Note affected thereby (including any tax consequences) and with respect to clause (viii) below, without the consent of the Servicer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) change the Anticipated Repayment Date for any Series or the Rated Final Payment Date for any Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reduce the amounts required to be paid on the Notes of any Series on any Payment Date, the Anticipated Repayment Date for such Series or the Rated Final Payment Date for such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) change the place of payments on the Notes of any Series on any Payment Date, the Anticipated Repayment Date for such Series or the Rated Final Payment Date for such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) change the coin or currency in which the principal of any Note or interest thereon is payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) impair the right of a Noteholder to institute suit for the enforcement of any payment on or with respect to any Note on or after the maturity thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) reduce the percentage of the unpaid principal balances of any of the Notes, the consent of whose Holders is required for such amendment or eliminate the requirement that affected Noteholders consent to any amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) change any obligation of the Co-Issuers to maintain an office or agency in the places and for the purposes set forth in this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) diminish any rights or remedies or increase any liabilities or obligations of the Servicer hereunder, under the Servicing Agreement or under any other Transaction Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) permit the creation of any lien ranking prior to or on parity with the lien of the Noteholders with respect to the Collateral or, except as otherwise permitted or contemplated in this Indenture or any Series Supplement terminate the lien of the Noteholders on such Collateral or deprive the Noteholders of the security afforded by such.

In determining whether a proposed amendment would adversely affect any Class of Notes, the Indenture Trustee may rely conclusively on and shall be fully protected in relying on a certificate of an Executive Officer of the Co-Issuers.

It shall not be necessary for any Act of the Noteholders under this Section 13.02 to approve the particular form of any proposed Indenture Supplement, but it shall be sufficient if such Act shall approve the substance thereof.

Notwithstanding anything to the contrary in this Section 13.02, a Series Supplement entered into for the purpose of issuing Additional Notes the issuance of which complies with the terms of this Indenture shall not require the consent of any Noteholder.

Promptly after the execution by the Co-Issuers and the Indenture Trustee of any Indenture Supplement pursuant to this Section 13.02, the Indenture Trustee shall mail to the Holders of the Notes and the Servicer a copy of such Indenture Supplement. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such Indenture Supplement.

Section 13.04 <u>Effect of Indenture Supplement</u>. Upon the execution of any Indenture Supplement pursuant to the provisions hereof, this Indenture, any Series Supplement affected by such Indenture Supplement and/or any Notes affected by such Indenture Supplement shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture, such Series Supplement and/or such Notes of the Indenture Trustee, the Servicer, the Co-Issuers and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder and thereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such Indenture Supplement shall be and be deemed to be part of the terms and conditions of this Indenture, such Series Supplement and/or such Notes for any and all purposes.

Section 13.05 <u>Reference in Notes to Indenture Supplements</u>. Notes authenticated and delivered after the execution of any Indenture Supplement pursuant to this Article XIII may bear a notation in form approved by the Indenture Trustee as to any matter provided for in such Indenture Supplement. If the Co-Issuers shall so determine, new Notes so modified as to conform, in the opinion of the U.S. Co-Issuer or the Canadian Co-Issuer, to any such Indenture Supplement may be prepared and executed by the Co-Issuers and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes.

**ARTICLE XIV**

**PLEDGE OF OTHER COMPANY COLLATERAL**

Section 14.01 <u>Grant of Security Interest/UCC and PPSA Collateral</u>. Each Obligor hereby grants to the Indenture Trustee, on behalf of the Noteholders, a security interest in and to all of its fixtures (as defined in the UCC or PPSA, as applicable), personal property and other property whether now owned or hereafter acquired and wherever located, including, but not limited to the following: all (i) equipment (as defined in the UCC) or goods other than inventory (as defined in the PPSA) (as applicable), all parts thereof and all accessions thereto, including but not limited to machinery, computer equipment, switches, furniture, motor vehicles, aircraft and rolling stock, (ii) fixtures, all substitutes and replacements therefor, all accessions and attachments thereto, and all tools, parts and equipment now or hereafter added to or used in connection with the fixtures (including, without limitation, proceeds which constitute property of the types described herein), (iii) accounts (as defined in the UCC or PPSA, as applicable), (iv) inventory (as defined in the UCC or PPSA, as applicable), (v) general intangibles, or intangibles (as defined in the UCC or PPSA, as applicable), (vi) investment property (as defined in the UCC or PPSA, as applicable), (vii) deposit accounts (as defined in the UCC), (viii) instruments and chattel paper (each as defined in the UCC or PPSA, as applicable), (ix) 100% of the ownership interests in each Asset Entity and Other Entity, (x) each written contract or agreement, or series of related written agreements, by any Obligor relating to the ownership, management, use, operation, co-location, leasing, maintenance, repair or improvement of the Data Centers (including all rights to payment thereunder, but excluding any other rights that cannot be assigned without third-party consent under such agreement), (xi) Tenant Leases, with respect to Data Center Space located in the Data Centers, and the proceeds of the foregoing (collectively, the "<u>Other Company Collateral</u>"), as security for payment and performance of all of the Obligations. The Other Company Collateral shall not include any fixtures, equipment or other property owned by any Tenant or any other third-party.

The Co-Issuers, the Asset Entities and the Other Entities hereby authorize the Indenture Trustee (without obligation) to file such financing statements as the Indenture Trustee shall deem reasonably necessary to perfect the Indenture Trustee's, on behalf of the Noteholders, interest in the Other Company Collateral. The Co-Issuers and the Asset Entities authorize the Indenture Trustee to use the collateral description "all personal property" or similar variation in any such financing statements. The Co-Issuers, the Asset Entities and the Other Entities hereby ratify and authorize the filing by the Indenture Trustee of any financing statement with respect to the Other Company Collateral made prior to the date hereof.

If the grant of the security interests with respect to any contract, intellectual property right or permit hereunder would result in the termination or breach of such contract, intellectual property right or permit, or is otherwise prohibited or ineffective (whether by the terms thereof or under applicable law), then such contract, intellectual property right or permit shall not be subject to the security interests but shall be held in trust by the applicable Obligor for the benefit of the Indenture Trustee (for its own benefit and for the benefit of the Noteholders) and, on the exercise by the Indenture Trustee of any of its rights or remedies under this Indenture following an Event of Default shall be assigned by such Obligor as directed by the Indenture Trustee. In addition, the security interests granted hereby do not attach to consumer goods (as defined in the PPSA) or extend to the last day of the term of any lease or agreement for lease of real property. Such last day shall be held by the applicable Obligor in trust for the Indenture Trustee (for its own benefit and for the benefit of the Noteholders) and, on the exercise by the Indenture Trustee of any of its rights or remedies under this Indenture following an Event of Default, shall be assigned by such Obligor as directed by the Indenture Trustee.

Each Obligor confirms that value has been given by the Noteholders to such Obligor, that such Obligor has rights in its Collateral existing at the date of this Indenture, and that such Obligor and the Indenture Trustee have not agreed to postpone the time for attachment of the Security Interests to any of the Collateral of such Obligor.

Upon the occurrence and during the continuance of any Event of Default, the Indenture Trustee shall have all rights and remedies pertaining to the Other Company Collateral as are provided for in any of the Transaction Documents or under any applicable law including the Indenture Trustee's rights of enforcement with respect to the Other Company Collateral or any part thereof, exercising its rights of enforcement with respect to the Other Company Collateral or any part thereof under the PPSAs, UCC (or under the Uniform Commercial Code in force in any other state to the extent the same is applicable law) and in conjunction with, in addition to, or in substitution for, such rights and remedies of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee may enter upon the premises of an Obligor to take possession of, assemble and collect the Other Company Collateral or to render it unusable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indenture Trustee may require an Obligor to assemble the Other Company Collateral and make it available at a place the Indenture Trustee designates which is mutually convenient to allow the Indenture Trustee to take possession or dispose of the Other Company Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent a Responsible Officer of the Indenture Trustee has Knowledge thereof, written notice mailed to the Co-Issuers as provided herein at least 5 days prior to the date of public sale of the Other Company Collateral or prior to the date after which private sale of the Other Company Collateral will be made shall constitute reasonable notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event of a foreclosure sale, the Other Company Collateral and the other Collateral may, at the option of the Indenture Trustee, be sold as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It shall not be necessary that the Indenture Trustee take possession of the Other Company Collateral or any part thereof prior to the time that any sale pursuant to the provisions of this section is conducted and it shall not be necessary that the Other Company Collateral or any part thereof be present at the location of such sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Prior to application of proceeds of disposition of the Other Company Collateral to the Obligations, such proceeds shall be applied to the reasonable expenses of retaking, holding, preparing for sale or lease, selling, leasing and the like and the reasonable attorneys' fees and legal expenses incurred by the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any and all statements of fact or other recitals made in any bill of sale or assignment or other instrument evidencing any foreclosure sale hereunder as to nonpayment of the Obligations or as to the occurrence of any default, or as to the Indenture Trustee having declared all Obligations to be due and payable, or as to notice of time, place and terms of sale and of the properties to be sold having been duly given, or as to any other act or thing having been duly done by the Indenture Trustee, shall be taken as prima facie evidence of the truth of the facts so stated and recited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Indenture Trustee may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by the Indenture Trustee, including the sending of notices and the conduct of the sale, but in the name and on behalf of the Indenture Trustee.

**ARTICLE XV**

**MISCELLANEOUS**

Section 15.01 <u>Compliance Certificates and Opinions, etc</u>. Upon any application or request by the Co-Issuers to the Indenture Trustee or the Servicer to take any action under any provision of this Indenture, any Series Supplement or any other Transaction Document, the Co-Issuers shall furnish to the Indenture Trustee and Servicer (i) an Officer's Certificate of the Co-Issuers stating that all conditions precedent, if any, provided for in this Indenture, such Series Supplement or such Transaction Document relating to the proposed action have been complied with, when reasonably requested by the Indenture Trustee or the Servicer, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, and (iii) if applicable, an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this Section 15.01, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, any Series Supplement or any Transaction Document, no additional certificate or opinion need be furnished.

Every certificate or opinion provided by or on behalf of the Co-Issuers with respect to compliance with a condition or covenant provided for in this Indenture, or any Series Supplement or any other Transaction Document shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions in this Indenture, in such Series Supplement or such other Transaction Document relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with.

Nothing herein shall be deemed to require either the Indenture Trustee or the Servicer to confirm, represent or warrant the accuracy of (or to be liable or responsible for) any other Person's information or report, including any communication from the U.S. Co-Issuer, the Canadian Co-Issuer, any Asset Entity, any Guarantor or any Manager. In connection with the performance of its obligations hereunder and under the other Transaction Documents each of the Indenture Trustee and the Servicer shall be entitled to rely upon any written information or certification (without any obligation to investigate the accuracy or completeness of any information or certification set forth therein) or recommendation provided to it by the Managers, and neither the Indenture Trustee nor the Servicer shall have any liability with respect thereto.

Section 15.02 <u>Form of Documents Delivered to Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any certificate or opinion of an Authorized Officer of the U.S. Co-Issuer or the Canadian Co-Issuer may be based, insofar as it relates to legal matters, upon a certificate or Opinion of Counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which such Officer's Certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the U.S. Co-Issuer or the Canadian Co-Issuer, stating that the information with respect to such factual matters is in the possession of the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, unless such officer or officers of the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, or such counsel, knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where any Person is required to make, give or execute two or more applications, requests, comments, certificates, statements, opinions or other instruments under this Indenture, any Series Supplement or any other Transaction Document, they may, but need not, be consolidated and form one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whenever in this Indenture, any Series Supplement or any other Transaction Document, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Co-Issuers and/or the Asset Entities shall deliver any document as a condition of the granting of such application, or as evidence of the U.S. Co-Issuer's, the Canadian Co-Issuer's and/or the Asset Entities' compliance with any term hereof, in any Series Supplement or any other Transaction Document, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Co-Issuers and/or the Asset Entities to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee's or Servicer's right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article XI.

Section 15.03 <u>Acts of Noteholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture or any Series Supplement to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as otherwise expressly provided in this Indenture or in any Series Supplement such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Co-Issuers. Such instrument or instruments (and the action embodied in this Indenture or in any Series Supplement and evidenced thereby) are sometimes referred to in this Indenture as the "<u>Act</u>" of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture or any Series Supplement and (subject to Article XI) conclusive in favor of the Indenture Trustee and the Co-Issuers, if made in the manner provided in this Section 15.03.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The fact and date of the execution by any Person of any such instrument or writing may be proved in any reasonable manner which the Indenture Trustee deems sufficient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The ownership, principal balance and serial numbers of the Notes, and the date of holding the same, shall be proved by the Note Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Co-Issuers shall solicit from Noteholders any request, demand, authorization, direction, notice, consent, waiver or other Act, the Co-Issuers may, at their option, fix in advance a record date for the determination of Noteholders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Co-Issuers shall have no obligation to do so. Any such record date shall be fixed at the Co-Issuers' discretion. If not set by the Co-Issuers prior to the first solicitation of a Noteholder made by any Person in respect of any such matters referred to in the foregoing sentence, such record date shall be the date 30 days prior to such first solicitation of Noteholders. If such a record date is fixed, such request, demand, authorization, direction, notice, consent and waiver or other Act may be sought or given before or after the record date, but only the Noteholders of record at the close of business on such record date shall be deemed to be Noteholders for the purpose of determining whether Noteholders of the requisite proportion of the Outstanding Notes have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Notes shall be computed as of such record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee, the Servicer or the Co-Issuers in reliance thereon, whether or not notation of such action is made upon such Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Without limiting the foregoing, a Noteholder entitled hereunder or under any Series Supplement to take any action hereunder or thereunder with regard to any Note may do so with regard to all or any part of the principal balance of such Note or by one or more appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal balance of such Note.

Section 15.04 <u>Notices; Copies of Notices and Other Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture shall be in writing and if such request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders is to be made upon, given or furnished to or filed with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Indenture Trustee by any Noteholder or by any Obligor shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at the Corporate Trust Office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the U.S. Co-Issuer and the Canadian Co-Issuer by the Indenture Trustee, the Servicer, or by any Noteholder shall be sufficient for every purpose hereunder if in writing and mailed first-class, postage prepaid and by facsimile or e-mail to the U.S. Co-Issuer and the Canadian Co-Issuer addressed to: Compass Datacenters Issuer, LLC, Compass Datacenters Canada Issuer Limited Partnership, c/o Compass Datacenters, LLC, 14555 North Dallas Parkway, Suite 125, Dallas, Texas 75254, Attention: Jared Day, with a copy to DLA Piper LLP (US), 500 Eighth Street, NW, Washington, D.C. 20004, Attention: David L. Ridenour. The Co-Issuers shall promptly transmit any notice received by them from the Noteholders to the Indenture Trustee and Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice to be given to the Indenture Trustee hereunder shall also be given to the Note Registrar and the Servicer in writing, personally delivered, faxed, e-mailed or mailed by certified mail and shall not be deemed given to the Indenture Trustee until also given to the Note Registrar and the Servicer; *provided, however*, that only one notice to the Indenture Trustee shall be necessary at any time that the Indenture Trustee is also the Note Registrar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any notice, and copies of any reports, certificates, schedules, statements, documents or other information to be given to the Indenture Trustee by the Co-Issuers, the Guarantors or the Asset Entities hereunder shall also be simultaneously given to the Servicer in writing, personally delivered, faxed, e-mailed or mailed by certified mail and shall not be deemed given to the Indenture Trustee until also given to the Servicer; *provided, however*, that only one notice or copy of such reports, certificates, schedules, or other information required to be given to the Indenture Trustee shall be necessary at any time that the Indenture Trustee is also the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notices required to be given to the Rating Agencies by the Co-Issuers and/or the Asset Entities or the Indenture Trustee shall be in writing, personally delivered, faxed, mailed by certified mail or e-mailed to the addresses specified in the Series Supplement for any Series of Notes.

Section 15.05 <u>Notices to Noteholders; Waiver</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where this Indenture or any Series Supplement provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise expressly provided in this Indenture or in such Series Supplement) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner provided in this Indenture shall conclusively be presumed to have been duly given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where this Indenture or any Series Supplement provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture or any Series Supplement, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Where this Indenture or any Series Supplement provides for notice to the Rating Agencies, failure to give such notice to the Rating Agencies shall not affect any other rights or obligations created hereunder or under any Series Supplement, and shall not under any circumstance constitute a Default or Event of Default.

Section 15.06 <u>Payment and Notice Dates</u>. All payments to be made and notices to be delivered pursuant to this Indenture, any Series Supplement or any other Transaction Document shall be made by the responsible party as of the dates set forth in this Indenture, in such Series Supplement or in such other Transaction Document.

Section 15.07 <u>Effect of Headings and **Table of Contents**</u>. The Article and Section headings in this Indenture or in any Series Supplement and the **Table of Contents** are for convenience only and shall not affect the construction hereof or thereof.

Section 15.08 <u>Successors and Assigns</u>. All covenants and agreements in this Indenture, any Series Supplement and the Notes by the Obligors shall bind their successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture and any Series Supplement shall bind its successors, co-trustees and agents.

Section 15.09 <u>Severability; Entire Agreement</u>. In case any provision in this Indenture or any Series Supplement or in the Notes of any Series shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. This Agreement constitutes the entire agreement between the parties hereto, and no oral statements or prior written matter not specifically incorporated herein shall be of any force or effect.

Section 15.10 <u>Benefits of Indenture</u>. Subject to Section 13.01 and Section 13.02 and Article XI, nothing in this Indenture, any Series Supplement or in the Notes, express or implied, shall give to any Person, other than the parties hereto, the Servicer and their successors hereunder, the Noteholders and any other party secured hereunder or under any such Series Supplement, and any other Person with an Ownership Interest in any part of the Collateral, any benefit or any legal or equitable right, remedy or claim under this Indenture or any Series Supplement.

Section 15.11 <u>Legal Holiday</u>. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes, this Indenture or any Series Supplement) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and, except as otherwise expressly provided in this Indenture or in any such Series Supplement, no interest shall accrue for the period from and after any such nominal date.

Section 15.12 <u>Waiver of Jury Trial</u>. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, EACH SERIES SUPPLEMENT AND EACH NOTE ISSUED PURSUANT TO THIS INDENTURE AND EACH SERIES SUPPLEMENT OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

Section 15.13 <u>Governing Law; Jurisdiction</u>. THIS INDENTURE, EACH SERIES SUPPLEMENT AND EACH NOTE ISSUED PURSUANT TO THIS INDENTURE AND EACH SERIES SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK EXCLUDING CHOICE OF LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD PERMIT THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE. EACH OBLIGOR IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE COURT OR UNITED STATES FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR IN RELATION TO THIS INDENTURE OR ANY SERIES SUPPLEMENT.

Section 15.14 <u>Counterparts</u>. This Indenture and any Series Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such respective counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of this Indenture in Portable Document Format (PDF) or by facsimile shall be effective as delivery of a manually executed counterpart of this Indenture.

Section 15.15 <u>Recording of Indenture</u>. If this Indenture or any Series Supplement is subject to recording in any appropriate public recording offices, such recording is to be effected by the Co-Issuers and at their expense.

Section 15.16 <u>Corporate Obligation</u>. No recourse may be taken, directly or indirectly, with respect to the obligations of the Co-Issuers or the Indenture Trustee, in each of their capacities hereunder or under any Series Supplement, on the Notes, under this Indenture or any Series Supplement or any certificate or other writing delivered in connection hereunder or under any Series Supplement, against (i) the Indenture Trustee, the Paying Agent and the Note Registrar in its individual capacity, or (ii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee in its individual capacity, any holder of equity in any Obligor or the Indenture Trustee or in any successor or assign of the Indenture Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee has no such obligations in its individual capacity), and except that any such partner, owner or equity holder shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

Section 15.17 <u>No Petition</u>. The Indenture Trustee, by entering into this Indenture or any Series Supplement, and each Noteholder, by accepting a Note, and each Note Owner, by accepting an Ownership Interest in a Global Note, hereby covenants and agrees that neither it nor the Indenture Trustee on behalf of such Noteholder will at any time institute against the Co-Issuers and/or the Asset Entities or the Guarantors, or join in any institution against the Co-Issuers and/or the Asset Entities or the Guarantors of, any bankruptcy, reorganization, insolvency or similar proceedings, or other proceedings under any federal, state, provincial, territorial or foreign bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture, any such Series Supplement or any of the other Transaction Documents.

Section 15.18 <u>Extinguishment of Obligations</u>. Notwithstanding anything to the contrary in this Indenture or any Series Supplement, all obligations of the Obligors hereunder and under each Series Supplement shall be deemed to be extinguished in the event that, at any time, the Co-Issuers, the Guarantors and the Asset Entities have no assets (which shall include claims that may be asserted by the Co-Issuers, the Guarantors and the Asset Entities with respect to Contractual Obligations of third parties to the Co-Issuers, the Guarantors and the Asset Entities but which shall not include the proceeds of the issue of their shares in respect of the Initial Closing Date). No further claims may be brought against any of the Obligors' directors or officers or against their shareholders or members, as the case may be, for any such obligations, except in the case of fraud or actions taken in bad faith by such Persons.

Section 15.19 <u>Excluded Data Centers</u>. Nothing contained in this Indenture or any other Transaction Document shall prohibit the Parent or any subsidiary or Affiliate of the Parent (other than a Guarantor or an Obligor) from owning and managing wholesale data centers that are not Data Centers and are consequently not included as Collateral (such data centers, "<u>Excluded Data Centers</u>"). If Excluded Data Centers are acquired after the Initial Closing Date by the Parent or a non-Asset Entity subsidiary or non-Obligor subsidiary of the Parent and such entity proposes to enter into a lease of the related Data Center Space with a party that is also a Tenant under a Tenant Lease, such new lease will be separate from and independent of any Tenant Lease between such party and an Asset Entity.

Section 15.20 <u>Waiver of Immunities</u>. To the extent that any Obligor has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, such Obligor hereby irrevocably waives such immunity in respect of its obligations under this Indenture, any Series Supplement, the Notes and any other Transaction Document, to the extent permitted by law.

Section 15.21 <u>Non-Recourse</u>. The Noteholders shall not have at any time any recourse on the Notes or under this Indenture or any Series Supplement against the Obligors (other than the Collateral) or against the Indenture Trustee, the Servicer or Affiliates thereof.

Section 15.22 <u>Indenture Trustee's Duties and Obligations Limited</u>. The duties and obligations of Indenture Trustee, in its various capacities hereunder and under any Series Supplement, shall be limited to those expressly provided for in their entirety in this Indenture (including any exhibits to this Indenture and to any Series Supplement). Any references in this Indenture and in any Series Supplement (and in the exhibits to this Indenture and to any Series Supplement) to duties or obligations of the Indenture Trustee, in its various capacities hereunder and under any such Series Supplement, that purport to arise pursuant to the provisions of any of the Transaction Documents or any such Series Supplement shall only be duties and obligations of the Indenture Trustee, or the Indenture Trustee in its other capacities, as applicable, if the Indenture Trustee is a signatory to any such Transaction Documents or any such Series Supplement. By its acquisition of the Notes, each Noteholder shall be deemed to have authorized and directed the Indenture Trustee to enter into the Transaction Documents to which the Indenture Trustee is a signatory.

Section 15.23 <u>Appointment of Servicer</u>. The Co-Issuers hereby consent to the appointment of Midland Loan Services, a division of PNC Bank, National Association, to act as Servicer.

Section 15.24 <u>Agreed Upon Tax Treatment</u>. By purchasing the Notes, or a beneficial interest therein, each Holder or holder of a beneficial interest in the Notes will agree to treat the Notes as debt for all United States tax purposes.

Section 15.25 <u>Tax Forms</u>. Each Holder by its acceptance of its Note, agrees that it shall timely furnish the Co-Issuers or their agents any U.S. federal income tax form or certification (such as IRS Form W-9, the applicable IRS Form W-8 (together with all applicable attachments) or any successors to such IRS forms), or any applicable Canadian tax form or certification, in each case that the Co-Issuers or their agents may reasonably request and shall update or replace such form or certification in accordance with its terms or its subsequent amendments. Each Holder agrees to provide any certification or information that is reasonably requested by the U.S. Co-Issuer, the Canadian Co-Issuer or their agents (a) to permit the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, to make payments to it without, or at a reduced rate of, withholding, (b) to enable the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, to qualify for a reduced rate of withholding in any jurisdiction from or through which the U.S. Co-Issuer or the Canadian Co-Issuer receives payments on its assets, or (c) to enable the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, to determine and/or satisfy its duties and liabilities with respect to any taxes or other charges that it may be required to pay, deduct or withhold from payments in respect of the Notes under any present or future law or regulation of any jurisdiction or taxing authority therein or to comply with any reporting or other requirements under any law or regulation. Each Holder acknowledges that the failure to provide, update or replace any form, certification or information described above may result in the imposition of withholding or backup withholding on payments to such Holder.

Section 15.26 <u>Request for Rating Agency Confirmation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any request for a Rating Agency Confirmation made by the Co-Issuers, an Asset Entity or the Servicer, as applicable (such requesting party, the "<u>RAC Requesting Party</u>"), pursuant to this Indenture shall be made in writing, which writing shall include electronic mail, and shall contain a cover page indicating the nature of the request for Rating Agency Confirmation and all back-up material necessary for the Rating Agency to process such request, and shall be provided by the RAC Requesting Party in electronic format to other Person designated in writing by the Co-Issuers from time to time (the "<u>Authorized Representative</u>") who shall post such request on the 17g-5 Website (the "<u>Initial Request</u>"). If the RAC Requesting Party is the U.S. Co-Issuer, the Canadian Co-Issuer or an Asset Entity, such RAC Requesting Party shall also provide a copy of the Initial Request to the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Rating Agency has not replied to an Initial Request or has responded to an Initial Request in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for a Rating Agency Confirmation within 10 Business Days of the making of such Initial Request, the RAC Requesting Party shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) confirm, through direct communication and not by posting a request for a Rating Agency Confirmation on the 17g-5 Website, that such Rating Agency has received such Initial Request, and, if it has not, promptly make a second request to such Rating Agency for Rating Agency Confirmation (the "<u>Second Request</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if there is no response by such Rating Agency to such Initial Request or such Second Request within five Business Days of the making of such Second Request or if such Rating Agency has responded to such Initial Request or such Second Request in a manner that indicates that such Rating Agency is neither reviewing the request for such Rating Agency Confirmation nor waiving the requirement for such Rating Agency Confirmation, then such RAC Requesting Party shall confirm (without providing notice to the Authorized Representative), by direct communication and not by posting a request for a Rating Agency Confirmation on the 17g-5 Website, that such Rating Agency has received such Second Request.

Section 15.27 <u>Amendment and Restatement</u>. The execution and delivery of this Indenture shall constitute an amendment and restatement, but not a novation, of the Existing Indenture and the obligations and liabilities of the Co-Issuers under the Existing Indenture and the pledge of the Collateral made by the Co-Issuers thereunder to the Indenture Trustee. Except as specifically amended and restated under this Indenture, all Liens, deeds of trust, mortgages, assignments and security interests securing the Existing Indenture and the obligations and liabilities of the Co-Issuers relating thereto are hereby ratified, confirmed, renewed, extended, brought forward and rearranged as security for the Obligations, shall continue without any diminution thereof and shall remain in full force and effect on and after the Amendment and Restatement Closing Date. The Co-Issuers hereby reaffirm all UCC financing statements and continuation statements and amendments thereof filed and all other filings and recordations made in respect of the Collateral and the Liens and security interests granted under the Existing Indenture and this Indenture and acknowledges that all such filings and recordations were and remain authorized and effective on and after the date hereof.

**ARTICLE XVI**

**GUARANTEES**

Section 16.01 <u>Guarantees</u>. Each Asset Entity and Other Entity hereby unconditionally and irrevocably guarantees, jointly and severally, to each Holder and to the Indenture Trustee, on behalf of the Noteholders, and the Servicer and their respective successors and assigns (a) the full and punctual payment of principal of and interest on the Notes when due, whether at maturity, by acceleration, by redemption or otherwise, and all other monetary obligations of the Co-Issuers, the Asset Entities and the Other Entities under this Indenture and the Notes and each other Transaction Document and (b) the full and punctual performance within applicable grace periods of all other obligations of the Co-Issuers, the Asset Entities and the Other Entities under this Indenture and the Notes and all other Transaction Documents (all the foregoing being hereinafter collectively called the "<u>Guaranteed Obligations</u>").

Each Asset Entity and Other Entity waives presentation to, demand of, payment from and protest to the Co-Issuers of any of the Guaranteed Obligations and also waives notice of protest for nonpayment. Each Asset Entity and Other Entity waives notice of any default under the Notes or the other Guaranteed Obligations. The obligations of each Asset Entity and Other Entity hereunder shall not be affected by (a) the failure of any Holder or the Indenture Trustee or the Servicer to assert any claim or demand or to enforce any right or remedy under the Transaction Documents against any other Obligor or any other Person or otherwise; (b) any extension or renewal of any thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other Transaction Document; (d) the release of any security held by any Holder or the Indenture Trustee for the Obligations or any of them; or (e) the failure of any Holder or the Indenture Trustee or the Servicer to exercise any right or remedy against any other guarantor of the Guaranteed Obligations.

Each Asset Entity and Other Entity further agrees that its guaranty herein constitutes a guarantee of payment, performance and compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Indenture Trustee or the Servicer to any security held for payment of the Guaranteed Obligations.

Except as expressly set forth herein, the obligations of each Asset Entity and Other Entity hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Asset Entity and Other Entity herein shall not be discharged or impaired or otherwise affected by the failure of any Holder or the Indenture Trustee or the Servicer to assert any claim or demand or to enforce any remedy under this Indenture, the Notes or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of such Asset Entity or Other Entity or would otherwise operate as a discharge of such Asset Entity or Other Entity as a matter of law or equity.

Each Asset Entity and Other Entity further agrees that its guaranty herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder or the Indenture Trustee or the Servicer upon the bankruptcy or reorganization of the U.S. Co-Issuer or the Canadian Co-Issuer or otherwise.

In furtherance of the foregoing and not in limitation of any other right which any Holder or the Indenture Trustee or the Servicer has at law or in equity against any Asset Entity and any Other Entity by virtue hereof, upon the failure of the Co-Issuers to pay the principal of or interest on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or to perform or comply with any other Guaranteed Obligation, each Asset Entity and Other Entity hereby promises to and shall, upon receipt of written demand by the Indenture Trustee, forthwith pay, or cause to be paid, in cash, to the Holders or the Indenture Trustee or the Servicer, as the case may be, an amount equal to the sum of (i) the unpaid amount of such Guaranteed Obligations, (ii) accrued and unpaid interest on such Obligations and (iii) all other monetary Guaranteed Obligations of the Co-Issuers to the Holders and the Indenture Trustee and the Servicer.

Each Asset Entity or Other Entity also agrees to pay any and all costs and expenses (including reasonable attorneys' fees) incurred by the Indenture Trustee or the Servicer in enforcing any rights under this Section.

Notwithstanding any payment made by any Asset Entity or Other Entity hereunder, such Asset Entity or Other Entity shall not be entitled to be subrogated to any of the rights of the Indenture Trustee against the Co-Issuers or any collateral security or guarantee or right of offset held by the Indenture Trustee for the payment of the Obligations, nor shall the Asset Entity or Other Entity seek or be entitled to seek any contribution or reimbursement from the Co-Issuers in respect of payments made by the Asset Entity or Other Entity hereunder, until the Obligations are paid in full. If any amount shall be paid to an Asset Entity or Other Entity on account of such subrogation rights at any time when all of the Obligations shall not have been paid in full, such amount shall be held by such Asset Entity or Other Entity in trust for the Indenture Trustee, segregated from other funds of such Asset Entity or Other Entity, and shall, forthwith upon receipt by such Asset Entity or Other Entity, be turned over to the Indenture Trustee in the exact form received by such Asset Entity or Other Entity (duly indorsed by such Asset Entity or Other Entity to the Indenture Trustee, if required), to be applied against the Obligations, whether matured or unmatured, in such order as the Indenture Trustee may determine.

Section 16.02 <u>Limitation on Liability</u>. Any term or provision of this Indenture to the contrary, the maximum, aggregate amount of the Guaranteed Obligations guaranteed hereunder by any Asset Entity shall not exceed the maximum amount that can be hereby guaranteed without rendering this Indenture, as it relates to such Asset Entity, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally.

Section 16.03 <u>Successors and Assigns</u>. Subject to Section 16.06, this Article XVI shall be binding upon each Asset Entity, Other Entity and their successors and assigns and shall inure to the benefit of the successors and assigns of the Indenture Trustee, the Servicer and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Indenture Trustee, the rights and privileges conferred upon that party in this Indenture and in the Notes shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture.

Section 16.04 <u>No Waiver</u>. Neither a failure nor a delay on the part of either the Indenture Trustee, the Servicer or the Holders in exercising any right, power or privilege under this Article XVI shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Indenture Trustee, the Servicer and the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article XVI at law, in equity, by statute or otherwise.

Section 16.05 <u>Modification</u>. No modification, amendment or waiver of any provision of this Article XVI, nor the consent to any departure by any Asset Entity or Other Entity therefrom, shall in any event be effective unless the same shall be in writing and signed by the Indenture Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand on any Asset Entity or Other Entity in any case shall entitle such Asset Entity or Other Entity to any other or further notice or demand in the same, similar or other circumstances.

Section 16.06 <u>Release of Asset Entity</u>. Upon the sale or other disposition (including by way of consolidation or merger) of an Asset Entity or Other Entity that is permitted hereunder (each case other than to the Co-Issuers, another Asset Entity or another Other Entity), such Asset Entity or Other Entity shall be deemed released from all obligations under this Article XVI without any further action required on the part of the Indenture Trustee or any Holder. At the request of the Co-Issuers, the Indenture Trustee shall execute and deliver an appropriate instrument evidencing such release.

Section 16.07 <u>USA PATRIOT Act</u>. The parties hereto acknowledge that in accordance with the Customer Identification Program (CIP) requirements established under the USA PATRIOT Act, the Indenture Trustee in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Indenture Trustee. Each party hereby agrees that it shall provide the Indenture Trustee with such information as the Indenture Trustee may request from time to time in order to comply with any applicable requirements of the USA PATRIOT Act.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the Obligors and the Indenture Trustee have caused this Indenture to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS ISSUER, LLC | COMPASS DATACENTERS ISSUER, LLC | COMPASS DATACENTERS ISSUER, LLC |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | President & CFO |

---

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS CANADA ISSUER LIMITED PARTNERSHIP, by its general partner, COMPASS DATACENTERS CANADA ISSUER, INC. | COMPASS DATACENTERS CANADA ISSUER LIMITED PARTNERSHIP, by its general partner, COMPASS DATACENTERS CANADA ISSUER, INC. | COMPASS DATACENTERS CANADA ISSUER LIMITED PARTNERSHIP, by its general partner, COMPASS DATACENTERS CANADA ISSUER, INC. |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | Secretary |

---

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS CANADA ISSUER, INC. | COMPASS DATACENTERS CANADA ISSUER, INC. | COMPASS DATACENTERS CANADA ISSUER, INC. |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | Secretary |

---

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS BNA IA, LLC | COMPASS DATACENTERS BNA IA, LLC | COMPASS DATACENTERS BNA IA, LLC |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | President & CFO |

---

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS BNA IB, LLC | COMPASS DATACENTERS BNA IB, LLC | COMPASS DATACENTERS BNA IB, LLC |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | President & CFO |

---

[Signature Page to Second Amended and Restated Indenture]

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS DFW I, LLC | COMPASS DATACENTERS DFW I, LLC | COMPASS DATACENTERS DFW I, LLC |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | President & CFO |

---

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS DFW II, LLC | COMPASS DATACENTERS DFW II, LLC | COMPASS DATACENTERS DFW II, LLC |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | President & CFO |

---

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS MSP I, LLC | COMPASS DATACENTERS MSP I, LLC | COMPASS DATACENTERS MSP I, LLC |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | President & CFO |

---

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS RDU I, LLC | COMPASS DATACENTERS RDU I, LLC | COMPASS DATACENTERS RDU I, LLC |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | President & CFO |

---

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS TUL I, LLC | COMPASS DATACENTERS TUL I, LLC | COMPASS DATACENTERS TUL I, LLC |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | President & CFO |

---

[Signature Page to Second Amended and Restated Indenture]

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS YUL I LIMITED PARTNERSHIP, by its general partner, COMPASS DATA CENTERS YUL I GP, INC. | COMPASS DATACENTERS YUL I LIMITED PARTNERSHIP, by its general partner, COMPASS DATA CENTERS YUL I GP, INC. | COMPASS DATACENTERS YUL I LIMITED PARTNERSHIP, by its general partner, COMPASS DATA CENTERS YUL I GP, INC. |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | CFO |

---

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS YUL I GP, INC. | COMPASS DATACENTERS YUL I GP, INC. | COMPASS DATACENTERS YUL I GP, INC. |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | CFO |

---

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS YUL II LIMITED PARTNERSHIP, by its general partner, COMPASS DATACENTERS YUL II GP, INC. | COMPASS DATACENTERS YUL II LIMITED PARTNERSHIP, by its general partner, COMPASS DATACENTERS YUL II GP, INC. | COMPASS DATACENTERS YUL II LIMITED PARTNERSHIP, by its general partner, COMPASS DATACENTERS YUL II GP, INC. |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | CFO |

---

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS YUL II GP, INC. | COMPASS DATACENTERS YUL II GP, INC. | COMPASS DATACENTERS YUL II GP, INC. |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | CFO |

---

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS YYZ I LIMITED PARTNERSHIP, by its general partner, COMPASS DATACENTERS YYZ I GP, INC. | COMPASS DATACENTERS YYZ I LIMITED PARTNERSHIP, by its general partner, COMPASS DATACENTERS YYZ I GP, INC. | COMPASS DATACENTERS YYZ I LIMITED PARTNERSHIP, by its general partner, COMPASS DATACENTERS YYZ I GP, INC. |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | CFO |

---

[Signature Page to Second Amended and Restated Indenture]

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS YYZ I GP, INC. | COMPASS DATACENTERS YYZ I GP, INC. | COMPASS DATACENTERS YYZ I GP, INC. |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | CFO |

---

[Signature Page to Second Amended and Restated Indenture]

---

| | | |
|:---|:---|:---|
| WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee | WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee | WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee |
| By: | /s/ Clarice Wright | /s/ Clarice Wright |
|  | Name: | Clarice Wright |
|  | Title: | Vice President |

---

[Signature page to Second Amended and Restated Indenture]

## Exhibit 4.2

**Exhibit 4.2**

***Execution Version***

<u>FIRST AMENDMENT TO SECOND AMENDED AND RESTATED INDENTURE</u>

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED INDENTURE, dated as of April 21, 2022 (this "<u>Amendment"</u>) to the Second Amended and Restated Indenture, dated as of May 28, 2021 (as the same may be further amended, restated, supplemented or otherwise modified and in effect from time to time, the "<u>Indenture</u>"), among Compass Datacenters Issuer, LLC, a Delaware limited liability company (the "<u>U.S. Co-Issuer</u>"), Compass Datacenters Canada Issuer Limited Partnership, a limited partnership formed under the laws of the Province of Ontario (the "<u>Canadian Co-Issuer</u>" and, together with the U.S. Co-Issuer, the "<u>Co-Issuers</u>"), each entity of the Co-Issuers party thereto and listed on Annex I thereto (the "<u>Closing Date Asset Entities</u>" and, together with any entity that becomes a party to the Indenture after the date hereof as an "<u>Additional Asset Entity</u>", the "<u>Asset Entities</u>"), each entity party thereto and listed on Annex II thereto (the "<u>Closing Date Other Entities</u>" and, together with any entity that becomes a party to the Indenture after the date hereof as an "<u>Additional Other Entity</u>", the "<u>Other Entities</u>" and, together with the Asset Entities and the Co-Issuers, collectively, the "<u>Obligors</u>") and Wilmington Trust, National Association, as indenture trustee and not in its individual capacity and any successor thereto in such capacity (the "<u>Indenture Trustee</u>").

<u>R E C I T A L S</u>

WHEREAS, the Co-Issuers, the Closing Date Asset Entities, the Closing Date Other Entities and the Indenture Trustee are parties to the Indenture;

WHEREAS, the Co-Issuers and the Indenture Trustee desire to enter into, execute and deliver this Amendment in compliance with the terms of the Indenture;

WHEREAS, Section 13.01 of the Indenture permits the Co-Issuers and the Indenture Trustee, when authorized by an Issuer Order, to supplement or amend the terms of the Indenture pursuant to Section 13.01(x) for any purpose not enumerated in Sections 13.01(a)(i) through (ix) without the consent of the Noteholders so long as (x) any such amendment (1) will not adversely affect in any material respect the interests of any Noteholder (as evidenced by a Rating Agency Confirmation) and (2) will not diminish any rights or remedies or increase any liabilities or obligations of the Servicer under the Indenture, under the Servicing Agreement or under any other Transaction Document without the consent of the Servicer, and (y) the Co-Issuers receive an Opinion of Counsel (which opinion may contain similar assumptions and qualifications as are contained in the Opinion of Counsel with respect to the tax treatment of the Notes delivered on the Initial Closing Date) to the effect that such supplement or amendment will not (1) cause any of the Continuing Notes to be deemed to have been exchanged for a new debt instrument pursuant to Treasury Regulations § 1.1001-3, (2) cause the U.S. Co-Issuer or the Canadian Co-Issuer to be taxable as other than a partnership or disregarded entity for U.S. federal income tax purposes or (3) cause any of the Continuing Notes to be characterized as other than indebtedness for U.S. federal income tax purposes;

WHEREAS, the Co-Issuers and the Indenture Trustee, desire to enter into this Amendment as an amendment to the Indenture in compliance with the terms thereof;

WHEREAS, this Amendment constitutes an Indenture Supplement (as defined in the Indenture);

WHEREAS, a Rating Agency Confirmation has been received with respect to this Amendment and the Co-Issuers have received an Opinion of Counsel (which opinion contains similar assumptions and qualifications as are contained in the Opinion of Counsel with respect to the tax treatment of the Notes delivered on the Initial Closing Date) to the effect that this Amendment will not (1) cause any of the Continuing Notes to be deemed to have been exchanged for a new debt instrument pursuant to Treasury Regulations § 1.1001-3, (2) cause the U.S. Co-Issuer or the Canadian Co-Issuer to be taxable as other than a partnership or disregarded entity for U.S. federal income tax purposes or (3) cause any of the Continuing Notes to be characterized as other than indebtedness for U.S. federal income tax purposes; and

WHEREAS, in accordance with Section 13.01 of the Indenture, the Co-Issuers and the Indenture Trustee, by their signatures below, have agreed to the entry into this Amendment and the Servicer, by its signature below, has consented to the entry into this Amendment.

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Servicer and the Indenture Trustee hereby agree as follows:

<u>A G R E E M E N T S</u>

SECTION 1. <u>Defined Terms</u>. Capitalized terms used and not otherwise defined herein (including the preamble and recitals hereto) shall have the meanings specified in the Indenture, as amended hereby.

SECTION 2. <u>Amendments to the Indenture</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the date hereof, the Indenture is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: **stricken text**) and to add the bold and double-underlined text (indicated textually in the same manner as the following example: <u>**bold and double-underlined text**</u>) as set forth in the conformed Indenture attached as <u>Exhibit A</u> hereto (the "<u>Amended Indenture</u>").

SECTION 3. Reference to and Effect on the Indenture; Ratification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the effectiveness hereof, on and after the date hereof, each reference in the Indenture to "this Indenture", the "Second Amended and Restated Indenture", "hereunder", "hereof" or words of like import referring to the Indenture, and each reference in any other agreement to "the Indenture", the "Second Amended and Restated Indenture", "thereunder", "thereof" or words of like import referring to the Indenture, shall mean and be a reference to the Indenture as amended hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as specifically amended above, the Indenture is and shall continue to be in full force and effect and is hereby ratified and confirmed in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any party hereto under the Indenture, or constitute a waiver of any provision of any other agreement.

SECTION 4. <u>Effectiveness</u>. This Amendment shall be effective upon delivery of executed signature pages by all parties hereto. The parties hereto agree and acknowledge that the Rating Agency Confirmation has been satisfied with respect to this Amendment.

SECTION 5. <u>Execution in Counterparts; Electronic Execution</u>. This Amendment may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such respective counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of this Indenture in Portable Document Format (PDF) or by facsimile shall be effective as delivery of a manually executed counterpart of this Amendment. The words "delivery", "execution," "execute", "signed," "signature," and words of like import in or related to any document to be signed in connection with this Amendment and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Indenture Trustee, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

SECTION 6. <u>Governing Law</u>. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK EXCLUDING CHOICE OF LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD PERMIT THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE.

SECTION 7. <u>Captions</u>. The captions in this Amendment are for convenience of reference only and shall not affect the construction hereof or thereof.

[Signature pages follows]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS ISSUER, LLC | COMPASS DATACENTERS ISSUER, LLC | COMPASS DATACENTERS ISSUER, LLC |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | President and Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS CANADA ISSUER LIMITED PARTNERSHIP, by its general partner, COMPASS DATACENTERS CANADA ISSUER, INC. | COMPASS DATACENTERS CANADA ISSUER LIMITED PARTNERSHIP, by its general partner, COMPASS DATACENTERS CANADA ISSUER, INC. | COMPASS DATACENTERS CANADA ISSUER LIMITED PARTNERSHIP, by its general partner, COMPASS DATACENTERS CANADA ISSUER, INC. |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | Secretary |

---

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS CANADA ISSUER, INC. | COMPASS DATACENTERS CANADA ISSUER, INC. | COMPASS DATACENTERS CANADA ISSUER, INC. |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | Secretary |

---

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS BNA IA, LLC | COMPASS DATACENTERS BNA IA, LLC | COMPASS DATACENTERS BNA IA, LLC |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | President and Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS BNA IB, LLC | COMPASS DATACENTERS BNA IB, LLC | COMPASS DATACENTERS BNA IB, LLC |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | President and Chief Financial Officer |

---

[*Signature Page to First Amendment to Second Amended and Restated Indenture*]

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS DFW I, LLC | COMPASS DATACENTERS DFW I, LLC | COMPASS DATACENTERS DFW I, LLC |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | President and Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS DFW II, LLC | COMPASS DATACENTERS DFW II, LLC | COMPASS DATACENTERS DFW II, LLC |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | President and Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS MSP I, LLC | COMPASS DATACENTERS MSP I, LLC | COMPASS DATACENTERS MSP I, LLC |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | President and Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS RDU I, LLC | COMPASS DATACENTERS RDU I, LLC | COMPASS DATACENTERS RDU I, LLC |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | President and Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS TUL I, LLC | COMPASS DATACENTERS TUL I, LLC | COMPASS DATACENTERS TUL I, LLC |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | President and Chief Financial Officer |

---

[*Signature Page to First Amendment to Second Amended and Restated Indentur*e]

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS YUL I LP, by its general partner, COMPASS DATA CENTERS YUL I GP, INC. | COMPASS DATACENTERS YUL I LP, by its general partner, COMPASS DATA CENTERS YUL I GP, INC. | COMPASS DATACENTERS YUL I LP, by its general partner, COMPASS DATA CENTERS YUL I GP, INC. |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS YUL I GP, INC. | COMPASS DATACENTERS YUL I GP, INC. | COMPASS DATACENTERS YUL I GP, INC. |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS YUL II LP, by its general partner, COMPASS DATACENTERS YUL II GP, INC. | COMPASS DATACENTERS YUL II LP, by its general partner, COMPASS DATACENTERS YUL II GP, INC. | COMPASS DATACENTERS YUL II LP, by its general partner, COMPASS DATACENTERS YUL II GP, INC. |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS YUL II GP, INC. | COMPASS DATACENTERS YUL II GP, INC. | COMPASS DATACENTERS YUL II GP, INC. |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | Chief Financial Officer |

---

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS YYZ I LP, by its general partner, COMPASS DATACENTERS YYZ I GP, INC. | COMPASS DATACENTERS YYZ I LP, by its general partner, COMPASS DATACENTERS YYZ I GP, INC. | COMPASS DATACENTERS YYZ I LP, by its general partner, COMPASS DATACENTERS YYZ I GP, INC. |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | Chief Financial Officer |

---

[*Signature Page to First Amendment to Second Amended and Restated Indenture*]

---

| | | |
|:---|:---|:---|
| COMPASS DATACENTERS YYZ I GP, INC. | COMPASS DATACENTERS YYZ I GP, INC. | COMPASS DATACENTERS YYZ I GP, INC. |
| By: | /s/ Jared Day | /s/ Jared Day |
|  | Name: | Jared Day |
|  | Title: | Chief Financial Officer |

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[*Signature Page to First Amendment to Second Amended and Restated Indenture*]

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| | | |
|:---|:---|:---|
| WILMINGTON TRUST, NATIONAL<br> ASSOCIATION, as Indenture Trustee | WILMINGTON TRUST, NATIONAL<br> ASSOCIATION, as Indenture Trustee | WILMINGTON TRUST, NATIONAL<br> ASSOCIATION, as Indenture Trustee |
| By: | /s/ Jacob Stapleford | /s/ Jacob Stapleford |
|  | Name: | Jacob Stapleford |
|  | Title: | Assistant Vice President |

---

[*Signature Page to First Amendment to Second Amended and Restated Indenture*]

EXHIBIT A

AMENDED INDENTURE

[*See attached*]

***Execution Version***

SECOND AMENDED AND RESTATED INDENTURE

<u>among</u>

COMPASS DATACENTERS ISSUER, LLC,

COMPASS DATACENTERS CANADA ISSUER LIMITED PARTNERSHIP

<u>and</u>

THE ENTITIES OF THE CO-ISSUERS PARTY HERETO,

as Obligors,

<u>and</u>

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Indenture Trustee

dated as of May 28, 2021

Secured Data Center Revenue Notes

**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | **<u>Page</u>** |
| ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE | ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 | Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.02 | Rules of Construction | 53 |
| ARTICLE II THE NOTES | ARTICLE II THE NOTES | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01 | The Notes | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02 | Registration of Transfer and Exchange of Notes | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03 | Book-Entry Notes | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.04 | Mutilated, Destroyed, Lost or Stolen Notes | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.05 | Persons Deemed Owners | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.06 | Certification by Note Owners | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.07 | Notes Issuable in Series | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.08 | Principal Amortization | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.09 | Prepayments | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.10 | Post-ARD Additional Interest | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.11 | Subordinate Purchase Right | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.12 | Defeasance | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.13 | Additional Data Centers; Additional Notes | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.14 | Canadian Interest Act | 72 |
| ARTICLE III ACCOUNTS | ARTICLE III ACCOUNTS | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01 | Establishment of Collection Accounts and Sub-Accounts | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02 | Deposits to the Collection Accounts | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.03 | Withdrawals from the Collection Accounts | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.04 | Application of Funds in the Collection Accounts | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.05 | Application of Funds after Event of Default | 74 |
| ARTICLE IV RESERVES | ARTICLE IV RESERVES | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01 | Security Interest in Reserves; Other Matters Pertaining to Reserves | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.02 | Funds Deposited with Indenture Trustee | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.03 | Priority Expense Reserve Sub-Accounts | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.04 | Capital Expenditures Reserve Sub-Accounts | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.05 | Cash Trap Reserve Sub-Accounts | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.06 | Early Termination Fee Reserve Sub-Accounts | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.07 | Executed Forward Starting Lease Reserve Sub Accounts | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.08 | Liquidity Reserve Sub-Accounts | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.09 | Debt Service Sub-Account | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.10 | Specified Material Tenant Lease Reserve Sub-Accounts | 82 |
| ARTICLE V ALLOCATION OF COLLECTIONS; PAYMENTS TO NOTEHOLDERS | ARTICLE V ALLOCATION OF COLLECTIONS; PAYMENTS TO NOTEHOLDERS | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.01 | Allocations and Payments | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.02 | Payments of Principal | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.03 | Payments of Interest and VFN Undrawn Commitment Fees | 97 |

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i

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.04 | No Gross Up | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.05 | Equity Cure Contributions | 98 |
| ARTICLE VI REPRESENTATIONS AND WARRANTIES | ARTICLE VI REPRESENTATIONS AND WARRANTIES | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.01 | Organization, Powers, Capitalization, Good Standing, Business | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.02 | Authorization of Borrowing, etc. | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.03 | Financial Statements | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.04 | Indebtedness and Contingent Obligations | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.05 | Tenant Leases; Material Agreements | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.06 | Litigation; Adverse Facts | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.07 | Payment of Taxes | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.08 | Performance of Agreements | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.09 | Employee Benefit Plans | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.10 | Solvency | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.11 | Use of Proceeds and Margin Security | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.12 | Insurance | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.13 | Investments | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.14 | OFAC | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.15 | Anti-Corruption Laws | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.16 | Intellectual Property | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.17 | Governmental Regulation | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.18 | Representations and Warranties With Respect To Data Centers and Tenant Leases | 104 |
| ARTICLE VII COVENANTS | ARTICLE VII COVENANTS | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.01 | Payment on Notes | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.02 | Financial Statements and Other Reports | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.03 | Existence; Qualification | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.04 | Payment of Impositions and Claims | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.05 | Maintenance of Insurance | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.06 | Operation and Maintenance of the Data Centers; Casualty; Condemnation | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.07 | Inspection; Investigation | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.08 | Compliance with Laws and Obligations | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.09 | Further Assurances | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.10 | Performance of Agreements and Tenant Leases | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.11 | New Tenant Leases; Recorded Mortgages | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.12 | Management Agreements | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.13 | Maintenance of Office or Agency by Co-Issuers | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.14 | Deposits; Application of Deposits | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.15 | Estoppel Certificates | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.16 | Indebtedness | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.17 | No Liens | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.18 | Contingent Obligations | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.19 | Restriction on Fundamental Changes | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.20 | Bankruptcy, Receivers, Similar Matters | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.21 | ERISA; Canadian Benefit Plans | 119 |

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ii

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.22 | Money for Payments to be Held in Trust | 120.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.23 | Ground Leases | 121.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.24 | Rule 144A Information | 126.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.25 | Maintenance of Books and Records | 126.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.26 | Continuation of Ratings | 126.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.27 | The Indenture Trustee and Servicer's Expenses | 126.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.28 | Environmental Remediation | 126.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.29 | Amendments to Tenant Leases | 126.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.30 | Asset Entities' Option to Dispose of Data Centers and Non-Core Assets | 127.0 |
| ARTICLE VIII SINGLE-PURPOSE, BANKRUPTCY-REMOTE REPRESENTATIONS, WARRANTIES AND COVENANTS | ARTICLE VIII SINGLE-PURPOSE, BANKRUPTCY-REMOTE REPRESENTATIONS, WARRANTIES AND COVENANTS | 128.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.01 | Applicable to the Co-Issuers, the Asset Entities and the Other Entities | 128.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.02 | Applicable to the Co-Issuers | 132.0 |
| ARTICLE IX SATISFACTION AND DISCHARGE | ARTICLE IX SATISFACTION AND DISCHARGE | 133.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.01 | Satisfaction and Discharge of Indenture | 133.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.02 | Application of Trust Money | 134.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.03 | Repayment of Monies Held by Paying Agent | 134.0 |
| ARTICLE X EVENTS OF DEFAULT; REMEDIES | ARTICLE X EVENTS OF DEFAULT; REMEDIES | 134.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.01 | Events of Default | 134.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.02 | Acceleration and Remedies | 137.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.03 | Performance by the Indenture Trustee | 140.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.04 | Evidence of Compliance | 140.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.05 | Controlling Class Representative | 140.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.06 | Certain Rights and Powers of the Controlling Class Representative | 142.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.07 | Collection of Indebtedness and Suits for Enforcement by Indenture Trustee | 143.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.08 | Remedies | 146.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.09 | Optional Preservation of the Trust Estate | 147.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.10 | Limitation of Suits | 147.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.11 | Unconditional Rights of Noteholders to Receive Principal and Interest | 148.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.12 | Restoration of Rights and Remedies | 148.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.13 | Rights and Remedies Cumulative | 148.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.14 | Delay or Omission Not a Waiver | 148.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.15 | Waiver of Past Defaults | 149.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.16 | Undertaking for Costs | 149.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.17 | Waiver of Stay or Extension Laws | 149.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.18 | Action on Notes | 150.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.19 | Waiver | 150.0 |
| ARTICLE XI THE INDENTURE TRUSTEE | ARTICLE XI THE INDENTURE TRUSTEE | 150.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.01 | Shared Facilities | 150.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.02 | Duties of Indenture Trustee | 150.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.03 | Certain Matters Affecting the Indenture Trustee | 153.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.04 | Indenture Trustee's Disclaimer | 156.0 |

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iii

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.05 | Indenture Trustee May Own Notes | 156.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.06 | Fees and Expenses of Indenture Trustee; Indemnification of the Indenture Trustee | 156.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.07 | Eligibility Requirements for Indenture Trustee | 158.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.08 | Resignation and Removal of Indenture Trustee | 158.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.09 | Successor Indenture Trustee | 159.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.10 | Merger or Consolidation of Indenture Trustee | 160.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.11 | Appointment of Co-Indenture Trustee or Separate Indenture Trustee | 160.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.12 | Access to Certain Information | 161.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.13 | Quebec Hypothecary Representative | 165.0 |
| ARTICLE XII NOTEHOLDERS' LISTS, REPORTS AND MEETINGS | ARTICLE XII NOTEHOLDERS' LISTS, REPORTS AND MEETINGS | 165.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.01 | Co-Issuers to Furnish Indenture Trustee Names and Addresses of Noteholders | 165.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.02 | Preservation of Information; Communications to Noteholders | 166.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.03 | Voting by Noteholders | 166.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.04 | Communication by Noteholders with other Noteholders | 167.0 |
| ARTICLE XIII INDENTURE SUPPLEMENTS | ARTICLE XIII INDENTURE SUPPLEMENTS | 167.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.01 | Indenture Supplements without Consent of Noteholders | 167.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.02 | Indenture Supplements with Consent of Noteholders | 169.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.03 | Execution of Indenture Supplements | 171.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.04 | Effect of Indenture Supplement | 171.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.05 | Reference in Notes to Indenture Supplements | 171.0 |
| ARTICLE XIV PLEDGE OF OTHER COMPANY COLLATERAL | ARTICLE XIV PLEDGE OF OTHER COMPANY COLLATERAL | 172.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.01 | Grant of Security Interest/UCC and PPSA Collateral | 172.0 |
| ARTICLE XV MISCELLANEOUS | ARTICLE XV MISCELLANEOUS | 174.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.01 | Compliance Certificates and Opinions, etc. | 174.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.02 | Form of Documents Delivered to Indenture Trustee | 175.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.03 | Acts of Noteholders | 176.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.04 | Notices; Copies of Notices and Other Information | 177.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.05 | Notices to Noteholders; Waiver | 178.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.06 | Payment and Notice Dates | 179.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.07 | Effect of Headings and **Table of Contents** | 179.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.08 | Successors and Assigns | 179.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.09 | Severability; Entire Agreement | 179.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.10 | Benefits of Indenture | 179.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.11 | Legal Holiday | 179.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.12 | Waiver of Jury Trial | 179.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.13 | Governing Law; Jurisdiction | 180.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.14 | Counterparts | 180.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.15 | Recording of Indenture | 180.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.16 | Corporate Obligation | 180.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.17 | No Petition | 180.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.18 | Extinguishment of Obligations | 181.0 |

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iv

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.19 | Excluded Data Centers | 181.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.20 | Waiver of Immunities | 181.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.21 | Non-Recourse | 181.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.22 | Indenture Trustee's Duties and Obligations Limited | 181.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.23 | Appointment of Servicer | 182.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.24 | Agreed Upon Tax Treatment | 182.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.25 | Tax Forms | 182.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.26 | Request for Rating Agency Confirmation | 182.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.27 | Amendment and Restatement | 184.0 |
| ARTICLE XVI GUARANTEES | ARTICLE XVI GUARANTEES | 184.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.01 | Guarantees | 184.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.02 | Limitation on Liability | 187.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.03 | Successors and Assigns | 187.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.04 | No Waiver | 187.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.05 | Modification | 187.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.06 | Release of Asset Entity | 187.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.07 | USA PATRIOT Act | 188.0 |

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v

ANNEXES AND SCHEDULES

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| | |
|:---|:---|
| Annex I | CLOSING DATE ASSET ENTITIES |
| Annex II | CLOSING DATE OTHER ENTITIES |
| Schedule I | DESCRIPTION OF INSURANCE POLICIES |
| Schedule II | REPRESENTATIONS AND WARRANTIES WITH RESPECT TO DATA CENTERS AND TENANT LEASES |
| Schedule III | EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES WITH RESPECT TO DATA CENTERS AND TENANT LEASES AS OF THE [AMENDMENT AND RESTATEMENT CLOSING DATE] |

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EXHIBITS

---

| | |
|:---|:---|
| Exhibit A-1 | FORM OF RULE 144A GLOBAL NOTE Exhibit A-2 FORM OF REGULATION S GLOBAL NOTE Exhibit A-3 FORM OF VARIABLE FUNDING NOTE |
| Exhibit B-1 | FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF BENEFICIAL INTERESTS IN REGULATION S GLOBAL NOTE FOR BENEFICIAL INTERESTS IN RULE 144A GLOBAL NOTE |
| Exhibit B-2 | FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF BENEFICIAL INTERESTS IN RULE 144A NOTE FOR BENEFICIAL INTERESTS IN REGULATION S GLOBAL NOTE |
| Exhibit B-3 | FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS OF DEFINITIVE NOTES TO QUALIFIED INSTITUTIONAL BUYERS |
| Exhibit B-4 | FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS OF DEFINITIVE NOTES TO INSTITUTIONAL ACCREDITED INVESTORS |
| Exhibit B-5 | FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF DEFINITIVE NOTES TO QUALIFIED INSTITUTIONAL BUYERS |
| Exhibit B-6 | FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF DEFINITIVE NOTES TO INSTITUTIONAL ACCREDITED INVESTORS |
| Exhibit C | FORM OF RENT ROLL |
| Exhibit D-1 | FORM OF INFORMATION REQUEST FROM NOTEHOLDER OR NOTE OWNER |
| Exhibit D-2 | FORM OF INFORMATION REQUEST FROM PROSPECTIVE INVESTOR |

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vi

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| | |
|:---|:---|
| Exhibit E | FORM OF INDENTURE TRUSTEE REPORT |
| Exhibit F | FORM OF CURRENCY CONVERSION DIRECTION LETTER |
| Exhibit G | FORM OF JOINDER AGREEMENT |

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vii

SECOND AMENDED AND RESTATED INDENTURE, dated as of May 28, 2021 (the "<u>Effective Date</u>") (as further amended, supplemented or otherwise modified and in effect from time to time, this "<u>Indenture</u>"), among COMPASS DATACENTERS ISSUER, LLC, a Delaware limited liability company (the "<u>U.S. Co-Issuer</u>"), COMPASS DATACENTERS CANADA ISSUER LIMITED PARTNERSHIP, a limited partnership formed under the laws of the Province of Ontario (the "<u>Canadian Co-Issuer</u>" and, together with the U.S. Co-Issuer, the "<u>Co-Issuers</u>"), each entity of the Co-Issuers party hereto and listed on <u>Annex I</u> hereto (the "<u>Closing Date Asset Entities</u>" and together with any entity that becomes a party hereto after the date hereof as an "<u>Additional Asset Entity</u>", the "<u>Asset Entities</u>"), each entity party hereto and listed on <u>Annex II</u> hereto (the "<u>Closing Date Other Entities</u>" and together with any entity that becomes a party hereto after the date hereof as an "<u>Additional Other Entity</u>", the "<u>Other Entities</u>"; the Other Entities, the Asset Entities and the Co-Issuers, collectively, the "<u>Obligors</u>"), and WILMINGTON TRUST, NATIONAL ASSOCIATION, as indenture trustee and not in its individual capacity and any successor thereto in such capacity (the "<u>Indenture Trustee</u>").

RECITALS

WHEREAS, the Co-Issuers, the Closing Date Asset Entities, the Closing Date Other Entities and the Indenture Trustee previously entered into that certain Indenture, dated as of June 5, 2020 (the "<u>Original Indenture</u>", as amended by that certain Amended and Restated Indenture, dated as of October 2, 2020, as further amended, supplemented or otherwise modified prior to the date hereof, the "<u>Existing Indenture</u>"), to provide for the issuance from time to time of one or more Series of Secured Data Center Revenue Notes;

WHEREAS, the Co-Issuers desire to amend and restate the Existing Indenture in the form of this Indenture;

WHEREAS, the parties hereto have duly authorized the execution and delivery of this Indenture to provide for the amendment and restatement of the Existing Indenture and the issuance from time to time by the Co-Issuers of one or more series of Secured Data Center Revenue Notes, issuable as provided in this Indenture;

WHEREAS, it is hereby agreed between the parties hereto and the Indenture Trustee, on behalf of itself and the Noteholders, that in the performance of any of the agreements of the Co-Issuers herein contained, any obligation the Obligors may thereby incur for the payment of money shall not be general debt on its part, but shall be secured by and payable solely from the Collateral (as defined herein), payable in such order of preference and priority as provided herein;

WHEREAS, each Series will be constituted by this Indenture and a Series Supplement; and

WHEREAS, the Notes of any Series issued pursuant to this Indenture will be divided into classes and type of note (i.e., Variable Funding Note or Term Note) as provided in this Indenture and a Series Supplement.

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the Obligors and the Indenture Trustee agree as follows:

**ARTICLE I**

**DEFINITIONS AND INCORPORATION BY REFERENCE**

Section 1.01 <u>Definitions</u>. Except as otherwise specified in this Indenture or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Indenture and each Series Supplement. In the event of a definitional conflict between this Indenture and a Series Supplement, the definition contained in the Series Supplement shall control.

"<u>17g-5 Website</u>" shall mean the website established by, or on behalf of, the U.S. Co-Issuer and/or the Canadian Co-Issuer for purposes of compliance with Rule 17g-5(a)(3)(iii) of the Exchange Act.

"<u>30/360 Basis</u>" shall mean the accrual of interest calculated on the basis of a 360- day year consisting of twelve 30-day months.

"<u>AANOI Leverage Ratio</u>" shall mean, as of date of determination, the ratio of (a) the aggregate outstanding principal amount of any Class A Notes as of such date, less any amounts on deposit in the Specified Material Tenant Lease Reserve Sub-Accounts as of such date to (b) Leverage Annualized Adjusted Net Operating Income.

"<u>Acceptable Manager</u>" shall mean Compass Management, LLC, Compass Datacenters, Inc., or, in the event of a termination of the applicable Management Agreement with either Compass Management, LLC or Compass Datacenters, Inc., an Affiliate of Compass Management, LLC or Compass Datacenters, Inc., as applicable, or, upon receipt of a Rating Agency Confirmation, another reputable management company reasonably acceptable to the Servicer with experience managing wholesale data centers similar to the Data Centers, which shall be selected by the U.S. Co-Issuer or the Canadian Co-Issuer, so long as no Event of Default has occurred and is continuing. After the occurrence and during the continuance of an Event of Default, such selection will be performed by the Servicer.

"<u>Account Collateral</u>" shall mean all of the Obligors' right, title and interest in and to the Accounts, the Reserves, all monies and amounts which may from time to time be on deposit therein, all monies, checks, notes, instruments, documents, deposits, and credits from time to time in the possession of the Indenture Trustee (or the Servicer on its behalf) on behalf of the Noteholders representing or evidencing such Accounts and Reserves and all earnings and investments held therein and proceeds thereof.

"<u>Account Control Agreement</u>" shall have the meaning ascribed to it in the Cash Management Agreement.

"<u>Accounts</u>" shall mean, collectively, the Lock Box Accounts, the Collection Accounts, the Sub-Accounts and any other accounts pledged to the Indenture Trustee pursuant to this Indenture or any other Transaction Document.

"<u>Accrued Note Interest</u>" shall mean, for any Note for each Payment Date, the interest that will accrue during the Interest Accrual Period for such Payment Date at the applicable Note Rate (x) with respect to the Variable Funding Notes, on the daily average Note Principal Balance of the Variable Funding Notes during such Interest Accrual Period and (y) with respect to any Class of Term Notes, on the Note Principal Balance of such Term Notes immediately prior to such Payment Date; *provided* that (i) Accrued Note Interest on any Note will not include Contingent Interest on such Note and (ii) PIK Interest on any Class B Note or Class C Note that has been added to the Note Principal Balance for any such Note shall not constitute Accrued Note Interest on such Notes, but any interest that accrues on such PIK Interest on and after the date it is added to the Note Principal Balance shall constitute Accrued Note Interest with respect to any such Note(s). Accrued Note Interest for any Variable Funding Note of any Class of any Series for each Payment Date shall be calculated on an Actual/360 Basis and Accrued Note Interest for any Term Notes of any Class of any Series for each Payment Date shall be calculated on a 30/360 Basis, in each case, unless otherwise specified in the Series Supplement for such Series. For the avoidance of doubt, Accrued Note Interest for the Term Notes of any Class of any Series shall be calculated as if each "Interest Accrual Period" will have 30 days and the total days of interest paid for the entire year equals 360.

"<u>Act</u>" shall have the meaning ascribed to it in Section 15.03(a).

"<u>Actual/360 Basis</u>" shall mean the accrual of interest calculated on the basis of the actual number of days elapsed during the relevant period in a year consisting of 360 days.

"<u>Additional Asset Entity</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Additional Data Center</u>" shall have the meaning ascribed to it in Section 2.13(a).

"<u>Additional Issuer Expenses</u>" shall mean, as applicable, (i) reimbursements of fees and expenses (other than such fees and expenses that are included in the Indenture Trustee Fee) to be paid pursuant to the Indenture Trustee's fee schedule, incurred by the Person acting as the Indenture Trustee in its capacity as Indenture Trustee or in any other capacity under this Indenture and in its capacity as Indenture Trustee under the other Transaction Documents, and indemnification payments to the Person acting as the Indenture Trustee in its capacity as Indenture Trustee or in any other capacity under this Indenture and in its capacity as Indenture Trustee under the other Transaction Documents to which the Indenture Trustee is a party and certain persons related to it as described hereunder and under the other Transaction Documents; (ii) reimbursements and indemnification payments payable to the Servicer and certain persons related to it as described under the Servicing Agreement and the other Transaction Documents and (iii) following the occurrence and continuance of an Event of Default, payment of expenses incurred by Noteholders in connection with any inspection rights that are payable by the Obligors pursuant to any Transaction Document, subject to the applicable cap. Additional Issuer Expenses shall not include reimbursements in respect of Advances.

"<u>Additional Notes</u>" shall have the meaning ascribed to it in Section 2.13(b).

"<u>Additional Other Entity</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Additional Principal Payment Amount</u>" shall mean, with respect to any Payment Date when no Amortization Period is in effect and no Event of Default has occurred and is continuing, the amount (other than (i) any Class A Sweep Amount, Class B Sweep Amount or Class C Sweep Amount, (ii) any Class A-2 Monthly Amortization Amount, (iii) any Early Termination Fee Prepayment Amount, (iv) any Specified Material Tenant Lease Prepayment Amount, (v) any amount withdrawn from the Cash Trap Reserve Sub-Accounts for the prepayment of Notes and (vi) mandatory prepayments of principal on and after the Anticipated Repayment Date with respect to any Variable Funding Notes or Term Notes of any Outstanding Series for prepayment of the Notes) required to be applied pursuant hereto as a mandatory prepayment of principal of the Notes on such date.

"<u>Advance Interest</u>" with respect to any Advance made by Servicer, shall have the meaning ascribed to it in the Servicing Agreement and with respect to any Advance made by the Manager, shall have the meaning ascribed to it in the Management Agreement.

"<u>Advances</u>" shall mean Debt Service Advances, Manager Advances and Servicing Advances.

"<u>Advance Suspension Period</u>" shall have the meaning ascribed thereto in the Servicing Agreement.

"<u>Affiliate</u>" shall mean, with respect to any specified Person, any other Person controlling or controlled by or under common control with such specified Person. For the purposes of this definition, "<u>control</u>" when used with respect to any Person shall mean the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms "<u>controlling</u>" and "<u>controlled</u>" shall have meanings correlative to the foregoing.

"<u>Affirmative Direction</u>" shall mean, with respect to any Series, a written direction of Noteholders of such Series representing more than 25.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes of such Series.

"<u>Aggregate Available Terminated Tenant Lease Rent Amount</u>" shall mean, as of any date of determination, an amount equal to the lesser of (i) for each Early Terminated Tenant Lease with respect to which an Early Termination Fee is on deposit in the Early Termination Fee Reserve Sub-Accounts as of such date, the aggregate amount of the excess (if any) of (1) the aggregate amount of base rent that would have been payable under such Early Terminated Tenant Lease during the succeeding 6 months (or, if shorter, the period of time from such date until the date that is 6 months after the effective date of the termination of such Early Terminated Tenant Lease) over (2) the base rent under any replacement Tenant Leases with respect to such Early Terminated Tenant Lease for the same period referenced in clause (1) and (ii) the aggregate amount on deposit on such date in the Early Termination Fee Reserve Sub-Accounts.

"<u>Allocable Share</u>" shall mean the percentage allocation ascribed to the U.S. Obligors and the Canadian Obligors, as applicable, as determined and set by the Managers on the Initial Closing Date and thereafter as determined and reset if and when required by the Managers from time to time upon notice to the Indenture Trustee and the Servicer, including upon each issuance of Additional Notes, each draw under any outstanding Variable Funding Notes after the Initial Closing Date and each payment of principal of the Notes; provided that, for the avoidance of doubt, the sum of the Allocable Share for the U.S. Obligors and the Allocable Share for the Canadian Obligors shall at all times equal 100%.

"<u>Allocated Appraised</u> Value" shall mean for any Data Center as of any date of determination an amount determined by allocating the aggregate Note Principal Balances of all Classes of Outstanding Notes on such date of determination to such Data Center based on the ratio of the Appraised Value of such Data Center to the aggregate Appraised Value for all Data Centers.

"<u>Allocated Note Amount</u>" shall mean for any Data Center as of any date of determination an amount determined by allocating the aggregate Class Principal Balances of all Classes of Outstanding Notes on such date of determination to such Data Center based on the ratio of the Annualized Adjusted Base Rent with respect to all Tenant Leases that relate to such Data Center to the Annualized Adjusted Base Rent for all Tenant Leases on all Data Centers. In connection with the issuance of Additional Notes or in connection with the addition of any Additional Data Center, the Allocated Note Amount for each Data Center will be recalculated by the Managers using a similar methodology to that described in the preceding sentence.

"<u>Amended Ground Lease</u>" shall have the meaning ascribed to it in Section 7.23(a).

"<u>Amendment and Restatement Closing Date</u>" shall mean October 2, 2020.

"<u>Amortization Period</u>" shall mean a period that will commence as of the end of any calendar month if either (i) (x) the three-month average Class A Amortization DSCR as of the last day of such calendar month is less than 1.20x, (y) the three-month average Class B Amortization DSCR as of the last day of such calendar month is less than 1.10x or (z) the three-month average Class C Amortization DSCR as of the last day of such calendar month is less than 1.00x and will continue to exist until (A) the three-month average Class A Amortization DSCR has exceeded 1.20x as of the last day of two consecutive months, (B) the three-month average Class B Amortization DSCR has exceeded 1.10x as of the last day of two consecutive months and (C) the three-month average Class C Amortization DSCR has exceeded 1.00x as of the last day of two consecutive months, or (ii) the Co-Issuers fail to deposit the full Specified Material Tenant Lease Reserve Amount into the Specified Material Tenant Lease Reserve Sub-Accounts within five (5) Business Days of being required to make such deposit pursuant to Section 4.10.

"<u>Annual Additional Issuer Expense Limit</u>" shall mean, on any Payment Date, an amount equal to the excess, if any, of (x) $500,000 over (y) the aggregate amount of Additional Issuer Expenses paid to the Indenture Trustee, the Servicer and/or other applicable Person pursuant to clause (iii) of Section 5.01(a) on or after the eleventh Payment Date preceding such Payment Date. For the avoidance of doubt, any Additional Issuer Expenses not paid as a result of the Annual Additional Issuer Expense Limit or otherwise due to insufficient funds available in accordance with Section 5.01 may be paid on subsequent Application Dates subject to the limitations applicable on such Application Date.

"<u>Annualized Adjusted Base Rent</u>" shall mean, for any Tenant Lease as of any date of determination, the sum of: (i) if such Tenant Lease is not an Executed Forward Starting Lease or a Specified Material Tenant Lease for which a Specified Material Tenant Lease Event has occurred, the Annualized Base Rent for such Tenant Lease as of such date of determination, (ii) if such Tenant Lease is an Executed Forward Starting Lease, the maximum base rent (without giving any effect to escalations) with respect to such Tenant Lease payable within any calendar month in the succeeding 18 months of such date of determination multiplied by 12; provided that if the Capital Expenditures required for the Commencement of any Executed Forward Starting Lease exceeds the Available Capital Expenditure Amount for such Tenant Lease then the Annualized Adjusted Base Rent derived from any Tenant Lease that is an Executed Forward Starting Leases shall be reduced to exclude any rent amounts for which there are no Available Capital Expenditure Amounts and (iii) if such Tenant Lease is a Specified Material Tenant Lease for which a Specified Material Tenant Lease Event has occurred the greater of (x) if a renewal of the Specified Material Tenant Lease has occurred, the Annualized Base Rent under the new Tenant Lease or, (y) the succeeding 12 months of base rent due and payable under such Specified Material Tenant Lease; *provided* that, for the avoidance of doubt, Annualized Adjusted Base Rent does not include Pass-Through Data Center Expenses; *provided further* that the sum of the amounts set forth in clauses (i) and (iii) of this definition shall be without duplication resulting from leases for the same data center space and Leased Capacity arising from replacement tenants; *provided further*, that amounts payable in any foreign currency are converted to USD at the applicable FX Rate.

"<u>Annualized Adjusted Net Operating Income</u>" shall mean, as of any date of determination, (a) the sum of (i) the Leverage Annualized Adjusted Net Operating Income (ii) amounts on deposit in the Executed Forward Starting Lease Reserve Sub-Account, (iii) the Specified Material Tenant Lease Amount with respect to such date of determination and (iv) the sum of base rent due on Executed Forward Starting Leases for the succeeding 12 month period (without giving effect to any escalations) as of such date of determination, less (b) the sum of the amounts derived in clauses (ii) and (iii) of the definition of Annualized Adjusted Base Rent; provided that if the Capital Expenditures required for the Commencement of any Executed Forward Starting Lease exceeds the Available Capital Expenditure Amount for such Tenant Lease then the Annualized Adjusted Base Rent derived from any Tenant Lease that is an Executed Forward Starting Leases shall be reduced to exclude any rent amounts for which there are no Available Capital Expenditure Amounts.

"<u>Annualized Base Rent</u>" shall mean, for any Tenant Lease, as of any date of determination, the base rent with respect to such Tenant Lease payable during the calendar month in which such date of determination occurs multiplied by 12; *provided* that, for the avoidance of doubt, Annualized Base Rent does not include Pass-Through Data Center Expenses; *provided further* that amounts payable in any foreign currently are converted to USD at the applicable FX Rate.

"<u>Annualized Targeted Maintenance Capital Expenditures</u>" shall mean, as of any date, an amount equal to (i) $0.25 per square foot per annum for all Data Centers owned by the U.S. Co-Issuer and (ii) 65 CAD per kW per annum of completed critical load power available for delivery to Tenants for the calendar month in which such date occurs, for any Data Center owned by the Canadian Co-Issuer, in each case, other than any Data Center owned by the U.S. Co-Issuer for which maintenance and repair costs are factored into the Annualized Base Rent.

"<u>Anti-Corruption Laws</u>" shall mean the U.S. Foreign Corrupt Practices Act, as amended, and its related rules and regulations, and any similar laws, rules or regulations of any jurisdiction where the Obligors are located or doing business.

"<u>Anticipated Repayment Date</u>" for any Series of Variable Funding Notes or Term Notes, shall have the meaning ascribed to it in the Series Supplement for such Series of Variable Funding Notes or Term Notes.

"<u>Applicable Class A Payment Priority</u>" shall mean the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Other than during the continuance of an Event of Default, Class A-1 Notes will be (i) senior in right of payment of interest to other Class A Notes and (ii) senior in right of payment of principal to other Class A Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the continuance of an Event of Default, Class A-1 Notes will be (i) *pari passu* in right of payment of interest with other Class A Notes according to the amount then due and payable and (ii) *pari passu* in right of payment of principal with other Class A Notes according to the amount then due and payable.

"<u>Applicable Procedures</u>" shall mean, with respect to any transfer or transaction involving a Regulation S Global Note or beneficial interest therein, the rules and procedures of the Depositary, Euroclear and Clearstream, as the case may be, for such Global Note, in each case to the extent applicable to such transaction and as in effect from time to time.

"<u>Application Date</u>" shall mean each Optional Application Date and each Scheduled Application Date.

"<u>Appraised Eligible Data Center</u>" shall mean a Data Center that is an Eligible Data Center designated by the applicable Manager as an "Appraised Eligible Data Center" provided that on the date of such designation (1) such Eligible Data Center has an Appraised Value, or if all Data Centers on the related campus are "Appraised Eligible Data Centers" (determined without regard to this clause (1), the related campus has an Appraised Value that includes such Eligible Data Center, in either case, determined within the preceding 12 month period), (2) at least one phase of construction of such Eligible Data Center is completed and operating, as reasonably determined by the applicable Manager; provided, however, 75 Fima Cres, Toronto, ON M8W 3R1 shall be deemed an Appraised Eligible Data Center even if it does not satisfy this clause (2) as of the Initial Closing Date, and (3) after giving effect to such designation at least 75.0% of the Leased Capacity with respect to all Appraised Eligible Data Centers (including such Eligible Data Center) is leased by Tenants under one or more Tenant Leases (and for which the related Tenants are current with respect to Rent payable on such Tenant Lease).

"<u>Appraised Value</u>" shall mean, with respect to any one or more Data Centers located on the same campus, the most recent appraised value of such Data Centers determined pursuant to an independent, full narrative (complete summary) or limited scope (limited restricted) MAI appraisal provided to the Indenture Trustee and the Servicer or obtained by the Servicer in accordance with the Uniform Standards of Professional Appraisal Practice (as recognized by the Financial Institutions Reform, Recovery and Enforcement Act of 1989) and which takes into account the leased fee value of the related buildings and land of such Data Centers, consistent with industry standards, and excludes the value of equipment and other tangible personal property and business enterprise value.

"<u>ARD Period</u>" shall mean, with respect to any Class of **Notes in a** **<u>any</u>** Series<u>**of Notes**</u>, the period commencing on the **applicable** Anticipated Repayment Date for such Class <u>**of such Series of Notes**</u> (if **the Notes of** such Class <u>**of such Series of Notes**</u> have not been paid in full on or prior to the applicable Anticipated Repayment Date for such Class of <u>**such Series of**</u> Notes) and ending on the Payment Date on which all principal of, and interest (including Post-ARD Additional Interest) on, such <u>**Class of such Series of**</u> Notes is paid in full.

"<u>Asset Entities</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Asset Entity Interests</u>" shall have the meaning ascribed to it in Section 8.01(a).

"<u>Assets</u>" shall mean the assets of the Asset Entities.

"<u>Assignment/Contribution Agreement</u>" shall mean each assignment agreement, contribution agreement or other similar agreement whereby an Asset Entity is assigned and/or contributed to the U.S. Co-Issuer or the Canadian Co-Issuer or a Data Center and/or other assets is assigned and/or contributed to and/or from an Asset Entity.

"<u>Authorized Officer</u>" shall mean (i) any director, Member, Manager, Executive Officer or other officer of the U.S. Co-Issuer or the Canadian Co-Issuer (or the Co-Issuer GP on its behalf) who is authorized to act for or on behalf of the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, in matters relating to the U.S. Co-Issuer or the Canadian Co-Issuer and (ii) for so long as the Management Agreements are in full force and effect, any officer of the Canadian Manager or the U.S. Manager who is authorized to act for the applicable Manager in matters relating to the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, and to be acted upon by such Manager pursuant to the applicable Management Agreement, and, in each case, who is identified on the list of Authorized Officers delivered by the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, to the Indenture Trustee and the Servicer on the Closing Date (as such list may be modified or supplemented from time to time thereafter).

"<u>Authorized Representative</u>" shall have the meaning ascribed to it in Section 15.26(a).

"<u>Available Capital Expenditure Amount</u>" shall mean, as of any date of determination for each Tenant Lease whose Commencement is subject to Capital Expenditure by any Obligor or an affiliate thereof, an amount equal to the sum of, without duplication of any such amounts for more than one Tenant Lease, (i) the funds available in the Capital Expenditures Reserve Sub-Account on such date, (ii) the undrawn Class A-1 Commitment Amount that would be permitted to be drawn on such date, (iii) unrestricted cash and cash equivalent at the Manager or the applicable affiliate and (iv) undrawn equity commitments of the Parent.

"<u>Available Funds</u>" shall mean, for each Application Date and with respect to (x) the U.S. Collection Account, (y) the Canadian Collection Accounts (z) or any other foreign Collections Accounts established pursuant to the terms of this Indenture, together (i) Receipts received by or on behalf of the Asset Entities and deposited into such Collection Account or Collection Accounts, as applicable, during the Relevant Collection Period and (ii) any amounts transferred from the relevant Sub-Accounts to be applied as such on such Application Date; *provided* that (i) Available Funds constituting U.S. Collections shall be held in the U.S. Collection Account, Available Funds constituting Canadian Collections shall be held in the USD Canadian Collection Account or the CAD Canadian Collection Account based on the currency in which such Canadian Collections are denominated and Available Funds in the Canadian Collection Accounts shall be calculated and applied on an aggregate basis (subject to Section 5.01(c)), Available Funds constituting foreign Collections shall be held in the Collection Account established pursuant to this Indenture for such foreign currency and (ii) Receipts on deposit in a Collection Account that were received during one Collection Period but are attributable to amounts due from a Tenant in a succeeding Collection Period shall not constitute Available Funds for any Application Date with respect to the Collection Period in which such amounts are received but shall be included in the Available Funds for the first Application Date with respect to the Collection Period in which such amounts are due. For the avoidance of doubt, proceeds of draws under Variable Funding Notes shall not constitute Available Funds.

"<u>Available Terminated Tenant Lease Rent Amount</u>" shall mean, with respect to any Collection Period, an amount equal to the monthly base rent (or the portion of the base rent that represents any shortfall in base rent with respect to any Leased Capacity contracted to be provided under any Early Terminated Tenant Lease that has not been re-leased) that would have been payable during such Collection Period under each Early Terminated Tenant Lease for which an Early Termination Fee is on deposit in an Early Termination Fee Reserve Sub-Account.

"<u>Bankruptcy Code</u>" shall mean Title 11 of the United States Code, as amended from time to time, and all rules and regulations promulgated thereunder.

"<u>Beneficial Owner</u>" shall mean, with respect to any Series of Term Notes, the owner of a beneficial interest in a Global Note of such Series of Term Notes.

"<u>BIA</u>" shall mean the Bankruptcy and Insolvency Act (Canada), as amended from time to time.

"<u>Book-Entry Notes</u>" shall mean any Note registered in the name of the Depositary or its nominee.

"<u>Budgeted Operating Expenses</u>" shall mean collectively the U.S. Budgeted Operating Expenses and the Canadian Budgeted Operating Expenses.

"<u>Business Day</u>" shall mean any day other than (i) a Saturday, (ii) a Sunday or (iii) a legal holiday in the state of New York, California, the state where the primary servicing office of the Servicer is located or the state in which the corporate trust office of the Indenture Trustee is located, or any such day on which banking institutions located in any such state are generally not open for the conduct of regular business.

" <u>CAD Canadian Capital Expenditures Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.04.

"<u>CAD Canadian Collection Account</u>" shall have the meaning ascribed to it in Section 3.01.

" <u>CAD Canadian Early Termination Fee Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.06.

" <u>CAD Canadian Executed Forward Starting Lease Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.07.

" <u>CAD Canadian Priority Expense Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.03.

" <u>CAD Canadian Specified Material Tenant Lease Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.10.

"<u>Canadian Asset Entities</u>" shall mean the Asset Entities formed in Canada.

"<u>Canadian Benefit Plans</u>" shall mean any plan, fund, program, or policy, whether oral or written, formal or informal, funded or unfunded, insured or uninsured, providing employee benefits, including medical, hospital care, dental, sickness, accident, disability, life insurance, pension, retirement or savings benefits, under which any Obligor has any liability with respect to any Canadian employee or former employee of any of them, but excluding any Canadian Pension Plans.

"<u>Canadian Capital Expenditures Reserve Sub-Accounts</u>" shall have the meaning ascribed to it in Section 4.04.

"<u>Canadian Budgeted Operating Expenses</u>" shall have the meaning ascribed to it in the Canadian Management Agreement.

"<u>Canadian Cash Trap Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.05.

"<u>Canadian Co-Issuer</u>" shall have the meaning ascribed to is in the preamble hereto.

"<u>Canadian Collection Accounts</u>" shall have the meaning ascribed to it in Section 3.01.

"<u>Canadian Collection Account Bank</u>" shall have the meaning ascribed to it in Section 3.01.

"<u>Canadian Collection Account Control Agreement</u>" shall have the meaning ascribed to it in Section 3.01.

"<u>Canadian Collections</u>" shall have the meaning ascribed to it in Section 3.01.

"<u>Canadian Data Centers</u>" shall mean the Data Centers located in Canada.

"<u>Canadian Early Termination Fee Reserve Sub-Accounts</u>" shall have the meaning ascribed to it in Section 4.06.

"<u>Canadian Executed Forward Starting Lease Reserve Sub-Accounts</u>" shall have the meaning ascribed to it in Section 4.07.

"<u>Canadian Guarantee and Security Agreement</u>" shall mean, collectively, the deed of hypothec granted by Compass Datacenters YUL I LP and Compass Datacenters YUL II LP in favor of the Indenture Trustee, as hypothecary representative on behalf of the Noteholders, on June 5, 2020 and the guarantee and security agreement dated as of the Initial Closing Date made by the Canadian Guarantors in favor of the Indenture Trustee on behalf of the Noteholders.

"<u>Canadian Specified Material Tenant Lease Reserve Sub-Accounts</u>" shall have the meaning ascribed to it in Section 4.06.

"<u>Canadian Guarantors</u>" shall mean Compass Datacenters Canada Guarantor Limited Partnership and Compass Datacenters Canada Issuer, Inc.

"<u>Canadian Liquidity Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.08.

"<u>Canadian Management Agreement</u>" shall mean that certain Canadian Management Agreement, dated as of the Initial Closing Date (as amended by that certain Amendment to Management Agreement, dated as of the Amendment and Restatement Closing Date), among the Canadian Obligors and the Canadian Manager.

"<u>Canadian Manager</u>" shall mean the manager described in the Canadian Management Agreement or an Acceptable Manager as may hereafter be charged with management of the Canadian Obligors in accordance with Section 7.12.

"<u>Canadian Obligors</u>" shall mean the Obligors formed in Canada (including the Canadian Co-Issuer and any Additional Asset Entity formed in Canada).

"<u>Canadian Pension Plans</u>" shall mean pension plan required to be registered under Canadian federal or provincial law that is maintained or contributed to by any Obligor for its employees or former employees, but does not include the Canada Pension Plan or the Quebec Pension Plan as maintained by the Government of Canada or the Province of Quebec, respectively.

"<u>Canadian Priority Expense Reserve Sub-Accounts</u>" shall have the meaning ascribed to it in Section 4.03.

"<u>Capital Expenditures</u>" shall mean expenditures for Capital Improvements that, in conformity with GAAP, would not be included in the Obligors' annual financial statements as Operating Expenses of the Data Centers.

"<u>Capital Expenditures Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.04.

"<u>Capital Improvements</u>" shall mean capital improvements, repairs or alterations, fixtures, equipment and other capital items (whether paid in cash or property or accrued as liabilities) made by the Asset Entities.

"<u>Cash Management Agreement</u>" shall mean the Cash Management Agreement, dated as of the Initial Closing Date, among the Obligors, the Indenture Trustee and the Managers.

"<u>Cash Trap Condition</u>" shall mean, as of the end of any calendar month, (i) an Amortization Period is not then continuing and (ii) (x) the Class A Amortization DSCR is less than 1.30x, (y) the Class B Amortization DSCR is less than 1.15x, or (z) the Class C Amortization DSCR is less than 1.05x, and will continue to exist until (A) the Class A Amortization DSCR is equal to or has exceeded 1.30x, (B) the Class B Amortization DSCR is equal to or has exceeded 1.15x and (C) the Class C Amortization DSCR is equal to or has exceeded 1.05x, in each case as of the last day of the same three consecutive months.

"<u>Cash Trap Reserve</u>" shall have the meaning ascribed to it in Section 4.05.

"<u>Cash Trap Reserve Amount</u>" shall have the meaning ascribed to it in Section 4.05.

"<u>Cash Trap Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.05.

"<u>CCAA</u>" shall mean the Companies' Creditors Arrangement Act (Canada), as amended from time to time.

"<u>Claims</u>" shall have the meaning ascribed to it in Section 7.04(a).

"<u>Class</u>" shall mean, collectively, all of the Notes bearing the same alphabetical type and, if applicable, numerical class designation and having the same payment terms. The respective Classes of Notes are designated under Series Supplements.

"<u>Class A-1 Administrative Agent</u>" shall mean with respect to any Series of Variable Funding Notes, the "Class A-1 Administrative Agent," if any, as specified in the related Variable Funding Note Purchase Agreement.

"<u>Class A-1 Administrative Agent Fee</u>" shall mean with respect to any Series of Variable Funding Notes, the fee, if any, set forth in the related Variable Funding Note Purchase Agreement for payment to the applicable Class A-1 Administrative Agent.

"<u>Class A-1 Commitment Amount</u>" shall mean the aggregate maximum outstanding principal amount available under this Indenture and any Variable Funding Note Purchase Agreement with respect to any Variable Funding Notes.

"<u>Class A-1 Notes</u>" shall mean all Notes of any Series issued under this Indenture and any related Series Supplement that are designated Class "A-1".

"<u>Class A-2 Monthly Amortization Amount</u>" shall mean, as of each Payment Date with respect to the Class A-2 Notes of any Series, the sum of (i) the Class A-2 Targeted Amortization Amount for such Notes, if any, as of such Payment Date and (ii) the Unpaid Class A-2 Monthly Amortization Amount for such Notes as of such Payment Date.

"<u>Class A-2 Notes</u>" shall mean all Notes of any Series issued under this Indenture and any related Series Supplement that are designated Class "A-2".

"<u>Class A-2 Targeted Amortization Amount</u>" shall mean, as of each Payment Date with respect to the Class A-2 Notes of any Series, the amount, if any, set forth in the Series Supplement for such Notes for such Payment Date.

"<u>Class A Amortization DSCR</u>" shall mean, as of any date, the ratio of (i) the excess, if any, of (a) the Annualized Adjusted Net Operating Income as of such date over (b) the Annualized Targeted Maintenance Capital Expenditures as of such date to (ii) the amount of (x) the interest on any Class A Notes that the Co-Issuers would be required to pay over the succeeding twelve Payment Dates (other than any Contingent Interest or Deferred Contingent Interest), (y) the principal of any Class A Notes that the Co-Issuers would be required to pay over the succeeding twelve Payment Dates and (z) with respect to any Class A-1 Notes, any VFN Undrawn Commitment Fees and any other fees, expenses and other amounts due to the holders of the Class A-1 Notes under any Variable Funding Note Purchase Agreement that the Co-Issuers would be required to pay over the succeeding twelve Payment Dates, in each case determined as though the Class A Notes were subject to a 30-year "mortgage style" amortization (determined without duplication of any Class A-2 Monthly Amortization Amounts payable during such period) at the then-current blended average rate of all Outstanding Class A Notes. For the purposes of this calculation, it is assumed that (x) the base rate, LIBOR rate or CP Rate for the related Interest Accrual Periods will be equal to the then-current base rate, LIBOR rate or CP Rate and (y) no Class A Sweep Amount or Early Termination Fee Prepayment Amount is payable.

"<u>Class A LTV Ratio</u>" shall mean, as of any date, the ratio of (a) the excess, if any, of (i) the aggregate outstanding principal amount of any Class A Notes as of such date over (ii) the sum of (x) the aggregate amount of funds on deposit in the Liquidity Reserve Sub-Accounts as of such date and (y) any amounts on deposit in the Specified Material Tenant Lease Reserve Sub-Accounts as of such date to (b) the aggregate Appraised Value for all Appraised Eligible Data Centers (including, without duplication, in the case of a campus consisting solely of Appraised Eligible Data Centers, the Appraised Value of such campus); *provided* that in connection with a disposition of one or more Data Centers in accordance with Section 7.30, the Class A LTV Ratio shall be calculated after giving pro-forma effect to the disposition of such Data Center and the prepayment of the Notes based on the applicable Disposition Price.

"<u>Class A Notes</u>" shall mean all Notes of any Series issued under this Indenture and any related Series Supplement that are designated Class "A" (regardless of type or numerical designation).

"<u>Class A Sweep Amount</u>" shall mean, with respect to any Payment Date, the greater of (a) the excess, if any, of (i) the amount, if any, of principal of the Class A Notes of any Series on such Payment Date the repayment of which is necessary to cause the Class A LTV Ratio, after giving effect to such reduction and the payment of the Class A-2 Monthly Amortization Amount to the Class A-2 Notes for such Payment Date, to be less than or equal to 70.0% over (ii) any amount allocated on any Application Date prior to such Payment Date for which such Payment Date is the Relevant Payment Date to the Debt Service Sub-Account pursuant to Section 5.01(a)(xi) and (b) if a Specified Material Tenant Lease Event has occurred and is continuing, then the excess, if any, of (i) the amount, if any, of principal of the Class A Notes of any Series on such Payment Date the repayment of which is necessary to cause the AANOI Leverage Ratio, after giving effect to such reduction and the payment of the Class A-2 Monthly Amortization Amount to the Class A-2 Notes for such Payment Date, to be less than or equal to a ratio that is 0.25x greater than the Target Leverage Ratio as of such Payment Date over (ii) any amount allocated on any Application Date prior to such Payment Date for which such Payment Date is the Relevant Payment Date to the Debt Service Sub-Account pursuant to Section 5.01(a)(xi).

"<u>Class B Amortization DSCR</u>" shall mean, as of any date, the ratio of (i) the excess, if any, of (a) the Annualized Adjusted Net Operating Income as of such date over (b) the Annualized Targeted Maintenance Capital Expenditures as of such date to (ii) the amount of (x) the interest on the Class A Notes and the Class B Notes that the Co-Issuers would be required to pay over the succeeding twelve Payment Dates (other than any Contingent Interest or Deferred Contingent Interest), (y) the principal of the Class A Notes and Class B Notes that the Co-Issuers would be required to pay over the succeeding twelve Payment Dates and (z) with respect to any Class A-1 Notes, any VFN Undrawn Commitment Fees and any other fees, expenses and other amounts due to the holders of the Class A-1 Notes under any Variable Funding Note Purchase Agreement that the Co-Issuers would be required to pay over the succeeding twelve Payment Dates, in each case determined as though the Class A Notes and the Class B Notes were subject to a 30-year "mortgage style" amortization (determined without duplication of any Class A-2 Monthly Amortization Amounts payable during such period) at the then-current blended average rate of all Outstanding Class A Notes or Class B Notes, as applicable. For the purposes of this calculation, it is assumed that (x) the base rate, LIBOR rate or CP Rate for the related Interest Accrual Periods will be equal to the then-current base rate, LIBOR rate or CP Rate, as applicable, and (y) no Class A Sweep Amount, Class B Sweep Amount or Early Termination Fee Prepayment Amount is payable.

"<u>Class B LTV Ratio</u>" shall mean, as of any date, the ratio of (a) the excess, if any, of (i) the aggregate outstanding principal amount of any Class A Notes and Class B Notes as of such date over (ii) the sum of (x) the aggregate amount of funds on deposit in the Liquidity Reserve Sub-Accounts as of such date and (y) any amounts on deposit in the Specified Material Tenant Lease Reserve Sub-Accounts as of such date to (b) the aggregate Appraised Value for all Appraised Eligible Data Centers (including, without duplication, in the case of a campus consisting solely of Appraised Eligible Data Centers, the Appraised Value of such campus); provided that in connection with a disposition of one or more Data Centers in accordance with Section 7.30, the Class B LTV Ratio shall be calculated after giving pro-forma effect to the disposition of such Data Center and the prepayment of the Notes based on the applicable Disposition Price.

"<u>Class B Notes</u>" shall mean all Notes of any Series issued under this Indenture and any related Series Supplement that are designated Class "B" (regardless of type or numerical designation).

<u>**"Class B PIK Period" shall mean, as of any Payment Date, a period that is in effect on such Payment Date if (A) any Series of Class A Notes are Outstanding as of such Payment Date and (B) the three-month average Class A Amortization DSCR as of the last day of the calendar month immediately preceding such Payment Date was less than 1.30x.**</u>

"<u>Class B Sweep Amount</u>" shall mean, with respect to any Payment Date, the greater of the excess, if any, of (i) the amount, if any, of principal of the Class B Notes of any Series on such Payment Date the repayment of which is necessary to cause the Class B LTV Ratio, after giving effect to such reduction and the payment of any Class A Sweep Amount and the Class A-2 Monthly Amortization Amount to the Class A-2 Notes for such Payment Date, to be less than or equal to (A) on or prior to the third anniversary of the Initial Closing Date, 75.0% or (B) following the third anniversary of the Initial Closing Date 80.0% over (ii) any amount allocated on any Application Date prior to such Payment Date for which such Payment Date is the Relevant Payment Date to the Debt Service Sub-Account pursuant to Section 5.01(a)(**xvi** **<u>xiii</u>**).

"<u>Class C Amortization DSCR</u>" shall mean, as of any date, the ratio of (i) the excess, if any, of (a) the Annualized Adjusted Net Operating Income as of such date over (b) the Annualized Targeted Maintenance Capital Expenditures as of such date to (ii) the amount of (x) the interest on the Class A Notes and the Class B Notes and Class C Notes that the Co-Issuers would be required to pay over the succeeding twelve Payment Dates (other than any Contingent Interest or Deferred Contingent Interest), (y) the principal of the Class A Notes, Class B Notes and Class C Notes that the Co-Issuers would be required to pay over the succeeding twelve Payment Dates and (z) with respect to any Class A-1 Notes, any VFN Undrawn Commitment Fees and any other fees, expenses and other amounts due to the holders of the Class A-1 Notes under any Variable Funding Note Purchase Agreement that the Co-Issuers would be required to pay over the succeeding twelve Payment Dates, in each case determined as though the Class A Notes, the Class B Notes and the Class C Notes were subject to a 30-year "mortgage style" amortization (determined without duplication of any Class A-2 Monthly Amortization Amounts payable during such period) at the then-current blended average rate of all Outstanding Class A Notes, Class B Notes or Class C Notes, as applicable. For the purposes of this calculation, it is assumed that (x) the base rate, LIBOR rate or CP Rate for the related Interest Accrual Periods will be equal to the then-current base rate, LIBOR rate or CP Rate, as applicable, and (y) no Class A Sweep Amount, Class B Sweep Amount, Class C Sweep Amount or Early Termination Fee Prepayment Amount is payable.

"<u>Class C LTV Ratio</u>" shall mean, as of any date, the ratio of (a) the excess, if any, of (i) the aggregate outstanding principal amount of any Class A Notes, Class B Notes and Class C Notes as of such date over (ii) the sum of (x) the aggregate amount of funds on deposit in the Liquidity Reserve Sub-Accounts as of such date and (y) any amounts on deposit in the Specified Material Tenant Lease Reserve Sub-Accounts as of such date to (b) the aggregate Appraised Value for all Appraised Eligible Data Centers (including, without duplication, in the case of a campus consisting solely of Appraised Eligible Data Centers, the Appraised Value of such campus); provided that in connection with a disposition of one or more Data Centers in accordance with Section 7.30, the Class C LTV Ratio shall be calculated after giving pro-forma effect to the disposition of such Data Center and the prepayment of the Notes based on the applicable Disposition Price.

"<u>Class C Notes</u>" shall mean all Notes of any Series issued under this Indenture and any related Series Supplement that are designated Class "C" (regardless of type or numerical designation).

"<u>Class C Sweep Amount</u>" shall mean, with respect to any Payment Date, the greater of the excess, if any, of (i) the amount, if any, of principal of the Class C Notes of any Series on such Payment Date the repayment of which is necessary to cause the Class C LTV Ratio, after giving effect to such reduction and the payment of any Class A Sweep Amount, Class B Sweep Amount and the Class A-2 Monthly Amortization Amount to the Class A-2 Notes for such Payment Date, to be less than or equal to (A) on or prior to the third anniversary of the Initial Closing Date, 80.0% or (B) following the third anniversary of the Initial Closing Date 85.0% over (ii) any amount allocated on any Application Date prior to such Payment Date for which such Payment Date is the Relevant Payment Date to the Debt Service Sub-Account pursuant to Section 5.01(a)(**xix** **<u>xvii</u>**).

"<u>Class Principal Balance</u>" shall mean, as of any date of determination, the Note Principal Balance of all Outstanding Notes of such Class on such date. The Class Principal Balance of each Class of Notes may be increased by the issuance of Additional Notes of such Class in an additional Series, or in the case of the Variable Funding Notes, also by draws on their commitment. The Class Principal Balance of each Class of Notes will be reduced by the amount of any principal payments made to the Holders of the Notes of such Class.

"<u>Clearstream</u>" shall mean Clearstream Banking S.A.

"<u>Closing Date</u>" with respect to a Series, shall have the meaning ascribed to it in the Series Supplement for such Series.

"<u>Closing Date Asset Entities</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Closing Date Data Centers</u>" shall mean (i) the data centers owned by the Closing Date Asset Entities on the Initial Closing Date and (ii) the data centers for which all related cashflow from any Data Center Asset (including all rent from any related Tenant Lease) has been contributed to any Obligor.

"<u>Closing Date Other Entities</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Co-Issuer GP</u>" shall mean Compass Datacenters Canada Issuer, Inc., a Canadian corporation formed under the laws of Canada.

"<u>Co-Issuers</u>" shall have the meaning ascribed to is in the preamble hereto.

"<u>Code</u>" shall mean the United States Internal Revenue Code of 1986, as amended.

"<u>Collateral</u>" shall mean any property which is the subject of a Grant in favor of the Indenture Trustee on behalf of the Noteholders pursuant to any Transaction Document.

"<u>Collection Account Control Agreements</u>" shall have the meaning ascribed to it in Section 3.01.

"<u>Collection Account Bank</u>" shall mean the depositary institution at which a Collection Account is maintained pursuant to a Collection Account Control Agreement.

"<u>Collection Accounts</u>" shall have the meaning ascribed to it in Section 3.01.

"<u>Collection Period</u>" shall mean each successive period of one calendar month; *provided* that the initial Collection Period shall commence on the first day of the calendar month in which the Initial Closing Date occurs and end on the last day of the calendar month in which the Initial Closing Date occurs.

"<u>Commenced</u>" shall mean, with respect to any Tenant Lease, that the related Tenant with respect to such Tenant Lease has been granted a right to occupy all or a portion of a Data Center (not taking into account any early-occupancy period during which such tenant is permitted to install equipment, conduct tenant improvements or undertake similar activities) pursuant to the related Tenant Lease (regardless of whether such Tenant is obligated to pay rent with respect to the full amount of the electrical capacity leased pursuant to the related Tenant Lease at such time).

"<u>Compliance Certificate</u>" shall have the meaning ascribed to it in Section 7.02(a)(ix).

"<u>Condemnation Proceeds</u>" shall mean, collectively, the proceeds of any condemnation or taking pursuant to the exercise of the power of eminent domain or purchase in lieu thereof.

"<u>Consent Fee</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Contingent Interest</u>" if any, with respect to any Variable Funding Note of a Series, shall have the meaning ascribed to it in the Series Supplement for such Series.

"<u>Contingent Obligation</u>" as applied to any Person, shall mean any direct or indirect liability, contingent or otherwise, of that Person: (A) with respect to any indebtedness, lease, dividend or other obligation of another if the primary purpose or intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in whole or in part) against loss with respect thereto; (B) with respect to any letter of credit issued for the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings; (C) under any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement or other similar agreement or arrangement designed to protect against fluctuations in interest rates; or (D) under any foreign exchange contract, currency swap agreement or other similar agreement or arrangement designed to protect that Person against fluctuations in currency values. Contingent Obligations shall include, without limitation, (i) the direct or indirect guaranty, endorsement (other than for collection or deposit in the ordinary course of business), co-making (other than the Notes), discounting with recourse or sale with recourse by such Person of the obligation of another, (ii) the obligation to make take-or-pay or similar payments if required regardless of nonperformance by any other party or parties to an agreement, and (iii) any liability of such Person for the obligations of another through any agreement to purchase, repurchase or otherwise acquire such obligation or any property constituting security therefor, to provide funds for the payment or discharge of such obligation or to maintain the solvency, financial condition or any balance sheet item or level of income of another. The amount of any Contingent Obligation shall be equal to the amount of the obligation so guaranteed or otherwise supported or, if not a fixed and determined amount, the maximum amount so guaranteed.

"<u>Continuing Notes</u>" shall have the meaning ascribed to it in Section 2.13(b).

"<u>Contractual Obligation</u>" as applied to any Person, shall mean any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject, other than the Transaction Documents.

"<u>Controlling Class</u>" shall mean, as of any date of determination, the senior most Outstanding Class of Notes (*i.e.*, the Class with the highest alphabetical designation), without regard to allocation to a particular Series. In the event that the Class A Notes are the Controlling Class, the Controlling Class will be comprised of all Class A Notes, collectively, based on the outstanding principal amounts of such Class A Notes (assuming the full amount of any Class A-1 Commitment Amount that is permitted to be drawn on such date is fully drawn).

"<u>Controlling Class Representative</u>" shall have the meaning ascribed in Section 10.05(a).

"Corporate Trust Office" shall mean the principal office of the Indenture Trustee at which at any particular time its corporate trust business shall be administered, which office at the date of execution of this Indenture is located at Rodney Square North, 1100 N. Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration – Compass Datacenters; or at such other address the Indenture Trustee may designate from time to time by notice to the Noteholders and the Obligors, or the principal corporate trust office of any successor Indenture Trustee at the address designated by such successor Indenture Trustee by notice to the Noteholders and the Obligors. For purposes of all Notes surrendered for payment or registration of transfer or exchange, or deemed destroyed, lost or stolen, the corporate trust office of the Indenture Trustee shall be as follows: Rodney Square North, 1100 N. Market Street, Wilmington, Delaware 19890, Attention: Workflow Management – Compass Datacenters.

"<u>Currency Conversion Direction Letter</u>" shall have the meaning ascribed to it in Section 11.12(d).

"<u>Data Center Assets</u>" shall have the meaning ascribed to it in Section 7.30(b).

"<u>Data Centers</u>" shall mean the Closing Date Data Centers and any Additional Data Centers.

"<u>Data Center Acquisition Fee</u>" shall have the meaning ascribed to it in the Servicing Agreement.

"<u>Data Center Release Fee</u>" shall have the meaning ascribed to it in the Servicing Agreement.

"<u>Data Center Space</u>" shall mean the space at a Data Center that is leased, subleased or licensed by an Asset Entity to one or more Tenants under a Tenant Lease.

"<u>DBRS</u>" shall mean DBRS Inc. and any of its successors.

"<u>Debt Service Advance</u>" shall mean the advance solely with respect to Class A Notes required, subject to a determination that such is not a Nonrecoverable Advance and the absence of any Advance Suspension Period, to be made by the Servicer on the Business Day preceding each Payment Date provided that no Advance Suspension Period is then in effect in an amount equal to the excess of (i) the Monthly Payment Amount for such Payment Date over (ii) the balance in the Debt Service Sub-Account (inclusive of transfers made thereto (x) for periods prior to an Event of Default, from the Liquidity Reserve Sub-Accounts and Cash Trap Reserve Sub-Accounts and, (y) from and after an Event of Default, transfers thereto from all Reserve Sub-Accounts) on such date available to pay such Monthly Payment Amount. For the avoidance of doubt, neither the Indenture Trustee nor the Servicer shall have any obligation to make any Debt Service Advance with respect to the Class B Notes or Class C Notes.

"<u>Debt Service Sub-Account</u>" shall mean a Sub-Account of the U.S. Collection Account to reserve the amount required for payments due on the Notes in the manner required pursuant to Section 5.01(a).

"<u>Default</u>" shall mean any event, occurrence or circumstance that is, or with notice or the lapse of time or both, would become, an Event of Default.

"<u>Defaulted Tenant Lease</u>" shall mean any Tenant Lease included in the Collateral, with respect to which a default occurs under the applicable Tenant Lease that materially and adversely affects the interest of the applicable Asset Entity and that continues unremedied for the applicable grace period under the terms of such Tenant Lease (or, if no grace period is specified, for 30 days).

"<u>Defeasance Date</u>" shall have the meaning ascribed to it in Section 2.12(a).

"<u>Defeasance Payment Date</u>" shall mean, for any Series, the Payment Date on which the Prepayment Period for such Series commences.

"<u>Deferred Contingent Interest</u>" shall mean any Contingent Interest not paid on any Payment Date which is deferred and added to any Contingent Interest previously deferred and remaining unpaid.

"<u>Deferred Base Rate Amount</u>" has the meaning set forth in any Variable Funding Note Purchase Agreement.

"<u>Deferred CP Rate Funding Amount</u>" has the meaning set forth in the definition of "CP Funding Rate" set forth in any Variable Funding Note Purchase Agreement.

"<u>Deferred Eurodollar Rate Amount</u>" has the meaning set forth in any Variable Funding Note Purchase Agreement.

"<u>Deferred Post-ARD Additional Interest</u>" shall have the meaning ascribed to it in Section 2.10.

"<u>Deferred VFN Funding Amount</u>" means any "Deferred Base Rate Amount", "Deferred CP Rate Funding Amount" or "Deferred Eurodollar Funding Amount", in each case, as defined in any Variable Funding Note Purchase Agreement.

"<u>Definitive Notes</u>" shall have the meaning ascribed to it in Section 2.01(b). "<u>Definitive Term Notes</u>" shall have the meaning ascribed to it in Section 2.01(b).

"<u>Definitive Variable Funding Notes</u>" shall have the meaning ascribed to it in Section 2.01(a).

"<u>Delinquent Tenant Lease</u>" shall mean any Tenant Lease included in the Collateral (other than a Defaulted Asset), with respect to which any amounts due thereunder becomes delinquent for 60 or more consecutive days.

"<u>Depositary</u>" and "<u>DTC</u>" shall mean The Depository Trust Company, or any successor Depositary hereafter named as contemplated by Section 2.03(c).

"<u>Depositary Participants</u>" shall mean a broker, dealer, bank or other financial institution or other Person for whom from time to time the Depositary effects book-entry transfers and pledges of securities deposited with the Depositary.

"<u>Discretionary Capital Expenditures</u>" shall mean (i) non-recurring Capital Expenditures made to enhance the Operating Revenues of Data Centers, such as to accommodate expansion for additional tenant equipment and (ii) other non-recurring Capital Expenditures made to decrease the Operating Expenses of the Data Centers.

"<u>Disposition Price</u>" shall mean, with respect to any disposition of any Data Center, an amount with respect to such Data Center equal to (i) if (w) the pro forma DSCR after giving effect to the disposition of such Data Center and any prepayment of Term Notes occurring concurrently with such disposition, is equal to or greater than 1.85x, (x) the Class A LTV Ratio after giving effect to the disposition of such Data Center and any prepayment of Term Notes occurring concurrently with such disposition is less than or equal to (A) on or prior to the third anniversary of the Initial Closing Date, 65.0% or (B) following the third anniversary of the Initial Closing Date 70.0%, (y) the Class B LTV Ratio after giving effect to the disposition of such Data Center and any prepayment of Term Notes occurring concurrently with such disposition is less than or equal to (A) on or prior to the third anniversary of the Initial Closing Date, 75.0% or (B) following the third anniversary of the Initial Closing Date 80.0%, and (z) the Class C LTV Ratio after giving effect to the disposition of such Data Center and any prepayment of Term Notes occurring concurrently with such disposition is less than or equal to (A) on or prior to the third anniversary of the Initial Closing Date, 80.0% or (B) following the third anniversary of the Initial Closing Date 85.0%, then $0 and (ii) if (w) the pro forma DSCR after giving effect to the disposition of such Data Center and any prepayment of Term Notes occurring concurrently with such disposition, is less than 1.85x, (x) the Class A LTV Ratio after giving effect to the disposition of such Data Center and any prepayment of Term Notes occurring concurrently with such disposition is greater than (A) on or prior to the third anniversary of the Initial Closing Date, 65.0% or (B) following the third anniversary of the Initial Closing Date, 70.0%, (y) the Class B LTV Ratio after giving effect to the disposition of such Data Center and any prepayment of Term Notes occurring concurrently with such disposition is greater than (A) on or prior to the third anniversary of the Initial Closing Date, 75.0% or (B) following the third anniversary of the Initial Closing Date, 80.0%, or (z) the Class C LTV Ratio after giving effect to the disposition of such Data Center and any prepayment of Term Notes occurring concurrently with such disposition is greater than (A) on or prior to the third anniversary of the Initial Closing Date, 80.0% or (B) following the third anniversary of the Initial Closing Date, 85.0%, then, the greater of (a) 125% of the Allocated Note Amount for such Data Center and (b) the amount, if any, of principal of the Term Notes of any Series the repayment of which is necessary to cause the pro forma DSCR after giving effect to the disposition of such Data Center and any prepayment (and any issuance) of Term Notes occurring concurrently with such disposition, to be greater than or equal to 1.85x.

"<u>Division</u>" shall mean, with respect to any Person that is a limited liability company organized under the laws of the State of Delaware, the division of such Person into two or more domestic limited liability companies (whether or not the original Person survives such division) pursuant to and in accordance with § 18-217 of Title 6 of Delaware Code.

"<u>DSCR</u>" shall mean, as of any date, the ratio of (i) the excess, if any, of (a) the Annualized Adjusted Net Operating Income as of such date over (b) the Annualized Targeted Maintenance Capital Expenditures as of such date to (ii) the sum of (a) the amount of interest (other than any Contingent Interest or Deferred Contingent Interest) and, with respect to any Class A-1 Notes, any accrued and unpaid VFN Undrawn Commitment Fees and any other fees, expenses and other amounts due to the holders of the Class A-1 Notes under any Variable Funding Note Purchase Agreement in respect thereof, that the Co-Issuers will be required to pay over the succeeding twelve Payment Dates on the aggregate Note Principal Balance of the Notes and (b) the amount of the Indenture Trustee Fees and the Servicer Fees payable during such period, assuming that (a) the Note Rate for the related Interest Accrual Periods will be equal to the then-current Note Rate and (b) the Note Principal Balance of the Notes that will be Outstanding on the Payment Date following the date of determination will remain Outstanding during such period, unless the DSCR is being calculated in connection with the issuance of Additional Notes, in which case, the assumed aggregate Note Principal Balance of the Notes that will be Outstanding during such period will be increased by the Initial Class Principal Balance of each Class of such Additional Notes.

"<u>DTC Custodian</u>" shall mean the Indenture Trustee, in its capacity as custodian of any Series or Class of Global Notes for DTC.

"<u>Early Termination Fee</u>" shall mean, with respect to any Tenant Lease, (x) any amount payable to an Asset Entity in connection with any termination of such Tenant Lease (in whole or in part) earlier than the stated termination date set forth therein and (y) any capital contribution made by the Parent in connection with the termination of any Early Terminated Tenant Lease as set forth in Section 3(d) of the Management Agreement.

"<u>Early Termination Fee Prepayment Amount</u>" shall mean, as of any date of determination, with respect to any Early Terminated Tenant Lease, an amount equal to the excess of (x) the Early Termination Fee with respect to such Early Terminated Tenant Lease <u>over</u> (y) all Available Terminated Tenant Lease Rent Amounts transferred to the applicable Collection Account prior to such date.

"<u>Early Termination Fee Reserve Sub-Accounts</u>" shall have the meaning ascribed to it in Section 4.06.

"<u>Early Terminated Tenant Lease</u>" shall mean any Tenant Lease that is subject to a full or partial termination (including, without limitation, by reducing the Leased Capacity contracted to be provided under such Tenant Lease).

"<u>Eligible Account</u>" shall mean a separate and identifiable account from all other funds held by the holding institution, which account is either (i) an account maintained with an Eligible Bank or (ii) a segregated trust account maintained by a corporate trust department of a federal depositary institution or a state chartered depositary institution subject to regulations regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal Regulations § 9.10, which institution, in either case, has a combined capital and surplus of at least $100,000,000 and has corporate trust powers and is acting in its fiduciary capacity and for which a Rating Agency Confirmation has been received.

"<u>Eligible Bank</u>" shall mean a bank that satisfies the Rating Criteria.

"<u>Eligible Data Centers</u>" shall mean, as of any date of determination, a data center that satisfies each of the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such data center is located in one of the G-7 Countries or Israel unless a Rating Agency Confirmation has been obtained; *provided* that with respect to any Data Center that is not located in a G-7 Country, such Data Center will only constitute an Eligible Data Center if, as of any date of determination, the aggregate Appraised Value for all Data Centers not located in a G-7 Country is less than 50% of the aggregate Appraised Value for all Appraised Eligible Data Centers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such data center is (x) owned directly or indirectly by an Asset Entity in fee simple absolute or, in the case of a Data Center located in Québec, through an ownership interest (real rights) in immovable property or (y) leased under a Ground Lease or, in the case of a Data Center located in Québec, an emphyteutic lease, in each case, free and clear of Liens (other than Permitted Encumbrances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the U.S. Co-Issuer or Canadian Co-Issuer has provided to the Indenture Trustee a Mortgage and a Title Policy with respect to such data center and has provided to such title company issuing such Title Policy the Mortgage to be submitted for recording in the appropriate office of real property records and a survey or certificate of location with respect to such data center; provided that the requirement set forth in this clause (iii) shall be deemed satisfied for purposes of the First Collateral Date so long as such policies are delivered to the Indenture Trustee no later than 15 days after the Initial Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such data center is not subject to any outstanding tax liens or condemnation proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such data center is in compliance with all applicable regulations and has all necessary permits and licenses, unless, in the case of any such permit or license required to be obtained by the Tenant, the failure by such Tenant to obtain such permit or license would not materially and adversely affect the Asset Entity's interest in such data center;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Obligors have delivered to the Indenture Trustee and the Servicer a Phase I environmental report on each such data center, and if such Phase I environmental report reveals any condition that in the Servicer's reasonable judgment so warrants, a Phase II environmental report, and such report concludes that such data center does not contain any Hazardous Materials in material violation of applicable Environmental Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) such data center is not, and no interest of the Obligors therein is, subject to any Lien (other than Permitted Encumbrances) or any negative pledge; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Obligors have completed architectural, structural and other due diligence at such data center (consistent with the Managers' existing standards and practices) with no material adverse findings and the data center is otherwise free of all material structural, architectural or title defects and is free of material deferred maintenance.

"<u>Employee Benefit Plan</u>" shall mean any employee benefit plan within the meaning of Section 3(3) of ERISA (including any Multiemployer Plan) which is subject to Title IV of ERISA or to Section 412 of the Code.

"<u>Environmental Assessment</u>" shall have the meaning ascribed to it in Section 10.02(f).

"<u>Environmental Laws</u>" shall mean all applicable statutes, ordinances, codes, orders, decrees, laws, rules or regulations of any Governmental Authority pertaining to or imposing liability or standards of conduct concerning environmental protection (including, without limitation, regulations concerning health and safety to the extent relating to human exposure to Hazardous Materials), contamination or clean-up or the handling, generation, release or storage of Hazardous Material affecting the Data Centers including, without limitation, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, the Resource Conservation and Recovery Act, as amended, the Emergency Planning and Community Right-to-Know Act of 1986, as amended, the Hazardous Substances Transportation Act, as amended, the Solid Waste Disposal Act, as amended, the Clean Water Act, as amended, the Clean Air Act, as amended, the Toxic Substances Control Act, as amended, the Safe Drinking Water Act, as amended, the Occupational Safety and Health Act, as amended (to the extent relating to human exposure to Hazardous Materials), any state superlien and environmental clean-up statutes and all regulations adopted in respect of the foregoing laws whether now or hereafter in effect, but excluding any historic preservation or similar laws of any Governmental Authority relating to historical resources and historic preservation not related to (i) protection of the environment or (ii) Hazardous Materials.

"<u>Equity Cure Contribution</u>" means, with respect the any monthly period, any cash contribution made to the Co-Issuers at any time prior to the latest Rated Final Payment Date for any Series of Notes Outstanding to make deposits into the Specified Material Tenant Lease Reserve Sub-Accounts in accordance with Section 5.05 of this Indenture.

"<u>ERISA</u>" shall mean the Employee Retirement Income Security Act of 1974, as amended.

"<u>ERISA Affiliate</u>" shall mean, in relation to any Person, any other Person that, together with the first Person, is treated as a single employer Section 414(b), (c), (m) or (o) of the Code.

"<u>EU Risk Retention Requirement</u>" shall mean the requirement accepted by the Parent to retain, on an ongoing basis, a material net economic interest of not less than five percent in the securitisation as determined in accordance with Article 6 of the Securitisation Regulation.

"<u>Euroclear</u>" shall mean the Euroclear System.

"<u>Event of Default</u>" shall have the meaning ascribed to it in Section 10.01.

"<u>Excess Cash Flow</u>" shall mean, with respect to any Payment Date, amounts remaining in the Debt Service Sub-Account on such Payment Date after payment of all amounts required to be paid on such Payment Date pursuant to Section 5.01(g)(i).

"<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as amended.

"<u>Excluded Data Centers</u>" shall have the meaning ascribed to it in Section 15.19.

"<u>Executed Forward Starting Lease</u>" shall mean a Tenant Lease for which the Tenant is not required to pay rent or is required to pay rents at a reduced rate (i.e., less than the Rent based on the full Leased Capacity), in either case, for a specified time and such Tenant (or the applicable Executed Forward Starting Lease, as applicable) is any of (a) an existing Tenant in good standing, (b) has an investment grade rating from an NRSRO, (c) has a market capitalization exceeding $5 billion at the time of execution of the applicable Executed Forward Starting Lease, (d) the applicable Executed Forward Starting Lease is guaranteed by a third-party that is rated investment grade by an NRSRO or (e) is a wholly-owned foreign subsidiary of a third-party that is rated investment grade by an NRSRO.

"<u>Executed Forward Starting Lease Rent Commencement Date</u>" shall mean, with respect to any Executed Forward Starting Lease the date that the related Tenant is obligated to pay rent with respect to the full amount of the Leased Capacity pursuant to such Tenant Lease.

"<u>Executed Forward Starting Lease Reserve Amount</u>" shall mean, as of any date of determination with respect to an Executed Forward Starting Lease Reserve Sub-Account, the sum of the excess of (x) up to the maximum base rent under each such Executed Forward Starting Lease over the succeeding 18 month period based on the full Leased Capacity (without giving effect to any escalations) multiplied by 12 over (y) the aggregate Rent actually required to be paid under such Executed Forward Starting Lease over the succeeding twelve month period (without giving effect to any escalations); *provided* that if the required Capital Expenditures for an Executed Forward Starting Lease exceeds the Available Capital Expenditure Amount for such Tenant Lease and the Executed Forward Starting Lease's Commencement is subject to such Capital Expenditures by any Obligor, then the Executed Forward Starting Lease Reserve Amount available to be deposited into the Executed Forward Starting Lease Reserve Sub-Account with respect to such Executed Forward Starting Lease shall be reduced to exclude any rent amounts for which there are no Available Capital Expenditure Amounts; *provided further*, that amounts reserved in a foreign currency are converted to USD at the applicable FX Rate for the purpose of including these funds in the definition of Annualized Adjusted Net Operating Income.

"<u>Executed Forward Starting Lease Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.07.

"<u>Executive Officer</u>" shall mean, with respect to any corporation or limited liability company, the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, President, any Executive Vice President, any Senior Vice President, the Chief Accounting Officer, any Vice President, the Secretary or the Treasurer of such corporation or limited liability company and, with respect to any partnership, any individual general partner thereof or, with respect to any other general partner, any such officer of such general partner.

"<u>FATCA</u>" shall mean Sections 1471 through 1474 of the Code, as of the Initial Closing Date (or any amended or successor version of such sections that is substantially comparable and not materially more onerous to comply with), or any regulations or agreements thereunder or official interpretations thereof or any intergovernmental agreement between the United States and another jurisdiction entered into in connection with the implementation thereof (or any law implementing such an intergovernmental agreement).

"<u>FATCA Withholding Tax</u>" shall mean any withholding or deduction required pursuant to FATCA.

"<u>Financial Statements</u>" shall mean the consolidated statement of operations, statement of members' equity, statement of cash flow and balance sheet of the Obligors.

"<u>First Collateral Date</u>" shall mean, with respect to any Data Center, the later of (i) the Initial Closing Date and (ii) the date of addition of such Data Center as an Additional Data Center.

"<u>FX Rate</u>" shall mean, as of any date of determination, the three-month average of foreign exchange rate that the Co-Issuers were able to exchange the applicable foreign currency to USD, which rate may be replaced at the option of the Series 2020-1 Class A-1 Administrative Agent if unavailable at any time.

"<u>G-7 Countries</u>" shall mean each of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.

"<u>GAAP</u>" shall mean, as applicable, Canadian Generally Accepted Accounting Principles or United States Generally Accepted Accounting Principles, in each case, in effect from time to time.

"<u>Global Notes</u>" shall mean Rule 144A Global Notes and Regulation S Global Notes.

"<u>Governmental Authority</u>" shall mean with respect to any Person, any federal, state, provincial or territorial government or other political subdivision thereof and any entity, including any regulatory or administrative authority or court, exercising executive, legislative, judicial, regulatory or administrative or quasi-administrative functions of or pertaining to government, and any arbitration board or tribunal in each case having jurisdiction over such applicable Person or such Person's property, and any stock exchange on which shares of capital stock of such Person are listed or admitted for trading.

"<u>Grant</u>" shall mean to create a security interest in, or to mortgage, any property now owned or at any time hereafter acquired or any right, title or interest that may be acquired in the future.

"<u>Ground Lease</u>" shall mean a ground lease or emphyteutic lease (or sublease) interest granted to an Asset Entity in land by the owner of a fee interest in such land or the lessee of such land pursuant to an agreement in writing; *provided* that a "<u>Ground Lease</u>" shall not refer to any ground lease where an Asset Entity is the landlord under such lease.

"<u>Ground Lease Data Center</u>" shall mean each Data Center that is situated on land that one of the Asset Entities leases (or subleases) pursuant to a Ground Lease.

"<u>Ground Lease Default</u>" shall have the meaning ascribed to it in Section 7.23(c).

"<u>Ground Lease Term</u>" shall mean any amendment or modification to a Ground Lease that (i) after giving effect to the terms of such amendment or modification, would result in a material reduction of the DSCR (when compared against the DSCR as of the most recent Closing Date) or (ii) would reduce the term (including any extension options) of such Ground Lease.

"<u>Ground Lessors</u>" shall mean the landlords under the Ground Leases.

"<u>Guaranteed Obligations</u>" shall have the meaning ascribed to it in Section 16.01.

"<u>Guarantors</u>" shall mean the U.S. Guarantor and the Canadian Guarantors, collectively.

"<u>Guaranty</u>" shall mean with respect to a Tenant Lease, the guarantee of obligations and performance thereunder of the respective Tenant made by a parent entity of such Tenant in favor of the respective Asset Entity as lessor.

"<u>Hazardous Material</u>" shall mean all or any of the following: (A) substances, materials, compounds, wastes, products, emissions and vapors that are defined or listed in, regulated by, or otherwise classified pursuant to, any applicable Environmental Laws, including any so defined, listed, regulated or classified as "hazardous substances", "hazardous materials", "hazardous wastes", "toxic substances", "pollutants", "contaminants", or any other similar formulation intended to regulate, define, list or classify substances by reason of deleterious, harmful or dangerous properties; (B) waste oil, oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced waters and other wastes associated with the exploration, development or production of crude oil, natural gas or geothermal resources; (C) any flammable substances or explosives or any radioactive materials; (D) asbestos in any form; (E) electrical or hydraulic equipment which contains any oil or dielectric fluid containing polychlorinated biphenyls; (F) radon; (G) toxic mold; or (H) urea formaldehyde, *provided*, *however*, such definition shall not include (i) batteries, fuel, cleaning materials and other substances commonly used in the ordinary course of the Asset Entities' businesses, which materials exist in reasonable quantities and are stored, contained, transported, used, released, and disposed of in accordance with all applicable Environmental Laws, or (ii) batteries, fuel, cleaning materials and other substances commonly used in the ordinary course of the Asset Entities' tenant's, or any of their respective agent's, business, which materials exist in reasonable quantities and are stored, contained, transported, used, released, and disposed of in accordance with all applicable Environmental Laws.

"<u>Holder</u>" and "<u>Noteholder</u>" shall mean a Person in whose name a particular Note is registered in the Note Register.

"<u>Impositions</u>" shall mean (i) all real estate and personal property taxes (net of abatements, reductions or refunds of real estate or personal property taxes relating to the Data Centers applicable to and actually received or credited during the corresponding period) paid or payable by any Asset Entity and other taxes, levies, assessments and similar charges assessed by Governmental Authorities on a Data Center (including any payments in lieu of taxes) and (ii) all rents payable by any Obligor relating to a Data Center or upon the ownership, use, occupancy or enjoyment thereof, including, without limitation, any ground rents relating to the Data Centers.

"<u>Improvements</u>" shall mean all buildings, structures, fixtures, additions, enlargements, extensions, modifications, repairs, replacements and improvements of every kind and nature now or hereafter located on the Data Centers and owned by any of the Asset Entities.

"<u>Indebtedness</u>" shall mean, for any Person, without duplication: (i) all indebtedness of such Person for borrowed money, for amounts drawn under a letter of credit, or for the deferred purchase price of property for which such Person or its assets is liable, (ii) all unfunded amounts under a loan agreement, letter of credit (unless secured in full by cash), or other credit facility for which such Person would be liable if such amounts were advanced thereunder, (iii) all amounts required to be paid by such Person as a guaranteed payment to partners or a preferred or special dividend, including any mandatory redemption of shares or interests but not any preferred return or special dividend paid solely from, and to the extent of, excess cash flow after the payment of all operating expenses, capital improvements and debt service on all Indebtedness, (iv) all obligations under leases that constitute capital leases for which such Person is liable, and (v) all obligations of such Person under interest rate swaps, caps, floors, collars and other interest hedge agreements, in each case whether such Person is liable contingently or otherwise, as obligor, guarantor or otherwise, or in respect of which obligations such Person otherwise assures a creditor against loss, *provided* that reimbursement or indemnity obligations related to surety bonds or letters of credit incurred in the ordinary course of business and fully secured by cash collateral shall not be considered "Indebtedness" hereunder.

"<u>Indenture</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Indenture Supplement</u>" shall mean an indenture supplemental to this Indenture, any Series Supplement or any Notes.

"<u>Indenture Trustee</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Indenture Trustee Fee</u>" shall mean the fee to be paid monthly in arrears on each Payment Date for the Interest Accrual Period ending on or immediately preceding such Payment Date to the Indenture Trustee as compensation for services rendered by it in its capacity as Indenture Trustee in an amount equal to the sum of (i) $500 for each Series of Variable Funding Notes outstanding on such Payment Date and (ii) $1,250 for each Series of Term Notes outstanding on such Payment Date (or $1,750 as of the Initial Closing Date).

"<u>Indenture Trustee Report</u>" shall have the meaning ascribed to it in Section 11.12(d).

"<u>Independent</u>" shall mean, when used with respect to any specified Person, that such Person (a) is in fact independent of the Obligors, any other obligor on the Notes and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial interest or any material indirect financial interest in the Obligors, any such other obligor or any Affiliate of any of the foregoing Persons and (c) is not connected with the Obligors, any such other obligor or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions.

"<u>Independent Certificate</u>" shall mean a certificate or opinion to be delivered to the Indenture Trustee or the Servicer, as applicable, and upon which each may conclusively rely under the circumstances described in, and otherwise complying with the applicable requirements of, Section 15.01 made by an Independent certified public accountant or other expert appointed by an Issuer Order, and such opinion or certificate shall state that the signer has read the definition of "Independent" in this Indenture and that the signer is Independent within the meaning thereof.

"<u>Initial Class Principal Balance</u>" shall mean, with respect to any Class of Term Notes or Variable Funding Notes, the aggregate initial principal balance of all Term Notes or Variable Funding Notes of that Class on the date of issuance; *provided* that upon the payment in full of all Notes of a particular Series such Term Notes or Variable Funding Notes shall no longer be included in the "Initial Class Principal Balance" of the relevant Class.

"<u>Initial Closing Date</u>" shall mean June 5, 2020.

"<u>Initial Purchaser</u>" or "<u>Initial Purchasers</u>" with respect to a particular Series, if any, shall have the meaning ascribed to it in the Series Supplement for such Series.

"<u>Initial Request</u>" shall have the meaning ascribed to it in Section 15.26(a).

"<u>Institutional Accredited Investor</u>" shall mean an "accredited investor" within the meaning of paragraph (1), (2), (3) or (7) of Rule 501(a) of Regulation D of the Securities Act or an entity owned entirely by other entities that fall within such paragraphs.

"<u>Insurance Policies</u>" shall have the meaning ascribed to it in Section 7.05.

"<u>Insurance Premiums</u>" shall mean the annual insurance premiums for the Insurance Policies required to be maintained by the Asset Entities with respect to the Data Centers under Section 7.05.

"<u>Insurance Proceeds</u>" shall mean all of the proceeds received under the Insurance Policies (other than liability insurance) by reason of theft, physical destruction or damage or any other similar event with respect to any properties or assets of the Obligors other than liability in respect of a covered loss thereunder. For the avoidance of doubt, "Insurance Proceeds" shall not include any proceeds of policies of insurance not described above, such as business interruption insurance and liability insurance, which shall be treated as provided in Section 7.06(b).

"<u>Interest Accrual Period</u>" shall mean, for each Payment Date, (i) with respect to any Term Notes, the period from and including the twenty-first (21<sup>st</sup>) day of the calendar month in which the immediately preceding Payment Date was scheduled to occur without giving effect to any Business Day adjustment (or, with respect to the initial period for a Series, the Closing Date for such Series) to but excluding the twenty-first (21<sup>st</sup>) day of the calendar month that includes the date on which the then-current Payment Date is scheduled to occur, without giving effect to any Business Day adjustment and (ii) with respect to any Variable Funding Notes, the "VFN Interest Accrual Period" as defined in the Series Supplement for such Series of Variable Funding Notes.

"<u>Investment Company Act</u>" shall mean the Investment Company Act of 1940, as amended.

"<u>Involuntary Bankruptcy</u>" shall mean (i) in respect of any Person other than the Canadian Manager and any Canadian Obligor, any involuntary case under the Bankruptcy Code or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, in which any of the Guarantors, the Managers, the Co-Issuers or any of the Asset Entities is a debtor or any Assets of any such entity, any Tenant Leases, any portion of the Data Centers, and/or any other Collateral is property of the estate therein, and (ii) in respect of the Canadian Manager and any Canadian Obligor, any petition is filed, application made or other proceeding instituted against or in respect of such Person (a) seeking to adjudicate such Person as insolvent; (b) seeking a receiving order against such Person under the BIA; (c) seeking liquidation, dissolution, winding-up, reorganization, compromise, arrangement, adjustment, protection, moratorium, relief, stay of proceedings of creditors generally (or any class of creditors), or composition of such Person or its debts or any other relief under any federal, provincial, territorial or foreign Law now or hereafter in effect relating to bankruptcy, winding-up, insolvency, reorganization, receivership, plans of arrangement or relief or protection of debtors (including the BIA, the CCAA and any applicable corporations legislation) or at common law or in equity; or (d) seeking the entry of an order for relief or the appointment of, or the taking of possession by, a receiver, interim receiver, receiver/manager, sequestrator, conservator, custodian, administrator, trustee, liquidator or other similar official for such Person or any substantial part of its property.

"<u>Involuntary Obligor Bankruptcy</u>" shall have the meaning ascribed to it in Section 7.20.

"<u>Issuer Order</u>" and "<u>Issuer Request</u>" shall mean a written order or request signed in the name of the Co-Issuers by any one of their Authorized Officers and delivered to the Indenture Trustee and the Servicer upon which the Indenture Trustee and the Servicer, as applicable, may conclusively rely.

"<u>Joinder Agreement</u>" shall mean an agreement substantially in the form of Exhibit G.

"<u>KBRA</u>" shall mean Kroll Bond Rating Agency, LLC

"<u>Knowledge</u>" whenever used in this Indenture or any of the other Transaction Documents, or in any document or certificate executed pursuant to this Indenture or any of the other Transaction Documents, (whether by use of the words "knowledge" or "known", or other words of similar meaning, and whether or not the same are capitalized), shall mean actual knowledge (without independent investigation unless otherwise specified) (i) of the individuals who have significant responsibility for any policy making, major decisions or financial affairs of the applicable entity (or, in the case of the Indenture Trustee, any Responsible Officer); and (ii) also to the knowledge of the person signing such document or certificate.

"<u>Leased Capacity</u>" shall mean, as of any date of determination, (i) with respect to any Turn Key Tenant Lease or any other Tenant Lease (other than any Powered Shell Tenant Lease), the critical load power allocated to the related Tenant under the related Tenant Lease as of such date and (ii) with respect to any Powered Shell Tenant Lease, the amount of rentable square feet leased to the related Tenant under the related Tenant Lease as of such date.

"<u>Lien</u>" shall mean, with respect to any property or assets, any lien, hypothecation, encumbrance, assignment for security, charge, mortgage, pledge, security interest, conditional sale or other title retention agreement or similar lien.

"<u>Leverage Annualized Adjusted Net Operating Income</u>" shall mean, as of any date of determination, the excess of (i) the sum, without duplication, of (A) the aggregate Annualized Adjusted Base Rent for all Tenant Leases related to an Eligible Data Center as of such date and (B) the sum of the Pass- Through Payment Amount Differentials with respect to each of the immediately preceding twelve calendar months as of such date, (C) the Aggregate Available Terminated Tenant Lease Rent Amount as of such date and (D) the sum of any additional revenue received for services provided over the preceding twelve calendar months <u>over</u> (ii) the sum, without duplication, as of such date, of (A) the sum of all Priority Expenses for the immediately preceding twelve calendar months other than Priority Expenses that are Pass-Through Data Center Expenses (provided that, with respect to any Data Center or Asset Entity owned or operated by the Co-Issuers or their affiliates for less than twelve calendar months prior to such date the amount in this clause (A) shall be the sum of all Priority Expenses that are not Pass-Through Data Center Expenses that are reasonably believed by the Managers to have been incurred with respect to any Data Center or Asset Entity during the immediately preceding twelve calendar month period), (B) management fees, in the aggregate, equal to 3.0% of the Annualized Adjusted Base Rent for all Tenant Leases, and (C) annualized Operating Expenses with respect to the most recently ended Collection Period associated with the revenue received during such Collection Period; *provided* that during the occurrence of a Material Specified Tenant Lease Event, if the aggregate Annualized Adjusted Base Rent for all Tenant Leases that relate to Executed Forward Starting Leases exceeds 30.0% of Leverage Annualized Adjusted Net Operating Income, then the amount of such excess aggregate Annualized Adjusted Base Rent over 30.0% of such Leverage Annualized Adjusted Net Operating Income shall be excluded from the Leverage Annualized Adjusted Net Operating Income; *provided further*, that amounts payable in any foreign currency are converted to USD at the applicable FX Rate; *provided*, *further*, that the preceding proviso may be amended at the request of the Co-Issuers upon the receipt of a Rating Agency Confirmation.

"<u>Liquidation Expenses</u>" shall mean all customary and reasonable out-of-pocket costs and expenses due and owing (but not otherwise covered by Servicing Advances) in connection with the liquidation of the Guarantors, the Co-Issuers, the Asset Entities, the Other Entities, any of their respective Assets, any Tenant Leases, any Data Centers or any other Collateral and the proceeds of any of the foregoing (including legal fees and expenses, committee or referee fees and, if applicable, brokerage commissions and conveyance taxes, appraisal fees and fees in connection with the preservation and maintenance of any of the foregoing).

"<u>Liquidation Fee</u>" shall have the meaning ascribed to it in the Servicing Agreement.

"<u>Liquidation Proceeds</u>" shall mean all cash amounts (other than Insurance Proceeds or Condemnation Proceeds) received by the Indenture Trustee in connection with: (a) the full, discounted or partial liquidation of a Data Center, the Guarantors, the Co-Issuers, the Asset Entities, any of their respective Assets, any Tenant Lease or any other Collateral constituting security for the Notes, the U.S. Guaranty and Security Agreement or the Canadian Guarantee and Security Agreement or any proceeds of any of the foregoing following default, through the Servicer's sale, foreclosure sale or otherwise, exclusive of any portion thereof required to be released to the grantor of any such Collateral or owner of such Assets in accordance with applicable law and/or the terms and conditions of this Indenture or the other Transaction Documents; or (b) the realization upon any deficiency judgment obtained against such Person.

"<u>Liquidity Reserve Expense Draw Amount</u>" shall mean, with respect to any Business Day during any Collection Period, an amount of funds equal to the excess, if any, of (a) the sum of (i) the Monthly Expense Amount and (ii) any Operating Expenses and Maintenance Capital Expenditures in excess of the Monthly Expense Amount that has been approved by the Servicer, in each case for such Collection Period (or any portion thereof as determined by the Managers) over (b) the amount of Available Funds available to pay such Monthly Expense Amount and such excess Operating Expenses and Maintenance Capital Expenditures pursuant to Section 5.01(a)(vii) and Section 5.01(a)(ix), respectively, on any Application Dates on or before such Business Day for which such Collection Period is the Relevant Collection Period.

"<u>Liquidity Reserve Interest Draw Amount</u>" shall mean, with respect to any Payment Date, an amount equal to the excess, if any, of (a) the Monthly Payment Amount with respect to such Payment Date over (b) the sum of (i) the balance in the Debt Service Sub-Account available to pay such Monthly Payment Amount on such Payment Date in accordance with Section 5.01(g) and (ii) the amount of any Debt Service Advances made by the Servicer or the Indenture Trustee in respect of such Monthly Payment Amount on or before such Payment Date; provided that during an Amortization Period or an ARD Period for any **Series of** Class A Notes<u>**of any Series**</u>, such Liquidity Reserve Interest Draw Amount shall be calculated only with respect to the Class A Notes.

"<u>Liquidity Reserve Priority Expense Draw Amount</u>" shall mean, on any Business Day, an amount of funds equal to the excess, if any, of (a) any Priority Expenses due and payable on or prior to the Business Day immediately succeeding such Business Day over (b) the aggregate amount of funds on deposit in the Priority Expense Reserve Sub-Accounts available to pay such Priority Expenses on such Business Day.

"<u>Liquidity Reserve Sub-Accounts</u>" shall have the meaning ascribed to it in Section 4.08.

"<u>Lock Box Account</u>" shall mean one or more lock box accounts established and maintained by the U.S. Co-Issuer or the Canadian Co-Issuer, or its designee, in the name of the applicable Asset Entity and into which Tenants shall have been directed to pay Rent and other sums owing to the Asset Entities, and into which the Obligors will deposit Receipts pursuant to Section 7.14.

"<u>Lock Box Bank</u>" shall mean the bank at which a Lock Box Account is maintained.

"<u>Loss Proceeds</u>" shall mean, collectively, all Insurance Proceeds and all Condemnation Proceeds.

"<u>MAI</u>" shall mean a designation signifying that the designee is a member of the "Appraisal Institute," a real estate appraisers and valuation professionals trade group.

"<u>Maintenance Capital Expenditures</u>" shall mean Capital Expenditures made for the purpose of maintaining any Data Center or complying with applicable laws, regulations, ordinances, statutes, codes, or rules applicable to such Data Center, but shall exclude (x) acquisition expenses made to acquire a Data Center and (y) Discretionary Capital Expenditures.

"<u>Management Agreements</u>" shall mean the U.S. Management Agreement and the Canadian Management Agreement, collectively.

"<u>Management Fee</u>" shall mean a fee payable to the applicable Manager, for each Collection Period, equal to the Management Fee Percentage of the aggregate Rent (other than Pass-Through Data Center Expenses) received by the applicable Asset Entities managed by such Manager with respect to all Tenant Leases for the applicable Data Centers for such Collection Period in the same currency as the corresponding aggregate base rent is received.

"<u>Management Fee Percentage</u>" shall mean 3.0%; *provided*, *however*, that the Management Fee Percentage used to calculate the Management Fee payable to any Manager that is not an Affiliate of the Obligors that succeeds the U.S. Manager or the Canadian Manager, as applicable, may be less, but not more, than 3.0%, unless approved by the Servicer.

"<u>Managers</u>" shall mean the U.S. Manager and the Canadian Manager, collectively.

"<u>Manager Advances</u>" shall have the meaning set forth in the Management Agreements.

"<u>Material Adverse Effect</u>" shall mean, (i) a material adverse effect (which may include economic or political events) upon the business, operations, or condition (financial or otherwise) of the Obligors and the Guarantors (taken as a whole), or (ii) the material impairment of the ability of the Obligors and the Guarantors (taken as a whole) to perform their obligations under the Transaction Documents (taken as a whole), or (iii) a material adverse effect on the use, value or operation of the Data Centers (taken as a whole). In determining whether any individual event would result in a Material Adverse Effect, notwithstanding that such event does not of itself have such effect, a Material Adverse Effect shall be deemed to have occurred if the cumulative effect of such event and all other then- occurring events and existing conditions result in a Material Adverse Effect (taking into account the benefit of any Title Policy or Insurance Policies).

"<u>Material Agreement</u>" shall mean any written contract or agreement, or series of related written agreements, by any Obligor relating to the ownership, management, use, operation, co-location, leasing, maintenance, repair or improvement of the Data Centers under which there is an obligation of an Obligor, in the aggregate, to pay, or under which any Obligor receives in compensation, more than $1,000,000 per annum, excluding (i) the Management Agreements, (ii) the Tenant Leases and (iii) any agreement which is terminable by an Obligor on not more than 90 days' prior written notice without any fee or penalty.

"<u>Material Tenant Lease</u>" shall mean each Tenant Lease, or series of related Tenant Leases, by any Tenant (and such Tenant's Affiliates) of space at one or more of the Data Centers which (x)(a) provides for annual rent or other payments in an amount equal to or greater than $250,000, and (b) may not be cancelled by the applicable Tenant (or related Affiliate) on 30 days' notice without payment of a termination fee, penalty or other cancellation fee, or (y) obligates any of the Asset Entities to make any improvements to the Data Centers either directly or through cash allowances (including, without limitation, free rent, tenant improvement allowances, or landlord's construction work) to the applicable Tenant (and related Affiliates) in excess of $100,000.

"<u>Member</u>" shall mean, individually or collectively, any entity which is now or hereafter becomes the managing member or shareholder of any of the Obligors under such Persons' limited liability company operating agreement (other than the sole member of any single member limited liability company) or articles.

"<u>Monthly Expense Amount</u>" shall mean, for any Collection Period, the lesser of (x) the actual Operating Expenses and Maintenance Capital Expenditures for the Asset Entities for such Collection Period and (y) the sum of (1) the Budgeted Operating Expenses of each Asset Entity for such Collection Period and (2) the product of (A) the Annualized Targeted Maintenance Capital Expenditures for the Data Centers owned by such Asset Entities as of the last day of such Collection Period and (B) the number of days in such Collection Period divided by 360.

"<u>Monthly Payment Amount</u>" shall mean, for any Payment Date, the Accrued Note Interest due and payable on such Payment Date.

"<u>Monthly Report</u>" shall mean the "Manager Report" as defined in the Management Agreements.

"<u>Moody's</u>" shall mean Moody's Investors Service, Inc.

"<u>Mortgage</u>" shall mean a mortgage, hypothec, deed of trust, deed to secure debt, trust deed or other security document entered into by an Asset Entity in favor of the Indenture Trustee for the benefit of the Noteholders creating a Lien on a Data Center, in such form as reasonably agreed between the Co-Issuers and the Servicer, as the same may have been, or may be, assigned, modified or amended from time to time.

"<u>Multiemployer Plan</u>" shall mean a "multiemployer plan" as defined in Section 3(37) or Section 4001(a)(3) of ERISA.

"<u>NRSRO</u>" shall mean a nationally recognized statistical rating organization.

"<u>Non-Core Assets</u>" shall mean assets owned by an Asset Entity associated with a Data Center, but not necessary for the operation or use of the related Data Center.

"<u>Nonrecoverable Advance</u>" shall mean any Nonrecoverable Debt Service Advance or Nonrecoverable Servicing Advance.

"<u>Nonrecoverable Debt Service Advance</u>" shall mean, as evidenced by a certificate of an authorized officer of the determining party, any portion of a Debt Service Advance previously made or to be made in respect of the Notes that, together with any unreimbursed Advances, as determined by the Servicer (or, if applicable, the Indenture Trustee), in accordance with the Servicing Standard or in its reasonable good faith judgment, will not be ultimately recoverable (with interest thereon) from late payments, Insurance Proceeds, other insurance proceeds, Condemnation Proceeds, Liquidation Proceeds or any other recovery on or in respect of the Notes or from any funds on deposit in the Collection Accounts. In making such determination, the relevant party may consider only the obligations of the Obligors and the Guarantors under the terms of the Transaction Documents as they may have been modified, the related Data Centers in "as is" or then-current condition and the timing and availability of anticipated cash flows as modified by such party's assumptions regarding the possibility and effect of future adverse changes, together with such other factors, that the Servicer determines should be taken into account in accordance with the Servicing Standard, including but not limited to an estimate of future expenses (including expenses that could be incurred by the Servicer or Indenture Trustee in a bankruptcy proceeding affecting the Obligors or the Guarantors), timing of recovery (including delays that could be expected by the Servicer in a bankruptcy proceeding affecting the Obligors), any deteriorating value of the Collateral, the inherent risk of a protracted period to complete liquidation or the potential inability and cost to liquidate collateral, including, but not limited to, as a result of intervening creditor claims or of a bankruptcy proceeding affecting an Obligor or the Guarantors and the effect thereof on the existence, validity and priority of any security interest encumbering the Assets, the Tenant Leases, the direct and indirect equity interests in the Asset Entities, available cash on deposit in the Lock Box Accounts attributable to the Tenant Leases and the Collection Accounts (only to the extent available to repay Advances, with interest thereon, and only to the extent the cash therein is or will not be restricted, delayed or unavailable as a result of any bankruptcy, receivership or similar judicial proceeding relating to any Obligor or Guarantor) and the net proceeds derived from any of the foregoing. The relevant party may update or change its nonrecoverability determination at any time. Any such determination of nonrecoverability will be conclusive and binding on the Indenture Trustee (in the case of a determination made by the Servicer) and the Noteholders (in the case of a determination made by the Servicer or the Indenture Trustee) so long as it was made in accordance with the Servicing Standard (in the case of the Servicer).

"<u>Nonrecoverable Servicing Advance</u>" shall mean, as evidenced by a certificate of an authorized officer of the determining party, any portion of a Servicing Advance previously made or to be made in respect of the Notes or a Data Center that, together with any unreimbursed Advances, as determined by the Servicer (or, if applicable, the Indenture Trustee), in accordance with the Servicing Standard or in its reasonable good faith judgment, will not be ultimately recoverable (with interest thereon) from late payments, Insurance Proceeds, other insurance proceeds, Condemnation Proceeds, Liquidation Proceeds or any other recovery on or in respect of the Notes or such Data Center or from any funds on deposit in the Collection Accounts. In making such determination, the relevant party may consider only the obligations of the Obligors and the Guarantors under the terms of the Transaction Documents as they may have been modified, the related Data Centers in "as is" or then-current condition and the timing and availability of anticipated cash flows as modified by such party's assumptions regarding the possibility and effect of future adverse changes, together with such other factors, that the Servicer determines should be taken into account in accordance with the Servicing Standard, including but not limited to an estimate of future expenses (including expenses that could be incurred by the Servicer or Indenture Trustee in a bankruptcy proceeding affecting the Obligors or the Guarantors), timing of recovery (including delays that could be expected by the Servicer in a bankruptcy proceeding affecting the Obligors or any Guarantor), any deteriorating value of the Collateral, the inherent risk of a protracted period to complete liquidation or the potential inability and cost to liquidate collateral, including, but not limited to, as a result of intervening creditor claims or of a bankruptcy proceeding affecting an Obligor or the Guarantors and the effect thereof on the existence, validity and priority of any security interest encumbering the Assets, the Tenant Leases, the direct and indirect equity interests in the Asset Entities, available cash on deposit in the Lock Box Accounts attributable to the Tenant Leases and the Collection Accounts (only to the extent available to repay Advances, with interest thereon, and only to the extent the cash therein is or will not be restricted, delayed or unavailable as a result of any bankruptcy, receivership or similar judicial proceeding relating to any Obligor or Guarantor) and the net proceeds derived from any of the foregoing. The relevant party may update or change its nonrecoverability determination at any time. Any such determination of nonrecoverability will be conclusive and binding on the Indenture Trustee (in the case of a determination made by the Servicer) and the Noteholders (in the case of a determination made by the Servicer or the Indenture Trustee) so long as it was made in accordance with the Servicing Standard (in the case of the Servicer).

"<u>Note Owners</u>" shall mean, with respect to any Book-Entry Note, the Person who is the beneficial owner of such Note as reflected on the books of the Depositary or on the books of a Depositary Participant or on the books of an indirect participating brokerage firm for which a Depositary Participant acts as agent.

"<u>Note Principal Balance</u>" shall mean, for any individual Note as of any date of determination, (x) with respect to any Variable Funding Notes, the outstanding principal balance of such Note on such date, and (y) with respect to any Term Note, (i) the initial principal balance of such Note on the date of issuance of such Note, as set forth on the face thereof, less (ii) any payment of principal made in respect of such Note up to and including such determination date, plus (iii) with respect to any Class B Note or Class C Note, the aggregate amount of any PIK Interest with respect to such Note.

"<u>Note Rate</u>" with respect to any Term Note or Variable Funding Note of a Class and a Series, shall mean the interest rate applicable thereto as set forth in the Series Supplement for such Term Note or Variable Funding Note of such Class and Series.

"<u>Note Register</u>" and "<u>Note Registrar</u>" shall mean the register maintained and the registrar appointed or otherwise acting pursuant to Section 2.02(a).

"<u>Notes</u>" shall mean the Term Notes and the Variable Funding Notes issued by the Co-Issuers pursuant to this Indenture and the Series Supplements.

"<u>Noteholder Tax Identification Information</u>" shall mean information and/or properly completed and signed tax certifications provided by a recipient of payments that is sufficient (i) to eliminate the imposition of or determine the amount of any withholding of tax, including FATCA Withholding Tax, (ii) to determine that such recipient of payments has complied with such recipient's obligations under FATCA or (iii) to otherwise allow the U.S. Co-Issuer, Canadian Co-Issuer, Paying Agent and Indenture Trustee to comply with their respective obligations under FATCA.

"<u>Obligations</u>" shall mean the unpaid principal amount of the Outstanding Notes, accrued interest thereon and all other obligations, liabilities and indebtedness of every nature to be paid or performed by any of the Guarantors or Obligors under the Transaction Documents, including fees, costs and expenses, and other sums now or hereafter owing, due or payable and whether before or after the filing of a proceeding under the Bankruptcy Code, the BIA, the CCAA or any other applicable bankruptcy, insolvency or other similar law now or hereafter in effect by or against any of the Guarantors or Obligors, and the performance of all other terms, conditions and covenants under the Transaction Documents.

"<u>Obligors</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Offering Memorandum</u>" with respect to a Series, if applicable, shall have the meaning ascribed to it in the Series Supplement for such Series, if applicable.

"<u>Officer's Certificate</u>" shall mean a certificate signed by any Authorized Officer of the U.S. Co-Issuer, the Canadian Co-Issuer or a Manager, and delivered to the Indenture Trustee or the Servicer, as applicable.

"<u>Omitted Payable Sums Certification</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Operating Budget</u>" shall mean, collectively, the budgets set forth in Section 8 of each Management Agreement, as may be amended pursuant to Section 7.02(b).

"<u>Operating Expenses</u>" shall mean, for any period, all operating expenses accrued and related to the ownership, operation or maintenance of any Data Center for such period determined in accordance with GAAP (including, but not limited to, site operations labor, repairs and preventative maintenance, utilities (other than utilities included as Pass-Through Data Center Expenses) and security, but specifically excluding the Management Fee payable by the Obligors and the cost of portfolio support personnel provided by the Managers) for such period; *provided* that Operating Expenses shall not include, without duplication, (x) Maintenance Capital Expenditures or (y) Priority Expenses. For the avoidance of doubt, Operating Expenses shall not include Pass-Through Data Center Expenses.

"<u>Operating Revenues</u>" shall mean all revenues of the Asset Entities from the ownership, operation or maintenance of the Data Centers or otherwise arising in respect of the Data Centers that are properly allocable to the Data Centers for such period in accordance with GAAP (excluding amounts collected from Tenants which constitute Pass-Through Data Center Expenses, pre-paid rents and revenues and security deposits except to the extent applied in satisfaction of such Tenant's obligations for rent during such period) excluding the impact on revenue of accounting for Tenant Leases with fixed escalators on a straight-line basis as required under GAAP, as compared to a billed and earned basis.

"<u>Opinion of Counsel</u>" shall mean one or more written opinions of counsel which shall be reasonably acceptable to and delivered to the addressee(s) thereof.

"<u>Optional Application Date</u>" shall mean up to one Business Day following the Scheduled Application Date during the month in which such Scheduled Application Date occurs identified by the Managers to the Indenture Trustee and the Servicer in accordance with Section 5.01(a) as an "Optional Application Date."

"<u>Other Entities</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Other Company Collateral</u>" shall have the meaning ascribed to it in Section 14.01.

"<u>Other Servicing Fees</u>" shall mean the Special Servicing Fee, the Liquidation Fee, the Workout Fee, the Data Center Acquisition Fee, the Consent Fee and the Data Center Release Fee.

"<u>Outstanding</u>" shall mean, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notes theretofore cancelled by the Indenture Trustee or delivered to the Indenture Trustee for cancellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notes for the payment of which money in the necessary amount has been theretofore deposited with the Indenture Trustee or any Paying Agent (other than the Co-Issuers) in trust for the Holders of such Notes (*provided*, *however*, that if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision for such notice has been made, satisfactory to the Indenture Trustee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture unless proof satisfactory to the Indenture Trustee is presented that any such first-mentioned Notes are held by a protected purchaser; *provided*, *however*, that in determining whether the Holders of the requisite Class Principal Balances of all Classes of Outstanding Notes have given any request, demand, authorization, direction, notice, consent, or waiver hereunder or under any other Transaction Document, Notes owned by the U.S. Co-Issuer, the Canadian Co-Issuer, or any other obligor upon the Notes or any Affiliate of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent, or waiver, only Notes identified as being so owned in an Officer's Certificate of the Co-Issuers delivered to the Indenture Trustee shall be so disregarded. Upon the written request of the Indenture Trustee, the Co-Issuers shall furnish to the Indenture Trustee promptly an Officers' Certificate identifying all Notes, if any, actually known by the Co-Issuers to be owned by an Obligor or any Affiliate thereof, and the Indenture Trustee shall be entitled to accept and rely upon such Officer's Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not identified therein are outstanding for the purpose of any determination. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the pledgee's right so to act with respect to such Notes and that the pledgee is not an Obligor, any other obligor upon the Notes or any Affiliate of any of the foregoing Persons.

"<u>Ownership Interest</u>" shall mean, in the case of any Note, any ownership or security interest in such Note as the Holder thereof and any other interest therein, whether direct or indirect, legal or beneficial, as owner or as pledgee.

"<u>Parent</u>" shall mean Compass Datacenters, LLC, a Delaware limited liability company.

"<u>Pass-Through Data Center Expenses</u>" shall mean all amounts payable by Tenants pursuant to Tenant Leases for utilities (including electricity), maintenance costs, taxes (including VAT, GST, PST and HST), insurance, Impositions and other operating expenses.

"<u>Pass-Through Payment Amount Differential</u>" shall mean, with respect to any calendar month, an amount (which may be positive or negative) equal to (x) all amounts paid by the Tenants during such month in respect of Pass-Through Data Center Expenses minus (y) the costs incurred to supply the services with respect to which such Pass-Through Data Center Expenses relate.

"<u>Paying Agent</u>" shall initially be (x) the Indenture Trustee, who is hereby authorized by the Co-Issuers to make payments as agent of the Co-Issuers from the Debt Service Sub-Account including payment of principal of or interest (and premium, if any) on the Notes on behalf of the Co-Issuers, or (y) any successor appointed by the Indenture Trustee who (i) meets the eligibility standards for the Indenture Trustee specified in Section 11.07 and (ii) is authorized to make payments from the Debt Service Sub-Account including payment of principal of or interest (and premium, if any) on the Notes.

"<u>Payment Date</u>" shall mean the 21<sup>st</sup> day of each calendar month or, if any such day is not a Business Day, the next succeeding Business Day; *provided* that the initial Payment Date for any Series may be specified in the Series Supplement for such Series. The Payment Date with respect to any Collection Period is the Payment Date immediately succeeding such Collection Period.

"<u>Payment Date Funds</u>" shall have the meaning ascribed to it in Section 5.01(g).

"<u>Percentage Interest</u>" shall mean, with respect to any Note, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Note Principal Balance of such Note on such date, and the denominator of which is the Class Principal Balance of the Class to which such Note belongs on such date. The Percentage Interest for the Class A Notes is calculated based on the outstanding principal amounts of such Class A Notes (assuming the full amount of the Class A-1 Commitment Amount that is permitted to be drawn on such date is fully drawn).

"<u>Permitted Indebtedness</u>" shall have the meaning ascribed to it in Section 7.16.

"<u>Permitted Investments</u>" shall have the meaning ascribed to it in the Cash Management Agreement.

"<u>Person</u>" shall mean any individual, corporation, estate, partnership, joint venture, association, joint stock company, limited liability company, unlimited liability company, trust (including any beneficiary thereof), unincorporated organization, or government or any agency or political subdivision thereof.

"<u>PIK Interest</u>" means any interest on a Class B Note or Class C Note that is not paid **in part or in full** pursuant to <u>Section 5.01(g)(</u>**viii** **<u>ii</u>**<u>)</u>, <u>(</u>**xi** **<u>ix</u>**<u>), (</u>**xvi** **<u>xv</u>**<u>)</u>**,** or <u>(</u>**xvii** **<u>xvi</u>**<u>)</u> and as a result is added to the Note Principal Balance of such Note as of such date.

"<u>Placement Agent</u>" with respect to a particular Series, shall have the meaning, if any, ascribed to it in the applicable Series Supplement.

"<u>Plan</u>" shall mean (i) any "employee benefit plan" within the meaning of Section 3(3) of ERISA which is subject to Title I of ERISA, (ii) any plan, individual retirement account or other arrangement that is subject to Section 4975 of the Code or provisions under any Similar Laws, and (iii) any entity whose underlying assets are deemed to include "plan assets" (within the meaning of 29 C.F.R. Section 2510.3-101, as modified by Section 3(42) of ERISA, or any applicable Similar Laws) of any such plan, account or arrangement described in clauses (i) or (ii).

"<u>Post-ARD Additional Interest</u>" shall have the meaning ascribed to it in Section 2.10.

"<u>Post-ARD Additional Interest Rate</u>" shall have the meaning ascribed to it in Section 2.10.

"<u>Post-ARD Note Spread</u>" with respect to a Class and a Series of Variable Funding Notes or Term Notes, shall have the meaning ascribed to it in the Series Supplement for such Class and Series of Variable Funding Notes or Term Notes.

"<u>Powered Shell Tenant Lease</u>" shall mean a Tenant Lease at a Data Center pursuant to which the applicable Asset Entity leases to the related Tenant site space with access to power and connectivity at a Data Center without any other additional offerings (i.e., without backup power and cooling or other offerings) and the site space allocated to the related Tenant under such Tenant Lease is a primary basis for the economic terms of such Tenant Lease.

"<u>PPSA</u>" shall mean the Personal Property Security Act of the Province of British Columbia, as such legislation may be amended, renamed or replaced from time to time, and includes all regulations from time to time made under such legislation.

"<u>PPSAs</u>" shall mean the Personal Property Security Act of any Province of Canada, as such legislation may be amended, renamed or replaced from time to time, and includes all regulations from time to time made under such legislation.

"<u>Pre-Existing Condition</u>" shall have the meaning ascribed to it in Section 7.06(c).

"<u>Prepayment Consideration</u>" for each Series, shall have the meaning ascribed to it in the Series Supplement for such Series.

"<u>Prepayment Period</u>" for each Series, shall have the meaning ascribed to it in the Series Supplement for such Series.

"<u>Priority Expense Amount</u>" shall mean, with respect to each Application Date and a Priority Expense Reserve Sub-Account, an amount equal to the amount of Priority Expenses that are allocable (x) to the U.S. Data Centers, (y) to the Canadian Data Centers, or (z) to any other Eligible Data Centers and that are payable in USD, CAD or another foreign currency, as applicable, in each case that are reasonably expected by the applicable Manager to be due and payable during the Collection Period immediately succeeding the Relevant Payment Date for such Application Date.

"<u>Priority Expenses</u>" shall mean, collectively, (i) Impositions, (ii) annual premiums for insurance the Asset Entities are required to maintain with respect to the Data Centers (or the Asset Entities' respective proportional share of premiums with respect to general liability insurance policies maintained by Affiliates of the Co-Issuers), (iii) premiums with respect to casualty insurance policies maintained by the Asset Entities (or the Asset Entities' respective proportionate share of premiums with respect to casualty insurance policies maintained by Affiliates of the Co-Issuers) to insure casualties not otherwise insured by a Tenant due to a default by such Tenant under the insurance covenants of its Tenant Lease or because a Tenant permitted to self-insure fails to pay for casualty losses and (iv) electricity expenses for the Data Centers.

"<u>Priority Expense Reserve Sub-Accounts</u>" shall have the meaning ascribed to it in Section 4.03.

"<u>Probable Maximum Loss</u>" shall mean, with respect to any Data Centers located in an area prone to geological phenomena, the maximum loss that such Data Center is likely to sustain during the most severe geological phenomena that could reasonably be expected to affect such Data Centers during the 500-year succeeding period based on the replacement cost of such Data Center (including all costs associated with meeting legal requirements, including building codes, and ordinances that may have gone into effect since such Data Center's original construction). The Probable Maximum Loss with respect to the Closing Date Data Centers that are located in areas prone to geological phenomena as of the Initial Closing Date is $1,075,332.

"<u>Proceeding</u>" shall mean any suit in equity, action at law or other judicial or administrative proceeding.

"<u>Qualified Institutional Buyer</u>" shall mean a qualified institutional buyer within the meaning of Rule 144A under the Securities Act.

"<u>Qualified Tenant Lease</u>" shall mean any lease or license which is denominated in United States Dollars, Canadian Dollars, Euros or Great British Pound and for which the related Tenant has been directed to remit payments directly to a Lock Box Account.

"<u>RAC Requesting Party</u>" shall have the meaning ascribed to it in Section 15.26(a).

"<u>Rated Final Payment Date</u>" for any Series, shall have the meaning ascribed to it in the Series Supplement for such Series.

"<u>Rating Agencies</u>" shall mean, with respect to any action or event in regards to a Series of Notes, the rating agencies specified as such in the Series Supplement for such Series.

"<u>Rating Agency Confirmation</u>" with respect to any Class and Series of Notes, shall have the meaning ascribed to it in the Series Supplement for such Series with respect to any transaction or matter in regards to such Class or Series, or, if not ascribed a meaning therein, shall mean, with respect to any transaction or matter in regards to such Class or Series, notification in writing from each Rating Agency then rating such Class of Series of Notes (which may be in the form of e-mail, facsimile, press release, posting to its internet website or other such means then considered industry standard as determined by such Rating Agency) that such transaction or matter will not result in a downgrade, qualification, or withdrawal of the then-current ratings of any Class of Notes of such Series (or the placing of such Class on negative credit watch or ratings outlook in contemplation of any such action with respect thereto).

"<u>Rating Criteria</u>" with respect to any Person, shall mean that the long-term unsecured debt obligations of such Person have (i) a rating commonly regarded as "investment grade" by S&P, or (ii) any other ratings, subject to Rating Agency Confirmation.

"<u>Receipts</u>" shall mean all revenues, receipts and other payments to the Asset Entities of every kind arising from their ownership, operation or management of the Data Centers, including without limitation, (x) all warrants, stock options, or equity interests in any tenant, licensee or other Person occupying space at, or providing services related to or for the benefit of, the Data Centers received by or on behalf of such Asset Entities in lieu of rent or other payment and (y) amounts payable to the Co-Issuers pursuant to the Assignment/Contribution Agreements, but excluding, (i) any amounts received by or on behalf of such Asset Entities and required to be paid to any Person (other than to an Affiliate of the Co-Issuers) as management fees, brokerage fees, fees payable to a Ground Lessor, or similar fees or reimbursements, (ii) any other amounts received by or on behalf of such Asset Entities that constitute the property of a Person other than an Asset Entity (including, without limitation, all revenues, receipts and other payments arising from the ownership, operation or management of properties by Affiliates of such Asset Entities) and (iii) security deposits received under a Tenant Lease, unless and until such security deposits are applied to the payment of amounts due under such Tenant Lease.

"<u>Record Date</u>" shall mean with respect to payments made on any Payment Date, the close of business on the last Business Day of the month immediately preceding the month in which such Payment Date occurs and with respect to payments made on any other date such date as shall be established by the Indenture Trustee in respect thereof.

"<u>Regulation S</u>" shall mean Regulation S promulgated under the Securities Act.

"<u>Regulation S Global Note</u>" shall mean with respect to any Series and Class of Term Notes, a single global Note, in definitive, fully registered form without interest coupons, representing such Series and Class of Term Notes offered and sold outside the United States in reliance on Regulation S, which Note bears a Regulation S Legend.

"<u>Regulation S Legend</u>" shall mean, with respect to any Series and Class of Term Notes, a legend generally to the effect that such Series and Class of Term Notes may not be offered, sold, pledged or otherwise transferred in the United States or to a U.S. Person prior to the date that is 40 days following the later of the commencement of the initial offering of such Series of Term Notes and the Closing Date for such Series of Term Notes except pursuant to an exemption from the registration requirements of the Securities Act.

"<u>Release Date</u>" shall mean, with respect to any Series and Class of Term Notes, the date that is 40 days following the later of (i) the Closing Date for such Series of Notes and (ii) the commencement of the initial offering of such Series of Notes in reliance on Regulation S.

"<u>Relevant Collection Period</u>" shall mean, for any Application Date, (i) if such Application Date is a Scheduled Application Date, the immediately preceding Collection Period or (ii) if such Application Date is an Optional Application Date, the current Collection Period.

"<u>Relevant Payment Date</u>" shall mean, for any Application Date, (i) if such Application Date is a Scheduled Application Date, the concurrent Payment Date or (ii) if such Application Date is an Optional Application Date, the immediately succeeding Payment Date.

"<u>Remedial Work</u>" shall mean any investigation, site monitoring, cleanup or other remedial work of any kind (including any post-closure care or monitoring) required to be performed by any Asset Entity under applicable Environmental Laws because of or in connection with any actual or suspected presence or release of any Hazardous Materials on, in, under or from any Data Center.

"<u>Rent Roll</u>" shall mean, collectively, a rent roll for each of the Data Centers certified by the Co-Issuers and substantially in the form of Exhibit C.

"<u>Rent</u>" shall mean the monies owed to the Asset Entities by the Tenants pursuant to the Tenant Leases.

"<u>Requesting Party</u>" shall have the meaning ascribed to it in Section 11.12(c).

"<u>Required Liquidity Reserve Amount</u>" shall mean, with respect to either Liquidity Reserve Sub-Account on any date, the greater of (a) an amount equal to the product of (i) the applicable Allocable Share of the Monthly Payment Amount with respect to the immediately succeeding Payment Date (excluding for the purposes of this calculation, any PIK Interest added to the aggregate Note Principal Balance of the Notes and any Accrued Interest on such PIK Interest) (or if such date is a Payment Date, with respect to such Payment Date) and (ii) five and (b) an amount equal to the sum of (i) all Priority Expenses with respect to the U.S. Data Centers or the Canadian Data Centers, as applicable, for the 12 calendar months immediately preceding such date other than Priority Expenses that are Pass-Through Data Center Expenses and (ii) the portion of the Annualized Targeted Maintenance Capital Expenditures allocable to all U.S. Data Centers or Canadian Data Centers, as applicable, that are Eligible Data Centers as of such date.

"<u>Reserve Sub-Account</u>" shall mean the Sub-Accounts of the Collection Accounts established by the Co-Issuers with the Indenture Trustee for the purpose of holding funds in the Reserves including: (a) the Priority Expense Reserve Sub-Accounts, (b) the Cash Trap Reserve Sub-Accounts, (c) the Capital Expenditures Reserve Sub-Accounts, (d) the Debt Service Sub-Account, (e) the Executed Forward Starting Lease Reserve Sub-Accounts; (f) the Liquidity Reserve Sub-Accounts, (g) the Early Termination Fee Reserve Sub-Accounts and (h) the Specified Material Tenant Lease Reserve Sub-Accounts.

"<u>Reserves</u>" shall mean the reserves held by or on behalf of the Indenture Trustee pursuant to this Indenture or the other Transaction Documents, including without limitation, the reserves established pursuant to Article IV.

"<u>Responsible Officer</u>" shall mean, when used with respect to the Indenture Trustee, any officer within the corporate trust department of the Indenture Trustee, including any trust officer or any other officer of the Indenture Trustee who customarily performs functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person's knowledge of and familiarity with the particular subject and who, in each case, has direct responsibility for the administration of this Indenture.

"<u>Restoration</u>" shall have the meaning ascribed to it in Section 7.06(b).

"<u>Risk Retention Letter</u>" shall mean a letter agreement, dated as of the Initial Closing Date (as may be amended, supplemented or replaced in accordance with the European Retention Requirements), among the Parent, the Indenture Trustee, the Holders of the Series 2020-1 Notes, pursuant to which the Parent has made certain undertakings in relation to the EU Risk Retention Requirement.

"<u>Rule 144A</u>" shall mean Rule 144A promulgated under the Securities Act and any successor provision thereto.

"<u>Rule 144A Global Note</u>" shall mean, with respect to any Series and Class of Term Notes, a single global Note, in definitive, fully registered form without interest coupons, representing such Series and Class of Term Notes, which Term Note does not bear a Regulation S Legend.

"<u>Rule 144A Information</u>" shall mean the information required to be delivered pursuant to Rule 144(A)(d)(4) under the Securities Act to permit compliance with Rule 144A in connection with resales of the Notes pursuant to Rule 144A.

"<u>S&P</u>" shall mean S&P Global Ratings, acting through Standard & Poor's Financial Services.

"<u>Sanctions</u>" shall have the meaning ascribed to it in Section 6.14.

"<u>Scheduled Application Date</u>" shall mean the 21<sup>st</sup> day of each calendar month, or if such day is not a Business Day, the next succeeding Business Day.

"<u>Scheduled Defeasance Payments</u>" shall mean with respect to the Notes of a particular Series, payments on or prior to, but as close as possible to (i) each Payment Date after the Defeasance Date and through and including the Defeasance Payment Date for such Series in amounts equal to the scheduled payments of interest on the Notes of such Series, the Class A-2 Targeted Amortization Amounts, if any, as of each Payment Date with respect to any Series, and payments of Indenture Trustee Fees, Workout Fees, Servicing Fees, Other Servicing Fees and any other amounts due and owing to the Servicer or the Indenture Trustee, if any, due on such dates under this Indenture and (ii) the Defeasance Payment Date for such Series in an amount equal to the aggregate Note Principal Balance of each Class of Outstanding Notes of such Series (net, in the case of any Class A Notes of such Series, of any such Class A-2 Targeted Amortization Amounts with respect to such Series).

"<u>SEC</u>" shall mean the Securities and Exchange Commission.

"<u>Second Request</u>" shall have the meaning ascribed to it in Section 15.26(b).

"<u>Securities Act</u>" shall mean the Securities Act of 1933, as amended.

"<u>Securitisation Regulation</u>" shall mean Regulation (EU) 2017/2402 relating to a European framework for simple, transparent and standardised securitization, as amended, varied or substituted from time to time, including any implementing regulation, technical standards and official guidance related thereto.

"<u>Series</u>" shall mean a series of Notes issued pursuant to this Indenture and a related Series Supplement.

"<u>Series 2020-1 Administrative Agent</u>" shall mean Barclays Bank plc.

"<u>Series 2020-1 Class A-1 Notes</u>" shall have the meaning ascribed to it in the related Series Supplement.

"<u>Series 2020-1 Class A-2 Notes</u>" shall have the meaning ascribed to it in the related Series Supplement.

"<u>Series 2020-1 Notes</u>" shall mean the Series 2020-1 Class A-1 Notes and the Series 2020-1 Class A-2 Notes, collectively.

<u>**"Series 2021-1 Class B Notes" shall have the meaning ascribed to it in the related Series Supplement.**</u>

<u>**"Series 2021-1 Class C Notes" shall have the meaning ascribed to it in the related Series Supplement.**</u>

"<u>Series Supplement</u>" shall mean an Indenture Supplement that authorizes a particular Series.

"<u>Servicer</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Servicer Remittance Date</u>" shall have the meaning ascribed to it in the Servicing Agreement.

"<u>Servicing Advances</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Servicing Agreement</u>" shall mean the Amended and Restated Servicing Agreement, dated as of the Amendment and Restatement Closing Date (as amended by that certain Amendment No. 1 to Servicing Agreement, dated as of the Effective Date), between the Servicer and the Indenture Trustee.

"<u>Servicing Fee</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Servicing Report</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Servicing Standard</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Servicer Termination Event</u>" shall have the meaning ascribed to it in the Servicing Agreement.

"<u>Shared Facilities</u>" shall mean interests in real property, facilities, or equipment owned by an Asset Entity, but serving both the Data Centers and one or more other properties owned by Affiliates of the Co-Issuers (other than the Guarantors or the Obligors) under an arm's length agreement entered into by a Manager, on behalf of the applicable Obligor, and the applicable affiliates of the Co-Issuers, which Shared Facilities may include any existing or to-be-built substations, utilities, storm water detention ponds, parking facilities, and access roads.

"<u>Shortfall Payment</u>" shall have the meaning ascribed to it in Section 5.01(b).

"<u>Similar Law</u>" shall mean the provisions under any federal, state, local, non-U.S. or other laws or regulations that are similar to the fiduciary responsibility provisions of Title I of ERISA or prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code.

"<u>Special Servicing Fee</u>" shall have the meaning ascribed to it in the Servicing Agreement.

"<u>Special Servicing Period</u>" shall mean any period of time during which any of the Notes constitute Specially Serviced Notes (as such term is defined in the Servicing Agreement).

"<u>Specified Material Tenant Lease</u>" shall mean, as of the Initial Closing Date, the Tenant Lease with an expiration of June 30, 2021 as has been and may be amended, restated, supplemented, renewed, replaced or otherwise modified from time to time, and, as of any date of determination, any other Tenant Lease designated as a "Specified Material Tenant Lease" pursuant to a written agreement by and among the Servicer, Co-Issuers, Managers and Indenture Trustee, in each case, which has been made available for review to each Administrative Agent and each initial purchaser of any Term Notes, whether an Initial Purchaser or otherwise.

"<u>Specified Material Tenant Lease Amount</u>" shall mean, as of any date of determination and with respect to any Specified Material Tenant Lease for which a Specified Material Tenant Lease Event has occurred, an amount equal to, the lesser of (a) the excess of (x) the base rate with respect to such Specified Material Tenant Lease as of the date such Specified Material Tenant Lease Event occurred multiplied by 12 over (y) the base rate with respect to the new Tenant Lease(s) with respect to the Leased Capacity (or portion thereof) of such Specified Material Tenant Lease multiplied by 12 and (b) amounts on deposit in the Specified Material Tenant Lease Reserve Sub-Accounts with respect to such Specified Material Tenant Lease.

"<u>Specified Material Tenant Lease Event</u>" shall mean, with respect to any Specified Material Tenant Lease, either (a) the execution of a new Tenant Lease with respect to the Leased Capacity (or a portion thereof) at a materially lower Annualized Adjusted Base Rent than the Specified Material Tenant Lease or (b) the receipt of notice of non-renewal of such Specified Material Tenant Lease, in either case results in the pro forma AANOI Leverage Ratio being greater than the Target Leverage Ratio.

"<u>Specified Material Tenant Lease Prepayment Amount</u>" shall have the meaning ascribed to it in Section 4.10.

"<u>Specified Material Tenant Lease Reserve Amount</u>" shall have the meaning ascribed to it in Section 4.10.

"<u>Specified Material Tenant Lease Reserve Sub-Accounts</u>" shall have the meaning ascribed to it in Section 4.10.

"<u>Spot Rate</u>" shall mean, with respect to any currency conversion required to be made under this Indenture, the relevant spot rate of exchange between the relevant currencies.

"<u>Subclause (i) Override Period</u>" shall have the meaning ascribed to it in Section 5.01.

"<u>Sub-Account</u>" shall mean (i) the Priority Expense Reserve Sub-Accounts, (ii) the Cash Trap Reserve Sub-Accounts, (iii) the Executed Forward Starting Lease Reserve Sub-Accounts, (iv) the Debt Service Sub-Account, (v) the Liquidity Reserve Sub-Accounts, (vi) the Capital Expenditures Reserve Sub-Accounts, (vii) the Early Termination Fee Reserve Sub-Accounts and (viii) the Specified Material Tenant Lease Reserve Sub-Accounts.

"<u>Supplemental Financial Information</u>" shall mean such financial reports as the subject entity shall routinely and regularly prepare, or can reasonably prepare, in each case, as reasonably requested by the Indenture Trustee or the Servicer.

"<u>Survey</u>" shall mean with respect to any Data Center, an as built survey of the land underlying such Data Center prepared by a professional land surveyor licensed in the state in which the Data Center is located within the preceding 18 months, certified to the Indenture Trustee and its successors and assigns and, if a Title Policy has been or is being issued in respect of such Data Center, the related Title Company, which contains a legal description of the real property on which such Data Center is situated that matches the legal description contained in the Title Policy, if any, in respect of such Data Center and a certification of whether the surveyed property is located in a flood hazard zone.

"<u>Target Leverage Ratio</u>" shall mean (x) 12.0x for any date of determination on or before the second anniversary of the Initial Closing Date and (y) 11.0x for any date of determination after the second anniversary of the Initial Closing Date; *provided* that this definition may be amended upon receipt of a Rating Agency Confirmation.

"<u>Tenant</u>" shall mean the Person who leases, subleases, licenses or enters into any other agreement in respect of Data Center Space from one or more Asset Entities pursuant to a Tenant Lease.

"<u>Tenant Lease</u>" shall mean, as of any date of determination, a Qualified Tenant Lease that (a) has been executed and delivered and remains in full force and effect, (b) has (A) Commenced (and the obligation of the Tenant to commence paying Rent is not subject to the fulfillment of any further obligations on the part of the Obligors other than (i) ordinary course obligations of the Obligors as landlords under such lease and (ii) any agreement of the Obligors to provide additional capacity that would require payments of additional Rent by such Tenant) or (B) been executed but that by its terms has not Commenced (or has Commenced, but the obligation of the Tenant to commence paying Rent remains subject to the fulfillment of further obligations on the part of the Obligors other than (i) ordinary course obligations of the Obligors as landlords under such lease and (ii) any agreement of the Obligors to provide additional capacity that would require payments of additional Rent by such Tenant); and (c) has a minimum term of 3 years from the time the related Tenant is obligated to commence paying Rent under such lease.

"<u>Tenant Lease File</u>" shall mean, with respect to each Data Center and any related Tenant Leases, collectively the following documentation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the executed original or a copy of the related Tenant Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the executed original or a copy of any Guaranty of the related Tenant Lease and any amendment, modification, waiver agreement or instrument related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) copies of any financing statements relating to the related Tenant Lease and any amendments and continuation statements, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the executed original recorded Mortgage and any modification or assignment thereof in favor of the Indenture Trustee with respect to the related Data Center, or, if such original Mortgage and/or any assignment thereof has not been returned from the applicable public recording office, a complete copy thereof delivered by the related Asset Entity, the U.S. Co-Issuer or the Canadian Co-Issuer or any applicable title company that closed or is closing the Mortgage as a true and complete copy of the original thereof submitted for recording (which delivery shall be deemed to be a certification by such Asset Entity that such copy is a true and complete copy of the original submitted for recording);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) an original or copy of the lender's title insurance policy relating to the Mortgage for such Data Center, together with all riders thereto showing the Indenture Trustee and its successors and assigns as the named insured, or, with respect to each Data Center as to which a title insurance policy has not yet been issued, a policy meeting the foregoing description as evidenced by a commitment for title insurance "marked up" together with a closing instruction letter setting forth such requirements of the lender's title insurance policy (or by "pro-forma" otherwise agreed to by the title company) as of the closing date of the acquisition of such Data Center;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a Tenant estoppel certificate, if any, to the extent in the possession of the applicable Asset Entity, in which the Tenant acknowledges that the Tenant Lease is in full force and effect, that the Tenant is not in default under the terms of the Tenant Lease, and that no circumstances currently exist that would give the Tenant the right to abate or offset its rent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a copy of the appraisal (whether in hard copy or electronic copy) containing the appraisal information for such Data Center;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) environmental reports (whether in hard copy or electronic copy), if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) a copy of the environmental insurance policy, if applicable, together with the original assignment thereof to the Indenture Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) evidence of insurance showing the Asset Entity as the insured or an additional insured party under certain casualty insurance policies, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) originals or copies of all Ground Leases, Ground Lease estoppels and amendments thereof;

*provided*, that whenever the term "Tenant Lease File" is used to refer to documents actually received by the Indenture Trustee pursuant to this Indenture, such term shall be deemed not to include any of the foregoing documents unless they are actually so received.

"<u>Term Note Purchase Agreement</u>" shall mean the purchase agreement between, among others, the Co-Issuers and the Holders of any Series of Term Notes setting forth certain terms with respect to the purchase of such Series of Term Notes.

"<u>Term Notes</u>" shall mean notes of a Series designated at the time of issuance thereof as "Term Notes" and pursuant to which the Note Principal Balance thereof permanently decreases with any principal payment on such notes.

"<u>Title Company</u>" shall mean any one or more of the following: Fidelity National Title Insurance Company, First American Title Insurance Company, Old Republic National Title Insurance Company, Republic Title of Texas, Inc., Stewart Title Guaranty Company or such other title company as may be reasonably acceptable to the Servicer.

"<u>Title Policy</u>" shall mean an ALTA lenders policy of title insurance (or, if a final policy has not yet been issued, a marked, signed and predated commitment to issue a title insurance policy or a pro forma title insurance policy) pertaining to a Mortgage on a Data Center issued by a Title Company to the Indenture Trustee on behalf of the Noteholders, insuring the lien of the Mortgage or a first lien on such Data Center or such Asset Entity's fee title to such Data Center, subject only to Permitted Encumbrances, which policy of title insurance shall be accompanied by such endorsements as are available through commercially reasonable efforts and as the Servicer shall reasonably require.

"<u>Transaction Documents</u>" shall mean the Notes, this Indenture, the Series Supplements, the U.S. Guarantee and Security Agreement, the Canadian Guarantee and Security Agreement, the Cash Management Agreement, the Management Agreements, the Servicing Agreement, each Variable Funding Note Purchase Agreement, each Term Note Purchase Agreement, the Assignment/Contribution Agreements, the Mortgages, any Collection Account Control Agreements, the Account Control Agreements, the Risk Retention Letter and all other documents executed by the Managers, the Guarantors or any Obligor in connection with the issuance of Notes. For the avoidance of doubt, the term "Transaction Documents" shall not include the Tenant Leases or any Ground Leases.

"<u>Transfer</u>" shall mean any direct or indirect transfer, sale, pledge, hypothecation, or other form of assignment of any Ownership Interest in a Note.

"<u>Transferee</u>" shall mean any Person who is acquiring by Transfer any Ownership Interest in a Note.

"<u>Transferor</u>" shall mean any Person who is disposing by Transfer any Ownership Interest in a Note.

"<u>Turn Key Tenant Lease</u>" shall mean a Tenant Lease at a Data Center pursuant to which the applicable Asset Entity leases to the related Tenant site space at a Data Center supplied with critical load power capacity, connectivity and backup power and cooling provided by such Data Center's critical mechanical and electrical infrastructure and the critical load power allocated to the related Tenant under such Tenant Lease is a primary basis for the economic terms of such Tenant Lease.

"<u>UCC</u>" shall mean the Uniform Commercial Code in effect in the state of New York.

"<u>United States</u>" shall mean any state, Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands and other territories or possessions of the United States of America, except with respect to U.S. federal income tax matters in which case it shall have the meaning given to it in the Code.

"<u>Unpaid Class A-2 Monthly Amortization Amount</u>" shall mean, as of each Payment Date with respect to the Class A-2 Notes of any Series, the amount, if any, of the Class A-2 Monthly Amortization Amount for such Notes, if any, as of the Payment Date immediately preceding such Payment Date that was not paid on such preceding Payment Date.

"<u>U.S. Asset Entities</u>" shall mean the Asset Entities formed in the United States.

"<u>U.S. Budgeted Operating Expenses</u>" shall have the meaning ascribed to it in the U.S. Management Agreement.

"<u>U.S. Capital Expenditures Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.04.

"<u>U.S. Cash Trap Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.05.

"<u>U.S. Co-Issuer</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>U.S. Collection Account</u>" shall have the meaning ascribed to it in Section 3.01.

"<u>U.S. Collection Account Bank</u>" shall have the meaning ascribed to it in Section 3.01.

"<u>U.S. Collections</u>" shall have the meaning ascribed to it in Section 3.01.

"<u>U.S. Data Centers</u>" shall mean the Data Centers located in the United States.

"<u>U.S. Early Termination Fee Reserve Sub-Accounts</u>" shall have the meaning ascribed to it in Section 4.06.

"<u>U.S. Executed Forward Starting Lease Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.07.

"<u>U.S. Guarantee and Security Agreement</u>" shall mean the Guarantee and Security Agreement, dated as of the Initial Closing Date, made by the U.S. Guarantor in favor of the Indenture Trustee on behalf of the Noteholders.

"<u>U.S. Guarantor</u>" shall mean Compass Datacenters Guarantor, LLC, a Delaware limited liability company.

"<u>U.S. Liquidity Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.08.

"<u>U.S. Manager</u>" shall mean the manager described in the U.S. Management Agreement or an Acceptable Manager as may hereafter be charged with management of the U.S. Obligors in accordance with Section 7.12.

"<u>U.S. Management Agreement</u>" shall mean that certain Management Agreement, dated as of the Initial Closing Date, among the U.S. Manager and the U.S. Obligors.

"<u>U.S. Obligors</u>" shall mean the Obligors formed in the United States (including the U.S. Co-Issuer, the Closing Date Asset Entities (other than the U.S. Co-Issuer) and any Additional Asset Entity formed in the United States).

"<u>U.S. Persons</u>" shall mean U.S. Persons within the meaning of Rule 902(k) of the Securities Act.

"<u>U.S. Priority Expense Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.03.

"<u>U.S. Specified Material Tenant Lease Reserve Sub-Accounts</u>" shall have the meaning ascribed to it in Section 4.10.

"<u>USA PATRIOT Act</u>" shall mean collectively, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107 56 (signed into law October 26, 2001) and its implementing regulations.

"<u>USD Canadian Capital Expenditures Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.04.

"<u>USD Canadian Collection Account</u>" shall have the meaning ascribed to it in Section 3.01.

"<u>USD Canadian Priority Expense Reserve Sub-Account</u>" shall have the meaning ascribed to it in Section 4.03.

"<u>Variable Funding Note Purchase Agreement</u>" shall mean the purchase agreement between, among others, the Co-Issuers and the Holders of any Series of Variable Funding Notes setting forth certain terms with respect to such Series of Variable Funding Notes.

"<u>Variable Funding Notes</u>" shall mean Notes of a Series designated at the time of issuance thereof as "Variable Funding Notes" and pursuant to which the Note Principal Balance thereof may increase and decrease from time to time.

"<u>VFN Undrawn Commitment Fee</u>" with respect to any Series of Variable Funding Notes shall have the meaning ascribed to it in the respective Series Supplement with respect to such Series of Variable Funding Notes.

"<u>Voting Rights</u>" shall mean the voting rights evidenced by the respective Notes as determined in accordance with Section 12.03.

"<u>Workout Fee</u>" shall have the meaning ascribed to it in the Servicing Agreement.

"<u>Yield Maintenance</u>" shall mean the excess, if any, of (x) the present value on the date of prepayment of all future installments of principal and interest that the Co-Issuers would otherwise be required to pay on the Notes being prepaid from the date of such prepayment to and including the first Payment Date that occurs prior to the Prepayment Period applicable to such Notes absent such prepayment and assuming that (i) no Class A Sweep Amount, Class B Sweep Amount, Class C Sweep Amount, Disposition Price, Specified Material Tenant Lease Prepayment Amount or Early Termination Fee Prepayment Amounts are applied to reduce the outstanding principal balance of such Notes, (ii) monthly payments of principal on such Notes are made based upon the Class A-2 Targeted Amortization Amount for such Notes (and with interest calculated based on the principal balance of such Notes as reduced by each such principal payment) and (iii) the entire unpaid Class Principal Balance of such Notes is required to be paid on such Payment Date, with such present value determined by the use of a discount rate equal to the sum of (a) the yield to maturity (adjusted to a "mortgage equivalent basis" pursuant to the standards and practices of the Securities Industry and Financial Markets Association), on a date of determination 5 Business Days prior to the date of such prepayment for such Note of the United States Treasury Security having the term to maturity closest to such Payment Date, plus (b) 0.50% over (y) the principal amount of such Notes being prepaid on the date of such prepayment.

Section 1.02 <u>Rules of Construction</u>. Unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) a term has the meaning assigned to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an accounting term not otherwise defined herein and accounting terms partly defined herein, to the extent not defined, shall have the respective meanings given to them under GAAP as in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) "or" is not exclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) "including" means including without limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) words in the singular include the plural and words in the plural include the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all references to "$" or to "USD" are to United States dollars unless otherwise stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all references to "$(Cdn)" or "CAD" are to Canadian dollars unless otherwise stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any agreement, instrument or statute defined or referred to in this Indenture or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, restated, amended and restated, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) references to a Person are also to its permitted successors and assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the words "hereof", "herein" and "hereunder" and words of similar import, when used in this Indenture, shall refer to this Indenture as a whole and not to any particular provision of this Indenture, and Section, Schedule and Exhibit references are to this Indenture unless otherwise specified; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) whenever the phrase "in direct order of alphabetical designation" or "highest alphabetical designation" or a similar phrase is used herein, it shall be construed to mean beginning with the letter "A" and ending with the letter "Z"; whenever the phrase "direct order of numerical designation" or a similar phrase is used herein, it shall be construed to mean beginning with the numerical designation "1" and ending with the highest applicable numerical designation "100".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) For the purposes of any assets, liabilities or entities in the Province of Quebec and for all other purposes pursuant to which interpretation or construction of this Agreement may be subject to the laws of the Province of Quebec or a court or tribunal exercising jurisdiction in the Province of Quebec, (a) "personal property" shall include "movable property", (b) "real property" or "real estate" shall include "immovable property", (c) "tangible property" shall include "corporeal property", (d) "intangible property" shall include "incorporeal property", (e) "security interests", "mortgage" and "lien" shall include a "hypothec", "right of retention", "prior claim" and a resolutory clause, (f) all references to filing, perfection, priority or remedies, registering or recording under the Uniform Commercial Code or a personal property security act of any jurisdiction shall include publication under the Civil Code of Quebec, (g) all references to "perfection" or "perfected" liens or security interest shall include a reference to an "opposable" or "set up" lien or security interest as against third parties, (h) any "right of offset", "right of set off" or similar expression shall include a "right of compensation", (i) "goods" shall include "corporeal movable property" other than chattel paper, documents of title, instruments, money and securities, (j) an "agent" shall include a "mandatary", (k) "construction lien" shall include "legal hypothec", (l) "joint and several" shall include "solidary", (m) "gross negligence or willful misconduct" shall be deemed to be "intentional or gross fault", (n) "beneficial ownership" shall include "ownership on behalf of another as mandatary", (o) "easement" shall include "servitude", (p) "priority" shall include "prior claim", (q) "survey" shall include "certificate of location and plan", (r) "state" shall include "province", (s) "fee simple title" shall include "absolute ownership" and (t) "accounts" shall include "claims".

**ARTICLE II**

**THE NOTES**

Section 2.01 <u>The Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Variable Funding Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Variable Funding Notes shall be substantially in the form attached as Exhibit A-3; *provided*, *however*, that any of the Variable Funding Notes may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with rules or regulations pursuant thereto, or with the rules of any securities market in which the Variable Funding Notes may be admitted to trading, or to conform to general usage. The Variable Funding Notes shall be issued and delivered in fully registered, certificated form (the "<u>Definitive Variable Funding Notes</u>"). The Variable Funding Notes shall be revolving Notes. Additional borrowings may be made under any Variable Funding Notes pursuant to the applicable Variable Funding Note Purchase Agreement and the principal of the Variable Funding Notes may be repaid and reborrowed pursuant to the terms of the applicable Variable Funding Note Purchase Agreement. The Variable Funding Notes shall be issued in minimum denominations of $100,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Variable Funding Notes shall be executed by manual signature by an Authorized Officer of each of the U.S. Co-Issuer and the Canadian Co-Issuer. Variable Funding Notes bearing the manual signatures of individuals who were at any time the authorized officers of each of the U.S. Co-Issuer and the Canadian Co-Issuer shall be entitled to all benefits under this Indenture, subject to the following sentence, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Variable Funding Notes or did not hold such offices at the date of such Variable Funding Notes. The Indenture Trustee shall, upon receipt of an Issuer Order, authenticate and deliver any Variable Funding Notes executed by the Co-Issuers for issuance pursuant to this Indenture. No Variable Funding Notes shall be entitled to any benefit under this Indenture, or be valid for any purpose, however, unless there appears on such Variable Funding Notes a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by manual signature, and such certificate of authentication upon any Variable Funding Note shall be conclusive evidence, and the only evidence, that such Variable Funding Note has been duly authenticated and delivered hereunder. All Variable Funding Notes shall be dated the date of their authentication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any Variable Funding Notes must be designated as "Class A-1 Notes" and no Notes that are not Variable Funding Notes may be designated as "Class A-1 Notes."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Subject to satisfaction of the conditions precedent set forth in the applicable Variable Funding Note Purchase Agreement, the Co-Issuers may increase the Outstanding Note Principal Balance in the manner provided in the Variable Funding Note Purchase Agreement. Upon each such increase, the Indenture Trustee shall, or shall cause the Note Registrar to, indicate in the Note Register such increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Term Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless otherwise provided in any applicable Series Supplement, the Term Notes shall be substantially in the form attached as Exhibit A-1 and Exhibit A-2, as applicable; *provided, however*, that any of the Term Notes may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with rules or regulations pursuant thereto, or with the rules of any securities market in which the Term Notes may be admitted to trading, or to conform to general usage. The Term Notes shall be issuable in book-entry form and in accordance with Section 2.03, Ownership Interests in the Book-Entry Notes shall initially be held and transferred through the book-entry facilities of the Depositary; *provided, however*, that Term Notes purchased by Institutional Accredited Investors that are not Qualified Institutional Buyers will be delivered in fully registered, certificated form and Term Notes of a Series to the extent provided in the related Series Supplement, upon original issuance, may be issued in fully registered, certificated form (collectively, the "<u>Definitive Term Notes</u>" and, together with the Definitive Variable Funding Notes, "<u>Definitive Notes</u>"). Unless otherwise provided in any applicable Series Supplement, the Term Notes shall be issued in minimum denominations of $25,000 initial principal balance and in any whole dollar denomination in excess thereof; *provided, however*, Term Notes issued as Definitive Term Notes shall be issued in minimum denominations of $100,000 initial principal balance and in integral multiples of $1,000 in excess thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Term Notes shall be executed by manual signature by an Authorized Officer of each of the U.S. Co-Issuer and the Canadian Co-Issuer. Term Notes bearing the manual signatures of individuals who were at any time the authorized officers of each of the U.S. Co-Issuer and the Canadian Co-Issuer shall be entitled to all benefits under this Indenture, subject to the following sentence, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Term Notes or did not hold such offices at the date of such Term Notes. The Indenture Trustee shall, upon receipt of an Issuer Order, authenticate and deliver any Notes executed by the Co-Issuers for issuance pursuant to this Indenture. No Term Note shall be entitled to any benefit under this Indenture, or be valid for any purpose, however, unless there appears on such Term Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by manual signature, and such certificate of authentication upon any Term Note shall be conclusive evidence, and the only evidence, that such Term Note has been duly authenticated and delivered hereunder. All Term Notes shall be dated the date of their authentication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate principal amount of the Term Notes which may be authenticated and delivered under this Indenture shall be unlimited.

Section 2.02 <u>Registration of Transfer and Exchange of Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers may, at their own expense, appoint any Person with appropriate experience as a securities registrar to act as Note Registrar hereunder; *provided*, that in the absence of any other Person appointed in accordance herewith acting as Note Registrar, the Indenture Trustee agrees to act in such capacity in accordance with the terms hereof. The Note Registrar shall be subject to the same standards of care, limitations on liability and rights to indemnity as the Indenture Trustee, and the provisions of Sections 11.02, 11.03, 11.04, 11.05, 11.06(b), and 11.06(c) shall apply to the Note Registrar to the same extent that they apply to the Indenture Trustee and with the same rights of recovery. Any Note Registrar appointed in accordance with this Section 2.02(a) may at any time resign by giving at least 30 days' advance written notice of resignation to the Indenture Trustee, the Servicer and the Co-Issuers. The Co-Issuers may at any time terminate the agency of any Note Registrar appointed in accordance with this Section 2.02(a) by giving written notice of termination to such Note Registrar, with a copy to the Servicer.

At all times during the term of this Indenture, there shall be maintained at the office of the Note Registrar a Note Register in which, subject to such reasonable regulations as the Note Registrar may prescribe, the Note Registrar shall provide for the registration of Notes and of transfers and exchanges of Notes as herein provided. The Co-Issuers, the Servicer and the Indenture Trustee shall have the right to inspect the Note Register or to obtain a copy thereof at all reasonable times, and to rely conclusively upon a certificate of the Note Registrar as to the information set forth in the Note Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No transfer, sale, pledge or other disposition of any Note or interest therein shall be made unless such transfer, sale, pledge or other disposition is exempt from the registration and/or qualification requirements of the Securities Act and any applicable state securities laws, or is otherwise made in accordance with the Securities Act and such state securities laws.

Unless otherwise provided in any applicable Series Supplement, if a transfer of any Note that constitutes a Definitive Note is to be made without registration under the Securities Act (other than in connection with the initial issuance of the Notes or a transfer of a Book-Entry Note to a successor Depositary as contemplated by Section 2.03(c)), then such transfer shall not be registered by the Note Registrar unless the Note Registrar receives (and, upon receipt, may conclusively rely upon) either: (i) a certification from the Noteholder desiring to effect such transfer substantially in the form attached hereto as Exhibit B-5, in the case of a transfer to a Qualified Institutional Buyer, or Exhibit B-6, in the case of a transfer to an Institutional Accredited Investor, and a certification from the prospective Transferee substantially in the form attached hereto as Exhibit B-3, in the case of a transfer to a Qualified Institutional Buyer, or Exhibit B-4, in the case of a transfer to an Institutional Accredited Investor, or (ii) an Opinion of Counsel to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Co-Issuers, the Servicer, the Indenture Trustee or the Note Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Noteholder desiring to effect such transfer and/or such Noteholder's prospective Transferee on which such Opinion of Counsel is based.

If a transfer of any interest in a Rule 144A Global Note is to be made without registration under the Securities Act to a Person who will take delivery of such interest in the form of an interest in a Regulation S Global Note, then the Note Owner desiring to effect such transfer shall be required to deliver to the Note Registrar (i) a certification substantially in the form attached as Exhibit B-2 and (ii) such written orders and instructions as are required under the Applicable Procedures to direct the Indenture Trustee to debit the account of a Depositary Participant by a denomination of interests in such Rule 144A Global Note, and credit the account of a Depositary Participant by a denomination of interests in such Regulation S Global Note, that is equal to the denomination of beneficial interests in the Class of Notes to be transferred. Upon delivery to the Note Registrar of such certification and such orders and instructions, the Indenture Trustee, subject to and in accordance with the Applicable Procedures, shall reduce the denomination of the Rule 144A Global Note in respect of the applicable Class of Notes and increase the denomination of the Regulation S Global Note for such Class by the denomination of the beneficial interest in such Class specified in such orders and instructions. If a transfer of any interest in a Rule 144A Global Note is to be made without registration under the Securities Act to a Person who will take delivery of such interest in the form of an interest in such Rule 144A Global Note, the Note Owner desiring to effect such transfer shall be deemed to have represented and warranted that the certifications set forth in Exhibit B-1 are, with respect to the subject Transfer, true and correct.

Any interest in a Rule 144A Global Note with respect to any Class of Book-Entry Notes may be transferred by any Note Owner holding such interest to any Institutional Accredited Investor (other than a Qualified Institutional Buyer) that takes delivery in the form of a Definitive Note of the same Class as such Rule 144A Global Note upon delivery to the Note Registrar of (i) (A) a certification from such Note Owner's prospective Transferee substantially in the form of Exhibit B-4, or (B) an Opinion of Counsel (which Opinion of Counsel shall not be an expense of the Co-Issuers, the Servicer, the Indenture Trustee or the Note Registrar in their respective capacities as such), to the effect that such transfer may be made without registration under the Securities Act and (ii) such written orders and instructions as are required under the Applicable Procedures to direct the Indenture Trustee to debit the account of a Depositary Participant by the denomination of the transferred interests in such Rule 144A Global Note. Upon delivery to the Note Registrar of the certification and/or opinion contemplated by this paragraph of Section 2.02(b), the Indenture Trustee, subject to and in accordance with the Applicable Procedures, shall reduce the denomination of the subject Rule 144A Global Note by the denomination of the transferred interests in such Rule 144A Global Note, and shall cause a Definitive Note of the same Class as such Rule 144A Global Note, and in a denomination equal to the reduction in the denomination of such Rule 144A Global Note, to be executed, authenticated and delivered in accordance with this Indenture to the applicable Transferee.

Except as provided in the next sentence, on and prior to the Release Date, no beneficial interest in a Regulation S Global Note for any Class of Book-Entry Notes shall be transferred to any Person who takes delivery other than in the form of a beneficial interest in such Regulation S Global Note. On and prior to the Release Date, a Note Owner holding an interest in a Regulation S Global Note desiring to effect a Transfer to a Person who takes delivery of such interest in the form of a beneficial interest in the Rule 144A Global Note for such Class of Notes shall be required to deliver to the Note Registrar a written certification substantially in the form of Exhibit B-1 including such written orders and instructions as are required under the Applicable Procedures to direct the Indenture Trustee to debit the account of a Depositary Participant by a denomination of interests in such Regulation S Global Note, and credit the account of a Depositary Participant by a denomination of interests in such Rule 144A Global Note, that is equal to the denomination of beneficial interests in the Class of Notes to be transferred. Upon delivery to the Note Registrar of such certification and orders and instructions, the Indenture Trustee, subject to and in accordance with the Applicable Procedures, shall reduce the denomination of the Regulation S Global Note in respect of the applicable Class of Notes and increase the denomination of the Rule 144A Global Note for such Class by the denomination of the beneficial interest in such Class specified in such orders and instructions. On or prior to the Release Date, beneficial interests in the Regulation S Global Note for each Class of Book-Entry Notes may be held only through Euroclear or Clearstream.

None of the U.S. Co-Issuer, the Canadian Co-Issuer, the Indenture Trustee or the Note Registrar shall be obligated to register or qualify any Class of Notes under the Securities Act or any other securities law or to take any action not otherwise required under this Indenture to permit the transfer of any Note or interest therein without registration or qualification. Any Noteholder or Note Owner desiring to effect a transfer, sale, pledge or other disposition of any Note or interest therein shall, and does hereby agree to, indemnify the Parent, the Guarantors, the Obligors, the Indenture Trustee, the Managers, the Servicer and the Note Registrar against any liability that may result if such transfer, sale, pledge or other disposition is not exempt from the registration and/or qualification requirements of the Securities Act and any applicable state securities laws or is not made in accordance with such federal and state laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No transfer of any Note or any interest therein shall be made to any Plan or to any Person who is directly or indirectly acquiring such Note on behalf of, as fiduciary of, as trustee of, or with the assets of, a Plan, except in each such case, in accordance with the following provisions of this Section 2.02(c). Any attempted or purported transfer of a Note in violation of this Section 2.02(c) will be null and void and vest no rights in any purported Transferee.

The Note Registrar shall not register the transfer of a Note that constitutes a Definitive Note or the transfer of an interest in a Book-Entry Note that following such purported transfer will constitute a Definitive Note unless the Note Registrar has received from the prospective Transferee a certification that either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such prospective Transferee is not a Plan and is not directly or indirectly acquiring or holding such
Note or any interest in such Note on behalf of, as fiduciary of, as trustee of, or with assets of, a Plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such acquisition and holding of such Note or any interest therein by such prospective Transferee will
not result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a similar violation
of any applicable Similar Laws.

It is hereby acknowledged that either of the forms of certification attached hereto as Exhibits B-3 and B-4 is acceptable for purposes of clauses (i) and (ii) of the preceding sentence.

The Note Owner desiring to effect a transfer of an interest in a Book-Entry Note (other than a transfer of an interest in a Book-Entry Note that following such purported transfer will constitute a Definitive Note which transfer shall be subject to the forms of certification attached hereto as Exhibits B-3 and B-4 as provided for above) shall obtain from its prospective Transferee a certification that such prospective Transferee is not a Plan and is not directly or indirectly acquiring, holding and subsequently disposing of such Note or any interest in such Note on behalf of, as fiduciary of, as trustee of, or with assets of, a Plan.

It is hereby acknowledged that either of the forms of certification attached hereto as Exhibits B-1 and B-2 is acceptable for purposes of the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Person is acquiring a Note as a fiduciary or agent for one or more accounts, such Person shall be required to deliver to the Note Registrar a certification to the effect that, and such other evidence as may be reasonably required by the Note Registrar to confirm that, it has (i) sole investment discretion with respect to each such account and (ii) full power to make the applicable foregoing acknowledgments, representations, warranties, certifications and/or agreements with respect to each such account as set forth in subsections (b), (c) and/or (d), as appropriate, of this Section 2.02.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to the preceding provisions of this Section 2.02, upon surrender for registration of transfer of any Note at the offices of the Note Registrar maintained for such purpose, one or more new Notes of authorized denominations of the same Class and Series evidencing a like aggregate principal balance shall be executed, authenticated and delivered, in the name of the designated Transferee or Transferees, in accordance with Section 2.01(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) At the option of any Noteholder, its Notes may be exchanged for other Notes of authorized denominations of the same Class and Series evidencing a like aggregate principal balance, upon surrender of the Notes to be exchanged at the offices of the Note Registrar maintained for such purpose. Whenever any Notes are so surrendered for exchange, the Notes which the Noteholder making the exchange is entitled to receive shall be executed, authenticated and delivered in accordance with Section 2.01(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Every Note presented or surrendered for transfer or exchange shall (if so required by the Note Registrar) be duly endorsed by, or be accompanied by a written instrument of transfer in a form satisfactory to, the Note Registrar duly executed by the Noteholder thereof or his attorney duly authorized in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No service charge shall be imposed for any transfer or exchange of Notes, but the Indenture Trustee or the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All Notes surrendered for transfer and exchange shall be physically canceled by the Note Registrar, and the Note Registrar shall dispose of such canceled Notes in accordance with its standard procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) None of the Parent, the Guarantors, the Obligors, the Managers, the Indenture Trustee, the Note Registrar nor any agent of any of the foregoing shall have any responsibility for any actions taken or not taken by the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Indenture Trustee and the Note Registrar shall have no responsibility or obligation to any Person with respect to the accuracy of the books or records, or the acts or omissions, of the Depositary or its nominee or of any Depositary Participant, with respect to any Ownership Interest in the Notes or with respect to the delivery to any Person (other than the Depositary) of any notice (including any notice of prepayment) or the payment of any amount, under or with respect to the Notes. All notices and communications to be given to the Holders and all payments to be made to the Holders hereunder shall be given or made only to or upon the order of the Holders (which shall be the Depositary or its nominee in the case of a Book-Entry Note). The rights of Note Owners in any Book-Entry Note shall be exercised only through the Depositary subject to the customary procedures of the Depositary. The Indenture Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Indenture Trustee and the Note Registrar shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any Note or any transfer of any interest in any Book-Entry Note other than to require delivery of the certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance on their face to the express requirements of this Indenture. In connection with any transfer of any Note, the Indenture Trustee and the Note Registrar shall be under no duty to inquire into the validity, legality and due authorization of such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Note Registrar shall provide to each of the other parties hereto, upon reasonable written request and at the expense of the Requesting Party, an updated copy of the Note Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Transfers of Variable Funding Notes shall be subject to such additional terms and conditions as may be set forth in the applicable Variable Funding Note Purchase Agreement.

Section 2.03 <u>Book-Entry Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise provided in any applicable Series Supplement, each Class and Series of Term Notes shall initially be issued as one or more Notes registered in the name of the Depositary or its nominee and, except as provided in Section 2.03(c), transfer of such Notes may not be registered by the Note Registrar unless such transfer is to a successor Depositary that agrees to hold such Notes for the respective Note Owners with Ownership Interests therein. Such Note Owners shall hold and, subject to Sections 2.02(b) and 2.02(c), transfer their respective Ownership Interests in and to such Notes through the book-entry facilities of the Depositary and, except as provided in Section 2.03(c), shall not be entitled to Definitive Notes in respect of such Ownership Interests. Term Notes of each Class and Series of Notes initially sold in reliance on Rule 144A shall be represented by the Rule 144A Global Note for such Class and Series, which shall be deposited with the DTC Custodian and registered in the name of Cede & Co. as nominee of the Depositary. Term Notes of each Class and Series of Notes initially sold in offshore transactions in reliance on Regulation S shall be represented by the Regulation S Global Note for such Class and Series, which shall be deposited with the DTC Custodian and registered in the name of Cede & Co. as nominee of the Depositary. All transfers by Note Owners of their respective Ownership Interests in the Book-Entry Notes shall be made in accordance with the procedures established by the Depositary Participant or brokerage firm representing each such Note Owner. Each Depositary Participant shall only transfer the Ownership Interests in the Book-Entry Notes of Note Owners it represents or of brokerage firms for which it acts as agent in accordance with the Depositary's normal procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The U.S. Co-Issuer, the Canadian Co-Issuer, the Servicer, the Indenture Trustee and the Note Registrar shall for all purposes, including the making of payments due on the Book-Entry Notes, deal with the Depositary as the authorized representative of the Note Owners with respect to such Notes for the purposes of exercising the rights of Noteholders hereunder. The rights of Note Owners with respect to the Book-Entry Notes shall be limited to those established by law and agreements between such Note Owners and the Depositary Participants and indirect participating brokerage firms representing such Note Owners. Multiple requests and directions from, and votes of, the Depositary as holder of the Book-Entry Notes with respect to any particular matter shall not be deemed inconsistent if they are made with respect to different Note Owners. The Indenture Trustee may establish a reasonable record date in connection with solicitations of consents from or voting by Noteholders and shall give notice to the Depositary of such record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Term Notes initially issued in the form of Book-Entry Notes will thereafter be issued as Definitive Notes to applicable Note Owners or their nominees, rather than to the Depositary or its nominee, only (i) if the Co-Issuers advise the Indenture Trustee in writing that the Depositary is no longer willing or able to properly discharge its responsibilities as Depositary with respect to such Notes and the Co-Issuers are unable to locate a qualified successor or (ii) in connection with the transfer by a Note Owner of an interest in a Global Note to an Institutional Accredited Investor that is not a Qualified Institutional Buyer. Upon the occurrence of the event described in clause (i) of the preceding sentence, the Indenture Trustee will be required to notify, in accordance with the Depositary's procedures, all Depositary Participants (as identified in a listing of Depositary Participant accounts to which each Class and Series of Book-Entry Notes is credited) through the Depositary of the availability of such Definitive Notes. Upon surrender to the Note Registrar of any Class of Book-Entry Notes (or any portion of any Class thereof) by the Depositary, accompanied by re-registration instructions from the Depositary for registration of transfer, Definitive Notes in respect of such Class (or portion thereof) and Series shall be executed and authenticated in accordance with Section 2.01(b) and delivered to the Note Owners identified in such instructions. None of the U.S. Co-Issuer, the Canadian Co-Issuer, the Servicer, the Indenture Trustee or the Note Registrar shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes for purposes of evidencing ownership of any Book-Entry Notes, the registered holders of such Definitive Notes shall be recognized as Noteholders hereunder and, accordingly, shall be entitled directly to receive payments on, to exercise Voting Rights with respect to, and to transfer and exchange such Definitive Notes.

Section 2.04 <u>Mutilated, Destroyed, Lost or Stolen Notes</u>. If (i) any mutilated Note is surrendered to the Note Registrar, or the Note Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee and the Note Registrar such security or indemnity as may be reasonably required by them to hold each of them harmless and any other documents (including a lost note affidavit) that the Indenture Trustee and the Note Registrar may reasonably request, then, in the absence of actual notice to the Indenture Trustee or the Note Registrar that such Note has been acquired by a protected purchaser, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a new Note of the same Class, type and Series and of like Note Principal Balance shall be executed, authenticated and delivered in accordance with Section 2.01(b). Upon the issuance of any new Note under this Section 2.04, the Indenture Trustee and the Note Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the reasonable fees and expenses of the Indenture Trustee and the Note Registrar) connected therewith. Any replacement Note issued pursuant to this Section shall constitute complete and indefeasible evidence of ownership of such Note, as if originally issued, whether or not the lost, stolen or destroyed Note shall be found at any time.

Section 2.05 <u>Persons Deemed Owners</u>. Prior to due presentment for registration of transfer, the U.S. Co-Issuer, the Canadian Co-Issuer, the Servicer, the Indenture Trustee, the Notes Registrar and any agent of any of them may treat the Person in whose name any Note is registered as the owner of such Note for the purpose of receiving payments pursuant to Article V and for all other purposes whatsoever, and none of the U.S. Co-Issuer, the Canadian Co-Issuer, the Servicer, the Indenture Trustee, the Note Registrar or any agent of any of them will acknowledge or be affected by any notice to the contrary.

Section 2.06 <u>Certification by Note Owners</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Note Owner is hereby deemed, by virtue of its acquisition of an Ownership Interest in the Global Notes, to agree to comply with the transfer requirements of Section 2.02(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent that under the terms of this Indenture, it is necessary to determine whether any Person is a Note Owner, the Indenture Trustee may conclusively rely on a certificate of such Person in such form as shall be reasonably acceptable to the Indenture Trustee and shall specify the Class, Series and Note Principal Balance of the Book-Entry Note beneficially owned by such Person.

Section 2.07 <u>Notes Issuable in Series</u>. The Notes of the Co-Issuers may be issued in one or more Series subject to satisfaction of the applicable conditions set forth in Section 2.13. There shall be established in one or more Series Supplements, prior to the issuance of Notes of any Series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the title of the Notes of such Series (which shall distinguish the Notes of such Series from Notes of other Series) and whether such Notes will be Variable Funding Notes or Term Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any limit upon the aggregate principal balance of the Notes of such Series that may be authenticated and delivered under this Indenture (except for Notes authenticated and delivered upon registration of transfer of, in exchange for, or in lieu of, other Notes of such Series pursuant to Section 2.02 or 2.04);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date or dates on which the principal of the Notes of such Series is payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Class A-2 Targeted Amortization Amounts, if any, for the Class A-2 Notes of such Series as of each Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the rate or rates at which the Notes of such Series shall bear interest, if any, or the method by which such rate shall be determined, the date or dates from which such interest shall accrue, the interest payment dates on which such interest shall be payable and the record dates for the determination of Holders to whom interest is payable (in each case to the extent such items are not specified herein or if specified herein to the extent such items are modified by such Series Supplement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any other terms of such Series (which terms shall not be inconsistent with the provisions of this Indenture except to the extent that such Series Supplement also constitutes an amendment of this Indenture pursuant to Article XIII).

The Notes of a Series may have more than one settlement or issue date. The Notes of each Series will be assigned to one or more Classes and shall satisfy the requirements of Section 2.13(b) as of the date of issuance.

Section 2.08 <u>Principal Amortization</u>. Prior to the Anticipated Repayment Date for a Series, unless an Amortization Period commences and is continuing, an Event of Default occurs and is continuing, a Cash Trap Condition occurs and continues for more than 6 consecutive calendar months, any Early Termination Fee Prepayment Amount, there exists Class A Sweep Amount, Class B Sweep Amount or Class C Sweep Amount, there exists Specified Material Tenant Lease Prepayment Amount, or any Disposition Price is payable by the Co-Issuers, or as otherwise provided in <u>Section 7.06</u> or in the Series Supplement for such Series, no principal shall be required to be paid with respect to such Series. No other principal shall be required to be paid with respect to such Series. During an Amortization Period or after the occurrence and during the continuance of an Event of Default, all Excess Cash Flow shall be applied as set forth in <u>Section 5.01(g)</u>.

Section 2.09 <u>Prepayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers may optionally prepay the Notes of any Series in whole or in part on any Business Day *provided* that (i) the Co-Issuers shall have provided written notice of such prepayment to the Indenture Trustee no later than five Business Days prior to the date of such prepayment or such shorter notice period set forth in the Variable Funding Note Purchase Agreement for any Series of Variable Funding Notes and (ii) such prepayment is accompanied by all accrued and unpaid interest on the principal amount of the Notes being prepaid through the date of such prepayment and any applicable Prepayment Consideration if such prepayment occurs prior to the Prepayment Period for such Series; *provided* that no Prepayment Consideration shall be payable in connection with (r) prepayments of the Variable Funding Notes of any Series, (s) prepayments of the Class A Sweep Amount to the Class A Notes of any Series, the Class B Sweep Amount to the Class B Notes of any Series or the Class C Sweep Amount to the Class C Notes of any Series (including prepayments with amounts other than Receipts), (t) prepayments of the Class A-2 Notes of any Series on any Payment Date in an amount up to the applicable Class A-2 Monthly Amortization Amount as of such Payment Date, (u) prepayments of the Term Notes from amounts on deposit in the Cash Trap Reserve Sub-Accounts or to cure a Cash Trap Condition (including prepayments with amounts other than Receipts), (v), prepayments of the Specified Material Tenant Lease Prepayment Amount, (w) mandatory prepayments of the Notes of any Series as provided in the related Series Supplement, (x) prepayments of the Term Notes with Loss Proceeds in accordance with Section 7.06 or (y) prepayments made during an Amortization Period (including prepayments with amounts other than Receipts) or after the occurrence and during the continuance of an Event of Default or (z) prepayments of any Series of Notes in an amount equal to the applicable Disposition Price in connection with the disposition of one or more Data Centers in accordance with Section 7.30 in an amount (1) up to $50 million in the aggregate for all such dispositions with respect to the Series 2020-1 Notes and the Series 2020-2 Notes, collectively, and (2) set forth in the applicable Series Supplement with respect to any other Series; *provided*, *further*, that such prepayment of any Series of Variable Funding Notes shall be accompanied by such additional amounts required to be paid pursuant to the related Variable Funding Note Purchase Agreement. On the date of any prepayment in connection with which Prepayment Consideration is payable, the Indenture Trustee or the Paying Agent, at the direction of the Servicer, shall pay such Prepayment Consideration received in respect of any Class or Series of Notes to the Holders of the corresponding Class or Series of Notes pro rata based on the amount prepaid on each such Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Partial optional or mandatory prepayments made in conformity with the provisions of this Section 2.09 will be applied to the Classes of all Notes of all Series in direct order of alphabetical designation; *provided* that optional prepayments (other than those funded by application of amounts on deposit in the Cash Trap Reserve Sub-Accounts) may be directed by the Co-Issuers to be applied to the Notes of a particular Series in direct order of alphabetical designation and, with respect to optional prepayments of the Class A Notes (other than those funded by application of amounts on deposit in the Cash Trap Reserve Sub-Accounts) may be directed by the Co-Issuers to be applied to the Class A-1 Notes or to be applied to other Class A Notes, with any such application to other Class A Notes being in direct order of numerical designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A portion of the principal of the Class A Notes of each Series will be payable on each Payment Date in an amount equal to the lesser of (i) the Class A Sweep Amount, if any, on such Payment Date and (ii) the funds available for such purpose pursuant to Section 5.01(g) (with any amounts so applied to the Class A Notes being further applied among the numerical Classes of Class A Notes in accordance with the Applicable Class A Payment Priority). Failure on the part of the Co-Issuers to pay the entire Class A Sweep Amount with respect to the Class A Notes of any Series on any Payment Date, other than the Rated Final Payment Date for such Series, shall not constitute an Event of Default or otherwise provide to the Noteholders (or the Indenture Trustee on behalf of the Noteholders) any additional rights or remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A portion of the principal of the Class B Notes of each Series will be payable on each Payment Date in an amount equal to the lesser of (i) the Class B Sweep Amount, if any, on such Payment Date and (ii) the funds available for such purpose pursuant to Section 5.01(g). Failure on the part of the Co-Issuers to pay the entire Class B Sweep Amount with respect to the Class B Notes of any Series on any Payment Date, other than the Rated Final Payment Date for such Series, shall not constitute an Event of Default or otherwise provide to the Noteholders (or the Indenture Trustee on behalf of the Noteholders) any additional rights or remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A portion of the principal of the Class C Notes of each Series will be payable on each Payment Date in an amount equal to the lesser of (i) the Class C Sweep Amount, if any, on such Payment Date and (ii) the funds available for such purpose pursuant to Section 5.01(g). Failure on the part of the Co-Issuers to pay the entire Class C Sweep Amount with respect to the Class C Notes of any Series on any Payment Date, other than the Rated Final Payment Date for such Series, shall not constitute an Event of Default or otherwise provide to the Noteholders (or the Indenture Trustee on behalf of the Noteholders) any additional rights or remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In connection with each disposition of a Data Center pursuant to Section 7.30, if and to the extent required thereunder, the Co-Issuers shall prepay the Term Notes in an amount equal to the Disposition Price for such disposed Data Center (and pay the current obligations of the Indenture Trustee and the Servicer, including any Advances (with interest thereon), along with the Indenture Trustee Fee, Servicing Fee and Other Servicing Fees, in each case to the extent sufficient funds have not been deposited in the applicable Collection Account for distribution on the applicable Payment Date) together with any applicable Prepayment Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If and to the extent provided in the Series Supplement for any Series, commencing on the Payment Date specified in such Series Supplement for such Series, and subject to the availability hereunder of funds for such purpose and so long as a Cash Trap Condition is not continuing, a portion of the principal of the Class A-2 Notes of such Series will be payable on each Payment Date in an amount equal to the Class A-2 Monthly Amortization Amount as of such Payment Date with respect to such Notes as specified in such Series Supplement in accordance with Section 5.01(g). Failure on the part of the Co-Issuers to pay the entire Class A-2 Monthly Amortization Amount with respect to the Class A-2 Notes of any Series on any Payment Date, other than the Rated Final Payment Date for such Series, shall not constitute an Event of Default or otherwise provide to the Noteholders (or the Indenture Trustee on behalf of the Noteholders) any additional rights or remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) If any Specified Material Tenant Lease is not renewed on or before the date that is 12 months after such renewal date, the Co-Issuers shall make a prepayment on the Notes as set forth in Section 4.10.

Section 2.10 <u>Post-ARD Additional Interest</u>.

Additional interest ("<u>Post-ARD Additional Interest</u>") shall begin to accrue with respect to a Variable Funding Note or Term Note of a Series and Class from and after the Anticipated Repayment Date for such Variable Funding Note or Term Note of such Class and such Series on the Note Principal Balance thereof at a per annum rate (each, a "<u>Post-ARD Additional Interest Rate</u>") equal to (x) in the case of a Series of Variable Funding Notes, the Post-ARD Note Spread applicable to such Variable Funding Note and (y) in the case of a Series of Term Notes, the rate determined by the Servicer to be the greater of (i) 5.0% per annum and (ii) the amount, if any, by which the sum of the following exceeds the Note Rate for such Note: (A) the yield to maturity (adjusted to a "mortgage equivalent basis" pursuant to the standards and practices of the Securities Industry and Financial Markets Association) on the Anticipated Repayment Date for such Note of the United States Treasury Security having a term closest to 10 years plus (B) 5.0%, plus (C) the Post-ARD Note Spread applicable to such Note. The Servicer shall provide written notice to the Indenture Trustee of the Post-ARD Additional Interest Rate. In no event shall the Indenture Trustee be obligated to recalculate or verify the Post-ARD Additional Interest Rate for any Note. The Post- ARD Additional Interest accrued for any Note will be payable on each Payment Date in accordance with the provisions of Section 5.01(g) and, to the extent that sufficient funds are not available on such Payment Date, the Post-ARD Additional Interest will be deferred and added to any Post-ARD Additional Interest previously deferred and remaining unpaid (the "<u>Deferred Post-ARD Additional Interest</u>"). Deferred Post-ARD Additional Interest will not bear interest.

Section 2.11 <u>Subordinate Purchase Right</u>.

Each of the initial Noteholders of a Series 2021-1 Class C Note and, at any time there are no Series 2021-1 Class C Notes outstanding, each of the initial Noteholders of a Series 2021-1 Class B Note (other than any Series 2021-1 Class C Note or Series 2021-1 Class B Note, as applicable, held by the Issuer or an affiliate of the Issuer) shall have the right (the "<u>Subordinate Purchase Right</u>") following the occurrence of an Event of Default that is continuing as of the date of purchase, upon not less than twenty (20) Business Days' written notice to the Indenture Trustee (with a copy to the Issuer), to purchase all, but not less than all, of the Class A Notes and, solely in the case of any <u>**Noteholder of the**</u> Series 2021-1 Class C **Noteholder** **<u>Notes</u>**, the Class B Notes of all Outstanding Series for a purchase price equal to the aggregate Outstanding Note Principal Balance of all such Class A Notes and, if applicable, Class B Notes, plus accrued and unpaid interest (at the applicable rate of interest for the related sub-class of Class A Notes or, if applicable, Class B Notes) on such Outstanding Note Principal Balance together with any Post-ARD Additional Interest (including any Deferred Post-ARD Additional Interest) due and payable to the Noteholders of the Class A Notes and, if applicable, Class B Notes (any such principal and interest in respect of any such sub-class of Class A Notes and, if applicable Class B Notes, Post-ARD Additional Interest (including any Deferred Post-ARD Additional Interest) and other payments, the "<u>Subordinate Purchase Right Outstanding Priority Balance</u>"); <u>provided</u> that (i) such Subordinate Purchaser shall be required to deliver such written notice within twenty (20) Business Days of obtaining knowledge of such Event of Default, (ii) if prior to the end of such twenty (20) Business Day period any other Noteholder of a Series 2021-1 Class C Note or, if applicable, a Series 2021-1 Class B Note (other than any Class C Note or Class B Note held by the Issuer or an affiliate of the Issuer) notifies such purchasing holder of a Series 2021-1 Class C Note or, if applicable, a Series 2021-1 Class B Note that such other Noteholder of a Series 2021- 1 Class C Note or a Series 2021-1 Class B Note wants to participate in such purchase, then such other Noteholder of a Series 2021-1 Class C Note or, if applicable, a Series 2021-1 Class B Note may join with the purchasing Noteholder of a Series 2021-1 Class C Note, or, if applicable, a Series 2021-1 Class B Note (any such purchasing Noteholders of a Series 2021-1 Class C Note or, if applicable, a Series 2021-1 Class B Note shall be collectively referred to as the "<u>Subordinate Purchasers</u>") in exercising the Subordinate Purchase Right and (iii) if prior to the end of such twenty (20) Business Day period any other Noteholder of a Series 2021-1 Class C Note or, if applicable, a Series 2021-1 Class B Note fails to notify the Subordinate Purchasers of such other Noteholder of a Series 2021-1 Class C Note's, or if applicable, a Series 2021-1 Class B Note's desire to participate in such a purchase, then such other Noteholder of a Series 2021-1 Class C Note or, if applicable, a Series 2021-1 Class B Note designated shall lose its right to purchase the Class A Notes and, if applicable, Class B Notes of all Outstanding Series. Upon receipt of any such notice, the Servicer shall calculate the then Subordinate Purchase Right Outstanding Priority Balance. Payment of the Subordinate Purchase Right Outstanding Priority Balance will in each case be made ratably by each Subordinate Purchaser to the <u>**Noteholders of the**</u> Class A **Noteholders** **<u>Notes</u>** and, if applicable, the <u>**Noteholders of the**</u> Class B **Noteholders** **<u>Notes</u>** based on the ratio of the Outstanding Note Principal Balance of the Class C Notes or, if applicable, Class B Notes held by such Subordinate Purchaser to the Outstanding Note Principal Balance of the Class C Notes or, if applicable, Class B Notes held by all Subordinate Purchasers. Following all Subordinate Purchaser's payment of their portion of the Subordinate Purchase Right Outstanding Priority Balance, each applicable Subordinate Purchaser shall be the Noteholder of the applicable Class A Notes and, if applicable, Class B Notes and shall be entitled to all rights and interests to which a Noteholder of the Class A Notes and, if applicable, Class B Notes would be entitled. Any party who exercises the Subordinate Purchase Right will, upon exercising such right, become the Controlling Class Representative.

Section 2.12 <u>Defeasance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time other than during the continuance of the Prepayment Period for a Series of Outstanding Term Notes, upon 10 Business Days' notice to the Indenture Trustee, the Co-Issuers may obtain the release from all covenants of this Indenture relating to the ownership and operation of the Data Centers by delivering United States government securities that provide for payments equal to the Scheduled Defeasance Payments with respect to each Series of then Outstanding Term Notes, *provided*, that (i) no Event of Default has occurred and is continuing, (ii) all Variable Funding Notes have been paid in full and the Class A-1 Commitment Amount of all Variable Funding Notes has been irrevocably reduced to zero and (iii) the Co-Issuers shall pay or deliver on the date of such defeasance (the "<u>Defeasance Date</u>") (a) all interest accrued and unpaid on the Class Principal Balance of each Class of Outstanding Term Notes to but not including the Defeasance Date (and if the Defeasance Date is not a Payment Date, the interest that would have accrued to but not including the next Payment Date), (b) all other sums then due under each Class of Term Notes and all other Transaction Documents executed in connection therewith, including any costs incurred in connection with such defeasance, and (c) U.S. government securities providing for payments equal to the Scheduled Defeasance Payments with respect to each Series of then Outstanding Term Notes. In addition, the Co-Issuers shall deliver to the Servicer on behalf of the Indenture Trustee (1) a security agreement granting the Indenture Trustee a first priority perfected security interest in the U.S. government securities so delivered by the Co-Issuers, (2) an Opinion of Counsel as to the enforceability and perfection of such security interest, (3) a confirmation by an Independent certified public accounting firm that the U.S. government securities so delivered are sufficient to pay all Scheduled Defeasance Payments with respect to each Series of Outstanding Notes, and (4) a Rating Agency Confirmation. The Co-Issuers, pursuant to the security agreement described above, shall authorize and direct that the payments received from the U.S. government securities shall be made directly to the Indenture Trustee and applied to satisfy the obligations of the Co-Issuers under the Notes and the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Asset Entities will continue to own any material assets other than the U.S. government securities delivered in connection with the defeasance, the Co-Issuers shall establish or designate a special-purpose bankruptcy-remote successor entity acceptable to the Indenture Trustee (with respect to which (i) a substantive non-consolidation Opinion of Counsel has been delivered to the Indenture Trustee and (ii) an Opinion of Counsel has been delivered to the Indenture Trustee that neither of the Co-Issuers will be required to register as an investment company under the Investment Company Act), and to transfer to that entity the pledged U.S. government securities. The new entity shall assume the obligations of the Co-Issuers under the Notes being defeased and the security agreement and the Obligors and the Guarantors shall be relieved of their obligations in respect thereof under the Transaction Documents. The Co-Issuers shall pay $10 to such new entity as consideration for assuming such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Co-Issuers satisfy the requirements of Section 2.12(a) to defease the Notes and delivers to the Indenture Trustee an Officer's Certificate of the Co-Issuers and an Opinion of Counsel in compliance with Section 15.01, the Indenture Trustee shall promptly execute, acknowledge and deliver to the Obligors a release of the Collateral under the applicable Transaction Documents in recordable form to the extent applicable for such release; *provided* that the Obligors shall, at their sole expense, prepare any and all documents and instruments necessary to effect such release, all of which shall be subject to the reasonable approval of the Indenture Trustee, and the Obligors shall pay all costs reasonably incurred by the Indenture Trustee (including, but not limited to, reasonable attorneys' fees and disbursements) in connection with the review, execution and delivery of the documents and instruments necessary to effect such release.

Section 2.13 <u>Additional Data Centers; Additional Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From time to time, the Co-Issuers may add one or more additional data centers and related tenant leases as additional collateral for the Notes (each such additional data center added after the Initial Closing Date, an "<u>Additional Data Center</u>"); *provided* that in connection with each such addition the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) such Additional Data Center shall be an Eligible Data Center;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) a Rating Agency Confirmation is received with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during a Special Servicing Period, the Servicer shall have confirmed satisfaction of the conditions precedent to the addition of such Additional Data Centers, such confirmation not to be unreasonably withheld, conditioned or delayed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Indenture Trustee and the Servicer shall have received such Opinions of Counsel (consistent with the legal opinions delivered on the Initial Closing Date) as may be reasonably requested by the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, shall, or shall have caused the applicable Asset Entity to, have reimbursed the Indenture Trustee and the Servicer for all third-party out-of-pocket costs and expenses incurred by the Indenture Trustee and the Servicer in relation to such addition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if such Additional Data Center is owned by an Additional Asset Entity to be contributed to either of the Co-Issuers in connection with the addition of such Additional Data Center, the Additional Asset Entity shall have executed and delivered to the Indenture Trustee and the Servicer a Joinder Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) depending on whether the Additional Data Center is located in the United States or Canada, the U.S. Manager or the Canadian Manager, as applicable, shall have delivered an Officer's Certificate of the Manager to the Servicer and the Indenture Trustee confirming compliance with the requirements of this Section 2.13(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Co-Issuers may at any time and from time to time issue additional Notes ("<u>Additional Notes</u>") in the manner set forth in Section 2.07 subject to the satisfaction of the applicable conditions set forth in this Section 2.13(b) pursuant to a Series Supplement in one or more Classes that may rank senior to, pari passu with, or subordinate to, any Series of Notes that will remain Outstanding after the issuance of such Additional Notes; provided that if any Notes (other than the Additional Notes) will remain Outstanding after the issuance of such Additional Notes (such Notes, the "<u>Continuing Notes</u>") the following conditions shall have been satisfied with respect to such issuance: (a) the Additional Notes of a particular Class shall rank pari passu with the Continuing Notes, if any, of the Class of Notes bearing the same alphabetical and numerical Class designation (regardless of Series or date of issuance), although such Class of Notes may have other characteristics different than the Continuing Notes, and may have an Anticipated Repayment Date earlier than the Anticipated Repayment Date for any Series of Continuing Notes; (b) so long as the Series 2020-1 Class A-1 Notes are Outstanding, the Rated Final Payment Date of the Additional Notes will be later than the Rated Final Payment Date for the Series 2020-1 Class A-1 Notes; (c) <u>**so long as the Series 2021-1 Class B Notes are outstanding, no new Class of Class B Notes may be issued that are senior in right of payment of either interest or principal to the Series 2021-1 Class B Notes; (d) so long as the Series 2021-1 Class C Notes are outstanding, no new Class of Class C Notes may be issued that are senior in right of payment of either interest or principal to the Series 2021-1 Class C Notes; (e)**</u> a Rating Agency Confirmation with respect to each Series of Continuing Notes is obtained from each Rating Agency then rating such Series of Continuing Notes; (**d** **<u>f</u>**) the Co-Issuers receive an Opinion of Counsel (which opinion may contain similar assumptions and qualifications as are contained in the Opinion of Counsel with respect to the tax treatment of the Notes delivered on the Initial Closing Date) to the effect that the issuance of such Additional Notes will not (x) cause any of the Continuing Notes to be deemed to have been exchanged for a new debt instrument pursuant to Treasury Regulations § 1.1001-3, (y) cause the U.S. Co-Issuer or the Canadian Co-Issuer to be taxable as other than a partnership or disregarded entity for U.S. federal income tax purposes or (z) cause any of the Continuing Notes to be characterized as other than indebtedness for U.S. federal income tax purposes; (**e** **<u>g</u>**) after giving effect to the issuance of such Additional Notes the following conditions are satisfied: (w) the Class A LTV Ratio is less than or equal to (A) on or prior to the third anniversary of the Initial Closing Date, 65.0% or (B) following the third anniversary of the Initial Closing Date 70.0%, (x) the Class B LTV Ratio is less than or equal to (A) on or prior to the third anniversary of the Closing Date, 75.0% or (B) following the third anniversary of the Initial Closing Date 80.0%, (y) the Class C LTV Ratio is less than or equal to (A) on or prior to the third anniversary of the Closing Date, 80.0% or (B) following the third anniversary of the Initial Closing Date 85.0%, and (z) and the DSCR is equal to or greater than 1.85x; (**f** **<u>h</u>**) the Servicer or the structuring advisor with respect to such Additional Notes (who will deliver the related appraisal to the Servicer), shall deliver new appraisals to the Indenture Trustee meeting the requirements set forth in the Servicing Agreement with respect to the Data Centers owned by the Asset Entities as of the closing date of the issuance of such Additional Notes; (**g** **<u>i</u>**) immediately following the issuance of such Additional Notes, the outstanding principal amount of all Notes with a Note Rate that is a floating interest rate (assuming for the purposes of such calculation that the outstanding principal amount of any Variable Funding Notes is the maximum principal amount for such Notes) is less than or equal to 30.0% of the aggregate outstanding principal amount of all Notes outstanding; and (**h** **<u>j</u>**) the Indenture Trustee receives an Officer's Certificate of the Co-Issuers stating that all conditions precedent to the issuance of the Additional Notes under the Indenture have been satisfied.

Section 2.14 <u>Canadian Interest Act</u>. For the purposes of the Interest Act (Canada) and disclosure thereunder, whenever interest or a fee to be paid hereunder or under any Note or in connection herewith is to be calculated on the basis of a year of 360 days consisting of twelve 30-day months, the yearly rate of interest to which the rate or fee used in such calculation is equivalent during any particular period is the rate or fee so used multiplied by a fraction of which (a) the numerator is the product of (i) the actual number of days in the calendar year in which such period ends; and (ii) the sum of (A) the product of 30 and the number of complete months elapsed in the relevant period, and (B) the number of days elapsed in any incomplete month in the relevant period; and (b) the denominator is the product of 360 and the actual number of days in the relevant period. The Canadian Co-Issuer acknowledges and confirms that (1) this paragraph satisfies the requirements of Section 4 of the Interest Act (Canada) to the extent it applies to the expression or statement of any interest or fees payable hereunder or any Notes; and (2) it is able to calculate the yearly rate or percentage of interest payable under any Note based upon the methodology set out above. If any provision of this Indenture would oblige a Canadian Obligor to make any payment of interest or other amount payable to any Noteholder in an amount or calculated at a rate which would be prohibited by applicable law or would result in a receipt by that Noteholder of "interest" at a "criminal rate" (as such terms are construed under the Criminal Code (Canada)), then, notwithstanding such provision, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law or so result in a receipt by that Noteholder of "interest" at a "criminal rate".

**ARTICLE III**

**ACCOUNTS**

Section 3.01 <u>Establishment of Collection Accounts and Sub-Accounts</u>. (a) On or before the Initial Closing Date, the U.S. Co-Issuer shall have established an Eligible Account to serve as a collection account in the name of the Indenture Trustee (such account, and any account replacing the same in accordance with this Indenture and the Cash Management Agreement, the "<u>U.S. Collection Account</u>") pursuant to, in any case in which the relevant Collection Account Bank is not the Indenture Trustee, an agreement with the Collection Account Bank at which the U.S. Collection Account is established (the "<u>U.S. Collection Account Bank</u>") and the Indenture Trustee (the "<u>U.S. Collection Account Control Agreement</u>") for the holding of collections with respect to the Data Centers located in the United States and any other collateral located in the United States (collectively, "<u>U.S. Collections</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or before the Initial Closing Date, the Canadian Co-Issuer shall have established two Eligible Accounts to serve as collection accounts in the name of the Indenture Trustee (such accounts, and any account replacing the same accordance with this Indenture and the Cash Management Agreement, the "<u>Canadian Collection Accounts</u>" and, together with the U.S. Collection Account, and any other Eligible Account established to serve as a collection account in the name of the Indenture Trustee, the "<u>Collection Accounts</u>" and each a "<u>Collection Account</u>"), pursuant to, in any case in which the relevant Collection Account Bank is not the Indenture Trustee an agreement with the Collection Account Bank at which the Canadian Collection Accounts are established (the "<u>Canadian Collection Account Bank</u>") and the Indenture Trustee (the "<u>Canadian Collection Account Control Agreement</u>" and, together with the U.S. Collection Account Control Agreement, and any other agreements with a Collection Account Bank with respect to other Collection Accounts established in connection with this Indenture, the "<u>Collection Account Control Agreements</u>") for the holding of collections with respect to the Data Centers located in Canada and any other collateral located in Canada (collectively, "<u>Canadian Collections</u>"). One Canadian Collection Account shall hold Canadian Collections denominated in USD (the "<u>USD Canadian Collection Account</u>") and the other shall hold Canadian Collections denominated in CAD (the "<u>CAD Canadian Collection Account</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An Eligible Account for each Sub-Account (each of which may have its own distinct portfolio number) shall be established and maintained for the benefit of the Noteholders. Each of the Collection Accounts and the Sub-Accounts shall be a non-interest bearing trust account and treated as a "securities account" as such term is defined in Section 8-501(a) of the UCC. Except as expressly provided herein or in the Collection Account Control Agreements or the Cash Management Agreement, the Obligors shall not have the right to control or direct the investment or payment of funds in the Collection Accounts or the Sub-Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For so long as Wilmington Trust, National Association maintains the Collection Accounts and the Sub-Accounts, any foreign currency exchange related thereto shall be limited to CAD unless the Issuer has received the prior consent of Wilmington Trust, National Association.

Section 3.02 <u>Deposits to the Collection Accounts</u>. Any available funds on deposit in any Lock Box Account that the applicable Manager has identified as constituting Receipts pursuant to the Cash Management Agreement shall be deposited by wire transfer (or transfer via the ACH System) into the applicable Collection Account within two Business Days of receipt.

Section 3.03 <u>Withdrawals from the Collection Accounts</u>. The Indenture Trustee may make, from time to time and in accordance with the written direction of the Servicer, withdrawals from the Collection Accounts in the applicable Allocable Amounts as necessary for any of the following purposes and without regard to the priorities set forth in Article V: (i) to pay to itself the Indenture Trustee Fee then owing, (ii) to pay the Servicer the Servicing Fee then owing and, if an Event of Default exists under this Indenture, any Special Servicing Fee or Liquidation Fee then owing, or any Workout Fee, or any Other Servicing Fees then owing, each of which shall be payable at the times and in the amounts described in the Servicing Agreement, to pay or reimburse the Servicer, the Managers and the Indenture Trustee for Advances made by each and not previously reimbursed, together with Advance Interest thereon, in each case as set forth in this Indenture with respect to Debt Service Advances or Servicing Advances, (iii) to pay, reimburse or indemnify the Servicer or the Indenture Trustee for any other amounts payable, reimbursable or indemnifiable pursuant to the terms of this Indenture or the other Transaction Documents, (v) to pay any other Additional Issuer Expenses, (vi) to pay to the persons entitled thereto any amounts deposited in error and (vii) to clear and terminate the Collection Accounts on the date there are no Notes Outstanding.

Section 3.04 <u>Application of Funds in the Collection Accounts</u>. Funds in the Collection Accounts shall be allocated on each Application Date to the Sub-Accounts in accordance with Section 5.01 of this Indenture and Section 3.03 of the Cash Management Agreement.

Section 3.05 <u>Application of Funds after Event of Default</u>. If an Event of Default shall occur and be continuing, then notwithstanding anything to the contrary in this Article III, the Servicer (acting on behalf of the Indenture Trustee for the benefit of the Noteholders) shall have all of the rights and remedies of the Indenture Trustee, for the benefit of the Noteholders, available under applicable law and under the Transaction Documents. Without limitation of the foregoing, for so long as an Event of Default is continuing, the Indenture Trustee (solely at the direction of the Servicer) shall apply any and all funds in the Collection Accounts, the Cash Trap Reserve Sub-Accounts and any other Accounts, and all other cash reserves held by or on behalf of the Indenture Trustee against all or any portion of any of the Obligations; *provided, however*, that any such payments in respect of amounts due on the Notes and/or any other amounts due under the Transaction Documents will be made in accordance with the priorities set forth in Article V.

**ARTICLE IV**

**RESERVES**

Section 4.01 <u>Security Interest in Reserves; Other Matters Pertaining to Reserves.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Obligors hereby grant to the Indenture Trustee a security interest for the benefit of the Indenture Trustee, individually and on behalf of the Noteholders, in and to all of the Obligors' right, title and interest in and to the Account Collateral, including the Reserves, as security for payment and performance of all of the Obligations hereunder and under the other Transaction Documents. The Reserves constitute Account Collateral and are subject to the security interest in favor of the Indenture Trustee on behalf of the Noteholders created herein and all provisions of this Indenture and the other Transaction Documents pertaining to Account Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the rights and remedies provided in Article III and elsewhere herein, upon the occurrence and during the continuance of any Event of Default, the Servicer (acting on behalf of the Indenture Trustee) shall have all rights and remedies pertaining to the Reserves as are provided for in any of the Transaction Documents or under any applicable law. Without limiting the foregoing, upon and at all times after the occurrence and during the continuance of an Event of Default, the Indenture Trustee at the written direction of the Servicer, in the Servicer's sole discretion, but subject to the Servicing Standard, may use the Reserves (or any portion thereof) for any purpose, including but not limited to any combination of the following: (i) payment of any of the Obligations in such order as the Servicer may determine in its sole discretion; *provided, however*, that such application of funds shall not cure or be deemed to cure any default and *provided, further*, that any payments on the Notes will be made in accordance with the priorities set forth in Article V, (ii) reimbursement of the Indenture Trustee and/or the Servicer for any outstanding fees and actual losses or expenses or indemnities (including, without limitation, reasonable legal fees), (iii) payment for the work or obligation for which such Reserves were reserved or were required to be reserved and (iv) application of the Reserves in connection with the exercise of any and all rights and remedies available to the Servicer acting on behalf of the Indenture Trustee at law or in equity or under this Indenture or pursuant to any of the other Transaction Documents. Nothing contained in this Indenture shall obligate the Servicer to apply all or any portion of the funds contained in the Reserves during the continuance of an Event of Default to payment of the Notes or (except as provided in the proviso to clause (i) of this Section 4.01(b)) in any specific order of priority.

Section 4.02 <u>Funds Deposited with Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Permitted Investments; Return of Reserves to Obligors</u>. Unless otherwise expressly provided herein, all funds of the Obligors which are deposited with the U.S. Collection Account Bank or the Canadian Collection Account Bank hereunder shall be invested by the applicable Collection Account Bank in one or more Permitted Investments at the written direction of the applicable Manager in accordance with the Cash Management Agreement and any investment income with respect thereto shall be credited to the related Reserve Sub-Account; provided that all amounts on deposit in the CAD Canadian Collection Account or in any Reserve Sub-Account thereof shall remain uninvested. Absent such written direction, the funds in the related Collection Accounts shall remain uninvested. After repayment of all of the Obligations, all funds held as Reserves will be promptly returned to, or as directed by, the Co-Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Funding at Closing</u>. The Co-Issuers shall deposit with the Indenture Trustee the <u>amounts</u> necessary to fund each of the Reserves as set forth below. Deposits into the Reserves on the Initial Closing Date (or on any subsequent Closing Date) may occur by deduction from the amount of proceeds of the issuance of the Notes on such Closing Date that otherwise would be disbursed to the Co-Issuers, followed by deposit of the same into the applicable Sub-Account or Collection Account in accordance with the applicable Series Supplement on such Closing Date. Notwithstanding such deductions, the Notes shall be deemed for all purposes to be fully paid on the Closing Date for such Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Funding upon any Addition of Additional Data Centers</u>. The Co-Issuers shall deposit, upon the addition of any Additional Data Center, any amounts necessary to fully fund the Reserves described in Section 4.03 after giving effect to any increase in the Reserves made to reflect the addition of such Additional Data Centers.

Section 4.03 <u>Priority Expense Reserve Sub-Accounts</u>.

Pursuant to this Indenture, the Indenture Trustee, at the written request of the applicable Manager or based upon information set forth in the Monthly Report, shall deposit from Available Funds available for such purpose under Article V on each Application Date into (i) a Sub-Account of the U.S. Collection Account (said Sub-Account, the "<u>U.S. Priority Expense Reserve Sub-Account</u>"), an amount such that the amount on deposit in the U.S. Priority Expense Reserve Sub-Account on such Application Date equals the applicable Priority Expense Amount for such Application Date, (ii) a Sub-Account of the USD Canadian Collection Account (said Sub-Account, the "<u>USD Canadian Priority Expense Reserve Sub-Account</u>"), an amount such that the amount on deposit in the USD Canadian Priority Expense Reserve Sub-Account on such Application Date equals the applicable Priority Expense Amount for such Application Date, and (iii) a Sub-Account of the CAD Canadian Collection Account (said Sub-Account, the "<u>CAD Canadian Priority Expense Reserve Sub-Account</u>" and, together with the USD Canadian Priority Expense Reserve Sub-Account, the "<u>Canadian Priority Expense Reserve Sub-Accounts</u>" and, together with the U.S. Priority Expense Reserve Sub-Account and any other Sub-Account established in connection with this Indenture for purposes of Priority Expenses, the "<u>Priority Expense Reserve Sub-Accounts</u>"), an amount such that the amount on deposit in the CAD Canadian Priority Expense Reserve Sub-Account on such Application Date equals the applicable Priority Expense Amount for such Application Date. The funds held in the U.S. Priority Expense Reserve Sub- Account and the USD Canadian Priority Expense Reserve Sub-Account will be denominated in USD and the funds held in the CAD Canadian Priority Expense Reserve Sub-Account will be denominated in CAD and funds held in any other Priority Expense Reserve Sub-Account other than a U.S. Priority Expense Reserve Sub-Account or Canadian Priority Expense Reserve Sub-Account shall be held in the currency of the applicable Priority Expense Amount.

Each Monthly Report provided pursuant to Section 7.02(a)(iv) will set forth certain information with respect to the amounts of Priority Expenses due during the following Collection Period. So long as (i) no Event of Default has occurred and is continuing, (ii) the Obligors have provided the Indenture Trustee and the Servicer with the foregoing materials in a timely manner, and (iii) sufficient funds are held in the Priority Expense Reserve Sub-Accounts for the payment of the Priority Expenses relating to the Data Centers, as applicable, the Indenture Trustee shall, at the applicable Manager's election and written direction, with written notice simultaneously delivered to the Servicer, from funds available in applicable Priority Expense Reserve Sub-Account (x) pay the Priority Expenses directly, (y) disburse such amounts to the Obligors to pay such Priority Expenses or (z) reimburse the Obligors for Priority Expenses previously paid by or on behalf of the Obligors.

Section 4.04 <u>Capital Expenditures Reserve Sub-Accounts</u>.

The Indenture Trustee, at the written request of the applicable Manager (in its sole and absolute discretion), shall deposit from Available Funds available for such purpose under Section 5.01(a) on each Application Date into (i) a Sub-Account of the U.S. Collection Account (said Sub-Account, the "<u>U.S. Capital Expenditures Reserve Sub-Account</u>"), an amount of funds necessary to fund expected Capital Expenditures (other than Maintenance Capital Expenditures) on the U.S. Data Centers, (ii) a Sub-Account of the USD Canadian Collection Account (said Sub-Account, the "<u>USD Canadian Capital Expenditures Reserve Sub-Account</u>"), an amount of funds denominated in USD necessary to fund expected Capital Expenditures payable in USD (other than Maintenance Capital Expenditures) on the Canadian Data Centers and (iii) a Sub-Account of the CAD Canadian Collection Account (said Sub-Account, the "CAD Canadian Capital Expenditures Reserve Sub-Account" and, together with the USD Canadian Capital Expenditures Reserve Sub-Account, the "<u>Canadian Capital Expenditures Reserve Sub-Accounts</u>" and, together with the U.S. Canadian Capital Expenditures Sub-Account and any other Sub-Account established in connection with this Indenture for purposes of Capital Expenditures, the "<u>Capital Expenditures Reserve Sub-Accounts</u>"), an amount of funds denominated in CAD necessary to fund expected Capital Expenditures payable in CAD (other than Maintenance Capital Expenditures) on the Canadian Data Centers.

Funds held in the U.S. Capital Expenditures Reserve Sub-Account and the USD Canadian Capital Expenditures Reserve Sub-Account will be denominated in USD. Funds held in the CAD Canadian Capital Expenditures Reserve Sub-Account will be denominated in CAD, and thus any Canadian Collections in USD that are to be deposited therein on any Application Date will be converted to CAD four Business Days prior to the date of such deposit using the Spot Rate in effect on the Business Day immediately preceding such date of conversion. Funds held in any other Capital Expenditure Reserve Sub-Account other than a U.S. Capital Expenditure Reserve Sub-Account or Canadian Capital Expenditure Reserve Sub-Account shall be held in the currency of the applicable Capital Expenditure and thus any Collections that are to be deposited therein on any Application Date will be converted to such applicable foreign currency four Business Days prior to the date of such deposit using the Spot Rate in effect on the Business Day immediately preceding such date of conversion. In addition, the Co-Issuers may, at any time, deposit (i) any draws on the Variable Funding Notes (or the proceeds of the issuance of Additional Notes), (ii) any capital contribution received from the Parent for such purpose or (iii) any other amounts available to the Co-Issuers into the applicable Capital Expenditures Reserve Sub-Account for use in connection with funding of expected Capital Expenditures (other than Maintenance Capital Expenditures) with respect to any Data Center. At any time at which the applicable Manager determines that the sum of (x) the amount on deposit in the applicable Capital Expenditures Reserve Sub-Account and (y) the applicable Allocable Share of the undrawn Class A-1 Commitment Amount that would be permitted to be drawn at such time exceeds the amount of funds reasonably necessary to fund expected Capital Expenditures (other than Maintenance Capital Expenditures) on the applicable Data Centers, the Issuer or the Co-Issuer may, upon written direction to the Indenture Trustee, which direction may not be delivered more than once per calendar month with respect to any withdrawal from any one Capital Expenditures Reserve Sub-Account, withdraw any excess funds on deposit in the applicable Capital Expenditures Reserve Sub-Account. The Indenture Trustee shall release to the Issuer or the Co-Issuer (or the applicable Manager on the behalf of the Issuer or the Co-Issuer, as applicable) upon written request of the Issuer or the Co-Issuer (or the applicable Manager on the behalf of the Issuer or the Co-Issuer, as applicable) from the applicable Capital Expenditures Reserve Sub-Account, within one Business Day of receipt of such request, funds on deposit therein required to pay any amount due and payable with respect to any Capital Expenditures (other than Maintenance Capital Expenditures).

Section 4.05 <u>Cash Trap Reserve Sub-Accounts</u>.

If a Cash Trap Condition shall occur (as set forth in a report by the Servicer, which shall be based upon the Monthly Report required to be delivered pursuant to Section 7.02(a)(iv)), then, on each Application Date from and after the date that it is determined that a Cash Trap Condition has occurred and for so long as such Cash Trap Condition continues to exist, an amount equal to the remaining amount of Available Funds in the Collection Accounts for such Application Date after making the allocations and payments set forth in Section 5.01(a)(i) through (**xx** **<u>xviii</u>**) (the "<u>Cash Trap Reserve Amount</u>") shall be deposited with the Indenture Trustee and (i) in the case of cash from U.S. Collections, held in a Sub-Account of the U.S. Collection Account (the "<u>U.S. Cash Trap Reserve Sub-Account</u>") or (ii) in the case of Canadian Collections, held in a Sub-Account of the USD Canadian Collection Account (the "<u>Canadian Cash Trap Reserve Sub-Account</u>" and, together with the U.S. Cash Trap Reserve Sub-Account, the "<u>Cash Trap Reserve Sub-Account</u>"), in each case, in accordance with the terms of the Cash Management Agreement and this Indenture (said funds, together with any interest thereon, the "<u>Cash Trap Reserve</u>"). Funds held in the Cash Trap Reserve Sub-Accounts will be denominated in USD, and thus any Collections in a foreign currency that are to be deposited in either Cash Trap Reserve Sub-Account will be converted to USD four Business Days prior to the date of such deposit using the Spot Rate in effect on the Business Day immediately preceding such date of conversion.

Prior to the commencement of an Amortization Period, if a Cash Trap Condition ceases to exist and if no Event of Default has occurred and is continuing, any funds then on deposit in the Cash Trap Reserve Sub-Accounts will be transferred by the Indenture Trustee, upon written direction of the applicable Manager or the Servicer, to the applicable Collection Account to be applied as Available Funds. Prior to the commencement of an Amortization Period, if a Cash Trap Condition exists for six consecutive calendar months, then on the immediately succeeding Payment Date (and on each sixth Payment Date thereafter so long as such Cash Trap Condition continues to exist), the Indenture Trustee, at the written direction of the Servicer, shall apply all funds on deposit in the Cash Trap Reserve Sub-Accounts to make a prepayment on the Classes of Notes of all Series in direct order of alphabetical designation (with any amounts so applied to the Class A Notes being further applied among the numerical Classes of Class A Notes in accordance with the Applicable Class A Payment Priority). On (i) the first Business Day to occur after the commencement of an Amortization Period, (ii) the first Business Day after the occurrence of an Event of Default that is then continuing or (iii) at the direction of the Co-Issuers, on any Business Day, the Indenture Trustee shall apply all funds on deposit in the Cash Trap Reserve Sub-Accounts, at the written direction of the Servicer, to reimburse the Indenture Trustee and the Servicer in respect of any unreimbursed Advances (including Advance Interest thereon) or any other amounts then due to the Servicer or the Indenture Trustee hereunder or under the other Transaction Documents (including, but not limited to, unpaid Additional Issuer Expenses, and all unpaid fees, expenses, and indemnification due to the Servicer and the Indenture Trustee hereunder and under the other Transaction Documents), and the remaining amount thereof shall be deposited in the Debt Service Sub-Account and applied to payment of the Notes on such Payment Date in accordance with Section 5.01(g).

Section 4.06 <u>Early Termination Fee Reserve Sub-Accounts</u>.

If an Early Termination Fee is received by an Asset Entity with respect to an Early Terminated Tenant Lease and either (1) after giving effect to such termination (together with any concurrent replacement), (x) the pro forma Class A Amortization DSCR is less than 1.30x, (y) the pro forma Class B Amortization DSCR is less than 1.15x, or (z) the pro forma Class C Amortization DSCR is less than 1.05x or (2) such termination, considered together with any such concurrent replacement, would have a Material Adverse Effect, then such Early Termination Fee shall be deposited into (i) a Sub-Account of the U.S. Collection Account (the "<u>U.S. Early Termination Fee Reserve Sub- Account</u>") in the case of any Early Termination Fees received by an Asset Entity located in the United States, (ii) a Sub-Account of the USD Canadian Collection Account (the "<u>USD Canadian Early Termination Fee Reserve Sub-Account</u>") in the case of any Early Termination Fees denominated in USD received by an Asset Entity located in Canada and (iii) a Sub-Account of the CAD Canadian Collection Account (the "<u>CAD Canadian Early Termination Fee Reserve Sub-Account</u>" and, together with the USD Canadian Early Termination Fee Reserve Sub- Account, the "<u>Canadian Early Termination Fee Reserve Sub-Accounts</u>" and, together with the U.S. Early Termination Fee Reserve Sub-Account and any other Sub-Account established in connection with this Indenture for purposes of Early Termination Fees, the "<u>Early Termination Fee Reserve Sub- Accounts</u>") in the case of any Early Termination Fees denominated in CAD received by an Asset Entity located in Canada. Funds held in the U.S. Early Termination Fee Reserve Sub-Account and the USD Canadian Early Termination Fee Reserve Sub-Account will be denominated in USD, funds held in the CAD Canadian Early Termination Fee Reserve Sub-Account will be denominated in CAD and funds held in any other Early Termination Fee Reserve Sub-Account other than a U.S. Early Termination Fee Reserve Sub-Account or Canadian Early Termination Fee Reserve Sub-Account shall be held in the currency of the applicable Early Termination Fee.

On the first Business Day of each Collection Period, an amount equal to the Available Terminated Tenant Lease Rent Amount for such Collection Period under each Early Terminated Tenant Lease for which an Early Termination Fee is on deposit in an Early Termination Fee Reserve Sub-Account shall be transferred from the applicable Early Termination Fee Reserve Sub-Account to the related Collection Account, at the written direction of the Servicer, to be applied pursuant to Section 5.01(a). On the first Business Day of each Collection Period on which all of the Leased Capacity contracted to be provided under such Early Terminated Tenant Lease has been re-leased, if, after giving effect to such re-leasing, (w) the pro forma Class A Amortization DSCR is at least 1.30x, (x) the pro forma Class B Amortization DSCR is at least 1.15x, (y) the pro forma Class C Amortization DSCR is at least 1.05x and (z) the termination of such Early Terminated Tenant Lease (giving effect to such re-leasing) does not have a Material Adverse Effect, then the Early Termination Fee with respect to such Early Terminated Tenant Lease (less all Available Terminated Tenant Lease Rent Amounts previously transferred to the applicable Collection Account) shall be transferred from such Early Termination Fee Reserve Sub-Account to the related Collection Account to be applied as Available Funds (at the written direction of the Servicer). If either (x) on the first date on which all of the Leased Capacity contracted to be provided under such Early Terminated Tenant Lease has been re-leased, after giving effect to such re-leasing, (A) the pro forma Class A Amortization DSCR is less than 1.30x, (B) the pro forma Class B Amortization DSCR is less than 1.15x, (C) the pro forma Class C Amortization DSCR is less than 1.05x or (D) the termination of such Early Terminated Tenant Lease does have a Material Adverse Effect or (y) all of the Leased Capacity contracted to be provided under such Early Terminated Tenant Lease is not re-leased on or prior to the date that is 12 months after the effective date of the termination of such Early Terminated Tenant Lease and if (1) the pro forma Class A Amortization DSCR is less than 1.30x, (2) the pro forma Class B Amortization DSCR is less than 1.15x, (3) the pro forma Class C Amortization DSCR is less than 1.05x or (4) such shortfall would have a Material Adverse Effect, then on such date the Indenture Trustee, upon written direction from the Servicer, shall apply the related Early Termination Fee Prepayment Amount as of such date to make a prepayment on the unpaid principal amount of the Term Notes, together with any applicable Prepayment Consideration, in direct order of alphabetical designation, pro rata based on the Note Principal Balance of each such Note of such Class on such date.

Section 4.07 <u>Executed Forward Starting Lease Reserve Sub Accounts</u>.

The Indenture Trustee, at the written request of the applicable Manager, shall deposit from Available Funds available for such purpose under Section 5.01(a) on each Application Date into (i) a Sub-Account of the U.S. Collection Account (said Sub-Account, the "<u>U.S. Executed Forward Starting Lease Reserve Sub-Account</u>"), an amount determined by the U.S. Manager to be deposited therein up to the amount necessary to cause the balance of such Sub-Account to be equal to the applicable Executed Forward Starting Lease Reserve Amount as of such day, (ii) a Sub-Account of the USD Canadian Collection Account (said Sub-Account, the "<u>USD Canadian Executed Forward Starting Lease Reserve Sub-Account</u>"), an amount determined by the Canadian Manager to be deposited therein up to the amount necessary to cause the balance of such Sub-Account to be equal to the applicable Executed Forward Starting Lease Reserve Amount as of such day and (iii) a Sub-Account of the CAD Canadian Collection Account (said Sub-Account, the "<u>CAD Canadian Executed Forward Starting Lease Reserve Sub-Account</u>" and, together with the USD Canadian Executed Forward Starting Lease Reserve Sub-Account, the "<u>Canadian Executed Forward Starting Lease Reserve Sub-Accounts</u>" and, together with the U.S. Executed Forward Starting Lease Reserve Sub-Account and any other Sub-Account established in connection with this Indenture for purposes of the Executed Forward Starting Lease Reserve Amount, the "<u>Executed Forward Starting Lease Reserve Sub-Accounts</u>"), an amount determined by the Canadian Manager to be deposited therein up to the amount necessary to cause the balance of such Sub-Account to be equal to the applicable Executed Forward Starting Lease Reserve Amount as of such day. On the first Business Day of each Collection Period commencing on or prior to the Executed Forward Starting Lease Rent Commencement Date for any Executed Forward Starting Lease for which amounts have been so deposited in an Executed Forward Starting Lease Reserve Sub- Account, an amount equal to the portion of the reserved funds allocable to such Collection Period (in accordance with a schedule delivered to the Indenture Trustee and the Servicer by the applicable Manager) will be transferred from such Executed Forward Starting Lease Reserve Sub-Account to the related Collection Account to be applied pursuant to Section 5.01(a). Funds held in the U.S. Executed Forward Starting Lease Reserve Sub-Account and the USD Canadian Executed Forward Starting Lease Reserve Sub-Account will be denominated in USD, funds held in the CAD Canadian Executed Forward Starting Lease Reserve Sub-Account will be denominated in CAD and funds held in any other Executed Forward Starting Lease Reserve Sub-Account other than a U.S. Executed Forward Starting Lease Reserve Sub-Account or Canadian Executed Forward Starting Lease Reserve Sub-Account shall be held in the currency of the applicable Executed Forward Starting Lease.

Section 4.08 <u>Liquidity Reserve Sub-Accounts</u>.

The Indenture Trustee, at the written request of the applicable Manager or upon the direction of Servicer if the applicable Manager fails to provide such written request (or in the context of an Omitted Payable Sums Certification), shall deposit from Available Funds available for such purpose under Section 5.01(a) on each Application Date (i) into a Sub-Account of the U.S. Collection Account (such Sub-Account, the "<u>U.S. Liquidity Reserve Sub-Account</u>") any amounts necessary to make the amount on deposit therein equal to the applicable portion of the Required Liquidity Reserve Amount as of such date and (ii) into a Sub-Account of the USD Canadian Collection Account (such Sub-Account, the "<u>Canadian Liquidity Reserve Sub-Account</u>" and, together with the U.S. Liquidity Reserve Sub- Account, the "<u>Liquidity Reserve Sub-Accounts</u>") any amounts necessary to make the amount on deposit therein equal to the applicable portion of the Required Liquidity Reserve Amount as of such date. If on any Payment Date, the amounts on deposit in either Liquidity Reserve Sub- Account exceed the applicable Required Liquidity Reserve Amount, the excess amount then on deposit in the applicable Liquidity Reserve Sub-Account will be released to, or at the direction of, the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable. Funds held in the Liquidity Reserve Sub-Accounts will be denominated in USD, and thus any Collections in a foreign currency that are to be deposited therein will be converted to USD four Business Days prior to the date of such deposit using the Spot Rate in effect on the Business Day immediately preceding such date of conversion.

Section 4.09 <u>Debt Service Sub-Account</u>. Funds shall be deposited in the Debt Service Sub-Account in accordance with this Indenture and the other Transaction Documents. Funds held in the Debt Service Sub-Account will be denominated in USD, and thus any Collections in a foreign currency that are to be deposited therein will be converted to USD four Business Days prior to the date of such deposit using the Spot Rate in effect on the Business Day immediately preceding such date of conversion.

Section 4.10 <u>Specified Material Tenant Lease Reserve Sub-Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If as of any date of determination, a Specified Material Tenant Lease Event occurs the Co-Issuers shall, on the date of such occurrence deposit into (i) a Sub-Account of the U.S. Collection Account (the "<u>U.S. Specified Material Tenant Lease Reserve Sub-Account</u>") in the case of any Specified Material Tenant Leases received by an Asset Entity located in the United States, (ii) a Sub-Account of the USD Canadian Collection Account (the "<u>USD Canadian Specified Material Tenant Lease Reserve Sub-Account</u>") in the case of any Specified Material Tenant Leases denominated in USD received by an Asset Entity located in Canada and (iii) a Sub-Account of the CAD Canadian Collection Account (the "<u>CAD Canadian Specified Material Tenant Lease Reserve Sub-Account</u>" and, together with the USD Canadian Specified Material Tenant Lease Reserve Sub- Account, the "<u>Canadian Specified Material Tenant Lease Reserve Sub-Accounts</u>" and, together with the U.S. Specified Material Tenant Lease Reserve Sub-Account and any other Sub-Account established in connection with this Indenture for purposes of Specified Material Tenant Leases, the "<u>Specified Material Tenant Lease Reserve Sub- Accounts</u>") (including in the form of an Equity Cure Contribution) an amount equal to the *lesser* of (A) (1) the product of two and the Annualized Base Rent with respect to such Specified Material Tenant Lease, less (2) the aggregate amount of base rent (less any Pass-Through Expenses) scheduled to be paid until the termination of such lease and (B) the Annualized Base Rent for such Specified Material Tenant Lease as of the date such Specified Material Tenant Lease Event occurred less the Annualized Base Rate as of the date of determination with respect to any new Tenant Lease related to the Leased Capacity (or any portion thereof) of such Specified Material Tenant Lease (such amount the "<u>Specified Material Tenant Lease Reserve Amount</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the pro forma AANOI Leverage is greater than the Target Leverage Ratio on the first Business Day of each Collection Period commencing after the occurrence of a Specified Material Tenant Lease Event and before the Payment Date that is 12 calendar months following the occurrence of a Specified Material Tenant Lease Event, then an amount equal to the portion of the reserved funds allocable to such Collection Period (in accordance with a schedule delivered to the Indenture Trustee and the Servicer by the applicable Manager) will be transferred from such Specified Material Tenant Lease Reserve Sub-Account to the related Collection Account to be applied pursuant to Section 5.01(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the Payment Date that is 12 calendar months following the occurrence of a Specified Material Tenant Lease Event, the Indenture Trustee, upon written direction from the Servicer, shall apply amounts deposited into the Specified Material Lease Sub-Account with respect to such Specified Material Tenant Lease in an amount necessary to reduce the pro forma AANOI Leverage Ratio (calculated without giving effect to amounts on deposit in the Specified Material Tenant Lease Reserve Sub-Accounts with respect to such Tenant Lease) to the Target Leverage Ratio as of such date (such amount a "<u>Specified Material Tenant Lease Prepayment Amount</u>") to make a prepayment on the unpaid principal amount of the Term Notes, pro rata based on the Note Principal Balance of each such Note of such Class on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At such time or any other time in which the pro forma AANOI Leverage Ratio is less than the Target Leverage Ratio, the Indenture Trustee, at the direction of the Servicer, shall release any other amounts on deposit in the Specified Material Tenant Lease Reserve Sub-Accounts with respect to such Specified Material Tenant Lease to the U.S. Collection Account to be applied as Available Funds on the next Application Date.

**ARTICLE V**

**ALLOCATION OF COLLECTIONS; PAYMENTS TO NOTEHOLDERS**

Section 5.01 <u>Allocations and Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each Scheduled Application Date and any Optional Application Date, (in the case of an Optional Application Date, at the prior written election of the Managers delivered to the Indenture Trustee and the Servicer four Business Days prior to such date), Available Funds for such Application Date in the U.S. Collection Account and Available Funds for such Application Date in the Canadian Collection Accounts will be applied by the Indenture Trustee at the written direction of the Servicer (pursuant to the applicable Servicing Report and in accordance with the related Monthly Report or, alternatively, if delivered in accordance with the terms of the Transaction Documents, based on the information contained in an Omitted Payable Sums Certification delivered by Servicer) in the following order of priority (in each case after taking into account (x) allocations and payments of a higher priority, (y) all Available Funds for any prior Optional Application Date having the same Relevant Payment Date applied on such prior Optional Application Date and (z) the payment obligations between the U.S. Co-Issuer and the Canadian Co-Issuer to fund Shortfall Payments and the Co-Issuer's ability to use funds in any available Collection Account (in each case, as described in Sections 5.01(b) through (f))**)**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the applicable Priority Expense Reserve Sub-Account, until such Sub-Account contains an amount equal to the applicable Priority Expense Amount for such Application Date; provided, however, that at any time that an Event of Default exists pursuant to Section 10.01(k) ("<u>Subclause (i) Override Period</u>"), then no Available Funds shall be applied pursuant to this subclause (i) until all Debt Service Advances and Servicing Advances, together with Advance Interest thereon, have been repaid in full to the Servicer or Indenture Trustee, as applicable, pursuant to subclause (ii)(B) hereof, inclusive of the proviso thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the following order, (A) to the Indenture Trustee and the Servicer in an amount equal to the applicable Allocable Share of Indenture Trustee Fee, the Servicing Fee and the Other Servicing Fees that remain unpaid from prior Payment Dates, (B) to the Indenture Trustee and the Servicer in respect of the applicable Allocable Share of unreimbursed Advances, including Advance Interest thereon and (C) to the Indenture Trustee and the Servicer the amount of the applicable Allocable Share of the Indenture Trustee Fee, the Servicing Fee and the Other Servicing Fees due on or prior to the Relevant Payment Date and unpaid as of such date; provided, however, that during any Subclause (i) Override Period, amounts due pursuant to subclause (B) hereof shall be paid in first priority over amounts due pursuant to subclause (A) hereof, it being the intent of all parties that during a Subclause (i) Override Period all Available Funds be applied first to reimburse the Indenture Trustee and the Servicer for outstanding Advances as set forth in subclause (B);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the following order, (A) to the Indenture Trustee, the Servicer and/or other applicable Person in payment of the applicable Allocable Share of Additional Issuer Expenses due on or prior to the Relevant Payment Date and unpaid as of such date, but, other than after the occurrence and during the continuance of an Event of Default, only to the extent that after giving effect thereto, and all other concurrent or previous payments of Additional Issuer Expenses during the Relevant Collection Period, the Annual Additional Issuer Expense Limit with respect to the Relevant Payment Date shall have not been exceeded and (B) to the Class A-1 Administrative Agent for any Series of Variable Funding Notes in an amount equal to the applicable Allocable Share of Class A-1 Administrative Agent Fee for such Series of Variable Funding Notes due and unpaid as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to the Debt Service Sub-Account, an amount equal to the amount of (A) the applicable Allocable Share of Accrued Note Interest (other than Contingent Interest) for all Class A Notes for the Relevant Payment Date (including any amounts expected to accrue on any anticipated draws on any Class A-1 Notes prior to the end of the related Interest Accrual Period, as reasonably determined by the Managers) and, to the extent not previously paid, for all prior Payment Dates and (B) the applicable Allocable Share of any accrued and unpaid VFN Undrawn Commitment Fees and any other fees, expenses and other amounts due on or prior to the Relevant Payment Date to the holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement with respect to such Class A-1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if (A) **an Amortization** **<u>a Class B PIK</u>** Period is not then in effect**,** **<u>and</u>** (B) no Event of Default has occurred and is continuing **and (C) such Application Date does not occur during an ARD Period with respect to any Class A Notes**, to the Debt Service Sub-Account, an amount equal to the amount of the applicable Allocable Share of Accrued Note Interest for all Class B Notes for the Relevant Payment Date and, to the extent not previously paid, for all prior Payment Dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if (A) an Amortization Period is not then in effect, (B) <u>**a Class B PIK Period is not then in effect, (C)**</u> no Event of Default has occurred and is continuing and (**C** **<u>D</u>**) such Application Date does not occur during an ARD Period with respect to any Class A Notes or Class B Notes <u>**of any Series**</u>, to the Debt Service Sub-Account, an amount equal to the amount of the applicable Allocable Share of Accrued Note Interest for all Class C Notes for the Relevant Payment Date and, to the extent not previously paid, for all prior Payment Dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to the U.S. Asset Entities or the Canadian Asset Entities, as applicable, until such Asset Entities have received an aggregate amount equal to the excess, if any, of (a) the Monthly Expense Amount for the Relevant Collection Period and, to the extent not previously paid, for all prior Collection Periods over (b) the amount, if any, drawn from the Liquidity Reserve Sub-Accounts with respect to Operating Expenses and Maintenance Capital Expenditures of such Asset Entities for the Relevant Collection Period and, to the extent not previously paid, for all prior Collection Periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to the applicable Manager, the amount necessary to pay the accrued and unpaid Management Fee due to such Manager for the Relevant Collection Period and, to the extent not previously paid, for all prior Collection Periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to the U.S. Asset Entities or the Canadian Asset Entities, as applicable, the amount equal to the excess, if any, of (a) the amount necessary to pay the Operating Expenses and Maintenance Capital Expenditures of such Asset Entities for the Relevant Collection Period, in excess of the Monthly Expense Amount for such Collection Period that has been approved by the Servicer, if any over (b) the amount, if any, drawn from the Liquidity Reserve Sub-Accounts with respect to Operating Expenses and Maintenance Capital Expenditures of such Asset Entities for such Collection Period in excess of the Monthly Expense Amount for such Collection Period that has been approved by the Servicer, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to the applicable Liquidity Reserve Sub-Account, any amounts necessary to make the amount on deposit therein equal to the applicable Required Liquidity Reserve Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the applicable Allocable Share of the Class A Sweep Amount, if any, for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) if (A) an Amortization Period is not then in effect, (B) a Cash Trap Condition is not then in effect and (C) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the applicable Allocable Share of the Class A-2 Monthly Amortization Amount for any Class A-2 Notes of a Series for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xiii)**</u> <u>**if (A) an Amortization Period is not then in effect, (B) a Class B PIK Period is not then in effect and (C) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the applicable Allocable Share of the Class B Sweep Amount, if any, for the Relevant Payment Date;**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xiv)**</u> **(xiii)** if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, if the Additional Principal Payment Amount for the Relevant Payment Date is greater than zero, to the Debt Service Sub-Account, an amount equal to the applicable Allocable Share of the Additional Principal Payment Amount for the Relevant Payment Date together with any applicable Prepayment Consideration with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xv)**</u> **(xiv)** if such Application Date is during an ARD Period for any <u>**Class of any Series**</u> of Outstanding Variable Funding Notes or Term Notes that **contains** **<u>includes Outstanding</u>** Class A <u>**Notes or Class B**</u> Notes and (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, the applicable Allocable Share of the aggregate Note Principal Balance of the Outstanding Variable Funding Notes or Term Notes that are Class A Notes<u>**or Class B Notes**</u>, as the case may be, of such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xv) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the amount of the applicable Allocable Share of Accrued Note Interest for all Class B Notes for the Relevant Payment Date;**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xvi) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the applicable Allocable Share of the Class B Sweep Amount, if any, for the Relevant Payment Date;**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xvii) if such Application Date is during an ARD Period for any outstanding Class B Notes and (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, the applicable Allocable Share of the aggregate Note Principal Balance of the outstanding Class B Notes of such Series;**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xvi)**</u> **(xviii)** if (A) an Amortization Period is not then in effect **and** **<u>,</u>** (B<u>**) a Class B PIK Period is not then in effect and (C**</u>) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the amount of the applicable Allocable Share of Accrued Note Interest for all Class C Notes for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xvii)**</u> **(xix)** if (A) an Amortization Period is not then in effect **and** **<u>,</u>** (B<u>**) a Class B PIK Period is not then in effect and (C**</u>) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the applicable Allocable Share of the Class C Sweep Amount, if any, for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xviii)**</u> **(xx)** if such Application Date is during an ARD Period for any outstanding Class C Notes <u>**of any Series**</u> and (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, the applicable Allocable Share of the aggregate Note Principal Balance of the outstanding Class C Notes of such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xix)**</u> (xxi) if a Cash Trap Condition is continuing and no Event of Default or Amortization Period has occurred and is continuing, to the applicable Cash Trap Reserve Sub-Account, the remaining amount of Available Funds with respect to the U.S. Collection Account or the Canadian Collection Accounts, as applicable, for such Application Date after making the allocations and payments described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xx)**</u> **(xxii)** during an Amortization Period or during the continuation of an Event of Default, to the Debt Service Sub-Account the applicable Allocable Share of the aggregate Note Principal Balance of all Outstanding Class A Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xxi)**</u> **(xxiii)** during **an Amortization** **<u>a Class B PIK</u>** Period or during the continuation of an Event of Default, to the Debt Service Sub-Account, an amount equal to the amount of the applicable Allocable Share of Accrued Note Interest for all Class B Notes for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xxii)**</u> **(xxiv)** during an Amortization Period or during the continuation of an Event of Default, to the Debt Service Sub-Account, the applicable Allocable Share of the aggregate Note Principal Balance of the outstanding Class B Notes of such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xxiii)**</u> **(xxv)** during an Amortization Period<u>**, during a Class B PIK Period**</u> or during the continuation of an Event of Default, to the Debt Service Sub-Account, an amount equal to the amount of the applicable Allocable Share of Accrued Note Interest for all Class C Notes for the Relevant Payment Date<u>**and, to the extent not previously paid, for all prior Payment Dates**</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xxiv)**</u> **(xxvi)** during an Amortization Period or during the continuation of an Event of Default, to the Debt Service Sub-Account, the applicable Allocable Share of the aggregate Note Principal Balance of the outstanding Class C Notes of such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xxv)**</u> **(xxvii)** to the Debt Service Sub-Account the applicable Allocable Share of the amount of Contingent Interest, Deferred VFN Funding Amount, Deferred Contingent Interest, Post-ARD Additional Interest and Deferred Post-ARD Additional Interest due in respect of the Notes for the Relevant Payment Date**,** and, to the extent not previously paid, for all prior Payment Dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xxvi)**</u> **(xxviii)** to the Indenture Trustee, the Servicer and/or other applicable Person an amount equal to the applicable Allocable Share of any Additional Issuer Expenses not otherwise paid to the Indenture Trustee, the Servicer and/or other applicable Person pursuant to clause (iii) above due to the operation of the Annual Additional Issuer Expense Limit, plus accrued interest thereon as if such Additional Issuer Expenses were Advances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xxvii)**</u> **(xxix)** at the direction of the applicable Manager, to the applicable Executed Forward Starting Lease Reserve Sub-Account, any amounts determined by such Manager to be deposited therein up to the amount that would cause the balance thereof to be equal to the applicable Executed Forward Starting Lease Reserve Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xxviii)**</u> **(xxx)** at the direction of the applicable Manager, to the applicable Specified Material Tenant Lease Reserve Sub-Account, any amounts determined by such Manager to be deposited therein up to the amount that would cause the balance thereof to be equal to the applicable Specified Material Tenant Lease Reserve Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xxix)**</u> **(xxxi)** at the direction of the Co-Issuers (or the Managers on behalf of the Co-Issuers), to the Class A-1 Noteholders (or the Class A-1 Administrative Agent, on behalf of the Class A-1 Noteholders), the applicable Allocable Share of any optional payments of principal on the aggregate Note Principal Balance of the Class A-1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xxx)**</u> **(xxxii)** at the direction of the applicable Manager, to the applicable Capital Expenditures Reserve Sub-Account, any amounts determined by the applicable Manager to be deposited therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xxxi)**</u> **(xxxiii)** to the applicable Manager, in respect of the applicable Allocable Share of any unreimbursed Advances, including Advance Interest thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xxxii)**</u> **(xxxiv)** in the case of Available Funds with respect to the U.S. Collection Account, to the Canadian Co-Issuer the amount of any Shortfall Payments made by the Canadian Co-Issuer on any prior Application Date and not previously reimbursed, and in the case of Available Funds with respect to the Canadian Collection Accounts, to the U.S. Co-Issuer the amount of any Shortfall Payments made by the Issuer on any prior Application Date and not previously reimbursed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xxxiii)**</u> **(xxxv)** to the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, the remaining amount of Available Funds in the U.S. Collection Account or the Canadian Collection Accounts, respectively, for such Application Date after making the allocations and payments described above, to be used for any purpose not prohibited under the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the U.S. Co-Issuer and the Canadian Co-Issuer shall be obligated to pay any shortfall in the priority of payments due to a lack of funds in the U.S. Collection Account or the Canadian Collection Accounts, as applicable. So long as there are sufficient funds to pay the amounts so allocated to the U.S. Obligors at a given priority from the U.S. Collection Account and to pay the amounts so allocated to the Canadian Obligors at such priority from the Canadian Collection Accounts, such payments shall be made from such applicable accounts. In the event that, for a given payment priority, there are insufficient funds in the U.S. Collection Account but there are additional funds in the Canadian Collection Accounts or there are insufficient funds in the Canadian Collection Accounts but there are additional funds in the U.S. Collection Account, the funds in such other Collection Account or Collection Accounts shall be applied to the extent necessary to fund such shortfall (any such funds applied to fund such shortfall, a "<u>Shortfall Payment</u>"). All collections constitute Collateral for the Notes and in no event will any amounts be released to any Obligor from any Collection Account on any Application Date, except as and only to the extent specifically provided for in Section 5.01(a)(vii) and (ix), if any payments specified in Section 5.01(a)(i) through (**xxx** **<u>xxxi</u>**) remain unpaid on such Application Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All collections received by Obligors with respect to the Data Centers shall be deposited into the applicable Collection Account based on the currency in which such collections are received, and shall be applied on an aggregate basis in accordance with Section 5.01(a) to obligations of the Obligors. For any given priority, to the extent available, Collections will be applied in the same currency as the related obligation is denominated in. In the event that, for a given priority, there are insufficient funds in one Canadian Collection Account to make payments in the related currency, but there are additional funds in the other Canadian Collection Account, the funds in such other Canadian Collection Account will be applied to the extent necessary to fund such shortfall.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If, on any Application Date, Available Funds denominated in USD need to be converted to pay obligations payable in a different foreign currency, or available funds denominated in a foreign currency need to be converted to pay obligations payable in USD, such funds shall be converted to the necessary currency four Business Days prior to such Application Date using the Spot Rate in effect on the Business Day immediately preceding such date of conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If a Cash Trap Condition is continuing and no Event of Default has occurred and is continuing, all available funds on deposit in any non-U.S. Dollar denominated Collection Account on any Application Date after making the allocations and payments pursuant to Section 5.01(a)(i) through (**xx** **<u>xviii</u>**) above, shall be converted to U.S. Dollars four Business Days prior to such Application Date using the Spot Rate in effect on the Business Day immediately preceding such date of conversion and shall be deposited into the applicable Cash Trap Reserve Sub- Account pursuant to Section 5.01(a)(**xxi** **<u>xix</u>**) on such Application Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If an Amortization <u>**Period is continuing, a Class B PIK**</u> Period is continuing or an Event of Default has occurred and is continuing, all Available Funds on deposit in any non-U.S. Dollar denominated Collection Account on any Application Date after making the allocations and payments described in Section 5.01(a)(i) through (**xxi** **<u>xix</u>**) above, shall be converted to U.S. Dollars four Business Days prior to such Application Date using the Spot Rate in effect on the Business Day immediately preceding such date of conversion and shall be deposited into the Debt Service Sub-Account pursuant to Section 5.01(a)(<u>**xx), (xxi), (**</u>xxii) **<u>,(</u>xxvi<u>xxiii) or (xxiv</u>).**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) On each Payment Date, based upon information set forth in the Servicing Report, funds deposited in the Debt Service Sub-Account from the Collection Accounts on each Application Date for which such Payment Date is the Relevant Payment Date and any amounts that are required to be transferred from the Cash Trap Reserve Sub-Accounts or the Liquidity Reserve Sub-Accounts to the Debt Service Sub-Account on such Payment Date, in each case, in accordance with the priority of payments set forth in <u>Section 5.01(a),</u> together with any Debt Service Advance for such Payment Date (collectively, the "<u>Payment Date Funds</u>") will be (i) to the extent such amounts are denominated in a foreign currency, converted to USD four Business Days prior to such Application Date using the Spot Rate in effect on the Business Day immediately preceding such date of conversion and (ii) applied by the Indenture Trustee or the Paying Agent, upon direction from the Servicer, in the following order of priority (in each case to the extent of available funds on such day after taking into account allocations and payments of a higher priority but subject to the right of the Indenture Trustee to withdraw funds from the Debt Service Sub-Account to pay amounts owing under the Transaction Documents to the Indenture Trustee and the Servicer pursuant to Article III and Article IV):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if no Event of Default has occurred and is continuing, to the Holders of each Class of Class A Notes (and amounts so allocated to the Class A Notes will be further allocated among the numerical Classes of Class A Notes in accordance with the Applicable Class A Payment Priority), in respect of interest (and any accrued and unpaid VFN Undrawn Commitment Fees and any other fees, expenses and other amounts due to the holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement) pro rata based on the amount of Accrued Note Interest for each such Note of such Class (and accrued amount of any such VFN Undrawn Commitment Fees and any other fees, expenses and other amounts due to the holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement) on such Payment Date (and, to the extent not previously paid, for all prior Payment Dates), up to an amount equal to the aggregate Accrued Note Interest (other than Contingent Interest) for such Class of Notes (and accrued amount of any such VFN Undrawn Commitment Fees and any other fees, expenses and other amounts due to the holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement) for such Payment Date (and, to the extent not previously paid, for all prior Payment Dates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if (A) **an Amortization** **<u>a Class B PIK</u>** Period is not then in effect**,** **<u>and</u>** (B) no Event of Default has occurred and is continuing **and (C) such Payment Date does not occur during an ARD Period for any Class A Notes**, to the holders of each Class of Class B Notes, in respect of interest, pro rata based on the amount of Accrued Note Interest for each such Note of such Class on such Payment Date up to an amount equal to the aggregate Accrued Note Interest for such Class of Notes for such Payment Date (and, to the extent not previously paid, for all prior Payment Dates)<u>**and any shortfall of Accrued Note Interest shall be considered PIK Interest that is to be added to the Note Principal Balance for such Note**</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if (A) an Amortization Period is not then in effect, (B) <u>**a Class B PIK Period is not then in effect, (C)**</u> no Event of Default has occurred and is continuing and (**C** **<u>D</u>**) such Payment Date does not occur during an ARD Period for any Class A Notes or Class B Notes<u>**of any Series**</u>, to the holders of each Class of Class C Notes, in respect of interest, pro rata based on the amount of Accrued Note Interest for each such Note of such Class on such Payment Date up to an amount equal to the aggregate Accrued Note Interest for such Class of Notes for such Payment Date (and, to the extent not previously paid, for all prior Payment Dates);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the holders of any Class A Notes (and amounts so allocated to the Class A Notes will be further allocated among the numerical Classes of Class A Notes in accordance with the Applicable Class A Payment Priority), an amount up to the Class A Sweep Amount, if any, as of such Payment Date, in respect of principal pro rata based on the Note Principal Balance of such Note on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if (A) an Amortization Period is not then in effect, (B) a Cash Trap Condition is not then in effect and (C) no Event of Default has occurred and is continuing, to the holders of any Class A-2 Notes for which a Class A-2 Monthly Amortization Amount is due on such Payment Date, pro rata, based on the Class A-2 Monthly Amortization Amount of each such Note as of such Payment Date, an amount up to the Class A-2 Monthly Amortization Amount applicable thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(vi)**</u> <u>**if (A) an Amortization Period is not then in effect, (B) a Class B PIK Period is not then in effect and (C) no Event of Default has occurred and is continuing, to the holders of any Class B Notes, an amount up to the Class B Sweep Amount, if any, as of such Payment Date, in respect of principal pro rata based on the Note Principal Balance of such Note on such Payment Date;**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(vii)**</u> **(vi)** if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, if the Additional Principal Payment Amount for such Payment Date is greater than zero, to the Holders of each Class of Notes, in direct order of alphabetical designation (and amounts so allocated to the Class A Notes will be further allocated among the numerical Classes of Class A Notes in accordance with the Applicable Class A Payment Priority), in respect of principal pro rata based on the Note Principal Balance of each such Note of such Class on such Payment Date together with any applicable Prepayment Consideration then due in respect of such principal repayment, up to an amount equal to the lesser of (a) the Class Principal Balance of such Class of Notes and (b) the Additional Principal Payment Amount and any such Prepayment Consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(viii)**</u> **(vii)** if such Payment Date is during the ARD Period for any <u>**Class of any**</u> Series of Outstanding Variable Funding Notes or Term Notes **containing** **<u>that includes Outstanding</u>** Class A <u>**Notes or Class B**</u> Notes and (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Holders of each Class of such Series of Variable Funding Notes or Term Notes<u>**that are Class A Notes or Class B Notes**</u>, as the case may be<u>**, in direct order of alphabetical designation**</u> (and amounts so allocated to the Class A Notes will be further allocated among the numerical Classes of Class A Notes in accordance with the Applicable Class A Payment Priority), in respect of principal pro rata based on the Note Principal Balance of each such Note of such Class on such Payment Date, up to an amount equal to the unpaid principal amount of such Class of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(ix)**</u> **(viii)** if (A) an Amortization Period is not then in effect **and** **<u>,</u>** (B<u>**) a Class B PIK P**</u>**<u>eri</u><u>od is not then in effect and (C</u>**) no Event of Default has occurred and is continuing, to the holders of each Class of Class **B** **<u>C</u>** Notes, in respect of interest, pro rata based on the amount of Accrued Note Interest for each such Note of such Class on such Payment Date up to an amount equal to the aggregate Accrued Note Interest for such Class of Notes for such Payment Date and any shortfall of Accrued Note Interest shall be considered PIK Interest that is to be added to the Note Principal Balance for such Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(x)**</u> **(ix)** if (A) an Amortization Period is not then in effect **and** **<u>,</u>** (B<u>**) a Class B PIK P**</u>**<u>er</u><u>iod is not then in effect and (C</u>**) no Event of Default has occurred and is continuing, to the holders of any Class **B** **<u>C</u>** Notes, an amount up to the Class **B** **<u>C</u>** Sweep Amount, if any, as of such Payment Date, in respect of principal pro rata based on the Note Principal Balance of such Note on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xi)**</u> **(x)** if such Payment Date is during the ARD Period for any Class **B** **<u>C</u>** Notes <u>**of any Series**</u> and (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the holders of such Class **B** **<u>C</u>** Notes, pro rata in respect of principal, based on the Note Principal Balance of each such Note of such Class on such Payment Date, up to an amount equal to the unpaid principal amount of such Class of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xi) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the holders of each Class of Class C Notes, in respect of interest, pro rata based on the amount of Accrued Note Interest for each such Note of such Class on such Payment Date up to an amount equal to the aggregate Accrued Note Interest for such Class of Notes for such Payment Date and any shortfall of Accrued Note Interest shall be considered PIK Interest that is to be added to the Note Principal Balance for such Note;**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(xii) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the holders of any Class C Notes, an amount up to the Class C Sweep Amount, if any, as of such Payment Date, in respect of principal pro rata based on the Note Principal Balance of such Note on such Payment Date;**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xii)**</u> **(xiii)** if such Payment Date is during **the ARD** **<u>an Amortization</u>** Period **for any Class C Notes** and (A) **an Amortization** **<u>a Class B PIK</u>** Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the **holders of such Class C Notes, pro rata** **<u>Holders of each Class of Class A Notes and Class B Notes, in direct order of alphabetical designation (and amounts so allocated to the Class A Notes will be further allocated among the numerical Classes of Class A Notes in accordance with the Applicable Class A Payment Priority),</u>** in respect of principal**,** **<u>pro rata</u>** based on the Note Principal Balance of each such Note of such Class on such Payment Date, up to an amount equal to the **unpaid principal amount** **<u>Class Principal Balance</u>** of such Class of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xiii)**</u> **(xiv)** if such Payment Date is during **an Amortization** **<u>a Class B PIK</u>** Period and no Event of Default has occurred and is continuing, to the Holders of each Class of Class A Notes (and amounts so allocated to the Class A Notes will be further allocated among the numerical Classes of Class A Notes in accordance with the Applicable Class A Payment Priority), in respect of principal pro rata based on the Note Principal Balance of each such Note of such Class on such Payment Date, up to an amount equal to the Class Principal Balance of such Class of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xiv)**</u> **(xv)** if such Payment Date is after the occurrence and during the continuance of an Event of Default, to the Holders of each Class of Class A Notes (and amounts so allocated to the Class A Notes will be further allocated among the numerical Classes of Class A Notes in accordance with the Applicable Class A Payment Priority) with respect to each such Class of Notes, (A) first, in respect of interest (and any accrued and unpaid VFN Undrawn Commitment Fees and any other fees, expenses and other amounts due to the Holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement) for such Class of Notes pro rata based on the amount of Accrued Note Interest for each such Note of such Class (and any accrued amount of any such VFN Undrawn Commitment Fees and any other fees, expenses and other amounts due to the holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement) on such Payment Date (and, to the extent not previously paid, for all prior Payment Dates), up to an amount equal to the aggregate Accrued Note Interest for such Class of Notes (and any accrued amount of any such VFN Undrawn Commitment Fees and any other fees, expenses and other amounts due to the holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement) for such Payment Date (and, to the extent not previously paid, for all prior Payment Dates)**,** and (B) second, in respect of principal for such Class of Notes pro rata based on the Note Principal Balance of each such Note of such Class on such Payment Date, up to an amount equal to the Class Principal Balance of such Class of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xv)**</u> **(xvi)** during **an Amortization** **<u>a Class B PIK</u>** Period or during the continuation of an Event of Default, to the holders of each Class of Class B Notes, (A) first, in respect of interest, pro rata based on the amount of Accrued Note Interest for such Class of Notes and any shortfall of Accrued Note Interest shall be considered PIK Interest that is to be added to the Note Principal Balance for such Note and (B) second, in respect of principal for such Class of Notes pro rata based on the Note Principal Balance of each such Note of such Class on such Payment Date, up to an amount equal to the Class Principal Balance of such Class of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xvi)**</u> **(xvii)** during an Amortization Period<u>**, during a Class B PIK Period**</u> or during the continuation of an Event of Default, to the holders of each Class of Class C Notes, (A) first, in respect of interest, pro rata based on the amount of Accrued Note Interest for such Class of Notes and any shortfall of Accrued Note Interest shall be considered PIK Interest that is to be added to the Note Principal Balance for such Note and (B) second, in respect of principal for such Class of Notes pro rata based on the Note Principal Balance of each such Note of such Class on such Payment Date, up to an amount equal to the Class Principal Balance of such Class of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xvii)**</u> **(xviii)** (A) <u>first</u>, if the Contingent Interest for such Payment Date is greater than zero, pro rata to the Holders of the related Class A-1 Notes, up to the amount equal to the Contingent Interest, (B) <u>second</u>, if the Deferred Contingent Interest for such Payment Date is greater than zero, pro rata to the Holders of the related Class A-1 Notes, up to the amount equal to the Deferred Contingent Interest and (C) <u>third</u>, to the Holders of each Class of Notes, in direct order of alphabetical designation (and amounts so allocated to the Class A Notes will be further allocated among the numerical Classes of Class A Notes in accordance with the Applicable Class A Payment Priority), first, in respect of Deferred VFN Funding Amount pro rata based on the amount of Deferred VFN Funding Amount due on each such Note of such Class, second in respect of Post-ARD Additional Interest pro rata based upon the amount of Post-ARD Additional Interest due on each such Note of such Class, and <u>third</u>, in respect of Deferred Post-ARD Additional Interest pro rata based on the amount of Deferred Post-ARD Additional Interest due on each such Note of such Class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(xviii)**</u> **(xix)** to the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, the applicable Allocable Share of the remaining amount of Payment Date Funds for such Payment Date after making the allocations and payments described above, to be used for any purpose not prohibited under the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) On each Business Day on which the Liquidity Reserve Priority Expense Draw Amount is greater than zero, the Indenture Trustee, upon written direction of the Co-Issuers, within one Business Day of receipt of such direction, shall withdraw an aggregate amount from the Liquidity Reserve Sub-Accounts equal to the lesser of (x) such Liquidity Reserve Priority Expense Draw Amount and (y) the aggregate amount on deposit in the Liquidity Reserve Sub-Accounts on the Business Day of such withdrawal. Funds shall be withdrawn, to the extent possible, from the U.S. Liquidity Reserve Sub-Account and Canadian Liquidity Reserve Sub-Account in the proportion of the applicable Priority Expenses that are payable with respect to the U.S. Data Centers and the Canadian Data Centers, respectively; *provided* that if there are insufficient funds in one Liquidity Reserve Sub-Account, funds in the amount of such insufficiency shall be withdrawn from the other Liquidity Reserve Sub-Account and applied to the payment of the related unpaid Priority Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On each Business Day on which the Liquidity Reserve Expense Draw Amount is greater than zero, the Indenture Trustee shall, upon direction of the Co-Issuers, within one Business Day of receipt of such direction, withdraw an aggregate amount from the Liquidity Reserve Sub-Accounts equal to the lesser of (x) such Liquidity Reserve Expense Draw Amount and (y) the aggregate amount on deposit in the Liquidity Reserve Sub-Accounts on the Business Day of such withdrawal (after giving effect to any draws in respect of any Liquidity Reserve Interest Draw Amount or Liquidity Reserve Priority Expense Draw Amount on such Business Day if such Business Day is a Payment Date). Funds shall be withdrawn, to the extent possible, from the U.S. Liquidity Reserve Sub-Account and Canadian Liquidity Reserve Sub-Account in the proportion of the applicable Operating Expenses and Maintenance Capital Expenditures that are payable with respect to the U.S. Data Centers and the Canadian Data Centers, respectively; *provided* that if there are insufficient funds in one Liquidity Reserve Sub-Account, funds in the amount of such insufficiency shall be withdrawn from the other Liquidity Reserve Sub-Account and applied to the payment of the related unpaid Operating Expenses and Maintenance Capital Expenditures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) On each Payment Date on which the Liquidity Reserve Interest Draw Amount is greater than zero, the Indenture Trustee, upon direction of the Co-Issuers, within one Business Day of receipt of such direction, shall withdraw an aggregate amount from the Liquidity Reserve Sub-Accounts equal to the lesser of (x) such Liquidity Reserve Interest Draw Amount and (y) the aggregate amount on deposit in the Liquidity Reserve Sub-Accounts on such Payment Date (after giving effect to any draws in respect of any Liquidity Reserve Priority Expense Draw Amount on such Payment Date). Funds shall be withdrawn, to the extent possible, from the U.S. Liquidity Reserve Sub-Account and Canadian Liquidity Reserve Sub-Account in the applicable Allocable Share of such Liquidity Reserve Interest Draw Amount; *provided* that if there are insufficient funds in one Liquidity Reserve Sub-Account, funds in the amount of such insufficiency shall be withdrawn from the other Liquidity Reserve Sub-Account. The Indenture Trustee shall deposit such funds into the Debt Service Sub-Account to be applied to the payment of the Monthly Payment Amount to the holders of each Class of Notes in accordance with Section 5.01(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) In the event that more than one withdrawal is to be made from a Liquidity Reserve Sub-Account on the same Business Day, the balance in such account shall be applied first to any Liquidity Reserve Priority Expense Draw Amounts, then to any Liquidity Reserve Interest Draw Amounts and then to any Liquidity Reserve Expense Draw Amounts, in each case, first, with respect to such Liquidity Reserve Sub-Account and then, to cover any shortfalls in the payment of such amounts from the other Liquidity Reserve Sub-Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Except as otherwise provided below, all such payments made with respect to each Class of Notes on each Payment Date shall be made to the Holders of such Notes of record at the close of business on the immediately preceding Record Date and, in the case of each such Holder, shall be made by wire transfer of immediately available funds to the account specified by the Holder at a bank or other entity having appropriate facilities therefor, if such Holder shall have provided the Indenture Trustee with wiring instructions no less than 5 Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent Payment Dates), and otherwise shall be made by check mailed to the address of such Holder as it appears in the Note Register. The final payment on each certificated Definitive Note will be made in like manner, but only upon presentation and surrender of such Note at the offices of the Note Registrar or such other location specified in the notice to Noteholders of the pendency of such final payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Each payment with respect to a Book-Entry Note shall be paid to the Depositary, as Holder thereof, and the Depositary shall be responsible for crediting the amount of such payment to the accounts of its Depositary Participants in accordance with its normal procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The rights of the Noteholders to receive payments from the proceeds of the Collateral, and all rights and interests of the Noteholders in and to such payments, shall be as set forth in this Indenture. Neither the Holders of any Class of Notes nor any party hereto shall in any way be responsible or liable to the Holders of any other Class of Notes in respect of amounts previously paid on the Notes in accordance with this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Except as otherwise provided herein, whenever the Indenture Trustee receives written notice that the final payment with respect to any Class of Notes will be made on the next Payment Date, the Indenture Trustee shall, as promptly as possible thereafter, mail to each Holder of such Class of Notes of record on such date a notice to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Indenture Trustee expects that the final payment with respect to such Class of Notes will be made on such Payment Date but only upon presentation and surrender of such Notes at the office of the Note Registrar or at such other location therein specified, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no interest shall accrue on such Notes from and after the end of the Interest Accrual Period for such Payment Date.

Any funds not paid to any Holder or Holders of Notes of such Class on such Payment Date because of the failure of such Holder or Holders to tender their Notes shall be held and paid in accordance with Section 7.22(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Notwithstanding any other provision of this Indenture, the Indenture Trustee shall comply with all U.S. federal or Canadian withholding requirements respecting payments to Noteholders of interest or principal that are applicable under the Code or Canadian tax law. The consent of Noteholders shall not be required for such withholding. If the Indenture Trustee does withhold any amount from payments or advances of interest or principal to any Noteholder pursuant to withholding requirements, the Indenture Trustee shall indicate the amount withheld to such Noteholder. Any amounts so withheld shall be deemed to have been paid to such Noteholder for all purposes of this Indenture.

Section 5.02 <u>Payments of Principal</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Class A-2 Monthly Amortization Amount for a Series of Notes and any Class A Sweep Amount for the Class A Notes of any Series will be payable as provided in Section 5.01(g). Any Class B Sweep Amount for the Class B Notes of any Series will be payable as provided in Section 5.01(g). Any Class C Sweep Amount for the Class C Notes of any Series will be payable as provided in Section 5.01(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Commencing on the first Payment Date to occur on or after the occurrence and during the continuance of an Amortization Period or on or after the occurrence and during the continuance of an Event of Default, all Excess Cash Flow will be applied to the payment of the aggregate Note Principal Balance of the Notes of each Class and Series as provided pursuant to Section 5.01. Payments of principal on all other Payment Dates shall be made in accordance with the provisions of Section 5.01(g) from funds on deposit in the Debt Service Sub-Account which are available to pay principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prior to the commencement of an Amortization Period, if a Cash Trap Condition occurs and continues for more than 6 consecutive calendar months, any amounts on deposit in the Cash Trap Reserve Sub-Accounts will be withdrawn and applied to the payment of the Note Principal Balance of the Notes of each Class and Series in direct order of alphabetical designation (with any amounts so applied to the Class A Notes being further applied among the numerical Classes of Class A Notes in accordance with the Applicable Class A Payment Priority).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prepayments of the Notes in connection with any Early Termination Fee Prepayment Amount will be applied pursuant to Section 4.06.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Prepayments of the Notes in connection with any Specified Material Tenant Lease Prepayment Amount will be applied pursuant to Section 4.10.

Section 5.03 <u>Payments of Interest and VFN Undrawn Commitment Fees</u>. On each Payment Date, Accrued Note Interest, Contingent Interest, Deferred Contingent Interest and Deferred VFN Funding Amount then due for each Note of each Class for such Payment Date and on each Payment Date while any Variable Funding Notes are Outstanding, any VFN Undrawn Commitment Fees on the Variable Funding Notes, will be paid from amounts on deposit in the Debt Service Sub-Account in accordance with Section 5.01(g).

Section 5.04 <u>No Gross Up</u>. The Co-Issuers shall not be obligated to pay any additional amounts to the Holders or the holders of beneficial interests in the Notes as a result of any withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges. The Co-Issuers shall determine whether or not any payments made pursuant to this Indenture are classified as "withholdable payments" or "foreign passthru payments" under FATCA. Based on such determination by the Co-Issuers, the Indenture Trustee shall be entitled to deduct FATCA Withholding Tax, and shall have no obligation to gross-up any payment hereunder or to pay any additional amount as a result of such FATCA Withholding Tax. Nothing in the immediately preceding sentence shall be construed as obligating the Obligors to make any "gross up" payment or similar reimbursement in connection with a payment in respect of which amounts are so withheld or deducted.

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to provide and shall provide to the Indenture Trustee, Paying Agent and/or the Co-Issuers (or other person responsible for withholding of taxes) the Noteholder Tax Identification Information. Further, each Noteholder and Note Owner is deemed to understand, acknowledge and agree that the Indenture Trustee, Paying Agent and Co-Issuers have the right to withhold on payments with respect to a Note (without any corresponding gross-up) where an applicable party fails to comply with the requirements set forth in the preceding sentence or the Indenture Trustee, Paying Agent or Co-Issuers is otherwise required to so withhold under applicable law. The Co-Issuers hereby covenant with the Indenture Trustee that the Co-Issuers will provide the Indenture Trustee with sufficient information so as to enable the Indenture Trustee to determine whether or not the Indenture Trustee is obliged to make any withholding, including FATCA Withholding Tax, in respect of any payments with respect to a Note (and if applicable, to provide the necessary detailed information to effectuate any withholding, including FATCA Withholding Tax, such as setting forth applicable amounts to be withheld). The parties agree that the Indenture Trustee shall be released of any liability relating to its actions and compliance under this Section 5.04 and FATCA. Notwithstanding any other provisions herein, the term 'applicable law' for purposes of this Section 5.04 includes U.S. federal tax law, Canadian tax law and FATCA. Upon request from the Indenture Trustee or Paying Agent, the Co-Issuers will provide such additional information that it may have to assist the Indenture Trustee and Paying Agent in making any withholdings or informational reports.

Section 5.05 <u>Equity Cure Contributions</u>. At any time after the Initial Closing Date, the Co-Issuers may (but are not required to) designate Equity Cure Contributions to be deposited into the applicable Specified Material Tenant Lease Reserve Sub-Account in accordance with Section 4.10.

**ARTICLE VI**

**REPRESENTATIONS AND WARRANTIES**

Each of the Obligors represents and warrants to the Indenture Trustee that the statements set forth in this Article VI will be, true, correct and complete in all material respects as of each Closing Date.

Section 6.01 <u>Organization, Powers, Capitalization, Good Standing, Business</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Powers</u>. It is duly organized, validly existing and in good standing under the laws of its jurisdiction of formation or incorporation. It has all requisite power and authority to own and operate its properties, to carry on its businesses as now conducted and proposed to be conducted. It has all requisite power and authority to enter into each Transaction Document to which it is a party and to perform the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Qualification</u>. It is duly qualified and in good standing in each state, province or territory where necessary to carry on its present businesses and operations, except in jurisdictions in which the failure to be qualified and in good standing could not reasonably be expected to have a Material Adverse Effect.

Section 6.02 <u>Authorization of Borrowing, etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Authorization of Borrowing</u>. It has the power and authority to incur or guarantee the Indebtedness evidenced by the Notes and this Indenture. The execution, delivery and performance by it of the Transaction Documents to which it is a party and the consummation of the transactions contemplated thereby have been duly authorized by all necessary limited liability company, partnership, corporate or other action, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Conflict</u>. The execution, delivery and performance by it of the Transaction Documents to which each is a party and the consummation of the transactions contemplated thereby do not and will not: (1) violate (x) its certificate of formation, certificate of incorporation, articles of incorporation, limited partnership agreement, bylaws, declaration of trust, limited liability company agreement, operating agreement or other organizational documents, as the case may be; (y) any provision of law applicable to it (except where such violation will not have a Material Adverse Effect) or (z) any order, judgment or decree of any Governmental Authority binding on it or any of its property (except where such violation will not have a Material Adverse Effect); (2) result in a breach of or constitute (with due notice or lapse of time or both) a default under any Contractual Obligation binding upon it or its property (except where such breach or default will not have a Material Adverse Effect); (3) result in or require the creation or imposition of any material Lien (other than the Lien of the Transaction Documents) upon its assets; or (4) require any approval or consent of any Person under any Contractual Obligation binding upon it or its property, which approvals or consents have not been obtained on or before the dates required under such Contractual Obligation (except where the failure to obtain such approval or consent will not have a Material Adverse Effect).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Consents</u>. The execution and delivery by it of the Transaction Documents to which it is a party, and the consummation of the transactions contemplated thereby do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any Governmental Authority which has not been obtained or made and is in full force and effect other than any of the foregoing the failure to have made or obtained which will not have a Material Adverse Effect. For the purposes of complying with any transfer restrictions contained in the organizational documents of any issuer of investment property (as defined in the PPSAs) that is Collateral, each Obligor hereby irrevocably consents to any transfer of such Obligor's investment property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Obligations</u>. This Indenture is, and each of the other Transaction Documents to which such Obligor is a party, when executed and delivered by such Obligor will be, the legally valid and binding obligations of such Obligor, enforceable against it, in accordance with their respective terms, subject to bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting creditor's rights.

Section 6.03 <u>Financial Statements</u>. All Financial Statements which have been furnished by or on behalf of the Obligors to the Indenture Trustee pursuant to this Indenture present fairly in all material respects the financial condition of the Persons covered thereby; *provided*, *however*, the Indenture Trustee shall have no obligation to review any such Financial Statements.

Section 6.04 <u>Indebtedness and Contingent Obligations</u>. As of the Closing Date, the Obligors shall have no outstanding Indebtedness or Contingent Obligations other than the Obligations and other Permitted Indebtedness.

Section 6.05 <u>Tenant Leases; Material Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Tenant Leases; Material Agreements</u>. The Obligors have delivered to the Indenture Trustee (i) true and complete electronic copies (in all material respects) of all Tenant Leases as in effect on the Initial Closing Date and (ii) a list of all Material Agreements affecting the operation and management of the Data Centers as of the Initial Closing Date; *provided*, *however*, the Indenture Trustee shall have no obligation to review any such Material Tenant Leases and Material Agreements. Such Material Agreements and Material Tenant Leases affecting the operation and management of the Data Centers, or the replacement list of all Material Agreements and Material Tenant Leases affecting the operation and management of the Data Centers most recently delivered electronically to the Indenture Trustee remains complete. No Person other than the Managers has any right or obligation to manage any of the Data Centers on behalf of the Asset Entities or to receive compensation in connection with such management. Except for the parties to any leasing brokerage agreement that has been delivered electronically to the Indenture Trustee, no Person has any right or obligation to lease or solicit tenants for the Data Centers, or to receive compensation in connection with such leasing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Rent Roll, Disclosure</u>. A true and correct electronic copy of the Rent Roll as of the Initial Closing Date setting forth, among other things, (1) a description of each Tenant, (2) the Leased Capacity for each Tenant and (3) the scheduled annual rental payments per year and gross Rent per kW for each effective Tenant Lease, has been delivered to the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Management Agreements</u>. The Co-Issuers have delivered to the Indenture Trustee a true and complete copy of each of the Management Agreements as in effect on such Closing Date, and the Management Agreements have not been modified or amended except pursuant to amendments or modifications delivered to the Indenture Trustee. The Management Agreements are in full force and effect and no default by any of the parties thereto exists thereunder.

Section 6.06 <u>Litigation; Adverse Facts</u>. There are no judgments outstanding against any of the Obligors, or affecting any of the Data Centers or any property of any of the Obligors, nor to the Obligors' Knowledge is there any action, charge, claim, demand, suit, proceeding, petition, governmental investigation or arbitration now pending or threatened against any of the Obligors or any of the Data Centers that could, in the aggregate, reasonably be expected to result in a Material Adverse Effect.

Section 6.07 <u>Payment of Taxes</u>. Except as would not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, all federal, state, provincial, territorial and local tax returns and reports of the U.S. Co-Issuer, the Canadian Co-Issuer and each Asset Entity and Other Entity required to be filed have been timely filed (or each such Person has timely filed for an extension and the applicable extension has not expired), and all taxes, assessments, fees and other governmental charges (including any payments in lieu of taxes) upon such Persons and upon its properties, assets, income and franchises which are due and payable have been paid except to the extent the same are being contested in accordance with Section 7.04(b).

Section 6.08 <u>Performance of Agreements</u>. To the Obligors' Knowledge, neither the Co-Issuers nor the Asset Entities are in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any Contractual Obligation of any such Persons which could, in the aggregate, reasonably be expected to have a Material Adverse Effect, and no condition exists that, with the giving of notice or the lapse of time or both, would constitute such a default which could, in the aggregate, reasonably be expected to have a Material Adverse Effect.

Section 6.09 <u>Employee Benefit Plans</u>. No Obligor maintains has, or has ever had, any employees or individual independent contractors, and no Obligor is or has ever been an employer, joint employer or co-employer of any individual. No Obligor maintains or contributes to, or has any obligation or liability under or with respect to, any Employee Benefit Plan and, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, no ERISA Affiliate of any Obligor maintains or contributes to, or has any obligation or liability (including a contingent obligation or liability) under or with respect to, any Employee Benefit Plan. No Obligor has any liability relating to an Employee Benefit Plan that could result in a Lien on the assets of any Obligor in favor of the Pension Benefit Guaranty Corporation or any Employee Benefit Plan pursuant to ERISA or the Code (or any successor thereto) with respect to any Employee Benefit Plan and no such Lien has arisen during the six year period prior to the date on which this representation is made or deemed made and, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, no ERISA Affiliate of any Obligor has any liability relating to an Employee Benefit Plan that could result in a Lien on the assets of such ERISA Affiliate in favor of the Pension Benefit Guaranty Corporation or any Employee Benefit Plan pursuant to ERISA or the Code (or any successor thereto) with respect to any Employee Benefit Plan and no such Lien has arisen during the six year period prior to the date on which this representation is made or deemed made.

Section 6.10 <u>Solvency</u>. The Obligors (a) have not entered into any Transaction Document with the actual intent to hinder, delay, or defraud any creditor and (b) received reasonably equivalent value in exchange for their obligations under the Transaction Documents. After giving effect to the issuance of the Notes, the fair saleable value of the Obligors' assets taken as a whole exceed and will, immediately following the issuance of any Notes, exceed the Obligors' total liabilities, including, without limitation, subordinated, unliquidated, disputed and Contingent Obligations. The fair saleable value of the Obligors' assets taken as a whole is and will, immediately following the issuance of any Notes, be greater than the Obligors' probable liabilities, including the maximum amount of its Contingent Obligations on its debts as such debts become absolute and matured. The Obligors' assets taken as a whole do not and, immediately following the issuance of any Notes will not, constitute unreasonably small capital to carry out their businesses as conducted or as proposed to be conducted. The Obligors do not intend to, and do not believe that they will, incur Indebtedness and liabilities (including Contingent Obligations and other commitments) beyond their ability to pay such Indebtedness and liabilities as they mature (taking into account the timing and amounts of cash to be received by the Obligors and the amounts to be payable on or in respect of obligations of the Obligors).

Section 6.11 <u>Use of Proceeds and Margin Security</u>. No portion of the proceeds from the issuance of the Term Notes and draws under the Variable Funding Notes shall be used by the Co-Issuers or any Person in any manner that might cause the borrowing or the application of such proceeds to violate Regulation T, Regulation U, Regulation X or any other regulation of the Board of Governors of the Federal Reserve System.

Section 6.12 <u>Insurance</u>. Set forth on Schedule I is a description of all policies of insurance for the Asset Entities and Other Entities that are in effect as of the Amendment and Restatement Closing Date. Such Insurance Policies conform to the requirements of Section 7.05. No notice of cancellation has been received with respect to such policies, and, to the Asset Entities' Knowledge, the Asset Entities are in compliance with all material conditions contained in such policies.

Section 6.13 <u>Investments</u>. The Co-Issuers and the Asset Entities have no (i) direct or indirect interest in, including without limitation stock, partnership interest or other equity securities of, any other Person (other than, in the case of the Co-Issuers, the Asset Entities), or (ii) direct or indirect loan, advance or capital contribution to any other Person, including all indebtedness from that other Person other than, in the case of the Co-Issuers, in the Asset Entities.

Section 6.14 <u>OFAC</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) None of the Obligors or, to their knowledge, any director, officer, employee, agent or controlled Affiliate thereof, is a Person that is the subject of any sanctions administered or enforced by the Office of Foreign Assets Control, the U.S. Department of State, the United Nations Security Council, the Government of Canada, the European Union, Her Majesty's Treasury, or other relevant sanctions authority (collectively, "<u>Sanctions</u>"). None of the Obligors, the Guarantor, or any of their respective subsidiaries or, to their knowledge, any director, officer or controlled Affiliate thereof, is a Person that is located, organized or resident in a country or territory that is, or whose government is, the subject of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Obligors will directly or, to its knowledge, indirectly, use the proceeds of the Term Notes or any draw under the Variable Funding Notes or otherwise make available such proceeds or draw amounts to any Person, for the purpose of financing the activities of any Person currently subject to any Sanctions.

Section 6.15 <u>Anti-Corruption Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (A) None of the Obligors or, to their knowledge, any director, officer, employee, agent or controlled Affiliate thereof is currently in violation of (x) any Anti-Corruption Laws or (y) the USA PATRIOT Act and (B) no part of the proceeds of the Term Notes and no proceeds of any draw under the Variable Funding Notes will be used, directly or, to the knowledge of any Obligor, indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to improperly obtain, retain or direct business or obtain any improper advantage, in violation of Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Obligor has implemented and maintains in effect policies and procedures reasonably designed to promote compliance by the Parent, the Guarantors and the Co-Issuers, their respective Subsidiaries and the respective directors, officers, employees and agents of the foregoing with each of Anti-Corruption Laws and the USA PATRIOT Act.

Section 6.16 <u>Intellectual Property</u>. To the Obligors' Knowledge, the use by any Obligor of all patents, trademarks, trade names, service marks and copyrights material to such Obligor's business, and all applications therefor and licenses thereof, does not infringe on the rights and entitlements of any third parties thereto that could reasonably be expected to result in a Material Adverse Effect.

Section 6.17 <u>Governmental Regulation</u>. The Obligors are not subject to regulation under the Investment Company Act. None of the Obligors is an EEA Financial Institution.

Section 6.18 <u>Representations and Warranties With Respect To Data Centers and Tenant Leases</u>. Subject to any exceptions (w) set forth on Schedule III (as such schedule may be updated from time to time in connection with each Additional Issuance), (x) approved by Noteholders representing more than 50.0% of the Voting Rights of the Controlling Class of Notes, (y) with respect to which the Rating Agency Confirmation is obtained or (z) for any Additional Data Center and the related Tenant Leases added as Collateral on any Closing Date after the Initial Closing Date, as set forth in the Series Supplement for the Series issued on such Closing Date, (i) in connection with the issuance of any Series of Notes on the Initial Closing Date and any subsequent Closing Date, the Obligors hereby make the applicable representations and warranties set forth on Schedule II with respect to the Data Centers and any related Tenant Leases added as Collateral on such Closing Date; *provided* that such representations and warranties shall be made as of the date specified in such representation or warranty or, in the event no such date is specified with respect to any such representation or warranty, as of the date of addition or acquisition thereof, or (ii) in any other instance in which an Asset Entity acquires any Data Center and related Tenant Leases on any date other than a Closing Date (including in connection with the addition of any Additional Data Center), the Obligors hereby make the applicable representations and warranties set forth on Schedule II with respect to such Data Center and any related Tenant Leases, respectively; provided, that such representations and warranties shall be made as of the date specified in such representation or warranty or, in the event no such date is specified with respect to any such representation or warranty, as of the date of addition or acquisition thereof.

**ARTICLE VII**

**COVENANTS**

Each of the Obligors covenants and agrees that until payment in full of the Obligations, it shall, and in the case of the Co-Issuers shall cause the Asset Entities and the Other Entities to, perform and comply with all covenants in this Article VII applicable to such Person.

Section 7.01 <u>Payment on Notes</u>. Subject to Section 15.18 and Section 15.21, the Co-Issuers shall duly and punctually pay the principal, interest and other amounts on the Notes of each Series in accordance with the terms of the Notes, this Indenture and the related Series Supplement and, in the case of Variable Funding Notes, the applicable Variable Funding Note Purchase Agreement. Amounts properly withheld under the Code or Canadian law by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Co-Issuers to such Noteholder for all purposes of this Indenture and the related Series Supplement.

Section 7.02 <u>Financial Statements and Other Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Annual Reporting</u>. Within 120 days after the end of each fiscal year of the Co-Issuers, the Co-Issuers (commencing with the fiscal year ended December 31, 2020) shall furnish to the Indenture Trustee and the Servicer (on a consolidated basis for the Obligors) copies of the Financial Statements for such year. Such Financial Statements shall be in accordance with GAAP consistently applied and shall be audited by a certified public accounting firm of national standing, and shall bear the unqualified certification of such accountants that such Financial Statements present fairly in all material respects the financial position of the Obligors for the period covered by such Financial Statements. Such Financial Statements shall be accompanied by Supplemental Financial Information for such fiscal year. Such Financial Statements shall also be accompanied by a certification executed by the Chief Executive Officer or Chief Financial Officer (or other officer with similar duties) of each of the U.S. Co-Issuer and the Canadian Co-Issuer (or the Co-Issuer GP on its behalf) to the effect set forth in Section 7.02(a)(ix) and by a Compliance Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Quarterly Reporting</u>. Within 45 days after the end of each of the first three fiscal quarters in each fiscal year of the Co-Issuers, the Co-Issuers (commencing with the fiscal quarter ended June 30, 2020) shall furnish to the Indenture Trustee and the Servicer (on a consolidated basis for the Obligors) copies of the unaudited Financial Statements for such quarter, together with a certification executed by Chief Executive Officer or Chief Financial Officer (or other officer with similar duties) of each of the U.S. Co-Issuer and the Canadian Co-Issuer (or the Co-Issuer GP on its behalf) to the effect set forth in Section 7.02(a)(ix). Such quarterly Financial Statements shall be accompanied by Supplemental Financial Information and a Compliance Certificate for such fiscal quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Tenant Lease Reports</u>. Within 45 days after the end of each fiscal quarter of the Co-Issuers, the Co-Issuers (commencing with the fiscal quarter ended June 30, 2020) shall furnish to the Servicer: (A) a certified Rent Roll and a schedule of security deposits held under Material Tenant Leases each in form and substance reasonably acceptable to the Servicer, (B) a schedule of any Material Tenant Leases that expired during such fiscal quarter and (C) a schedule of Material Tenant Leases scheduled to expire within the following four fiscal quarters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Monthly Report</u>. No later than four Business Days prior to each Application Date, the Co-Issuers shall provide, or cause the Managers to provide, to the Indenture Trustee and the Servicer, a Monthly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Portfolio Stratifications</u>. On or prior to June 5 of each calendar year, the Co-Issuers shall provide, or cause the Managers to provide, to each Rating Agency, a data tape relating to the Data Centers and Tenant Leases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Currency Conversion Direction Letter</u>. The Co-Issuers shall provide, or cause the Managers to provide, to the Indenture Trustee and the Servicer, a Currency Conversion Direction Letter no later than five Business Days prior to each Application Date (to the extent a currency conversion is necessary in connection with the upcoming Application Date); *provided* that the Co-Issuers may deliver multiple Currency Direction Letters with respect to the same Application Date and will confirm in writing (which may include, for the avoidance of doubt, email) that it does not to intend to deliver any additional Currency Conversion Direction Letters with respect to such Application Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>Additional Reporting</u>. In addition to the foregoing, the Co-Issuers and the Managers shall promptly provide to the Indenture Trustee and the Servicer such further documents and information that are readily available in the Co-Issuer's or the Manager's possession concerning its operations, properties, ownership, and finances as the Indenture Trustee and the Servicer shall from time to time reasonably request in good faith upon prior written notice to the Co-Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) <u>GAAP</u>. The Co-Issuers will maintain systems of accounting established and administered in accordance with sound business practices and sufficient in all respects to permit preparation of the Financial Statements in conformity with applicable GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) <u>Certifications of Financial Statements and Other Documents, Compliance Certificate</u>. Together with the Financial Statements provided to the Indenture Trustee and the Servicer pursuant to Sections 7.02(a)(i) and (ii), the Co-Issuers shall also furnish to the Indenture Trustee and the Servicer, a certification upon which the Indenture Trustee and the Servicer can conclusively rely, executed by its (or its general partner's or manager's) Chief Executive Officer or Chief Financial Officer (or other officer with similar duties), stating that to its Knowledge after due inquiry such Financial Statements fairly present the financial condition and results of operations of the Obligors on a consolidated basis for the period(s) covered thereby (except for the absence of footnotes with respect to the quarterly Financial Statements). In addition, where this Indenture requires a "<u>Compliance Certificate</u>", the Person required to submit the same shall deliver a certificate duly executed on behalf of such Person by an Executive Officer upon which the Indenture Trustee and the Servicer can rely, stating that, to their Knowledge after due inquiry, there does not exist any Default or Event of Default, or if any of the foregoing exists, specifying the same in detail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Fiscal Year</u>. None of the Co-Issuers or any other Obligor shall change its fiscal year end from December 31.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Annual Operating Budget</u>. On or before March 31 of each year, the Co-Issuers shall deliver to the Indenture Trustee and the Servicer the Operating Budget (in each case presented on a monthly and annual basis) for such calendar year. The Co-Issuers may make changes to the Operating Budget at the time of the addition of any Additional Data Centers to reflect the budgeted Operating Expenses reasonably determined by the applicable Manager for such Additional Data Centers, with the budgeted Operating Expenses for the calendar month and year of such addition being adjusted pro rata based on the period from the date of addition of such Additional Data Centers through the last day of such calendar month or such year, as applicable. In addition, the applicable Manager may, in its reasonable judgment, adjust the budgeted Operating Expenses for any Data Center at the time of (x) the addition of an Additional Data Center or (y) the completion of a phase of new construction on an existing Data Center, in each case, located on the same campus, to account for the reallocation of fixed Operating Expenses with respect to such campus based on an increased completed Leased Capacity with respect to such campus. Notice of any material modifications to the Operating Budget shall be delivered to the Indenture Trustee and the Servicer within 30 days after such modification is made. The Operating Budget will be delivered to the Indenture Trustee and the Servicer for the Indenture Trustee's and Servicer's information only and shall not be subject to the Indenture Trustee's or Servicer's approval; *provided* that the Co-Issuers shall cause each such budget to be delivered in a form consistent with the budgets delivered to the Servicer on or about the Initial Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Material Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Co-Issuers shall promptly deliver, or cause to be delivered, to the Servicer and the Indenture Trustee, copies of all notices given or received with respect to a default under any term or condition related to any Permitted Indebtedness of any Obligor which is reasonably likely to result in a Material Adverse Effect, and shall notify the Indenture Trustee and the Servicer within five Business Days of any material event of default of which it obtains Knowledge with respect to any such Permitted Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Co-Issuers shall promptly deliver to the Indenture Trustee and the Servicer copies of any and all notices of a material default or breach with respect to any Material Agreement or any Material Tenant Lease which is reasonably likely to result in a termination of such Material Agreement or such Material Tenant Lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Events of Default, etc</u>. Promptly upon the Co-Issuers obtaining Knowledge of any of the following events or conditions, the Co-Issuers shall deliver to the Servicer and the Indenture Trustee (upon which each can conclusively rely) a certificate executed on its behalf by an Executive Officer specifying the nature and period of existence of such condition or event and what action the Co-Issuers or the affected Asset Entity or any Affiliate thereof has taken, is taking and proposes to take with respect thereto: (i) any condition or event that constitutes an Event of Default; (ii) any actual or alleged breach or default under the Transaction Documents which is reasonably likely to have a Material Adverse Effect; or (iii) any actual or alleged breach or default under any Tenant Lease or Ground Lease which is reasonably likely to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Litigation</u>. Promptly upon either of the Co-Issuers obtaining Knowledge of (1) the institution of any action, suit, proceeding, governmental investigation or arbitration against an Obligor or any of the Data Centers not previously disclosed in writing to the Indenture Trustee and the Servicer which would be reasonably likely to have a Material Adverse Effect and is not covered by insurance or (2) any material development in any action, suit, proceeding, governmental investigation or arbitration at any time pending against or affecting an Obligor or any of the Data Centers not covered by insurance which, in each case, could reasonably be expected to have a Material Adverse Effect, the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, shall give notice thereof to the Indenture Trustee and the Servicer and, upon request from the Servicer, provide such other information as may be reasonably available to them to enable the Servicer and its counsel to evaluate such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Insurance</u>. On or before the last day of each insurance policy period of the Obligors, the Co-Issuers shall deliver certificates, reports, and/or other information (all in form and substance reasonably satisfactory to the Servicer), (i) outlining all material insurance coverage maintained as of the date thereof by the Obligors and all material insurance coverage planned to be maintained by the Obligors in the subsequent insurance policy period and (ii) to the extent not paid directly by the Managers or one of their Affiliates, evidencing payment in full of the premiums for such insurance policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Other Information</u>. Within a reasonable period following the receipt of a request, the Co-Issuers shall deliver such other information that is readily available in the Co-Issuers' possession and data with respect to the Obligors or the Data Centers as from time to time may be reasonably requested in good faith by the Indenture Trustee or the Servicer.

Section 7.03 <u>Existence; Qualification</u>. Each Obligor shall at all times preserve and keep in full force and effect its existence as a limited liability company, limited partnership, unlimited liability company, trust or corporation, as the case may be, *provided,* that any U.S. Asset Entity may merge with any other U.S. Asset Entity and any Canadian Asset Entity may merge with any other Canadian Asset Entity at any time, and shall at all times preserve and keep in full force and effect all rights and franchises material to its business, including its qualification to do business in each state, province or territory where it is required by law to so qualify, except to the extent that the failure to be so qualified would not have a Material Adverse Effect; provided that nothing contained in this Section 7.03 shall restrict the merger or consolidation of a U.S. Asset Entity with another U.S. Asset Entity or a Canadian Asset Entity with another Canadian Asset Entity.

Section 7.04 <u>Payment of Impositions and Claims</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for those matters being contested pursuant to clause (b) below, each Obligor shall pay (i) all Impositions; (ii) all claims (including claims for labor, services, materials and supplies) for sums that have become due and payable and that by law have or may become a Lien upon any of its properties or assets (hereinafter referred to as the "<u>Claims</u>"); and (iii) all federal, state, provincial, territorial and local income taxes, sales taxes, excise taxes and all other taxes and assessments of such Obligor on its business, income or assets (except to the extent the effect of which is not reasonably expected to result in a Material Adverse Effect); in each instance before any material penalty or fine is incurred with respect thereto; *provided* that the foregoing shall not be deemed to require that an Asset Entity pay any such tax or other liability that is imposed upon a Ground Lessor or a Tenant or that any Ground Lessor or Tenant is obligated to pay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Asset Entities shall not be required to pay, discharge or remove any Imposition or material Claim relating to a Data Center so long as the Asset Entities or the Co-Issuers contest in good faith such Imposition or Claim or the validity, applicability or amount thereof by an appropriate proceeding which operates to prevent the collection of such amounts and the sale of the applicable Data Center or any portion thereof, so long as: (i) no Event of Default shall have occurred and be continuing, (ii) prior to the date on which such Imposition or Claim would otherwise have become delinquent, the Asset Entities shall have given the Indenture Trustee and the Servicer prior written notice of their intent to contest said Imposition or Claim and shall have deposited with the Indenture Trustee (or with a court of competent jurisdiction or other appropriate body reasonably approved by the Servicer) such additional amounts as are necessary to keep on deposit at all times, an amount by way of cash (or other form reasonably satisfactory to the Servicer), equal to (after giving effect to any Reserves then held by the Indenture Trustee for the item then subject to contest) the total of (x) the balance of such Imposition or Claim then remaining unpaid, and (y) all interest, penalties, costs and charges accrued or accumulated thereon; (iii) no risk of sale, forfeiture or loss of any interest in the applicable Data Center or any part thereof arises, in the Servicer's reasonable judgment, during the pendency of such contest; (iv) such contest does not, in the Servicer's reasonable determination, have a Material Adverse Effect; and (v) such contest is based on bona fide, material, and reasonable claims or defenses. Any such contest shall be prosecuted with due diligence, and the Asset Entities shall promptly pay the amount of such Imposition or Claim as finally determined, together with all interest and penalties payable in connection therewith (it being understood that the Asset Entities shall have the right to direct the Indenture Trustee to use any amount deposited with the Indenture Trustee under Section 7.04(b)(ii) for the payment thereof). The Indenture Trustee (at the sole written direction of the Servicer) shall have full power and authority, but no obligation, to apply any amount deposited with the Indenture Trustee to the payment of any unpaid Imposition or Claim to prevent the sale or forfeiture of the applicable Data Center for non-payment thereof, if the Servicer reasonably believes that such sale or forfeiture is threatened.

Section 7.05 <u>Maintenance of Insurance</u>. The Obligors shall continuously maintain the following described policies of insurance without cost to the Indenture Trustee or the Servicer (the "<u>Insurance Policies</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Property insurance against loss and damage by all risks (other than risks described in clause (v) below) of physical loss or damage covering the Improvements and third-party liability for personal property on the Data Centers, and bearing a replacement cost endorsement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Commercial general liability insurance, including death, bodily injury and broad form property damage coverage with a combined single limit in an amount not less than $1,000,000 per occurrence and $2,000,000 in the aggregate for any policy year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Employer's liability/benefits insurance, in an amount not less than $1,000,000 each accident for bodily injury by accident, $1,000,000 each employee for bodily injury by disease and $1,000,000 policy limit for bodily injury by disease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Automobile liability for all hired and non-owned vehicles, in an amount not less than $1,000,000; provided that if the Obligors own any vehicles, such policy will also cover such owned vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If any of the Data Centers are in an area prone to geological phenomena, including, but not limited to, subsidence, floods or earthquakes, property insurance against loss and damage by risks of physical loss or damage due to such phenomena, covering the Improvements and third-party liability for personal property on the Data Centers, in an aggregate amount not less than the lesser of (x) the Probable Maximum Loss with respect to such Data Centers and (y) the sum of the replacement cost of such Data Centers (including all costs associated with meeting legal requirements, including building codes, and ordinances that may have gone into effect since such Data Center's original construction) with a maximum 5.0% per unit deductible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) For each Data Center located in whole or in part in a federally designated "special flood hazard area", flood insurance to the extent required by law and available at federally subsidized rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) An umbrella excess liability policy with a limit of not less than $25,000,000 over primary insurance, which policy shall include coverage for contractual liability coverage, premises and automobile liability coverage, and coverage for safeguarding of personal property and may also include such additional coverages and insured risks which are acceptable to the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Business interruption insurance in an amount not less than (x) 24 months of business interruption or loss of income insurance for all-risk, excluding earthquakes and (y) 12 months of business interruption or loss of income insurance for earthquakes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Workers' compensation, in an amount specified under applicable law.

All Insurance Policies shall be in content (including, without limitation, endorsements or exclusions, if any), form, and amounts, and issued by companies, reasonably satisfactory to the Servicer from time to time and shall name the Indenture Trustee and its successors and assignees as their interests may appear as an "additional insured" or "loss payee" and "mortgagee" (with respect to property insurance, as applicable) for each of the policies under this Section 7.05 for which such designation is applicable and shall contain a waiver of subrogation clause reasonably acceptable to the Servicer. All Insurance Policies under Sections 7.05(i), (ii), (iv) and (vi) with respect to the Data Centers shall contain a Non-Contributory Standard mortgagee clause and a mortgagee's Loss Payable Endorsement (Form 438 BFU NS), or their equivalents (such endorsements shall entitle the Indenture Trustee to collect any and all proceeds payable under all such insurance, with the insurance company waiving any claim or defense against the Indenture Trustee for premium payment, deductible, self-insured retention or claims reporting provisions). The Obligors may obtain any insurance required by this Section 7.05 through blanket policies; *provided, however*, that such blanket policies shall separately set forth the amount of insurance in force (together with applicable deductibles, and per occurrence limits) with respect to the Data Centers (which shall not be reduced by reason of events occurring on property other than the Data Centers) and shall afford all the protections to the Indenture Trustee as are required under this Section 7.05. Except as may be expressly provided above, all policies of insurance required hereunder shall contain no annual aggregate limit of liability, other than with respect to liability, earthquake or flood insurance. If a blanket policy is issued, a certified copy of said policy shall be furnished, together with a certificate indicating that the Indenture Trustee is an additional insured (and, if applicable, loss payee) under such policy in the designated amount. Prior to the expiration of any Insurance Policy maintained to satisfy the requirements of this Section 7.05, the Obligors shall deliver to the Indenture Trustee and the Servicer an insurance certificate executed by the insurer or its authorized agent evidencing the renewal of such Insurance Policy, which certificate shall be acceptable to the Servicer. Upon the request of the Servicer, the Obligors shall deliver to the Servicer a duplicate original of any Insurance Policy maintained to satisfy the requirements hereof. An insurance company shall not be satisfactory unless such insurance company (a) is licensed or authorized to issue insurance in the state where the applicable Data Center is located and (b) has a claims paying ability rating by S&P of not less than "A" and, if rated by Moody's, of not less than "Baa2". Notwithstanding the foregoing, a carrier which does not meet the foregoing ratings requirement shall nevertheless be deemed acceptable hereunder provided that such carrier is reasonably acceptable to the Servicer and the Obligors shall deliver notice to each of the Rating Agencies of the ratings of such carriers. If any insurance coverage required under this Section 7.05 is maintained by a syndicate of insurers, the preceding ratings requirements shall be deemed satisfied as long as at least 75.0% of the coverage (if there are four or fewer members of the syndicate) or at least 60.0% of the coverage (if there are 5 or more members of the syndicate) is maintained with carriers meeting the claims-paying ability ratings requirements by S&P and Moody's (if applicable) set forth above and all carriers in such syndicate have a claims-paying ability rating by S&P of not less than "BBB" (to the extent rated by S&P) and by Moody's of not less than "Baa2" (to the extent rated by Moody's). The Obligors shall furnish the Indenture Trustee and the Servicer receipts for the payment of premiums on such Insurance Policies or other evidence of such payment reasonably satisfactory to the Servicer in the event that such premiums have not been paid by the Managers pursuant to this Indenture. The requirements of this Section 7.05 shall apply to any separate policies of insurance taken out by the Obligors concurrent in form or contributing in the event of loss with the Insurance Policies. Property losses shall be payable to the Indenture Trustee notwithstanding (1) any act, failure to act or negligence of the Obligors or their agents or employees, the Indenture Trustee or any other insured party which might, absent such agreement, result in a forfeiture or all or part of such insurance payment, other than the willful misconduct or gross negligence of the Indenture Trustee knowingly in violation of the conditions of such policy, (2) the occupation or use of the Data Centers or any part thereof for purposes more hazardous than permitted by the terms of such policy, (3) any foreclosure or other action or proceeding taken pursuant to this Indenture or (4) any change in title to or ownership of the Data Centers or any part thereof. For purposes of determining whether the required insurance coverage is being maintained hereunder, each of the Indenture Trustee and Servicer shall be entitled to rely solely on a certification thereof furnished to it by the Co-Issuers or the Managers, without any obligation to investigate the accuracy or completeness of any information set forth therein, and shall have no liability with respect thereto. The property insurance described in this Section 7.05 shall include "time element" coverage by which the Indenture Trustee shall be assured payment of all amounts due under the Notes, this Indenture and the other Transaction Documents, "extra expense" (i.e., soft costs), clean-up, transit and ordinary payroll coverage and "expediting expense" coverage to facilitate rapid repair or restoration of the Data Centers. The Insurance Policies shall not contain any deductible in excess of $250,000.

Section 7.06 <u>Operation and Maintenance of the Data Centers; Casualty; Condemnation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Asset Entity shall maintain or cause to be maintained in good repair, working order and condition all material property necessary for use in its business, including the applicable Data Centers, and shall make or cause to be made all appropriate repairs, renewals and replacements thereof except to the extent the failure to do so would not reasonably be expected to have a Material Adverse Effect. All work required or permitted under this Indenture shall be performed in a workmanlike manner and in compliance with all applicable laws except to the extent the failure to do so would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the event of material casualty or property loss at any of the Data Centers, the Co-Issuers shall promptly (and in any event within three Business Days of obtaining Knowledge thereof) give written notice thereof to the Indenture Trustee and the Servicer. In the event of any such casualty or property loss which, in the U.S. Co-Issuer's or the Canadian Co-Issuer's reasonable opinion, is likely to result in a Material Adverse Effect, the applicable Asset Entity shall, to the extent permitted by law and consistent with prudent business practices, promptly commence and diligently prosecute to completion, in accordance with the terms hereof, the repair and restoration of the Data Center as nearly as possible to the Pre-Existing Condition (a "<u>Restoration</u>"). The Asset Entities hereby authorize and empower the Servicer as attorney-in-fact for the Asset Entities (jointly with the Asset Entities unless an Event of Default has occurred and is continuing), or any of them, and upon not less than 10 Business Days' prior written notice, with respect to Insurance Proceeds relating to a casualty in excess of $5,000,000 to make proof of loss, to adjust and compromise any claim under Insurance Policies, to appear in and prosecute any action arising from such Insurance Policies, to collect Insurance Proceeds and to receive Insurance Proceeds in excess of $5,000,000 (to be held in the applicable Priority Expense Reserve Sub-Account pending the Asset Entities' determination with respect to Restoration of the affected Data Center as set forth in Section 7.06(c)), and to deduct therefrom the Indenture Trustee's and the Servicer's reasonable expenses incurred in the collection of such proceeds; *provided, however*, that nothing contained in this Section 7.06 shall require the Indenture Trustee or the Servicer to incur any expense or take any action hereunder. The Co-Issuers further authorize the Indenture Trustee, at the Servicer's option and written direction, with respect to proceeds in excess of $5,000,000 (a) to hold the balance of such proceeds to be made available to the Asset Entities for the cost of Restoration of any of the Data Centers or (b) unless prohibited by Section 7.06(c), to apply such Insurance Proceeds to prepay the principal amount of the Notes whether or not then due, in accordance with Section 2.09(a). The Servicer shall not direct the Indenture Trustee to apply such Insurance Proceeds to prepay the principal amount of the Notes so long as each of the conditions (as applicable) to the release of Loss Proceeds for restoration or repair of the Data Centers under Section 7.06(c) have been satisfied with respect to such Insurance Proceeds in all material respects. The Asset Entities hereby authorize and empower the Servicer as attorney-in-fact for the Asset Entities (jointly with the Asset Entities unless an Event of Default has occurred and is continuing), or any of them, and upon not less than 10 Business Days' prior written notice, with respect to proceeds of Insurance Policies not included in the definition of Insurance Proceeds, such as business interruption insurance and liability insurance, to adjust and compromise any claim under such Insurance Policies, to appear in and prosecute any action arising from such insurance policies (which, for the avoidance of doubt, may coincide with proceedings relating to the settlement and adjustment of Insurance Proceeds described above), to collect and to receive such proceeds (to be held in the Priority Expense Reserve Sub-Accounts pending the Servicer's allocation of such proceeds for the intended purposes). The Co-Issuers further authorize the Indenture Trustee, at the Servicer's option and written direction, with respect to such proceeds (a) to hold the balance of such proceeds from liability insurance to be made available to the Asset Entities for the reimbursement of any expenses of any of the Data Centers related to such event or (b) otherwise, to deposit such amounts in the Collection Accounts and allocate such proceeds over such period of time for which such proceeds correspond (e.g., if the proceeds under the Insurance Policies provided 3 months of proceeds with respect to a business interruption policy, then such amounts shall be applied as Available Funds in the current Collection Period and each of the two immediately succeeding Collection Periods).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Co-Issuers shall promptly give the Indenture Trustee and the Servicer written notice of the commencement of any condemnation or eminent domain proceeding affecting the Data Centers or any portion thereof of which the Asset Entities' have Knowledge and that could, in the U.S. Issuer's or Canadian Co-Issuer's reasonable opinion, be likely to result in a Material Adverse Effect. The Asset Entities hereby irrevocably appoint the Servicer as the attorney-in-fact for the Asset Entities (jointly with the Asset Entities unless an Event of Default has occurred and is continuing), or any of them, and upon not less than 10 Business Days' prior written notice, with respect to condemnation proceedings likely to result in Condemnation Proceeds in excess of $5,000,000 to collect Condemnation Proceeds and to receive and retain any Condemnation Proceeds in excess of $5,000,000 (to be held in the Priority Expense Reserve Sub-Account pending the Asset Entities' determination with respect to Restoration of the affected Data Center as set forth in Section 7.06(c)) and to make any compromise or settlement in connection with such proceeding. In accordance with the terms hereof, the Asset Entities shall cause Condemnation Proceeds in excess of $5,000,000 which are payable to the Asset Entities to be paid directly to the Indenture Trustee for deposit in the applicable Priority Expense Reserve Sub-Account. If the applicable Data Center is sold following an Event of Default, through foreclosure or otherwise, prior to the receipt by the Indenture Trustee of Condemnation Proceeds, the Indenture Trustee shall have the right to receive said Condemnation Proceeds, or a portion thereof sufficient to pay the Obligations. Notwithstanding the foregoing, the Asset Entities may prosecute any condemnation proceeding and settle or compromise and collect Condemnation Proceeds of not more than $5,000,000 *provided* that: (a) no Event of Default shall have occurred and be continuing, (b) the Asset Entities apply the Condemnation Proceeds to any reconstruction or repair of the Data Center necessary or desirable as a result of such condemnation or taking, and (c) the Asset Entities promptly commence and diligently prosecute such reconstruction or repair to completion in accordance with all applicable laws. Subject to the terms hereof, each of the Asset Entities authorizes the Servicer and the Indenture Trustee to apply such Condemnation Proceeds, after the deduction of the Indenture Trustee and the Servicer's reasonable expenses incurred in the collection of such Condemnation Proceeds, at the Servicer's option and written direction, to restoration or repair of the Data Centers or, at the Servicer's option and written direction, to prepay the principal amount of the Notes, whether or not then due, in accordance with Section 2.09(a). The Servicer shall not direct the Indenture Trustee to apply such Condemnation Proceeds to prepay the principal amount of the Notes if each of the conditions (as applicable) to the release of Loss Proceeds for restoration or repair of the Data Centers under Section 7.06(c) have been satisfied with respect to such Condemnation Proceeds in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything to the contrary herein, the Co-Issuers shall have the right to apply Loss Proceeds toward the prepayment of the principal amount of the Notes (without any Yield Maintenance) in accordance with Section 2.09(a) in lieu of applying the same toward restoration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Servicer shall not direct the Indenture Trustee to apply Loss Proceeds to the prepayment of the principal amount of the Notes in accordance with Section 2.09(a) so long as each of the following conditions shall have been satisfied in all material respects: (i) no Event of Default then exists; (ii) the Servicer reasonably determines that there will be sufficient funds to complete the Restoration of the Data Center to at least substantially the condition it was in immediately prior to such casualty or condemnation (excluding replacement of obsolete Assets which are not required in connection with operating the applicable Data Center) and in compliance with applicable laws (the "<u>Pre-Existing Condition</u>") and to timely make all payments due under the Transaction Documents during the Restoration of the affected Data Center; and (iii) the Servicer determines that the Restoration of the affected Data Center to the Pre-Existing Condition will be completed no later than 6 months prior to the latest Anticipated Repayment Date for any Series of Outstanding Notes. If the Servicer elects to apply Loss Proceeds to the prepayment of the principal of the Notes, such application shall be made on the Payment Date immediately following such election in accordance with Section 2.09(a). Notwithstanding the foregoing to the contrary, in the event the Asset Entities, in their reasonable discretion, and within 180 days of receipt of such Loss Proceeds, elect not to restore a Data Center or are not able to restore a Data Center after the use of commercially reasonable efforts, any Loss Proceeds relating to such Data Center (less any Loss Proceeds expended to restore such Data Center) held in the Priority Expense Reserve Sub-Accounts, after reimbursing any amounts due to the Servicer and the Indenture Trustee, shall be applied to the prepayment of the Notes on the Payment Date immediately following such election in accordance with Section 2.09(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Servicer shall not direct the Indenture Trustee to disburse Loss Proceeds more frequently than twice every calendar month. If Loss Proceeds are applied to the prepayment of the principal of the Notes, any such application shall not extend or postpone the due dates of the monthly payments due under the Notes or otherwise under the Transaction Documents, or change the amounts of such payments. If the Servicer elects to apply all of such Loss Proceeds toward the prepayment of the principal of the Notes in accordance with Section 2.09(a), the Co-Issuers shall be entitled to obtain from the Indenture Trustee a release (without representation or warranty) of the applicable Data Center from the Lien of the Mortgage relating to such Data Center (in which event the Asset Entities shall not be obligated to restore the applicable property pursuant to Section 7.06(b)). Any amount of Loss Proceeds remaining in the Priority Expense Reserve Sub-Accounts after the full and final payment and discharge of all Obligations shall be refunded to, or as directed by, the Asset Entities or otherwise paid in accordance with applicable law. If a Data Center is sold at foreclosure or if the Indenture Trustee acquires title to a Data Center, the Indenture Trustee shall have all of the right, title and interest of the applicable Asset Entity in and to any Loss Proceeds and unearned premiums on Insurance Policies relating to such Data Center.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In no event shall the Servicer direct the Indenture Trustee to make disbursements of Loss Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration, as certified by the Co-Issuers, less a retainage equal to the greater of (x) the actual retainage required pursuant to the permitted contract, or (y) 10.0% of such costs incurred until the Restoration has been completed. The retainage shall in no event be less than the amount actually held back by the Asset Entities from contractors, subcontractors and materialmen engaged in the Restoration. The retainage shall not be released until the Servicer is reasonably satisfied that the Restoration has been completed in accordance with the provisions of this Section 7.06 and that all approvals necessary for the re-occupancy and use of the Data Center have been obtained from all appropriate Governmental Authorities, and the Servicer receives final lien waivers and such other evidence reasonably satisfactory to the Servicer that the costs of the Restoration have been paid in full or will be paid in full out of the retainage.

Section 7.07 <u>Inspection; Investigation</u>. Each Obligor shall permit any authorized representatives designated by the Indenture Trustee or the Servicer (and on and after the occurrence and continuance of an Event of Default, the Controlling Class Representative) to visit and inspect during normal business hours its business, including its financial and accounting records, and to make copies and take extracts therefrom and to discuss its affairs, finances and business with its officers and independent public accountants (with such Obligor's representative(s) present), at such reasonable times during normal business hours and as often as may be reasonably requested, *provided* that same is conducted in such a manner as to not unreasonably interfere with such Obligor's business. In addition, such authorized representatives of the Indenture Trustee and the Servicer (and the Controlling Class Representative, on and after the occurrence and continuance of an Event of Default) shall also have the right to conduct reasonable site investigations of the Data Centers with respect to environmental matters; *provided, however*, that no subsurface investigations or other investigations that would reasonably be deemed to be intrusive or destructive shall be conducted without the prior written consent of such Obligor, such consent not to be unreasonably withheld. Unless an Event of Default or Advance Period has occurred and is continuing, (x) the Indenture Trustee and Servicer shall provide advance written notice of at least three Business Days prior to visiting or inspecting any Data Center or any Obligor's offices and (y) no more than one such visit shall be made to any Data Center or any Obligor's offices in any calendar year. Additionally, the Obligors shall cooperate with all reasonable requests of the Servicer in connection with the performance of its obligations under the Transaction Documents (including any duty to obtain an appraisal of the Collateral or to perform an in-depth analysis of the Managers or Obligors and their financial positions, in connection with a Consent request, in connection with a proposed Advance or if an Advance Period is outstanding and continuing).

Section 7.08 <u>Compliance with Laws and Obligations</u>. The Obligors shall (A) comply with the requirements of all present and future applicable laws, rules, regulations and orders of any Governmental Authority in all jurisdictions in which it is now doing business or may hereafter be doing business, other than those laws, rules, regulations and orders the noncompliance with which collectively could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, (B) maintain all licenses and permits now held or hereafter acquired by any Obligor, the loss, suspension, or revocation of which, or failure to renew, in the aggregate could have a Material Adverse Effect and (C) perform, observe, comply and fulfill all of its material obligations, covenants and conditions contained in any Contractual Obligation except to the extent the failure to so observe, comply or fulfill such could not reasonably be expected to have a Material Adverse Effect.

Section 7.09 <u>Further Assurances</u>. Each Obligor shall, from time to time, execute and/or deliver such documents, instruments, agreements, financing statements, and perform such acts as necessary or as the Indenture Trustee and/or the Servicer at any time may reasonably request to evidence, preserve and/or protect the Assets and Collateral at any time securing or intended to secure the Obligations and/or to better and more effectively carry out the purposes of this Indenture and the other Transaction Documents. The Obligors shall file or cause to be filed all documents (including, without limitation, all financing statements) required to be filed by the terms of this Indenture and any applicable Series Supplement in accordance with and within the time periods provided for in this Indenture and in each applicable Series Supplement. If an Asset Entity converts a Ground Lease Data Center to a Data Center owned in fee/freehold, the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, shall cause such Asset Entity simultaneously (or such period of time agreed upon between the applicable Co-Issuer, each Class A-1 Administrative Agent and the Controlling Class Representative) with the conversion of the related Ground Lease Data Center to a Data Center owned in fee to deliver (x) to the Indenture Trustee a pro forma title insurance policy, in a form acceptable to the Controlling Class Representative and any Class A-1 Administrative Agent, covering such Data Center insuring the Lien of the Mortgage in an amount equal to 100% of the Allocated Note Amount with respect to such Data Center dated as of the date of such conversion and (y) to the Title Company issuing such Title Policy, in the case of the U.S. Co-Issuer, or to the Indenture Trustee, in the case of the Canadian Co-Issuer an amended Mortgage (or replacement of) encumbering the fee interest to be submitted for recording/registration in the appropriate office of real property records and a Survey with respect to such Data Center (unless the general survey coverage is included in the Title Policy for such Data Center).

Section 7.10 <u>Performance of Agreements and Tenant Leases</u>. Each Asset Entity or Other Entity shall duly and punctually perform, observe and comply in all material respects with all of the terms, provisions, conditions, covenants and agreements on its part to be performed, observed and complied with (i) hereunder and under the other Transaction Documents to which it is a party, (ii) under all Material Agreements and all Tenant Leases and (iii) all other agreements entered into or assumed by such Person in connection with the Data Centers, and will not suffer or permit any material default or event of default (giving effect to any applicable notice requirements and cure periods) to exist under any of the foregoing except where the failure to perform, observe or comply with any agreement referred to in clause (ii) or this clause (iii) of this Section 7.10 would not reasonably be expected to have a Material Adverse Effect.

Section 7.11 <u>New Tenant Leases; Recorded Mortgages</u>. Promptly after execution thereof, the Asset Entities shall deliver electronically to the Servicer executed copies of each Tenant Lease entered into after the Initial Closing Date. Within 30 days of the receipt of any written request from the Servicer, the Asset Entities shall deliver electronically to the Servicer copies of Mortgages with evidence of recording indicated thereon when returned from the applicable recording offices.

Section 7.12 <u>Management Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor shall (i) perform and observe all of the material terms, covenants and conditions of the applicable Management Agreement on the part of such Obligor to be performed and observed, (ii) promptly notify the Indenture Trustee and the Servicer of any material default under either Management Agreement of which it is aware, and (iii) prior to termination of the applicable Manager in accordance with the terms of the related Management Agreement, to renew such Management Agreement prior to each expiration date thereunder in accordance with its terms. If any Obligor shall default in the performance or observance of any material term, covenant or condition of the applicable Management Agreement on the part of such Obligor to be performed or observed, then, without limiting the Indenture Trustee's other rights or remedies under this Indenture or the other Transaction Documents, and without waiving or releasing such Obligor from any of its obligations hereunder or under such Management Agreement, the Indenture Trustee or the Servicer on its behalf, shall have the right, upon prior written notice to such Obligor, to pay any sums and to perform any act as may be reasonably appropriate to cause such material conditions of the applicable Management Agreement on the part of such Obligor to be performed or observed; *provided, however*, that neither the Indenture Trustee nor the Servicer will be under any obligation to pay such sums or perform such acts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Obligors shall not surrender, terminate, cancel, or modify (other than non-material changes) either Management Agreement, or enter into any other Management Agreement with any new Manager, other than an Acceptable Manager, or consent to the assignment by the U.S. Manager or the Canadian Manager, as applicable, of its interest under the applicable Management Agreement, other than to an Acceptable Manager. If at any time an Acceptable Manager shall become the Manager, the Obligors shall (i) cause such Acceptable Manager, prior to commencement of its duties as Manager, to enter into a subordination of management agreement in substantially the form delivered on the Initial Closing Date with the Obligors, and (ii) provide written notice thereof to the Rating Agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Indenture Trustee and the Servicer are each permitted to utilize and in good faith rely upon the advice of the Managers (or, with respect to the Servicer and at its own expense (except to the extent that a particular expense is expressly provided herein to be an Advance or an Additional Issuer Expense) to utilize other agents or attorneys), in performing certain of its obligations under this Indenture and the other Transaction Documents, including, without limitation, Data Center management, operation, and maintenance; and confirmation of compliance by the Asset Entities with the provisions hereunder and under the other Transaction Documents and neither the Indenture Trustee nor the Servicer shall have any liability with respect thereto.

Section 7.13 <u>Maintenance of Office or Agency by Co-Issuers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers shall maintain an office, agency or address where Notes may be presented or surrendered for payment and where Notes may be surrendered for registration of transfer or exchange. The Co-Issuers will give prompt written notice to the Indenture Trustee of the location, and any change in the location, of such office, agency or address; *provided, however*, that if the Co-Issuers do not furnish the Indenture Trustee with an address in Wilmington, Delaware where Notes may be presented or surrendered for payment, such presentations and surrenders may be made at the Corporate Trust Office, and the Co-Issuers hereby appoint the Indenture Trustee to receive all such presentations and surrenders. The Co-Issuers hereby appoint the Corporate Trust Office as its agency for such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Co-Issuers may also from time to time designate one or more other offices or agencies where Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Co-Issuers will give prompt written notice to the Indenture Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

Section 7.14 <u>Deposits; Application of Deposits</u>. The Obligors shall direct the Tenants under the Tenant Leases to send directly to a Lock Box Account all payments of Receipts in accordance with the Cash Management Agreement. The Obligors will deposit all Receipts into, and otherwise comply with, the Lock Box Accounts. All such deposits to the Lock Box Accounts and the Collection Accounts will be allocated and applied pursuant to the terms of the Cash Management Agreement and this Indenture.

Section 7.15 <u>Estoppel Certificates</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within 10 Business Days following a written request by the Indenture Trustee or the Servicer, the Co-Issuers shall provide to the Indenture Trustee and the Servicer a duly acknowledged written statement (upon which the Indenture Trustee and the Servicer may conclusively rely) confirming (i) the aggregate Class Principal Balances of all Classes of Outstanding Notes, (ii) the terms of payment and maturity date of the Notes, (iii) the date to which interest has been paid, (iv) whether any offsets or defenses exist against the Obligations, and if any such offsets or defenses are alleged to exist, the nature thereof shall be set forth in detail and (v) that this Indenture, the Notes, the Mortgages and the other Transaction Documents are legal, valid and binding obligations of the U.S. Co-Issuer, the Canadian Co-Issuer and each Asset Entity or Other Entity (as applicable) and have not been modified or amended except in accordance with the provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within 10 Business Days following a written request by the Co-Issuers, the Indenture Trustee shall provide to the Co-Issuers a duly acknowledged written statement setting forth the aggregate Class Principal Balances of all Classes of Outstanding Notes, the date to which interest has been paid, and whether the Indenture Trustee has provided the Co-Issuers, on behalf of itself, the Asset Entities and Other Entities, with written notice of any Event of Default. Compliance by the Indenture Trustee with the requirements of this Section shall be for informational purposes only and shall not be deemed to be a waiver of any rights or remedies of the Indenture Trustee hereunder or under any other Transaction Document.

Section 7.16 <u>Indebtedness</u>. The Co-Issuers shall not, and shall not permit the Asset Entities or Other Entities to, create, incur, assume, guarantee, or otherwise become or remain directly or indirectly liable with respect to any Indebtedness except for the following (collectively, "<u>Permitted Indebtedness</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) (i) Unsecured trade payables not evidenced by a note and arising out of purchases of goods or services in the ordinary course of business (other than any retention payments in connection with any construction contracts), (ii) Indebtedness incurred in the financing of equipment or other personal property used at any Data Center in the ordinary course of business, (iii) reimbursement of Manager Advances to the Managers and (iv) in the case of the Canadian Co-Issuer, liabilities that exist on the Initial Closing Date related to the operations of the Canadian Data Centers or that otherwise could not be transferred; *provided, however*, that (A) each such trade payable referred to in clause (i) above is paid not later than 90 days after the due date (unless such payment is being contested in good faith) and (B) the aggregate amount of such trade payables, Indebtedness incurred in the financing of equipment and personal property and reimbursement obligations to the Managers, or, in the case of the Canadian Co-Issuer, obligations related to the operations of the Canadian Data Centers existing on the Initial Closing Date, referred to in clauses (i), (ii) and (iii) above outstanding does not, at any time, exceed an amount equal to 5.0% of the aggregate Initial Class Principal Balances of all Classes of then Outstanding Notes in the aggregate for all the Asset Entities.

In no event shall any Indebtedness other than the Obligations be secured, in whole or in part, by the Collateral or other Assets or any portion thereof or interest therein or any proceeds of any of the foregoing.

Section 7.17 <u>No Liens</u>. None of the Co-Issuers, the Asset Entities or the Other Entities shall create, incur, assume or permit to exist any Lien on or with respect to the Data Centers or any other Collateral except Permitted Encumbrances.

Section 7.18 <u>Contingent Obligations</u>. Other than Permitted Indebtedness, none of the Co-Issuers or any of the Asset Entities shall create or become or be liable with respect to any material Contingent Obligation.

Section 7.19 <u>Restriction on Fundamental Changes</u>. Except as otherwise expressly permitted in this Indenture, none of the Co-Issuers, any of the Asset Entities or the Other Entities shall (i) amend, modify or waive any term or provision of their respective partnership agreement, certificate of limited partnership, articles of incorporation, by-laws, articles of organization, operating agreement or other organizational documents so as to violate or permit the violation of the limited purpose entity provisions set forth in Article VIII, unless required by law; (ii) adopt, file or effect a Division; or (iii) liquidate, wind-up or dissolve; *provided* that nothing contained in this Section 7.19 shall restrict the merger or consolidation of one Asset Entity or Other Entity into another Asset Entity so long as the surviving entity is an Asset Entity.

Section 7.20 <u>Bankruptcy, Receivers, Similar Matters</u>. An Obligor shall not apply for, consent to, or aid, solicit, support, or otherwise act, cooperate or collude to cause the appointment of or taking possession by, a receiver, trustee or other custodian for all or a substantial part of the assets of any other Obligor. As used in this Indenture, an "<u>Involuntary Obligor Bankruptcy</u>" shall mean any involuntary case under the Bankruptcy Code, the BIA, the CCAA or any other applicable bankruptcy, insolvency or other similar law now or hereafter in effect, in which any Obligor is a debtor or any portion of the Assets is property of the estate therein. An Obligor shall not file a petition for, consent to the filing of a petition for, or aid, solicit, support, or otherwise act, cooperate or collude to cause the filing of a petition for an Involuntary Obligor Bankruptcy. In any Involuntary Obligor Bankruptcy, the other Obligors shall not, without the prior written consent of the Indenture Trustee and the Servicer, consent to the entry of any order, file any motion, or support any motion (irrespective of the subject of the motion), and such Obligors shall not file or support any plan of reorganization. In any Involuntary Obligor Bankruptcy the other Obligors shall do all things reasonably requested by the Indenture Trustee and the Servicer to assist the Indenture Trustee and the Servicer in obtaining such relief as the Indenture Trustee and the Servicer shall seek, and shall in all events vote as directed by the Indenture Trustee. Without limitation of the foregoing, each such Obligor shall do all things reasonably requested by the Indenture Trustee to support any motion for relief from stay or plan of reorganization proposed or supported by the Indenture Trustee.

Section 7.21 <u>ERISA; Canadian Benefit Plans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Employee Benefit Plans</u>. The Obligors (i) shall not establish, maintain, contribute to, or incur any obligation or liability under or with respect to any Employee Benefit Plan or commence making contributions to (or become obligated to make contributions to) any Employee Benefit Plan and (ii) shall not assume, or otherwise become responsible for, any obligation or liability of any other Person under or with respect to an Employee Benefit Plan (other than any obligation or liability assumed, or for which the Obligors otherwise become responsible, under the requirements of ERISA or the Code that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Compliance with ERISA</u>. Except as would not, individually or in the aggregate, reasonably be expected to result in material liability to the Obligors, the Obligors shall not engage in any non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, *provided* that such Obligor shall be deemed not to be in breach of this representation if such breach results solely because (i) any portion of the Notes have been, or will be, funded with plan assets of any Plan and (ii) the purchase or holding of such portion of the Notes by such Plan constitutes a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a violation of applicable Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Canadian Benefit Plans</u>. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the Obligors shall not establish or commence making contributions in respect of any Canadian Benefit Plan or Canadian Pension Plan provided that in no event shall the Obligors establish a Canadian Pension Plan that has a defined benefit provision, or commence making contributions to (or become obligated to make contributions to) any Canadian Pension Plan that has a defined benefit provision. For purposes of this subsection, "defined benefit provision" has the meaning set out in section 147.1 of the Income Tax Act (Canada) as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Compliance with Canadian Benefit Plans</u>. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, the Obligors shall ensure that each Canadian Benefit Plan and Canadian Pension Plan is administered in accordance with its terms and applicable law. In particular, the Obligors shall ensure that all contributions that are required to be made to any Canadian Pension Plan are timely made on or before the due date under any applicable pension standards laws.

Section 7.22 <u>Money for Payments to be Held in Trust</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Paying Agent is hereby authorized to pay the principal of and interest on any Notes (as well as any other Obligation hereunder and under any other Transaction Document) on behalf of the Co-Issuers and shall have an office or agency in Wilmington, Delaware where Notes may be presented or surrendered for payment and where notices, designations or requests in respect for payments with respect to the Notes and any other Obligations due hereunder and under any other Transaction Document may be served. The Co-Issuers hereby appoint the Indenture Trustee as the initial Paying Agent for amounts due on the Notes of each Series and the other Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On each Payment Date (or such other dates as may be required or permitted hereunder) the Paying Agent shall cause all payments of amounts due and payable with respect to any Notes and other Obligations that are to be made from amounts withdrawn from any Collection Account or Sub-Account to be made on behalf of the Co-Issuers, and no amounts so withdrawn from such Collection Account or Sub-Account for payments of the Notes and other Obligations shall be paid over to the Co-Issuers. All such payments shall be made based on information set forth in the Servicing Report or, if applicable, an Omitted Payable Sum Certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to applicable laws with respect to escheatment of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and be paid to the Co-Issuers on an Issuer Request; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Co-Issuers for payment thereof (but only to the extent of the amounts so paid to the Co-Issuers), and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; *provided, however*, that the Indenture Trustee or such Paying Agent, before being required to make any such repayment shall at the expense and direction of the Co-Issuers cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in the Borough of Manhattan, The City of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining shall be repaid to the Co-Issuers. The Indenture Trustee shall also adopt and employ, at the expense and direction of the Co-Issuers, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice of such repayment to Holders whose right to or interest in monies due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for each such Holder).

Section 7.23 <u>Ground Leases</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Modification</u>. Except as provided in this Section 7.23, the Asset Entities shall not modify or amend any Ground Lease Term of any Ground Lease, or terminate or surrender any Ground Lease, without the prior written consent of the Servicer, which consent shall not be unreasonably withheld, conditioned or delayed. Any such attempted or purported modification or amendment or termination or surrender of any Ground Lease without the Servicer's prior written consent shall be null and void and of no force or effect. Notwithstanding the foregoing to the contrary, the Asset Entities shall be permitted, without the Servicer's consent, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) extend the term of a Ground Lease or add a renewal term or option period to a Ground Lease, in each case on terms and conditions in accordance with prudent business practices or (B) convert any Ground Lease Data Center to a Data Center owned in fee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provided no Event of Default shall have occurred and is then continuing (unless the same shall cure such Event of Default), increase, decrease or reconfigure the area of real property covered by a Ground Lease, and in connection therewith amend and restate the existing Ground Lease or replace the existing Ground Lease (either, an "<u>Amended Ground Lease</u>"), to include such additional real property or reflect such decrease or reconfiguration; *provided* that such Amended Ground Lease is on commercially reasonable substantive and economic terms (taking into consideration the additional, reduced or reconfigured real property covered by the Amended Ground Lease) with no material reduction in the economic value of the applicable Data Center, and subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if additional real property is being added to the Ground Lease, on or prior to execution and delivery of the Amended Ground Lease, the Asset Entities shall have delivered electronically to the Indenture Trustee and provided the Servicer with electronic access to the most recent Phase I environmental report obtained by the Asset Entities or any Affiliate thereof on such real property, together with a Phase II Environmental Assessment report (if such Phase I environmental report reveals any condition that in the Servicer's reasonable judgment warrants such a report) which concludes that such real property does not contain any Hazardous Materials in material violation of applicable Environmental Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) within 120 days of the execution and delivery of the Amended Ground Lease, (x) the Indenture Trustee shall have received an endorsement to (or replacement of) the existing Title Policy covering such Data Center insuring the Lien of the Amended Mortgage in an amount equal to 100% of the Allocated Note Amount with respect to such Data Center dated as of the date of the Amended Ground Lease and (y) the Title Company issuing such Title Policy shall have received an amended Mortgage encumbering the property included under the Amended Ground Lease to be submitted for recording in the appropriate office of real property records and a Survey with respect to such Data Center (unless the general survey exception in the Title Policy for such Data Center is eliminated without a Survey with respect thereto); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, shall pay or reimburse the Indenture Trustee and the Servicer for all reasonable costs and expenses incurred by the Indenture Trustee and the Servicer (including, without limitation, reasonable attorneys' fees and disbursements) in connection with such Amended Ground Lease, and all recording charges, filing fees, taxes or other expenses (including, without limitation, mortgage and intangibles taxes and documentary stamp taxes) payable in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Performance of Ground Leases</u>. The Asset Entities shall fully perform as and when due each and all of their obligations under each Ground Lease in accordance with the terms of such Ground Lease, and shall not cause or suffer to occur any material breach or default in any of such obligations. The Asset Entities shall exercise any option to renew or extend any Ground Lease; *provided, however* that, the Asset Entities may elect not to exercise such option to renew or extend such Ground Lease as long as the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, shall give the Servicer 30 days' prior written notice thereof. If any Asset Entity fails to renew a Ground Lease which is required to be renewed pursuant to this Section 7.23(b), each of the Indenture Trustee and the Servicer shall have the right, but the Indenture Trustee shall have no obligation, to renew such Ground Lease on behalf of such Asset Entity. For the avoidance of doubt, the Asset Entities shall have no obligation to renew a Ground Lease that expires by its terms if the Ground Lease does not provide to the applicable Asset Entity an extension option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notice of Default</u>. If an Obligor shall receive any written notice that any default under a Ground Lease has occurred, the effect of which, in such Obligor's reasonable opinion, is likely to result in the termination of such Ground Lease (a "<u>Ground Lease Default</u>"), then the Co-Issuers shall, within three Business Days of receipt of such notice, notify the Indenture Trustee, the Servicer and the Managers in writing of the same and deliver to the Indenture Trustee and the Servicer a true and complete copy of such notice. Further, the Co-Issuers shall provide such documents and information as the Indenture Trustee and the Servicer shall reasonably request concerning any Ground Lease Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Servicer's Right to Cure</u>. If any Ground Lease Default shall occur and be continuing, and notice has been given pursuant to Section 7.23(c), or if any Ground Lessor asserts in writing to an Asset Entity or the Servicer that a Ground Lease Default has occurred (whether or not the Asset Entities question or deny such assertion), then, subject to (i) the terms and conditions of the applicable Ground Lease, and (ii) the Asset Entities' right to terminate or assign the applicable Ground Lease in accordance with Section 7.23(a), the Servicer, upon 5 Business Days' prior written notice to the Co-Issuers, unless the Servicer reasonably determines that a shorter period (or no period) of notice is necessary to protect the Indenture Trustee's interest in the applicable Ground Lease, may (but shall not be obligated to) take any action that the Servicer deems reasonably necessary, including, without limitation, (i) performance or attempted performance of the applicable Asset Entity's obligations under the applicable Ground Lease, (ii) curing or attempting to cure any actual or purported Ground Lease Default under the applicable Ground Lease, (iii) mitigating or attempting to mitigate any damages or consequences of the same and (iv) entry upon the applicable Data Center for any or all of such purposes. Upon the Indenture Trustee's or the Servicer's written request, the applicable Asset Entity shall submit satisfactory evidence of payment or performance of any of its obligations under the applicable Ground Lease. The Servicer may pay and expend such sums of money as the Servicer in its sole discretion deems necessary or desirable for any such purpose, and the Co-Issuers shall pay to the Servicer within 5 Business Days of the written demand of the Servicer all such sums so paid or expended by the Servicer, together with interest thereon from the date of expenditure at the rate provided for Servicing Advances in the Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Legal Action</u>. The Obligors shall not commence any action or proceeding against any Ground Lessor or affecting or potentially affecting any Ground Lease or the Asset Entities' or the Indenture Trustee's interest therein, the effect of which could, in the Obligors' reasonable opinion, be reasonably likely to result in an event of default under, or the termination of, any such Ground Lease, without the prior written consent of the Servicer, which consent shall not be unreasonably withheld, conditioned or delayed. The Co-Issuers shall notify the Indenture Trustee and the Servicer immediately if any action or proceeding shall be commenced between any Ground Lessor and any Asset Entity, or affecting or potentially affecting any Ground Lease or any Asset Entity's or the Indenture Trustee's interest therein (including, without limitation, any case commenced by or against any Ground Lessor under the Bankruptcy Code). The Servicer shall have the option, exercisable upon notice from the Servicer to the Co-Issuers, to participate in any action or proceeding of which it is notified in compliance with this Section 7.23(e) with counsel of the Servicer's choice. Each Obligor shall cooperate with the Servicer, comply with the reasonable instructions of the Servicer, execute any and all powers, authorizations, consents or other documents reasonably required by the Servicer in connection therewith, and shall not settle any such action or proceeding which could, in such Obligor's reasonable opinion, be reasonably likely to result in a Material Adverse Effect without the prior written consent of the Servicer, which consent shall not be unreasonably withheld, conditioned or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Bankruptcy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If any Ground Lessor shall reject any Ground Lease under or pursuant to Section 365 of the Bankruptcy Code, without the Servicer's prior written consent, the applicable Asset Entity shall not elect to treat the Ground Lease as terminated but shall elect to remain in possession of the applicable Ground Lease Data Center and the leasehold estate under such Ground Lease. The lien of the Mortgage covering any such Data Center does and shall encumber and attach to all of the Asset Entity's rights and remedies at any time arising under or pursuant to Section 365 of the Bankruptcy Code, including without limitation, all of such Asset Entity's rights to remain in possession of such Data Center and the leasehold estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Asset Entity acknowledges and agrees that in any case commenced by or against such Asset Entity under the Bankruptcy Code, the Indenture Trustee by reason of the liens and rights granted under the Mortgage covering a Data Center that is a Ground Lease Data Center shall have a substantial and material interest in the treatment and preservation of such Asset Entity's rights and obligations under the related Ground Lease, and that such Asset Entity shall, in any such bankruptcy case, provide to the Indenture Trustee immediate and continuous reasonably adequate protection of such interests. Each Asset Entity and the Indenture Trustee agree that such adequate protection shall include but shall not necessarily be limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Indenture Trustee shall be deemed a party to the Ground Lease (but shall not have any obligations thereunder) for purposes of Section 365 of the Bankruptcy Code, and shall, *provided* that, prior to an Event of Default, no such action by the Indenture Trustee would adversely and materially affect the Asset Entity's ability to prosecute, or defend, any such claims asserted therein, have standing to appear and act as a party in interest in relation to any matter arising out of or related to the Ground Lease or Ground Lease Data Center.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Such Asset Entity shall serve the Indenture Trustee and the Servicer with copies of all notices, pleadings and other documents relating to or affecting the Ground Lease or the applicable Ground Lease Data Center. Such Asset Entity (i) will contemporaneously serve on the Indenture Trustee and Servicer any notice, pleading or document served by such Asset Entity on any other party in the bankruptcy case, and (ii) any notice, pleading or document served upon or received by such Asset Entity from any other party in the bankruptcy case to be served by such Asset Entity on the Indenture Trustee and the Servicer promptly upon receipt by such Asset Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Upon written request of the Indenture Trustee or the Servicer, such Asset Entity shall assume the Ground Lease, and shall take such steps as are necessary to preserve such Asset Entity's right to assume the Ground Lease, including without limitation using commercially reasonable efforts to obtain extensions of time to assume or reject the Ground Lease under Section 365(d) of the Bankruptcy Code to the extent it is applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If an Asset Entity or the applicable Ground Lessor seeks to reject any Ground Lease or have the Ground Lease deemed rejected, then prior to the hearing on such rejection such Asset Entity shall give the Indenture Trustee and the Servicer, subject to applicable law, no less than 20 days' notice and opportunity to elect in lieu of rejection to have the Ground Lease assumed and assigned to a nominee of the Indenture Trustee. If the Indenture Trustee shall (which shall be at the Servicer's direction) so elect to assume and assign the Ground Lease, such Asset Entity shall, subject to applicable law, continue any request to reject the Ground Lease until after the motion to assume and assign has been heard. If the Indenture Trustee shall not elect (which shall be at the Servicer's direction) to assume and assign the Ground Lease, then the Indenture Trustee may, subject to applicable law, obtain in connection with the rejection of the Ground Lease a determination that the applicable Ground Lessor, at the Indenture Trustee's option (which shall be at the Servicer's direction), shall (1) agree to terminate the Ground Lease and enter into a new lease with the Indenture Trustee on the same terms and conditions as the Ground Lease, for the remaining term of the Ground Lease, or (2) treat the Ground Lease as breached and provide the Indenture Trustee with the rights to cure defaults under the Ground Lease and to assume the rights and benefits of the Ground Lease.

Each Asset Entity agrees to join with and support any request by the Indenture Trustee to grant and approve the foregoing as necessary for adequate protection of the Indenture Trustee's interests. Notwithstanding the foregoing, the Indenture Trustee may seek additional terms and conditions, including such economic and monetary protections as it or the Servicer deems reasonably appropriate to adequately protect its interests, and any request for such additional terms or conditions shall not delay or limit the Indenture Trustee's right to receive the specific elements of adequate protection set forth herein.

Each Asset Entity hereby appoints the Indenture Trustee as its attorney in fact to act on behalf of such Asset Entity in connection with all matters relating to or arising out of the assumption or rejection of any Ground Lease, in which the other party to the lease is a debtor in a case under the Bankruptcy Code. This grant of power of attorney is present, unconditional, irrevocable, durable and coupled with an interest.

Section 7.24 <u>Rule 144A Information</u>. So long as any of the Notes are Outstanding, and the Co-Issuers is not subject to Section 13 or 15(d) of the Exchange Act, upon the request of a Noteholder, the Co-Issuers shall promptly furnish at its expense to such Holder, and the prospective purchasers designated by such Holder, Rule 144A Information in order to permit compliance with Rule 144A under the Securities Act in connection with the resale of such Notes by such Holder.

Section 7.25 <u>Maintenance of Books and Records</u>. The Obligors shall maintain and implement, administrative and operating procedures reasonably necessary in the performance of their obligations hereunder and shall keep and maintain at all times all documents, books, records, accounts and other information reasonably necessary or advisable for the performance of their obligations hereunder to the extent required under applicable law.

Section 7.26 <u>Continuation of Ratings</u>. With respect to any Series of Notes that has been rated, to the extent permitted by applicable laws, rules or regulations, the Obligors shall (i) provide the Rating Agencies with information, to the extent reasonably obtainable by the Obligors, and take all reasonable action necessary to enable the Rating Agencies to monitor their respective credit ratings of the Notes, and (ii) pay such ongoing fees of the Rating Agencies as they may reasonably request to monitor their respective ratings of the Notes.

Section 7.27 <u>The Indenture Trustee and Servicer's Expenses</u>. The Co-Issuers shall pay, on written demand by the Indenture Trustee or the Servicer, out of the funds available therefor pursuant to Section 5.01(a), all reasonable out-of-pocket expenses, charges, costs, fees (including reasonable attorneys' fees and expenses) and indemnities in connection with the negotiation, documentation, closing, administration, servicing, enforcement, interpretation, and collection of the Notes and the Transaction Documents, and in the preservation and protection of the Indenture Trustee's rights hereunder and thereunder. Without limitation the Co-Issuers shall pay, out of the funds available therefor pursuant to Section 5.01(a), all costs and expenses, including reasonable attorneys' fees, incurred by the Indenture Trustee and the Servicer in any case or proceeding under the Bankruptcy Code (or any law succeeding or replacing any of the same) involving the Obligors, the Managers or the Guarantors.

Section 7.28 <u>Environmental Remediation</u>. Each Asset Entity agrees to promptly commence after written demand by the Indenture Trustee (acting at the written direction of the Controlling Class Representative) or the Servicer and reasonably diligently prosecute to completion any Remedial Work of any kind required by it under applicable Environmental Laws. If an Asset Entity fails to promptly commence and reasonably diligently pursue to completion any such Remedial Work, the Servicer may (but will not be obligated to), upon 30 days' prior notice to the Co-Issuers of its intention to do so, cause such Remedial Work to be performed. The Obligors agree to pay or reimburse the Servicer for all expenses reasonably incurred by the Servicer in connection with monitoring, reviewing or performing such Remedial Work.

Section 7.29 <u>Amendments to Tenant Leases</u>. No Asset Entity shall consent to any amendment, modification or supplement to any Tenant Leases to which it is a party other than in accordance with Section 3 or Section 5 of each Management Agreement.

Section 7.30 <u>Asset Entities' Option to Dispose of Data Centers and Non-Core Assets.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Other than (x) the sale, assignment, transfer or other disposition during the Disposition Period as set forth in the Management Agreements or (y) otherwise, as expressly permitted in this Section 7.30, the Asset Entities may not Dispose of any Data Centers so long as any Notes are Outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Asset Entities may sell, assign, transfer or otherwise dispose of one or more Data Centers (including through the sale, assignment, transfer or other disposition of an Asset Entity by the U.S. Co-Issuer or the Canadian Co-Issuer), the related Tenant Leases and other assets related to such Data Centers (collectively, "<u>Data Center Assets</u>") to one or more persons (including Affiliates of the Asset Entities) at any time so long as the following conditions are satisfied, as certified to the Indenture Trustee and the Servicer by the Managers: (i) during a Special Servicing Period, the Servicer consents thereto, (ii) a Rating Agency Confirmation is obtained, (iii) no Event of Default has occurred and is continuing, no Amortization Period is in effect and no Cash Trap Condition is in effect, in each case, immediately prior to and after giving effect to such sale, assignment, transfer or other disposition, (iv) after giving effect to the applicable disposition and the concurrent payment of principal of the Term Notes, (x) the pro forma Class A LTV Ratio is not greater than 65.0% and after the third anniversary of the Initial Closing Date is not greater than 70.0%, (y) the pro forma Class B LTV Ratio is not greater than 75.0% and after the third anniversary of the Initial Closing Date is not greater than 80.0%, and (z) the pro forma Class C LTV Ratio is not greater than 80.0% and after the third anniversary of the Initial Closing Date is not greater than 85.0%, (v) pro forma DSCR after giving effect to such disposition and any prepayment of Notes occurring concurrently with such disposition, is greater than or equal to 1.85x (vi) the Servicer and the Indenture Trustee have been paid all outstanding Advances, Advance Interest, unpaid Additional Issuer Expenses and all unpaid fees and expenses to the extent then due and payable to the Servicer and the Indenture Trustee, as applicable, under the Transaction Documents (in each case only to the extent sufficient funds for payment in full of such amounts have not been deposited in the Collection Account for distribution on the applicable Payment Date) and (vii) the Co-Issuers prepay the Term Notes in an amount equal to the Disposition Price for the Data Center (or Data Centers), together with any applicable Prepayment Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to the circumstances described in <u>Section 7.30(b),</u> the Asset Entities may also dispose of one or more Data Center Assets and the Co-Issuers will have the option to dispose of one or more Asset Entities that own Data Center Assets, in each case, to one or more persons (including Affiliates of the Asset Entities) in connection with the payment in full of the outstanding principal amount of a Series of Notes; *provided* that if any Series of Notes remains Outstanding following such payment in full, the following conditions must be satisfied, as certified to the Indenture Trustee and the Servicer by the Managers: (i) during a Special Servicing Period, the Servicer consents thereto, (ii) a Rating Agency Confirmation is obtained, (iii) no Event of Default has occurred and is continuing, no Amortization Period is in effect and no Cash Trap Condition is in effect, in each case, immediately prior to and after giving effect to such disposition, (iv) after giving effect to such disposition and any prepayment of Notes occurring concurrently with such disposition, (x) the pro forma Class A LTV Ratio is not greater than 65.0% and after the third anniversary of the Initial Closing Date is not greater than 70.0%, (y) the pro forma Class B LTV Ratio is not greater than 75.0% and after the third anniversary of the Initial Closing Date is not greater than 80.0%, and (z) the pro forma Class C LTV Ratio is not greater than 80.0% and after the third anniversary of the Initial Closing Date is not greater than 85.0%, (v) the pro forma DSCR after giving effect to such disposition and any prepayment of Notes occurring concurrently with such disposition, is greater than or equal to 1.85x and (vi) the Servicer and the Indenture Trustee have been paid all outstanding Advances, Advance Interest, unpaid Additional Issuer Expenses and all unpaid fees and expenses to the extent then due and payable to the Servicer and the Indenture Trustee, as applicable, under the Transaction Documents (in each case only to the extent sufficient funds for payment in full of such amounts have not been deposited in the Collection Accounts for distribution on the applicable Payment Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, the Asset Entities may also dispose of or otherwise transfer Non-Core Assets, so long as such disposition or transfer does not reduce the Operating Revenues generated from the associated Data Center; *provided* that such Asset Entity shall have provided written notice to the Servicer of such transfer within five Business Days of such transfer. Any net proceeds received in connection with the disposition or transfer of Non-Core Assets shall be deposited into the applicable Collection Account and applied as Available Funds.

**ARTICLE VIII**

**SINGLE-PURPOSE, BANKRUPTCY-REMOTE REPRESENTATIONS, WARRANTIES AND COVENANTS**

Section 8.01 <u>Applicable to the Co-Issuers, the Asset Entities and the Other Entities</u>. Each of the Co-Issuers hereby represents, warrants and covenants as of the Initial Closing Date that since its formation and at all times thereafter until such time as all Obligations are paid in full, each Closing Date Asset Entity hereby represents, warrants and covenants as of the Initial Closing Date that since its formation and at all times thereafter until such time as all Obligations are paid in full, each Additional Asset Entity hereby represents, warrants and covenants as of the date on which such Additional Asset Entity first becomes a party to the Transaction Documents that since its formation and at all times thereafter until such time as all Obligations are paid in full, each Closing Date Other Entity hereby represents, warrants and covenants as of the Initial Closing Date that since its formation and at all times thereafter until such time as all Obligations are paid in full, and each Additional Other Entity hereby represents, warrants and covenants as of the date on which such Additional Other Entity first becomes a party to the Transaction Documents that since its formation and at all times thereafter until such time as all Obligations are paid in full:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for properties, or interests therein, which such Obligor has sold or assigned and for which such Obligor has no continuing obligations or liabilities other than Permitted Indebtedness, it has not owned, and does not own and will not own, any assets other than (i) with respect to an Asset Entity (including the Co-Issuer), the Data Centers, related Tenant Leases and other assets related to the Data Centers (including incidental personal property necessary for the operation thereof and proceeds therefrom) and, prior to the date such Obligor first became a party to the Transaction Documents, similar data centers, the tenant leases relating thereto and the other assets related to those data centers, or (ii) with respect to the U.S. Co-Issuer and the Canadian Co-Issuer, direct or indirect ownership interests in the Asset Entities or such incidental assets as are necessary to enable it to discharge its obligations with respect to the Asset Entities (the "<u>Asset Entity Interests</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has not and is not engaged, and will not engage, in any business, directly or indirectly, other than (i) in the case of an Asset Entity (including the Co-Issuer), the ownership, management and operation of the Data Centers and, prior to the date such Obligor first became a party to the Transaction Documents, similar data centers and (ii), in the case of the U.S. Co-Issuer and the Canadian Co-Issuer, the acquisition and ownership of the Asset Entity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it has not entered, and will not enter, into any contract or agreement with any partner, member, shareholder, trustee, beneficiary, principal or Affiliate of any Obligor except upon terms and conditions that are intrinsically fair and substantially similar to those that would be available on an arm's-length basis with third parties other than such Affiliate (it being understood that (i) the Management Agreements and the other Transaction Documents and (ii) management agreements and related agreements entered into with the Managers and the other Obligors in connection with other similar financing transactions, which financing transaction is terminated on or prior to the Initial Closing Date, comply with this covenant);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it has not incurred any Indebtedness that remained outstanding as of the date such Obligor first became a party to the Transaction Documents and will not incur any Indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than Permitted Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it has not made any loans or advances to any Person (other than among the Obligors or, in the case of the Canadian Co-Issuer only, other than to Compass Datacenters Inc. reasonably necessary for prudent tax planning and that do not otherwise have a Material Adverse Effect on the Noteholders) that remained outstanding as of the date such Obligor first became a party to the Transaction Documents and will not make any loan or advance to any Person (including any of its Affiliates) other than another Obligor or, in the case of the Canadian Co-Issuer only, other than to Compass Datacenters Inc. reasonably necessary for prudent tax planning and that do not otherwise have a Material Adverse Effect on the Noteholders, and has not acquired, and will not acquire, obligations or securities of any of its Affiliates other than the other Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it is and reasonably expects to remain solvent and pay its own liabilities, indebtedness, and obligations of any kind solely from its own separate assets as the same shall become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) it has done or caused to be done, and will do, all things necessary to preserve its existence, and will not, nor will any partner, member, shareholder, trustee, beneficiary or principal, amend, modify or otherwise change its partnership agreement, trust agreement, articles of incorporation, by-laws, articles of organization, operating agreement, or other organizational documents in any manner with respect to the matters set forth in this Article VIII except as otherwise permitted under such organizational documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) it has continuously maintained, and shall continuously maintain, its existence and be qualified to do business in all states, provinces and territories necessary to carry on its business, specifically including in the case of an Asset Entity, the states, provinces and territories where its Data Centers are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it has conducted and operated, and will conduct and operate, its business as presently contemplated with respect to the ownership of the Data Centers, or the Asset Entity Interests, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) it has maintained, and will maintain, books and records and bank accounts (other than bank accounts established hereunder, established by a Manager pursuant to the applicable Management Agreement or, prior to the date such Obligor first became a party to the Transaction Documents, bank accounts established in connection with other similar financing transactions, which financing transaction is terminated on or prior to the Initial Closing Date) separate from those of its partners, members, shareholders, trustees, beneficiaries, principals or Affiliates or any other Person (other than the other Obligors) and it will maintain its Financial Statements separate from those of its Affiliates; *provided*, that it and its assets may be included in consolidated Financial Statements of its Affiliates if (i) appropriate notation shall be made on such consolidated Financial Statements to indicate the separateness of the Obligors from such Affiliates and to indicate that the Obligors' assets and credit are not available to satisfy the debts and other obligations of such Affiliates or any other Person and (ii) the assets of each Obligor shall also be listed on such Obligor's own separate balance sheet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) except as contemplated by the Management Agreements and management agreements entered into with the Managers and the other Obligors in connection with other similar financing transactions, it has at all times held, and will continue to hold, itself out to the public as a legal entity separate and distinct from any other Person (including any of its partners, members, shareholders, trustees, beneficiaries, principals or Affiliates, and any Affiliates of any of the same), and not as a department or division of any Person (other than the other Obligors) and will correct any known misunderstandings regarding its existence as a separate legal entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) it has had and will have a sufficient number of employees (if any) in light of its contemplated business operations and has and shall pay the salaries of its own employees, if any, solely from its own funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) it has allocated, and will continue to allocate, fairly and reasonably any overhead for shared expenses with Affiliates (including, without limitation, any shared office space or other services and the services performed by any employee of an Affiliate, including as a director or officer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) it has and will use stationery, invoices and checks bearing its own name separate from those of any Affiliate (it being understood that the Guarantors and the Obligors are expressly permitted to use common stationery, invoices and checks among the Guarantors and the Obligors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) it has filed, and will continue to file, its own tax returns separate from those of any other Person except to the extent that such Obligor is treated as a "disregarded entity" for tax purposes or is otherwise not required to file tax returns under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) it reasonably expects to maintain adequate capital for its obligations in light of its contemplated business operations; *provided* however, that the foregoing shall not require its respective Member, shareholders or any partner to make additional capital contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) it has not sought, acquiesced in, or suffered or permitted, and will not seek, acquiesce in, or suffer or permit, its liquidation, dissolution or winding up, in whole or in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) except as otherwise permitted hereunder, it will not enter into any transaction of merger or consolidation, sell all or substantially all of its assets, or acquire by purchase or otherwise all or substantially all of the business or assets of, or any stock or beneficial ownership of, any Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) it has not commingled or permitted to be commingled, and will not commingle or permit to be commingled, its funds or other assets with those of any other Person (other than, with respect to the Obligors, each other Obligor, or any such funds as may be held by a Manager, as agent, for each Asset Entity pursuant to the terms of the applicable Management Agreement or any management agreement entered into with the Managers and the other Obligors in connection with a similar financing transaction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) it has maintained, and will maintain, its assets in such a manner that it is not costly or difficult to segregate, ascertain or identify its individual assets from those of any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) it has not held itself out to be responsible for the debts or obligations of any other Person that remain outstanding and will not hold itself out to be responsible for the debts or obligations (other than the Obligations) of any other Person (other than another Obligor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) it has not guaranteed or otherwise become liable in connection with any obligation of any other Person (other than the other Obligors) that remains outstanding, and will not guarantee or otherwise become liable on or in connection with any obligation (other than the Obligations) of any other Person (other than the other Obligors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) it has not pledged its assets to secure obligations of any other Person (other than the other Obligors) that remains outstanding, and will not pledge its assets to secure obligations of any other Person (other than the other Obligors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) it has not held, and, except for funds deposited into the Accounts in accordance with the Transaction Documents, shall not hold, title to its assets other than in its name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) it has conducted, and will continue to conduct, its business solely in its own name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) it has observed, and will continue to observe, all corporate, limited partnership, unlimited liability company or limited liability company, as applicable, formalities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) since the date such Obligor first became a party to the Transaction Documents, it has not formed, acquired or held any subsidiary (other than another Obligor) and will not form, acquire or hold any subsidiary (other than another Obligor).

Section 8.02 <u>Applicable to the Co-Issuers</u>. In addition to its obligations under Section 8.01, and without limiting the provisions of Section 7.20, each of the Co-Issuers hereby represent, warrant and covenant as of the Initial Closing Date and until such time as all Obligations are paid in full:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers shall not, and the Co-Issuers shall not in their capacity as the sole member or limited partner of any Asset Entity or Other Entities, permit such Asset Entity to, without the prior unanimous written consent of the board of directors or its partners (or similar governing board) of the Co-Issuers (or Co-Issuer GP in the case of the Canadian Co-Issuer) including the independent directors of such board, institute proceedings for any of themselves to be adjudicated bankrupt or insolvent; consent to the institution of bankruptcy or insolvency proceedings against themselves; file a petition seeking, or consent to, reorganization or relief under any applicable federal, provincial, territorial or state law relating to bankruptcy; seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) for themselves or a substantial part of their property; make or consent to any assignment for the benefit of creditors; or admit in writing their inability to pay their debts generally as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the U.S. Co-Issuer and the Canadian Co-Issuer has and at all times shall maintain at least two independent directors on its board of directors, who shall initially be Steven P. Zimmer and Jennifer A. Schwartz.

**ARTICLE IX**

**SATISFACTION AND DISCHARGE**

Section 9.01 <u>Satisfaction and Discharge of Indenture</u>. This Indenture shall cease to be of further effect with respect to any Notes of a particular Series except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or wrongfully taken Notes of a particular Series, (iii) rights of Noteholders of a particular Series to receive payments of principal thereof and interest thereon, (iv) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 11.03 and the obligations of the Indenture Trustee under Section 9.02), and (v) the rights of Noteholders of a particular Series as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Co-Issuers, shall execute proper instruments, to be prepared by the Co-Issuers or their counsel, acknowledging satisfaction and discharge of this Indenture with respect to the Notes of a particular Series, when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Notes of a particular Series theretofore authenticated and delivered (other than (i) Notes of a particular Series that have been mutilated, destroyed, lost or wrongfully taken and that have been replaced or paid as provided in Section 2.04 and (ii) Notes of a particular Series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Co-Issuers and thereafter repaid to the Co-Issuers or discharged from such trust, as provided in Section 7.22) have been delivered to the Indenture Trustee for cancellation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all Notes not theretofore delivered to the Indenture Trustee for cancellation have become due and payable and the Co-Issuers have irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation, for principal and interest to the date of such deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each of the Obligors has paid or caused to be paid all Obligations and other sums due and payable hereunder by the Obligors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Co-Issuers have delivered to the Indenture Trustee an Officer's Certificate, an Opinion of Counsel and (if required by the Indenture Trustee) an Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements of Section 15.01 and, subject to Section 15.02, each stating that all conditions precedent provided for in this Indenture relating to the satisfaction and discharge of this Indenture with respect to such Series have been satisfied.

Section 9.02 <u>Application of Trust Money</u>. With respect to such Series, all monies deposited with the Indenture Trustee pursuant to Section 9.01 shall be held in trust and applied by the Indenture Trustee, in accordance with the provisions of the Notes of such Series and this Indenture, to the payment through the Paying Agent to the Holders of the particular Notes of such Series for the payment of which such monies have been deposited with the Indenture Trustee, of all sums due and to become due thereon for the aggregate Note Principal Balance of such Notes and interest but such monies need not be segregated from other funds except to the extent required in this Indenture or required by law.

Section 9.03 <u>Repayment of Monies Held by Paying Agent</u>. With respect to each Series, in connection with the satisfaction and discharge of this Indenture, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Co-Issuers, be paid to the Indenture Trustee to be held and applied according to Section 7.22 and thereupon such Paying Agent shall be released from all further liability with respect to such monies.

**ARTICLE X**

**EVENTS OF DEFAULT; REMEDIES**

Section 10.01 <u>Events of Default</u>. Subject to the standard of care set forth in Section 11.02(a), which standard may require the Indenture Trustee (or Servicer on its behalf) to act, any rights or remedies granted to the Indenture Trustee (or Servicer on its behalf) under this Article X or elsewhere in this Indenture and the other Transaction Documents, upon the occurrence of an Event of Default, are hereby expressly delegated to and assumed by the Servicer, who shall act on behalf of the Indenture Trustee with respect to all enforcement matters relating to any such Event of Default (whether or not the parenthetical phrase ("or the Servicer on its behalf") is expressly so stated), including, without limitation, the right to institute and prosecute any Proceeding on behalf of the Indenture Trustee (or Servicer on its behalf) and the Noteholders and direct the application of monies held by the Indenture Trustee (to the extent the Indenture Trustee (or Servicer on its behalf) has the discretion hereunder to apply such monies as it deems necessary or appropriate); *provided, however*, that such delegation of authority shall not apply to any matters relating to the Controlling Class Representative set forth in Section 10.05. "<u>Event of Default</u>", wherever used in this Indenture or in any Series Supplement shall mean the occurrence or existence of any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest</u>. Failure of the Co-Issuers to make any payment of interest on the Notes when due on any Payment Date and such failure continues for two Business Days (*provided* that the failure of the Co-Issuers to pay (i) any Contingent Interest for which funds are not available in accordance with Section 5.01(g)(**xviii** **<u>xvii</u>**) shall not constitute an Event of Default **and** **<u>,</u>** (ii) any Accrued Note Interest on the Class B Notes **or the** **<u>on any Payment Date on which a Class B PIK Period is in effect for which funds are not available in accordance Section 5.01(g)(xv) shall not constitute an Event of Default unless such amounts remain unpaid as of the applicable Rated Final Payment Date and (iii) any Accrued Note Interest on the</u>** Class C Notes on any Payment Date on which an Amortization Period or an ARD Period with respect to any Outstanding Class of <u>**any Series of**</u> Notes is in effect for which funds are not available in accordance <u>Section 5.01(g)(</u>**<u>viii), (xi), (xvi</u>** **<u>ix</u>**<u>)</u> or <u>(</u>**<u>xvii</u>** **<u>xvi</u>**<u>)</u> shall not constitute an Event of Default unless such amounts remain unpaid as of the applicable Rated Final Payment Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Principal</u>. Failure of the Co-Issuers to make any payment of principal of the Notes (including any PIK Interest added to the Note Principal Balance of the Notes) when due on any Payment Date (*provided* that the failure of the Co-Issuers to pay any optional payments of principal on the outstanding principal amount on the Class A-1 Notes in accordance with the terms of the Variable Funding Note Purchase Agreement or any Class A Sweep Amount, Class B Sweep Amount, Class C Sweep Amount or Class A-2 Monthly Amortization Amount for which funds are not available in accordance with Section 5.01(g) shall not constitute an Event of Default);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Other Monetary Default</u>. Any monetary default by any Guarantor or Obligor under any Transaction Document, including failure to pay VFN Undrawn Commitment Fees and any other fees expenses and other amounts due to the Holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement, in each case, within the applicable cure period (other than those covered by clause (a) or clause (b) above) (*provided* that the failure of the Co-Issuers to pay any VFN Undrawn Commitment Fees or any other fees, expenses and other amounts due to the Holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement for which funds are not available in accordance with Section 5.01(g)(**xviii** **<u>xvii</u>**) shall not constitute an Event of Default) or if no cure period is set forth in such Transaction Document, which default continues unremedied for a period of 30 days after receipt by the Co-Issuers of written notice from the Indenture Trustee or the Servicer (with a copy to the Indenture Trustee) of such default requiring such default to be remedied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Breach of Reporting Provisions</u>. Failure of any Obligor to perform or comply with any term or condition contained in Section 7.02 which continues for a period of 30 days after receipt by the Obligors of written notice from the Indenture Trustee or the Servicer (with a copy to the Indenture Trustee) of such failure requiring such failure to be remedied, unless such period is otherwise extended upon request by the Obligors and the Indenture Trustee (or Servicer on its behalf) receives Rating Agency Confirmation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Other Defaults Under Transaction Documents</u>. Any default by any Guarantor or Obligor in the observance and performance of, or compliance with, any covenant or agreement contained in this Indenture or the other Transaction Documents (other than a default described in another subsection of this Section 10.01) and such default is reasonably likely to cause a Material Adverse Effect and such default shall continue unremedied for a period of 30 days after receipt by the Co-Issuers of written notice from the Indenture Trustee or the Servicer (with a copy to the Indenture Trustee) of such default requiring such default to be remedied; *provided, however*, that if (i) the default is reasonably susceptible of cure but not within such period of 30 days, (ii) the applicable Guarantor or the applicable Obligor, as the case may be, has commenced the cure within such 30 day period and has pursued such cure diligently, and (iii) the applicable Guarantor or the applicable Obligor, as the case may be, delivers to the Indenture Trustee and the Servicer evidence of the foregoing, then such period shall be extended for so long as is reasonably necessary for the applicable Guarantor or the applicable Obligor, as the case may be, in the exercise of due diligence to cure such default, but in no event beyond 120 days after the original notice of default, *provided* that the applicable Guarantor or the applicable Obligor, as the case may be, continues to diligently and continuously pursue such cure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Breach of Warranty</u>. Any representation, warranty, certification or other statement made by any Guarantor or Obligor in any Transaction Document or in any statement or certificate at any time given in writing pursuant to or in connection with any Transaction Document is false as of the date made and such breach is reasonably likely to cause a Material Adverse Effect, *provided* that such breach shall not constitute an Event of Default if such breach is reasonably susceptible of cure and within 45 days after (i) any Guarantor or Obligor has Knowledge of such breach or (ii) receipt by the applicable Guarantor or the applicable Obligor, as the case may be, of written notice from a Responsible Officer of the Indenture Trustee or the Servicer (with a copy to the Indenture Trustee) of such breach, such Guarantor or such Obligor, as the case may be, takes such action as may be required to make such representation, warranty, certification or other statement to be true as made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Involuntary Bankruptcy; Appointment of Receiver, etc</u>. (i) A court enters a decree or order for relief with respect to any Guarantor or Obligor, in an Involuntary Bankruptcy, which decree or order is not stayed or other similar relief is not granted under any applicable federal, provincial, territorial or state law unless dismissed within 90 days; (ii) the occurrence and continuance of any of the following events for 90 days unless dismissed or discharged within such time: (x) an involuntary case under the Bankruptcy Code, the BIA, the CCAA or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, is commenced, in which any Guarantor or Obligor is a debtor or any portion of the Data Center is property of the estate therein, (y) a decree or order of a court for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over any Guarantor or Obligor, over all or a substantial part of its property, is entered or (z) an interim receiver, trustee or other custodian is appointed without the consent of any Guarantor or Obligor, as applicable, for all or a substantial part of its property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Voluntary Bankruptcy; Appointment of Receiver, etc</u>. (i) An order for relief is entered with respect to any Guarantor or Obligor, or any Guarantor or Obligor commences a voluntary case under the Bankruptcy Code, the BIA, the CCAA or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case or to the conversion of an involuntary case to a voluntary case under any such law or consents to the appointment of or taking possession by a receiver, trustee or other custodian for any Guarantor or Obligor, for all or a substantial part of the property of such Guarantor or Obligor; (ii) any Guarantor or Obligor makes any assignment for the benefit of creditors; or (iii) the board of directors or other governing body of any Guarantor or Obligor adopts any resolution or otherwise authorizes action to approve any of the actions referred to in this Section 10.01(h);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Solvency</u>. Any Guarantor or Obligor ceases to be solvent or admits in writing its present or prospective inability to pay its debts as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Ownership</u>. The U.S. Guarantor shall cease to own, directly or indirectly, 100% of the limited liability company or other ownership interests in the U.S. Co-Issuer, the Canadian Guarantors shall cease to own, collectively, directly or indirectly, 100% of the partnership interest in the Canadian Co-Issuer, or the Co-Issuers shall cease to own, directly or indirectly, 100% of the limited liability company, partnership, unlimited liability company or other ownership interests in any Asset Entity originally owned by it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Outstanding Advances</u>. Any Advance (other than a Manager Advance) remains outstanding for 90 or more days.

Except with respect to a default order under Section 10.01(d), if more than one of the foregoing paragraphs shall describe the same condition or event, then the Indenture Trustee (or Servicer on its behalf) shall have the right to select which paragraph or paragraphs shall apply. In any such case, the Indenture Trustee (or Servicer on its behalf) shall have the right (but not the obligation) to designate the paragraph or paragraphs which provide for non-written notice (or for no notice) or for a shorter time to cure (or for no time to cure).

Section 10.02 <u>Acceleration and Remedies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the occurrence and during the continuance of any Event of Default described in any of Section 10.01(g) or Section 10.01(h), the aggregate Class Principal Balances of all Classes of Outstanding Notes, together with accrued and unpaid interest thereon through the date of acceleration, and all other Obligations shall automatically become immediately due and payable, without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other requirements of any kind, subject to the provisions of Section 15.18. Upon the occurrence and during the continuance of any other Event of Default, the Indenture Trustee (or Servicer on its behalf) shall, at the direction of the Noteholders representing more than 50.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes, declare all of the Notes immediately due and payable, by written notice to the Co-Issuers. Upon any such declaration, the aggregate Class Principal Balances of all Classes of Outstanding Notes together with accrued and unpaid interest thereon through the date of acceleration, and all other Obligations shall become immediately due and payable, subject to the provisions of Section 15.18.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time after an automatic acceleration of maturity or a declaration of acceleration of maturity has been made and before a judgment or decree for payment of the amount due has been obtained by the Indenture Trustee (or Servicer on its behalf) as hereinafter provided in this Section 10.02, Noteholders representing more than 50.0% of the aggregate Class Principal Balance of all Classes of Outstanding Notes may, with written notice to the Co-Issuers and the Indenture Trustee, rescind and annul such declaration and its consequences; *provided, however*, such rescission or annulment shall be effective only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Co-Issuers have paid or deposited with the Indenture Trustee a sum sufficient to pay:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all payments of the principal of and interest on all Notes and all other Obligations that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) all sums paid or advanced by the Indenture Trustee or the Servicer hereunder or pursuant to the Servicing Agreement (including, without limitation, all Debt Service Advances and Servicing Advances and Advance Interest thereon) and the compensation, expenses, disbursements and advances of the Indenture Trustee, the Servicer and their respective agents and counsel and other amounts due and owing to the Indenture Trustee pursuant to Section 11.06 or the Servicing Agreement, as applicable, shall have been paid in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all Events of Default, other than the nonpayment of the principal and interest of the Notes that has become due solely by such acceleration, have been cured or waived as provided in Section 10.15.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the occurrence and during the continuance of an Event of Default of which a Responsible Officer of the Indenture Trustee has Knowledge, all or any one or more of the rights, powers, privileges and other remedies available to the Indenture Trustee (or Servicer on its behalf) against the Obligors (or the Guarantors) under this Indenture or any of the other Transaction Documents, or at law or in equity, may be exercised by the Indenture Trustee (or Servicer on its behalf) at any time and from time to time, whether or not all or any of the Obligations shall be declared due and payable, and whether or not the Indenture Trustee (or Servicer on its behalf) shall have commenced any action for the enforcement of its rights and remedies under any of the Transaction Documents with respect to the Data Centers, the Assets, the Tenant Leases or the other Collateral and the proceeds from any of the foregoing. Any such actions taken by the Indenture Trustee (or Servicer on its behalf) shall be cumulative and concurrent and may be pursued independently, singly, successively, together or otherwise, at such time and in such order as the Indenture Trustee (or Servicer on its behalf) may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of the Indenture Trustee (or Servicer on its behalf) permitted by law, equity or contract or as set forth herein or in the other Transaction Documents. Without limiting the generality of the foregoing, if an Event of Default is continuing (i) to the fullest extent permitted by law, the Indenture Trustee (or Servicer on its behalf) shall not be subject to any "one action" or "election of remedies" law or rule, and (ii) all liens and other rights, remedies or privileges provided to the Indenture Trustee (or Servicer on its behalf) shall remain in full force and effect until the Indenture Trustee (or Servicer on its behalf) has exhausted all of its remedies against each Data Center, the Assets, the Tenant Leases and the other Collateral and the proceeds from any of the foregoing or the Obligations have been paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the occurrence and during the continuance of an Event of Default of which a Responsible Officer of the Indenture Trustee has Knowledge, the Indenture Trustee (or Servicer on its behalf) shall have the right from time to time to partially foreclose the Mortgages in any manner and for any amounts secured by the Mortgages then due and payable as determined by the Indenture Trustee (or Servicer on its behalf) in its sole discretion including, without limitation, the following circumstances: (i) in the event the Co-Issuers default beyond any applicable grace period in the payment of one or more scheduled payments of principal and interest, the Indenture Trustee (or Servicer on its behalf) may foreclose the Mortgages to recover such delinquent payments, or (ii) in the event the Indenture Trustee (or Servicer on its behalf) elects to accelerate less than the entire aggregate Class Principal Balances of all Classes of Outstanding Notes, the Indenture Trustee (or Servicer on its behalf) may foreclose the Mortgages or any of them to recover so much of the unpaid principal balances of the Notes as the Indenture Trustee (or Servicer on its behalf) may accelerate and such other sums secured by the Mortgages as the Indenture Trustee (or Servicer on its behalf) may elect. Notwithstanding one or more partial foreclosures, the Data Centers shall remain subject to the Mortgages to secure payment of sums secured by the Mortgages and not previously recovered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any amounts recovered from the Data Centers, the Assets, the Tenant Leases or any other Collateral and the proceeds from any of the foregoing for the Notes and other Obligations after an Event of Default shall be applied by the Indenture Trustee toward the payment of any interest and/or principal of the Notes and/or any other amounts due under the Transaction Documents in accordance with the priorities set forth in Article V of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding any provision to the contrary contained in this Indenture, the Indenture Trustee (or Servicer on its behalf) shall not be required to obtain title to the Collateral as a result of or in lieu of foreclosure or otherwise, and shall not otherwise be required to acquire possession of the Collateral subject to foreclosure if, as a result thereof, the Indenture Trustee (or Servicer on its behalf) (i) would be in material violation of any applicable Environmental Laws, or (ii) has a reasonable basis to believe that the Indenture Trustee (or the Servicer on its behalf) or any Noteholder would be considered to be a "mortgagee-in-possession" of, or an "owner" or "operator" of, such real property within the meaning of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended from time to time, or any comparable law, and be subject to material liability under such laws, unless the Indenture Trustee (or Servicer on its behalf) (i) has previously obtained reasonably satisfactory Phase I and, if reasonably recommended by the current Phase I, Phase II environmental assessment reports, subject to any necessary consents (collectively, an "<u>Environmental Assessment</u>") prepared by an independent third-party professional who regularly conducts Environmental Assessments, together with written documentation of the status of remediation efforts, if any, being undertaken with respect to the adverse environmental conditions, if any, existing at or under such Collateral subject to foreclosure and (ii) such foreclosure or otherwise does not expose the Indenture Trustee (or the Servicer on its behalf) to any material loss, liability, claim, cost or expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The rights and remedies set forth in this Section 10.02 are in addition to, and not in limitation of, any other right or remedy provided for in this Indenture or any other Transaction Document including, without limitation, the rights and remedies provided for in Section 10.08.

Section 10.03 <u>Performance by the Indenture Trustee</u>. Upon the occurrence and during the continuance of an Event of Default, if any of the Asset Entities, the Co-Issuers, the Guarantors or the Managers shall fail to perform, or cause to be performed, any material covenant, duty or agreement contained in any of the Transaction Documents (subject to applicable notice and cure periods), the Indenture Trustee may, but shall have no obligation to, perform or attempt to perform such covenant, duty or agreement on behalf of such Asset Entity, the U.S. Co-Issuer, the Canadian Co-Issuer, such Guarantor or such Manager including making protective advances on behalf of any Asset Entities, or, causing the obligations of the Obligors to be satisfied with the proceeds of any Reserve. In such event, the Obligors shall, at the request of the Indenture Trustee, promptly pay to the Indenture Trustee, or reimburse, as applicable, any of the Reserves, any actual amount reasonably expended or disbursed by the Indenture Trustee in such performance or attempted performance, together with interest thereon (including reimbursement of any applicable Reserves), from the date of such expenditure or disbursement, until paid. Any amounts advanced or expended by the Indenture Trustee to perform or attempt to perform any such matter shall be added to and included within the Obligations and shall be secured by all of the Collateral securing the Notes. Notwithstanding the foregoing, it is expressly agreed that neither the Indenture Trustee nor the Servicer shall have any liability or responsibility for the performance of any obligation of the Asset Entities, the Other Entities, the Co-Issuers, the Guarantors or the Managers under this Indenture or any other Transaction Document, and it is further expressly agreed that no such performance by the Indenture Trustee shall cure any Event of Default hereunder.

Section 10.04 <u>Evidence of Compliance</u>. Promptly following written request by the Indenture Trustee (or Servicer on its behalf), the Co-Issuers shall, and/or shall cause each Asset Entity, Other Entity, Guarantor or Manager to, provide such documents and instruments as shall be reasonably satisfactory to the Indenture Trustee (or Servicer on its behalf) to evidence compliance with any material provision of the Transaction Documents applicable to such entities.

Section 10.05 <u>Controlling Class Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Noteholders (or, in the case of Book-Entry Notes, the Note Owners) of the Controlling Class whose Outstanding Notes represent more than 50.0% of the related Class Principal Balance shall be entitled, to select a representative (the "<u>Controlling Class Representative</u>") having the rights and powers specified in the Servicing Agreement and this Indenture (including those specified in Section 10.06) or to replace an existing Controlling Class Representative. Upon (i) the receipt by the Indenture Trustee of written requests for the selection of a Controlling Class Representative from the Noteholders (or, in the case of Book-Entry Notes, the Note Owners) of Outstanding Notes representing more than 50.0% of the Class Principal Balance of the Controlling Class, (ii) the resignation or removal of the Person acting as Controlling Class Representative or (iii) Knowledge by the Indenture Trustee that the Controlling Class has changed, the Indenture Trustee shall promptly notify the Co-Issuers, the Servicer and the Noteholders of the Controlling Class that they may select a Controlling Class Representative. Such notice shall set forth the requirements set forth in this Indenture for selecting a Controlling Class Representative. No appointment of any Person as a Controlling Class Representative shall be effective until such Person provides the Indenture Trustee with written confirmation of its acceptance of such appointment, that it will keep confidential all information received by it as Controlling Class Representative hereunder or otherwise with respect to the Notes, the Assets and/or the Servicing Agreement, an address and facsimile number for the delivery of notices and other correspondence and a list of officers or employees of such Person with whom the parties to the Servicing Agreement may deal (including their names, titles, work addresses and email addresses). No Affiliate of the Co-Issuers may act as Controlling Class Representative. In the event that the Class A Notes are the Controlling Class, the Controlling Class will be comprised of all Class A Notes, collectively, based on the outstanding principal amounts of such Class A Notes (assuming the full amount of the Class A-1 Commitment Amount that is permitted to be drawn on such date is fully drawn).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within 10 Business Days (or as soon thereafter as practicable if the Controlling Class consists of Book-Entry Notes) of any change in the identity of the Controlling Class Representative of which a Responsible Officer of the Indenture Trustee has Knowledge, the Indenture Trustee shall deliver to the Noteholders of the Controlling Class and the Servicer a notice setting forth the identity of the new Controlling Class Representative and a list of each Noteholder of the Controlling Class, including, in each case, names and addresses. With respect to such information, the Indenture Trustee shall be entitled to rely conclusively on information provided to it by the Noteholders (or, in the case of Book-Entry Notes, by the Depositary, the Depositary Participants or, subject to Section 2.06, the Note Owners) of such Notes, and the Servicer shall be entitled to rely on the information provided in the notice by the Indenture Trustee regarding the identity of the Controlling Class Representative with respect to any obligation or right hereunder that the Servicer may have to deliver information or otherwise communicate with the Controlling Class Representative or any of the Noteholders (or, if applicable, Note Owners) of the Controlling Class. In addition to the foregoing, within two Business Days of the selection, resignation or removal of a Controlling Class Representative, the Indenture Trustee shall notify the parties to this Indenture of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Controlling Class Representative may at any time resign as such by giving written notice to the Indenture Trustee and to each Noteholder (or, in the case of Book-Entry Notes, each Note Owner) of the Controlling Class. The Noteholders (or, in the case of Book-Entry Notes, the Note Owners) of the Controlling Class whose Outstanding Notes represent more than 50.0% of the Class Principal Balance of the Controlling Class shall be entitled to remove any existing Controlling Class Representative by giving written notice to the Indenture Trustee and to such existing Controlling Class Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Once a Controlling Class Representative has been selected pursuant to this Section 10.05, each of the parties to the Servicing Agreement and each Noteholder (or Note Owner, if applicable) shall be entitled to rely on such selection unless a majority of the Noteholders (or, in the case of Book-Entry Notes, the Note Owners) of the Controlling Class, by Class Principal Balance, or such Controlling Class Representative, as applicable, shall have notified the Indenture Trustee and each other party to the Servicing Agreement and each Noteholder (or, in the case of Book-Entry Notes, Note Owner) of the Controlling Class, in writing, of the resignation or removal of such Controlling Class Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any and all expenses of the Controlling Class Representative shall be borne by the Noteholders (or, if applicable, the Note Owners) of Notes of the Controlling Class, pro rata according to their respective Percentage Interests in such Class. Notwithstanding the foregoing, if a claim is made against the Controlling Class Representative by a Guarantor or Obligor with respect to the Servicing Agreement or the Notes, the Controlling Class Representative shall immediately notify the Indenture Trustee and the Servicer, whereupon (if the Servicer or the Indenture Trustee are also named parties to the same action and, in the sole judgment of the Servicer, (i) the Controlling Class Representative had acted in good faith, without gross negligence or willful misconduct, with regard to the particular matter at issue, and there is no potential for the Servicer or the Indenture Trustee to be an adverse party in such action as regards the Controlling Class Representative) the Servicer on behalf of the Indenture Trustee for the benefit of the Noteholders shall, subject to the Servicing Agreement, assume the defense of any such claim against the Controlling Class Representative (with any costs incurred in connection therewith being deemed to be reimbursable Additional Issuer Expenses).

Section 10.06 <u>Certain Rights and Powers of the Controlling Class Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time that the Servicer proposes to transfer the ownership of a Data Center or the ownership of the direct or indirect equity interests of any of the Asset Entities, the Controlling Class Representative shall be entitled to advise the Servicer with respect to such transfer, and notwithstanding anything in any other Section of this Indenture to the contrary, but in all cases subject to Section 10.06(b), the Servicer shall not be permitted to take such action if the Controlling Class Representative has objected in writing within 10 Business Days of having been notified thereof and having been provided with information with respect thereto reasonably requested no later than the fifth Business Day after notice thereof (*provided*, that if such written objection has not been received by the Servicer within such 10 Business Day period, then the Controlling Class Representative's approval will be deemed to have been given).

If the Controlling Class Representative affirmatively approves or is deemed to have approved in writing such a request, the Servicer will implement the action for which approval was sought. If the Controlling Class Representative disapproves of such a request within the 10 Business Day period referred to in the preceding paragraph, the Servicer must (unless it withdraws the request) revise the request and deliver to the Controlling Class Representative a revised request promptly and in any event within 30 days after such disapproval. The Servicer will be required to implement the action for which approval was most recently requested (unless such request was withdrawn by the Servicer) upon the earlier of (x) the failure of the Controlling Class Representative to disapprove a request within 10 Business Days after its receipt thereof and (y) (1) the passage of 60 days following the Servicer's delivery of its initial request to the Controlling Class Representative and (2) the determination by the Servicer in its reasonable good faith judgment that the failure to implement the most recently requested action would violate the Servicer's obligation to act in accordance with the Servicing Standard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything herein to the contrary, (i) the Servicer shall not have any right or obligation to consult with or to seek and/or obtain consent or approval from any Controlling Class Representative prior to acting, and provisions of the Servicing Agreement requiring such shall be of no effect, during the period prior to the initial selection of a Controlling Class Representative and, if any Controlling Class Representative resigns or is removed, during the period following such resignation or removal until a replacement is selected and (ii) no advice, direction or objection from or by the Controlling Class Representative, as contemplated by Section 10.06(a), may (A) require or cause the Servicer to violate applicable law, the terms of the Notes or any provision of the Servicing Agreement, including the Servicer's obligation to act in accordance with the Servicing Standard, (B) expose the Servicer or the Indenture Trustee, or any of their respective Affiliates, officers, directors, members, managers, employees, agents or partners, or the Indenture Trustee, to any claim, suit or liability, or (C) materially expand the scope of the Servicer's responsibilities under the Servicing Agreement. In addition, the Controlling Class Representative may not prevent the Servicer from transferring the ownership of a Data Center or the ownership of any of the direct or indirect equity or partnership interests of the Co-Issuers or any of the Asset Entities (including by way of foreclosure on the equity or partnership interests of the Co-Issuers or the direct or indirect equity interests of Asset Entities) if any Advance is outstanding and the Servicer determines in accordance with the Servicing Standard that such foreclosure would be in the best interest of the Noteholders (taken as a whole).

The Controlling Class Representative shall not be liable to the Noteholders for any action taken, or for refraining from the taking of any action, in good faith pursuant to the Servicing Agreement, or for errors in judgment; *provided, however*, that the Controlling Class Representative shall not be protected against any liability which would otherwise be imposed by reason of willful misconduct, gross negligence or reckless disregard of obligations or duties under the Servicing Agreement. Each Noteholder and Note Owner acknowledges and agrees, by its acceptance of its Notes or interest therein, that the Controlling Class Representative may have special relationships and interests that conflict with those of Noteholders and Note Owners of one or more Classes of Notes, that the Controlling Class Representative may act solely in the interests of the Noteholders and Note Owners of the Controlling Class, that the Controlling Class Representative does not have any duties to the Noteholders and Note Owners of any Class of Notes other than the Controlling Class, that the Controlling Class Representative may take actions that favor the interests of the Noteholders and Note Owners of the Controlling Class over the interests of the Noteholders and Note Owners of one or more other Classes of Notes, that the Controlling Class Representative will not be deemed to have been grossly negligent or reckless, or to have acted in bad faith or engaged in willful misconduct by reason of its having acted solely in the interests of the Controlling Class and that the Controlling Class Representative shall have no liability whatsoever for having so acted, and no Noteholder may take any action whatsoever against the Controlling Class Representative for having so acted or against any director, officer, employee, agent or principal thereof for having so acted.

Section 10.07 <u>Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of Section 10.02, upon the acceleration of the maturity of the Notes pursuant to Section 10.02, the Co-Issuers shall pay to the Indenture Trustee, for the benefit of the Holders of the Notes, the aggregate Class Principal Balances of all Classes of Outstanding Notes and accrued and unpaid interest thereon, with interest upon the overdue principal and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest at the rate borne by the relevant Notes and in addition thereto all other Obligations, including, but not limited to, such further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel and other amounts due and owing to the Indenture Trustee pursuant to Section 11.06.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the provisions of Section 10.02 and Section 15.18, in case the Co-Issuers shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee (or Servicer on its behalf), in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Co-Issuers or the other Obligors and collect in the manner provided by law out of the property of the Co-Issuers or the other Obligors wherever situated, the monies adjudged or decreed to be payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the provisions of Section 15.18, if an Event of Default occurs and is continuing, the Indenture Trustee (or Servicer on its behalf) may, as more particularly provided in Section 10.08, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee (or Servicer on its behalf) shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or any Series Supplement or in aid of the exercise of any power granted in this Indenture or any Series Supplement, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee (or Servicer on its behalf) by this Indenture or any Series Supplement or by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to file and prove a claim or claims for the whole amount of the principal and interest owing and unpaid in respect of Notes, and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for compensation, expenses, disbursements and advances of the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and all other amounts due and owing to the Indenture Trustee pursuant to Section 11.06 and all other amounts due and owing to the Servicer under the Servicing Agreement) and of the Noteholders allowed in such Proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) unless prohibited by applicable law and regulations, to vote on behalf and, at the direction of the Noteholders, in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to collect and receive any monies or other property payable or deliverable on any such claims and to pay all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Noteholders allowed in any judicial proceedings relative to the U.S. Co-Issuer, the Canadian Co-Issuer or any other Obligor, the creditors of the U.S. Co-Issuer, the Canadian Co-Issuer or any other Obligor and its property;

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other amounts due and owing to the Indenture Trustee pursuant to Section 11.06 and all other amounts due and owing to the Servicer under the Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing contained in this Indenture or in any Series Supplement shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any such Noteholder in any such Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person and be a member of a creditors' or other similar committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subject to the provisions of Section 15.18, all rights of action and of asserting claims under this Indenture or in any Series Supplement, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee may be brought in its own name and as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements, advances, amounts owed to and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the benefit of the Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture or any Series Supplement to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder a party to any such Proceedings.

Section 10.08 <u>Remedies</u>. If an Event of Default shall have occurred and be continuing, the Indenture Trustee (or Servicer on its behalf) may do one or more of the following (subject to Section 10.02, Section 10.09, and Section 15.18):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this Indenture, any Series Supplement or any other Transaction Document with respect thereto, whether by declaration or otherwise, enforce any judgment obtained and collect from the U.S. Co-Issuer, the Canadian Co-Issuer and any other Obligor upon such Notes, this Indenture, any Series Supplement or any other Transaction Document monies adjudged due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture or any Series Supplement with respect to the Trust Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) exercise any and all rights and remedies of a secured party under applicable law of any relevant jurisdiction or in equity and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) sell the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) without notice to the Co-Issuers, except as required by law and as otherwise provided in this Indenture, and at any time or from time to time, charge, set-off and otherwise apply all or any part of the Collateral against the Obligations or any part thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) demand, collect, take possession of, receive, settle, compromise, adjust, sue for, foreclose or realize upon the Collateral (or any portion thereof) as the Indenture Trustee (or Servicer on its behalf) may determine.

Section 10.09 <u>Optional Preservation of the Trust Estate</u>. If the maturity of the Notes has been accelerated under Section 10.02 following an Event of Default, and such acceleration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, with the written consent of Noteholders representing more than 50.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes, elect to maintain possession of the Trust Estate and apply proceeds as if there had been no declaration of acceleration. In determining whether to maintain possession of the Trust Estate, the Indenture Trustee may at the Co-Issuers' expense, but need not, obtain and shall be protected in relying upon an opinion of an Independent investment banking or accounting firm of international reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose.

Section 10.10 <u>Limitation of Suits</u>. Subject to the provisions of Section 15.18, no Noteholder shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture or any Series Supplement or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Noteholders by an Affirmative Direction have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such Holder or Holders has offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in complying with such request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Indenture Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no direction inconsistent with such written request has been given to the Indenture Trustee during such 60 day period by Noteholders representing more than 50.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes.

It is understood and intended that no one or more Noteholders shall have any right in any manner whatsoever by virtue of, or by availing of, any provision of this Indenture or any Series Supplement to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture or any Series Supplement, except in the manner provided in this Indenture.

In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders, each representing less than a majority of the aggregate Class Principal Balances of all Classes of Outstanding Notes, no action shall be taken, notwithstanding any other provisions of this Indenture or any Series Supplement. Notwithstanding any provision of this Section 10.10, the Indenture Trustee shall not take any action or permit any action to be taken that is inconsistent with Section 15.18.

Section 10.11 <u>Unconditional Rights of Noteholders to Receive Principal and Interest</u>. Notwithstanding any other provisions in this Indenture or any Series Supplement, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture or any Series Supplement, and such right shall not be impaired without the consent of such Holder.

Section 10.12 <u>Restoration of Rights and Remedies</u>. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture or any Series Supplement and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted.

Section 10.13 <u>Rights and Remedies Cumulative</u>. Except as provided herein, no right or remedy conferred in this Indenture, in any Series Supplement or in any other Transaction Document upon or reserved to the Indenture Trustee (or Servicer on its behalf) or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder, in any Series Supplement or in any other Transaction Document or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, in any Series Supplement, or in any other Transaction Document or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

Section 10.14 <u>Delay or Omission Not a Waiver</u>. No delay or omission of the Indenture Trustee (or Servicer on its behalf) or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or any acquiescence therein. Every right and remedy given by this Article X or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be.

Section 10.15 <u>Waiver of Past Defaults</u>. Prior to the acceleration of the maturity of the Notes as provided in Section 10.02, Noteholders representing more than 50.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes may waive any past Default or Event of Default and its consequences except (i) a Default (a) in the payment of principal of or interest on any of the Notes or (b) in respect of a covenant or provision hereof that cannot be amended, supplemented or modified without the consent of each Noteholder and (ii) before any such waiver may be effective, the Indenture Trustee and the Servicer must receive any reimbursement then due or payable in respect of unreimbursed Advances (including Advance Interest thereon) or any other amounts then due to the Servicer or the Indenture Trustee hereunder or under the other Transaction Documents (including, but not limited to, unpaid Additional Issuer Expenses, and all unpaid fees, expenses, and indemnification due to the Servicer and the Indenture Trustee hereunder and under the other Transaction Documents). Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture or any Series Supplement; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto.

Section 10.16 <u>Undertaking for Costs</u>. All parties to this Indenture or any Series Supplement agree, and each Holder of any Note by such Holder's acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture or any Series Supplement, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant (other than the Co-Issuers) in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorney's fees, against any party litigant (other than the Co-Issuers) in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant (other than the Co-Issuers); but the provisions of this Section 10.16 as may be modified by any Series Supplement shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, representing more than 10.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes or (c) any suit instituted by any Noteholder for the enforcement of the payment of the unpaid principal balance of any Note or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture or any Series Supplement.

Section 10.17 <u>Waiver of Stay or Extension Laws</u>. Each Obligor covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, or plead or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture, any Series Supplement or any Transaction Document; and each Obligor (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not hinder, delay or impede the execution of any power granted in this Indenture to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

Section 10.18 <u>Action on Notes</u>. The Indenture Trustee's right to seek and recover judgment on the Notes or under this Indenture, any Series Supplement or any Transaction Document shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture, any Series Supplement or any Transaction Document. No rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the U.S. Co-Issuer or the Canadian Co-Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the Assets of the U.S. Co-Issuer or the Canadian Co-Issuer.

Section 10.19 <u>Waiver</u>. Each of the U.S. Co-Issuer and the Canadian Co-Issuer hereby expressly waives, to the fullest extent permitted by law, presentment, demand, protest or any notice of any kind in connection with this Indenture or the Collateral. Each of the U.S. Co-Issuer and the Canadian Co-Issuer acknowledges and agrees that 10 days' prior written notice of the time and place of any public sale of the Collateral or any other intended disposition thereof shall be reasonable and sufficient notice to the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, within the meaning of the UCC.

**ARTICLE XI**

**THE INDENTURE TRUSTEE**

Section 11.01 <u>Shared Facilities</u>. At any time, and from time to time, while any of the Notes remain outstanding, at U.S. Co-Issuer's or Canadian Co-Issuer's direction, the Indenture Trustee shall enter into a non-disturbance agreement or other similar agreement, in form and substance reasonably satisfactory to the Servicer, relating to the shared use of Shared Facilities with third parties or Affiliates of the Co-Issuers that are not Asset Entities, which agreement will provide, among other things, that in the event the Indenture Trustee commences a foreclosure or other action, or otherwise exercises any other remedies against any Obligor, the Indenture Trustee will not disturb, terminate or otherwise interfere with the rights of any third parties or Affiliates of the Co-Issuers that are not Asset Entities to use or access the Shared Facilities.

Section 11.02 <u>Duties of Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee, prior to the occurrence of an Event of Default of which a Responsible Officer of the Indenture Trustee has Knowledge and after the curing or waiving of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and shall be liable in accordance herewith only to the extent of such duties. If an Event of Default of which a Responsible Officer of the Indenture Trustee has Knowledge occurs and is continuing, the Indenture Trustee (or the Servicer on its behalf) shall exercise such of the rights and powers vested in it by this Indenture, any Series Supplement and any other Transaction Document, and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of its own affairs. Any permissive right of the Indenture Trustee contained in this Indenture, any Series Supplement or any other Transaction Document shall not be construed as a duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Indenture Trustee which are specifically required to be furnished pursuant to any provision of this Indenture, any Series Supplement or any other Transaction Document, the Indenture Trustee shall examine them to determine whether they conform on their face to the requirements of this Indenture, such Series Supplement or such other Transaction Document. If any such instrument is found not to conform on its face to the requirements of this Indenture, such Series Supplement or such other Transaction Document in a material manner, the Indenture Trustee shall request the person providing such instrument to correct such instrument. The Indenture Trustee shall not be responsible or liable for the accuracy or content of any resolution, certificate, statement, opinion, report, document, order or other instrument furnished by the Co-Issuers, the Guarantors, the Asset Entities, the Other Entities, the Managers, the Servicer, any actual or prospective Noteholder or Note Owner or any Rating Agency, and accepted by the Indenture Trustee in good faith, pursuant to this Indenture, any Series Supplement or any other Transaction Document. The Indenture Trustee shall not be responsible for recomputing, recalculating, certifying or verifying any information provided by the Servicer or the Managers pertaining to any Servicing Report, Monthly Report, any other report, distribution statement, Officer's Certificate, instrument or document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No provision of this Indenture shall be construed to relieve the Indenture Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct; *provided, however*, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Prior to the occurrence of an Event of Default of which a Responsible Officer of the Indenture Trustee has Knowledge, and after the curing or waiving of all Events of Default which may have occurred, the duties and obligations of the Indenture Trustee shall be determined solely by the express provisions of this Indenture, the Indenture Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture or any Series Supplement and no implied covenants or obligations shall be read into this Indenture or any Series Supplement against the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the absence of bad faith on the part of the Indenture Trustee, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates, reports, or opinions or other documents furnished to the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Indenture Trustee shall not be liable for any actions taken or error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Indenture Trustee unless it shall be proved that the Indenture Trustee was negligent in ascertaining the pertinent facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Indenture Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by the Indenture Trustee, in good faith in accordance with this Indenture or the direction of Noteholders representing more than 25.0% (or, as to any particular matter, any higher percentage as may be specifically provided for hereunder) of the aggregate Class Principal Balances of all Classes of Outstanding Notes relating to the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred upon the Indenture Trustee, under this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Indenture Trustee shall not be required to act or to take notice or be deemed to have notice or knowledge of, or to give any notice of, a default, event (including any Event of Default or Servicer Termination Event) or information unless either (1) a Responsible Officer shall have Knowledge of such default, event (including any Event of Default or Servicer Termination Event) or information or (2) written notice of such Event of Default or Servicer Termination Event referring to the Notes, this Indenture and any Series Supplement shall have been received by a Responsible Officer in accordance with the provisions of this Indenture and any Series Supplement. In the absence of receipt of such notice or Knowledge, the Indenture Trustee may conclusively assume that there is no default, Event of Default or Servicer Termination Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Subject to the other provisions of this Indenture, and without limiting the generality of this Section 11.02, the Indenture Trustee shall not have any duty, (A) to cause any recording, filing, or depositing of this Indenture or any Series Supplement or any agreement referred to herein or therein or any financing statement or continuation statement evidencing a security interest, or to cause the maintenance of any such recording or filing or depositing or to any rerecording, refiling or redepositing of any thereof, (B) to see to or cause the maintenance of any insurance, (C) to confirm or verify the truth, accuracy or contents of any reports, certificates or other documentation of the Co-Issuers, the Guarantors, the Asset Entities, the Other Entities, the Managers, the Servicer, any Noteholder or Note Owner or any Rating Agency, delivered to the Indenture Trustee pursuant to this Indenture reasonably believed by the Indenture Trustee to be genuine and without manifest error and to have been signed or presented by the proper party or parties (*provided, however*, the Indenture Trustee may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Indenture Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the U.S. Co-Issuer, the Canadian Co-Issuer and any Asset Entity personally or by agent or attorney), and (D) to see to the payment of any assessment or other governmental charge or any lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Collateral other than from funds available in the Collection Accounts (*provided*, that such assessment, charge, lien or encumbrance did not arise out of the Indenture Trustee's willful misconduct or negligence).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) None of the provisions contained in this Indenture or any Series Supplement shall in any event require the Indenture Trustee to perform, or be responsible for the manner of performance of, any of the obligations of the Servicer under the Servicing Agreement except during such time, if any, as the Indenture Trustee shall be successor to, and be vested with the rights, duties, powers and privileges of, the Servicer in accordance with the terms of this Indenture and the Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The rights, protections, immunities and indemnities given to the Indenture Trustee hereunder are extended to and shall be enforceable by the Person acting as Indenture Trustee hereunder in each of its other capacities hereunder and as Indenture Trustee under the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) If the same Person is acting as Indenture Trustee and Note Registrar, then any notices required to be given by such Person in one such capacity shall be deemed to have been timely given to itself in any other such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Indenture Trustee is hereby directed to execute and deliver any Transaction Document to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing with the Co-Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law, this Indenture or any Series Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Every provision in this Indenture and any Series Supplement that in any way relates to the Indenture Trustee is subject to paragraphs (a) through (f) of this Section 11.02.

Section 11.03 <u>Certain Matters Affecting the Indenture Trustee</u>. Except as otherwise provided in Section 11.02:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Indenture Trustee may conclusively rely upon and shall be protected in acting or refraining from acting upon any resolution, Officers' Certificate, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine and without manifest error and to have been signed or presented by the proper party or parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Indenture Trustee may consult with counsel and any advice or opinion of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder in good faith and in accordance therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Indenture Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Indenture or any Series Supplement or to make any investigation of matters arising hereunder or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Noteholders, unless such Noteholders shall have provided to the Indenture Trustee security or indemnity reasonably satisfactory to the Indenture Trustee against the costs, expenses and liabilities which may be incurred therein or thereby; the Indenture Trustee shall not be required to expend or risk its own funds (except to pay allocable overhead, such as costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses and similar internal costs and expenses) or otherwise incur any liability (financial or otherwise) in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Indenture Trustee shall not be liable for any action reasonably taken, suffered or omitted by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture on any Series Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by Noteholders representing more than 25.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes; *provided, however*, the Indenture Trustee may require an indemnity reasonably satisfactory to the Indenture Trustee against such expense or liability as a condition to taking any such action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Indenture Trustee shall not be required to give any bond or surety in respect of the execution of the trusts created hereby or the powers granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Indenture Trustee may execute any of the trusts or powers vested in it by this Indenture or any Series Supplement and may perform any of its duties hereunder, either directly or by or through agents, attorneys, or custodians, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of any such agent, attorney, or custodian appointed by the Indenture Trustee with due care; *provided*, that the use of agents, attorneys, or custodians shall not be deemed to relieve the Indenture Trustee of any of its duties and obligations hereunder (except as expressly set forth herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Indenture Trustee shall not be responsible for any act or omission of the Servicer (unless, in the case of the Indenture Trustee, it is acting as Servicer), the U.S. Co-Issuer, the Canadian Co-Issuer or any other party to the Transaction Documents and may assume compliance by such parties with their obligations under this Indenture or any related agreements, unless a Responsible Officer of the Indenture Trustee shall have received written notice to the contrary at the Corporate Trust Office of the Indenture Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Indenture Trustee shall not have any obligation or duty to monitor, determine or inquire as to compliance with any restriction on transfer imposed under Article II under this Indenture or under applicable law with respect to any transfer of any Note or any interest therein, other than to require delivery of the certification(s) and/or Opinions of Counsel described in said Article applicable with respect to changes in registration or record ownership of Notes in the Note Register and to examine the same to determine substantial compliance with the express requirements of this Indenture; and the Indenture Trustee and the Note Registrar shall have no liability for transfers, including transfers made through the book- entry facilities of the Depositary or between or among Depositary Participants or Note Owners of the Notes, made in violation of applicable restrictions except for its failure to perform its express duties in connection with changes in registration or record ownership in the Note Register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Indenture Trustee shall not be liable for any losses on investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) in order to comply with laws, rules, regulation and executive orders in effect from time to time including those relating to the funding of terrorist activities and money laundering, the Indenture Trustee may be required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Indenture Trustee, and accordingly, each of the parties hereto agrees to provide the Indenture Trustee upon its reasonable request from time to time such identifying information and documentation as may be reasonably available for such party in order to enable the Indenture Trustee to comply with the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) whenever in the administration of the provisions of this Indenture or any Series Supplement the Indenture Trustee shall deem it necessary (in good faith) that a matter be proved or established as a matter of fact prior to taking or suffering any action or refraining from taking any action, the Indenture Trustee may require an Officer's Certificate or an Opinion of Counsel from the party requesting that the Indenture Trustee act or refrain from acting in form and substance acceptable to the Indenture Trustee, the costs of which (including the Indenture Trustee's reasonable attorney's fees and expenses) shall be paid by the party requesting that the Indenture Trustee act or refrain from acting. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer's Certificate or Opinion of Counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) in no event shall the Indenture Trustee be liable for any failure or delay in the performance of its obligations under any Transaction Document because of circumstances beyond the Indenture Trustee's control, including, but not limited to, a failure, termination, or suspension of a clearing house, securities depositary, settlement system or central payment system in any applicable part of the world or acts of God, flood, war (whether declared or undeclared), civil or military disturbances or hostilities, nuclear or natural catastrophes, political unrest, explosion, severe weather or accident, earthquake, terrorism, fire, riot, labor disturbances, strikes or work stoppages for any reason, embargo, government action, including any laws, ordinances, regulations or the like (whether domestic, federal, state, county or municipal or foreign) which delay, restrict or prohibit the providing of the services contemplated by the Transaction Documents, or the unavailability of communications or computer facilities, the failure of equipment or interruption of communications or computer facilities, or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility, or any other causes beyond the Indenture Trustee's control whether or not of the same class or kind as specified above; *provided* that upon the occurrence of any of the foregoing events, the Indenture Trustee shall use commercially reasonable efforts to resume performance of its obligations as soon as practicable under the circumstances, and, other than if Knowledge of such circumstances is otherwise available to the Co-Issuers and the Servicer, the Indenture Trustee shall provide the Co-Issuers and the Servicer notice of any failure or delay by it as a result of any of the foregoing events as soon as practicable under the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) the Indenture Trustee shall not be liable for failing to comply with its obligations under any Transaction Document in so far as the performance of such obligations is dependent upon the timely receipt of instructions and/or other information from any other Person which are not received or not received by the time required or contain errors or are otherwise incomplete or deficient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the Indenture Trustee shall be fully justified in failing or refusing to take any action under any Transaction Document if such action (A) would be contrary to applicable law or any Transaction Document or (B) is not provided for in the Transaction Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) Knowledge of the Indenture Trustee shall not be attributed or imputed to Wilmington's other roles in the transaction and knowledge of the Paying Agent or the Note Registrar shall not be attributed or imputed to each other or to the Indenture Trustee (other than those where the roles are performed by the same group or division within Wilmington or otherwise share the same Responsible Officers), or any Affiliate, line of business, or other division of Wilmington (and vice versa).

Section 11.04 <u>Indenture Trustee's Disclaimer</u>. The Indenture Trustee (i) shall not be responsible for, and makes no representation, as to the validity, legality, enforceability, sufficiency or adequacy of this Indenture, any Series Supplement, any other Transaction Document or the Notes or as to the correctness of any statement contained therein and (ii) shall not be accountable for the U.S. Co-Issuer's or the Canadian Co-Issuer's use of the Notes, the proceeds from the Notes, or responsible for any statement of the U.S. Co-Issuer and the Canadian Co-Issuer in this Indenture, any Series Supplement, any other Transaction Document or in any document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee's certificate of authentication. The recitals contained herein and in the Notes shall be construed as the statements of the Co-Issuers.

Section 11.05 <u>Indenture Trustee May Own Notes</u>. The Indenture Trustee (in its individual or any other capacity) or any of its respective Affiliates may become the owner or pledgee of Notes with (except as otherwise provided in the definition of "<u>Noteholder</u>") the same rights it would have if it were not the Indenture Trustee or one of its Affiliates, as the case may be.

Section 11.06 <u>Fees and Expenses of Indenture Trustee; Indemnification of the Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each Payment Date, the Indenture Trustee shall withdraw funds on deposit in the Collection Accounts and pay to itself pursuant to Section 5.01(a)(ii) the Indenture Trustee Fee due on such Payment Date as compensation for all services rendered by the Indenture Trustee hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indenture Trustee and any of its Affiliates, directors, officers, employees or agents shall be entitled to be indemnified and held harmless out of the funds available therefor pursuant to Section 5.01(a) for and against any fee, loss, liability, claim, costs or expense (including, without limitation, any reasonable attorneys' fees and expenses, including those incurred in connection with any enforcement, claim or action brought by any such person of any indemnification or other obligation of the Co-Issuers or any other Person pursuant to the Transaction Documents) arising out of, or incurred in connection with, this Indenture, the Notes, (unless, in the case of the Indenture Trustee, it incurs any such expense or liability in the capacity of successor servicer, in which case such expense or liability will be reimbursable thereto in the same manner as it would be for any other Servicer in accordance with the Servicing Agreement) or any act or omission of the Indenture Trustee relating to the exercise and performance of any of the rights and duties of the Indenture Trustee hereunder or any other Transaction Document; *provided, however*, that none of the Indenture Trustee or any of the other above specified Persons shall be entitled to indemnification or reimbursement pursuant to this Section 11.06(b) for (1) any expense that constitutes allocable overhead, such as costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses and similar internal costs and expenses or (2) any loss, liability, damage, claim or expense by reason of any breach on the part of the Indenture Trustee of any of its representations or warranties contained herein or any willful misconduct or negligence in the performance of such Person's obligations and duties hereunder. Without limiting the foregoing, the Co-Issuers agree to indemnify and hold harmless the Indenture Trustee and its Affiliates from and against any liability (including for taxes, penalties or interest asserted by any taxing jurisdiction) arising from amounts on deposit in the Collection Accounts or any income in respect thereof. The Indenture Trustee shall notify the Co-Issuers promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Co-Issuers shall not relieve the Co-Issuers of their obligations hereunder. To the extent the Indenture Trustee (or the Servicer on its behalf) renders services or incurs expenses after an Event of Default specified in Section 10.01(g) or Section 10.01(h), the compensation for services and expenses incurred by it are intended to constitute expenses of administration under any applicable federal, provincial, territorial, state or foreign bankruptcy, insolvency or other similar law now or hereafter in effect. The Indenture Trustee (for itself and on behalf of the Servicer) shall have a lien on the Collateral, as governed by this Indenture, to secure the obligations of the Co-Issuers under this Section 11.06.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything in this Indenture to the contrary, in no event shall the Indenture Trustee be liable for special, indirect, punitive or consequential damages of any kind whatsoever (including but not limited to lost profits), even if the Indenture Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Section 11.06 shall survive the termination or assignment of this Indenture or the resignation or removal of the Indenture Trustee as regards rights and obligations prior to such termination, resignation or removal.

Section 11.07 <u>Eligibility Requirements for Indenture Trustee</u>. The Indenture Trustee hereunder shall not be an Affiliate of the Servicer or any Asset Entity (unless the Indenture Trustee is a successor servicer) and shall at all times be a corporation, bank, trust company or association that: (i) is organized and doing business under the laws of the United States of America or any state thereof or the District of Columbia and authorized under such laws to exercise corporate trust powers; (ii) has a combined capital and surplus of at least $100,000,000; and (iii) is subject to supervision or examination by federal or state authority. If such corporation, bank, trust company or association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation, bank, trust company or association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In addition: (i) the Indenture Trustee shall at all times meet the requirements of Section 26(a)(1) of the Investment Company Act; and (ii) the Indenture Trustee may not have any affiliations or act in any other capacity with respect to the transactions contemplated hereby that would cause PTE 90-24 or PTE 93-31 (in each case as amended by PTE 2000-58 and PTE 2002-41) to be unavailable with respect to any Class of Notes that it would otherwise be available in respect of. Furthermore, the Indenture Trustee shall at all times maintain (or shall have caused to have been appointed a fiscal agent that at all times maintains) a long-term unsecured debt rating of no less than a rating commonly regarded as "investment grade" from Moody's and a short-term unsecured debt rating of no less than a rating commonly regarded as "investment grade" from Moody's, and a long-term unsecured debt rating of no less than a rating commonly regarded as "investment grade" by Fitch Ratings Inc. (or such lower rating with respect to which the Indenture Trustee shall have received Rating Agency Confirmation). The corporation, bank, trust company or association serving as Indenture Trustee may have normal banking and trust relationships with the Asset Entities, the Servicer and their respective Affiliates but, except to the extent permitted or required by the Servicing Agreement, shall not be an "Affiliate" (as such term is defined in Section III of PTE 2000-58) of the Servicer, any sub-servicer, any Initial Purchaser, any Placement Agent, the U.S. Co-Issuer, the Canadian Co-Issuer and the Asset Entities or any "Affiliate" (as such term is defined in Section III of PTE 2000-58) of any such Persons.

Section 11.08 <u>Resignation and Removal of Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee may at any time resign and be discharged from its obligations and duties created hereunder with respect to one or more or all Series of Notes by giving not less than 60 days' prior written notice thereof to the other parties to this Indenture, the Servicer and all of the Noteholders. Upon receiving such notice of resignation, the Co-Issuers shall use their best efforts to promptly appoint a successor indenture trustee meeting the eligibility requirements of Section 11.07 by written instrument, in duplicate, which instrument shall be delivered to the resigning Indenture Trustee and to the successor indenture trustee. A copy of such instrument shall be delivered to the other parties to this Indenture and the Servicer by the Co-Issuers. If no successor indenture trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Indenture Trustee may petition any court of competent jurisdiction for the appointment of a successor indenture trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time the Indenture Trustee shall cease to be eligible in accordance with the provisions of Section 11.07 and shall fail to resign after written request therefor by the Co-Issuers, the Managers or the Servicer, or if at any time the Indenture Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Indenture Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Indenture Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or if the Indenture Trustee's continuing to act in such capacity would (as confirmed in writing to the Co-Issuers by any Rating Agency) result in the qualification, downgrade or withdrawal of the rating then assigned to any Class of Notes rated by such Rating Agency (or the placing of such Class of Notes on negative credit watch or ratings outlook negative status in contemplation of any such action with respect thereto), then the Co-Issuers or Noteholders representing more than 50.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes may remove the Indenture Trustee and appoint a successor indenture trustee by written instrument, in duplicate, which instrument shall be delivered to the Indenture Trustee so removed and to the successor indenture trustee. A copy of such instrument shall be delivered to the other parties to this Indenture and the Servicer by the Co-Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Noteholders representing more than 50.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes may at any time (with or without cause) remove the Indenture Trustee and appoint a successor indenture trustee by written instrument or instruments, in triplicate, signed by such holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to each of the Co-Issuers, one complete set to the Indenture Trustee so removed, and one complete set to the successor indenture trustee so appointed. All expenses incurred by the Indenture Trustee in connection with its transfer of all documents relating to the Notes to a successor indenture trustee following the removal of the Indenture Trustee without cause pursuant to this Section 11.08(c) shall be reimbursed to the removed Indenture Trustee within 30 days of demand therefor, such reimbursement to be made by the Noteholders that terminated the Indenture Trustee; *provided, however*, that if such Noteholders do not reimburse the Indenture Trustee within such 30 day period, such expenses shall be reimbursed as Additional Issuer Expenses. A copy of such instrument shall be delivered to the other parties to this Indenture and the Servicer by the successor indenture trustee so appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any resignation or removal of the Indenture Trustee and appointment of a successor indenture trustee pursuant to any of the provisions of this Section 11.08 shall not become effective until acceptance of appointment by the successor indenture trustee as provided in Section 11.09.

Section 11.09 <u>Successor Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any successor indenture trustee appointed as provided in Section 11.08 shall execute, acknowledge and deliver to the Co-Issuers, the Servicer and its predecessor indenture trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor indenture trustee shall become effective and such successor indenture trustee, without any further act, deed or conveyance, shall become fully vested with all of the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named as indenture trustee herein. The predecessor indenture trustee shall deliver to the successor indenture trustee all documents relating to the Notes held by it hereunder, and the Co-Issuers, the Servicer and the predecessor indenture trustee shall execute and deliver such instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor indenture trustee all such rights, powers, duties and obligations, and to enable the successor indenture trustee to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No successor indenture trustee shall accept appointment as provided in this Section 11.09 unless at the time of such acceptance such successor indenture trustee shall be eligible under the provisions of Section 11.07.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon acceptance of appointment by a successor indenture trustee as provided in this Section 11.09, such successor indenture trustee shall mail notice of the succession of such indenture trustee hereunder to the Co-Issuers, the Servicer and the Noteholders.

Section 11.10 <u>Merger or Consolidation of Indenture Trustee</u>. Any entity into which the Indenture Trustee may be merged or converted or with which it may be consolidated or any entity resulting from any merger, conversion or consolidation to which the Indenture Trustee shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of the Indenture Trustee shall be the successor of the Indenture Trustee hereunder, *provided*, such entity shall be eligible under the provisions of Section 11.07, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

Section 11.11 <u>Appointment of Co-Indenture Trustee or Separate Indenture Trustee.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provisions hereof, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any of the Notes or property securing the same may at the time be located, for enforcement actions and where a conflict of interest exists, the Indenture Trustee shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Indenture Trustee to act as co-indenture trustee or co-indenture trustees, jointly with the Indenture Trustee, or separate indenture trustee or separate indenture trustees, of the Notes, and to vest in such Person or Persons, in such capacity, such title to the Notes, or any part thereof, and, subject to the other provisions of this Section 11.11, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-indenture trustee or separate indenture trustee hereunder shall be deemed an agent of the Indenture Trustee or be required to meet the terms of eligibility as a successor indenture trustee under Section 11.07, and no notice to holders of Notes of the appointment of co-indenture trustee(s) or separate indenture trustee(s) shall be required under Section 11.09.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of any appointment of a co-indenture trustee or separate indenture trustee pursuant to this Section 11.11, all rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate indenture trustee or co-indenture trustee jointly, except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed (whether as Indenture Trustee hereunder or when acting as successor servicer under the Servicing Agreement), the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations shall be exercised and performed by such separate indenture trustee or co-indenture trustee solely at the direction of the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate indenture trustees and co-indenture trustees, as effectively as if given to each of them. Every instrument appointing any separate indenture trustee or co-indenture trustee shall refer to this Indenture and the conditions of this Article XI. Each separate indenture trustee and co-indenture trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all of the provisions of this Indenture and any Series Supplement, specifically including every provision of this Indenture and any Series Supplement relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any separate trustee or co-trustee may, at any time, constitute the Indenture Trustee, its agent or attorney-in-fact, with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture or any Series Supplement on its behalf and in its name. The Indenture Trustee shall not be responsible or liable for any act, inaction or the appointment of any such trustee or co-trustee. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The appointment of a co-trustee or separate trustee under this Section 11.11 shall not relieve the Indenture Trustee of its duties and responsibilities hereunder.

Section 11.12 <u>Access to Certain Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee shall afford to the Co-Issuers, the Servicer, each Rating Agency and any banking or insurance regulatory authority that may exercise authority over any Noteholder or Note Owner, access on a password protected website (currently wilmingtontrustconnect.com) to any documentation reasonably requested regarding the Notes that are in its possession. Such access shall be afforded without charge but only upon reasonable prior written request and during normal business hours at the Corporate Trust Office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indenture Trustee shall maintain at the Corporate Trust Office and, upon reasonable prior written request and during normal business hours, shall make available, or cause to be made available, for review by the Co-Issuers, the Rating Agencies and, subject to the satisfaction of the conditions set forth in Section 11.12(c), any Holder of a Note of any Series, any Note Owner of a Note of any Series or any Person identified to the Indenture Trustee as a prospective Transferee of a Note of any Series or an interest therein (a "<u>Requesting Party</u>"), originals and/or copies of the following items (to the extent that such items were prepared by or delivered to the Indenture Trustee):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Offering Memorandum, if applicable, relating to such Series of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this Indenture, and the Series Supplement relating to such Series of Notes and any amendments and exhibits hereto or thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Cash Management Agreement and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Servicing Agreement and any amendments and exhibits thereto; thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Management Agreements and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the U.S. Guarantee and Security Agreement and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Canadian Guarantee and Security Agreement and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Assignment/Contribution Agreements and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) all Monthly Reports and Indenture Trustee Reports actually delivered or otherwise made available to Noteholders pursuant to Section 11.12(e) since the Closing Date with respect to such Series of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the most recent audited or unaudited consolidated Financial Statements of the Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (xi) the most recent appraisals with respect to the Data Centers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any other information in the possession of the Indenture Trustee that may be necessary to satisfy the requirements of subsection (d)(4)(i) of Rule 144A under the Securities Act (as determined by the Issuer or Co-Issuer);

*provided* that, with respect to clause (x) hereof, upon mutual agreement of the Obligors, the Series 2020-1 Class A-1 Administrative Agent and the Controlling Class Representative, such items may be delivered by a third-party service provider other than the Indenture Trustee.

The Indenture Trustee shall make available on a password protected website (currently wilmingtontrustconnect.com) copies of any and all of the foregoing items to any of the Persons set forth in the previous sentence promptly following request therefor by such Person; *provided, however,* that except in the case of the Rating Agencies, the Indenture Trustee shall be permitted to require payment of a sum sufficient to cover the reasonable costs and expenses of providing such copies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon reasonable advance notice and at the expense of the Co-Issuers, the Indenture Trustee shall make available on a password protected website (currently wilmingtontrustconnect.com) to such Requesting Party copies of (i) all items delivered to it pursuant to Section 7.02 and (ii) the documents and information described in clauses (i) through (x) of Section 11.12(b); *provided*, that the Requesting Party furnish to the Indenture Trustee a written certification substantially in the form attached hereto as Exhibit D-1, in the case of a Requesting Party that is a Holder of a Note or a Note Owner, or Exhibit D-2, in the case of a Requesting Party that is a prospective Transferee of a Note or an interest therein, to the effect that (x) in the case of a Noteholder, such Person or entity will keep such information confidential (except that any Noteholder may provide any such information obtained by it to any other person or entity that holds or is contemplating the purchase of any Note or interest therein; *provided* that such other person or entity confirms to such Noteholder in writing such Ownership Interest or prospective Ownership Interest and agrees to keep such information confidential); (y) in the case of a Note Owner, such person or entity is a beneficial owner of Notes held in book-entry form and will keep such information confidential (except that such Note Owner may provide such information to any other Person or entity that holds or is contemplating the purchase of any Note or interest therein; *provided* that such other person or entity confirms to such Note Owner in writing such Ownership Interest or prospective Ownership Interest and agrees to keep such information confidential) and (z) in the case of a Person identified to the Indenture Trustee as a prospective Transferee of a Note or an interest therein, such person or entity is a bona fide prospective purchaser of a Note or an interest therein, is requesting the information for use in evaluating a possible investment in Notes and will otherwise keep such information confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Based on information provided in the Servicing Report, which will be based on information provided in the Monthly Report, which Monthly Report is delivered to the Indenture Trustee not later than five Business Days prior to each Scheduled Application Date (or, if applicable, on information provided in the Omitted Payable Sums Certification), and any currency conversion direction letter from the Managers (each, a "<u>Currency Conversion Direction Letter</u>"), substantially in the form attached as Exhibit F, which Currency Conversion Direction Letter is delivered to the Indenture Trustee at least five Business Days prior to any Application Date, the Indenture Trustee shall compile a report specifying the payments made in respect of the Notes on each Payment Date, a restatement of the calculation of the DSCR as of the last day of the preceding calendar month and the three-month average DSCR as of the last day of the preceding calendar month and such comments as may be required pursuant to Section 2.09(e) of the Servicing Agreement (the "<u>Indenture Trustee Report</u>"), substantially in the form attached as Exhibit E, which Indenture Trustee Report shall include, among other things, a copy of the related Monthly Report from the Managers and any Currency Conversion Direction Letter from the Managers on which such Indenture Trustee Report is compiled (in each case to the extent such information is provided to the Indenture Trustee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Indenture Trustee shall make available to the Noteholders the following reports received by the Indenture Trustee pursuant to this Indenture on a password protected website (currently wilmingtontrustconnect.com):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on or before the first Payment Date after the Initial Closing Date, the information required by Section 4(c)(1)(ii) of the U.S. Risk Retention Rules (as delivered to the Indenture Trustee by the Co-Issuers for which the Indenture Trustee has no liability or oversight obligations as to the accuracy or completeness of such information or its sufficiency for any purpose).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on or before each Payment Date, a copy of the Monthly Report and the Indenture Trustee Report for such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as promptly as practicable after receipt, a copy of the Financial Statements for each fiscal year of the Co-Issuers delivered to the Indenture Trustee pursuant to Section 7.02(a)(i); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) as promptly as practicable after receipt, a copy of the Financial Statements for each fiscal quarter of the Co-Issuers delivered to the Indenture Trustee pursuant to Section 7.02(a)(ii);

*provided* that, with respect to clauses (iii) and (iv) hereof, upon mutual agreement of the Obligors, the Series 2020-1 Class A-1 Administrative Agent and the Controlling Class Representative, such items may be delivered by a third-party service provider other than the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Indenture Trustee shall not be liable for providing or disseminating information in accordance with the terms of this Indenture.

Section 11.13 <u>Quebec Hypothecary Representative</u>. For the purposes of the hypothecs which may now or in the future be required to be provided by any Obligor under the laws of the Province of Quebec, each of the Noteholders hereby irrevocably authorises appoints and designates each Indenture Trustee (and successor thereto) to act as the hypothecary representative ("fondé de pouvoir") within the meaning of Article 2692 of the Civil Code of Quebec for all present and future Noteholders and other creditors of the Obligations (in such capacity the "Hypothecary Representative") in order to hold any hypothec granted under the laws of the Province of Quebec as security for the Obligations and to exercise such rights and duties as are conferred upon the Hypothecary Representative under the relevant deed of hypothec and applicable laws (with the power to delegate any such rights or duties). The execution prior to the date hereof by the Indenture Trustee in its capacity as the Hypothecary Representative of any deed of hypothec or other security documents made pursuant to the laws of the Province of Quebec is hereby ratified and confirmed. Any Person who becomes a Noteholder or other creditor of the Obligations shall be deemed to have consented to and ratified the foregoing appointment of the Indenture Trustee as the Hypothecary Representative on behalf of all Noteholders and other creditors of the Obligations. For greater certainty, the Indenture Trustee acting as the Hypothecary Representative, shall have the same rights, powers, immunities, indemnities and exclusions from liability as are prescribed in favour of the Indenture Trustee in this Indenture, which shall apply mutatis mutandis. In the event of the resignation of the Indenture Trustee (which shall include its resignation as Hypothecary Representative) and appointment of a successor Indenture Trustee, such successor Indenture Trustee shall also act as the Hypothecary Representative on behalf of the Noteholders and other creditors of the Obligations, as contemplated above. Each such successor Indenture Trustee without further act or formality (other than the filing of a notice of replacement in the applicable register in accordance with Article 2692 of the Civil Code of Québec for the purposes of exercising the rights relating to any hypothec) shall automatically become the successor Hypothecary Representative under each then existing deed of hypothec. Notwithstanding anything to the contrary, this provision shall be governed and construed under the internal laws of the Province of Quebec.

**ARTICLE XII**

**NOTEHOLDERS' LISTS, REPORTS AND MEETINGS**

Section 12.01 <u>Co-Issuers to Furnish Indenture Trustee Names and Addresses of Noteholders</u>. The Co-Issuers shall furnish or cause to be furnished, to the Indenture Trustee (a)<u> </u>not more than three Business Days prior to each Payment Date a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Holders of Definitive Notes as of such date and (b) at such other times as the Indenture Trustee may request in writing, within 30 days after receipt by the Co-Issuers of any such request, a list of similar form and content as of a date not more than 10 days prior to the time such list is furnished; *provided, however*, that the Co-Issuers shall not be required to furnish such list so long as the Indenture Trustee is the Note Registrar.

Section 12.02 <u>Preservation of Information; Communications to Noteholders</u>. The Indenture Trustee shall cause the Note Registrar to preserve in as current a form as is reasonably practicable, the names and addresses of Holders of Definitive Notes received by the Note Registrar and the names and addresses of the Holders of Definitive Notes contained in the most recent list furnished to the Indenture Trustee as provided in Section 12.01. The Indenture Trustee may destroy any list furnished to it as provided in such Section 12.01 upon receipt of a new list so furnished.

Section 12.03 <u>Voting by Noteholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 100% of the Voting Rights will be allocated among the respective Classes of Notes according to the ratio of the Class Principal Balance of each Class of Outstanding Notes to the aggregate Class Principal Balances of all Classes of Outstanding Notes. Voting Rights allocated to a Class of Notes will be allocated among the Notes of such Class in proportion to the Percentage Interest in such Class evidenced thereby. Notes held by the U.S. Co-Issuer or the Canadian Co-Issuer or any of their Affiliates shall be deemed not to be Outstanding in determining Voting Rights. In the event that the Class A Notes are the Controlling Class, the Controlling Class will be comprised of all Class A Notes, collectively, based on the outstanding principal amounts of such Class A Notes (assuming the full amount of the Class A-1 Commitment Amount that is permitted to be drawn on such date is fully drawn).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided in this Indenture or any Series Supplement, all resolutions of Noteholders shall be passed by Noteholders representing more than 50.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes. Book-Entry Notes shall be voted by the Depositary on behalf of the Beneficial Owners thereof in accordance with written instructions received in accordance with Applicable Procedures of the Depositary.

Section 12.04 <u>Communication by Noteholders with other Noteholders</u>. Noteholders may communicate pursuant to Section 3.12(b) of the Trust Indenture Act of 1939, as amended, with other Noteholders with respect to their rights under this Indenture, any Series Supplement or the Notes. If any Noteholder makes written request to the Note Registrar, and such request states that such Noteholder desires to communicate with other Noteholders with respect to their rights under this Indenture or under the Notes and such request is accompanied by a copy of the communication that such Noteholder proposes to transmit, then the Note Registrar shall, within 30 days after the receipt of such request, afford the requesting Noteholder access during normal business hours to, or deliver to the requesting Noteholder a copy of, the most recent list of Noteholders held by the Note Registrar (which list shall be current as of a date no earlier than 30 days prior to the Note Registrar's receipt of such request). Every Noteholder, by receiving such access, acknowledges that neither the Note Registrar nor the Indenture Trustee will be held accountable in any way by reason of the disclosure of any information as to the names and addresses of any Noteholder regardless of the source from which such information was derived.

**ARTICLE XIII**

**INDENTURE SUPPLEMENTS**

Section 13.01 <u>Indenture Supplements without Consent of Noteholders</u>. Without the consent of the Noteholders, the Co-Issuers and the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more Indentures Supplements at the expense of the party requesting the supplement or amendment to this Indenture, any Series Supplement or any Notes, in form satisfactory to the Indenture Trustee for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to correct any typographical error or cure any ambiguity, or to cure, correct or supplement any defective or inconsistent provision in this Indenture, any Series Supplement or any Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to conform any provision of this Indenture to the description thereof contained in any Offering Memorandum relating to the Series of Notes issued on the Initial Closing Date or any provision of any Series Supplement relating to a Series of Notes or of any provision of any Notes of any Series to the description thereof contained in any Offering Memorandum relating to the Notes of such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to convey, transfer, assign, mortgage or pledge any property to the Indenture Trustee (on behalf of the Noteholders) as security for the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to modify this Indenture, any Series Supplement or any Notes as required or made necessary by any change in applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to add to the covenants of the Obligors or any other party for the benefit of the Noteholders, or to surrender any right or power conferred upon the Obligors in this Indenture or any Series Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to issue a Series of Notes pursuant to a Series Supplement in accordance with Section 2.13(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vii) to comply with any requirements imposed by the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to prevent the Co-Issuers, the Noteholders or the Indenture Trustee from being subject to taxes (including, without limitation, withholding taxes), fees or assessments, or to reduce or eliminate any such taxes, fees or assessments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to evidence and provide for the acceptance of appointment by a successor indenture trustee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) for any other purpose;

*provided*, that (x) any such amendment of this Indenture, any Series Supplement or any Notes (1) will not adversely affect in any material respect the interests of any Noteholder (as evidenced by a Rating Agency Confirmation) and (2) will not diminish any rights or remedies or increase any liabilities or obligations of the Servicer hereunder, under the Servicing Agreement or under any other Transaction Document without the consent of the Servicer, and (y) in connection with any supplement or amendment for purposes described in clauses (iii), (iv), (v), (vii) or (x) above, the Co-Issuers receive an Opinion of Counsel (which opinion may contain similar assumptions and qualifications as are contained in the Opinion of Counsel with respect to the tax treatment of the Notes delivered on the Initial Closing Date) to the effect that such supplement or amendment will not (1) cause any of the Continuing Notes to be deemed to have been exchanged for a new debt instrument pursuant to Treasury Regulations § 1.1001-3, (2) cause the U.S. Co-Issuer or the Canadian Co-Issuer to be taxable as other than a partnership or disregarded entity for U.S. federal income tax purposes or (3) cause any of the Continuing Notes to be characterized as other than indebtedness for U.S. federal income tax purposes.

In addition, the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may, without the consent of the Noteholders, enter into any amendment of any other Transaction Document with the parties to such Transaction Document or provide its consent to any amendment of any other Transaction Document, in each case in accordance with the terms of such Transaction Document; *provided*, that (x) either (1) such amendment will not adversely affect in any material respect the interests of any Noteholder (as evidenced by a Rating Agency Confirmation) or (2) the Indenture Trustee shall have received the consent of the Noteholders as and to the same extent such consent would be required for an Indenture Supplement pursuant to Section 13.02, and (y) such amendment will not diminish any rights or remedies or increase any liabilities or obligations of the Servicer under the Servicing Agreement or under any other Transaction Document without the consent of the Servicer; *provided* that any consent by the Indenture Trustee required by the provisions of Section 9(j)(ii) of the limited liability company agreement of the U.S. Co-Issuer or of the U.S. Guarantor shall require the prior direction of Noteholders representing more than 50.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes. In executing any amendment to, or providing its consent to any amendment of, any Transaction Document in accordance with this Section 13.01, the Indenture Trustee shall be entitled to receive, and, subject to Section 11.03, shall be fully protected in relying upon, an Officer's Certificate of the Co-Issuers and an Opinion of Counsel stating that the execution of such amendment or the giving of such consent is authorized or permitted by this Indenture.

Section 13.02 <u>Indenture Supplements with Consent of Noteholders</u>. The Co-Issuers and the Indenture Trustee, when authorized by an Issuer Order, with a prior direction of Noteholders representing more than 50.0% of the Voting Rights of each Class of Notes adversely affected thereby and without prior notice to any other Noteholder, also may amend, supplement or modify this Indenture, any Series Supplement or any Notes or waive compliance by the Co-Issuers with any provision of this Indenture, any Series Supplement or the Notes; *provided, however*, that no such amendment, modification, supplement or waiver may, without the consent of the Holder of each Note affected thereby (including any tax consequences) and with respect to clause (viii) below, without the consent of the Servicer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) change the Anticipated Repayment Date for any Series or the Rated Final Payment Date for any Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reduce the amounts required to be paid on the Notes of any Series on any Payment Date, the Anticipated Repayment Date for such Series or the Rated Final Payment Date for such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) change the place of payments on the Notes of any Series on any Payment Date, the Anticipated Repayment Date for such Series or the Rated Final Payment Date for such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) change the coin or currency in which the principal of any Note or interest thereon is payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) impair the right of a Noteholder to institute suit for the enforcement of any payment on or with respect to any Note on or after the maturity thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) reduce the percentage of the unpaid principal balances of any of the Notes, the consent of whose Holders is required for such amendment or eliminate the requirement that affected Noteholders consent to any amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) change any obligation of the Co-Issuers to maintain an office or agency in the places and for the purposes set forth in this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) diminish any rights or remedies or increase any liabilities or obligations of the Servicer hereunder, under the Servicing Agreement or under any other Transaction Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) permit the creation of any lien ranking prior to or on parity with the lien of the Noteholders with respect to the Collateral or, except as otherwise permitted or contemplated in this Indenture or any Series Supplement terminate the lien of the Noteholders on such Collateral or deprive the Noteholders of the security afforded by such.

In determining whether a proposed amendment would adversely affect any Class of Notes, the Indenture Trustee may rely conclusively on and shall be fully protected in relying on a certificate of an Executive Officer of the Co-Issuers.

It shall not be necessary for any Act of the Noteholders under this Section 13.02 to approve the particular form of any proposed Indenture Supplement, but it shall be sufficient if such Act shall approve the substance thereof.

Notwithstanding anything to the contrary in this Section 13.02, a Series Supplement entered into for the purpose of issuing Additional Notes the issuance of which complies with the terms of this Indenture shall not require the consent of any Noteholder.

Promptly after the execution by the Co-Issuers and the Indenture Trustee of any Indenture Supplement pursuant to this Section 13.02, the Indenture Trustee shall mail to the Holders of the Notes and the Servicer a copy of such Indenture Supplement. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such Indenture Supplement.

Section 13.04 <u>Effect of Indenture Supplement</u>. Upon the execution of any Indenture Supplement pursuant to the provisions hereof, this Indenture, any Series Supplement affected by such Indenture Supplement and/or any Notes affected by such Indenture Supplement shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture, such Series Supplement and/or such Notes of the Indenture Trustee, the Servicer, the Co-Issuers and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder and thereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such Indenture Supplement shall be and be deemed to be part of the terms and conditions of this Indenture, such Series Supplement and/or such Notes for any and all purposes.

Section 13.05 <u>Reference in Notes to Indenture Supplements</u>. Notes authenticated and delivered after the execution of any Indenture Supplement pursuant to this Article XIII may bear a notation in form approved by the Indenture Trustee as to any matter provided for in such Indenture Supplement. If the Co-Issuers shall so determine, new Notes so modified as to conform, in the opinion of the U.S. Co-Issuer or the Canadian Co-Issuer, to any such Indenture Supplement may be prepared and executed by the Co-Issuers and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes.

**ARTICLE XIV**

**PLEDGE OF OTHER COMPANY COLLATERAL**

Section 14.01 <u>Grant of Security Interest/UCC and PPSA Collateral</u>. Each Obligor hereby grants to the Indenture Trustee, on behalf of the Noteholders, a security interest in and to all of its fixtures (as defined in the UCC or PPSA, as applicable), personal property and other property whether now owned or hereafter acquired and wherever located, including, but not limited to the following: all (i) equipment (as defined in the UCC) or goods other than inventory (as defined in the PPSA) (as applicable), all parts thereof and all accessions thereto, including but not limited to machinery, computer equipment, switches, furniture, motor vehicles, aircraft and rolling stock, (ii) fixtures, all substitutes and replacements therefor, all accessions and attachments thereto, and all tools, parts and equipment now or hereafter added to or used in connection with the fixtures (including, without limitation, proceeds which constitute property of the types described herein), (iii) accounts (as defined in the UCC or PPSA, as applicable), (iv) inventory (as defined in the UCC or PPSA, as applicable), (v) general intangibles, or intangibles (as defined in the UCC or PPSA, as applicable), (vi) investment property (as defined in the UCC or PPSA, as applicable), (vii) deposit accounts (as defined in the UCC), (viii) instruments and chattel paper (each as defined in the UCC or PPSA, as applicable), (ix) 100% of the ownership interests in each Asset Entity and Other Entity, (x) each written contract or agreement, or series of related written agreements, by any Obligor relating to the ownership, management, use, operation, co-location, leasing, maintenance, repair or improvement of the Data Centers (including all rights to payment thereunder, but excluding any other rights that cannot be assigned without third-party consent under such agreement), (xi) Tenant Leases, with respect to Data Center Space located in the Data Centers, and the proceeds of the foregoing (collectively, the "<u>Other Company Collateral</u>"), as security for payment and performance of all of the Obligations. The Other Company Collateral shall not include any fixtures, equipment or other property owned by any Tenant or any other third-party.

The Co-Issuers, the Asset Entities and the Other Entities hereby authorize the Indenture Trustee (without obligation) to file such financing statements as the Indenture Trustee shall deem reasonably necessary to perfect the Indenture Trustee's, on behalf of the Noteholders, interest in the Other Company Collateral. The Co-Issuers and the Asset Entities authorize the Indenture Trustee to use the collateral description "all personal property" or similar variation in any such financing statements. The Co-Issuers, the Asset Entities and the Other Entities hereby ratify and authorize the filing by the Indenture Trustee of any financing statement with respect to the Other Company Collateral made prior to the date hereof.

If the grant of the security interests with respect to any contract, intellectual property right or permit hereunder would result in the termination or breach of such contract, intellectual property right or permit, or is otherwise prohibited or ineffective (whether by the terms thereof or under applicable law), then such contract, intellectual property right or permit shall not be subject to the security interests but shall be held in trust by the applicable Obligor for the benefit of the Indenture Trustee (for its own benefit and for the benefit of the Noteholders) and, on the exercise by the Indenture Trustee of any of its rights or remedies under this Indenture following an Event of Default shall be assigned by such Obligor as directed by the Indenture Trustee. In addition, the security interests granted hereby do not attach to consumer goods (as defined in the PPSA) or extend to the last day of the term of any lease or agreement for lease of real property. Such last day shall be held by the applicable Obligor in trust for the Indenture Trustee (for its own benefit and for the benefit of the Noteholders) and, on the exercise by the Indenture Trustee of any of its rights or remedies under this Indenture following an Event of Default, shall be assigned by such Obligor as directed by the Indenture Trustee.

Each Obligor confirms that value has been given by the Noteholders to such Obligor, that such Obligor has rights in its Collateral existing at the date of this Indenture, and that such Obligor and the Indenture Trustee have not agreed to postpone the time for attachment of the Security Interests to any of the Collateral of such Obligor.

Upon the occurrence and during the continuance of any Event of Default, the Indenture Trustee shall have all rights and remedies pertaining to the Other Company Collateral as are provided for in any of the Transaction Documents or under any applicable law including the Indenture Trustee's rights of enforcement with respect to the Other Company Collateral or any part thereof, exercising its rights of enforcement with respect to the Other Company Collateral or any part thereof under the PPSAs, UCC (or under the Uniform Commercial Code in force in any other state to the extent the same is applicable law) and in conjunction with, in addition to, or in substitution for, such rights and remedies of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee may enter upon the premises of an Obligor to take possession of, assemble and collect the Other Company Collateral or to render it unusable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indenture Trustee may require an Obligor to assemble the Other Company Collateral and make it available at a place the Indenture Trustee designates which is mutually convenient to allow the Indenture Trustee to take possession or dispose of the Other Company Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent a Responsible Officer of the Indenture Trustee has Knowledge thereof, written notice mailed to the Co-Issuers as provided herein at least 5 days prior to the date of public sale of the Other Company Collateral or prior to the date after which private sale of the Other Company Collateral will be made shall constitute reasonable notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event of a foreclosure sale, the Other Company Collateral and the other Collateral may, at the option of the Indenture Trustee, be sold as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It shall not be necessary that the Indenture Trustee take possession of the Other Company Collateral or any part thereof prior to the time that any sale pursuant to the provisions of this section is conducted and it shall not be necessary that the Other Company Collateral or any part thereof be present at the location of such sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Prior to application of proceeds of disposition of the Other Company Collateral to the Obligations, such proceeds shall be applied to the reasonable expenses of retaking, holding, preparing for sale or lease, selling, leasing and the like and the reasonable attorneys' fees and legal expenses incurred by the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any and all statements of fact or other recitals made in any bill of sale or assignment or other instrument evidencing any foreclosure sale hereunder as to nonpayment of the Obligations or as to the occurrence of any default, or as to the Indenture Trustee having declared all Obligations to be due and payable, or as to notice of time, place and terms of sale and of the properties to be sold having been duly given, or as to any other act or thing having been duly done by the Indenture Trustee, shall be taken as prima facie evidence of the truth of the facts so stated and recited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Indenture Trustee may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by the Indenture Trustee, including the sending of notices and the conduct of the sale, but in the name and on behalf of the Indenture Trustee.

**ARTICLE XV**

**MISCELLANEOUS**

Section 15.01 <u>Compliance Certificates and Opinions, etc</u>. Upon any application or request by the Co-Issuers to the Indenture Trustee or the Servicer to take any action under any provision of this Indenture, any Series Supplement or any other Transaction Document, the Co-Issuers shall furnish to the Indenture Trustee and Servicer (i) an Officer's Certificate of the Co-Issuers stating that all conditions precedent, if any, provided for in this Indenture, such Series Supplement or such Transaction Document relating to the proposed action have been complied with, when reasonably requested by the Indenture Trustee or the Servicer, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, and (iii) if applicable, an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this Section 15.01, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, any Series Supplement or any Transaction Document, no additional certificate or opinion need be furnished.

Every certificate or opinion provided by or on behalf of the Co-Issuers with respect to compliance with a condition or covenant provided for in this Indenture, or any Series Supplement or any other Transaction Document shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions in this Indenture, in such Series Supplement or such other Transaction Document relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with.

Nothing herein shall be deemed to require either the Indenture Trustee or the Servicer to confirm, represent or warrant the accuracy of (or to be liable or responsible for) any other Person's information or report, including any communication from the U.S. Co-Issuer, the Canadian Co-Issuer, any Asset Entity, any Guarantor or any Manager. In connection with the performance of its obligations hereunder and under the other Transaction Documents each of the Indenture Trustee and the Servicer shall be entitled to rely upon any written information or certification (without any obligation to investigate the accuracy or completeness of any information or certification set forth therein) or recommendation provided to it by the Managers, and neither the Indenture Trustee nor the Servicer shall have any liability with respect thereto.

Section 15.02 <u>Form of Documents Delivered to Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any certificate or opinion of an Authorized Officer of the U.S. Co-Issuer or the Canadian Co-Issuer may be based, insofar as it relates to legal matters, upon a certificate or Opinion of Counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which such Officer's Certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the U.S. Co-Issuer or the Canadian Co-Issuer, stating that the information with respect to such factual matters is in the possession of the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, unless such officer or officers of the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, or such counsel, knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where any Person is required to make, give or execute two or more applications, requests, comments, certificates, statements, opinions or other instruments under this Indenture, any Series Supplement or any other Transaction Document, they may, but need not, be consolidated and form one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whenever in this Indenture, any Series Supplement or any other Transaction Document, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Co-Issuers and/or the Asset Entities shall deliver any document as a condition of the granting of such application, or as evidence of the U.S. Co-Issuer's, the Canadian Co-Issuer's and/or the Asset Entities' compliance with any term hereof, in any Series Supplement or any other Transaction Document, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Co-Issuers and/or the Asset Entities to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee's or Servicer's right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article XI.

Section 15.03 <u>Acts of Noteholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture or any Series Supplement to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as otherwise expressly provided in this Indenture or in any Series Supplement such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Co-Issuers. Such instrument or instruments (and the action embodied in this Indenture or in any Series Supplement and evidenced thereby) are sometimes referred to in this Indenture as the "<u>Act</u>" of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture or any Series Supplement and (subject to Article XI) conclusive in favor of the Indenture Trustee and the Co-Issuers, if made in the manner provided in this Section 15.03.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The fact and date of the execution by any Person of any such instrument or writing may be proved in any reasonable manner which the Indenture Trustee deems sufficient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The ownership, principal balance and serial numbers of the Notes, and the date of holding the same, shall be proved by the Note Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Co-Issuers shall solicit from Noteholders any request, demand, authorization, direction, notice, consent, waiver or other Act, the Co-Issuers may, at their option, fix in advance a record date for the determination of Noteholders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Co-Issuers shall have no obligation to do so. Any such record date shall be fixed at the Co-Issuers' discretion. If not set by the Co-Issuers prior to the first solicitation of a Noteholder made by any Person in respect of any such matters referred to in the foregoing sentence, such record date shall be the date 30 days prior to such first solicitation of Noteholders. If such a record date is fixed, such request, demand, authorization, direction, notice, consent and waiver or other Act may be sought or given before or after the record date, but only the Noteholders of record at the close of business on such record date shall be deemed to be Noteholders for the purpose of determining whether Noteholders of the requisite proportion of the Outstanding Notes have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Notes shall be computed as of such record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee, the Servicer or the Co-Issuers in reliance thereon, whether or not notation of such action is made upon such Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Without limiting the foregoing, a Noteholder entitled hereunder or under any Series Supplement to take any action hereunder or thereunder with regard to any Note may do so with regard to all or any part of the principal balance of such Note or by one or more appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal balance of such Note.

Section 15.04 <u>Notices; Copies of Notices and Other Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture shall be in writing and if such request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders is to be made upon, given or furnished to or filed with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Indenture Trustee by any Noteholder or by any Obligor shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at the Corporate Trust Office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the U.S. Co-Issuer and the Canadian Co-Issuer by the Indenture Trustee, the Servicer, or by any Noteholder shall be sufficient for every purpose hereunder if in writing and mailed first-class, postage prepaid and by facsimile or e-mail to the U.S. Co-Issuer and the Canadian Co-Issuer addressed to: Compass Datacenters Issuer, LLC, Compass Datacenters Canada Issuer Limited Partnership, c/o Compass Datacenters, LLC, 14555 North Dallas Parkway, Suite 125, Dallas, Texas 75254, Attention: Jared Day, with a copy to DLA Piper LLP (US), 500 Eighth Street, NW, Washington, D.C. 20004, Attention: David L. Ridenour. The Co-Issuers shall promptly transmit any notice received by them from the Noteholders to the Indenture Trustee and Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice to be given to the Indenture Trustee hereunder shall also be given to the Note Registrar and the Servicer in writing, personally delivered, faxed, e-mailed or mailed by certified mail and shall not be deemed given to the Indenture Trustee until also given to the Note Registrar and the Servicer; *provided, however*, that only one notice to the Indenture Trustee shall be necessary at any time that the Indenture Trustee is also the Note Registrar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any notice, and copies of any reports, certificates, schedules, statements, documents or other information to be given to the Indenture Trustee by the Co-Issuers, the Guarantors or the Asset Entities hereunder shall also be simultaneously given to the Servicer in writing, personally delivered, faxed, e-mailed or mailed by certified mail and shall not be deemed given to the Indenture Trustee until also given to the Servicer; *provided, however*, that only one notice or copy of such reports, certificates, schedules, or other information required to be given to the Indenture Trustee shall be necessary at any time that the Indenture Trustee is also the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notices required to be given to the Rating Agencies by the Co-Issuers and/or the Asset Entities or the Indenture Trustee shall be in writing, personally delivered, faxed, mailed by certified mail or e-mailed to the addresses specified in the Series Supplement for any Series of Notes.

Section 15.05 <u>Notices to Noteholders; Waiver</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where this Indenture or any Series Supplement provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise expressly provided in this Indenture or in such Series Supplement) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner provided in this Indenture shall conclusively be presumed to have been duly given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where this Indenture or any Series Supplement provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture or any Series Supplement, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Where this Indenture or any Series Supplement provides for notice to the Rating Agencies, failure to give such notice to the Rating Agencies shall not affect any other rights or obligations created hereunder or under any Series Supplement, and shall not under any circumstance constitute a Default or Event of Default.

Section 15.06 <u>Payment and Notice Dates</u>. All payments to be made and notices to be delivered pursuant to this Indenture, any Series Supplement or any other Transaction Document shall be made by the responsible party as of the dates set forth in this Indenture, in such Series Supplement or in such other Transaction Document.

Section 15.07 <u>Effect of Headings and **Table of Contents**</u>. The Article and Section headings in this Indenture or in any Series Supplement and the **Table of Contents** are for convenience only and shall not affect the construction hereof or thereof.

Section 15.08 <u>Successors and Assigns</u>. All covenants and agreements in this Indenture, any Series Supplement and the Notes by the Obligors shall bind their successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture and any Series Supplement shall bind its successors, co-trustees and agents.

Section 15.09 <u>Severability; Entire Agreement</u>. In case any provision in this Indenture or any Series Supplement or in the Notes of any Series shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. This Agreement constitutes the entire agreement between the parties hereto, and no oral statements or prior written matter not specifically incorporated herein shall be of any force or effect.

Section 15.10 <u>Benefits of Indenture</u>. Subject to Section 13.01 and Section 13.02 and Article XI, nothing in this Indenture, any Series Supplement or in the Notes, express or implied, shall give to any Person, other than the parties hereto, the Servicer and their successors hereunder, the Noteholders and any other party secured hereunder or under any such Series Supplement, and any other Person with an Ownership Interest in any part of the Collateral, any benefit or any legal or equitable right, remedy or claim under this Indenture or any Series Supplement.

Section 15.11 <u>Legal Holiday</u>. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes, this Indenture or any Series Supplement) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and, except as otherwise expressly provided in this Indenture or in any such Series Supplement, no interest shall accrue for the period from and after any such nominal date.

Section 15.12 <u>Waiver of Jury Trial</u>. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, EACH SERIES SUPPLEMENT AND EACH NOTE ISSUED PURSUANT TO THIS INDENTURE AND EACH SERIES SUPPLEMENT OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

Section 15.13 <u>Governing Law; Jurisdiction</u>. THIS INDENTURE, EACH SERIES SUPPLEMENT AND EACH NOTE ISSUED PURSUANT TO THIS INDENTURE AND EACH SERIES SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK EXCLUDING CHOICE OF LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD PERMIT THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE. EACH OBLIGOR IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE COURT OR UNITED STATES FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR IN RELATION TO THIS INDENTURE OR ANY SERIES SUPPLEMENT.

Section 15.14 <u>Counterparts</u>. This Indenture and any Series Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such respective counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of this Indenture in Portable Document Format (PDF) or by facsimile shall be effective as delivery of a manually executed counterpart of this Indenture.

Section 15.15 <u>Recording of Indenture</u>. If this Indenture or any Series Supplement is subject to recording in any appropriate public recording offices, such recording is to be effected by the Co-Issuers and at their expense.

Section 15.16 <u>Corporate Obligation</u>. No recourse may be taken, directly or indirectly, with respect to the obligations of the Co-Issuers or the Indenture Trustee, in each of their capacities hereunder or under any Series Supplement, on the Notes, under this Indenture or any Series Supplement or any certificate or other writing delivered in connection hereunder or under any Series Supplement, against (i) the Indenture Trustee, the Paying Agent and the Note Registrar in its individual capacity, or (ii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee in its individual capacity, any holder of equity in any Obligor or the Indenture Trustee or in any successor or assign of the Indenture Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee has no such obligations in its individual capacity), and except that any such partner, owner or equity holder shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

Section 15.17 <u>No Petition</u>. The Indenture Trustee, by entering into this Indenture or any Series Supplement, and each Noteholder, by accepting a Note, and each Note Owner, by accepting an Ownership Interest in a Global Note, hereby covenants and agrees that neither it nor the Indenture Trustee on behalf of such Noteholder will at any time institute against the Co-Issuers and/or the Asset Entities or the Guarantors, or join in any institution against the Co-Issuers and/or the Asset Entities or the Guarantors of, any bankruptcy, reorganization, insolvency or similar proceedings, or other proceedings under any federal, state, provincial, territorial or foreign bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture, any such Series Supplement or any of the other Transaction Documents.

Section 15.18 <u>Extinguishment of Obligations</u>. Notwithstanding anything to the contrary in this Indenture or any Series Supplement, all obligations of the Obligors hereunder and under each Series Supplement shall be deemed to be extinguished in the event that, at any time, the Co-Issuers, the Guarantors and the Asset Entities have no assets (which shall include claims that may be asserted by the Co-Issuers, the Guarantors and the Asset Entities with respect to Contractual Obligations of third parties to the Co-Issuers, the Guarantors and the Asset Entities but which shall not include the proceeds of the issue of their shares in respect of the Initial Closing Date). No further claims may be brought against any of the Obligors' directors or officers or against their shareholders or members, as the case may be, for any such obligations, except in the case of fraud or actions taken in bad faith by such Persons.

Section 15.19 <u>Excluded Data Centers</u>. Nothing contained in this Indenture or any other Transaction Document shall prohibit the Parent or any subsidiary or Affiliate of the Parent (other than a Guarantor or an Obligor) from owning and managing wholesale data centers that are not Data Centers and are consequently not included as Collateral (such data centers, "<u>Excluded Data Centers</u>"). If Excluded Data Centers are acquired after the Initial Closing Date by the Parent or a non-Asset Entity subsidiary or non-Obligor subsidiary of the Parent and such entity proposes to enter into a lease of the related Data Center Space with a party that is also a Tenant under a Tenant Lease, such new lease will be separate from and independent of any Tenant Lease between such party and an Asset Entity.

Section 15.20 <u>Waiver of Immunities</u>. To the extent that any Obligor has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, such Obligor hereby irrevocably waives such immunity in respect of its obligations under this Indenture, any Series Supplement, the Notes and any other Transaction Document, to the extent permitted by law.

Section 15.21 <u>Non-Recourse</u>. The Noteholders shall not have at any time any recourse on the Notes or under this Indenture or any Series Supplement against the Obligors (other than the Collateral) or against the Indenture Trustee, the Servicer or Affiliates thereof.

Section 15.22 <u>Indenture Trustee's Duties and Obligations Limited</u>. The duties and obligations of Indenture Trustee, in its various capacities hereunder and under any Series Supplement, shall be limited to those expressly provided for in their entirety in this Indenture (including any exhibits to this Indenture and to any Series Supplement). Any references in this Indenture and in any Series Supplement (and in the exhibits to this Indenture and to any Series Supplement) to duties or obligations of the Indenture Trustee, in its various capacities hereunder and under any such Series Supplement, that purport to arise pursuant to the provisions of any of the Transaction Documents or any such Series Supplement shall only be duties and obligations of the Indenture Trustee, or the Indenture Trustee in its other capacities, as applicable, if the Indenture Trustee is a signatory to any such Transaction Documents or any such Series Supplement. By its acquisition of the Notes, each Noteholder shall be deemed to have authorized and directed the Indenture Trustee to enter into the Transaction Documents to which the Indenture Trustee is a signatory.

Section 15.23 <u>Appointment of Servicer</u>. The Co-Issuers hereby consent to the appointment of Midland Loan Services, a division of PNC Bank, National Association, to act as Servicer.

Section 15.24 <u>Agreed Upon Tax Treatment</u>. By purchasing the Notes, or a beneficial interest therein, each Holder or holder of a beneficial interest in the Notes will agree to treat the Notes as debt for all United States tax purposes.

Section 15.25 <u>Tax Forms</u>. Each Holder by its acceptance of its Note, agrees that it shall timely furnish the Co-Issuers or their agents any U.S. federal income tax form or certification (such as IRS Form W-9, the applicable IRS Form W-8 (together with all applicable attachments) or any successors to such IRS forms), or any applicable Canadian tax form or certification, in each case that the Co-Issuers or their agents may reasonably request and shall update or replace such form or certification in accordance with its terms or its subsequent amendments. Each Holder agrees to provide any certification or information that is reasonably requested by the U.S. Co-Issuer, the Canadian Co-Issuer or their agents (a) to permit the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, to make payments to it without, or at a reduced rate of, withholding, (b) to enable the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, to qualify for a reduced rate of withholding in any jurisdiction from or through which the U.S. Co-Issuer or the Canadian Co-Issuer receives payments on its assets, or (c) to enable the U.S. Co-Issuer or the Canadian Co-Issuer, as applicable, to determine and/or satisfy its duties and liabilities with respect to any taxes or other charges that it may be required to pay, deduct or withhold from payments in respect of the Notes under any present or future law or regulation of any jurisdiction or taxing authority therein or to comply with any reporting or other requirements under any law or regulation. Each Holder acknowledges that the failure to provide, update or replace any form, certification or information described above may result in the imposition of withholding or backup withholding on payments to such Holder.

Section 15.26 <u>Request for Rating Agency Confirmation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any request for a Rating Agency Confirmation made by the Co-Issuers, an Asset Entity or the Servicer, as applicable (such requesting party, the "<u>RAC Requesting Party</u>"), pursuant to this Indenture shall be made in writing, which writing shall include electronic mail, and shall contain a cover page indicating the nature of the request for Rating Agency Confirmation and all back-up material necessary for the Rating Agency to process such request, and shall be provided by the RAC Requesting Party in electronic format to other Person designated in writing by the Co-Issuers from time to time (the "<u>Authorized Representative</u>") who shall post such request on the 17g-5 Website (the "<u>Initial Request</u>"). If the RAC Requesting Party is the U.S. Co-Issuer, the Canadian Co-Issuer or an Asset Entity, such RAC Requesting Party shall also provide a copy of the Initial Request to the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Rating Agency has not replied to an Initial Request or has responded to an Initial Request in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for a Rating Agency Confirmation within 10 Business Days of the making of such Initial Request, the RAC Requesting Party shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) confirm, through direct communication and not by posting a request for a Rating Agency Confirmation on the 17g-5 Website, that such Rating Agency has received such Initial Request, and, if it has not, promptly make a second request to such Rating Agency for Rating Agency Confirmation (the "<u>Second Request</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if there is no response by such Rating Agency to such Initial Request or such Second Request within five Business Days of the making of such Second Request or if such Rating Agency has responded to such Initial Request or such Second Request in a manner that indicates that such Rating Agency is neither reviewing the request for such Rating Agency Confirmation nor waiving the requirement for such Rating Agency Confirmation, then such RAC Requesting Party shall confirm (without providing notice to the Authorized Representative), by direct communication and not by posting a request for a Rating Agency Confirmation on the 17g-5 Website, that such Rating Agency has received such Second Request.

Section 15.27 <u>Amendment and Restatement</u>. The execution and delivery of this Indenture shall constitute an amendment and restatement, but not a novation, of the Existing Indenture and the obligations and liabilities of the Co-Issuers under the Existing Indenture and the pledge of the Collateral made by the Co-Issuers thereunder to the Indenture Trustee. Except as specifically amended and restated under this Indenture, all Liens, deeds of trust, mortgages, assignments and security interests securing the Existing Indenture and the obligations and liabilities of the Co-Issuers relating thereto are hereby ratified, confirmed, renewed, extended, brought forward and rearranged as security for the Obligations, shall continue without any diminution thereof and shall remain in full force and effect on and after the Amendment and Restatement Closing Date. The Co-Issuers hereby reaffirm all UCC financing statements and continuation statements and amendments thereof filed and all other filings and recordations made in respect of the Collateral and the Liens and security interests granted under the Existing Indenture and this Indenture and acknowledges that all such filings and recordations were and remain authorized and effective on and after the date hereof.

**ARTICLE XVI**

**GUARANTEES**

Section 16.01 <u>Guarantees</u>. Each Asset Entity and Other Entity hereby unconditionally and irrevocably guarantees, jointly and severally, to each Holder and to the Indenture Trustee, on behalf of the Noteholders, and the Servicer and their respective successors and assigns (a) the full and punctual payment of principal of and interest on the Notes when due, whether at maturity, by acceleration, by redemption or otherwise, and all other monetary obligations of the Co-Issuers, the Asset Entities and the Other Entities under this Indenture and the Notes and each other Transaction Document and (b) the full and punctual performance within applicable grace periods of all other obligations of the Co-Issuers, the Asset Entities and the Other Entities under this Indenture and the Notes and all other Transaction Documents (all the foregoing being hereinafter collectively called the "<u>Guaranteed Obligations</u>").

Each Asset Entity and Other Entity waives presentation to, demand of, payment from and protest to the Co-Issuers of any of the Guaranteed Obligations and also waives notice of protest for nonpayment. Each Asset Entity and Other Entity waives notice of any default under the Notes or the other Guaranteed Obligations. The obligations of each Asset Entity and Other Entity hereunder shall not be affected by (a) the failure of any Holder or the Indenture Trustee or the Servicer to assert any claim or demand or to enforce any right or remedy under the Transaction Documents against any other Obligor or any other Person or otherwise; (b) any extension or renewal of any thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other Transaction Document; (d) the release of any security held by any Holder or the Indenture Trustee for the Obligations or any of them; or (e) the failure of any Holder or the Indenture Trustee or the Servicer to exercise any right or remedy against any other guarantor of the Guaranteed Obligations.

Each Asset Entity and Other Entity further agrees that its guaranty herein constitutes a guarantee of payment, performance and compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Indenture Trustee or the Servicer to any security held for payment of the Guaranteed Obligations.

Except as expressly set forth herein, the obligations of each Asset Entity and Other Entity hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Asset Entity and Other Entity herein shall not be discharged or impaired or otherwise affected by the failure of any Holder or the Indenture Trustee or the Servicer to assert any claim or demand or to enforce any remedy under this Indenture, the Notes or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of such Asset Entity or Other Entity or would otherwise operate as a discharge of such Asset Entity or Other Entity as a matter of law or equity.

Each Asset Entity and Other Entity further agrees that its guaranty herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder or the Indenture Trustee or the Servicer upon the bankruptcy or reorganization of the U.S. Co-Issuer or the Canadian Co-Issuer or otherwise.

In furtherance of the foregoing and not in limitation of any other right which any Holder or the Indenture Trustee or the Servicer has at law or in equity against any Asset Entity and any Other Entity by virtue hereof, upon the failure of the Co-Issuers to pay the principal of or interest on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or to perform or comply with any other Guaranteed Obligation, each Asset Entity and Other Entity hereby promises to and shall, upon receipt of written demand by the Indenture Trustee, forthwith pay, or cause to be paid, in cash, to the Holders or the Indenture Trustee or the Servicer, as the case may be, an amount equal to the sum of (i) the unpaid amount of such Guaranteed Obligations, (ii) accrued and unpaid interest on such Obligations and (iii) all other monetary Guaranteed Obligations of the Co-Issuers to the Holders and the Indenture Trustee and the Servicer.

Each Asset Entity or Other Entity also agrees to pay any and all costs and expenses (including reasonable attorneys' fees) incurred by the Indenture Trustee or the Servicer in enforcing any rights under this Section.

Notwithstanding any payment made by any Asset Entity or Other Entity hereunder, such Asset Entity or Other Entity shall not be entitled to be subrogated to any of the rights of the Indenture Trustee against the Co-Issuers or any collateral security or guarantee or right of offset held by the Indenture Trustee for the payment of the Obligations, nor shall the Asset Entity or Other Entity seek or be entitled to seek any contribution or reimbursement from the Co-Issuers in respect of payments made by the Asset Entity or Other Entity hereunder, until the Obligations are paid in full. If any amount shall be paid to an Asset Entity or Other Entity on account of such subrogation rights at any time when all of the Obligations shall not have been paid in full, such amount shall be held by such Asset Entity or Other Entity in trust for the Indenture Trustee, segregated from other funds of such Asset Entity or Other Entity, and shall, forthwith upon receipt by such Asset Entity or Other Entity, be turned over to the Indenture Trustee in the exact form received by such Asset Entity or Other Entity (duly indorsed by such Asset Entity or Other Entity to the Indenture Trustee, if required), to be applied against the Obligations, whether matured or unmatured, in such order as the Indenture Trustee may determine.

Section 16.02 <u>Limitation on Liability</u>. Any term or provision of this Indenture to the contrary, the maximum, aggregate amount of the Guaranteed Obligations guaranteed hereunder by any Asset Entity shall not exceed the maximum amount that can be hereby guaranteed without rendering this Indenture, as it relates to such Asset Entity, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally.

Section 16.03 <u>Successors and Assigns</u>. Subject to Section 16.06, this Article XVI shall be binding upon each Asset Entity, Other Entity and their successors and assigns and shall inure to the benefit of the successors and assigns of the Indenture Trustee, the Servicer and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Indenture Trustee, the rights and privileges conferred upon that party in this Indenture and in the Notes shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture.

Section 16.04 <u>No Waiver</u>. Neither a failure nor a delay on the part of either the Indenture Trustee, the Servicer or the Holders in exercising any right, power or privilege under this Article XVI shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Indenture Trustee, the Servicer and the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article XVI at law, in equity, by statute or otherwise.

Section 16.05 <u>Modification</u>. No modification, amendment or waiver of any provision of this Article XVI, nor the consent to any departure by any Asset Entity or Other Entity therefrom, shall in any event be effective unless the same shall be in writing and signed by the Indenture Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand on any Asset Entity or Other Entity in any case shall entitle such Asset Entity or Other Entity to any other or further notice or demand in the same, similar or other circumstances.

Section 16.06 <u>Release of Asset Entity</u>. Upon the sale or other disposition (including by way of consolidation or merger) of an Asset Entity or Other Entity that is permitted hereunder (each case other than to the Co-Issuers, another Asset Entity or another Other Entity), such Asset Entity or Other Entity shall be deemed released from all obligations under this Article XVI without any further action required on the part of the Indenture Trustee or any Holder. At the request of the Co-Issuers, the Indenture Trustee shall execute and deliver an appropriate instrument evidencing such release.

Section 16.07 <u>USA PATRIOT Act</u>. The parties hereto acknowledge that in accordance with the Customer Identification Program (CIP) requirements established under the USA PATRIOT Act, the Indenture Trustee in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Indenture Trustee. Each party hereby agrees that it shall provide the Indenture Trustee with such information as the Indenture Trustee may request from time to time in order to comply with any applicable requirements of the USA PATRIOT Act.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the Obligors and the Indenture Trustee have caused this Indenture to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year first above written.

---

| | |
|:---|:---|
| COMPASS DATACENTERS ISSUER, LLC | COMPASS DATACENTERS ISSUER, LLC |
| By: |  |
|  | Name: |
|  | Title: |
| COMPASS DATACENTERS CANADA ISSUER LIMITED PARTNERSHIP, by its general partner, COMPASS DATACENTERS CANADA ISSUER, INC. | COMPASS DATACENTERS CANADA ISSUER LIMITED PARTNERSHIP, by its general partner, COMPASS DATACENTERS CANADA ISSUER, INC. |
| By: |  |
|  | Name: |
|  | Title: |
| COMPASS DATACENTERS CANADA ISSUER, INC. | COMPASS DATACENTERS CANADA ISSUER, INC. |
| By: |  |
|  | Name: |
|  | Title: |
| COMPASS DATACENTERS BNA IA, LLC | COMPASS DATACENTERS BNA IA, LLC |
| By: |  |
|  | Name: |
|  | Title: |
| COMPASS DATACENTERS BNA IB, LLC | COMPASS DATACENTERS BNA IB, LLC |
| By: |  |
|  | Name: |
|  | Title: |

---

[Signature page to Second Amended and Restated Indenture]

---

| | |
|:---|:---|
| COMPASS DATACENTERS DFW I, LLC | COMPASS DATACENTERS DFW I, LLC |
| By: |  |
|  | Name: |
|  | Title: |
| COMPASS DATACENTERS DFW II, LLC | COMPASS DATACENTERS DFW II, LLC |
| By: |  |
|  | Name: |
|  | Title: |
| COMPASS DATACENTERS MSP I, LLC | COMPASS DATACENTERS MSP I, LLC |
| By: |  |
|  | Name: |
|  | Title: |
| COMPASS DATACENTERS RDU I, LLC | COMPASS DATACENTERS RDU I, LLC |
| By: |  |
|  | Name: |
|  | Title: |
| COMPASS DATACENTERS TUL I, LLC | COMPASS DATACENTERS TUL I, LLC |
| By: |  |
|  | Name: |
|  | Title: |

---

[Signature page to Second Amended and Restated Indenture]

---

| | |
|:---|:---|
| COMPASS DATACENTERS YUL I LIMITED PARTNERSHIP, by its general partner, COMPASS DATA CENTERS YUL I GP, INC. | COMPASS DATACENTERS YUL I LIMITED PARTNERSHIP, by its general partner, COMPASS DATA CENTERS YUL I GP, INC. |
| By: |  |
|  | Name: |
|  | Title: |
| COMPASS DATACENTERS YUL I GP, INC. | COMPASS DATACENTERS YUL I GP, INC. |
| By: |  |
|  | Name: |
|  | Title: |
| COMPASS DATACENTERS YUL II LIMITED PARTNERSHIP, by its general partner, COMPASS DATACENTERS YUL II GP, INC. | COMPASS DATACENTERS YUL II LIMITED PARTNERSHIP, by its general partner, COMPASS DATACENTERS YUL II GP, INC. |
| By: |  |
|  | Name: |
|  | Title: |
| COMPASS DATACENTERS YUL II GP, INC. | COMPASS DATACENTERS YUL II GP, INC. |
| By: |  |
|  | Name: |
|  | Title: |
| COMPASS DATACENTERS YYZ I LIMITED PARTNERSHIP, by its general partner, COMPASS DATACENTERS YYZ I GP, INC. | COMPASS DATACENTERS YYZ I LIMITED PARTNERSHIP, by its general partner, COMPASS DATACENTERS YYZ I GP, INC. |
| By: |  |
|  | Name: |
|  | Title: |

---

[Signature page to Second Amended and Restated Indenture]

---

| | |
|:---|:---|
| COMPASS DATACENTERS YYZ I GP, INC. | COMPASS DATACENTERS YYZ I GP, INC. |
| By: |  |
|  | Name: |
|  | Title: |

---

[Signature page to Second Amended and Restated Indenture]

---

| | |
|:---|:---|
| WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee | WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee |
| By: |  |
|  | Name: |
|  | Title: |

---

[Signature page to Second Amended and Restated Indenture]

## Exhibit 4.3

**Exhibit 4.3**

***Execution Version***

SERIES 2020-2 SUPPLEMENT

<u>among</u>

COMPASS DATACENTERS ISSUER, LLC,

COMPASS DATACENTERS CANADA ISSUER LIMITED PARTNERSHIP

<u>and</u>

THE ENTITIES OF THE CO-ISSUERS PARTY HERETO,

as Obligors,

<u>and</u>

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Indenture Trustee

dated as of October 2, 2020

Secured Data Center Revenue Notes, Series 2020-2

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **ARTICLE I** | **DEFINITIONS AND INCORPORATION BY REFERENCE** | **2** |
| &nbsp;&nbsp;&nbsp;Section 1.01 | &nbsp;&nbsp;&nbsp;Definitions | 2 |
| &nbsp;&nbsp;&nbsp;Section 1.02 | &nbsp;&nbsp;&nbsp;Rules of Construction | 4 |
| **ARTICLE II** | **SERIES 2020-2 NOTE DETAILS; FORMS OF SERIES 2020-2 NOTES** | **5** |
| &nbsp;&nbsp;&nbsp;Section 2.01 | &nbsp;&nbsp;&nbsp;Series 2020-2 Note Details | 5 |
| &nbsp;&nbsp;&nbsp;Section 2.02 | &nbsp;&nbsp;&nbsp;Delivery of Series 2020-2 Notes | 5 |
| &nbsp;&nbsp;&nbsp;Section 2.03 | &nbsp;&nbsp;&nbsp;Forms of Series 2020-2 Notes | 5 |
| &nbsp;&nbsp;&nbsp;Section 2.04 | &nbsp;&nbsp;&nbsp;Class A-2 Monthly Amortization Amounts; Principal Amortization | 5 |
| &nbsp;&nbsp;&nbsp;Section 2.05 | &nbsp;&nbsp;&nbsp;[Reserved] | 5 |
| &nbsp;&nbsp;&nbsp;Section 2.06 | &nbsp;&nbsp;&nbsp;Funding of the Liquidity Reserve Sub-Accounts | 6 |
| &nbsp;&nbsp;&nbsp;Section 2.07 | &nbsp;&nbsp;&nbsp;[Reserved] | 6 |
| &nbsp;&nbsp;&nbsp;Section 2.08 | &nbsp;&nbsp;&nbsp;Registration of Transfer and Exchange of Notes | 6 |
| &nbsp;&nbsp;&nbsp;Section 2.09 | &nbsp;&nbsp;&nbsp;Issuance of Additional Notes | 6 |
| **ARTICLE III** | **GENERAL PROVISIONS** | **7** |
| &nbsp;&nbsp;&nbsp;Section 3.01 | &nbsp;&nbsp;&nbsp;Date of Execution | 7 |
| &nbsp;&nbsp;&nbsp;Section 3.02 | &nbsp;&nbsp;&nbsp;Notices | 7 |
| &nbsp;&nbsp;&nbsp;Section 3.03 | &nbsp;&nbsp;&nbsp;Governing Law; Jurisdiction; Waiver of Jury Trial | 7 |
| &nbsp;&nbsp;&nbsp;Section 3.04 | &nbsp;&nbsp;&nbsp;Severability; Entire Agreement | 7 |
| &nbsp;&nbsp;&nbsp;Section 3.05 | &nbsp;&nbsp;&nbsp;Counterparts | 7 |
| **ARTICLE IV** | **APPLICABILITY OF INDENTURE** | **7** |
| &nbsp;&nbsp;&nbsp;Section 4.01 | &nbsp;&nbsp;&nbsp;Applicability | 7 |

---

i

ANNEXES

---

| | |
|:---|:---|
| Annex I | CLOSING DATE ASSET ENTITIES |
| Annex II | CLOSING DATE OTHER ENTITIES |
| EXHIBITS | EXHIBITS |
| Exhibit A | FORM OF SERIES 2020-2 CLASS A-2 NOTE |

---

ii

**SERIES 2020-2 SUPPLEMENT**

THIS SERIES 2020-2 SUPPLEMENT (as amended, supplemented or otherwise modified and in effect from time to time, this "<u>Series Supplement</u>"), dated as of October 2, 2020, is among COMPASS DATACENTERS ISSUER, LLC, a Delaware limited liability company (the "<u>U.S. Co-Issuer</u>"), COMPASS DATACENTERS CANADA ISSUER LIMITED PARTNERSHIP, a limited partnership formed under the laws of the Province of Ontario (the "<u>Canadian Co-Issuer</u>" and, together with the U.S. Co-Issuer, the "<u>Co-Issuers</u>"), each entity of the Co-Issuers party hereto and listed on <u>Annex I</u> hereto (the "<u>Closing Date Asset Entities</u>" and together with any entity that becomes a party hereto after the date hereof as an "<u>Additional Asset Entity</u>", the "<u>Asset Entities</u>"), each entity party hereto and listed on <u>Annex II</u> hereto (the "<u>Closing Date Other Entities</u>" and together with any entity that becomes a party hereto after the date hereof as an "<u>Additional Other Entity</u>", the "<u>Other Entities</u>"; the Other Entities, the Asset Entities and the Co-Issuers, collectively, the "<u>Obligors</u>"), and WILMINGTON TRUST, NATIONAL ASSOCIATION, as indenture trustee and not in its individual capacity and any successor thereto in such capacity (the "<u>Indenture Trustee</u>").

RECITALS

WHEREAS, the Obligors have entered into an Amended and Restated Indenture, dated as of the date hereof (as the same may be further amended, restated, supplemented or otherwise modified and in effect from time to time, the "<u>Indenture</u>"), between the Indenture Trustee and the Obligors;

WHEREAS, the Co-Issuers, the Asset Entities and the Other Entities desire the Co-Issuers to issue $250,000,000 Secured Data Center Revenue Term Notes, Series 2020-2, Class A-2 Notes (the "<u>Series 2020-2 Class A-2 Notes</u>", "<u>Series 2020-2 Term Notes</u>" or the "<u>Series 2020-2 Notes</u>"), pursuant to this Series Supplement to the Indenture;

WHEREAS, the Co-Issuers represent that they have duly authorized the issuance of the Series 2020-2 Notes;

WHEREAS, the Series 2020-2 Notes constitute Notes as defined in the Indenture; and

WHEREAS, the Indenture Trustee has agreed to accept the trusts herein created upon the terms herein set forth.

NOW, THEREFORE, it is mutually covenanted and agreed as follows:

**ARTICLE I**

**DEFINITIONS AND INCORPORATION BY REFERENCE**

Section 1.01 <u>Definitions</u>. All defined terms used herein and not defined herein shall have the meaning ascribed to such terms in the Indenture. All words and phrases defined in the Indenture shall have the same meaning in this Series Supplement, except as otherwise appears in this Article. In addition, the following terms have the following meanings in this Series Supplement unless the context clearly requires otherwise:

"<u>Allocable Share</u>" shall mean, as of the Closing Date, 60% with respect to the U.S. Obligors and 40% with respect to the Canadian Obligors.

"<u>Class A-2 Targeted Amortization Amount</u>" shall mean, as of each Payment Date with respect to the Series 2020-2 Class A-2 Notes, $0.

"<u>Closing Date</u>" shall mean October 2, 2020.

"<u>Date of Issuance</u>" shall mean, October 2, 2020.

"<u>Indenture</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>No Rating Agency Declination or Waiver Action</u>" shall mean the obligation to obtain a Rating Agency Confirmation in connection with (i) amendments pursuant to Section 13.01 of the Indenture or (ii) the issuance of Additional Notes pursuant to Section 2.12(b) of the Indenture.

"<u>Note Rate</u>" shall, for each Class of the Series 2020-2 Notes, mean the rate per annum at which interest accrues on such Class set forth in Section 2.01(a).

"<u>Placement Agent</u>" shall mean Barclays Capital Inc., with respect to the Series 2020-2 Class A-2 Notes.

"<u>Post-ARD Note Spread</u>" shall, for each Class of the Series 2020-2 Notes, be the spread per annum set forth in Section 2.01(e).

"<u>Prepayment Consideration</u>" shall mean, in relation to the Series 2020-2 Class A-2 Notes, (i) from the Closing Date to but excluding the fourth (4th) anniversary of the Closing Date, any Yield Maintenance payable in connection with such principal prepayment on, or other early collection of principal, (ii) on and after the fourth (4th) anniversary of the Closing Date and to and excluding the date that is 66 months following the Closing Date, the lesser of (x) 1.00% of the principal balance of the Series 2020-2 Notes on the date of the related prepayment and (y) the Yield Maintenance payable in connection with such principal prepayment on, or other early collection of principal, and (iii) on and after the date that is 66 months following the Closing Date, zero.

"<u>Prepayment Period</u>" shall mean, in relation to the Series 2020-2 Class A-2 Notes, the period that commences on the Payment Date that is 18 months prior to the Anticipated Repayment Date.

"<u>Rating Agency</u>" shall mean S&P.

"<u>Rating Agency Confirmation</u>" shall mean, with respect to any matter and with respect to any Class of Series 2020-2 Notes, notification in writing by the Rating Agency (which may be in the form of e-mail, facsimile, press release, posting to its internet website or other such means then considered industry standard as determined by such Rating Agency) that a proposed action, failure to act or other event specified in the Indenture or the other Transaction Documents will not in and of itself result in the downgrade, withdrawal or qualification of the then-current rating assigned to such Class of Series 2020-2 Notes by such Rating Agency; provided, that, other than in connection with a No Rating Agency Declination or Waiver Action, if a Rating Agency Declination is received, the requirement to receive a Rating Agency Confirmation from the Rating Agency with respect to such matter will not apply; provided, further, that, other than in connection with a No Rating Agency Declination or Waiver Action, if a Rating Agency refuses to respond or otherwise does not respond to a request for Rating Agency Confirmation made in accordance with Section 15.26 of the Indenture, the requirement to receive such Rating Agency Confirmation shall be waived unless such Rating Agency's refusal or failure to respond to such request is due to a commercial dispute between the Co- Issuers or their Affiliates and such Rating Agency, including, but not limited to, any disagreement regarding such Rating Agency's fees.

"<u>Rating Agency Declination</u>" shall mean a written waiver or acknowledgement from a Rating Agency indicating its decision not to review or declining to review the matter for which the Rating Agency Confirmation is sought and received; provided that any Rating Agency's refusal to provide Rating Agency Confirmation due to a commercial dispute between the Co-Issuers or their Affiliates and such Rating Agency, including, but not limited to, any disagreement regarding such Rating Agency's fees, shall not constitute a Rating Agency Declination; provided, further, that if any Rating Agency shall publicly announce a policy, as a general matter, to no longer review requests for Rating Agency Confirmation, so long as such policy shall remain in effect, any party requesting Rating Agency Confirmation from such Rating Agency shall only be required to deliver written notice to such Rating Agency of any matter for which Rating Agency Confirmation would have been requested and such Rating Agency shall thereafter be deemed to have delivered a Rating Agency Declination with respect to such matter.

"<u>Series 2020-2 Class A-2 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2020-2 Class A-2 Notes Anticipated Repayment Date</u>" shall have the meaning ascribed to it in Section 2.01(b). The Series 2020-2 Class A-2 Notes Anticipated Repayment Date shall be the "Anticipated Repayment Date" for the Series 2020-2 Class A-2 Notes for purposes of the Indenture.

"<u>Series 2020-2 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series Disposition Period Date</u>" shall, for the Series 2020-2 Notes, have the meaning ascribed to it in Section 2.01(g).

Section 1.02 <u>Rules of Construction</u>. Unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a term has the meaning assigned to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) an accounting term not otherwise defined herein and accounting terms partly defined herein, to the extent not defined, shall have the respective meanings given to them under GAAP as in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "or" is not exclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "including" means including without limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) words in the singular include the plural and words in the plural include the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all references to "$" or "USD" are to
United States dollars unless otherwise stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all references to "$(Cdn)" or "CAD" are to Canadian dollars unless otherwise stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any agreement, instrument or statute defined or referred to in this Series Supplement or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) references to a Person are also to its permitted successors and assigns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j) the words "hereof", "herein" and "hereunder" and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless otherwise specified.

**ARTICLE II**

**SERIES 2020-2 NOTE DETAILS; FORMS OF SERIES 2020-2 NOTES**

Section 2.01 <u>Series 2020-2 Note Details</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate principal amount of the Series 2020-2 Notes which may be initially authenticated and delivered under this Series Supplement shall consist of one Class designated as "Class A-2" with the initial principal balance, Note Rate and rating set forth below (except for Series 2020-2 Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of Notes pursuant to Section 2.02 of the Indenture):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Series/**<br>**Class** | **Initial Class Principal**<br>**Balance** | <br>**Note Principal Balance** | **Note**<br>**Type** | <br>**Rating** |
| Series 2020-2, Class A-2 | $250000000 | $250000000 | Term Notes | A- |

---

The Note Rate for the Series 2020-2 Class A-2 Notes will be 2.50%

On and after the occurrence and continuance of an Event of Default, the Note Rate for the Series 2020-2 Notes shall automatically increase by a rate of 3.00% per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The "Series 2020-2 Class A-2 Notes Anticipated Repayment Date" for the Series 2020-2 Class A-2 Notes is the Payment Date in October 2027. The "Rated Final Payment Date" for the Series 2020-2 Notes is the Payment Date in October 2050.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The first Payment Date on which payments of Accrued Note Interest shall be paid to the Noteholders of the Series 2020-2 Notes shall be the November 2020 Payment Date. The initial Interest Accrual Period for the Series 2020-2 Notes shall consist of 52 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Post-ARD Note Spread for the Series 2020-2 Notes is the per annum spread set forth below:

---

| | |
|:---|:---|
| **Series / Class** | **Post-ARD Note Spread** |
| Series 2020-2, Class A-2 | 2.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Record Date for purposes of determining payments to the Noteholders of the Series 2020-2 Notes for the November 2020 Payment Date shall be October 2, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The "<u>Series Disposition Period Date</u>" for the Series 2020-2 Notes is the Payment Date in October 2051.

Section 2.02 <u>Delivery of Series 2020-2 Notes</u>. Upon the execution and delivery of this Series Supplement, the Co-Issuers shall execute and deliver to the Indenture Trustee and the Indenture Trustee, upon receipt of an Issuer Order, shall authenticate the Series 2020-2 Notes and deliver the Series 2020-2 Class A Notes as directed by the Co-Issuers.

Section 2.03 <u>Forms of Series 2020-2 Notes</u>. The Series 2020-2 Class A-2 Notes shall be in substantially in the form set forth in <u>Exhibit A</u> hereto.

Section 2.04 <u>Class A-2 Monthly Amortization Amounts; Principal Amortization</u>. There shall be no Class A-2 Monthly Amortization Amounts with respect to the Series 2020-2 Class A-2 Notes.

Section 2.05 <u>[Reserved]</u>.

Section 2.06 <u>Funding of the Liquidity Reserve Sub-Accounts</u>. On the Closing Date, the Obligors deposited into the U.S. Liquidity Reserve Sub-Account an amount equal to $1,367,911.48 and into the Canadian Liquidity Reserve Sub-Account an amount equal to $1,066,642.68.

Section 2.07 <u>[Reserved]</u>.

Section 2.08 <u>Registration of Transfer and Exchange of Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Notes shall be transferred in accordance with the Indenture. As set forth therein, if a transfer of any Series 2020-2 Class A-2 Note is to be made without registration under the Securities Act, then such transfer shall not be registered by the Note Registrar unless the Note Registrar receives (and, upon receipt, may conclusively rely upon) either: (i) a certification from the Noteholder desiring to effect such transfer substantially in the form attached as <u>Exhibit B-5</u> to the Indenture, in the case of a transfer to a Qualified Institutional Buyer, or <u>Exhibit B-6</u> to the Indenture, in the case of a transfer to an Institutional Accredited Investor, and a certification from the prospective Transferee substantially in the form attached as <u>Exhibit B- 3</u> to the Indenture, in the case of a transfer to a Qualified Institutional Buyer, or <u>Exhibit B-4</u> to the Indenture, in the case of a transfer to an Institutional Accredited Investor, or (ii) an Opinion of Counsel to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Co-Issuers, the Servicer, the Indenture Trustee or the Note Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Noteholder desiring to effect such transfer and/or such Noteholder's prospective Transferee on which such Opinion of Counsel is based. The foregoing shall not limit any right of any Noteholder to transfer the Notes in accordance with the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is hereby acknowledged that either of the forms of certification attached as <u>Exhibits B-3</u> and <u>B-4</u> to the Indenture is acceptable for the purpose of a certification pursuant to Section 2.02(c) of the Indenture.

Section 2.09 <u>Issuance of Additional Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the date that is four (4) calendar months following the Closing Date, the Co-Issuers shall not issue any Term Notes pursuant to the Indenture that (i) rank the same or higher in priority to the Series 2020-2 Class A-2 Notes and (ii) have an Anticipated Repayment Date occurring on or prior to the Series 2020-2 Class A-2 Notes Anticipated Repayment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time that the Series 2020-2 Class A-2 Notes are Outstanding, the Co-Issuers shall not issue any Notes pursuant to the Indenture that have a Rated Final Payment Date occurring on or prior to the Rated Final Payment Date for the Series 2020-2 Notes.

**ARTICLE III**

**GENERAL PROVISIONS**

Section 3.01 <u>Date of Execution</u>. This Series Supplement for convenience and for the purpose of reference is dated as of October 2, 2020.

Section 3.02 <u>Notices</u>. Notices required to be given to the Rating Agency by the Co-Issuers, the Asset Entities, the Other Entities or the Indenture Trustee shall be mailed to the address provided by the Rating Agency in writing to the Co-Issuers, the Asset Entities, the Other Entities and the Indenture Trustee from time to time.

Section 3.03 <u>Governing Law; Jurisdiction; Waiver of Jury Trial</u>. THIS SERIES SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH PARTY HERETO IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE COURT OR UNITED STATES FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR IN RELATION TO THIS SERIES SUPPLEMENT. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SERIES SUPPLEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 3.04 <u>Severability; Entire Agreement</u>. In case any provision in this Series Supplement shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. This Series Supplement constitutes the entire agreement between the parties hereto, and no oral statements or prior written matter not specifically incorporated herein shall be of any force or effect.

Section 3.05 <u>Counterparts</u>. The Indenture and this Series Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such respective counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of this Series Supplement in Portable Document Format (PDF) or by facsimile shall be effective as delivery of a manually executed counterpart of this Series Supplement.

**ARTICLE IV**

**APPLICABILITY OF INDENTURE**

Section 4.01 <u>Applicability</u>. The provisions of the Indenture are hereby ratified, approved and confirmed, except as otherwise expressly modified by this Series Supplement and the Indenture as so supplemented by this Series Supplement shall be read, taken and construed as one and the same instrument. The representations, warranties and covenants contained in the Indenture (except as expressly modified herein) are hereby reaffirmed with the same force and effect as if fully set forth herein and made again as of the date hereof.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the Obligors and the Indenture Trustee have caused this Series Supplement to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year first above written.

---

| | |
|:---|:---|
| COMPASS DATACENTERS ISSUER, LLC | COMPASS DATACENTERS ISSUER, LLC |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: President and Chief Financial Officer |

---

---

| | |
|:---|:---|
| COMPASS DATACENTERS CANADA ISSUER <br> LIMITED PARTNERSHIP, by its general partner,<br> COMPASS DATACENTERS CANADA ISSUER, INC. | COMPASS DATACENTERS CANADA ISSUER <br> LIMITED PARTNERSHIP, by its general partner,<br> COMPASS DATACENTERS CANADA ISSUER, INC. |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: Secretary |

---

---

| | |
|:---|:---|
| COMPASS DATACENTERS CANADA ISSUER, INC. | COMPASS DATACENTERS CANADA ISSUER, INC. |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: Secretary |

---

---

| | |
|:---|:---|
| COMPASS DATACENTERS BNA IA, LLC | COMPASS DATACENTERS BNA IA, LLC |
| COMPASS DATACENTERS BNA IB, LLC | COMPASS DATACENTERS BNA IB, LLC |
| COMPASS DATACENTERS DFW I, LLC | COMPASS DATACENTERS DFW I, LLC |
| COMPASS DATACENTERS DFW II, LLC | COMPASS DATACENTERS DFW II, LLC |
| COMPASS DATACENTERS MSP I, LLC | COMPASS DATACENTERS MSP I, LLC |
| COMPASS DATACENTERS RDU I, LLC | COMPASS DATACENTERS RDU I, LLC |
| COMPASS DATACENTERS TUL I, LLC | COMPASS DATACENTERS TUL I, LLC |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: President and Chief Financial Officer |

---

[Signature page to Series 2020-2 Supplement]

---

| | |
|:---|:---|
| COMPASS DATACENTERS YUL I LP, by its general partner, COMPASS DATA CENTERS YUL I GP, INC. | COMPASS DATACENTERS YUL I LP, by its general partner, COMPASS DATA CENTERS YUL I GP, INC. |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: Chief Financial Officer |

---

---

| | |
|:---|:---|
| COMPASS DATACENTERS YUL I GP, INC. | COMPASS DATACENTERS YUL I GP, INC. |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: Chief Financial Officer |

---

---

| | |
|:---|:---|
| COMPASS DATACENTERS YUL II LP, by its general partner, COMPASS DATACENTERS YUL II GP, INC. | COMPASS DATACENTERS YUL II LP, by its general partner, COMPASS DATACENTERS YUL II GP, INC. |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: Chief Financial Officer |

---

---

| | |
|:---|:---|
| COMPASS DATACENTERS YUL II GP, INC. | COMPASS DATACENTERS YUL II GP, INC. |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: Chief Financial Officer |

---

---

| | |
|:---|:---|
| COMPASS DATACENTERS YYZ I LP, by its general partner, COMPASS DATACENTERS YYZ I GP, INC. | COMPASS DATACENTERS YYZ I LP, by its general partner, COMPASS DATACENTERS YYZ I GP, INC. |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: Chief Financial Officer |

---

[Signature page to Series 2020-2 Supplement]

---

| | |
|:---|:---|
| COMPASS DATACENTERS YYZ I GP, INC. | COMPASS DATACENTERS YYZ I GP, INC. |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: Chief Financial Officer |

---

[Signature page to Series 2020-2 Supplement]

---

| | | |
|:---|:---|:---|
| WILMINGTON TRUST, NATIONAL | WILMINGTON TRUST, NATIONAL | WILMINGTON TRUST, NATIONAL |
| ASSOCIATION, as Indenture Trustee | ASSOCIATION, as Indenture Trustee | ASSOCIATION, as Indenture Trustee |
| By: | /s/ Clarice Wright | /s/ Clarice Wright |
|  | Name: | Clarice Wright |
|  | Title: | Vice President |

---

[Signature Page to Series 2020-2 Supplement]

## Exhibit 4.4

**Exhibit 4.4**

***Execution Version***

SERIES 2021-1 SUPPLEMENT

<u>among</u>

COMPASS DATACENTERS ISSUER, LLC,

COMPASS DATACENTERS CANADA ISSUER LIMITED PARTNERSHIP

<u>and</u>

THE ENTITIES OF THE CO-ISSUERS PARTY HERETO,

as Obligors,

<u>and</u>

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Indenture Trustee

dated as of May 28, 2021

Secured Data Center Revenue Notes, Series 2021-1

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **ARTICLE I** | **DEFINITIONS AND INCORPORATION BY REFERENCE** | **2** |
| &nbsp;&nbsp;&nbsp;Section 1.01 | &nbsp;&nbsp;&nbsp;Definitions | 2 |
| &nbsp;&nbsp;&nbsp;Section 1.02 | &nbsp;&nbsp;&nbsp;Rules of Construction | 4 |
| **ARTICLE II** | **SERIES 2021-1 NOTE DETAILS; FORMS OF SERIES 2021-1 NOTES** | **4** |
| &nbsp;&nbsp;&nbsp;Section 2.01 | &nbsp;&nbsp;&nbsp;Series 2021-1 Note Details | 4 |
| &nbsp;&nbsp;&nbsp;Section 2.02 | &nbsp;&nbsp;&nbsp;Delivery of Series 2021-1 Notes | 5 |
| &nbsp;&nbsp;&nbsp;Section 2.03 | &nbsp;&nbsp;&nbsp;Forms of Series 2021-1 Notes | 5 |
| &nbsp;&nbsp;&nbsp;Section 2.04 | &nbsp;&nbsp;&nbsp;[Reserved] | 5 |
| &nbsp;&nbsp;&nbsp;Section 2.05 | &nbsp;&nbsp;&nbsp;[Reserved] | 5 |
| &nbsp;&nbsp;&nbsp;Section 2.06 | &nbsp;&nbsp;&nbsp;Funding of the Liquidity Reserve Sub-Accounts | 5 |
| &nbsp;&nbsp;&nbsp;Section 2.07 | &nbsp;&nbsp;&nbsp;[Reserved] | 6 |
| &nbsp;&nbsp;&nbsp;Section 2.08 | &nbsp;&nbsp;&nbsp;Registration of Transfer and Exchange of Notes | 6 |
| &nbsp;&nbsp;&nbsp;Section 2.09 | &nbsp;&nbsp;&nbsp;Prepayment Consideration | 6 |
| &nbsp;&nbsp;&nbsp;Section 2.10 | &nbsp;&nbsp;&nbsp;Issuance of Additional Notes | 6 |
| **ARTICLE III** | **GENERAL PROVISIONS** | **7** |
| &nbsp;&nbsp;&nbsp;Section 3.01 | &nbsp;&nbsp;&nbsp;Date of Execution | 7 |
| &nbsp;&nbsp;&nbsp;Section 3.02 | &nbsp;&nbsp;&nbsp;Notices | 7 |
| &nbsp;&nbsp;&nbsp;Section 3.03 | &nbsp;&nbsp;&nbsp;Governing Law; Jurisdiction; Waiver of Jury Trial | 7 |
| &nbsp;&nbsp;&nbsp;Section 3.04 | &nbsp;&nbsp;&nbsp;Severability; Entire Agreement | 7 |
| &nbsp;&nbsp;&nbsp;Section 3.05 | &nbsp;&nbsp;&nbsp;Counterparts | 7 |
| **ARTICLE IV** | **APPLICABILITY OF INDENTURE** | **7** |
| &nbsp;&nbsp;&nbsp;Section 4.01 | &nbsp;&nbsp;&nbsp;Applicability | 7 |

---

i

ANNEXES

Annex I CLOSING DATE ASSET ENTITIES <br>Annex II CLOSING DATE OTHER ENTITIES

EXHIBITS

Exhibit A FORM OF SERIES 2021-1 CLASS B NOTE <br>Exhibit B FORM OF SERIES 2021-1 CLASS C NOTE

ii

**SERIES 2021-1 SUPPLEMENT**

THIS SERIES 2021-1 SUPPLEMENT (as amended, supplemented or otherwise modified and in effect from time to time, this "<u>Series Supplement</u>"), dated as of May 28, 2021, is among COMPASS DATACENTERS ISSUER, LLC, a Delaware limited liability company (the "<u>U.S. Co-Issuer</u>"), COMPASS DATACENTERS CANADA ISSUER LIMITED PARTNERSHIP, a limited partnership formed under the laws of the Province of Ontario (the "<u>Canadian Co-Issuer</u>" and, together with the U.S. Co-Issuer, the "<u>Co-Issuers</u>"), each entity of the Co-Issuers party hereto and listed on <u>Annex I</u> hereto (the "<u>Closing Date Asset Entities</u>" and together with any entity that becomes a party hereto after the date hereof as an "<u>Additional Asset Entity</u>", the "<u>Asset Entities</u>"), each entity party hereto and listed on <u>Annex II</u> hereto (the "<u>Closing Date Other Entities</u>" and together with any entity that becomes a party hereto after the date hereof as an "<u>Additional Other Entity</u>", the "<u>Other Entities</u>"; the Other Entities, the Asset Entities and the Co-Issuers, collectively, the "<u>Obligors</u>"), and WILMINGTON TRUST, NATIONAL ASSOCIATION, as indenture trustee and not in its individual capacity and any successor thereto in such capacity (the "<u>Indenture Trustee</u>").

RECITALS

WHEREAS, the Obligors have entered into a Second Amended and Restated Indenture, dated as of the date hereof (as the same may be further amended, restated, supplemented or otherwise modified and in effect from time to time, the "<u>Indenture</u>"), between the Indenture Trustee and the Obligors;

WHEREAS, the Co-Issuers, the Asset Entities and the Other Entities desire the Co-Issuers to issue $61,000,000 Secured Data Center Revenue Term Notes, Series 2021-1, Class B Notes (the "<u>Series 2021-1 Class B Notes</u>") and $41,000,000 Secured Data Center Revenue Term Notes, Series 2021-1, Class C Notes (the "<u>Series 2021-1 Class C Notes</u>", and together with the Series 2021-1 Class B Notes, the "<u>Series 2021-1 Term Notes</u>" or the "<u>Series 2021-1 Notes</u>"), pursuant to this Series Supplement to the Indenture;

WHEREAS, the Co-Issuers represent that they have duly authorized the issuance of the Series 2021-1 Notes;

WHEREAS, the Series 2021-1 Notes constitute Notes as defined in the Indenture; and

WHEREAS, the Indenture Trustee has agreed to accept the trusts herein created upon the terms herein set forth.

NOW, THEREFORE, it is mutually covenanted and agreed as follows:

**ARTICLE I**

**DEFINITIONS AND INCORPORATION BY REFERENCE**

Section 1.01 <u>Definitions</u>. All defined terms used herein and not defined herein shall have the meaning ascribed to such terms in the Indenture. All words and phrases defined in the Indenture shall have the same meaning in this Series Supplement, except as otherwise appears in this Article. In addition, the following terms have the following meanings in this Series Supplement unless the context clearly requires otherwise:

"<u>Allocable Share</u>" shall mean, as of the Closing Date, 60% with respect to the U.S. Obligors and 40% with respect to the Canadian Obligors.

"<u>Closing Date</u>" shall mean May 28, 2021.

"<u>Date of Issuance</u>" shall mean, May 28, 2021.

"<u>Indenture</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>No Rating Agency Declination or Waiver Action</u>" shall mean the obligation to obtain a Rating Agency Confirmation in connection with (i) amendments pursuant to Section 13.01 of the Indenture or (ii) the issuance of Additional Notes pursuant to Section 2.13(b) of the Indenture.

"<u>Note Rate</u>" shall, for each Class of the Series 2021-1 Notes, mean the rate per annum at which interest accrues on such Class set forth in Section 2.01(a).

"<u>Placement Agent</u>" shall mean Barclays Capital Inc., with respect to the Series 2021-1 Term Notes.

"<u>Post-ARD Note Spread</u>" shall, for each Class of the Series 2021-1 Notes, be the spread per annum set forth in Section 2.01(e).

"<u>Prepayment Consideration</u>" shall mean, in relation to the Series 2021-1 Term Notes, (i) from the Closing Date to but excluding the fourth (4th) anniversary of the Closing Date, any Yield Maintenance payable in connection with such principal prepayment on, or other early collection of principal, (ii) on and after the fourth (4th) anniversary of the Closing Date and to and excluding the date that is 66 months following the Closing Date, the lesser of (x) 1.00% of the principal balance of the Series 2021-1 Notes on the date of the related prepayment and (y) the Yield Maintenance payable in connection with such principal prepayment on, or other early collection of principal, and (iii) on and after the date that is 66 months following the Closing Date, zero.

"<u>Prepayment Period</u>" shall mean, in relation to the Series 2021-1 Term Notes, the period that commences on the Payment Date that is 18 months prior to the Anticipated Repayment Date.

"<u>Rating Agency</u>" shall mean S&P.

"<u>Rating Agency Confirmation</u>" shall mean, with respect to any matter and with respect to any Class of Series 2021-1 Notes, notification in writing by the Rating Agency (which may be in the form of e -mail, facsimile, press release, posting to its internet website or other such means then considered industry standard as determined by such Rating Agency) that a proposed action, failure to act or other event specified in the Indenture or the other Transaction Documents will not in and of itself result in the downgrade, withdrawal or qualification of the then-current rating assigned to such Class of Series 2021-1 Notes by such Rating Agency; <u>provided</u>, that, other than in connection with a No Rating Agency Declination or Waiver Action, if a Rating Agency Declination is received, the requirement to receive a Rating Agency Confirmation from the Rating Agency with respect to such matter will not apply; <u>provided</u>, <u>further</u>, that, other than in connection with a No Rating Agency Declination or Waiver Action, if a Rating Agency refuses to respond or otherwise does not respond to a request for Rating Agency Confirmation made in accordance with Section 15.26 of the Indenture, the requirement to receive such Rating Agency Confirmation shall be waived unless such Rating Agency's refusal or failure to respond to such request is due to a commercial dispute between the Co- Issuers or their Affiliates and such Rating Agency, including, but not limited to, any disagreement regarding such Rating Agency's fees.

"<u>Rating Agency Declination</u>" shall mean a written waiver or acknowledgement from a Rating Agency indicating its decision not to review or declining to review the matter for which the Rating Agency Confirmation is sought and received; provided that any Rating Agency's refusal to provide Rating Agency Confirmation due to a commercial dispute between the Co-Issuers or their Affiliates and such Rating Agency, including, but not limited to, any disagreement regarding such Rating Agency's fees, shall not constitute a Rating Agency Declination; provided, further, that if any Rating Agency shall publicly announce a policy, as a general matter, to no longer review requests for Rating Agency Confirmation, so long as such policy shall remain in effect, any party requesting Rating Agency Confirmation from such Rating Agency shall only be required to deliver written notice to such Rating Agency of any matter for which Rating Agency Confirmation would have been requested and such Rating Agency shall thereafter be deemed to have delivered a Rating Agency Declination with respect to such matter.

"<u>Series 2021-1 Class B Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2021-1 Class C Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2021-1 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2021-1 Term Notes Anticipated Repayment Date</u>" shall have the meaning ascribed to it in Section 2.01(b). The Series 2021-1 Term Notes Anticipated Repayment Date shall be the "Anticipated Repayment Date" for the Series 2021-1 Term Notes for purposes of the Indenture.

"<u>Series Disposition Period Date</u>" shall, for the Series 2021-1 Notes, have the meaning ascribed to it in Section 2.01(g).

Section 1.02 <u>Rules of Construction</u>. Unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a term has the meaning assigned to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) an accounting term not otherwise defined herein and accounting terms partly defined herein, to the extent not defined, shall have the respective meanings given to them under GAAP as in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "or" is not exclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "including" means including without limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) words in the singular include the plural and words in the plural include the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all references to "$"
or "USD" are to United States dollars unless otherwise stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all references to "$(Cdn)" or "CAD"
are to Canadian dollars unless otherwise stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) any agreement, instrument or statute defined or referred to in this Series Supplement or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) references to a Person are also to its permitted successors and assigns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the words "hereof", "herein" and "hereunder" and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless otherwise specified.

**ARTICLE II**

**SERIES 2021-1 NOTE DETAILS; FORMS OF SERIES 2021-1 NOTES**

Section 2.01 <u>Series 2021-1 Note Details</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate principal amount of the Series 2021-1 Notes which may be initially authenticated and delivered under this Series Supplement shall consist of two Classes designated as "Class B" and "Class C" with the respective initial principal balances, Note Rates and ratings set forth below (except for Series 2021-1 Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of Notes pursuant to Section 2.02 of the Indenture):

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Series/ Class** | **Initial Class Principal**<br>**Balance** | <br>**Note Principal Balance** | **Note**<br>**Type** |<br>**Rating** |
| Series 2021-1,Class B | $61000000 | $61000000 | Term Notes | BBB- |
| Series 2021-1 Class C | $41000000 | $41000000 | Term Notes | BB- |

---

The Note Rate for the Series 2021-1 Class B Notes will be 3.60%.

The Note Rate for the Series 2021-1 Class C Notes will be 5.60% .

On and after the occurrence and continuance of an Event of Default, the applicable Note Rate for the Series 2021-1 Notes shall automatically increase by a rate of 3.00% per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The "Series 2021-1 Term Notes Anticipated Repayment Date" for the Series 2021-1 Notes is the Payment Date in May 2028. The "Rated Final Payment Date" for the Series 2021-1 Notes is the Payment Date in May 2051.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The first Payment Date on which payments of Accrued Note Interest shall be paid to the Noteholders of the Series 2021-1 Notes shall be the June 2021 Payment Date. The initial Interest Accrual Period for the Series 2021-1 Notes shall consist of 23 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Post-ARD Note Spread for the Series 2021-1 Notes is the per annum spread set forth below:

---

| | |
|:---|:---|
| **Series / Class** | **Post-ARD Note Spread** |
| Series 2021-1, Class B | 2.35% |
| Series 2021-1, Class C | 4.35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Record Date for purposes of determining payments to the Noteholders of the Series 2021-1 Notes for the June 2021 Payment Date shall be May 28, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The "<u>Series Disposition Period Date</u>" for the Series 2021-1 Notes is the Payment Date in May 2052.

Section 2.02 <u>Delivery of Series 2021-1 Notes</u>. Upon the execution and delivery of this Series Supplement, the Co-Issuers shall execute and deliver to the Indenture Trustee and the Indenture Trustee, upon receipt of an Issuer Order, shall authenticate the Series 2021-1 Notes and deliver the Series 2021-1 Term Notes as directed by the Co-Issuers.

Section 2.03 <u>Forms of Series 2021-1 Notes</u>. The Series 2021-1 Class B Notes shall be in substantially in the form set forth in <u>Exhibit A</u> hereto. The Series 2021-1 Class C Notes shall be in substantially in the form set forth in <u>Exhibit B</u> hereto.

Section 2.04 <u>[Reserved]</u>.

Section 2.05 <u>[Reserved]</u>.

Section 2.06 <u>Funding of the Liquidity Reserve Sub-Accounts</u>. On the Closing Date, the Obligors deposited into the U.S. Liquidity Reserve Sub-Account an amount equal to $1,420,916.81 and into the Canadian Liquidity Reserve Sub-Account an amount equal to $936,166.67.

Section 2.07 <u>[Reserved]</u>.

Section 2.08 <u>Registration of Transfer and Exchange of Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Notes shall be transferred in accordance with the Indenture. As set forth therein, if a transfer of any Series 2021- 1 Term Note is to be made without registration under the Securities Act, then such transfer shall not be registered by the Note Registrar unless the Note Registrar receives (and, upon receipt, may conclusively rely upon) either: (i) a certification from the Noteholder desiring to effect such transfer substantially in the form attached as <u>Exhibit B-5</u> to the Indenture, in the case of a transfer to a Qualified Institutional Buyer, or <u>Exhibit B-6</u> to the Indenture, in the case of a transfer to an Institutional Accredited Investor, and a certification from the prospective Transferee substantially in the form attached as <u>Exhibit B- 3</u> to the Indenture, in the case of a transfer to a Qualified Institutional Buyer, or <u>Exhibit B-4</u> to the Indenture, in the case of a transfer to an Institutional Accredited Investor, or (ii) an Opinion of Counsel to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Co-Issuers, the Servicer, the Indenture Trustee or the Note Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Noteholder desiring to effect such transfer and/or such Noteholder's prospective Transferee on which such Opinion of Counsel is based. The foregoing shall not limit any right of any Noteholder to transfer the Notes in accordance with the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is hereby acknowledged that either of the forms of certification attached as <u>Exhibits B-3</u> and <u>B-4</u> to the Indenture is acceptable for the purpose of a certification pursuant to Section 2.02(c) of the Indenture.

Section 2.09 <u>Prepayment Consideration</u>. Notwithstanding anything in the Indenture to the contrary, no Prepayment Consideration shall be payable in connection with prepayments of the Series 2021-1 Notes in an amount equal to the applicable Disposition Price in connection with the disposition of one or more Data Centers in accordance with Section 7.30 of the Base Indenture in an amount up to $10 million in the aggregate for all such dispositions.

Section 2.10 Issuance of Additional Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time that the Series 2021-1 Class B Notes are Outstanding, the Co-Issuers shall not issue any Class B Notes or any other Notes with a lower alphabetical designation than the Class B Notes (other than the Series 2021-1 Class C Notes) pursuant to the Indenture that have a Rated Final Payment Date occurring on or prior to the Rated Final Payment Date for the Series 2021-1 Class B Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time that the Series 2021-1 Class C Notes are Outstanding, the Co-Issuers shall not issue any Class C Notes or any other Notes with a lower alphabetical designation than the Class C Notes pursuant to the Indenture that have a Rated Final Payment Date occurring on or prior to the Rated Final Payment Date for the Series 2021-1 Class C Notes.

**ARTICLE III**

**GENERAL PROVISIONS**

Section 3.01 <u>Date of Execution</u>. This Series Supplement for convenience and for the purpose of reference is dated as of May 28, 2021.

Section 3.02 <u>Notices</u>. Notices required to be given to the Rating Agency by the Co-Issuers, the Asset Entities, the Other Entities or the Indenture Trustee shall be mailed to the address provided by the Rating Agency in writing to the Co-Issuers, the Asset Entities, the Other Entities and the Indenture Trustee from time to time.

Section 3.03 <u>Governing Law; Jurisdiction; Waiver of Jury Trial</u>. THIS SERIES SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH PARTY HERETO IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE COURT OR UNITED STATES FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR IN RELATION TO THIS SERIES SUPPLEMENT. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SERIES SUPPLEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 3.04 <u>Severability; Entire Agreement</u>. In case any provision in this Series Supplement shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. This Series Supplement constitutes the entire agreement between the parties hereto, and no oral statements or prior written matter not specifically incorporated herein shall be of any force or effect.

Section 3.05 <u>Counterparts</u>. The Indenture and this Series Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such respective counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of this Series Supplement in Portable Document Format (PDF) or by facsimile shall be effective as delivery of a manually executed counterpart of this Series Supplement.

**ARTICLE IV**

**APPLICABILITY OF INDENTURE**

Section 4.01 <u>Applicability</u>. The provisions of the Indenture are hereby ratified, approved and confirmed, except as otherwise expressly modified by this Series Supplement and the Indenture as so supplemented by this Series Supplement shall be read, taken and construed as one and the same instrument. The representations, warranties and covenants contained in the Indenture (except as expressly modified herein) are hereby reaffirmed with the same force and effect as if fully set forth herein and made again as of the date hereof.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the Obligors and the Indenture Trustee have caused this Series Supplement to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year first above written.

---

| | |
|:---|:---|
| COMPASS DATACENTERS ISSUER, LLC | COMPASS DATACENTERS ISSUER, LLC |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: President & CFO |
| COMPASS DATACENTERS CANADA ISSUER LIMITED PARTNERSHIP, by its general partner, COMPASS DATACENTERS CANADA ISSUER, INC. | COMPASS DATACENTERS CANADA ISSUER LIMITED PARTNERSHIP, by its general partner, COMPASS DATACENTERS CANADA ISSUER, INC. |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: Secretary |
| COMPASS DATACENTERS CANADA ISSUER, INC. | COMPASS DATACENTERS CANADA ISSUER, INC. |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: Secretary |
| COMPASS DATACENTERS BNA IA, LLC | COMPASS DATACENTERS BNA IA, LLC |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: President & CFO |
| COMPASS DATACENTERS BNA IB, LLC | COMPASS DATACENTERS BNA IB, LLC |
| By | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: President & CFO |

---

[Signature Page to Series 2021-1 Supplement]

---

| | |
|:---|:---|
| COMPASS DATACENTERS DFW I, LLC | COMPASS DATACENTERS DFW I, LLC |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: President & CFO |
| COMPASS DATACENTERS DFW II, LLC | COMPASS DATACENTERS DFW II, LLC |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: President & CFO |
| COMPASS DATACENTERS MSP I, LLC | COMPASS DATACENTERS MSP I, LLC |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: President & CFO |
| COMPASS DATACENTERS RDU I, LLC | COMPASS DATACENTERS RDU I, LLC |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: President & CFO |
| COMPASS DATACENTERS TUL I, LLC | COMPASS DATACENTERS TUL I, LLC |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: President & CFO |

---

[Signature Page to Series 2021-1 Supplement]

---

| | |
|:---|:---|
| COMPASS DATACENTERS YUL I LIMITED PARTNERSHIP, by its general partner, COMPASS DATA CENTERS YUL I GP, INC. | COMPASS DATACENTERS YUL I LIMITED PARTNERSHIP, by its general partner, COMPASS DATA CENTERS YUL I GP, INC. |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: CFO |
| COMPASS DATACENTERS YUL I GP, INC. | COMPASS DATACENTERS YUL I GP, INC. |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: CFO |
| COMPASS DATACENTERS YUL II LIMITED PARTNERSHIP, by its general partner, COMPASS DATACENTERS YUL II GP, INC. | COMPASS DATACENTERS YUL II LIMITED PARTNERSHIP, by its general partner, COMPASS DATACENTERS YUL II GP, INC. |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: CFO |
| COMPASS DATACENTERS YUL II GP, INC. | COMPASS DATACENTERS YUL II GP, INC. |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: CFO |
| COMPASS DATACENTERS YYZ I LIMITED PARTNERSHIP, by its general partner, COMPASS DATACENTERS YYZ I GP, INC. | COMPASS DATACENTERS YYZ I LIMITED PARTNERSHIP, by its general partner, COMPASS DATACENTERS YYZ I GP, INC. |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: CFO |

---

[Signature Page to Series 2021-1 Supplement]

---

| | |
|:---|:---|
| COMPASS DATACENTERS YYZ I GP, INC. | COMPASS DATACENTERS YYZ I GP, INC. |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: CFO |

---

[Signature Page to Series 2021-1 Supplement]

---

| | | |
|:---|:---|:---|
| WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee | WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee | WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee |
| By: | /s/ Clarice Wright | /s/ Clarice Wright |
|  | Name: | Clarice Wright |
|  | Title: | Vice President |

---

[Signature Page to Series 2021-1 Supplement]

## Exhibit 4.5

**Exhibit 4.5**

***Execution Version***

 ****

SERIES 2022-1 SUPPLEMENT

<u>among</u>

COMPASS DATACENTERS ISSUER, LLC,

COMPASS DATACENTERS CANADA ISSUER LIMITED PARTNERSHIP

<u>and</u>

THE ENTITIES OF THE CO-ISSUERS PARTY HERETO,

as Obligors,

<u>and</u>

<u> </u>

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Indenture Trustee

dated as of April 21, 2022

Secured Data Center Revenue Notes, Series 2022-1

**CONTENTS**

**Page**

---

| | | |
|:---|:---|:---|
| **ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE** | **ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE** | **2** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 | Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.02 | Rules of Construction | 4 |
| **ARTICLE II SERIES 2022-1 NOTE DETAILS; FORMS OF SERIES 2022-1 NOTES** | **ARTICLE II SERIES 2022-1 NOTE DETAILS; FORMS OF SERIES 2022-1 NOTES** | **5** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01 | Series 2022-1 Note Details | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02 | Delivery of Series 2022-1 Notes | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03 | Forms of Series 2022-1 Notes | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.04 | No Class A-2 Monthly Amortization Amounts; Principal Amortization | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.05 | Deposits of Proceeds into Collection Account | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.06 | Funding of the Liquidity Reserve Sub-Accounts | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.07 | Release from the USD Canadian Executed Forward Starting Lease Reserve Sub-Account | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.08 | Registration of Transfer and Exchange of Notes | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.09 | Prepayment Consideration | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.10 | Issuance of Additional Notes | 7 |
| **ARTICLE III GENERAL PROVISIONS** | **ARTICLE III GENERAL PROVISIONS** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01 | Date of Execution | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02 | Notices | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.03 | Governing Law; Jurisdiction; Waiver of Jury Trial | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.04 | Severability | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.05 | Counterparts; Electronic Execution | 8 |
| **ARTICLE IV APPLICABILITY OF INDENTURE** | **ARTICLE IV APPLICABILITY OF INDENTURE** | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01 | Applicability | 8 |

---

i

ANNEXES

Annex I CLOSING DATE ASSET ENTITIES <br>Annex II CLOSING DATE OTHER ENTITIES

EXHIBITS

Exhibit A FORM OF SERIES 2022-1 CLASS A-2 NOTE <br>Exhibit B FORM OF SERIES 2022-1 CLASS B NOTE

ii

**SERIES 2022-1 SUPPLEMENT**

THIS SERIES 2022-1 SUPPLEMENT (as amended, supplemented or otherwise modified and in effect from time to time, this "<u>Series Supplement</u>"), dated as of April 21, 2022, is among COMPASS DATACENTERS ISSUER, LLC, a Delaware limited liability company (the "<u>U.S. Co-Issuer</u>"), COMPASS DATACENTERS CANADA ISSUER LIMITED PARTNERSHIP, a limited partnership formed under the laws of the Province of Ontario (the "<u>Canadian Co-Issuer</u>" and, together with the U.S. Co-Issuer, the "<u>Co-Issuers</u>"), each entity of the Co-Issuers party hereto and listed on <u>Annex I</u> hereto (the "<u>Closing Date Asset Entities</u>" and together with any entity that becomes a party hereto after the date hereof as an "<u>Additional Asset Entity</u>", the "<u>Asset Entities</u>"), each entity party hereto and listed on <u>Annex II</u> hereto (the "<u>Closing Date Other Entities</u>" and together with any entity that becomes a party hereto after the date hereof as an "<u>Additional Other Entity</u>", the "<u>Other Entities</u>"; the Other Entities, the Asset Entities and the Co-Issuers, collectively, the "<u>Obligors</u>"), and WILMINGTON TRUST, NATIONAL ASSOCIATION, as indenture trustee and not in its individual capacity and any successor thereto in such capacity (the "<u>Indenture Trustee</u>").

RECITALS

WHEREAS, the Obligors have entered into a Second Amended and Restated Indenture, dated as of May 28, 2021 (as amended by the First Amendment thereto, dated as of the date hereof, and as the same may be further amended, restated, supplemented or otherwise modified and in effect from time to time, the "<u>Indenture</u>"), between the Indenture Trustee and the Obligors;

WHEREAS, the Co-Issuers, the Asset Entities and the Other Entities desire the Co-Issuers to issue $120,000,000 Secured Data Center Revenue Term Notes, Series 2022-1, Class A-2 Notes (the "<u>Series 2022-1 Class A-2 Notes</u>"<u>)</u> and $51,000,000 Secured Data Center Revenue Term Notes, Series 2022-1, Class B Notes (the "<u>Series 2022-1 Class B Notes</u>" and, together with the Series 2022-1 Class A-2 Notes, the "<u>Series 2022-1 Term Notes</u>" or the "<u>Series 2022-1 Notes</u>"), pursuant to this Series Supplement to the Indenture;

WHEREAS, the Co-Issuers represent that they have duly authorized the issuance of the Series 2022-1 Notes;

WHEREAS, the Series 2022-1 Notes constitute Notes as defined in the Indenture; and

WHEREAS, the Indenture Trustee has agreed to accept the trusts herein created upon the terms herein set forth.

NOW, THEREFORE, it is mutually covenanted and agreed as follows:

**ARTICLE I**

**DEFINITIONS AND INCORPORATION BY REFERENCE**

Section 1.01 <u>Definitions</u>. All defined terms used herein and not defined herein shall have the meaning ascribed to such terms in the Indenture. All words and phrases defined in the Indenture shall have the same meaning in this Series Supplement, except as otherwise appears in this Article. In addition, the following terms have the following meanings in this Series Supplement unless the context clearly requires otherwise:

"<u>Allocable Share</u>" shall mean, as of the Closing Date, 66 2/3% with respect to the U.S. Obligors and 33 1/3% with respect to the Canadian Obligors.

"<u>Class A-2 Targeted Amortization Amount</u>" shall mean, as of each Payment Date with respect to the Series 2022-1 Class A-2 Notes, $0.

"<u>Closing Date</u>" shall mean April 21, 2022.

"<u>Date of Issuance</u>" shall mean, with respect to the Series 2022-1 Notes, April 21, 2022.

"<u>Indenture</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>No Rating Agency Declination or Waiver Action</u>" shall mean the obligation to obtain a Rating Agency Confirmation in connection with (i) amendments pursuant to Section 13.01 of the Indenture or (ii) the issuance of Additional Notes pursuant to Section 2.13(b) of the Indenture.

"<u>Note Rate</u>" shall, for each Class of the Series 2022-1 Notes, mean the rate per annum at which interest accrues on such Class set forth in Section 2.01(a).

"<u>Placement Agent</u>" shall mean Guggenheim Securities, LLC, with respect to the Series 2022-1 Term Notes.

"<u>Post-ARD Note Spread</u>" shall, for each Class of the Series 2022-1 Notes, be the spread per annum set forth in Section 2.01(e).

"<u>Prepayment Consideration</u>" shall mean, in relation to the Series 2022-1 Term Notes, (i) from the Closing Date to but excluding the fourth (4th) anniversary of the Closing Date, any Yield Maintenance payable in connection with such principal prepayment on, or other early collection of principal, (ii) on and after the fourth (4th) anniversary of the Closing Date and to and excluding the date that is 60 months following the Closing Date, the 1.00% of the principal balance of the Series 2022-1 Notes on the date of the related prepayment, and (iii) on and after the date that is 60 months following the Closing Date, zero.

"<u>Prepayment Period</u>" shall mean, in relation to the Series 2022-1 Term Notes, the period that commences on the Payment Date that is 24 months prior to the Anticipated Repayment Date.

"<u>Rated Final Payment Date</u>" shall have, in relation to the Series 2022-1 Notes, the meaning ascribed to it in Section 2.01(b).

"<u>Rating Agency</u>" shall mean S&P Global Ratings, acting through Standard & Poor's Financial Services LLC.

"<u>Rating Agency Confirmation</u>" shall mean, with respect to any matter and with respect to any Class of Series 2022-1 Notes, notification in writing by the Rating Agency (which may be in the form of e-mail, facsimile, press release, posting to its internet website or other such means then considered industry standard as determined by such Rating Agency) that a proposed action, failure to act or other event specified in the Indenture or the other Transaction Documents will not in and of itself result in the downgrade, withdrawal or qualification of the then-current rating assigned to such Class of Series 2022-1 Notes by such Rating Agency; <u>provided</u>, that, other than in connection with a No Rating Agency Declination or Waiver Action, if a Rating Agency Declination is received, the requirement to receive a Rating Agency Confirmation from the Rating Agency with respect to such matter will not apply; <u>provided</u>, <u>further</u>, that, other than in connection with a No Rating Agency Declination or Waiver Action, if a Rating Agency refuses to respond or otherwise does not respond to a request for Rating Agency Confirmation made in accordance with Section 15.26 of the Indenture, the requirement to receive such Rating Agency Confirmation shall be waived unless such Rating Agency's refusal or failure to respond to such request is due to a commercial dispute between the Co-Issuers or their Affiliates and such Rating Agency, including, but not limited to, any disagreement regarding such Rating Agency's fees.

"<u>Rating Agency Declination</u>" shall mean a written waiver or acknowledgement from a Rating Agency indicating its decision not to review or declining to review the matter for which the Rating Agency Confirmation is sought and received; provided that any Rating Agency's refusal to provide Rating Agency Confirmation due to a commercial dispute between the Co-Issuers or their Affiliates and such Rating Agency, including, but not limited to, any disagreement regarding such Rating Agency's fees, shall not constitute a Rating Agency Declination; provided, further, that if any Rating Agency shall publicly announce a policy, as a general matter, to no longer review requests for Rating Agency Confirmation, so long as such policy shall remain in effect, any party requesting Rating Agency Confirmation from such Rating Agency shall only be required to deliver written notice to such Rating Agency of any matter for which Rating Agency Confirmation would have been requested and such Rating Agency shall thereafter be deemed to have delivered a Rating Agency Declination with respect to such matter.

"<u>Series 2022-1 Class A-2 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2022-1 Class B Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2022-1 Notes</u>" shall have the meaning ascribed to it in the preamble hereto. "<u>Series 2022-1 Term Notes Anticipated Repayment Date</u>" shall have the meaning ascribed to it in Section 2.01(b). The Series 2022-1 Term Notes Anticipated Repayment Date shall be the "<u>Anticipated Repayment Date</u>" for the Series 2022-1 Term Notes for purposes of the Indenture.

"<u>Series Disposition Period Date</u>" shall, for the Series 2022-1 Notes, have the meaning ascribed to it in Section 2.01(g).

Section 1.02 <u>Rules of Construction</u>. Unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a term has the meaning assigned to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an accounting term not otherwise defined herein and accounting terms partly defined herein, to the extent not defined, shall have the respective meanings given to them under GAAP as in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "or" is not exclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "including" means including without
 limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) words in the singular include the plural and
 words in the plural include the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all references to "$" or "USD"
 are to United States dollars unless otherwise stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all references to "$(Cdn)" or "CAD"
 are to Canadian dollars unless otherwise stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any agreement, instrument or statute defined or referred to in this Series Supplement or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) references to a Person are also to its permitted
 successors and assigns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the words "hereof", "herein" and "hereunder" and words of similar import, when used in this Series Supplement, shall refer to this Series Supplement as a whole and not to any particular provision of this Series Supplement, and Section, Schedule and Exhibit references are to this Series Supplement unless otherwise specified.

**ARTICLE II**

**SERIES 2022-1 NOTE DETAILS; FORMS OF SERIES 2022-1 NOTES**

Section 2.01 <u>Series 2022-1 Note Details</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate principal amount of the Series 2022-1 Notes which may be initially authenticated and delivered under this Series Supplement shall consist of two Classes designated as "Class A-2" and "Class B" with the respective initial principal balances, Note Rates and ratings set forth below (except for Series 2022-1 Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of Notes pursuant to Section 2.02 of the Indenture):

---

| | | | | |
|:---|:---|:---|:---|:---|
| Series/ Class | Initial Class Principal<br> Balance | Note Principal<br> Balance | Note Type | Rating |
| Series 2022-1, Class A-2 | $120000000 | $120000000 | Term Notes | A- |
| Series 2022-1 Class B | $51000000 | $51000000 | Term Notes | BBB- |

---

The Note Rate for the Series 2022-1 Class A-2 Notes will be 4.600%.

The Note Rate for the Series 2022-1 Class B Notes will be 5.100%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The "<u>Series 2022-1 Term Notes Anticipated Repayment Date</u>" for the Series 2022-1 Notes is the Payment Date in April 2029. The "<u>Rated Final Payment Date</u>" for the Series 2022-1 Notes is the Payment Date in April 2052.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The first Payment Date on which payments of Accrued Note Interest shall be paid to the Noteholders of the Series 2022-1 Notes shall be the May 2022 Payment Date. The initial Interest Accrual Period for the Series 2022-1 Notes shall consist of 30 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Post-ARD Note Spread for the Series 2022-1 Notes is the per annum spread set forth below:

---

| | |
|:---|:---|
| **Series / Class** | **Post-ARD Note Spread** |
| Series 2022-1, Class A-2 | 2.00% |
| Series 2022-1, Class B | 2.50% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Record Date for purposes of determining payments to the Noteholders of the Series 2022-1 Notes for the May 2022 Payment Date shall be April 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The "<u>Series Disposition Period Date</u>" for the Series 2022-1 Notes is the Payment Date in April 2053.

Section 2.02 <u>Delivery of Series 2022-1 Notes</u>. Upon the execution and delivery of this Series Supplement, the Co-Issuers shall execute and deliver to the Indenture Trustee and the Indenture Trustee, upon receipt of an Issuer Order, shall authenticate the Series 2022-1 Notes and deliver the Series 2022-1 Term Notes as directed by the Co-Issuers.

Section 2.03 <u>Forms of Series 2022-1 Notes</u>. The Series 2022-1 Class A-2 Notes shall be in substantially in the form set forth in <u>Exhibit A</u> hereto. The Series 2022-1 Class B Notes shall be in substantially in the form set forth in <u>Exhibit B</u> hereto.

Section 2.04 <u>No Class A-2 Monthly Amortization Amounts; Principal Amortization</u>. There shall be no Class A-2 Monthly Amortization Amounts with respect to the Series 2022-1 Class A-2 Notes.

Section 2.05 <u>Deposits of Proceeds into Collection Account</u>. On the Closing Date, the Noteholders purchasing the Series 2022-1 Class A-2 Notes will deposit the purchase price for their respective Series 2022-1 Class A-2 Notes into the Collection Account in accordance with that certain Issuer Order of the Co-Issuers, dated as of the date hereof, delivered to the Indenture Trustee directing and authorizing such deposit.

Section 2.06 <u>Funding of the Liquidity Reserve Sub-Accounts</u>. On the Closing Date, the Obligors deposited into the U.S. Liquidity Reserve Sub-Account an amount equal to 1,553,075.93 and into the Canadian Liquidity Reserve Sub-Account an amount equal to $1,038,174.04.

Section 2.07 <u>Release from the USD Canadian Executed Forward Starting Lease Reserve Sub-Account</u>. On the Closing Date, $5,208,610.00 will be released from the USD Canadian Executed Forward Starting Lease Reserve Sub-Account to or at the direction of the Co- Issuers, such that $2,903,280.00 will remain on deposit in the USD Canadian Executed Forward Starting Lease Reserve Sub-Account after giving effect to such release.

Section 2.08 <u>Registration of Transfer and Exchange of Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Notes shall be transferred in accordance with the Indenture. As set forth therein, if a transfer of any Series 2022-1 Term Note is to be made without registration under the Securities Act, then such transfer shall not be registered by the Note Registrar unless the Note Registrar receives (and, upon receipt, may conclusively rely upon) either: (i) a certification from the Noteholder desiring to effect such transfer substantially in the form attached as <u>Exhibit B-5</u> to the Indenture, in the case of a transfer to a Qualified Institutional Buyer, or <u>Exhibit B-6</u> to the Indenture, in the case of a transfer to an Institutional Accredited Investor, and a certification from the prospective Transferee substantially in the form attached as <u>Exhibit B-3</u> to the Indenture, in the case of a transfer to a Qualified Institutional Buyer, or <u>Exhibit B-4</u> to the Indenture, in the case of a transfer to an Institutional Accredited Investor, or (ii) an Opinion of Counsel to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Co-Issuers, the Servicer, the Indenture Trustee or the Note Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Noteholder desiring to effect such transfer and/or such Noteholder's prospective Transferee on which such Opinion of Counsel is based. The foregoing shall not limit any right of any Noteholder to transfer the Notes in accordance with the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is hereby acknowledged that either of the forms of certification attached as <u>Exhibits B-3</u> and <u>B-4</u> to the Indenture is acceptable for the purpose of a certification pursuant to Section 2.02(c) of the Indenture.

Section 2.09 <u>Prepayment Consideration</u>. Notwithstanding anything in the Indenture to the contrary, no Prepayment Consideration shall be payable in connection with (x) prepayments of the Series 2022-1 Class A-2 Notes in an amount equal to the applicable Disposition Price in connection with the disposition of one or more Data Centers in accordance with Section 7.30 of the Base Indenture in an amount up to $20 million in the aggregate for all such dispositions and (y) prepayments of the Series 2022-1 Class B Notes in an amount equal to the applicable Disposition Price in connection with the disposition of one or more Data Centers in accordance with Section 7.30 of the Base Indenture in an amount up to $10 million in the aggregate for all such dispositions.

Section 2.10 <u>Issuance of Additional Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time that the Series 2022-1 Class A-2 Notes are Outstanding, the Co-Issuers shall not issue any Class A-2 Notes or any other Notes with a lower alphabetical designation than the Class A-2 Notes (other than the Series 2022-1 Class B Notes) pursuant to the Indenture that have a Rated Final Payment Date occurring on or prior to the Rated Final Payment Date for the Series 2022-1 Class A-2 Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time that the Series 2022-1 Class B Notes are Outstanding, the Co-Issuers shall not issue any Class B Notes or any other Notes with a lower alphabetical designation than the Class B Notes pursuant to the Indenture that have a Rated Final Payment Date occurring on or prior to the Rated Final Payment Date for the Series 2022-1 Class B Notes.

**ARTICLE III**

**GENERAL PROVISIONS**

Section 3.01 <u>Date of Execution</u>. This Series Supplement for convenience and for the purpose of reference is dated as of April 21, 2022.

Section 3.02 <u>Notices</u>. Notices required to be given to the Rating Agency by the Co-Issuers, the Asset Entities, the Other Entities or the Indenture Trustee shall be mailed to the address provided by the Rating Agency in writing to the Co-Issuers, the Asset Entities, the Other Entities and the Indenture Trustee from time to time.

Section 3.03 <u>Governing Law; Jurisdiction; Waiver of Jury Trial</u>. THIS SERIES SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH PARTY HERETO IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE COURT OR UNITED STATES FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR IN RELATION TO THIS SERIES SUPPLEMENT. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SERIES SUPPLEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 3.04 <u>Severability</u>. In case any provision in this Series Supplement shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 3.05 <u>Counterparts; Electronic Execution</u>. This Series Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such respective counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of this Series Supplement by telecopy, e-mail, pdf or any other electronic means (e.g. "pdf", Docusign or "tif") shall be effective as delivery of a manually executed counterpart of this Series Supplement. The words "delivery", "execution," "execute", "signed," "signature," and words of like import in or related to any document to be signed in connection with this Series Supplement and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Indenture Trustee, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

**ARTICLE IV**

**APPLICABILITY OF INDENTURE**

Section 4.01 <u>Applicability</u>. The provisions of the Indenture are hereby ratified, approved and confirmed, except as otherwise expressly modified by this Series Supplement and the Indenture as so supplemented by this Series Supplement shall be read, taken and construed as one and the same instrument. The representations, warranties and covenants contained in the Indenture (except as expressly modified herein) are hereby reaffirmed with the same force and effect as if fully set forth herein and made again as of the date hereof.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the Obligors and the Indenture Trustee have caused this Series Supplement to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year first above written.

---

| | |
|:---|:---|
| COMPASS DATACENTERS ISSUER, LLC | COMPASS DATACENTERS ISSUER, LLC |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: President and Chief Financial Officer |
| COMPASS DATACENTERS CANADA ISSUER LIMITED PARTNERSHIP, by its general partner, COMPASS DATACENTERS CANADA ISSUER, INC. | COMPASS DATACENTERS CANADA ISSUER LIMITED PARTNERSHIP, by its general partner, COMPASS DATACENTERS CANADA ISSUER, INC. |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: Secretary |
| COMPASS DATACENTERS CANADA ISSUER, INC. | COMPASS DATACENTERS CANADA ISSUER, INC. |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: Secretary |
| COMPASS DATACENTERS BNA IA, LLC | COMPASS DATACENTERS BNA IA, LLC |
| By | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: President and Chief Financial Officer |
| COMPASS DATACENTERS BNA IB, LLC | COMPASS DATACENTERS BNA IB, LLC |
| By | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: President and Chief Financial Officer |

---

[Signature Page to Series 2022-1 Supplement]

---

| | |
|:---|:---|
| COMPASS DATACENTERS DFW I, LLC | COMPASS DATACENTERS DFW I, LLC |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: President and Chief Financial Officer |
| COMPASS DATACENTERS DFW II, LLC | COMPASS DATACENTERS DFW II, LLC |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: President and Chief Financial Officer |
| COMPASS DATACENTERS MSP I, LLC | COMPASS DATACENTERS MSP I, LLC |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: President and Chief Financial Officer |
| COMPASS DATACENTERS RDU I, LLC | COMPASS DATACENTERS RDU I, LLC |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: President and Chief Financial Officer |
| COMPASS DATACENTERS TUL I, LLC | COMPASS DATACENTERS TUL I, LLC |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: President and Chief Financial Officer |

---

[Signature Page to Series 2022-1 Supplement]

---

| | |
|:---|:---|
| COMPASS DATACENTERS YUL I LP, by its general partner, COMPASS DATA CENTERS YUL I GP, INC. | COMPASS DATACENTERS YUL I LP, by its general partner, COMPASS DATA CENTERS YUL I GP, INC. |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: Chief Financial Officer |
| COMPASS DATACENTERS YUL I GP, INC. | COMPASS DATACENTERS YUL I GP, INC. |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: Chief Financial Officer |
| COMPASS DATACENTERS YUL II LP, by its general partner, COMPASS DATACENTERS YUL II GP, INC. | COMPASS DATACENTERS YUL II LP, by its general partner, COMPASS DATACENTERS YUL II GP, INC. |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: Chief Financial Officer |
| COMPASS DATACENTERS YUL II GP, INC. | COMPASS DATACENTERS YUL II GP, INC. |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: Chief Financial Officer |
| COMPASS DATACENTERS YYZ I LP, by its general partner, COMPASS DATACENTERS YYZ I GP, INC. | COMPASS DATACENTERS YYZ I LP, by its general partner, COMPASS DATACENTERS YYZ I GP, INC. |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: Chief Financial Officer |

---

[Signature Page to Series 2022-1 Supplement]

---

| | |
|:---|:---|
| COMPASS DATACENTERS YYZ I GP, INC. | COMPASS DATACENTERS YYZ I GP, INC. |
| By: | /s/ Jared Day |
|  | Name: Jared Day |
|  | Title: Chief Financial Officer |

---

[Signature Page to Series 2022-1 Supplement]

---

| | | |
|:---|:---|:---|
| WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee | WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee | WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee |
| By: | /s/ Jacob Stapleford | /s/ Jacob Stapleford |
|  | Name: | Jacob Stapleford |
|  | Title: | Assistant Vice President |

---

[Signature Page to Series 2022-1 Supplement]

## Exhibit 4.6

**Exhibit 4.6**

***Execution Version***

INDENTURE

<u>among</u>

CENTERSQUARE ISSUER LLC,

CENTERSQUARE CO-ISSUER LLC

<u>and</u>

EACH OF THE ASSET ENTITIES PARTY HERETO FROM TIME TO TIME,

as Obligors,

<u>and</u>

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Indenture Trustee

dated as of October 17, 2024

------

Secured Data Center Revenue Notes

**TABLE OF CONTENTS**

**Page**

---

| | |
|:---|:---|
| Article I DEFINITIONS AND INCORPORATION BY REFERENCE | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.02 Rules of Construction | 43 |
| Article II THE NOTES | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01 The Notes | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02 Registration of Transfer and Exchange of Notes | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03 Book-Entry Notes | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.04 Mutilated, Destroyed, Lost or Stolen Notes | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.05 Persons Deemed Owners | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.06 Certification by Note Owners | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.07 Notes Issuable in Series | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.08 Principal Amortization | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.09 Prepayments | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.10 Post-ARD Additional Interest | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.11 Defeasance | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.12 Additional Data Centers; Additional Notes | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.13 Cancellation | 64 |
| Article III ACCOUNTS | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01 Establishment of Collection Account and Sub-Accounts | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02 Deposits to the Collection Account | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.03 Withdrawals from the Collection Account | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.04 Application of Funds in the Collection Account | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.05 Application of Funds after Event of Default | 65 |
| Article IV RESERVES | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01 Security Interest in Reserves; Other Matters Pertaining to Reserves | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.02 Funds Deposited with Indenture Trustee | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.03 Priority Expense Reserve Sub-Account | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.04 Cash Trap Reserve Sub-Account | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.05 Senior Note Interest and Expense Reserve Sub-Account; Liquidity Letters of Credit | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.06 Capital Expenditures Reserve Sub-Account | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.07 Forward Starting Contract Reserve Sub-Account | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.08 Other Expense Reserve Sub-Account | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.09 Equity Contributions | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.10 Indenture Accounts | 72 |

---

i

---

| | |
|:---|:---|
| Article V ALLOCATION OF COLLECTIONS; PAYMENTS TO NOTEHOLDERS | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.01 Allocations and Payments | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.02 Payments of Principal | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.03 Payments of Interest, VFN Undrawn Commitment Fees and Letter of Credit Fees | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.04 No Gross Up | 84 |
| Article VI REPRESENTATIONS AND WARRANTIES | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.01 Organization, Powers, Capitalization, Good Standing, Business | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.02 Authorization of Borrowing, etc. | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.03 Financial Statements | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.04 Indebtedness and Contingent Obligations | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.05 Customer Contracts; Material Agreements | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.06 Litigation; Adverse Facts | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.07 Payment of Taxes | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.08 Performance of Agreements | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.09 Employee Benefit Plans | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.10 Solvency | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.11 Use of Proceeds and Margin Security | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.12 Insurance | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.13 Investments | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.14 OFAC | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.15 Anti-Corruption Laws | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.16 Intellectual Property | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.17 Governmental Regulation | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.18 Representations and Warranties With Respect To Data Centers and Customer Contracts | 90 |
| Article VII COVENANTS | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.01 Payment on Notes | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.02 Financial Statements and Other Reports | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.03 Existence; Qualification | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.04 Payment of Impositions and Claims | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.05 Maintenance of Insurance | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.06 Operation and Maintenance of the Data Centers; Casualty; Condemnation | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.07 Inspection; Investigation | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.08 Compliance with Laws and Obligations | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.09 Further Assurances | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.10 Performance of Agreements and Customer Contracts | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.11 New Customer Contracts; Recorded Mortgages | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.12 Management Agreement | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.13 Maintenance of Office or Agency by Co-Issuers | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.14 Deposits; Application of Deposits | 102 |

---

ii

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.15 Estoppel Certificates | 102.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.16 Indebtedness | 103.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.17 No Liens | 103.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.18 Contingent Obligations | 103.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.19 Restriction on Fundamental Changes | 104.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.20 Involuntary Obligor Bankruptcy | 104.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.21 [Reserved] | 104.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.22 Money for Payments to be Held in Trust | 104.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.23 Site Leases | 105.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.24 Rule 144A Information | 110.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.25 Maintenance of Books and Records | 110.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.26 Continuation of Ratings | 110.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.27 The Indenture Trustee, the Backup Manager and Servicer's Expenses | 110.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.28 Environmental Remediation | 110.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.29 Amendments to Customer Contracts; Site Leases | 110.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.30 Asset Entities' Option to Dispose of Data Centers and Non-Core Data Center Assets | 111.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.31 Limitation on Certain Issuances and Transfers | 112.0 |
| Article VIII SINGLE-PURPOSE, BANKRUPTCY-REMOTE REPRESENTATIONS, WARRANTIES AND COVENANTS |  |
|  | 112.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.01 Applicable to the Co-Issuers and the Asset Entities | 112.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.02 Applicable to the Co-Issuers | 116.0 |
| Article IX SATISFACTION AND DISCHARGE | 117.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.01 Satisfaction and Discharge of Indenture | 117.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.02 Application of Trust Money | 117.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.03 Repayment of Monies Held by Paying Agent | 117.0 |
| Article X EVENTS OF DEFAULT; REMEDIES | 118.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.01 Events of Default | 118.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.02 Acceleration and Remedies | 120.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.03 Performance by the Indenture Trustee | 123.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.04 Evidence of Compliance | 123.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.05 Controlling Class Representative | 123.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.06 Certain Rights and Powers of the Controlling Class Representative | 125.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.07 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee | 127.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.08 Remedies | 129.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.09 Optional Preservation of the Trust Estate | 129.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.10 Limitation of Suits | 129.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.11 Unconditional Rights of Noteholders to Receive Principal and Interest | 130.0 |

---

iii

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.12 Restoration of Rights and Remedies | 130.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.13 Rights and Remedies Cumulative | 131.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.14 Delay or Omission Not a Waiver | 131.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.15 Waiver of Past Defaults | 131.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.16 Undertaking for Costs | 131.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.17 Waiver of Stay or Extension Laws | 132.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.18 Action on Notes | 132.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.19 Waiver | 132.0 |
| Article XI THE INDENTURE TRUSTEE | 132.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.01 Shared Facilities | 132.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.02 Duties of Indenture Trustee | 133.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.03 Certain Matters Affecting the Indenture Trustee | 135.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.04 Indenture Trustee's Disclaimer | 139.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.05 Indenture Trustee May Own Notes | 139.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.06 Fees and Expenses of Indenture Trustee; Indemnification of the Indenture Trustee | 139.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.07 Eligibility Requirements for Indenture Trustee | 141.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.08 Resignation and Removal of Indenture Trustee | 141.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.09 Successor Indenture Trustee | 142.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.10 Merger or Consolidation of Indenture Trustee | 143.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.11 Appointment of Co-Indenture Trustee or Separate Indenture Trustee | 143.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.12 Access to Certain Information | 144.0 |
| Article XII NOTEHOLDERS' LISTS, REPORTS AND MEETINGS | 147.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.01 Co-Issuers to Furnish Indenture Trustee Names and Addresses of Noteholders | 147.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.02 Preservation of Information; Communications to Noteholders | 147.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.03 Voting by Noteholders | 147.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.04 Communication by Noteholders with other Noteholders | 147.0 |
| Article XIII INDENTURE SUPPLEMENTS | 148.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.01 Indenture Supplements without Consent of Noteholders | 148.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.02 Indenture Supplements with Consent of Noteholders | 151.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.03 Execution of Indenture Supplements | 152.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.04 Effect of Indenture Supplement | 152.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.05 Reference in Notes to Indenture Supplements | 152.0 |
| Article XIV PLEDGE OF OTHER COMPANY COLLATERAL | 153.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.01 Grant of Security Interest/UCC Collateral | 153.0 |

---

iv

---

| | |
|:---|:---|
| Article XV MISCELLANEOUS | 154.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.01 Compliance Certificates and Opinions, etc. | 154.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.02 Form of Documents Delivered to Indenture Trustee | 155.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.03 Acts of Noteholders | 156.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.04 Notices; Copies of Notices and Other Information | 157.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.05 Notices to Noteholders; Waiver | 158.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.06 Payment and Notice Dates | 159.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.07 Effect of Headings and **Table of Contents** | 159.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.08 Successors and Assigns | 159.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.09 Severability | 159.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.10 Benefits of Indenture | 159.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.11 Legal Holiday | 159.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.12 Waiver of Jury Trial | 159.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.13 Governing Law; Jurisdiction | 159.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.14 Counterparts; Electronic Execution | 160.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.15 Recording of Indenture | 160.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.16 Corporate Obligation | 160.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.17 No Petition | 160.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.18 Extinguishment of Obligations | 161.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.19 Excluded Data Centers | 161.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.20 Waiver of Immunities | 161.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.21 Non-Recourse | 161.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.22 Indenture Trustee's Duties and Obligations Limited | 161.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.23 Appointment of Servicer | 162.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.24 Agreed Upon Tax Treatment | 162.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.25 Tax Forms | 162.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.26 Request for Rating Agency Confirmation | 162.0 |
| Article XVI GUARANTEES | 163.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.01 Guarantees | 163.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.02 Limitation on Liability | 165.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.03 Successors and Assigns | 165.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.04 No Waiver | 165.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.05 Modification | 165.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.06 Release of Asset Entity | 165.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.07 USA PATRIOT Act | 165.0 |

---

v

SCHEDULES

---

| | |
|:---|:---|
| Schedule I | DESCRIPTION OF INSURANCE POLICIES |
| Schedule II | REPRESENTATIONS AND WARRANTIES WITH RESPECT TO DATA CENTERS AND CUSTOMER CONTRACTS |
| Schedule III | EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES WITH RESPECT TO DATA CENTERS AND CUSTOMER CONTRACTS AS OF THE INITIAL CLOSING DATE |
| Schedule IV | CUSTOMER CONSENT CONTRACTS |

---

EXHIBITS

---

| | |
|:---|:---|
| Exhibit A-1 | FORM OF RULE 144A GLOBAL NOTE |
| Exhibit A-2 | FORM OF REGULATION S GLOBAL NOTE |
| Exhibit A-3 | FORM OF DEFINITIVE NOTE |
| Exhibit A-4 | FORM OF VARIABLE FUNDING NOTE |
| Exhibit B-1 | FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF BENEFICIAL INTERESTS IN REGULATION S GLOBAL NOTE FOR BENEFICIAL INTERESTS IN RULE 144A GLOBAL NOTE |
| Exhibit B-2 | FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF BENEFICIAL INTERESTS IN RULE 144A NOTE FOR BENEFICIAL INTERESTS IN REGULATION S GLOBAL NOTE |
| Exhibit B-3 | FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS OF DEFINITIVE NOTES TO QUALIFIED INSTITUTIONAL BUYERS |
| Exhibit B-4 | FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS OF DEFINITIVE NOTES TO INSTITUTIONAL ACCREDITED INVESTORS |
| Exhibit B-5 | FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF DEFINITIVE NOTES TO QUALIFIED INSTITUTIONAL BUYERS |
| Exhibit B-6 | FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF DEFINITIVE NOTES TO INSTITUTIONAL ACCREDITED INVESTORS |
| Exhibit C | FORM OF RENT ROLL |
| Exhibit D-1 | FORM OF INFORMATION REQUEST FROM NOTEHOLDER OR NOTE OWNER |
| Exhibit D-2 | FORM OF INFORMATION REQUEST FROM PROSPECTIVE INVESTOR |

---

vi

---

| | |
|:---|:---|
| Exhibit E | FORM OF INDENTURE TRUSTEE REPORT |
| Exhibit F | FORM OF JOINDER AGREEMENT |
| Exhibit G | FORM OF CONFIRMATION OF REGISTRATION OF UNCERTIFICATED NOTES |
| Exhibit H | FORM OF DISBURSEMENT REQUEST |

---

vii

INDENTURE, dated as of October 17, 2024 (as amended, restated, amended and restated, supplemented or otherwise modified and in effect from time to time, this "<u>Indenture</u>"), among Centersquare Issuer LLC, a Delaware limited liability company (the "<u>Issuer</u>"), Centersquare Co-Issuer LLC, a Delaware limited liability company (the "<u>Co-Issuer</u>" and, together with the Issuer, the "<u>Co-Issuers</u>"), Centersquare MSA Holdings LLC, a Delaware limited liability company and each of the Closing Date Real Estate Asset Entities a party hereto (collectively, the "<u>Closing Date Real Estate Asset Entities</u>") and Centersquare Non-RE Asset Entity LLC, a Delaware limited liability company (the "<u>Closing Date Non-RE Asset Entity</u>" and, collectively with the Closing Date Real Estate Asset Entities, the "<u>Closing Date Asset Entities</u>"; the Closing Date Asset Entities together with any entity that becomes a party hereto after the date hereof as an "<u>Additional Asset Entity</u>", the "<u>Asset Entities</u>"; the Asset Entities and the Co-Issuers, collectively, the "<u>Obligors</u>") and Wilmington Trust, National Association, as indenture trustee and not in its individual capacity and any successor thereto in such capacity (the "<u>Indenture Trustee</u>").

RECITALS

WHEREAS, the parties hereto have duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time by the Co-Issuers of one or more series of Secured Data Center Revenue Notes, issuable as provided in this Indenture;

WHEREAS, it is hereby agreed between the parties hereto and the Indenture Trustee, on behalf of itself and the Noteholders, that in the performance of any of the agreements of the Co-Issuers herein contained, any obligation the Obligors may thereby incur for the payment of money shall not be general debt on its part, but shall be secured by and payable solely from the Collateral (as defined herein), payable in such order of preference and priority as provided herein;

WHEREAS, each Series will be constituted by this Indenture and a Series Supplement;

WHEREAS, the Notes of any Series issued pursuant to this Indenture will be divided into classes and type of note (i.e., Variable Funding Note or Term Note) as provided in this Indenture and a Series Supplement; and

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the Obligors and the Indenture Trustee agree as follows:

**ARTICLE I**

**DEFINITIONS AND INCORPORATION BY REFERENCE**

Section 1.01 <u>Definitions</u>. Except as otherwise specified in this Indenture or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Indenture and each Series Supplement. In the event of a definitional conflict between this Indenture and a Series Supplement, the definition contained in the Series Supplement shall control.

"<u>17g-5 Website</u>" shall mean the website established by, or on behalf of, the Issuer and/or the Co-Issuer for purposes of compliance with Rule 17g-5(a)(3)(iii) of the Exchange Act.

"<u>30/360 Basis</u>" shall mean the accrual of interest calculated on the basis of a 360-day year consisting of twelve 30-day months.

"<u>Acceptable Manager</u>" shall mean Phoenix Infrastructure LLC, a Delaware limited liability company, or, in the event of a termination of the Management Agreement with Phoenix Infrastructure LLC, the Backup Manager or a Replacement Manager selected by the Backup Manager in accordance with the Backup Management Agreement or, if the Backup Manager or its appointed Replacement Manager is not acting as the Manager, upon receipt of a Rating Agency Confirmation, another reputable management company reasonably acceptable to the Backup Manager with experience managing data centers similar to the Data Centers, which shall be selected by the Issuer or the Co-Issuer, so long as no Event of Default has occurred and is continuing. After the occurrence and during the continuance of an Event of Default, such selection will be performed by the Backup Manager in accordance with the Backup Management Agreement.

"<u>Account Collateral</u>" shall mean all of the Obligors' right, title and interest in and to the Accounts (other than the Capital Expenditures Reserve Sub-Account), the Reserves, all monies and amounts which may from time to time be on deposit therein, all monies, checks, notes, instruments, documents, deposits, and credits from time to time in the possession of the Indenture Trustee (or the Servicer on its behalf) on behalf of the Noteholders representing or evidencing such Accounts and Reserves and all earnings and investments held therein and proceeds thereof.

"<u>Account Control Agreement</u>" shall have the meaning set forth in the Cash Management Agreement.

"<u>Accounts</u>" shall mean, collectively, the Lock Box Accounts, the Collection Account, the Sub-Accounts and any other accounts pledged to the Indenture Trustee pursuant to this Indenture or any other Transaction Document.

"<u>Accrued Note Interest</u>" shall mean, for any Outstanding Note for each Payment Date, the interest that will accrue during the Interest Accrual Period for such Payment Date at the applicable Note Rate (x) with respect to the Variable Funding Notes, on the daily average Note Principal Balance of the Variable Funding Notes during such Interest Accrual Period and (y) with respect to any Class of Term Notes, on the Note Principal Balance of such Term Notes Outstanding at the close of business on the Business Day immediately prior to such Payment Date. Accrued Note Interest for any Variable Funding Note of any Class of any Series for each Payment Date shall be calculated on an Actual/360 Basis and Accrued Note Interest for any Term Notes of any Class of any Series for each Payment Date shall be calculated on a 30/360 Basis, in each case, unless otherwise specified in the Series Supplement for such Series.

"<u>Act</u>" shall have the meaning ascribed to it in <u>Section 15.03(a)</u>.

"<u>Actual/360 Basis</u>" shall mean the accrual of interest calculated on the basis of the actual number of days elapsed during the relevant period in a year consisting of 360 days.

"<u>Additional Asset Entity</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Additional Data Center</u>" shall have the meaning ascribed to it in <u>Section 2.12(a)</u>.

"<u>Additional Issuer Expenses</u>" shall mean, as applicable, (i) reimbursements of fees and expenses (other than such fees and expenses that are included in the Indenture Trustee Fee) to be paid pursuant to the Indenture Trustee's fee schedule, incurred by the Person acting as the Indenture Trustee in its capacity as Indenture Trustee or in any other capacity under this Indenture and in its capacity as Indenture Trustee under the other Transaction Documents, and indemnification payments to the Person acting as the Indenture Trustee in its capacity as Indenture Trustee or in any other capacity under this Indenture and in its capacity as Indenture Trustee under the other Transaction Documents to which the Indenture Trustee is a party and certain persons related to it as described hereunder and under the other Transaction Documents; (ii) reimbursements and indemnification payments payable to the Backup Manager and certain persons related to the Backup Manager as described under the Backup Management Agreement and the other Transaction Documents (other than the payment of any Transition Costs); and (iii) reimbursements and indemnification payments payable to the Servicer and certain persons related to it as described under the Servicing Agreement and the other Transaction Documents (other than any Appraisal Expenses) (including, without limitation, reimbursement and/or payment of any and all costs and expenses associated with consenting to or otherwise approving payment of any Operating Expenses or Maintenance Capital Expenditures in excess of the Budgeted Operating Expense Amount by the Servicer). Additional Issuer Expenses shall not include reimbursements in respect of Advances or Transition Costs payable to the Backup Manager or Appraisal Expenses payable to the Servicer .

"<u>Additional Notes</u>" shall have the meaning ascribed to it in <u>Section 2.12(b)</u>.

"<u>Additional Principal Payment Amount</u>" shall mean, with respect to any Payment Date when an Amortization Period is not in effect and no Event of Default has occurred and is continuing, the amount (excluding any (i) LTV Test Sweep Amount, (ii) Monthly Amortization Amount, (iii) Disposition Price and (iv) mandatory repayments of principal on and after the Anticipated Repayment Date with respect to any Variable Funding Notes or Term Notes of any Outstanding Series, Class or Tranche) required to be applied pursuant to this Indenture as a mandatory prepayment of principal on the Notes on such date.

"<u>Additional Revenue</u>" shall mean, for any Customer Contract, any non-recurring fee, collection or payment received by an Asset Entity with respect to such Customer Contract, including without limitation set-up fees, installation fees, overage charges, usage-based consumption charges and any other charges not billed to the applicable Customer on a monthly basis, including Surcharges. For the avoidance of doubt, Additional Revenue does not include finance charges, Pass-Through Data Center Expenses or any amounts included as Monthly Recurring Revenue or Variable Recurring Revenue.

"<u>Advance</u>" shall have the meaning set forth in the Management Agreement.

"<u>Advance Interest</u>" shall mean the interest accrued on any Advance as set forth in the Management Agreement.

"<u>Affiliate</u>" shall mean, with respect to any specified Person, any other Person controlling or controlled by or under common control with such specified Person. For the purposes of this definition, "<u>control</u>" when used with respect to any Person shall mean the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms "<u>controlling</u>" and "<u>controlled</u>" shall have meanings correlative to the foregoing.

"<u>Affirmative Direction</u>" shall mean, with respect to any Series, a written direction of Noteholders of such Series representing more than 25.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes of such Series.

"<u>Allocated Note Amount</u>" shall mean for any Data Center as of any date of determination an amount determined by allocating the aggregate Note Principal Balances of all Classes of Outstanding Notes on such date of determination to such Data Center based on the ratio of the Appraised Value of such Data Center to the aggregate Appraised Value for all Data Centers.

"<u>Amended Site Lease</u>" shall have the meaning ascribed to it in <u>Section 7.23(b)(ii)</u>.

"<u>Amortization Period</u>" shall mean a period that will commence as of the end of any calendar month if the three-month average DSCR as of the last day of such calendar month is less than the Minimum DSCR and will continue to exist until the three-month average DSCR has exceeded the Minimum DSCR as of the last day of two consecutive months.

"<u>Annual Additional Issuer Expense Limit</u>" shall mean, on any Payment Date, an amount equal to the excess, if any, of (x) the lesser of (i) $150,000 per Series of Notes outstanding on such Payment Date and (ii) $250,000 (such that the Annual Additional Issuer Expense Limit as of the Initial Closing Date is $250,000) over (y) the aggregate amount of Additional Issuer Expenses paid to the Indenture Trustee, the Backup Manager, the Servicer and/or other applicable Person pursuant to clause (iii)(A) of <u>Section 5.01(a)</u> on or after the eleventh Payment Date preceding such Payment Date (or, on or after such lesser number of Payment Dates as shall have occurred since the Initial Closing Date). For the avoidance of doubt, any Additional Issuer Expenses not paid as a result of the Annual Additional Issuer Expense Limit or otherwise due to insufficient funds available in accordance with <u>Section 5.01</u> may be paid on subsequent Application Dates subject to the limitations applicable on such Application Date.

"<u>Annualized Adjusted Net Operating Income</u>" shall mean, as of any date of determination, the excess of (i) the sum of (A) the aggregate Annualized Revenue for all Customer Contracts related to an Eligible Data Center as of such date, (B) to the extent applicable, the sum of the Pass-Through Payment Amount Differentials with respect to each of the immediately preceding twelve calendar months and (C) any Equity Contributions (provided that, in connection with calculating the DSCR in connection with the issuance of any Additional Notes, no such Equity Contributions shall be included herein) over (ii) the sum, without duplication, as of such date, of (A) the sum of all Priority Expenses for the immediately preceding twelve calendar months other than Priority Expenses that are Pass-Through Data Center Expenses (provided that, with respect to any Data Center owned, leased or operated by the Co-Issuers or their affiliates for less than twelve calendar months prior to such date, the amount in this clause (A) shall include the sum of all Priority Expenses that are not Pass-Through Data Center Expenses that are reasonably believed by the Manager to have been incurred with respect to such Data Center during the immediately preceding twelve calendar month period; *provided*, *however*; that with respect to any Data Center that has been converted from a Leased Data Center to a Data Center owned in fee simple during such twelve calendar month period, the amount in this clause (a) shall exclude Site Lease expenses incurred with respect to such Data Center during the immediately preceding twelve calendar month period), (B) a management fee equal to 5.0% of Annualized Revenue for all Customer Contracts and (C) the sum of all Operating Expenses for the immediately preceding twelve calendar month periods (*provided* that, with respect to any Data Center owned, leased or operated by the Co-Issuers or their affiliates for less than twelve calendar months prior to such date, the amount in this clause (C) shall include the sum of all Operating Expenses believed by the Manager to have been incurred with respect to such Data Center during the immediately preceding twelve calendar month period).

"<u>Annualized Monthly Recurring Revenue</u>" shall mean, for any Customer Contract, as of any date of determination, the product of (x) the Monthly Recurring Revenue for such Customer Contract as of such date and (y) 12.

"<u>Annualized Operating Income</u>" shall mean, with respect to any Data Center as of any date of determination, (i) the Annualized Revenue for all Customer Contracts related to such Data Center as of such date over (ii) the annualized Operating Expenses with respect to the most recently ended Collection Period associated with the revenue received with respect to such Data Center during such Collection Period.

"<u>Annualized Revenue</u>" shall mean, for any Customer Contract, as of any date of determination (i) if such Customer Contract is not a Forward Starting Contract, the sum of (1) the Annualized Monthly Recurring Revenue as of such date, (2) the aggregate Variable Recurring Revenue with respect to each of the immediately preceding twelve calendar months and (3) the aggregate Additional Revenue with respect to each of the immediately preceding twelve calendar months, in each case, for such Customer Contract and (ii) if such Customer Contract is a Forward Starting Contract, the sum of (w) the aggregate Monthly Recurring Revenue payable under such Customer Contract for the twelve calendar months immediately succeeding the calendar month in which such date of determination occurs, (x) the aggregate Variable Recurring Revenue payable under such Customer Contract for the twelve calendar months immediately succeeding the calendar month in which such date of determination occurs, (y) the aggregate Additional Revenue payable under such Customer Contract for the twelve calendar months immediately succeeding the calendar month in which such date of determination occurs and (z) the amount on deposit in the Forward Starting Contract Reserve Sub-Account as of such date allocable to such Customer Contract; *provided*, *however*, that the Annualized Revenue for any Customer Contract that is a Forward Starting Contract shall be zero if the Forward Starting Contract Fee Commencement Date for such Customer Contract is not scheduled to occur within the three calendar months immediately succeeding the calendar month in which such date of determination occurs and the Co-Issuers have not deposited into the Forward Starting Contract Reserve Sub-Account with respect to such Customer Contract an amount equal to the Forward Starting Contract Reserve Amount applicable to such Customer Contract.

"<u>Anti-Corruption Laws</u>" shall mean the U.S. Foreign Corrupt Practices Act, as amended, and its related rules and regulations, and any similar laws, rules or regulations of any jurisdiction where the Obligors are located or doing business.

"<u>Anticipated Repayment Date</u>" for any Series of Variable Funding Notes or Term Notes, shall have the meaning set forth in the Series Supplement for such Series of Variable Funding Notes or Term Notes.

"<u>Applicable Class A Payment Priority</u>" shall mean the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Other than during the continuance of an Event of Default, Class A-1 Notes will be (i) senior in right of payment of interest to other Class A Notes and (ii) senior in right of payment of principal to other Class A Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the continuance of an Event of Default, Class A-1 Notes will be (i) *pari passu* in right of payment of interest with other Class A Notes according to the amount then due and payable and (ii) *pari passu* in right of payment of principal with other Class A Notes according to the amount then due and payable.

"<u>Applicable Procedures</u>" shall mean, with respect to any transfer or transaction involving a Regulation S Global Note or beneficial interest therein, the rules and procedures of the Depositary, Euroclear and Clearstream, as the case may be, for such Global Note, in each case to the extent applicable to such transaction and as in effect from time to time.

"<u>Application Date</u>" shall mean each Optional Application Date and each Scheduled Application Date.

"<u>Appraisal Expenses</u>" will be an amount equal to any and all costs and expenses associated with obtaining appraisals by the Servicer.

"<u>Appraised Value</u>" shall mean, for all Eligible Data Centers, the most recent as-is fair market appraised value of such Data Centers (which will be an aggregate of individual appraised values for each such Data Center) as of a specified date determined pursuant to an independent, full narrative (complete summary) or limited scope (limited restricted) MAI appraisal (or a bring-down confirmation of a previously delivered MAI appraisal or a restatement of the as-is fair market appraised value of such Data Centers as of such date) provided to the Indenture Trustee, the Backup Manager and the Servicer or obtained by the Servicer (or another third party at the direction of the Servicer or the Manager) in accordance with the Uniform Standards of Professional Appraisal Practice (as recognized by the Financial Institutions Reform, Recovery and Enforcement Act of 1989) and which takes into account the leased fee value of the related buildings and land of such Data Centers, consistent with industry standards.

"<u>Asset Entities</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Asset Entity Interests</u>" shall have the meaning ascribed to it in <u>Section 8.01(a)</u>.

"<u>Assets</u>" shall mean the assets of the Asset Entities.

"<u>Authorized Officer</u>" shall mean (i) any director, Member, Manager, Executive Officer or other officer of the Issuer or the Co-Issuer who is authorized to act for or on behalf of the Issuer or the Co-Issuer, as applicable, in matters relating to the Issuer or the Co-Issuer and (ii) for so long as the Management Agreement is in full force and effect, any officer of the Manager who is authorized to act for the Manager in matters relating to the Issuer or the Co-Issuer, as applicable, and to be acted upon by the Manager pursuant to the applicable Management Agreement, and, in each case, who is identified on the list of Authorized Officers delivered by the Issuer or the Co-Issuer, as applicable, to the Indenture Trustee, the Backup Manager and the Servicer on the Initial Closing Date (as such list may be modified or supplemented from time to time thereafter).

"<u>Authorized Representative</u>" shall have the meaning ascribed to it in <u>Section 15.26(a)</u>.

"<u>Available Funds</u>" shall mean, for each Application Date, the sum of (i) all Receipts received by or on behalf of the Asset Entities and deposited into the Collection Account during the Relevant Collection Period and (ii) any amounts transferred from the relevant Sub-Accounts to be applied as such on such Application Date; *provided* that Receipts on deposit in the Collection Account that were received during one Collection Period but are attributable to amounts due from a Customer in a succeeding Collection Period shall not constitute Available Funds for any Application Date with respect to the Collection Period in which such amounts are received but shall be included in the Available Funds for the first Application Date with respect to the Collection Period in which such amounts are due. For the avoidance of doubt, proceeds of draws under Variable Funding Notes shall not constitute Available Funds.

"<u>Backup Management Agreement</u>" shall mean the Backup Management Agreement, dated as of the Initial Closing Date, by and among the Co-Issuers, the Manager, the Backup Manager and the Indenture Trustee.

"<u>Backup Manager</u>" shall have the meaning set forth in the Backup Management Agreement.

"<u>Bankruptcy Code</u>" shall mean Title 11 of the United States Code, as amended from time to time, and all rules and regulations promulgated thereunder.

"<u>Beneficial Owner</u>" shall mean, with respect to any Series of Term Notes, the owner of a beneficial interest in a Global Note of such Series of Term Notes.

"<u>Benefit Plan Investor</u>" shall mean shall mean a "benefit plan investor" within the meaning of 29 CFR Section 2510.3-101, as modified by Section 3(42) of ERISA.

"<u>Book-Entry Notes</u>" shall mean any Note registered in the name of the Depositary or its nominee.

"<u>Budgeted Operating Expense Amount</u>" shall have the meaning set forth in the Management Agreement.

"<u>Business Day</u>" shall mean any day other than a Saturday, a Sunday or any day which is a federal holiday or any day on which banking institutions or trust companies are authorized or obligated by law, regulation or executive order to remain closed.

"<u>Capital Expenditures</u>" shall mean expenditures for Capital Improvements that, in conformity with GAAP, would not be included in the Obligors' annual financial statements as an Operating Expense of the Data Centers.

"<u>Capital Expenditures Reserve Sub-Account</u>" shall have the meaning ascribed to it in <u>Section 4.06</u>.

"<u>Capital Improvements</u>" shall mean capital improvements or alterations, fixtures, equipment and other capital items (whether paid in cash or property or accrued as liabilities) made by the Asset Entities.

"<u>Capital Lease</u>" shall mean, with respect to any Person, any lease of, or other arrangement conveying the right to use, any property by such Person as lessee that has been or should be accounted for as a capital lease on a balance sheet of such person prepared in accordance with GAAP.

"<u>Capital Lease Obligations</u>" shall mean, with respect to any Person, the obligations of such Person to pay rent or other amounts under any Capital Lease, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

"<u>Cash Management Agreement</u>" shall mean the Cash Management Agreement, dated as of the Initial Closing Date, among the Obligors, the Indenture Trustee and the Manager.

"<u>Cash Trap Condition</u>" shall mean, as of the end of any calendar month, (i) an Amortization Period is not then continuing and (ii) the three-month average DSCR as of the last day of such calendar month is less than the Cash Trap DSCR, and will continue to exist until the three-month average DSCR has exceeded the Cash Trap DSCR as of the last day of two consecutive months.

"<u>Cash Trap DSCR</u>" shall mean 1.35 to 1.00.

"<u>Cash Trap Reserve</u>" shall have the meaning ascribed to it in <u>Section 4.04</u>.

"<u>Cash Trap Reserve Amount</u>" shall have the meaning ascribed to it in <u>Section 4.04</u>.

"<u>Cash Trap Reserve Sub-Account</u>" shall have the meaning ascribed to it in <u>Section 4.04.</u>

"<u>Claims</u>" shall have the meaning ascribed to it in <u>Section 7.04(a)</u>.

"<u>Class</u>" shall mean, collectively, all of the Notes bearing the same alphabetical type and, if applicable, numerical Tranche designation and having the same payment terms. The respective Classes of Notes are designated under Series Supplements.

"<u>Class A LTV Ratio</u>" shall mean, as of any date, the ratio of (a) the excess, if any, of (i) the aggregate Class Principal Balance of all Classes of Class A Notes as of such date over (ii) the amount of funds on deposit in the Senior Note Interest and Expense Reserve Sub-Account as of such date to (b) the Appraised Value for all Eligible Data Centers.

"<u>Class A LTV Test Sweep Amount</u>" shall mean, with respect to any Payment Date, the excess, if any, of (i) the amount, if any, of principal of the Class A Notes of any Series on such Payment Date the repayment of which is necessary to cause the Class A LTV Ratio, after giving effect to such reduction and the payment of (x) any Class A-1 Notes on such Payment Date during a VFN Early Amortization Period and (y) the Monthly Amortization Amount with respect to any Class A Notes that are subject to a Targeted Amortization Amount for such Payment Date (to the extent that funds are available on such Payment Date to pay such Monthly Amortization Amount and a Cash Trap Condition is not then in effect), to be less than or equal to 65.0% over (ii) any amount allocated on any Application Date prior to such Payment Date for which such Payment Date is the Relevant Payment Date to the Debt Service Sub-Account pursuant to <u>Section 5.01(a)(xii)</u>.

"<u>Class A Notes</u>" shall mean, collectively, all Notes of any Series (including any subclass or subseries thereof in accordance with the related Series Supplement) issued under this Indenture and any related Series Supplement that are designated Class "A" (regardless of type or numerical designation).

"<u>Class A-1 Administrative Agent</u>" shall mean with respect to any Series of Variable Funding Notes, the "Class A-1 Administrative Agent," if any, as specified in the related Variable Funding Note Purchase Agreement.

"<u>Class A-1 Administrative Agent Fee</u>" shall mean with respect to any Series of Variable Funding Notes, the fee, if any, set forth in the related Variable Funding Note Purchase Agreement for payment to the applicable Class A-1 Administrative Agent.

"<u>Class A-1 Commitment Amount</u>" shall mean the aggregate maximum Outstanding principal amount available under this Indenture and any Variable Funding Note Purchase Agreement with respect to any Variable Funding Notes.

"<u>Class A-1 Notes</u>" shall mean all Notes of any Series issued under this Indenture and any related Series Supplement that are designated Class "A-1".

"<u>Class A-1 Paying Agent</u>" shall mean with respect to any Series of Variable Funding Notes the "Class A-1 Paying Agent," if any, as specified in the related Variable Funding Note Purchase Agreement.

"<u>Class A-2 Notes</u>" shall mean all Notes of any Series issued under this Indenture and any related Series Supplement that are designated Class "A-2".

"<u>Class B LTV Ratio</u>" shall mean, as of any date, the ratio of (a) the excess, if any, of (i) the sum of (x) the aggregate Class Principal Balance of all Classes of Class A Notes as of such date and (y) the aggregate Class Principal Balance of all Classes of Class B Notes as of such date over (ii) the amount of funds on deposit in the Senior Note Interest and Expense Reserve Sub-Account as of such date to (b) the Appraised Value for all Eligible Data Centers.

"<u>Class B LTV Test Sweep Amount</u>" shall mean, with respect to any Payment Date, the excess, if any, of (i) the amount, if any, of principal of the Class B Notes of any Series on such Payment Date the repayment of which is necessary to cause the Class B LTV Ratio, after giving effect to such reduction and the payment of the Monthly Amortization Amount with respect to any Class B Notes that are subject to a Targeted Amortization Amount for such Payment Date (to the extent that funds are available on such Payment Date to pay such Monthly Amortization Amount and a Cash Trap Condition is not then in effect), to be less than or equal to 70.0% over (ii) any amount allocated on any Application Date prior to such Payment Date for which such Payment Date is the Relevant Payment Date to the Debt Service Sub-Account pursuant to <u>Section 5.01(a)(xx)</u>.

"<u>Class B Notes</u>" shall mean, collectively, all Notes of any Series issued under this Indenture and any related Series Supplement that are designated Class "B" (regardless of type or numerical designation).

"<u>Class B PIK Period</u>" shall mean, as of any Application Date, a period that is in effect on such Application Date if (A) any Series of Class A Notes are Outstanding as of such Application Date and (B) the three-month average DSCR as of the last day of the immediately preceding calendar month is less than 1.75:1, and will continue to exist until either (x) no Series of Class A Notes are outstanding or (y) the three-month average DSCR has exceeded 1.75:1 as of the last day of two consecutive months.

"<u>Class C LTV Ratio</u>" shall mean, as of any date, the ratio of (a) the excess, if any, of (i) the sum of (x) the aggregate Class Principal Balance of all Classes of Class A Notes as of such date, (y) the aggregate Class Principal Balance of all Classes of Class B Notes as of such date and (z) the aggregate Class Principal Balance of all Classes of Class C Notes as of such date over (ii) the amount of funds on deposit in the Senior Note Interest and Expense Reserve Sub-Account as of such date to (b) the Appraised Value for all Eligible Data Centers.

"<u>Class C LTV Test Sweep Amount</u>" shall mean, with respect to any Payment Date, the excess, if any, of (i) the amount, if any, of principal of the Class C Notes of any Series on such Payment Date the repayment of which is necessary to cause the Class C LTV Ratio, after giving effect to such reduction and the payment of the Monthly Amortization Amount with respect to any Class C Notes that are subject to a Targeted Amortization Amount for such Payment Date (to the extent that funds are available on such Payment Date to pay such Monthly Amortization Amount and a Cash Trap Condition is not then in effect), to be less than or equal to the Class C LTV Trigger over (ii) any amount allocated on any Application Date prior to such Payment Date for which such Payment Date is the Relevant Payment Date to the Debt Service Sub-Account pursuant to <u>Section 5.01(a)(xxv)</u>.

"<u>Class C LTV Trigger</u>" is the percentage set forth in the most recent Series Supplement with respect to any Outstanding Series of Class C Notes that sets such percentage.

"<u>Class C PIK Period</u>" shall mean, as of any Application Date, a period that is in effect on such Application Date if (A) any Series of Class A Notes or Class B Notes are Outstanding as of such Application Date and (B) the three-month average DSCR as of the last day of the immediately preceding calendar month is less than 1.75:1, and will continue to exist until either (x) no Series of Class A Notes or Class B Notes are outstanding or (y) the three-month average DSCR has exceeded 1.75:1 as of the last day of two consecutive months.

"<u>Class C Notes</u>" shall mean, collectively, all Notes of any Series issued under this Indenture and any related Series Supplement that are designated Class "C" (regardless of type or numerical designation).

"<u>Class Principal Balance</u>" shall mean, as of any date of determination, the Note Principal Balance of all Outstanding Notes of such Class on such date. The Class Principal Balance of each Class of Notes may be increased from time to time by the issuance of Additional Notes of such Class in an additional Series (or, in the case of the Variable Funding Notes, also by draws on their commitment, including a draw on a Letter of Credit). The Class Principal Balance of each Class of Notes will be reduced by the amount of any principal payments made to the Holders of the Notes of such Class.

"<u>Class R Interest</u>" shall have the meaning set forth in the Limited Liability Company Agreement of the Issuer or the Co-Issuer, as applicable.

"<u>Clearstream</u>" shall mean Clearstream Banking S.A.

"<u>Closing Date</u>" with respect to a Series, shall have the meaning set forth in the Series Supplement for such Series.

"<u>Closing Date Asset Entities</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Closing Date Data Centers</u>" shall mean the Closing Date Owned Data Centers and the Closing Date Leased Data Centers.

"<u>Closing Date Leased Data Centers</u>" shall mean each of the data centers with respect to which a Closing Date Asset Entity has a leasehold interest pursuant to a Site Lease on the Initial Closing Date.

"<u>Closing Date Non-RE Asset Entity</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Closing Date Owned Data Centers</u>" shall mean each of the data centers owned in fee simple by any Closing Date Asset Entity on the Initial Closing Date.

"<u>Closing Date Real Estate Asset Entities</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Co-Guarantor</u>" shall mean Centersquare Co-Guarantor LLC, a Delaware limited liability company.

"<u>Co-Issuer</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Co-Issuers</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Co-Manager</u>" or "<u>Co-Managers</u>" with respect to a particular Series, shall have the meaning set forth in the Series Supplement for such Series.

"<u>Code</u>" shall mean the United States Internal Revenue Code of 1986, as amended.

"<u>Collateral</u>" shall mean the Data Centers and any other property which is the subject of a Grant in favor of the Indenture Trustee on behalf of the Noteholders pursuant to any Transaction Document.

"<u>Collection Account</u>" shall have the meaning ascribed to it in <u>Section 3.01</u>.

"<u>Collection Account Bank</u>" shall mean the depositary institution at which the Collection Account is maintained pursuant to the Collection Account Control Agreement.

"<u>Collection Account Control Agreement</u>" shall mean the agreement, dated as of the Initial Closing Date, among the Co-Issuers, the Collection Account Bank, as securities intermediary, and the Indenture Trustee relating to the Collection Account.

"<u>Collection Period</u>" shall mean each successive period of one calendar month; *provided* that the initial Collection Period shall commence on the first day of October 2024 and will end on the last day of the calendar month immediately preceding the initial Payment Date.

"<u>Compliance Certificate</u>" shall have the meaning ascribed to it in <u>Section 7.02(a)(viii)</u>.

"<u>Condemnation Proceeds</u>" shall mean, collectively, the proceeds of any condemnation or taking pursuant to the exercise of the power of eminent domain or purchase in lieu thereof.

"<u>Confirmation of Registration</u>" shall mean, with respect to an Uncertificated Note, a confirmation of registration, substantially in the form of Exhibit G attached hereto; *provided* to the owner thereof promptly after the registration of the Uncertificated Note in the Note Register by the Note Registrar.

"<u>Contingent Obligation</u>" as applied to any Person, shall mean any direct or indirect liability, contingent or otherwise, of that Person: (A) with respect to any indebtedness, lease, dividend or other obligation of another if the primary purpose or intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in whole or in part) against loss with respect thereto; (B) with respect to any letter of credit issued for the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings; (C) under any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement or other similar agreement or arrangement designed to protect against fluctuations in interest rates; or (D) under any foreign exchange contract, currency swap agreement or other similar agreement or arrangement designed to protect that Person against fluctuations in currency values. Contingent Obligations shall include, without limitation, (i) the direct or indirect guaranty, endorsement (other than for collection or deposit in the ordinary course of business), co-making (other than the Notes), discounting with recourse or sale with recourse by such Person of the obligation of another, (ii) the obligation to make take-or-pay or similar payments if required regardless of nonperformance by any other party or parties to an agreement, and (iii) any liability of such Person for the obligations of another through any agreement to purchase, repurchase or otherwise acquire such obligation or any property constituting security therefor, to provide funds for the payment or discharge of such obligation or to maintain the solvency, financial condition or any balance sheet item or level of income of another. The amount of any Contingent Obligation shall be equal to the amount of the obligation so guaranteed or otherwise supported or, if not a fixed and determined amount, the maximum amount so guaranteed.

"<u>Continuing Notes</u>" shall have the meaning ascribed to it in <u>Section 2.12(b)</u>.

"<u>Contractual Obligation</u>" as applied to any Person, shall mean any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject, other than the Transaction Documents.

"<u>Contribution Agreement</u>" shall mean each assignment agreement, contribution agreement or other similar agreement whereby an Asset Entity is assigned and/or contributed to the Issuer or the Co-Issuer or a Data Center and/or other assets is assigned and/or contributed to and/or from an Asset Entity.

"<u>Control Party</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Controlling Class</u>" shall mean, as of any date of determination, the senior-most Outstanding Class of Notes (*i.e.*, the Class with the highest alphabetical designation), without regard to allocation to a particular Series. In the event that the Class A Notes are the Controlling Class, the Controlling Class will be comprised of all Class A Notes then Outstanding (which will include, for purposes of calculating the aggregate Note Principal Balance of such Class A Notes, the full amount of the Class A-1 Commitment Amount, if any, that is permitted to be drawn on such date).

"<u>Controlling Class Representative</u>" shall have the meaning ascribed in <u>Section 10.05(a)</u>.

"<u>Corporate Trust Office</u>" shall mean the principal office of the Indenture Trustee at which at any particular time its corporate trust business shall be administered, which office at the date of execution of this Indenture is located at Rodney Square North, 1100 N. Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration – Centersquare Issuer LLC – 2024-1; or at such other address the Indenture Trustee may designate from time to time by notice to the Noteholders and the Obligors, or the principal corporate trust office of any successor Indenture Trustee at the address designated by such successor Indenture Trustee by notice to the Noteholders and the Obligors. For purposes of all Notes surrendered for payment or registration of transfer or exchange, or deemed destroyed, lost or stolen, the corporate trust office of the Indenture Trustee shall be as follows: Rodney Square North, 1100 N. Market Street, Wilmington, Delaware 19890, Attention: Workflow Management – Centersquare Issuer LLC – 2024-1.

"<u>Customer</u>" shall mean a customer under a Customer Contract.

"<u>Customer Consent Contracts</u>" shall mean the Customer Contracts identified on Schedule IV hereto that will not be assigned to a Closing Date Asset Entity on the Initial Closing Date and will instead remain with the Parent or an Affiliate of the Parent pending the receipt of certain consents to the transfer of those Customer Contracts from the Parent (or such Affiliate) to a Closing Date Asset Entity; *provided* that a Customer Contract shall cease to be a Customer Consent Contract after the Initial Closing Date (i) following the expiration of the initial term of the related Customer Contract or (ii) after the delivery of an Officer's Certificate of the Manager to the Servicer, the Backup Manager and the Indenture Trustee stating that all required consents to the transfer of such Customer Consent Contract to a Closing Date Asset Entity have been obtained.

"<u>Customer Contract</u>" shall mean any Master Agreement (and any associated Service Orders), lease, sublease, license, hosting services agreement, co-location agreement or other similar agreement between an Asset Entity and a Customer, or any such agreement between the Parent (or an affiliate of the Parent) and a Customer, the Monthly Recurring Revenue and the Additional Revenue of which has been contributed to the Issuer by the Parent pursuant to a contribution agreement, which is denominated in United States Dollars or Canadian Dollars and for which the related Customer has been directed to remit payments directly to a Lock Box Account.

"<u>Data Center Assets</u>" shall have the meaning ascribed to it in <u>Section 7.30</u>.

"<u>Data Centers</u>" shall mean the Closing Date Data Centers and any Additional Data Centers.

"<u>Data Center Space</u>" shall mean the space at a Data Center that is leased, subleased or licensed by an Asset Entity to one or more Customers under a Customer Contract.

"<u>Debt Service Sub-Account</u>" shall mean a Sub-Account of the Collection Account to reserve for the amount required for payments due on the Notes in the manner required pursuant to <u>Section 5.01(a)</u>.

"<u>Default</u>" shall mean any event, occurrence or circumstance that is, or with notice or the lapse of time or both, would become, an Event of Default.

"<u>Defeasance Date</u>" shall have the meaning ascribed to it in <u>Section 2.11(a)</u>.

"<u>Defeasance Payment Date</u>" shall mean, for any Series, the Payment Date on which the Prepayment Period for such Series commences.

"<u>Deferred Post-ARD Additional Interest</u>" shall have the meaning ascribed to it in <u>Section 2.10</u>.

"<u>Definitive Notes</u>" shall have the meaning ascribed to it in <u>Section 2.01(b)</u>.

"<u>Definitive Term Notes</u>" shall have the meaning ascribed to it in <u>Section 2.01(b)</u>.

"<u>Definitive Variable Funding Notes</u>" shall have the meaning ascribed to it in <u>Section 2.01(a)</u>.

"<u>Depositary</u>" and "<u>DTC</u>" shall mean The Depository Trust Company, or any successor Depositary hereafter named as contemplated by <u>Section 2.03(c)</u>.

"<u>Depositary Participants</u>" shall mean a broker, dealer, bank or other financial institution or other Person for whom from time to time the Depositary effects book-entry transfers and pledges of securities deposited with the Depositary.

"<u>Discretionary Capital Expenditures</u>" shall mean (i) non-recurring Capital Expenditures made to enhance the Operating Revenues of Data Centers, such as to accommodate expansion for additional customer equipment and (ii) other non-recurring Capital Expenditures made to decrease the Operating Expenses of the Data Centers.

"<u>Discretionary Manager Advances</u>" shall have the meaning set forth in the Management Agreement.

"<u>Disposition Price</u>" shall mean, with respect to any disposition of any Data Center, an amount with respect to such Data Center equal to the greater of (i) 125% of the Allocated Note Amount for such Data Center and (ii) the amount, if any, of principal of the Term Notes of any Series the repayment of which is necessary to cause the pro forma DSCR after giving effect to the disposition of such Data Center and any prepayment (and any issuance) of Term Notes occurring concurrently with such disposition, to be greater than or equal to 1.85:1.0.

"<u>Division</u>" shall mean, with respect to any Person that is a limited liability company organized under the laws of the State of Delaware, the division of such Person into two or more domestic limited liability companies (whether or not the original Person survives such division) pursuant to and in accordance with § 18-217 of Title 6 of Delaware Code, or with respect to any other Person, any comparable action or event under comparable laws of its jurisdiction.

"<u>DSCR</u>" shall mean, as of any date, the ratio of (i) the Annualized Adjusted Net Operating Income as of the last day of the immediately succeeding calendar month (or, if such date is the last day of a calendar month, as of such date) to (ii) the sum of (a) the amount of interest on the aggregate Note Principal Balance of the Class A Notes and the Class B Notes (other than any Post-ARD Additional Interest and Deferred Post-ARD Additional Interest) and, with respect to any Class A-1 Notes, any accrued and unpaid VFN Undrawn Commitment Fees, any Letter of Credit Fees and any other fees, expenses and other amounts due to the holders of the Class A-1 Notes under any Variable Funding Note Purchase Agreement in respect thereof, in each case that the Co-Issuers will be required to pay over the succeeding twelve Payment Dates and (b) the amount of the Indenture Trustee Fees and the Servicing Fees payable during such period. For the purposes of this calculation, it is assumed that (x) the base rate, benchmark rate or CP Rate for the related Interest Accrual Periods will be equal to the then-current base rate, benchmark rate or CP Rate, as applicable, and (y) the aggregate Note Principal Balance of the Class A Notes and the Class B Notes that will be Outstanding on the Payment Date following the date of determination will remain Outstanding during such period; *provided* that, if the DSCR is being calculated in connection with (A) the issuance of Additional Notes that are Class A Notes and/or Class B Notes, the assumed aggregate unpaid principal balance of the Class A Notes or Class B Notes that will be Outstanding during such period will be increased by the Initial Class Principal Balance of such Additional Notes that are Class A Notes and Class B Notes, (B) a draw under any Variable Funding Notes, the assumed aggregate Note Principal Balance of the Class A Notes that will be Outstanding during such period will be adjusted to reflect the increase in the Outstanding principal amount of the Class A-1 Notes after giving effect to such draw or (C) the disposition of a Data Center and any concurrent prepayment of any Class A Notes or Class B Notes, the assumed aggregate unpaid principal balance of the Class A Notes and the Class B Notes that will be decreased by such prepayment.

"<u>DTC Custodian</u>" shall mean the Indenture Trustee, in its capacity as custodian of any Series or Class of Global Notes for DTC.

"<u>Eligible Account</u>" shall mean a separate and identifiable account from all other funds held by the holding institution, which account is either (i) an account maintained with an Eligible Bank or (ii) a segregated trust account maintained by a corporate trust department of a federal depositary institution or a state chartered depositary institution subject to regulations regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal Regulations § 9.10, which institution, in either case, has a combined capital and surplus of at least $100,000,000 and has corporate trust powers and is acting in its fiduciary capacity and for which a Rating Agency Confirmation has been received.

"<u>Eligible Bank</u>" shall mean a bank that satisfies the Rating Criteria.

"<u>Eligible Data Centers</u>" shall mean, as of any date of determination, a data center that satisfies each of the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such data center is located in one of the 48 contiguous states of the United States or the District of Columbia or Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such data center is (x) owned directly or indirectly by an Asset Entity in fee simple absolute or (y) leased under a Site Lease, in each case, free and clear of Liens (other than Permitted Encumbrances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) other than with respect to any data center that is a Non-Mortgaged Data Center, the Issuer or the Co-Issuer has provided to the Indenture Trustee a Mortgage and a Title Policy with respect to such data center and has provided to such title company issuing such Title Policy the Mortgage to be submitted for recording in the appropriate office of real property records and (unless such data center is subject to a space lease) a survey with respect to such data center;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such data center is not subject to any outstanding tax liens or condemnation proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such data center is in compliance with all applicable regulations and has all necessary permits and licenses, unless, in the case of any such permit or license required to be obtained by the Customer, the failure of such Customer to obtain such permit or license would not materially and adversely affect the Asset Entity's interest in such data center;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) with respect to any data center that is to be owned in fee, the Obligors have delivered to the Indenture Trustee, the Manager, the Backup Manager and the Servicer a Phase I environmental report on each such data center, and if such Phase I environmental site assessment report reveals any condition that in the Manager's reasonable judgment so warrants, a Phase II environmental site assessment report, and such report concludes that such data center does not contain any Hazardous Materials in material violation of applicable Environmental Law for which (x) no remediation plan is in effect or being implemented or (y) the applicable Asset Entity is appropriately indemnified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) such data center is not, and no interest of the Obligors therein is, subject to any Lien (other than Permitted Encumbrances) or any negative pledge; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) (x) with respect to any data center that is to be owned in fee, the Obligors have completed architectural, structural and other due diligence at such data center (consistent with the Manager's existing standards and practices) with no material adverse findings and the data center is otherwise free of all material structural, architectural or title defects and is free of material deferred maintenance and (y) with respect to any data center that is not owned in fee, the Obligors have completed due diligence at such data center (consistent with the Manager's existing standards and practices) with no material adverse findings.

"<u>Environmental Assessment</u>" shall have the meaning ascribed to it in <u>Section 10.02(f)</u>.

"<u>Environmental Laws</u>" shall mean all applicable statutes, ordinances, codes, orders, decrees, laws (including common law), rules or regulations of any Governmental Authority pertaining to or imposing liability or standards of conduct concerning environmental protection (including, without limitation, regulations concerning health and safety to the extent relating to human exposure to Hazardous Materials), contamination or clean-up or the handling, generation, release or storage of Hazardous Material affecting the Data Centers including, without limitation, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, the Resource Conservation and Recovery Act, as amended, the Emergency Planning and Community Right-to-Know Act of 1986, as amended, the Hazardous Substances Transportation Act, as amended, the Solid Waste Disposal Act, as amended, the Clean Water Act, as amended, the Clean Air Act, as amended, the Toxic Substances Control Act, as amended, the Safe Drinking Water Act, as amended, the Occupational Safety and Health Act, as amended (to the extent relating to human exposure to Hazardous Materials), any state superlien and environmental clean-up statutes and all regulations adopted in respect of the foregoing laws whether now or hereafter in effect, but excluding any historic preservation or similar laws of any Governmental Authority relating to historical resources and historic preservation not related to (i) protection of the environment or (ii) Hazardous Materials.

"<u>Equity Contribution</u>" shall have the meaning ascribed to it in <u>Section 4.09</u>.

"<u>ERISA</u>" shall mean the Employee Retirement Income Security Act of 1974, as amended.

"<u>Euroclear</u>" shall mean the Euroclear System.

"<u>Event of Default</u>" shall have the meaning ascribed to it in <u>Section 10.01</u>.

"<u>Excess Cash Flow</u>" shall mean, with respect to any Payment Date, the amount remaining in the Debt Service Sub-Account on such Payment Date after allocation and/or payment of all amounts required to be paid on such Payment Date pursuant to <u>Section 5.01(b)(i)</u>.

"<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as amended.

"<u>Excluded Data Centers</u>" shall have the meaning ascribed to it in <u>Section 15.19</u>.

"<u>Executive Officer</u>" shall mean, with respect to any corporation or limited liability company, the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, President, any Executive Vice President, any Senior Vice President, the Chief Accounting Officer, any Vice President, the Secretary or the Treasurer of such corporation or limited liability company and, with respect to any partnership, any individual general partner thereof or, with respect to any other general partner, any such officer of such general partner.

"<u>FATCA</u>" shall mean Sections 1471 through 1474 of the Code, as of the Initial Closing Date (or any amended or successor version of such sections that is substantially comparable and not materially more onerous to comply with), or any regulations or agreements thereunder or official written interpretations thereof or any intergovernmental agreement between the United States and another jurisdiction entered into in connection with the implementation thereof (or any law implementing such an intergovernmental agreement).

"<u>FATCA Withholding Tax</u>" shall mean any withholding or deduction required pursuant to FATCA.

"<u>Fee Owned Ratio</u>" shall mean, as of any date of determination, the percentage equivalent of a fraction (x) the numerator of which is the Annualized Adjusted Net Operating Income derived in the aggregate from the Data Centers that are owned in fee simple as of such date and (y) the denominator of which is the Annualized Adjusted Net Operating Income derived in the aggregate from all Data Centers as of such date.

"<u>Financial Statements</u>" shall mean the consolidated statement of operations, statement of members' equity, statement of cash flow and balance sheet of the Obligors.

"<u>First Collateral Date</u>" shall mean, with respect to any Data Center, the later of (i) the Initial Closing Date and (ii) the date of addition of such Data Center as an Additional Data Center.

"<u>Forward Starting Contract</u>" shall mean a Customer Contract for which the applicable Customer is not required to pay monthly fees or is required to pay monthly fees at a reduced rate (i.e., less than the fees based on the full electrical capacity, space and/or services), in either case, for a specified time, and the obligation of the Customer to commence paying fees is not subject to the fulfillment of any further obligations on the part of the Obligors other than ordinary course obligations of the Obligors as vendor under such contract; provided that, for the avoidance of doubt, such "ordinary course obligations of the Obligors" include fit-out and installation of equipment for each applicable Customer, but do not include material Capital Expenditures by the Obligors.

"<u>Forward Starting Contract Fee Commencement Date</u>" shall mean, with respect to any Forward Starting Contract, the date on which the related Customer is first obligated to pay monthly fees with respect to the full amount of the electrical capacity, space and/or services provided pursuant to such Customer Contract.

"<u>Forward Starting Contract Reserve Amount</u>" shall mean, as of any date of determination with respect to any Forward Starting Contract, the excess of (x) the aggregate amount of fees that would be payable under such Forward Starting Contract based on full electrical capacity, space and/or services provided thereunder from (and excluding) the last day of the most recently ended Collection Period until the earlier of (i) the Forward Starting Contract Fee Commencement Date with respect to such Forward Starting Contract and (ii) the date that is one year from such date over (y) the aggregate amount of fees actually required to be paid under such Forward Starting Contract during such period.

"<u>Forward Starting Contract Reserve Sub-Account</u>" shall have the meaning ascribed to it in <u>Section 4.07</u>.

"<u>GAAP</u>" shall mean United States Generally Accepted Accounting Principles in effect from time to time.

"<u>Global Notes</u>" shall mean Rule 144A Global Notes and Regulation S Global Notes.

"<u>Governmental Authority</u>" shall mean with respect to any Person, any federal or state government or other political subdivision thereof and any entity, including any regulatory or administrative authority or court, exercising executive, legislative, judicial, regulatory or administrative or quasi-administrative functions of or pertaining to government (including any supra-national bodies such as the European Union, the European Central Bank or the Organization for Economic Co-operation and Development), and any arbitration board or tribunal in each case having jurisdiction over such applicable Person or such Person's property, and any stock exchange on which shares of capital stock of such Person are listed or admitted for trading.

"<u>Grant</u>" shall mean to create a security interest in, or to mortgage, any property now owned or at any time hereafter acquired or any right, title or interest that may be acquired in the future.

"<u>Guaranteed Obligations</u>" shall have the meaning ascribed to it in <u>Section 16.01</u>.

"<u>Guarantor</u>" shall mean Centersquare Guarantor LLC, a Delaware limited liability company.

"<u>Guarantors</u>" shall mean, collectively, the Guarantor and the Co-Guarantor.

"<u>Guaranty</u>" shall mean with respect to a Customer Contract, the guarantee of obligations and performance thereunder of the respective Customer made by a parent entity of such Customer in favor of the respective Asset Entity as lessor.

"<u>Hazardous Material</u>" shall mean all or any of the following: (A) substances, materials, compounds, wastes, products, emissions and vapors that are defined or listed in, regulated by, or otherwise classified pursuant to, any applicable Environmental Laws, including any so defined, listed, regulated or classified as "hazardous substances", "hazardous materials", "hazardous wastes", "toxic substances", "pollutants", "contaminants", or any other similar formulation intended to regulate, define, list or classify substances by reason of deleterious, harmful or dangerous properties; (B) waste oil, oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced waters and other wastes associated with the exploration, development or production of crude oil, natural gas or geothermal resources; (C) any flammable substances or explosives or any radioactive materials; (D) asbestos in any form; (E) electrical or hydraulic equipment which contains any oil or dielectric fluid containing polychlorinated biphenyls; (F) radon; (G) toxic mold; (H) per- and polyfluoroalkyl substances (PFAS); or (I) urea formaldehyde; *provided, however*, such definition shall not include (i) batteries, fuel, cleaning materials and other substances commonly used in the ordinary course of the Asset Entities' businesses, which materials exist in reasonable quantities and are stored, contained, transported, used, released, and disposed of in accordance with all applicable Environmental Laws, or (ii) batteries, fuel, cleaning materials and other substances commonly used in the ordinary course of the Asset Entities', customer's, or any of their respective agent's, business, which materials exist in reasonable quantities and are stored, contained, transported, used, released, and disposed of in accordance with all applicable Environmental Laws.

"<u>Holdco Guaranties</u>" shall mean each Guarantee and Security Agreement, dated as of the Initial Closing Date, made by the applicable Guarantor in favor of the Indenture Trustee on behalf of the Noteholders and the other Secured Parties.

"<u>Holder</u>" and "<u>Noteholder</u>" shall mean a Person in whose name a particular Note is registered in the Note Register.

"<u>Immaterial Amendment</u>" shall mean, with respect to any Site Lease, (i) the exercise of any express extension options pursuant to the terms of such Site Lease, or (ii) any amendments or modifications that do not change the economic terms or the expiration date, grant options for additional term or space, materially reduce the obligations of a Site Lessor or materially increase the obligations of the related Asset Entity or otherwise would not reasonably be expected to materially impair the value of the related leasehold estate or the security interest thereon.

"<u>Impositions</u>" shall mean (i) all real estate and personal property taxes (net of abatements, reductions or refunds of real estate or personal property taxes relating to the Data Centers applicable to and actually received or credited during the corresponding period) paid or payable by any Asset Entity and other taxes, levies, assessments and similar charges assessed by Governmental Authorities on a Data Center (including any payments in lieu of taxes) and (ii) all fees payable by any Obligor relating to a Data Center or upon the ownership, use, occupancy or enjoyment thereof, including, without limitation, any security deposit, any ground rents or other rents relating to the Data Centers.

"<u>Improvements</u>" shall mean all buildings, structures, fixtures, additions, enlargements, extensions, modifications, repairs, replacements and improvements of every kind and nature now or hereafter located on the Data Centers and owned by any of the Asset Entities.

"<u>Indebtedness</u>" shall mean, for any Person, without duplication: (i) all indebtedness of such Person for borrowed money, for amounts drawn under a letter of credit, or for the deferred purchase price of property for which such Person or its assets is liable, (ii) all unfunded amounts under a loan agreement, letter of credit (unless secured in full by cash), or other credit facility for which such Person would be liable if such amounts were advanced thereunder, (iii) all amounts required to be paid by such Person as a guaranteed payment to partners or a preferred or special dividend, including any mandatory redemption of shares or interests but not any preferred return or special dividend paid solely from, and to the extent of, excess cash flow after the payment of all operating expenses, capital improvements and debt service on all Indebtedness, (iv) all Capital Leases Obligations for which such Person is liable, and (v) all obligations of such Person under interest rate swaps, caps, floors, collars and other interest hedge agreements, in each case whether such Person is liable contingently or otherwise, as obligor, guarantor or otherwise, or in respect of which obligations such Person otherwise assures a creditor against loss; *provided* that reimbursement or indemnity obligations related to surety bonds or letters of credit incurred in the ordinary course of business and fully secured by cash collateral shall not be considered "Indebtedness" hereunder.

"<u>Indenture</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Indenture Supplement</u>" shall mean an indenture supplemental to this Indenture, any Series Supplement or any Notes.

"<u>Indenture Trustee</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Indenture Trustee Fee</u>" shall mean the fee to be paid monthly in arrears on each Payment Date for the Interest Accrual Period ending on or immediately preceding such Payment Date to the Indenture Trustee as compensation for services rendered by it in its capacity as Indenture Trustee in an amount equal to the sum of (i) $2,500 per Series of Term Notes outstanding on such Payment Date and (ii) $1,000 for each Series of Variable Funding Notes outstanding on such Payment Date (or $6,000 as of the Initial Closing Date) (or such other amount as set forth in a Series Supplement in connection with the issuance of Additional Notes).

"<u>Indenture Trustee Report</u>" shall have the meaning ascribed to it in <u>Section 11.12(d)</u>.

"<u>Independent</u>" shall mean, when used with respect to any specified Person, that such Person (a) is in fact independent of the Obligors, any other obligor on the Notes and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial interest or any material indirect financial interest in the Obligors, any such other obligor or any Affiliate of any of the foregoing Persons and (c) is not connected with the Obligors, any such other obligor or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions.

"<u>Independent Certificate</u>" shall mean a certificate or opinion to be delivered to the Indenture Trustee, the Backup Manager or the Servicer, as applicable, and upon which each may conclusively rely under the circumstances described in, and otherwise complying with the applicable requirements of, <u>Section 15.01</u> made by an Independent certified public accountant or other expert appointed by an Issuer Order, and such opinion or certificate shall state that the signer has read the definition of "Independent" in this Indenture and that the signer is Independent within the meaning thereof.

"<u>Ineligible Liquidity Letter of Credit</u>" shall mean a Liquidity Letter of Credit with respect to which (i) the short-term debt credit rating of the Letter of Credit Provider with respect to such Liquidity Letter of Credit is not rated at least "K2" (or the then equivalent grade) by any NRSRO and (ii) the long-term debt credit rating of such Letter of Credit Provider is not rated at least "BBB" (or the then equivalent grade) by any NRSRO; provided that for determining whether a Liquidity Letter of Credit is eligible under this definition, a Letter of Credit Provider may be deemed to have the short-term debt credit rating or the long-term debt credit rating, as applicable, of any guarantor of (or confirming bank for) such Letter of Credit Provider.

"<u>Initial Class Principal Balance</u>" shall mean, with respect to any Class of Term Notes or Variable Funding Notes, the aggregate initial principal balance of all Term Notes or Variable Funding Notes of that Class on the date of issuance; *provided* that upon the payment in full of all Notes of a particular Series such Term Notes or Variable Funding Notes shall no longer be included in the "Initial Class Principal Balance" of the relevant Class. For the avoidance of doubt, the aggregate initial principal amount of any undrawn Letters of Credit shall not be included in the Initial Class Principal Balance of any Variable Funding Notes.

"<u>Initial Closing Date</u>" shall mean October 17, 2024.

"<u>Initial Purchaser</u>" or "<u>Initial Purchasers</u>" with respect to a particular Series, shall have the meaning set forth in the Series Supplement for such Series.

"<u>Initial Request</u>" shall have the meaning ascribed to it in <u>Section 15.26(a)</u>.

"<u>Institutional Accredited Investor</u>" shall mean an "accredited investor" within the meaning of paragraph (1), (2), (3) or (7) of Rule 501(a) of Regulation D of the Securities Act or an entity owned entirely by other entities that fall within such paragraphs.

"<u>Insurance Policies</u>" shall have the meaning ascribed to it in <u>Section 7.05</u>.

"<u>Insurance Premiums</u>" shall mean (i) annual premiums for insurance the Asset Entities are required to maintain with respect to the Data Centers (or the Asset Entities' respective proportional share of premiums with respect to general liability insurance policies maintained by Affiliates of the Co-Issuers) and (ii) premiums with respect to casualty insurance policies maintained by the Asset Entities (or the Asset Entities' respective proportionate share of premiums with respect to casualty insurance policies maintained by Affiliates of the Co-Issuers) to insure casualties not otherwise insured by, or otherwise paid by, a Customer.

"<u>Insurance Proceeds</u>" shall mean all of the proceeds received under the Insurance Policies (other than liability insurance) by reason of theft, physical destruction or damage or any other similar event with respect to any properties or assets of the Obligors other than liability in respect of a covered loss thereunder. For the avoidance of doubt, "Insurance Proceeds" shall not include any proceeds of policies of insurance not described above, such as business interruption insurance and liability insurance, which shall be treated as provided in <u>Section 7.06(b)</u>.

"<u>Interest Accrual Period</u>" shall mean, for each Payment Date, (i) with respect to any Term Notes, the period from and including the preceding Payment Date (without giving any effect to any Business Day adjustment and calculated on a 30/360 Basis) (or, with respect to the initial period for a Series, the Closing Date for such Series) to but excluding the Payment Date (without giving any effect to any Business Day adjustment and calculated on a 30/360 Basis) and (ii) with respect to any Variable Funding Notes, the "VFN Interest Accrual Period" as defined in the Series Supplement for such Series of Variable Funding Notes.

"<u>Investment Company Act</u>" shall mean the Investment Company Act of 1940, as amended.

"<u>Involuntary Bankruptcy</u>" shall mean any involuntary case under the Bankruptcy Code or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, in which any of the Guarantors, the Manager, the Co-Issuers or any of the Asset Entities is a debtor or any Assets of any such entity, any Customer Contracts, any portion of the Data Centers, and/or any other Collateral is property of the estate therein.

"<u>Involuntary Obligor Bankruptcy</u>" shall have the meaning ascribed to it in <u>Section 7.20.</u>

"<u>Issuance Date</u>" shall have the meaning ascribed to it in <u>Section 2.12(b)</u>.

"<u>Issuer</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Issuer Order</u>" and "<u>Issuer Request</u>" shall mean a written order or request signed in the name of the Co-Issuers by any one of their Authorized Officers and delivered to the Indenture Trustee and the Servicer upon which the Indenture Trustee and the Servicer, as applicable, may conclusively rely.

"<u>Joinder Agreement</u>" shall mean an agreement substantially in the form of Exhibit F.

"<u>Knowledge</u>" whenever used in this Indenture or any of the other Transaction Documents, or in any document or certificate executed pursuant to this Indenture or any of the other Transaction Documents (whether by use of the words "knowledge" or "known", or other words of similar meaning, and whether or not the same are capitalized), shall mean actual knowledge (without independent investigation unless otherwise specified) (i) of the individuals who have significant responsibility for any policy making, major decisions or financial affairs of the applicable entity (or, in the case of the Indenture Trustee, any Responsible Officer); and (ii) also to the knowledge of the person signing such document or certificate.

"<u>L/C Note</u>" shall mean a Note issued as a subclass or subseries of a Series of Variable Funding Notes designated at the time of issuance thereof as an L/C Note, the Note Principal Balance of which shall evidence the unreimbursed amount of any drawing under any related Letters of Credit.

"<u>Leased Data Center</u>" shall mean each Data Center in which an Asset Entity holds a leasehold interest pursuant to a Site Lease.

"<u>Letter of Credit</u>" shall mean the meaning set forth in a Variable Funding Note Purchase Agreement.

"<u>Letter of Credit Fee</u>" with respect to any Letter of Credit shall have the meaning set forth in the respective Variable Funding Note Purchase Agreement with respect to such Letter of Credit.

"<u>Letter of Credit Provider</u>" shall mean, with respect to any Series of Class A-1 Notes, the party identified as the "Letter of Credit Provider" or the "Letter of Credit Issuing Bank," as the context requires, in the applicable Variable Funding Note Purchase Agreement.

"<u>Lien</u>" shall mean, with respect to any property or assets, any lien, encumbrance, assignment for security, charge, mortgage, pledge, security interest, conditional sale or other title retention agreement or similar lien.

"<u>Liquidity Letter of Credit</u>" shall mean any Letter of Credit issued under a Variable Funding Note Purchase Agreement to the Indenture Trustee or other designated beneficiary for the benefit of the Noteholders.

"<u>Lock Box Account</u>" shall mean one or more lock box accounts or deposit accounts established and maintained by any Obligor or their designee, into which Customers shall have been directed to pay all fees and other sums owing to the Asset Entities, and into which the Obligors will deposit Receipts pursuant to <u>Section 7.14</u>.

"<u>Loss Proceeds</u>" shall mean, collectively, all Insurance Proceeds and all Condemnation Proceeds.

"<u>LTV Test Sweep Amount</u>" shall mean, with respect to any payment of a Class of Notes, the Class A LTV Test Sweep Amount (with respect to any payment of principal of the Class A Notes), the Class B LTV Test Sweep Amount (with respect to any payment of principal of the Class B Notes) or the Class C LTV Test Sweep Amount (with respect to any payment of principal of the Class C Notes), as applicable.

"<u>MAI</u>" shall mean a designation signifying that the designee is a member of the "Appraisal Institute," a real estate appraisers and valuation professionals trade group.

"<u>Maintenance Capital Expenditures</u>" shall mean Capital Expenditures made for the purpose of maintaining any Data Center or complying with applicable laws, regulations, ordinances, statutes, codes, or rules applicable to such Data Center, but excluding (x) Data Center acquisition expenses made to acquire a Data Center and (y) Discretionary Capital Expenditures.

"<u>Management Agreement</u>" shall mean (i) the Management Agreement among the Manager, the Obligors and the Indenture Trustee, dated as of the Initial Closing Date or (ii) following the replacement of the Manager following a Manager Termination Event (as defined in the Management Agreement) in accordance with the initial Management Agreement, a Replacement Management Agreement (as defined in the Management Agreement) among the Manager, the Obligors and the Indenture Trustee.

"<u>Management Fee</u>" shall mean a fee payable to the Manager, for each Collection Period, equal to the Management Fee Percentage of the aggregate monthly revenue (other than Pass-Through Data Center Expenses) received by the Obligors with respect to all Customer Contracts for such Collection Period.

"<u>Management Fee Percentage</u>" shall mean 5.0%; *provided, however*, that the Management Fee Percentage used to calculate the Management Fee payable to any Manager that is not an Affiliate of the Obligors that succeeds Phoenix Infrastructure LLC as the Manager may vary in accordance with the terms of the Management Agreement and the Backup Management Agreement; *provided further* that (i) in the event such Manager is a Replacement Manager, if the management fee payable to the Replacement Manager exceeds the Management Fee that would have been payable had such replacement not occurred, then the amount of such excess must be approved by the Control Party or (ii) in the event that the Backup Manager engages one or more third parties to perform the obligations of the outgoing Manager (to the extent a Replacement Manager has not yet been appointed), the Management Fee Percentage shall be increased in order to provide funds for the Backup Manager sufficient to pay the fees of such third party if the Backup Manager determines in its reasonable good faith discretion (without the consent or approval of any other party) that such management fee is consistent with the then-prevailing market rate for managers performing similar services.

"<u>Manager</u>" shall mean the manager described in the Management Agreement, the Replacement Manager or an Acceptable Manager as may hereafter be charged with management of the Asset Entities in accordance with <u>Section 7.12</u>.

"<u>Master Agreement</u>" shall mean, with respect to a Customer Contract, a master services agreement, colocation facilities agreement or other similar contract that provides for one or more sale orders, quotes, change orders, proposals, statements of work and/or service level agreements with respect to one or more data centers.

"<u>Material Adverse Effect</u>" shall mean, (i) a material adverse effect (which may include economic or political events) upon the business, operations, or condition (financial or otherwise) of the Obligors and the Guarantors (taken as a whole), (ii) the material impairment of the ability of the Obligors and the Guarantors (taken as a whole) to perform their obligations under the Transaction Documents (taken as a whole), or (iii) a material adverse effect on the use, value or operation of the Data Centers (taken as a whole); *provided*, *however*, that if the Annualized Revenue derived from all Customer Contracts (taken as a whole) is reduced by 5.0% or more by any such event or events, then a Material Adverse Effect shall be deemed to exist. In determining whether any individual event would result in a Material Adverse Effect, notwithstanding that such event does not of itself have such effect, a Material Adverse Effect shall be deemed to have occurred if the cumulative effect of such event and all other then-occurring events and existing conditions result in a Material Adverse Effect (taking into account the benefit of any Title Policy or Insurance Policies).

"<u>Material Agreement</u>" shall mean any written contract or agreement, or series of related written agreements, by any Obligor relating to the ownership, management, use, operation, co-location, leasing, maintenance, repair or improvement of the Data Centers under which there is an obligation of an Obligor, in the aggregate, to pay, or under which any Obligor receives in compensation, more than $1,000,000 per annum, excluding (i) the Management Agreement, (ii) the Customer Contracts and (iii) any agreement which is terminable by an Obligor on not more than 90 days' prior written notice without any fee or penalty.

"<u>Material Customer Contract</u>" shall mean each Customer Contract, or series of related Customer Contracts, by any Customer of space, power and/or services at one or more of the Data Centers which (x)(a) provides for monthly recurring fees or other monthly payments in an amount equal to or greater than $500,000, and (b) may not be cancelled by the applicable Customer on 30 days' notice without payment of a termination fee, penalty or other cancellation fee, or (y) obligates any of the Asset Entities to make any improvements to the Data Centers either directly or through cash allowances (including, without limitation, free rent, customer improvement allowances, or landlord's construction work) to the applicable Customer in excess of $1,000,000.

"<u>Member</u>" shall mean, individually or collectively, any entity which is now or hereafter becomes the managing member of any of the Obligors under such Persons' limited liability company operating agreement (other than the sole member of any single member limited liability company).

"<u>Minimum DSCR</u>" shall mean 1.20 to 1.0.

"<u>Monthly Amortization Amount</u>" shall mean, as of each Payment Date with respect to any Class of Notes of any Series that are subject to a Targeted Amortization Amount, the sum of (i) the Targeted Amortization Amount for such Notes of such Class, if any, as of such Payment Date and (ii) the Unpaid Monthly Amortization Amount with respect to such Notes, if any, as of such Payment Date.

"<u>Monthly Expense Amount</u>" shall mean, for any Collection Period, the lesser of (x) the actual Operating Expenses for each Asset Entity for such Collection Period and (y) the Budgeted Operating Expense Amount for such Collection Period.

"<u>Monthly Recurring Revenue</u>" shall mean, for any Customer Contract, as of any date of determination, the recurring monthly colocation, interconnection and power utilization fees with respect to such Customer Contract payable to an Asset Entity during the calendar month in which such date of determination occurs (or, for any Customer Contract with respect to which the recurring fees are payable to an Asset Entity less frequently than on a monthly basis, the prorated portion of such recurring fees allocable to the calendar month in which such date of determination occurs); *provided* that, for the avoidance of doubt, Monthly Recurring Revenue does not include Additional Revenue, Pass-Through Data Center Expenses, Surcharges or Variable Recurring Revenue.

"<u>Monthly Report</u>" shall mean the "Manager Report" as defined in the Management Agreement.

"<u>Monthly Senior Payment Amount</u>" shall mean, for any Payment Date, the sum of (a) the Accrued Note Interest at the applicable Note Rate that is due and payable on such Payment Date in respect of the related Interest Accrual Period on any Class A Notes and (b) any accrued and unpaid VFN Undrawn Commitment Fees and Letter of Credit Fees payable on such Payment Date.

"<u>Moody's</u>" shall mean Moody's Investors Service, Inc.

"<u>Mortgage</u>" shall mean a mortgage, deed of trust, deed to secure debt, trust deed and/or other security document entered into by an Asset Entity in favor of the Indenture Trustee for the benefit of the Noteholders creating a Lien on the Asset Entities' real property interests in a Data Center, in such form as reasonably agreed between the Co-Issuers and the Servicer, as the same may have been, or may be, assigned, modified or amended from time to time.

"<u>Multiemployer Plan</u>" shall mean any employee benefit plan, of the type described in Section 4001(a)(3) of ERISA, to which the Parent or any member of the Parent's Controlled Group makes or is obligated to make contributions, or had an obligation to contribute over the five preceding calendar years.

"<u>Non-Core Data Center Assets</u>" shall mean assets, including real property, owned or leased by an Asset Entity associated with a Data Center, but not necessary for the operation or use of the related Data Center.

"<u>Non-Mortgaged Data Centers</u>" shall mean any Data Center that is not subject to a Mortgage.

"<u>Note Owners</u>" shall mean, with respect to any Book-Entry Note, the Person who is the Beneficial Owner of such Note as reflected on the books of the Depositary or on the books of a Depositary Participant or on the books of an indirect participating brokerage firm for which a Depositary Participant acts as agent.

"<u>Note Principal Balance</u>" shall mean, for any individual Note as of any date of determination, (x) with respect to any Variable Funding Notes, the Outstanding principal balance of such Note on such date, and (y) with respect to any Term Note, the initial principal balance of such Note on the date of issuance of such Note, as set forth on the face thereof, less any payment of principal made in respect of such Note up to and including such determination date. For the avoidance of doubt, the aggregate principal amount of any undrawn Letters of Credit shall not be included in the Note Principal Balance of any Variable Funding Notes (except as expressly set forth in Section 5.01(i)) and the unreimbursed amount of any drawing under any Letters of Credit shall be included in the Note Principal Balance of the related Variable Funding Note (in the form of outstanding principal balance under the related L/C Note).

"<u>Note Rate</u>" with respect to any Term Note or Variable Funding Note of a Class and a Series, shall mean the interest rate applicable thereto as set forth in the Series Supplement for such Term Note or Variable Funding Note of such Class and Series.

"<u>Note Register</u>" and "<u>Note Registrar</u>" shall mean the register maintained and the registrar appointed or otherwise acting pursuant to <u>Section 2.02(a)</u>.

"<u>Notes</u>" shall mean the Term Notes and the Variable Funding Notes issued by the Co-Issuers pursuant to this Indenture and the Series Supplements.

"<u>Noteholder Tax Identification Information</u>" shall mean information and/or properly completed and signed tax certifications provided by a recipient of payments that is sufficient (i) to eliminate the imposition of or determine the amount of any withholding of tax, including FATCA Withholding Tax, (ii) to determine that such recipient of payments has complied with such recipient's obligations under FATCA or (iii) to otherwise allow the Issuer, Co-Issuer, Paying Agent and Indenture Trustee to comply with their respective obligations under FATCA.

"<u>NRSRO</u>" shall mean any nationally recognized statistical ratings organization.

"<u>Obligations</u>" shall mean the unpaid principal amount of the Outstanding Notes, accrued interest thereon and all other obligations, liabilities and indebtedness of every nature to be paid or performed by any of the Guarantors or Obligors under the Transaction Documents, including fees, costs and expenses, and other sums now or hereafter owing, due or payable and whether before or after the filing of a proceeding under the Bankruptcy Code by or against any of the Guarantors or Obligors, and the performance of all other terms, conditions and covenants under the Transaction Documents.

"<u>Obligors</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Offering Memorandum</u>" with respect to a Series, shall have the meaning set forth in the Series Supplement for such Series.

"<u>Officer's Certificate</u>" shall mean a certificate signed by any Authorized Officer of the Issuer, the Co-Issuer or the Manager, and delivered to the Indenture Trustee, the Backup Manager or the Servicer, as applicable.

"<u>Operating Expenses</u>" shall mean, for any period, all operating expenses accrued and related to the ownership, operation or maintenance of any Data Center (including the provision of services under the Customer Contracts) for such period determined in accordance with GAAP (including, but not limited to, site operations labor and related expenses, certain sales commissions and channel residual fees, repairs and preventative maintenance (including virtual maintenance of cloud equipment), utilities (other than utilities included as Pass-Through Data Center Expenses) and security plus all Maintenance Capital Expenditures, but specifically excluding the Management Fee payable by the Obligors and the cost of portfolio support personnel provided by the Manager) for such period; *provided* that Operating Expenses shall not include Priority Expenses (including Impositions and Insurance Premiums). Operating Expenses shall not include amounts that are Pass-Through Data Center Expenses or any costs and expenses associated with obtaining an appraisal.

"<u>Operating Revenues</u>" shall mean all revenues of the Asset Entities from the ownership, operation or maintenance of the Data Centers or otherwise arising in respect of the Data Centers that are properly allocable to the Data Centers for such period in accordance with GAAP (excluding amounts collected from Customers which constitute Pass-Through Data Center Expenses, pre-paid fees and revenues and security deposits except to the extent applied in satisfaction of such Customer's obligations for fees during such period) excluding the impact on revenue of accounting for Customer Contracts with fixed escalators on a straight-line basis as required under GAAP, as compared to a billed and earned basis.

"<u>Opinion of Counsel</u>" shall mean one or more written opinions of counsel which shall be reasonably acceptable to and delivered to the addressee(s) thereof.

"<u>Optional Application Date</u>" shall mean up to one Business Day following the Scheduled Application Date during the month in which such Scheduled Application Date occurs identified by the Manager to the Indenture Trustee, the Backup Manager and the Servicer in accordance with <u>Section 5.01(a)</u> as an "Optional Application Date."

"<u>Other Company Collateral</u>" shall have the meaning ascribed to it in <u>Section 14.01</u>.

"<u>Other Expense Reserve Amount</u>" shall mean, with respect to any Application Date, the sum of (i) the amount of Impositions and Insurance Premiums that the Manager reasonably estimates will be due and payable during the twelve Collection Periods (or such lesser number of Collection Periods as remain prior to the latest Rated Final Payment Date of all Outstanding Notes) immediately succeeding the Relevant Payment Date for such Application Date with respect to (or if covered by blanket insurance policies, allocated to) the Data Centers and (ii) the product of (x) 20% and (y) the aggregate Operating Expenses for the twelve Collection Periods immediately preceding such Application Date.

"<u>Other Expense Reserve Deposit Amount</u>" shall have the meaning ascribed to it in <u>Section 4.08(a)</u>.

"<u>Other Expense Reserve Deposit Percentage</u>" shall mean, for any Application Date, the percentage set forth in the table below which corresponds with the three-month average DSCR as of the last day of the immediately preceding calendar month:

---

| | |
|:---|:---|
| **<u>Three-Month Average DSCR</u>** | **<u>Other Expense Reserve Deposit Percentage</u>** |
| ≥ 1.75 | 0% |
| < 1.75 and ≥ 1.50 | 50% |
| < 1.50 | 100% |

---

"<u>Other Expense Reserve Sub-Account</u>" shall have the meaning ascribed to it in <u>Section 4.08(a)</u>.

"<u>Other Servicing Fees</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Outstanding</u>" shall mean, as of the date of determination, all Notes theretofore authenticated and delivered (or registered in the case of Uncertificated Notes) under this Indenture, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notes theretofore cancelled by the Indenture Trustee or delivered (or de-registered in the case of Uncertificated Notes) to the Indenture Trustee for cancellation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notes for the payment of which money in the necessary amount has been theretofore deposited with the Indenture Trustee or any Paying Agent (other than the Co-Issuers) in trust for the Holders of such Notes (*provided, however*, that if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision for such notice has been made, satisfactory to the Indenture Trustee); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notes in exchange for or in lieu of which other Notes have been authenticated and delivered (or de-registered and/or registered in the case of Uncertificated Notes) pursuant to this Indenture unless proof satisfactory to the Indenture Trustee is presented that any such first-mentioned Notes are held by a protected purchaser;

*provided, however*, that in determining whether the Holders of the requisite Class Principal Balances of all Classes of Outstanding Notes have given any request, demand, authorization, direction, notice, consent, or waiver hereunder or under any other Transaction Document, Notes owned by the Issuer, the Co-Issuer, or any other obligor upon the Notes or any Affiliate of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent, or waiver, only Notes identified as being so owned in an Officer's Certificate of the Co-Issuers delivered to the Indenture Trustee shall be so disregarded. Upon the written request of the Indenture Trustee, the Co-Issuers shall furnish to the Indenture Trustee promptly an Officers' Certificate identifying all Notes, if any, actually known by the Co-Issuers to be owned by an Obligor or any Affiliate thereof, and the Indenture Trustee shall be entitled to accept and rely upon such Officer's Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not identified therein are outstanding for the purpose of any determination. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the pledgee's right so to act with respect to such Notes and that the pledgee is not an Obligor, any other obligor upon the Notes or any Affiliate of any of the foregoing Persons.

"<u>Ownership Interest</u>" shall mean, in the case of any Note, any ownership or security interest in such Note as the Holder thereof and any other interest therein, whether direct or indirect, legal or beneficial, as owner or as pledgee.

"<u>Parent</u>" shall mean Phoenix Data Center Acquisitions LLC, a Delaware limited liability company.

"<u>Pass-Through Data Center Expense Available Amount</u>" shall mean, with respect to any Application Date, all funds in the Collection Account on such Application Date that constitute amounts paid by Customers in respect of Pass-Through Data Center Expenses.

"<u>Pass-Through Data Center Expenses</u>" shall mean all amounts payable by Customers pursuant to the Customer Contracts for utilities (including electricity), management fees, maintenance costs, taxes, insurance, Impositions and other operating expenses.

"<u>Pass-Through Data Center Priority Expenses</u>" shall mean all Pass-Through Data Center Expenses that are Priority Expenses.

"<u>Pass-Through Payment Amount Differential</u>" shall mean, with respect to any calendar month, an amount (which may be positive or negative) equal to (x) all amounts paid by the Customers during such month in respect of Pass-Through Data Center Expenses minus (y) the costs incurred to supply the services with respect to which such Pass-Through Data Center Expenses relate.

"<u>Passive Bookrunners</u>" with respect to a particular Series, shall have the meaning set forth in the Series Supplement for such Series.

"<u>Paying Agent</u>" shall initially be (x) the Indenture Trustee, who is hereby authorized by the Co-Issuers to make payments as agent of the Co-Issuers from the Debt Service Sub-Account including payment of principal of or interest (and premium, if any) on the Notes on behalf of the Co-Issuers, or (y) any successor appointed by the Indenture Trustee who (i) meets the eligibility standards for the Indenture Trustee specified in <u>Section 11.07</u> and (ii) is authorized to make payments from the Debt Service Sub-Account including payment of principal of or interest (and premium, if any) on the Notes.

"<u>Payment Date</u>" shall mean the 25th day of each calendar month or, if any such day is not a Business Day, the next succeeding Business Day; *provided* that the initial Payment Date for any Series may be specified in the Series Supplement for such Series. The Payment Date with respect to any Collection Period is the Payment Date immediately succeeding such Collection Period.

"<u>Payment Date Funds</u>" shall have the meaning ascribed to it in <u>Section 5.01(b)</u>.

"<u>Percentage Interest</u>" shall mean, with respect to any Note, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Note Principal Balance of such Note on such date, and the denominator of which is the Class Principal Balance of the Class to which such Note belongs on such date. The Percentage Interest for the Class A Notes is calculated based on the Outstanding principal amounts of such Class A Notes (assuming the full amount of the Class A-1 Commitment Amount that is permitted to be drawn on such date is fully drawn).

"<u>Permitted Indebtedness</u>" shall have the meaning ascribed to it in <u>Section 7.16</u>.

"<u>Permitted Investments</u>" shall have the meaning set forth in the Cash Management Agreement.

"<u>Person</u>" shall mean any individual, corporation, estate, partnership, joint venture, association, joint stock company, limited liability company trust (including any beneficiary thereof), unincorporated organization, or government or any agency or political subdivision thereof.

"<u>Placement Agent</u>" or "<u>Placement Agents</u>" with respect to a particular Series, shall have the meaning set forth in the Series Supplement for such Series.

"<u>Plan</u>" shall have the meaning ascribed to it in <u>Section 6.09</u>.

"<u>Plan Investor</u>" shall mean (i) a Benefit Plan Investor and (ii) a plan, individual retirement account or other arrangement that is subject to the provisions under any Similar Laws and an entity whose assets are deemed to constitute the assets of any of the foregoing described in this clause (ii) pursuant to applicable law.

"<u>Post-ARD Additional Interest</u>" shall have the meaning ascribed to it in <u>Section 2.10.</u>

"<u>Post-ARD Additional Interest Rate</u>" shall have the meaning ascribed to it in <u>Section 2.10</u>.

"<u>Post-ARD Note Spread</u>" with respect to a Class, Series or Tranche of Notes, shall have the meaning set forth in the Series Supplement for such Class and Series of Notes.

"<u>Pre-Existing Condition</u>" shall have the meaning ascribed to it in <u>Section 7.06(c)</u>.

"<u>Prepayment Consideration</u>" shall mean any Yield Maintenance paid in connection with a principal prepayment on, or other early collection of principal of, any Class of Notes.

"<u>Prepayment Period</u>" for each Series, shall have the meaning set forth in the Series Supplement for such Series.

"<u>Priority Expense Amount</u>" shall mean, with respect to each Application Date, an amount equal to the amount of Priority Expenses that are reasonably expected by the Manager to be due and payable during the Collection Period immediately succeeding the Relevant Payment Date for such Application Date.

"<u>Priority Expense Reserve Deposit Amount</u>" shall mean, with respect to each Application Date, the sum of (i) the Priority Expense Amount for such Application Date less any amounts deposited into the Priority Expense Reserve Sub-Account on any prior Application Date in respect of such Priority Expense Amount with respect to such Collection Period and (ii) the Pass-Through Data Center Expense Available Amount in the Collection Account on such Application Date that is in respect of Pass-Through Data Center Priority Expenses less the amount of such Pass-Through Data Center Expense Available Amount included in the Priority Expense Amount pursuant to clause (i) on such Application Date.

"<u>Priority Expense Reserve Sub-Account</u>" shall have the meaning ascribed to it in <u>Section 4.03</u>.

"<u>Priority Expenses</u>" shall mean, collectively, (i) Impositions, (ii) Insurance Premiums and (iii) electricity expenses and other utility expenses, software license fees, internet costs and installation costs and expenses relating to "meet me rooms" for the Data Centers.

"<u>Proceeding</u>" shall mean any suit in equity, action at law or other judicial or administrative proceeding.

"<u>Purchase Money Obligation</u>" shall mean, for any Person, the obligations of such Person in respect of Indebtedness (including Capital Lease Obligations) incurred for the purpose of financing all or any part of the purchase price of any fixed or capital assets or the cost of installation, construction or improvement of any fixed or capital assets; *provided*, *however*, that (i) such Indebtedness is incurred within 30 days after such acquisition, installation, construction or improvement of such fixed or capital assets by such Person and (ii) the amount of such Indebtedness does not exceed the lesser of (x) the fair market value of such fixed or capital asset and (y) the cost of the acquisition, installation, construction or improvement thereof, as the case may be.

"<u>Qualified Deleveraging Event</u>" shall mean either (i) an underwritten public offering of the equity interests of the Parent or any direct or indirect parent of the Parent which generates gross cash proceeds of at least $50,000,000 to the Parent or any direct or indirect parent entity of the Parent or (ii) an acquisition (whether by merger, consolidation or otherwise) of greater than 50% of the equity interests of Parent or any direct or indirect parent of Parent by an entity that has shares that are traded on a national exchange.

"<u>Qualified Institutional Buyer</u>" shall mean a qualified institutional buyer within the meaning of Rule 144A under the Securities Act.

"<u>RAC Requesting Party</u>" shall have the meaning ascribed to it in <u>Section 15.26(a)</u>.

"<u>Rated Final Payment Date</u>" for any Series, Class and Tranche shall have the meaning set forth in the Series Supplement for such Series.

"<u>Rating Agencies</u>" shall mean, with respect to any action or event in regards to a Series of Notes, the rating agencies specified as such in the Series Supplement for such Series.

"<u>Rating Agency Confirmation</u>" with respect to any Class and Series of Notes, shall have the meaning set forth in the Series Supplement for such Series with respect to any transaction or matter in regards to such Class or Series or, if not ascribed a meaning therein, shall mean, with respect to any transaction or matter in regards to such Class or Series, notification in writing from each Rating Agency then rating such Class of Series of Notes (which may be in the form of e-mail, facsimile, press release, posting to its internet website or other such means then considered industry standard as determined by such Rating Agency) that such transaction or matter will not result in a downgrade, qualification, or withdrawal of the then-current ratings of any Class of Notes of such Series (or the placing of such Class on negative credit watch or ratings outlook in contemplation of any such action with respect thereto).

"<u>Rating Criteria</u>" with respect to any Person, shall mean that the long-term unsecured debt obligations of such Person have (i) a rating commonly regarded as "investment grade" by S&P, or (ii) any other ratings, subject to Rating Agency Confirmation.

"<u>Receipts</u>" shall mean all revenues, receipts and other payments or reimbursements to the Asset Entities of every kind arising from their ownership, operation or management of the Data Centers, including without limitation, all warrants, stock options, or equity interests in any customer, licensee or other Person occupying space at, or providing services related to or for the benefit of, the Data Centers received by or on behalf of such Asset Entities in lieu of monthly fees or other payment, but excluding, (i) any amounts received by or on behalf of such Asset Entities and required to be paid to any Person (other than to an Affiliate of the Co-Issuers) as management fees, brokerage fees, fees payable to a Site Lessor, taxes, payments due to vendors or other service providers or similar fees or reimbursements, (ii) any other amounts received by or on behalf of such Asset Entities that constitute the property of a Person other than an Asset Entity (including, without limitation, all revenues, receipts and other payments arising from the ownership, operation or management of properties by Affiliates of such Asset Entities), (iii) security deposits received under a Customer Contract, unless and until such security deposits are applied to the payment of amounts due under such Customer Contract and (iv) any finance charges.

"<u>Record Date</u>" shall mean with respect to payments made on any Payment Date, the close of business on the last Business Day of the month immediately preceding the month in which such Payment Date occurs and with respect to payments made on any other date such date as shall be established by the Indenture Trustee in respect thereof.

"<u>Regulation S</u>" shall mean Regulation S promulgated under the Securities Act.

"<u>Regulation S Global Note</u>" shall mean with respect to any Series and Class of Term Notes, a single global Note, in definitive, fully registered form without interest coupons, representing such Series and Class of Term Notes offered and sold outside the United States in reliance on Regulation S, which Note bears a Regulation S Legend.

"<u>Regulation S Legend</u>" shall mean, with respect to any Series and Class of Term Notes, a legend generally to the effect that such Series and Class of Term Notes may not be offered, sold, pledged or otherwise transferred in the United States or to a U.S. Person prior to the date that is 40 days following the later of the commencement of the initial offering of such Series of Term Notes and the Closing Date for such Series of Term Notes except pursuant to an exemption from the registration requirements of the Securities Act.

"<u>Release Date</u>" shall mean, with respect to any Series and Class of Term Notes, the date that is 40 days following the later of (i) the Closing Date for such Series of Notes and (ii) the commencement of the initial offering of such Series of Notes in reliance on Regulation S.

"<u>Release Conditions</u>" shall mean, the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) during a Special Servicing Period, the Servicer shall have consented to the applicable disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Event of Default has occurred and is continuing, no Amortization Period is in effect and no Cash Trap Condition is in effect, in each case, immediately prior to and after giving effect to the applicable disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) after giving effect to such disposition and any prepayment of Notes occurring concurrently with the applicable disposition, if any Class A Notes are outstanding, the pro forma Class A LTV Ratio is not greater than 65.0% and if any Class B Notes are outstanding, the Class B LTV Ratio is not greater than 70.0%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) after giving effect to the applicable disposition, the pro forma Fee Owned Ratio at the time of such disposition is greater than or equal to 45.0% (or such other percentage that is set forth in the most recent Series Supplement that modifies the minimum Fee Owned Ratio and for which notice thereof is provided by the Manager to each Rating Agency then rating the Notes); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Manager delivers a certificate to the Indenture Trustee, the Backup Manager, and the Servicer that the foregoing conditions have been satisfied.

"<u>Relevant Collection Period</u>" shall mean, for any Application Date, (i) if such Application Date is a Scheduled Application Date, the immediately preceding Collection Period or (ii) if such Application Date is an Optional Application Date, the current Collection Period.

"<u>Relevant Payment Date</u>" shall mean, for any Application Date, (i) if such Application Date is a Scheduled Application Date, the concurrent Payment Date or (ii) if such Application Date is an Optional Application Date, the immediately succeeding Payment Date.

"<u>Remedial Work</u>" shall mean any investigation, site monitoring, cleanup or other remedial work of any kind (including any post-closure care or monitoring) required to be performed by any Asset Entity under applicable Environmental Laws because of or in connection with any actual or suspected presence or release of any Hazardous Materials on, in, under or from any Data Center.

"<u>Rent Roll</u>" shall mean, collectively, a rent roll for each of the Data Centers certified by the Co-Issuers and substantially in the form of Exhibit C.

"<u>Replacement Manager</u>" shall have the meaning set forth in the Management Agreement.

"<u>Requesting Party</u>" shall have the meaning ascribed to it in <u>Section 11.12(b)</u>.

"<u>Required Senior Note Interest and Expense Amount</u>" shall mean, with respect to any date, an amount equal to the product of (i) the Monthly Senior Payment Amount (calculated on a 30/360 Basis) with respect to the immediately succeeding Payment Date (or if such date is a Payment Date, with respect to such Payment Date) and (ii) six.

"<u>Required Senior Note Interest and Expense Reserve Amount</u>" shall mean, with respect to any date, the excess, if any, of (a) the Required Senior Note Interest and Expense Amount as of such date over (b) the aggregate available amount of each Liquidity Letter of Credit that has been issued and is outstanding as of such date.

"<u>Required Senior Note Interest and Expense Reserve Sub-Account Deposit Amount</u>" shall have the meaning ascribed to it in <u>Section 4.05(b)</u>.

"<u>Requisite Global Majority Noteholders</u>" shall mean, as of any date of determination, one or more Noteholders representing more than 50.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes as of such date of determination.

"<u>Reserves</u>" shall mean the reserves held by or on behalf of the Indenture Trustee pursuant to this Indenture or the other Transaction Documents, including without limitation, the reserves established pursuant to Article IV.

"<u>Responsible Officer</u>" shall mean, when used with respect to the Indenture Trustee, any officer within the corporate trust department of the Indenture Trustee, including any trust officer or any other officer of the Indenture Trustee who customarily performs functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person's knowledge of and familiarity with the particular subject and who, in each case, has direct responsibility for the administration of this Indenture.

"<u>Restoration</u>" shall have the meaning ascribed to it in <u>Section 7.06(b)</u>.

"<u>Rule 144A</u>" shall mean Rule 144A promulgated under the Securities Act and any successor provision thereto.

"<u>Rule 144A Global Note</u>" shall mean, with respect to any Series and Class of Term Notes, a single global Note, in definitive, fully registered form without interest coupons, representing such Series and Class of Term Notes, which Term Note does not bear a Regulation S Legend.

"<u>Rule 144A Information</u>" shall mean the information required to be delivered pursuant to Rule 144(A)(d)(4) under the Securities Act to permit compliance with Rule 144A in connection with resales of the Notes pursuant to Rule 144A.

"<u>S&P</u>" shall mean S&P Global Ratings, acting through Standard & Poor's Financial Services.

"<u>Sanctions</u>" shall have the meaning ascribed to it in <u>Section 6.14</u>.

"<u>Scheduled Application Date</u>" shall mean the 25th day of each calendar month, or if such day is not a Business Day, the next succeeding Business Day.

"<u>Scheduled Defeasance Payments</u>" shall mean with respect to the Notes of a particular Series, payments on or prior to, but as close as possible to (i) each Payment Date after the Defeasance Date and through and including the Defeasance Payment Date for such Series in amounts equal to the scheduled payments of interest on the Notes of such Series, the Targeted Amortization Amounts, if any, as of each Payment Date with respect to any Class of Term Notes of such Series then Outstanding, and payments of Indenture Trustee Fees, Workout Fees, Servicing Fees, Other Servicing Fees and any other amounts due and owing to the Indenture Trustee, the Backup Manager or the Servicer, if any, due on such dates under this Indenture and (ii) the Defeasance Payment Date for such Series in an amount equal to the aggregate Note Principal Balance of each Class of Outstanding Notes of such Series (net, in the case of any Class of Term Notes of such Series, of any such Targeted Amortization Amounts with respect to such Series).

"<u>SEC</u>" shall mean the Securities and Exchange Commission.

"<u>Second Request</u>" shall have the meaning ascribed to it in <u>Section 15.26(b)</u>.

"<u>Secured Parties</u>" shall mean the Noteholders, the Servicer, the Backup Manager and the Indenture Trustee.

"<u>Securities Act</u>" shall mean the Securities Act of 1933, as amended.

"<u>Senior Interest Advance</u>" shall have the meaning set forth in the Management Agreement.

"<u>Senior Note Interest and Expense Reserve Draw Amount</u>" shall mean, with respect to any Payment Date, an amount equal to the excess, if any, of (a) the Monthly Senior Payment Amount with respect to such Payment Date over (b) the sum of (i) the balance in the Debt Service Sub-Account available to pay such Monthly Senior Payment Amount on such Payment Date in accordance with Section 5.01(b) and (ii) the amount of any Senior Interest Advances made by the Manager or the Indenture Trustee in respect of such Monthly Senior Payment Amount on or before such Payment Date.

"<u>Senior Note Interest and Expense Reserve Sub-Account</u>" shall have the meaning ascribed to it in <u>Section 4.05</u>.

"<u>Series</u>" shall mean a series of Notes issued pursuant to this Indenture and a related Series Supplement.

"<u>Series Disposition Period Date</u>" for any Series, shall have the meaning set forth in the Series Supplement for such Series.

"<u>Series Supplement</u>" shall mean an Indenture Supplement that authorizes a particular Series.

"<u>Series 2024-1 Class A-1 Notes</u>" shall have the meaning set forth in the related Series Supplement, dated the Initial Closing Date.

"<u>Series 2024-1 Class A-2 Notes</u>" shall have the meaning ascribed to it the related Series Supplement, dated the Initial Closing Date.

"<u>Series 2024-1 Class B Notes</u>" shall have the meaning ascribed to it the related Series Supplement, dated the Initial Closing Date.

"<u>Series 2024-1 Notes</u>" shall mean the Series 2024-1 Class A-1 Notes, the Series 2024-1 Class A-2 Notes and the Series 2024-1 Class B Notes.

"<u>Series 2024-1/2 Notes</u>" shall mean the Series 2024-1 Notes and the Series 2024-2 Class A-2 Notes.

"<u>Series 2024-2 Class A-2 Notes</u>" shall have the meaning ascribed to it in the related Series Supplement, dated the Initial Closing Date.

"<u>Service Orders</u>" shall mean any sale orders, service orders, quotes, change orders, proposals, statements of work and/or service level agreements associated with any Master Agreement.

"<u>Servicer</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Servicer Termination Event</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Servicing Agreement</u>" shall mean the Servicing Agreement, dated as of the Initial Closing Date, between the Servicer and the Indenture Trustee.

"<u>Servicing Fee</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Servicing Standard</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Shared Facilities</u>" shall mean interests in real property, facilities, or equipment owned by an Asset Entity, but serving both the Data Centers and one or more other properties owned by Affiliates of the Co-Issuers (other than the Guarantors or the Obligors) under an arm's length agreement entered into by the Manager, on behalf of the applicable Obligor, and the applicable affiliates of the Co-Issuers, which Shared Facilities may include any existing or to-be-built substations, utilities, storm water detention ponds, parking facilities, and access roads.

"<u>Similar Law</u>" shall mean the provisions under any U.S. or non-U.S. federal, state, local or other laws or regulations that are similar to the fiduciary responsibility or prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code.

"<u>Site Lease</u>" shall mean a real estate lease, sublease, ground lease, capital lease or similar arrangement by an Asset Entity with the owner of a fee interest in such real estate or the master lessee of such real estate pursuant to an agreement in writing; *provided* that a "<u>Site Lease</u>" shall not refer to any lease where an Asset Entity is the landlord under such lease.

"<u>Site Lease Default</u>" shall have the meaning ascribed to it in <u>Section 7.23(d)</u>.

"<u>Site Lessor</u>" shall mean any landlords or lessors under a Site Lease.

"<u>Special Servicing Period</u>" shall have the meaning ascribed to it in <u>Section 2.12(a)(iii)</u>.

"<u>Springing Reserve Condition</u>" shall mean, as of the end of any calendar month, a condition that will exist if the three-month average DSCR as of the last day of such calendar month is less than 1.75:1.0, and which will continue to exist until the three-month average DSCR is equal to or greater than 1.75:1.0 as of the last day of two consecutive months.

"<u>Sub-Account</u>" shall mean (i) the Priority Expense Reserve Sub-Account, (ii) the Cash Trap Reserve Sub-Account, (iii) the Debt Service Sub-Account, (iv) the Other Expense Reserve Sub-Account, (v) the Forward Starting Contract Reserve Sub-Account, (vi) the Capital Expenditures Reserve Sub-Account and (vii) the Senior Note Interest and Expense Reserve Sub-Account.

"<u>Subordinated Notes</u>" shall mean all Notes of any Series issued under this Indenture and any related Series Supplement with a class designation later than the letter "A" that are designated as "Subordinated Notes" of such Class (such as "Subordinated Class B Notes" or "Subordinated Class C Notes"), which Subordinated Notes will be fully subordinated in right of payment of interest (excluding Post-ARD Additional Interest and Deferred Post-ARD Additional Interest, unless otherwise indicated) and principal to those Notes that bear earlier alphabetical designations and that are not designated as "Subordinated Notes."

"<u>Supplemental Financial Information</u>" shall mean such financial reports as the subject entity shall routinely and regularly prepare, or can reasonably prepare, in each case, as reasonably requested by the Indenture Trustee, the Backup Manager or the Servicer.

"<u>Surcharges</u>" shall mean, for any Customer Contract, any amount payable to an Asset Entity pursuant to such Customer Contract representing surplus electricity charges charged as a result of elevated utility rates that are not part of the base monthly recurring fee with respect to such Customer Contract.

"<u>Survey</u>" shall mean with respect to any Data Center, an as-built survey of the land underlying such Data Center prepared by a professional land surveyor licensed in the state in which the Data Center is located within the preceding 36 months, which contains a legal description of the real property on which such Data Center is situated that matches the legal description contained in the Title Policy in all material respects, if any, in respect of such Data Center and a certification of whether the surveyed property is located in a flood hazard zone or is otherwise sufficient for the Title Company to exclude from the Title Policy the standard survey exception and provides customary survey related endorsements and other coverages in the applicable Title Policy.

"<u>Targeted Amortization Amount</u>" shall mean, as of each Payment Date with respect to any Class of Notes of any Series, the amount, if any, set forth in the Series Supplement for such Notes for such Payment Date.

"<u>Tax Restricted Notes</u>" shall mean any Series and Class of Term Notes for which the Co-Issuers do not receive an opinion from nationally-recognized tax counsel at the time such Series and Class of Notes is issued to the effect that such Series and Class of Notes will be properly characterized as debt for U.S. federal income tax purposes (it being understood that such Series and Class of Notes will be designated as "Tax Restricted Notes" in the Series Supplement for such Series and Class).

"<u>Term Notes</u>" shall mean notes of a Series designated at the time of issuance thereof as "Term Notes" and pursuant to which the Note Principal Balance thereof permanently decreases with any principal payment on such notes.

"<u>Title Company</u>" shall mean any one or more of the following: Fidelity National Title Insurance Company, First American Title Insurance Company, Old Republic National Title Insurance Company, Stewart Title Guaranty Company and each of their subsidiaries or such other title company as may be reasonably acceptable to the Servicer.

"<u>Title Policy</u>" shall mean an American Land Title Association (ALTA) lenders policy of title insurance (or, if a final policy has not yet been issued, a marked, signed and predated commitment to issue a title insurance policy or a pro forma title insurance policy) pertaining to a Mortgage on a Data Center issued by a Title Company to the Indenture Trustee on behalf of the Noteholders, insuring the Lien of the Mortgage or a first Lien on such Data Center or such Asset Entity's fee title or leasehold interest to such Data Center, subject only to Permitted Encumbrances, which policy of title insurance shall be accompanied by such endorsements as are available through commercially reasonable efforts and at commercially reasonable rates as the Servicer shall reasonably require.

"<u>Tranche</u>" shall mean one or more numerical tranches of Notes within a Class and Series of Notes.

"<u>Transaction Party</u>" shall mean the Parent, the Guarantors, the Co-Issuers, the Manager, the Backup Manager, the Initial Purchaser, if any, the Passive Bookrunners, if any, the Co-Managers, if any, the Placement Agents, if any, the Servicer, and any of their respective agents or affiliates and the Indenture Trustee.

"<u>Transaction Documents</u>" shall mean the Notes, this Indenture, the Series Supplements, each Variable Funding Note Purchase Agreement, the Holdco Guaranties, the Management Agreement, the Backup Management Agreement, the Servicing Agreement, the Cash Management Agreement, the Contribution Agreements, the Mortgages, the Collection Account Control Agreement, the Account Control Agreements and all other documents executed by any Guarantor or any Obligor in connection with the issuance of Notes. For the avoidance of doubt, the term "Transaction Documents" shall not include the Customer Contracts or any Site Leases.

"<u>Transition Costs</u>" shall mean any fees, costs and other expenses reasonably incurred by a Replacement Manager and/or the Backup Manager in connection with a transfer of the management of the Collateral from the existing Manager to a Replacement Manager, including without limitation, (i) any costs and expenses incurred by the Backup Manager in connection with the identification and qualification of such Replacement Manager for which the Backup Manager is entitled to compensation in accordance with the Indenture, (ii) any expense reimbursement, inducement payment or incremental management fee that is required to be paid to such Replacement Manager, (iii) any costs or expenses associated with the complete transfer of all relevant data from the Data Center and Customer Contracts management system from the replaced Manager to such Replacement Manager and the completion, correction or manipulation of such data as may be required by the Replacement Manager to correct any errors or insufficiencies in the data or otherwise to enable the Replacement Manager to manage the Collateral properly and effectively, (iv) any costs or expenses (including any reasonable fees and expenses of counsel) incurred in connection with the negotiation of any Replacement Management Agreement and (v) without duplication of any amounts in clauses (i) through (iv), any costs, expenses, fees, or other amounts incurred by or payable by the Backup Manager in connection with engaging any subcontractor or other person to perform the obligations of the Manager in accordance with the Backup Management Agreement; *provided* that any costs, expenses, fees or other amounts payable to such subcontractor or such other person in connection with their performance of the obligations of the outgoing Manager shall be paid out of the Management Fee payable to the Backup Manager and shall not constitute Transition Costs.

"<u>Transfer</u>" shall have the meaning ascribed to it in <u>Section 2.02(o)(i)</u>.

"<u>Transferee</u>" shall mean any Person who is acquiring by Transfer any Ownership Interest in a Note.

"<u>Transferor</u>" shall mean any Person who is disposing by Transfer any Ownership Interest in a Note.

"<u>UCC</u>" shall mean the Uniform Commercial Code in effect in the state of New York.

"<u>Uncertificated Note</u>" shall have the meaning ascribed to it in <u>Section 2.01(a)</u>.

"<u>United States</u>" shall mean any state, Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands and other territories or possessions of the United States of America, except with respect to U.S. federal income tax matters in which case it shall have the meaning given to it in the Code.

"<u>Unpaid Monthly Amortization Amount</u>" shall mean, as of each Payment Date with respect to any Class of Notes of any Series that are subject to a Targeted Amortization Amount, the amount, if any, of the Monthly Amortization Amount for such Notes as of the Payment Date immediately preceding such Payment Date that was not paid on such preceding Payment Date.

"<u>U.S. Persons</u>" shall mean U.S. Persons within the meaning of Rule 902(k) of the Securities Act.

"<u>USA PATRIOT Act</u>" shall mean collectively, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107 56 (signed into law October 26, 2001) and its implementing regulations.

"<u>Variable Funding Note Purchase Agreement</u>" shall mean the purchase agreement between, among others, the Co-Issuers and the Holders of any Series of Variable Funding Notes setting forth certain terms with respect to such Series of Variable Funding Notes.

"<u>Variable Funding Notes</u>" shall mean Notes of a Series designated at the time of issuance thereof as "Variable Funding Notes" and pursuant to which the Note Principal Balance thereof may increase and decrease from time to time pursuant to one or more Variable Funding Note Purchase Agreements.

"<u>Variable Recurring Revenue</u>" shall mean, with respect to any Customer Contract as of any date of determination, the recurring monthly fee revenue derived from resale services, storage space, remote hands and other recurring monthly fees (other than colocation, interconnection and power utilization fees) with respect to such Customer Contract payable to an Asset Entity during the calendar month in which such date of determination occurs; *provided* that, for the avoidance of doubt, Variable Recurring Revenue does not include Additional Revenue, Monthly Recurring Revenue, Pass-Through Data Center Expenses or Surcharges.

"<u>VFN Early Amortization Period</u>" shall mean a period that will commence as of the end of any calendar month if (i) any Series of Notes are Outstanding on or after the Anticipated Repayment Date for such Series of Notes and (ii) the three-month average DSCR as of the last day of such calendar month and the immediately preceding five calendar months is less than 1.35:1.0, and will continue to exist until each Series of Class A-1 Notes that is subject to a VFN Early Amortization Period are no longer Outstanding.

"<u>VFN Undrawn Commitment Fee</u>" with respect to any Series of Variable Funding Notes shall have the meaning set forth in the respective Series Supplement with respect to such Series of Variable Funding Notes.

"<u>Voting Rights</u>" shall mean the voting rights evidenced by the respective Notes as determined in accordance with <u>Section 12.03</u>.

"<u>Workout Fee</u>" shall have the meaning ascribed to it in the Servicing Agreement.

"<u>Yield Maintenance</u>" shall mean the excess, if any, of (x) the present value on the date of prepayment of all future installments of principal and interest that the Co-Issuers would otherwise be required to pay on the Notes being prepaid from the date of such prepayment to and including the Payment Date on which the Prepayment Period applicable to such Notes commences absent such prepayment and assuming that (i) no Class A LTV Test Sweep Amount, Class B LTV Test Sweep Amount, Class C LTV Test Sweep Amount or Disposition Price are applied to reduce the Outstanding principal balance of such Notes, (ii) with respect to any Class of Notes which are subject to a Targeted Amortization Amount, monthly payments of principal on such Notes are made based on the Monthly Amortization Amount for such Notes (and with interest calculated based on the principal balance of such Notes as reduced by each such principal payment) and (iii) the entire unpaid Class Principal Balance of such Notes is required to be paid on such Payment Date, with such present value determined by the use of a discount rate equal to the sum of (a) the yield to maturity (adjusted to a "mortgage equivalent basis" pursuant to the standards and practices of the Securities Industry and Financial Markets Association), on a date of determination five Business Days prior to the date of such prepayment for such Notes of the United States Treasury Security having the term to maturity closest to the Payment Date on which the Prepayment Period for such Notes commences, plus (b) 0.50% over (y) the principal amount of such Notes being prepaid on the date of such prepayment.

Section 1.02 <u>Rules of Construction</u>. Unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a term has the meaning
 assigned to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an accounting term not otherwise defined herein and accounting terms partly defined herein, to the extent not defined, shall have the respective meanings given to them under GAAP as in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "or" is not
 exclusive;

(d) "including" means including without limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) words in the singular
 include the plural and words in the plural include the singular;

(f) all references to "$" are to United States
 dollars unless otherwise stated;

(g) all references to "$CAD" or "CAD"
 are to Canadian dollars unless otherwise stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any agreement, instrument or statute defined or referred to in this Indenture or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) references to a Person
 are also to its permitted successors and assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the words "hereof", "herein" and "hereunder" and words of similar import, when used in this Indenture, shall refer to this Indenture as a whole and not to any particular provision of this Indenture, and Section, Schedule and Exhibit references are to this Indenture unless otherwise specified; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) whenever the phrase "in direct order of alphabetical designation" or "highest alphabetical designation" or a similar phrase is used herein, it shall be construed to mean beginning with the letter "A" and ending with the letter "Z"; whenever the phrase "direct order of numerical designation" or a similar phrase is used herein, it shall be construed to mean beginning with the numerical designation "1" and ending with the highest applicable numerical designation "100".

**ARTICLE II**

**THE NOTES**

Section 2.01 <u>The Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Variable Funding Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All Variable Funding Notes shall be issued and delivered in fully registered, certificated form (the "<u>Definitive Variable Funding Notes</u>") or, at the request of a Holder or transferee, in uncertificated, fully registered form evidenced by entry in the Note Registrar (the "<u>Uncertificated Notes</u>") if provided for in its Series Supplement. Any Definitive Variable Funding Notes shall be substantially in the form attached as Exhibit A-3 (or, in the case of any subclass or subseries thereof (including any L/C Note), in the form attached to the related Series Supplement); *provided*, *however*, that any of the Variable Funding Notes may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with rules or regulations pursuant thereto, or with the rules of any securities market in which the Variable Funding Notes may be admitted to trading, or to conform to general usage. The Variable Funding Notes shall be revolving Notes. Additional borrowings may be made under any Variable Funding Notes pursuant to the applicable Variable Funding Note Purchase Agreement and the principal of the Variable Funding Notes may be repaid and reborrowed pursuant to the terms of the applicable Variable Funding Note Purchase Agreement. The Variable Funding Notes shall be issued in minimum denominations of $100,000. With respect to any Uncertificated Note, the Indenture Trustee shall provide to the applicable Holder, upon request of such Holder, after registration of the Uncertificated Note in the Note Register by the Note Registrar a Confirmation of Registration, the form of which shall be set forth in <u>Exhibit G</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Variable Funding Notes (other than Uncertificated Notes) shall be executed by manual signature by an Authorized Officer of each of the Issuer and the Co-Issuer. Variable Funding Notes bearing the manual signatures of individuals who were at any time the authorized officers of each of the Issuer and the Co-Issuer shall be entitled to all benefits under this Indenture, subject to the following sentence, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Variable Funding Notes or did not hold such offices at the date of such Variable Funding Notes. The Indenture Trustee shall, upon receipt of an Issuer Order, authenticate and deliver (or register in the case of Uncertificated Notes) any Variable Funding Notes executed by the Co-Issuers for issuance pursuant to this Indenture. No Variable Funding Notes (other than Uncertificated Notes) shall be entitled to any benefit under this Indenture, or be valid for any purpose, however, unless there appears on such Variable Funding Notes a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by manual signature, and such certificate of authentication upon any Variable Funding Note shall be conclusive evidence, and the only evidence, that such Variable Funding Note has been duly authenticated and delivered hereunder. All Variable Funding Notes shall be dated the date of their authentication (or registration, in the case of Uncertificated Notes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except as otherwise expressly provided herein or in any Series Supplement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Uncertificated Notes registered in the name of a Person shall be considered "held" by such Person for all purposes of this Indenture and its applicable Series Supplement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) with respect to any Uncertificated Note, (a) references herein to authentication and delivery shall be deemed to refer to creation of an entry for such Uncertificated Note in the Note Register and registration of such Uncertificated Note the name of the owner, (b) references herein to cancellation of a Uncertificated Note shall be deemed to refer to de-registration of such Uncertificated Note and (c) references herein to the date of authentication of a Uncertificated Note shall refer to the date of registration of such Uncertificated Note in the Note Register in the name of the owner thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For the avoidance of doubt, no Confirmation of Registration shall be required to be surrendered (x) in connection with a transfer of the related Uncertificated Note or (y) in connection with the final payment of the related Uncertificated Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Note Register shall be conclusive evidence of the ownership of an Uncertificated Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Each Definitive Variable Funding Note may also be exchanged in its entirety for an Uncertificated Note and, upon complete exchange thereof, such Variable Funding Note shall be cancelled and de-registered by the Note Registrar. Each of the Uncertificated Notes may be exchanged in its entirety for a Definitive Variable Funding Note and, upon complete exchange thereof, such Uncertificated Note shall be de-registered by the Note Registrar. In connection with such exchanges, the applicable Holder shall request such exchange in writing to the Co-Issuers, the Note Registrar and Indenture Trustee and provide the Note Registrar with such documents as it may require to effect such exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Any Variable Funding Notes must be designated as "Class A-1 Notes".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Subject to satisfaction of the conditions precedent set forth in the applicable Variable Funding Note Purchase Agreement, the Co-Issuers may increase the Outstanding Note Principal Balance in the manner provided in the Variable Funding Note Purchase Agreement. Upon each such increase, the Indenture Trustee shall, or shall cause the Note Registrar to, indicate in the Note Register such increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Term Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless otherwise provided in any applicable Series Supplement, the Term Notes shall be substantially in the form attached as Exhibit A-1 and Exhibit A-2, as applicable; *provided, however*, that any of the Term Notes may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with rules or regulations pursuant thereto, or with the rules of any securities market in which the Term Notes may be admitted to trading, or to conform to general usage. The Term Notes (other than Term Notes purchased by Institutional Accredited Investors that are not Qualified Institutional Buyers) shall be issuable in book-entry form and in accordance with <u>Section 2.03</u>, Ownership Interests in the Book-Entry Notes shall initially be held and transferred through the book-entry facilities of the Depositary; *provided, however*, that Term Notes purchased by Institutional Accredited Investors that are not Qualified Institutional Buyers or to investors who otherwise request prior to the related Closing Date will be delivered in fully registered, certificated form and Term Notes of a Series to the extent provided in the related Series Supplement, upon original issuance, may be issued in fully registered, certificated form (the "<u>Definitive Term Notes</u>" and, together with the Definitive Variable Funding Notes, "<u>Definitive Notes</u>"). Unless provided otherwise in the related Series Supplement, any Term Notes shall be issued in minimum denominations of $25,000 initial principal balance and in any whole dollar denomination in excess thereof; *provided, however*, (i) Tax Restricted Notes shall be issued in the minimum denominations specified in the relevant Series Supplement, (ii) in accordance with <u>Section 2.03</u>, Term Notes (other than Tax Restricted Notes) issued in registered form to Institutional Accredited Investors that are not Qualified Institutional Buyers shall be issued in minimum denominations of $100,000 initial principal balance and in any whole dollar denomination in excess thereof and (iii) the minimum denomination with respect to any Series of Notes denominated in CAD, if issued, will be set forth in the Series Supplement for such Series of Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Term Notes shall be executed by manual signature by an Authorized Officer of each of the Issuer and the Co-Issuer. Term Notes bearing the manual signatures of individuals who were at any time the authorized officers of each of the Issuer and the Co-Issuer shall be entitled to all benefits under this Indenture, subject to the following sentence, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Term Notes or did not hold such offices at the date of such Term Notes. The Indenture Trustee shall, upon receipt of an Issuer Order, authenticate and deliver any Notes executed by the Co-Issuers for issuance pursuant to this Indenture. No Term Note shall be entitled to any benefit under this Indenture, or be valid for any purpose, however, unless there appears on such Term Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by manual signature, and such certificate of authentication upon any Term Note shall be conclusive evidence, and the only evidence, that such Term Note has been duly authenticated and delivered hereunder. All Term Notes shall be dated the date of their authentication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate principal amount of the Term Notes which may be authenticated and delivered under this Indenture shall be unlimited.

Section 2.02 <u>Registration of Transfer and Exchange of Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers may, at their own expense, appoint any Person with appropriate experience as a securities registrar to act as Note Registrar hereunder; *provided*, that in the absence of any other Person appointed in accordance herewith acting as Note Registrar, the Indenture Trustee agrees to act in such capacity in accordance with the terms hereof. The Note Registrar shall be subject to the same standards of care, limitations on liability and rights to indemnity as the Indenture Trustee, and the provisions of <u>Sections 11.02, 11.03, 11.04, 11.05, 11.06(b)</u>, and <u>11.06(c)</u> shall apply to the Note Registrar to the same extent that they apply to the Indenture Trustee and with the same rights of recovery. Any Note Registrar appointed in accordance with this <u>Section 2.02(a)</u> may at any time resign by giving at least 30 days' advance written notice of resignation to the Indenture Trustee, the Servicer, the Backup Manager and the Co-Issuers. The Co-Issuers may at any time terminate the agency of any Note Registrar appointed in accordance with this <u>Section 2.02(a)</u> by giving written notice of termination to such Note Registrar, with a copy to the Servicer.

At all times during the term of this Indenture, there shall be maintained at the office of the Note Registrar a Note Register in which, subject to such reasonable regulations as the Note Registrar may prescribe, the Note Registrar shall provide for the registration of Notes and of transfers and exchanges of Notes as herein provided (or as set forth in any Series Supplement with respect to the transfer and registration or de-registration of any Uncertificated Note). The Co-Issuers, the Servicer and the Indenture Trustee shall have the right to inspect the Note Register or to obtain a copy thereof at all reasonable times, and to rely conclusively upon a certificate of the Note Registrar as to the information set forth in the Note Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No transfer, sale, pledge or other disposition of any Note or interest therein shall be made unless such transfer, sale, pledge or other disposition is exempt from the registration and/or qualification requirements of the Securities Act and any applicable state securities laws, or is otherwise made in accordance with the Securities Act and such state securities laws. No transfer, sale, pledge or other disposition of any Tax Restricted Note or interest therein shall be made unless such transfer, sale, pledge or other disposition is otherwise made in accordance with <u>Section 2.02(o)</u>.

Unless otherwise provided in any applicable Series Supplement, if a transfer of any Note that constitutes a Definitive Note is to be made without registration under the Securities Act (other than in connection with the initial issuance of the Notes or a transfer of a Book-Entry Note to a successor Depositary as contemplated by <u>Section 2.03(c))</u>, then such transfer shall not be registered by the Note Registrar unless the Note Registrar receives (and, upon receipt, may conclusively rely upon) either: (i) a certification from the Noteholder desiring to effect such transfer substantially in the form attached hereto as Exhibit B-5, in the case of a transfer to a Qualified Institutional Buyer, or Exhibit B-6, in the case of a transfer to an Institutional Accredited Investor, and a certification from the prospective Transferee substantially in the form attached hereto as Exhibit B-3, in the case of a transfer to a Qualified Institutional Buyer, or Exhibit B-4, in the case of a transfer to an Institutional Accredited Investor, or (ii) an Opinion of Counsel to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Co-Issuers, the Indenture Trustee, the Backup Manager, the Servicer, the Manager or the Note Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Noteholder desiring to effect such transfer and/or such Noteholder's prospective Transferee on which such Opinion of Counsel is based.

If a transfer of any interest in a Rule 144A Global Note is to be made without registration under the Securities Act to a Person who will take delivery of such interest in the form of an interest in a Regulation S Global Note, then the Note Owner desiring to effect such transfer shall be required to deliver to the Note Registrar (i) a certification substantially in the form attached as Exhibit B-2 and (ii) such written orders and instructions as are required under the Applicable Procedures to direct the Indenture Trustee to debit the account of a Depositary Participant by a denomination of interests in such Rule 144A Global Note, and credit the account of a Depositary Participant by a denomination of interests in such Regulation S Global Note, that is equal to the denomination of beneficial interests in the Class of Notes to be transferred. Upon delivery to the Note Registrar of such certification and such orders and instructions, the Indenture Trustee, subject to and in accordance with the Applicable Procedures, shall reduce the denomination of the Rule 144A Global Note in respect of the applicable Class of Notes and increase the denomination of the Regulation S Global Note for such Class by the denomination of the beneficial interest in such Class specified in such orders and instructions. If a transfer of any interest in a Rule 144A Global Note is to be made without registration under the Securities Act to a Person who will take delivery of such interest in the form of an interest in such Rule 144A Global Note, the Note Owner desiring to effect such transfer shall be deemed to have represented and warranted that the certifications set forth in Exhibit B-1 are, with respect to the subject Transfer, true and correct.

Any interest in a Rule 144A Global Note with respect to any Class of Book-Entry Notes (other than a Rule 144A Global Note that is a Tax Restricted Note) may be transferred by any Note Owner holding such interest to any Institutional Accredited Investor (other than a Qualified Institutional Buyer) that takes delivery in the form of a Definitive Note of the same Class as such Rule 144A Global Note upon delivery to the Note Registrar of (i) (A) a certification from such Note Owner's prospective Transferee substantially in the form of Exhibit B-4, or (B) an Opinion of Counsel (which Opinion of Counsel shall not be an expense of the Co-Issuers, the Indenture Trustee, the Backup Manager, the Servicer or the Note Registrar in their respective capacities as such), to the effect that such transfer may be made without registration under the Securities Act and (ii) such written orders and instructions as are required under the Applicable Procedures to direct the Indenture Trustee to debit the account of a Depositary Participant by the denomination of the transferred interests in such Rule 144A Global Note. Upon delivery to the Note Registrar of the certification and/or opinion contemplated by this paragraph of <u>Section 2.02(b)</u>, the Indenture Trustee, subject to and in accordance with the Applicable Procedures, shall reduce the denomination of the subject Rule 144A Global Note by the denomination of the transferred interests in such Rule 144A Global Note, and shall cause a Definitive Note of the same Class as such Rule 144A Global Note, and in a denomination equal to the reduction in the denomination of such Rule 144A Global Note, to be executed, authenticated and delivered in accordance with this Indenture to the applicable Transferee.

Except as provided in the next sentence, on and prior to the Release Date, no beneficial interest in a Regulation S Global Note for any Class of Book-Entry Notes shall be transferred to any Person who takes delivery other than in the form of a beneficial interest in such Regulation S Global Note. On and prior to the Release Date, a Note Owner holding an interest in a Regulation S Global Note desiring to effect a Transfer to a Person who takes delivery of such interest in the form of a beneficial interest in the Rule 144A Global Note for such Class of Notes shall be required to deliver to the Note Registrar a written certification substantially in the form of Exhibit B-1 including such written orders and instructions as are required under the Applicable Procedures to direct the Indenture Trustee to debit the account of a Depositary Participant by a denomination of interests in such Regulation S Global Note, and credit the account of a Depositary Participant by a denomination of interests in such Rule 144A Global Note, that is equal to the denomination of beneficial interests in the Class of Notes to be transferred. Upon delivery to the Note Registrar of such certification and orders and instructions, the Indenture Trustee, subject to and in accordance with the Applicable Procedures, shall reduce the denomination of the Regulation S Global Note in respect of the applicable Class of Notes and increase the denomination of the Rule 144A Global Note for such Class by the denomination of the beneficial interest in such Class specified in such orders and instructions. On or prior to the Release Date, beneficial interests in the Regulation S Global Note for each Class of Book-Entry Notes may be held only through Euroclear or Clearstream.

None of the Issuer, the Co-Issuer, the Indenture Trustee or the Note Registrar shall be obligated to register or qualify any Class of Notes under the Securities Act or any other securities law or to take any action not otherwise required under this Indenture to permit the transfer of any Note or interest therein without registration or qualification. Any Noteholder or Note Owner desiring to effect a transfer, sale, pledge or other disposition of any Note or interest therein shall, and does hereby agree to, indemnify the Parent, the Guarantors, the Obligors, the Indenture Trustee, the Manager, the Backup Manager, the Servicer and the Note Registrar against any liability that may result if such transfer, sale, pledge or other disposition is not exempt from the registration and/or qualification requirements of the Securities Act and any applicable state securities laws or is not made in accordance with such federal and state laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No transfer of any Note or any interest therein shall be made to any Person, except in each such case, in accordance with the following provisions of this <u>Section 2.02(c)</u>.

The Note Registrar shall not register the transfer of a Note that constitutes a Definitive Note or the transfer of an interest in a Book-Entry Note that following such purported transfer will constitute a Definitive Note unless the Note Registrar has received from the prospective Transferee a certification that (a) either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such prospective Transferee is not, and is not investing on behalf of, a Plan Investor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such purchase, holding and disposition of such Note or any interest therein will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a similar violation of any applicable Similar Laws; and (b) none of the Transaction Parties is acting or will act as a fiduciary to any Plan Investor or will become such Plan Investor's fiduciary as a result of the Plan Investor's investment in the Notes or any in interest therein, and none of the Transaction Parties are undertaking to provide investment advice or advice based on any particular investment need, or to give advice in a fiduciary capacity, with respect to the decision to purchase the Notes or any in interest therein.

It is hereby acknowledged that either of the forms of certification attached hereto as Exhibits B-3 and B-4 is acceptable for purposes of clauses (i) and (ii) of the preceding sentence.

The Note Owner desiring to effect a transfer of an interest in a Book-Entry Note (other than a transfer of an interest in a Book-Entry Note that following such purported transfer will constitute a Definitive Note which transfer shall be subject to the forms of certification attached hereto as Exhibits B-3 and B-4 as provided for above) shall obtain from its prospective Transferee a certification that (a) either (i) such prospective Transferee is not, and is not investing on behalf of, a Plan Investor or (ii) such purchase, holding and disposition of such Note or any interest therein will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a similar violation of any applicable Similar Laws and (b) none of the Transaction Parties is acting or will act as a fiduciary to any Plan Investor or will become such Plan Investor's fiduciary as a result of the Plan Investor's investment in the Notes or any interest therein, and none of the Transaction Parties are undertaking to provide investment advice or advice based on any particular investment need, or to give advice in a fiduciary capacity, with respect to the decision to purchase the Notes or any interest therein.

It is hereby acknowledged that either of the forms of certification attached hereto as Exhibits B-1 and B-2 is acceptable for purposes of the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Person is acquiring a Note as a fiduciary or agent for one or more accounts, such Person shall be required to deliver to the Note Registrar a certification to the effect that, and such other evidence as may be reasonably required by the Note Registrar to confirm that, it has (i) sole investment discretion with respect to each such account and (ii) full power to make the applicable foregoing acknowledgments, representations, warranties, certifications and/or agreements with respect to each such account as set forth in subsections (b), (c) and/or (d), as appropriate, of this <u>Section 2.02</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to the preceding provisions of this <u>Section 2.02</u>, upon surrender for registration of transfer of any Note at the offices of the Note Registrar maintained for such purpose (or as set forth in any Series Supplement with respect to the transfer and registration or de-registration of any Uncertificated Note), one or more new Notes of authorized denominations of the same Class and Series evidencing a like aggregate principal balance shall (except in the case of Uncertificated Notes) be executed, authenticated and delivered, in the name of the designated Transferee or Transferees, in accordance with <u>Section 2.01(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) At the option of any Noteholder, its Notes may be exchanged for other Notes of authorized denominations of the same Class and Series evidencing a like aggregate principal balance, upon surrender (or de-registration) of the Notes to be exchanged (or de-registered) at the offices of the Note Registrar maintained for such purpose. Whenever any Notes are so surrendered for exchange (or de-registration), the Notes which the Noteholder making the exchange (or request for de-registration) is entitled to receive shall be executed, authenticated and delivered (or registered in the case of Uncertificated Notes) in accordance with <u>Section 2.01(a)</u> or <u>(b)</u>, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Every Note (other than Uncertificated Notes) presented or surrendered for transfer or exchange (or de-registration) shall (if so required by the Note Registrar) be duly endorsed by, or be accompanied by a written instrument of transfer in a form satisfactory to, the Note Registrar duly executed by the Noteholder thereof or his attorney duly authorized in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No service charge shall be imposed for any transfer or exchange of Notes, but the Indenture Trustee or the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All Notes surrendered for transfer and exchange shall be physically canceled by the Note Registrar, and the Note Registrar shall dispose of such canceled Notes in accordance with its standard procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) None of the Parent, the Guarantors, the Obligors, the Manager, the Indenture Trustee, the Note Registrar nor any agent of any of the foregoing shall have any responsibility for any actions taken or not taken by the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Indenture Trustee and the Note Registrar shall have no responsibility or obligation to any Person with respect to the accuracy of the books or records, or the acts or omissions, of the Depositary or its nominee or of any Depositary Participant, with respect to any Ownership Interest in the Notes or with respect to the delivery to any Person (other than the Depositary) of any notice (including any notice of prepayment) or the payment of any amount, under or with respect to the Notes. All notices and communications to be given to the Holders and all payments to be made to the Holders hereunder shall be given or made only to or upon the order of the Holders (which shall be the Depositary or its nominee in the case of a Book-Entry Note). The rights of Note Owners in any Book-Entry Note shall be exercised only through the Depositary subject to the customary procedures of the Depositary. The Indenture Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Indenture Trustee and the Note Registrar shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any Note or any transfer of any interest in any Book-Entry Note other than to require delivery of the certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance on their face to the express requirements of this Indenture. In connection with any transfer of any Note, the Indenture Trustee and the Note Registrar shall be under no duty to inquire into the validity, legality and due authorization of such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Note Registrar shall provide to each of the other parties hereto, upon reasonable written request and at the expense of the Requesting Party, an updated copy of the Note Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Transfers of Variable Funding Notes shall be subject to such additional terms and conditions as may be set forth in the applicable Variable Funding Note Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Each purchaser and transferee of Tax Restricted Notes will be deemed to have further represented and agreed on its own behalf and on behalf of any Beneficial Owner for which it is purchasing or acquiring Tax Restricted Notes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it will not (x) market, acquire or directly or indirectly sell, encumber, assign, participate, pledge, hypothecate, rehypothecate, exchange, or otherwise dispose of, suffer the creation of a Lien on, or transfer or convey in any manner (each, a "<u>Transfer</u>") any such Tax Restricted Notes (or any interest therein that is described in Treasury regulations section 1.7704-1(a)(2)(i)(B)) on or through (i) a United States national, regional or local securities exchange, (ii) a foreign securities exchange or (iii) an interdealer quotation system that regularly disseminates firm buy or sell quotations by identified brokers or dealers (any entity described in clauses (i), (ii) or (iii), an "<u>Exchange</u>") or (y) cause any of such Tax Restricted Notes or any interest therein to be marketed on or through an Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it will not enter into any financial instrument payments on which are, or the value of which is, determined in whole or in part by reference to such Tax Restricted Notes or the Issuer and/or the Co-Issuer (including the amount of Issuer and/or Co-Issuer distributions on such Tax Restricted Notes, the value of the Issuer's assets and/or the Co-Issuer's assets, or the result of the Issuer's operations and/or the Co-Issuer's operations), or any contract that otherwise is described in Treasury regulations section 1.7704-1(a)(2)(i)(B);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if it is, for U.S. federal income tax purposes, a partnership, grantor trust or S corporation, then (i) at all times, less than 50% of the value of any person's interest (direct or indirect) in it will be attributable to such Tax Restricted Notes and any other interests (direct or indirect) in the Issuer or the Co-Issuer that are or may be treated as equity interests in the Issuer or the Co-Issuer for U.S. federal income tax purposes or (ii) it is not and will not be a principal purpose of the arrangement involving the investment of any person to permit the Issuer or the Co-Issuer to satisfy the 100-partner limitation of Treasury regulations section 1.7704-1(h)(1)(ii); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) it will not Transfer any portion of such Tax Restricted Notes unless (x) the person to which it Transfers such Tax Restricted Notes agrees to be bound by the restrictions, conditions, representations, warranties and covenants set forth in clauses (i), (ii) and (iii) above and this clause (iv), (y) such Transfer does not cause the aggregate number of Holders and Beneficial Owners of Tax Restricted Notes and beneficial holders of any other interests in the Issuer or the Co-Issuer that are or may be treated as equity interests in the Issuer or the Co-Issuer for U.S. federal income tax purposes, as determined for purposes of Treasury regulations section 1.7704-1(h), to exceed 90, or otherwise cause the Issuer or the Co-Issuer to be treated as a publicly traded partnership for such purposes, and (z) such Transfer does not otherwise violate clauses (i), (ii) and (iii) above.

Any Transfer in violation of clauses (i) through (iv) above shall be void ab initio, unless, solely in the case of a Transfer in violation of clauses (i) through (iii), the Co-Issuers receive an Opinion of Counsel two days prior to the proposed Transfer to the effect that the Transfer will not cause either of the Co-Issuers to be treated as a publicly traded partnership for U.S. federal income tax purposes.

Section 2.03 <u>Book-Entry Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise provided in any applicable Series Supplement, each Class and Series of Term Notes shall initially be issued as one or more Notes registered in the name of the Depositary or its nominee and, except as provided in <u>Section 2.03(c)</u>, transfer of such Notes may not be registered by the Note Registrar unless such transfer is to a successor Depositary that agrees to hold such Notes for the respective Note Owners with Ownership Interests therein. Such Note Owners shall hold and, subject to <u>Sections 2.02(b)</u> and <u>2.02(c)</u>, transfer their respective Ownership Interests in and to such Notes through the book-entry facilities of the Depositary and, except as provided in <u>Section 2.03(c)</u>, shall not be entitled to Definitive Notes in respect of such Ownership Interests. Unless otherwise provided in any applicable Series Supplement, Term Notes of each Class and Series of Notes initially sold in reliance on Section 4(a)(2) of the Securities Act (other than Term Notes sold to any Institutional Accredited Investor that is not a Qualified Institutional Buyer) or Rule 144A shall be represented by the Rule 144A Global Note for such Class and Series, which shall be deposited with the DTC Custodian and registered in the name of Cede & Co. as nominee of the Depositary. Term Notes of each Class and Series of Notes initially sold in offshore transactions in reliance on Regulation S shall be represented by the Regulation S Global Note for such Class and Series, which shall be deposited with the DTC Custodian and registered in the name of Cede & Co. as nominee of the Depositary. All transfers by Note Owners of their respective Ownership Interests in the Book-Entry Notes shall be made in accordance with the procedures established by the Depositary Participant or brokerage firm representing each such Note Owner. Each Depositary Participant shall only transfer the Ownership Interests in the Book-Entry Notes of Note Owners it represents or of brokerage firms for which it acts as agent in accordance with the Depositary's normal procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Issuer, the Co-Issuer, the Servicer, the Indenture Trustee, the Backup Manager and the Note Registrar shall for all purposes, including the making of payments due on the Book-Entry Notes, deal with the Depositary as the authorized representative of the Note Owners with respect to such Notes for the purposes of exercising the rights of Noteholders hereunder. The rights of Note Owners with respect to the Book-Entry Notes shall be limited to those established by law and agreements between such Note Owners and the Depositary Participants and indirect participating brokerage firms representing such Note Owners. Multiple requests and directions from, and votes of, the Depositary as holder of the Book-Entry Notes with respect to any particular matter shall not be deemed inconsistent if they are made with respect to different Note Owners. The Indenture Trustee may establish a reasonable record date in connection with solicitations of consents from or voting by Noteholders and shall give notice to the Depositary of such record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Term Notes initially issued in the form of Book-Entry Notes will thereafter be issued as Definitive Notes to applicable Note Owners or their nominees, rather than to the Depositary or its nominee, only (i) if the Co-Issuers advise the Indenture Trustee in writing that the Depositary is no longer willing or able to properly discharge its responsibilities as Depositary with respect to such Notes and the Co-Issuers are unable to locate a qualified successor or (ii) in connection with the transfer by a Note Owner of an interest in a Global Note to an Institutional Accredited Investor that is not a Qualified Institutional Buyer. Upon the occurrence of the event described in clause (i) of the preceding sentence, the Indenture Trustee will be required to notify, in accordance with the Depositary's procedures, all Depositary Participants (as identified in a listing of Depositary Participant accounts to which each Class and Series of Book-Entry Notes is credited) through the Depositary of the availability of such Definitive Notes. Upon surrender to the Note Registrar of any Class of Book-Entry Notes (or any portion of any Class thereof) by the Depositary, accompanied by re-registration instructions from the Depositary for registration of transfer, Definitive Notes in respect of such Class (or portion thereof) and Series shall be executed and authenticated in accordance with <u>Section 2.01(b)</u> and delivered to the Note Owners identified in such instructions. None of the Issuer, the Co-Issuer, the Servicer, the Indenture Trustee, the Backup Manager or the Note Registrar shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes for purposes of evidencing ownership of any Book-Entry Notes, the registered holders of such Definitive Notes shall be recognized as Noteholders hereunder and, accordingly, shall be entitled directly to receive payments on, to exercise Voting Rights with respect to, and to transfer and exchange such Definitive Notes.

Section 2.04 <u>Mutilated, Destroyed, Lost or Stolen Notes</u>. If (i) any mutilated Note is surrendered to the Note Registrar, or the Note Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee and the Note Registrar such security or indemnity as may be reasonably required by them to hold each of them harmless and any other documents (including a lost note affidavit) that the Indenture Trustee and the Note Registrar may reasonably request, then, in the absence of actual notice to the Indenture Trustee or the Note Registrar that such Note has been acquired by a protected purchaser, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a new Note of the same Class, type and Series and of like Note Principal Balance shall be executed, authenticated and delivered in accordance with <u>Section 2.01(b)</u> (or registered in accordance with <u>Section 2.01(a)</u>, in the case of an Uncertificated Note). Upon the issuance of any new Note under this <u>Section 2.04</u>, the Indenture Trustee and the Note Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the reasonable fees and expenses of the Indenture Trustee and the Note Registrar) connected therewith. Any replacement Note issued (or registered in the case of Uncertificated Notes) pursuant to this Section shall constitute complete and indefeasible evidence of ownership of such Note, as if originally issued, whether or not the lost, stolen or destroyed Note shall be found at any time.

Section 2.05 <u>Persons Deemed Owners</u>. Prior to due presentment for registration of transfer, the Issuer, the Co-Issuer, the Indenture Trustee, the Backup Manager, the Servicer, the Notes Registrar and any agent of any of them may treat the Person in whose name any Note (or any other transfer and de-registration of Uncertificated Notes) is registered as the owner of such Note for the purpose of receiving payments pursuant to Article V and for all other purposes whatsoever, and none of the Issuer, the Co-Issuer, the Indenture Trustee, the Backup Manager, the Servicer, the Note Registrar or any agent of any of them will acknowledge or be affected by any notice to the contrary.

Section 2.06 <u>Certification by Note Owners</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Note Owner is hereby deemed, by virtue of its acquisition of an Ownership Interest in the Global Notes, to agree to comply with the transfer requirements of <u>Section 2.02(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent that under the terms of this Indenture, it is necessary to determine whether any Person is a Note Owner, the Indenture Trustee may conclusively rely on a certificate of such Person in such form as shall be reasonably acceptable to the Indenture Trustee and shall specify the Class, Tranche, Series and Note Principal Balance of the Book-Entry Note beneficially owned by such Person.

Section 2.07 <u>Notes Issuable in Series</u>. The Notes of the Co-Issuers may be issued in one or more Series subject to satisfaction of the applicable conditions set forth in <u>Section 2.12</u>. Any Series of Term Notes may be Book-Entry Notes and any Series of Variable Funding Notes may be uncertificated if provided for in its Series Supplement. There shall be established in one or more Series Supplements, prior to the issuance of Notes of any Series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the title of the Notes of such Series (which shall distinguish the Notes of such Series from Notes of other Series) and whether such Notes will be Variable Funding Notes or Term Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any limit upon the aggregate principal balance of the Notes of such Series that may be authenticated and delivered (other than with respect to Uncertificated Notes, which may be registered) under this Indenture (except for Notes authenticated and delivered (or with respect to Uncertificated Notes, registered) upon registration of transfer of, in exchange for, or in lieu of, other Notes of such Series pursuant to <u>Section 2.02</u> or <u>2.04)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date or dates on which the principal of the Notes of such Series is payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Targeted Amortization Amounts, if any, for any Class of Notes of such Series as of each Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the rate or rates at which the Notes of such Series shall bear interest, if any, or the method by which such rate shall be determined, the date or dates from which such interest shall accrue, the interest payment dates on which such interest shall be payable and the record dates for the determination of Holders to whom interest is payable (in each case to the extent such items are not specified herein or if specified herein to the extent such items are modified by such Series Supplement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if such Series includes the issuance of Tax Restricted Notes, the maximum number of Holders and Beneficial Owners of Tax Restricted Notes of such Series for purposes of <u>Section 2.02(o)</u> and the minimum denominations of each Class of such Tax Restricted Notes of such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) whether the Notes of such Series, are Uncertificated Notes, Book-Entry Notes or Definitive Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any other terms of such Series (which terms shall not be inconsistent with the provisions of this Indenture except to the extent that such Series Supplement also constitutes an amendment of this Indenture pursuant to Article XIII).

The Notes of a Series may have more than one settlement or issue date. The Notes of each Series will be assigned to one or more Classes and shall satisfy the requirements of <u>Section 2.12(b)</u> as of the date of issuance.

The Co-Issuers agree that they will not designate, for any Series and Class of Notes that are Tax Restricted Notes, a maximum number of Holders and Beneficial Owners for such Series and Class of Tax Restricted Notes that would cause the aggregate maximum number of Holders and Beneficial Owners for all Series and Classes of Tax Restricted Notes then Outstanding, collectively with the aggregate number of beneficial holders of the equity interests in the Issuer or the Co-Issuer or other interests that may be treated as equity interests in the Issuer or the Co-Issuer for U.S. federal income tax purposes, as determined for purposes of Treasury regulations section 1.7704-1(h), to exceed 90.

Section 2.08 <u>Principal Amortization</u>. So long as an Amortization Period is in effect and no Event of Default has occurred and is continuing, no principal payments shall be required to be paid with respect to any Class of any Series of Notes on any Payment Date prior to the Anticipated Repayment Date for such Series of Notes other than (i) with respect to any Class A-1 Notes that is subject to a VFN Early Amortization Period, if a VFN Early Amortization Period is in effect, to repay the principal amount of each Series of Class A-1 Notes then Outstanding, (ii) if an LTV Test Sweep Amount is payable on such Payment Date, to repay each Class of Notes then Outstanding up to the applicable LTV Test Sweep Amount for such Class of Notes, or (iii) with respect to any Class of Notes then Outstanding that are subject to a Targeted Amortization Amount, so long as no Cash Trap Condition is in effect, to repay such Class of Notes in an amount up to the Monthly Amortization Amount for such Class of Notes, in each case, in the amount and to the extent funds are available for such purpose pursuant to <u>Section 5.01</u>. No other principal shall be required to be paid with respect to any Class of any Series of Notes prior to the Anticipated Repayment Date for such Series, unless (i) an Amortization Period has commenced and is continuing, (ii) an Event of Default has occurred and is continuing, (iii) any Disposition Price is payable by the Co-Issuers, or (iv) as otherwise provided in <u>Section 7.06</u> and an Additional Principal Payment Amount is payable in connection therewith or as otherwise provided in the Series Supplement for such Series. During an Amortization Period or after the occurrence and during the continuance of an Event of Default, all funds available for such purpose shall be applied to make principal payments on each Series of Notes then-Outstanding as set forth in <u>Section 5.01(b)</u>.

Section 2.09 <u>Prepayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers may optionally prepay the Notes of any Series in whole or in part on any Business Day provided that (i) the Co-Issuers shall have provided written notice of such prepayment to the Indenture Trustee no later than five Business Days prior to the date of such prepayment or such shorter notice period set forth in the Variable Funding Note Purchase Agreement for any Series of Variable Funding Notes and (ii) such prepayment is accompanied by all accrued and unpaid interest on the principal amount of the Notes being prepaid through the date of such prepayment and any applicable Prepayment Consideration if such prepayment occurs prior to the Prepayment Period for such Series; provided that no Prepayment Consideration shall be payable in connection with (a) prepayments of the Variable Funding Notes of any Series, (b) payments of any LTV Test Sweep Amount to the Holders of any Class of Notes of any Series, (c) prepayments of the Notes of any Series that are subject to a Targeted Amortization Amount on any Payment Date in an amount up to the applicable Monthly Amortization Amount as of such Payment Date, (d) prepayments made at the option of the Co-Issuers from amounts on deposit in the Cash Trap Reserve Sub-Account, (e) prepayments of the Series 2024-1 Class A-2 Notes in an aggregate amount not to exceed 35.0% of the initial outstanding principal balance of the Series 2024-1 Class A-2 Notes made in connection with a Qualified Deleveraging Event, (f) prepayments of the Series 2024-1 Class B Notes in an aggregate amount not to exceed 35.0% of the initial outstanding principal balance of the Series 2024-1 Class B Notes made in connection with a Qualified Deleveraging Event, (g) prepayments of the Series 2024-2 Class A-2 Notes in an aggregate amount not to exceed 35.0% of the initial outstanding principal balance of the Series 2024-2 Class A-2 Notes made in connection with a Qualified Deleveraging Event or (h) prepayments of the Term Notes during an Amortization Period or after the occurrence and during the continuance of an Event of Default or prepayment of the Notes of any Series as specified in the related Series Supplement for such Series; provided, further, that such prepayment of any Series of Variable Funding Notes shall be accompanied by such additional amounts required to be paid pursuant to the related Variable Funding Note Purchase Agreement. On the date of any prepayment in connection with which Prepayment Consideration is payable, the Indenture Trustee or the Paying Agent, at the direction of the Servicer, shall pay such Prepayment Consideration received in respect of any Class or Series of Notes to the Holders of the corresponding Class or Series of Notes pro rata based on the amount prepaid on each such Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Partial optional or mandatory prepayments made in conformity with the provisions of this <u>Section 2.09</u> will be applied to the Classes of all Notes of all Series in direct order of alphabetical designation (with any amounts so applied to the Class A Notes being further applied among the numerical Tranches of Class A Notes in accordance with the Applicable Class A Payment Priority); *provided* that optional prepayments (other than those funded by application of amounts on deposit in the Cash Trap Reserve Sub-Account) may be directed by the Co-Issuers to be applied to the Notes of a particular Series in direct order of alphabetical designation and, with respect to optional prepayments of the Class A Notes (other than those funded by application of amounts on deposit in the Cash Trap Reserve Sub-Account) may be directed by the Co-Issuers to be applied to the Class A-1 Notes or to be applied to other Class A Notes, with any such application to other Class A Notes being in direct order of numerical Tranche designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A portion of the principal of the Class A Notes of each Series will be payable on each Payment Date in an amount equal to the lesser of (i) the Class A LTV Test Sweep Amount, if any, on such Payment Date and (ii) the funds available for such purpose pursuant to <u>Section 5.01(b)(iv)(2)</u> (with any amounts so applied to the Class A Notes being further applied among the numerical Tranches of Class A Notes in accordance with the Applicable Class A Payment Priority). A portion of the principal of the Class B Notes of each Series will be payable on each Payment Date in an amount equal to the lesser of (i) the Class B LTV Test Sweep Amount, if any, on such Payment Date and (ii) the funds available for such purpose pursuant to <u>Section 5.01(b)(x)</u>. A portion of the principal of the Class C Notes of each Series will be payable on each Payment Date in an amount equal to the lesser of (i) the Class C LTV Test Sweep Amount, if any, on such Payment Date and (ii) the funds available for such purpose pursuant to <u>Section 5.01(b)(xv)</u>. Failure on the part of the Co-Issuers to pay the entire Class A LTV Test Sweep Amount with respect to the Class A Notes of any Series on any Payment Date, to pay the entire Class B LTV Test Sweep Amount with respect to the Class B Notes of any Series on any Payment Date or to pay the entire Class C LTV Test Sweep Amount with respect to the Class C Notes of any Series on any Payment Date shall not constitute an Event of Default or otherwise provide to the Noteholders (or the Indenture Trustee on behalf of the Noteholders) any additional rights or remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In connection with each disposition of a Data Center pursuant to <u>Section 7.30</u>, if and to the extent required thereunder, the Co-Issuers shall prepay the Term Notes in an amount equal to the Disposition Price for such disposed Data Center (and pay the current obligations of the Indenture Trustee and the Servicer), along with the Indenture Trustee Fee, Servicing Fee and the Other Servicing Fees, (in each case to the extent sufficient funds have not been deposited in the applicable Collection Account for distribution on the applicable Payment Date) together with any applicable Prepayment Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If and to the extent provided in the Series Supplement for any Series, commencing on the Payment Date specified in such Series Supplement for such Series, and subject to the availability hereunder of funds for such purpose and so long as a Cash Trap Condition is not continuing, for any Class of Notes that are subject to a Targeted Amortization Amount, a portion of the principal of such Class of Notes will be payable on each Payment Date in an amount equal to the lesser of (i) the Monthly Amortization Amount, if any, as of such Payment Date with respect to such Notes as specified in such Series Supplement in accordance with <u>Section 5.01(b)</u> and (ii) the funds available for such purpose pursuant to <u>Section 5.01(b)(v)</u> (with any amounts so applied to the Class A Notes being further applied among the numerical Tranches of Class A Notes in accordance with the Applicable Class A Payment Priority), <u>Section 5.01(b)(xi)</u> or <u>Section 5.01(b)(xvi)</u>, as applicable. Failure on the part of the Co-Issuers to pay the entire Monthly Amortization Amount with respect to any Class of Notes that are subject to a Targeted Amortization Amount on any Payment Date, other than the Rated Final Payment Date for such Series, shall not constitute an Event of Default or otherwise provide to the Noteholders (or the Indenture Trustee on behalf of the Noteholders) any additional rights or remedies.

Section 2.10 <u>Post-ARD Additional Interest</u>. Additional interest ("<u>Post-ARD Additional Interest</u>") shall begin to accrue with respect to a Variable Funding Note or Term Note of a Series and Class from and after the respective Anticipated Repayment Dates for such Variable Funding Note or Term Note of such Class and such Series on the Note Principal Balance thereof at a per annum rate (each, a "<u>Post-ARD Additional Interest Rate</u>") equal to (x) in the case of any Class of Variable Funding Notes, the Post-ARD Note Spread applicable to such Variable Funding Note and (y) in the case of any Class of Term Notes, the rate determined by the Servicer to be the greater of (i) 5.0% per annum and (ii) the amount, if any, by which the sum of the following exceeds the Note Rate for such Note: (A) the yield to maturity (adjusted to a "mortgage equivalent basis" pursuant to the standards and practices of the Securities Industry and Financial Markets Association) on the Anticipated Repayment Date for such Note of the United States Treasury Security (for any Notes denominated in U.S. dollars) or Canadian federal government bond (for any Notes denominated in Canadian dollars) having a term closest to 10 years as of the end of the immediately preceding Collection Period as reported by Bloomberg L.P., plus (B) 5.0%, plus (C) the Post-ARD Note Spread applicable to such Note. The Servicer shall provide written notice to the Indenture Trustee of the Post-ARD Additional Interest Rate. In no event shall the Indenture Trustee be obligated to recalculate or verify the Post-ARD Additional Interest Rate for any Note. The Post-ARD Additional Interest accrued for any Note will be payable on each Payment Date in accordance with the provisions of <u>Section 5.01(b)</u> and, to the extent that sufficient funds are not available on such Payment Date, the Post-ARD Additional Interest will be deferred and added to any Post-ARD Additional Interest previously deferred and remaining unpaid (the "<u>Deferred Post-ARD Additional Interest</u>"). Deferred Post-ARD Additional Interest will not bear interest.

Section 2.11 <u>Defeasance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time other than during the continuance of the Prepayment Period for a Series, Class or Tranche of Outstanding Term Notes, upon ten (10) Business Days' notice to the Indenture Trustee and each Rating Agency, the Co-Issuers may obtain the release from all covenants of this Indenture relating to the ownership and operation of the Data Centers by delivering United States government securities that provide for payments equal to the Scheduled Defeasance Payments with respect to each Series of then Outstanding Term Notes; *provided*, that (i) no Event of Default has occurred and is continuing, (ii) all Variable Funding Notes have been paid in full, any Letters of Credit have been terminated and the Class A-1 Commitment Amount of all Variable Funding Notes has been irrevocably reduced to zero and (iii) the Co-Issuers shall pay or deliver on the date of such defeasance (the "<u>Defeasance Date</u>") (a) all interest accrued and unpaid on the Class Principal Balance of each Class of Outstanding Term Notes to but not including the Defeasance Date (and if the Defeasance Date is not a Payment Date, the interest that would have accrued to but not including the next Payment Date), (b) all other sums then due under each Class of Term Notes and all other Transaction Documents executed in connection therewith, including any costs incurred in connection with such defeasance, and (c) U.S. government securities providing for payments equal to the Scheduled Defeasance Payments with respect to each Series of then Outstanding Term Notes. In addition, the Co-Issuers shall deliver to the Servicer on behalf of the Indenture Trustee (1) a security agreement granting the Indenture Trustee a first priority perfected security interest in the U.S. government securities so delivered by the Co-Issuers, (2) an Opinion of Counsel as to the enforceability and perfection of such security interest, (3) a confirmation by an Independent certified public accounting firm that the U.S. government securities so delivered are sufficient to pay all Scheduled Defeasance Payments with respect to each Series of Outstanding Notes, and (4) a Rating Agency Confirmation with respect to each Rating Agency. The Co-Issuers, pursuant to the security agreement described above, shall authorize and direct that the payments received from the U.S. government securities shall be made directly to the Indenture Trustee and applied to satisfy the obligations of the Co-Issuers under the Notes and the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Asset Entities will continue to own any material assets other than the U.S. government securities delivered in connection with the defeasance, the Co-Issuers shall establish or designate a special-purpose bankruptcy-remote successor entity acceptable to the Indenture Trustee (with respect to which (i) a substantive non-consolidation Opinion of Counsel has been delivered to the Indenture Trustee and (ii) an Opinion of Counsel has been delivered to the Indenture Trustee that neither of the Co-Issuers will be required to register as an investment company under the Investment Company Act), and to transfer to that entity the pledged U.S. government securities. The new entity shall assume the obligations of the Co-Issuers under the Notes being defeased and the security agreement and the Obligors and the Guarantors shall be relieved of their obligations in respect thereof under the Transaction Documents. The Co-Issuers shall pay $10 to such new entity as consideration for assuming such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Co-Issuers satisfy the requirements of <u>Section 2.11(a)</u> to defease the Notes and delivers to the Indenture Trustee an Officer's Certificate of the Co-Issuers and an Opinion of Counsel in compliance with <u>Section 15.01</u>, the Indenture Trustee shall promptly execute, acknowledge and deliver to the Obligors a release of the Collateral under the applicable Transaction Documents in recordable form to the extent applicable for such release; *provided* that the Obligors shall, at their sole expense, prepare any and all documents and instruments necessary to effect such release, all of which shall be subject to the reasonable approval of the Indenture Trustee, and the Obligors shall pay all costs reasonably incurred by the Indenture Trustee (including, but not limited to, reasonable attorneys' fees and disbursements) in connection with the review, execution and delivery of the documents and instruments necessary to effect such release.

Section 2.12 <u>Additional Data Centers; Additional Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From time to time, the Co-Issuers may add one or more additional data centers and related customer contracts as additional collateral for the Notes (each such additional data center added after the Initial Closing Date, an "<u>Additional Data Center</u>"); *provided* that in connection with each such addition the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Additional Data Center shall be an Eligible Data Center;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Rating Agency Confirmation is received with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during any period in which the Notes constitute Specially Serviced Notes (any such period, a "<u>Special Servicing Period</u>"), the Servicer shall have confirmed satisfaction of the conditions precedent to the addition of such Additional Data Centers, such confirmation not to be unreasonably withheld, conditioned or delayed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Indenture Trustee and the Servicer shall have received an Opinion of Counsel (consistent with the legal opinion with respect to the same subject matter delivered on the Initial Closing Date) with respect to the enforceability of the related Mortgage(s) and, if such Additional Data Center is owned by an Additional Asset Entity to be contributed to the Issuer or the Co-Issuer in connection with the addition of such Additional Data Center, the Indenture Trustee and the Servicer shall have received such other Opinions of Counsel (consistent with the legal opinions delivered on the Initial Closing Date) as may be reasonably requested by the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Co-Issuers shall, or shall have caused the applicable Asset Entity to, have reimbursed the Indenture Trustee, the Backup Manager and the Servicer for all third-party out-of-pocket costs and expenses incurred by the Indenture Trustee, the Backup Manager and the Servicer in relation to such addition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if such Additional Data Center is a Non-Mortgaged Data Center, the pro forma aggregate Annualized Adjusted Net Operating Income for all Non-Mortgaged Data Centers (including such Additional Data Center) at the time of addition of such Non-Mortgaged Data Center, shall not exceed 5.0% (or such higher percentage that is set forth in the most recent Series Supplement that increases the maximum percentage of Non-Mortgaged Data Centers and for which notice thereof is provided by the Manager to each Rating Agency then rating the Notes) of the aggregate Annualized Adjusted Net Operating Income for all Data Centers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if such Additional Data Center is owned by an Additional Asset Entity to be contributed to the Issuer or the Co-Issuer in connection with the addition of such Additional Data Center, the Additional Asset Entity shall have executed and delivered to the Indenture Trustee and the Servicer a Joinder Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Manager shall have delivered an Officer's Certificate of the Manager to the Servicer, the Backup Manager and the Indenture Trustee confirming compliance with the requirements of this <u>Section 2.12(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Co-Issuers may at any time and from time to time issue additional Notes ("<u>Additional Notes</u>" and, the closing date for the issuance of such Additional Notes, the "<u>Issuance Date</u>") in the manner set forth in <u>Section 2.07</u> subject to the satisfaction of the applicable conditions set forth in this <u>Section 2.12(b)</u> pursuant to a Series Supplement in one or more Classes (including one or more existing Classes of an existing Series of Notes) that may rank senior to (other than senior to any Outstanding Class A-1 Notes), *pari passu* with, or subordinate to, any Series of Notes that will remain Outstanding after the issuance of such Additional Notes; *provided* that if any Notes (other than the Additional Notes) will remain Outstanding after the issuance of such Additional Notes (such Notes, the "<u>Continuing Notes</u>") the following conditions shall have been satisfied with respect to such issuance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Additional Notes of a particular Class (other than any Additional Notes that are Subordinated Notes) shall rank *pari passu* with the Continuing Notes, if any, of the Class of Notes bearing the same alphabetical Class designation and numerical Tranche designation (regardless of Series or date of issuance), although such Class of Notes may have other characteristics different than the Continuing Notes, and may have an Anticipated Repayment Date earlier than the Anticipated Repayment Date for any Series of Continuing Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) so long as the Series 2024-1 Class A-1 Notes are Outstanding, (a) no Tranche of Class A Notes may be issued that are senior in right of payment of interest or principal to the Series 2024-1 Class A-1 Notes and (b) the Rated Final Payment Date of the Additional Notes will be later than the Rated Final Payment Date for the Series 2024-1/2 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) so long as the Series 2024-1 Class B Notes are Outstanding, no Tranche of Class B Notes may be issued that are senior in right of payment of interest or principal to the Series 2024-1 Class B Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if any such Additional Notes are Class A Notes or Class B Notes, a Rating Agency Confirmation with respect to each Series of Continuing Notes is obtained from each Rating Agency then rating such Series of Continuing Notes; *provided* that a Rating Agency Confirmation will not be required in connection with the issuance of any Additional Notes that are Subordinated Notes and, if such Additional Notes are Subordinated Notes, a Rating Agency Confirmation with respect to each Series of Continuing Notes that are Subordinated Notes, if any, is obtained from each Rating Agency then rating each such Series of Continuing Notes that are Subordinated Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Co-Issuers receive an Opinion of Counsel (which opinion may contain similar assumptions and qualifications as are contained in the Opinion of Counsel with respect to the tax treatment of the Series 2024-1/2 Notes issued on, and which Opinion of Counsel was delivered on, the Initial Closing Date) to the effect that the issuance of such Additional Notes will not (x) cause any of the Continuing Notes of any Outstanding Series to be deemed to have been exchanged for a new debt instrument pursuant to Treasury regulations section 1.1001-3, (y) cause the Issuer or the Co-Issuer to be taxable as other than a partnership or disregarded entity for U.S. federal income tax purposes or (z) cause any of the Continuing Notes of any Outstanding Series that are characterized as indebtedness for U.S. federal income tax purposes to be characterized as other than indebtedness for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) after giving effect to the issuance of such Additional Notes, the following conditions are satisfied: (A) if such Additional Notes are Class A Notes or Class B Notes, the Class A LTV Ratio is less than or equal to 65.0%, (B) if such Additional Notes are Class B Notes, the Class B LTV Ratio is less than or equal to 70.0% and (C) the DSCR is equal to or greater than 1.85:1.0;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if such Additional Notes are Class A Notes, the Servicer or the structuring advisor with respect to such Additional Notes (who will deliver the related appraisal to the Manager, the Backup Manager, the Indenture Trustee and, to the extent the structuring advisor delivers the related appraisals, the Servicer), deliver new appraisals meeting the requirements set forth in the Servicing Agreement with respect to the Data Centers owned or leased by the Asset Entities as of the closing date of the issuance of such Additional Notes; *provided* that no new appraisal will be required if the Manager certifies that, in its reasonable belief, there has been no material decrease in the value of the Data Centers from the Appraised Value set forth in the most recent appraisal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) if such Additional Notes are Variable Funding Notes, (x) upon giving effect to the issuance of such Variable Funding Notes, the aggregate maximum principal amount of all Variable Funding Notes issued and Outstanding under this Indenture shall not exceed 20% of the sum of (i) the aggregate maximum principal balance of all Variable Funding Notes issued and Outstanding under this Indenture at such time and (ii) the aggregate Note Principal Balance of all other Class A Notes issued and Outstanding under the Indenture at such time and (y) if any Series of Variable Funding Notes are then Outstanding, such other conditions set forth in the Variable Funding Note Purchase Agreement for such Series of Variable Funding Notes are satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) the Indenture Trustee receives an Officer's Certificate of the Co-Issuers stating that all conditions precedent to the issuance of the Additional Notes under the Indenture have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Co-Issuers may, but are not obligated to, issue Additional Notes of an existing Series or Class if such Additional Notes are either fungible with the applicable Series or Class of Notes for U.S. federal income tax purposes or issued pursuant to a separate CUSIP number, subject to the other provisions for issuing Additional Notes set forth in this <u>Section 2.12</u>. If the Issuance Date of such Additional Notes falls on a date that is not a Record Date, the Co-Issuers may declare a "Special Record Date" on the related Issuance Date for the related Series or Class of Notes, which shall become the Record Date for purposes of the immediately following Payment Date upon at least five (5) Business Days' notice to the Indenture Trustee (who shall make available such notice to the Noteholders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) From time to time, the Co-Issuers may enter into an amendment to any Variable Funding Note Purchase Agreement which has the effect of increasing the Class A-1 Commitment Amount with respect to the related Series of Notes, and such amendment shall not be deemed to be an issuance of Additional Notes, but shall otherwise be subject to the satisfaction of the conditions set forth in the related Variable Funding Note Purchase Agreement; provided that in connection with such increase in Class A-1 Commitments the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Rating Agency Confirmation is obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) after giving effect to such increase (x) the Class A LTV Ratio is less than or equal to 65.0% and (y) the DSCR is equal to or greater than 1.85:1.0;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) upon giving effect to such increase, the aggregate maximum principal amount of all Variable Funding Notes issued and outstanding shall not exceed 20% of the sum of (w) the aggregate maximum principal balance of all Variable Funding Notes issued and outstanding at such time and (y) the aggregate Note Principal Balance of all other Class A Notes issued and outstanding at such time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Indenture Trustee receives an officer's certificate of the Co-Issuers stating that all conditions precedent to such increase have been satisfied.

Section 2.13 <u>Cancellation</u>. The Co-Issuers may at any time deliver to the Note Registrar for cancellation any Notes previously authenticated and delivered hereunder which such Issuers may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by the Note Registrar. All Notes delivered to the Indenture Trustee for payment shall be forwarded to the Note Registrar. All such Notes and all Notes surrendered for transfer and exchange in accordance with the terms hereof shall be canceled and disposed of by the Note Registrar in accordance with its customary procedures.

**ARTICLE III**

**ACCOUNTS**

Section 3.01 <u>Establishment of Collection Account and Sub-Accounts</u>. On or before the Initial Closing Date, the Co-Issuers, the Collection Account Bank and the Indenture Trustee shall have entered into the Collection Account Control Agreement pursuant to which an Eligible Account to serve as the collection account (such account, and any account replacing the same in accordance with this Indenture and the Cash Management Agreement, the "<u>Collection Account</u>") and an Eligible Account for each Sub-Account (other than the Capital Expenditures Reserve Sub-Account) (each of which may have its own distinct portfolio number) shall be established and maintained in the name of the Indenture Trustee for the benefit of the Noteholders. Each of the Collection Account and the Sub-Accounts (other than the Capital Expenditures Reserve Sub-Account) shall be a non-interest bearing trust account and treated as a "securities account" as such term is defined in Section 8-501(a) of the UCC. Except as expressly provided herein or in the Collection Account Control Agreement or the Cash Management Agreement, the Obligors shall not have the right to control or direct the investment or payment of funds in the Collection Account or the Sub-Accounts (other than the Capital Expenditures Reserve Sub-Account).

Section 3.02 <u>Deposits to the Collection Account</u>. Any available funds on deposit in any Lock Box Account that the Manager has identified as constituting Receipts pursuant to the Cash Management Agreement shall be deposited by wire transfer (or transfer via the ACH System) into the Collection Account within two Business Days of identification.

Section 3.03 <u>Withdrawals from the Collection Account</u>. The Indenture Trustee may make, from time to time and in accordance with the written direction of the Servicer, withdrawals from the Collection Account as necessary for any of the following purposes and without regard to the priorities set forth in Article V: (i) to pay to itself the Indenture Trustee Fee then owing, (ii) to pay the Servicer the Servicing Fee and any Other Servicing Fees then owing, each of which shall be payable at the times and in the amounts described in the Servicing Agreement, (iii) to pay or reimburse the Manager and the Indenture Trustee for Advances (other than Discretionary Manager Advances) made by each and not previously reimbursed, together with Advance Interest thereon, as set forth in this Indenture, (iv) to pay, reimburse or indemnify the Indenture Trustee, the Backup Manager or the Servicer for any other amounts payable, reimbursable or indemnifiable pursuant to the terms of this Indenture or the other Transaction Documents, (v) to pay any other Additional Issuer Expenses, (vi) to pay to the persons entitled thereto any amounts deposited in error and (vii) to clear and terminate the Collection Account on the date there are no Notes Outstanding.

Section 3.04 <u>Application of Funds in the Collection Account</u>. Funds in the Collection Account shall be allocated on each Application Date to the Sub-Accounts in accordance with <u>Section 5.01</u> of this Indenture and Section 3.03 of the Cash Management Agreement.

Section 3.05 <u>Application of Funds after Event of Default</u>. If an Event of Default shall occur and be continuing, then notwithstanding anything to the contrary in this Article III, the Servicer (acting on behalf of the Indenture Trustee for the benefit of the Noteholders) shall have all of the rights and remedies of the Indenture Trustee, for the benefit of the Noteholders, available under applicable law and under the Transaction Documents. Without limitation of the foregoing, for so long as an Event of Default is continuing, the Indenture Trustee (solely at the direction of the Servicer) shall apply any and all funds in the Collection Account, the Cash Trap Reserve Sub-Account, the Other Expense Reserve Sub-Account and any other Accounts (other than the Capital Expenditures Reserve Sub-Account), and all other cash reserves held by or on behalf of the Indenture Trustee against all or any portion of any of the Obligations; *provided, however*, that any such payments in respect of amounts due on the Notes will be made in accordance with the priorities set forth in <u>Article V</u>.

**ARTICLE IV**

**RESERVES**

Section 4.01 <u>Security Interest in Reserves; Other Matters Pertaining to Reserves</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Obligors hereby grant to the Indenture Trustee a security interest for the benefit of the Indenture Trustee, individually and on behalf of the Noteholders, in and to all of the Obligors' right, title and interest in and to the Account Collateral, including the Reserves, as security for payment and performance of all of the Obligations hereunder and under the other Transaction Documents. The Reserves constitute Account Collateral and are subject to the security interest in favor of the Indenture Trustee on behalf of the Noteholders created herein and all provisions of this Indenture and the other Transaction Documents pertaining to Account Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the rights and remedies provided in Article III and elsewhere herein, upon the occurrence and during the continuance of any Event of Default, the Servicer (acting on behalf of the Indenture Trustee) shall have all rights and remedies pertaining to the Reserves as are provided for in any of the Transaction Documents or under any applicable law. Without limiting the foregoing, upon and at all times after the occurrence and during the continuance of an Event of Default, the Indenture Trustee at the written direction of the Servicer, in the Servicer's sole discretion, but subject to the Servicing Standard, may use the Reserves (or any portion thereof) for any purpose, including but not limited to any combination of the following: (i) payment of any of the Obligations in such order as the Servicer may determine in its sole discretion; *provided, however*, that such application of funds shall not cure or be deemed to cure any default and *provided, further*, that any payments on the Notes will be made in accordance with the priorities set forth in Article V, (ii) reimbursement of the Indenture Trustee, the Backup Manager, and/or the Servicer for any outstanding fees and actual losses or expenses or indemnities (including, without limitation, reasonable legal fees), (iii) payment for the work or obligation for which such Reserves were reserved or were required to be reserved and (iv) application of the Reserves in connection with the exercise of any and all rights and remedies available to the Servicer acting on behalf of the Indenture Trustee at law or in equity or under this Indenture or pursuant to any of the other Transaction Documents. Nothing contained in this Indenture shall obligate the Servicer to apply all or any portion of the funds contained in the Reserves during the continuance of an Event of Default to payment of the Notes or (except as provided in the proviso to clause (i) of this <u>Section 4.01(b)</u>) in any specific order of priority.

Section 4.02 <u>Funds Deposited with Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Permitted Investments; Return of Reserves to Obligors</u>. Unless otherwise expressly provided herein, all funds of the Obligors which are deposited with the Collection Account Bank hereunder shall be invested by the Collection Account Bank in one or more Permitted Investments at the written direction of the Manager in accordance with the Cash Management Agreement and any investment income with respect thereto shall be credited to the related Sub-Account. Absent such written direction, the funds in the Collection Account shall remain uninvested. After repayment of all of the Obligations, all funds held as Reserves shall be promptly returned to, or as directed by, the Co-Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Funding at Closing</u>. The Co-Issuers shall deposit with the Indenture Trustee the amounts necessary to fund each of the Reserves as set forth below. Deposits into the Reserves on the Initial Closing Date (or on any subsequent Closing Date) may occur by deduction from the amount of proceeds of the issuance of the Notes on such Closing Date that otherwise would be disbursed to the Co-Issuers, followed by deposit of the same into the applicable Sub-Account or Sub-Accounts of the Collection Account in accordance with the applicable Series Supplement on such Closing Date. Notwithstanding such deductions, the Notes shall be deemed for all purposes to be fully paid on the Closing Date for such Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Funding upon any Addition of Additional Data Centers</u>. The Co-Issuers shall deposit, upon the addition of any Additional Data Center, any amounts necessary to fully fund the Reserves described in <u>Section 4.03</u> after giving effect to any increase in the Reserves made to reflect the addition of such Additional Data Centers.

Section 4.03 <u>Priority Expense Reserve Sub-Account.</u>

Pursuant to this Indenture, the Indenture Trustee, at the written request of the Manager or based upon information set forth in the Monthly Report, shall deposit from Available Funds available for such purpose under Article V on each Application Date into a Sub-Account of the Collection Account (said Sub-Account, the "<u>Priority Expense Reserve Sub-Account</u>"), an amount such that the amount on deposit in the Priority Expense Reserve Sub-Account on such Application Date equals the Priority Expense Reserve Deposit Amount for such Application Date.

Each Monthly Report provided pursuant to <u>Section 7.02(a)(iv)</u> will set forth certain information with respect to the amounts of Priority Expenses due during the following Collection Period. So long as (i) no Event of Default has occurred and is continuing, (ii) the Obligors have provided the Indenture Trustee and the Servicer with the foregoing materials in a timely manner, and (iii) sufficient funds are held in the Priority Expense Reserve Sub-Account for the payment of Priority Expenses relating to the Data Centers, as applicable, the Indenture Trustee shall, at the Manager's election and written direction, with written notice simultaneously delivered to the Backup Manager and the Servicer, from funds available in the Priority Expense Reserve Sub-Account (x) pay the Priority Expenses directly, (y) disburse such amounts to the Obligors to pay such Priority Expenses or (z) reimburse the Obligors for Priority Expenses previously paid by or on behalf of the Obligors.

Section 4.04 <u>Cash Trap Reserve Sub-Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a Cash Trap Condition shall occur (as set forth in the Monthly Report required to be delivered pursuant to Section 7.02(a)(iv)), then, on each Application Date from and after the date that it is determined that a Cash Trap Condition has occurred and for so long as such Cash Trap Condition continues to exist, an amount equal to the remaining amount of Available Funds for such Application Date after making the allocations and payments set forth in <u>Section 5.01(a)(i)</u> through <u>(xvi)</u> (the "<u>Cash Trap Reserve Amount</u>") shall be deposited with the Indenture Trustee and held in a Sub-Account of the Collection Account (the "<u>Cash Trap Reserve Sub-Account</u>"), in accordance with the terms of the Cash Management Agreement and this Indenture (said funds, together with any interest thereon, the "<u>Cash Trap Reserve</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to the commencement of an Amortization Period, if a Cash Trap Condition ceases to exist and if no Event of Default has occurred and is continuing, any funds then on deposit in the Cash Trap Reserve Sub-Account shall be transferred by the Indenture Trustee, upon written direction of the Manager or the Servicer, to the Collection Account to be applied as Available Funds. At the direction of the Co-Issuers (in their sole discretion), on any Business Day, the Indenture Trustee shall apply cash on deposit in the Cash Trap Reserve Sub-Account, to the payment of the Notes in accordance with <u>Section 2.09</u>. On (i) the first Business Day to occur after the commencement of an Amortization Period, (ii) the first Business Day after the occurrence of an Event of Default that is then continuing or (iii) at the direction of the Co-Issuers (in their sole discretion), on any Business Day, the Indenture Trustee shall apply all funds on deposit in the Cash Trap Reserve Sub-Account, at the written direction of the Manager, to reimburse the Manager and the Indenture Trustee for unreimbursed Advances, including Advance Interest thereon and to reimburse the Indenture Trustee, the Backup Manager and the Servicer for any other amounts then due to the Indenture Trustee, the Backup Manager or the Servicer hereunder or under the other Transaction Documents (including, but not limited to, unpaid Additional Issuer Expenses, and all unpaid fees, expenses, and indemnification due to the Servicer, the Backup Manager and the Indenture Trustee hereunder and under the other Transaction Documents), and the remaining amount thereof shall be deposited in the Debt Service Sub-Account and applied to payment of the Notes on such Payment Date in accordance with <u>Section 5.01(b)</u>.

Section 4.05 <u>Senior Note Interest and Expense Reserve Sub-Account; Liquidity Letters of Credit.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee, at the written request of the Manager, shall deposit from Available Funds available for such purpose under <u>Section 5.01(a)</u> on each Application Date into a Sub-Account of the Collection Account (such Sub-Account, the "<u>Senior Note Interest and Expense Reserve Sub-Account</u>") any amounts necessary to cause the amount on deposit therein equal to the Required Senior Note Interest and Expense Reserve Amount as of such date. If on any Payment Date, the amounts on deposit in the Senior Note Interest and Expense Reserve Sub-Account exceed the Required Senior Note Interest and Expense Reserve Amount, the excess amount then on deposit in the Senior Note Interest and Expense Reserve Sub-Account will be transferred by the Indenture Trustee, upon written direction of the Manager or the Servicer, to the Collection Account to be applied as Available Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, on the date that is five Business Days prior to the expiration of any Liquidity Letter of Credit, such Liquidity Letter of Credit has not been replaced or renewed and is not scheduled to renew automatically pursuant to its terms, and the Co-Issuers have not otherwise deposited funds into the Senior Note Interest and Expense Reserve Sub-Account in an amount equal to the amount by which the Required Senior Note Interest and Expense Amount exceeds the sum of (i) the amounts on deposit in the Senior Note Interest and Expense Reserve Sub-Account on such date and (ii) the amount available to be drawn under any other Liquidity Letter of Credit (that are not scheduled to expire within such five Business Day period) on such date (such excess amount, the "<u>Required Senior Note Interest and Expense Reserve Sub-Account Deposit Amount</u>"), the Indenture Trustee, upon written direction from the Co-Issuers, shall (i) submit a notice of drawing under such Liquidity Letter of Credit to the Letter of Credit Provider, with a copy made available to each Rating Agency, the Backup Manager and the Servicer, and (ii) use the proceeds thereof to fund a deposit into the Senior Note Interest and Expense Reserve Sub-Account in an amount equal to the Required Senior Note Interest and Expense Reserve Sub-Account Deposit Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, on any day a Liquidity Letter of Credit is outstanding, an Amortization Period or an Event of Default occurs and is continuing, then, no later than the Business Day following the occurrence of such Amortization Period or Event of Default, the Indenture Trustee, upon written direction from the Co-Issuers shall (i) submit a notice of drawing under such Liquidity Letter(s) of Credit to the Letter of Credit Provider, with a copy made available to each Rating Agency, the Backup Manager, the Servicer and the Co-Issuers, and (ii) use the proceeds of such drawing to fund the Senior Note Interest and Expense Reserve Sub-Account in an amount equal to the amount by which the Required Senior Note Interest and Expense Reserve Amount exceeds the amounts on deposit in the Senior Note Interest and Expense Reserve Sub-Account on such date (calculated as if such Liquidity Letter(s) of Credit had not been issued).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If, on any day a Liquidity Letter of Credit is outstanding, such Liquidity Letter of Credit becomes an Ineligible Liquidity Letter of Credit, then (a) on the fifth Business Day after such day, (i) the Co-Issuers shall make a deposit into the Senior Note Interest and Expense Reserve Sub-Account or (ii) the Indenture Trustee, upon the written direction of the Co-Issuers, shall (1) submit a notice of drawing under such Liquidity Letter(s) of Credit to the Letter of Credit Provider, with a copy made available to each Rating Agency, the Backup Manager and the Servicer, and (2) use the proceeds of such drawing to fund the Senior Note Interest and Expense Reserve Sub-Account, in either case in an amount equal to the amount by which the Required Senior Note Interest and Expense Reserve Amount exceeds the sum of (i) the amounts on deposit in the Senior Note Interest and Expense Reserve Sub-Account on such date (calculated as if such Liquidity Letter(s) of Credit had not been issued) and (ii) the amount available to be drawn under any other Liquidity Letters of Credit (that are not Ineligible Liquidity Letters of Credit), or (b) prior to the fifth Business Day after such day, the Co-Issuers shall obtain one or more replacement Liquidity Letter(s) of Credit (that is not an Ineligible Liquidity Letter of Credit) on substantially the same terms as each such Liquidity Letter(s) of Credit being replaced (including, without limitation, the aggregate amount available to be drawn thereunder) to the Indenture Trustee (with a copy made available to each Rating Agency, the Backup Manager and the Servicer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Liquidity Letter of Credit shall name the Indenture Trustee, for the benefit of the Noteholders, as the beneficiary thereof and shall allow the Indenture Trustee (or the Servicer at the Indenture Trustee's behalf) to submit a notice of drawing in respect of such Liquidity Letter of Credit to the Letter of Credit Provider whenever amounts would otherwise be required to be drawn pursuant to this <u>Section 4.05</u> or otherwise used to pay Senior Note Interest and Expense Reserve Draw Amounts in accordance with <u>Section 5.01(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Indenture Trustee (at the written request of the Co-Issuers) or the Servicer (at the Co-Issuers' request and on the Co-Issuers' behalf) may submit a notice of drawing under a Liquidity Letter of Credit issued by the applicable Letter of Credit Provider and the proceeds of any such draw shall be deposited into the Senior Note Interest and Expense Reserve Sub-Account or otherwise used to pay Senior Note Interest and Expense Reserve Draw Amounts in accordance with <u>Section 5.01(c)</u>.

Section 4.06 <u>Capital Expenditures Reserve Sub-Account</u>.

The Co-Issuers may establish a Capital Expenditures Reserve Sub-Account the purpose of which is to reserve, at the option of the Manager, funds necessary to fund expected Capital Expenditures (other than Maintenance Capital Expenditures) on the Data Centers. The Issuer may, at any time, deposit (i) any draws on any Variable Funding Notes (or the proceeds of the issuance of Additional Notes), (ii) any capital contribution received from the Parent for such purpose or (iii) any other amounts available to the Co-Issuers (including pursuant to clause <u>Section 5.01(a)(xxxvi)</u>) into the Capital Expenditures Reserve Sub-Account for use by the Asset Entities in connection with funding of expected Capital Expenditures (other than Maintenance Capital Expenditures) with respect to any Data Center. Upon the delivery of a disbursement request substantially in the form of <u>Exhibit H</u> two (2) Business Days prior, the Co-Issuers may, at any time, withdraw any funds on deposit in the Capital Expenditures Reserve Sub-Account for any purpose, including to distribute to the Parent. For the avoidance of doubt, the Capital Expenditures Reserve Sub-Account shall not be pledged in favor of the Indenture Trustee on behalf of the Noteholders.

Section 4.07 <u>Forward Starting Contract Reserve Sub-Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee, at the written request of the Manager in its sole discretion, shall deposit from Available Funds available for such purpose under <u>Section 5.01(a)</u> on each Application Date into a Sub-Account of the Collection Account (such Sub-Account, the "<u>Forward Starting Contract Reserve Sub-Account</u>") any amounts necessary to cause the amount on deposit therein equal to the Forward Starting Contract Reserve Amount with respect to any Forward Starting Contract as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the first Business Day of each Collection Period commencing on or prior to the Forward Starting Contract Fee Commencement Date for any Forward Starting Contract for which amounts have been so deposited in the Forward Starting Contract Reserve Sub-Account, an amount equal to the portion of the reserved funds with respect to such Forward Starting Contract allocable to such Collection Period (in accordance with the Monthly Report of the Manager delivered to the Indenture Trustee and the Servicer) will be transferred from the Forward Starting Contract Reserve Sub-Account by the Indenture Trustee, upon written direction of the Manager or the Servicer, to the Collection Account to be applied as Available Funds in accordance with the priorities set forth in set forth in <u>Section 5.01(a)</u>.

Section 4.08 <u>Other Expense Reserve Sub-Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a Springing Reserve Condition shall occur (as set forth in a report by the Monthly Report required to be delivered pursuant to <u>Section 7.02(a)(iv)</u>), then on each Application Date (so long as such Application Date is more than one year prior to the latest Rated Final Payment Date of all Outstanding Notes) from and after the date that it is determined that such Springing Reserve Condition has occurred and for so long as such Springing Reserve Condition continues to exist, the Indenture Trustee, at the written request of the Manager, shall deposit from Available Funds available for such purpose under Section <u>5.01(a)(xi)</u> or <u>(xix)</u>, as applicable, on each such Application Date into a Sub-Account of the Collection Account (such Sub-Account, the "<u>Other Expense Reserve Sub-Account</u>") an amount equal to the lesser of (x) the amount required to cause the amount on deposit therein to be equal to the Other Expense Reserve Amount and (y) the product of the Other Expense Reserve Deposit Percentage for such Application Date and the remaining amount of Available Funds for such Application Date after making the allocations and payments in accordance with Section <u>5.01(a)(i)</u> through <u>(x)</u> or <u>(xix)</u>, as applicable (such lesser amount, the "<u>Other Expense Reserve Deposit Amount</u>").

Each Monthly Report provided pursuant to <u>Section 7.02(a)(iv)</u> will set forth certain information with respect to the amounts of Impositions and Insurance Premiums due during the twelve Collection Periods (or such lesser number of Collection Periods as remain prior to the latest Rated Final Payment Date of all Outstanding Notes) immediately succeeding the Relevant Payment Date for the related Application Date and with respect to the aggregate Operating Expenses for the twelve Collection Periods immediately preceding the related Application Date. So long as (i) no Event of Default has occurred and is continuing, (ii) the Obligors have provided the Indenture Trustee and the Servicer with the foregoing materials in a timely manner, and (iii) sufficient funds are held in the Other Expense Reserve Sub-Account for the payment of such Priority Expenses and Operating Expenses, the Indenture Trustee shall, if the Manager reasonably determines that the amount of Available Funds on any Application Date will be insufficient to pay or reimburse for all Priority Expenses and Operating Expenses then due after giving effect to the allocations and payments set forth in <u>Section 5.01(a)</u> (and application of amounts on deposit in the related Sub-Accounts for such purpose), at the Manager's election and written direction, with written notice simultaneously delivered to the Backup Manager and the Servicer, from funds available in Other Expense Reserve Sub-Account (A) pay any due and unpaid Priority Expenses directly, (B) disburse any due and unpaid amounts to the Obligors to pay any due and unpaid Priority Expenses, (C) reimburse the Obligors for Priority Expenses previously paid by or on behalf of the Obligors, or (D) if the Operating Expenses during any Collection Period exceed the amounts available to pay such Operating Expenses in accordance with <u>Section 5.01(a)</u> for such Collection Period (or any portion thereof as determined by the Manager), to pay such excess Operating Expenses or reimburse the Obligors for excess Operating Expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Springing Reserve Condition ceases to exist and if no Event of Default has occurred and is continuing, any funds then on deposit in the Other Expense Reserve Sub-Account will be transferred to the Collection Account to be applied as Available Funds. If any funds remain on deposit in the Other Expense Reserve Sub-Account on any Application Date on the date that is one year prior to the latest Rated Final Payment Date of all Outstanding Notes, such remaining amounts will be allocated equally over the remaining number of Application Dates on or prior to the latest Rated Final Payment Date and such allocated amounts will be transferred on each Application Date to the Collection Account to be applied as Available Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If on any Payment Date, the amounts on deposit in the Other Expense Reserve Sub-Account exceed the Other Expense Reserve Amount, the excess amount then on deposit in the Other Expense Reserve Sub-Account will be transferred by the Indenture Trustee, upon written direction of the Manager or the Servicer, to the Collection Account to be applied as Available Funds.

Section 4.09 <u>Equity Contributions</u>.

The Co-Issuers may at any time designate cash capital contributions made to the Co-Issuers (each such contribution designated as such by the Co-Issuers, an "<u>Equity Contribution</u>") to be included in Annualized Adjusted Net Operating Income pursuant to the definition thereof, in an amount not to exceed (x) for all Equity Contributions made in any single Collection Period, 10.0% of average Annualized Adjusted Net Operating Income over the four Collection Periods immediately preceding the relevant date of determination, (y) for all Equity Contributions made during any period of four consecutive Collection Periods, 15.0% of average Annualized Adjusted Net Operating Income over the twelve Collection Periods immediately preceding the relevant date of determination and (z) for all Equity Contributions made from the Closing Date to the Rated Final Payment Date for the Series 2024-1/2 Notes, 20.0% of average Annualized Adjusted Net Operating Income during the four Collection Periods immediately preceding the relevant date of determination. The Obligors (or the Manager on their behalf) may (and to the extent of any shortfalls in amounts due pursuant to <u>Section 5.01(a)(i)</u> through <u>(xxxii)</u>, will) direct the Indenture Trustee to release any Equity Contributions from the Collection Account on any Application Date for application in accordance with <u>Section 5.</u>01(a). Otherwise, Equity Contributions may be released from the Collection Account on any Application Date at the direction of the Manager (at which point any such released amounts will no longer be deemed to be Equity Contributions) so long as the DSCR for the period of four Collection Periods ended immediately prior to such Application Date is greater than or equal to 1.85:1.0 without giving effect to the inclusion of such Equity Contribution. For the avoidance of doubt, (x) any funding of the Senior Note Interest and Expense Reserve Sub-Account or the Capital Expenditures Reserve Sub-Account will not constitute an Equity Contribution and (y) Equity Contributions will not be annualized for purposes of calculating Annualized Adjusted Net Operating Income.

Section 4.10 <u>Indenture Accounts</u>.

The Indenture Trustee acknowledges and agrees that, at the direction and on behalf of the Obligors, it has established and is maintaining on its books and records, in the name of the Indenture Trustee, (i) the non-interest bearing Collection Account entitled "Centersquare Issuer LLC Collection Account" with account number 171497-000, (ii) the non-interest bearing Priority Expense Reserve Sub-Account entitled "Centersquare Issuer LLC Priority Expense Reserve Sub-Account" with account number 171497-001, (iii) the non-interest bearing Cash Trap Reserve Sub-Account entitled "Centersquare Issuer LLC Cash Trap Reserve Sub-Account" with account number 171497-002, (iv) the non-interest bearing Senior Note interest Expense Reserve Sub-Account entitled "Centersquare Issuer LLC Senior Note Interest and Expense Reserve Sub-Account" with account number 171497-006, (v) the non-interest bearing Forward Starting Contract Reserve Sub-Account entitled "Centersquare Issuer LLC Forward Starting Contract Reserve Sub-Account" with account number 171497-005, (vi) the non-interest bearing Other Expense Reserve Sub-Account entitled "Centersquare Issuer LLC Other Expense Reserve Sub-Account" with account number 171497-004, (vii) the non-interest bearing Debt Service Sub-Account entitled "Centersquare Issuer LLC Debt Service Sub-Account" with account number 171497-003, and (viii) the non-interest bearing Capital Expenditure Reserve Sub-Account entitled "Centersquare Issuer LLC Capital Expenditures Reserve Sub-Account" with account number 171497-007.

**ARTICLE V**

**ALLOCATION OF COLLECTIONS; PAYMENTS TO NOTEHOLDERS**

Section 5.01 <u>Allocations and Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each Scheduled Application Date and any Optional Application Date in the case of an Optional Application Date, at the prior written election of the Manager delivered to the Indenture Trustee, the Backup Manager and the Servicer four Business Days prior to such date, Available Funds for such Application Date in the Collection Account will be applied by the Indenture Trustee at the written direction of the Manager in accordance with the related Monthly Report in the following order of priority (in each case after taking into account (x) allocations and payments of a higher priority and (y) all Available Funds for any prior Optional Application Date having the same Relevant Payment Date applied on such prior Optional Application Date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the Priority Expense Reserve Sub-Account, until such Sub-Account contains an amount equal to the Priority Expense Reserve Deposit Amount for such Application Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the following order, (A) *pro rata*, to the Indenture Trustee, the Backup Manager, and the Servicer in an amount equal to the Indenture Trustee Fee, the Servicing Fee and the Other Servicing Fees due on the Relevant Payment Date and unpaid as of such date, (B) *pro rata*, to the Manager and the Indenture Trustee in respect of unreimbursed Advances (other than Discretionary Manager Advances), including Advance Interest thereon and (C) *pro rata*, to the Indenture Trustee, the Backup Manager and the Servicer the amount of the Indenture Trustee Fee, the Servicing Fee and the Other Servicing Fees that remain unpaid from prior Payment Dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the following order, (A) first, *pro rata* based on amounts due (1) *pro rata*, to the Indenture Trustee, the Backup Manager, the Servicer and/or other applicable Person in payment of Additional Issuer Expenses due on or prior to the Relevant Payment Date and unpaid as of such date, but, other than after the occurrence and during the continuance of an Event of Default, only to the extent that after giving effect thereto, and all other previous payments of Additional Issuer Expenses during the Relevant Collection Period, the Annual Additional Issuer Expense Limit with respect to the Relevant Payment Date shall have not been exceeded, (2) to the Backup Manager in payment of Transition Costs due on or prior to the Relevant Payment Date and unpaid as of such date, but, other than after the occurrence and during the continuance of an Event of Default, only to the extent that after giving effect thereto, and all other previous payments of Transition Costs during the Relevant Collection Period, the aggregate amount of Transition Costs paid pursuant to this clause (a)(iii)(A)(2) does not exceed $200,000 and (3) to the Servicer in payment of Appraisal Expenses due on or prior to the Relevant Payment Date and unpaid as of such date, but, other than after the occurrence and during the continuance of an Event of Default, only to the extent that after giving effect thereto, and all other previous payments of Appraisal Expenses during the Relevant Collection Period, the aggregate amount of Appraisal Expenses paid pursuant to this clause (a)(iii)(A)(3) does not exceed $250,000 over the preceding twelve months and (B) second, to the Class A-1 Administrative Agent for any Series of Variable Funding Notes in an amount equal to the Class A-1 Administrative Agent Fee for such Series of Variable Funding Notes due and unpaid as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if an Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the amount of (x) Accrued Note Interest for all Notes for the Relevant Payment Date (including any amounts expected to accrue on any anticipated draws on the Class A-1 Notes prior to the end of the related Interest Accrual Period, as reasonably determined by the Manager) and, to the extent not previously paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note Interest at the applicable Note Rate and (y) any accrued and unpaid VFN Undrawn Commitment Fees, any Letter of Credit Fees and any other fees, expenses and other amounts due on or prior to the Relevant Payment Date to the Holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement with respect to such Class A-1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the amount of (x) Accrued Note Interest for all Class A Notes for the Relevant Payment Date (including any amounts expected to accrue on any anticipated draws on the Class A-1 Notes prior to the end of the related Interest Accrual Period, as reasonably determined by the Manager) and, to the extent not previously paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note Interest at the applicable Note Rate and (y) any accrued and unpaid VFN Undrawn Commitment Fees, any Letter of Credit Fees and any other fees, expenses and other amounts due on or prior to the Relevant Payment Date to the Holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement with respect to such Class A-1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to the Obligors, until the Obligors have received an amount equal to the Monthly Expense Amount for the Relevant Collection Period and, to the extent not previously paid, for all prior Collection Periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if no Event of Default has occurred and is continuing, (1) *first*, if a Class B PIK Period is not then in effect, to the Debt Service Sub-Account, an amount equal to the amount of Accrued Note Interest for all Class B Notes for the Relevant Payment Date and, to the extent not previously paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note Interest at the applicable Note Rate and (2) *second*, if a Class C PIK Period is not then in effect, to the Debt Service Sub-Account, an amount equal to the amount of Accrued Note Interest for all Notes (other than Class A Notes and Class B Notes) for the Relevant Payment Date and, to the extent not previously paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note Interest at the applicable Note Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to the Manager, the amount necessary to pay the accrued and unpaid Management Fee for the Relevant Collection Period and, to the extent not previously paid, for all prior Collection Periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to the Obligors, the amount equal to the amount necessary to pay the Operating Expenses of the Asset Entities for the Relevant Collection Period in excess of the Monthly Expense Amount for such Collection Period that has been approved by the Servicer, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to the Senior Note Interest and Expense Reserve Sub-Account, any amounts necessary to make the amount on deposit therein equal to the Required Senior Note Interest and Expense Reserve Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) if (A) an Amortization Period is then in effect or if such Application Date is on or after the Anticipated Repayment Date for any Series of outstanding Variable Funding Notes or Term Notes, (B) a Springing Reserve Condition has occurred and is continuing and (C) no Event of Default has occurred and is continuing, to the Other Expense Reserve Sub-Account, an amount equal to the Other Expense Reserve Deposit Amount, if any, for such Application Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, (1) first, if a VFN Early Amortization Period is then in effect, an amount equal to the Outstanding principal amount of each Series of Class A-1 Notes that is subject to a VFN Early Amortization Period, if any, and (2) second, an amount equal to the Class A LTV Test Sweep Amount, if any, for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) if (A) an Amortization Period is not then in effect, (B) a Cash Trap Condition is not then in effect and (C) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the aggregate Monthly Amortization Amount for any Class A Notes of a Series for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, if the Additional Principal Payment Amount for the Relevant Payment Date is greater than zero, to the Debt Service Sub-Account, an amount equal to the Additional Principal Payment Amount for the Relevant Payment Date together with any applicable Prepayment Consideration with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) if such Application Date is on or after the Anticipated Repayment Date for any Series of Outstanding Variable Funding Notes or Term Notes that includes Outstanding Class A Notes and (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the aggregate Note Principal Balance of the Outstanding Variable Funding Notes or Term Notes of such Series that are Class A Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) during an Amortization Period and if no Event of Default has occurred and is continuing, to the Debt Service Sub-Account an amount equal to the aggregate unpaid Class Principal Balances of all Outstanding Class A Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) if a Cash Trap Condition is continuing and no Event of Default has occurred and is continuing, to the Cash Trap Reserve Sub-Account, the remaining amount of Available Funds for such Application Date after making the allocations and payments described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) if (A) no Event of Default has occurred and is continuing and (B) a Class B PIK Period is in effect, to the Debt Service Sub-Account, an amount equal to the amount of Accrued Note Interest for all Class B Notes for the Relevant Payment Date and, to the extent not previously paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note Interest at the applicable Note Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) if (A) an Amortization Period is not then in effect and such Application Date is not on or after the Anticipated Repayment Date for any Series of outstanding Variable Funding Notes or Term Notes, (B) a Springing Reserve Condition is continuing and (C) no Event of Default has occurred and is continuing, to the Other Expense Reserve Sub-Account, an amount equal to the Other Expense Reserve Deposit Amount, if any, for such Application Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the Class B LTV Test Sweep Amount, if any, for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) if (A) an Amortization Period is not then in effect, (B) a Cash Trap Condition is not then in effect and (C) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the aggregate Monthly Amortization Amount for any Class B Notes of a Series for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) if such Application Date is on or after the Anticipated Repayment Date for any Series of Notes that includes Class B Notes and (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the aggregate unpaid principal balance of such outstanding Class B Notes of such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) during an Amortization Period if no Event of Default has occurred and is continuing, to the Debt Service Sub-Account an amount equal to the aggregate unpaid Class Principal Balances of all outstanding Class B Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) if (A) no Event of Default has occurred and is continuing and (B) a Class C PIK Period is in effect, to the Debt Service Sub-Account, an amount equal to the amount of Accrued Note Interest for all Notes (other than Class A Notes and Class B Notes) for the Relevant Payment Date and, to the extent not previously paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note Interest at the applicable Note Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the Class C LTV Test Sweep Amount, if any, for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) if (A) an Amortization Period is not then in effect, (B) a Cash Trap Condition is not then in effect and (C) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the aggregate Monthly Amortization Amount for any Class of Notes (other than any Class A Notes or Class B Notes) of a Series for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) if such Application Date is on or after the Anticipated Repayment Date for any Series of Notes that includes Notes other than Class A Notes or Class B Notes and (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the aggregate unpaid principal balance of such Outstanding Notes of such Series (other than Class A Notes or Class B Notes of such Series);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) during an Amortization Period if no Event of Default has occurred and is continuing, to the Debt Service Sub-Account an amount equal to the aggregate unpaid Class Principal Balances of all Outstanding Notes other than Class A Notes or Class B Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) if an Event of Default has occurred and is continuing, to the Debt Service Sub-Account an amount equal to the aggregate unpaid Class Principal Balances of all Outstanding Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) to the Debt Service Sub-Account until the amount on deposit therein is equal to the amount of Post-ARD Additional Interest and Deferred Post-ARD Additional Interest due in respect of the Notes for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) pro rata based on amounts due (A) to the Indenture Trustee, the Backup Manager, the Servicer and/or other applicable Person an amount equal to any Additional Issuer Expenses not otherwise paid to the Indenture Trustee, the Backup Manager, the Servicer and/or other applicable Person pursuant to clause (iii)(A)(1) above due to the operation of the Annual Additional Issuer Expense Limit, (B) to the Backup Manager, an amount equal to any Transition Costs not otherwise paid to the Backup Manager pursuant to the limitation set forth in clause (iii)(A)(2) above and (C) to the Servicer, an amount equal to any Appraisal Expenses not otherwise paid to the Servicer pursuant to the limitation set forth in clause (iii)(A)(3) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) to the Obligors, the amount necessary to pay any Operating Expenses of the Asset Entities for the Relevant Collection Period not otherwise paid to the Obligors pursuant to clauses (vi) and (ix) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) at the direction of the Co-Issuers, to the Class A-1 Noteholders (or the Class A-1 Administrative Agent or Class A-1 Paying Agent, on behalf of the Class A-1 Noteholders, as applicable), any optional payments of principal on the aggregate Note Principal Balance of the Class A-1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv) to the Manager, in respect of unreimbursed Discretionary Manager Advances, including Advance Interest thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxv) at the direction of the Manager, to the Forward Starting Contract Reserve Sub-Account, any amounts determined by the Manager to be deposited therein up to the aggregate amount that would cause the balance thereof to be equal to the aggregate Forward Starting Contract Reserve Amount with respect to all Forward Starting Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvi) at the direction of the Manager, to the Capital Expenditures Reserve Sub-Account, any amounts determined by the Manager to be deposited therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvii) to the Co-Issuers, the remaining amount of Available Funds for such Application Date after making the allocations and payments described above, to be used for any purpose not prohibited under the Transaction Documents, including to the holders of the equity interests in the Issuer or the Co-Issuer, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On each Payment Date, based upon information set forth in the Monthly Report, funds deposited in the Debt Service Sub-Account from the Collection Account on each Application Date for which such Payment Date is the Relevant Payment Date, and any amounts that are required to be transferred from the Cash Trap Reserve Sub-Account or the Senior Note Interest and Expense Reserve Sub-Account to the Debt Service Sub-Account on such Payment Date together with any Senior Interest Advance for such Payment Date and the proceeds of any draws on any Liquidity Letters of Credit on account of Senior Note Interest and Expense Reserve Draw Amounts on such Payment Date (collectively, the "<u>Payment Date Funds</u>") will be applied by the Indenture Trustee or the Paying Agent, upon direction from the Manager, in the following order of priority (in each case to the extent of available funds on such day after taking into account allocations and payments of a higher priority but subject to the right of the Indenture Trustee to withdraw funds from the Debt Service Sub-Account to pay amounts owing under the Transaction Documents to the Indenture Trustee, the Backup Manager and the Servicer pursuant to Article III and Article IV):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if an Event of Default has occurred and
 is continuing, to the Holders of each Class of Notes, in direct order of alphabetical
 designation (and amounts so allocated to the Class A Notes will be further allocated
 among the numerical Tranches of Class A Notes in accordance with the Applicable Class A
 Payment Priority), in respect of interest (and any accrued and unpaid VFN Undrawn Commitment
 Fees, any Letter of Credit Fees and any other fees, expenses and other amounts due to the
 Holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement)
 pro rata based on the amount of Accrued Note Interest for each such Note of such Class (and
 any accrued and unpaid VFN Undrawn Commitment Fees, any Letter of Credit Fees and any other
 fees, expenses and other amounts due to the Holders of the Variable Funding Notes under any
 Variable Funding Note Purchase Agreement) on such Payment Date (and, to the extent not previously
 paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note Interest
 at the applicable Note Rate), up to an amount equal to the aggregate Accrued Note Interest
 for such Class of Notes (and any accrued and unpaid VFN Undrawn Commitment Fees, any
 Letter of Credit Fees and any other fees, expenses and other amounts due to the Holders of
 the Variable Funding Notes under any Variable Funding Note Purchase Agreement) for such Payment
 Date (and, to the extent not previously paid, for all prior Payment Dates, together with
 interest on any unpaid Accrued Note Interest at the applicable Note Rate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if no Event of Default has occurred and
 is continuing, to the Holders of the Class A Notes (and amounts so allocated to the
 Class A Notes will be further allocated among the numerical Tranches of Class A
 Notes in accordance with the Applicable Class A Payment Priority), in respect of interest
 (and any accrued and unpaid VFN Undrawn Commitment Fees, any Letter of Credit Fees and any
 other fees, expenses and other amounts due to the Holders of the Variable Funding Notes under
 any Variable Funding Note Purchase Agreement) pro rata based on the amount of Accrued Note
 Interest for each such Note of such Class (and accrued and unpaid amount of any VFN
 Undrawn Commitment Fees, any Letter of Credit Fees and any other fees, expenses and other
 amounts due to the Holders of the Variable Funding Notes under any Variable Funding Note
 Purchase Agreement) on such Payment Date (and, to the extent not previously paid, for all
 prior Payment Dates, together with interest on any unpaid Accrued Note Interest at the applicable
 Note Rate), up to an amount equal to the aggregate Accrued Note Interest for such Class of
 Notes (and accrued and unpaid amount of any VFN Undrawn Commitment Fees, any Letter of Credit
 Fees and any other fees, expenses and other amounts due to the Holders of the Variable Funding
 Notes under any Variable Funding Note Purchase Agreement) for such Payment Date (and, to
 the extent not previously paid, for all prior Payment Dates, together with interest on any
 unpaid Accrued Note Interest at the applicable Note Rate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if no Event of Default has occurred and
 is continuing, (1) first, if a Class B PIK Period is not then in effect, to the
 Holders of all Class B Notes, in respect of interest, pro rata based on the amount of
 Accrued Note Interest for each such Note, up to an amount equal to the aggregate Accrued
 Note Interest for all such Notes for such Payment Date (and, to the extent not previously
 paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note Interest
 at the applicable Note Rate) and (2) second, if a Class C PIK Period is not then
 in effect, to the Holders of all Notes (other than Class A Notes and Class B Notes),
 in respect of interest, pro rata based on the amount of Accrued Note Interest for each such
 Note of such Class, up to an amount equal to the aggregate Accrued Note Interest for all
 such Notes for such Payment Date (and, to the extent not previously paid, for all prior Payment
 Dates, together with interest on any unpaid Accrued Note Interest at the applicable Note
 Rate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if (A) an Amortization Period is not
 then in effect and (B) no Event of Default has occurred and is continuing, (1) first,
 if a VFN Early Amortization Period is then in effect, to the Holders of each Series of
 Class A-1 Notes that is subject to a VFN Early Amortization Period, an amount up to
 the outstanding principal amount of such Class A-1 Notes, if any, as of such Payment
 Date, in respect of principal pro rata based on the Note Principal Balance of such Note on
 such Payment Date and (2) second, to the Holders of any Class A Notes (and amounts
 so allocated to the Class A Notes will be further allocated among the numerical Tranches
 of Class A Notes in accordance with the Applicable Class A Payment Priority), an
 amount up to the Class A LTV Test Sweep Amount, if any, as of such Payment Date, in
 respect of principal pro rata based on the Note Principal Balance of such Note on such Payment
 Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if (A) an Amortization Period is not
 then in effect, (B) a Cash Trap Condition is not then in effect and (C) no Event
 of Default has occurred and is continuing, to the Holders of any Class A Notes for which
 a Monthly Amortization Amount is due on such Payment Date, pro rata, based on the Monthly
 Amortization Amount of each such Note as of such Payment Date, an amount up to the Monthly
 Amortization Amount for such Class of Notes applicable thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if (A) an Amortization Period is not
 then in effect and (B) no Event of Default has occurred and is continuing, if the Additional
 Principal Payment Amount for such Payment Date is greater than zero, to the Holders of each
 Class of Notes, in direct order of alphabetical designation (and amounts so allocated
 to the Class A Notes will be further allocated among the numerical Tranches of Class A
 Notes in accordance with the Applicable Class A Payment Priority), in respect of principal
 pro rata based on the Note Principal Balance of each such Note of such Class on such
 Payment Date together with any applicable Prepayment Consideration then due in respect of
 such principal repayment, up to an amount equal to the lesser of (x) the Class Principal
 Balance of such Class of Notes and (y) the Additional Principal Payment Amount
 (or, if applicable, the amount of the Additional Principal Payment Amount remaining unpaid
 after payments under this clause (vi) to each Class of Notes with a higher priority
 than such Class of Notes on such Payment Date) and any such Prepayment Consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if such Payment Date is on or after the
 Anticipated Repayment Date for any Series of Outstanding Variable Funding Notes or Term
 Notes that includes Outstanding Class A Notes and (A) an Amortization Period is
 not then in effect and (B) no Event of Default has occurred and is continuing, to the
 Holders of each Class of such Series of Variable Funding Notes or Term Notes that
 are Class A Notes (and amounts so allocated to the Class A Notes will be further
 allocated among the numerical Tranches of Class A Notes in accordance with the Applicable
 Class A Payment Priority), in respect of principal pro rata based on the Note Principal
 Balance of each such Note of such Class on such Payment Date, up to an amount equal
 to the unpaid principal amount of such Class of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) if such Payment Date is during an Amortization
 Period and no Event of Default has occurred and is continuing, to the Holders of each Class A
 Note (and amounts so allocated to the Class A Notes will be further allocated among
 the numerical Tranches of Class A Notes in accordance with the Applicable Class A
 Payment Priority), in respect of principal pro rata based on the Note Principal Balance of
 each such Note of such Class on such Payment Date, up to an amount equal to the Class Principal
 Balance of such Class of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) if (A) no Event of Default has occurred
 and is continuing and (B) a Class B PIK Period is in effect, to the Holders of
 all Class B Notes, in respect of interest pro rata based on the amount of Accrued Note
 Interest for each such Note on such Payment Date (and, to the extent not previously paid,
 for all prior Payment Dates), up to an amount equal to the aggregate Accrued Note Interest
 for such Note for such Payment Date (and, to the extent not previously paid, for all prior
 Payment Dates, together with interest on any unpaid Accrued Note Interest at the applicable
 Note Rate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) if (A) an Amortization Period is not
 then in effect and (B) no Event of Default has occurred and is continuing, to the Holders
 of any Class B Notes, an amount up to the Class B LTV Test Sweep Amount, if any,
 as of such Payment Date, in respect of principal pro rata based on the Note Principal Balance
 of such Note on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) if (A) an Amortization Period is not
 then in effect, (B) a Cash Trap Condition is not then in effect and (C) no Event
 of Default has occurred and is continuing, to the Holders of any Class B Notes for which
 a Monthly Amortization Amount is due on such Payment Date, pro rata, based on the Monthly
 Amortization Amount of each such Note as of such Payment Date, an amount up to the Monthly
 Amortization Amount for such Class of Notes applicable thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) if such Payment Date is on or after the
 Anticipated Repayment Date for any Series of Notes that includes Class B Notes
 and (A) an Amortization Period is not then in effect and (B) no Event of Default
 has occurred and is continuing, to the Holders of each Class B Note of such Series,
 in respect of principal pro rata based on the Note Principal Balance of each such Note on
 such Payment Date, up to an amount equal to the unpaid principal amount of such Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) if such Payment Date is during an Amortization
 Period and no Event of Default has occurred and is continuing, to the Holders of each Class B
 Note, in respect of principal pro rata based on the Note Principal Balance of each such Note,
 up to an amount equal to the Class Principal Balance of such Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) if (A) no Event of Default has occurred
 and is continuing and (B) a Class C PIK Period is in effect, to the Holders of
 each Note (other than Class A Notes or Class B Notes of such Series), in respect
 of interest pro rata based on the amount of Accrued Note Interest for each such Note on such
 Payment Date (and, to the extent not previously paid, for all prior Payment Dates), up to
 an amount equal to the aggregate Accrued Note Interest for such Note for such Payment Date
 (and, to the extent not previously paid, for all prior Payment Dates, together with interest
 on any unpaid Accrued Note Interest at the applicable Note Rate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) if (A) an Amortization Period is not
 then in effect and (B) no Event of Default has occurred and is continuing, to the Holders
 of any Class C Notes, an amount up to the Class C LTV Test Sweep Amount, if any,
 as of such Payment Date, in respect of principal pro rata based on the Note Principal Balance
 of such Note on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) if (A) an Amortization Period is
 not then in effect, (B) a Cash Trap Condition is not then in effect and (C) no
 Event of Default has occurred and is continuing, to the Holders of any Class of Notes
 (other than any Class A Notes or Class B Notes) for which a Monthly Amortization
 Amount is due on such Payment Date, in direct order of alphabetical designation, pro rata,
 based on the Monthly Amortization Amount of each such Note as of such Payment Date, an amount
 up to the Monthly Amortization Amount for such Class of Notes applicable thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) if such Payment Date is on or after the
 Anticipated Repayment Date for any Series of Notes that includes Notes other than Class A
 Notes or Class B Notes and (A) an Amortization Period is not then in effect and
 (B) no Event of Default has occurred and is continuing, to the Holders of each Note
 of such Series (other than Class A Notes or Class B Notes of such Series)
 in direct order of alphabetical designation, in respect of principal pro rata based on the
 Note Principal Balance of each such Note on such Payment Date, up to an amount equal to the
 unpaid principal amount of such Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) if such Payment Date is during an Amortization
 Period and no Event of Default has occurred and is continuing, to the Holders of each Note
 (other than Class A Notes or Class B Notes), in direct order of alphabetical designation,
 in respect of principal pro rata based on the Note Principal Balance of each such Note, up
 to an amount equal to the Class Principal Balance of such Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) if such Payment Date is after the occurrence
 and during the continuance of an Event of Default, to the Holders of each Class of Notes,
 in direct order of alphabetical designation (and amounts so allocated to the Class A
 Notes will be further allocated among the numerical Tranches of Class A Notes in accordance
 with the Applicable Class A Payment Priority), in respect of principal for such Class of
 Notes pro rata based on the Note Principal Balance of each such Note of such Class on
 such Payment Date, up to an amount equal to the Class Principal Balance of such Class of
 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) to the Holders of each Class of Notes,
 in direct order of alphabetical designation (and amounts so allocated to the Class A
 Notes will be further allocated among the numerical Tranches of Class A Notes in accordance
 with the Applicable Class A Payment Priority), first, in respect of Post-ARD Additional
 Interest pro rata based upon the amount of Post-ARD Additional Interest due on each such
 Note of such Class, and second, in respect of Deferred Post-ARD Additional Interest pro rata
 based on the amount of Deferred Post-ARD Additional Interest due on each such Note of such
 Class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) to the Co-Issuers, the remaining amount
 of Payment Date Funds for such Payment Date after making the allocations and payments described
 above, to be used for any purpose not prohibited under the Transaction Documents, including
 to the Holders of the equity interests in the Issuer or the Co-Issuer, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On each Payment Date on which the Senior Note Interest and Expense Reserve Draw Amount is greater than zero, the Indenture Trustee, upon direction of the Co-Issuers, within one Business Day of receipt of such direction, shall withdraw from the Senior Note Interest and Expense Reserve Sub-Account and/or, at the direction of the Co-Issuers, make a draw on any Liquidity Letters of Credit in an aggregate amount equal to the lesser of (x) such Senior Note Interest and Expense Reserve Draw Amount and (y) the sum of (i) the amount on deposit in the Senior Note Interest and Expense Reserve Sub-Account, if any, and (ii) the amount available to be drawn under any Liquidity Letter of Credit on such Payment Date and shall deposit such funds into the Debt Service Sub-Account to be applied to the payment of the Monthly Senior Payment Amount to the Holders of the Class A Notes in accordance with <u>Section 5.01(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as otherwise provided below, all such payments made with respect to any Notes on each Payment Date shall be made to the Holders of such Notes of record at the close of business on the immediately preceding Record Date and, in the case of each such Holder, shall be made by wire transfer of immediately available funds to the account specified by the Holder at a bank or other entity having appropriate facilities therefor, if such Holder shall have provided the Indenture Trustee with wiring instructions no less than 5 Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent Payment Dates), and otherwise shall be made by check mailed to the address of such Holder as it appears in the Note Register. The final payment on each certificated Definitive Note will be made in like manner, but only upon presentation and surrender of such Note (or de-registration, in the case of Uncertificated Notes) at the offices of the Note Registrar or such other location specified in the notice to Noteholders of the pendency of such final payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each payment with respect to a Book-Entry Note shall be paid to the Depositary, as Holder thereof, and the Depositary shall be responsible for crediting the amount of such payment to the accounts of its Depositary Participants in accordance with its normal procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The rights of the Noteholders to receive payments from the proceeds of the Collateral, and all rights and interests of the Noteholders in and to such payments, shall be as set forth in this Indenture. Neither the Holders of any Class of Notes nor any party hereto shall in any way be responsible or liable to the Holders of any other Class of Notes in respect of amounts previously paid on the Notes in accordance with this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Except as otherwise provided herein, whenever the Indenture Trustee receives written notice that the final payment with respect to any Class of Notes will be made on the next Payment Date, the Indenture Trustee shall, as promptly as possible thereafter, mail to each Holder of such Class of Notes of record on such date a notice to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Indenture Trustee expects that the final payment with respect to such Class of Notes will be made on such Payment Date but only upon presentation and surrender of such Notes (other than any Uncertificated Notes) at the office of the Note Registrar or at such other location therein specified, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no interest shall accrue on such Notes from and after the end of the Interest Accrual Period for such Payment Date.

Any funds not paid to any Holder or Holders of Notes of such Class on such Payment Date because of the failure of such Holder or Holders to tender their Notes shall be held and paid in accordance with <u>Section 7.22(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding any other provision of this Indenture, the Indenture Trustee shall comply with all U.S. federal withholding requirements respecting payments to Noteholders of interest or principal that are applicable under the Code. The consent of Noteholders shall not be required for such withholding. If the Indenture Trustee does withhold any amount from payments or advances of interest or principal to any Noteholder pursuant to U.S. federal withholding requirements, the Indenture Trustee shall indicate the amount withheld to such Noteholder. Any amounts so withheld shall be deemed to have been paid to such Noteholder for all purposes of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For the avoidance of doubt, any required payments of the Principal Balance of the Outstanding Variable Funding Notes shall include the cash collateralization of the aggregate principal amount of any undrawn Letters of Credit in accordance with the terms of the applicable Variable Funding Note Purchase Agreement.

Section 5.02 <u>Payments of Principal</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Monthly Amortization Amount for a Series of Notes that is subject to a Targeted Amortization Amount and any LTV Test Sweep Amount for any Class of Notes of any Series will be payable as provided in <u>Section 5.01(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Commencing on the first Payment Date to occur on or after the occurrence and during the continuance of an Amortization Period or on or after the occurrence and during the continuance of an Event of Default, all funds available for such purpose will be applied to the payment of the aggregate Note Principal Balance of the Notes of each Class and Series as provided pursuant to <u>Section 5.01</u>. Payments of principal on all other Payment Dates shall be made in accordance with the provisions of <u>Section 5.01(b)</u> from funds on deposit in the Debt Service Sub-Account which are available to pay principal.

Section 5.03 <u>Payments of Interest, VFN Undrawn Commitment Fees and Letter of Credit Fees</u>. On each Payment Date, Accrued Note Interest then due for each Note of each Class for such Payment Date and on each Payment Date while any Variable Funding Notes are Outstanding, any VFN Undrawn Commitment Fees on the Variable Funding Notes, any Letter of Credit Fees on any Letters of Credit and any other fees, expenses and other amounts due to the Holders of the Class A-1 Notes under any Variable Funding Note Purchase Agreement, will be paid from amounts on deposit in the Debt Service Sub-Account in accordance with <u>Section 5.01(b)</u> and, to the extent not paid on such Payment Date, on each subsequent Payment Date until paid in full.

Section 5.04 <u>No Gross Up</u>. The Co-Issuers shall not be obligated to pay any additional amounts to the Holders or the holders of beneficial interests in the Notes as a result of any withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges.

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to provide and shall provide to the Indenture Trustee, Paying Agent and/or the Co-Issuers (or other person responsible for withholding of taxes) the Noteholder Tax Identification Information. Further, each Noteholder and Note Owner is deemed to understand, acknowledge and agree that the Indenture Trustee, Paying Agent and Co-Issuers have the right to withhold on payments with respect to a Note (without any corresponding gross-up) where an applicable party fails to comply with the requirements set forth in the preceding sentence or the Indenture Trustee, Paying Agent or Co-Issuers is otherwise required to so withhold under applicable law. The Co-Issuers hereby covenant with the Indenture Trustee that the Co-Issuers will provide the Indenture Trustee with sufficient information so as to enable the Indenture Trustee to determine whether or not the Indenture Trustee is obliged to make any withholding, including FATCA Withholding Tax, in respect of any payments with respect to a Note (and if applicable, to provide the necessary detailed information to effectuate any withholding, including FATCA Withholding Tax, such as setting forth applicable amounts to be withheld). The parties agree that the Indenture Trustee shall be released of any liability relating to its actions and compliance under this <u>Section 5.04</u> and FATCA. Notwithstanding any other provisions herein, the term 'applicable law' for purposes of this <u>Section 5.04</u> includes U.S. federal tax law and FATCA. Upon request from the Indenture Trustee or Paying Agent, the Co-Issuers will provide such additional information that it may have to assist the Indenture Trustee and Paying Agent in making any withholdings or informational reports.

**ARTICLE VI**

**REPRESENTATIONS AND WARRANTIES**

Each of the Obligors represents and warrants to the Indenture Trustee that the statements set forth in this Article VI will be, true, correct and complete in all material respects as of each Closing Date.

Section 6.01 <u>Organization, Powers, Capitalization, Good Standing, Business</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Powers</u>. It is duly organized, validly existing and in good standing under the laws of its state of formation or incorporation. It has all requisite power and authority to own and operate its properties, to carry on its businesses as now conducted and proposed to be conducted. It has all requisite power and authority to enter into each Transaction Document to which it is a party and to perform the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Qualification</u>. It is duly qualified and in good standing in each state or territory where necessary to carry on its present businesses and operations, except in jurisdictions in which the failure to be qualified and in good standing could not reasonably be expected to have a Material Adverse Effect.

Section 6.02 <u>Authorization of Borrowing, etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Authorization of Borrowing</u>. It has the power and authority to incur or guarantee the Indebtedness evidenced by the Notes and this Indenture. The execution, delivery and performance by it of the Transaction Documents to which it is a party and the consummation of the transactions contemplated thereby have been duly authorized by all necessary limited liability company, partnership, corporate or other action, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Conflict</u>. The execution, delivery and performance by it of the Transaction Documents to which each is a party and the consummation of the transactions contemplated thereby do not and will not: (1) violate (x) its certificate of formation, certificate of incorporation, articles of incorporation, limited partnership agreement, bylaws, declaration of trust, limited liability company agreement, operating agreement or other organizational documents, as the case may be; (y) any provision of law applicable to it (except where such violation will not have a Material Adverse Effect) or (z) any order, judgment or decree of any Governmental Authority binding on it or any of its property (except where such violation will not have a Material Adverse Effect); (2) result in a breach of or constitute (with due notice or lapse of time or both) a default under any Contractual Obligation binding upon it or its property (except where such breach or default will not have a Material Adverse Effect); (3) result in or require the creation or imposition of any material Lien (other than the Lien of the Transaction Documents) upon its assets; or (4) require any approval or consent of any Person under any Contractual Obligation binding upon it or its property, which approvals or consents have not been obtained on or before the dates required under such Contractual Obligation (except where the failure to obtain such approval or consent will not have a Material Adverse Effect).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Governmental Consents</u>. The execution and delivery by it of the Transaction Documents to which it is a party, and the consummation of the transactions contemplated thereby do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any Governmental Authority which has not been obtained or made and is in full force and effect other than any of the foregoing the failure to have made or obtained which will not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Obligations</u>. This Indenture is, and each of the other Transaction Documents to which such Obligor is a party, when executed and delivered by such Obligor will be, the legally valid and binding obligations of such Obligor, enforceable against it, in accordance with their respective terms, subject to bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting creditor's rights.

Section 6.03 <u>Financial Statements</u>. All Financial Statements which have been furnished by or on behalf of the Obligors to the Indenture Trustee pursuant to this Indenture present fairly in all material respects the financial condition of the Persons covered thereby; *provided*, *however*, the Indenture Trustee shall have no obligation to review any such Financial Statements.

Section 6.04 <u>Indebtedness and Contingent Obligations</u>. As of the Closing Date, the Obligors shall have no outstanding Indebtedness or Contingent Obligations other than the Obligations and other Permitted Indebtedness.

Section 6.05 <u>Customer Contracts; Material Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Customer Contracts; Material Agreements</u>. The Obligors have delivered to the Indenture Trustee (i) true and complete electronic copies (in all material respects) of all Material Customer Contracts as in effect on the last day of the calendar month immediately preceding the Initial Closing Date and (ii) a list of all Material Agreements affecting the operation and management of the Data Centers as of the last day of the calendar month immediately preceding the Initial Closing Date; *provided*, *however*, the Indenture Trustee shall have no obligation to review any such Material Customer Contracts and Material Agreements. Such Material Agreements and Material Customer Contracts affecting the operation and management of the Data Centers, or the replacement list of all Material Agreements and Material Customer Contracts affecting the operation and management of the Data Centers most recently delivered electronically to the Indenture Trustee remains complete. No Person other than the Manager (or any other Person to whom the Manager has delegated its responsibilities), pursuant to and in accordance with the Management Agreement, has any right or obligation to manage any of the Data Centers on behalf of the Asset Entities or to receive compensation in connection with such management. Except for the parties to any leasing brokerage agreement or reseller agreement that has been delivered electronically to the Indenture Trustee and the Manager and except for marketing partners under industry standard terms, no Person has any right or obligation to contract or solicit customers for the Data Centers, or to receive compensation in connection with such contracting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Rent Roll, Disclosure</u>. A true and correct electronic copy of the Rent Roll as of the last day of the calendar month immediately preceding the Initial Closing Date setting forth, among other things, (1) a description of each Customer, (2) available data center space, the critical load power, or services contracted for each Customer and (3) the annualized scheduled fees per year for each effective Customer Contract, has been delivered to the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Management Agreement</u>. The Co-Issuers have delivered to the Indenture Trustee a true and complete copy of the Management Agreement as in effect on such Closing Date, and the Management Agreement has not been modified or amended except pursuant to amendments or modifications delivered to the Indenture Trustee. The Management Agreement is in full force and effect and no default by any of the parties thereto exists thereunder.

Section 6.06 <u>Litigation; Adverse Facts</u>. There are no judgments outstanding against any of the Obligors, or affecting any of the Data Centers or any property of any of the Obligors, nor to the Obligors' Knowledge is there any action, charge, claim, demand, suit, proceeding, petition, governmental investigation or arbitration now pending or threatened against any of the Obligors or any of the Data Centers that could, in the aggregate, reasonably be expected to result in a Material Adverse Effect.

Section 6.07 <u>Payment of Taxes</u>. Except as would not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, all federal, state, and local tax returns and reports of the Co-Issuers and each Asset Entity, and all such returns or reports with respect to the assets of the Co-Issuers and each Asset Entity, required to be filed have been timely filed (or each such Person has timely filed for an extension and the applicable extension has not expired), and all taxes, assessments, fees and other governmental charges (including any payments in lieu of taxes) upon such Persons and upon its properties, assets, income and franchises which are due and payable have been paid except to the extent the same are being contested in accordance with <u>Section 7.04(b)</u>.

Section 6.08 <u>Performance of Agreements</u>. To the Obligors' Knowledge, neither the Co-Issuers nor the Asset Entities are in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any Contractual Obligation of any such Persons which could, in the aggregate, reasonably be expected to have a Material Adverse Effect, and no condition exists that, with the giving of notice or the lapse of time or both, would constitute such a default which could, in the aggregate, reasonably be expected to have a Material Adverse Effect.

Section 6.09 <u>Employee Benefit Plans</u>. Except as would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect, (a) each "employee benefit plan" (within the meaning of Section 3(3) of ERISA) that is subject to Title IV of ERISA or Section 412 of the Code, for which the Parent or any of its subsidiaries or any member of the Parent's "Controlled Group" (defined as any trade or business (whether or not incorporated) that, together with the Parent, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Sections 412 and 430 of the Code or Section 302 of ERISA, is treated, together with the Parent, as a single employer under Sections 414(m) or (o) of the Code) sponsors, maintains or contributes to (other than a Multiemployer Plan) (each a "<u>Plan</u>") has been maintained in compliance with its terms and with the requirements of all applicable statutes, rules and regulations including ERISA and the Code; (b) with respect to each Plan subject to Title IV of ERISA (i) no "reportable event" (within the meaning of Section 4043(c) of ERISA, but excluding each event for which the 30-day notice period is waived by regulation) has occurred or is reasonably expected to occur, (ii) no failure to satisfy the minimum funding standard (within the meaning of Section 302 of ERISA or Section 412 of the Code), whether or not waived, has occurred or is reasonably expected to occur, and (iii) neither the Parent nor any of its subsidiaries nor any member of its Controlled Group has incurred, or reasonably expects to incur, any liability under Title IV of ERISA (other than contributions to the Plan or premiums to the Pension Benefit Guaranty Corporation in the ordinary course and without default) in respect of a Plan; and (c) neither the Parent nor any member of its Controlled Group has (i) incurred or reasonably expects to incur a partial or complete withdrawal from any Multiemployer Plan or (ii) received notice that any Multiemployer Plan is or is reasonably expected to become "insolvent" (within the meaning of Section 4245 of ERISA).

Section 6.10 <u>Solvency</u>. The Obligors (a) have not entered into any Transaction Document with the actual intent to hinder, delay, or defraud any creditor and (b) received reasonably equivalent value in exchange for their obligations under the Transaction Documents. After giving effect to the issuance of the Notes, the fair saleable value of the Obligors' assets taken as a whole exceed and will, immediately following the issuance of any Notes, exceed the Obligors' total liabilities, including, without limitation, subordinated, unliquidated, disputed and Contingent Obligations. The fair saleable value of the Obligors' assets taken as a whole is and will, immediately following the issuance of any Notes, be greater than the Obligors' probable liabilities, including the maximum amount of its Contingent Obligations on its debts as such debts become absolute and matured. The Obligors' assets taken as a whole do not and, immediately following the issuance of any Notes will not, constitute unreasonably small capital to carry out their businesses as conducted or as proposed to be conducted. The Obligors do not intend to, and do not believe that they will, incur Indebtedness and liabilities (including Contingent Obligations and other commitments) beyond their ability to pay such Indebtedness and liabilities as they mature (taking into account the timing and amounts of cash to be received by the Obligors and the amounts to be payable on or in respect of obligations of the Obligors).

Section 6.11 <u>Use of Proceeds and Margin Security</u>. No portion of the proceeds from the issuance of the Term Notes and draws under the Variable Funding Notes shall be used by the Co-Issuers or any Person in any manner that might cause the borrowing or the application of such proceeds to violate Regulation T, Regulation U, Regulation X or any other regulation of the Board of Governors of the Federal Reserve System.

Section 6.12 <u>Insurance</u>. Set forth on Schedule I is a description of all policies of insurance for the Asset Entities that are in effect as of the Initial Closing Date. Such Insurance Policies conform to the requirements of <u>Section 7.05</u>. No notice of cancellation has been received with respect to such policies, and, to the Asset Entities' Knowledge, the Asset Entities are in compliance with all material conditions contained in such policies.

Section 6.13 <u>Investments</u>. The Co-Issuers and the Asset Entities have no (i) direct or indirect interest in, including without limitation stock, partnership interest or other equity securities of, any other Person (other than the Asset Entities), or (ii) direct or indirect loan, advance or capital contribution to any other Person, including all indebtedness from that other Person other than in the Asset Entities.

Section 6.14 <u>OFAC</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) None of the Obligors or any director or officer of the Obligors and, to the knowledge of the Obligors, no agent, employee or other person acting for or on behalf of such relevant entity is, or is 50% or more owned or controlled by one or more persons that are, currently the subject or target of any sanctions administered or enforced by the United States government, including, without limitation, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC"), the U.S. Department of State, the United Nations Security Council, the European Union, any European Union Member State or His Majesty's Treasury (collectively, "<u>Sanctions</u>"); nor is such relevant entity located, organized or resident in a country or territory that is the subject of comprehensive Sanctions (currently, Cuba, Iran, Syria, North Korea, Crimea, Kherson and Zaporizhzia regions of Ukraine, the so-called Donetsk People's Republic, and the so-called Luhansk People's Republic (each a "<u>Sanctioned Country</u>")); and the Obligors will not directly or, to the Knowledge of any Obligor, indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of funding, financing or facilitating the activities of or business with any person that is the subject or target of Sanctions (a "<u>Sanctioned Person</u>"), or in any Sanctioned Country, or in any other manner that results in a violation by any person (including any person participating in the transaction whether as underwriter, advisor, investor or otherwise) of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Obligors will directly or, to the Knowledge of any Obligor, indirectly, use the proceeds of the Term Notes or any draw under the Variable Funding Notes or otherwise make available such proceeds or draw amounts to any Person, for the purpose of financing the activities or business of any Person or in any country or territory that, at the time of such funding or financing, is the target of comprehensive Sanctions, or in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the offering, whether as underwriter, advisor, investor, or otherwise).

Section 6.15 <u>Anti-Corruption Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) None of the Obligors, any director or officer, or, to the knowledge of the Obligors, any employee or agent of obligors, in their capacity as such, or controlled Affiliate of any Obligor is currently in violation of (x) any Anti-Corruption Laws or (y) the USA PATRIOT Act and (ii) no part of the proceeds of the Term Notes and no proceeds of any draw under the Variable Funding Notes will be used, directly or, to the knowledge of any Obligor, indirectly, for any payments to any person, including any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to improperly obtain, retain or direct business or obtain any improper advantage, in violation of Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Obligor has implemented and maintains in effect policies and procedures reasonably designed to promote compliance by the Parent, the Guarantors and the Co-Issuers, their respective Subsidiaries and the respective directors, officers, employees and agents of the foregoing with each of Anti-Corruption Laws and the USA PATRIOT Act.

Section 6.16 <u>Intellectual Property</u>. To the Obligors' Knowledge, the use by any Obligor of all patents, trademarks, trade names, service marks and copyrights material to such Obligor's business, and all applications therefor and licenses thereof, does not infringe on the rights and entitlements of any third parties thereto that could reasonably be expected to result in a Material Adverse Effect.

Section 6.17 <u>Governmental Regulation</u>. The Obligors are not subject to regulation under the Investment Company Act. None of the Obligors is an EEA Financial Institution.

Section 6.18 <u>Representations and Warranties With Respect To Data Centers and Customer Contracts</u>. Subject to any exceptions (w) set forth on Schedule II, (x) approved by Noteholders representing more than 50.0% of the Voting Rights of the Controlling Class of Notes, (y) with respect to which the Rating Agency Confirmation is obtained or (z) for any Additional Data Center and the related Customer Contracts added as Collateral on any Closing Date after the Initial Closing Date, as set forth in the Series Supplement for the Series issued on such Closing Date, (i) in connection with the issuance of any Series of Notes on the Initial Closing Date and any subsequent Closing Date, the Obligors hereby make the applicable representations and warranties set forth on Schedule II with respect to the Data Centers and any related Customer Contracts added as Collateral on such Closing Date; *provided* that such representations and warranties shall be made as of the date specified in such representation or warranty or, in the event no such date is specified with respect to any such representation or warranty, as of the date of addition or acquisition thereof, or (ii) in any other instance in which an Asset Entity acquires any Data Center and related Customer Contracts on any date other than a Closing Date (including in connection with the addition of any Additional Data Center), the Obligors hereby make the applicable representations and warranties set forth on Schedule II with respect to such Data Center and any related Customer Contracts, respectively; provided, that such representations and warranties shall be made as of the date specified in such representation or warranty or, in the event no such date is specified with respect to any such representation or warranty, as of the date of addition or acquisition thereof.

**ARTICLE VII**

**COVENANTS**

Each of the Obligors covenants and agrees that until payment in full of the Obligations, it shall, and in the case of the Co-Issuers shall cause the Asset Entities to, perform and comply with all covenants in this Article VII applicable to such Person.

Section 7.01 <u>Payment on Notes</u>. Subject to <u>Section 15.18</u> and <u>Section 15.21</u>, the Co-Issuers shall duly and punctually pay the principal, interest and other amounts on the Notes of each Series in accordance with the terms of the Notes, this Indenture and the related Series Supplement and, in the case of Variable Funding Notes, the applicable Variable Funding Note Purchase Agreement. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Co-Issuers to such Noteholder for all purposes of this Indenture and the related Series Supplement.

Section 7.02 <u>Financial Statements and Other Reports</u>.

(a) <u>Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Annual Reporting</u>. Within 120 days after the end of each fiscal year of the Co-Issuers (commencing with the fiscal year ended December 31, 2024), the Co-Issuers shall furnish to the Indenture Trustee, the Backup Manager and the Servicer (on a consolidated basis for the Obligors) copies of the Financial Statements for such year. Such Financial Statements shall be in accordance with GAAP consistently applied and shall be audited by a certified public accounting firm of national standing, and shall bear the unqualified certification of such accountants that such Financial Statements present fairly in all material respects the financial position of the Obligors for the period covered by such Financial Statements. Such Financial Statements shall be accompanied by Supplemental Financial Information for such fiscal year. Such Financial Statements shall also be accompanied by a certification executed by the Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer or Treasurer (or other officer with similar duties) of each of the Issuer and the Co-Issuer to the effect set forth in <u>Section 7.02(a)(ix)</u> and by a Compliance Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Quarterly Reporting</u>. Within 60 days after the end of each of the first three fiscal quarters in each fiscal year of the Co-Issuers, the Co-Issuers (commencing with the fiscal quarter ended March 31, 2025), shall furnish to the Indenture Trustee, the Manager, the Backup Manager and the Servicer (on a consolidated basis for the Obligors) copies of the unaudited Financial Statements for such quarter, together with a certification executed by Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer or Treasurer (or other officer with similar duties) of each of the Issuer and the Co-Issuer to the effect set forth in <u>Section 7.02(a)(viii)</u>. Such quarterly Financial Statements shall be accompanied by Supplemental Financial Information and a Compliance Certificate for such fiscal quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Customer Contract and Site Lease Reports</u>. Within 60 days after the end of each fiscal quarter of the Co-Issuers, commencing with the fiscal quarter ended December 31, 2024, the Co-Issuers shall furnish to the Backup Manager and the Servicer: (A) a certified Rent Roll in form and substance reasonably acceptable to the Servicer, (B) a schedule of any Material Customer Contracts that expired and were not renewed during such fiscal quarter, (C) a schedule of Material Customer Contracts scheduled to expire within the following four fiscal quarters, (D) a schedule of Site Leases scheduled to expire within the following four fiscal quarters and (E) a schedule of security deposits held under or in accordance with Site Leases, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Monthly Report; Budgeted Operating Expense Amount</u>. No later than four Business Days prior to each Application Date, the Co-Issuers shall provide, or cause the Manager to provide, to the Indenture Trustee, the Manager, the Backup Manager, and the Servicer, a Monthly Report, which report shall include a calculation of the Budgeted Operating Expense Amount. Notwithstanding the foregoing, the Manager may subsequently adjust the Budgeted Operating Expense Amount in connection with the addition of any Additional Data Center (*pro rata* for the initial Collection Period in which such Additional Data Center is added based on the period from the date of addition of such Additional Data Center through the last day of such Collection Period to account for the pro forma Monthly Recurring Revenue that the Manager reasonably believes such Additional Data Center would have contributed during the prior twelve months) as reasonably determined by the Manager at the time of addition of such Additional Data Center. Notice of any modifications to the Budgeted Operating Expense Amount shall be delivered to the Indenture Trustee, the Backup Manager and the Servicer at the time of delivery of the applicable Monthly Report pursuant to this <u>Section 7.02(a)(iv)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Portfolio Stratifications</u>. On or prior to April 30 of each calendar year, the Co-Issuers shall provide, or cause the Manager to provide, to each Rating Agency and the Backup Manager, a data tape (which shall be up to date as of December 31 of the preceding calendar year or later) relating to the Data Centers and Customer Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Additional Reporting</u>. In addition to the foregoing, the Co-Issuers and the Manager shall promptly provide to the Indenture Trustee, the Backup Manager and the Servicer such further documents and information concerning its operations, properties, ownership, and finances as the Indenture Trustee, the Backup Manager and the Servicer shall from time to time reasonably request upon prior written notice to the Co-Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>GAAP</u>. The Co-Issuers will maintain systems of accounting established and administered in accordance with sound business practices and sufficient in all respects to permit preparation of the Financial Statements in conformity with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) <u>Certifications of Financial Statements and Other Documents, Compliance Certificate</u>. Together with the Financial Statements provided to the Indenture Trustee, the Backup Manager and the Servicer pursuant to <u>Sections 7.02(a)(i)</u> and <u>(ii)</u>, each of the Co-Issuers shall also furnish to the Indenture Trustee, the Backup Manager and the Servicer, a certification upon which the Indenture Trustee, the Backup Manager and the Servicer can conclusively rely, executed by its (or its manager's) Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer or Treasurer (or other officer with similar duties), stating that to its Knowledge after due inquiry such Financial Statements fairly present the financial condition and results of operations of the Obligors on a consolidated basis for the period(s) covered thereby (except for the absence of footnotes with respect to the quarterly Financial Statements). In addition, where this Indenture requires a "<u>Compliance Certificate</u>", the Person required to submit the same shall deliver a certificate duly executed on behalf of such Person by an Executive Officer upon which the Indenture Trustee, the Backup Manager and the Servicer can rely, stating that, to their Knowledge after due inquiry, there does not exist any Default or Event of Default, or if any of the foregoing exists, specifying the same in detail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) <u>Fiscal Year</u>. None of the Co-Issuers or any other Obligor shall change its fiscal year end from December 31.

(b) <u>Material Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Co-Issuers shall promptly deliver, or cause to be delivered, to the Servicer, the Backup Manager and the Indenture Trustee, copies of all notices given or received with respect to a default under any term or condition related to any Permitted Indebtedness of any Obligor which is reasonably likely to result in a Material Adverse Effect, and shall notify the Indenture Trustee, the Backup Manager and the Servicer within five Business Days of any material event of default of which it obtains Knowledge with respect to any such Permitted Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Co-Issuers shall promptly deliver to the Indenture Trustee, the Backup Manager and the Servicer copies of any and all notices of a material default or breach with respect to any Material Agreement or any Material Customer Contract which is reasonably likely to result in a termination of such Material Agreement or such Material Customer Contract and to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Events of Default, etc</u>. Promptly upon the Co-Issuers obtaining Knowledge of any of the following events or conditions, the Co-Issuers shall deliver to the Servicer, the Backup Manager and the Indenture Trustee (upon which each can conclusively rely) a certificate executed on its behalf by an Executive Officer specifying the nature and period of existence of such condition or event and what action the Co-Issuers or the affected Asset Entity or any Affiliate thereof has taken, is taking and proposes to take with respect thereto: (i) any condition or event that constitutes an Event of Default; (ii) any actual or alleged breach or default under the Transaction Documents which is reasonably likely to have a Material Adverse Effect; or (iii) any actual or alleged breach or default under any Customer Contract or Site Lease which is reasonably likely to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Litigation</u>. Promptly upon either of the Co-Issuers obtaining Knowledge of (1) the institution of any action, suit, proceeding, governmental investigation or arbitration against an Obligor or any of the Data Centers not previously disclosed in writing to the Indenture Trustee, the Backup Manager and the Servicer which would be reasonably likely to have a Material Adverse Effect and is not covered by insurance or (2) any material development in any action, suit, proceeding, governmental investigation or arbitration at any time pending against or affecting an Obligor or any of the Data Centers not covered by insurance which, in each case, could reasonably be expected to have a Material Adverse Effect, the Issuer or the Co-Issuer, as applicable, shall give notice thereof to the Indenture Trustee, the Backup Manager and the Servicer and, upon request from the Servicer or the Backup Manager, provide such other information as may be reasonably available to them to enable the Servicer or the Backup Manager and their respective counsel to evaluate such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Insurance</u>. On or before the last day of each insurance policy period of the Obligors, the Co-Issuers shall deliver to the Servicer and the Backup Manager certificates, reports, and/or other information (all in form and substance reasonably satisfactory to the Servicer), (i) outlining all material insurance coverage maintained as of the date thereof by the Obligors and all material insurance coverage planned to be maintained by the Obligors in the subsequent insurance policy period and (ii) to the extent not paid directly by the Manager or one of its Affiliates, evidencing payment in full of the premiums for such insurance policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Other Information</u>. Within a reasonable period following the receipt of a request, the Co-Issuers shall deliver such other information and data with respect to the Obligors or the Data Centers as from time to time may be reasonably requested by the Indenture Trustee, the Backup Manager or the Servicer.

Section 7.03 <u>Existence; Qualification</u>. Each Obligor shall at all times preserve and keep in full force and effect its existence as a limited liability company, limited partnership, trust or corporation, as the case may be, and shall at all times preserve and keep in full force and effect all rights and franchises material to its business, including its qualification to do business in each state, where it is required by law to so qualify, except to the extent that the failure to be so qualified would not have a Material Adverse Effect; provided that nothing contained in this <u>Section 7.03</u> shall restrict the merger or consolidation of an Asset Entity with another Asset Entity.

Section 7.04 <u>Payment of Impositions and Claims</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for those matters being contested pursuant to clause (b) below, each Obligor shall pay (i) all Impositions; (ii) all claims (including claims for labor, services, materials and supplies) for sums that have become due and payable and that by law have or may become a Lien upon any of its properties or assets (hereinafter referred to as the "<u>Claims</u>"); and (iii) all federal, state and local income taxes, sales taxes, excise taxes and all other taxes and assessments of such Obligor on its business, income or assets (except to the extent the effect of which is not reasonably expected to result in a Material Adverse Effect); in each instance before any material penalty or fine is incurred with respect thereto; *provided* that the foregoing shall not be deemed to require that an Asset Entity pay any such tax or other liability that is imposed upon a Site Lessor or a Customer or that any Site Lessor or Customer is obligated to pay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Asset Entities shall not be required to pay, discharge or remove any Imposition or material Claim relating to a Data Center so long as the Asset Entities or the Co-Issuers contest in good faith such Imposition or Claim or the validity, applicability or amount thereof by an appropriate proceeding which operates to prevent the collection of such amounts and the sale of the applicable Data Center or any portion thereof, so long as: (i) no Event of Default shall have occurred and be continuing, (ii) prior to the date on which such Imposition or Claim would otherwise have become delinquent, the Asset Entities shall have given the Indenture Trustee, the Backup Manager and the Servicer prior written notice of their intent to contest said Imposition or Claim and shall have deposited with the Indenture Trustee (or with a court of competent jurisdiction or other appropriate body reasonably approved by the Servicer) such additional amounts as are necessary to keep on deposit at all times, an amount by way of cash (or other form reasonably satisfactory to the Servicer), equal to (after giving effect to any Reserves then held by the Indenture Trustee for the item then subject to contest) at least 125.0% of the total of (x) the balance of such Imposition or Claim then remaining unpaid, and (y) all interest, penalties, costs and charges accrued or accumulated thereon; (iii) no risk of sale, forfeiture or loss of any interest in the applicable Data Center or any part thereof arises, in the Servicer's reasonable judgment, during the pendency of such contest; (iv) such contest does not, in the Servicer's reasonable determination, have a Material Adverse Effect; and (v) such contest is based on bona fide, material, and reasonable claims or defenses. Any such contest shall be prosecuted with due diligence, and the Asset Entities shall promptly pay the amount of such Imposition or Claim as finally determined, together with all interest and penalties payable in connection therewith (it being understood that the Asset Entities shall have the right to direct the Indenture Trustee to use any amount deposited with the Indenture Trustee under <u>Section 7.04(b)(ii)</u> for the payment thereof). The Indenture Trustee (at the sole written direction of the Servicer) shall have full power and authority, but no obligation, to apply any amount deposited with the Indenture Trustee to the payment of any unpaid Imposition or Claim to prevent the sale or forfeiture of the applicable Data Center for non-payment thereof, if the Servicer reasonably believes that such sale or forfeiture is threatened.

Section 7.05 <u>Maintenance of Insurance</u>. The Obligors shall continuously maintain the following described policies of insurance without cost to the Indenture Trustee, the Backup Manager or the Servicer (the "<u>Insurance Policies</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Property insurance against loss and damage by all risks (other than risks described in clause (e) below) of physical loss or damage covering the Improvements and third-party liability for personal property on the Data Centers, and bearing a replacement cost endorsement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Commercial general liability insurance, including death, bodily injury and broad form property damage coverage with a combined single limit in an amount not less than $1,000,000 per occurrence and $2,000,000 in the aggregate for any policy year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Employer's liability/benefits insurance, in an amount not less than $1,000,000 each accident for bodily injury by accident, $1,000,000 each employee for bodily injury by disease and $1,000,000 policy limit for bodily injury by disease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Automobile liability for all non-owned vehicles, in an amount not less than $1,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If any of the Data Centers are in an area prone to geological phenomena, including, but not limited to, subsidence, floods or earthquakes, each such Data Center shall be covered by a blanket insurance policy, in an amount not less than $1,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For each Data Center located in whole or in part in a federally designated "special flood hazard area", flood insurance to the extent required by law and available at federally subsidized rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) An umbrella excess liability policy with a limit of not less than $10,000,000 over primary insurance, which policy shall include coverage for contractual liability coverage, premises and automobile liability coverage, and coverage for safeguarding of personal property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Business interruption insurance in an amount not less than $55,000,000 and 12 months of business interruption or loss of income insurance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Workers' compensation, in an amount specified under applicable law.

All Insurance Policies shall be in content (including, without limitation, endorsements or exclusions, if any), form, and amounts, and issued by companies, reasonably satisfactory to the Servicer from time to time and shall name the Indenture Trustee and its successors and assignees as their interests may appear as an "additional insured" or "loss payee" and "mortgagee" (with respect to property insurance, as applicable) for each of the policies under this <u>Section 7.05</u> for which such designation is applicable and shall contain a waiver of subrogation clause reasonably acceptable to the Servicer. The Property insurance under <u>Section 7.05(a)</u> with respect to the Data Centers shall contain a Non-Contributory Standard mortgagee clause and a mortgagee's Loss Payable Endorsement (Form 438 BFU NS), or their equivalents (such endorsements shall entitle the Indenture Trustee to collect any and all proceeds payable to the Obligors under all such insurance, with the insurance company waiving any claim or defense against the Indenture Trustee for premium payment, deductible, self-insured retention or claims reporting provisions). The Obligors may obtain any insurance required by this <u>Section 7.05</u> through blanket policies; *provided, however*, that such blanket policies shall separately set forth the amount of insurance in force (together with applicable deductibles, and per occurrence limits) with respect to the Data Centers (which shall not be reduced by reason of events occurring on property other than the Data Centers) and shall afford all the protections to the Indenture Trustee as are required under this <u>Section 7.05</u>. Except as may be expressly provided above, all policies of insurance required hereunder shall contain no annual aggregate limit of liability, other than with respect to any liability-related, earthquake, flood or property insurance. If a blanket policy is issued, an insurance certificate indicating that the Indenture Trustee is an additional insured (and, if applicable, loss payee) under such policy in the designated amount, shall be furnished. As soon as practicable following the renewal of any Insurance Policy maintained to satisfy the requirements of this <u>Section 7.05</u>, the Obligors shall deliver to the Indenture Trustee and the Servicer an insurance certificate executed by the insurer or its authorized agent evidencing the renewal of such Insurance Policy, which certificate shall be acceptable to the Servicer. Upon the request of the Servicer, the Obligors shall deliver to the Servicer a duplicate original of any insurance certificate maintained to satisfy the requirements hereof.

An insurance company shall not be satisfactory unless such insurance company (a) is licensed or authorized to issue insurance in the state where the applicable Data Center is located and (b) has an AM Best Rating of not less than "A-VII". Notwithstanding the foregoing, a carrier which does not meet the foregoing ratings requirement shall nevertheless be deemed acceptable hereunder provided that such carrier is reasonably acceptable to the Servicer and the Obligors shall deliver notice to each of the Rating Agencies of the ratings of such carriers. The Obligors shall furnish the Indenture Trustee, the Manager, the Backup Manager and the Servicer copies of certificates of insurance with respect to such insurance policies and the Servicer shall confirm that the coverage amount, policy term and deductible amounts comply with the requirements therefor in this Indenture.

The requirements of this <u>Section 7.05</u> shall apply to any separate policies of insurance taken out by the Obligors concurrent in form or contributing in the event of loss with the Insurance Policies. Property losses shall be payable to the Indenture Trustee notwithstanding (1) any act, failure to act or negligence of the Obligors or their agents or employees, the Indenture Trustee or any other insured party which might, absent such agreement, result in a forfeiture or all or part of such insurance payment, other than the willful misconduct of the Indenture Trustee knowingly in violation of the conditions of such policy, (2) the occupation or use of the Data Centers or any part thereof for purposes more hazardous than permitted by the terms of such policy, (3) any foreclosure or other action or proceeding taken pursuant to this Indenture or (4) any change in title to or ownership of the Data Centers or any part thereof. For purposes of determining whether the required insurance coverage is being maintained hereunder, each of the Indenture Trustee, the Backup Manager and Servicer shall be entitled to rely solely on a certification thereof furnished to it by the Co-Issuers or the Manager, without any obligation to investigate the accuracy or completeness of any information set forth therein, and shall have no liability with respect thereto. The property insurance described in this <u>Section 7.05</u> shall include "time element" coverage by which the Indenture Trustee shall be assured payment of all amounts due under the Notes, this Indenture and the other Transaction Documents, "extra expense" (i.e., soft costs), clean-up, transit and ordinary payroll coverage and "expediting expense" coverage to facilitate rapid repair or restoration of the Data Centers.

Section 7.06 <u>Operation and Maintenance of the Data Centers; Casualty; Condemnation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Asset Entity shall maintain or cause to be maintained in good repair, working order and condition all material property necessary for use in its business, including the applicable Data Centers, and shall make or cause to be made all appropriate repairs, renewals and replacements thereof except to the extent the failure to do so would not reasonably be expected to have a Material Adverse Effect. All work required or permitted under this Indenture shall be performed in a workmanlike manner and in compliance with all applicable laws except to the extent the failure to do so would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the event of material casualty or property loss at any of the Data Centers, the Co-Issuers shall promptly (and in any event within three Business Days of obtaining Knowledge thereof) give written notice thereof to the Indenture Trustee, the Backup Manager and the Servicer. In the event of any such casualty or property loss which, in the Issuer's or the Co-Issuer's reasonable opinion, is likely to result in a Material Adverse Effect, the applicable Asset Entity shall, to the extent permitted by law and consistent with prudent business practices, promptly commence and diligently prosecute to completion, in accordance with the terms hereof, the repair and restoration of the Data Center as nearly as possible to the Pre-Existing Condition (a "<u>Restoration</u>"). The Asset Entities hereby authorize and empower the Servicer as attorney-in-fact for the Asset Entities (jointly with the Asset Entities unless an Event of Default has occurred and is continuing), or any of them, and upon not less than ten Business Days' prior written notice, with respect to Insurance Proceeds relating to a casualty in excess of $5,000,000 to make proof of loss, to adjust and compromise any claim under Insurance Policies, to appear in and prosecute any action arising from such Insurance Policies, to collect Insurance Proceeds and to receive Insurance Proceeds in excess of $5,000,000 (to be held in the Priority Expense Reserve Sub-Account pending the Asset Entities' determination with respect to Restoration of the affected Data Center as set forth in <u>Section 7.06(c)</u>), and to deduct therefrom the Indenture Trustee's and the Servicer's reasonable expenses incurred in the collection of such proceeds; *provided, however*, that nothing contained in this <u>Section 7.06</u> shall require the Indenture Trustee or the Servicer to incur any expense or take any action hereunder. The Co-Issuers further authorize the Indenture Trustee, at the Servicer's option and written direction, with respect to proceeds in excess of $5,000,000 (a) to hold the balance of such proceeds to be made available to the Asset Entities for the cost of Restoration of any of the Data Centers or (b) unless prohibited by <u>Section 7.06(c)</u>, to apply such Insurance Proceeds to prepay the principal amount of the Notes whether or not then due, in accordance with <u>Section 2.09(a)</u>. The Servicer shall not direct the Indenture Trustee to apply such Insurance Proceeds to prepay the principal amount of the Notes so long as each of the conditions (as applicable) to the release of Loss Proceeds for restoration or repair of the Data Centers under <u>Section 7.06(c)</u> have been satisfied with respect to such Insurance Proceeds in all material respects. The Asset Entities hereby authorize and empower the Servicer as attorney-in-fact for the Asset Entities (jointly with the Asset Entities unless an Event of Default has occurred and is continuing), or any of them, and upon not less than ten Business Days' prior written notice, with respect to proceeds of Insurance Policies not included in the definition of Insurance Proceeds, such as business interruption insurance and liability insurance, to adjust and compromise any claim under such Insurance Policies, to appear in and prosecute any action arising from such insurance policies (which, for the avoidance of doubt, may coincide with proceedings relating to the settlement and adjustment of Insurance Proceeds described above), to collect and to receive such proceeds (to be held in the Priority Expense Reserve Sub-Account pending the Servicer's allocation of such proceeds for the intended purposes). The Co-Issuers further authorize the Indenture Trustee, at the Servicer's option and written direction, with respect to such proceeds (a) to hold the balance of such proceeds from liability insurance to be made available to the Asset Entities for the reimbursement of any expenses of any of the Data Centers related to such event or (b) otherwise, to deposit such amounts in the Collection Account and allocate such proceeds over such period of time for which such proceeds correspond (e.g., if the proceeds under the Insurance Policies provided 3 months of proceeds with respect to a business interruption policy, then such amounts shall be applied as Available Funds in the current Collection Period and each of the two immediately succeeding Collection Periods).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Co-Issuers shall promptly give the Indenture Trustee, the Backup Manager and the Servicer written notice of the commencement of any condemnation or eminent domain proceeding affecting the Data Centers or any portion thereof of which the Asset Entities' have Knowledge and that could, in the Issuer's or Co-Issuer's reasonable opinion, be likely to result in a Material Adverse Effect. The Asset Entities hereby irrevocably appoint the Servicer as the attorney-in-fact for the Asset Entities (jointly with the Asset Entities unless an Event of Default has occurred and is continuing), or any of them, and upon not less than ten Business Days' prior written notice, with respect to condemnation proceedings likely to result in Condemnation Proceeds in excess of $5,000,000 to collect Condemnation Proceeds and to receive and retain any Condemnation Proceeds in excess of $5,000,000 (to be held in the Priority Expense Reserve Sub-Account pending the Asset Entities' determination with respect to Restoration of the affected Data Center as set forth in <u>Section 7.06(c)</u>) and to make any compromise or settlement in connection with such proceeding. In accordance with the terms hereof, the Asset Entities shall cause Condemnation Proceeds in excess of $5,000,000 which are payable to the Asset Entities to be paid directly to the Indenture Trustee for deposit in the Priority Expense Reserve Sub-Account. If the applicable Data Center is sold following an Event of Default, through foreclosure or otherwise, prior to the receipt by the Indenture Trustee of Condemnation Proceeds, the Indenture Trustee shall have the right to receive said Condemnation Proceeds, or a portion thereof sufficient to pay the Obligations. Notwithstanding the foregoing, the Asset Entities may prosecute any condemnation proceeding and settle or compromise and collect Condemnation Proceeds of not more than $5,000,000 *provided* that: (a) no Event of Default shall have occurred and be continuing, (b) the Asset Entities apply the Condemnation Proceeds to any reconstruction or repair of the Data Center necessary or desirable as a result of such condemnation or taking, and (c) the Asset Entities promptly commence and diligently prosecute such reconstruction or repair to completion in accordance with all applicable laws. Subject to the terms hereof, each of the Asset Entities authorizes the Servicer and the Indenture Trustee to apply such Condemnation Proceeds, after the deduction of the Indenture Trustee and the Servicer's reasonable expenses incurred in the collection of such Condemnation Proceeds, at the Servicer's option and written direction, to restoration or repair of the Data Centers or, at the Servicer's option and written direction, to prepay the principal amount of the Notes, whether or not then due, in accordance with <u>Section 2.09(a)</u>. The Servicer shall not direct the Indenture Trustee to apply such Condemnation Proceeds to prepay the principal amount of the Notes if each of the conditions (as applicable) to the release of Loss Proceeds for restoration or repair of the Data Centers under <u>Section 7.06(c)</u> have been satisfied with respect to such Condemnation Proceeds in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything to the contrary herein, the Co-Issuers shall have the right to apply Loss Proceeds toward the prepayment of the principal amount of the Notes (without any Yield Maintenance) in accordance with <u>Section 2.09(a)</u> in lieu of applying the same toward restoration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Servicer shall not direct the Indenture Trustee to apply Loss Proceeds to the prepayment of the principal amount of the Notes in accordance with <u>Section 2.09(a)</u> so long as each of the following conditions shall have been satisfied in all material respects: (i) no Event of Default then exists; (ii) the Servicer reasonably determines that there will be sufficient funds to complete the Restoration of the Data Center to at least substantially the condition it was in immediately prior to such casualty or condemnation (excluding replacement of obsolete Assets which are not required in connection with operating the applicable Data Center) and in compliance with applicable laws (the "<u>Pre-Existing Condition</u>") and to timely make all payments due under the Transaction Documents during the Restoration of the affected Data Center; and (iii) the Servicer determines that the Restoration of the affected Data Center to the Pre-Existing Condition will be completed no later than 6 months prior to the latest Anticipated Repayment Date for any Series of Outstanding Notes. If the Servicer elects to apply Loss Proceeds to the prepayment of the principal of the Notes, such application shall be made on the Payment Date immediately following such election in accordance with <u>Section 2.09(a)</u>. Notwithstanding the foregoing to the contrary, in the event the Asset Entities, in their reasonable discretion, and within 180 days of receipt of such Loss Proceeds, elect not to restore a Data Center or are not able to restore a Data Center after the use of commercially reasonable efforts, any Loss Proceeds relating to such Data Center (less any Loss Proceeds expended to restore such Data Center) held in the Priority Expense Reserve Sub-Account, after reimbursing any amounts due to the Servicer and the Indenture Trustee, shall be applied to the prepayment of the Notes on the Payment Date immediately following such election in accordance with <u>Section 2.09(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Servicer shall not direct the Indenture Trustee to disburse Loss Proceeds more frequently than twice every calendar month. If Loss Proceeds are applied to the prepayment of the principal of the Notes, any such application shall not extend or postpone the due dates of the monthly payments due under the Notes or otherwise under the Transaction Documents, or change the amounts of such payments. If the Servicer elects to apply all of such Loss Proceeds toward the prepayment of the principal of the Notes in accordance with <u>Section 2.09(a)</u>, the Co-Issuers shall be entitled to obtain from the Indenture Trustee a release (without representation or warranty) of the applicable Data Center from the Lien of the Mortgage relating to such Data Center (if applicable) (in which event the Asset Entities shall not be obligated to restore the applicable property pursuant to <u>Section 7.06(b)</u>). Any amount of Loss Proceeds remaining in the Priority Expense Reserve Sub-Account after the full and final payment and discharge of all Obligations shall be refunded to, or as directed by, the Asset Entities or otherwise paid in accordance with applicable law. If a Data Center is sold at foreclosure or if the Indenture Trustee acquires title to a Data Center, the Indenture Trustee shall have all of the right, title and interest of the applicable Asset Entity in and to any Loss Proceeds and unearned premiums on Insurance Policies relating to such Data Center.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In no event shall the Servicer direct the Indenture Trustee to make disbursements of Loss Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration, as certified by the Co-Issuers, less a retainage equal to the greater of (x) the actual retainage required pursuant to the permitted contract, or (y) 10.0% of such costs incurred until the Restoration has been completed. The retainage shall in no event be less than the amount actually held back by the Asset Entities from contractors, subcontractors and materialmen engaged in the Restoration. The retainage shall not be released until the Servicer is reasonably satisfied that the Restoration has been completed in accordance with the provisions of this <u>Section 7.06</u> and that all approvals necessary for the re-occupancy and use of the Data Center have been obtained from all appropriate Governmental Authorities, and the Servicer receives final Lien waivers and such other evidence reasonably satisfactory to the Servicer that the costs of the Restoration have been paid in full or will be paid in full out of the retainage.

Section 7.07 <u>Inspection; Investigation</u>. Each Obligor shall permit any authorized representatives designated by the Indenture Trustee, the Backup Manager or the Servicer to visit and inspect during normal business hours its business, including its financial and accounting records, and to make copies and take extracts therefrom and to discuss its affairs, finances and business with its officers and independent public accountants (with such Obligor's representative(s) present), at such reasonable times during normal business hours and as often as may be reasonably requested; *provided* that same is conducted in such a manner as to not unreasonably interfere with such Obligor's business and in compliance with site safety and security procedures. In addition, subject to the terms and conditions of the applicable Site Lease and in compliance with site safety and security procedures, such authorized representatives of the Indenture Trustee, the Backup Manager and the Servicer shall also have the right to conduct reasonable site investigations of the Data Centers with respect to environmental matters; *provided, however*, that no subsurface investigations or other investigations that would reasonably be deemed to be intrusive or destructive shall be conducted without the prior written consent of such Obligor, such consent not to be unreasonably withheld. Unless an Event of Default has occurred and is continuing, (x) the Indenture Trustee, the Backup Manager and Servicer shall provide advance written notice of at least three Business Days prior to visiting or inspecting any Data Center or any Obligor's offices and (y) no more than one such visit shall be made to any Data Center or any Obligor's offices in any calendar year.

Section 7.08 <u>Compliance with Laws and Obligations</u>. Each Obligor shall (A) comply with the requirements of all present and future applicable laws, rules, regulations and orders of any Governmental Authority in all jurisdictions in which it is now doing business or may hereafter be doing business, other than those laws, rules, regulations and orders the noncompliance with which collectively could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, (B) maintain all licenses and permits now held or hereafter acquired by any Obligor, the loss, suspension, or revocation of which, or failure to renew, in the aggregate could have a Material Adverse Effect and (C) perform, observe, comply with and fulfill all of its material obligations, covenants and conditions contained in any Contractual Obligation except to the extent the failure to so observe, comply or fulfill such could not reasonably be expected to have a Material Adverse Effect.

Section 7.09 <u>Further Assurances</u>. Each Obligor shall, from time to time, execute and/or deliver such documents, instruments, agreements, financing statements, and perform such acts as necessary or as the Indenture Trustee, the Backup Manager and/or the Servicer at any time may reasonably request to evidence, preserve and/or protect the Assets and Collateral at any time securing or intended to secure the Obligations and/or to better and more effectively carry out the purposes of this Indenture and the other Transaction Documents. The Obligors shall file or cause to be filed all documents (including, without limitation, all financing statements) required to be filed by the terms of this Indenture and any applicable Series Supplement in accordance with and within the time periods provided for in this Indenture and in each applicable Series Supplement. Upon receipt of any filed financing statements, mortgages, or other recordable instruments, the Co-Issuers, shall promptly provide copies of such filed instruments to the Servicer. The Obligors shall fully cooperate with all reasonable requests of the Servicer in its duty to obtain any appraisal with respect to any Data Center or Data Centers.

Section 7.10 <u>Performance of Agreements and Customer Contracts</u>. Each Asset Entity shall duly and punctually perform, observe and comply in all material respects with all of the terms, provisions, conditions, covenants and agreements on its part to be performed, observed and complied with (i) hereunder and under the other Transaction Documents to which it is a party, (ii) under all Material Agreements and all Customer Contracts and (iii) all other agreements entered into or assumed by such Person in connection with the Data Centers, and will not suffer or permit any material default or event of default (giving effect to any applicable notice requirements and cure periods) to exist under any of the foregoing except where the failure to perform, observe or comply with any agreement referred to in clause (ii) or this clause (iii) of this <u>Section 7.10</u> would not reasonably be expected to have a Material Adverse Effect.

Section 7.11 <u>New Customer Contracts; Recorded Mortgages</u>. Promptly after execution thereof, the Asset Entities shall deliver electronically to the Servicer executed copies of each Material Customer Contract entered into after the Initial Closing Date. Within 30 days of the receipt of any written request from the Servicer, the Asset Entities shall deliver electronically to the Servicer copies of Mortgages with respect to each Data Center (other than any Non-Mortgaged Data Center) with evidence of recording indicated thereon when returned from the applicable recording offices.

Section 7.12 <u>Management Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor shall (i) perform and observe all of the material terms, covenants and conditions of the Management Agreement on the part of such Obligor to be performed and observed, (ii) promptly notify the Indenture Trustee, the Backup Manager and the Servicer of any material default under the Management Agreement of which it is aware, and (iii) prior to termination of the Manager in accordance with the terms of the Management Agreement, to renew the Management Agreement prior to each expiration date thereunder in accordance with its terms. If any Obligor shall default in the performance or observance of any material term, covenant or condition of the Management Agreement on the part of such Obligor to be performed or observed, then, without limiting the Indenture Trustee's other rights or remedies under this Indenture or the other Transaction Documents, and without waiving or releasing such Obligor from any of its obligations hereunder or under the Management Agreement, the Indenture Trustee or the Servicer on its behalf, shall have the right, upon prior written notice to such Obligor, to pay any sums and to perform any act as may be reasonably appropriate to cause such material conditions of the Management Agreement on the part of such Obligor to be performed or observed; *provided, however*, that neither the Indenture Trustee nor the Servicer will be under any obligation to pay such sums or perform such acts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Obligors shall not surrender, terminate, cancel, or modify (other than non-material changes) the Management Agreement, or enter into any other Management Agreement with any new Manager, other than an Acceptable Manager, or consent to the assignment by the Manager of its interest under the Management Agreement, other than to an Acceptable Manager. If at any time an Acceptable Manager shall become the Manager, the Obligors shall (i) cause such Acceptable Manager, prior to commencement of its duties as Manager, to enter into a subordination of management agreement in substantially the form delivered on the Initial Closing Date with the Obligors, and (ii) provide written notice thereof to the Rating Agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Indenture Trustee, the Backup Manager and the Servicer are each permitted to utilize and in good faith rely upon the advice of the Manager (or, with respect to the Servicer and at its own expense (except to the extent that a particular expense is expressly specified in this Indenture, as an Additional Issuer Expense) to utilize other agents or attorneys), in performing certain of its obligations under this Indenture and the other Transaction Documents, including, without limitation, Data Center management, operation, and maintenance; and confirmation of compliance by the Asset Entities with the provisions hereunder and under the other Transaction Documents and none of the Indenture Trustee, the Backup Manager or the Servicer shall have any liability with respect thereto.

Section 7.13 <u>Maintenance of Office or Agency by Co-Issuers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers shall maintain an office, agency or address where Notes (or evidence of ownership of Uncertificated Notes) may be presented or surrendered for payment and where Notes may be surrendered for registration of transfer or exchange. The Co-Issuers will give prompt written notice to the Indenture Trustee of the location, and any change in the location, of such office, agency or address; *provided, however*, that if the Co-Issuers do not furnish the Indenture Trustee with an address in Wilmington, Delaware where Notes may be presented or surrendered for payment, such presentations and surrenders may be made at the Corporate Trust Office, and the Co-Issuers hereby appoint the Indenture Trustee to receive all such presentations and surrenders. The Co-Issuers hereby appoint the Corporate Trust Office as its agency for such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Co-Issuers may also from time to time designate one or more other offices or agencies where Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Co-Issuers will give prompt written notice to the Indenture Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

Section 7.14 <u>Deposits; Application of Deposits</u>. The Obligors shall direct the Customers under the Customer Contracts to send directly to a Lock Box Account all payments of Receipts in accordance with the Cash Management Agreement. The Obligors will deposit all Receipts into, and otherwise comply with, the Lock Box Accounts. All such deposits to the Lock Box Accounts and the Collection Account will be allocated and applied pursuant to the terms of the Cash Management Agreement and this Indenture.

Section 7.15 <u>Estoppel Certificates</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within ten Business Days following a written request by the Indenture Trustee, the Backup Manager or the Servicer, the Co-Issuers shall provide to the Indenture Trustee, the Backup Manager and the Servicer a duly acknowledged written statement (upon which the Indenture Trustee, the Backup Manager and the Servicer may conclusively rely) confirming (i) the aggregate Class Principal Balances of all Classes of Outstanding Notes, (ii) the terms of payment and maturity date of the Notes, (iii) the date to which interest has been paid, (iv) whether any offsets or defenses exist against the Obligations, and if any such offsets or defenses are alleged to exist, the nature thereof shall be set forth in detail and (v) that this Indenture, the Notes, the Mortgages and the other Transaction Documents are legal, valid and binding obligations of the Issuer, the Co-Issuer and each Asset Entity (as applicable) and have not been modified or amended except in accordance with the provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within ten Business Days following a written request by the Co-Issuers, the Indenture Trustee shall provide to the Co-Issuers a duly acknowledged written statement setting forth the aggregate Class Principal Balances of all Classes of Outstanding Notes, the date to which interest has been paid, and whether the Indenture Trustee has provided the Co-Issuers, on behalf of itself and the Asset Entities, with written notice of any Event of Default. Compliance by the Indenture Trustee with the requirements of this Section shall be for informational purposes only and shall not be deemed to be a waiver of any rights or remedies of the Indenture Trustee hereunder or under any other Transaction Document.

Section 7.16 <u>Indebtedness</u>. The Co-Issuers shall not, and shall not permit the Asset Entities to, create, incur, assume, guarantee, or otherwise become or remain directly or indirectly liable with respect to any Indebtedness except for the following (collectively, "<u>Permitted Indebtedness</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Unsecured trade payables not evidenced by a note and arising out of purchases of goods or services in the ordinary course of business (other than any retention payments); (ii) Indebtedness incurred in respect of Capital Lease Obligations and the financing of equipment and other personal property used at the Data Centers in the ordinary course of business; (iii) letters of credit (other than any Letters of Credit issued in connection with any Class of Variable Funding Notes) or bonds required by a vendor or regulatory agency to be posted by an Obligor in connection with the ownership, maintenance or operation of the Data Centers, (iv) Contingent Obligations constituting the guarantee of an obligation of another Obligor, and (v) reimbursement of Advances to the Manager; *provided, however,* that (a) each such trade payable referred to in subclause (i) above is paid not later than 90 days after the due date (unless such payment is being contested in good faith) and (b) the aggregate amount of such trade payables, Indebtedness incurred in respect of Capital Lease Obligations (other than with respect to Site Leases that are Capital Leases) and in respect of the financing of equipment and personal property, obligations under letters of credit or bonds and reimbursement obligations to the Manager referred to in subclauses (i), (ii), (iii) and (v) above outstanding does not, at any time, exceed an amount equal to 5.0% of the aggregate Initial Class Principal Balances of all Classes of then-Outstanding Notes in the aggregate for all the Asset Entities; and

In no event shall any Indebtedness other than the Obligations be secured, in whole or in part, by the Collateral or other Assets or any portion thereof or interest therein or any proceeds of any of the foregoing, except for equipment leases with respect to Assets of any Data Center that require the pledge of such equipment.

Section 7.17 <u>No Liens</u>. Neither the Co-Issuers nor the Asset Entities shall create, incur, assume or permit to exist any Lien on or with respect to its interests in any Data Centers or any other Collateral except Permitted Encumbrances.

Section 7.18 <u>Contingent Obligations</u>. Other than Permitted Indebtedness, none of the Co-Issuers or any of the Asset Entities shall create or become or be liable with respect to any material Contingent Obligation.

Section 7.19 <u>Restriction on Fundamental Changes</u>. Except as otherwise expressly permitted in this Indenture, none of the Co-Issuers or any of the Asset Entities shall (i) amend, modify or waive any term or provision of their respective partnership agreement, certificate of limited partnership, articles of incorporation, by-laws, articles of organization, operating agreement or other organizational documents so as to violate or permit the violation of the limited purpose entity provisions set forth in Article VIII, unless required by law; (ii) adopt, file or effect a Division; or (iii) liquidate, wind-up or dissolve; *provided* that nothing contained in this <u>Section 7.19</u> shall restrict the merger or consolidation of one Asset Entity into another so long as the surviving entity is an Asset Entity.

Section 7.20 <u>Involuntary Obligor Bankruptcy</u>. An Obligor shall not apply for, consent to, or aid, solicit, support, or otherwise act, cooperate or collude to cause the appointment of or taking possession by, a receiver, trustee or other custodian for all or a substantial part of the assets of any other Obligor. As used in this Indenture, an "<u>Involuntary Obligor Bankruptcy</u>" shall mean any involuntary case under the Bankruptcy Code, or any other applicable bankruptcy, insolvency or other similar law now or hereafter in effect, in which any Obligor is a debtor or any portion of the Assets is property of the estate therein. An Obligor shall not file a petition for, consent to the filing of a petition for, or aid, solicit, support, or otherwise act, cooperate or collude to cause the filing of a petition for an Involuntary Obligor Bankruptcy. In any Involuntary Obligor Bankruptcy, the other Obligors shall not, without the prior written consent of the Indenture Trustee and the Servicer, consent to the entry of any order, file any motion, or support any motion (irrespective of the subject of the motion), and such Obligors shall not file or support any plan of reorganization. In any Involuntary Obligor Bankruptcy the other Obligors shall do all things reasonably requested by the Indenture Trustee and the Servicer to assist the Indenture Trustee and the Servicer in obtaining such relief as the Indenture Trustee and the Servicer shall seek, and shall in all events vote as directed by the Indenture Trustee. Without limitation of the foregoing, each such Obligor shall do all things reasonably requested by the Indenture Trustee to support any motion for relief from stay or plan of reorganization proposed or supported by the Indenture Trustee.

Section 7.21 <u>[Reserved]</u>.

Section 7.22 <u>Money for Payments to be Held in Trust</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Paying Agent is hereby authorized to pay the principal of and interest on any Notes (as well as any other Obligation hereunder and under any other Transaction Document) on behalf of the Co-Issuers and shall have an office or agency in Wilmington, Delaware where Notes may be presented or surrendered for payment and where notices, designations or requests in respect for payments with respect to the Notes and any other Obligations due hereunder and under any other Transaction Document may be served. The Co-Issuers hereby appoint the Indenture Trustee as the initial Paying Agent for amounts due on the Notes of each Series and the other Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On each Payment Date (or such other dates as may be required or permitted hereunder) the Paying Agent shall cause all payments of amounts due and payable with respect to any Notes and other Obligations that are to be made from amounts withdrawn from the Collection Account or any Sub-Account to be made on behalf of the Co-Issuers, and no amounts so withdrawn from the Collection Account or any such Sub-Account for payments of the Notes and other Obligations shall be paid over to the Co-Issuers. All such payments shall be made based on information set forth in the Monthly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to applicable laws with respect to escheatment of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and be paid to the Co-Issuers on an Issuer Request; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Co-Issuers for payment thereof (but only to the extent of the amounts so paid to the Co-Issuers), and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; *provided, however*, that the Indenture Trustee or such Paying Agent, before being required to make any such repayment shall at the expense and direction of the Co-Issuers cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in the Borough of Manhattan, The City of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining shall be repaid to the Co-Issuers. The Indenture Trustee shall also adopt and employ, at the expense and direction of the Co-Issuers, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice of such repayment to Holders whose right to or interest in monies due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for each such Holder).

Section 7.23 <u>Site Leases</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Site Leases</u>. The Obligors have delivered to the Indenture Trustee true and complete electronic copies (in all material respects) of all Site Leases as in effect on the Initial Closing Date; *provided*, *however*, the Indenture Trustee shall have no obligation to review any such Site Leases. The Site Leases (and/or any amendments, modifications or supplement thereto) most recently delivered electronically to the Indenture Trustee remain complete in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Modification</u>. Except as provided in this <u>Section 7.23</u>, the Asset Entities shall not (x) modify or amend any Site Lease if such modification or amendment would result in a material reduction of the DSCR or would reduce the remaining term of such Site Lease, or (y) terminate or surrender any Site Lease, in each case without the prior written consent of the Servicer, which consent shall not be unreasonably withheld, conditioned or delayed. Any such attempted or purported modification or amendment or termination or surrender of any Site Lease without the Servicer's prior written consent shall be null and void and of no force or effect. Notwithstanding the foregoing to the contrary, the Asset Entities shall be permitted, without the Servicer's consent, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) extend the term of a Site Lease or add a renewal term or option period to a Site Lease, in each case on terms and conditions in accordance with prudent business practices or (B) convert any Leased Data Center to a Data Center owned in fee subject to <u>Section 7.30(b)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provided no Event of Default shall have occurred and is then continuing (unless the same shall cure such Event of Default), increase, decrease or reconfigure the area of real property covered by a Site Lease, and in connection therewith amend and restate the existing Site Lease or replace the existing Site Lease (either, an "<u>Amended Site Lease</u>"), to include such additional real property or reflect such decrease or reconfiguration; *provided* that such Amended Site Lease is on commercially reasonable substantive and economic terms (taking into consideration the additional, reduced or reconfigured real property covered by the Amended Site Lease) with no material reduction in the economic value of the applicable Data Center, and subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if additional real property is being added to the Site Lease, on or prior to execution and delivery of the Amended Site Lease, the Asset Entities shall have delivered electronically to the Indenture Trustee and provided the Servicer, the Manager and the Backup Manager with electronic access to the most recent Phase I environmental report obtained by the Asset Entities or any Affiliate thereof on such real property, together with a Phase II Environmental Assessment report (if such Phase I environmental report reveals any condition that in the Manager's reasonable judgment warrants such a report) which concludes that such real property does not contain any Hazardous Materials in material violation of applicable Environmental Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) unless such Data Center is a Non-Mortgaged Data Center, within 120 days of the execution and delivery of the Amended Site Lease, (x) the Indenture Trustee shall have received an endorsement to (or replacement of) the existing Title Policy covering such Data Center insuring the Lien of the amended Mortgage in an amount equal to 100% of the Allocated Note Amount with respect to such Data Center dated as of the date of the Amended Site Lease and (y) the Title Company issuing such Title Policy shall have received an amended Mortgage encumbering the property included under the Amended Site Lease to be submitted for recording in the appropriate office of real property records and, unless such data center is subject to a space lease, a Survey with respect to such Data Center (unless the general survey exception in the Title Policy for such Data Center is eliminated without a Survey with respect thereto); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Issuer or the Co-Issuer, as applicable, shall pay or reimburse the Indenture Trustee and the Servicer for all reasonable costs and expenses incurred by the Indenture Trustee and the Servicer (including, without limitation, reasonable attorneys' fees and disbursements) in connection with such Amended Site Lease, and all recording charges, filing fees, taxes or other expenses (including, without limitation, mortgage and intangibles taxes and documentary stamp taxes) payable in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Performance of Site Leases</u>. The Asset Entities shall fully perform as and when due each and all of their obligations under each Site Lease in accordance with the terms of such Site Lease, and shall not cause or suffer to occur any material breach or default in any of such obligations. The Asset Entities shall (i) exercise any option to renew or extend any Site Lease and (ii) renew a Site Lease that expires by its terms to the extent a commercially reasonable extension option is available; *provided, however* that, the Asset Entities may elect not to exercise such option to renew or extend such Site Lease if, after giving pro forma effect to the termination of such Site Lease (and the reduction in Annualized Revenue as a result of the termination of any associated Customer Contracts that are not able to be relocated to another Data Center), (i) the three-month average DSCR as of the last day of the immediately preceding calendar month is greater than or equal to 1.85:1.0 and (ii) the Class A LTV Ratio is not greater than 65.0%. If any Asset Entity fails to renew a Site Lease which is required to be renewed pursuant to this <u>Section 7.23(c)</u>, each of the Indenture Trustee and the Servicer shall have the right, but the Indenture Trustee shall have no obligation, to renew such Site Lease on behalf of such Asset Entity. For the avoidance of doubt, the Asset Entities shall have no obligation to renew a Site Lease that expires by its terms if the Site Lease does not provide to the applicable Asset Entity a commercially reasonable extension option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Notice of Default</u>. If an Obligor shall receive any written notice that any default under a Site Lease has occurred, the effect of which, in such Obligor's reasonable opinion, is likely to result in the termination of such Site Lease (a "<u>Site Lease Default</u>"), then the Co-Issuers shall, within three Business Days of receipt of such notice, notify the Indenture Trustee, the Servicer, the Backup Manager and the Manager in writing of the same and deliver to the Indenture Trustee, the Backup Manager and the Servicer a true and complete copy of such notice. Further, the Co-Issuers shall provide such documents and information as the Indenture Trustee, the Backup Manager and the Servicer shall reasonably request concerning any Site Lease Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Servicer's Right to Cure</u>. If any Site Lease Default shall occur and be continuing, and notice has been given pursuant to <u>Section 7.23(d)</u>, or if any Site Lessor asserts in writing to an Asset Entity or the Servicer that a Site Lease Default has occurred (whether or not the Asset Entities question or deny such assertion), then, subject to (i) the terms and conditions of the applicable Site Lease, and (ii) the Asset Entities' right to terminate or assign the applicable Site Lease in accordance with <u>Section 7.23(b)</u>, the Servicer, upon five Business Days' prior written notice to the Co-Issuers, unless the Servicer reasonably determines that a shorter period (or no period) of notice is necessary to protect the Indenture Trustee's interest in the applicable Site Lease, may (but shall not be obligated to) take any action that the Servicer deems reasonably necessary, including, without limitation, (i) performance or attempted performance of the applicable Asset Entity's obligations under the applicable Site Lease, (ii) curing or attempting to cure any actual or purported Site Lease Default under the applicable Site Lease, (iii) mitigating or attempting to mitigate any damages or consequences of the same and (iv) entry upon the applicable Data Center for any or all of such purposes. Upon the Indenture Trustee's, the Backup Manager's or the Servicer's written request, the applicable Asset Entity shall submit satisfactory evidence of payment or performance of any of its obligations under the applicable Site Lease. The Servicer may pay and expend such sums of money as the Servicer in its sole discretion deems necessary or desirable for any such purpose, and the Co-Issuers shall pay to the Servicer within five Business Days of the written demand of the Servicer all such sums so paid or expended by the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Legal Action</u>. The Obligors shall not commence any action or proceeding against any Site Lessor or affecting or potentially affecting any Site Lease or the Asset Entities' or the Indenture Trustee's interest therein, the effect of which could, in the Obligors' reasonable opinion, be reasonably likely to result in an event of default under, or the termination of, any such Site Lease, without the prior written consent of the Servicer, which consent shall not be unreasonably withheld, conditioned or delayed. The Co-Issuers shall notify the Indenture Trustee, the Backup Manager and the Servicer immediately if any action or proceeding shall be commenced between any Site Lessor and any Asset Entity, or affecting or potentially affecting any Site Lease or any Asset Entity's or the Indenture Trustee's interest therein (including, without limitation, any case commenced by or against any Site Lessor under the Bankruptcy Code). The Servicer shall have the option, exercisable upon notice from the Servicer to the Co-Issuers, to participate in any action or proceeding of which it is notified in compliance with this <u>Section 7.23(f)</u> with counsel of the Servicer's choice. Each Obligor shall cooperate with the Servicer, comply with the reasonable instructions of the Servicer, execute any and all powers, authorizations, consents or other documents reasonably required by the Servicer in connection therewith, and shall not settle any such action or proceeding which could, in such Obligor's reasonable opinion, be reasonably likely to result in a Material Adverse Effect without the prior written consent of the Servicer, which consent shall not be unreasonably withheld, conditioned or delayed.

(g) <u>Bankruptcy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If any Site Lessor shall reject any Site Lease under or pursuant to Section 365 of the Bankruptcy Code, without the Servicer's prior written consent, the applicable Asset Entity shall not elect to treat the Site Lease as terminated but shall elect to remain in possession of the applicable Leased Data Center and the leasehold estate under such Site Lease. The Lien of the Indenture (with respect to such Data Center) and the Mortgage (with respect to any Data Center that is not a Non-Mortgaged Data Center) covering any such Data Center does and shall encumber and attach to all of the Asset Entity's rights and remedies at any time arising under or pursuant to Section 365 of the Bankruptcy Code, including without limitation, all of such Asset Entity's rights to remain in possession of such Data Center and the leasehold estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Asset Entity acknowledges and agrees that in any case commenced by or against such Asset Entity under the Bankruptcy Code, the Indenture Trustee by reason of the Liens and rights granted under the Indenture (with respect to such Data Center) and Mortgage (with respect to any Data Center that is not a Non-Mortgaged Data Center) covering a Data Center that is a Leased Data Center shall have a substantial and material interest in the treatment and preservation of such Asset Entity's rights and obligations under the related Site Lease, and that such Asset Entity shall, in any such bankruptcy case, provide to the Indenture Trustee immediate and continuous reasonably adequate protection of such interests. Each Asset Entity and the Indenture Trustee agree that such adequate protection shall include but shall not necessarily be limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Indenture Trustee shall be deemed a party to the Site Lease (but shall not have any obligations thereunder) for purposes of Section 365 of the Bankruptcy Code, and shall, provided that, prior to an Event of Default, no such action by the Indenture Trustee would adversely and materially affect the Asset Entity's ability to prosecute, or defend, any such claims asserted therein, have standing to appear and act as a party in interest in relation to any matter arising out of or related to the Site Lease or Leased Data Center.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Such Asset Entity shall serve the Indenture Trustee, the Backup Manager and the Servicer with copies of all notices, pleadings and other documents relating to or affecting the Site Lease or the applicable Leased Data Center. Such Asset Entity (i) will contemporaneously serve on the Indenture Trustee, the Backup Manager and Servicer any notice, pleading or document served by such Asset Entity on any other party in the bankruptcy case, and (ii) any notice, pleading or document served upon or received by such Asset Entity from any other party in the bankruptcy case to be served by such Asset Entity on the Indenture Trustee, the Backup Manager and the Servicer promptly upon receipt by such Asset Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Upon written request of the Indenture Trustee (acting at the direction of Noteholders entitled to a majority of the Voting Rights) or the Servicer, such Asset Entity shall assume the Site Lease, and shall take such steps as are necessary to preserve such Asset Entity's right to assume the Site Lease, including without limitation using commercially reasonable efforts to obtain extensions of time to assume or reject the Site Lease under Section 365(d) of the Bankruptcy Code to the extent it is applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If an Asset Entity or the applicable Site Lessor seeks to reject any Site Lease or have the Site Lease deemed rejected, then prior to the hearing on such rejection such Asset Entity shall give the Indenture Trustee and the Servicer, subject to applicable law, no less than 20 days' notice and opportunity to elect in lieu of rejection to have the Site Lease assumed and assigned to a nominee of the Indenture Trustee. If the Indenture Trustee shall (which shall be at the Servicer's direction) so elect to assume and assign the Site Lease, such Asset Entity shall, subject to applicable law, continue any request to reject the Site Lease until after the motion to assume and assign has been heard. If the Indenture Trustee shall not elect (which shall be at the Servicer's direction) to assume and assign the Site Lease, then the Indenture Trustee may, subject to applicable law, obtain in connection with the rejection of the Site Lease a determination that the applicable Site Lessor, at the Indenture Trustee's option (which shall be at the Servicer's direction), shall (1) agree to terminate the Site Lease and enter into a new lease with the Indenture Trustee on the same terms and conditions as the Site Lease, for the remaining term of the Site Lease, or (2) treat the Site Lease as breached and provide the Indenture Trustee with the rights to cure defaults under the Site Lease and to assume the rights and benefits of the Site Lease.

Each Asset Entity agrees to join with and support any request by the Indenture Trustee to grant and approve the foregoing as necessary for adequate protection of the Indenture Trustee's interests. Notwithstanding the foregoing, the Indenture Trustee may seek additional terms and conditions, including such economic and monetary protections as it or the Servicer deems reasonably appropriate to adequately protect its interests, and any request for such additional terms or conditions shall not delay or limit the Indenture Trustee's right to receive the specific elements of adequate protection set forth herein.

Each Asset Entity hereby appoints the Indenture Trustee as its attorney in fact to act on behalf of such Asset Entity in connection with all matters relating to or arising out of the assumption or rejection of any Site Lease, in which the other party to the lease is a debtor in a case under the Bankruptcy Code. This grant of power of attorney is present, unconditional, irrevocable, durable and coupled with an interest.

Section 7.24 <u>Rule 144A Information</u>. So long as any of the Notes are Outstanding, and the Co-Issuers are not subject to Section 13 or 15(d) of the Exchange Act, upon the request of a Noteholder, the Co-Issuers shall promptly furnish at their expense to such Holder, and the prospective purchasers designated by such Holder, Rule 144A Information in order to permit compliance with Rule 144A under the Securities Act in connection with the resale of such Notes by such Holder.

Section 7.25 <u>Maintenance of Books and Records</u>. The Obligors shall maintain and implement, administrative and operating procedures reasonably necessary in the performance of their obligations hereunder and shall keep and maintain at all times all documents, books, records, accounts and other information reasonably necessary or advisable for the performance of their obligations hereunder to the extent required under applicable law.

Section 7.26 <u>Continuation of Ratings</u>. To the extent permitted by applicable laws, rules or regulations, the Obligors shall (i) provide the Rating Agencies with information, to the extent reasonably obtainable by the Obligors, and take all reasonable action necessary to enable the Rating Agencies to monitor their respective credit ratings of the Notes, and (ii) pay such ongoing fees of the Rating Agencies as they may reasonably request to monitor their respective ratings of the Notes.

Section 7.27 <u>The Indenture Trustee, the Backup Manager and Servicer's Expenses</u>. The Co-Issuers shall pay, on written demand by the Indenture Trustee, the Backup Manager or the Servicer, out of the funds available therefor pursuant to <u>Section 5.01(a)</u>, all reasonable out-of-pocket expenses, charges, costs, fees (including reasonable attorneys' fees and expenses) and indemnities in connection with the negotiation, documentation, closing, administration, servicing, enforcement, interpretation, and collection of the Notes and the Transaction Documents, and in the preservation and protection of the Indenture Trustee's rights hereunder and thereunder. Without limitation the Co-Issuers shall pay, out of the funds available therefor pursuant to <u>Section 5.01(a)</u>, all costs and expenses, including reasonable attorneys' fees, incurred by the Indenture Trustee, the Backup Manager and the Servicer in any case or proceeding under the Bankruptcy Code (or any law succeeding or replacing any of the same) involving the Obligors, the Manager or the Guarantors.

Section 7.28 <u>Environmental Remediation</u>. Each Asset Entity (or the Manager on its behalf) agrees to promptly commence after written demand by the Indenture Trustee (acting at the written direction of the Controlling Class Representative) and reasonably diligently prosecute to completion any Remedial Work of any kind required by it under applicable Environmental Laws.

Section 7.29 <u>Amendments to Customer Contracts; Site Leases</u>. No Asset Entity shall consent to any amendment, modification or supplement to any Customer Contracts or Site Lease to which it is a party other than in accordance with <u>Section 7.23</u> and Section 3 or Section 5 of the Management Agreement.

Section 7.30 <u>Asset Entities' Option to Dispose of Data Centers and Non-Core Data Center Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Other than (x) the sale, assignment, transfer or other disposition during the Disposition Period as set forth in the Management Agreement or (y) otherwise, as expressly permitted in this <u>Section 7.30</u>, the Asset Entities may not Dispose of any Data Centers so long as any Notes are Outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Asset Entities may sell, assign, transfer or otherwise dispose of one or more Data Centers (including through (x) the sale, assignment, transfer or other disposition of an Asset Entity by the Co-Issuers or (y) the sale, assignment, transfer or termination of the Site Lease with respect to a Leased Data Center), the related Customer Contracts and the other assets related to such Data Centers (collectively, the "<u>Data Center Assets</u>") at any time so long as notice is provided to each Rating Agency then rating the Notes and the following conditions are satisfied: (i) the Release Conditions are satisfied, (ii) the Manager and the Indenture Trustee have been paid all outstanding Advances, including Advance Interest thereon, and the Servicer, the Backup Manager and the Indenture Trustee have been paid all unpaid Additional Issuer Expenses and all unpaid fees and expenses to the extent then due and payable to the Servicer, the Backup Manager and the Indenture Trustee, as applicable, under the Transaction Documents (in each case only to the extent sufficient funds for payment in full of such amounts have not been deposited in the Collection Account for distribution on the applicable Payment Date) and (iii) the Co-Issuers prepay the Notes in an amount equal to the Disposition Price for the Data Center (or Data Centers), together with any applicable Prepayment Consideration, which amount shall be allocated to the Class of Notes with the highest alphabetical designation until such Class has been paid in full (and amounts so allocated to the Class A Notes will be further allocated among the numerical Tranches of Class A Notes in accordance with the Applicable Class A Payment Priority) and any remaining amount will be allocated to the remaining outstanding Notes, in direct order of alphabetical designation until all such Notes have been paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to the circumstances described in <u>Section 7.30(b)</u>, the Asset Entities may also dispose of Data Center Assets and the Co-Issuers will have the option to dispose of one or more Asset Entities that own or lease Data Center Assets, in each case, to one or more persons (including affiliates of the Asset Entities) in connection with the payment in full of the outstanding principal amount of a Series of Notes; *provided* that if any Series of Notes remains Outstanding following such payment in full, the following conditions are satisfied: (i) the Release Conditions are satisfied, (ii) after giving effect to the applicable disposition and prepayment, the pro forma DSCR is greater than or equal to 1.85:1.0; (iii) notice is provided to each Rating Agency then rating the Notes and (iv) the Manager and the Indenture Trustee have been paid all outstanding Advances, including Advance Interest thereon, and the Servicer, the Backup Manager and the Indenture Trustee have been paid all unpaid Additional Issuer Expenses and all unpaid fees and expenses to the extent then due and payable to the Servicer, the Backup Manager, the Manager and the Indenture Trustee, as applicable, under the Transaction Documents (in each case only to the extent sufficient funds for payment in full of such amounts have not been deposited in the Collection Account for distribution on the applicable Payment Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, the Asset Entities may also dispose of or otherwise transfer Non-Core Data Center Assets, so long as such disposition or transfer does not reduce the Annualized Operating Income with respect to the associated Data Center; *provided* that such Asset Entity shall have provided written notice to the Backup Manager and the Servicer of any such transfer within five Business Days of such transfer. Any net proceeds received in connection with the disposition or transfer of Non-Core Data Center Assets shall be deposited into the applicable Collection Account and applied as Available Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any of the foregoing or in any other Transaction Document to the contrary, (x) an Asset Entity may at any time sell, assign or otherwise transfer any Data Center Assets to any other Asset Entity without restriction and (y) any Obligor may at any time transfer any Asset Entity Interests to any other Obligor without restriction.

Section 7.31 <u>Limitation on Certain Issuances and Transfers</u>. The Co-Issuers shall not issue any Series of Tax Restricted Notes, permit the issuance or transfer of any limited liability company interests of the Issuer or the Co-Issuer or permit the issuance or transfer of any other beneficial interest in the Issuer or the Co-Issuer that may be treated as equity of the Issuer or the Co-Issuer for U.S. federal income tax purposes if after giving effect thereto the sum of (a) the aggregate maximum number of Holders and Beneficial Owners for all Series and Classes of Tax Restricted Notes (including any Tax Restricted Notes to be issued), (b) the number of beneficial holders of limited liability company interests of the Issuer or the Co-Issuer and (c) the number of beneficial holders of other interests that may be treated as equity of the Issuer or the Co-Issuer for U.S. federal income tax purposes, would exceed 90. Any transfer made by a Beneficial Owner or beneficial holder or any Co-Issuer in violation of the foregoing sentence shall be void ab initio. For the avoidance of doubt, nothing in this Indenture shall prohibit or restrict the sale, transfer, assignment or other disposition of all or any part of, or the issuance of, any limited liability company or other interest in the member of any Guarantor or in any Person which directly or indirectly owns any limited liability company or other interest in the member of any Guarantor. For purposes of this <u>Section 7.31</u>, the number of Persons considered beneficial holders of interests in the Issuer or the Co-Issuer that may be treated as equity interests in the Issuer or the Co-Issuer for U.S. federal income tax purposes shall be the number of Persons that would be considered partners in such Co-Issuer with respect to such interests under the principles of Treasury regulations section 1.7704-1(h) if such interests in such Co-Issuer were treated as equity of such Co-Issuer.

**ARTICLE VIII**

**SINGLE-PURPOSE, BANKRUPTCY-REMOTE REPRESENTATIONS,<br> WARRANTIES AND COVENANTS**

Section 8.01 <u>Applicable to the Co-Issuers and the Asset Entities</u>. Each of the Co-Issuers hereby represents, warrants and covenants as of the Initial Closing Date that since its formation and at all times thereafter until such time as all Obligations are paid in full, each Closing Date Asset Entity hereby represents, warrants and covenants as of the Initial Closing Date that since its formation and at all times thereafter until such time as all Obligations are paid in full, and each Additional Asset Entity hereby represents, warrants and covenants as of the date on which such Additional Asset Entity first becomes a party to this Transaction Documents that since its formation and at all times thereafter until such time as all Obligations are paid in full:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for properties, or interests therein, which such Obligor has sold or assigned and for which such Obligor has no continuing obligations or liabilities other than Permitted Indebtedness, it has not owned, and does not own and will not own, any assets other than (i) the Data Centers, related Customer Contracts and other assets related to the Data Centers (including incidental personal property necessary for the operation thereof and proceeds therefrom) and, prior to the date such Obligor first became a party to the Transaction Documents, similar data centers, the customer contracts relating thereto and the other assets related to those data centers, or (ii) direct or indirect ownership interests in the Asset Entities or such incidental assets as are necessary to enable it to discharge its obligations with respect to the Asset Entities (the "<u>Asset Entity Interests</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has not and is not engaged, and will not engage, in any business, directly or indirectly, other than (i) in the case of an Asset Entity, the ownership, management and operation of the Data Centers and, prior to the date such Obligor first became a party to the Transaction Documents, similar data centers or (ii) the acquisition and ownership of the Asset Entity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it is not party to as of the date such Obligor first became a party to the Transaction Documents, and will not enter, into any contract or agreement with any partner, member, shareholder, trustee, beneficiary, principal or Affiliate of any Obligor except upon terms and conditions that are intrinsically fair and substantially similar to those that would be available on an arm's-length basis with third parties other than such Affiliate (it being understood that (i) the Management Agreement and the other Transaction Documents and (ii) management agreements and related agreements entered into with the Manager and the other Obligors in connection with other similar financing transactions, which financing transaction is terminated on or prior to the Initial Closing Date, comply with this covenant);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it has not incurred any Indebtedness that remained outstanding as of the date such Obligor first became a party to the Transaction Documents and will not incur any Indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than Permitted Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it has not made any loans or advances to any Person (other than among the Obligors) that remained outstanding as of the date such Obligor first became a party to the Transaction Documents and will not make any loan or advance to any Person (including any of its Affiliates) other than another Obligor, and has not acquired, and will not acquire, obligations or securities of any of its Affiliates other than the other Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it is and reasonably expects to remain solvent and pay its own liabilities, indebtedness, and obligations of any kind solely from its own separate assets as the same shall become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) it has done or caused to be done, and will do, all things necessary to preserve its existence, and will not, nor will any partner, member, shareholder, trustee, beneficiary or principal, amend, modify or otherwise change its partnership agreement, trust agreement, articles of incorporation, by-laws, articles of organization, operating agreement, or other organizational documents in any manner with respect to the matters set forth in this Article VIII except as otherwise permitted under such organizational documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) it has continuously maintained, and shall continuously maintain, its existence and be qualified to do business in all states necessary to carry on its business, specifically including in the case of an Asset Entity, the states where its Data Centers are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it has conducted and operated, and will conduct and operate, its business as presently contemplated with respect to the ownership of the Data Centers, or the Asset Entity Interests, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) it has maintained, and will maintain, books and records and bank accounts (other than bank accounts established hereunder, established by the Manager pursuant to the Management Agreement or, prior to the date such Obligor first became a party to the Transaction Documents, bank accounts established in connection with other similar financing transactions, which financing transaction is terminated on or prior to the Initial Closing Date) separate from those of its partners, members, shareholders, trustees, beneficiaries, principals or Affiliates or any other Person (other than the other Obligors) and it will maintain its Financial Statements separate from those of its Affiliates; *provided*, that it and its assets may be included in consolidated Financial Statements of its Affiliates if (i) appropriate notation shall be made on such consolidated Financial Statements to indicate the separateness of the Obligors from such Affiliates and to indicate that the Obligors' assets and credit are not available to satisfy the debts and other obligations of such Affiliates or any other Person and (ii) the assets of each Obligor shall also be listed on such Obligor's own separate balance sheet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) except as contemplated herein and by the Management Agreement and management agreements entered into with the Manager and the other Obligors in connection with other similar financing transactions, it has at all times held, and will continue to hold, itself out to the public as a legal entity separate and distinct from any other Person (including any of its partners, members, shareholders, trustees, beneficiaries, principals or Affiliates, and any Affiliates of any of the same), and not as a department or division of any Person (other than the other Obligors) and will correct any known misunderstandings regarding its existence as a separate legal entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) it has had and will have a sufficient number of employees (if any) in light of its contemplated business operations and has and shall pay the salaries of its own employees, if any, solely from its own funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) it has allocated, and will continue to allocate, fairly and reasonably any overhead for shared expenses with Affiliates (including, without limitation, any shared office space or other services and the services performed by any employee of an Affiliate, including as a director or officer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) it has and will use stationery, invoices and checks bearing its own name (including any trade name) separate from those of any Affiliate (it being understood that the Guarantors and the Obligors are expressly permitted to use common stationery, invoices and checks among the Guarantors and the Obligors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) it has filed, and will continue to file, its own tax returns separate from those of any other Person except to the extent that such Obligor is treated as a "disregarded entity" for tax purposes or is not otherwise required to file tax returns under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) it reasonably expects to maintain adequate capital for its obligations in light of its contemplated business operations; *provided* however, that the foregoing shall not require its respective Member to make additional capital contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) it has not sought, acquiesced in, or suffered or permitted, and will not seek, acquiesce in, or suffer or permit, its liquidation, dissolution or winding up, in whole or in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) except as otherwise permitted hereunder, it will not enter into any transaction of merger or consolidation, sell all or substantially all of its assets, or acquire by purchase or otherwise all or substantially all of the business or assets of, or any stock or beneficial ownership of, any Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) it has not commingled or permitted to be commingled, and will not commingle or permit to be commingled, its funds or other assets with those of any other Person (other than, with respect to the Obligors, each other Obligor, or any such funds as may be held by the Manager, as agent, for each Asset Entity pursuant to the terms of the Management Agreement or any management agreement entered into with the Manager and the other Obligors in connection with a similar financing transaction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) it has maintained, and will maintain, its assets in such a manner that it is not costly or difficult to segregate, ascertain or identify its individual assets from those of any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) it has not held itself out to be responsible for the debts or obligations of any other Person that remain outstanding and will not hold itself out to be responsible for the debts or obligations (other than the Obligations) of any other Person (other than another Obligor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) it has not guaranteed or otherwise become liable in connection with any obligation of any other Person (other than the other Obligors) that remains outstanding, and will not guarantee or otherwise become liable on or in connection with any obligation (other than the Obligations) of any other Person (other than the other Obligors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) it has not pledged its assets to secure obligations of any other Person (other than the other Obligors) that remains outstanding, and will not pledge its assets to secure obligations of any other Person (other than the other Obligors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) it has not held, and, except for funds deposited into the Accounts in accordance with the Transaction Documents, shall not hold, title to its assets other than in its name (including any trade name);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) it has conducted, and will continue to conduct, its business solely in its own name (including any trade name);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) it has observed, and will continue to observe, all corporate, limited partnership or limited liability company, as applicable, formalities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) since the date such Obligor first became a party to the Transaction Documents, it has not formed, acquired or held any subsidiary (other than another Obligor) and will not form, acquire or hold any subsidiary (other than another Obligor).

Section 8.02 <u>Applicable to the Co-Issuers</u>. In addition to its obligations under <u>Section 8.01</u>, and without limiting the provisions of <u>Section 7.20</u>, each of the Co-Issuers hereby represent, warrant and covenant as of the Initial Closing Date and until such time as all Obligations are paid in full:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers shall not, and the Co-Issuers shall not in their capacity as the sole member of any Asset Entity, permit such Asset Entity to, without the prior unanimous written consent of the board of directors of the Co-Issuers, including the independent directors of such board, institute proceedings for any of themselves to be adjudicated bankrupt or insolvent; consent to the institution of bankruptcy or insolvency proceedings against themselves; file a petition seeking, or consent to, reorganization or relief under any applicable federal or state law relating to bankruptcy; seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) for themselves or a substantial part of their property; make or consent to any assignment for the benefit of creditors; or admit in writing their inability to pay their debts generally as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Issuer and the Co-Issuer has and at all times shall maintain at least two independent directors on its board of directors, who shall be selected by its respective Member.

**ARTICLE IX**

**SATISFACTION AND DISCHARGE**

Section 9.01 <u>Satisfaction and Discharge of Indenture</u>. This Indenture shall cease to be of further effect with respect to any Notes of a particular Series (or de-registration and/or registration of Uncertificated Notes) except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or wrongfully taken Notes of a particular Series, (iii) rights of Noteholders of a particular Series to receive payments of principal thereof and interest thereon, (iv) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under <u>Section 11.03</u> and the obligations of the Indenture Trustee under <u>Section 9.02</u>), and (v) the rights of Noteholders of a particular Series as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Co-Issuers, shall execute proper instruments, to be prepared by the Co-Issuers or their counsel, acknowledging satisfaction and discharge of this Indenture with respect to the Notes of a particular Series, when:

(a) either of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Notes of a particular Series theretofore authenticated and delivered (or with respect to Uncertificated Notes, registered) (other than (i) Notes of a particular Series that have been mutilated, destroyed, lost or wrongfully taken and that have been replaced or paid as provided in <u>Section 2.04</u> and (ii) Notes of a particular Series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Co-Issuers and thereafter repaid to the Co-Issuers or discharged from such trust, as provided in <u>Section 7.22</u>) have been delivered to the Indenture Trustee for cancellation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all Notes not theretofore delivered to the Indenture Trustee for cancellation have become due and payable and the Co-Issuers have irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation, for principal and interest to the date of such deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each of the Obligors has paid or caused to be paid all Obligations and other sums due and payable hereunder by the Obligors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Co-Issuers have delivered to the Indenture Trustee an Officer's Certificate, an Opinion of Counsel and (if required by the Indenture Trustee) an Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements of <u>Section 15.01</u> and, subject to <u>Section 15.02</u>, each stating that all conditions precedent provided for in this Indenture relating to the satisfaction and discharge of this Indenture with respect to such Series have been satisfied.

Section 9.02 <u>Application of Trust Money</u>. With respect to such Series, all monies deposited with the Indenture Trustee pursuant to <u>Section 9.01</u> shall be held in trust and applied by the Indenture Trustee, in accordance with the provisions of the Notes of such Series and this Indenture, to the payment through the Paying Agent to the Holders of the particular Notes of such Series for the payment of which such monies have been deposited with the Indenture Trustee, of all sums due and to become due thereon for the aggregate Note Principal Balance of such Notes and interest but such monies need not be segregated from other funds except to the extent required in this Indenture or required by law.

Section 9.03 <u>Repayment of Monies Held by Paying Agent</u>. With respect to each Series, in connection with the satisfaction and discharge of this Indenture, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Co-Issuers, be paid to the Indenture Trustee to be held and applied according to <u>Section 7.22</u> and thereupon such Paying Agent shall be released from all further liability with respect to such monies.

**ARTICLE X**

**EVENTS OF DEFAULT; REMEDIES**

Section 10.01 <u>Events of Default</u>. Subject to the standard of care set forth in <u>Section 11.02(a)</u>, which standard may require the Indenture Trustee to act, any rights or remedies granted to the Indenture Trustee under this Article X or elsewhere in this Indenture and the other Transaction Documents, upon the occurrence of an Event of Default, are hereby expressly delegated to and assumed by the Servicer, who shall act on behalf of the Indenture Trustee with respect to all enforcement matters relating to any such Event of Default, including, without limitation, the right to institute and prosecute any Proceeding on behalf of the Indenture Trustee and the Noteholders and direct the application of monies held by the Indenture Trustee (to the extent the Indenture Trustee has the discretion hereunder to apply such monies as it deems necessary or appropriate); *provided, however*, that such delegation of authority shall not apply to any matters relating to the Controlling Class Representative set forth in <u>Section 10.05</u>. "<u>Event of Default</u>", wherever used in this Indenture or in any Series Supplement shall mean the occurrence or existence of any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest</u>. Failure of the Co-Issuers to make any payment of interest on the Notes when due on any Payment Date and such failure continues for two Business Days (provided that the failure of the Co-Issuers to pay Accrued Note Interest on Notes (other than Class A Notes) on any Payment Date on which any Class A Notes are Outstanding or to pay Accrued Note Interest on Notes (other than Class A Notes or Class B Notes) on any Payment Date on which any Class A Notes or Class B Notes are Outstanding is not an Event of Default);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Principal</u>. Failure of the Co-Issuers to make any payment of principal of the Notes when due on any Payment Date (*provided* that the failure of the Co-Issuers to pay any optional payments of principal on the Outstanding principal amount on the Class A-1 Notes in accordance with the terms of any Variable Funding Note Purchase Agreement or any principal on any Class A-1 Notes during any VFN Early Amortization Period, any LTV Test Sweep Amount or any Monthly Amortization Amount for which funds are not available in accordance with <u>Section 5.01(b)</u> shall not constitute an Event of Default);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Other Monetary Default</u>. Any monetary default by any Guarantor or any Obligor under any Transaction Document, including failure to pay VFN Undrawn Commitment Fees, Letter of Credit Fees and any other fees expenses and other amounts due to the Holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement, in each case, within the applicable cure period (other than those covered by clause (a) or clause (b) above) (provided that the failure of the Co-Issuers to pay any VFN Undrawn Commitment Fees, any Letter of Credit Fees or any other fees, expenses and other amounts due to the Holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement for which funds are not available in accordance with <u>Section 5.01(b)</u> shall not constitute an Event of Default) or if no cure period is set forth in such Transaction Document, which default continues unremedied for a period of 30 days after receipt by the Co-Issuers of written notice from the Indenture Trustee, the Backup Manager or the Servicer (with a copy to the Indenture Trustee) of such default requiring such default to be remedied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Breach of Reporting Provisions</u>. Failure of any Obligor to perform or comply with any term or condition contained in <u>Section 7.02</u> which continues for a period of 30 days after receipt by the Obligors of written notice from the Indenture Trustee, the Backup Manager or the Servicer (with a copy to the Indenture Trustee) of such failure requiring such failure to be remedied, unless such period is otherwise extended upon request by the Obligors with the consent of the Indenture Trustee (at the direction of the Control Party);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Other Defaults Under Transaction Documents</u>. Any default by any Guarantor or any Obligor in the observance and performance of, or compliance with, any covenant or agreement contained in this Indenture or the other Transaction Documents (other than a default described in another subsection of this <u>Section 10.01</u>) and such default is reasonably likely to cause a Material Adverse Effect and such default shall continue unremedied for a period of 30 days after receipt by the Co-Issuers of written notice from the Indenture Trustee, the Backup Manager, or the Servicer (with a copy to the Indenture Trustee) of such default requiring such default to be remedied; *provided, however*, that if (i) the default is reasonably susceptible of cure but not within such period of 30 days, (ii) the applicable Guarantor or the applicable Obligor, as the case may be, has commenced the cure within such 30 day period and has pursued such cure diligently, and (iii) the applicable Guarantor or the applicable Obligor, as the case may be, delivers to the Indenture Trustee, the Backup Manager and the Servicer evidence of the foregoing, then such period shall be extended for so long as is reasonably necessary for the applicable Guarantor or the applicable Obligor, as the case may be, in the exercise of due diligence to cure such default, but in no event beyond 120 days after the original notice of default; *provided* that the applicable Guarantor or the applicable Obligor, as the case may be, continues to diligently and continuously pursue such cure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Breach of Warranty</u>. Any representation, warranty, certification or other statement made by any Guarantor or any Obligor in any Transaction Document or in any statement or certificate at any time given in writing pursuant to or in connection with any Transaction Document is false as of the date made and such breach is reasonably likely to cause a Material Adverse Effect; *provided* that such breach shall not constitute an Event of Default if such breach is reasonably susceptible of cure and within 45 days after (i) any Guarantor or any Obligor has Knowledge of such breach or (ii) receipt by the applicable Guarantor or the applicable Obligor, as the case may be, of written notice from a Responsible Officer of the Indenture Trustee, the Backup Manager or the Servicer (with a copy to the Indenture Trustee) of such breach, such Guarantor or such Obligor, as the case may be, takes such action as may be required to make such representation, warranty, certification or other statement to be true as made (and, after giving effect to such action, the related breach of such representation, warranty, certification or other statement is actually cured within such 45 day period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Involuntary Bankruptcy; Appointment of Receiver, etc</u>. (i) A court enters a decree or order for relief with respect to any Guarantor or any Obligor, in an Involuntary Bankruptcy, which decree or order is not stayed or other similar relief is not granted under any applicable federal or state law unless dismissed within 90 days; or (ii) the occurrence and continuance of any of the following events for 90 days unless dismissed or discharged within such time: (x) an involuntary case under the Bankruptcy Code or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, is commenced, in which any Guarantor or any Obligor is a debtor or any portion of the Data Center is property of the estate therein, (y) a decree or order of a court for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over any Guarantor or any Obligor, over all or a substantial part of its property, is entered or (z) an interim receiver, trustee or other custodian is appointed without the consent of any Guarantor or any Obligor, as applicable, for all or a substantial part of its property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Voluntary Bankruptcy; Appointment of Receiver, etc</u>. (i) An order for relief is entered with respect to any Guarantor or any Obligor, or any Guarantor or any Obligor commences a voluntary case under the Bankruptcy Code or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case or to the conversion of an involuntary case to a voluntary case under any such law or consents to the appointment of or taking possession by a receiver, trustee or other custodian for any Guarantor or any Obligor, for all or a substantial part of the property of such Guarantor or such Obligor; (ii) any Guarantor or any Obligor makes any assignment for the benefit of creditors; or (iii) the board of directors or other governing body of any Guarantor or any Obligor adopts any resolution or otherwise authorizes action to approve any of the actions referred to in this <u>Section 10.01(h)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Solvency</u>. Any Guarantor or any Obligor ceases to be solvent or admits in writing its present or prospective inability to pay its debts as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Ownership</u>. (x) The Guarantor shall cease to own, directly or indirectly, 100% of the limited liability company or other ownership interests (other than any Class R Interests) in the Issuer, (y) the Co-Guarantor shall cease to own, directly or indirectly, 100% of the limited liability company or other ownership interest (other than any Class R Interests) in the Co-Issuer, or (z) the Issuer or the Co-Issuer, as applicable, shall cease to own, directly or indirectly, 100% of the limited liability company or other ownership interests in each Asset Entity (other than as permitted under this Indenture);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Change of Control</u>. An assignment or a change of control transaction shall occur that results in the termination of, or the exercise of rights or remedies under, one or more Site Leases with respect to the Data Centers that results in the termination of, or other exercise of remedies, under Customer Contracts that directly result in the Annualized Revenue derived from all Customer Contracts (taken as a whole) being reduced by 5.0% or more; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Failure to Appoint Replacement Manager</u>. A Replacement Manager shall not have assumed all of the duties of the Manager within 90 days following the execution of a replacement management agreement in accordance with the Management Agreement, solely due to the failure of the Manager to expressly delegate its duties in the Customer Contracts to the Replacement Manager (including as a result of the failure to obtain the consent of the applicable Customers to such delegation, solely to the extent required by the terms of such Customer Contracts), and such failure is reasonably likely to cause a Material Adverse Effect.

Except with respect to a default order under <u>Section 10.01(d)</u>, if more than one of the foregoing paragraphs shall describe the same condition or event, then the Indenture Trustee shall have the right to select which paragraph or paragraphs shall apply. In any such case, the Indenture Trustee shall have the right (but not the obligation) to designate the paragraph or paragraphs which provide for non-written notice (or for no notice) or for a shorter time to cure (or for no time to cure).

Section 10.02 <u>Acceleration and Remedies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the occurrence and during the continuance of any Event of Default described in any of <u>Section 10.01(g)</u> or <u>Section 10.01(h)</u>, the aggregate Class Principal Balances of all Classes of Outstanding Notes, together with accrued and unpaid interest thereon through the date of acceleration, and all other Obligations shall automatically become immediately due and payable, without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other requirements of any kind, subject to the provisions of <u>Section 15.18</u>. Upon the occurrence and during the continuance of any other Event of Default, the Indenture Trustee shall, at the direction of the Required Global Majority Noteholders, declare all of the Notes immediately due and payable, by written notice to the Co-Issuers. Upon any such declaration, the aggregate Class Principal Balances of all Classes of Outstanding Notes together with accrued and unpaid interest thereon through the date of acceleration, and all other Obligations shall become immediately due and payable, subject to the provisions of <u>Section 15.18</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time after an automatic acceleration of maturity or a declaration of acceleration of maturity has been made and before a judgment or decree for payment of the amount due has been obtained by the Indenture Trustee as hereinafter provided in this <u>Section 10.02</u>, Required Global Majority Noteholders may, with written notice to the Co-Issuers and the Indenture Trustee, rescind and annul such declaration and its consequences; *provided, however*, such rescission or annulment shall be effective only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Co-Issuers have paid or deposited with the Indenture Trustee a sum sufficient to pay:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all payments of the principal of and interest on all Notes and all other Obligations that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) all sums paid or advanced by the Indenture Trustee hereunder and the compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel and other amounts due and owing to the Indenture Trustee pursuant to <u>Section 11.06</u> shall have been paid in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) all Events of Default, other than the nonpayment of the principal and interest of the Notes that has become due solely by such acceleration, have been cured or waived as provided in <u>Section 10.15</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the occurrence and during the continuance of an Event of Default of which a Responsible Officer of the Indenture Trustee has Knowledge, all or any one or more of the rights, powers, privileges and other remedies available to the Indenture Trustee against the Obligors (or the Guarantors) under this Indenture or any of the other Transaction Documents, or at law or in equity, may be exercised by the Indenture Trustee at any time and from time to time, whether or not all or any of the Obligations shall be declared due and payable, and whether or not the Indenture Trustee shall have commenced any action for the enforcement of its rights and remedies under any of the Transaction Documents with respect to the Data Centers, the Assets, the Customer Contracts or the other Collateral and the proceeds from any of the foregoing. Any such actions taken by the Indenture Trustee shall be cumulative and concurrent and may be pursued independently, singly, successively, together or otherwise, at such time and in such order as the Indenture Trustee may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of the Indenture Trustee permitted by law, equity or contract or as set forth herein or in the other Transaction Documents.

Without limiting the generality of the foregoing, if an Event of Default is continuing (i) to the fullest extent permitted by law, the Indenture Trustee shall not be subject to any "one action" or "election of remedies" law or rule, and (ii) all Liens and other rights, remedies or privileges provided to the Indenture Trustee shall remain in full force and effect until the Indenture Trustee has exhausted all of its remedies against each Data Center, the Assets, the Customer Contracts and the other Collateral and the proceeds from any of the foregoing or the Obligations have been paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the occurrence and during the continuance of an Event of Default of which a Responsible Officer of the Indenture Trustee has Knowledge, the Indenture Trustee shall have the right from time to time to partially foreclose the Mortgages and other Collateral in any manner and for any amounts secured by the Mortgages and other Collateral then due and payable as determined by the Indenture Trustee (or Servicer on its behalf) in its sole discretion including, without limitation, the following circumstances: (i) in the event the Co-Issuers default beyond any applicable grace period in the payment of one or more scheduled payments of principal and interest, the Indenture Trustee (or Servicer on its behalf) may foreclose the Mortgages and other Collateral to recover such delinquent payments, or (ii) in the event the Indenture Trustee (or Servicer on its behalf) elects to accelerate less than the entire aggregate Class Principal Balances of all Classes of Outstanding Notes, the Indenture Trustee (or Servicer on its behalf) may foreclose the Mortgages or any of them to recover so much of the unpaid principal balances of the Notes as the Indenture Trustee (or Servicer on its behalf) may accelerate and such other sums secured by the Mortgages and other Collateral as the Indenture Trustee (or Servicer on its behalf) may elect. Notwithstanding one or more partial foreclosures, the Data Centers (other than any Non-Mortgaged Data Center) shall remain subject to the Mortgages to secure payment of sums secured by the Mortgages and not previously recovered and any Non-Mortgaged Data Centers shall remain subject to the Lien of this Indenture to secure payment of sums secured by such Collateral and not previously recovered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any amounts recovered from the Data Centers, the Assets, the Customer Contracts or any other Collateral and the proceeds from any of the foregoing for the Notes and other Obligations after an Event of Default shall be applied by the Indenture Trustee toward the payment of any interest and/or principal of the Notes and/or any other amounts due under the Transaction Documents in accordance with the priorities set forth in Article V of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding any provision to the contrary contained in this Indenture, the Indenture Trustee shall not be required to obtain title to the Collateral as a result of or in lieu of foreclosure or otherwise, and shall not otherwise be required to acquire possession of the Collateral subject to foreclosure if, as a result thereof, the Indenture Trustee (i) would be in material violation of any applicable Environmental Laws, or (ii) has a reasonable basis to believe that the Indenture Trustee (or the Servicer on its behalf) or any Noteholder would be considered to be a "mortgagee-in-possession" of, or an "owner" or "operator" of, such real property within the meaning of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended from time to time, or any comparable law, and be subject to material liability under such laws, unless the Indenture Trustee (i) has previously obtained reasonably satisfactory Phase I and, if reasonably recommended by the current Phase I, Phase II environmental assessment reports, subject to any necessary consents (collectively, an "<u>Environmental Assessment</u>") prepared by an independent third-party professional who regularly conducts Environmental Assessments, together with written documentation of the status of remediation efforts, if any, being undertaken with respect to the adverse environmental conditions, if any, existing at or under such Collateral subject to foreclosure and (ii) such foreclosure or otherwise does not expose the Indenture Trustee (or the Servicer on its behalf) to any material loss, liability, claim, cost or expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The rights and remedies set forth in this <u>Section 10.02</u> are in addition to, and not in limitation of, any other right or remedy provided for in this Indenture or any other Transaction Document including, without limitation, the rights and remedies provided for in <u>Section 10.08</u>.

Section 10.03 <u>Performance by the Indenture Trustee</u>. Upon the occurrence and during the continuance of an Event of Default, if any of the Asset Entities, the Co-Issuers, the Guarantors or the Manager shall fail to perform, or cause to be performed, any material covenant, duty or agreement contained in any of the Transaction Documents (subject to applicable notice and cure periods), the Indenture Trustee may, but shall have no obligation to, perform or attempt to perform such covenant, duty or agreement on behalf of such Asset Entity, the Issuer, the Co-Issuer, such Guarantor or the Manager including making protective advances on behalf of any Asset Entities, or, causing the obligations of the Obligors to be satisfied with the proceeds of any Reserve. In such event, the Obligors shall, at the request of the Indenture Trustee, promptly pay to the Indenture Trustee, or reimburse, as applicable, any of the Reserves, any actual amount reasonably expended or disbursed by the Indenture Trustee in such performance or attempted performance, together with interest thereon (including reimbursement of any applicable Reserves), from the date of such expenditure or disbursement, until paid. Any amounts advanced or expended by the Indenture Trustee to perform or attempt to perform any such matter shall be added to and included within the Obligations and shall be secured by all of the Collateral securing the Notes. Notwithstanding the foregoing, it is expressly agreed that neither the Indenture Trustee, the Backup Manager nor the Servicer shall have any liability or responsibility for the performance of any obligation of the Asset Entities, the Co-Issuers, the Guarantors or the Manager under this Indenture or any other Transaction Document, and it is further expressly agreed that no such performance by the Indenture Trustee shall cure any Event of Default hereunder.

Section 10.04 <u>Evidence of Compliance</u>. Promptly following written request by the Indenture Trustee, the Co-Issuers shall, and/or shall cause each Asset Entity, the Guarantor or the Manager to, provide such documents and instruments as shall be reasonably satisfactory to the Indenture Trustee to evidence compliance with any material provision of the Transaction Documents applicable to such entities.

Section 10.05 <u>Controlling Class Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Noteholders (or, in the case of Book-Entry Notes, the Note Owners) of the Controlling Class whose Outstanding Notes represent more than 50.0% of the related Class Principal Balance shall be entitled to select a representative (the "<u>Controlling Class Representative</u>") having the rights and powers specified in the Servicing Agreement and this Indenture (including those specified in <u>Section 10.06</u>) or to replace an existing Controlling Class Representative. Upon (i) the receipt by the Indenture Trustee of written requests for the selection of a Controlling Class Representative from the Noteholders (or, in the case of Book-Entry Notes, the Note Owners) of Outstanding Notes representing more than 50.0% of the Class Principal Balance of the Controlling Class, (ii) the resignation or removal of the Person acting as Controlling Class Representative or (iii) Knowledge by the Indenture Trustee that the Controlling Class has changed, the Indenture Trustee shall promptly notify the Co-Issuers, the Servicer and the Noteholders of the Controlling Class that they may select a Controlling Class Representative. Such notice shall set forth the requirements set forth in this Indenture for selecting a Controlling Class Representative. No appointment of any Person as a Controlling Class Representative shall be effective until such Person provides the Indenture Trustee with written confirmation of its acceptance of such appointment, that it will keep confidential all information received by it as Controlling Class Representative hereunder or otherwise with respect to the Notes, the Assets and/or the Servicing Agreement, an address and facsimile number for the delivery of notices and other correspondence and a list of officers or employees of such Person with whom the parties to the Servicing Agreement may deal (including their names, titles, work addresses and email addresses). No Affiliate of the Issuer or the Co-Issuer may act as Controlling Class Representative. In the event that the Class A Notes are the Controlling Class, the Controlling Class will be comprised of all Class A Notes, collectively, based on the Outstanding principal amounts of such Class A Notes (assuming the full amount of the Class A-1 Commitment Amount that is permitted to be drawn on such date is fully drawn).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within ten Business Days (or as soon thereafter as practicable if the Controlling Class consists of Book-Entry Notes) of any change in the identity of the Controlling Class Representative of which a Responsible Officer of the Indenture Trustee has Knowledge, the Indenture Trustee shall deliver to the Noteholders of the Controlling Class and the Servicer a notice setting forth the identity of the new Controlling Class Representative and a list of each Noteholder of the Controlling Class, including, in each case, names and addresses. With respect to such information, the Indenture Trustee shall be entitled to rely conclusively on information provided to it by the Noteholders (or, in the case of Book-Entry Notes, by the Depositary, the Depositary Participants or, subject to <u>Section 2.06</u>, the Note Owners) of such Notes, and the Servicer shall be entitled to rely on the information provided in the notice by the Indenture Trustee regarding the identity of the Controlling Class Representative with respect to any obligation or right hereunder that the Servicer may have to deliver information or otherwise communicate with the Controlling Class Representative or any of the Noteholders (or, if applicable, Note Owners) of the Controlling Class. In addition to the foregoing, within two Business Days of the selection, resignation or removal of a Controlling Class Representative, the Indenture Trustee shall notify the parties to this Indenture and the Servicer of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Noteholders (or, in the case of Book-Entry Notes, the Note Owners) of the Controlling Class whose Outstanding Notes represent more than 50.0% of the Class Principal Balance of the Controlling Class shall be entitled to remove or replace any existing Controlling Class Representative by giving written notice to the Indenture Trustee and to such existing Controlling Class Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A Controlling Class Representative may resign at any time by giving written notice to the Indenture Trustee, the Backup Manager, the Servicer and to each Noteholder (or, in the case of the Global Notes, each Note Owner) of the Controlling Class regardless of whether or not a successor Controlling Class Representative has been appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Once a Controlling Class Representative has been selected pursuant to this <u>Section 10.05</u>, each of the parties to the Servicing Agreement and each Noteholder (or Note Owner, if applicable) shall be entitled to rely on such selection unless a majority of the Noteholders (or, in the case of Book-Entry Notes, the Note Owners) of the Controlling Class, by Class Principal Balance, or such Controlling Class Representative, as applicable, shall have notified the Indenture Trustee and each other party to the Servicing Agreement and each Noteholder (or, in the case of Book-Entry Notes, Note Owner) of the Controlling Class, in writing, of the resignation or removal of such Controlling Class Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any and all expenses of the Controlling Class Representative shall be borne by the Noteholders (or, if applicable, the Note Owners) of Notes of the Controlling Class, *pro rata* according to their respective Percentage Interests in such Class. Notwithstanding the foregoing, if a claim is made against the Controlling Class Representative by a Guarantor or an Obligor with respect to the Servicing Agreement or the Notes, the Controlling Class Representative shall immediately notify the Indenture Trustee, the Backup Manager and the Servicer, whereupon (if the Servicer, the Backup Manager or the Indenture Trustee are also named parties to the same action and, in the sole judgment of the Servicer, (i) the Controlling Class Representative had acted in good faith, without gross negligence or willful misconduct, with regard to the particular matter at issue, and (ii) there is no potential for the Servicer, the Backup Manager or the Indenture Trustee to be an adverse party in such action as regards the Controlling Class Representative) the Servicer on behalf of the Indenture Trustee for the benefit of the Noteholders shall, subject to the Servicing Agreement, assume the defense of any such claim against the Controlling Class Representative (with any costs incurred in connection therewith being deemed to be reimbursable Additional Issuer Expenses).

Section 10.06 <u>Certain Rights and Powers of the Controlling Class Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time that the Servicer proposes to transfer the ownership of a Data Center or the ownership of the direct or indirect equity interests of any of the Asset Entities, the Control Party shall be entitled to advise the Servicer with respect to such transfer, and notwithstanding anything in any other Section of this Indenture to the contrary, but in all cases subject to <u>Section 10.06(b)</u>, the Servicer shall not be permitted to take such action if the Control Party has objected in writing within ten Business Days of having been notified thereof and having been provided with information with respect thereto reasonably requested no later than the fifth Business Day after notice thereof (*provided*, that if such written objection has not been received by the Servicer within such ten Business Day period, then the Control Party's approval will be deemed to have been given).

If the Control Party affirmatively approves or is deemed to have approved in writing such a request, the Servicer will implement the action for which approval was sought. If the Control Party disapproves of such a request within the ten Business Day period referred to in the preceding paragraph, the Servicer must (unless it withdraws the request) revise the request and deliver to the Control Party a revised request promptly and in any event within 30 days after such disapproval. The Servicer will be required to implement the action for which approval was most recently requested (unless such request was withdrawn by the Servicer) upon the earlier of (x) the failure of the Control Party to disapprove a request within ten Business Days after its receipt thereof and (y) (1) the passage of 60 days following the Servicer's delivery of its initial request to the Control Party and (2) the determination by the Servicer in its reasonable good faith judgment that the failure to implement the most recently requested action would violate the Servicer's obligation to act in accordance with the Servicing Standard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything herein to the contrary, (i) the Servicer shall not have any right or obligation to consult with or to seek and/or obtain consent or approval from any Controlling Class Representative prior to acting, and provisions of the Servicing Agreement requiring such shall be of no effect, during the period prior to the initial selection of a Controlling Class Representative and, if any Controlling Class Representative resigns or is removed, during the period following such resignation or removal until a replacement is selected and (ii) no advice, direction or objection from or by the Controlling Class Representative, as contemplated by <u>Section 10.06(a)</u>, may (A) require or cause the Servicer to violate applicable law, the terms of the Notes or any provision of the Servicing Agreement, including the Servicer's obligation to act in accordance with the Servicing Standard, (B) expose the Servicer or the Indenture Trustee, or any of their respective Affiliates, officers, directors, members, managers, employees, agents or partners, or the Indenture Trustee, to any claim, suit or liability, or (C) materially expand the scope of the Servicer's responsibilities under the Servicing Agreement. In addition, the Controlling Class Representative may not prevent the Servicer from transferring the ownership of a Data Center or the ownership of any of the direct or indirect equity interests of the Co-Issuers or any of the Asset Entities (including by way of foreclosure on the equity interests of the Co-Issuers or the direct or indirect equity interests of Asset Entities) if the Servicer determines in accordance with the Servicing Standard that such foreclosure would be in the best interest of the Noteholders (taken as a whole). In addition, the Servicer may, at its election, solicit the consent or advice of the Controlling Class Representative for actions by the Servicer which do not require the Controlling Class Representative's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Controlling Class Representative shall not be liable to the Noteholders for any action taken, or for refraining from the taking of any action, in good faith pursuant to the Servicing Agreement, or for errors in judgment; *provided, however*, that the Controlling Class Representative shall not be protected against any liability which would otherwise be imposed by reason of willful misconduct, gross negligence or reckless disregard of obligations or duties under the Servicing Agreement. Each Noteholder and Note Owner acknowledges and agrees, by its acceptance of its Notes or interest therein, that the Controlling Class Representative may have special relationships and interests that conflict with those of Noteholders and Note Owners of one or more Classes of Notes, that the Controlling Class Representative may act solely in the interests of the Noteholders and Note Owners of the Controlling Class, that the Controlling Class Representative does not have any duties to the Noteholders and Note Owners of any Class of Notes, that the Controlling Class Representative may take actions that favor the interests of the Noteholders and Note Owners of the Controlling Class over the interests of the Noteholders and Note Owners of one or more other Classes of Notes, that the Controlling Class Representative will not be deemed to have been grossly negligent or reckless, or to have acted in bad faith or engaged in willful misconduct by reason of its having acted solely in the interests of the Controlling Class and that the Controlling Class Representative shall have no liability whatsoever for having so acted, and no Noteholder may take any action whatsoever against the Controlling Class Representative for having so acted or against any director, officer, employee, agent or principal thereof for having so acted.

Section 10.07 <u>Collection of Indebtedness and Suits for Enforcement by Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of <u>Section 10.02</u>, upon the acceleration of the maturity of the Notes pursuant to <u>Section 10.02</u>, the Co-Issuers shall pay to the Indenture Trustee, for the benefit of the Holders of the Notes, the aggregate Class Principal Balances of all Classes of Outstanding Notes and accrued and unpaid interest thereon, with interest upon the overdue principal and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest at the rate borne by the relevant Notes and in addition thereto all other Obligations, including, but not limited to, such further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel and other amounts due and owing to the Indenture Trustee pursuant to <u>Section 11.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the provisions of <u>Section 10.02</u> and <u>Section 15.18</u>, in case the Co-Issuers shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Co-Issuers or the other Obligors and collect in the manner provided by law out of the property of the Co-Issuers or the other Obligors wherever situated, the monies adjudged or decreed to be payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the provisions of <u>Section 15.18</u>, if an Event of Default occurs and is continuing, the Indenture Trustee may, as more particularly provided in <u>Section 10.08</u>, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or any Series Supplement or in aid of the exercise of any power granted in this Indenture or any Series Supplement, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or any Series Supplement or by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to file and prove a claim or claims for the whole amount of the principal and interest owing and unpaid in respect of Notes, and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for compensation, expenses, disbursements and advances of the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and all other amounts due and owing to the Indenture Trustee pursuant to <u>Section 11.06</u>, all amounts due and owing to the Backup Manager under the Backup Management Agreement and all other amounts due and owing to the Servicer under the Servicing Agreement) and of the Noteholders allowed in such Proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) unless prohibited by applicable law and regulations, to vote on behalf and, at the direction of the Noteholders, in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to collect and receive any monies or other property payable or deliverable on any such claims and to pay all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Noteholders allowed in any judicial proceedings relative to the Issuer, the Co-Issuer or any other Obligor, the creditors of the Issuer, the Co-Issuer or any other Obligor and its property;

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other amounts due and owing to the Indenture Trustee pursuant to <u>Section 11.06</u>, all amounts due and owing to the Backup Manager under the Backup Management Agreement and all other amounts due and owing to the Servicer under the Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing contained in this Indenture or in any Series Supplement shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any such Noteholder in any such Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person and be a member of a creditors' or other similar committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subject to the provisions of <u>Section 15.18</u>, all rights of action and of asserting claims under this Indenture or in any Series Supplement, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee may be brought in its own name and as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements, advances, amounts owed to and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the benefit of the Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture or any Series Supplement to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder a party to any such Proceedings.

Section 10.08 <u>Remedies</u>. If an Event of Default shall have occurred and be continuing, the Indenture Trustee may do one or more of the following (subject to <u>Section 10.02, Section 10.09</u>, and <u>Section 15.18</u>):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this Indenture, any Series Supplement or any other Transaction Document with respect thereto, whether by declaration or otherwise, enforce any judgment obtained and collect from the Issuer, the Co-Issuer and any other Obligor upon such Notes, this Indenture, any Series Supplement or any other Transaction Document monies adjudged due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture or any Series Supplement with respect to the Trust Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) exercise any and all rights and remedies of a secured party under applicable law of any relevant jurisdiction or in equity and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sell the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) without notice to the Co-Issuers, except as required by law and as otherwise provided in this Indenture, and at any time or from time to time, charge, set-off and otherwise apply all or any part of the Collateral against the Obligations or any part thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) demand, collect, take possession of, receive, settle, compromise, adjust, sue for, foreclose or realize upon the Collateral (or any portion thereof) as the Indenture Trustee may determine.

Section 10.09 <u>Optional Preservation of the Trust Estate</u>. If the maturity of the Notes has been accelerated under <u>Section 10.02</u> following an Event of Default, and such acceleration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, with the written consent of the Requisite Global Majority Noteholders, elect to maintain possession of the Trust Estate and apply proceeds as if there had been no declaration of acceleration. In determining whether to maintain possession of the Trust Estate, the Indenture Trustee may at the Co-Issuers' expense, but need not, obtain and shall be protected in relying upon an opinion of an Independent investment banking or accounting firm of international reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose.

Section 10.10 <u>Limitation of Suits</u>. Subject to the provisions of <u>Section 15.18</u>, no Noteholder shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture or any Series Supplement or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Noteholders by an Affirmative Direction have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such Holder or Holders has offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in complying with such request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Indenture Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no direction inconsistent with such written request has been given to the Indenture Trustee during such 60 day period by the Requisite Global Majority Noteholders.

It is understood and intended that no one or more Noteholders shall have any right in any manner whatsoever by virtue of, or by availing of, any provision of this Indenture or any Series Supplement to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture or any Series Supplement, except in the manner provided in this Indenture.

In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders, each representing less than a majority of the aggregate Class Principal Balances of all Classes of Outstanding Notes, no action shall be taken, notwithstanding any other provisions of this Indenture or any Series Supplement. Notwithstanding any provision of this <u>Section 10.10</u>, the Indenture Trustee shall not take any action or permit any action to be taken that is inconsistent with <u>Section 15.18</u>.

Section 10.11 <u>Unconditional Rights of Noteholders to Receive Principal and Interest</u>. Notwithstanding any other provisions in this Indenture or any Series Supplement, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture or any Series Supplement, and such right shall not be impaired without the consent of such Holder.

Section 10.12 <u>Restoration of Rights and Remedies</u>. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture or any Series Supplement and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted.

Section 10.13 <u>Rights and Remedies Cumulative</u>. Except as provided herein, no right or remedy conferred in this Indenture, in any Series Supplement or in any other Transaction Document upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder, in any Series Supplement or in any other Transaction Document or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, in any Series Supplement, or in any other Transaction Document or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

Section 10.14 <u>Delay or Omission Not a Waiver</u>. No delay or omission of the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or any acquiescence therein. Every right and remedy given by this Article X or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be.

Section 10.15 <u>Waiver of Past Defaults</u>. Prior to the acceleration of the maturity of the Notes as provided in <u>Section 10.02</u>, the Requisite Global Majority Noteholders may waive any past Default or Event of Default and its consequences except (i) a Default (a) in the payment of principal of or interest on any of the Notes or (b) in respect of a covenant or provision hereof that cannot be amended, supplemented or modified without the consent of each Noteholder and (ii) before any such waiver may be effective, the Indenture Trustee and the Servicer must receive any reimbursement then due or payable in respect of any amounts then due to the Servicer or the Indenture Trustee hereunder or under the other Transaction Documents (including, but not limited to, unpaid Additional Issuer Expenses, and all unpaid fees, expenses, and indemnification due to the Servicer and the Indenture Trustee hereunder and under the other Transaction Documents). Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture or any Series Supplement; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto.

Section 10.16 <u>Undertaking for Costs</u>. All parties to this Indenture or any Series Supplement agree, and each Holder of any Note by such Holder's acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture or any Series Supplement, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant (other than the Co-Issuers) in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorney's fees, against any party litigant (other than the Co-Issuers) in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant (other than the Co-Issuers); but the provisions of this <u>Section 10.16</u> as may be modified by any Series Supplement shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, representing more than 10.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes or (c) any suit instituted by any Noteholder for the enforcement of the payment of the unpaid principal balance of any Note or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture or any Series Supplement.

Section 10.17 <u>Waiver of Stay or Extension Laws</u>. Each Obligor covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, or plead or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture, any Series Supplement or any Transaction Document; and each Obligor (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not hinder, delay or impede the execution of any power granted in this Indenture to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

Section 10.18 <u>Action on Notes</u>. The Indenture Trustee's right to seek and recover judgment on the Notes or under this Indenture, any Series Supplement or any Transaction Document shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture, any Series Supplement or any Transaction Document. No rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or the Co-Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the Assets of the Issuer or the Co-Issuer.

Section 10.19 <u>Waiver</u>. Each of the Issuer and the Co-Issuer hereby expressly waives, to the fullest extent permitted by law, presentment, demand, protest or any notice of any kind in connection with this Indenture or the Collateral. Each of the Issuer and the Co-Issuer acknowledges and agrees that 10 days' prior written notice of the time and place of any public sale of the Collateral or any other intended disposition thereof shall be reasonable and sufficient notice to the Issuer or the Co-Issuer, as applicable, within the meaning of the UCC.

**ARTICLE XI**

**THE INDENTURE TRUSTEE**

Section 11.01 <u>Shared Facilities</u>. At any time, and from time to time, while any of the Notes remain Outstanding, at the Issuer's or the Co-Issuer's direction, the Indenture Trustee shall enter into a non-disturbance agreement or other similar agreement, in form and substance reasonably satisfactory to the Servicer, relating to the shared use of Shared Facilities with third parties or Affiliates of the Co-Issuers that are not Asset Entities, which agreement will provide, among other things, that in the event the Indenture Trustee commences a foreclosure or other action, or otherwise exercises any other remedies against any Obligor, the Indenture Trustee will not disturb, terminate or otherwise interfere with the rights of any third parties or Affiliates of the Co-Issuers that are not Asset Entities to use or access the Shared Facilities.

Section 11.02 <u>Duties of Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee, prior to the occurrence of an Event of Default of which a Responsible Officer of the Indenture Trustee has Knowledge and after the curing or waiving of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and shall be liable in accordance herewith only to the extent of such duties. If an Event of Default of which a Responsible Officer of the Indenture Trustee has Knowledge occurs and is continuing, the Indenture Trustee (or the Servicer on its behalf) shall exercise such of the rights and powers vested in it by this Indenture, any Series Supplement and any other Transaction Document, and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of its own affairs. Any permissive right of the Indenture Trustee contained in this Indenture, any Series Supplement or any other Transaction Document shall not be construed as a duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Indenture Trustee which are specifically required to be furnished pursuant to any provision of this Indenture, any Series Supplement or any other Transaction Document, the Indenture Trustee shall examine them to determine whether they conform on their face to the requirements of this Indenture, such Series Supplement or such other Transaction Document. If any such instrument is found not to conform on its face to the requirements of this Indenture, such Series Supplement or such other Transaction Document in a material manner, the Indenture Trustee shall request the person providing such instrument to correct such instrument. The Indenture Trustee shall not be responsible or liable for the accuracy or content of any resolution, certificate, statement, opinion, report, document, order or other instrument furnished by the Co-Issuers, the Guarantors, the Asset Entities, the Manager, the Backup Manager, the Servicer, any actual or prospective Noteholder or Note Owner or any Rating Agency, and accepted by the Indenture Trustee in good faith, pursuant to this Indenture, any Series Supplement or any other Transaction Document. The Indenture Trustee shall not be responsible for recomputing, recalculating, certifying or verifying any information provided by the Servicer, the Backup Manager or the Manager pertaining to any Monthly Report, any other report, distribution statement, Officer's Certificate, instrument or document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No provision of this Indenture shall be construed to relieve the Indenture Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct; *provided, however*, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Prior to the occurrence of an Event of Default of which a Responsible Officer of the Indenture Trustee has Knowledge, and after the curing or waiving of all Events of Default which may have occurred, the duties and obligations of the Indenture Trustee shall be determined solely by the express provisions of this Indenture, the Indenture Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture or any Series Supplement and no implied covenants or obligations shall be read into this Indenture or any Series Supplement against the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the absence of bad faith on the part of the Indenture Trustee, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates, reports, or opinions or other documents furnished to the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Indenture Trustee shall not be liable for any actions taken or error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Indenture Trustee unless it shall be proved that the Indenture Trustee was negligent in ascertaining the pertinent facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Indenture Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by the Indenture Trustee, in good faith in accordance with this Indenture or the direction of Noteholders representing more than 25.0% (or, as to any particular matter, any higher percentage as may be specifically provided for hereunder) of the aggregate Class Principal Balances of all Classes of Outstanding Notes relating to the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred upon the Indenture Trustee, under this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Indenture Trustee shall not be required to act or to take notice or be deemed to have notice or knowledge of, or to give any notice of, a default, event (including any Event of Default or Servicer Termination Event) or information unless either (1) a Responsible Officer shall have Knowledge of such default, event (including any Event of Default or Servicer Termination Event) or information or (2) written notice of such Event of Default or Servicer Termination Event referring to the Notes, this Indenture and any Series Supplement shall have been received by a Responsible Officer in accordance with the provisions of this Indenture and any Series Supplement and shall have no duty to take any action to determine whether any such event or default has occurred. In the absence of receipt of such notice or Knowledge, the Indenture Trustee may conclusively assume that there is no default, Event of Default or Servicer Termination Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Subject to the other provisions of this Indenture, and without limiting the generality of this <u>Section 11.02</u>, the Indenture Trustee shall not have any duty, (A) to cause any recording, filing, or depositing of this Indenture or any Series Supplement or any agreement referred to herein or therein or any financing statement or continuation statement evidencing a security interest, or to cause the maintenance of any such recording or filing or depositing or to any rerecording, refiling or redepositing of any thereof, (B) to see to or cause the maintenance of any insurance, (C) to confirm or verify the truth, accuracy or contents of any reports, certificates or other documentation of the Co-Issuers, the Guarantors, the Asset Entities, the Manager, the Backup Manager, the Servicer, any Noteholder or Note Owner or any Rating Agency, delivered to the Indenture Trustee pursuant to this Indenture reasonably believed by the Indenture Trustee to be genuine and without manifest error and to have been signed or presented by the proper party or parties (*provided, however*, the Indenture Trustee may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Indenture Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer, the Co-Issuer and any Asset Entity personally or by agent or attorney), and (D) to see to the payment of any assessment or other governmental charge or any Lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Collateral other than from funds available in the Collection Account (*provided*, that such assessment, charge, Lien or encumbrance did not arise out of the Indenture Trustee's willful misconduct, bad faith or negligence).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) None of the provisions contained in this Indenture or any Series Supplement shall in any event require the Indenture Trustee to perform, or be responsible for the manner of performance of, any of the obligations of the Servicer under the Servicing Agreement except during such time, if any, as the Indenture Trustee shall be successor to, and be vested with the rights, duties, powers and privileges of, the Servicer in accordance with the terms of this Indenture and the Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The rights, protections, immunities and indemnities given to the Indenture Trustee hereunder are extended to and shall be enforceable by the Person acting as Indenture Trustee hereunder in each of its other capacities hereunder and as Indenture Trustee under the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) If the same Person is acting as Indenture Trustee and Note Registrar, then any notices required to be given by such Person in one such capacity shall be deemed to have been timely given to itself in any other such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Indenture Trustee is hereby directed to execute and deliver any Transaction Document to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing with the Co-Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law, this Indenture or any Series Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Every provision in this Indenture and any Series Supplement that in any way relates to the Indenture Trustee is subject to paragraphs (a) through (f) of this <u>Section 11.02</u>.

Section 11.03 <u>Certain Matters Affecting the Indenture Trustee</u>. Except as otherwise provided in <u>Section 11.02</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Indenture Trustee may conclusively rely upon and shall be protected in acting or refraining from acting upon any resolution, Officers' Certificate, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine and without manifest error and to have been signed or presented by the proper party or parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Indenture Trustee may consult with counsel and any advice or opinion of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder in good faith and in accordance therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Indenture Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Indenture or any Series Supplement or to make any investigation of matters arising hereunder or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Noteholders, unless such Noteholders shall have provided to the Indenture Trustee security or indemnity reasonably satisfactory to the Indenture Trustee against the costs, expenses and liabilities which may be incurred therein or thereby; the Indenture Trustee shall not be required to expend or risk its own funds (except to pay allocable overhead, such as costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses and similar internal costs and expenses) or otherwise incur any liability (financial or otherwise) in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Indenture Trustee shall not be liable for any action reasonably taken, suffered or omitted by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture on any Series Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by Noteholders representing more than 25.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes; *provided, however*, the Indenture Trustee may require an indemnity reasonably satisfactory to the Indenture Trustee against such expense or liability as a condition to taking any such action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Indenture Trustee shall not be required to give any bond or surety in respect of the execution of the trusts created hereby or the powers granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Indenture Trustee may execute any of the trusts or powers vested in it by this Indenture or any Series Supplement and may perform any of its duties hereunder, either directly or by or through agents, attorneys, or custodians, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of any such agent, attorney, or custodian appointed by the Indenture Trustee with due care; *provided*, that the use of agents, attorneys, or custodians shall not be deemed to relieve the Indenture Trustee of any of its duties and obligations hereunder (except as expressly set forth herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Indenture Trustee shall not be responsible for any act or omission of the Servicer (unless, in the case of the Indenture Trustee, it is acting as Servicer), the Manager, the Issuer, the Co-Issuer or any other party to the Transaction Documents and may assume compliance by such parties with their obligations under this Indenture or any related agreements, unless a Responsible Officer of the Indenture Trustee shall have received written notice to the contrary at the Corporate Trust Office of the Indenture Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Indenture Trustee shall not have any obligation or duty to monitor, determine or inquire as to compliance with any restriction on transfer imposed under Article II under this Indenture or under applicable law with respect to any transfer of any Note or any interest therein, other than to require delivery of the certification(s) and/or Opinions of Counsel described in said Article applicable with respect to changes in registration or record ownership of Notes in the Note Register and to examine the same to determine substantial compliance with the express requirements of this Indenture; and the Indenture Trustee and the Note Registrar shall have no liability for transfers, including transfers made through the book-entry facilities of the Depositary or between or among Depositary Participants or Note Owners of the Notes, made in violation of applicable restrictions except for its failure to perform its express duties in connection with changes in registration or record ownership in the Note Register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Indenture Trustee shall not be liable for any losses on investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) in order to comply with laws, rules, regulation and executive orders in effect from time to time including those relating to the funding of terrorist activities and money laundering, the Indenture Trustee may be required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Indenture Trustee, and accordingly, each of the parties hereto agrees to provide the Indenture Trustee upon its reasonable request from time to time such identifying information and documentation as may be reasonably available for such party in order to enable the Indenture Trustee to comply with the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) whenever in the administration of the provisions of this Indenture or any Series Supplement the Indenture Trustee shall deem it necessary (in good faith) that a matter be proved or established as a matter of fact prior to taking or suffering any action or refraining from taking any action, the Indenture Trustee may require an Officer's Certificate or an Opinion of Counsel from the party requesting that the Indenture Trustee act or refrain from acting in form and substance acceptable to the Indenture Trustee, the costs of which (including the Indenture Trustee's reasonable attorney's fees and expenses) shall be paid by the party requesting that the Indenture Trustee act or refrain from acting. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer's Certificate or Opinion of Counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) in no event shall the Indenture Trustee be liable for any failure or delay in the performance of its obligations under any Transaction Document because of circumstances beyond the Indenture Trustee's control, including, but not limited to, a failure, termination, or suspension of a clearing house, securities depositary, settlement system or central payment system in any applicable part of the world or acts of God, flood, war (whether declared or undeclared), civil or military disturbances or hostilities, nuclear or natural catastrophes, political unrest, explosion, severe weather or accident, earthquake, terrorism, fire, riot, labor disturbances, strikes or work stoppages for any reason, embargo, government action, including any laws, ordinances, regulations or the like (whether domestic, federal, state, county or municipal or foreign) which delay, restrict or prohibit the providing of the services contemplated by the Transaction Documents, or the unavailability of communications or computer facilities, the failure of equipment or interruption of communications or computer facilities, or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility, or any other causes beyond the Indenture Trustee's control whether or not of the same class or kind as specified above; *provided* that upon the occurrence of any of the foregoing events, the Indenture Trustee shall use commercially reasonable efforts to resume performance of its obligations as soon as practicable under the circumstances, and, other than if Knowledge of such circumstances is otherwise available to the Co-Issuers and the Servicer, the Indenture Trustee shall provide the Co-Issuers and the Servicer notice of any failure or delay by it as a result of any of the foregoing events as soon as practicable under the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the Indenture Trustee shall not be liable for failing to comply with its obligations under any Transaction Document in so far as the performance of such obligations is dependent upon the timely receipt of instructions and/or other information from any other Person which are not received or not received by the time required or contain errors or are otherwise incomplete or deficient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Indenture Trustee shall be fully justified in failing or refusing to take any action under any Transaction Document if such action (A) would be contrary to applicable law or any Transaction Document or (B) is not provided for in the Transaction Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Knowledge of the Indenture Trustee shall not be attributed or imputed to Wilmington's other roles in the transaction and knowledge of the Paying Agent or the Note Registrar shall not be attributed or imputed to each other or to the Indenture Trustee (other than those where the roles are performed by the same group or division within Wilmington or otherwise share the same Responsible Officers), or any Affiliate, line of business, or other division of Wilmington (and vice versa).

Section 11.04 <u>Indenture Trustee's Disclaimer</u>. The Indenture Trustee (i) shall not be responsible for, and makes no representation, as to the validity, legality, enforceability, sufficiency or adequacy of this Indenture, any Series Supplement, any other Transaction Document or the Notes or as to the correctness of any statement contained therein and (ii) shall not be accountable for the Issuer's or the Co-Issuer's use of the Notes, the proceeds from the Notes, or responsible for any statement of the Issuer or the Co-Issuer in this Indenture, any Series Supplement, any other Transaction Document or in any document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee's certificate of authentication. The recitals contained herein and in the Notes shall be construed as the statements of the Co-Issuers.

Section 11.05 <u>Indenture Trustee May Own Notes</u>. The Indenture Trustee (in its individual or any other capacity) or any of its respective Affiliates may become the owner or pledgee of Notes with (except as otherwise provided in the definition of "<u>Noteholder</u>") the same rights it would have if it were not the Indenture Trustee or one of its Affiliates, as the case may be.

Section 11.06 <u>Fees and Expenses of Indenture Trustee; Indemnification of the Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each Payment Date, the Indenture Trustee shall withdraw funds on deposit in the Collection Account and pay to itself pursuant to <u>Section 5.01(a)(ii)</u> the Indenture Trustee Fee due on such Payment Date as compensation for all services rendered by the Indenture Trustee hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indenture Trustee and any of its Affiliates, directors, officers, employees or agents shall be entitled to be indemnified and held harmless out of the funds available therefor pursuant to <u>Section 5.01(a)</u> for and against any fee, loss, liability, claim, costs or expense (including, without limitation, any reasonable attorneys' fees and expenses, including those incurred in connection with any enforcement, claim or action brought by any such person of any indemnification or other obligation of the Co-Issuers or any other Person pursuant to the Transaction Documents) arising out of, or incurred in connection with, this Indenture, the Notes, (unless, in the case of the Indenture Trustee, it incurs any such expense or liability in the capacity of successor servicer, in which case such expense or liability will be reimbursable thereto in the same manner as it would be for any other Servicer in accordance with the Servicing Agreement) or any act or omission of the Indenture Trustee relating to the exercise and performance of any of the rights and duties of the Indenture Trustee hereunder or under (i) any other Transaction Document or (ii) any estoppel certificate, landlord consent, waiver or subordination and non-disturbance agreement and related real estate documents in connection with any Data Center; *provided, however*, that none of the Indenture Trustee or any of the other above specified Persons shall be entitled to indemnification or reimbursement pursuant to this <u>Section 11.06(b)</u> for (1) any expense that constitutes allocable overhead, such as costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses and similar internal costs and expenses or (2) any loss, liability, damage, claim or expense by reason of any breach on the part of the Indenture Trustee of any of its representations or warranties contained herein or any willful misconduct, bad faith or negligence in the performance of such Person's obligations and duties hereunder. Without limiting the foregoing, the Co-Issuers agree to indemnify and hold harmless the Indenture Trustee and its Affiliates from and against any liability (including for taxes, penalties or interest asserted by any taxing jurisdiction) arising from amounts on deposit in the Collection Account or any income in respect thereof. The Indenture Trustee shall notify the Co-Issuers promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Co-Issuers shall not relieve the Co-Issuers of their obligations hereunder. To the extent the Indenture Trustee (or the Servicer on its behalf) renders services or incurs expenses after an Event of Default specified in <u>Section 10.01(g)</u> or <u>Section 10.01(h)</u>, the compensation for services and expenses incurred by it are intended to constitute expenses of administration under any applicable federal, state or foreign bankruptcy, insolvency or other similar law now or hereafter in effect. The Indenture Trustee (for itself and on behalf of the Servicer) shall have a Lien on the Collateral, as governed by this Indenture, to secure the obligations of the Co-Issuers under this Section 11.06.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything in this Indenture to the contrary, in no event shall the Indenture Trustee be liable for special, indirect, punitive or consequential damages of any kind whatsoever (including but not limited to lost profits), even if the Indenture Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This <u>Section 11.06</u> shall survive the termination or assignment of this Indenture or the resignation or removal of the Indenture Trustee as regards rights and obligations prior to such termination, resignation or removal.

Section 11.07 <u>Eligibility Requirements for Indenture Trustee</u>. The Indenture Trustee hereunder shall not be an Affiliate of the Servicer or any Asset Entity (unless the Indenture Trustee is a successor servicer) and shall at all times be a corporation, bank, trust company or association that: (i) is organized and doing business under the laws of the United States of America or any state thereof or the District of Columbia and authorized under such laws to exercise corporate trust powers; (ii) has a combined capital and surplus of at least $100,000,000; and (iii) is subject to supervision or examination by federal or state authority. If such corporation, bank, trust company or association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation, bank, trust company or association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In addition: (i) the Indenture Trustee shall at all times meet the requirements of Section 26(a)(1) of the Investment Company Act; and (ii) the Indenture Trustee may not have any affiliations or act in any other capacity with respect to the transactions contemplated hereby that would cause PTE 90-24 or PTE 93-31 (in each case as amended by PTE 2000-58 and PTE 2002-41) to be unavailable with respect to any Class of Notes that it would otherwise be available in respect of. Furthermore, the Indenture Trustee shall at all times maintain (or shall have caused to have been appointed a fiscal agent that at all times maintains) (i) a long-term unsecured debt rating of no less than a rating commonly regarded as "investment grade" from Moody's and (ii) a short-term unsecured debt rating of no less than a rating commonly regarded as "investment grade" from Moody's, and a long-term unsecured debt rating of no less than a rating commonly regarded as "investment grade" by Fitch Ratings Inc. The corporation, bank, trust company or association serving as Indenture Trustee may have normal banking and trust relationships with the Asset Entities, the Servicer and their respective Affiliates but, except to the extent permitted or required by the Servicing Agreement, shall not be an "Affiliate" (as such term is defined in Section III of PTE 2000-58) of the Servicer, any sub-servicer, any Initial Purchaser, any Placement Agent, any Passive Bookrunner, any Co-Manager, the Issuer, the Co-Issuer and the Asset Entities or any "Affiliate" (as such term is defined in Section III of PTE 2000-58) of any such Persons.

Section 11.08 <u>Resignation and Removal of Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee may at any time resign and be discharged from its obligations and duties created hereunder with respect to one or more or all Series of Notes by giving not less than 60 days' prior written notice thereof to the other parties to this Indenture, the Backup Manager, the Servicer and all of the Noteholders. Upon receiving such notice of resignation, the Co-Issuers shall use their best efforts to promptly appoint a successor indenture trustee meeting the eligibility requirements of <u>Section 11.07</u> by written instrument, in duplicate, which instrument shall be delivered to the resigning Indenture Trustee and to the successor indenture trustee. A copy of such instrument shall be delivered to the other parties to this Indenture and the Servicer by the Co-Issuers. If no successor indenture trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Indenture Trustee may petition any court of competent jurisdiction for the appointment of a successor indenture trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time the Indenture Trustee shall cease to be eligible in accordance with the provisions of <u>Section 11.07</u> and shall fail to resign after written request therefor by the Co-Issuers, the Manager, the Backup Manager or the Servicer, or if at any time the Indenture Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Indenture Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Indenture Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or if the Indenture Trustee's continuing to act in such capacity would (as confirmed in writing to the Co-Issuers by any Rating Agency) result in the qualification, downgrade or withdrawal of the rating then assigned to any Class of Notes rated by such Rating Agency (or the placing of such Class of Notes on negative credit watch or ratings outlook negative status in contemplation of any such action with respect thereto), then the Co-Issuers or the Requisite Global Majority Noteholders may remove the Indenture Trustee and appoint a successor indenture trustee by written instrument, in duplicate, which instrument shall be delivered to the Indenture Trustee so removed and to the successor indenture trustee. A copy of such instrument shall be delivered to the other parties to this Indenture and the Servicer by the Co-Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Requisite Global Majority Noteholders may at any time (with or without cause, but if without cause, upon 60 days' written notice) remove the Indenture Trustee and appoint a successor indenture trustee by written instrument or instruments, in triplicate, signed by such holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to each of the Co-Issuers, one complete set to the Indenture Trustee so removed, and one complete set to the successor indenture trustee so appointed. All expenses incurred by the Indenture Trustee in connection with its transfer of all documents relating to the Notes to a successor indenture trustee following the removal of the Indenture Trustee without cause pursuant to this <u>Section 11.08(c)</u> shall be reimbursed to the removed Indenture Trustee within 30 days of demand therefor, such reimbursement to be made by the Noteholders that terminated the Indenture Trustee; *provided, however*, that if such Noteholders do not reimburse the Indenture Trustee within such 30 day period, such expenses shall be reimbursed as Additional Issuer Expenses. A copy of such instrument shall be delivered to the other parties to this Indenture and the Servicer by the successor indenture trustee so appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any resignation or removal of the Indenture Trustee and appointment of a successor indenture trustee pursuant to any of the provisions of this <u>Section 11.08</u> shall not become effective until acceptance of appointment by the successor indenture trustee as provided in <u>Section 11.09</u>.

Section 11.09 <u>Successor Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any successor indenture trustee appointed as provided in <u>Section 11.08</u> shall execute, acknowledge and deliver to the Co-Issuers, the Servicer and its predecessor indenture trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor indenture trustee shall become effective and such successor indenture trustee, without any further act, deed or conveyance, shall become fully vested with all of the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named as indenture trustee herein. The predecessor indenture trustee shall deliver to the successor indenture trustee all documents relating to the Notes held by it hereunder, and the Co-Issuers, the Servicer and the predecessor indenture trustee shall execute and deliver such instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor indenture trustee all such rights, powers, duties and obligations, and to enable the successor indenture trustee to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No successor indenture trustee shall accept appointment as provided in this <u>Section 11.09</u> unless at the time of such acceptance such successor indenture trustee shall be eligible under the provisions of <u>Section 11.07</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon acceptance of appointment by a successor indenture trustee as provided in this <u>Section 11.09</u>, such successor indenture trustee shall mail notice of the succession of such indenture trustee hereunder to the Co-Issuers, the Servicer and the Noteholders.

Section 11.10 <u>Merger or Consolidation of Indenture Trustee</u>. Any entity into which the Indenture Trustee may be merged or converted or with which it may be consolidated or any entity resulting from any merger, conversion or consolidation to which the Indenture Trustee shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of the Indenture Trustee shall be the successor of the Indenture Trustee hereunder; *provided*, such entity shall be eligible under the provisions of <u>Section 11.07</u>, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

Section 11.11 <u>Appointment of Co-Indenture Trustee or Separate Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provisions hereof, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any of the Notes or property securing the same may at the time be located, for enforcement actions and where a conflict of interest exists, the Indenture Trustee shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Indenture Trustee to act as co-indenture trustee or co-indenture trustees, jointly with the Indenture Trustee, or separate indenture trustee or separate indenture trustees, of the Notes, and to vest in such Person or Persons, in such capacity, such title to the Notes, or any part thereof, and, subject to the other provisions of this <u>Section 11.11</u>, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-indenture trustee or separate indenture trustee hereunder shall be deemed an agent of the Indenture Trustee or be required to meet the terms of eligibility as a successor indenture trustee under <u>Section 11.07</u>, and no notice to holders of Notes of the appointment of co-indenture trustee(s) or separate indenture trustee(s) shall be required under <u>Section 11.09</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of any appointment of a co-indenture trustee or separate indenture trustee pursuant to this <u>Section 11.11</u>, all rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate indenture trustee or co-indenture trustee jointly, except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed (whether as Indenture Trustee hereunder or when acting as successor servicer under the Servicing Agreement), the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations shall be exercised and performed by such separate indenture trustee or co-indenture trustee solely at the direction of the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate indenture trustees and co-indenture trustees, as effectively as if given to each of them. Every instrument appointing any separate indenture trustee or co-indenture trustee shall refer to this Indenture and the conditions of this Article XI. Each separate indenture trustee and co-indenture trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all of the provisions of this Indenture and any Series Supplement, specifically including every provision of this Indenture and any Series Supplement relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any separate trustee or co-trustee may, at any time, constitute the Indenture Trustee, its agent or attorney-in-fact, with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture or any Series Supplement on its behalf and in its name. The Indenture Trustee shall not be responsible or liable for any act, inaction or the appointment of any such trustee or co-trustee. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The appointment of a co-trustee or separate trustee under this <u>Section 11.11</u> shall not relieve the Indenture Trustee of its duties and responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent any Additional Notes that are denominated in Canadian dollars are issued and/or Data Centers located in Canada are added as Additional Data Centers, the Co-Issuers shall appoint a third-party paying agent for purposes of holding accounts and funds located in Canada and facilitating payments and allocations of amounts paid or payable in Canadian dollars. For the avoidance of doubt, the Indenture Trustee shall have no duties or obligations with respect to acting as paying agent with respect to funds or accounts denominated in Canadian dollars or any obligation or liability with respect to eligibility of any Additional Notes denominated in Canadian dollars.

Section 11.12 <u>Access to Certain Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee shall afford to the Co-Issuers, the Servicer, the Backup Manager, each Rating Agency and any banking or insurance regulatory authority that may exercise authority over any Noteholder or Note Owner, access on a password protected website (currently www.wilmingtontrustconnect.com) to any documentation reasonably requested regarding the Notes that are in its possession. Such access shall be afforded without charge but only upon reasonable prior written request and during normal business hours at the Corporate Trust Office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indenture Trustee shall maintain at the Corporate Trust Office and, upon reasonable prior written request and during normal business hours, shall make available, or cause to be made available, for review by the Co-Issuers, the Rating Agencies and, subject to the satisfaction of the conditions set forth in <u>Section 11.12(c)</u>, any Holder of a Note of any Series, any Note Owner of a Note of any Series or any Person identified to the Indenture Trustee as a prospective Transferee of a Note of any Series or an interest therein (a "<u>Requesting Party</u>"), originals and/or copies of the following items (to the extent that such items were prepared by or delivered to the Indenture Trustee):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Offering Memorandum relating to such Series of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this Indenture, and the Series Supplement relating to such Series of Notes and any amendments and exhibits hereto or thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Cash Management Agreement and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Servicing Agreement and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Management Agreement and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Backup Management Agreement and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Holdco Guaranties and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Contribution Agreements and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) all Monthly Reports, Indenture Trustee Reports, Rent Rolls and any other schedules actually delivered or otherwise made available to Noteholders pursuant to <u>Section 11.12(e)</u> since the Closing Date with respect to such Series of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the most recent audited or unaudited consolidated Financial Statements of the Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the most recent appraisals with respect to the Data Centers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any other information in the possession of the Indenture Trustee that may be necessary to satisfy the requirements of subsection (d)(4)(i) of Rule 144A under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) The Indenture Trustee shall make available on a password protected website (currently www.wilmingtontrustconnect.com) copies of any and all of the foregoing items to any of the Persons set forth in the previous sentence promptly following request therefor by such Person; *provided, however*, that except in the case of the Rating Agencies, the Indenture Trustee shall be permitted to require payment of a sum sufficient to cover the reasonable costs and expenses of providing such copies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon reasonable advance notice and at the expense of the Co-Issuers, the Indenture Trustee shall make available on a password protected website (currently www.wilmingtontrustconnect.com) to such Requesting Party copies of the documents and information described in clauses (i) through (xi) of <u>Section 11.12(b)</u>; *provided*, that the Requesting Party furnish to the Indenture Trustee a written certification substantially in the form attached hereto as Exhibit D-1, in the case of a Requesting Party that is a Holder of a Note or a Note Owner, or Exhibit D-2, in the case of a Requesting Party that is a prospective Transferee of a Note or an interest therein, to the effect that (x) in the case of a Noteholder, such Person or entity will keep such information confidential (except that any Noteholder may provide any such information obtained by it to any other person or entity that holds or is contemplating the purchase of any Note or interest therein; *provided* that such other person or entity confirms to such Noteholder in writing such Ownership Interest or prospective Ownership Interest and agrees to keep such information confidential); (y) in the case of a Note Owner, such person or entity is a Beneficial Owner of Notes held in book-entry form and will keep such information confidential (except that such Note Owner may provide such information to any other Person or entity that holds or is contemplating the purchase of any Note or interest therein; *provided* that such other person or entity confirms to such Note Owner in writing such Ownership Interest or prospective Ownership Interest and agrees to keep such information confidential) and (z) in the case of a Person identified to the Indenture Trustee as a prospective Transferee of a Note or an interest therein, such person or entity is a bona fide prospective purchaser of a Note or an interest therein, is requesting the information for use in evaluating a possible investment in Notes and will otherwise keep such information confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Based on information provided in the Monthly Report, which Monthly Report is delivered to the Indenture Trustee, the Backup Manager and the Servicer not later than four Business Days prior to each Scheduled Application Date, the Indenture Trustee shall compile a report specifying the payments made in respect of the Notes on each Payment Date, a restatement of the calculation of the DSCR as of the last day of the preceding calendar month and the three-month average DSCR as of the last day of the preceding calendar month and such comments as may be required pursuant to <u>Section 2.09(e)</u> of the Servicing Agreement (the "<u>Indenture Trustee Report</u>"), substantially in the form attached as Exhibit E.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Indenture Trustee shall make available to the Noteholders the following reports received by the Indenture Trustee pursuant to this Indenture on a password protected website (currently www.wilmingtontrustconnect.com):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on or before the first Payment Date after the Initial Closing Date, the information required by Section 4(c)(1)(ii) of the U.S. Risk Retention Rules (as delivered to the Indenture Trustee by the Co-Issuers and for which the Indenture Trustee shall have no obligation or liability with respect thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on or before each Payment Date, a copy of the Monthly Report and the Indenture Trustee Report for such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as promptly as practicable after receipt, a copy of the Financial Statements for each fiscal year of the Co-Issuers delivered to the Indenture Trustee pursuant to <u>Section 7.02(a)(i)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) as promptly as practicable after receipt, a copy of the Financial Statements for each fiscal quarter of the Co-Issuers delivered to the Indenture Trustee pursuant to <u>Section 7.02(a)(ii)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) as promptly as practicable after receipt, a copy of the Rent Roll and any schedules for each fiscal quarter of the Co-Issuers delivered to the Indenture Trustee pursuant to <u>Section 7.02(a)(iii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Indenture Trustee shall not be liable for providing or disseminating information in accordance with the terms of this Indenture.

**ARTICLE XII**

**NOTEHOLDERS' LISTS, REPORTS AND MEETINGS**

Section 12.01 <u>Co-Issuers to Furnish Indenture Trustee Names and Addresses of Noteholders</u>. The Co-Issuers shall furnish or cause to be furnished, to the Indenture Trustee (a) not more than three Business Days prior to each Payment Date a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Holders of Definitive Notes as of such date and (b) at such other times as the Indenture Trustee may request in writing, within 30 days after receipt by the Co-Issuers of any such request, a list of similar form and content as of a date not more than 10 days prior to the time such list is furnished; *provided, however*, that the Co-Issuers shall not be required to furnish such list so long as the Indenture Trustee is the Note Registrar.

Section 12.02 <u>Preservation of Information; Communications to Noteholders</u>. The Indenture Trustee shall cause the Note Registrar to preserve in as current a form as is reasonably practicable, the names and addresses of Holders of Definitive Notes received by the Note Registrar and the names and addresses of the Holders of Definitive Notes contained in the most recent list furnished to the Indenture Trustee as provided in <u>Section 12.01</u>. The Indenture Trustee may destroy any list furnished to it as provided in such Section <u>12.01</u> upon receipt of a new list so furnished.

Section 12.03 <u>Voting by Noteholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 100% of the Voting Rights will be allocated among the respective Classes of Notes according to the ratio of the Class Principal Balance of each Class of Outstanding Notes to the aggregate Class Principal Balances of all Classes of Outstanding Notes. Voting Rights allocated to a Class of Notes will be allocated among the Notes of such Class in proportion to the Percentage Interest in such Class evidenced thereby. Notes held by the Issuer or the Co-Issuer or any of their respective Affiliates shall be deemed not to be Outstanding in determining Voting Rights. In the event that the Class A Notes are the Controlling Class, the Controlling Class will be comprised of all Class A Notes, collectively, based on the Outstanding principal amounts of such Class A Notes (assuming the full amount of the Class A-1 Commitment Amount that is permitted to be drawn on such date is fully drawn).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided in this Indenture or any Series Supplement, all resolutions of Noteholders shall be passed by the Requisite Global Majority Noteholders. Book-Entry Notes shall be voted by the Depositary on behalf of the Beneficial Owners thereof in accordance with written instructions received in accordance with Applicable Procedures of the Depositary.

Section 12.04 <u>Communication by Noteholders with other Noteholders</u>. Noteholders may communicate pursuant to Section 3.12(b) of the Trust Indenture Act of 1939, as amended, with other Noteholders with respect to their rights under this Indenture, any Series Supplement or the Notes. If any Noteholder makes written request to the Note Registrar, and such request states that such Noteholder desires to communicate with other Noteholders with respect to their rights under this Indenture or under the Notes and such request is accompanied by a copy of the communication that such Noteholder proposes to transmit, then the Note Registrar shall, within 30 days after the receipt of such request, afford the requesting Noteholder access during normal business hours to, or make available to the requesting Noteholder a copy of, the most recent list of Noteholders held by the Note Registrar (which list shall be current as of a date no earlier than 30 days prior to the Note Registrar's receipt of such request). Every Noteholder, by receiving such access, acknowledges that neither the Note Registrar nor the Indenture Trustee will be held accountable in any way by reason of the disclosure of any information as to the names and addresses of any Noteholder regardless of the source from which such information was derived.

**ARTICLE XIII**

**INDENTURE SUPPLEMENTS**

Section 13.01 <u>Indenture Supplements without Consent of Noteholders</u>. Without the consent of the Noteholders, the Co-Issuers and the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more Indentures Supplements at the expense of the party requesting the supplement or amendment to this Indenture, any Series Supplement or any Notes, in form satisfactory to the Indenture Trustee for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to correct any typographical error or cure any ambiguity, or to cure, correct or supplement any defective or inconsistent provision in this Indenture, any Series Supplement or any Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to conform any provision of this Indenture to the description thereof contained in the Offering Memorandum relating to the Series of Notes issued on the Initial Closing Date or any provision of any Series Supplement relating to a Series of Notes or of any provision of any Notes of any Series to the description thereof contained in the Offering Memorandum relating to the Notes of such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to convey, transfer, assign, mortgage or pledge any property to the Indenture Trustee (on behalf of the Noteholders) as security for the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to modify this Indenture, any Series Supplement or any Notes as required or made necessary by any change in applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to add to the covenants of the Obligors or any other party for the benefit of the Noteholders, or to surrender any right or power conferred upon the Obligors in this Indenture or any Series Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to issue a Series of Notes pursuant to a Series Supplement in accordance with <u>Section 2.12(b)</u>, including the issuance of Subordinated Notes, or increase in the Class A-1 Commitment Amount with respect to the related Series of Notes in accordance with <u>Section 2.12(d)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in connection with the issuance of Subordinated Notes, to modify this Indenture, any Series Supplement or any Notes such that (i) no payments with respect to the Subordinated Notes will be made on any Payment Date until all payments due on such Payment Date with respect to all other Notes have been made, (ii) no amounts payable with respect to the Subordinated Notes will be included in the calculation of the DSCR or Monthly Senior Payment Amount, (iii) the failure to pay Accrued Note Interest on Subordinated Notes on any Payment Date on which any Notes (other than Subordinated Notes) are Outstanding will not be an Event of Default and (iv) the Outstanding principal amount of any Subordinated Notes will not be included in the calculation of the Class B LTV Ratio or the Class C LTV Ratio, in each case without Rating Agency Confirmation, so long as such amendments will not adversely affect in any material respect the interests of any Noteholder (as evidenced by an Officer's Certificate of the Co-Issuers) and notice thereof is provided by the Co-Issuers to each Rating Agency then rating the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to comply with any requirements imposed by the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to prevent the Co-Issuers, the Noteholders or the Indenture Trustee from being subject to taxes (including, without limitation, withholding taxes), fees or assessments, or to reduce or eliminate any such taxes, fees or assessments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to evidence and provide for the acceptance of appointment by a successor indenture trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to allow for the addition of an acquisition account or prefunding account to reserve all or a portion of the net proceeds with respect to the issuance of any Series of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to allow for the issuance of delayed draw Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) to remove any provision related to a specific Series of Notes for which the related Series is no longer Outstanding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) for any other purpose;

*provided*, that (x) in connection with any supplement or amendment for purposes described in clause (m) above, any such amendment of this Indenture, any Series Supplement or any Notes (1) will not adversely affect in any material respect the interests of any Noteholder (as evidenced by an Officer's Certificate of the Co-Issuers), (2) either (x) the Servicer has consented thereto and Noteholders representing more than 50% of the Class Principal Balance of any Class of Outstanding Notes have not objected within 30 days of notice thereof or (y) a Rating Agency Confirmation with respect to such amendment is obtained and (3) will not diminish any rights or remedies or increase any liabilities or obligations of the Servicer hereunder, under the Servicing Agreement or under any other Transaction Document without the consent of the Servicer, and (y) in connection with any supplement or amendment for purposes described in clauses (c), (d), (e), (g), (h), (i), (l) and (n) above, the Co-Issuers receive an Opinion of Counsel (which opinion may contain similar assumptions and qualifications as are contained in the Opinion of Counsel with respect to the tax treatment of the Series 2024-1/2 Notes issued on, and which Opinion of Counsel was delivered on, the Initial Closing Date) to the effect that such supplement or amendment will not (1) cause any of the Notes of any Outstanding Series to be deemed to have been exchanged for a new debt instrument pursuant to Treasury regulations section 1.1001-3, (2) cause the Issuer or the Co-Issuer to be taxable as other than a partnership or disregarded entity for U.S. federal income tax purposes or (3) cause any of the Notes of any Outstanding Series that are characterized as indebtedness for U.S. federal income tax purposes to be characterized as other than indebtedness for U.S. federal income tax purposes.

In addition, the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may, without the consent of the Noteholders, enter into any amendment of any other Transaction Document with the parties to such Transaction Document or provide its consent to any amendment of any other Transaction Document, in each case in accordance with the terms of such Transaction Document; *provided*, that (x) either (1) such amendment will not adversely affect in any material respect the interests of any Noteholder (as evidenced by a Rating Agency Confirmation) or (2) the Indenture Trustee shall have received the consent of the Noteholders as and to the same extent such consent would be required for an Indenture Supplement pursuant to <u>Section 13.02</u>, and (y) such amendment will not diminish any rights or remedies or increase any liabilities or obligations of the Servicer under the Servicing Agreement or under any other Transaction Document without the consent of the Servicer; *provided* that any consent by the Indenture Trustee required by the provisions of Section 9(j)(ii) of the limited liability company agreement of either Co-Issuer or of either Guarantor shall require the prior direction of the Requisite Global Majority Noteholders. In executing any amendment to, or providing its consent to any amendment of, any Transaction Document in accordance with this <u>Section 13.01</u>, the Indenture Trustee shall be entitled to receive, and, subject to <u>Section 11.03</u>, shall be fully protected in relying upon, an Officer's Certificate of the Co-Issuers and an Opinion of Counsel stating that the execution of such amendment or the giving of such consent is authorized or permitted by this Indenture.

Notwithstanding anything to the contrary in the Transaction Documents, this Indenture, the Management Agreement, the Backup Management Agreement, the Servicing Agreement and the other Transaction Documents may be amended, amended and restated, supplemented or otherwise modified by the parties thereto or the applicable Obligors, the Manager, the Backup Manager, the Indenture Trustee and any other applicable party may enter into new Transaction Documents without the consent of the Indenture Trustee, the Manager, the Backup Manager or the Servicer (except to the extent that such amendment, restatement, supplement, modification or new Transaction Document impacts the rights, indemnities, protections, remedies, liabilities, duties and/or obligations of the Indenture Trustee, the Manager, the Backup Manager or the Servicer, in which case the consent of the Indenture Trustee, the Manager, the Backup Manager or the Servicer, as applicable, will be required (x) to the extent that the Indenture Trustee, the Servicer or the Backup Manager, as applicable, will continue to act as Indenture Trustee, Servicer or Backup Manager, as applicable, or (y) to the extent any surviving rights, indemnities, protections, remedies, liabilities, duties and/or obligations of the Manager, Backup Manager or Servicer not continuing to act in such capacity are adversely affected, in each case, following the execution of any such amendment, restatement, supplement, modification or new Transaction Document), the Controlling Class Representative, or any Noteholder, for the purpose of modifying, replacing or subdividing the role of the Servicer, the Manager, the Backup Manager or the Controlling Class Representative; provided that (i) no unreimbursed Advances or Advance Interest are then owing to the Manager and (ii) the prior written consent of the Indenture Trustee and a Rating Agency Confirmation will be required for any change in respect of any of such parties' obligation(s) to make Advances.

Section 13.02 <u>Indenture Supplements with Consent of Noteholders</u>. The Co-Issuers and the Indenture Trustee, when authorized by an Issuer Order, with a prior direction of Noteholders representing more than 50.0% of the Voting Rights of each Class of Notes adversely affected thereby and without prior notice to any other Noteholder, also may amend, supplement or modify this Indenture, any Series Supplement or any Notes or waive compliance by the Co-Issuers with any provision of this Indenture, any Series Supplement or the Notes; *provided, however*, that no such amendment, modification, supplement or waiver may, without the consent of the Holder of each Note affected thereby (including any tax consequences) and with respect to clause (viii) below, without the consent of the Servicer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change the Anticipated Repayment Date for any Series or the Rated Final Payment Date for any Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make any change that directly reduces the amounts required to be paid on the Notes of any Series on any Payment Date, the Anticipated Repayment Date for such Series or the Rated Final Payment Date for such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) change the place of payments on the Notes of any Series on any Payment Date, the Anticipated Repayment Date for such Series or the Rated Final Payment Date for such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) change the coin or currency in which the principal of any Note or interest thereon is payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) impair the right of a Noteholder to institute suit for the enforcement of any payment on or with respect to any Note on or after the maturity thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) reduce the percentage of the unpaid principal balances of any of the Notes, the consent of whose Holders is required for such amendment or eliminate the requirement that affected Noteholders consent to any amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) change any obligation of the Co-Issuers to maintain an office or agency in the places and for the purposes set forth in this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) diminish any rights or remedies or increase any liabilities or obligations of the Servicer hereunder, under the Servicing Agreement or under any other Transaction Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) permit the creation of any Lien ranking prior to or on parity with the Lien of the Noteholders with respect to the Collateral or, except as otherwise permitted or contemplated in this Indenture or any Series Supplement terminate the Lien of the Noteholders on such Collateral or deprive the Noteholders of the security afforded by such.

In determining whether a proposed amendment would adversely affect any Class of Notes, the Indenture Trustee may rely conclusively on and shall be fully protected in relying on a certificate of an Executive Officer of the Issuer.

It shall not be necessary for any Act of the Noteholders under this <u>Section 13.02</u> to approve the particular form of any proposed Indenture Supplement, but it shall be sufficient if such Act shall approve the substance thereof.

Notwithstanding anything to the contrary in this <u>Section 13.02</u>, a Series Supplement entered into for the purpose of issuing Additional Notes the issuance of which complies with the terms of this Indenture shall not require the consent of any Noteholder.

Promptly after the execution by the Co-Issuers and the Indenture Trustee of any Indenture Supplement pursuant to this <u>Section 13.02</u>, the Indenture Trustee shall make available to the Holders of the Notes and the Servicer a copy of such Indenture Supplement. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such Indenture Supplement.

Section 13.04 <u>Effect of Indenture Supplement</u>. Upon the execution of any Indenture Supplement pursuant to the provisions hereof, this Indenture, any Series Supplement affected by such Indenture Supplement and/or any Notes affected by such Indenture Supplement shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture, such Series Supplement and/or such Notes of the Indenture Trustee, the Servicer, the Co-Issuers and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder and thereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such Indenture Supplement shall be and be deemed to be part of the terms and conditions of this Indenture, such Series Supplement and/or such Notes for any and all purposes.

Section 13.05 <u>Reference in Notes to Indenture Supplements</u>. Notes authenticated and delivered (or with respect to Uncertificated Notes, registered) after the execution of any Indenture Supplement pursuant to this Article XIII may bear a notation in form approved by the Indenture Trustee as to any matter provided for in such Indenture Supplement. If the Co-Issuers shall so determine, new Notes so modified as to conform, in the opinion of the Issuer or the Co-Issuer, to any such Indenture Supplement may be prepared and executed by the Co-Issuers and authenticated and delivered (or with respect to Uncertificated Notes, registered) by the Indenture Trustee in exchange for Outstanding Notes.

**ARTICLE XIV**

**PLEDGE OF OTHER COMPANY COLLATERAL**

Section 14.01 <u>Grant of Security Interest/UCC Collateral</u>. Each Obligor hereby grants to the Indenture Trustee, on behalf of the Noteholders and the other Secured Parties, a security interest in and to all of its fixtures (as defined in the UCC), personal property and other property whether now owned or hereafter acquired and wherever located, including, but not limited to the following: all (i) equipment (as defined in the UCC), all parts thereof and all accessions thereto, including but not limited to machinery, computer equipment, switches, furniture, motor vehicles, aircraft and rolling stock, (ii) fixtures, all substitutes and replacements therefor, all accessions and attachments thereto, and all tools, parts and equipment now or hereafter added to or used in connection with the fixtures (including, without limitation, proceeds which constitute property of the types described herein), (iii) accounts (as defined in the UCC), (iv) inventory (as defined in the UCC), (v) general intangibles (as defined in the UCC) (other than Site Leases), (vi) investment property (as defined in the UCC), (vii) deposit accounts (as defined in the UCC), (viii) instruments and chattel paper (each as defined in the UCC), (ix) 100% of the limited liability company or other ownership interests in each Asset Entity, (x) Material Agreements (including all rights and remedies thereunder, but excluding any other rights that cannot be assigned without third-party consent under such Material Agreements), (xi) Customer Contracts, with respect to Data Center Space located in the Data Centers, (xii) leases of personal property and (xiii) the proceeds of the foregoing (collectively, the "<u>Other Company Collateral</u>"), as security for payment and performance of all of the Obligations; *provided* that the Other Company Collateral shall not include the Capital Expenditures Reserve Sub-Account, or any funds on deposit therein. The Other Company Collateral shall not include any fixtures, equipment or other property owned by any Customer or any other third-party.

The Co-Issuers and the Asset Entities hereby authorize the Indenture Trustee (without obligation) to file such financing statements as the Indenture Trustee shall deem reasonably necessary to perfect the Indenture Trustee's, on behalf of the Noteholders and the other Secured Parties, interest in the Other Company Collateral. The Co-Issuers and the Asset Entities hereby authorize the Indenture Trustee to use the collateral description "all personal property," "all assets" or similar variation in any such financing statements.

Upon the occurrence and during the continuance of any Event of Default, the Indenture Trustee, on behalf of the Noteholders, shall have all rights and remedies pertaining to the Other Company Collateral as are provided for in any of the Transaction Documents or under any applicable law including the Indenture Trustee's rights of enforcement with respect to the Other Company Collateral or any part thereof, exercising its rights of enforcement with respect to the Other Company Collateral or any part thereof under the UCC (or under the Uniform Commercial Code in force in any other state to the extent the same is applicable law) and in conjunction with, in addition to, or in substitution for, such rights and remedies of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee may enter upon the premises of an Obligor to take possession of, assemble and collect the Other Company Collateral or to render it unusable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indenture Trustee may require an Obligor to assemble the Other Company Collateral and make it available at a place the Indenture Trustee designates which is mutually convenient to allow the Indenture Trustee to take possession or dispose of the Other Company Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent a Responsible Officer of the Indenture Trustee has Knowledge thereof, written notice mailed to the Co-Issuers as provided herein at least 5 days prior to the date of public sale of the Other Company Collateral or prior to the date after which private sale of the Other Company Collateral will be made shall constitute reasonable notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event of a foreclosure sale, the Other Company Collateral and the other Collateral may, at the option of the Indenture Trustee, be sold as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It shall not be necessary that the Indenture Trustee take possession of the Other Company Collateral or any part thereof prior to the time that any sale pursuant to the provisions of this section is conducted and it shall not be necessary that the Other Company Collateral or any part thereof be present at the location of such sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Prior to application of proceeds of disposition of the Other Company Collateral to the Obligations, such proceeds shall be applied to the reasonable expenses of retaking, holding, preparing for sale or lease, selling, leasing and the like and the reasonable attorneys' fees and legal expenses incurred by the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any and all statements of fact or other recitals made in any bill of sale or assignment or other instrument evidencing any foreclosure sale hereunder as to nonpayment of the Obligations or as to the occurrence of any default, or as to the Indenture Trustee having declared all Obligations to be due and payable, or as to notice of time, place and terms of sale and of the properties to be sold having been duly given, or as to any other act or thing having been duly done by the Indenture Trustee, shall be taken as prima facie evidence of the truth of the facts so stated and recited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Indenture Trustee may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by the Indenture Trustee, including the sending of notices and the conduct of the sale, but in the name and on behalf of the Indenture Trustee.

**ARTICLE XV**

**MISCELLANEOUS**

Section 15.01 <u>Compliance Certificates and Opinions, etc</u>. Upon any application or request by the Co-Issuers to the Indenture Trustee, the Backup Manager or the Servicer to take any action under any provision of this Indenture, any Series Supplement or any other Transaction Document, the Co-Issuers shall furnish to the Indenture Trustee, the Backup Manager and Servicer (i) an Officer's Certificate of the Co-Issuers stating that all conditions precedent, if any, provided for in this Indenture, such Series Supplement or such Transaction Document relating to the proposed action have been complied with, when reasonably requested by the Indenture Trustee, the Backup Manager or the Servicer, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, and (iii) if applicable, an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this <u>Section 15.01</u>, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, any Series Supplement or any Transaction Document, no additional certificate or opinion need be furnished.

Every certificate or opinion provided by or on behalf of the Co-Issuers with respect to compliance with a condition or covenant provided for in this Indenture, or any Series Supplement or any other Transaction Document shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions in this Indenture, in such Series Supplement or such other Transaction Document relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with.

Nothing herein shall be deemed to require either the Indenture Trustee, the Backup Manager or the Servicer to confirm, represent or warrant the accuracy of (or to be liable or responsible for) any other Person's information or report, including any communication from the Issuer, the Co-Issuer, any Asset Entity, any Guarantor or the Manager. In connection with the performance of its obligations hereunder and under the other Transaction Documents each of the Indenture Trustee, the Backup Manager and the Servicer shall be entitled to rely upon any written information or certification (without any obligation to investigate the accuracy or completeness of any information or certification set forth therein) or recommendation provided to it by the Manager, and none of the Indenture Trustee, the Backup Manager or the Servicer shall have any liability with respect thereto.

Section 15.02 <u>Form of Documents Delivered to Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any certificate or opinion of an Authorized Officer of the Issuer or the Co-Issuer may be based, insofar as it relates to legal matters, upon a certificate or Opinion of Counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which such Officer's Certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Issuer or the Co-Issuer, stating that the information with respect to such factual matters is in the possession of the Issuer or the Co-Issuer, as applicable, unless such officer or officers of the Issuer or the Co-Issuer, as applicable, or such counsel, knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where any Person is required to make, give or execute two or more applications, requests, comments, certificates, statements, opinions or other instruments under this Indenture, any Series Supplement or any other Transaction Document, they may, but need not, be consolidated and form one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whenever in this Indenture, any Series Supplement or any other Transaction Document, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Co-Issuers and/or the Asset Entities shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer's, the Co-Issuer's and/or the Asset Entities' compliance with any term hereof, in any Series Supplement or any other Transaction Document, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Co-Issuers and/or the Asset Entities to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee's, the Backup Manager's or Servicer's right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article XI.

Section 15.03 <u>Acts of Noteholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture or any Series Supplement to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as otherwise expressly provided in this Indenture or in any Series Supplement such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Co-Issuers. Such instrument or instruments (and the action embodied in this Indenture or in any Series Supplement and evidenced thereby) are sometimes referred to in this Indenture as the "<u>Act</u>" of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture or any Series Supplement and (subject to Article XI) conclusive in favor of the Indenture Trustee and the Co-Issuers, if made in the manner provided in this <u>Section 15.03</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The fact and date of the execution by any Person of any such instrument or writing may be proved in any reasonable manner which the Indenture Trustee deems sufficient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The ownership, principal balance and serial numbers of the Notes, and the date of holding the same, shall be proved by the Note Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Co-Issuers shall solicit from Noteholders any request, demand, authorization, direction, notice, consent, waiver or other Act, the Co-Issuers may, at their option, fix in advance a record date for the determination of Noteholders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Co-Issuers shall have no obligation to do so. Any such record date shall be fixed at the Co-Issuers' discretion. If not set by the Co-Issuers prior to the first solicitation of a Noteholder made by any Person in respect of any such matters referred to in the foregoing sentence, such record date shall be the date 30 days prior to such first solicitation of Noteholders. If such a record date is fixed, such request, demand, authorization, direction, notice, consent and waiver or other Act may be sought or given before or after the record date, but only the Noteholders of record at the close of business on such record date shall be deemed to be Noteholders for the purpose of determining whether Noteholders of the requisite proportion of the Outstanding Notes have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Notes shall be computed as of such record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee, the Backup Manager, the Servicer or the Co-Issuers in reliance thereon, whether or not notation of such action is made upon such Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Without limiting the foregoing, a Noteholder entitled hereunder or under any Series Supplement to take any action hereunder or thereunder with regard to any Note may do so with regard to all or any part of the principal balance of such Note or by one or more appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal balance of such Note.

Section 15.04 <u>Notices; Copies of Notices and Other Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture shall be in writing and if such request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders is to be made upon, given or furnished to or filed with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Indenture Trustee by any Noteholder or by any Obligor shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at the Corporate Trust Office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Issuer and the Co-Issuer by the Indenture Trustee, the Backup Manager, the Servicer, or by any Noteholder shall be sufficient for every purpose hereunder if in writing and mailed first-class, postage prepaid and by facsimile or e-mail to the Co-Issuers addressed to: Centersquare Finance & Legal Departments at 3100 Olympus Boulevard, Suite 510, Coppell, TX 75019. The Co-Issuers shall promptly transmit any notice received by them from the Noteholders to the Indenture Trustee and Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice to be given to the Indenture Trustee hereunder shall also be given to the Note Registrar and the Servicer in writing, personally delivered, faxed, e-mailed or mailed by certified mail and shall not be deemed given to the Indenture Trustee until also given to the Note Registrar and the Servicer; *provided, however*, that only one notice to the Indenture Trustee shall be necessary at any time that the Indenture Trustee is also the Note Registrar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any notice, and copies of any reports, certificates, schedules, statements, documents or other information to be given to the Indenture Trustee by the Co-Issuers, the Guarantors or the Asset Entities hereunder shall also be simultaneously given to the Servicer in writing, personally delivered, faxed, e-mailed or mailed by certified mail and shall not be deemed given to the Indenture Trustee until also given to the Servicer; *provided, however*, that only one notice or copy of such reports, certificates, schedules, or other information required to be given to the Indenture Trustee shall be necessary at any time that the Indenture Trustee is also the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notices required to be given to the Rating Agencies by the Co-Issuers and/or the Asset Entities or the Indenture Trustee shall be in writing, personally delivered, faxed, mailed by certified mail or e-mailed to the addresses specified in the Series Supplement for any Series of Notes.

Section 15.05 <u>Notices to Noteholders; Waiver</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where this Indenture or any Series Supplement provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise expressly provided in this Indenture or in such Series Supplement) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner provided in this Indenture shall conclusively be presumed to have been duly given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where this Indenture or any Series Supplement provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture or any Series Supplement, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Where this Indenture or any Series Supplement provides for notice to the Rating Agencies, failure to give such notice to the Rating Agencies shall not affect any other rights or obligations created hereunder or under any Series Supplement, and shall not under any circumstance constitute a Default or Event of Default.

Section 15.06 <u>Payment and Notice Dates</u>. All payments to be made and notices to be delivered pursuant to this Indenture, any Series Supplement or any other Transaction Document shall be made by the responsible party as of the dates set forth in this Indenture, in such Series Supplement or in such other Transaction Document.

Section 15.07 <u>Effect of Headings and **Table of Contents**</u>. The Article and Section headings in this Indenture or in any Series Supplement and the **Table of Contents** are for convenience only and shall not affect the construction hereof or thereof.

Section 15.08 <u>Successors and Assigns</u>. All covenants and agreements in this Indenture, any Series Supplement and the Notes by the Obligors shall bind their successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture and any Series Supplement shall bind its successors, co-trustees and agents.

Section 15.09 <u>Severability</u>. In case any provision in this Indenture or any Series Supplement or in the Notes of any Series shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 15.10 <u>Benefits of Indenture</u>. Subject to <u>Section 13.01</u> and <u>Section 13.02</u> and Article XI, nothing in this Indenture, any Series Supplement or in the Notes, express or implied, shall give to any Person, other than the parties hereto, the Backup Manager, the Servicer and their successors hereunder, the Noteholders and any other party secured hereunder or under any such Series Supplement, and any other Person with an Ownership Interest in any part of the Collateral, any benefit or any legal or equitable right, remedy or claim under this Indenture or any Series Supplement.

Section 15.11 <u>Legal Holiday</u>. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes, this Indenture or any Series Supplement) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and, except as otherwise expressly provided in this Indenture or in any such Series Supplement, no interest shall accrue for the period from and after any such nominal date.

Section 15.12 <u>Waiver of Jury Trial</u>. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 15.13 <u>Governing Law; Jurisdiction</u>. THIS INDENTURE AND EACH SERIES SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OBLIGOR IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE COURT OR UNITED STATES FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR IN RELATION TO THIS INDENTURE OR ANY SERIES SUPPLEMENT.

Section 15.14 <u>Counterparts; Electronic Execution</u>. This Indenture and any Series Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such respective counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Indenture by telecopy, e-mail, pdf or any other electronic means (e.g. "pdf", Docusign or "tif") shall be effective as delivery of a manually executed counterpart of this Indenture. The words "delivery", "execution," "execute", "signed," "signature," and words of like import in or related to any document to be signed in connection with this Indenture and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Indenture Trustee, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

Section 15.15 <u>Recording of Indenture</u>. If this Indenture or any Series Supplement is subject to recording in any appropriate public recording offices, such recording is to be effected by the Co-Issuers and at their expense.

Section 15.16 <u>Corporate Obligation</u>. No recourse may be taken, directly or indirectly, with respect to the obligations of the Co-Issuers or the Indenture Trustee, in each of their capacities hereunder or under any Series Supplement, on the Notes, under this Indenture or any Series Supplement or any certificate or other writing delivered in connection hereunder or under any Series Supplement, against (i) the Indenture Trustee, the Paying Agent and the Note Registrar in its individual capacity, or (ii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee in its individual capacity, any holder of equity in any Obligor or the Indenture Trustee or in any successor or assign of the Indenture Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee has no such obligations in its individual capacity), and except that any such partner, owner or equity holder shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

Section 15.17 <u>No Petition</u>. The Indenture Trustee, by entering into this Indenture or any Series Supplement, and each Noteholder, by accepting a Note, and each Note Owner, by accepting an Ownership Interest in a Global Note, hereby covenants and agrees that neither it nor the Indenture Trustee on behalf of such Noteholder will at any time institute against the Co-Issuers and/or the Asset Entities or the Guarantors, or join in any institution against the Co-Issuers and/or the Asset Entities or the Guarantors of, any bankruptcy, reorganization, insolvency or similar proceedings, or other proceedings under any federal, state, or foreign bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture, any such Series Supplement or any of the other Transaction Documents.

Section 15.18 <u>Extinguishment of Obligations</u>. Notwithstanding anything to the contrary in this Indenture or any Series Supplement, all obligations of the Obligors hereunder and under each Series Supplement shall be deemed to be extinguished in the event that, at any time, the Co-Issuers, the Guarantors and the Asset Entities have no assets (which shall include claims that may be asserted by the Co-Issuers, the Guarantors and the Asset Entities with respect to Contractual Obligations of third parties to the Co-Issuers, the Guarantors and the Asset Entities but which shall not include the proceeds of the issue of their shares in respect of the Initial Closing Date). No further claims may be brought against any of the Obligors' directors or officers or against their shareholders or members, as the case may be, for any such obligations, except in the case of fraud or actions taken in bad faith by such Persons.

Section 15.19 <u>Excluded Data Centers</u>. Nothing contained in this Indenture or any other Transaction Document shall prohibit the Parent or any subsidiary or Affiliate of the Parent (other than a Guarantor or an Obligor) from owning and managing data centers and other properties that are not Data Centers and are consequently not included as Collateral (such data centers, "<u>Excluded Data Centers</u>"). If Excluded Data Centers are acquired after the Initial Closing Date by the Parent or a non-Asset Entity subsidiary or non-Obligor subsidiary of the Parent and such entity proposes to enter into a contract with respect to the related Data Center Space with a party that is also a Customer under a Customer Contract, such new lease will be separate from and independent of any Customer Contract between such party and an Asset Entity.

Section 15.20 <u>Waiver of Immunities</u>. To the extent that any Obligor has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, such Obligor hereby irrevocably waives such immunity in respect of its obligations under this Indenture, any Series Supplement, the Notes and any other Transaction Document, to the extent permitted by law.

Section 15.21 <u>Non-Recourse</u>. The Noteholders shall not have at any time any recourse on the Notes or under this Indenture or any Series Supplement against the Obligors (other than the Collateral) or against the Indenture Trustee, the Backup Manager, the Servicer or Affiliates thereof.

Section 15.22 <u>Indenture Trustee's Duties and Obligations Limited</u>. The duties and obligations of Indenture Trustee, in its various capacities hereunder and under any Series Supplement, shall be limited to those expressly provided for in their entirety in this Indenture (including any exhibits to this Indenture and to any Series Supplement). Any references in this Indenture and in any Series Supplement (and in the exhibits to this Indenture and to any Series Supplement) to duties or obligations of the Indenture Trustee, in its various capacities hereunder and under any such Series Supplement, that purport to arise pursuant to the provisions of any of the Transaction Documents or any such Series Supplement shall only be duties and obligations of the Indenture Trustee, or the Indenture Trustee in its other capacities, as applicable, if the Indenture Trustee is a signatory to any such Transaction Documents or any such Series Supplement. By its acquisition of the Notes, each Noteholder shall be deemed to have authorized and directed the Indenture Trustee to enter into the Transaction Documents to which the Indenture Trustee is a signatory.

Section 15.23 <u>Appointment of Servicer</u>. The Co-Issuers hereby consent to the appointment of KeyBank National Association, to act as Servicer.

Section 15.24 <u>Agreed Upon Tax Treatment</u>. By purchasing the Notes (or by registration of an Uncertificated Note), or a beneficial interest therein, each Holder or holder of a beneficial interest in the Notes will agree to treat the Notes as debt for all United States tax purposes.

Section 15.25 <u>Tax Forms</u>. Each Holder by its acceptance of its Note, agrees that it shall timely furnish the Co-Issuers or their agents any U.S. federal income tax form or certification (such as IRS Form W-9, the applicable IRS Form W-8 (together with all applicable attachments) or any successors to such IRS forms) that the Co-Issuers or their agents may reasonably request and shall update or replace such form or certification in accordance with its terms or its subsequent amendments. Each Holder agrees to provide any certification or information that is reasonably requested by the Issuer, the Co-Issuer or their agents (a) to permit the Issuer or the Co-Issuer, as applicable, to make payments to it without, or at a reduced rate of, withholding, (b) to enable the Issuer or the Co-Issuer, as applicable, to qualify for a reduced rate of withholding in any jurisdiction from or through which the Issuer or the Co-Issuer receives payments on its assets, or (c) to enable the Issuer or the Co-Issuer, as applicable, to determine and/or satisfy its duties and liabilities with respect to any taxes or other charges that it may be required to pay, deduct or withhold from payments in respect of the Notes under any present or future law or regulation of any jurisdiction or taxing authority therein or to comply with any reporting or other requirements under any law or regulation. Each Holder acknowledges that the failure to provide, update or replace any form, certification or information described above may result in the imposition of withholding or backup withholding on payments to such Holder.

Section 15.26 <u>Request for Rating Agency Confirmation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any request for a Rating Agency Confirmation made by the Co-Issuers, an Asset Entity or the Servicer, as applicable (such requesting party, the "<u>RAC Requesting Party</u>"), pursuant to this Indenture shall be made in writing, which writing shall include electronic mail, and shall contain a cover page indicating the nature of the request for Rating Agency Confirmation and all back-up material necessary for each Rating Agency to process such request, and shall be provided by the RAC Requesting Party in electronic format to Steven Cook at Steve.Cook@centersquaredc.com or other Person designated in writing by the Co-Issuers from time to time (the "<u>Authorized Representative</u>") who shall post such request on the 17g-5 Website (the "<u>Initial Request</u>"). If the RAC Requesting Party is the Issuer, the Co-Issuer or an Asset Entity, such RAC Requesting Party shall also provide a copy of the Initial Request to the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Rating Agency has not replied to an Initial Request or has responded to an Initial Request in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for a Rating Agency Confirmation within ten Business Days of the making of such Initial Request, the RAC Requesting Party shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) confirm, through direct communication and not by posting a request for a Rating Agency Confirmation on the 17g-5 Website, that such Rating Agency has received such Initial Request, and, if it has not, promptly make a second request to such Rating Agency for Rating Agency Confirmation (the "<u>Second Request</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if there is no response by such Rating Agency to such Initial Request or such Second Request within five Business Days of the making of such Second Request or if such Rating Agency has responded to such Initial Request or such Second Request in a manner that indicates that such Rating Agency is neither reviewing the request for such Rating Agency Confirmation nor waiving the requirement for such Rating Agency Confirmation, then such RAC Requesting Party shall confirm (without providing notice to the Authorized Representative), by direct communication and not by posting a request for a Rating Agency Confirmation on the 17g-5 Website, that such Rating Agency has received such Second Request.

**ARTICLE XVI<br> GUARANTEES**

Section 16.01 <u>Guarantees</u>. Each Asset Entity hereby unconditionally and irrevocably guarantees, jointly and severally, to each Holder and to the Indenture Trustee, on behalf of the Noteholders, and the Servicer and their respective successors and assigns (a) the full and punctual payment of principal of and interest on the Notes when due, whether at maturity, by acceleration, by redemption or otherwise, and all other monetary obligations of the Co-Issuers and the Asset Entities under this Indenture and the Notes and each other Transaction Document and (b) the full and punctual performance within applicable grace periods of all other obligations of the Co-Issuers and the Asset Entities under this Indenture and the Notes and all other Transaction Documents (all the foregoing being hereinafter collectively called the "<u>Guaranteed Obligations</u>").

Each such Asset Entity waives presentation to, demand of, payment from and protest to the Co-Issuers of any of the Guaranteed Obligations and also waives notice of protest for nonpayment. Each Asset Entity waives notice of any default under the Notes or the other Guaranteed Obligations. The obligations of each such Asset Entity hereunder shall not be affected by (a) the failure of any Holder or the Indenture Trustee, the Backup Manager or the Servicer to assert any claim or demand or to enforce any right or remedy under the Transaction Documents against any other Obligor or any other Person or otherwise; (b) any extension or renewal of any thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other Transaction Document; (d) the release of any security held by any Holder or the Indenture Trustee for the Obligations or any of them; or (e) the failure of any Holder or the Indenture Trustee, the Backup Manager or the Servicer to exercise any right or remedy against any other guarantor of the Guaranteed Obligations.

Each such Asset Entity further agrees that its guaranty herein constitutes a guarantee of payment, performance and compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Indenture Trustee, the Backup Manager or the Servicer to any security held for payment of the Guaranteed Obligations.

Except as expressly set forth herein, the obligations of each such Asset Entity hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each such Asset Entity herein shall not be discharged or impaired or otherwise affected by the failure of any Holder or the Indenture Trustee, the Backup Manager or the Servicer to assert any claim or demand or to enforce any remedy under this Indenture, the Notes or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of such Asset Entity or would otherwise operate as a discharge of such Asset Entity as a matter of law or equity.

Each such Asset Entity further agrees that its guaranty herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder or the Indenture Trustee, the Backup Manager or the Servicer upon the bankruptcy or reorganization of the Issuer or the Co-Issuer or otherwise.

In furtherance of the foregoing and not in limitation of any other right which any Holder or the Indenture Trustee, the Backup Manager or the Servicer has at law or in equity against any Asset Entity by virtue hereof, upon the failure of the Co-Issuers to pay the principal of or interest on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or to perform or comply with any other Guaranteed Obligation, each such Asset Entity hereby promises to and shall, upon receipt of written demand by the Indenture Trustee, forthwith pay, or cause to be paid, in cash, to the Holders or the Indenture Trustee, the Backup Manager or the Servicer, as the case may be, an amount equal to the sum of (i) the unpaid amount of such Guaranteed Obligations, (ii) accrued and unpaid interest on such Obligations and (iii) all other monetary Guaranteed Obligations of the Co-Issuers to the Holders and the Indenture Trustee, the Backup Manager and the Servicer.

Each such Asset Entity also agrees to pay any and all costs and expenses (including reasonable attorneys' fees) incurred by the Indenture Trustee, the Backup Manager or the Servicer in enforcing any rights under this Section.

Notwithstanding any payment made by any Asset Entity hereunder, such Asset Entity shall not be entitled to be subrogated to any of the rights of the Indenture Trustee against the Co-Issuers or any collateral security or guarantee or right of offset held by the Indenture Trustee for the payment of the Obligations, nor shall the Asset Entity seek or be entitled to seek any contribution or reimbursement from the Co-Issuers in respect of payments made by the Asset Entity hereunder, until the Obligations are paid in full. If any amount shall be paid to an Asset Entity on account of such subrogation rights at any time when all of the Obligations shall not have been paid in full, such amount shall be held by such Asset Entity in trust for the Indenture Trustee, segregated from other funds of such Asset Entity, and shall, forthwith upon receipt by such Asset Entity, be turned over to the Indenture Trustee in the exact form received by such Asset Entity (duly indorsed by such Asset Entity to the Indenture Trustee, if required), to be applied against the Obligations, whether matured or unmatured, in such order as the Indenture Trustee may determine.

Section 16.02 <u>Limitation on Liability</u>. Any term or provision of this Indenture to the contrary, the maximum, aggregate amount of the Guaranteed Obligations guaranteed hereunder by any Asset Entity shall not exceed the maximum amount that can be hereby guaranteed without rendering this Indenture, as it relates to such Asset Entity, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally.

Section 16.03 <u>Successors and Assigns</u>. Subject to <u>Section 16.06</u>, this Article XVI shall be binding upon each Asset Entity and its successors and assigns and shall inure to the benefit of the successors and assigns of the Indenture Trustee, the Backup Manager, the Servicer and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Indenture Trustee, the rights and privileges conferred upon that party in this Indenture and in the Notes shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture.

Section 16.04 <u>No Waiver</u>. Neither a failure nor a delay on the part of either the Indenture Trustee, the Backup Manager, the Servicer or the Holders in exercising any right, power or privilege under this Article XVI shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Indenture Trustee, the Backup Manager, the Servicer and the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article XVI at law, in equity, by statute or otherwise.

Section 16.05 <u>Modification</u>. No modification, amendment or waiver of any provision of this Article XVI, nor the consent to any departure by any Asset Entity therefrom, shall in any event be effective unless the same shall be in writing and signed by the Indenture Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand on any Asset Entity in any case shall entitle such Asset Entity to any other or further notice or demand in the same, similar or other circumstances.

Section 16.06 <u>Release of Asset Entity</u>. Upon the sale or other disposition (including by way of consolidation or merger) of an Asset Entity that is permitted hereunder (each case other than to the Co-Issuers or another Asset Entity), such Asset Entity shall be deemed released from all obligations under this Article XVI without any further action required on the part of the Indenture Trustee or any Holder. At the direction of the Co-Issuers, the Indenture Trustee shall execute and deliver an appropriate instrument evidencing such release.

Section 16.07 <u>USA PATRIOT Act</u>. The parties hereto acknowledge that in accordance with the Customer Identification Program (CIP) requirements established under the USA PATRIOT Act, the Indenture Trustee in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Indenture Trustee. Each party hereby agrees that it shall provide the Indenture Trustee with such information as the Indenture Trustee may request from time to time in order to comply with any applicable requirements of the USA PATRIOT Act.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF, the Obligors and the Indenture Trustee have caused this Indenture to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| CENTERSQUARE ISSUER LLC | CENTERSQUARE ISSUER LLC | CENTERSQUARE ISSUER LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

---

| | | |
|:---|:---|:---|
| CENTERSQUARE CO-ISSUER LLC | CENTERSQUARE CO-ISSUER LLC | CENTERSQUARE CO-ISSUER LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

[*Signature Page to Indenture*]

---

| | | |
|:---|:---|:---|
| 9110-9180 COMMERCE CENTER CIRCLE LLC | 9110-9180 COMMERCE CENTER CIRCLE LLC | 9110-9180 COMMERCE CENTER CIRCLE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 580 WINTER STREET LLC | 580 WINTER STREET LLC | 580 WINTER STREET LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 1919 PARK AVENUE LLC | 1919 PARK AVENUE LLC | 1919 PARK AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 3 CORPORATE PLACE LLC | 3 CORPORATE PLACE LLC | 3 CORPORATE PLACE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 17836 GILLETTE AVENUE LLC | 17836 GILLETTE AVENUE LLC | 17836 GILLETTE AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

[*Signature Page to Indenture*]

---

| | | |
|:---|:---|:---|
| 4450 DEAN LAKES BOULEVARD LLC | 4450 DEAN LAKES BOULEVARD LLC | 4450 DEAN LAKES BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 350 EAST CERMAK ROAD B LLC | 350 EAST CERMAK ROAD B LLC | 350 EAST CERMAK ROAD B LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 9310 FLORIDA PALM DRIVE LLC | 9310 FLORIDA PALM DRIVE LLC | 9310 FLORIDA PALM DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 45901 NOKES BOULEVARD LLC | 45901 NOKES BOULEVARD LLC | 45901 NOKES BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 45845 NOKES BOULEVARD LLC | 45845 NOKES BOULEVARD LLC | 45845 NOKES BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

[*Signature Page to Indenture*]

---

| | | |
|:---|:---|:---|
| 115 2ND AVENUE LLC | 115 2ND AVENUE LLC | 115 2ND AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 8534 CONCORD CENTER DRIVE LLC | 8534 CONCORD CENTER DRIVE LLC | 8534 CONCORD CENTER DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 375 RIVERSIDE PARKWAY A LLC | 375 RIVERSIDE PARKWAY A LLC | 375 RIVERSIDE PARKWAY A LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 12301 TUKWILA INTERNATIONAL BOULEVARD LLC | 12301 TUKWILA INTERNATIONAL BOULEVARD LLC | 12301 TUKWILA INTERNATIONAL BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 3355 SOUTH 120TH PLACE LLC | 3355 SOUTH 120TH PLACE LLC | 3355 SOUTH 120TH PLACE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

[*Signature Page to Indenture*]

---

| | | |
|:---|:---|:---|
| 2401 WALSH AVENUE LLC | 2401 WALSH AVENUE LLC | 2401 WALSH AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 2403 WALSH AVENUE LLC | 2403 WALSH AVENUE LLC | 2403 WALSH AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 1550 SPACE PARK DRIVE LLC | 1550 SPACE PARK DRIVE LLC | 1550 SPACE PARK DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 22810-22860 INTERNATIONAL DRIVE LLC | 22810-22860 INTERNATIONAL DRIVE LLC | 22810-22860 INTERNATIONAL DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 8180 GREEN MEADOWS DRIVE LLC | 8180 GREEN MEADOWS DRIVE LLC | 8180 GREEN MEADOWS DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| DCCO TUKWILA, LLC | DCCO TUKWILA, LLC | DCCO TUKWILA, LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

[*Signature Page to Indenture*]

---

| | | |
|:---|:---|:---|
| CENTERSQUARE MSA HOLDINGS LLC | CENTERSQUARE MSA HOLDINGS LLC | CENTERSQUARE MSA HOLDINGS LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| CENTERSQUARE NON-RE ASSET ENTITY LLC | CENTERSQUARE NON-RE ASSET ENTITY LLC | CENTERSQUARE NON-RE ASSET ENTITY LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

[*Signature Page to Indenture*]

---

| | | |
|:---|:---|:---|
| WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee | WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee | WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee |
| By: | /s/ Fazal-ur-Rehman | /s/ Fazal-ur-Rehman |
|  | Name: | Fazal-ur-Rehman |
|  | Title: | Vice President |

---

[*Signature Page to Indenture*]

## Exhibit 4.7

**Exhibit 4.7**

***Execution Version***

<u>FIRST AMENDMENT TO INDENTURE</u>

FIRST AMENDMENT TO INDENTURE, dated as of June 10, 2025 (this "<u>Amendment</u>") to Indenture, dated as of October 17, 2024 (the "<u>Existing Indenture</u>"; the Existing Indenture, as the same may be further amended, restated, supplemented or otherwise modified and in effect from time to time, the "<u>Indenture</u>"), among Centersquare Issuer LLC, a Delaware limited liability company (the "<u>Issuer</u>"), Centersquare Co-Issuer LLC, a Delaware limited liability company (the "<u>Co-Issuer</u>" and, together with the Issuer, the "<u>Co-Issuers</u>"), Centersquare MSA Holdings LLC, a Delaware limited liability company and each of the Closing Date Real Estate Asset Entities a party hereto (collectively, the "<u>Closing Date Real Estate Asset Entities</u>"), Centersquare Non-RE Asset Entity LLC, a Delaware limited liability company (the "<u>Closing Date Non-RE Asset Entity</u>" and, together with the Closing Date Real Estate Asset Entities, the "<u>Closing Date Asset Entities</u>" and, together with the Co-Issuers, collectively, the "<u>Obligors</u>") and Wilmington Trust, National Association, as indenture trustee and not in its individual capacity and any successor thereto in such capacity (the "<u>Indenture Trustee</u>").

<u>R</u> <u>E</u> <u>C</u> <u>I</u> <u>T</u> <u>A</u> <u>L</u> <u>S</u>

WHEREAS, the Co-Issuers, the Closing Date Asset Entities and the Indenture Trustee are parties to the Indenture;

WHEREAS, the Co-Issuers and the Indenture Trustee desire to enter into, execute and deliver this Amendment in compliance with the terms of the Indenture;

WHEREAS, Section 13.01 of the Indenture permits the Co-Issuers and the Indenture Trustee, when authorized by an Issuer Order, to supplement or amend the terms of the Indenture pursuant to Section 13.01(a) to correct any typographical error or cure any ambiguity, or to cure, correct or supplement any defective or inconsistent provision in this Indenture, any Series Supplement or any Notes and Section 13.01(n) for any purpose not enumerated in Sections 13.01(a) through (m), in each case, without the consent of the Noteholders so long as in the case of an amendment pursuant to Section 13.01(n): (x) any such amendment (1) will not adversely affect in any material respect the interests of any Noteholder (as evidenced by an Officer's Certificate of the Co-Issuers), (2) either (x) the Servicer has consented thereto and Noteholders representing more than 50% of the Class Principal Balance of any Class of Outstanding Notes have not objected within 30 days of notice thereof or (y) a Rating Agency Confirmation with respect to such amendment is obtained and (3) will not diminish any rights or remedies or increase any liabilities or obligations of the Servicer under the Indenture, under the Servicing Agreement or under any other Transaction Document without the consent of the Servicer, and (y) the Co-Issuers receive an Opinion of Counsel (which opinion may contain similar assumptions and qualifications as are contained in the Opinion of Counsel with respect to the tax treatment of the Series 2024-1/2 Notes issued on, and which Opinion of Counsel was delivered on, the Initial Closing Date) to the effect that such supplement or amendment will not (1) cause any of the Notes of any Outstanding Series to be deemed to have been exchanged for a new debt instrument pursuant to Treasury regulations section 1.1001-3, (2) cause the Issuer or the Co-Issuer to be taxable as other than a partnership or disregarded entity for U.S. federal income tax purposes or (3) cause any of the Notes of any Outstanding Series that are characterized as indebtedness for U.S. federal income tax purposes to be characterized as other than indebtedness for U.S. federal income tax purposes;

WHEREAS, this Amendment constitutes an Indenture Supplement;

WHEREAS, an Officer's Certificate of the Co-Issuers has been received certifying that this Amendment will not adversely affect in any material respect the interests of any Noteholder, a Rating Agency Confirmation has been received with respect to this Amendment and the Co-Issuers have received an Opinion of Counsel (which opinion contains similar assumptions and qualifications as are contained in the Opinion of Counsel with respect to the tax treatment of the Notes issued on, and which Opinion of Counsel was delivered on, the Initial Closing Date) to the effect that such this Amendment will not (1) cause any of the Notes of any Outstanding Series to be deemed to have been exchanged for a new debt instrument pursuant to Treasury regulations section 1.1001-3, (2) cause the Issuer or the Co-Issuer to be taxable as other than a partnership or disregarded entity for U.S. federal income tax purposes or (3) cause any of the Notes of any Outstanding Series that are characterized as indebtedness for U.S. federal income tax purposes to be characterized as other than indebtedness for U.S. federal income tax purposes; and

WHEREAS, in accordance with Section 13.01(a) and Section 13.01(n) of the Indenture, the Co-Issuers and the Indenture Trustee, by their signatures below, have agreed to the entry into this Amendment.

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Co-Issuers and the Indenture Trustee hereby agree as follows:

<u>A</u> <u>G</u> <u>R</u> <u>E</u> <u>E</u> <u>M</u> <u>E</u> <u>N</u> <u>T</u> <u>S</u>

SECTION 1. <u>Defined Terms</u>. Capitalized terms used and not otherwise defined herein (including the preamble and recitals hereto) shall have the meanings specified in the Indenture, as amended hereby.

SECTION 2. <u>Amendments to the Indenture</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the date hereof, the Indenture is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following example: <u>**bold and double-underlined text**</u>) as set forth in the conformed Indenture attached as <u>Exhibit A</u> hereto (the "<u>Amended Indenture</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except as expressly set forth in this Amendment, the Exhibits and Schedules to the Existing Indenture shall be the Exhibits and Schedules to the Indenture and on and after the date hereof, unless otherwise specified, any reference to the "Indenture" in the Exhibits and/or Schedules and/or Transaction Documents included in the Indenture shall be a reference to the Indenture, as amended, amended and restated, supplemented or otherwise modified from time to time.

SECTION 3. <u>Reference to and Effect on the Indenture; Ratification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the effectiveness hereof, on and after the date hereof, each reference in the Indenture to "this Indenture", "hereunder", "hereof" or words of like import referring to the Indenture, and each reference in any other agreement to "the Indenture", "thereunder", "thereof" or words of like import referring to the Indenture, shall mean and be a reference to the Indenture as amended hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as specifically amended above, the Existing Indenture is and shall continue to be in full force and effect and is hereby ratified and confirmed in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any party hereto under the Indenture, or constitute a waiver of any provision of any other agreement.

SECTION 4. <u>Effectiveness</u>. This Amendment shall be effective upon delivery of executed signature pages by all parties hereto. The parties hereto agree and acknowledge that the Rating Agency Confirmation has been satisfied with respect to this Amendment.

SECTION 5. <u>Execution in Counterparts; Electronic Execution</u>. This Amendment may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such respective counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment by telecopy, e-mail, pdf or any other electronic means (e.g. "pdf", Docusign or "tif") shall be effective as delivery of a manually executed counterpart of this Amendment. The words "delivery", "execution," "execute", "signed," "signature," and words of like import in or related to any document to be signed in connection with this Amendment and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Indenture Trustee, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

SECTION 6. <u>Governing Law</u>. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

SECTION 7. <u>Captions</u>. The captions in this Amendment are for convenience of reference only and shall not affect the construction hereof or thereof.

[Signature page follows]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.

---

| | | |
|:---|:---|:---|
| CENTERSQUARE ISSUER LLC | CENTERSQUARE ISSUER LLC | CENTERSQUARE ISSUER LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| CENTERSQUARE CO-ISSUER LLC | CENTERSQUARE CO-ISSUER LLC | CENTERSQUARE CO-ISSUER LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

[*Signature Page to First Amendment to Indenture*]

---

| | | |
|:---|:---|:---|
| 9110-9180 COMMERCE CENTER CIRCLE LLC | 9110-9180 COMMERCE CENTER CIRCLE LLC | 9110-9180 COMMERCE CENTER CIRCLE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 580 WINTER STREET LLC | 580 WINTER STREET LLC | 580 WINTER STREET LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 1919 PARK AVENUE LLC | 1919 PARK AVENUE LLC | 1919 PARK AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 3 CORPORATE PLACE LLC | 3 CORPORATE PLACE LLC | 3 CORPORATE PLACE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 17836 GILLETTE AVENUE LLC | 17836 GILLETTE AVENUE LLC | 17836 GILLETTE AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 4450 DEAN LAKES BOULEVARD LLC | 4450 DEAN LAKES BOULEVARD LLC | 4450 DEAN LAKES BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

[*Signature Page to First Amendment to Indenture*]

---

| | | |
|:---|:---|:---|
| 350 EAST CERMAK ROAD B LLC | 350 EAST CERMAK ROAD B LLC | 350 EAST CERMAK ROAD B LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 9310 FLORIDA PALM DRIVE LLC | 9310 FLORIDA PALM DRIVE LLC | 9310 FLORIDA PALM DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 45901 NOKES BOULEVARD LLC | 45901 NOKES BOULEVARD LLC | 45901 NOKES BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 45845 NOKES BOULEVARD LLC | 45845 NOKES BOULEVARD LLC | 45845 NOKES BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 115 2ND AVENUE LLC | 115 2ND AVENUE LLC | 115 2ND AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 8534 CONCORD CENTER DRIVE LLC | 8534 CONCORD CENTER DRIVE LLC | 8534 CONCORD CENTER DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

[*Signature Page to First Amendment to Indenture*]

---

| | | |
|:---|:---|:---|
| 375 RIVERSIDE PARKWAY A LLC | 375 RIVERSIDE PARKWAY A LLC | 375 RIVERSIDE PARKWAY A LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 12301 TUKWILA INTERNATIONAL BOULEVARD LLC | 12301 TUKWILA INTERNATIONAL BOULEVARD LLC | 12301 TUKWILA INTERNATIONAL BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 3355 SOUTH 120TH PLACE LLC | 3355 SOUTH 120TH PLACE LLC | 3355 SOUTH 120TH PLACE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 2401 WALSH AVENUE LLC | 2401 WALSH AVENUE LLC | 2401 WALSH AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 2403 WALSH AVENUE LLC | 2403 WALSH AVENUE LLC | 2403 WALSH AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 1550 SPACE PARK DRIVE LLC | 1550 SPACE PARK DRIVE LLC | 1550 SPACE PARK DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

[*Signature Page to First Amendment to Indenture*]

---

| | | |
|:---|:---|:---|
| 22810-22860 INTERNATIONAL DRIVE LLC | 22810-22860 INTERNATIONAL DRIVE LLC | 22810-22860 INTERNATIONAL DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 8180 GREEN MEADOWS DRIVE LLC | 8180 GREEN MEADOWS DRIVE LLC | 8180 GREEN MEADOWS DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 6101 SOUTH 180TH STREET LLC | 6101 SOUTH 180TH STREET LLC | 6101 SOUTH 180TH STREET LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| CENTERSQUARE MSA HOLDINGS LLC | CENTERSQUARE MSA HOLDINGS LLC | CENTERSQUARE MSA HOLDINGS LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| CENTERSQUARE NON-RE ASSET ENTITY LLC | CENTERSQUARE NON-RE ASSET ENTITY LLC | CENTERSQUARE NON-RE ASSET ENTITY LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 2425 BUSSE ROAD LLC | 2425 BUSSE ROAD LLC | 2425 BUSSE ROAD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

[*Signature Page to First Amendment to Indenture*]

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| | | |
|:---|:---|:---|
| 300 JFK BOULEVARD EAST LLC | 300 JFK BOULEVARD EAST LLC | 300 JFK BOULEVARD EAST LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 22995 WILDER COURT LLC | 22995 WILDER COURT LLC | 22995 WILDER COURT LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 21110 RIDGETOP CIRCLE LLC | 21110 RIDGETOP CIRCLE LLC | 21110 RIDGETOP CIRCLE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 375 RIVERSIDE PARKWAY B LLC | 375 RIVERSIDE PARKWAY B LLC | 375 RIVERSIDE PARKWAY B LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

[*Signature Page to First Amendment to Indenture*]

---

| | |
|:---|:---|
| WILMINGTON TRUST, NATIONAL ASSOCIATION, | WILMINGTON TRUST, NATIONAL ASSOCIATION, |
| as Indenture Trustee | as Indenture Trustee |
| By: | /s/ Fazal-ur-Rehman |
| Name: | Fazal-ur-Rehman |
| Title: | Vice President |

---

[*Signature Page to First Amendment to Indenture*]

EXHIBIT A

AMENDED INDENTURE

[*To be attached*]

<u>**CONFORMED COPY INCLUDES FIRST**</u>

***Execution Version*** **<u>AMENDMENT TO INDENTURE</u>**

<u>**DATED AS OF JUNE 10, 2025**</u>

INDENTURE

<u>among</u>

CENTERSQUARE ISSUER LLC,

CENTERSQUARE CO-ISSUER LLC

<u>and</u>

EACH OF THE ASSET ENTITIES PARTY HERETO FROM TIME TO TIME,

as Obligors,

<u>and</u>

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Indenture Trustee

dated as of October 17, 2024

Secured Data Center Revenue Notes

---

| | | |
|:---|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
| | | **Page** |
| Article I DEFINITIONS AND INCORPORATION BY REFERENCE | Article I DEFINITIONS AND INCORPORATION BY REFERENCE | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.02 | Rules of Construction | **43** **44** |
| Article II THE NOTES | Article II THE NOTES | **44** **45** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01 | The Notes | **44** **45** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02 | Registration of Transfer and Exchange of Notes | **47** **48** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03 | Book-Entry Notes | **53** **54** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.04 | Mutilated, Destroyed, Lost or Stolen Notes | **54** **55** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.05 | Persons Deemed Owners | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.06 | Certification by Note Owners | **55** **56** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.07 | Notes Issuable in Series | **55** **56** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.08 | Principal Amortization | **56** **57** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.09 | Prepayments | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.10 | Post-ARD Additional Interest | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.11 | Defeasance | **59** **60** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.12 | Additional Data Centers; Additional Notes | **60** **61** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.13 | Cancellation | 64 |
| Article III ACCOUNTS | Article III ACCOUNTS | **64** **65** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01 | Establishment of Collection Account and Sub-Accounts | **64** **65** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02 | Deposits to the Collection Account | **64** **65** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.03 | Withdrawals from the Collection Account | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.04 | Application of Funds in the Collection Account | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.05 | Application of Funds after Event of Default | 66 |
| Article IV RESERVES | Article IV RESERVES | **65** **66** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01 | Security Interest in Reserves; Other Matters Pertaining to Reserves | **65** **66** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.02 | Funds Deposited with Indenture Trustee | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.03 | Priority Expense Reserve Sub-Account**.** | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.04 | Cash Trap Reserve Sub-Account | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.05 | Senior Note Interest and Expense Reserve Sub-Account; Liquidity Letters of Credit**.** | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.06 | Capital Expenditures Reserve Sub-Account | **69** **70** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.07 | Forward Starting Contract Reserve Sub-Account | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.08 | Other Expense Reserve Sub-Account | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.09 | Equity Contributions | **71** **72** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.10 | Indenture Accounts | 72 |

---

i

---

| | | |
|:---|:---|:---|
| Article V ALLOCATION OF COLLECTIONS; PAYMENTS TO NOTEHOLDERS | Article V ALLOCATION OF COLLECTIONS; PAYMENTS TO NOTEHOLDERS | **72** **73** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.01 | Allocations and Payments | **72** **73** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.02 | Payments of Principal | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.03 | Payments of Interest, VFN Undrawn Commitment Fees and Letter of Credit Fees | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.04 | No Gross Up | **84** **85** |
| Article VI REPRESENTATIONS AND WARRANTIES | Article VI REPRESENTATIONS AND WARRANTIES | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.01 | Organization, Powers, Capitalization, Good Standing, Business | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.02 | Authorization of Borrowing, etc. | **85** **86** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.03 | Financial Statements | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.04 | Indebtedness and Contingent Obligations | **86** **87** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.05 | Customer Contracts; Material Agreements | **86** **87** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.06 | Litigation; Adverse Facts | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.07 | Payment of Taxes | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.08 | Performance of Agreements | **87** **88** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.09 | Employee Benefit Plans | **87** **88** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.10 | Solvency | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.11 | Use of Proceeds and Margin Security | **88** **89** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.12 | Insurance | **88** **89** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.13 | Investments | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.14 | OFAC | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.15 | Anti-Corruption Laws | **89** **90** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.16 | Intellectual Property | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.17 | Governmental Regulation | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.18 | Representations and Warranties With Respect To Data Centers and Customer Contracts | 91 |
| Article VII COVENANTS | Article VII COVENANTS | **90** **91** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.01 | Payment on Notes | **90** **91** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.02 | Financial Statements and Other Reports | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.03 | Existence; Qualification | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.04 | Payment of Impositions and Claims | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.05 | Maintenance of Insurance | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.06 | Operation and Maintenance of the Data Centers; Casualty; Condemnation | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.07 | Inspection; Investigation | **100** **101** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.08 | Compliance with Laws and Obligations | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.09 | Further Assurances | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.10 | Performance of Agreements and Customer Contracts | **101** **102** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.11 | New Customer Contracts; Recorded Mortgages | **101** **102** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.12 | Management Agreement | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.13 | Maintenance of Office or Agency by Co-Issuers | **102** **103** |

---

ii

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.14 | Deposits; Application of Deposits | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.15 | Estoppel Certificates | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.16 | Indebtedness | **103** **<u>104</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.17 | No Liens | **104** **<u>105</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.18 | Contingent Obligations | **104** **<u>105</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.19 | Restriction on Fundamental Changes | **104** **<u>105</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.20 | Involuntary Obligor Bankruptcy | **104** **<u>105</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.21 | [Reserved] | **105** **<u>106</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.22 | Money for Payments to be Held in Trust | **105** **<u>106</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.23 | Site Leases | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.24 | Rule 144A Information | **110** **<u>112</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.25 | Maintenance of Books and Records | **110** **<u>112</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.26 | Continuation of Ratings | **111** **<u>113</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.27 | The Indenture Trustee, the Backup Manager and Servicer's Expenses | **111** **<u>113</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.28 | Environmental Remediation | **111** **<u>113</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.29 | Amendments to Customer Contracts; Site Leases | **111** **<u>113</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.30 | Asset Entities' Option to Dispose of Data Centers and Non-Core Data Center Assets | **111** **<u>113</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.31 | Limitation on Certain Issuances and Transfers | **112** **<u>115</u>** |
| Article VIII SINGLE-PURPOSE, BANKRUPTCY-REMOTE REPRESENTATIONS, WARRANTIES AND COVENANTS | Article VIII SINGLE-PURPOSE, BANKRUPTCY-REMOTE REPRESENTATIONS, WARRANTIES AND COVENANTS | **1** **13** **<u>115</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.01 | Applicable to the Co-Issuers and the Asset Entities | **113** **<u>115</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.02 | Applicable to the Co-Issuers | **116** **<u>118</u>** |
| Article IX SATISFACTION AND DISCHARGE | Article IX SATISFACTION AND DISCHARGE | **117** **<u>119</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.01 | Satisfaction and Discharge of Indenture | **117** **<u>119</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.02 | Application of Trust Money | **118** **<u>120</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.03 | Repayment of Monies Held by Paying Agent | **118** **<u>120</u>** |
| Article X EVENTS OF DEFAULT; REMEDIES | Article X EVENTS OF DEFAULT; REMEDIES | **118** **<u>120</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.01 | Events of Default | **118** **<u>120</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.02 | Acceleration and Remedies | **121** **<u>123</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.03 | Performance by the Indenture Trustee | **123** **<u>126</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.04 | Evidence of Compliance | **124** **<u>126</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.05 | Controlling Class Representative | **124** **<u>126</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.06 | Certain Rights and Powers of the Controlling Class Representative | **126** **<u>128</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.07 | Collection of Indebtedness and Suits for Enforcement by Indenture Trustee | **127** **<u>129</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.08 | Remedies | **129** **<u>131</u>** |

---

iii

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.09 | Optional Preservation of the Trust Estate | **130** **<u>132</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.10 | Limitation of Suits | **130** **<u>132</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.11 | Unconditional Rights of Noteholders to Receive Principal and Interest | **131** **<u>133</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.12 | Restoration of Rights and Remedies | **131** **<u>133</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.13 | Rights and Remedies Cumulative | **131** **<u>133</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.14 | Delay or Omission Not a Waiver | **131** **<u>134</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.15 | Waiver of Past Defaults | **132** **<u>134</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.16 | Undertaking for Costs | **132** **<u>134</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.17 | Waiver of Stay or Extension Laws | **132** **<u>134</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.18 | Action on Notes | **132** **<u>135</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.19 | Waiver | **133** **<u>135</u>** |
| Article XI THE INDENTURE TRUSTEE | Article XI THE INDENTURE TRUSTEE | **133** **<u>135</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.01 | Shared Facilities | **133** **<u>135</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.02 | Duties of Indenture Trustee | **133** **<u>135</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.03 | Certain Matters Affecting the Indenture Trustee | **136** **<u>138</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.04 | Indenture Trustee's Disclaimer | **139** **<u>141</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.05 | Indenture Trustee May Own Notes | **139** **<u>141</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.06 | Fees and Expenses of Indenture Trustee; Indemnification of the Indenture Trustee | **139** **<u>141</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.07 | Eligibility Requirements for Indenture Trustee | **140** **<u>142</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.08 | Resignation and Removal of Indenture Trustee | **141** **<u>143</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.09 | Successor Indenture Trustee | **142** **<u>144</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.10 | Merger or Consolidation of Indenture Trustee | **142** **<u>144</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.11 | Appointment of Co-Indenture Trustee or Separate Indenture Trustee | **142** **<u>145</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.12 | Access to Certain Information | **144** **<u>146</u>** |
| Article XII NOTEHOLDERS' LISTS, REPORTS AND MEETINGS . | Article XII NOTEHOLDERS' LISTS, REPORTS AND MEETINGS . | **146** **<u>148</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.01 | Co-Issuers to Furnish Indenture Trustee Names and Addresses of Noteholders | **146** **<u>148</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.02 | Preservation of Information; Communications to Noteholders | **146** **<u>149</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.03 | Voting by Noteholders | **147** **<u>149</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.04 | Communication by Noteholders with other Noteholders | **147** **<u>149</u>** |
| Article XIII INDENTURE SUPPLEMENTS | Article XIII INDENTURE SUPPLEMENTS | **147** **<u>150</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.01 | Indenture Supplements without Consent of Noteholders | **147** **<u>150</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.02 | Indenture Supplements with Consent of Noteholders | **150** **<u>152</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.03 | Execution of Indenture Supplements | **151** **<u>154</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.04 | Effect of Indenture Supplement | **152** **<u>154</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.05 | Reference in Notes to Indenture Supplements | **152** **<u>154</u>** |

---

iv

---

| | | |
|:---|:---|:---|
| Article XIV PLEDGE OF OTHER COMPANY COLLATERAL | Article XIV PLEDGE OF OTHER COMPANY COLLATERAL | **152** **154** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.01 | Grant of Security Interest/UCC Collateral | **152** **154** |
| Article XV MISCELLANEOUS | Article XV MISCELLANEOUS | **154** **156** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.01 | Compliance Certificates and Opinions, etc | **154** **156** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.02 | Form of Documents Delivered to Indenture Trustee | **155** **157** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.03 | Acts of Noteholders | **156** **158** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.04 | Notices; Copies of Notices and Other Information | **157** **159** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.05 | Notices to Noteholders; Waiver | **158** **160** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.06 | Payment and Notice Dates | **158** **160** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.07 | Effect of Headings and **Table of Contents** | **158** **160** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.08 | Successors and Assigns | **158** **160** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.09 | Severability | **158** **161** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.10 | Benefits of Indenture | **159** **161** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.11 | Legal Holiday | **159** **161** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.12 | Waiver of Jury Trial | **159** **161** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.13 | Governing Law; Jurisdiction | **159** **161** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.14 | Counterparts; Electronic Execution | **159** **161** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.15 | Recording of Indenture | **160** **162** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.16 | Corporate Obligation | **160** **162** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.17 | No Petition | **160** **162** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.18 | Extinguishment of Obligations | **160** **162** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.19 | Excluded Data Centers | **160** **162** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.20 | Waiver of Immunities | **161** **163** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.21 | Non-Recourse | **161** **163** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.22 | Indenture Trustee's Duties and Obligations Limited | **161** **163** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.23 | Appointment of Servicer | **161** **163** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.24 | Agreed Upon Tax Treatment | **161** **163** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.25 | Tax Forms | **161** **163** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.26 | Request for Rating Agency Confirmation | **162** **164** |
| Article XVI GUARANTEES | Article XVI GUARANTEES | **163** **165** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.01 | Guarantees | **163** **165** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.02 | Limitation on Liability | **164** **166** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.03 | Successors and Assigns | **164** **166** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.04 | No Waiver | **165** **167** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.05 | Modification | **165** **167** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.06 | Release of Asset Entity | **165** **167** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.07 | USA PATRIOT Act | **165** **167** |

---

v

SCHEDULES

---

| | |
|:---|:---|
| Schedule I | DESCRIPTION OF INSURANCE POLICIES |
| Schedule II | REPRESENTATIONS AND WARRANTIES WITH RESPECT TO DATA CENTERS AND CUSTOMER CONTRACTS |
| Schedule III | EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES WITH RESPECT TO DATA CENTERS AND CUSTOMER CONTRACTS AS OF THE INITIAL CLOSING DATE |
| Schedule IV | CUSTOMER CONSENT CONTRACTS |
| EXHIBITS | EXHIBITS |
| Exhibit A-1 | FORM OF RULE 144A GLOBAL NOTE Exhibit A-2 FORM OF REGULATION S GLOBAL NOTE Exhibit A-3 FORM OF DEFINITIVE NOTE |
| Exhibit A-4 | FORM OF VARIABLE FUNDING NOTE |
| Exhibit B-1 | FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF BENEFICIAL INTERESTS IN REGULATION S GLOBAL NOTE FOR BENEFICIAL INTERESTS IN RULE 144A GLOBAL NOTE |
| Exhibit B-2 | FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF BENEFICIAL INTERESTS IN RULE 144A NOTE FOR BENEFICIAL INTERESTS IN REGULATION S GLOBAL NOTE |
| Exhibit B-3 | FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS OF DEFINITIVE NOTES TO QUALIFIED INSTITUTIONAL BUYERS |
| Exhibit B-4 | FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS OF DEFINITIVE NOTES TO INSTITUTIONAL ACCREDITED INVESTORS |
| Exhibit B-5 | FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF DEFINITIVE NOTES TO QUALIFIED INSTITUTIONAL BUYERS |
| Exhibit B-6 | FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF DEFINITIVE NOTES TO INSTITUTIONAL ACCREDITED INVESTORS |
| Exhibit C | FORM OF RENT ROLL |
| Exhibit D-1 | FORM OF INFORMATION REQUEST FROM NOTEHOLDER OR NOTE OWNER |
| Exhibit D-2 | FORM OF INFORMATION REQUEST FROM PROSPECTIVE INVESTOR |
| Exhibit E | FORM OF INDENTURE TRUSTEE REPORT Exhibit F FORM OF JOINDER AGREEMENT |
| Exhibit G | FORM OF CONFIRMATION OF REGISTRATION OF UNCERTIFICATED NOTES |
| Exhibit H | FORM OF DISBURSEMENT REQUEST |

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vi

INDENTURE, dated as of October 17, 2024 (as amended, restated, amended and restated, supplemented or otherwise modified and in effect from time to time, this "<u>Indenture</u>"), among Centersquare Issuer LLC, a Delaware limited liability company (the "<u>Issuer</u>"), Centersquare Co-Issuer LLC, a Delaware limited liability company (the "<u>Co-Issuer</u>" and, together with the Issuer, the "<u>Co-Issuers</u>"), Centersquare MSA Holdings LLC, a Delaware limited liability company and each of the Closing Date Real Estate Asset Entities a party hereto (collectively, the "<u>Closing Date Real Estate Asset Entities</u>") and Centersquare Non-RE Asset Entity LLC, a Delaware limited liability company (the "<u>Closing Date Non-RE Asset Entity</u>" and, collectively with the Closing Date Real Estate Asset Entities, the "<u>Closing Date Asset Entities</u>"; the Closing Date Asset Entities together with any entity that becomes a party hereto after the date hereof as an "<u>Additional Asset Entity</u>", the "<u>Asset Entities</u>"; the Asset Entities and the Co-Issuers, collectively, the "<u>Obligors</u>") and Wilmington Trust, National Association, as indenture trustee and not in its individual capacity and any successor thereto in such capacity (the "<u>Indenture Trustee</u>").

RECITALS

WHEREAS, the parties hereto have duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time by the Co-Issuers of one or more series of Secured Data Center Revenue Notes, issuable as provided in this Indenture;

WHEREAS, it is hereby agreed between the parties hereto and the Indenture Trustee, on behalf of itself and the Noteholders, that in the performance of any of the agreements of the Co-Issuers herein contained, any obligation the Obligors may thereby incur for the payment of money shall not be general debt on its part, but shall be secured by and payable solely from the Collateral (as defined herein), payable in such order of preference and priority as provided herein;

WHEREAS, each Series will be constituted by this Indenture and a Series Supplement;

WHEREAS, the Notes of any Series issued pursuant to this Indenture will be divided into classes and type of note (i.e., Variable Funding Note or Term Note) as provided in this Indenture and a Series Supplement; and

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the Obligors and the Indenture Trustee agree as follows:

**ARTICLE I**

**DEFINITIONS AND INCORPORATION BY REFERENCE**

<u>Section 1.01 Definitions</u>. Except as otherwise specified in this Indenture or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Indenture and each Series Supplement. In the event of a definitional conflict between this Indenture and a Series Supplement, the definition contained in the Series Supplement shall control.

"<u>17g-5 Website</u>" shall mean the website established by, or on behalf of, the Issuer and/or the Co-Issuer for purposes of compliance with Rule 17g-5(a)(3)(iii) of the Exchange Act.

"<u>30/360 Basis</u>" shall mean the accrual of interest calculated on the basis of a 360-day year consisting of twelve 30-day months.

"<u>Acceptable Manager</u>" shall mean Phoenix Infrastructure LLC, a Delaware limited liability company, or, in the event of a termination of the Management Agreement with Phoenix Infrastructure LLC, the Backup Manager or a Replacement Manager selected by the Backup Manager in accordance with the Backup Management Agreement or, if the Backup Manager or its appointed Replacement Manager is not acting as the Manager, upon receipt of a Rating Agency Confirmation, another reputable management company reasonably acceptable to the Backup Manager with experience managing data centers similar to the Data Centers, which shall be selected by the Issuer or the Co-Issuer, so long as no Event of Default has occurred and is continuing. After the occurrence and during the continuance of an Event of Default, such selection will be performed by the Backup Manager in accordance with the Backup Management Agreement.

"<u>Account Collateral</u>" shall mean all of the Obligors' right, title and interest in and to the Accounts (other than the Capital Expenditures Reserve Sub-Account), the Reserves, all monies and amounts which may from time to time be on deposit therein, all monies, checks, notes, instruments, documents, deposits, and credits from time to time in the possession of the Indenture Trustee (or the Servicer on its behalf) on behalf of the Noteholders representing or evidencing such Accounts and Reserves and all earnings and investments held therein and proceeds thereof.

"<u>Account Control Agreement</u>" shall have the meaning set forth in the Cash Management Agreement.

"<u>Accounts</u>" shall mean, collectively, the Lock Box Accounts, the Collection Account, the Sub-Accounts and any other accounts pledged to the Indenture Trustee pursuant to this Indenture or any other Transaction Document.

"<u>Accrued Note Interest</u>" shall mean, for any Outstanding Note for each Payment Date, the interest that will accrue during the Interest Accrual Period for such Payment Date at the applicable Note Rate (x) with respect to the Variable Funding Notes, on the daily average Note Principal Balance of the Variable Funding Notes during such Interest Accrual Period and (y) with respect to any Class of Term Notes, on the Note Principal Balance of such Term Notes Outstanding at the close of business on the Business Day immediately prior to such Payment Date. Accrued Note Interest for any Variable Funding Note of any Class of any Series for each Payment Date shall be calculated on an Actual/360 Basis and Accrued Note Interest for any Term Notes of any Class of any Series for each Payment Date shall be calculated on a 30/360 Basis, in each case, unless otherwise specified in the Series Supplement for such Series.

"<u>Act</u>" shall have the meaning ascribed to it in <u>Section 15.03(a)</u>.

"<u>Actual/360 Basis</u>" shall mean the accrual of interest calculated on the basis of the actual number of days elapsed during the relevant period in a year consisting of 360 days.

"<u>Additional Asset Entity</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Additional Data Center</u>" shall have the meaning ascribed to it in <u>Section 2.12(a)</u>.

"<u>Additional Issuer Expenses</u>" shall mean, as applicable, (i) reimbursements of fees and expenses (other than such fees and expenses that are included in the Indenture Trustee Fee) to be paid pursuant to the Indenture Trustee's fee schedule, incurred by the Person acting as the Indenture Trustee in its capacity as Indenture Trustee or in any other capacity under this Indenture and in its capacity as Indenture Trustee under the other Transaction Documents, and indemnification payments to the Person acting as the Indenture Trustee in its capacity as Indenture Trustee or in any other capacity under this Indenture and in its capacity as Indenture Trustee under the other Transaction Documents to which the Indenture Trustee is a party and certain persons related to it as described hereunder and under the other Transaction Documents; (ii) reimbursements and indemnification payments payable to the Backup Manager and certain persons related to the Backup Manager as described under the Backup Management Agreement and the other Transaction Documents (other than the payment of any Transition Costs); and (iii) reimbursements and indemnification payments payable to the Servicer and certain persons related to it as described under the Servicing Agreement and the other Transaction Documents (other than any Appraisal Expenses) (including, without limitation, reimbursement and/or payment of any and all costs and expenses associated with consenting to or otherwise approving payment of any Operating Expenses or Maintenance Capital Expenditures in excess of the Budgeted Operating Expense Amount by the Servicer). Additional Issuer Expenses shall not include reimbursements in respect of Advances or Transition Costs payable to the Backup Manager or Appraisal Expenses payable to the Servicer.

"<u>Additional Notes</u>" shall have the meaning ascribed to it in <u>Section 2.12(b)</u>.

"<u>Additional Principal Payment Amount</u>" shall mean, with respect to any Payment Date when an Amortization Period is not in effect and no Event of Default has occurred and is continuing, the amount (excluding any (i) LTV Test Sweep Amount, (ii) Monthly Amortization Amount, (iii) Disposition Price and (iv) mandatory repayments of principal on and after the Anticipated Repayment Date with respect to any Variable Funding Notes or Term Notes of any Outstanding Series, Class or Tranche) required to be applied pursuant to this Indenture as a mandatory prepayment of principal on the Notes on such date.

"<u>Additional Revenue</u>" shall mean, for any Customer Contract, any non-recurring fee, collection or payment received by an Asset Entity with respect to such Customer Contract, including without limitation set-up fees, installation fees, overage charges, usage-based consumption charges and any other charges not billed to the applicable Customer on a monthly basis, including Surcharges. For the avoidance of doubt, Additional Revenue does not include finance charges, Pass-Through Data Center Expenses or any amounts included as Monthly Recurring Revenue or Variable Recurring Revenue.

"<u>Advance</u>" shall have the meaning set forth in the Management Agreement.

"<u>Advance Interest</u>" shall mean the interest accrued on any Advance as set forth in the Management Agreement.

"<u>Affiliate</u>" shall mean, with respect to any specified Person, any other Person controlling or controlled by or under common control with such specified Person. For the purposes of this definition, "<u>control</u>" when used with respect to any Person shall mean the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms "<u>controlling</u>" and "<u>controlled</u>" shall have meanings correlative to the foregoing.

"<u>Affirmative Direction</u>" shall mean, with respect to any Series, a written direction of Noteholders of such Series representing more than 25.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes of such Series.

"<u>Allocated Note Amount</u>" shall mean for any Data Center as of any date of determination an amount determined by allocating the aggregate Note Principal Balances of all Classes of Outstanding Notes on such date of determination to such Data Center based on the ratio of the Appraised Value of such Data Center to the aggregate Appraised Value for all Data Centers.

"<u>Amended Site Lease</u>" shall have the meaning ascribed to it in <u>Section 7.23(b)(ii)</u>.

"<u>Amortization Period</u>" shall mean a period that will commence as of the end of any calendar month if the three-month average DSCR as of the last day of such calendar month is less than the Minimum DSCR and will continue to exist until the three-month average DSCR has exceeded the Minimum DSCR as of the last day of two consecutive months.

"<u>Annual Additional Issuer Expense Limit</u>" shall mean, on any Payment Date, an amount equal to the excess, if any, of (x) the lesser of (i) $150,000 per Series of Notes outstanding on such Payment Date and (ii) $250,000 (such that the Annual Additional Issuer Expense Limit as of the Initial Closing Date is $250,000) over (y) the aggregate amount of Additional Issuer Expenses paid to the Indenture Trustee, the Backup Manager, the Servicer and/or other applicable Person pursuant to clause (iii)(A) of <u>Section 5.01(a)</u> on or after the eleventh Payment Date preceding such Payment Date (or, on or after such lesser number of Payment Dates as shall have occurred since the Initial Closing Date). For the avoidance of doubt, any Additional Issuer Expenses not paid as a result of the Annual Additional Issuer Expense Limit or otherwise due to insufficient funds available in accordance with <u>Section 5.01</u> may be paid on subsequent Application Dates subject to the limitations applicable on such Application Date.

"<u>Annualized Adjusted Net Operating Income</u>" shall mean, as of any date of determination, the excess of (i) the sum of (A) the aggregate Annualized Revenue for all Customer Contracts related to an Eligible Data Center as of such date, (B) to the extent applicable, the sum of the Pass-Through Payment Amount Differentials with respect to each of the immediately preceding twelve calendar months and (C) any Equity Contributions (provided that, in connection with calculating the DSCR in connection with the issuance of any Additional Notes, no such Equity Contributions shall be included herein) over (ii) the sum, without duplication, as of such date, of (A) the sum of all Priority Expenses for the immediately preceding twelve calendar months other than Priority Expenses that are Pass-Through Data Center Expenses (provided that, with respect to any Data Center owned, leased or operated by the Co-Issuers or their affiliates for less than twelve calendar months prior to such date, the amount in this clause (A) shall include the sum of all Priority Expenses that are not Pass-Through Data Center Expenses that are reasonably believed by the Manager to have been incurred with respect to such Data Center during the immediately preceding twelve calendar month period; *provided*, *however*; that with respect to any Data Center that has been converted from a Leased Data Center to a Data Center owned in fee simple during such twelve calendar month period, the amount in this clause (a) shall exclude Site Lease expenses incurred with respect to such Data Center during the immediately preceding twelve calendar month period), (B) a management fee equal to 5.0% of Annualized Revenue for all Customer Contracts and (C) the sum of all Operating Expenses for the immediately preceding twelve calendar month periods (*provided* that, with respect to any Data Center owned, leased or operated by the Co-Issuers or their affiliates for less than twelve calendar months prior to such date, the amount in this clause (C) shall include the sum of all Operating Expenses believed by the Manager to have been incurred with respect to such Data Center during the immediately preceding twelve calendar month period).

"<u>Annualized Monthly Recurring Revenue</u>" shall mean, for any Customer Contract, as of any date of determination, the product of (x) the Monthly Recurring Revenue for such Customer Contract as of such date and (y) 12.

"<u>Annualized Operating Income</u>" shall mean, with respect to any Data Center as of any date of determination, (i) the Annualized Revenue for all Customer Contracts related to such Data Center as of such date over (ii) the annualized Operating Expenses with respect to the most recently ended Collection Period associated with the revenue received with respect to such Data Center during such Collection Period.

"<u>Annualized Revenue</u>" shall mean, for any Customer Contract, as of any date of determination (i) if such Customer Contract is not a Forward Starting Contract, the sum of (1) the Annualized Monthly Recurring Revenue as of such date, (2) the aggregate Variable Recurring Revenue with respect to each of the immediately preceding twelve calendar months and (3) the aggregate Additional Revenue with respect to each of the immediately preceding twelve calendar months, in each case, for such Customer Contract and (ii) if such Customer Contract is a Forward Starting Contract, the sum of (w) the aggregate Monthly Recurring Revenue payable under such Customer Contract for the twelve calendar months immediately succeeding the calendar month in which such date of determination occurs, (x) the aggregate Variable Recurring Revenue payable under such Customer Contract for the twelve calendar months immediately succeeding the calendar month in which such date of determination occurs, (y) the aggregate Additional Revenue payable under such Customer Contract for the twelve calendar months immediately succeeding the calendar month in which such date of determination occurs and (z) the amount on deposit in the Forward Starting Contract Reserve Sub-Account as of such date allocable to such Customer Contract; *provided*, *however*, that the Annualized Revenue for any Customer Contract that is a Forward Starting Contract shall be zero if the Forward Starting Contract Fee Commencement Date for such Customer Contract is not scheduled to occur within the three calendar months immediately succeeding the calendar month in which such date of determination occurs and the Co-Issuers have not deposited into the Forward Starting Contract Reserve Sub-Account with respect to such Customer Contract an amount equal to the Forward Starting Contract Reserve Amount applicable to such Customer Contract.

"<u>Anti-Corruption Laws</u>" shall mean the U.S. Foreign Corrupt Practices Act, as amended, and its related rules and regulations, and any similar laws, rules or regulations of any jurisdiction where the Obligors are located or doing business.

"<u>Anticipated Repayment Date</u>" for any Series of Variable Funding Notes or Term Notes, shall have the meaning set forth in the Series Supplement for such Series of Variable Funding Notes or Term Notes.

"<u>Applicable Class A Payment Priority</u>" shall mean the following:

(a) Other than during the continuance of an Event of Default, Class A-1 Notes will be (i) senior
in right of payment of interest to other Class A Notes and (ii) senior in right of payment of principal to other Class A
Notes; and

(b) During the continuance of an Event of Default, Class A-1 Notes will be (i) *pari passu* in right of payment of interest with other Class A Notes according to the amount then due and payable and (ii) *pari passu* in right of payment of principal with other Class A Notes according to the amount then due and payable.

"<u>Applicable Procedures</u>" shall mean, with respect to any transfer or transaction involving a Regulation S Global Note or beneficial interest therein, the rules and procedures of the Depositary, Euroclear and Clearstream, as the case may be, for such Global Note, in each case to the extent applicable to such transaction and as in effect from time to time.

"<u>Application Date</u>" shall mean each Optional Application Date and each Scheduled Application Date.

"<u>Appraisal Expenses</u>" will be an amount equal to any and all costs and expenses associated with obtaining appraisals by the Servicer.

"<u>Appraised Value</u>" shall mean, for all Eligible Data Centers, the most recent as-is fair market appraised value of such Data Centers (which will be an aggregate of individual appraised values for each such Data Center) as of a specified date determined pursuant to an independent, full narrative (complete summary) or limited scope (limited restricted) MAI appraisal (or a bring-down confirmation of a previously delivered MAI appraisal or a restatement of the as-is fair market appraised value of such Data Centers as of such date) provided to the Indenture Trustee, the Backup Manager and the Servicer or obtained by the Servicer (or another third party at the direction of the Servicer or the Manager) in accordance with the Uniform Standards of Professional Appraisal Practice (as recognized by the Financial Institutions Reform, Recovery and Enforcement Act of 1989) and which takes into account the leased fee value of the related buildings and land of such Data Centers, consistent with industry standards.

"<u>Asset Entities</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Asset Entity Interests</u>" shall have the meaning ascribed to it in <u>Section 8.01(a)</u>.

"<u>Assets</u>" shall mean the assets of the Asset Entities.

"<u>Authorized Officer</u>" shall mean (i) any director, Member, Manager, Executive Officer or other officer of the Issuer or the Co-Issuer who is authorized to act for or on behalf of the Issuer or the Co-Issuer, as applicable, in matters relating to the Issuer or the Co-Issuer and (ii) for so long as the Management Agreement is in full force and effect, any officer of the Manager who is authorized to act for the Manager in matters relating to the Issuer or the Co-Issuer, as applicable, and to be acted upon by the Manager pursuant to the applicable Management Agreement, and, in each case, who is identified on the list of Authorized Officers delivered by the Issuer or the Co-Issuer, as applicable, to the Indenture Trustee, the Backup Manager and the Servicer on the Initial Closing Date (as such list may be modified or supplemented from time to time thereafter).

"<u>Authorized Representative</u>" shall have the meaning ascribed to it in <u>Section 15.26(a)</u>.

"<u>Available Funds</u>" shall mean, for each Application Date, the sum of (i) all Receipts received by or on behalf of the Asset Entities and deposited into the Collection Account during the Relevant Collection Period and (ii) any amounts transferred from the relevant Sub-Accounts to be applied as such on such Application Date; *provided* that Receipts on deposit in the Collection Account that were received during one Collection Period but are attributable to amounts due from a Customer in a succeeding Collection Period shall not constitute Available Funds for any Application Date with respect to the Collection Period in which such amounts are received but shall be included in the Available Funds for the first Application Date with respect to the Collection Period in which such amounts are due. For the avoidance of doubt, proceeds of draws under Variable Funding Notes shall not constitute Available Funds.

"<u>Backup Management Agreement</u>" shall mean the Backup Management Agreement, dated as of the Initial Closing Date, by and among the Co-Issuers, the Manager, the Backup Manager and the Indenture Trustee.

"<u>Backup Manager</u>" shall have the meaning set forth in the Backup Management Agreement.

"<u>Bankruptcy Code</u>" shall mean Title 11 of the United States Code, as amended from time to time, and all rules and regulations promulgated thereunder.

"<u>Beneficial Owner</u>" shall mean, with respect to any Series of Term Notes, the owner of a beneficial interest in a Global Note of such Series of Term Notes.

"<u>Benefit Plan Investor</u>" shall mean shall mean a "benefit plan investor" within the meaning of 29 CFR Section 2510.3-101, as modified by Section 3(42) of ERISA.

"<u>Book-Entry Notes</u>" shall mean any Note registered in the name of the Depositary or its nominee.

"<u>Budgeted Operating Expense Amount</u>" shall have the meaning set forth in the Management Agreement.

"<u>Business Day</u>" shall mean any day other than a Saturday, a Sunday or any day which is a federal holiday or any day on which banking institutions or trust companies are authorized or obligated by law, regulation or executive order to remain closed.

"<u>Capital Expenditures</u>" shall mean expenditures for Capital Improvements that, in conformity with GAAP, would not be included in the Obligors' annual financial statements as an Operating Expense of the Data Centers.

"<u>Capital Expenditures Reserve Sub-Account</u>" shall have the meaning ascribed to it in <u>Section 4.06</u>.

"<u>Capital Improvements</u>" shall mean capital improvements or alterations, fixtures, equipment and other capital items (whether paid in cash or property or accrued as liabilities) made by the Asset Entities.

"<u>Capital Lease</u>" shall mean, with respect to any Person, any lease of, or other arrangement conveying the right to use, any property by such Person as lessee that has been or should be accounted for as a capital lease on a balance sheet of such person prepared in accordance with GAAP.

"<u>Capital Lease Obligations</u>" shall mean, with respect to any Person, the obligations of such Person to pay rent or other amounts under any Capital Lease, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

"<u>Cash Management Agreement</u>" shall mean the Cash Management Agreement, dated as of the Initial Closing Date, among the Obligors, the Indenture Trustee and the Manager.

"<u>Cash Trap Condition</u>" shall mean, as of the end of any calendar month, (i) an Amortization Period is not then continuing and (ii) the three-month average DSCR as of the last day of such calendar month is less than the Cash Trap DSCR, and will continue to exist until the three-month average DSCR has exceeded the Cash Trap DSCR as of the last day of two consecutive months.

"<u>Cash Trap DSCR</u>" shall mean 1.35 to 1.00.

"<u>Cash Trap Reserve</u>" shall have the meaning ascribed to it in <u>Section 4.04</u>.

"<u>Cash Trap Reserve Amount</u>" shall have the meaning ascribed to it in <u>Section 4.04</u>.

"<u>Cash Trap Reserve Sub-Account</u>" shall have the meaning ascribed to it in <u>Section 4.04</u>.

"<u>Claims</u>" shall have the meaning ascribed to it in <u>Section 7.04(a)</u>.

"<u>Class</u>" shall mean, collectively, all of the Notes bearing the same alphabetical type and, if applicable, numerical Tranche designation and having the same payment terms. The respective Classes of Notes are designated under Series Supplements.

"<u>Class A LTV Ratio</u>" shall mean, as of any date, the ratio of (a) the excess, if any, of (i) the aggregate Class Principal Balance of all Classes of Class A Notes as of such date over (ii) the amount of funds on deposit in the Senior Note Interest and Expense Reserve Sub-Account as of such date to (b) the Appraised Value for all Eligible Data Centers.

"<u>Class A LTV Test Sweep Amount</u>" shall mean, with respect to any Payment Date, the excess, if any, of (i) the amount, if any, of principal of the Class A Notes of any Series on such Payment Date the repayment of which is necessary to cause the Class A LTV Ratio, after giving effect to such reduction and the payment of (x) any Class A-1 Notes on such Payment Date during a VFN Early Amortization Period and (y) the Monthly Amortization Amount with respect to any Class A Notes that are subject to a Targeted Amortization Amount for such Payment Date (to the extent that funds are available on such Payment Date to pay such Monthly Amortization Amount and a Cash Trap Condition is not then in effect), to be less than or equal to 65.0% over (ii) any amount allocated on any Application Date prior to such Payment Date for which such Payment Date is the Relevant Payment Date to the Debt Service Sub-Account pursuant to <u>Section 5.01(a)(xii)</u>.

"<u>Class A Notes</u>" shall mean, collectively, all Notes of any Series (including any subclass or subseries thereof in accordance with the related Series Supplement) issued under this Indenture and any related Series Supplement that are designated Class "A" (regardless of type or numerical designation).

"<u>Class A-1 Administrative Agent</u>" shall mean with respect to any Series of Variable Funding Notes, the "<u>Class A-1 Administrative Agent,</u>" if any, as specified in the related Variable Funding Note Purchase Agreement.

"<u>Class A-1 Administrative Agent Fee</u>" shall mean with respect to any Series of Variable Funding Notes, the fee, if any, set forth in the related Variable Funding Note Purchase Agreement for payment to the applicable Class A-1 Administrative Agent.

"<u>Class A-1 Commitment Amount</u>" shall mean the aggregate maximum Outstanding principal amount available under this Indenture and any Variable Funding Note Purchase Agreement with respect to any Variable Funding Notes.

"<u>Class A-1 Notes</u>" shall mean all Notes of any Series issued under this Indenture and any related Series Supplement that are designated Class "<u>A-1</u>".

"<u>Class A-1 Paying Agent</u>" shall mean with respect to any Series of Variable Funding Notes the "<u>Class A-1 Paying Agent,</u>" if any, as specified in the related Variable Funding Note Purchase Agreement.

"<u>Class A-2 Notes</u>" shall mean all Notes of any Series issued under this Indenture and any related Series Supplement that are designated Class "<u>A-2</u>".

"<u>Class B LTV Ratio</u>" shall mean, as of any date, the ratio of (a) the excess, if any, of (i) the sum of (x) the aggregate Class Principal Balance of all Classes of Class A Notes as of such date and (y) the aggregate Class Principal Balance of all Classes of Class B Notes as of such date over (ii) the amount of funds on deposit in the Senior Note Interest and Expense Reserve Sub-Account as of such date to (b) the Appraised Value for all Eligible Data Centers.

"<u>Class B LTV Test Sweep Amount</u>" shall mean, with respect to any Payment Date, the excess, if any, of (i) the amount, if any, of principal of the Class B Notes of any Series on such Payment Date the repayment of which is necessary to cause the Class B LTV Ratio, after giving effect to such reduction and the payment of the Monthly Amortization Amount with respect to any Class B Notes that are subject to a Targeted Amortization Amount for such Payment Date (to the extent that funds are available on such Payment Date to pay such Monthly Amortization Amount and a Cash Trap Condition is not then in effect), to be less than or equal to 70.0% over (ii) any amount allocated on any Application Date prior to such Payment Date for which such Payment Date is the Relevant Payment Date to the Debt Service Sub-Account pursuant to <u>Section 5.01(a)(xx)</u>.

"<u>Class B Notes</u>" shall mean, collectively, all Notes of any Series issued under this Indenture and any related Series Supplement that are designated Class "B" (regardless of type or numerical designation).

"<u>Class B PIK Period</u>" shall mean, as of any Application Date, a period that is in effect on such Application Date if (A) any Series of Class A Notes are Outstanding as of such Application Date and (B) the three-month average DSCR as of the last day of the immediately preceding calendar month is less than 1.75:1, and will continue to exist until either (x) no Series of Class A Notes are outstanding or (y) the three-month average DSCR has exceeded 1.75:1 as of the last day of two consecutive months.

"<u>Class C LTV Ratio</u>" shall mean, as of any date, the ratio of (a) the excess, if any, of (i) the sum of (x) the aggregate Class Principal Balance of all Classes of Class A Notes as of such date, (y) the aggregate Class Principal Balance of all Classes of Class B Notes as of such date and (z) the aggregate Class Principal Balance of all Classes of Class C Notes as of such date over (ii) the amount of funds on deposit in the Senior Note Interest and Expense Reserve Sub-Account as of such date to (b) the Appraised Value for all Eligible Data Centers.

"<u>Class C LTV Test Sweep Amount</u>" shall mean, with respect to any Payment Date, the excess, if any, of (i) the amount, if any, of principal of the Class C Notes of any Series on such Payment Date the repayment of which is necessary to cause the Class C LTV Ratio, after giving effect to such reduction and the payment of the Monthly Amortization Amount with respect to any Class C Notes that are subject to a Targeted Amortization Amount for such Payment Date (to the extent that funds are available on such Payment Date to pay such Monthly Amortization Amount and a Cash Trap Condition is not then in effect), to be less than or equal to the Class C LTV Trigger over (ii) any amount allocated on any Application Date prior to such Payment Date for which such Payment Date is the Relevant Payment Date to the Debt Service Sub-Account pursuant to <u>Section 5.01(a)(xxv)</u>.

"<u>Class C LTV Trigger</u>" is the percentage set forth in the most recent Series Supplement with respect to any Outstanding Series of Class C Notes that sets such percentage.

"<u>Class C PIK Period</u>" shall mean, as of any Application Date, a period that is in effect on such Application Date if (A) any Series of Class A Notes or Class B Notes are Outstanding as of such Application Date and (B) the three-month average DSCR as of the last day of the immediately preceding calendar month is less than 1.75:1, and will continue to exist until either (x) no Series of Class A Notes or Class B Notes are outstanding or (y) the three-month average DSCR has exceeded 1.75:1 as of the last day of two consecutive months.

"<u>Class C Notes</u>" shall mean, collectively, all Notes of any Series issued under this Indenture and any related Series Supplement that are designated Class "C" (regardless of type or numerical designation).

"<u>Class Principal Balance</u>" shall mean, as of any date of determination, the Note Principal Balance of all Outstanding Notes of such Class on such date. The Class Principal Balance of each Class of Notes may be increased from time to time by the issuance of Additional Notes of such Class in an additional Series (or, in the case of the Variable Funding Notes, also by draws on their commitment, including a draw on a Letter of Credit). The Class Principal Balance of each Class of Notes will be reduced by the amount of any principal payments made to the Holders of the Notes of such Class.

"<u>Class R Interest</u>" shall have the meaning set forth in the Limited Liability Company Agreement of the Issuer or the Co-Issuer, as applicable.

"<u>Clearstream</u>" shall mean Clearstream Banking S.A.

"<u>Closing Date</u>" with respect to a Series, shall have the meaning set forth in the Series Supplement for such Series.

"<u>Closing Date Asset Entities</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Closing Date Data Centers</u>" shall mean the Closing Date Owned Data Centers and the Closing Date Leased Data Centers.

"<u>Closing Date Leased Data Centers</u>" shall mean each of the data centers with respect to which a Closing Date Asset Entity has a leasehold interest pursuant to a Site Lease on the Initial Closing Date.

"<u>Closing Date Non-RE Asset Entity</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Closing Date Owned Data Centers</u>" shall mean each of the data centers owned in fee simple by any Closing Date Asset Entity on the Initial Closing Date.

"<u>Closing Date Real Estate Asset Entities</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Co-Guarantor</u>" shall mean Centersquare Co-Guarantor LLC, a Delaware limited liability company.

"<u>Co-Issuer</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Co-Issuers</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Co-Manager</u>" or "<u>Co-Managers</u>" with respect to a particular Series, shall have the meaning set forth in the Series Supplement for such Series.

"<u>Code</u>" shall mean the United States Internal Revenue Code of 1986, as amended.

"<u>Collateral</u>" shall mean the Data Centers and any other property which is the subject of a Grant in favor of the Indenture Trustee on behalf of the Noteholders pursuant to any Transaction Document.

"<u>Collection Account</u>" shall have the meaning ascribed to it in <u>Section 3.01</u>.

"<u>Collection Account Bank</u>" shall mean the depositary institution at which the Collection Account is maintained pursuant to the Collection Account Control Agreement.

"<u>Collection Account Control Agreement</u>" shall mean the agreement, dated as of the Initial Closing Date, among the Co-Issuers, the Collection Account Bank, as securities intermediary, and the Indenture Trustee relating to the Collection Account.

"<u>Collection Period</u>" shall mean each successive period of one calendar month; *provided* that the initial Collection Period shall commence on the first day of October 2024 and will end on the last day of the calendar month immediately preceding the initial Payment Date.

"<u>Compliance Certificate</u>" shall have the meaning ascribed to it in <u>Section 7.02(a)(viii)</u>.

"<u>Condemnation Proceeds</u>" shall mean, collectively, the proceeds of any condemnation or taking pursuant to the exercise of the power of eminent domain or purchase in lieu thereof.

"<u>Confirmation of Registration</u>" shall mean, with respect to an Uncertificated Note, a confirmation of registration, substantially in the form of Exhibit G attached hereto; *provided* to the owner thereof promptly after the registration of the Uncertificated Note in the Note Register by the Note Registrar.

"<u>Contingent Obligation</u>" as applied to any Person, shall mean any direct or indirect liability, contingent or otherwise, of that Person: (A) with respect to any indebtedness, lease, dividend or other obligation of another if the primary purpose or intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in whole or in part) against loss with respect thereto; (B) with respect to any letter of credit issued for the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings; (C) under any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement or other similar agreement or arrangement designed to protect against fluctuations in interest rates; or (D) under any foreign exchange contract, currency swap agreement or other similar agreement or arrangement designed to protect that Person against fluctuations in currency values. Contingent Obligations shall include, without limitation, (i) the direct or indirect guaranty, endorsement (other than for collection or deposit in the ordinary course of business), co-making (other than the Notes), discounting with recourse or sale with recourse by such Person of the obligation of another, (ii) the obligation to make take-or-pay or similar payments if required regardless of nonperformance by any other party or parties to an agreement, and (iii) any liability of such Person for the obligations of another through any agreement to purchase, repurchase or otherwise acquire such obligation or any property constituting security therefor, to provide funds for the payment or discharge of such obligation or to maintain the solvency, financial condition or any balance sheet item or level of income of another. The amount of any Contingent Obligation shall be equal to the amount of the obligation so guaranteed or otherwise supported or, if not a fixed and determined amount, the maximum amount so guaranteed.

"<u>Continuing Notes</u>" shall have the meaning ascribed to it in <u>Section 2.12(b)</u>.

"<u>Contractual Obligation</u>" as applied to any Person, shall mean any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject, other than the Transaction Documents.

"<u>Contribution Agreement</u>" shall mean each assignment agreement, contribution agreement or other similar agreement whereby an Asset Entity is assigned and/or contributed to the Issuer or the Co-Issuer or a Data Center and/or other assets is assigned and/or contributed to and/or from an Asset Entity.

"<u>Control Party</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Controlling Class</u>" shall mean, as of any date of determination, the senior-most Outstanding Class of Notes (*i.e.*, the Class with the highest alphabetical designation), without regard to allocation to a particular Series. In the event that the Class A Notes are the Controlling Class, the Controlling Class will be comprised of all Class A Notes then Outstanding (which will include, for purposes of calculating the aggregate Note Principal Balance of such Class A Notes, the full amount of the Class A-1 Commitment Amount, if any, that is permitted to be drawn on such date).

"<u>Controlling Class Representative</u>" shall have the meaning ascribed in <u>Section 10.05(a)</u>.

"<u>Corporate Trust Office</u>" shall mean the principal office of the Indenture Trustee at which at any particular time its corporate trust business shall be administered, which office at the date of execution of this Indenture is located at Rodney Square North, 1100 N. Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration – Centersquare Issuer LLC – 2024-1; or at such other address the Indenture Trustee may designate from time to time by notice to the Noteholders and the Obligors, or the principal corporate trust office of any successor Indenture Trustee at the address designated by such successor Indenture Trustee by notice to the Noteholders and the Obligors. For purposes of all Notes surrendered for payment or registration of transfer or exchange, or deemed destroyed, lost or stolen, the corporate trust office of the Indenture Trustee shall be as follows: Rodney Square North, 1100 N. Market Street, Wilmington, Delaware 19890, Attention: Workflow Management – Centersquare Issuer LLC – 2024-1.

"<u>Customer</u>" shall mean a customer under a Customer Contract.

"<u>Customer Consent Contracts</u>" shall mean the Customer Contracts identified on Schedule IV hereto that will not be assigned to a Closing Date Asset Entity on the Initial Closing Date and will instead remain with the Parent or an Affiliate of the Parent pending the receipt of certain consents to the transfer of those Customer Contracts from the Parent (or such Affiliate) to a Closing Date Asset Entity; *provided* that a Customer Contract shall cease to be a Customer Consent Contract after the Initial Closing Date (i) following the expiration of the initial term of the related Customer Contract or (ii) after the delivery of an Officer's Certificate of the Manager to the Servicer, the Backup Manager and the Indenture Trustee stating that all required consents to the transfer of such Customer Consent Contract to a Closing Date Asset Entity have been obtained.

"<u>Customer Contract</u>" shall mean any Master Agreement (and any associated Service Orders), lease, sublease, license, hosting services agreement, co-location agreement or other similar agreement between an Asset Entity and a Customer, or any such agreement between the Parent (or an affiliate of the Parent) and a Customer, the Monthly Recurring Revenue and the Additional Revenue of which has been contributed to the Issuer by the Parent pursuant to a contribution agreement, which is denominated in United States Dollars or Canadian Dollars and for which the related Customer has been directed to remit payments directly to a Lock Box Account.

"<u>Data Center Assets</u>" shall have the meaning ascribed to it in <u>Section 7.30</u>.

"<u>Data Centers</u>" shall mean the Closing Date Data Centers and any Additional Data Centers.

"<u>Data Center Space</u>" shall mean the space at a Data Center that is leased, subleased or licensed by an Asset Entity to one or more Customers under a Customer Contract.

"<u>Debt Service Sub-Account</u>" shall mean a Sub-Account of the Collection Account to reserve for the amount required for payments due on the Notes in the manner required pursuant to <u>Section 5.01(a)</u>.

"<u>Default</u>" shall mean any event, occurrence or circumstance that is, or with notice or the lapse of time or both, would become, an Event of Default.

"<u>Defeasance Date</u>" shall have the meaning ascribed to it in <u>Section 2.11(a)</u>.

"<u>Defeasance Payment Date</u>" shall mean, for any Series, the Payment Date on which the Prepayment Period for such Series commences.

"<u>Deferred Post-ARD Additional Interest</u>" shall have the meaning ascribed to it in <u>Section 2.10</u>.

"<u>Definitive Notes</u>" shall have the meaning ascribed to it in <u>Section 2.01(b)</u>.

"<u>Definitive Term Notes</u>" shall have the meaning ascribed to it in <u>Section 2.01(b)</u>.

"<u>Definitive Variable Funding Notes</u>" shall have the meaning ascribed to it in <u>Section 2.01(a)</u>.

"<u>Depositary</u>" and "<u>DTC</u>" shall mean The Depository Trust Company, or any successor Depositary hereafter named as contemplated by <u>Section 2.03(c)</u>.

"<u>Depositary Participants</u>" shall mean a broker, dealer, bank or other financial institution or other Person for whom from time to time the Depositary effects book-entry transfers and pledges of securities deposited with the Depositary.

"<u>Discretionary Capital Expenditures</u>" shall mean (i) non-recurring Capital Expenditures made to enhance the Operating Revenues of Data Centers, such as to accommodate expansion for additional customer equipment and (ii) other non-recurring Capital Expenditures made to decrease the Operating Expenses of the Data Centers.

"<u>Discretionary Manager Advances</u>" shall have the meaning set forth in the Management Agreement.

"<u>Disposition Price</u>" shall mean, with respect to any disposition of any Data Center, an amount with respect to such Data Center equal to the greater of (i) 125% of the Allocated Note Amount for such Data Center and (ii) the amount, if any, of principal of the Term Notes of any Series the repayment of which is necessary to cause the pro forma DSCR after giving effect to the disposition of such Data Center and any prepayment (and any issuance) of Term Notes occurring concurrently with such disposition, to be greater than or equal to 1.85:1.0.

"<u>Division</u>" shall mean, with respect to any Person that is a limited liability company organized under the laws of the State of Delaware, the division of such Person into two or more domestic limited liability companies (whether or not the original Person survives such division) pursuant to and in accordance with § 18-217 of Title 6 of Delaware Code, or with respect to any other Person, any comparable action or event under comparable laws of its jurisdiction.

"<u>DSCR</u>" shall mean, as of any date, the ratio of (i) the Annualized Adjusted Net Operating Income as of the last day of the immediately succeeding calendar month (or, if such date is the last day of a calendar month, as of such date) to (ii) the sum of (a) the amount of interest on the aggregate Note Principal Balance of the Class A Notes and the Class B Notes (other than any Post-ARD Additional Interest and Deferred Post-ARD Additional Interest) and, with respect to any Class A-1 Notes, any accrued and unpaid VFN Undrawn Commitment Fees, any Letter of Credit Fees and any other fees, expenses and other amounts due to the holders of the Class A-1 Notes under any Variable Funding Note Purchase Agreement in respect thereof, in each case that the Co-Issuers will be required to pay over the succeeding twelve Payment Dates and (b) the amount of the Indenture Trustee Fees and the Servicing Fees payable during such period. For the purposes of this calculation, it is assumed that (x) the base rate, benchmark rate or CP Rate for the related Interest Accrual Periods will be equal to the then-current base rate, benchmark rate or CP Rate, as applicable, and (y) the aggregate Note Principal Balance of the Class A Notes and the Class B Notes that will be Outstanding on the Payment Date following the date of determination will remain Outstanding during such period; *provided* that, if the DSCR is being calculated in connection with (A) the issuance of Additional Notes that are Class A Notes and/or Class B Notes, the assumed aggregate unpaid principal balance of the Class A Notes or Class B Notes that will be Outstanding during such period will be increased by the Initial Class Principal Balance of such Additional Notes that are Class A Notes and Class B Notes, (B) a draw under any Variable Funding Notes, the assumed aggregate Note Principal Balance of the Class A Notes that will be Outstanding during such period will be adjusted to reflect the increase in the Outstanding principal amount of the Class A-1 Notes after giving effect to such draw or (C) the disposition of a Data Center and any concurrent prepayment of any Class A Notes or Class B Notes, the assumed aggregate unpaid principal balance of the Class A Notes and the Class B Notes that will be decreased by such prepayment.

"<u>DTC Custodian</u>" shall mean the Indenture Trustee, in its capacity as custodian of any Series or Class of Global Notes for DTC.

"<u>Eligible Account</u>" shall mean a separate and identifiable account from all other funds held by the holding institution, which account is either (i) an account maintained with an Eligible Bank or (ii) a segregated trust account maintained by a corporate trust department of a federal depositary institution or a state chartered depositary institution subject to regulations regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal Regulations § 9.10, which institution, in either case, has a combined capital and surplus of at least $100,000,000 and has corporate trust powers and is acting in its fiduciary capacity and for which a Rating Agency Confirmation has been received.

"<u>Eligible Bank</u>" shall mean a bank that satisfies the Rating Criteria.

"<u>Eligible Data Centers</u>" shall mean, as of any date of determination, a data center that satisfies each of the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such data center is located in one of the 48 contiguous states of the United States or the District of
Columbia or Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such data center is (x) owned directly or indirectly by an Asset Entity in fee simple absolute or
(y) leased under a Site Lease, in each case, free and clear of Liens (other than Permitted Encumbrances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) other than with respect to any data center that is a Non-Mortgaged Data Center, the Issuer or the Co-Issuer
has provided to the Indenture Trustee a Mortgage and a Title Policy with respect to such data center and has provided to such title company
issuing such Title Policy the Mortgage to be submitted for recording in the appropriate office of real property records and (unless such
data center is subject to a space lease) a survey with respect to such data center;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such data center is not subject to any outstanding tax liens or condemnation proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such data center is in compliance with all applicable regulations and has all necessary permits and licenses,
unless, in the case of any such permit or license required to be obtained by the Customer, the failure of such Customer to obtain such
permit or license would not materially and adversely affect the Asset Entity's interest in such data center;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) with respect to any data center that is to be owned in fee, the Obligors have delivered to the
 Indenture Trustee, the Manager, the Backup Manager and the Servicer a Phase I environmental report on each such data center, and if
 such Phase I environmental site assessment report
reveals any condition that in the Manager's reasonable judgment so warrants, a Phase II environmental site assessment report, and
such report concludes that such data center does not contain any Hazardous Materials in material violation of applicable Environmental
Law for which (x) no remediation plan is in effect or being implemented or (y) the applicable Asset Entity is appropriately
indemnified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) such data center is not, and no interest of the Obligors therein is, subject to any Lien (other than Permitted
Encumbrances) or any negative pledge; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) (x) with respect to any data center that is to be owned in fee, the Obligors have completed architectural,
structural and other due diligence at such data center (consistent with the Manager's existing
standards and practices) with no material adverse findings and the data center is otherwise free of all material structural, architectural
or title defects and is free of material deferred maintenance and (y) with respect to any data center that is not owned in fee, the
Obligors have completed due diligence at such data center (consistent with the Manager's existing standards and practices) with
no material adverse findings.

"<u>Environmental Assessment</u>" shall have the meaning ascribed to it in <u>Section 10.02(f)</u>.

"<u>Environmental Laws</u>" shall mean all applicable statutes, ordinances, codes, orders, decrees, laws (including common law), rules or regulations of any Governmental Authority pertaining to or imposing liability or standards of conduct concerning environmental protection (including, without limitation, regulations concerning health and safety to the extent relating to human exposure to Hazardous Materials), contamination or clean-up or the handling, generation, release or storage of Hazardous Material affecting the Data Centers including, without limitation, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, the Resource Conservation and Recovery Act, as amended, the Emergency Planning and Community Right-to-Know Act of 1986, as amended, the Hazardous Substances Transportation Act, as amended, the Solid Waste Disposal Act, as amended, the Clean Water Act, as amended, the Clean Air Act, as amended, the Toxic Substances Control Act, as amended, the Safe Drinking Water Act, as amended, the Occupational Safety and Health Act, as amended (to the extent relating to human exposure to Hazardous Materials), any state superlien and environmental clean-up statutes and all regulations adopted in respect of the foregoing laws whether now or hereafter in effect, but excluding any historic preservation or similar laws of any Governmental Authority relating to historical resources and historic preservation not related to (i) protection of the environment or (ii) Hazardous Materials.

"<u>Equity Contribution</u>" shall have the meaning ascribed to it in <u>Section 4.09</u>.

"<u>ERISA</u>" shall mean the Employee Retirement Income Security Act of 1974, as amended.

"<u>Euroclear</u>" shall mean the Euroclear System.

"<u>Event of Default</u>" shall have the meaning ascribed to it in <u>Section 10.01</u>.

"<u>Excess Cash Flow</u>" shall mean, with respect to any Payment Date, the amount remaining in the Debt Service Sub-Account on such Payment Date after allocation and/or payment of all amounts required to be paid on such Payment Date pursuant to <u>Section 5.01(b)(i)</u>.

"<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as amended.

"<u>Excluded Data Centers</u>" shall have the meaning ascribed to it in <u>Section 15.19</u>.

"<u>Executive Officer</u>" shall mean, with respect to any corporation or limited liability company, the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, President, any Executive Vice President, any Senior Vice President, the Chief Accounting Officer, any Vice President, the Secretary or the Treasurer of such corporation or limited liability company and, with respect to any partnership, any individual general partner thereof or, with respect to any other general partner, any such officer of such general partner.

"<u>FATCA</u>" shall mean Sections 1471 through 1474 of the Code, as of the Initial Closing Date (or any amended or successor version of such sections that is substantially comparable and not materially more onerous to comply with), or any regulations or agreements thereunder or official written interpretations thereof or any intergovernmental agreement between the United States and another jurisdiction entered into in connection with the implementation thereof (or any law implementing such an intergovernmental agreement).

"<u>FATCA Withholding Tax</u>" shall mean any withholding or deduction required pursuant to FATCA.

"<u>Fee Owned Ratio</u>" shall mean, as of any date of determination, the percentage equivalent of a fraction (x) the numerator of which is the Annualized Adjusted Net Operating Income derived in the aggregate from the Data Centers that are owned in fee simple as of such date and (y) the denominator of which is the Annualized Adjusted Net Operating Income derived in the aggregate from all Data Centers as of such date.

"<u>Financial Statements</u>" shall mean the consolidated statement of operations, statement of members' equity, statement of cash flow and balance sheet of the Obligors.

"<u>First Collateral Date</u>" shall mean, with respect to any Data Center, the later of (i) the Initial Closing Date and (ii) the date of addition of such Data Center as an Additional Data Center.

"<u>Forward Starting Contract</u>" shall mean a Customer Contract for which the applicable Customer is not required to pay monthly fees or is required to pay monthly fees at a reduced rate (i.e., less than the fees based on the full electrical capacity, space and/or services), in either case, for a specified time, and the obligation of the Customer to commence paying fees is not subject to the fulfillment of any further obligations on the part of the Obligors other than ordinary course obligations of the Obligors as vendor under such contract; provided that, for the avoidance of doubt, such "ordinary course obligations of the Obligors" include fit-out and installation of equipment for each applicable Customer, but do not include material Capital Expenditures by the Obligors.

"<u>Forward Starting Contract Fee Commencement Date</u>" shall mean, with respect to any Forward Starting Contract, the date on which the related Customer is first obligated to pay monthly fees with respect to the full amount of the electrical capacity, space and/or services provided pursuant to such Customer Contract.

"<u>Forward Starting Contract Reserve Amount</u>" shall mean, as of any date of determination with respect to any Forward Starting Contract, the excess of (x) the aggregate amount of fees that would be payable under such Forward Starting Contract based on full electrical capacity, space and/or services provided thereunder from (and excluding) the last day of the most recently ended Collection Period until the earlier of (i) the Forward Starting Contract Fee Commencement Date with respect to such Forward Starting Contract and (ii) the date that is one year from such date over (y) the aggregate amount of fees actually required to be paid under such Forward Starting Contract during such period.

"<u>Forward Starting Contract Reserve Sub-Account</u>" shall have the meaning ascribed to it in <u>Section 4.07</u>.

"<u>GAAP</u>" shall mean United States Generally Accepted Accounting Principles in effect from time to time.

"<u>Global Notes</u>" shall mean Rule 144A Global Notes and Regulation S Global Notes.

"<u>Governmental Authority</u>" shall mean with respect to any Person, any federal or state government or other political subdivision thereof and any entity, including any regulatory or administrative authority or court, exercising executive, legislative, judicial, regulatory or administrative or quasi-administrative functions of or pertaining to government (including any supra-national bodies such as the European Union, the European Central Bank or the Organization for Economic Co-operation and Development), and any arbitration board or tribunal in each case having jurisdiction over such applicable Person or such Person's property, and any stock exchange on which shares of capital stock of such Person are listed or admitted for trading.

"<u>Grant</u>" shall mean to create a security interest in, or to mortgage, any property now owned or at any time hereafter acquired or any right, title or interest that may be acquired in the future.

"<u>Guaranteed Obligations</u>" shall have the meaning ascribed to it in <u>Section 16.01</u>.

"<u>Guarantor</u>" shall mean Centersquare Guarantor LLC, a Delaware limited liability company.

"<u>Guarantors</u>" shall mean, collectively, the Guarantor and the Co-Guarantor.

"<u>Guaranty</u>" shall mean with respect to a Customer Contract, the guarantee of obligations and performance thereunder of the respective Customer made by a parent entity of such Customer in favor of the respective Asset Entity as lessor.

"<u>Hazardous Material</u>" shall mean all or any of the following: (A) substances, materials, compounds, wastes, products, emissions and vapors that are defined or listed in, regulated by, or otherwise classified pursuant to, any applicable Environmental Laws, including any so defined, listed, regulated or classified as "hazardous substances", "hazardous materials", "hazardous wastes", "toxic substances", "pollutants", "contaminants", or any other similar formulation intended to regulate, define, list or classify substances by reason of deleterious, harmful or dangerous properties; (B) waste oil, oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced waters and other wastes associated with the exploration, development or production of crude oil, natural gas or geothermal resources; (C) any flammable substances or explosives or any radioactive materials; (D) asbestos in any form; (E) electrical or hydraulic equipment which contains any oil or dielectric fluid containing polychlorinated biphenyls; (F) radon; (G) toxic mold; (H) per- and polyfluoroalkyl substances (PFAS); or (I) urea formaldehyde; *provided, however*, such definition shall not include (i) batteries, fuel, cleaning materials and other substances commonly used in the ordinary course of the Asset Entities' businesses, which materials exist in reasonable quantities and are stored, contained, transported, used, released, and disposed of in accordance with all applicable Environmental Laws, or (ii) batteries, fuel, cleaning materials and other substances commonly used in the ordinary course of the Asset Entities', customer's, or any of their respective agent's, business, which materials exist in reasonable quantities and are stored, contained, transported, used, released, and disposed of in accordance with all applicable Environmental Laws.

"<u>Holdco Guaranties</u>" shall mean each Guarantee and Security Agreement, dated as of the Initial Closing Date, made by the applicable Guarantor in favor of the Indenture Trustee on behalf of the Noteholders and the other Secured Parties.

"<u>Holder</u>" and "<u>Noteholder</u>" shall mean a Person in whose name a particular Note is registered in the Note Register.

"<u>Immaterial Amendment</u>" shall mean, with respect to any Site Lease, (i) the exercise of any express extension options pursuant to the terms of such Site Lease, or (ii) any amendments or modifications that do not change the economic terms or the expiration date, grant options for additional term or space, materially reduce the obligations of a Site Lessor or materially increase the obligations of the related Asset Entity or otherwise would not reasonably be expected to materially impair the value of the related leasehold estate or the security interest thereon.

"<u>Impositions</u>" shall mean (i) all real estate and personal property taxes (net of abatements, reductions or refunds of real estate or personal property taxes relating to the Data Centers applicable to and actually received or credited during the corresponding period) paid or payable by any Asset Entity and other taxes, levies, assessments and similar charges assessed by Governmental Authorities on a Data Center (including any payments in lieu of taxes) and (ii) all fees payable by any Obligor relating to a Data Center or upon the ownership, use, occupancy or enjoyment thereof, including, without limitation, any security deposit, any ground rents or other rents relating to the Data Centers.

"<u>Improvements</u>" shall mean all buildings, structures, fixtures, additions, enlargements, extensions, modifications, repairs, replacements and improvements of every kind and nature now or hereafter located on the Data Centers and owned by any of the Asset Entities.

"<u>Indebtedness</u>" shall mean, for any Person, without duplication: (i) all indebtedness of such Person for borrowed money, for amounts drawn under a letter of credit, or for the deferred purchase price of property for which such Person or its assets is liable, (ii) all unfunded amounts under a loan agreement, letter of credit (unless secured in full by cash), or other credit facility for which such Person would be liable if such amounts were advanced thereunder, (iii) all amounts required to be paid by such Person as a guaranteed payment to partners or a preferred or special dividend, including any mandatory redemption of shares or interests but not any preferred return or special dividend paid solely from, and to the extent of, excess cash flow after the payment of all operating expenses, capital improvements and debt service on all Indebtedness, (iv) all Capital Leases Obligations for which such Person is liable, and (v) all obligations of such Person under interest rate swaps, caps, floors, collars and other interest hedge agreements, in each case whether such Person is liable contingently or otherwise, as obligor, guarantor or otherwise, or in respect of which obligations such Person otherwise assures a creditor against loss; *provided* that reimbursement or indemnity obligations related to surety bonds or letters of credit incurred in the ordinary course of business and fully secured by cash collateral shall not be considered "<u>Indebtedness</u>" hereunder.

"<u>Indenture</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Indenture Supplement</u>" shall mean an indenture supplemental to this Indenture, any Series Supplement or any Notes.

"<u>Indenture Trustee</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Indenture Trustee Fee</u>" shall mean the fee to be paid monthly in arrears on each Payment Date for the Interest Accrual Period ending on or immediately preceding such Payment Date to the Indenture Trustee as compensation for services rendered by it in its capacity as Indenture Trustee in an amount equal to the sum of (i) $2,500 per Series of Term Notes outstanding on such Payment Date and (ii) $1,000 for each Series of Variable Funding Notes outstanding on such Payment Date (or $6,000 as of the Initial Closing Date) (or such other amount as set forth in a Series Supplement in connection with the issuance of Additional Notes).

"<u>Indenture Trustee Report</u>" shall have the meaning ascribed to it in <u>Section 11.12(d)</u>.

"<u>Independent</u>" shall mean, when used with respect to any specified Person, that such Person (a) is in fact independent of the Obligors, any other obligor on the Notes and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial interest or any material indirect financial interest in the Obligors, any such other obligor or any Affiliate of any of the foregoing Persons and (c) is not connected with the Obligors, any such other obligor or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions.

"<u>Independent Certificate</u>" shall mean a certificate or opinion to be delivered to the Indenture Trustee, the Backup Manager or the Servicer, as applicable, and upon which each may conclusively rely under the circumstances described in, and otherwise complying with the applicable requirements of, <u>Section 15.01</u> made by an Independent certified public accountant or other expert appointed by an Issuer Order, and such opinion or certificate shall state that the signer has read the definition of "<u>Independent</u>" in this Indenture and that the signer is Independent within the meaning thereof.

"<u>Ineligible Liquidity Letter of Credit</u>" shall mean a Liquidity Letter of Credit with respect to which (i) the short-term debt credit rating of the Letter of Credit Provider with respect to such Liquidity Letter of Credit is not rated at least "<u>K2</u>" (or the then equivalent grade) by any NRSRO and (ii) the long-term debt credit rating of such Letter of Credit Provider is not rated at least "<u>BBB</u>" (or the then equivalent grade) by any NRSRO; provided that for determining whether a Liquidity Letter of Credit is eligible under this definition, a Letter of Credit Provider may be deemed to have the short-term debt credit rating or the long-term debt credit rating, as applicable, of any guarantor of (or confirming bank for) such Letter of Credit Provider.

"<u>Initial Class Principal Balance</u>" shall mean, with respect to any Class of Term Notes or Variable Funding Notes, the aggregate initial principal balance of all Term Notes or Variable Funding Notes of that Class on the date of issuance; *provided* that upon the payment in full of all Notes of a particular Series such Term Notes or Variable Funding Notes shall no longer be included in the "<u>Initial Class Principal Balance</u>" of the relevant Class. For the avoidance of doubt, the aggregate initial principal amount of any undrawn Letters of Credit shall not be included in the Initial Class Principal Balance of any Variable Funding Notes.

"<u>Initial Closing Date</u>" shall mean October 17, 2024.

"<u>Initial Purchaser</u>" or "<u>Initial Purchasers</u>" with respect to a particular Series, shall have the meaning set forth in the Series Supplement for such Series.

"<u>Initial Request</u>" shall have the meaning ascribed to it in <u>Section 15.26(a)</u>.

"<u>Institutional Accredited Investor</u>" shall mean an "accredited investor" within the meaning of paragraph (1), (2), (3) or (7) of Rule 501(a) of Regulation D of the Securities Act or an entity owned entirely by other entities that fall within such paragraphs.

"<u>Insurance Policies</u>" shall have the meaning ascribed to it in <u>Section 7.05</u>.

"<u>Insurance Premiums</u>" shall mean (i) annual premiums for insurance the Asset Entities are required to maintain with respect to the Data Centers (or the Asset Entities' respective proportional share of premiums with respect to general liability insurance policies maintained by Affiliates of the Co-Issuers) and (ii) premiums with respect to casualty insurance policies maintained by the Asset Entities (or the Asset Entities' respective proportionate share of premiums with respect to casualty insurance policies maintained by Affiliates of the Co-Issuers) to insure casualties not otherwise insured by, or otherwise paid by, a Customer.

"<u>Insurance Proceeds</u>" shall mean all of the proceeds received under the Insurance Policies (other than liability insurance) by reason of theft, physical destruction or damage or any other similar event with respect to any properties or assets of the Obligors other than liability in respect of a covered loss thereunder. For the avoidance of doubt, "<u>Insurance Proceeds</u>" shall not include any proceeds of policies of insurance not described above, such as business interruption insurance and liability insurance, which shall be treated as provided in <u>Section 7.06(b)</u>.

"<u>Interest Accrual Period</u>" shall mean, for each Payment Date, (i) with respect to any Term Notes, the period from and including the preceding Payment Date (without giving any effect to any Business Day adjustment and calculated on a 30/360 Basis) (or, with respect to the initial period for a Series, the Closing Date for such Series) to but excluding the Payment Date (without giving any effect to any Business Day adjustment and calculated on a 30/360 Basis) and (ii) with respect to any Variable Funding Notes, the "<u>VFN Interest Accrual Period</u>" as defined in the Series Supplement for such Series of Variable Funding Notes.

"<u>Investment Company Act</u>" shall mean the Investment Company Act of 1940, as amended.

"<u>Involuntary Bankruptcy</u>" shall mean any involuntary case under the Bankruptcy Code or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, in which any of the Guarantors, the Manager, the Co-Issuers or any of the Asset Entities is a debtor or any Assets of any such entity, any Customer Contracts, any portion of the Data Centers, and/or any other Collateral is property of the estate therein.

"<u>Involuntary Obligor Bankruptcy</u>" shall have the meaning ascribed to it in <u>Section 7.20</u>.

"<u>Issuance Date</u>" shall have the meaning ascribed to it in <u>Section 2.12(b)</u>.

"<u>Issuer</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Issuer Order</u>" and "<u>Issuer Request</u>" shall mean a written order or request signed in the name of the Co-Issuers by any one of their Authorized Officers and delivered to the Indenture Trustee and the Servicer upon which the Indenture Trustee and the Servicer, as applicable, may conclusively rely.

"<u>Joinder Agreement</u>" shall mean an agreement substantially in the form of Exhibit F.

"<u>Knowledge</u>" whenever used in this Indenture or any of the other Transaction Documents, or in any document or certificate executed pursuant to this Indenture or any of the other Transaction Documents (whether by use of the words "knowledge" or "known", or other words of similar meaning, and whether or not the same are capitalized), shall mean actual knowledge (without independent investigation unless otherwise specified) (i) of the individuals who have significant responsibility for any policy making, major decisions or financial affairs of the applicable entity (or, in the case of the Indenture Trustee, any Responsible Officer); and (ii) also to the knowledge of the person signing such document or certificate.

"<u>L/C Note</u>" shall mean a Note issued as a subclass or subseries of a Series of Variable Funding Notes designated at the time of issuance thereof as an L/C Note, the Note Principal Balance of which shall evidence the unreimbursed amount of any drawing under any related Letters of Credit.

"<u>Leased Data Center</u>" shall mean each Data Center in which an Asset Entity holds a leasehold interest pursuant to a Site Lease.

"<u>Letter of Credit</u>" shall mean the meaning set forth in a Variable Funding Note Purchase Agreement.

"<u>Letter of Credit Fee</u>" with respect to any Letter of Credit shall have the meaning set forth in the respective Variable Funding Note Purchase Agreement with respect to such Letter of Credit.

"<u>Letter of Credit Provider</u>" shall mean, with respect to any Series of Class A-1 Notes, the party identified as the "<u>Letter of Credit Provider</u>" or the "<u>Letter of Credit Issuing Bank,</u>" as the context requires, in the applicable Variable Funding Note Purchase Agreement.

"<u>Lien</u>" shall mean, with respect to any property or assets, any lien, encumbrance, assignment for security, charge, mortgage, pledge, security interest, conditional sale or other title retention agreement or similar lien.

"<u>Liquidity Letter of Credit</u>" shall mean any Letter of Credit issued under a Variable Funding Note Purchase Agreement to the Indenture Trustee or other designated beneficiary for the benefit of the Noteholders.

"<u>Lock Box Account</u>" shall mean one or more lock box accounts or deposit accounts established and maintained by any Obligor or their designee, into which Customers shall have been directed to pay all fees and other sums owing to the Asset Entities, and into which the Obligors will deposit Receipts pursuant to <u>Section 7.14</u>.

"<u>Loss Proceeds</u>" shall mean, collectively, all Insurance Proceeds and all Condemnation Proceeds.

"<u>LTV Test Sweep Amount</u>" shall mean, with respect to any payment of a Class of Notes, the Class A LTV Test Sweep Amount (with respect to any payment of principal of the Class A Notes), the Class B LTV Test Sweep Amount (with respect to any payment of principal of the Class B Notes) or the Class C LTV Test Sweep Amount (with respect to any payment of principal of the Class C Notes), as applicable.

"<u>MAI</u>" shall mean a designation signifying that the designee is a member of the "<u>Appraisal Institute,</u>" a real estate appraisers and valuation professionals trade group.

"<u>Maintenance Capital Expenditures</u>" shall mean Capital Expenditures made for the purpose of maintaining any Data Center or complying with applicable laws, regulations, ordinances, statutes, codes, or rules applicable to such Data Center, but excluding (x) Data Center acquisition expenses made to acquire a Data Center and (y) Discretionary Capital Expenditures.

"<u>Management Agreement</u>" shall mean (i) the Management Agreement among the Manager, the Obligors and the Indenture Trustee, dated as of the Initial Closing Date or (ii) following the replacement of the Manager following a Manager Termination Event (as defined in the Management Agreement) in accordance with the initial Management Agreement, a Replacement Management Agreement (as defined in the Management Agreement) among the Manager, the Obligors and the Indenture Trustee.

"<u>Management Fee</u>" shall mean a fee payable to the Manager, for each Collection Period, equal to the Management Fee Percentage of the aggregate monthly revenue (other than Pass-Through Data Center Expenses) received by the Obligors with respect to all Customer Contracts for such Collection Period.

"<u>Management Fee Percentage</u>" shall mean 5.0%; *provided, however*, that the Management Fee Percentage used to calculate the Management Fee payable to any Manager that is not an Affiliate of the Obligors that succeeds Phoenix Infrastructure LLC as the Manager may vary in accordance with the terms of the Management Agreement and the Backup Management Agreement; *provided further* that (i) in the event such Manager is a Replacement Manager, if the management fee payable to the Replacement Manager exceeds the Management Fee that would have been payable had such replacement not occurred, then the amount of such excess must be approved by the Control Party or (ii) in the event that the Backup Manager engages one or more third parties to perform the obligations of the outgoing Manager (to the extent a Replacement Manager has not yet been appointed), the Management Fee Percentage shall be increased in order to provide funds for the Backup Manager sufficient to pay the fees of such third party if the Backup Manager determines in its reasonable good faith discretion (without the consent or approval of any other party) that such management fee is consistent with the then-prevailing market rate for managers performing similar services.

"<u>Manager</u>" shall mean the manager described in the Management Agreement, the Replacement Manager or an Acceptable Manager as may hereafter be charged with management of the Asset Entities in accordance with <u>Section 7.12</u>.

"<u>Master Agreement</u>" shall mean, with respect to a Customer Contract, a master services agreement, colocation facilities agreement or other similar contract that provides for one or more sale orders, quotes, change orders, proposals, statements of work and/or service level agreements with respect to one or more data centers.

"<u>Material Adverse Effect</u>" shall mean, (i) a material adverse effect (which may include economic or political events) upon the business, operations, or condition (financial or otherwise) of the Obligors and the Guarantors (taken as a whole), (ii) the material impairment of the ability of the Obligors and the Guarantors (taken as a whole) to perform their obligations under the Transaction Documents (taken as a whole), or (iii) a material adverse effect on the use, value or operation of the Data Centers (taken as a whole); *provided*, *however*, that if the Annualized Revenue derived from all Customer Contracts (taken as a whole) is reduced by 5.0% or more by any such event or events, then a Material Adverse Effect shall be deemed to exist. In determining whether any individual event would result in a Material Adverse Effect, notwithstanding that such event does not of itself have such effect, a Material Adverse Effect shall be deemed to have occurred if the cumulative effect of such event and all other then-occurring events and existing conditions result in a Material Adverse Effect (taking into account the benefit of any Title Policy or Insurance Policies).

"<u>Material Agreement</u>" shall mean any written contract or agreement, or series of related written agreements, by any Obligor relating to the ownership, management, use, operation, co-location, leasing, maintenance, repair or improvement of the Data Centers under which there is an obligation of an Obligor, in the aggregate, to pay, or under which any Obligor receives in compensation, more than $1,000,000 per annum, excluding (i) the Management Agreement, (ii) the Customer Contracts and (iii) any agreement which is terminable by an Obligor on not more than 90 days' prior written notice without any fee or penalty.

"<u>Material Customer Contract</u>" shall mean each Customer Contract, or series of related Customer Contracts, by any Customer of space, power and/or services at one or more of the Data Centers which (x)(a) provides for monthly recurring fees or other monthly payments in an amount equal to or greater than $500,000, and (b) may not be cancelled by the applicable Customer on 30 days' notice without payment of a termination fee, penalty or other cancellation fee, or (y) obligates any of the Asset Entities to make any improvements to the Data Centers either directly or through cash allowances (including, without limitation, free rent, customer improvement allowances, or landlord's construction work) to the applicable Customer in excess of $1,000,000.

"<u>Member</u>" shall mean, individually or collectively, any entity which is now or hereafter becomes the managing member of any of the Obligors under such Persons' limited liability company operating agreement (other than the sole member of any single member limited liability company).

"<u>Minimum DSCR</u>" shall mean 1.20 to 1.0.

"<u>Monthly Amortization Amount</u>" shall mean, as of each Payment Date with respect to any Class of Notes of any Series that are subject to a Targeted Amortization Amount, the sum of (i) the Targeted Amortization Amount for such Notes of such Class, if any, as of such Payment Date and (ii) the Unpaid Monthly Amortization Amount with respect to such Notes, if any, as of such Payment Date.

"<u>Monthly Expense Amount</u>" shall mean, for any Collection Period, the lesser of (x) the actual Operating Expenses for each Asset Entity for such Collection Period and (y) the Budgeted Operating Expense Amount for such Collection Period.

"<u>Monthly Recurring Revenue</u>" shall mean, for any Customer Contract, as of any date of determination, the recurring monthly colocation, interconnection and power utilization fees with respect to such Customer Contract payable to an Asset Entity during the calendar month in which such date of determination occurs (or, for any Customer Contract with respect to which the recurring fees are payable to an Asset Entity less frequently than on a monthly basis, the prorated portion of such recurring fees allocable to the calendar month in which such date of determination occurs); *provided* that, for the avoidance of doubt, Monthly Recurring Revenue does not include Additional Revenue, Pass-Through Data Center Expenses, Surcharges or Variable Recurring Revenue.

"<u>Monthly Report</u>" shall mean the "<u>Manager Report</u>" as defined in the Management Agreement.

"<u>Monthly Senior Payment Amount</u>" shall mean, for any Payment Date, the sum of (a) the Accrued Note Interest at the applicable Note Rate that is due and payable on such Payment Date in respect of the related Interest Accrual Period on any Class A Notes and (b) any accrued and unpaid VFN Undrawn Commitment Fees and Letter of Credit Fees payable on such Payment Date.

"<u>Moody's</u>" shall mean Moody's Investors Service, Inc.

"<u>Mortgage</u>" shall mean a mortgage, deed of trust, deed to secure debt, trust deed and/or other security document entered into by an Asset Entity in favor of the Indenture Trustee for the benefit of the Noteholders creating a Lien on the Asset Entities' real property interests in a Data Center, in such form as reasonably agreed between the Co-Issuers and the Servicer, as the same may have been, or may be, assigned, modified or amended from time to time.

"<u>Multiemployer Plan</u>" shall mean any employee benefit plan, of the type described in Section 4001(a)(3) of ERISA, to which the Parent or any member of the Parent's Controlled Group makes or is obligated to make contributions, or had an obligation to contribute over the five preceding calendar years.

"<u>Non-Core Data Center Assets</u>" shall mean assets, including real property, owned or leased by an Asset Entity associated with a Data Center, but not necessary for the operation or use of the related Data Center.

"<u>Non-Mortgaged Data Centers</u>" shall mean any Data Center that is not subject to a Mortgage.

"<u>Note Owners</u>" shall mean, with respect to any Book-Entry Note, the Person who is the Beneficial Owner of such Note as reflected on the books of the Depositary or on the books of a Depositary Participant or on the books of an indirect participating brokerage firm for which a Depositary Participant acts as agent.

"<u>Note Principal Balance</u>" shall mean, for any individual Note as of any date of determination, (x) with respect to any Variable Funding Notes, the Outstanding principal balance of such Note on such date, and (y) with respect to any Term Note, the initial principal balance of such Note on the date of issuance of such Note, as set forth on the face thereof, less any payment of principal made in respect of such Note up to and including such determination date. For the avoidance of doubt, the aggregate principal amount of any undrawn Letters of Credit shall not be included in the Note Principal Balance of any Variable Funding Notes (except as expressly set forth in Section 5.01(i)) and the unreimbursed amount of any drawing under any Letters of Credit shall be included in the Note Principal Balance of the related Variable Funding Note (in the form of outstanding principal balance under the related L/C Note).

"<u>Note Rate</u>" with respect to any Term Note or Variable Funding Note of a Class and a Series, shall mean the interest rate applicable thereto as set forth in the Series Supplement for such Term Note or Variable Funding Note of such Class and Series.

"<u>Note Register</u>" and "<u>Note Registrar</u>" shall mean the register maintained and the registrar appointed or otherwise acting pursuant to <u>Section 2.02(a)</u>.

"<u>Notes</u>" shall mean the Term Notes and the Variable Funding Notes issued by the Co-Issuers pursuant to this Indenture and the Series Supplements.

"<u>Noteholder Tax Identification Information</u>" shall mean information and/or properly completed and signed tax certifications provided by a recipient of payments that is sufficient (i) to eliminate the imposition of or determine the amount of any withholding of tax, including FATCA Withholding Tax, (ii) to determine that such recipient of payments has complied with such recipient's obligations under FATCA or (iii) to otherwise allow the Issuer, Co-Issuer, Paying Agent and Indenture Trustee to comply with their respective obligations under FATCA.

"<u>NRSRO</u>" shall mean any nationally recognized statistical ratings organization.

"<u>Obligations</u>" shall mean the unpaid principal amount of the Outstanding Notes, accrued interest thereon and all other obligations, liabilities and indebtedness of every nature to be paid or performed by any of the Guarantors or Obligors under the Transaction Documents, including fees, costs and expenses, and other sums now or hereafter owing, due or payable and whether before or after the filing of a proceeding under the Bankruptcy Code by or against any of the Guarantors or Obligors, and the performance of all other terms, conditions and covenants under the Transaction Documents.

"<u>Obligors</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Offering Memorandum</u>" with respect to a Series, shall have the meaning set forth in the Series Supplement for such Series.

"<u>Officer's Certificate</u>" shall mean a certificate signed by any Authorized Officer of the Issuer, the Co-Issuer or the Manager, and delivered to the Indenture Trustee, the Backup Manager or the Servicer, as applicable.

"<u>Operating Expenses</u>" shall mean, for any period, all operating expenses accrued and related to the ownership, operation or maintenance of any Data Center (including the provision of services under the Customer Contracts) for such period determined in accordance with GAAP (including, but not limited to, site operations labor and related expenses, certain sales commissions and channel residual fees, repairs and preventative maintenance (including virtual maintenance of cloud equipment), utilities (other than utilities included as Pass-Through Data Center Expenses) and security plus all Maintenance Capital Expenditures, but specifically excluding the Management Fee payable by the Obligors and the cost of portfolio support personnel provided by the Manager) for such period; *provided* that Operating Expenses shall not include Priority Expenses (including Impositions and Insurance Premiums). Operating Expenses shall not include amounts that are Pass-Through Data Center Expenses or any costs and expenses associated with obtaining an appraisal.

"<u>Operating Revenues</u>" shall mean all revenues of the Asset Entities from the ownership, operation or maintenance of the Data Centers or otherwise arising in respect of the Data Centers that are properly allocable to the Data Centers for such period in accordance with GAAP (excluding amounts collected from Customers which constitute Pass-Through Data Center Expenses, pre-paid fees and revenues and security deposits except to the extent applied in satisfaction of such Customer's obligations for fees during such period) excluding the impact on revenue of accounting for Customer Contracts with fixed escalators on a straight-line basis as required under GAAP, as compared to a billed and earned basis.

"<u>Opinion of Counsel</u>" shall mean one or more written opinions of counsel which shall be reasonably acceptable to and delivered to the addressee(s) thereof.

"<u>Optional Application Date</u>" shall mean up to one Business Day following the Scheduled Application Date during the month in which such Scheduled Application Date occurs identified by the Manager to the Indenture Trustee, the Backup Manager and the Servicer in accordance with <u>Section 5.01(a)</u> as an "<u>Optional Application Date.</u>"

"<u>Other Company Collateral</u>" shall have the meaning ascribed to it in <u>Section 14.01</u>.

"<u>Other Expense Reserve Amount</u>" shall mean, with respect to any Application Date, the sum of (i) the amount of Impositions and Insurance Premiums that the Manager reasonably estimates will be due and payable during the twelve Collection Periods (or such lesser number of Collection Periods as remain prior to the latest Rated Final Payment Date of all Outstanding Notes) immediately succeeding the Relevant Payment Date for such Application Date with respect to (or if covered by blanket insurance policies, allocated to) the Data Centers and (ii) the product of (x) 20% and (y) the aggregate Operating Expenses for the twelve Collection Periods immediately preceding such Application Date.

"<u>Other Expense Reserve Deposit Amount</u>" shall have the meaning ascribed to it in <u>Section 4.08(a)</u>.

"<u>Other Expense Reserve Deposit Percentage</u>" shall mean, for any Application Date, the percentage set forth in the table below which corresponds with the three-month average DSCR as of the last day of the immediately preceding calendar month:

---

| | |
|:---|:---|
| **<u>Three-Month Average DSCR</u>** | **<u>Other Expense Reserve Deposit Percentage</u>** |
| ≥ 1.75 | 0% |
| < 1.75 and ≥ 1.50 | 50% |
| < 1.50 | 100% |

---

"<u>Other Expense Reserve Sub-Account</u>" shall have the meaning ascribed to it in <u>Section 4.08(a)</u>.

"<u>Other Servicing Fees</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Outstanding</u>" shall mean, as of the date of determination, all Notes theretofore authenticated and delivered (or registered in the case of Uncertificated Notes) under this Indenture, except:

(a) Notes theretofore cancelled by the Indenture Trustee or delivered (or de-registered in the case of Uncertificated
Notes) to the Indenture Trustee for cancellation;

(b) Notes for the payment of which money in the necessary amount has been theretofore deposited with the Indenture
Trustee or any Paying Agent (other than the Co-Issuers) in trust for the Holders of such Notes (*provided, however*, that if such
Notes are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision for such notice has been
made, satisfactory to the Indenture Trustee); and

(c) Notes in exchange for or in lieu of which other Notes have been authenticated and delivered (or de-registered
and/or registered in the case of Uncertificated Notes) pursuant to this Indenture unless proof satisfactory to the Indenture Trustee is
presented that any such first-mentioned Notes are held by a protected purchaser;

*provided, however*, that in determining whether the Holders of the requisite Class Principal Balances of all Classes of Outstanding Notes have given any request, demand, authorization, direction, notice, consent, or waiver hereunder or under any other Transaction Document, Notes owned by the Issuer, the Co-Issuer, or any other obligor upon the Notes or any Affiliate of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent, or waiver, only Notes identified as being so owned in an Officer's Certificate of the Co-Issuers delivered to the Indenture Trustee shall be so disregarded. Upon the written request of the Indenture Trustee, the Co-Issuers shall furnish to the Indenture Trustee promptly an Officers' Certificate identifying all Notes, if any, actually known by the Co-Issuers to be owned by an Obligor or any Affiliate thereof, and the Indenture Trustee shall be entitled to accept and rely upon such Officer's Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not identified therein are outstanding for the purpose of any determination. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the pledgee's right so to act with respect to such Notes and that the pledgee is not an Obligor, any other obligor upon the Notes or any Affiliate of any of the foregoing Persons.

"<u>Ownership Interest</u>" shall mean, in the case of any Note, any ownership or security interest in such Note as the Holder thereof and any other interest therein, whether direct or indirect, legal or beneficial, as owner or as pledgee.

"<u>Parent</u>" shall mean Phoenix Data Center Acquisitions LLC, a Delaware limited liability company.

"<u>Pass-Through Data Center Expense Available Amount</u>" shall mean, with respect to any Application Date, all funds in the Collection Account on such Application Date that constitute amounts paid by Customers in respect of Pass-Through Data Center Expenses.

"<u>Pass-Through Data Center Expenses</u>" shall mean all amounts payable by Customers pursuant to the Customer Contracts for utilities (including electricity), management fees, maintenance costs, taxes, insurance, Impositions and other operating expenses.

"<u>Pass-Through Data Center Priority Expenses</u>" shall mean all Pass-Through Data Center Expenses that are Priority Expenses.

"<u>Pass-Through Payment Amount Differential</u>" shall mean, with respect to any calendar month, an amount (which may be positive or negative) equal to (x) all amounts paid by the Customers during such month in respect of Pass-Through Data Center Expenses minus (y) the costs incurred to supply the services with respect to which such Pass-Through Data Center Expenses relate.

"<u>Passive Bookrunners</u>" with respect to a particular Series, shall have the meaning set forth in the Series Supplement for such Series.

"<u>Paying Agent</u>" shall initially be (x) the Indenture Trustee, who is hereby authorized by the Co-Issuers to make payments as agent of the Co-Issuers from the Debt Service Sub-Account including payment of principal of or interest (and premium, if any) on the Notes on behalf of the Co-Issuers, or (y) any successor appointed by the Indenture Trustee who (i) meets the eligibility standards for the Indenture Trustee specified in <u>Section 11.07</u> and (ii) is authorized to make payments from the Debt Service Sub-Account including payment of principal of or interest (and premium, if any) on the Notes.

"<u>Payment Date</u>" shall mean the 25th day of each calendar month or, if any such day is not a Business Day, the next succeeding Business Day; *provided* that the initial Payment Date for any Series may be specified in the Series Supplement for such Series. The Payment Date with respect to any Collection Period is the Payment Date immediately succeeding such Collection Period.

"<u>Payment Date Funds</u>" shall have the meaning ascribed to it in <u>Section 5.01(b)</u>.

"<u>Percentage Interest</u>" shall mean, with respect to any Note, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Note Principal Balance of such Note on such date, and the denominator of which is the Class Principal Balance of the Class to which such Note belongs on such date. The Percentage Interest for the Class A Notes is calculated based on the Outstanding principal amounts of such Class A Notes (assuming the full amount of the Class A-1 Commitment Amount that is permitted to be drawn on such date is fully drawn).

"<u>Permitted Indebtedness</u>" shall have the meaning ascribed to it in <u>Section 7.16</u>.

"<u>Permitted Investments</u>" shall have the meaning set forth in the Cash Management Agreement.

"<u>Person</u>" shall mean any individual, corporation, estate, partnership, joint venture, association, joint stock company, limited liability company trust (including any beneficiary thereof), unincorporated organization, or government or any agency or political subdivision thereof.

"<u>Placement Agent</u>" or "<u>Placement Agents</u>" with respect to a particular Series, shall have the meaning set forth in the Series Supplement for such Series.

"<u>Plan</u>" shall have the meaning ascribed to it in <u>Section 6.09</u>.

"<u>Plan Investor</u>" shall mean (i) a Benefit Plan Investor and (ii) a plan, individual retirement account or other arrangement that is subject to the provisions under any Similar Laws and an entity whose assets are deemed to constitute the assets of any of the foregoing described in this clause (ii) pursuant to applicable law.

"<u>Post-ARD Additional Interest</u>" shall have the meaning ascribed to it in <u>Section 2.10</u>.

"<u>Post-ARD Additional Interest Rate</u>" shall have the meaning ascribed to it in <u>Section 2.10</u>.

"<u>Post-ARD Note Spread</u>" with respect to a Class, Series or Tranche of Notes, shall have the meaning set forth in the Series Supplement for such Class and Series of Notes.

"<u>Pre-Existing Condition</u>" shall have the meaning ascribed to it in <u>Section 7.06(c)</u>.

"<u>Prepayment Consideration</u>" shall mean any Yield Maintenance paid in connection with a principal prepayment on, or other early collection of principal of, any Class of Notes.

"<u>Prepayment Period</u>" for each Series, shall have the meaning set forth in the Series

Supplement for such Series.

"<u>Priority Expense Amount</u>" shall mean, with respect to each Application Date, an amount equal to the amount of Priority Expenses that are reasonably expected by the Manager to be due and payable during the Collection Period immediately succeeding the Relevant Payment Date for such Application Date.

"<u>Priority Expense Reserve Deposit Amount</u>" shall mean, with respect to each Application Date, the sum of (i) the Priority Expense Amount for such Application Date less any amounts deposited into the Priority Expense Reserve Sub-Account on any prior Application Date in respect of such Priority Expense Amount with respect to such Collection Period and (ii) the Pass-Through Data Center Expense Available Amount in the Collection Account on such Application Date that is in respect of Pass-Through Data Center Priority Expenses less the amount of such Pass-Through Data Center Expense Available Amount included in the Priority Expense Amount pursuant to clause (i) on such Application Date.

"<u>Priority Expense Reserve Sub-Account</u>" shall have the meaning ascribed to it in <u>Section 4.03</u>.

"<u>Priority Expenses</u>" shall mean, collectively, (i) Impositions, (ii) Insurance Premiums and (iii) electricity expenses and other utility expenses, software license fees, internet costs and installation costs and expenses relating to "meet me rooms" for the Data Centers.

"<u>Proceeding</u>" shall mean any suit in equity, action at law or other judicial or administrative proceeding.

"<u>Purchase Money Obligation</u>" shall mean, for any Person, the obligations of such Person in respect of Indebtedness (including Capital Lease Obligations) incurred for the purpose of financing all or any part of the purchase price of any fixed or capital assets or the cost of installation, construction or improvement of any fixed or capital assets; *provided*, *however*, that (i) such Indebtedness is incurred within 30 days after such acquisition, installation, construction or improvement of such fixed or capital assets by such Person and (ii) the amount of such Indebtedness does not exceed the lesser of (x) the fair market value of such fixed or capital asset and (y) the cost of the acquisition, installation, construction or improvement thereof, as the case may be.

"<u>Qualified Deleveraging Event</u>" shall mean either (i) an underwritten public offering of the equity interests of the Parent or any direct or indirect parent of the Parent which generates gross cash proceeds of at least $50,000,000 to the Parent or any direct or indirect parent entity of the Parent or (ii) an acquisition (whether by merger, consolidation or otherwise) of greater than 50% of the equity interests of Parent or any direct or indirect parent of Parent by an entity that has shares that are traded on a national exchange.

"<u>Qualified Institutional Buyer</u>" shall mean a qualified institutional buyer within the meaning of Rule 144A under the Securities Act.

"<u>RAC Requesting Party</u>" shall have the meaning ascribed to it in <u>Section 15.26(a)</u>.

"<u>Rated Final Payment Date</u>" for any Series, Class and Tranche shall have the meaning set forth in the Series Supplement for such Series.

"<u>Rating Agencies</u>" shall mean, with respect to any action or event in regards to a Series of Notes, the rating agencies specified as such in the Series Supplement for such Series.

"<u>Rating Agency Confirmation</u>" with respect to any Class and Series of Notes, shall have the meaning set forth in the Series Supplement for such Series with respect to any transaction or matter in regards to such Class or Series or, if not ascribed a meaning therein, shall mean, with respect to any transaction or matter in regards to such Class or Series, notification in writing from each Rating Agency then rating such Class of Series of Notes (which may be in the form of e-mail, facsimile, press release, posting to its internet website or other such means then considered industry standard as determined by such Rating Agency) that such transaction or matter will not result in a downgrade, qualification, or withdrawal of the then-current ratings of any Class of Notes of such Series (or the placing of such Class on negative credit watch or ratings outlook in contemplation of any such action with respect thereto).

"<u>Rating Criteria</u>" with respect to any Person, shall mean that the long-term unsecured debt obligations of such Person have (i) a rating commonly regarded as "investment grade" by S&P, or (ii) any other ratings, subject to Rating Agency Confirmation.

"<u>Receipts</u>" shall mean all revenues, receipts and other payments or reimbursements to the Asset Entities of every kind arising from their ownership, operation or management of the Data Centers, including without limitation, all warrants, stock options, or equity interests in any customer, licensee or other Person occupying space at, or providing services related to or for the benefit of, the Data Centers received by or on behalf of such Asset Entities in lieu of monthly fees or other payment, but excluding, (i) any amounts received by or on behalf of such Asset Entities and required to be paid to any Person (other than to an Affiliate of the Co-Issuers) as management fees, brokerage fees, fees payable to a Site Lessor, taxes, payments due to vendors or other service providers or similar fees or reimbursements, (ii) any other amounts received by or on behalf of such Asset Entities that constitute the property of a Person other than an Asset Entity (including, without limitation, all revenues, receipts and other payments arising from the ownership, operation or management of properties by Affiliates of such Asset Entities), (iii) security deposits received under a Customer Contract, unless and until such security deposits are applied to the payment of amounts due under such Customer Contract and (iv) any finance charges.

<u>**"Recognized Environmental Conditions" shall mean, (1) the presence of hazardous substances or petroleum products in, on, or at the subject property due to a release to the environment; (2) the likely presence of hazardous substances or petroleum products in, on, or at the subject property due to a release or likely release to the environment; or (3) the presence of hazardous substances or petroleum products in, on, or at the subject property under conditions that pose a material threat of a future release to the environment.**</u>

"<u>Record Date</u>" shall mean with respect to payments made on any Payment Date, the close of business on the last Business Day of the month immediately preceding the month in which such Payment Date occurs and with respect to payments made on any other date such date as shall be established by the Indenture Trustee in respect thereof.

"<u>Regulation S</u>" shall mean Regulation S promulgated under the Securities Act.

"<u>Regulation S Global Note</u>" shall mean with respect to any Series and Class of Term Notes, a single global Note, in definitive, fully registered form without interest coupons, representing such Series and Class of Term Notes offered and sold outside the United States in reliance on Regulation S, which Note bears a Regulation S Legend.

"<u>Regulation S Legend</u>" shall mean, with respect to any Series and Class of Term Notes, a legend generally to the effect that such Series and Class of Term Notes may not be offered, sold, pledged or otherwise transferred in the United States or to a U.S. Person prior to the date that is 40 days following the later of the commencement of the initial offering of such Series of Term Notes and the Closing Date for such Series of Term Notes except pursuant to an exemption from the registration requirements of the Securities Act.

"<u>Release Date</u>" shall mean, with respect to any Series and Class of Term Notes, the date that is 40 days following the later of (i) the Closing Date for such Series of Notes and (ii) the commencement of the initial offering of such Series of Notes in reliance on Regulation S.

"<u>Release Conditions</u>" shall mean, the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) during a Special Servicing Period, the Servicer shall have consented to the applicable disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Event of Default has occurred and is continuing, no Amortization Period is in effect and no Cash Trap Condition is in effect, in each case, immediately prior to and after giving effect to the applicable disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) after giving effect to such disposition and any prepayment of Notes occurring concurrently with the applicable disposition, if any Class A Notes are outstanding, the pro forma Class A LTV Ratio is not greater than 65.0% and if any Class B Notes are outstanding, the Class B LTV Ratio is not greater than 70.0%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) after giving effect to the applicable disposition, the pro forma Fee Owned Ratio at the time of such disposition is greater than or equal to 45.0% (or such other percentage that is set forth in the most recent Series Supplement that modifies the minimum Fee Owned Ratio and for which notice thereof is provided by the Manager to each Rating Agency then rating the Notes); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Manager delivers a certificate to the Indenture Trustee, the Backup Manager, and the Servicer that the foregoing conditions have been satisfied.

"<u>Relevant Collection Period</u>" shall mean, for any Application Date, (i) if such Application Date is a Scheduled Application Date, the immediately preceding Collection Period or (ii) if such Application Date is an Optional Application Date, the current Collection Period.

"<u>Relevant Payment Date</u>" shall mean, for any Application Date, (i) if such Application Date is a Scheduled Application Date, the concurrent Payment Date or (ii) if such Application Date is an Optional Application Date, the immediately succeeding Payment Date.

"<u>Remedial Work</u>" shall mean any investigation, site monitoring, cleanup or other remedial work of any kind (including any post-closure care or monitoring) required to be performed by any Asset Entity under applicable Environmental Laws because of or in connection with any actual or suspected presence or release of any Hazardous Materials on, in, under or from any Data Center.

"<u>Rent Roll</u>" shall mean, collectively, a rent roll for each of the Data Centers certified by the Co-Issuers and substantially in the form of Exhibit C.

"<u>Replacement Manager</u>" shall have the meaning set forth in the Management Agreement.

"<u>Requesting Party</u>" shall have the meaning ascribed to it in <u>Section 11.12(b)</u>.

"<u>Required Senior Note Interest and Expense Amount</u>" shall mean, with respect to any date, an amount equal to the product of (i) the Monthly Senior Payment Amount (calculated on a 30/360 Basis) with respect to the immediately succeeding Payment Date (or if such date is a Payment Date, with respect to such Payment Date) and (ii) six.

"<u>Required Senior Note Interest and Expense Reserve Amount</u>" shall mean, with respect to any date, the excess, if any, of (a) the Required Senior Note Interest and Expense Amount as of such date over (b) the aggregate available amount of each Liquidity Letter of Credit that has been issued and is outstanding as of such date.

"<u>Required Senior Note Interest and Expense Reserve Sub-Account Deposit Amount</u>" shall have the meaning ascribed to it in <u>Section 4.05(b)</u>.

"<u>Requisite Global Majority Noteholders</u>" shall mean, as of any date of determination, one or more Noteholders representing more than 50.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes as of such date of determination.

"<u>Reserves</u>" shall mean the reserves held by or on behalf of the Indenture Trustee pursuant to this Indenture or the other Transaction Documents, including without limitation, the reserves established pursuant to Article IV.

"<u>Responsible Officer</u>" shall mean, when used with respect to the Indenture Trustee, any officer within the corporate trust department of the Indenture Trustee, including any trust officer or any other officer of the Indenture Trustee who customarily performs functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person's knowledge of and familiarity with the particular subject and who, in each case, has direct responsibility for the administration of this Indenture.

"<u>Restoration</u>" shall have the meaning ascribed to it in <u>Section 7.06(b)</u>.

"<u>Rule 144A</u>" shall mean Rule 144A promulgated under the Securities Act and any successor provision thereto.

"<u>Rule 144A Global Note</u>" shall mean, with respect to any Series and Class of Term Notes, a single global Note, in definitive, fully registered form without interest coupons, representing such Series and Class of Term Notes, which Term Note does not bear a Regulation S Legend.

"<u>Rule 144A Information</u>" shall mean the information required to be delivered pursuant to Rule 144(A)(d)(4) under the Securities Act to permit compliance with Rule 144A in connection with resales of the Notes pursuant to Rule 144A.

"<u>S&P</u>" shall mean S&P Global Ratings, acting through Standard & Poor's Financial Services.

"<u>Sanctions</u>" shall have the meaning ascribed to it in <u>Section 6.14</u>.

"<u>Scheduled Application Date</u>" shall mean the 25th day of each calendar month, or if such day is not a Business Day, the next succeeding Business Day.

"<u>Scheduled Defeasance Payments</u>" shall mean with respect to the Notes of a particular Series, payments on or prior to, but as close as possible to (i) each Payment Date after the Defeasance Date and through and including the Defeasance Payment Date for such Series in amounts equal to the scheduled payments of interest on the Notes of such Series, the Targeted Amortization Amounts, if any, as of each Payment Date with respect to any Class of Term Notes of such Series then Outstanding, and payments of Indenture Trustee Fees, Workout Fees, Servicing Fees, Other Servicing Fees and any other amounts due and owing to the Indenture Trustee, the Backup Manager or the Servicer, if any, due on such dates under this Indenture and (ii) the Defeasance Payment Date for such Series in an amount equal to the aggregate Note Principal Balance of each Class of Outstanding Notes of such Series (net, in the case of any Class of Term Notes of such Series, of any such Targeted Amortization Amounts with respect to such Series).

"<u>SEC</u>" shall mean the Securities and Exchange Commission.

"<u>Second Request</u>" shall have the meaning ascribed to it in <u>Section 15.26(b)</u>.

"<u>Secured Parties</u>" shall mean the Noteholders, the Servicer, the Backup Manager and the Indenture Trustee.

"<u>Securities Act</u>" shall mean the Securities Act of 1933, as amended.

"<u>Senior Interest Advance</u>" shall have the meaning set forth in the Management Agreement.

"<u>Senior Note Interest and Expense Reserve Draw Amount</u>" shall mean, with respect to any Payment Date, an amount equal to the excess, if any, of (a) the Monthly Senior Payment Amount with respect to such Payment Date over (b) the sum of (i) the balance in the Debt Service Sub-Account available to pay such Monthly Senior Payment Amount on such Payment Date in accordance with Section 5.01(b) and (ii) the amount of any Senior Interest Advances made by the Manager or the Indenture Trustee in respect of such Monthly Senior Payment Amount on or before such Payment Date.

"<u>Senior Note Interest and Expense Reserve Sub-Account</u>" shall have the meaning ascribed to it in <u>Section 4.05</u>.

"<u>Series</u>" shall mean a series of Notes issued pursuant to this Indenture and a related Series Supplement.

"<u>Series Disposition Period Date</u>" for any Series, shall have the meaning set forth in the Series Supplement for such Series.

"<u>Series Supplement</u>" shall mean an Indenture Supplement that authorizes a particular Series.

"<u>Series 2024-1 Class A-1 Notes</u>" shall have the meaning set forth in the related Series Supplement, dated the Initial Closing Date.

"<u>Series 2024-1 Class A-2 Notes</u>" shall have the meaning ascribed to it the related Series Supplement, dated the Initial Closing Date.

"<u>Series 2024-1 Class B Notes</u>" shall have the meaning ascribed to it the related Series Supplement, dated the Initial Closing Date.

"<u>Series 2024-1 Notes</u>" shall mean the Series 2024-1 Class A-1 Notes, the Series 2024-1 Class A-2 Notes and the Series 2024-1 Class B Notes.

"<u>Series 2024-1/2 Notes</u>" shall mean the Series 2024-1 Notes and the Series 2024-2 Class A-2 Notes.

"<u>Series 2024-2 Class A-2 Notes</u>" shall have the meaning ascribed to it in the related Series Supplement, dated the Initial Closing Date.

"<u>Service Orders</u>" shall mean any sale orders, service orders, quotes, change orders, proposals, statements of work and/or service level agreements associated with any Master Agreement.

"<u>Servicer</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Servicer Termination Event</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Servicing Agreement</u>" shall mean the Servicing Agreement, dated as of the Initial Closing Date, between the Servicer and the Indenture Trustee.

"<u>Servicing Fee</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Servicing Standard</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Shared Facilities</u>" shall mean interests in real property, facilities, or equipment owned by an Asset Entity, but serving both the Data Centers and one or more other properties owned by Affiliates of the Co-Issuers (other than the Guarantors or the Obligors) under an arm's length agreement entered into by the Manager, on behalf of the applicable Obligor, and the applicable affiliates of the Co-Issuers, which Shared Facilities may include any existing or to-be-built substations, utilities, storm water detention ponds, parking facilities, and access roads.

"<u>Similar Law</u>" shall mean the provisions under any U.S. or non-U.S. federal, state, local or other laws or regulations that are similar to the fiduciary responsibility or prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code.

"<u>Site Lease</u>" shall mean a real estate lease, sublease, ground lease, capital lease or similar arrangement by an Asset Entity with the owner of a fee interest in such real estate or the master lessee of such real estate pursuant to an agreement in writing; *provided* that a "<u>Site Lease</u>" shall not refer to any lease where an Asset Entity is the landlord under such lease.

"<u>Site Lease Default</u>" shall have the meaning ascribed to it in <u>Section 7.23(d)</u>.

"<u>Site Lessor</u>" shall mean any landlords or lessors under a Site Lease.

"<u>Special Servicing Period</u>" shall have the meaning ascribed to it in <u>Section 2.12(a)(iii)</u>.

"<u>Springing Reserve Condition</u>" shall mean, as of the end of any calendar month, a condition that will exist if the three-month average DSCR as of the last day of such calendar month is less than 1.75:1.0, and which will continue to exist until the three-month average DSCR is equal to or greater than 1.75:1.0 as of the last day of two consecutive months.

"<u>Sub-Account</u>" shall mean (i) the Priority Expense Reserve Sub-Account, (ii) the Cash Trap Reserve Sub-Account, (iii) the Debt Service Sub-Account, (iv) the Other Expense Reserve Sub-Account, (v) the Forward Starting Contract Reserve Sub-Account, (vi) the Capital Expenditures Reserve Sub-Account and (vii) the Senior Note Interest and Expense Reserve Sub-Account.

"<u>Subordinated Notes</u>" shall mean all Notes of any Series issued under this Indenture and any related Series Supplement with a class designation later than the letter "A" that are designated as "<u>Subordinated Notes</u>" of such Class (such as "<u>Subordinated Class B Notes</u>" or "<u>Subordinated Class C Notes</u>"), which Subordinated Notes will be fully subordinated in right of payment of interest (excluding Post-ARD Additional Interest and Deferred Post-ARD Additional Interest, unless otherwise indicated) and principal to those Notes that bear earlier alphabetical designations and that are not designated as "<u>Subordinated Notes.</u>"

"<u>Supplemental Financial Information</u>" shall mean such financial reports as the subject entity shall routinely and regularly prepare, or can reasonably prepare, in each case, as reasonably requested by the Indenture Trustee, the Backup Manager or the Servicer.

"<u>Surcharges</u>" shall mean, for any Customer Contract, any amount payable to an Asset Entity pursuant to such Customer Contract representing surplus electricity charges charged as a result of elevated utility rates that are not part of the base monthly recurring fee with respect to such Customer Contract.

"<u>Survey</u>" shall mean with respect to any Data Center, an as-built survey of the land underlying such Data Center prepared by a professional land surveyor licensed in the state in which the Data Center is located within the preceding 36 months, which contains a legal description of the real property on which such Data Center is situated that matches the legal description contained in the Title Policy in all material respects, if any, in respect of such Data Center and a certification of whether the surveyed property is located in a flood hazard zone or is otherwise sufficient for the Title Company to exclude from the Title Policy the standard survey exception and provides customary survey related endorsements and other coverages in the applicable Title Policy.

"<u>Targeted Amortization Amount</u>" shall mean, as of each Payment Date with respect to any Class of Notes of any Series, the amount, if any, set forth in the Series Supplement for such Notes for such Payment Date.

"<u>Tax Restricted Notes</u>" shall mean any Series and Class of Term Notes for which the Co-Issuers do not receive an opinion from nationally-recognized tax counsel at the time such Series and Class of Notes is issued to the effect that such Series and Class of Notes will be properly characterized as debt for U.S. federal income tax purposes (it being understood that such Series and Class of Notes will be designated as "<u>Tax Restricted Notes</u>" in the Series Supplement for such Series and Class).

"<u>Term Notes</u>" shall mean notes of a Series designated at the time of issuance thereof as "<u>Term Notes</u>" and pursuant to which the Note Principal Balance thereof permanently decreases with any principal payment on such notes.

"<u>Title Company</u>" shall mean any one or more of the following: Fidelity National Title Insurance Company, First American Title Insurance Company, Old Republic National Title Insurance Company, Stewart Title Guaranty Company and each of their subsidiaries or such other title company as may be reasonably acceptable to the Servicer.

"<u>Title Policy</u>" shall mean an American Land Title Association (ALTA) lenders policy of title insurance (or, if a final policy has not yet been issued, a marked, signed and predated commitment to issue a title insurance policy or a pro forma title insurance policy) pertaining to a Mortgage on a Data Center issued by a Title Company to the Indenture Trustee on behalf of the Noteholders, insuring the Lien of the Mortgage or a first Lien on such Data Center or such Asset Entity's fee title or leasehold interest to such Data Center, subject only to Permitted Encumbrances, which policy of title insurance shall be accompanied by such endorsements as are available through commercially reasonable efforts and at commercially reasonable rates as the Servicer shall reasonably require.

"<u>Tranche</u>" shall mean one or more numerical tranches of Notes within a Class and Series of Notes.

"<u>Transaction Party</u>" shall mean the Parent, the Guarantors, the Co-Issuers, the Manager, the Backup Manager, the Initial Purchaser, if any, the Passive Bookrunners, if any, the Co-Managers, if any, the Placement Agents, if any, the Servicer, and any of their respective agents or affiliates and the Indenture Trustee.

"<u>Transaction Documents</u>" shall mean the Notes, this Indenture, the Series Supplements, each Variable Funding Note Purchase Agreement, the Holdco Guaranties, the Management Agreement, the Backup Management Agreement, the Servicing Agreement, the Cash Management Agreement, the Contribution Agreements, the Mortgages, the Collection Account Control Agreement, the Account Control Agreements and all other documents executed by any Guarantor or any Obligor in connection with the issuance of Notes. For the avoidance of doubt, the term "<u>Transaction Documents</u>" shall not include the Customer Contracts or any Site Leases.

"<u>Transition Costs</u>" shall mean any fees, costs and other expenses reasonably incurred by a Replacement Manager and/or the Backup Manager in connection with a transfer of the management of the Collateral from the existing Manager to a Replacement Manager, including without limitation, (i) any costs and expenses incurred by the Backup Manager in connection with the identification and qualification of such Replacement Manager for which the Backup Manager is entitled to compensation in accordance with the Indenture, (ii) any expense reimbursement, inducement payment or incremental management fee that is required to be paid to such Replacement Manager, (iii) any costs or expenses associated with the complete transfer of all relevant data from the Data Center and Customer Contracts management system from the replaced Manager to such Replacement Manager and the completion, correction or manipulation of such data as may be required by the Replacement Manager to correct any errors or insufficiencies in the data or otherwise to enable the Replacement Manager to manage the Collateral properly and effectively, (iv) any costs or expenses (including any reasonable fees and expenses of counsel) incurred in connection with the negotiation of any Replacement Management Agreement and (v) without duplication of any amounts in clauses (i) through (iv), any costs, expenses, fees, or other amounts incurred by or payable by the Backup Manager in connection with engaging any subcontractor or other person to perform the obligations of the Manager in accordance with the Backup Management Agreement; *provided* that any costs, expenses, fees or other amounts payable to such subcontractor or such other person in connection with their performance of the obligations of the outgoing Manager shall be paid out of the Management Fee payable to the Backup Manager and shall not constitute Transition Costs.

"<u>Transfer</u>" shall have the meaning ascribed to it in <u>Section 2.02(o)(i)</u>.

"<u>Transferee</u>" shall mean any Person who is acquiring by Transfer any Ownership Interest in a Note.

"<u>Transferor</u>" shall mean any Person who is disposing by Transfer any Ownership Interest in a Note.

"<u>UCC</u>" shall mean the Uniform Commercial Code in effect in the state of New York.

"<u>Uncertificated Note</u>" shall have the meaning ascribed to it in <u>Section 2.01(a)</u>.

"<u>United States</u>" shall mean any state, Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands and other territories or possessions of the United States of America, except with respect to U.S. federal income tax matters in which case it shall have the meaning given to it in the Code.

"<u>Unpaid Monthly Amortization Amount</u>" shall mean, as of each Payment Date with respect to any Class of Notes of any Series that are subject to a Targeted Amortization Amount, the amount, if any, of the Monthly Amortization Amount for such Notes as of the Payment Date immediately preceding such Payment Date that was not paid on such preceding Payment Date.

"<u>U.S. Persons</u>" shall mean U.S. Persons within the meaning of Rule 902(k) of the Securities Act.

"<u>USA PATRIOT Act</u>" shall mean collectively, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107 56 (signed into law October 26, 2001) and its implementing regulations.

"<u>Variable Funding Note Purchase Agreement</u>" shall mean the purchase agreement between, among others, the Co-Issuers and the Holders of any Series of Variable Funding Notes setting forth certain terms with respect to such Series of Variable Funding Notes.

"<u>Variable Funding Notes</u>" shall mean Notes of a Series designated at the time of issuance thereof as "<u>Variable Funding Notes</u>" and pursuant to which the Note Principal Balance thereof may increase and decrease from time to time pursuant to one or more Variable Funding Note Purchase Agreements.

"<u>Variable Recurring Revenue</u>" shall mean, with respect to any Customer Contract as of any date of determination, the recurring monthly fee revenue derived from resale services, storage space, remote hands and other recurring monthly fees (other than colocation, interconnection and power utilization fees) with respect to such Customer Contract payable to an Asset Entity during the calendar month in which such date of determination occurs; *provided* that, for the avoidance of doubt, Variable Recurring Revenue does not include Additional Revenue, Monthly Recurring Revenue, Pass-Through Data Center Expenses or Surcharges.

"<u>VFN Early Amortization Period</u>" shall mean a period that will commence as of the end of any calendar month if (i) any Series of Notes are Outstanding on or after the Anticipated Repayment Date for such Series of Notes and (ii) the three-month average DSCR as of the last day of such calendar month and the immediately preceding five calendar months is less than 1.35:1.0, and will continue to exist until each Series of Class A-1 Notes that is subject to a VFN Early Amortization Period are no longer Outstanding.

"<u>VFN Undrawn Commitment Fee</u>" with respect to any Series of Variable Funding Notes shall have the meaning set forth in the respective Series Supplement with respect to such Series of Variable Funding Notes.

"<u>Voting Rights</u>" shall mean the voting rights evidenced by the respective Notes as determined in accordance with <u>Section 12.03</u>.

"<u>Workout Fee</u>" shall have the meaning ascribed to it in the Servicing Agreement.

"<u>Yield Maintenance</u>" shall mean the excess, if any, of (x) the present value on the date of prepayment of all future installments of principal and interest that the Co-Issuers would otherwise be required to pay on the Notes being prepaid from the date of such prepayment to and including the Payment Date on which the Prepayment Period applicable to such Notes commences absent such prepayment and assuming that (i) no Class A LTV Test Sweep Amount, Class B LTV Test Sweep Amount, Class C LTV Test Sweep Amount or Disposition Price are applied to reduce the Outstanding principal balance of such Notes, (ii) with respect to any Class of Notes which are subject to a Targeted Amortization Amount, monthly payments of principal on such Notes are made based on the Monthly Amortization Amount for such Notes (and with interest calculated based on the principal balance of such Notes as reduced by each such principal payment) and (iii) the entire unpaid Class Principal Balance of such Notes is required to be paid on such Payment Date, with such present value determined by the use of a discount rate equal to the sum of (a) the yield to maturity (adjusted to a "mortgage equivalent basis" pursuant to the standards and practices of the Securities Industry and Financial Markets Association), on a date of determination five Business Days prior to the date of such prepayment for such Notes of the United States Treasury Security having the term to maturity closest to the Payment Date on which the Prepayment Period for such Notes commences, plus (b) 0.50% over (y) the principal amount of such Notes being prepaid on the date of such prepayment.

<u>Section 1.02 Rules of Construction</u>. Unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) a term has the meaning assigned to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) an accounting term not otherwise defined herein and accounting terms partly defined herein, to the extent not defined, shall have the respective meanings given to them under GAAP as in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) "or" is not exclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) "including" means including without limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) words in the singular include the plural and words in the plural include the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) all references to "<u>$</u>" are to United States dollars unless otherwise stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) all references to "<u>$CAD</u>" or "<u>CAD</u>" are to Canadian dollars unless otherwise stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any agreement, instrument or statute defined or referred to in this Indenture or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) references to a Person are also to its permitted successors and assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j) the words "hereof", "herein" and "hereunder" and words of similar import, when used in this Indenture, shall refer to this Indenture as a whole and not to any particular provision of this Indenture, and Section, Schedule and Exhibit references are to this Indenture unless otherwise specified; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) whenever the phrase "in direct order of alphabetical designation" or "highest alphabetical designation" or a similar phrase is used herein, it shall be construed to mean beginning with the letter "A" and ending with the letter "Z"; whenever the phrase "direct order of numerical designation" or a similar phrase is used herein, it shall be construed to mean beginning with the numerical designation "1" and ending with the highest applicable numerical designation "100".

**ARTICLE II**

**THE NOTES**

<u>Section 2.01 The Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Variable Funding Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All Variable Funding Notes shall be issued and delivered in fully registered, certificated form (the "<u>Definitive Variable Funding Notes</u>") or, at the request of a Holder or transferee, in uncertificated, fully registered form evidenced by entry in the Note Registrar (the "<u>Uncertificated Notes</u>") if provided for in its Series Supplement. Any Definitive Variable Funding Notes shall be substantially in the form attached as Exhibit A-3 (or, in the case of any subclass or subseries thereof (including any L/C Note), in the form attached to the related Series Supplement); *provided*, *however*, that any of the Variable Funding Notes may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with rules or regulations pursuant thereto, or with the rules of any securities market in which the Variable Funding Notes may be admitted to trading, or to conform to general usage. The Variable Funding Notes shall be revolving Notes. Additional borrowings may be made under any Variable Funding Notes pursuant to the applicable Variable Funding Note Purchase Agreement and the principal of the Variable Funding Notes may be repaid and reborrowed pursuant to the terms of the applicable Variable Funding Note Purchase Agreement. The Variable Funding Notes shall be issued in minimum denominations of $100,000. With respect to any Uncertificated Note, the Indenture Trustee shall provide to the applicable Holder, upon request of such Holder, after registration of the Uncertificated Note in the Note Register by the Note Registrar a Confirmation of Registration, the form of which shall be set forth in <u>Exhibit G</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Variable Funding Notes (other than Uncertificated Notes) shall be executed by manual signature by an Authorized Officer of each of the Issuer and the Co-Issuer. Variable Funding Notes bearing the manual signatures of individuals who were at any time the authorized officers of each of the Issuer and the Co-Issuer shall be entitled to all benefits under this Indenture, subject to the following sentence, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Variable Funding Notes or did not hold such offices at the date of such Variable Funding Notes. The Indenture Trustee shall, upon receipt of an Issuer Order, authenticate and deliver (or register in the case of Uncertificated Notes) any Variable Funding Notes executed by the Co-Issuers for issuance pursuant to this Indenture. No Variable Funding Notes (other than Uncertificated Notes) shall be entitled to any benefit under this Indenture, or be valid for any purpose, however, unless there appears on such Variable Funding Notes a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by manual signature, and such certificate of authentication upon any Variable Funding Note shall be conclusive evidence, and the only evidence, that such Variable Funding Note has been duly authenticated and delivered hereunder. All Variable Funding Notes shall be dated the date of their authentication (or registration, in the case of Uncertificated Notes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except as otherwise expressly provided herein or in any Series Supplement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Uncertificated Notes registered in the name of a Person shall be considered "held" by such Person for all purposes of this Indenture and its applicable Series Supplement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) with respect to any Uncertificated Note, (a) references herein to authentication and delivery shall be deemed to refer to creation of an entry for such Uncertificated Note in the Note Register and registration of such Uncertificated Note the name of the owner, (b) references herein to cancellation of a Uncertificated Note shall be deemed to refer to de-registration of such Uncertificated Note and (c) references herein to the date of authentication of a Uncertificated Note shall refer to the date of registration of such Uncertificated Note in the Note Register in the name of the owner thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For the avoidance of doubt, no Confirmation of Registration shall be required to be surrendered (x) in connection with a transfer of the related Uncertificated Note or (y) in connection with the final payment of the related Uncertificated Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Note Register shall be conclusive evidence of the ownership of an Uncertificated Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Each Definitive Variable Funding Note may also be exchanged in its entirety for an Uncertificated Note and, upon complete exchange thereof, such Variable Funding Note shall be cancelled and de-registered by the Note Registrar. Each of the Uncertificated Notes may be exchanged in its entirety for a Definitive Variable Funding Note and, upon complete exchange thereof, such Uncertificated Note shall be de-registered by the Note Registrar. In connection with such exchanges, the applicable Holder shall request such exchange in writing to the Co-Issuers, the Note Registrar and Indenture Trustee and provide the Note Registrar with such documents as it may require to effect such exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Any Variable Funding Notes must be designated as "<u>Class A-1 Notes".</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Subject to satisfaction of the conditions precedent set forth in the applicable Variable Funding Note Purchase Agreement, the Co-Issuers may increase the Outstanding Note Principal Balance in the manner provided in the Variable Funding Note Purchase Agreement. Upon each such increase, the Indenture Trustee shall, or shall cause the Note Registrar to, indicate in the Note Register such increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Term Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless otherwise provided in any applicable Series Supplement, the Term Notes shall be substantially in the form attached as Exhibit A-1 and Exhibit A-2, as applicable; *provided, however*, that any of the Term Notes may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with rules or regulations pursuant thereto, or with the rules of any securities market in which the Term Notes may be admitted to trading, or to conform to general usage. The Term Notes (other than Term Notes purchased by Institutional Accredited Investors that are not Qualified Institutional Buyers) shall be issuable in book-entry form and in accordance with <u>Section 2.03</u>, Ownership Interests in the Book-Entry Notes shall initially be held and transferred through the book-entry facilities of the Depositary; *provided, however*, that Term Notes purchased by Institutional Accredited Investors that are not Qualified Institutional Buyers or to investors who otherwise request prior to the related Closing Date will be delivered in fully registered, certificated form and Term Notes of a Series to the extent provided in the related Series Supplement, upon original issuance, may be issued in fully registered, certificated form (the "<u>Definitive Term Notes</u>" and, together with the Definitive Variable Funding Notes, "<u>Definitive Notes</u>"). Unless provided otherwise in the related Series Supplement, any Term Notes shall be issued in minimum denominations of $25,000 initial principal balance and in any whole dollar denomination in excess thereof; *provided, however*, (i) Tax Restricted Notes shall be issued in the minimum denominations specified in the relevant Series Supplement, (ii) in accordance with <u>Section 2.03</u>, Term Notes (other than Tax Restricted Notes) issued in registered form to Institutional Accredited Investors that are not Qualified Institutional Buyers shall be issued in minimum denominations of $100,000 initial principal balance and in any whole dollar denomination in excess thereof and (iii) the minimum denomination with respect to any Series of Notes denominated in CAD, if issued, will be set forth in the Series Supplement for such Series of Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Term Notes shall be executed by manual signature by an Authorized Officer of each of the Issuer and the Co-Issuer. Term Notes bearing the manual signatures of individuals who were at any time the authorized officers of each of the Issuer and the Co-Issuer shall be entitled to all benefits under this Indenture, subject to the following sentence, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Term Notes or did not hold such offices at the date of such Term Notes. The Indenture Trustee shall, upon receipt of an Issuer Order, authenticate and deliver any Notes executed by the Co-Issuers for issuance pursuant to this Indenture. No Term Note shall be entitled to any benefit under this Indenture, or be valid for any purpose, however, unless there appears on such Term Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by manual signature, and such certificate of authentication upon any Term Note shall be conclusive evidence, and the only evidence, that such Term Note has been duly authenticated and delivered hereunder. All Term Notes shall be dated the date of their authentication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate principal amount of the Term Notes which may be authenticated and delivered under this Indenture shall be unlimited.

<u>Section 2.02 Registration of Transfer and Exchange of Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers may, at their own expense, appoint any Person with appropriate experience as a securities registrar to act as Note Registrar hereunder; *provided*, that in the absence of any other Person appointed in accordance herewith acting as Note Registrar, the Indenture Trustee agrees to act in such capacity in accordance with the terms hereof. The Note Registrar shall be subject to the same standards of care, limitations on liability and rights to indemnity as the Indenture Trustee, and the provisions of <u>Sections 11.02, 11.03, 11.04, 11.05, 11.06(b)</u>, and <u>11.06(c)</u> shall apply to the Note Registrar to the same extent that they apply to the Indenture Trustee and with the same rights of recovery. Any Note Registrar appointed in accordance with this <u>Section 2.02(a)</u> may at any time resign by giving at least 30 days' advance written notice of resignation to the Indenture Trustee, the Servicer, the Backup Manager and the Co-Issuers. The Co-Issuers may at any time terminate the agency of any Note Registrar appointed in accordance with this <u>Section 2.02(a)</u> by giving written notice of termination to such Note Registrar, with a copy to the Servicer.

At all times during the term of this Indenture, there shall be maintained at the office of the Note Registrar a Note Register in which, subject to such reasonable regulations as the Note Registrar may prescribe, the Note Registrar shall provide for the registration of Notes and of transfers and exchanges of Notes as herein provided (or as set forth in any Series Supplement with respect to the transfer and registration or de-registration of any Uncertificated Note). The Co-Issuers, the Servicer and the Indenture Trustee shall have the right to inspect the Note Register or to obtain a copy thereof at all reasonable times, and to rely conclusively upon a certificate of the Note Registrar as to the information set forth in the Note Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No transfer, sale, pledge or other disposition of any Note or interest therein shall be made unless such transfer, sale, pledge or other disposition is exempt from the registration and/or qualification requirements of the Securities Act and any applicable state securities laws, or is otherwise made in accordance with the Securities Act and such state securities laws. No transfer, sale, pledge or other disposition of any Tax Restricted Note or interest therein shall be made unless such transfer, sale, pledge or other disposition is otherwise made in accordance with <u>Section 2.02(o)</u>.

Unless otherwise provided in any applicable Series Supplement, if a transfer of any Note that constitutes a Definitive Note is to be made without registration under the Securities Act (other than in connection with the initial issuance of the Notes or a transfer of a Book-Entry Note to a successor Depositary as contemplated by <u>Section 2.03(c))</u>, then such transfer shall not be registered by the Note Registrar unless the Note Registrar receives (and, upon receipt, may conclusively rely upon) either: (i) a certification from the Noteholder desiring to effect such transfer substantially in the form attached hereto as Exhibit B-5, in the case of a transfer to a Qualified Institutional Buyer, or Exhibit B-6, in the case of a transfer to an Institutional Accredited Investor, and a certification from the prospective Transferee substantially in the form attached hereto as Exhibit B-3, in the case of a transfer to a Qualified Institutional Buyer, or Exhibit B-4, in the case of a transfer to an Institutional Accredited Investor, or (ii) an Opinion of Counsel to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Co-Issuers, the Indenture Trustee, the Backup Manager, the Servicer, the Manager or the Note Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Noteholder desiring to effect such transfer and/or such Noteholder's prospective Transferee on which such Opinion of Counsel is based.

If a transfer of any interest in a Rule 144A Global Note is to be made without registration under the Securities Act to a Person who will take delivery of such interest in the form of an interest in a Regulation S Global Note, then the Note Owner desiring to effect such transfer shall be required to deliver to the Note Registrar (i) a certification substantially in the form attached as Exhibit B-2 and (ii) such written orders and instructions as are required under the Applicable Procedures to direct the Indenture Trustee to debit the account of a Depositary Participant by a denomination of interests in such Rule 144A Global Note, and credit the account of a Depositary Participant by a denomination of interests in such Regulation S Global Note, that is equal to the denomination of beneficial interests in the Class of Notes to be transferred. Upon delivery to the Note Registrar of such certification and such orders and instructions, the Indenture Trustee, subject to and in accordance with the Applicable Procedures, shall reduce the denomination of the Rule 144A Global Note in respect of the applicable Class of Notes and increase the denomination of the Regulation S Global Note for such Class by the denomination of the beneficial interest in such Class specified in such orders and instructions. If a transfer of any interest in a Rule 144A Global Note is to be made without registration under the Securities Act to a Person who will take delivery of such interest in the form of an interest in such Rule 144A Global Note, the Note Owner desiring to effect such transfer shall be deemed to have represented and warranted that the certifications set forth in Exhibit B-1 are, with respect to the subject Transfer, true and correct.

Any interest in a Rule 144A Global Note with respect to any Class of Book-Entry Notes (other than a Rule 144A Global Note that is a Tax Restricted Note) may be transferred by any Note Owner holding such interest to any Institutional Accredited Investor (other than a Qualified Institutional Buyer) that takes delivery in the form of a Definitive Note of the same Class as such Rule 144A Global Note upon delivery to the Note Registrar of (i) (A) a certification from such Note Owner's prospective Transferee substantially in the form of Exhibit B-4, or (B) an Opinion of Counsel (which Opinion of Counsel shall not be an expense of the Co-Issuers, the Indenture Trustee, the Backup Manager, the Servicer or the Note Registrar in their respective capacities as such), to the effect that such transfer may be made without registration under the Securities Act and (ii) such written orders and instructions as are required under the Applicable Procedures to direct the Indenture Trustee to debit the account of a Depositary Participant by the denomination of the transferred interests in such Rule 144A Global Note. Upon delivery to the Note Registrar of the certification and/or opinion contemplated by this paragraph of <u>Section 2.02(b)</u>, the Indenture Trustee, subject to and in accordance with the Applicable Procedures, shall reduce the denomination of the subject Rule 144A Global Note by the denomination of the transferred interests in such Rule 144A Global Note, and shall cause a Definitive Note of the same Class as such Rule 144A Global Note, and in a denomination equal to the reduction in the denomination of such Rule 144A Global Note, to be executed, authenticated and delivered in accordance with this Indenture to the applicable Transferee.

Except as provided in the next sentence, on and prior to the Release Date, no beneficial interest in a Regulation S Global Note for any Class of Book-Entry Notes shall be transferred to any Person who takes delivery other than in the form of a beneficial interest in such Regulation S Global Note. On and prior to the Release Date, a Note Owner holding an interest in a Regulation S Global Note desiring to effect a Transfer to a Person who takes delivery of such interest in the form of a beneficial interest in the Rule 144A Global Note for such Class of Notes shall be required to deliver to the Note Registrar a written certification substantially in the form of Exhibit B-1 including such written orders and instructions as are required under the Applicable Procedures to direct the Indenture Trustee to debit the account of a Depositary Participant by a denomination of interests in such Regulation S Global Note, and credit the account of a Depositary Participant by a denomination of interests in such Rule 144A Global Note, that is equal to the denomination of beneficial interests in the Class of Notes to be transferred. Upon delivery to the Note Registrar of such certification and orders and instructions, the Indenture Trustee, subject to and in accordance with the Applicable Procedures, shall reduce the denomination of the Regulation S Global Note in respect of the applicable Class of Notes and increase the denomination of the Rule 144A Global Note for such Class by the denomination of the beneficial interest in such Class specified in such orders and instructions. On or prior to the Release Date, beneficial interests in the Regulation S Global Note for each Class of Book-Entry Notes may be held only through Euroclear or Clearstream.

None of the Issuer, the Co-Issuer, the Indenture Trustee or the Note Registrar shall be obligated to register or qualify any Class of Notes under the Securities Act or any other securities law or to take any action not otherwise required under this Indenture to permit the transfer of any Note or interest therein without registration or qualification. Any Noteholder or Note Owner desiring to effect a transfer, sale, pledge or other disposition of any Note or interest therein shall, and does hereby agree to, indemnify the Parent, the Guarantors, the Obligors, the Indenture Trustee, the Manager, the Backup Manager, the Servicer and the Note Registrar against any liability that may result if such transfer, sale, pledge or other disposition is not exempt from the registration and/or qualification requirements of the Securities Act and any applicable state securities laws or is not made in accordance with such federal and state laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No transfer of any Note or any interest therein shall be made to any Person, except in each such case, in accordance with the following provisions of this <u>Section 2.02(c)</u>.

The Note Registrar shall not register the transfer of a Note that constitutes a Definitive Note or the transfer of an interest in a Book-Entry Note that following such purported transfer will constitute a Definitive Note unless the Note Registrar has received from the prospective Transferee a certification that (a) either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such prospective Transferee is not, and is not investing on behalf of, a Plan Investor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such purchase, holding and disposition of such Note or any interest therein will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a similar violation of any applicable Similar Laws; and (b) none of the Transaction Parties is acting or will act as a fiduciary to any Plan Investor or will become such Plan Investor's fiduciary as a result of the Plan Investor's investment in the Notes or any in interest therein, and none of the Transaction Parties are undertaking to provide investment advice or advice based on any particular investment need, or to give advice in a fiduciary capacity, with respect to the decision to purchase the Notes or any in interest therein.

It is hereby acknowledged that either of the forms of certification attached hereto as Exhibits B-3 and B-4 is acceptable for purposes of clauses (i) and (ii) of the preceding sentence.

The Note Owner desiring to effect a transfer of an interest in a Book-Entry Note (other than a transfer of an interest in a Book-Entry Note that following such purported transfer will constitute a Definitive Note which transfer shall be subject to the forms of certification attached hereto as Exhibits B-3 and B-4 as provided for above) shall obtain from its prospective Transferee a certification that (a) either (i) such prospective Transferee is not, and is not investing on behalf of, a Plan Investor or (ii) such purchase, holding and disposition of such Note or any interest therein will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a similar violation of any applicable Similar Laws and (b) none of the Transaction Parties is acting or will act as a fiduciary to any Plan Investor or will become such Plan Investor's fiduciary as a result of the Plan Investor's investment in the Notes or any interest therein, and none of the Transaction Parties are undertaking to provide investment advice or advice based on any particular investment need, or to give advice in a fiduciary capacity, with respect to the decision to purchase the Notes or any interest therein.

It is hereby acknowledged that either of the forms of certification attached hereto as Exhibits B-1 and B-2 is acceptable for purposes of the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Person is acquiring a Note as a fiduciary or agent for one or more accounts, such Person shall be required to deliver to the Note Registrar a certification to the effect that, and such other evidence as may be reasonably required by the Note Registrar to confirm that, it has (i) sole investment discretion with respect to each such account and (ii) full power to make the applicable foregoing acknowledgments, representations, warranties, certifications and/or agreements with respect to each such account as set forth in subsections (b), (c) and/or (d), as appropriate, of this <u>Section 2.02</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to the preceding provisions of this <u>Section 2.02</u>, upon surrender for registration of transfer of any Note at the offices of the Note Registrar maintained for such purpose (or as set forth in any Series Supplement with respect to the transfer and registration or de-registration of any Uncertificated Note), one or more new Notes of authorized denominations of the same Class and Series evidencing a like aggregate principal balance shall (except in the case of Uncertificated Notes) be executed, authenticated and delivered, in the name of the designated Transferee or Transferees, in accordance with <u>Section 2.01(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) At the option of any Noteholder, its Notes may be exchanged for other Notes of authorized denominations of the same Class and Series evidencing a like aggregate principal balance, upon surrender (or de-registration) of the Notes to be exchanged (or de-registered) at the offices of the Note Registrar maintained for such purpose. Whenever any Notes are so surrendered for exchange (or de-registration), the Notes which the Noteholder making the exchange (or request for de-registration) is entitled to receive shall be executed, authenticated and delivered (or registered in the case of Uncertificated Notes) in accordance with <u>Section 2.01(a)</u> or <u>(b)</u>, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Every Note (other than Uncertificated Notes) presented or surrendered for transfer or exchange (or de-registration) shall (if so required by the Note Registrar) be duly endorsed by, or be accompanied by a written instrument of transfer in a form satisfactory to, the Note Registrar duly executed by the Noteholder thereof or his attorney duly authorized in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No service charge shall be imposed for any transfer or exchange of Notes, but the Indenture Trustee or the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All Notes surrendered for transfer and exchange shall be physically canceled by the Note Registrar, and the Note Registrar shall dispose of such canceled Notes in accordance with its standard procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) None of the Parent, the Guarantors, the Obligors, the Manager, the Indenture Trustee, the Note Registrar nor any agent of any of the foregoing shall have any responsibility for any actions taken or not taken by the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Indenture Trustee and the Note Registrar shall have no responsibility or obligation to any Person with respect to the accuracy of the books or records, or the acts or omissions, of the Depositary or its nominee or of any Depositary Participant, with respect to any Ownership Interest in the Notes or with respect to the delivery to any Person (other than the Depositary) of any notice (including any notice of prepayment) or the payment of any amount, under or with respect to the Notes. All notices and communications to be given to the Holders and all payments to be made to the Holders hereunder shall be given or made only to or upon the order of the Holders (which shall be the Depositary or its nominee in the case of a Book-Entry Note). The rights of Note Owners in any Book-Entry Note shall be exercised only through the Depositary subject to the customary procedures of the Depositary. The Indenture Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Indenture Trustee and the Note Registrar shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any Note or any transfer of any interest in any Book-Entry Note other than to require delivery of the certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance on their face to the express requirements of this Indenture. In connection with any transfer of any Note, the Indenture Trustee and the Note Registrar shall be under no duty to inquire into the validity, legality and due authorization of such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Note Registrar shall provide to each of the other parties hereto, upon reasonable written request and at the expense of the Requesting Party, an updated copy of the Note Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Transfers of Variable Funding Notes shall be subject to such additional terms and conditions as may be set forth in the applicable Variable Funding Note Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Each purchaser and transferee of Tax Restricted Notes will be deemed to have further represented and agreed on its own behalf and on behalf of any Beneficial Owner for which it is purchasing or acquiring Tax Restricted Notes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it will not (x) market, acquire or directly or indirectly sell, encumber, assign, participate, pledge, hypothecate, rehypothecate, exchange, or otherwise dispose of, suffer the creation of a Lien on, or transfer or convey in any manner (each, a "<u>Transfer</u>") any such Tax Restricted Notes (or any interest therein that is described in Treasury regulations section 1.7704-1(a)(2)(i)(B)) on or through (i) a United States national, regional or local securities exchange, (ii) a foreign securities exchange or (iii) an interdealer quotation system that regularly disseminates firm buy or sell quotations by identified brokers or dealers (any entity described in clauses (i), (ii) or (iii), an "<u>Exchange</u>") or (y) cause any of such Tax Restricted Notes or any interest therein to be marketed on or through an Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it will not enter into any financial instrument payments on which are, or the value of which is, determined in whole or in part by reference to such Tax Restricted Notes or the Issuer and/or the Co-Issuer (including the amount of Issuer and/or Co-Issuer distributions on such Tax Restricted Notes, the value of the Issuer's assets and/or the Co-Issuer's assets, or the result of the Issuer's operations and/or the Co-Issuer's operations), or any contract that otherwise is described in Treasury regulations section 1.7704-1(a)(2)(i)(B);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if it is, for U.S. federal income tax purposes, a partnership, grantor trust or S corporation, then (i) at all times, less than 50% of the value of any person's interest (direct or indirect) in it will be attributable to such Tax Restricted Notes and any other interests (direct or indirect) in the Issuer or the Co-Issuer that are or may be treated as equity interests in the Issuer or the Co-Issuer for U.S. federal income tax purposes or (ii) it is not and will not be a principal purpose of the arrangement involving the investment of any person to permit the Issuer or the Co-Issuer to satisfy the 100-partner limitation of Treasury regulations section 1.7704-1(h)(1)(ii); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) it will not Transfer any portion of such Tax Restricted Notes unless (x) the person to which it Transfers such Tax Restricted Notes agrees to be bound by the restrictions, conditions, representations, warranties and covenants set forth in clauses (i), (ii) and (iii) above and this clause (iv), (y) such Transfer does not cause the aggregate number of Holders and Beneficial Owners of Tax Restricted Notes and beneficial holders of any other interests in the Issuer or the Co-Issuer that are or may be treated as equity interests in the Issuer or the Co-Issuer for U.S. federal income tax purposes, as determined for purposes of Treasury regulations section 1.7704-1(h), to exceed 90, or otherwise cause the Issuer or the Co-Issuer to be treated as a publicly traded partnership for such purposes, and (z) such Transfer does not otherwise violate clauses (i), (ii) and (iii) above.

Any Transfer in violation of clauses (i) through (iv) above shall be void ab initio, unless, solely in the case of a Transfer in violation of clauses (i) through (iii), the Co-Issuers receive an Opinion of Counsel two days prior to the proposed Transfer to the effect that the Transfer will not cause either of the Co-Issuers to be treated as a publicly traded partnership for U.S. federal income tax purposes.

<u>Section 2.03 Book-Entry Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise provided in any applicable Series Supplement, each Class and Series of Term Notes shall initially be issued as one or more Notes registered in the name of the Depositary or its nominee and, except as provided in <u>Section 2.03(c)</u>, transfer of such Notes may not be registered by the Note Registrar unless such transfer is to a successor Depositary that agrees to hold such Notes for the respective Note Owners with Ownership Interests therein. Such Note Owners shall hold and, subject to <u>Sections 2.02(b)</u> and <u>2.02(c)</u>, transfer their respective Ownership Interests in and to such Notes through the book-entry facilities of the Depositary and, except as provided in <u>Section 2.03(c)</u>, shall not be entitled to Definitive Notes in respect of such Ownership Interests. Unless otherwise provided in any applicable Series Supplement, Term Notes of each Class and Series of Notes initially sold in reliance on Section 4(a)(2) of the Securities Act (other than Term Notes sold to any Institutional Accredited Investor that is not a Qualified Institutional Buyer) or Rule 144A shall be represented by the Rule 144A Global Note for such Class and Series, which shall be deposited with the DTC Custodian and registered in the name of Cede & Co. as nominee of the Depositary. Term Notes of each Class and Series of Notes initially sold in offshore transactions in reliance on Regulation S shall be represented by the Regulation S Global Note for such Class and Series, which shall be deposited with the DTC Custodian and registered in the name of Cede & Co. as nominee of the Depositary. All transfers by Note Owners of their respective Ownership Interests in the Book-Entry Notes shall be made in accordance with the procedures established by the Depositary Participant or brokerage firm representing each such Note Owner. Each Depositary Participant shall only transfer the Ownership Interests in the Book-Entry Notes of Note Owners it represents or of brokerage firms for which it acts as agent in accordance with the Depositary's normal procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Issuer, the Co-Issuer, the Servicer, the Indenture Trustee, the Backup Manager and the Note Registrar shall for all purposes, including the making of payments due on the Book-Entry Notes, deal with the Depositary as the authorized representative of the Note Owners with respect to such Notes for the purposes of exercising the rights of Noteholders hereunder. The rights of Note Owners with respect to the Book-Entry Notes shall be limited to those established by law and agreements between such Note Owners and the Depositary Participants and indirect participating brokerage firms representing such Note Owners. Multiple requests and directions from, and votes of, the Depositary as holder of the Book-Entry Notes with respect to any particular matter shall not be deemed inconsistent if they are made with respect to different Note Owners. The Indenture Trustee may establish a reasonable record date in connection with solicitations of consents from or voting by Noteholders and shall give notice to the Depositary of such record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Term Notes initially issued in the form of Book-Entry Notes will thereafter be issued as Definitive Notes to applicable Note Owners or their nominees, rather than to the Depositary or its nominee, only (i) if the Co-Issuers advise the Indenture Trustee in writing that the Depositary is no longer willing or able to properly discharge its responsibilities as Depositary with respect to such Notes and the Co-Issuers are unable to locate a qualified successor or (ii) in connection with the transfer by a Note Owner of an interest in a Global Note to an Institutional Accredited Investor that is not a Qualified Institutional Buyer. Upon the occurrence of the event described in clause (i) of the preceding sentence, the Indenture Trustee will be required to notify, in accordance with the Depositary's procedures, all Depositary Participants (as identified in a listing of Depositary Participant accounts to which each Class and Series of Book-Entry Notes is credited) through the Depositary of the availability of such Definitive Notes. Upon surrender to the Note Registrar of any Class of Book-Entry Notes (or any portion of any Class thereof) by the Depositary, accompanied by re-registration instructions from the Depositary for registration of transfer, Definitive Notes in respect of such Class (or portion thereof) and Series shall be executed and authenticated in accordance with <u>Section 2.01(b)</u> and delivered to the Note Owners identified in such instructions. None of the Issuer, the Co-Issuer, the Servicer, the Indenture Trustee, the Backup Manager or the Note Registrar shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes for purposes of evidencing ownership of any Book-Entry Notes, the registered holders of such Definitive Notes shall be recognized as Noteholders hereunder and, accordingly, shall be entitled directly to receive payments on, to exercise Voting Rights with respect to, and to transfer and exchange such Definitive Notes.

<u>Section 2.04 Mutilated, Destroyed, Lost or Stolen Notes</u>. If (i) any mutilated Note is surrendered to the Note Registrar, or the Note Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee and the Note Registrar such security or indemnity as may be reasonably required by them to hold each of them harmless and any other documents (including a lost note affidavit) that the Indenture Trustee and the Note Registrar may reasonably request, then, in the absence of actual notice to the Indenture Trustee or the Note Registrar that such Note has been acquired by a protected purchaser, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a new Note of the same Class, type and Series and of like Note Principal Balance shall be executed, authenticated and delivered in accordance with Section 2.01(b) (or registered in accordance with Section 2.01(a), in the case of an Uncertificated Note). Upon the issuance of any new Note under this Section 2.04, the Indenture Trustee and the Note Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the reasonable fees and expenses of the Indenture Trustee and the Note Registrar) connected therewith. Any replacement Note issued (or registered in the case of Uncertificated Notes) pursuant to this Section shall constitute complete and indefeasible evidence of ownership of such Note, as if originally issued, whether or not the lost, stolen or destroyed Note shall be found at any time.

<u>Section 2.05 Persons Deemed Owners</u>. Prior to due presentment for registration of transfer, the Issuer, the Co-Issuer, the Indenture Trustee, the Backup Manager, the Servicer, the Notes Registrar and any agent of any of them may treat the Person in whose name any Note (or any other transfer and de-registration of Uncertificated Notes) is registered as the owner of such Note for the purpose of receiving payments pursuant to Article V and for all other purposes whatsoever, and none of the Issuer, the Co-Issuer, the Indenture Trustee, the Backup Manager, the Servicer, the Note Registrar or any agent of any of them will acknowledge or be affected by any notice to the contrary.

<u>Section 2.06 Certification by Note Owners</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Note Owner is hereby deemed, by virtue of its acquisition of an Ownership Interest in the Global Notes, to agree to comply with the transfer requirements of <u>Section 2.02(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent that under the terms of this Indenture, it is necessary to determine whether any Person is a Note Owner, the Indenture Trustee may conclusively rely on a certificate of such Person in such form as shall be reasonably acceptable to the Indenture Trustee and shall specify the Class, Tranche, Series and Note Principal Balance of the Book-Entry Note beneficially owned by such Person.

<u>Section 2.07 Notes Issuable in Series</u>. The Notes of the Co-Issuers may be issued in one or more Series subject to satisfaction of the applicable conditions set forth in Section 2.12. Any Series of Term Notes may be Book-Entry Notes and any Series of Variable Funding Notes may be uncertificated if provided for in its Series Supplement. There shall be established in one or more Series Supplements, prior to the issuance of Notes of any Series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the title of the Notes of such Series (which shall distinguish the Notes of such Series from Notes of other Series) and whether such Notes will be Variable Funding Notes or Term Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any limit upon the aggregate principal balance of the Notes of such Series that may be authenticated and delivered (other than with respect to Uncertificated Notes, which may be registered) under this Indenture (except for Notes authenticated and delivered (or with respect to Uncertificated Notes, registered) upon registration of transfer of, in exchange for, or in lieu of, other Notes of such Series pursuant to <u>Section 2.02</u> or <u>2.04)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date or dates on which the principal of the Notes of such Series is payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Targeted Amortization Amounts, if any, for any Class of Notes of such Series as of each Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the rate or rates at which the Notes of such Series shall bear interest, if any, or the method by which such rate shall be determined, the date or dates from which such interest shall accrue, the interest payment dates on which such interest shall be payable and the record dates for the determination of Holders to whom interest is payable (in each case to the extent such items are not specified herein or if specified herein to the extent such items are modified by such Series Supplement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if such Series includes the issuance of Tax Restricted Notes, the maximum number of Holders and Beneficial Owners of Tax Restricted Notes of such Series for purposes of <u>Section 2.02(o)</u> and the minimum denominations of each Class of such Tax Restricted Notes of such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) whether the Notes of such Series, are Uncertificated Notes, Book-Entry Notes or Definitive Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any other terms of such Series (which terms shall not be inconsistent with the provisions of this Indenture except to the extent that such Series Supplement also constitutes an amendment of this Indenture pursuant to Article XIII).

The Notes of a Series may have more than one settlement or issue date. The Notes of each Series will be assigned to one or more Classes and shall satisfy the requirements of <u>Section 2.12(b)</u> as of the date of issuance.

The Co-Issuers agree that they will not designate, for any Series and Class of Notes that are Tax Restricted Notes, a maximum number of Holders and Beneficial Owners for such Series and Class of Tax Restricted Notes that would cause the aggregate maximum number of Holders and Beneficial Owners for all Series and Classes of Tax Restricted Notes then Outstanding, collectively with the aggregate number of beneficial holders of the equity interests in the Issuer or the Co-Issuer or other interests that may be treated as equity interests in the Issuer or the Co-Issuer for U.S. federal income tax purposes, as determined for purposes of Treasury regulations section 1.7704-1(h), to exceed 90.

<u>Section 2.08 Principal Amortization</u>. So long as an Amortization Period is in effect and no Event of Default has occurred and is continuing, no principal payments shall be required to be paid with respect to any Class of any Series of Notes on any Payment Date prior to the Anticipated Repayment Date for such Series of Notes other than (i) with respect to any Class A-1 Notes that is subject to a VFN Early Amortization Period, if a VFN Early Amortization Period is in effect, to repay the principal amount of each Series of Class A-1 Notes then Outstanding, (ii) if an LTV Test Sweep Amount is payable on such Payment Date, to repay each Class of Notes then Outstanding up to the applicable LTV Test Sweep Amount for such Class of Notes, or (iii) with respect to any Class of Notes then Outstanding that are subject to a Targeted Amortization Amount, so long as no Cash Trap Condition is in effect, to repay such Class of Notes in an amount up to the Monthly Amortization Amount for such Class of Notes, in each case, in the amount and to the extent funds are available for such purpose pursuant to Section 5.01. No other principal shall be required to be paid with respect to any Class of any Series of Notes prior to the Anticipated Repayment Date for such Series, unless (i) an Amortization Period has commenced and is continuing, (ii) an Event of Default has occurred and is continuing, (iii) any Disposition Price is payable by the Co-Issuers, or (iv) as otherwise provided in Section 7.06 and an Additional Principal Payment Amount is payable in connection therewith or as otherwise provided in the Series Supplement for such Series. During an Amortization Period or after the occurrence and during the continuance of an Event of Default, all funds available for such purpose shall be applied to make principal payments on each Series of Notes then-Outstanding as set forth in Section 5.01(b).

<u>Section 2.09 Prepayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers may optionally prepay the Notes of any Series in whole or in part on any Business Day provided that (i) the Co-Issuers shall have provided written notice of such prepayment to the Indenture Trustee no later than five Business Days prior to the date of such prepayment or such shorter notice period set forth in the Variable Funding Note Purchase Agreement for any Series of Variable Funding Notes and (ii) such prepayment is accompanied by all accrued and unpaid interest on the principal amount of the Notes being prepaid through the date of such prepayment and any applicable Prepayment Consideration if such prepayment occurs prior to the Prepayment Period for such Series; provided that no Prepayment Consideration shall be payable in connection with (a) prepayments of the Variable Funding Notes of any Series, (b) payments of any LTV Test Sweep Amount to the Holders of any Class of Notes of any Series, (c) prepayments of the Notes of any Series that are subject to a Targeted Amortization Amount on any Payment Date in an amount up to the applicable Monthly Amortization Amount as of such Payment Date, (d) prepayments made at the option of the Co-Issuers from amounts on deposit in the Cash Trap Reserve Sub-Account, (e) prepayments of the Series 2024-1 Class A-2 Notes in an aggregate amount not to exceed 35.0% of the initial outstanding principal balance of the Series 2024-1 Class A-2 Notes made in connection with a Qualified Deleveraging Event, (f) prepayments of the Series 2024-1 Class B Notes in an aggregate amount not to exceed 35.0% of the initial outstanding principal balance of the Series 2024-1 Class B Notes made in connection with a Qualified Deleveraging Event, (g) prepayments of the Series 2024-2 Class A-2 Notes in an aggregate amount not to exceed 35.0% of the initial outstanding principal balance of the Series 2024-2 Class A-2 Notes made in connection with a Qualified Deleveraging Event or (h) prepayments of the Term Notes during an Amortization Period or after the occurrence and during the continuance of an Event of Default or prepayment of the Notes of any Series as specified in the related Series Supplement for such Series; *provided, further*, that such prepayment of any Series of Variable Funding Notes shall be accompanied by such additional amounts required to be paid pursuant to the related Variable Funding Note Purchase Agreement. On the date of any prepayment in connection with which Prepayment Consideration is payable, the Indenture Trustee or the Paying Agent, at the direction of the Servicer, shall pay such Prepayment Consideration received in respect of any Class or Series of Notes to the Holders of the corresponding Class or Series of Notes pro rata based on the amount prepaid on each such Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Partial optional or mandatory prepayments made in conformity with the provisions of this <u>Section 2.09</u> will be applied to the Classes of all Notes of all Series in direct order of alphabetical designation (with any amounts so applied to the Class A Notes being further applied among the numerical Tranches of Class A Notes in accordance with the Applicable Class A Payment Priority); *provided* that optional prepayments (other than those funded by application of amounts on deposit in the Cash Trap Reserve Sub-Account) may be directed by the Co-Issuers to be applied to the Notes of a particular Series in direct order of alphabetical designation and, with respect to optional prepayments of the Class A Notes (other than those funded by application of amounts on deposit in the Cash Trap Reserve Sub-Account) may be directed by the Co-Issuers to be applied to the Class A-1 Notes or to be applied to other Class A Notes, with any such application to other Class A Notes being in direct order of numerical Tranche designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A portion of the principal of the Class A Notes of each Series will be payable on each Payment Date in an amount equal to the lesser of (i) the Class A LTV Test Sweep Amount, if any, on such Payment Date and (ii) the funds available for such purpose pursuant to <u>Section 5.01(b)(iv)(2)</u> (with any amounts so applied to the Class A Notes being further applied among the numerical Tranches of Class A Notes in accordance with the Applicable Class A Payment Priority). A portion of the principal of the Class B Notes of each Series will be payable on each Payment Date in an amount equal to the lesser of (i) the Class B LTV Test Sweep Amount, if any, on such Payment Date and (ii) the funds available for such purpose pursuant to <u>Section 5.01(b)(x)</u>. A portion of the principal of the Class C Notes of each Series will be payable on each Payment Date in an amount equal to the lesser of (i) the Class C LTV Test Sweep Amount, if any, on such Payment Date and (ii) the funds available for such purpose pursuant <u>to Section 5.01(b)(xv)</u>. Failure on the part of the Co-Issuers to pay the entire Class A LTV Test Sweep Amount with respect to the Class A Notes of any Series on any Payment Date, to pay the entire Class B LTV Test Sweep Amount with respect to the Class B Notes of any Series on any Payment Date or to pay the entire Class C LTV Test Sweep Amount with respect to the Class C Notes of any Series on any Payment Date shall not constitute an Event of Default or otherwise provide to the Noteholders (or the Indenture Trustee on behalf of the Noteholders) any additional rights or remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In connection with each disposition of a Data Center pursuant to <u>Section 7.30</u>, if and to the extent required thereunder, the Co-Issuers shall prepay the Term Notes in an amount equal to the Disposition Price for such disposed Data Center (and pay the current obligations of the Indenture Trustee and the Servicer), along with the Indenture Trustee Fee, Servicing Fee and the Other Servicing Fees, (in each case to the extent sufficient funds have not been deposited in the applicable Collection Account for distribution on the applicable Payment Date) together with any applicable Prepayment Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If and to the extent provided in the Series Supplement for any Series, commencing on the Payment Date specified in such Series Supplement for such Series, and subject to the availability hereunder of funds for such purpose and so long as a Cash Trap Condition is not continuing, for any Class of Notes that are subject to a Targeted Amortization Amount, a portion of the principal of such Class of Notes will be payable on each Payment Date in an amount equal to the lesser of (i) the Monthly Amortization Amount, if any, as of such Payment Date with respect to such Notes as specified in such Series Supplement in accordance with <u>Section 5.01(b)</u> and (ii) the funds available for such purpose pursuant to <u>Section 5.01(b)(v)</u> (with any amounts so applied to the Class A Notes being further applied among the numerical Tranches of Class A Notes in accordance with the Applicable Class A Payment Priority), <u>Section 5.01(b)(xi)</u> or <u>Section 5.01(b)(xvi)</u>, as applicable. Failure on the part of the Co-Issuers to pay the entire Monthly Amortization Amount with respect to any Class of Notes that are subject to a Targeted Amortization Amount on any Payment Date, other than the Rated Final Payment Date for such Series, shall not constitute an Event of Default or otherwise provide to the Noteholders (or the Indenture Trustee on behalf of the Noteholders) any additional rights or remedies.

<u>Section 2.10 Post-ARD Additional Interest</u>. Additional interest ("<u>Post-ARD Additional Interest</u>") shall begin to accrue with respect to a Variable Funding Note or Term Note of a Series and Class from and after the respective Anticipated Repayment Dates for such Variable Funding Note or Term Note of such Class and such Series on the Note Principal Balance thereof at a per annum rate (each, a "<u>Post-ARD Additional Interest Rate</u>") equal to (x) in the case of any Class of Variable Funding Notes, the Post-ARD Note Spread applicable to such Variable Funding Note and (y) in the case of any Class of Term Notes, the rate determined by the Servicer to be the greater of (i) 5.0% per annum and (ii) the amount, if any, by which the sum of the following exceeds the Note Rate for such Note: (A) the yield to maturity (adjusted to a "mortgage equivalent basis" pursuant to the standards and practices of the Securities Industry and Financial Markets Association) on the Anticipated Repayment Date for such Note of the United States Treasury Security (for any Notes denominated in U.S. dollars) or Canadian federal government bond (for any Notes denominated in Canadian dollars) having a term closest to 10 years as of the end of the immediately preceding Collection Period as reported by Bloomberg L.P., plus (B) 5.0%, plus (C) the Post-ARD Note Spread applicable to such Note. The Servicer shall provide written notice to the Indenture Trustee of the Post-ARD Additional Interest Rate. In no event shall the Indenture Trustee be obligated to recalculate or verify the Post-ARD Additional Interest Rate for any Note. The Post-ARD Additional Interest accrued for any Note will be payable on each Payment Date in accordance with the provisions of Section 5.01(b) and, to the extent that sufficient funds are not available on such Payment Date, the Post-ARD Additional Interest will be deferred and added to any Post-ARD Additional Interest previously deferred and remaining unpaid (the "<u>Deferred Post-ARD Additional Interest</u>"). Deferred Post-ARD Additional Interest will not bear interest.

<u>Section 2.11 Defeasance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time other than during the continuance of the Prepayment Period for a Series, Class or Tranche of Outstanding Term Notes, upon ten (10) Business Days' notice to the Indenture Trustee and each Rating Agency, the Co-Issuers may obtain the release from all covenants of this Indenture relating to the ownership and operation of the Data Centers by delivering United States government securities that provide for payments equal to the Scheduled Defeasance Payments with respect to each Series of then Outstanding Term Notes; *provided*, that (i) no Event of Default has occurred and is continuing, (ii) all Variable Funding Notes have been paid in full, any Letters of Credit have been terminated and the Class A-1 Commitment Amount of all Variable Funding Notes has been irrevocably reduced to zero and (iii) the Co-Issuers shall pay or deliver on the date of such defeasance (the "<u>Defeasance Date</u>") (a) all interest accrued and unpaid on the Class Principal Balance of each Class of Outstanding Term Notes to but not including the Defeasance Date (and if the Defeasance Date is not a Payment Date, the interest that would have accrued to but not including the next Payment Date), (b) all other sums then due under each Class of Term Notes and all other Transaction Documents executed in connection therewith, including any costs incurred in connection with such defeasance, and (c) U.S. government securities providing for payments equal to the Scheduled Defeasance Payments with respect to each Series of then Outstanding Term Notes. In addition, the Co-Issuers shall deliver to the Servicer on behalf of the Indenture Trustee (1) a security agreement granting the Indenture Trustee a first priority perfected security interest in the U.S. government securities so delivered by the Co-Issuers, (2) an Opinion of Counsel as to the enforceability and perfection of such security interest, (3) a confirmation by an Independent certified public accounting firm that the U.S. government securities so delivered are sufficient to pay all Scheduled Defeasance Payments with respect to each Series of Outstanding Notes, and (4) a Rating Agency Confirmation with respect to each Rating Agency. The Co-Issuers, pursuant to the security agreement described above, shall authorize and direct that the payments received from the U.S. government securities shall be made directly to the Indenture Trustee and applied to satisfy the obligations of the Co-Issuers under the Notes and the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Asset Entities will continue to own any material assets other than the U.S. government securities delivered in connection with the defeasance, the Co-Issuers shall establish or designate a special-purpose bankruptcy-remote successor entity acceptable to the Indenture Trustee (with respect to which (i) a substantive non-consolidation Opinion of Counsel has been delivered to the Indenture Trustee and (ii) an Opinion of Counsel has been delivered to the Indenture Trustee that neither of the Co-Issuers will be required to register as an investment company under the Investment Company Act), and to transfer to that entity the pledged U.S. government securities. The new entity shall assume the obligations of the Co-Issuers under the Notes being defeased and the security agreement and the Obligors and the Guarantors shall be relieved of their obligations in respect thereof under the Transaction Documents. The Co-Issuers shall pay $10 to such new entity as consideration for assuming such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Co-Issuers satisfy the requirements of <u>Section 2.11(a)</u> to defease the Notes and delivers to the Indenture Trustee an Officer's Certificate of the Co-Issuers and an Opinion of Counsel in compliance with <u>Section 15.01</u>, the Indenture Trustee shall promptly execute, acknowledge and deliver to the Obligors a release of the Collateral under the applicable Transaction Documents in recordable form to the extent applicable for such release; *provided* that the Obligors shall, at their sole expense, prepare any and all documents and instruments necessary to effect such release, all of which shall be subject to the reasonable approval of the Indenture Trustee, and the Obligors shall pay all costs reasonably incurred by the Indenture Trustee (including, but not limited to, reasonable attorneys' fees and disbursements) in connection with the review, execution and delivery of the documents and instruments necessary to effect such release.

<u>Section 2.12 Additional Data Centers; Additional Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From time to time, the Co-Issuers may add one or more additional data centers and related customer contracts as additional collateral for the Notes (each such additional data center added after the Initial Closing Date, an "<u>Additional Data Center</u>"); *provided* that in connection with each such addition the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Additional Data Center shall be an Eligible Data Center;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Rating Agency Confirmation is received with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during any period in which the Notes constitute Specially Serviced Notes (any such period, a "<u>Special Servicing Period</u>"), the Servicer shall have confirmed satisfaction of the conditions precedent to the addition of such Additional Data Centers, such confirmation not to be unreasonably withheld, conditioned or delayed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Indenture Trustee and the Servicer shall have received an Opinion of Counsel (consistent with the legal opinion with respect to the same subject matter delivered on the Initial Closing Date) with respect to the enforceability of the related Mortgage(s) and, if such Additional Data Center is owned by an Additional Asset Entity to be contributed to the Issuer or the Co-Issuer in connection with the addition of such Additional Data Center, the Indenture Trustee and the Servicer shall have received such other Opinions of Counsel (consistent with the legal opinions delivered on the Initial Closing Date) as may be reasonably requested by the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Co-Issuers shall, or shall have caused the applicable Asset Entity to, have reimbursed the Indenture Trustee, the Backup Manager and the Servicer for all third-party out-of-pocket costs and expenses incurred by the Indenture Trustee, the Backup Manager and the Servicer in relation to such addition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if such Additional Data Center is a Non-Mortgaged Data Center, the pro forma aggregate Annualized Adjusted Net Operating Income for all Non-Mortgaged Data Centers (including such Additional Data Center) at the time of addition of such Non-Mortgaged Data Center, shall not exceed 5.0% (or such higher percentage that is set forth in the most recent Series Supplement that increases the maximum percentage of Non-Mortgaged Data Centers and for which notice thereof is provided by the Manager to each Rating Agency then rating the Notes) of the aggregate Annualized Adjusted Net Operating Income for all Data Centers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if such Additional Data Center is owned by an Additional Asset Entity to be contributed to the Issuer or the Co-Issuer in connection with the addition of such Additional Data Center, the Additional Asset Entity shall have executed and delivered to the Indenture Trustee and the Servicer a Joinder Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Manager shall have delivered an Officer's Certificate of the Manager to the Servicer, the Backup Manager and the Indenture Trustee confirming compliance with the requirements of this <u>Section 2.12(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Co-Issuers may at any time and from time to time issue additional Notes ("<u>Additional Notes</u>" and, the closing date for the issuance of such Additional Notes, the "<u>Issuance Date</u>") in the manner set forth in <u>Section 2.07</u> subject to the satisfaction of the applicable conditions set forth in this <u>Section 2.12(b)</u> pursuant to a Series Supplement in one or more Classes (including one or more existing Classes of an existing Series of Notes) that may rank senior to (other than senior to any Outstanding Class A-1 Notes), *pari passu* with, or subordinate to, any Series of Notes that will remain Outstanding after the issuance of such Additional Notes; *provided* that if any Notes (other than the Additional Notes) will remain Outstanding after the issuance of such Additional Notes (such Notes, the "<u>Continuing Notes</u>") the following conditions shall have been satisfied with respect to such issuance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Additional Notes of a particular Class (other than any Additional Notes that are Subordinated Notes) shall rank *pari passu* with the Continuing Notes, if any, of the Class of Notes bearing the same alphabetical Class designation and numerical Tranche designation (regardless of Series or date of issuance), although such Class of Notes may have other characteristics different than the Continuing Notes, and may have an Anticipated Repayment Date earlier than the Anticipated Repayment Date for any Series of Continuing Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) so long as the Series 2024-1 Class A-1 Notes are Outstanding, (a) no Tranche of Class A Notes may be issued that are senior in right of payment of interest or principal to the Series 2024-1 Class A-1 Notes and (b) the Rated Final Payment Date of the Additional Notes will be later than the Rated Final Payment Date for the Series 2024-1/2 Notes;

(ii<u>i</u>) so long as the Series 2024-1 Class B Notes are Outstanding, no Tranche of Class B Notes may be issued that are senior in right of payment of interest or principal to the Series 2024-1 Class B Notes;

(iv<u>ii</u>) if any such Additional Notes are Class A Notes or Class B Notes, a Rating Agency Confirmation with respect to each Series of Continuing Notes is obtained from each Rating Agency then rating such Series of Continuing Notes; *provided* that a Rating Agency Confirmation will not be required in connection with the issuance of any Additional Notes that are Subordinated Notes and, if such Additional Notes are Subordinated Notes, a Rating Agency Confirmation with respect to each Series of Continuing Notes that are Subordinated Notes, if any, is obtained from each Rating Agency then rating each such Series of Continuing Notes that are Subordinated Notes;

(v<u>iii</u>) the Co-Issuers receive an Opinion of Counsel (which opinion may contain similar assumptions and qualifications as are contained in the Opinion of Counsel with respect to the tax treatment of the Series 2024-1/2 Notes issued on, and which Opinion of Counsel was delivered on, the Initial Closing Date) to the effect that the issuance of such Additional Notes will not (x) cause any of the Continuing Notes of any Outstanding Series to be deemed to have been exchanged for a new debt instrument pursuant to Treasury regulations section 1.1001-3, (y) cause the Issuer or the Co-Issuer to be taxable as other than a partnership or disregarded entity for U.S. federal income tax purposes or (z) cause any of the Continuing Notes of any Outstanding Series that are characterized as indebtedness for U.S. federal income tax purposes to be characterized as other than indebtedness for U.S. federal income tax purposes;

(vi<u>iv</u>) after giving effect to the issuance of such Additional Notes, the following conditions are satisfied: (A) if such Additional Notes are Class A Notes or Class B Notes, the Class A LTV Ratio is less than or equal to 65.0%, (B) if such Additional Notes are Class B Notes, the Class B LTV Ratio is less than or equal to 70.0% and (C) the DSCR is equal to or greater than 1.85:1.0;

(vii<u>v</u>) if such Additional Notes are Class A Notes, the Servicer or the structuring advisor with respect to such Additional Notes (who will deliver the related appraisal to the Manager, the Backup Manager, the Indenture Trustee and, to the extent the structuring advisor delivers the related appraisals, the Servicer), deliver new appraisals meeting the requirements set forth in the Servicing Agreement with respect to the Data Centers owned or leased by the Asset Entities as of the closing date of the issuance of such Additional Notes; *provided* that no new appraisal will be required if the Manager certifies that, in its reasonable belief, there has been no material decrease in the value of the Data Centers from the Appraised Value set forth in the most recent appraisal;

(viii<u>vi</u>) if such Additional Notes are Variable Funding Notes, (x) upon giving effect to the issuance of such Variable Funding Notes, the aggregate maximum principal amount of all Variable Funding Notes issued and Outstanding under this Indenture shall not exceed 20% of the sum of (i) the aggregate maximum principal balance of all Variable Funding Notes issued and Outstanding under this Indenture at such time and (ii) the aggregate Note Principal Balance of all other Class A Notes issued and Outstanding under the Indenture at such time and (y) if any Series of Variable Funding Notes are then Outstanding, such other conditions set forth in the Variable Funding Note Purchase Agreement for such Series of Variable Funding Notes are satisfied; and

(ix<u>vii</u>) the Indenture Trustee receives an Officer's Certificate of the Co-Issuers stating that all conditions precedent to the issuance of the Additional Notes under the Indenture have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Co-Issuers may, but are not obligated to, issue Additional Notes of an existing Series or Class if such Additional Notes are either fungible with the applicable Series or Class of Notes for U.S. federal income tax purposes or issued pursuant to a separate CUSIP number, subject to the other provisions for issuing Additional Notes set forth in this <u>Section 2.12</u>. If the Issuance Date of such Additional Notes falls on a date that is not a Record Date, the Co-Issuers may declare a "<u>Special Record Date</u>" on the related Issuance Date for the related Series or Class of Notes, which shall become the Record Date for purposes of the immediately following Payment Date upon at least five (5) Business Days' notice to the Indenture Trustee (who shall make available such notice to the Noteholders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) From time to time, the Co-Issuers may enter into an amendment to any Variable Funding Note Purchase Agreement which has the effect of increasing the Class A-1 Commitment Amount with respect to the related Series of Notes, and such amendment shall not be deemed to be an issuance of Additional Notes, but shall otherwise be subject to the satisfaction of the conditions set forth in the related Variable Funding Note Purchase Agreement; provided that in connection with such increase in Class A-1 Commitments the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) a Rating Agency Confirmation is obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) after giving effect to such increase (x) the Class A LTV Ratio is less than or equal to 65.0% and (y) the DSCR is equal to or greater than 1.85:1.0;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) upon giving effect to such increase, the aggregate maximum principal amount of all Variable Funding Notes issued and outstanding shall not exceed 20% of the sum of (w) the aggregate maximum principal balance of all Variable Funding Notes issued and outstanding at such time and (y) the aggregate Note Principal Balance of all other Class A Notes issued and outstanding at such time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Indenture Trustee receives an officer's certificate of the Co-Issuers stating that all conditions precedent to such increase have been satisfied.

<u>Section 2.13 Cancellation</u>. The Co-Issuers may at any time deliver to the Note Registrar for cancellation any Notes previously authenticated and delivered hereunder which such Issuers may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by the Note Registrar. All Notes delivered to the Indenture Trustee for payment shall be forwarded to the Note Registrar. All such Notes and all Notes surrendered for transfer and exchange in accordance with the terms hereof shall be canceled and disposed of by the Note Registrar in accordance with its customary procedures.

**ARTICLE III**

**ACCOUNTS**

<u>Section 3.01 Establishment of Collection Account and Sub-Accounts</u>. On or before the Initial Closing Date, the Co-Issuers, the Collection Account Bank and the Indenture Trustee shall have entered into the Collection Account Control Agreement pursuant to which an Eligible Account to serve as the collection account (such account, and any account replacing the same in accordance with this Indenture and the Cash Management Agreement, the "<u>Collection Account</u>") and an Eligible Account for each Sub-Account (other than the Capital Expenditures Reserve Sub-Account) (each of which may have its own distinct portfolio number) shall be established and maintained in the name of the Indenture Trustee for the benefit of the Noteholders. Each of the Collection Account and the Sub-Accounts (other than the Capital Expenditures Reserve Sub-Account) shall be a non-interest bearing trust account and treated as a "securities account" as such term is defined in Section 8-501(a) of the UCC. Except as expressly provided herein or in the Collection Account Control Agreement or the Cash Management Agreement, the Obligors shall not have the right to control or direct the investment or payment of funds in the Collection Account or the Sub-Accounts (other than the Capital Expenditures Reserve Sub-Account).

<u>Section 3.02 Deposits to the Collection Account</u>. Any available funds on deposit in any Lock Box Account that the Manager has identified as constituting Receipts pursuant to the Cash Management Agreement shall be deposited by wire transfer (or transfer via the ACH System) into the Collection Account within two Business Days of identification.

<u>Section 3.03 Withdrawals from the Collection Account</u>. The Indenture Trustee may make, from time to time and in accordance with the written direction of the Servicer, withdrawals from the Collection Account as necessary for any of the following purposes and without regard to the priorities set forth in Article V: (i) to pay to itself the Indenture Trustee Fee then owing, (ii) to pay the Servicer the Servicing Fee and any Other Servicing Fees then owing, each of which shall be payable at the times and in the amounts described in the Servicing Agreement, (iii) to pay or reimburse the Manager and the Indenture Trustee for Advances (other than Discretionary Manager Advances) made by each and not previously reimbursed, together with Advance Interest thereon, as set forth in this Indenture, (iv) to pay, reimburse or indemnify the Indenture Trustee, the Backup Manager or the Servicer for any other amounts payable, reimbursable or indemnifiable pursuant to the terms of this Indenture or the other Transaction Documents, (v) to pay any other Additional Issuer Expenses, (vi) to pay to the persons entitled thereto any amounts deposited in error and (vii) to clear and terminate the Collection Account on the date there are no Notes Outstanding.

<u>Section 3.04 Application of Funds in the Collection Account</u>. Funds in the Collection Account shall be allocated on each Application Date to the Sub-Accounts in accordance with Section 5.01 of this Indenture and Section 3.03 of the Cash Management Agreement.

<u>Section 3.05 Application of Funds after Event of Default</u>. If an Event of Default shall occur and be continuing, then notwithstanding anything to the contrary in this Article III, the Servicer (acting on behalf of the Indenture Trustee for the benefit of the Noteholders) shall have all of the rights and remedies of the Indenture Trustee, for the benefit of the Noteholders, available under applicable law and under the Transaction Documents. Without limitation of the foregoing, for so long as an Event of Default is continuing, the Indenture Trustee (solely at the direction of the Servicer) shall apply any and all funds in the Collection Account, the Cash Trap Reserve Sub-Account, the Other Expense Reserve Sub-Account and any other Accounts (other than the Capital Expenditures Reserve Sub-Account), and all other cash reserves held by or on behalf of the Indenture Trustee against all or any portion of any of the Obligations; *provided, however*, that any such payments in respect of amounts due on the Notes will be made in accordance with the priorities set forth in Article V.

**ARTICLE IV**

**RESERVES**

<u>Section 4.01 Security Interest in Reserves; Other Matters Pertaining to Reserves</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Obligors hereby grant to the Indenture Trustee a security interest for the benefit of the Indenture Trustee, individually and on behalf of the Noteholders, in and to all of the Obligors' right, title and interest in and to the Account Collateral, including the Reserves, as security for payment and performance of all of the Obligations hereunder and under the other Transaction Documents. The Reserves constitute Account Collateral and are subject to the security interest in favor of the Indenture Trustee on behalf of the Noteholders created herein and all provisions of this Indenture and the other Transaction Documents pertaining to Account Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the rights and remedies provided in Article III and elsewhere herein, upon the occurrence and during the continuance of any Event of Default, the Servicer (acting on behalf of the Indenture Trustee) shall have all rights and remedies pertaining to the Reserves as are provided for in any of the Transaction Documents or under any applicable law. Without limiting the foregoing, upon and at all times after the occurrence and during the continuance of an Event of Default, the Indenture Trustee at the written direction of the Servicer, in the Servicer's sole discretion, but subject to the Servicing Standard, may use the Reserves (or any portion thereof) for any purpose, including but not limited to any combination of the following: (i) payment of any of the Obligations in such order as the Servicer may determine in its sole discretion; *provided, however*, that such application of funds shall not cure or be deemed to cure any default and *provided, further*, that any payments on the Notes will be made in accordance with the priorities set forth in Article V, (ii) reimbursement of the Indenture Trustee, the Backup Manager, and/or the Servicer for any outstanding fees and actual losses or expenses or indemnities (including, without limitation, reasonable legal fees), (iii) payment for the work or obligation for which such Reserves were reserved or were required to be reserved and (iv) application of the Reserves in connection with the exercise of any and all rights and remedies available to the Servicer acting on behalf of the Indenture Trustee at law or in equity or under this Indenture or pursuant to any of the other Transaction Documents. Nothing contained in this Indenture shall obligate the Servicer to apply all or any portion of the funds contained in the Reserves during the continuance of an Event of Default to payment of the Notes or (except as provided in the proviso to clause (i) of this <u>Section 4.01(b)</u>) in any specific order of priority.

<u>Section 4.02 Funds Deposited with Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Permitted Investments; Return of Reserves to Obligors</u>. Unless otherwise expressly provided herein, all funds of the Obligors which are deposited with the Collection Account Bank hereunder shall be invested by the Collection Account Bank in one or more Permitted Investments at the written direction of the Manager in accordance with the Cash Management Agreement and any investment income with respect thereto shall be credited to the related Sub-Account. Absent such written direction, the funds in the Collection Account shall remain uninvested. After repayment of all of the Obligations, all funds held as Reserves shall be promptly returned to, or as directed by, the Co-Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Funding at Closing</u>. The Co-Issuers shall deposit with the Indenture Trustee the amounts necessary to fund each of the Reserves as set forth below. Deposits into the Reserves on the Initial Closing Date (or on any subsequent Closing Date) may occur by deduction from the amount of proceeds of the issuance of the Notes on such Closing Date that otherwise would be disbursed to the Co-Issuers, followed by deposit of the same into the applicable Sub-Account or Sub-Accounts of the Collection Account in accordance with the applicable Series Supplement on such Closing Date. Notwithstanding such deductions, the Notes shall be deemed for all purposes to be fully paid on the Closing Date for such Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Funding upon any Addition of Additional Data Centers</u>. The Co-Issuers shall deposit, upon the addition of any Additional Data Center, any amounts necessary to fully fund the Reserves described in <u>Section 4.03</u> after giving effect to any increase in the Reserves made to reflect the addition of such Additional Data Centers.

<u>Section 4.03 Priority Expense Reserve Sub-Account</u>**<u>.</u>** **<u>.</u>**

Pursuant to this Indenture, the Indenture Trustee, at the written request of the Manager or based upon information set forth in the Monthly Report, shall deposit from Available Funds available for such purpose under Article V on each Application Date into a Sub-Account of the Collection Account (said Sub-Account, the "<u>Priority Expense Reserve Sub-Account</u>"), an amount such that the amount on deposit in the Priority Expense Reserve Sub-Account on such Application Date equals the Priority Expense Reserve Deposit Amount for such Application Date.

Each Monthly Report provided pursuant to <u>Section 7.02(a)(iv)</u> will set forth certain information with respect to the amounts of Priority Expenses due during the following Collection Period. So long as (i) no Event of Default has occurred and is continuing, (ii) the Obligors have provided the Indenture Trustee and the Servicer with the foregoing materials in a timely manner, and (iii) sufficient funds are held in the Priority Expense Reserve Sub-Account for the payment of Priority Expenses relating to the Data Centers, as applicable, the Indenture Trustee shall, at the Manager's election and written direction, with written notice simultaneously delivered to the Backup Manager and the Servicer, from funds available in the Priority Expense Reserve Sub-Account (x) pay the Priority Expenses directly, (y) disburse such amounts to the Obligors to pay such Priority Expenses or (z) reimburse the Obligors for Priority Expenses previously paid by or on behalf of the Obligors.

<u>Section 4.04 Cash Trap Reserve Sub-Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a Cash Trap Condition shall occur (as set forth in the Monthly Report required to be delivered pursuant to Section 7.02(a)(iv)), then, on each Application Date from and after the date that it is determined that a Cash Trap Condition has occurred and for so long as such Cash Trap Condition continues to exist, an amount equal to the remaining amount of Available Funds for such Application Date after making the allocations and payments set forth in <u>Section 5.01(a)(i)</u> through <u>(xvi)</u> (the "<u>Cash Trap Reserve Amount</u>") shall be deposited with the Indenture Trustee and held in a Sub-Account of the Collection Account (the "<u>Cash Trap Reserve Sub-Account</u>"), in accordance with the terms of the Cash Management Agreement and this Indenture (said funds, together with any interest thereon, the "<u>Cash Trap Reserve</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to the commencement of an Amortization Period, if a Cash Trap Condition ceases to exist and if no Event of Default has occurred and is continuing, any funds then on deposit in the Cash Trap Reserve Sub-Account shall be transferred by the Indenture Trustee, upon written direction of the Manager or the Servicer, to the Collection Account to be applied as Available Funds. At the direction of the Co-Issuers (in their sole discretion), on any Business Day, the Indenture Trustee shall apply cash on deposit in the Cash Trap Reserve Sub-Account, to the payment of the Notes in accordance with <u>Section 2.09</u>. On (i) the first Business Day to occur after the commencement of an Amortization Period, (ii) the first Business Day after the occurrence of an Event of Default that is then continuing or (iii) at the direction of the Co-Issuers (in their sole discretion), on any Business Day, the Indenture Trustee shall apply all funds on deposit in the Cash Trap Reserve Sub-Account, at the written direction of the Manager, to reimburse the Manager and the Indenture Trustee for unreimbursed Advances, including Advance Interest thereon and to reimburse the Indenture Trustee, the Backup Manager and the Servicer for any other amounts then due to the Indenture Trustee, the Backup Manager or the Servicer hereunder or under the other Transaction Documents (including, but not limited to, unpaid Additional Issuer Expenses, and all unpaid fees, expenses, and indemnification due to the Servicer, the Backup Manager and the Indenture Trustee hereunder and under the other Transaction Documents), and the remaining amount thereof shall be deposited in the Debt Service Sub-Account and applied to payment of the Notes on such Payment Date in accordance with <u>Section 5.01(b)</u>.

<u>Section 4.05 Senior Note Interest and Expense Reserve Sub-Account; Liquidity Letters of Credit</u>**<u>.</u>** **<u>.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee, at the written request of the Manager, shall deposit from Available Funds available for such purpose under <u>Section 5.01(a)</u> on each Application Date into a Sub-Account of the Collection Account (such Sub-Account, the "<u>Senior Note Interest and Expense Reserve Sub-Account</u>") any amounts necessary to cause the amount on deposit therein equal to the Required Senior Note Interest and Expense Reserve Amount as of such date. If on any Payment Date, the amounts on deposit in the Senior Note Interest and Expense Reserve Sub-Account exceed the Required Senior Note Interest and Expense Reserve Amount, the excess amount then on deposit in the Senior Note Interest and Expense Reserve Sub-Account will be transferred by the Indenture Trustee, upon written direction of the Manager or the Servicer, to the Collection Account to be applied as Available Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, on the date that is five Business Days prior to the expiration of any Liquidity Letter of Credit, such Liquidity Letter of Credit has not been replaced or renewed and is not scheduled to renew automatically pursuant to its terms, and the Co-Issuers have not otherwise deposited funds into the Senior Note Interest and Expense Reserve Sub-Account in an amount equal to the amount by which the Required Senior Note Interest and Expense Amount exceeds the sum of (i) the amounts on deposit in the Senior Note Interest and Expense Reserve Sub-Account on such date and (ii) the amount available to be drawn under any other Liquidity Letter of Credit (that are not scheduled to expire within such five Business Day period) on such date (such excess amount, the "<u>Required Senior Note Interest and Expense Reserve Sub-Account Deposit Amount</u>"), the Indenture Trustee, upon written direction from the Co-Issuers, shall (i) submit a notice of drawing under such Liquidity Letter of Credit to the Letter of Credit Provider, with a copy made available to each Rating Agency, the Backup Manager and the Servicer, and (ii) use the proceeds thereof to fund a deposit into the Senior Note Interest and Expense Reserve Sub-Account in an amount equal to the Required Senior Note Interest and Expense Reserve Sub-Account Deposit Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, on any day a Liquidity Letter of Credit is outstanding, an Amortization Period or an Event of Default occurs and is continuing, then, no later than the Business Day following the occurrence of such Amortization Period or Event of Default, the Indenture Trustee, upon written direction from the Co-Issuers shall (i) submit a notice of drawing under such Liquidity Letter(s) of Credit to the Letter of Credit Provider, with a copy made available to each Rating Agency, the Backup Manager, the Servicer and the Co-Issuers, and (ii) use the proceeds of such drawing to fund the Senior Note Interest and Expense Reserve Sub-Account in an amount equal to the amount by which the Required Senior Note Interest and Expense Reserve Amount exceeds the amounts on deposit in the Senior Note Interest and Expense Reserve Sub-Account on such date (calculated as if such Liquidity Letter(s) of Credit had not been issued).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If, on any day a Liquidity Letter of Credit is outstanding, such Liquidity Letter of Credit becomes an Ineligible Liquidity Letter of Credit, then (a) on the fifth Business Day after such day, (i) the Co-Issuers shall make a deposit into the Senior Note Interest and Expense Reserve Sub-Account or (ii) the Indenture Trustee, upon the written direction of the Co-Issuers, shall (1) submit a notice of drawing under such Liquidity Letter(s) of Credit to the Letter of Credit Provider, with a copy made available to each Rating Agency, the Backup Manager and the Servicer, and (2) use the proceeds of such drawing to fund the Senior Note Interest and Expense Reserve Sub-Account, in either case in an amount equal to the amount by which the Required Senior Note Interest and Expense Reserve Amount exceeds the sum of (i) the amounts on deposit in the Senior Note Interest and Expense Reserve Sub-Account on such date (calculated as if such Liquidity Letter(s) of Credit had not been issued) and (ii) the amount available to be drawn under any other Liquidity Letters of Credit (that are not Ineligible Liquidity Letters of Credit), or (b) prior to the fifth Business Day after such day, the Co-Issuers shall obtain one or more replacement Liquidity Letter(s) of Credit (that is not an Ineligible Liquidity Letter of Credit) on substantially the same terms as each such Liquidity Letter(s) of Credit being replaced (including, without limitation, the aggregate amount available to be drawn thereunder) to the Indenture Trustee (with a copy made available to each Rating Agency, the Backup Manager and the Servicer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Liquidity Letter of Credit shall name the Indenture Trustee, for the benefit of the Noteholders, as the beneficiary thereof and shall allow the Indenture Trustee (or the Servicer at the Indenture Trustee's behalf) to submit a notice of drawing in respect of such Liquidity Letter of Credit to the Letter of Credit Provider whenever amounts would otherwise be required to be drawn pursuant to this <u>Section 4.05</u> or otherwise used to pay Senior Note Interest and Expense Reserve Draw Amounts in accordance with <u>Section 5.01(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Indenture Trustee (at the written request of the Co-Issuers) or the Servicer (at the Co-Issuers' request and on the Co-Issuers' behalf) may submit a notice of drawing under a Liquidity Letter of Credit issued by the applicable Letter of Credit Provider and the proceeds of any such draw shall be deposited into the Senior Note Interest and Expense Reserve Sub-Account or otherwise used to pay Senior Note Interest and Expense Reserve Draw Amounts in accordance with <u>Section 5.01(c)</u>.

<u>Section 4.06 Capital Expenditures Reserve Sub-Account</u>.

The Co-Issuers may establish a Capital Expenditures Reserve Sub-Account the purpose of which is to reserve, at the option of the Manager, funds necessary to fund expected Capital Expenditures (other than Maintenance Capital Expenditures) on the Data Centers. The Issuer may, at any time, deposit (i) any draws on any Variable Funding Notes (or the proceeds of the issuance of Additional Notes), (ii) any capital contribution received from the Parent for such purpose or (iii) any other amounts available to the Co-Issuers (including pursuant to clause <u>Section 5.01(a)(xxxvi)</u>) into the Capital Expenditures Reserve Sub-Account for use by the Asset Entities in connection with funding of expected Capital Expenditures (other than Maintenance Capital Expenditures) with respect to any Data Center. Upon the delivery of a disbursement request substantially in the form of <u>Exhibit H</u> two (2) Business Days prior, the Co-Issuers may, at any time, withdraw any funds on deposit in the Capital Expenditures Reserve Sub-Account for any purpose, including to distribute to the Parent. For the avoidance of doubt, the Capital Expenditures Reserve Sub-Account shall not be pledged in favor of the Indenture Trustee on behalf of the Noteholders.

<u>Section 4.07 Forward Starting Contract Reserve Sub-Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee, at the written request of the Manager in its sole discretion, shall deposit from Available Funds available for such purpose under <u>Section 5.01(a)</u> on each Application Date into a Sub-Account of the Collection Account (such Sub-Account, the "<u>Forward Starting Contract Reserve Sub-Account</u>") any amounts necessary to cause the amount on deposit therein equal to the Forward Starting Contract Reserve Amount with respect to any Forward Starting Contract as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the first Business Day of each Collection Period commencing on or prior to the Forward Starting Contract Fee Commencement Date for any Forward Starting Contract for which amounts have been so deposited in the Forward Starting Contract Reserve Sub-Account, an amount equal to the portion of the reserved funds with respect to such Forward Starting Contract allocable to such Collection Period (in accordance with the Monthly Report of the Manager delivered to the Indenture Trustee and the Servicer) will be transferred from the Forward Starting Contract Reserve Sub-Account by the Indenture Trustee, upon written direction of the Manager or the Servicer, to the Collection Account to be applied as Available Funds in accordance with the priorities set forth in set forth in <u>Section 5.01(a)</u>.

<u>Section 4.08 Other Expense Reserve Sub-Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a Springing Reserve Condition shall occur (as set forth in a report by the Monthly Report required to be delivered pursuant to <u>Section 7.02(a)(iv)</u>), then on each Application Date (so long as such Application Date is more than one year prior to the latest Rated Final Payment Date of all Outstanding Notes) from and after the date that it is determined that such Springing Reserve Condition has occurred and for so long as such Springing Reserve Condition continues to exist, the Indenture Trustee, at the written request of the Manager, shall deposit from Available Funds available for such purpose under Section <u>5.01(a)(xi)</u> or <u>(xix)</u>, as applicable, on each such Application Date into a Sub-Account of the Collection Account (such Sub-Account, the "<u>Other Expense Reserve Sub-Account</u>") an amount equal to the lesser of (x) the amount required to cause the amount on deposit therein to be equal to the Other Expense Reserve Amount and (y) the product of the Other Expense Reserve Deposit Percentage for such Application Date and the remaining amount of Available Funds for such Application Date after making the allocations and payments in accordance with Section <u>5.01(a)(i)</u> through <u>(x)</u> or <u>(xix)</u>, as applicable (such lesser amount, the "<u>Other Expense Reserve Deposit Amount</u>").

Each Monthly Report provided pursuant to <u>Section 7.02(a)(iv)</u> will set forth certain information with respect to the amounts of Impositions and Insurance Premiums due during the twelve Collection Periods (or such lesser number of Collection Periods as remain prior to the latest Rated Final Payment Date of all Outstanding Notes) immediately succeeding the Relevant Payment Date for the related Application Date and with respect to the aggregate Operating Expenses for the twelve Collection Periods immediately preceding the related Application Date. So long as (i) no Event of Default has occurred and is continuing, (ii) the Obligors have provided the Indenture Trustee and the Servicer with the foregoing materials in a timely manner, and (iii) sufficient funds are held in the Other Expense Reserve Sub-Account for the payment of such Priority Expenses and Operating Expenses, the Indenture Trustee shall, if the Manager reasonably determines that the amount of Available Funds on any Application Date will be insufficient to pay or reimburse for all Priority Expenses and Operating Expenses then due after giving effect to the allocations and payments set forth in <u>Section 5.01(a)</u> (and application of amounts on deposit in the related Sub-Accounts for such purpose), at the Manager's election and written direction, with written notice simultaneously delivered to the Backup Manager and the Servicer, from funds available in Other Expense Reserve Sub-Account (A) pay any due and unpaid Priority Expenses directly, (B) disburse any due and unpaid amounts to the Obligors to pay any due and unpaid Priority Expenses, (C) reimburse the Obligors for Priority Expenses previously paid by or on behalf of the Obligors, or (D) if the Operating Expenses during any Collection Period exceed the amounts available to pay such Operating Expenses in accordance with <u>Section 5.01(a)</u> for such Collection Period (or any portion thereof as determined by the Manager), to pay such excess Operating Expenses or reimburse the Obligors for excess Operating Expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Springing Reserve Condition ceases to exist and if no Event of Default has occurred and is continuing, any funds then on deposit in the Other Expense Reserve Sub-Account will be transferred to the Collection Account to be applied as Available Funds. If any funds remain on deposit in the Other Expense Reserve Sub-Account on any Application Date on the date that is one year prior to the latest Rated Final Payment Date of all Outstanding Notes, such remaining amounts will be allocated equally over the remaining number of Application Dates on or prior to the latest Rated Final Payment Date and such allocated amounts will be transferred on each Application Date to the Collection Account to be applied as Available Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If on any Payment Date, the amounts on deposit in the Other Expense Reserve Sub-Account exceed the Other Expense Reserve Amount, the excess amount then on deposit in the Other Expense Reserve Sub-Account will be transferred by the Indenture Trustee, upon written direction of the Manager or the Servicer, to the Collection Account to be applied as Available Funds.

<u>Section 4.09 Equity Contributions</u>.

The Co-Issuers may at any time designate cash capital contributions made to the Co-Issuers (each such contribution designated as such by the Co-Issuers, an "<u>Equity Contribution</u>") to be included in Annualized Adjusted Net Operating Income pursuant to the definition thereof, in an amount not to exceed (x) for all Equity Contributions made in any single Collection Period, 10.0% of average Annualized Adjusted Net Operating Income over the four Collection Periods immediately preceding the relevant date of determination, (y) for all Equity Contributions made during any period of four consecutive Collection Periods, 15.0% of average Annualized Adjusted Net Operating Income over the twelve Collection Periods immediately preceding the relevant date of determination and (z) for all Equity Contributions made from the Closing Date to the Rated Final Payment Date for the Series 2024-1/2 Notes, 20.0% of average Annualized Adjusted Net Operating Income during the four Collection Periods immediately preceding the relevant date of determination. The Obligors (or the Manager on their behalf) may (and to the extent of any shortfalls in amounts due pursuant to <u>Section 5.01(a)(i)</u> through <u>(xxxii)</u>, will) direct the Indenture Trustee to release any Equity Contributions from the Collection Account on any Application Date for application in accordance with <u>Section 5.01(a)</u>. Otherwise, Equity Contributions may be released from the Collection Account on any Application Date at the direction of the Manager (at which point any such released amounts will no longer be deemed to be Equity Contributions) so long as the DSCR for the period of four Collection Periods ended immediately prior to such Application Date is greater than or equal to 1.85:1.0 without giving effect to the inclusion of such Equity Contribution. For the avoidance of doubt, (x) any funding of the Senior Note Interest and Expense Reserve Sub-Account or the Capital Expenditures Reserve Sub-Account will not constitute an Equity Contribution and (y) Equity Contributions will not be annualized for purposes of calculating Annualized Adjusted Net Operating Income.

<u>Section 4.10 Indenture Accounts</u>.

The Indenture Trustee acknowledges and agrees that, at the direction and on behalf of the Obligors, it has established and is maintaining on its books and records, in the name of the Indenture Trustee, (i) the non-interest bearing Collection Account entitled "<u>Centersquare Issuer LLC Collection Account</u>" with account number 171497-000, (ii) the non-interest bearing Priority Expense Reserve Sub-Account entitled "<u>Centersquare Issuer LLC Priority Expense Reserve Sub-Account</u>" with account number 171497-001, (iii) the non-interest bearing Cash Trap Reserve Sub-Account entitled "<u>Centersquare Issuer LLC Cash Trap Reserve Sub-Account</u>" with account number 171497-002, (iv) the non-interest bearing Senior Note interest Expense Reserve Sub-Account entitled "<u>Centersquare Issuer LLC Senior Note Interest and Expense Reserve Sub-Account</u>" with account number 171497-006, (v) the non-interest bearing Forward Starting Contract Reserve Sub-Account entitled "<u>Centersquare Issuer LLC Forward Starting Contract Reserve Sub-Account</u>" with account number 171497-005, (vi) the non-interest bearing Other Expense Reserve Sub-Account entitled "<u>Centersquare Issuer LLC Other Expense Reserve Sub-Account</u>" with account number 171497-004, (vii) the non-interest bearing Debt Service Sub-Account entitled "<u>Centersquare Issuer LLC Debt Service Sub-Account</u>" with account number 171497-003, and (viii) the non-interest bearing Capital Expenditure Reserve Sub-Account entitled "<u>Centersquare Issuer LLC Capital Expenditures Reserve Sub-Account</u>" with account number 171497-007.

**ARTICLE V**

**ALLOCATION OF COLLECTIONS; PAYMENTS TO NOTEHOLDERS**

<u>Section 5.01 Allocations and Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each Scheduled Application Date and any Optional Application Date in the case of an Optional Application Date, at the prior written election of the Manager delivered to the Indenture Trustee, the Backup Manager and the Servicer four Business Days prior to such date, Available Funds for such Application Date in the Collection Account will be applied by the Indenture Trustee at the written direction of the Manager in accordance with the related Monthly Report in the following order of priority (in each case after taking into account (x) allocations and payments of a higher priority and (y) all Available Funds for any prior Optional Application Date having the same Relevant Payment Date applied on such prior Optional Application Date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the Priority Expense Reserve Sub-Account, until such Sub-Account contains an amount equal to the Priority Expense Reserve Deposit Amount for such Application Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the following order, (A) *pro rata*, to the Indenture Trustee, the Backup Manager, and the Servicer in an amount equal to the Indenture Trustee Fee, the Servicing Fee and the Other Servicing Fees due on the Relevant Payment Date and unpaid as of such date, (B) *pro rata*, to the Manager and the Indenture Trustee in respect of unreimbursed Advances (other than Discretionary Manager Advances), including Advance Interest thereon and (C) *pro rata*, to the Indenture Trustee, the Backup Manager and the Servicer the amount of the Indenture Trustee Fee, the Servicing Fee and the Other Servicing Fees that remain unpaid from prior Payment Dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the following order, (A) first, *pro rata* based on amounts due (1) *pro rata*, to the Indenture Trustee, the Backup Manager, the Servicer and/or other applicable Person in payment of Additional Issuer Expenses due on or prior to the Relevant Payment Date and unpaid as of such date, but, other than after the occurrence and during the continuance of an Event of Default, only to the extent that after giving effect thereto, and all other previous payments of Additional Issuer Expenses during the Relevant Collection Period, the Annual Additional Issuer Expense Limit with respect to the Relevant Payment Date shall have not been exceeded, (2) to the Backup Manager in payment of Transition Costs due on or prior to the Relevant Payment Date and unpaid as of such date, but, other than after the occurrence and during the continuance of an Event of Default, only to the extent that after giving effect thereto, and all other previous payments of Transition Costs during the Relevant Collection Period, the aggregate amount of Transition Costs paid pursuant to this clause (a)(iii)(A)(2) does not exceed $200,000 and (3) to the Servicer in payment of Appraisal Expenses due on or prior to the Relevant Payment Date and unpaid as of such date, but, other than after the occurrence and during the continuance of an Event of Default, only to the extent that after giving effect thereto, and all other previous payments of Appraisal Expenses during the Relevant Collection Period, the aggregate amount of Appraisal Expenses paid pursuant to this clause (a)(iii)(A)(3) does not exceed $250,000 over the preceding twelve months and (B) second, to the Class A-1 Administrative Agent for any Series of Variable Funding Notes in an amount equal to the Class A-1 Administrative Agent Fee for such Series of Variable Funding Notes due and unpaid as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if an Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the amount of (x) Accrued Note Interest for all Notes for the Relevant Payment Date (including any amounts expected to accrue on any anticipated draws on the Class A-1 Notes prior to the end of the related Interest Accrual Period, as reasonably determined by the Manager) and, to the extent not previously paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note Interest at the applicable Note Rate and (y) any accrued and unpaid VFN Undrawn Commitment Fees, any Letter of Credit Fees and any other fees, expenses and other amounts due on or prior to the Relevant Payment Date to the Holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement with respect to such Class A-1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the amount of (x) Accrued Note Interest for all Class A Notes for the Relevant Payment Date (including any amounts expected to accrue on any anticipated draws on the Class A-1 Notes prior to the end of the related Interest Accrual Period, as reasonably determined by the Manager) and, to the extent not previously paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note Interest at the applicable Note Rate and (y) any accrued and unpaid VFN Undrawn Commitment Fees, any Letter of Credit Fees and any other fees, expenses and other amounts due on or prior to the Relevant Payment Date to the Holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement with respect to such Class A-1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to the Obligors, until the Obligors have received an amount equal to the Monthly Expense Amount for the Relevant Collection Period and, to the extent not previously paid, for all prior Collection Periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if no Event of Default has occurred and is continuing, (1) *first*, if a Class B PIK Period is not then in effect, to the Debt Service Sub-Account, an amount equal to the amount of Accrued Note Interest for all Class B Notes for the Relevant Payment Date and, to the extent not previously paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note Interest at the applicable Note Rate and (2) *second*, if a Class C PIK Period is not then in effect, to the Debt Service Sub-Account, an amount equal to the amount of Accrued Note Interest for all Notes (other than Class A Notes and Class B Notes) for the Relevant Payment Date and, to the extent not previously paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note Interest at the applicable Note Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to the Manager, the amount necessary to pay the accrued and unpaid Management Fee for the Relevant Collection Period and, to the extent not previously paid, for all prior Collection Periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to the Obligors, the amount equal to the amount necessary to pay the Operating Expenses of the Asset Entities for the Relevant Collection Period in excess of the Monthly Expense Amount for such Collection Period that has been approved by the Servicer, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to the Senior Note Interest and Expense Reserve Sub-Account, any amounts necessary to make the amount on deposit therein equal to the Required Senior Note Interest and Expense Reserve Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) if (A) an Amortization Period is then in effect or if such Application Date is on or after the Anticipated Repayment Date for any Series of outstanding Variable Funding Notes or Term Notes, (B) a Springing Reserve Condition has occurred and is continuing and (C) no Event of Default has occurred and is continuing, to the Other Expense Reserve Sub-Account, an amount equal to the Other Expense Reserve Deposit Amount, if any, for such Application Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, (1) first, if a VFN Early Amortization Period is then in effect, an amount equal to the Outstanding principal amount of each Series of Class A-1 Notes that is subject to a VFN Early Amortization Period, if any, and (2) second, an amount equal to the Class A LTV Test Sweep Amount, if any, for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) if (A) an Amortization Period is not then in effect, (B) a Cash Trap Condition is not then in effect and (C) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the aggregate Monthly Amortization Amount for any Class A Notes of a Series for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, if the Additional Principal Payment Amount for the Relevant Payment Date is greater than zero, to the Debt Service Sub-Account, an amount equal to the Additional Principal Payment Amount for the Relevant Payment Date together with any applicable Prepayment Consideration with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) if such Application Date is on or after the Anticipated Repayment Date for any Series of Outstanding Variable Funding Notes or Term Notes that includes Outstanding Class A Notes and (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the aggregate Note Principal Balance of the Outstanding Variable Funding Notes or Term Notes of such Series that are Class A Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) during an Amortization Period and if no Event of Default has occurred and is continuing, to the Debt Service Sub-Account an amount equal to the aggregate unpaid Class Principal Balances of all Outstanding Class A Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) if a Cash Trap Condition is continuing and no Event of Default has occurred and is continuing, to the Cash Trap Reserve Sub-Account, the remaining amount of Available Funds for such Application Date after making the allocations and payments described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) if (A) no Event of Default has occurred and is continuing and (B) a Class B PIK Period is in effect, to the Debt Service Sub-Account, an amount equal to the amount of Accrued Note Interest for all Class B Notes for the Relevant Payment Date and, to the extent not previously paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note Interest at the applicable Note Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) if (A) an Amortization Period is not then in effect and such Application Date is not on or after the Anticipated Repayment Date for any Series of outstanding Variable Funding Notes or Term Notes, (B) a Springing Reserve Condition is continuing and (C) no Event of Default has occurred and is continuing, to the Other Expense Reserve Sub-Account, an amount equal to the Other Expense Reserve Deposit Amount, if any, for such Application Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the Class B LTV Test Sweep Amount, if any, for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) if (A) an Amortization Period is not then in effect, (B) a Cash Trap Condition is not then in effect and (C) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the aggregate Monthly Amortization Amount for any Class B Notes of a Series for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) if such Application Date is on or after the Anticipated Repayment Date for any Series of Notes that includes Class B Notes and (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the aggregate unpaid principal balance of such outstanding Class B Notes of such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) during an Amortization Period if no Event of Default has occurred and is continuing, to the Debt Service Sub-Account an amount equal to the aggregate unpaid Class Principal Balances of all outstanding Class B Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) if (A) no Event of Default has occurred and is continuing and (B) a Class C PIK Period is in effect, to the Debt Service Sub-Account, an amount equal to the amount of Accrued Note Interest for all Notes (other than Class A Notes and Class B Notes) for the Relevant Payment Date and, to the extent not previously paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note Interest at the applicable Note Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the Class C LTV Test Sweep Amount, if any, for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) if (A) an Amortization Period is not then in effect, (B) a Cash Trap Condition is not then in effect and (C) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the aggregate Monthly Amortization Amount for any Class of Notes (other than any Class A Notes or Class B Notes) of a Series for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) if such Application Date is on or after the Anticipated Repayment Date for any Series of Notes that includes Notes other than Class A Notes or Class B Notes and (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the aggregate unpaid principal balance of such Outstanding Notes of such Series (other than Class A Notes or Class B Notes of such Series);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) during an Amortization Period if no Event of Default has occurred and is continuing, to the Debt Service Sub-Account an amount equal to the aggregate unpaid Class Principal Balances of all Outstanding Notes other than Class A Notes or Class B Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) if an Event of Default has occurred and is continuing, to the Debt Service Sub-Account an amount equal to the aggregate unpaid Class Principal Balances of all Outstanding Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) to the Debt Service Sub-Account until the amount on deposit therein is equal to the amount of Post-ARD Additional Interest and Deferred Post-ARD Additional Interest due in respect of the Notes for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) pro rata based on amounts due (A) to the Indenture Trustee, the Backup Manager, the Servicer and/or other applicable Person an amount equal to any Additional Issuer Expenses not otherwise paid to the Indenture Trustee, the Backup Manager, the Servicer and/or other applicable Person pursuant to clause (iii)(A)(1) above due to the operation of the Annual Additional Issuer Expense Limit, (B) to the Backup Manager, an amount equal to any Transition Costs not otherwise paid to the Backup Manager pursuant to the limitation set forth in clause (iii)(A)(2) above and (C) to the Servicer, an amount equal to any Appraisal Expenses not otherwise paid to the Servicer pursuant to the limitation set forth in clause (iii)(A)(3) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) to the Obligors, the amount necessary to pay any Operating Expenses of the Asset Entities for the Relevant Collection Period not otherwise paid to the Obligors pursuant to clauses (vi) and (ix) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) at the direction of the Co-Issuers, to the Class A-1 Noteholders (or the Class A-1 Administrative Agent or Class A-1 Paying Agent, on behalf of the Class A-1 Noteholders, as applicable), any optional payments of principal on the aggregate Note Principal Balance of the Class A-1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv) to the Manager, in respect of unreimbursed Discretionary Manager Advances, including Advance Interest thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxv) at the direction of the Manager, to the Forward Starting Contract Reserve Sub-Account, any amounts determined by the Manager to be deposited therein up to the aggregate amount that would cause the balance thereof to be equal to the aggregate Forward Starting Contract Reserve Amount with respect to all Forward Starting Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvi) at the direction of the Manager, to the Capital Expenditures Reserve Sub-Account, any amounts determined by the Manager to be deposited therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvii) to the Co-Issuers, the remaining amount of Available Funds for such Application Date after making the allocations and payments described above, to be used for any purpose not prohibited under the Transaction Documents, including to the holders of the equity interests in the Issuer or the Co-Issuer, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On each Payment Date, based upon information set forth in the Monthly Report, funds deposited in the Debt Service Sub-Account from the Collection Account on each Application Date for which such Payment Date is the Relevant Payment Date, and any amounts that are required to be transferred from the Cash Trap Reserve Sub-Account or the Senior Note Interest and Expense Reserve Sub-Account to the Debt Service Sub-Account on such Payment Date together with any Senior Interest Advance for such Payment Date and the proceeds of any draws on any Liquidity Letters of Credit on account of Senior Note Interest and Expense Reserve Draw Amounts on such Payment Date (collectively, the "<u>Payment Date Funds</u>") will be applied by the Indenture Trustee or the Paying Agent, upon direction from the Manager, in the following order of priority (in each case to the extent of available funds on such day after taking into account allocations and payments of a higher priority but subject to the right of the Indenture Trustee to withdraw funds from the Debt Service Sub-Account to pay amounts owing under the Transaction Documents to the Indenture Trustee, the Backup Manager and the Servicer pursuant to Article III and Article IV):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if an Event of Default has occurred and is continuing, to the Holders of each Class of Notes, in
direct order of alphabetical designation (and amounts so allocated to the Class A Notes will be further allocated among the numerical
Tranches of Class A Notes in accordance with the Applicable Class A Payment Priority), in respect of interest (and any accrued
and unpaid VFN Undrawn Commitment Fees, any Letter of Credit Fees and any other fees, expenses and other amounts due to the Holders of
the Variable Funding Notes under any Variable Funding Note Purchase Agreement) pro rata based on the amount of Accrued Note Interest for
each such Note of such Class (and any accrued and unpaid VFN Undrawn Commitment Fees, any Letter of Credit Fees and any other fees,
expenses and other amounts due to the Holders of the Variable Funding Notes under any
Variable Funding Note Purchase Agreement) on such Payment Date (and, to the extent not previously paid, for all prior Payment Dates, together
with interest on any unpaid Accrued Note Interest at the applicable Note Rate), up to an amount equal to the aggregate Accrued Note Interest
for such Class of Notes (and any accrued and unpaid VFN Undrawn Commitment Fees, any Letter of Credit Fees and any other fees, expenses
and other amounts due to the Holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement) for such Payment
Date (and, to the extent not previously paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note Interest
at the applicable Note Rate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if no Event of Default has occurred and is continuing, to the Holders of the Class A Notes (and amounts
so allocated to the Class A Notes will be further allocated among the numerical Tranches of Class A Notes in accordance with
the Applicable Class A Payment Priority), in respect of interest (and any accrued and unpaid VFN Undrawn Commitment Fees, any Letter
of Credit Fees and any other fees, expenses and other amounts due to the Holders of the Variable Funding Notes under any Variable Funding
Note Purchase Agreement) pro rata based on the amount of Accrued Note Interest for each such Note of such Class (and accrued and
unpaid amount of any VFN Undrawn Commitment Fees, any Letter of Credit Fees and any other fees, expenses and other amounts due to the
Holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement) on such Payment Date (and, to the extent not
previously paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note Interest at the applicable Note Rate),
up to an amount equal to the aggregate Accrued Note Interest for such Class of Notes (and accrued and unpaid amount of any VFN Undrawn
Commitment Fees, any Letter of Credit Fees and any other fees, expenses and other amounts due to the Holders of the Variable Funding Notes
under any Variable Funding Note Purchase Agreement) for such Payment Date (and, to the extent not previously paid, for all prior Payment
Dates, together with interest on any unpaid Accrued Note Interest at the applicable Note Rate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if no Event of Default has occurred and is continuing, (1) first, if a Class B PIK Period is
not then in effect, to the Holders of all Class B Notes, in respect of interest, pro rata based on the amount of Accrued Note Interest
for each such Note, up to an amount equal to the aggregate Accrued Note Interest for all such Notes for such Payment Date (and, to the
extent not previously paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note Interest at the applicable
Note Rate) and (2) second, if a Class C PIK Period is not then in effect, to the Holders of all Notes (other than Class A
Notes and Class B Notes), in respect of interest, pro rata based on the amount of Accrued Note Interest for each such Note of such
Class, up to an amount equal to the aggregate Accrued Note Interest for all such Notes for such Payment Date (and, to the extent not previously
paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note Interest
at the applicable Note Rate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred
and is continuing, (1) first, if a VFN Early Amortization Period is then in effect, to the Holders of each Series of Class A-1
Notes that is subject to a VFN Early Amortization Period, an amount up to the outstanding principal amount of such Class A-1 Notes,
if any, as of such Payment Date, in respect of principal pro rata based on the Note Principal Balance of such Note on such Payment Date
and (2) second, to the Holders of any Class A Notes (and amounts so allocated to the Class A Notes will be further allocated
among the numerical Tranches of Class A Notes in accordance with the Applicable Class A Payment Priority), an amount up to the
Class A LTV Test Sweep Amount, if any, as of such Payment Date, in respect of principal pro rata based on the Note Principal Balance
of such Note on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if (A) an Amortization Period is not then in effect, (B) a Cash Trap Condition is not then in
effect and (C) no Event of Default has occurred and is continuing, to the Holders of any Class A Notes for which a Monthly Amortization
Amount is due on such Payment Date, pro rata, based on the Monthly Amortization Amount of each such Note as of such Payment Date, an amount
up to the Monthly Amortization Amount for such Class of Notes applicable thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred
and is continuing, if the Additional Principal Payment Amount for such Payment Date is greater than zero, to the Holders of each Class of
Notes, in direct order of alphabetical designation (and amounts so allocated to the Class A Notes will be further allocated among
the numerical Tranches of Class A Notes in accordance with the Applicable Class A Payment Priority), in respect of principal
pro rata based on the Note Principal Balance of each such Note of such Class on such Payment Date together with any applicable Prepayment
Consideration then due in respect of such principal repayment, up to an amount equal to the lesser of (x) the Class Principal
Balance of such Class of Notes and (y) the Additional Principal Payment Amount (or, if applicable, the amount of the Additional
Principal Payment Amount remaining unpaid after payments under this clause (vi) to each Class of Notes with a higher priority
than such Class of Notes on such Payment Date) and any such Prepayment Consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if such Payment Date is on or after the Anticipated Repayment Date for any Series of
 Outstanding Variable Funding Notes or Term Notes that includes Outstanding Class A Notes and (A) an Amortization Period is
 not then in effect and (B) no Event of Default has occurred and is continuing, to the Holders of each Class of such
 Series of Variable Funding Notes or Term Notes that are Class A Notes (and amounts so allocated to the Class A Notes
 will be further allocated among the numerical Tranches of Class A Notes in accordance with the Applicable Class A Payment
 Priority), in respect of principal pro rata based on the Note
Principal Balance of each such Note of such Class on such Payment Date, up to an amount equal to the unpaid principal amount of such
Class of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) if such Payment Date is during an Amortization Period and no Event of Default has occurred and is continuing,
to the Holders of each Class A Note (and amounts so allocated to the Class A Notes will be further allocated among the numerical
Tranches of Class A Notes in accordance with the Applicable Class A Payment Priority), in respect of principal pro rata based
on the Note Principal Balance of each such Note of such Class on such Payment Date, up to an amount equal to the Class Principal
Balance of such Class of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) if (A) no Event of Default has occurred and is continuing and (B) a Class B PIK Period
is in effect, to the Holders of all Class B Notes, in respect of interest pro rata based on the amount of Accrued Note Interest for
each such Note on such Payment Date (and, to the extent not previously paid, for all prior Payment Dates), up to an amount equal to the
aggregate Accrued Note Interest for such Note for such Payment Date (and, to the extent not previously paid, for all prior Payment Dates,
together with interest on any unpaid Accrued Note Interest at the applicable Note Rate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred
and is continuing, to the Holders of any Class B Notes, an amount up to the Class B LTV Test Sweep Amount, if any, as of such
Payment Date, in respect of principal pro rata based on the Note Principal Balance of such Note on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) if (A) an Amortization Period is not then in effect, (B) a Cash Trap Condition is not then in
effect and (C) no Event of Default has occurred and is continuing, to the Holders of any Class B Notes for which a Monthly Amortization
Amount is due on such Payment Date, pro rata, based on the Monthly Amortization Amount of each such Note as of such Payment Date, an amount
up to the Monthly Amortization Amount for such Class of Notes applicable thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) if such Payment Date is on or after the Anticipated Repayment Date for any Series of Notes that includes
Class B Notes and (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing,
to the Holders of each Class B Note of such Series, in respect of principal pro rata based on the Note Principal Balance of each
such Note on such Payment Date, up to an amount equal to the unpaid principal amount of such Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) if such Payment Date is during an Amortization Period and no Event of Default has occurred and is continuing,
to the Holders of each Class B Note, in respect of principal pro rata based on the Note Principal Balance of each such Note, up to
an amount equal to the Class Principal Balance of such Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) if (A) no Event of Default has occurred and is continuing and (B) a Class C PIK Period
is in effect, to the Holders of each Note (other than Class A Notes or Class B Notes of such Series), in respect of interest
pro rata based on the amount of Accrued Note Interest for each such Note on such Payment Date (and, to the extent not previously paid,
for all prior Payment Dates), up to an amount equal to the aggregate Accrued Note Interest for such Note for such Payment Date (and, to
the extent not previously paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note Interest at the applicable
Note Rate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred
and is continuing, to the Holders of any Class C Notes, an amount up to the Class C LTV Test Sweep Amount, if any, as of such
Payment Date, in respect of principal pro rata based on the Note Principal Balance of such Note on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) if (A) an Amortization Period is not then in effect, (B) a Cash Trap Condition is not then in
effect and (C) no Event of Default has occurred and is continuing, to the Holders of any Class of Notes (other than any Class A
Notes or Class B Notes) for which a Monthly Amortization Amount is due on such Payment Date, in direct order of alphabetical designation,
pro rata, based on the Monthly Amortization Amount of each such Note as of such Payment Date, an amount up to the Monthly Amortization
Amount for such Class of Notes applicable thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) if such Payment Date is on or after the Anticipated Repayment Date for any Series of Notes that includes
Notes other than Class A Notes or Class B Notes and (A) an Amortization Period is not then in effect and (B) no Event
of Default has occurred and is continuing, to the Holders of each Note of such Series (other than Class A Notes or Class B
Notes of such Series) in direct order of alphabetical designation, in respect of principal pro rata based on the Note Principal Balance
of each such Note on such Payment Date, up to an amount equal to the unpaid principal amount of such Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) if such Payment Date is during an Amortization Period and no Event of Default has occurred and is continuing,
to the Holders of each Note (other than Class A Notes or Class B Notes), in direct order of alphabetical designation, in respect
of principal pro rata based on the Note Principal Balance of each such Note, up to an amount equal to the Class Principal Balance
of such Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) if such Payment Date is after the occurrence and during the continuance of an Event of Default, to the
Holders of each Class of Notes, in direct order of alphabetical designation (and amounts so allocated to the Class A Notes will
be further allocated among the numerical Tranches of Class A Notes in accordance with the Applicable Class A Payment Priority),
in respect of principal for such Class of Notes pro rata based on the Note Principal Balance of each such Note of such Class on such Payment Date,
up to an amount equal to the Class Principal Balance of such Class of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) to the Holders of each Class of Notes, in direct order of alphabetical designation (and amounts so
allocated to the Class A Notes will be further allocated among the numerical Tranches of Class A Notes in accordance with the
Applicable Class A Payment Priority), first, in respect of Post-ARD Additional Interest pro rata based upon the amount of Post-ARD
Additional Interest due on each such Note of such Class, and second, in respect of Deferred Post-ARD Additional Interest pro rata based
on the amount of Deferred Post-ARD Additional Interest due on each such Note of such Class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) to the Co-Issuers, the remaining amount of Payment Date Funds for such Payment Date after making the allocations
and payments described above, to be used for any purpose not prohibited under the Transaction Documents, including to the Holders of the
equity interests in the Issuer or the Co-Issuer, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On each Payment Date on which the Senior Note Interest and Expense Reserve Draw Amount is greater than zero, the Indenture Trustee, upon direction of the Co-Issuers, within one Business Day of receipt of such direction, shall withdraw from the Senior Note Interest and Expense Reserve Sub-Account and/or, at the direction of the Co-Issuers, make a draw on any Liquidity Letters of Credit in an aggregate amount equal to the lesser of (x) such Senior Note Interest and Expense Reserve Draw Amount and (y) the sum of (i) the amount on deposit in the Senior Note Interest and Expense Reserve Sub-Account, if any, and (ii) the amount available to be drawn under any Liquidity Letter of Credit on such Payment Date and shall deposit such funds into the Debt Service Sub-Account to be applied to the payment of the Monthly Senior Payment Amount to the Holders of the Class A Notes in accordance with <u>Section 5.01(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as otherwise provided below, all such payments made with respect to any Notes on each Payment Date shall be made to the Holders of such Notes of record at the close of business on the immediately preceding Record Date and, in the case of each such Holder, shall be made by wire transfer of immediately available funds to the account specified by the Holder at a bank or other entity having appropriate facilities therefor, if such Holder shall have provided the Indenture Trustee with wiring instructions no less than 5 Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent Payment Dates), and otherwise shall be made by check mailed to the address of such Holder as it appears in the Note Register. The final payment on each certificated Definitive Note will be made in like manner, but only upon presentation and surrender of such Note (or de-registration, in the case of Uncertificated Notes) at the offices of the Note Registrar or such other location specified in the notice to Noteholders of the pendency of such final payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each payment with respect to a Book-Entry Note shall be paid to the Depositary, as Holder thereof, and the Depositary shall be responsible for crediting the amount of such payment to the accounts of its Depositary Participants in accordance with its normal procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The rights of the Noteholders to receive payments from the proceeds of the Collateral, and all rights and interests of the Noteholders in and to such payments, shall be as set forth in this Indenture. Neither the Holders of any Class of Notes nor any party hereto shall in any way be responsible or liable to the Holders of any other Class of Notes in respect of amounts previously paid on the Notes in accordance with this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Except as otherwise provided herein, whenever the Indenture Trustee receives written notice that the final payment with respect to any Class of Notes will be made on the next Payment Date, the Indenture Trustee shall, as promptly as possible thereafter, mail to each Holder of such Class of Notes of record on such date a notice to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Indenture Trustee expects that the final payment with respect to such Class of Notes will be made on such Payment Date but only upon presentation and surrender of such Notes (other than any Uncertificated Notes) at the office of the Note Registrar or at such other location therein specified, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no interest shall accrue on such Notes from and after the end of the Interest Accrual Period for such Payment Date.

Any funds not paid to any Holder or Holders of Notes of such Class on such Payment Date because of the failure of such Holder or Holders to tender their Notes shall be held and paid in accordance with <u>Section 7.22(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding any other provision of this Indenture, the Indenture Trustee shall comply with all U.S. federal withholding requirements respecting payments to Noteholders of interest or principal that are applicable under the Code. The consent of Noteholders shall not be required for such withholding. If the Indenture Trustee does withhold any amount from payments or advances of interest or principal to any Noteholder pursuant to U.S. federal withholding requirements, the Indenture Trustee shall indicate the amount withheld to such Noteholder. Any amounts so withheld shall be deemed to have been paid to such Noteholder for all purposes of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For the avoidance of doubt, any required payments of the Principal Balance of the Outstanding Variable Funding Notes shall include the cash collateralization of the aggregate principal amount of any undrawn Letters of Credit in accordance with the terms of the applicable Variable Funding Note Purchase Agreement.

<u>Section 5.02 Payments of Principal</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Monthly Amortization Amount for a Series of Notes that is subject to a Targeted Amortization Amount and any LTV Test Sweep Amount for any Class of Notes of any Series will be payable as provided in <u>Section 5.01(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Commencing on the first Payment Date to occur on or after the occurrence and during the continuance of an Amortization Period or on or after the occurrence and during the continuance of an Event of Default, all funds available for such purpose will be applied to the payment of the aggregate Note Principal Balance of the Notes of each Class and Series as provided pursuant to <u>Section 5.01</u>. Payments of principal on all other Payment Dates shall be made in accordance with the provisions of <u>Section 5.01(b)</u> from funds on deposit in the Debt Service Sub-Account which are available to pay principal.

<u>Section 5.03 Payments of Interest, VFN Undrawn Commitment Fees and Letter of Credit Fees</u>. On each Payment Date, Accrued Note Interest then due for each Note of each Class<u> </u>for such Payment Date and on each Payment Date while any Variable Funding Notes are Outstanding, any VFN Undrawn Commitment Fees on the Variable Funding Notes, any Letter of Credit Fees on any Letters of Credit and any other fees, expenses and other amounts due to the Holders of the Class A-1 Notes under any Variable Funding Note Purchase Agreement, will be paid from amounts on deposit in the Debt Service Sub-Account in accordance with Section 5.01(b) and, to the extent not paid on such Payment Date, on each subsequent Payment Date until paid in full.

<u>Section 5.04 No Gross Up</u>. The Co-Issuers shall not be obligated to pay any additional amounts to the Holders or the holders of beneficial interests in the Notes as a result of any withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges.

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to provide and shall provide to the Indenture Trustee, Paying Agent and/or the Co-Issuers (or other person responsible for withholding of taxes) the Noteholder Tax Identification Information. Further, each Noteholder and Note Owner is deemed to understand, acknowledge and agree that the Indenture Trustee, Paying Agent and Co-Issuers have the right to withhold on payments with respect to a Note (without any corresponding gross-up) where an applicable party fails to comply with the requirements set forth in the preceding sentence or the Indenture Trustee, Paying Agent or Co-Issuers is otherwise required to so withhold under applicable law. The Co-Issuers hereby covenant with the Indenture Trustee that the Co-Issuers will provide the Indenture Trustee with sufficient information so as to enable the Indenture Trustee to determine whether or not the Indenture Trustee is obliged to make any withholding, including FATCA Withholding Tax, in respect of any payments with respect to a Note (and if applicable, to provide the necessary detailed information to effectuate any withholding, including FATCA Withholding Tax, such as setting forth applicable amounts to be withheld). The parties agree that the Indenture Trustee shall be released of any liability relating to its actions and compliance under this <u>Section 5.04</u> and FATCA. Notwithstanding any other provisions herein, the term 'applicable law' for purposes of this <u>Section 5.04</u> includes U.S. federal tax law and FATCA. Upon request from the Indenture Trustee or Paying Agent, the Co-Issuers will provide such additional information that it may have to assist the Indenture Trustee and Paying Agent in making any withholdings or informational reports.

**ARTICLE VI**

**REPRESENTATIONS AND WARRANTIES**

Each of the Obligors represents and warrants to the Indenture Trustee that the statements set forth in this Article VI will be, true, correct and complete in all material respects as of each Closing Date.

<u>Section 6.01 Organization, Powers, Capitalization, Good Standing, Business</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Powers</u>. It is duly organized, validly existing and in good standing under the laws of its state of formation or incorporation. It has all requisite power and authority to own and operate its properties, to carry on its businesses as now conducted and proposed to be conducted. It has all requisite power and authority to enter into each Transaction Document to which it is a party and to perform the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Qualification</u>. It is duly qualified and in good standing in each state or territory where necessary to carry on its present businesses and operations, except in jurisdictions in which the failure to be qualified and in good standing could not reasonably be expected to have a Material Adverse Effect.

<u>Section 6.02 Authorization of Borrowing, etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Authorization of Borrowing</u>. It has the power and authority to incur or guarantee the Indebtedness evidenced by the Notes and this Indenture. The execution, delivery and performance by it of the Transaction Documents to which it is a party and the consummation of the transactions contemplated thereby have been duly authorized by all necessary limited liability company, partnership, corporate or other action, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Conflict</u>. The execution, delivery and performance by it of the Transaction Documents to which each is a party and the consummation of the transactions contemplated thereby do not and will not: (1) violate (x) its certificate of formation, certificate of incorporation, articles of incorporation, limited partnership agreement, bylaws, declaration of trust, limited liability company agreement, operating agreement or other organizational documents, as the case may be; (y) any provision of law applicable to it (except where such violation will not have a Material Adverse Effect) or (z) any order, judgment or decree of any Governmental Authority binding on it or any of its property (except where such violation will not have a Material Adverse Effect); (2) result in a breach of or constitute (with due notice or lapse of time or both) a default under any Contractual Obligation binding upon it or its property (except where such breach or default will not have a Material Adverse Effect); (3) result in or require the creation or imposition of any material Lien (other than the Lien of the Transaction Documents) upon its assets; or (4) require any approval or consent of any Person under any Contractual Obligation binding upon it or its property, which approvals or consents have not been obtained on or before the dates required under such Contractual Obligation (except where the failure to obtain such approval or consent will not have a Material Adverse Effect).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Governmental Consents</u>. The execution and delivery by it of the Transaction Documents to which it is a party, and the consummation of the transactions contemplated thereby do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any Governmental Authority which has not been obtained or made and is in full force and effect other than any of the foregoing the failure to have made or obtained which will not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Obligations</u>. This Indenture is, and each of the other Transaction Documents to which such Obligor is a party, when executed and delivered by such Obligor will be, the legally valid and binding obligations of such Obligor, enforceable against it, in accordance with their respective terms, subject to bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting creditor's rights.

<u>Section 6.03 Financial Statements</u>. All Financial Statements which have been furnished by or on behalf of the Obligors to the Indenture Trustee pursuant to this Indenture present fairly in all material respects the financial condition of the Persons covered thereby; *provided*, *however*, the Indenture Trustee shall have no obligation to review any such Financial Statements.

<u>Section 6.04 Indebtedness and Contingent Obligations</u>. As of the Closing Date, the Obligors shall have no outstanding Indebtedness or Contingent Obligations other than the Obligations and other Permitted Indebtedness.

<u>Section 6.05 Customer Contracts; Material Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Customer Contracts; Material Agreements</u>. The Obligors have delivered to the Indenture Trustee (i) true and complete electronic copies (in all material respects) of all Material Customer Contracts as in effect on the last day of the calendar month immediately preceding the Initial Closing Date and (ii) a list of all Material Agreements affecting the operation and management of the Data Centers as of the last day of the calendar month immediately preceding the Initial Closing Date; *provided*, *however*, the Indenture Trustee shall have no obligation to review any such Material Customer Contracts and Material Agreements. Such Material Agreements and Material Customer Contracts affecting the operation and management of the Data Centers, or the replacement list of all Material Agreements and Material Customer Contracts affecting the operation and management of the Data Centers most recently delivered electronically to the Indenture Trustee remains complete. No Person other than the Manager (or any other Person to whom the Manager has delegated its responsibilities), pursuant to and in accordance with the Management Agreement, has any right or obligation to manage any of the Data Centers on behalf of the Asset Entities or to receive compensation in connection with such management. Except for the parties to any leasing brokerage agreement or reseller agreement that has been delivered electronically to the Indenture Trustee and the Manager and except for marketing partners under industry standard terms, no Person has any right or obligation to contract or solicit customers for the Data Centers, or to receive compensation in connection with such contracting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Rent Roll, Disclosure</u>. A true and correct electronic copy of the Rent Roll as of the last day of the calendar month immediately preceding the Initial Closing Date setting forth, among other things, (1) a description of each Customer, (2) available data center space, the critical load power, or services contracted for each Customer and (3) the annualized scheduled fees per year for each effective Customer Contract, has been delivered to the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Management Agreement</u>. The Co-Issuers have delivered to the Indenture Trustee a true and complete copy of the Management Agreement as in effect on such Closing Date, and the Management Agreement has not been modified or amended except pursuant to amendments or modifications delivered to the Indenture Trustee. The Management Agreement is in full force and effect and no default by any of the parties thereto exists thereunder.

<u>Section 6.06 Litigation; Adverse Facts</u>. There are no judgments outstanding against any of the Obligors, or affecting any of the Data Centers or any property of any of the Obligors, nor to the Obligors' Knowledge is there any action, charge, claim, demand, suit, proceeding, petition, governmental investigation or arbitration now pending or threatened against any of the Obligors or any of the Data Centers that could, in the aggregate, reasonably be expected to result in a Material Adverse Effect.

<u>Section 6.07 Payment of Taxes</u>. Except as would not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, all federal, state, and local tax returns and reports of the Co-Issuers and each Asset Entity, and all such returns or reports with respect to the assets of the Co-Issuers and each Asset Entity, required to be filed have been timely filed (or each such Person has timely filed for an extension and the applicable extension has not expired), and all taxes, assessments, fees and other governmental charges (including any payments in lieu of taxes) upon such Persons and upon its properties, assets, income and franchises which are due and payable have been paid except to the extent the same are being contested in accordance with Section 7.04(b).

<u>Section 6.08 Performance of Agreements</u>. To the Obligors' Knowledge, neither the Co-Issuers nor the Asset Entities are in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any Contractual Obligation of any such Persons which could, in the aggregate, reasonably be expected to have a Material Adverse Effect, and no condition exists that, with the giving of notice or the lapse of time or both, would constitute such a default which could, in the aggregate, reasonably be expected to have a Material Adverse Effect.

<u>Section 6.09 Employee Benefit Plans</u>. Except as would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect, (a) each "employee benefit plan" (within the meaning of Section 3(3) of ERISA) that is subject to Title IV of ERISA or Section 412 of the Code, for which the Parent or any of its subsidiaries or any member of the Parent's "<u>Controlled Group</u>" (defined as any trade or business (whether or not incorporated) that, together with the Parent, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Sections 412 and 430 of the Code or Section 302 of ERISA, is treated, together with the Parent, as a single employer under Sections 414(m) or (o) of the Code) sponsors, maintains or contributes to (other than a Multiemployer Plan) (each a "<u>Plan</u>") has been maintained in compliance with its terms and with the requirements of all applicable statutes, rules and regulations including ERISA and the Code; (b) with respect to each Plan subject to Title IV of ERISA (i) no "reportable event" (within the meaning of Section 4043(c) of ERISA, but excluding each event for which the 30-day notice period is waived by regulation) has occurred or is reasonably expected to occur, (ii) no failure to satisfy the minimum funding standard (within the meaning of Section 302 of ERISA or Section 412 of the Code), whether or not waived, has occurred or is reasonably expected to occur, and (iii) neither the Parent nor any of its subsidiaries nor any member of its Controlled Group has incurred, or reasonably expects to incur, any liability under Title IV of ERISA (other than contributions to the Plan or premiums to the Pension Benefit Guaranty Corporation in the ordinary course and without default) in respect of a Plan; and (c) neither the Parent nor any member of its Controlled Group has (i) incurred or reasonably expects to incur a partial or complete withdrawal from any Multiemployer Plan or (ii) received notice that any Multiemployer Plan is or is reasonably expected to become "insolvent" (within the meaning of Section 4245 of ERISA).

<u>Section 6.10 Solvency</u>. The Obligors (a) have not entered into any Transaction Document with the actual intent to hinder, delay, or defraud any creditor and (b) received reasonably equivalent value in exchange for their obligations under the Transaction Documents. After giving effect to the issuance of the Notes, the fair saleable value of the Obligors' assets taken as a whole exceed and will, immediately following the issuance of any Notes, exceed the Obligors' total liabilities, including, without limitation, subordinated, unliquidated, disputed and Contingent Obligations. The fair saleable value of the Obligors' assets taken as a whole is and will, immediately following the issuance of any Notes, be greater than the Obligors' probable liabilities, including the maximum amount of its Contingent Obligations on its debts as such debts become absolute and matured. The Obligors' assets taken as a whole do not and, immediately following the issuance of any Notes will not, constitute unreasonably small capital to carry out their businesses as conducted or as proposed to be conducted. The Obligors do not intend to, and do not believe that they will, incur Indebtedness and liabilities (including Contingent Obligations and other commitments) beyond their ability to pay such Indebtedness and liabilities as they mature (taking into account the timing and amounts of cash to be received by the Obligors and the amounts to be payable on or in respect of obligations of the Obligors).

<u>Section 6.11 Use of Proceeds and Margin Security</u>. No portion of the proceeds from the issuance of the Term Notes and draws under the Variable Funding Notes shall be used by the Co-Issuers or any Person in any manner that might cause the borrowing or the application of such proceeds to violate Regulation T, Regulation U, Regulation X or any other regulation of the Board of Governors of the Federal Reserve System.

<u>Section 6.12 Insurance</u>. Set forth on Schedule I is a description of all policies of insurance for the Asset Entities that are in effect as of the Initial Closing Date. Such Insurance Policies conform to the requirements of Section 7.05. No notice of cancellation has been received with respect to such policies, and, to the Asset Entities' Knowledge, the Asset Entities are in compliance with all material conditions contained in such policies.

<u>Section 6.13 Investments</u>. The Co-Issuers and the Asset Entities have no (i) direct or indirect interest in, including without limitation stock, partnership interest or other equity securities of, any other Person (other than the Asset Entities), or (ii) direct or indirect loan, advance or capital contribution to any other Person, including all indebtedness from that other Person other than in the Asset Entities.

<u>Section 6.14 OFAC</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) None of the Obligors or any director or officer of the Obligors and, to the knowledge of the Obligors, no agent, employee or other person acting for or on behalf of such relevant entity is, or is 50% or more owned or controlled by one or more persons that are, currently the subject or target of any sanctions administered or enforced by the United States government, including, without limitation, the U.S. Department of the Treasury's Office of Foreign Assets Control ("<u>OFAC</u>"), the U.S. Department of State, the United Nations Security Council, the European Union, any European Union Member State or His Majesty's Treasury (collectively, "<u>Sanctions</u>"); nor is such relevant entity located, organized or resident in a country or territory that is the subject of comprehensive Sanctions (currently, Cuba, Iran, Syria, North Korea, Crimea, Kherson and Zaporizhzia regions of Ukraine, the so-called Donetsk People's Republic, and the so-called Luhansk People's Republic (each a "<u>Sanctioned Country</u>")); and the Obligors will not directly or, to the Knowledge of any Obligor, indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of funding, financing or facilitating the activities of or business with any person that is the subject or target of Sanctions (a "<u>Sanctioned Person</u>"), or in any Sanctioned Country, or in any other manner that results in a violation by any person (including any person participating in the transaction whether as underwriter, advisor, investor or otherwise) of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Obligors will directly or, to the Knowledge of any Obligor, indirectly, use the proceeds of the Term Notes or any draw under the Variable Funding Notes or otherwise make available such proceeds or draw amounts to any Person, for the purpose of financing the activities or business of any Person or in any country or territory that, at the time of such funding or financing, is the target of comprehensive Sanctions, or in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the offering, whether as underwriter, advisor, investor, or otherwise).

<u>Section 6.15 Anti-Corruption Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) None of the Obligors, any director or officer, or, to the knowledge of the Obligors, any employee or agent of obligors, in their capacity as such, or controlled Affiliate of any Obligor is currently in violation of (x) any Anti-Corruption Laws or (y) the USA PATRIOT Act and (ii) no part of the proceeds of the Term Notes and no proceeds of any draw under the Variable Funding Notes will be used, directly or, to the knowledge of any Obligor, indirectly, for any payments to any person, including any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to improperly obtain, retain or direct business or obtain any improper advantage, in violation of Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Obligor has implemented and maintains in effect policies and procedures reasonably designed to promote compliance by the Parent, the Guarantors and the Co-Issuers, their respective Subsidiaries and the respective directors, officers, employees and agents of the foregoing with each of Anti-Corruption Laws and the USA PATRIOT Act.

<u>Section 6.16 Intellectual Property</u>. To the Obligors' Knowledge, the use by any Obligor of all patents, trademarks, trade names, service marks and copyrights material to such Obligor's business, and all applications therefor and licenses thereof, does not infringe on the rights and entitlements of any third parties thereto that could reasonably be expected to result in a Material Adverse Effect.

<u>Section 6.17 Governmental Regulation</u>. The Obligors are not subject to regulation under the Investment Company Act. None of the Obligors is an EEA Financial Institution.

<u>Section 6.18 Representations and Warranties With Respect To Data Centers and Customer Contracts</u>. Subject to any exceptions (w) set forth on Schedule II, (x) approved by Noteholders representing more than 50.0% of the Voting Rights of the Controlling Class of Notes, (y) with respect to which the Rating Agency Confirmation is obtained or (z) for any Additional Data Center and the related Customer Contracts added as Collateral on any Closing Date after the Initial Closing Date, as set forth in the Series Supplement for the Series issued on such Closing Date, (i) in connection with the issuance of any Series of Notes on the Initial Closing Date and any subsequent Closing Date, the Obligors hereby make the applicable representations and warranties set forth on Schedule II with respect to the Data Centers and any related Customer Contracts added as Collateral on such Closing Date; *provided* that such representations and warranties shall be made as of the date specified in such representation or warranty or, in the event no such date is specified with respect to any such representation or warranty, as of the date of addition or acquisition thereof, or (ii) in any other instance in which an Asset Entity acquires any Data Center and related Customer Contracts on any date other than a Closing Date (including in connection with the addition of any Additional Data Center), the Obligors hereby make the applicable representations and warranties set forth on Schedule II with respect to such Data Center and any related Customer Contracts, respectively; *provided,* that such representations and warranties shall be made as of the date specified in such representation or warranty or, in the event no such date is specified with respect to any such representation or warranty, as of the date of addition or acquisition thereof.

**ARTICLE VII**

**COVENANTS**

Each of the Obligors covenants and agrees that until payment in full of the Obligations, it shall, and in the case of the Co-Issuers shall cause the Asset Entities to, perform and comply with all covenants in this Article VII applicable to such Person.

<u>Section 7.01 Payment on Notes</u>. Subject to Section 15.18 and Section 15.21, the Co-Issuers shall duly and punctually pay the principal, interest and other amounts on the Notes of each Series in accordance with the terms of the Notes, this Indenture and the related Series Supplement and, in the case of Variable Funding Notes, the applicable Variable Funding Note Purchase Agreement. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Co-Issuers to such Noteholder for all purposes of this Indenture and the related Series Supplement.

<u>Section 7.02 Financial Statements and Other Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Annual Reporting</u>. Within 120 days after the end of each fiscal year of the Co-Issuers (commencing with the fiscal year ended December 31, 2024), the Co-Issuers shall furnish to the Indenture Trustee, the Backup Manager and the Servicer (on a consolidated basis for the Obligors) copies of the Financial Statements for such year. Such Financial Statements shall be in accordance with GAAP consistently applied and shall be audited by a certified public accounting firm of national standing, and shall bear the unqualified certification of such accountants that such Financial Statements present fairly in all material respects the financial position of the Obligors for the period covered by such Financial Statements. Such Financial Statements shall be accompanied by Supplemental Financial Information for such fiscal year. Such Financial Statements shall also be accompanied by a certification executed by the Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer or Treasurer (or other officer with similar duties) of each of the Issuer and the Co-Issuer to the effect set forth in <u>Section 7.02(a)(ix)</u> and by a Compliance Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Quarterly Reporting</u>. Within 60 days after the end of each of the first three fiscal quarters in each fiscal year of the Co-Issuers, the Co-Issuers (commencing with the fiscal quarter ended March 31, 2025), shall furnish to the Indenture Trustee, the Manager, the Backup Manager and the Servicer (on a consolidated basis for the Obligors) copies of the unaudited Financial Statements for such quarter, together with a certification executed by Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer or Treasurer (or other officer with similar duties) of each of the Issuer and the Co-Issuer to the effect set forth in <u>Section 7.02(a)(viii)</u>. Such quarterly Financial Statements shall be accompanied by Supplemental Financial Information and a Compliance Certificate for such fiscal quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Customer Contract and Site Lease Reports</u>. Within 60 days after the end of each fiscal quarter of the Co-Issuers, commencing with the fiscal quarter ended December 31, 2024, the Co-Issuers shall furnish to the Backup Manager and the Servicer: (A) a certified Rent Roll in form and substance reasonably acceptable to the Servicer, (B) a schedule of any Material Customer Contracts that expired and were not renewed during such fiscal quarter, (C) a schedule of Material Customer Contracts scheduled to expire within the following four fiscal quarters, (D) a schedule of Site Leases scheduled to expire within the following four fiscal quarters and (E) a schedule of security deposits held under or in accordance with Site Leases, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Monthly Report; Budgeted Operating Expense Amount</u>. No later than four Business Days prior to each Application Date, the Co-Issuers shall provide, or cause the Manager to provide, to the Indenture Trustee, the Manager, the Backup Manager, and the Servicer, a Monthly Report, which report shall include a calculation of the Budgeted Operating Expense Amount. Notwithstanding the foregoing, the Manager may subsequently adjust the Budgeted Operating Expense Amount in connection with the addition of any Additional Data Center (*pro rata* for the initial Collection Period in which such Additional Data Center is added based on the period from the date of addition of such Additional Data Center through the last day of such Collection Period to account for the pro forma Monthly Recurring Revenue that the Manager reasonably believes such Additional Data Center would have contributed during the prior twelve months) as reasonably determined by the Manager at the time of addition of such Additional Data Center. Notice of any modifications to the Budgeted Operating Expense Amount shall be delivered to the Indenture Trustee, the Backup Manager and the Servicer at the time of delivery of the applicable Monthly Report pursuant to this <u>Section 7.02(a)(iv)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Portfolio Stratifications</u>. On or prior to April 30 of each calendar year, the Co-Issuers shall provide, or cause the Manager to provide, to each Rating Agency and the Backup Manager, a data tape (which shall be up to date as of December 31 of the preceding calendar year or later) relating to the Data Centers and Customer Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Additional Reporting</u>. In addition to the foregoing, the Co-Issuers and the Manager shall promptly provide to the Indenture Trustee, the Backup Manager and the Servicer such further documents and information concerning its operations, properties, ownership, and finances as the Indenture Trustee, the Backup Manager and the Servicer shall from time to time reasonably request upon prior written notice to the Co-Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>GAAP</u>. The Co-Issuers will maintain systems of accounting established and administered in accordance with sound business practices and sufficient in all respects to permit preparation of the Financial Statements in conformity with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) <u>Certifications of Financial Statements and Other Documents, Compliance Certificate</u>. Together with the Financial Statements provided to the Indenture Trustee, the Backup Manager and the Servicer pursuant to <u>Sections 7.02(a)(i)</u> and <u>(ii)</u>, each of the Co-Issuers shall also furnish to the Indenture Trustee, the Backup Manager and the Servicer, a certification upon which the Indenture Trustee, the Backup Manager and the Servicer can conclusively rely, executed by its (or its manager's) Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer or Treasurer (or other officer with similar duties), stating that to its Knowledge after due inquiry such Financial Statements fairly present the financial condition and results of operations of the Obligors on a consolidated basis for the period(s) covered thereby (except for the absence of footnotes with respect to the quarterly Financial Statements). In addition, where this Indenture requires a "<u>Compliance Certificate</u>", the Person required to submit the same shall deliver a certificate duly executed on behalf of such Person by an Executive Officer upon which the Indenture Trustee, the Backup Manager and the Servicer can rely, stating that, to their Knowledge after due inquiry, there does not exist any Default or Event of Default, or if any of the foregoing exists, specifying the same in detail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) <u>Fiscal Year</u>. None of the Co-Issuers or any other Obligor shall change its fiscal year end from December 31.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Material Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Co-Issuers shall promptly deliver, or cause to be delivered, to the Servicer, the Backup Manager and the Indenture Trustee, copies of all notices given or received with respect to a default under any term or condition related to any Permitted Indebtedness of any Obligor which is reasonably likely to result in a Material Adverse Effect, and shall notify the Indenture Trustee, the Backup Manager and the Servicer within five Business Days of any material event of default of which it obtains Knowledge with respect to any such Permitted Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Co-Issuers shall promptly deliver to the Indenture Trustee, the Backup Manager and the Servicer copies of any and all notices of a material default or breach with respect to any Material Agreement or any Material Customer Contract which is reasonably likely to result in a termination of such Material Agreement or such Material Customer Contract and to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Events of Default, etc</u>. Promptly upon the Co-Issuers obtaining Knowledge of any of the following events or conditions, the Co-Issuers shall deliver to the Servicer, the Backup Manager and the Indenture Trustee (upon which each can conclusively rely) a certificate executed on its behalf by an Executive Officer specifying the nature and period of existence of such condition or event and what action the Co-Issuers or the affected Asset Entity or any Affiliate thereof has taken, is taking and proposes to take with respect thereto: (i) any condition or event that constitutes an Event of Default; (ii) any actual or alleged breach or default under the Transaction Documents which is reasonably likely to have a Material Adverse Effect; or (iii) any actual or alleged breach or default under any Customer Contract or Site Lease which is reasonably likely to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Litigation</u>. Promptly upon either of the Co-Issuers obtaining Knowledge of (1) the institution of any action, suit, proceeding, governmental investigation or arbitration against an Obligor or any of the Data Centers not previously disclosed in writing to the Indenture Trustee, the Backup Manager and the Servicer which would be reasonably likely to have a Material Adverse Effect and is not covered by insurance or (2) any material development in any action, suit, proceeding, governmental investigation or arbitration at any time pending against or affecting an Obligor or any of the Data Centers not covered by insurance which, in each case, could reasonably be expected to have a Material Adverse Effect, the Issuer or the Co-Issuer, as applicable, shall give notice thereof to the Indenture Trustee, the Backup Manager and the Servicer and, upon request from the Servicer or the Backup Manager, provide such other information as may be reasonably available to them to enable the Servicer or the Backup Manager and their respective counsel to evaluate such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Insurance</u>. On or before the last day of each insurance policy period of the Obligors, the Co-Issuers shall deliver to the Servicer and the Backup Manager certificates, reports, and/or other information (all in form and substance reasonably satisfactory to the Servicer), (i) outlining all material insurance coverage maintained as of the date thereof by the Obligors and all material insurance coverage planned to be maintained by the Obligors in the subsequent insurance policy period and (ii) to the extent not paid directly by the Manager or one of its Affiliates, evidencing payment in full of the premiums for such insurance policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Other Information</u>. Within a reasonable period following the receipt of a request, the Co-Issuers shall deliver such other information and data with respect to the Obligors or the Data Centers as from time to time may be reasonably requested by the Indenture Trustee, the Backup Manager or the Servicer.

<u>Section 7.03 Existence; Qualification</u>. Each Obligor shall at all times preserve and keep in full force and effect its existence as a limited liability company, limited partnership, trust or corporation, as the case may be, and shall at all times preserve and keep in full force and effect all rights and franchises material to its business, including its qualification to do business in each state, where it is required by law to so qualify, except to the extent that the failure to be so qualified would not have a Material Adverse Effect; provided that nothing contained in this Section 7.03 shall restrict the merger or consolidation of an Asset Entity with another Asset Entity.

<u>Section 7.04 Payment of Impositions and Claims</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for those matters being contested pursuant to clause (b) below, each Obligor shall pay (i) all Impositions; (ii) all claims (including claims for labor, services, materials and supplies) for sums that have become due and payable and that by law have or may become a Lien upon any of its properties or assets (hereinafter referred to as the "<u>Claims</u>"); and (iii) all federal, state and local income taxes, sales taxes, excise taxes and all other taxes and assessments of such Obligor on its business, income or assets (except to the extent the effect of which is not reasonably expected to result in a Material Adverse Effect); in each instance before any material penalty or fine is incurred with respect thereto; *provided* that the foregoing shall not be deemed to require that an Asset Entity pay any such tax or other liability that is imposed upon a Site Lessor or a Customer or that any Site Lessor or Customer is obligated to pay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Asset Entities shall not be required to pay, discharge or remove any Imposition or material Claim relating to a Data Center so long as the Asset Entities or the Co-Issuers contest in good faith such Imposition or Claim or the validity, applicability or amount thereof by an appropriate proceeding which operates to prevent the collection of such amounts and the sale of the applicable Data Center or any portion thereof, so long as: (i) no Event of Default shall have occurred and be continuing, (ii) prior to the date on which such Imposition or Claim would otherwise have become delinquent, the Asset Entities shall have given the Indenture Trustee, the Backup Manager and the Servicer prior written notice of their intent to contest said Imposition or Claim and shall have deposited with the Indenture Trustee (or with a court of competent jurisdiction or other appropriate body reasonably approved by the Servicer) such additional amounts as are necessary to keep on deposit at all times, an amount by way of cash (or other form reasonably satisfactory to the Servicer), equal to (after giving effect to any Reserves then held by the Indenture Trustee for the item then subject to contest) at least 125.0% of the total of (x) the balance of such Imposition or Claim then remaining unpaid, and (y) all interest, penalties, costs and charges accrued or accumulated thereon; (iii) no risk of sale, forfeiture or loss of any interest in the applicable Data Center or any part thereof arises, in the Servicer's reasonable judgment, during the pendency of such contest; (iv) such contest does not, in the Servicer's reasonable determination, have a Material Adverse Effect; and (v) such contest is based on bona fide, material, and reasonable claims or defenses. Any such contest shall be prosecuted with due diligence, and the Asset Entities shall promptly pay the amount of such Imposition or Claim as finally determined, together with all interest and penalties payable in connection therewith (it being understood that the Asset Entities shall have the right to direct the Indenture Trustee to use any amount deposited with the Indenture Trustee under <u>Section 7.04(b)(ii)</u> for the payment thereof). The Indenture Trustee (at the sole written direction of the Servicer) shall have full power and authority, but no obligation, to apply any amount deposited with the Indenture Trustee to the payment of any unpaid Imposition or Claim to prevent the sale or forfeiture of the applicable Data Center for non-payment thereof, if the Servicer reasonably believes that such sale or forfeiture is threatened.

<u>Section 7.05 Maintenance of Insurance</u>. The Obligors shall continuously maintain the following described policies of insurance without cost to the Indenture Trustee, the Backup Manager or the Servicer (the "<u>Insurance Policies</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Property insurance against loss and damage by all risks (other than risks described in clause (e) below) of physical loss or damage covering the Improvements and third-party liability for personal property on the Data Centers, and bearing a replacement cost endorsement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Commercial general liability insurance, including death, bodily injury and broad form property damage coverage with a combined single limit in an amount not less than $1,000,000 per occurrence and $2,000,000 in the aggregate for any policy year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Employer's liability/benefits insurance, in an amount not less than $1,000,000 each accident for bodily injury by accident, $1,000,000 each employee for bodily injury by disease and $1,000,000 policy limit for bodily injury by disease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Automobile liability for all non-owned vehicles, in an amount not less than $1,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If any of the Data Centers are in an area prone to geological phenomena, including, but not limited to, subsidence, floods or earthquakes, each such Data Center shall be covered by a blanket insurance policy, in an amount not less than $1,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For each Data Center located in whole or in part in a federally designated "special flood hazard area", flood insurance to the extent required by law and available at federally subsidized rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) An umbrella excess liability policy with a limit of not less than $10,000,000 over primary insurance, which policy shall include coverage for contractual liability coverage, premises and automobile liability coverage, and coverage for safeguarding of personal property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Business interruption insurance in an amount not less than $55,000,000 and 12 months of business interruption or loss of income insurance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Workers' compensation, in an amount specified under applicable law.

All Insurance Policies shall be in content (including, without limitation, endorsements or exclusions, if any), form, and amounts, and issued by companies, reasonably satisfactory to the Servicer from time to time and shall name the Indenture Trustee and its successors and assignees as their interests may appear as an "additional insured" or "loss payee" and "mortgagee" (with respect to property insurance, as applicable) for each of the policies under this <u>Section 7.05</u> for which such designation is applicable and shall contain a waiver of subrogation clause reasonably acceptable to the Servicer. The Property insurance under <u>Section 7.05(a)</u> with respect to the Data Centers shall contain a Non-Contributory Standard mortgagee clause and a mortgagee's Loss Payable Endorsement (Form 438 BFU NS), or their equivalents (such endorsements shall entitle the Indenture Trustee to collect any and all proceeds payable to the Obligors under all such insurance, with the insurance company waiving any claim or defense against the Indenture Trustee for premium payment, deductible, self-insured retention or claims reporting provisions). The Obligors may obtain any insurance required by this <u>Section 7.05</u> through blanket policies; *provided, however*, that such blanket policies shall separately set forth the amount of insurance in force (together with applicable deductibles, and per occurrence limits) with respect to the Data Centers (which shall not be reduced by reason of events occurring on property other than the Data Centers) and shall afford all the protections to the Indenture Trustee as are required under this <u>Section 7.05</u>. Except as may be expressly provided above, all policies of insurance required hereunder shall contain no annual aggregate limit of liability, other than with respect to any liability-related, earthquake, flood or property insurance. If a blanket policy is issued, an insurance certificate indicating that the Indenture Trustee is an additional insured (and, if applicable, loss payee) under such policy in the designated amount, shall be furnished. As soon as practicable following the renewal of any Insurance Policy maintained to satisfy the requirements of this <u>Section 7.05</u>, the Obligors shall deliver to the Indenture Trustee and the Servicer an insurance certificate executed by the insurer or its authorized agent evidencing the renewal of such Insurance Policy, which certificate shall be acceptable to the Servicer. Upon the request of the Servicer, the Obligors shall deliver to the Servicer a duplicate original of any insurance certificate maintained to satisfy the requirements hereof.

An insurance company shall not be satisfactory unless such insurance company (a) is licensed or authorized to issue insurance in the state where the applicable Data Center is located and (b) has an AM Best Rating of not less than "<u>A-VII</u>". Notwithstanding the foregoing, a carrier which does not meet the foregoing ratings requirement shall nevertheless be deemed acceptable hereunder provided that such carrier is reasonably acceptable to the Servicer and the Obligors shall deliver notice to each of the Rating Agencies of the ratings of such carriers. The Obligors shall furnish the Indenture Trustee, the Manager, the Backup Manager and the Servicer copies of certificates of insurance with respect to such insurance policies and the Servicer shall confirm that the coverage amount, policy term and deductible amounts comply with the requirements therefor in this Indenture.

The requirements of this <u>Section 7.05</u> shall apply to any separate policies of insurance taken out by the Obligors concurrent in form or contributing in the event of loss with the Insurance Policies. Property losses shall be payable to the Indenture Trustee notwithstanding (1) any act, failure to act or negligence of the Obligors or their agents or employees, the Indenture Trustee or any other insured party which might, absent such agreement, result in a forfeiture or all or part of such insurance payment, other than the willful misconduct of the Indenture Trustee knowingly in violation of the conditions of such policy, (2) the occupation or use of the Data Centers or any part thereof for purposes more hazardous than permitted by the terms of such policy, (3) any foreclosure or other action or proceeding taken pursuant to this Indenture or (4) any change in title to or ownership of the Data Centers or any part thereof. For purposes of determining whether the required insurance coverage is being maintained hereunder, each of the Indenture Trustee, the Backup Manager and Servicer shall be entitled to rely solely on a certification thereof furnished to it by the Co-Issuers or the Manager, without any obligation to investigate the accuracy or completeness of any information set forth therein, and shall have no liability with respect thereto. The property insurance described in this <u>Section 7.05</u> shall include "time element" coverage by which the Indenture Trustee shall be assured payment of all amounts due under the Notes, this Indenture and the other Transaction Documents, "extra expense" (i.e., soft costs), clean-up, transit and ordinary payroll coverage and "expediting expense" coverage to facilitate rapid repair or restoration of the Data Centers.

<u>Section 7.06 Operation and Maintenance of the Data Centers; Casualty; Condemnation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Asset Entity shall maintain or cause to be maintained in good repair, working order and condition all material property necessary for use in its business, including the applicable Data Centers, and shall make or cause to be made all appropriate repairs, renewals and replacements thereof except to the extent the failure to do so would not reasonably be expected to have a Material Adverse Effect. All work required or permitted under this Indenture shall be performed in a workmanlike manner and in compliance with all applicable laws except to the extent the failure to do so would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the event of material casualty or property loss at any of the Data Centers, the Co-Issuers shall promptly (and in any event within three Business Days of obtaining Knowledge thereof) give written notice thereof to the Indenture Trustee, the Backup Manager and the Servicer. In the event of any such casualty or property loss which, in the Issuer's or the Co-Issuer's reasonable opinion, is likely to result in a Material Adverse Effect, the applicable Asset Entity shall, to the extent permitted by law and consistent with prudent business practices, promptly commence and diligently prosecute to completion, in accordance with the terms hereof, the repair and restoration of the Data Center as nearly as possible to the Pre-Existing Condition (a "<u>Restoration</u>"). The Asset Entities hereby authorize and empower the Servicer as attorney-in-fact for the Asset Entities (jointly with the Asset Entities unless an Event of Default has occurred and is continuing), or any of them, and upon not less than ten Business Days' prior written notice, with respect to Insurance Proceeds relating to a casualty in excess of $5,000,000 to make proof of loss, to adjust and compromise any claim under Insurance Policies, to appear in and prosecute any action arising from such Insurance Policies, to collect Insurance Proceeds and to receive Insurance Proceeds in excess of $5,000,000 (to be held in the Priority Expense Reserve Sub-Account pending the Asset Entities' determination with respect to Restoration of the affected Data Center as set forth in <u>Section 7.06(c)</u>), and to deduct therefrom the Indenture Trustee's and the Servicer's reasonable expenses incurred in the collection of such proceeds; *provided, however*, that nothing contained in this <u>Section 7.06</u> shall require the Indenture Trustee or the Servicer to incur any expense or take any action hereunder. The Co-Issuers further authorize the Indenture Trustee, at the Servicer's option and written direction, with respect to proceeds in excess of $5,000,000 (a) to hold the balance of such proceeds to be made available to the Asset Entities for the cost of Restoration of any of the Data Centers or (b) unless prohibited by <u>Section 7.06(c)</u>, to apply such Insurance Proceeds to prepay the principal amount of the Notes whether or not then due, in accordance with <u>Section 2.09(a)</u>. The Servicer shall not direct the Indenture Trustee to apply such Insurance Proceeds to prepay the principal amount of the Notes so long as each of the conditions (as applicable) to the release of Loss Proceeds for restoration or repair of the Data Centers under <u>Section 7.06(c)</u> have been satisfied with respect to such Insurance Proceeds in all material respects. The Asset Entities hereby authorize and empower the Servicer as attorney-in-fact for the Asset Entities (jointly with the Asset Entities unless an Event of Default has occurred and is continuing), or any of them, and upon not less than ten Business Days' prior written notice, with respect to proceeds of Insurance Policies not included in the definition of Insurance Proceeds, such as business interruption insurance and liability insurance, to adjust and compromise any claim under such Insurance Policies, to appear in and prosecute any action arising from such insurance policies (which, for the avoidance of doubt, may coincide with proceedings relating to the settlement and adjustment of Insurance Proceeds described above), to collect and to receive such proceeds (to be held in the Priority Expense Reserve Sub-Account pending the Servicer's allocation of such proceeds for the intended purposes). The Co-Issuers further authorize the Indenture Trustee, at the Servicer's option and written direction, with respect to such proceeds (a) to hold the balance of such proceeds from liability insurance to be made available to the Asset Entities for the reimbursement of any expenses of any of the Data Centers related to such event or (b) otherwise, to deposit such amounts in the Collection Account and allocate such proceeds over such period of time for which such proceeds correspond (e.g., if the proceeds under the Insurance Policies provided 3 months of proceeds with respect to a business interruption policy, then such amounts shall be applied as Available Funds in the current Collection Period and each of the two immediately succeeding Collection Periods).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Co-Issuers shall promptly give the Indenture Trustee, the Backup Manager and the Servicer written notice of the commencement of any condemnation or eminent domain proceeding affecting the Data Centers or any portion thereof of which the Asset Entities' have Knowledge and that could, in the Issuer's or Co-Issuer's reasonable opinion, be likely to result in a Material Adverse Effect. The Asset Entities hereby irrevocably appoint the Servicer as the attorney-in-fact for the Asset Entities (jointly with the Asset Entities unless an Event of Default has occurred and is continuing), or any of them, and upon not less than ten Business Days' prior written notice, with respect to condemnation proceedings likely to result in Condemnation Proceeds in excess of $5,000,000 to collect Condemnation Proceeds and to receive and retain any Condemnation Proceeds in excess of $5,000,000 (to be held in the Priority Expense Reserve Sub-Account pending the Asset Entities' determination with respect to Restoration of the affected Data Center as set forth in <u>Section 7.06(c)</u>) and to make any compromise or settlement in connection with such proceeding. In accordance with the terms hereof, the Asset Entities shall cause Condemnation Proceeds in excess of $5,000,000 which are payable to the Asset Entities to be paid directly to the Indenture Trustee for deposit in the Priority Expense Reserve Sub-Account. If the applicable Data Center is sold following an Event of Default, through foreclosure or otherwise, prior to the receipt by the Indenture Trustee of Condemnation Proceeds, the Indenture Trustee shall have the right to receive said Condemnation Proceeds, or a portion thereof sufficient to pay the Obligations. Notwithstanding the foregoing, the Asset Entities may prosecute any condemnation proceeding and settle or compromise and collect Condemnation Proceeds of not more than $5,000,000 *provided* that: (a) no Event of Default shall have occurred and be continuing, (b) the Asset Entities apply the Condemnation Proceeds to any reconstruction or repair of the Data Center necessary or desirable as a result of such condemnation or taking, and (c) the Asset Entities promptly commence and diligently prosecute such reconstruction or repair to completion in accordance with all applicable laws. Subject to the terms hereof, each of the Asset Entities authorizes the Servicer and the Indenture Trustee to apply such Condemnation Proceeds, after the deduction of the Indenture Trustee and the Servicer's reasonable expenses incurred in the collection of such Condemnation Proceeds, at the Servicer's option and written direction, to restoration or repair of the Data Centers or, at the Servicer's option and written direction, to prepay the principal amount of the Notes, whether or not then due, in accordance with <u>Section 2.09(a)</u>. The Servicer shall not direct the Indenture Trustee to apply such Condemnation Proceeds to prepay the principal amount of the Notes if each of the conditions (as applicable) to the release of Loss Proceeds for restoration or repair of the Data Centers under <u>Section 7.06(c)</u> have been satisfied with respect to such Condemnation Proceeds in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything to the contrary herein, the Co-Issuers shall have the right to apply Loss Proceeds toward the prepayment of the principal amount of the Notes (without any Yield Maintenance) in accordance with <u>Section 2.09(a)</u> in lieu of applying the same toward restoration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Servicer shall not direct the Indenture Trustee to apply Loss Proceeds to the prepayment of the principal amount of the Notes in accordance with <u>Section 2.09(a)</u> so long as each of the following conditions shall have been satisfied in all material respects: (i) no Event of Default then exists; (ii) the Servicer reasonably determines that there will be sufficient funds to complete the Restoration of the Data Center to at least substantially the condition it was in immediately prior to such casualty or condemnation (excluding replacement of obsolete Assets which are not required in connection with operating the applicable Data Center) and in compliance with applicable laws (the "<u>Pre-Existing Condition</u>") and to timely make all payments due under the Transaction Documents during the Restoration of the affected Data Center; and (iii) the Servicer determines that the Restoration of the affected Data Center to the Pre-Existing Condition will be completed no later than 6 months prior to the latest Anticipated Repayment Date for any Series of Outstanding Notes. If the Servicer elects to apply Loss Proceeds to the prepayment of the principal of the Notes, such application shall be made on the Payment Date immediately following such election in accordance with <u>Section 2.09(a)</u>. Notwithstanding the foregoing to the contrary, in the event the Asset Entities, in their reasonable discretion, and within 180 days of receipt of such Loss Proceeds, elect not to restore a Data Center or are not able to restore a Data Center after the use of commercially reasonable efforts, any Loss Proceeds relating to such Data Center (less any Loss Proceeds expended to restore such Data Center) held in the Priority Expense Reserve Sub-Account, after reimbursing any amounts due to the Servicer and the Indenture Trustee, shall be applied to the prepayment of the Notes on the Payment Date immediately following such election in accordance with <u>Section 2.09(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Servicer shall not direct the Indenture Trustee to disburse Loss Proceeds more frequently than twice every calendar month. If Loss Proceeds are applied to the prepayment of the principal of the Notes, any such application shall not extend or postpone the due dates of the monthly payments due under the Notes or otherwise under the Transaction Documents, or change the amounts of such payments. If the Servicer elects to apply all of such Loss Proceeds toward the prepayment of the principal of the Notes in accordance with <u>Section 2.09(a)</u>, the Co-Issuers shall be entitled to obtain from the Indenture Trustee a release (without representation or warranty) of the applicable Data Center from the Lien of the Mortgage relating to such Data Center (if applicable) (in which event the Asset Entities shall not be obligated to restore the applicable property pursuant to <u>Section 7.06(b)</u>). Any amount of Loss Proceeds remaining in the Priority Expense Reserve Sub-Account after the full and final payment and discharge of all Obligations shall be refunded to, or as directed by, the Asset Entities or otherwise paid in accordance with applicable law. If a Data Center is sold at foreclosure or if the Indenture Trustee acquires title to a Data Center, the Indenture Trustee shall have all of the right, title and interest of the applicable Asset Entity in and to any Loss Proceeds and unearned premiums on Insurance Policies relating to such Data Center.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In no event shall the Servicer direct the Indenture Trustee to make disbursements of Loss Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration, as certified by the Co-Issuers, less a retainage equal to the greater of (x) the actual retainage required pursuant to the permitted contract, or (y) 10.0% of such costs incurred until the Restoration has been completed. The retainage shall in no event be less than the amount actually held back by the Asset Entities from contractors, subcontractors and materialmen engaged in the Restoration. The retainage shall not be released until the Servicer is reasonably satisfied that the Restoration has been completed in accordance with the provisions of this <u>Section 7.06</u> and that all approvals necessary for the re-occupancy and use of the Data Center have been obtained from all appropriate Governmental Authorities, and the Servicer receives final Lien waivers and such other evidence reasonably satisfactory to the Servicer that the costs of the Restoration have been paid in full or will be paid in full out of the retainage.

<u>Section 7.07 Inspection; Investigation</u>. Each Obligor shall permit any authorized representatives designated by the Indenture Trustee, the Backup Manager or the Servicer to visit and inspect during normal business hours its business, including its financial and accounting records, and to make copies and take extracts therefrom and to discuss its affairs, finances and business with its officers and independent public accountants (with such Obligor's representative(s) present), at such reasonable times during normal business hours and as often as may be reasonably requested; *provided* that same is conducted in such a manner as to not unreasonably interfere with such Obligor's business and in compliance with site safety and security procedures. In addition, subject to the terms and conditions of the applicable Site Lease and in compliance with site safety and security procedures, such authorized representatives of the Indenture Trustee, the Backup Manager and the Servicer shall also have the right to conduct reasonable site investigations of the Data Centers with respect to environmental matters; *provided, however*, that no subsurface investigations or other investigations that would reasonably be deemed to be intrusive or destructive shall be conducted without the prior written consent of such Obligor, such consent not to be unreasonably withheld. Unless an Event of Default has occurred and is continuing, (x) the Indenture Trustee, the Backup Manager and Servicer shall provide advance written notice of at least three Business Days prior to visiting or inspecting any Data Center or any Obligor's offices and (y) no more than one such visit shall be made to any Data Center or any Obligor's offices in any calendar year.

<u>Section 7.08 Compliance with Laws and Obligations</u>. Each Obligor shall (A)<u> </u>comply with the requirements of all present and future applicable laws, rules, regulations and orders of any Governmental Authority in all jurisdictions in which it is now doing business or may hereafter be doing business, other than those laws, rules, regulations and orders the noncompliance with which collectively could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, (B) maintain all licenses and permits now held or hereafter acquired by any Obligor, the loss, suspension, or revocation of which, or failure to renew, in the aggregate could have a Material Adverse Effect and (C) perform, observe, comply with and fulfill all of its material obligations, covenants and conditions contained in any Contractual Obligation except to the extent the failure to so observe, comply or fulfill such could not reasonably be expected to have a Material Adverse Effect.

<u>Section 7.09 Further Assurances</u>. Each Obligor shall, from time to time, execute and/or deliver such documents, instruments, agreements, financing statements, and perform such acts as necessary or as the Indenture Trustee, the Backup Manager and/or the Servicer at any time may reasonably request to evidence, preserve and/or protect the Assets and Collateral at any time securing or intended to secure the Obligations and/or to better and more effectively carry out the purposes of this Indenture and the other Transaction Documents. The Obligors shall file or cause to be filed all documents (including, without limitation, all financing statements) required to be filed by the terms of this Indenture and any applicable Series Supplement in accordance with and within the time periods provided for in this Indenture and in each applicable Series Supplement. Upon receipt of any filed financing statements, mortgages, or other recordable instruments, the Co-Issuers, shall promptly provide copies of such filed instruments to the Servicer. The Obligors shall fully cooperate with all reasonable requests of the Servicer in its duty to obtain any appraisal with respect to any Data Center or Data Centers.

<u>Section 7.10 Performance of Agreements and Customer Contracts</u>. Each Asset Entity shall duly and punctually perform, observe and comply in all material respects with all of the terms, provisions, conditions, covenants and agreements on its part to be performed, observed and complied with (i) hereunder and under the other Transaction Documents to which it is a party, (ii) under all Material Agreements and all Customer Contracts and (iii) all other agreements entered into or assumed by such Person in connection with the Data Centers, and will not suffer or permit any material default or event of default (giving effect to any applicable notice requirements and cure periods) to exist under any of the foregoing except where the failure to perform, observe or comply with any agreement referred to in clause (ii) or this clause (iii) of this Section 7.10 would not reasonably be expected to have a Material Adverse Effect.

<u>Section 7.11 New Customer Contracts; Recorded Mortgages</u>. Promptly after execution thereof, the Asset Entities shall deliver electronically to the Servicer executed copies of each Material Customer Contract entered into after the Initial Closing Date. Within 30 days of the receipt of any written request from the Servicer, the Asset Entities shall deliver electronically to the Servicer copies of Mortgages with respect to each Data Center (other than any Non-Mortgaged Data Center) with evidence of recording indicated thereon when returned from the applicable recording offices.

<u>Section 7.12 Management Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor shall (i) perform and observe all of the material terms, covenants and conditions of the Management Agreement on the part of such Obligor to be performed and observed, (ii) promptly notify the Indenture Trustee, the Backup Manager and the Servicer of any material default under the Management Agreement of which it is aware, and (iii) prior to termination of the Manager in accordance with the terms of the Management Agreement, to renew the Management Agreement prior to each expiration date thereunder in accordance with its terms. If any Obligor shall default in the performance or observance of any material term, covenant or condition of the Management Agreement on the part of such Obligor to be performed or observed, then, without limiting the Indenture Trustee's other rights or remedies under this Indenture or the other Transaction Documents, and without waiving or releasing such Obligor from any of its obligations hereunder or under the Management Agreement, the Indenture Trustee or the Servicer on its behalf, shall have the right, upon prior written notice to such Obligor, to pay any sums and to perform any act as may be reasonably appropriate to cause such material conditions of the Management Agreement on the part of such Obligor to be performed or observed; *provided, however*, that neither the Indenture Trustee nor the Servicer will be under any obligation to pay such sums or perform such acts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Obligors shall not surrender, terminate, cancel, or modify (other than non-material changes) the Management Agreement, or enter into any other Management Agreement with any new Manager, other than an Acceptable Manager, or consent to the assignment by the Manager of its interest under the Management Agreement, other than to an Acceptable Manager. If at any time an Acceptable Manager shall become the Manager, the Obligors shall (i) cause such Acceptable Manager, prior to commencement of its duties as Manager, to enter into a subordination of management agreement in substantially the form delivered on the Initial Closing Date with the Obligors, and (ii) provide written notice thereof to the Rating Agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Indenture Trustee, the Backup Manager and the Servicer are each permitted to utilize and in good faith rely upon the advice of the Manager (or, with respect to the Servicer and at its own expense (except to the extent that a particular expense is expressly specified in this Indenture, as an Additional Issuer Expense) to utilize other agents or attorneys), in performing certain of its obligations under this Indenture and the other Transaction Documents, including, without limitation, Data Center management, operation, and maintenance; and confirmation of compliance by the Asset Entities with the provisions hereunder and under the other Transaction Documents and none of the Indenture Trustee, the Backup Manager or the Servicer shall have any liability with respect thereto.

<u>Section 7.13 Maintenance of Office or Agency by Co-Issuers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers shall maintain an office, agency or address where Notes (or evidence of ownership of Uncertificated Notes) may be presented or surrendered for payment and where Notes may be surrendered for registration of transfer or exchange. The Co-Issuers will give prompt written notice to the Indenture Trustee of the location, and any change in the location, of such office, agency or address; *provided, however*, that if the Co-Issuers do not furnish the Indenture Trustee with an address in Wilmington, Delaware where Notes may be presented or surrendered for payment, such presentations and surrenders may be made at the Corporate Trust Office, and the Co-Issuers hereby appoint the Indenture Trustee to receive all such presentations and surrenders. The Co-Issuers hereby appoint the Corporate Trust Office as its agency for such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Co-Issuers may also from time to time designate one or more other offices or agencies where Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Co-Issuers will give prompt written notice to the Indenture Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

<u>Section 7.14 Deposits; Application of Deposits</u>. The Obligors shall direct the Customers under the Customer Contracts to send directly to a Lock Box Account all payments of Receipts in accordance with the Cash Management Agreement. The Obligors will deposit all Receipts into, and otherwise comply with, the Lock Box Accounts. All such deposits to the Lock Box Accounts and the Collection Account will be allocated and applied pursuant to the terms of the Cash Management Agreement and this Indenture.

<u>Section 7.15 Estoppel Certificates</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within ten Business Days following a written request by the Indenture Trustee, the Backup Manager or the Servicer, the Co-Issuers shall provide to the Indenture Trustee, the Backup Manager and the Servicer a duly acknowledged written statement (upon which the Indenture Trustee, the Backup Manager and the Servicer may conclusively rely) confirming (i) the aggregate Class Principal Balances of all Classes of Outstanding Notes, (ii) the terms of payment and maturity date of the Notes, (iii) the date to which interest has been paid, (iv) whether any offsets or defenses exist against the Obligations, and if any such offsets or defenses are alleged to exist, the nature thereof shall be set forth in detail and (v) that this Indenture, the Notes, the Mortgages and the other Transaction Documents are legal, valid and binding obligations of the Issuer, the Co-Issuer and each Asset Entity (as applicable) and have not been modified or amended except in accordance with the provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within ten Business Days following a written request by the Co-Issuers, the Indenture Trustee shall provide to the Co-Issuers a duly acknowledged written statement setting forth the aggregate Class Principal Balances of all Classes of Outstanding Notes, the date to which interest has been paid, and whether the Indenture Trustee has provided the Co-Issuers, on behalf of itself and the Asset Entities, with written notice of any Event of Default. Compliance by the Indenture Trustee with the requirements of this Section shall be for informational purposes only and shall not be deemed to be a waiver of any rights or remedies of the Indenture Trustee hereunder or under any other Transaction Document.

<u>Section 7.16 Indebtedness</u>. The Co-Issuers shall not, and shall not permit the Asset Entities to, create, incur, assume, guarantee, or otherwise become or remain directly or indirectly liable with respect to any Indebtedness except for the following (collectively, "<u>Permitted Indebtedness</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Unsecured trade payables not evidenced by a note and arising out of purchases of goods or services in the ordinary course of business (other than any retention payments); (ii) Indebtedness incurred in respect of Capital Lease Obligations and the financing of equipment and other personal property used at the Data Centers in the ordinary course of business; (iii) letters of credit (other than any Letters of Credit issued in connection with any Class of Variable Funding Notes) or bonds required by a vendor or regulatory agency to be posted by an Obligor in connection with the ownership, maintenance or operation of the Data Centers, (iv) Contingent Obligations constituting the guarantee of an obligation of another Obligor, and (v) reimbursement of Advances to the Manager; *provided, however,* that (a) each such trade payable referred to in subclause (i) above is paid not later than 90 days after the due date (unless such payment is being contested in good faith) and (b) the aggregate amount of such trade payables, Indebtedness incurred in respect of Capital Lease Obligations (other than with respect to Site Leases that are Capital Leases) and in respect of the financing of equipment and personal property, obligations under letters of credit or bonds and reimbursement obligations to the Manager referred to in subclauses (i), (ii), (iii) and (v) above outstanding does not, at any time, exceed an amount equal to 5.0% of the aggregate Initial Class Principal Balances of all Classes of then-Outstanding Notes in the aggregate for all the Asset Entities; and

In no event shall any Indebtedness other than the Obligations be secured, in whole or in part, by the Collateral or other Assets or any portion thereof or interest therein or any proceeds of any of the foregoing, except for equipment leases with respect to Assets of any Data Center that require the pledge of such equipment.

<u>Section 7.17 No Liens</u>. Neither the Co-Issuers nor the Asset Entities shall create, incur, assume or permit to exist any Lien on or with respect to its interests in any Data Centers or any other Collateral except Permitted Encumbrances.

<u>Section 7.18 Contingent Obligations</u>. Other than Permitted Indebtedness, none of the Co-Issuers or any of the Asset Entities shall create or become or be liable with respect to any material Contingent Obligation.

<u>Section 7.19 Restriction on Fundamental Changes</u>. Except as otherwise expressly permitted in this Indenture, none of the Co-Issuers or any of the Asset Entities shall (i) amend, modify or waive any term or provision of their respective partnership agreement, certificate of limited partnership, articles of incorporation, by-laws, articles of organization, operating agreement or other organizational documents so as to violate or permit the violation of the limited purpose entity provisions set forth in Article VIII, unless required by law; (ii) adopt, file or effect a Division; or (iii) liquidate, wind-up or dissolve; *provided* that nothing contained in this Section 7.19 shall restrict the merger or consolidation of one Asset Entity into another so long as the surviving entity is an Asset Entity.

<u>Section 7.20 Involuntary Obligor Bankruptcy</u>. An Obligor shall not apply for, consent to, or aid, solicit, support, or otherwise act, cooperate or collude to cause the appointment of or taking possession by, a receiver, trustee or other custodian for all or a substantial part of the assets of any other Obligor. As used in this Indenture, an "<u>Involuntary Obligor Bankruptcy</u>" shall mean any involuntary case under the Bankruptcy Code, or any other applicable bankruptcy, insolvency or other similar law now or hereafter in effect, in which any Obligor is a debtor or any portion of the Assets is property of the estate therein. An Obligor shall not file a petition for, consent to the filing of a petition for, or aid, solicit, support, or otherwise act, cooperate or collude to cause the filing of a petition for an Involuntary Obligor Bankruptcy. In any Involuntary Obligor Bankruptcy, the other Obligors shall not, without the prior written consent of the Indenture Trustee and the Servicer, consent to the entry of any order, file any motion, or support any motion (irrespective of the subject of the motion), and such Obligors shall not file or support any plan of reorganization. In any Involuntary Obligor Bankruptcy the other Obligors shall do all things reasonably requested by the Indenture Trustee and the Servicer to assist the Indenture Trustee and the Servicer in obtaining such relief as the Indenture Trustee and the Servicer shall seek, and shall in all events vote as directed by the Indenture Trustee. Without limitation of the foregoing, each such Obligor shall do all things reasonably requested by the Indenture Trustee to support any motion for relief from stay or plan of reorganization proposed or supported by the Indenture Trustee.

<u>Section 7.21 [Reserved]</u>.

<u>Section 7.22 Money for Payments to be Held in Trust</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Paying Agent is hereby authorized to pay the principal of and interest on any Notes (as well as any other Obligation hereunder and under any other Transaction Document) on behalf of the Co-Issuers and shall have an office or agency in Wilmington, Delaware where Notes may be presented or surrendered for payment and where notices, designations or requests in respect for payments with respect to the Notes and any other Obligations due hereunder and under any other Transaction Document may be served. The Co-Issuers hereby appoint the Indenture Trustee as the initial Paying Agent for amounts due on the Notes of each Series and the other Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On each Payment Date (or such other dates as may be required or permitted hereunder) the Paying Agent shall cause all payments of amounts due and payable with respect to any Notes and other Obligations that are to be made from amounts withdrawn from the Collection Account or any Sub-Account to be made on behalf of the Co-Issuers, and no amounts so withdrawn from the Collection Account or any such Sub-Account for payments of the Notes and other Obligations shall be paid over to the Co-Issuers. All such payments shall be made based on information set forth in the Monthly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to applicable laws with respect to escheatment of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and be paid to the Co-Issuers on an Issuer Request; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Co-Issuers for payment thereof (but only to the extent of the amounts so paid to the Co-Issuers), and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; *provided, however*, that the Indenture Trustee or such Paying Agent, before being required to make any such repayment shall at the expense and direction of the Co-Issuers cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in the Borough of Manhattan, The City of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining shall be repaid to the Co-Issuers. The Indenture Trustee shall also adopt and employ, at the expense and direction of the Co-Issuers, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice of such repayment to Holders whose right to or interest in monies due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for each such Holder).

<u>Section 7.23 Site Leases</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Site Leases</u>. The Obligors have delivered to the Indenture Trustee true and complete electronic copies (in all material respects) of all Site Leases as in effect on the Initial Closing Date; *provided*, *however*, the Indenture Trustee shall have no obligation to review any such Site Leases. The Site Leases (and/or any amendments, modifications or supplement thereto) most recently delivered electronically to the Indenture Trustee remain complete in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Modification</u>. Except as provided in this <u>Section 7.23</u>, the Asset Entities shall not (x) modify or amend any Site Lease if such modification or amendment would result in a material reduction of the DSCR or would reduce the remaining term of such Site Lease, or (y) terminate or surrender any Site Lease, in each case without the prior written consent of the Servicer, which consent shall not be unreasonably withheld, conditioned or delayed. Any such attempted or purported modification or amendment or termination or surrender of any Site Lease without the Servicer's prior written consent shall be null and void and of no force or effect. Notwithstanding the foregoing to the contrary, the Asset Entities shall be permitted, without the Servicer's consent, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) extend the term of a Site Lease or add a renewal term or option period to a Site Lease, in each case on terms and conditions in accordance with prudent business practices or (B) convert any Leased Data Center to a Data Center owned in fee subject to <u>Section</u> **<u>7.30</u>** **<u>7.23</u>**<u>(</u>**<u>b</u>** **<u>h</u>**<u>)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provided no Event of Default shall have occurred and is then continuing (unless the same shall cure such Event of Default), increase, decrease or reconfigure the area of real property covered by a Site Lease, and in connection therewith amend and restate the existing Site Lease or replace the existing Site Lease (either, an "<u>Amended Site Lease</u>"), to include such additional real property or reflect such decrease or reconfiguration; *provided* that such Amended Site Lease is on commercially reasonable substantive and economic terms (taking into consideration the additional, reduced or reconfigured real property covered by the Amended Site Lease) with no material reduction in the economic value of the applicable Data Center, and subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if additional real property is being added to the Site Lease, on or prior to execution and delivery of the Amended Site Lease, the Asset Entities shall have delivered electronically to the Indenture Trustee and provided the Servicer, the Manager and the Backup Manager with electronic access to the most recent Phase I environmental report obtained by the Asset Entities or any Affiliate thereof on such real property, together with a Phase II Environmental Assessment report (if such Phase I environmental report reveals any condition that in the Manager's reasonable judgment warrants such a report) which concludes that such real property does not contain any Hazardous Materials in material violation of applicable Environmental Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) unless such Data Center is a Non-Mortgaged Data Center, within 120 days of the execution and delivery of the Amended Site Lease, (x) the Indenture Trustee shall have received an endorsement to (or replacement of) the existing Title Policy covering such Data Center insuring the Lien of the amended Mortgage in an amount equal to 100% of the Allocated Note Amount with respect to such Data Center dated as of the date of the Amended Site Lease and (y) the Title Company issuing such Title Policy shall have received an amended Mortgage encumbering the property included under the Amended Site Lease to be submitted for recording in the appropriate office of real property records and, unless such data center is subject to a space lease, a Survey with respect to such Data Center (unless the general survey exception in the Title Policy for such Data Center is eliminated without a Survey with respect thereto); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Issuer or the Co-Issuer, as applicable, shall pay or reimburse the Indenture Trustee and the Servicer for all reasonable costs and expenses incurred by the Indenture Trustee and the Servicer (including, without limitation, reasonable attorneys' fees and disbursements) in connection with such Amended Site Lease, and all recording charges, filing fees, taxes or other expenses (including, without limitation, mortgage and intangibles taxes and documentary stamp taxes) payable in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Performance of Site Leases</u>. The Asset Entities shall fully perform as and when due each and all of their obligations under each Site Lease in accordance with the terms of such Site Lease, and shall not cause or suffer to occur any material breach or default in any of such obligations. The Asset Entities shall (i) exercise any option to renew or extend any Site Lease and (ii) renew a Site Lease that expires by its terms to the extent a commercially reasonable extension option is available; *provided, however* that, the Asset Entities may elect not to exercise such option to renew or extend such Site Lease if, after giving pro forma effect to the termination of such Site Lease (and the reduction in Annualized Revenue as a result of the termination of any associated Customer Contracts that are not able to be relocated to another Data Center), (i) the three-month average DSCR as of the last day of the immediately preceding calendar month is greater than or equal to 1.85:1.0 and (ii) the Class A LTV Ratio is not greater than 65.0%. If any Asset Entity fails to renew a Site Lease which is required to be renewed pursuant to this <u>Section 7.23(c)</u>, each of the Indenture Trustee and the Servicer shall have the right, but the Indenture Trustee shall have no obligation, to renew such Site Lease on behalf of such Asset Entity. For the avoidance of doubt, the Asset Entities shall have no obligation to renew a Site Lease that expires by its terms if the Site Lease does not provide to the applicable Asset Entity a commercially reasonable extension option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Notice of Default</u>. If an Obligor shall receive any written notice that any default under a Site Lease has occurred, the effect of which, in such Obligor's reasonable opinion, is likely to result in the termination of such Site Lease (a "<u>Site Lease Default</u>"), then the Co-Issuers shall, within three Business Days of receipt of such notice, notify the Indenture Trustee, the Servicer, the Backup Manager and the Manager in writing of the same and deliver to the Indenture Trustee, the Backup Manager and the Servicer a true and complete copy of such notice. Further, the Co-Issuers shall provide such documents and information as the Indenture Trustee, the Backup Manager and the Servicer shall reasonably request concerning any Site Lease Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Servicer's Right to Cure</u>. If any Site Lease Default shall occur and be continuing, and notice has been given pursuant to <u>Section 7.23(d)</u>, or if any Site Lessor asserts in writing to an Asset Entity or the Servicer that a Site Lease Default has occurred (whether or not the Asset Entities question or deny such assertion), then, subject to (i) the terms and conditions of the applicable Site Lease, and (ii) the Asset Entities' right to terminate or assign the applicable Site Lease in accordance with <u>Section 7.23(b)</u>, the Servicer, upon five Business Days' prior written notice to the Co-Issuers, unless the Servicer reasonably determines that a shorter period (or no period) of notice is necessary to protect the Indenture Trustee's interest in the applicable Site Lease, may (but shall not be obligated to) take any action that the Servicer deems reasonably necessary, including, without limitation, (i) performance or attempted performance of the applicable Asset Entity's obligations under the applicable Site Lease, (ii) curing or attempting to cure any actual or purported Site Lease Default under the applicable Site Lease, (iii) mitigating or attempting to mitigate any damages or consequences of the same and (iv) entry upon the applicable Data Center for any or all of such purposes. Upon the Indenture Trustee's, the Backup Manager's or the Servicer's written request, the applicable Asset Entity shall submit satisfactory evidence of payment or performance of any of its obligations under the applicable Site Lease. The Servicer may pay and expend such sums of money as the Servicer in its sole discretion deems necessary or desirable for any such purpose, and the Co-Issuers shall pay to the Servicer within five Business Days of the written demand of the Servicer all such sums so paid or expended by the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Legal Action</u>. The Obligors shall not commence any action or proceeding against any Site Lessor or affecting or potentially affecting any Site Lease or the Asset Entities' or the Indenture Trustee's interest therein, the effect of which could, in the Obligors' reasonable opinion, be reasonably likely to result in an event of default under, or the termination of, any such Site Lease, without the prior written consent of the Servicer, which consent shall not be unreasonably withheld, conditioned or delayed. The Co-Issuers shall notify the Indenture Trustee, the Backup Manager and the Servicer immediately if any action or proceeding shall be commenced between any Site Lessor and any Asset Entity, or affecting or potentially affecting any Site Lease or any Asset Entity's or the Indenture Trustee's interest therein (including, without limitation, any case commenced by or against any Site Lessor under the Bankruptcy Code). The Servicer shall have the option, exercisable upon notice from the Servicer to the Co-Issuers, to participate in any action or proceeding of which it is notified in compliance with this <u>Section 7.23(f)</u> with counsel of the Servicer's choice. Each Obligor shall cooperate with the Servicer, comply with the reasonable instructions of the Servicer, execute any and all powers, authorizations, consents or other documents reasonably required by the Servicer in connection therewith, and shall not settle any such action or proceeding which could, in such Obligor's reasonable opinion, be reasonably likely to result in a Material Adverse Effect without the prior written consent of the Servicer, which consent shall not be unreasonably withheld, conditioned or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Bankruptcy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If any Site Lessor shall reject any Site Lease under or pursuant to Section 365 of the Bankruptcy Code, without the Servicer's prior written consent, the applicable Asset Entity shall not elect to treat the Site Lease as terminated but shall elect to remain in possession of the applicable Leased Data Center and the leasehold estate under such Site Lease. The Lien of the Indenture (with respect to such Data Center) and the Mortgage (with respect to any Data Center that is not a Non-Mortgaged Data Center) covering any such Data Center does and shall encumber and attach to all of the Asset Entity's rights and remedies at any time arising under or pursuant to Section 365 of the Bankruptcy Code, including without limitation, all of such Asset Entity's rights to remain in possession of such Data Center and the leasehold estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Asset Entity acknowledges and agrees that in any case commenced by or against such Asset Entity under the Bankruptcy Code, the Indenture Trustee by reason of the Liens and rights granted under the Indenture (with respect to such Data Center) and Mortgage (with respect to any Data Center that is not a Non-Mortgaged Data Center) covering a Data Center that is a Leased Data Center shall have a substantial and material interest in the treatment and preservation of such Asset Entity's rights and obligations under the related Site Lease, and that such Asset Entity shall, in any such bankruptcy case, provide to the Indenture Trustee immediate and continuous reasonably adequate protection of such interests. Each Asset Entity and the Indenture Trustee agree that such adequate protection shall include but shall not necessarily be limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Indenture Trustee shall be deemed a party to the Site Lease (but shall not have any obligations thereunder) for purposes of Section 365 of the Bankruptcy Code, and shall, provided that, prior to an Event of Default, no such action by the Indenture Trustee would adversely and materially affect the Asset Entity's ability to prosecute, or defend, any such claims asserted therein, have standing to appear and act as a party in interest in relation to any matter arising out of or related to the Site Lease or Leased Data Center.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Such Asset Entity shall serve the Indenture Trustee, the Backup Manager and the Servicer with copies of all notices, pleadings and other documents relating to or affecting the Site Lease or the applicable Leased Data Center. Such Asset Entity (i) will contemporaneously serve on the Indenture Trustee, the Backup Manager and Servicer any notice, pleading or document served by such Asset Entity on any other party in the bankruptcy case, and (ii) any notice, pleading or document served upon or received by such Asset Entity from any other party in the bankruptcy case to be served by such Asset Entity on the Indenture Trustee, the Backup Manager and the Servicer promptly upon receipt by such Asset Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Upon written request of the Indenture Trustee (acting at the direction of Noteholders entitled to a majority of the Voting Rights) or the Servicer, such Asset Entity shall assume the Site Lease, and shall take such steps as are necessary to preserve such Asset Entity's right to assume the Site Lease, including without limitation using commercially reasonable efforts to obtain extensions of time to assume or reject the Site Lease under Section 365(d) of the Bankruptcy Code to the extent it is applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If an Asset Entity or the applicable Site Lessor seeks to reject any Site Lease or have the Site Lease deemed rejected, then prior to the hearing on such rejection such Asset Entity shall give the Indenture Trustee and the Servicer, subject to applicable law, no less than 20 days' notice and opportunity to elect in lieu of rejection to have the Site Lease assumed and assigned to a nominee of the Indenture Trustee. If the Indenture Trustee shall (which shall be at the Servicer's direction) so elect to assume and assign the Site Lease, such Asset Entity shall, subject to applicable law, continue any request to reject the Site Lease until after the motion to assume and assign has been heard. If the Indenture Trustee shall not elect (which shall be at the Servicer's direction) to assume and assign the Site Lease, then the Indenture Trustee may, subject to applicable law, obtain in connection with the rejection of the Site Lease a determination that the applicable Site Lessor, at the Indenture Trustee's option (which shall be at the Servicer's direction), shall (1) agree to terminate the Site Lease and enter into a new lease with the Indenture Trustee on the same terms and conditions as the Site Lease, for the remaining term of the Site Lease, or (2) treat the Site Lease as breached and provide the Indenture Trustee with the rights to cure defaults under the Site Lease and to assume the rights and benefits of the Site Lease.

Each Asset Entity agrees to join with and support any request by the Indenture Trustee to grant and approve the foregoing as necessary for adequate protection of the Indenture Trustee's interests. Notwithstanding the foregoing, the Indenture Trustee may seek additional terms and conditions, including such economic and monetary protections as it or the Servicer deems reasonably appropriate to adequately protect its interests, and any request for such additional terms or conditions shall not delay or limit the Indenture Trustee's right to receive the specific elements of adequate protection set forth herein.

Each Asset Entity hereby appoints the Indenture Trustee as its attorney in fact to act on behalf of such Asset Entity in connection with all matters relating to or arising out of the assumption or rejection of any Site Lease, in which the other party to the lease is a debtor in a case under the Bankruptcy Code. This grant of power of attorney is present, unconditional, irrevocable, durable and coupled with an interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(h)**</u> **<u>Conversion. Notwithstanding anything herein to the contrary, the Issuer, through the Asset Entities or any Additional Asset Entity shall have right to acquire (whether through an asset purchase, equity purchase or assignment of contracts) an interest in any Leased Data Center that is superior to such Asset Entity's interest in such data center as of the Closing Date or convert such Leased Data Center to a Data Center owned in fee (a "Conversion"), subject to satisfaction of the following conditions:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(i)**</u> **<u>such Asset Entity shall have completed architectural, structural and other due diligence at such Data Center (consistent with the Manager's existing standards and practices) with no material adverse findings and the Data Center is otherwise free of all material structural, architectural or title defects and is free of material deferred maintenance;</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(ii)**</u> **<u>unless such Data Center is a Non-Mortgaged Data Center, such Asset Entity shall deliver a Mortgage (or an amendment to or assignment of the Mortgage encumbering the applicable Site Lease) if requested by the Servicer to reflect the Conversion;</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(iii)**</u> **<u>the Indenture Trustee and the Servicer shall have received an Opinion of Counsel (consistent with the legal opinion with respect to the same subject matter delivered on the most recent Closing Date) with respect to the enforceability of the related Mortgage (or modification thereof) and, if such Additional Data Center is owned by an Additional Asset Entity to be contributed to the Issuer or the Co-Issuer in connection with the Conversion, the Indenture Trustee and the Servicer shall have received such other Opinions of Counsel (consistent with the legal opinions with respect to the same subject matter delivered on the most recent Closing Date) as may be reasonably requested by the Servicer;</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(iv)**</u> **<u>the implementation of the Conversion does not result in the violation of any Customer Contract that gives rise to any termination, cancellation or abatement right under any Customer Contract or other material agreement affecting or relating to the use and/or operation of such Data Center that could reasonably be expected to result in a Material Adverse Effect;</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(v)**</u> **<u>the Obligors have delivered to the Indenture Trustee, the Manager, the Backup Manager and the Servicer a Phase I environmental report on each such Data Center that does not identify any Recognized Environmental Conditions that would reasonably be expected to cause a Material Adverse Effect, and if such Phase I environmental site assessment report reveals any condition that in the Manager's reasonable judgment so warrants, a Phase II environmental site assessment report, and such report concludes that such Data Center does not contain any Hazardous Materials in material violation of applicable Environmental Law for which (x) no remediation plan is in effect or being implemented or (y) the applicable Asset Entity is appropriately indemnified;</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(vi)**</u> **<u>at least ten (10) Business Days (or such lesser period as is approved by the applicable Rating Agency) prior to the date of such Conversion, the Co-Issuers shall have provided notice to each Rating Agency then rating the Notes; and</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(vii)**</u>**the Issuer shall have delivered an Officer's Certificate of the Issuer to the Servicer and the Indenture Trustee confirming compliance with the requirements of this Section 7.23(h).**

<u>Section 7.24 Rule 144A Information</u>. So long as any of the Notes are Outstanding, and the Co-Issuers are not subject to Section 13 or 15(d) of the Exchange Act, upon the request of a Noteholder, the Co-Issuers shall promptly furnish at their expense to such Holder, and the prospective purchasers designated by such Holder, Rule 144A Information in order to permit compliance with Rule 144A under the Securities Act in connection with the resale of such Notes by such Holder.

<u>Section 7.25 Maintenance of Books and Records</u>. The Obligors shall maintain and implement, administrative and operating procedures reasonably necessary in the performance of their obligations hereunder and shall keep and maintain at all times all documents, books, records, accounts and other information reasonably necessary or advisable for the performance of their obligations hereunder to the extent required under applicable law.

<u>Section 7.26 Continuation of Ratings</u>. To the extent permitted by applicable laws, rules or regulations, the Obligors shall (i) provide the Rating Agencies with information, to the extent reasonably obtainable by the Obligors, and take all reasonable action necessary to enable the Rating Agencies to monitor their respective credit ratings of the Notes, and (ii) pay such ongoing fees of the Rating Agencies as they may reasonably request to monitor their respective ratings of the Notes.

<u>Section 7.27 The Indenture Trustee, the Backup Manager and Servicer's Expenses.</u> The Co-Issuers shall pay, on written demand by the Indenture Trustee, the Backup Manager or the Servicer, out of the funds available therefor pursuant to Section 5.01(a), all reasonable out-of-pocket expenses, charges, costs, fees (including reasonable attorneys' fees and expenses) and indemnities in connection with the negotiation, documentation, closing, administration, servicing, enforcement, interpretation, and collection of the Notes and the Transaction Documents, and in the preservation and protection of the Indenture Trustee's rights hereunder and thereunder. Without limitation the Co-Issuers shall pay, out of the funds available therefor pursuant to Section 5.01(a), all costs and expenses, including reasonable attorneys' fees, incurred by the Indenture Trustee, the Backup Manager and the Servicer in any case or proceeding under the Bankruptcy Code (or any law succeeding or replacing any of the same) involving the Obligors, the Manager or the Guarantors.

<u>Section 7.28 Environmental Remediation</u>. Each Asset Entity (or the Manager on its behalf) agrees to promptly commence after written demand by the Indenture Trustee (acting at the written direction of the Controlling Class Representative) and reasonably diligently prosecute to completion any Remedial Work of any kind required by it under applicable Environmental Laws.

<u>Section 7.29 Amendments to Customer Contracts; Site Leases</u>. No Asset Entity shall consent to any amendment, modification or supplement to any Customer Contracts or Site Lease to which it is a party other than in accordance with Section 7.23 and Section 3 or Section 5 of the Management Agreement.

<u>Section 7.30 Asset Entities' Option to Dispose of Data Centers and Non-Core Data Center Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Other than (x) the sale, assignment, transfer or other disposition during the Disposition Period as set forth in the Management Agreement or (y) otherwise, as expressly permitted in this <u>Section 7.30</u>, the Asset Entities may not Dispose of any Data Centers so long as any Notes are Outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Asset Entities may sell, assign, transfer or otherwise dispose of one or more Data Centers (including through (x) the sale, assignment, transfer or other disposition of an Asset Entity by the Co-Issuers or (y) the sale, assignment, transfer or termination of the Site Lease with respect to a Leased Data Center), the related Customer Contracts and the other assets related to such Data Centers (collectively, the "<u>Data Center Assets</u>") at any time so long as notice is provided to each Rating Agency then rating the Notes and the following conditions are satisfied: (i) the Release Conditions are satisfied, (ii) the Manager and the Indenture Trustee have been paid all outstanding Advances, including Advance Interest thereon, and the Servicer, the Backup Manager and the Indenture Trustee have been paid all unpaid Additional Issuer Expenses and all unpaid fees and expenses to the extent then due and payable to the Servicer, the Backup Manager and the Indenture Trustee, as applicable, under the Transaction Documents (in each case only to the extent sufficient funds for payment in full of such amounts have not been deposited in the Collection Account for distribution on the applicable Payment Date) and (iii) the Co-Issuers prepay the Notes in an amount equal to the Disposition Price for the Data Center (or Data Centers), together with any applicable Prepayment Consideration, which amount shall be allocated to the Class of Notes with the highest alphabetical designation until such Class has been paid in full (and amounts so allocated to the Class A Notes will be further allocated among the numerical Tranches of Class A Notes in accordance with the Applicable Class A Payment Priority) and any remaining amount will be allocated to the remaining outstanding Notes, in direct order of alphabetical designation until all such Notes have been paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to the circumstances described in <u>Section 7.30(b)</u>, the Asset Entities may also dispose of Data Center Assets and the Co-Issuers will have the option to dispose of one or more Asset Entities that own or lease Data Center Assets, in each case, to one or more persons (including affiliates of the Asset Entities) in connection with the payment in full of the outstanding principal amount of a Series of Notes; *provided* that if any Series of Notes remains Outstanding following such payment in full, the following conditions are satisfied: (i) the Release Conditions are satisfied, (ii) after giving effect to the applicable disposition and prepayment, the pro forma DSCR is greater than or equal to 1.85:1.0; (iii) notice is provided to each Rating Agency then rating the Notes and (iv) the Manager and the Indenture Trustee have been paid all outstanding Advances, including Advance Interest thereon, and the Servicer, the Backup Manager and the Indenture Trustee have been paid all unpaid Additional Issuer Expenses and all unpaid fees and expenses to the extent then due and payable to the Servicer, the Backup Manager, the Manager and the Indenture Trustee, as applicable, under the Transaction Documents (in each case only to the extent sufficient funds for payment in full of such amounts have not been deposited in the Collection Account for distribution on the applicable Payment Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, the Asset Entities may also dispose of or otherwise transfer Non-Core Data Center Assets, so long as such disposition or transfer does not reduce the Annualized Operating Income with respect to the associated Data Center; *provided* that such Asset Entity shall have provided written notice to the Backup Manager and the Servicer of any such transfer within five Business Days of such transfer. Any net proceeds received in connection with the disposition or transfer of Non-Core Data Center Assets shall be deposited into the applicable Collection Account and applied as Available Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any of the foregoing or in any other Transaction Document to the contrary, (x) an Asset Entity may at any time sell, assign or otherwise transfer any Data Center Assets to any other Asset Entity without restriction and (y) any Obligor may at any time transfer any Asset Entity Interests to any other Obligor without restriction.

<u>Section 7.31 Limitation on Certain Issuances and Transfers</u>. The Co-Issuers shall not issue any Series of Tax Restricted Notes, permit the issuance or transfer of any limited liability company interests of the Issuer or the Co-Issuer or permit the issuance or transfer of any other beneficial interest in the Issuer or the Co-Issuer that may be treated as equity of the Issuer or the Co-Issuer for U.S. federal income tax purposes if after giving effect thereto the sum of (a) the aggregate maximum number of Holders and Beneficial Owners for all Series and Classes of Tax Restricted Notes (including any Tax Restricted Notes to be issued), (b) the number of beneficial holders of limited liability company interests of the Issuer or the Co-Issuer and (c) the number of beneficial holders of other interests that may be treated as equity of the Issuer or the Co-Issuer for U.S. federal income tax purposes, would exceed 90. Any transfer made by a Beneficial Owner or beneficial holder or any Co-Issuer in violation of the foregoing sentence shall be void ab initio. For the avoidance of doubt, nothing in this Indenture shall prohibit or restrict the sale, transfer, assignment or other disposition of all or any part of, or the issuance of, any limited liability company or other interest in the member of any Guarantor or in any Person which directly or indirectly owns any limited liability company or other interest in the member of any Guarantor. For purposes of this Section 7.31, the number of Persons considered beneficial holders of interests in the Issuer or the Co-Issuer that may be treated as equity interests in the Issuer or the Co-Issuer for U.S. federal income tax purposes shall be the number of Persons that would be considered partners in such Co-Issuer with respect to such interests under the principles of Treasury regulations section 1.7704-1(h) if such interests in such Co-Issuer were treated as equity of such Co-Issuer.

**ARTICLE VIII**

**SINGLE-PURPOSE, BANKRUPTCY-REMOTE REPRESENTATIONS,** 

**WARRANTIES AND COVENANTS**

<u>Section 8.01 Applicable to the Co-Issuers and the Asset Entities</u>. Each of the Co-Issuers hereby represents, warrants and covenants as of the Initial Closing Date that since its formation and at all times thereafter until such time as all Obligations are paid in full, each Closing Date Asset Entity hereby represents, warrants and covenants as of the Initial Closing Date that since its formation and at all times thereafter until such time as all Obligations are paid in full, and each Additional Asset Entity hereby represents, warrants and covenants as of the date on which such Additional Asset Entity first becomes a party to this Transaction Documents that since its formation and at all times thereafter until such time as all Obligations are paid in full:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for properties, or interests therein, which such Obligor has sold or assigned and for which such Obligor has no continuing obligations or liabilities other than Permitted Indebtedness, it has not owned, and does not own and will not own, any assets other than (i) the Data Centers, related Customer Contracts and other assets related to the Data Centers (including incidental personal property necessary for the operation thereof and proceeds therefrom) and, prior to the date such Obligor first became a party to the Transaction Documents, similar data centers, the customer contracts relating thereto and the other assets related to those data centers, or (ii) direct or indirect ownership interests in the Asset Entities or such incidental assets as are necessary to enable it to discharge its obligations with respect to the Asset Entities (the "<u>Asset Entity Interests</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has not and is not engaged, and will not engage, in any business, directly or indirectly, other than (i) in the case of an Asset Entity, the ownership, management and operation of the Data Centers and, prior to the date such Obligor first became a party to the Transaction Documents, similar data centers or (ii) the acquisition and ownership of the Asset Entity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it is not party to as of the date such Obligor first became a party to the Transaction Documents, and will not enter, into any contract or agreement with any partner, member, shareholder, trustee, beneficiary, principal or Affiliate of any Obligor except upon terms and conditions that are intrinsically fair and substantially similar to those that would be available on an arm's-length basis with third parties other than such Affiliate (it being understood that (i) the Management Agreement and the other Transaction Documents and (ii) management agreements and related agreements entered into with the Manager and the other Obligors in connection with other similar financing transactions, which financing transaction is terminated on or prior to the Initial Closing Date, comply with this covenant);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it has not incurred any Indebtedness that remained outstanding as of the date such Obligor first became a party to the Transaction Documents and will not incur any Indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than Permitted Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) it has not made any loans or advances to any Person (other than among the Obligors) that remained outstanding as of the date such Obligor first became a party to the Transaction Documents and will not make any loan or advance to any Person (including any of its Affiliates) other than another Obligor, and has not acquired, and will not acquire, obligations or securities of any of its Affiliates other than the other Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it is and reasonably expects to remain solvent and pay its own liabilities, indebtedness, and obligations of any kind solely from its own separate assets as the same shall become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) it has done or caused to be done, and will do, all things necessary to preserve its existence, and will not, nor will any partner, member, shareholder, trustee, beneficiary or principal, amend, modify or otherwise change its partnership agreement, trust agreement, articles of incorporation, by-laws, articles of organization, operating agreement, or other organizational documents in any manner with respect to the matters set forth in this Article VIII except as otherwise permitted under such organizational documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) it has continuously maintained, and shall continuously maintain, its existence and be qualified to do business in all states necessary to carry on its business, specifically including in the case of an Asset Entity, the states where its Data Centers are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it has conducted and operated, and will conduct and operate, its business as presently contemplated with respect to the ownership of the Data Centers, or the Asset Entity Interests, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) it has maintained, and will maintain, books and records and bank accounts (other than bank accounts established hereunder, established by the Manager pursuant to the Management Agreement or, prior to the date such Obligor first became a party to the Transaction Documents, bank accounts established in connection with other similar financing transactions, which financing transaction is terminated on or prior to the Initial Closing Date) separate from those of its partners, members, shareholders, trustees, beneficiaries, principals or Affiliates or any other Person (other than the other Obligors) and it will maintain its Financial Statements separate from those of its Affiliates; *provided*, that it and its assets may be included in consolidated Financial Statements of its Affiliates if (i) appropriate notation shall be made on such consolidated Financial Statements to indicate the separateness of the Obligors from such Affiliates and to indicate that the Obligors' assets and credit are not available to satisfy the debts and other obligations of such Affiliates or any other Person and (ii) the assets of each Obligor shall also be listed on such Obligor's own separate balance sheet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) except as contemplated herein and by the Management Agreement and management agreements entered into with the Manager and the other Obligors in connection with other similar financing transactions, it has at all times held, and will continue to hold, itself out to the public as a legal entity separate and distinct from any other Person (including any of its partners, members, shareholders, trustees, beneficiaries, principals or Affiliates, and any Affiliates of any of the same), and not as a department or division of any Person (other than the other Obligors) and will correct any known misunderstandings regarding its existence as a separate legal entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) it has had and will have a sufficient number of employees (if any) in light of its contemplated business operations and has and shall pay the salaries of its own employees, if any, solely from its own funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) it has allocated, and will continue to allocate, fairly and reasonably any overhead for shared expenses with Affiliates (including, without limitation, any shared office space or other services and the services performed by any employee of an Affiliate, including as a director or officer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) it has and will use stationery, invoices and checks bearing its own name (including any trade name) separate from those of any Affiliate (it being understood that the Guarantors and the Obligors are expressly permitted to use common stationery, invoices and checks among the Guarantors and the Obligors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) it has filed, and will continue to file, its own tax returns separate from those of any other Person except to the extent that such Obligor is treated as a "disregarded entity" for tax purposes or is not otherwise required to file tax returns under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) it reasonably expects to maintain adequate capital for its obligations in light of its contemplated business operations; *provided* however, that the foregoing shall not require its respective Member to make additional capital contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) it has not sought, acquiesced in, or suffered or permitted, and will not seek, acquiesce in, or suffer or permit, its liquidation, dissolution or winding up, in whole or in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) except as otherwise permitted hereunder, it will not enter into any transaction of merger or consolidation, sell all or substantially all of its assets, or acquire by purchase or otherwise all or substantially all of the business or assets of, or any stock or beneficial ownership of, any Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) it has not commingled or permitted to be commingled, and will not commingle or permit to be commingled, its funds or other assets with those of any other Person (other than, with respect to the Obligors, each other Obligor, or any such funds as may be held by the Manager, as agent, for each Asset Entity pursuant to the terms of the Management Agreement or any management agreement entered into with the Manager and the other Obligors in connection with a similar financing transaction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) it has maintained, and will maintain, its assets in such a manner that it is not costly or difficult to segregate, ascertain or identify its individual assets from those of any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) it has not held itself out to be responsible for the debts or obligations of any other Person that remain outstanding and will not hold itself out to be responsible for the debts or obligations (other than the Obligations) of any other Person (other than another Obligor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) it has not guaranteed or otherwise become liable in connection with any obligation of any other Person (other than the other Obligors) that remains outstanding, and will not guarantee or otherwise become liable on or in connection with any obligation (other than the Obligations) of any other Person (other than the other Obligors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) it has not pledged its assets to secure obligations of any other Person (other than the other Obligors) that remains outstanding, and will not pledge its assets to secure obligations of any other Person (other than the other Obligors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) it has not held, and, except for funds deposited into the Accounts in accordance with the Transaction Documents, shall not hold, title to its assets other than in its name (including any trade name);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) it has conducted, and will continue to conduct, its business solely in its own name (including any trade name);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) it has observed, and will continue to observe, all corporate, limited partnership or limited liability company, as applicable, formalities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) since the date such Obligor first became a party to the Transaction Documents, it has not formed, acquired or held any subsidiary (other than another Obligor) and will not form, acquire or hold any subsidiary (other than another Obligor).

<u>Section 8.02 Applicable to the Co-Issuers</u>. In addition to its obligations under Section 8.01, and without limiting the provisions of Section 7.20, each of the Co-Issuers hereby represent, warrant and covenant as of the Initial Closing Date and until such time as all Obligations are paid in full:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers shall not, and the Co-Issuers shall not in their capacity as the sole member of any Asset Entity, permit such Asset Entity to, without the prior unanimous written consent of the board of directors of the Co-Issuers, including the independent directors of such board, institute proceedings for any of themselves to be adjudicated bankrupt or insolvent; consent to the institution of bankruptcy or insolvency proceedings against themselves; file a petition seeking, or consent to, reorganization or relief under any applicable federal or state law relating to bankruptcy; seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) for themselves or a substantial part of their property; make or consent to any assignment for the benefit of creditors; or admit in writing their inability to pay their debts generally as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Issuer and the Co-Issuer has and at all times shall maintain at least two independent directors on its board of directors, who shall be selected by its respective Member.

**ARTICLE IX**

**SATISFACTION AND DISCHARGE**

<u>Section 9.01 Satisfaction and Discharge of Indenture</u>. This Indenture shall cease to be of further effect with respect to any Notes of a particular Series (or de-registration and/or registration of Uncertificated Notes) except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or wrongfully taken Notes of a particular Series, (iii) rights of Noteholders of a particular Series to receive payments of principal thereof and interest thereon, (iv) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 11.03 and the obligations of the Indenture Trustee under Section 9.02), and (v) the rights of Noteholders of a particular Series as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Co-Issuers, shall execute proper instruments, to be prepared by the Co-Issuers or their counsel, acknowledging satisfaction and discharge of this Indenture with respect to the Notes of a particular Series, when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Notes of a particular Series theretofore authenticated and delivered (or with respect to Uncertificated Notes, registered) (other than (i) Notes of a particular Series that have been mutilated, destroyed, lost or wrongfully taken and that have been replaced or paid as provided in <u>Section 2.04</u> and (ii) Notes of a particular Series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Co-Issuers and thereafter repaid to the Co-Issuers or discharged from such trust, as provided in <u>Section 7.22</u>) have been delivered to the Indenture Trustee for cancellation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all Notes not theretofore delivered to the Indenture Trustee for cancellation have become due and payable and the Co-Issuers have irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation, for principal and interest to the date of such deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each of the Obligors has paid or caused to be paid all Obligations and other sums due and payable hereunder by the Obligors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Co-Issuers have delivered to the Indenture Trustee an Officer's Certificate, an Opinion of Counsel and (if required by the Indenture Trustee) an Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements of <u>Section 15.01</u> and, subject to <u>Section 15.02</u>, each stating that all conditions precedent provided for in this Indenture relating to the satisfaction and discharge of this Indenture with respect to such Series have been satisfied.

<u>Section 9.02 Application of Trust Money</u>. With respect to such Series, all monies deposited with the Indenture Trustee pursuant to Section 9.01 shall be held in trust and applied by the Indenture Trustee, in accordance with the provisions of the Notes of such Series and this Indenture, to the payment through the Paying Agent to the Holders of the particular Notes of such Series for the payment of which such monies have been deposited with the Indenture Trustee, of all sums due and to become due thereon for the aggregate Note Principal Balance of such Notes and interest but such monies need not be segregated from other funds except to the extent required in this Indenture or required by law.

<u>Section 9.03 Repayment of Monies Held by Paying Agent</u>. With respect to each Series, in connection with the satisfaction and discharge of this Indenture, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Co-Issuers, be paid to the Indenture Trustee to be held and applied according to Section 7.22 and thereupon such Paying Agent shall be released from all further liability with respect to such monies.

**ARTICLE X**

**EVENTS OF DEFAULT; REMEDIES**

<u>Section 10.01 Events of Default</u>. Subject to the standard of care set forth in Section 11.02(a), which standard may require the Indenture Trustee to act, any rights or remedies granted to the Indenture Trustee under this Article X or elsewhere in this Indenture and the other Transaction Documents, upon the occurrence of an Event of Default, are hereby expressly delegated to and assumed by the Servicer, who shall act on behalf of the Indenture Trustee with respect to all enforcement matters relating to any such Event of Default, including, without limitation, the right to institute and prosecute any Proceeding on behalf of the Indenture Trustee and the Noteholders and direct the application of monies held by the Indenture Trustee (to the extent the Indenture Trustee has the discretion hereunder to apply such monies as it deems necessary or appropriate); *provided, however*, that such delegation of authority shall not apply to any matters relating to the Controlling Class Representative set forth in Section 10.05. "<u>Event of Default</u>", wherever used in this Indenture or in any Series Supplement shall mean the occurrence or existence of any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest</u>. Failure of the Co-Issuers to make any payment of interest on the Notes when due on any Payment Date and such failure continues for two Business Days (provided that the failure of the Co-Issuers to pay Accrued Note Interest on Notes (other than Class A Notes) on any Payment Date on which any Class A Notes are Outstanding or to pay Accrued Note Interest on Notes (other than Class A Notes or Class B Notes) on any Payment Date on which any Class A Notes or Class B Notes are Outstanding is not an Event of Default);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Principal</u>. Failure of the Co-Issuers to make any payment of principal of the Notes when due on any Payment Date (*provided* that the failure of the Co-Issuers to pay any optional payments of principal on the Outstanding principal amount on the Class A-1 Notes in accordance with the terms of any Variable Funding Note Purchase Agreement or any principal on any Class A-1 Notes during any VFN Early Amortization Period, any LTV Test Sweep Amount or any Monthly Amortization Amount for which funds are not available in accordance with <u>Section 5.01(b)</u> shall not constitute an Event of Default);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Other Monetary Default</u>. Any monetary default by any Guarantor or any Obligor under any Transaction Document, including failure to pay VFN Undrawn Commitment Fees, Letter of Credit Fees and any other fees expenses and other amounts due to the Holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement, in each case, within the applicable cure period (other than those covered by clause (a) or clause (b) above) (provided that the failure of the Co-Issuers to pay any VFN Undrawn Commitment Fees, any Letter of Credit Fees or any other fees, expenses and other amounts due to the Holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement for which funds are not available in accordance with <u>Section 5.01(b)</u> shall not constitute an Event of Default) or if no cure period is set forth in such Transaction Document, which default continues unremedied for a period of 30 days after receipt by the Co-Issuers of written notice from the Indenture Trustee, the Backup Manager or the Servicer (with a copy to the Indenture Trustee) of such default requiring such default to be remedied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Breach of Reporting Provisions</u>. Failure of any Obligor to perform or comply with any term or condition contained in <u>Section 7.02</u> which continues for a period of 30 days after receipt by the Obligors of written notice from the Indenture Trustee, the Backup Manager or the Servicer (with a copy to the Indenture Trustee) of such failure requiring such failure to be remedied, unless such period is otherwise extended upon request by the Obligors with the consent of the Indenture Trustee (at the direction of the Control Party);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Other Defaults Under Transaction Documents</u>. Any default by any Guarantor or any Obligor in the observance and performance of, or compliance with, any covenant or agreement contained in this Indenture or the other Transaction Documents (other than a default described in another subsection of this <u>Section 10.01</u>) and such default is reasonably likely to cause a Material Adverse Effect and such default shall continue unremedied for a period of 30 days after receipt by the Co-Issuers of written notice from the Indenture Trustee, the Backup Manager, or the Servicer (with a copy to the Indenture Trustee) of such default requiring such default to be remedied; *provided, however*, that if (i) the default is reasonably susceptible of cure but not within such period of 30 days, (ii) the applicable Guarantor or the applicable Obligor, as the case may be, has commenced the cure within such 30 day period and has pursued such cure diligently, and (iii) the applicable Guarantor or the applicable Obligor, as the case may be, delivers to the Indenture Trustee, the Backup Manager and the Servicer evidence of the foregoing, then such period shall be extended for so long as is reasonably necessary for the applicable Guarantor or the applicable Obligor, as the case may be, in the exercise of due diligence to cure such default, but in no event beyond 120 days after the original notice of default; *provided* that the applicable Guarantor or the applicable Obligor, as the case may be, continues to diligently and continuously pursue such cure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Breach of Warranty</u>. Any representation, warranty, certification or other statement made by any Guarantor or any Obligor in any Transaction Document or in any statement or certificate at any time given in writing pursuant to or in connection with any Transaction Document is false as of the date made and such breach is reasonably likely to cause a Material Adverse Effect; *provided* that such breach shall not constitute an Event of Default if such breach is reasonably susceptible of cure and within 45 days after (i) any Guarantor or any Obligor has Knowledge of such breach or (ii) receipt by the applicable Guarantor or the applicable Obligor, as the case may be, of written notice from a Responsible Officer of the Indenture Trustee, the Backup Manager or the Servicer (with a copy to the Indenture Trustee) of such breach, such Guarantor or such Obligor, as the case may be, takes such action as may be required to make such representation, warranty, certification or other statement to be true as made (and, after giving effect to such action, the related breach of such representation, warranty, certification or other statement is actually cured within such 45 day period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Involuntary Bankruptcy; Appointment of Receiver, etc</u>. (i) A court enters a decree or order for relief with respect to any Guarantor or any Obligor, in an Involuntary Bankruptcy, which decree or order is not stayed or other similar relief is not granted under any applicable federal or state law unless dismissed within 90 days; or (ii) the occurrence and continuance of any of the following events for 90 days unless dismissed or discharged within such time: (x) an involuntary case under the Bankruptcy Code or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, is commenced, in which any Guarantor or any Obligor is a debtor or any portion of the Data Center is property of the estate therein, (y) a decree or order of a court for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over any Guarantor or any Obligor, over all or a substantial part of its property, is entered or (z) an interim receiver, trustee or other custodian is appointed without the consent of any Guarantor or any Obligor, as applicable, for all or a substantial part of its property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Voluntary Bankruptcy; Appointment of Receiver, etc</u>. (i) An order for relief is entered with respect to any Guarantor or any Obligor, or any Guarantor or any Obligor commences a voluntary case under the Bankruptcy Code or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case or to the conversion of an involuntary case to a voluntary case under any such law or consents to the appointment of or taking possession by a receiver, trustee or other custodian for any Guarantor or any Obligor, for all or a substantial part of the property of such Guarantor or such Obligor; (ii) any Guarantor or any Obligor makes any assignment for the benefit of creditors; or (iii) the board of directors or other governing body of any Guarantor or any Obligor adopts any resolution or otherwise authorizes action to approve any of the actions referred to in this <u>Section 10.01(h)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Solvency</u>. Any Guarantor or any Obligor ceases to be solvent or admits in writing its present or prospective inability to pay its debts as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Ownership</u>. (x) The Guarantor shall cease to own, directly or indirectly, 100% of the limited liability company or other ownership interests (other than any Class R Interests) in the Issuer, (y) the Co-Guarantor shall cease to own, directly or indirectly, 100% of the limited liability company or other ownership interest (other than any Class R Interests) in the Co-Issuer, or (z) the Issuer or the Co-Issuer, as applicable, shall cease to own, directly or indirectly, 100% of the limited liability company or other ownership interests in each Asset Entity (other than as permitted under this Indenture);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Change of Control</u>. An assignment or a change of control transaction shall occur that results in the termination of, or the exercise of rights or remedies under, one or more Site Leases with respect to the Data Centers that results in the termination of, or other exercise of remedies, under Customer Contracts that directly result in the Annualized Revenue derived from all Customer Contracts (taken as a whole) being reduced by 5.0% or more; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Failure to Appoint Replacement Manager</u>. A Replacement Manager shall not have assumed all of the duties of the Manager within 90 days following the execution of a replacement management agreement in accordance with the Management Agreement, solely due to the failure of the Manager to expressly delegate its duties in the Customer Contracts to the Replacement Manager (including as a result of the failure to obtain the consent of the applicable Customers to such delegation, solely to the extent required by the terms of such Customer Contracts), and such failure is reasonably likely to cause a Material Adverse Effect.

Except with respect to a default order under <u>Section 10.01(d)</u>, if more than one of the foregoing paragraphs shall describe the same condition or event, then the Indenture Trustee shall have the right to select which paragraph or paragraphs shall apply. In any such case, the Indenture Trustee shall have the right (but not the obligation) to designate the paragraph or paragraphs which provide for non-written notice (or for no notice) or for a shorter time to cure (or for no time to cure).

<u>Section 10.02 Acceleration and Remedies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the occurrence and during the continuance of any Event of Default described in any of <u>Section 10.01(g)</u> or <u>Section 10.01(h)</u>, the aggregate Class Principal Balances of all Classes of Outstanding Notes, together with accrued and unpaid interest thereon through the date of acceleration, and all other Obligations shall automatically become immediately due and payable, without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other requirements of any kind, subject to the provisions of <u>Section 15.18</u>. Upon the occurrence and during the continuance of any other Event of Default, the Indenture Trustee shall, at the direction of the Required Global Majority Noteholders, declare all of the Notes immediately due and payable, by written notice to the Co-Issuers. Upon any such declaration, the aggregate Class Principal Balances of all Classes of Outstanding Notes together with accrued and unpaid interest thereon through the date of acceleration, and all other Obligations shall become immediately due and payable, subject to the provisions of <u>Section 15.18</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time after an automatic acceleration of maturity or a declaration of acceleration of maturity has been made and before a judgment or decree for payment of the amount due has been obtained by the Indenture Trustee as hereinafter provided in this <u>Section 10.02</u>, Required Global Majority Noteholders may, with written notice to the Co-Issuers and the Indenture Trustee, rescind and annul such declaration and its consequences; *provided, however*, such rescission or annulment shall be effective only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Co-Issuers have paid or deposited with the Indenture Trustee a sum sufficient to pay:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all payments of the principal of and interest on all Notes and all other Obligations that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) all sums paid or advanced by the Indenture Trustee hereunder and the compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel and other amounts due and owing to the Indenture Trustee pursuant to <u>Section 11.06</u> shall have been paid in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) all Events of Default, other than the nonpayment of the principal and interest of the Notes that has become due solely by such acceleration, have been cured or waived as provided in <u>Section 10.15</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the occurrence and during the continuance of an Event of Default of which a Responsible Officer of the Indenture Trustee has Knowledge, all or any one or more of the rights, powers, privileges and other remedies available to the Indenture Trustee against the Obligors (or the Guarantors) under this Indenture or any of the other Transaction Documents, or at law or in equity, may be exercised by the Indenture Trustee at any time and from time to time, whether or not all or any of the Obligations shall be declared due and payable, and whether or not the Indenture Trustee shall have commenced any action for the enforcement of its rights and remedies under any of the Transaction Documents with respect to the Data Centers, the Assets, the Customer Contracts or the other Collateral and the proceeds from any of the foregoing. Any such actions taken by the Indenture Trustee shall be cumulative and concurrent and may be pursued independently, singly, successively, together or otherwise, at such time and in such order as the Indenture Trustee may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of the Indenture Trustee permitted by law, equity or contract or as set forth herein or in the other Transaction Documents. Without limiting the generality of the foregoing, if an Event of Default is continuing (i) to the fullest extent permitted by law, the Indenture Trustee shall not be subject to any "one action" or "election of remedies" law or rule, and (ii) all Liens and other rights, remedies or privileges provided to the Indenture Trustee shall remain in full force and effect until the Indenture Trustee has exhausted all of its remedies against each Data Center, the Assets, the Customer Contracts and the other Collateral and the proceeds from any of the foregoing or the Obligations have been paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the occurrence and during the continuance of an Event of Default of which a Responsible Officer of the Indenture Trustee has Knowledge, the Indenture Trustee shall have the right from time to time to partially foreclose the Mortgages and other Collateral in any manner and for any amounts secured by the Mortgages and other Collateral then due and payable as determined by the Indenture Trustee (or Servicer on its behalf) in its sole discretion including, without limitation, the following circumstances: (i) in the event the Co-Issuers default beyond any applicable grace period in the payment of one or more scheduled payments of principal and interest, the Indenture Trustee (or Servicer on its behalf) may foreclose the Mortgages and other Collateral to recover such delinquent payments, or (ii) in the event the Indenture Trustee (or Servicer on its behalf) elects to accelerate less than the entire aggregate Class Principal Balances of all Classes of Outstanding Notes, the Indenture Trustee (or Servicer on its behalf) may foreclose the Mortgages or any of them to recover so much of the unpaid principal balances of the Notes as the Indenture Trustee (or Servicer on its behalf) may accelerate and such other sums secured by the Mortgages and other Collateral as the Indenture Trustee (or Servicer on its behalf) may elect. Notwithstanding one or more partial foreclosures, the Data Centers (other than any Non-Mortgaged Data Center) shall remain subject to the Mortgages to secure payment of sums secured by the Mortgages and not previously recovered and any Non-Mortgaged Data Centers shall remain subject to the Lien of this Indenture to secure payment of sums secured by such Collateral and not previously recovered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any amounts recovered from the Data Centers, the Assets, the Customer Contracts or any other Collateral and the proceeds from any of the foregoing for the Notes and other Obligations after an Event of Default shall be applied by the Indenture Trustee toward the payment of any interest and/or principal of the Notes and/or any other amounts due under the Transaction Documents in accordance with the priorities set forth in Article V of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding any provision to the contrary contained in this Indenture, the Indenture Trustee shall not be required to obtain title to the Collateral as a result of or in lieu of foreclosure or otherwise, and shall not otherwise be required to acquire possession of the Collateral subject to foreclosure if, as a result thereof, the Indenture Trustee (i) would be in material violation of any applicable Environmental Laws, or (ii) has a reasonable basis to believe that the Indenture Trustee (or the Servicer on its behalf) or any Noteholder would be considered to be a "mortgagee-in-possession" of, or an "owner" or "operator" of, such real property within the meaning of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended from time to time, or any comparable law, and be subject to material liability under such laws, unless the Indenture Trustee (i) has previously obtained reasonably satisfactory Phase I and, if reasonably recommended by the current Phase I, Phase II environmental assessment reports, subject to any necessary consents (collectively, an "<u>Environmental Assessment</u>") prepared by an independent third-party professional who regularly conducts Environmental Assessments, together with written documentation of the status of remediation efforts, if any, being undertaken with respect to the adverse environmental conditions, if any, existing at or under such Collateral subject to foreclosure and (ii) such foreclosure or otherwise does not expose the Indenture Trustee (or the Servicer on its behalf) to any material loss, liability, claim, cost or expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The rights and remedies set forth in this <u>Section 10.02</u> are in addition to, and not in limitation of, any other right or remedy provided for in this Indenture or any other Transaction Document including, without limitation, the rights and remedies provided for in <u>Section 10.08</u>.

<u>Section 10.03 Performance by the Indenture Trustee</u>. Upon the occurrence and during the continuance of an Event of Default, if any of the Asset Entities, the Co-Issuers, the Guarantors or the Manager shall fail to perform, or cause to be performed, any material covenant, duty or agreement contained in any of the Transaction Documents (subject to applicable notice and cure periods), the Indenture Trustee may, but shall have no obligation to, perform or attempt to perform such covenant, duty or agreement on behalf of such Asset Entity, the Issuer, the Co-Issuer, such Guarantor or the Manager including making protective advances on behalf of any Asset Entities, or, causing the obligations of the Obligors to be satisfied with the proceeds of any Reserve. In such event, the Obligors shall, at the request of the Indenture Trustee, promptly pay to the Indenture Trustee, or reimburse, as applicable, any of the Reserves, any actual amount reasonably expended or disbursed by the Indenture Trustee in such performance or attempted performance, together with interest thereon (including reimbursement of any applicable Reserves), from the date of such expenditure or disbursement, until paid. Any amounts advanced or expended by the Indenture Trustee to perform or attempt to perform any such matter shall be added to and included within the Obligations and shall be secured by all of the Collateral securing the Notes. Notwithstanding the foregoing, it is expressly agreed that neither the Indenture Trustee, the Backup Manager nor the Servicer shall have any liability or responsibility for the performance of any obligation of the Asset Entities, the Co-Issuers, the Guarantors or the Manager under this Indenture or any other Transaction Document, and it is further expressly agreed that no such performance by the Indenture Trustee shall cure any Event of Default hereunder.

<u>Section 10.04 Evidence of Compliance</u>. Promptly following written request by the Indenture Trustee, the Co-Issuers shall, and/or shall cause each Asset Entity, the Guarantor or the Manager to, provide such documents and instruments as shall be reasonably satisfactory to the Indenture Trustee to evidence compliance with any material provision of the Transaction Documents applicable to such entities.

<u>Section 10.05 Controlling Class Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Noteholders (or, in the case of Book-Entry Notes, the Note Owners) of the Controlling Class whose Outstanding Notes represent more than 50.0% of the related Class Principal Balance shall be entitled to select a representative (the "<u>Controlling Class Representative</u>") having the rights and powers specified in the Servicing Agreement and this Indenture (including those specified in <u>Section 10.06</u>) or to replace an existing Controlling Class Representative. Upon (i) the receipt by the Indenture Trustee of written requests for the selection of a Controlling Class Representative from the Noteholders (or, in the case of Book-Entry Notes, the Note Owners) of Outstanding Notes representing more than 50.0% of the Class Principal Balance of the Controlling Class, (ii) the resignation or removal of the Person acting as Controlling Class Representative or (iii) Knowledge by the Indenture Trustee that the Controlling Class has changed, the Indenture Trustee shall promptly notify the Co-Issuers, the Servicer and the Noteholders of the Controlling Class that they may select a Controlling Class Representative. Such notice shall set forth the requirements set forth in this Indenture for selecting a Controlling Class Representative. No appointment of any Person as a Controlling Class Representative shall be effective until such Person provides the Indenture Trustee with written confirmation of its acceptance of such appointment, that it will keep confidential all information received by it as Controlling Class Representative hereunder or otherwise with respect to the Notes, the Assets and/or the Servicing Agreement, an address and facsimile number for the delivery of notices and other correspondence and a list of officers or employees of such Person with whom the parties to the Servicing Agreement may deal (including their names, titles, work addresses and email addresses). No Affiliate of the Issuer or the Co-Issuer may act as Controlling Class Representative. In the event that the Class A Notes are the Controlling Class, the Controlling Class will be comprised of all Class A Notes, collectively, based on the Outstanding principal amounts of such Class A Notes (assuming the full amount of the Class A-1 Commitment Amount that is permitted to be drawn on such date is fully drawn).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Within ten Business Days (or as soon thereafter as practicable if the Controlling Class consists of Book-Entry Notes) of any change in the identity of the Controlling Class Representative of which a Responsible Officer of the Indenture Trustee has Knowledge, the Indenture Trustee shall deliver to the Noteholders of the Controlling Class and the Servicer a notice setting forth the identity of the new Controlling Class Representative and a list of each Noteholder of the Controlling Class, including, in each case, names and addresses. With respect to such information, the Indenture Trustee shall be entitled to rely conclusively on information provided to it by the Noteholders (or, in the case of Book-Entry Notes, by the Depositary, the Depositary Participants or, subject to <u>Section 2.06</u>, the Note Owners) of such Notes, and the Servicer shall be entitled to rely on the information provided in the notice by the Indenture Trustee regarding the identity of the Controlling Class Representative with respect to any obligation or right hereunder that the Servicer may have to deliver information or otherwise communicate with the Controlling Class Representative or any of the Noteholders (or, if applicable, Note Owners) of the Controlling Class. In addition to the foregoing, within two Business Days of the selection, resignation or removal of a Controlling Class Representative, the Indenture Trustee shall notify the parties to this Indenture and the Servicer of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) The Noteholders (or, in the case of Book-Entry Notes, the Note Owners) of the Controlling Class whose Outstanding Notes represent more than 50.0% of the Class Principal Balance of the Controlling Class shall be entitled to remove or replace any existing Controlling Class Representative by giving written notice to the Indenture Trustee and to such existing Controlling Class Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) A Controlling Class Representative may resign at any time by giving written notice to the Indenture Trustee, the Backup Manager, the Servicer and to each Noteholder (or, in the case of the Global Notes, each Note Owner) of the Controlling Class regardless of whether or not a successor Controlling Class Representative has been appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) Once a Controlling Class Representative has been selected pursuant to this <u>Section 10.05</u>, each of the parties to the Servicing Agreement and each Noteholder (or Note Owner, if applicable) shall be entitled to rely on such selection unless a majority of the Noteholders (or, in the case of Book-Entry Notes, the Note Owners) of the Controlling Class, by Class Principal Balance, or such Controlling Class Representative, as applicable, shall have notified the Indenture Trustee and each other party to the Servicing Agreement and each Noteholder (or, in the case of Book-Entry Notes, Note Owner) of the Controlling Class, in writing, of the resignation or removal of such Controlling Class Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) Any and all expenses of the Controlling Class Representative shall be borne by the Noteholders (or, if applicable, the Note Owners) of Notes of the Controlling Class, pro rata according to their respective Percentage Interests in such Class. Notwithstanding the foregoing, if a claim is made against the Controlling Class Representative by a Guarantor or an Obligor with respect to the Servicing Agreement or the Notes, the Controlling Class Representative shall immediately notify the Indenture Trustee, the Backup Manager and the Servicer, whereupon (if the Servicer, the Backup Manager or the Indenture Trustee are also named parties to the same action and, in the sole judgment of the Servicer, (i) the Controlling Class Representative had acted in good faith, without gross negligence or willful misconduct, with regard to the particular matter at issue, and (ii) there is no potential for the Servicer, the Backup Manager or the Indenture Trustee to be an adverse party in such action as regards the Controlling Class Representative) the Servicer on behalf of the Indenture Trustee for the benefit of the Noteholders shall, subject to the Servicing Agreement, assume the defense of any such claim against the Controlling Class Representative (with any costs incurred in connection therewith being deemed to be reimbursable Additional Issuer Expenses).

<u>Section 10.06 Certain Rights and Powers of the Controlling Class Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) At any time that the Servicer proposes to transfer the ownership of a Data Center or the ownership of the direct or indirect equity interests of any of the Asset Entities, the Control Party shall be entitled to advise the Servicer with respect to such transfer, and notwithstanding anything in any other Section of this Indenture to the contrary, but in all cases subject to <u>Section 10.06(b)</u>, the Servicer shall not be permitted to take such action if the Control Party has objected in writing within ten Business Days of having been notified thereof and having been provided with information with respect thereto reasonably requested no later than the fifth Business Day after notice thereof (*provided*, that if such written objection has not been received by the Servicer within such ten Business Day period, then the Control Party's approval will be deemed to have been given).

If the Control Party affirmatively approves or is deemed to have approved in writing such a request, the Servicer will implement the action for which approval was sought. If the Control Party disapproves of such a request within the ten Business Day period referred to in the preceding paragraph, the Servicer must (unless it withdraws the request) revise the request and deliver to the Control Party a revised request promptly and in any event within 30 days after such disapproval. The Servicer will be required to implement the action for which approval was most recently requested (unless such request was withdrawn by the Servicer) upon the earlier of (x) the failure of the Control Party to disapprove a request within ten Business Days after its receipt thereof and (y) (1) the passage of 60 days following the Servicer's delivery of its initial request to the Control Party and (2) the determination by the Servicer in its reasonable good faith judgment that the failure to implement the most recently requested action would violate the Servicer's obligation to act in accordance with the Servicing Standard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Notwithstanding anything herein to the contrary, (i) the Servicer shall not have any right or obligation to consult with or to seek and/or obtain consent or approval from any Controlling Class Representative prior to acting, and provisions of the Servicing Agreement requiring such shall be of no effect, during the period prior to the initial selection of a Controlling Class Representative and, if any Controlling Class Representative resigns or is removed, during the period following such resignation or removal until a replacement is selected and (ii) no advice, direction or objection from or by the Controlling Class Representative, as contemplated by <u>Section 10.06(a)</u>, may (A) require or cause the Servicer to violate applicable law, the terms of the Notes or any provision of the Servicing Agreement, including the Servicer's obligation to act in accordance with the Servicing Standard, (B) expose the Servicer or the Indenture Trustee, or any of their respective Affiliates, officers, directors, members, managers, employees, agents or partners, or the Indenture Trustee, to any claim, suit or liability, or (C) materially expand the scope of the Servicer's responsibilities under the Servicing Agreement. In addition, the Controlling Class Representative may not prevent the Servicer from transferring the ownership of a Data Center or the ownership of any of the direct or indirect equity interests of the Co-Issuers or any of the Asset Entities (including by way of foreclosure on the equity interests of the Co-Issuers or the direct or indirect equity interests of Asset Entities) if the Servicer determines in accordance with the Servicing Standard that such foreclosure would be in the best interest of the Noteholders (taken as a whole). In addition, the Servicer may, at its election, solicit the consent or advice of the Controlling Class Representative for actions by the Servicer which do not require the Controlling Class Representative's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) The Controlling Class Representative shall not be liable to the Noteholders for any action taken, or for refraining from the taking of any action, in good faith pursuant to the Servicing Agreement, or for errors in judgment; *provided, however*, that the Controlling Class Representative shall not be protected against any liability which would otherwise be imposed by reason of willful misconduct, gross negligence or reckless disregard of obligations or duties under the Servicing Agreement. Each Noteholder and Note Owner acknowledges and agrees, by its acceptance of its Notes or interest therein, that the Controlling Class Representative may have special relationships and interests that conflict with those of Noteholders and Note Owners of one or more Classes of Notes, that the Controlling Class Representative may act solely in the interests of the Noteholders and Note Owners of the Controlling Class, that the Controlling Class Representative does not have any duties to the Noteholders and Note Owners of any Class of Notes, that the Controlling Class Representative may take actions that favor the interests of the Noteholders and Note Owners of the Controlling Class over the interests of the Noteholders and Note Owners of one or more other Classes of Notes, that the Controlling Class Representative will not be deemed to have been grossly negligent or reckless, or to have acted in bad faith or engaged in willful misconduct by reason of its having acted solely in the interests of the Controlling Class and that the Controlling Class Representative shall have no liability whatsoever for having so acted, and no Noteholder may take any action whatsoever against the Controlling Class Representative for having so acted or against any director, officer, employee, agent or principal thereof for having so acted.

<u>Section 10.07 Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Subject to the provisions of <u>Section 10.02</u>, upon the acceleration of the maturity of the Notes pursuant to <u>Section 10.02</u>, the Co-Issuers shall pay to the Indenture Trustee, for the benefit of the Holders of the Notes, the aggregate Class Principal Balances of all Classes of Outstanding Notes and accrued and unpaid interest thereon, with interest upon the overdue principal and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest at the rate borne by the relevant Notes and in addition thereto all other Obligations, including, but not limited to, such further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel and other amounts due and owing to the Indenture Trustee pursuant to <u>Section 11.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Subject to the provisions of <u>Section 10.02</u> and <u>Section 15.18</u>, in case the Co-Issuers shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Co-Issuers or the other Obligors and collect in the manner provided by law out of the property of the Co-Issuers or the other Obligors wherever situated, the monies adjudged or decreed to be payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Subject to the provisions of <u>Section 15.18</u>, if an Event of Default occurs and is continuing, the Indenture Trustee may, as more particularly provided in <u>Section 10.08</u>, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or any Series Supplement or in aid of the exercise of any power granted in this Indenture or any Series Supplement, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or any Series Supplement or by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to file and prove a claim or claims for the whole amount of the principal and interest owing and unpaid in respect of Notes, and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for compensation, expenses, disbursements and advances of the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and all other amounts due and owing to the Indenture Trustee pursuant to <u>Section 11.06</u>, all amounts due and owing to the Backup Manager under the Backup Management Agreement and all other amounts due and owing to the Servicer under the Servicing Agreement) and of the Noteholders allowed in such Proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) unless prohibited by applicable law and regulations, to vote on behalf and, at the direction of the Noteholders, in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to collect and receive any monies or other property payable or deliverable on any such claims and to pay all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Noteholders allowed in any judicial proceedings relative to the Issuer, the Co-Issuer or any other Obligor, the creditors of the Issuer, the Co-Issuer or any other Obligor and its property;

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other amounts due and owing to the Indenture Trustee pursuant to <u>Section 11.06</u>, all amounts due and owing to the Backup Manager under the Backup Management Agreement and all other amounts due and owing to the Servicer under the Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) Nothing contained in this Indenture or in any Series Supplement shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any such Noteholder in any such Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person and be a member of a creditors' or other similar committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) Subject to the provisions of <u>Section 15.18</u>, all rights of action and of asserting claims under this Indenture or in any Series Supplement, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee may be brought in its own name and as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements, advances, amounts owed to and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the benefit of the Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture or any Series Supplement to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder a party to any such Proceedings.

<u>Section 10.08 Remedies</u>. If an Event of Default shall have occurred and be continuing, the Indenture Trustee may do one or more of the following (subject to Section 10.02, Section 10.09, and Section 15.18):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this Indenture, any Series Supplement or any other Transaction Document with respect thereto, whether by declaration or otherwise, enforce any judgment obtained and collect from the Issuer, the Co-Issuer and any other Obligor upon such Notes, this Indenture, any Series Supplement or any other Transaction Document monies adjudged due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture or any Series Supplement with respect to the Trust Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) exercise any and all rights and remedies of a secured party under applicable law of any relevant jurisdiction or in equity and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) sell the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) without notice to the Co-Issuers, except as required by law and as otherwise provided in this Indenture, and at any time or from time to time, charge, set-off and otherwise apply all or any part of the Collateral against the Obligations or any part thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) demand, collect, take possession of, receive, settle, compromise, adjust, sue for, foreclose or realize upon the Collateral (or any portion thereof) as the Indenture Trustee may determine.

<u>Section 10.09 Optional Preservation of the Trust Estate</u>. If the maturity of the Notes has been accelerated under Section 10.02 following an Event of Default, and such acceleration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, with the written consent of the Requisite Global Majority Noteholders, elect to maintain possession of the Trust Estate and apply proceeds as if there had been no declaration of acceleration. In determining whether to maintain possession of the Trust Estate, the Indenture Trustee may at the Co-Issuers' expense, but need not, obtain and shall be protected in relying upon an opinion of an Independent investment banking or accounting firm of international reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose.

<u>Section 10.10 Limitation of Suits</u>. Subject to the provisions of Section 15.18, no Noteholder shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture or any Series Supplement or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) such Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Noteholders by an Affirmative Direction have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) such Holder or Holders has offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in complying with such request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) the Indenture Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) no direction inconsistent with such written request has been given to the Indenture Trustee during such 60 day period by the Requisite Global Majority Noteholders.

It is understood and intended that no one or more Noteholders shall have any right in any manner whatsoever by virtue of, or by availing of, any provision of this Indenture or any Series Supplement to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture or any Series Supplement, except in the manner provided in this Indenture.

In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders, each representing less than a majority of the aggregate Class Principal Balances of all Classes of Outstanding Notes, no action shall be taken, notwithstanding any other provisions of this Indenture or any Series Supplement. Notwithstanding any provision of this <u>Section 10.10</u>, the Indenture Trustee shall not take any action or permit any action to be taken that is inconsistent with <u>Section 15.18</u>.

<u>Section 10.11 Unconditional Rights of Noteholders to Receive Principal and Interest</u>. Notwithstanding any other provisions in this Indenture or any Series Supplement, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture or any Series Supplement, and such right shall not be impaired without the consent of such Holder.

<u>Section 10.12 Restoration of Rights and Remedies</u>. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture or any Series Supplement and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted.

<u>Section 10.13 Rights and Remedies Cumulative</u>. Except as provided herein, no right or remedy conferred in this Indenture, in any Series Supplement or in any other Transaction Document upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder, in any Series Supplement or in any other Transaction Document or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, in any Series Supplement, or in any other Transaction Document or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

<u>Section 10.14 Delay or Omission Not a Waiver</u>. No delay or omission of the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or any acquiescence therein. Every right and remedy given by this Article X or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be.

<u>Section 10.15 Waiver of Past Defaults</u>. Prior to the acceleration of the maturity of the Notes as provided in Section 10.02, the Requisite Global Majority Noteholders may waive any past Default or Event of Default and its consequences except (i) a Default (a) in the payment of principal of or interest on any of the Notes or (b) in respect of a covenant or provision hereof that cannot be amended, supplemented or modified without the consent of each Noteholder and (ii) before any such waiver may be effective, the Indenture Trustee and the Servicer must receive any reimbursement then due or payable in respect of any amounts then due to the Servicer or the Indenture Trustee hereunder or under the other Transaction Documents (including, but not limited to, unpaid Additional Issuer Expenses, and all unpaid fees, expenses, and indemnification due to the Servicer and the Indenture Trustee hereunder and under the other Transaction Documents). Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture or any Series Supplement; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto.

<u>Section 10.16 Undertaking for Costs</u>. All parties to this Indenture or any Series

Supplement agree, and each Holder of any Note by such Holder's acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture or any Series Supplement, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant (other than the Co-Issuers) in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorney's fees, against any party litigant (other than the Co-Issuers) in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant (other than the Co-Issuers); but the provisions of this Section 10.16 as may be modified by any Series Supplement shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, representing more than 10.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes or (c) any suit instituted by any Noteholder for the enforcement of the payment of the unpaid principal balance of any Note or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture or any Series Supplement.

<u>Section 10.17 Waiver of Stay or Extension Laws</u>. Each Obligor covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, or plead or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture, any Series Supplement or any Transaction Document; and each Obligor (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not hinder, delay or impede the execution of any power granted in this Indenture to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

<u>Section 10.18 Action on Notes</u>. The Indenture Trustee's right to seek and recover judgment on the Notes or under this Indenture, any Series Supplement or any Transaction Document shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture, any Series Supplement or any Transaction Document. No rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or the Co-Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the Assets of the Issuer or the Co-Issuer.

<u>Section 10.19 Waiver</u>. Each of the Issuer and the Co-Issuer hereby expressly waives, to the fullest extent permitted by law, presentment, demand, protest or any notice of any kind in connection with this Indenture or the Collateral. Each of the Issuer and the Co-Issuer acknowledges and agrees that 10 days' prior written notice of the time and place of any public sale of the Collateral or any other intended disposition thereof shall be reasonable and sufficient notice to the Issuer or the Co-Issuer, as applicable, within the meaning of the UCC.

**ARTICLE XI**

**THE INDENTURE TRUSTEE**

<u>Section 11.01 Shared Facilities</u>. At any time, and from time to time, while any of the Notes remain Outstanding, at the Issuer's or the Co-Issuer's direction, the Indenture Trustee shall enter into a non-disturbance agreement or other similar agreement, in form and substance reasonably satisfactory to the Servicer, relating to the shared use of Shared Facilities with third parties or Affiliates of the Co-Issuers that are not Asset Entities, which agreement will provide, among other things, that in the event the Indenture Trustee commences a foreclosure or other action, or otherwise exercises any other remedies against any Obligor, the Indenture Trustee will not disturb, terminate or otherwise interfere with the rights of any third parties or Affiliates of the Co-Issuers that are not Asset Entities to use or access the Shared Facilities.

<u>Section 11.02 Duties of Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee, prior to the occurrence of an Event of Default of which a Responsible Officer of the Indenture Trustee has Knowledge and after the curing or waiving of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and shall be liable in accordance herewith only to the extent of such duties. If an Event of Default of which a Responsible Officer of the Indenture Trustee has Knowledge occurs and is continuing, the Indenture Trustee (or the Servicer on its behalf) shall exercise such of the rights and powers vested in it by this Indenture, any Series Supplement and any other Transaction Document, and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of its own affairs. Any permissive right of the Indenture Trustee contained in this Indenture, any Series Supplement or any other Transaction Document shall not be construed as a duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Indenture Trustee which are specifically required to be furnished pursuant to any provision of this Indenture, any Series Supplement or any other Transaction Document, the Indenture Trustee shall examine them to determine whether they conform on their face to the requirements of this Indenture, such Series Supplement or such other Transaction Document. If any such instrument is found not to conform on its face to the requirements of this Indenture, such Series Supplement or such other Transaction Document in a material manner, the Indenture Trustee shall request the person providing such instrument to correct such instrument. The Indenture Trustee shall not be responsible or liable for the accuracy or content of any resolution, certificate, statement, opinion, report, document, order or other instrument furnished by the Co-Issuers, the Guarantors, the Asset Entities, the Manager, the Backup Manager, the Servicer, any actual or prospective Noteholder or Note Owner or any Rating Agency, and accepted by the Indenture Trustee in good faith, pursuant to this Indenture, any Series Supplement or any other Transaction Document. The Indenture Trustee shall not be responsible for recomputing, recalculating, certifying or verifying any information provided by the Servicer, the Backup Manager or the Manager pertaining to any Monthly Report, any other report, distribution statement, Officer's Certificate, instrument or document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No provision of this Indenture shall be construed to relieve the Indenture Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct; *provided, however*, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Prior to the occurrence of an Event of Default of which a Responsible Officer of the Indenture Trustee has Knowledge, and after the curing or waiving of all Events of Default which may have occurred, the duties and obligations of the Indenture Trustee shall be determined solely by the express provisions of this Indenture, the Indenture Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture or any Series Supplement and no implied covenants or obligations shall be read into this Indenture or any Series Supplement against the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the absence of bad faith on the part of the Indenture Trustee, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates, reports, or opinions or other documents furnished to the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Indenture Trustee shall not be liable for any actions taken or error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Indenture Trustee unless it shall be proved that the Indenture Trustee was negligent in ascertaining the pertinent facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Indenture Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by the Indenture Trustee, in good faith in accordance with this Indenture or the direction of Noteholders representing more than 25.0% (or, as to any particular matter, any higher percentage as may be specifically provided for hereunder) of the aggregate Class Principal Balances of all Classes of Outstanding Notes relating to the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred upon the Indenture Trustee, under this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Indenture Trustee shall not be required to act or to take notice or be deemed to have notice or knowledge of, or to give any notice of, a default, event (including any Event of Default or Servicer Termination Event) or information unless either (1) a Responsible Officer shall have Knowledge of such default, event (including any Event of Default or Servicer Termination Event) or information or (2) written notice of such Event of Default or Servicer Termination Event referring to the Notes, this Indenture and any Series Supplement shall have been received by a Responsible Officer in accordance with the provisions of this Indenture and any Series Supplement and shall have no duty to take any action to determine whether any such event or default has occurred. In the absence of receipt of such notice or Knowledge, the Indenture Trustee may conclusively assume that there is no default, Event of Default or Servicer Termination Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Subject to the other provisions of this Indenture, and without limiting the generality of this <u>Section 11.02</u>, the Indenture Trustee shall not have any duty, (A) to cause any recording, filing, or depositing of this Indenture or any Series Supplement or any agreement referred to herein or therein or any financing statement or continuation statement evidencing a security interest, or to cause the maintenance of any such recording or filing or depositing or to any rerecording, refiling or redepositing of any thereof, (B) to see to or cause the maintenance of any insurance, (C) to confirm or verify the truth, accuracy or contents of any reports, certificates or other documentation of the Co-Issuers, the Guarantors, the Asset Entities, the Manager, the Backup Manager, the Servicer, any Noteholder or Note Owner or any Rating Agency, delivered to the Indenture Trustee pursuant to this Indenture reasonably believed by the Indenture Trustee to be genuine and without manifest error and to have been signed or presented by the proper party or parties (*provided, however*, the Indenture Trustee may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Indenture Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer, the Co-Issuer and any Asset Entity personally or by agent or attorney), and (D) to see to the payment of any assessment or other governmental charge or any Lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Collateral other than from funds available in the Collection Account (*provided*, that such assessment, charge, Lien or encumbrance did not arise out of the Indenture Trustee's willful misconduct, bad faith or negligence).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) None of the provisions contained in this Indenture or any Series Supplement shall in any event require the Indenture Trustee to perform, or be responsible for the manner of performance of, any of the obligations of the Servicer under the Servicing Agreement except during such time, if any, as the Indenture Trustee shall be successor to, and be vested with the rights, duties, powers and privileges of, the Servicer in accordance with the terms of this Indenture and the Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The rights, protections, immunities and indemnities given to the Indenture Trustee hereunder are extended to and shall be enforceable by the Person acting as Indenture Trustee hereunder in each of its other capacities hereunder and as Indenture Trustee under the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) If the same Person is acting as Indenture Trustee and Note Registrar, then any notices required to be given by such Person in one such capacity shall be deemed to have been timely given to itself in any other such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Indenture Trustee is hereby directed to execute and deliver any Transaction Document to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing with the Co-Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law, this Indenture or any Series Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Every provision in this Indenture and any Series Supplement that in any way relates to the Indenture Trustee is subject to paragraphs (a) through (f) of this <u>Section 11.02</u>.

<u>Section 11.03 Certain Matters Affecting the Indenture Trustee</u>. Except as otherwise provided in Section 11.02:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Indenture Trustee may conclusively rely upon and shall be protected in acting or refraining from acting upon any resolution, Officers' Certificate, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine and without manifest error and to have been signed or presented by the proper party or parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Indenture Trustee may consult with counsel and any advice or opinion of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder in good faith and in accordance therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Indenture Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Indenture or any Series Supplement or to make any investigation of matters arising hereunder or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Noteholders, unless such Noteholders shall have provided to the Indenture Trustee security or indemnity reasonably satisfactory to the Indenture Trustee against the costs, expenses and liabilities which may be incurred therein or thereby; the Indenture Trustee shall not be required to expend or risk its own funds (except to pay allocable overhead, such as costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses and similar internal costs and expenses) or otherwise incur any liability (financial or otherwise) in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Indenture Trustee shall not be liable for any action reasonably taken, suffered or omitted by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture on any Series Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by Noteholders representing more than 25.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes; *provided, however*, the Indenture Trustee may require an indemnity reasonably satisfactory to the Indenture Trustee against such expense or liability as a condition to taking any such action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Indenture Trustee shall not be required to give any bond or surety in respect of the execution of the trusts created hereby or the powers granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Indenture Trustee may execute any of the trusts or powers vested in it by this Indenture or any Series Supplement and may perform any of its duties hereunder, either directly or by or through agents, attorneys, or custodians, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of any such agent, attorney, or custodian appointed by the Indenture Trustee with due care; *provided*, that the use of agents, attorneys, or custodians shall not be deemed to relieve the Indenture Trustee of any of its duties and obligations hereunder (except as expressly set forth herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Indenture Trustee shall not be responsible for any act or omission of the Servicer (unless, in the case of the Indenture Trustee, it is acting as Servicer), the Manager, the Issuer, the Co-Issuer or any other party to the Transaction Documents and may assume compliance by such parties with their obligations under this Indenture or any related agreements, unless a Responsible Officer of the Indenture Trustee shall have received written notice to the contrary at the Corporate Trust Office of the Indenture Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Indenture Trustee shall not have any obligation or duty to monitor, determine or inquire as to compliance with any restriction on transfer imposed under Article II under this Indenture or under applicable law with respect to any transfer of any Note or any interest therein, other than to require delivery of the certification(s) and/or Opinions of Counsel described in said Article applicable with respect to changes in registration or record ownership of Notes in the Note Register and to examine the same to determine substantial compliance with the express requirements of this Indenture; and the Indenture Trustee and the Note Registrar shall have no liability for transfers, including transfers made through the book-entry facilities of the Depositary or between or among Depositary Participants or Note Owners of the Notes, made in violation of applicable restrictions except for its failure to perform its express duties in connection with changes in registration or record ownership in the Note Register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j) the Indenture Trustee shall not be liable for any losses on investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) in order to comply with laws, rules, regulation and executive orders in effect from time to time including those relating to the funding of terrorist activities and money laundering, the Indenture Trustee may be required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Indenture Trustee, and accordingly, each of the parties hereto agrees to provide the Indenture Trustee upon its reasonable request from time to time such identifying information and documentation as may be reasonably available for such party in order to enable the Indenture Trustee to comply with the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) whenever in the administration of the provisions of this Indenture or any Series Supplement the Indenture Trustee shall deem it necessary (in good faith) that a matter be proved or established as a matter of fact prior to taking or suffering any action or refraining from taking any action, the Indenture Trustee may require an Officer's Certificate or an Opinion of Counsel from the party requesting that the Indenture Trustee act or refrain from acting in form and substance acceptable to the Indenture Trustee, the costs of which (including the Indenture Trustee's reasonable attorney's fees and expenses) shall be paid by the party requesting that the Indenture Trustee act or refrain from acting. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer's Certificate or Opinion of Counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) in no event shall the Indenture Trustee be liable for any failure or delay in the performance of its obligations under any Transaction Document because of circumstances beyond the Indenture Trustee's control, including, but not limited to, a failure, termination, or suspension of a clearing house, securities depositary, settlement system or central payment system in any applicable part of the world or acts of God, flood, war (whether declared or undeclared), civil or military disturbances or hostilities, nuclear or natural catastrophes, political unrest, explosion, severe weather or accident, earthquake, terrorism, fire, riot, labor disturbances, strikes or work stoppages for any reason, embargo, government action, including any laws, ordinances, regulations or the like (whether domestic, federal, state, county or municipal or foreign) which delay, restrict or prohibit the providing of the services contemplated by the Transaction Documents, or the unavailability of communications or computer facilities, the failure of equipment or interruption of communications or computer facilities, or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility, or any other causes beyond the Indenture Trustee's control whether or not of the same class or kind as specified above; *provided* that upon the occurrence of any of the foregoing events, the Indenture Trustee shall use commercially reasonable efforts to resume performance of its obligations as soon as practicable under the circumstances, and, other than if Knowledge of such circumstances is otherwise available to the Co-Issuers and the Servicer, the Indenture Trustee shall provide the Co-Issuers and the Servicer notice of any failure or delay by it as a result of any of the foregoing events as soon as practicable under the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the Indenture Trustee shall not be liable for failing to comply with its obligations under any Transaction Document in so far as the performance of such obligations is dependent upon the timely receipt of instructions and/or other information from any other Person which are not received or not received by the time required or contain errors or are otherwise incomplete or deficient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Indenture Trustee shall be fully justified in failing or refusing to take any action under any Transaction Document if such action (A) would be contrary to applicable law or any Transaction Document or (B) is not provided for in the Transaction Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Knowledge of the Indenture Trustee shall not be attributed or imputed to Wilmington's other roles in the transaction and knowledge of the Paying Agent or the Note Registrar shall not be attributed or imputed to each other or to the Indenture Trustee (other than those where the roles are performed by the same group or division within Wilmington or otherwise share the same Responsible Officers), or any Affiliate, line of business, or other division of Wilmington (and vice versa).

<u>Section 11.04 Indenture Trustee's Disclaimer</u>. The Indenture Trustee (i) shall not be responsible for, and makes no representation, as to the validity, legality, enforceability, sufficiency or adequacy of this Indenture, any Series Supplement, any other Transaction Document or the Notes or as to the correctness of any statement contained therein and (ii) shall not be accountable for the Issuer's or the Co-Issuer's use of the Notes, the proceeds from the Notes, or responsible for any statement of the Issuer or the Co-Issuer in this Indenture, any Series Supplement, any other Transaction Document or in any document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee's certificate of authentication. The recitals contained herein and in the Notes shall be construed as the statements of the Co-Issuers.

<u>Section 11.05 Indenture Trustee May Own Notes</u>. The Indenture Trustee (in its individual or any other capacity) or any of its respective Affiliates may become the owner or pledgee of Notes with (except as otherwise provided in the definition of "<u>Noteholder</u>") the same rights it would have if it were not the Indenture Trustee or one of its Affiliates, as the case may be.

<u>Section 11.06 Fees and Expenses of Indenture Trustee; Indemnification of the Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each Payment Date, the Indenture Trustee shall withdraw funds on deposit in the Collection Account and pay to itself pursuant to <u>Section 5.01(a)(ii)</u> the Indenture Trustee Fee due on such Payment Date as compensation for all services rendered by the Indenture Trustee hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indenture Trustee and any of its Affiliates, directors, officers, employees or agents shall be entitled to be indemnified and held harmless out of the funds available therefor pursuant to <u>Section 5.01(a)</u> for and against any fee, loss, liability, claim, costs or expense (including, without limitation, any reasonable attorneys' fees and expenses, including those incurred in connection with any enforcement, claim or action brought by any such person of any indemnification or other obligation of the Co-Issuers or any other Person pursuant to the Transaction Documents) arising out of, or incurred in connection with, this Indenture, the Notes, (unless, in the case of the Indenture Trustee, it incurs any such expense or liability in the capacity of successor servicer, in which case such expense or liability will be reimbursable thereto in the same manner as it would be for any other Servicer in accordance with the Servicing Agreement) or any act or omission of the Indenture Trustee relating to the exercise and performance of any of the rights and duties of the Indenture Trustee hereunder or under (i) any other Transaction Document or (ii) any estoppel certificate, landlord consent, waiver or subordination and non-disturbance agreement and related real estate documents in connection with any Data Center; *provided, however*, that none of the Indenture Trustee or any of the other above specified Persons shall be entitled to indemnification or reimbursement pursuant to this <u>Section 11.06(b)</u> for (1) any expense that constitutes allocable overhead, such as costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses and similar internal costs and expenses or (2) any loss, liability, damage, claim or expense by reason of any breach on the part of the Indenture Trustee of any of its representations or warranties contained herein or any willful misconduct, bad faith or negligence in the performance of such Person's obligations and duties hereunder. Without limiting the foregoing, the Co-Issuers agree to indemnify and hold harmless the Indenture Trustee and its Affiliates from and against any liability (including for taxes, penalties or interest asserted by any taxing jurisdiction) arising from amounts on deposit in the Collection Account or any income in respect thereof. The Indenture Trustee shall notify the Co-Issuers promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Co-Issuers shall not relieve the Co-Issuers of their obligations hereunder. To the extent the Indenture Trustee (or the Servicer on its behalf) renders services or incurs expenses after an Event of Default specified in <u>Section 10.01(g)</u> or <u>Section 10.01(h)</u>, the compensation for services and expenses incurred by it are intended to constitute expenses of administration under any applicable federal, state or foreign bankruptcy, insolvency or other similar law now or hereafter in effect. The Indenture Trustee (for itself and on behalf of the Servicer) shall have a Lien on the Collateral, as governed by this Indenture, to secure the obligations of the Co-Issuers under this <u>Section 11.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything in this Indenture to the contrary, in no event shall the Indenture Trustee be liable for special, indirect, punitive or consequential damages of any kind whatsoever (including but not limited to lost profits), even if the Indenture Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This <u>Section 11.06</u> shall survive the termination or assignment of this Indenture or the resignation or removal of the Indenture Trustee as regards rights and obligations prior to such termination, resignation or removal.

<u>Section 11.07 Eligibility Requirements for Indenture Trustee</u>. The Indenture Trustee hereunder shall not be an Affiliate of the Servicer or any Asset Entity (unless the Indenture Trustee is a successor servicer) and shall at all times be a corporation, bank, trust company or association that: (i) is organized and doing business under the laws of the United States of America or any state thereof or the District of Columbia and authorized under such laws to exercise corporate trust powers; (ii) has a combined capital and surplus of at least $100,000,000; and (iii) is subject to supervision or examination by federal or state authority. If such corporation, bank, trust company or association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation, bank, trust company or association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In addition: (i) the Indenture Trustee shall at all times meet the requirements of Section 26(a)(1) of the Investment Company Act; and (ii) the Indenture Trustee may not have any affiliations or act in any other capacity with respect to the transactions contemplated hereby that would cause PTE 90-24 or PTE 93-31 (in each case as amended by PTE 2000-58 and PTE 2002-41) to be unavailable with respect to any Class of Notes that it would otherwise be available in respect of. Furthermore, the Indenture Trustee shall at all times maintain (or shall have caused to have been appointed a fiscal agent that at all times maintains) (i) a long-term unsecured debt rating of no less than a rating commonly regarded as "investment grade" from Moody's and (ii) a short-term unsecured debt rating of no less than a rating commonly regarded as "investment grade" from Moody's, and a long-term unsecured debt rating of no less than a rating commonly regarded as "investment grade" by Fitch Ratings Inc. The corporation, bank, trust company or association serving as Indenture Trustee may have normal banking and trust relationships with the Asset Entities, the Servicer and their respective Affiliates but, except to the extent permitted or required by the Servicing Agreement, shall not be an "<u>Affiliate</u>" (as such term is defined in Section III of PTE 2000-58) of the Servicer, any sub-servicer, any Initial Purchaser, any Placement Agent, any Passive Bookrunner, any Co-Manager, the Issuer, the Co-Issuer and the Asset Entities or any "<u>Affiliate</u>" (as such term is defined in Section III of PTE 2000-58) of any such Persons.

<u>Section 11.08 Resignation and Removal of Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee may at any time resign and be discharged from its obligations and duties created hereunder with respect to one or more or all Series of Notes by giving not less than 60 days' prior written notice thereof to the other parties to this Indenture, the Backup Manager, the Servicer and all of the Noteholders. Upon receiving such notice of resignation, the Co-Issuers shall use their best efforts to promptly appoint a successor indenture trustee meeting the eligibility requirements of <u>Section 11.07</u> by written instrument, in duplicate, which instrument shall be delivered to the resigning Indenture Trustee and to the successor indenture trustee. A copy of such instrument shall be delivered to the other parties to this Indenture and the Servicer by the Co-Issuers. If no successor indenture trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Indenture Trustee may petition any court of competent jurisdiction for the appointment of a successor indenture trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time the Indenture Trustee shall cease to be eligible in accordance with the provisions of <u>Section 11.07</u> and shall fail to resign after written request therefor by the Co-Issuers, the Manager, the Backup Manager or the Servicer, or if at any time the Indenture Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Indenture Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Indenture Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or if the Indenture Trustee's continuing to act in such capacity would (as confirmed in writing to the Co-Issuers by any Rating Agency) result in the qualification, downgrade or withdrawal of the rating then assigned to any Class of Notes rated by such Rating Agency (or the placing of such Class of Notes on negative credit watch or ratings outlook negative status in contemplation of any such action with respect thereto), then the Co-Issuers or the Requisite Global Majority Noteholders may remove the Indenture Trustee and appoint a successor indenture trustee by written instrument, in duplicate, which instrument shall be delivered to the Indenture Trustee so removed and to the successor indenture trustee. A copy of such instrument shall be delivered to the other parties to this Indenture and the Servicer by the Co-Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Requisite Global Majority Noteholders may at any time (with or without cause, but if without cause, upon 60 days' written notice) remove the Indenture Trustee and appoint a successor indenture trustee by written instrument or instruments, in triplicate, signed by such holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to each of the Co-Issuers, one complete set to the Indenture Trustee so removed, and one complete set to the successor indenture trustee so appointed. All expenses incurred by the Indenture Trustee in connection with its transfer of all documents relating to the Notes to a successor indenture trustee following the removal of the Indenture Trustee without cause pursuant to this <u>Section 11.08(c)</u> shall be reimbursed to the removed Indenture Trustee within 30 days of demand therefor, such reimbursement to be made by the Noteholders that terminated the Indenture Trustee; *provided, however*, that if such Noteholders do not reimburse the Indenture Trustee within such 30 day period, such expenses shall be reimbursed as Additional Issuer Expenses. A copy of such instrument shall be delivered to the other parties to this Indenture and the Servicer by the successor indenture trustee so appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any resignation or removal of the Indenture Trustee and appointment of a successor indenture trustee pursuant to any of the provisions of this <u>Section 11.08</u> shall not become effective until acceptance of appointment by the successor indenture trustee as provided in <u>Section 11.09</u>.

<u>Section 11.09 Successor Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any successor indenture trustee appointed as provided in <u>Section 11.08</u> shall execute, acknowledge and deliver to the Co-Issuers, the Servicer and its predecessor indenture trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor indenture trustee shall become effective and such successor indenture trustee, without any further act, deed or conveyance, shall become fully vested with all of the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named as indenture trustee herein. The predecessor indenture trustee shall deliver to the successor indenture trustee all documents relating to the Notes held by it hereunder, and the Co-Issuers, the Servicer and the predecessor indenture trustee shall execute and deliver such instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor indenture trustee all such rights, powers, duties and obligations, and to enable the successor indenture trustee to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No successor indenture trustee shall accept appointment as provided in this <u>Section 11.09</u> unless at the time of such acceptance such successor indenture trustee shall be eligible under the provisions of <u>Section 11.07</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon acceptance of appointment by a successor indenture trustee as provided in this <u>Section 11.09</u>, such successor indenture trustee shall mail notice of the succession of such indenture trustee hereunder to the Co-Issuers, the Servicer and the Noteholders.

<u>Section 11.10 Merger or Consolidation of Indenture Trustee</u>. Any entity into which the Indenture Trustee may be merged or converted or with which it may be consolidated or any entity resulting from any merger, conversion or consolidation to which the Indenture Trustee shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of the Indenture Trustee shall be the successor of the Indenture Trustee hereunder; *provided*, such entity shall be eligible under the provisions of Section 11.07, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

<u>Section 11.11 Appointment of Co-Indenture Trustee or Separate Indenture Trustee.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provisions hereof, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any of the Notes or property securing the same may at the time be located, for enforcement actions and where a conflict of interest exists, the Indenture Trustee shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Indenture Trustee to act as co-indenture trustee or co-indenture trustees, jointly with the Indenture Trustee, or separate indenture trustee or separate indenture trustees, of the Notes, and to vest in such Person or Persons, in such capacity, such title to the Notes, or any part thereof, and, subject to the other provisions of this <u>Section 11.11</u>, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-indenture trustee or separate indenture trustee hereunder shall be deemed an agent of the Indenture Trustee or be required to meet the terms of eligibility as a successor indenture trustee under <u>Section 11.07</u>, and no notice to holders of Notes of the appointment of co-indenture trustee(s) or separate indenture trustee(s) shall be required under <u>Section 11.09</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of any appointment of a co-indenture trustee or separate indenture trustee pursuant to this <u>Section 11.11</u>, all rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate indenture trustee or co-indenture trustee jointly, except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed (whether as Indenture Trustee hereunder or when acting as successor servicer under the Servicing Agreement), the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations shall be exercised and performed by such separate indenture trustee or co-indenture trustee solely at the direction of the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate indenture trustees and co-indenture trustees, as effectively as if given to each of them. Every instrument appointing any separate indenture trustee or co-indenture trustee shall refer to this Indenture and the conditions of this Article XI. Each separate indenture trustee and co-indenture trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all of the provisions of this Indenture and any Series Supplement, specifically including every provision of this Indenture and any Series Supplement relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any separate trustee or co-trustee may, at any time, constitute the Indenture Trustee, its agent or attorney-in-fact, with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture or any Series Supplement on its behalf and in its name. The Indenture Trustee shall not be responsible or liable for any act, inaction or the appointment of any such trustee or co-trustee. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The appointment of a co-trustee or separate trustee under this <u>Section 11.11</u> shall not relieve the Indenture Trustee of its duties and responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent any Additional Notes that are denominated in Canadian dollars are issued and/or Data Centers located in Canada are added as Additional Data Centers, the Co-Issuers shall appoint a third-party paying agent for purposes of holding accounts and funds located in Canada and facilitating payments and allocations of amounts paid or payable in Canadian dollars. For the avoidance of doubt, the Indenture Trustee shall have no duties or obligations with respect to acting as paying agent with respect to funds or accounts denominated in Canadian dollars or any obligation or liability with respect to eligibility of any Additional Notes denominated in Canadian dollars.

<u>Section 11.12 Access to Certain Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee shall afford to the Co-Issuers, the Servicer, the Backup Manager, each Rating Agency and any banking or insurance regulatory authority that may exercise authority over any Noteholder or Note Owner, access on a password protected website (currently www.wilmingtontrustconnect.com) to any documentation reasonably requested regarding the Notes that are in its possession. Such access shall be afforded without charge but only upon reasonable prior written request and during normal business hours at the Corporate Trust Office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indenture Trustee shall maintain at the Corporate Trust Office and, upon reasonable prior written request and during normal business hours, shall make available, or cause to be made available, for review by the Co-Issuers, the Rating Agencies and, subject to the satisfaction of the conditions set forth in <u>Section 11.12(c)</u>, any Holder of a Note of any Series, any Note Owner of a Note of any Series or any Person identified to the Indenture Trustee as a prospective Transferee of a Note of any Series or an interest therein (a "<u>Requesting Party</u>"), originals and/or copies of the following items (to the extent that such items were prepared by or delivered to the Indenture Trustee):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) the Offering Memorandum relating to such Series of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) this Indenture, and the Series Supplement relating to such Series of Notes and any amendments and exhibits hereto or thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) the Cash Management Agreement and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) the Servicing Agreement and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) the Management Agreement and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vi) the Backup Management Agreement and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (vii) the Holdco Guaranties and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (viii) the Contribution Agreements and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) all Monthly Reports, Indenture Trustee Reports, Rent Rolls and any other schedules actually delivered or otherwise made available to Noteholders pursuant to <u>Section 11.12(e)</u> since the Closing Date with respect to such Series of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the most recent audited or unaudited consolidated Financial Statements of the Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (xi) the most recent appraisals with respect to the Data Centers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any other information in the possession of the Indenture Trustee that may be necessary to satisfy the requirements of subsection (d)(4)(i) of Rule 144A under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) The Indenture Trustee shall make available on a password protected website (currently www.wilmingtontrustconnect.com) copies of any and all of the foregoing items to any of the Persons set forth in the previous sentence promptly following request therefor by such Person; *provided, however*, that except in the case of the Rating Agencies, the Indenture Trustee shall be permitted to require payment of a sum sufficient to cover the reasonable costs and expenses of providing such copies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon reasonable advance notice and at the expense of the Co-Issuers, the Indenture Trustee shall make available on a password protected website (currently www.wilmingtontrustconnect.com) to such Requesting Party copies of the documents and information described in clauses (i) through (xi) of <u>Section 11.12(b)</u>; *provided*, that the Requesting Party furnish to the Indenture Trustee a written certification substantially in the form attached hereto as Exhibit D-1, in the case of a Requesting Party that is a Holder of a Note or a Note Owner, or Exhibit D-2, in the case of a Requesting Party that is a prospective Transferee of a Note or an interest therein, to the effect that (x) in the case of a Noteholder, such Person or entity will keep such information confidential (except that any Noteholder may provide any such information obtained by it to any other person or entity that holds or is contemplating the purchase of any Note or interest therein; *provided* that such other person or entity confirms to such Noteholder in writing such Ownership Interest or prospective Ownership Interest and agrees to keep such information confidential); (y) in the case of a Note Owner, such person or entity is a Beneficial Owner of Notes held in book-entry form and will keep such information confidential (except that such Note Owner may provide such information to any other Person or entity that holds or is contemplating the purchase of any Note or interest therein; *provided* that such other person or entity confirms to such Note Owner in writing such Ownership Interest or prospective Ownership Interest and agrees to keep such information confidential) and (z) in the case of a Person identified to the Indenture Trustee as a prospective Transferee of a Note or an interest therein, such person or entity is a bona fide prospective purchaser of a Note or an interest therein, is requesting the information for use in evaluating a possible investment in Notes and will otherwise keep such information confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Based on information provided in the Monthly Report, which Monthly Report is delivered to the Indenture Trustee, the Backup Manager and the Servicer not later than four Business Days prior to each Scheduled Application Date, the Indenture Trustee shall compile a report specifying the payments made in respect of the Notes on each Payment Date, a restatement of the calculation of the DSCR as of the last day of the preceding calendar month and the three-month average DSCR as of the last day of the preceding calendar month and such comments as may be required pursuant to <u>Section 2.09(e)</u> of the Servicing Agreement (the "<u>Indenture Trustee Report</u>"), substantially in the form attached as Exhibit<u> </u>E.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Indenture Trustee shall make available to the Noteholders the following reports received by the Indenture Trustee pursuant to this Indenture on a password protected website (currently www.wilmingtontrustconnect.com):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on or before the first Payment Date after the Initial Closing Date, the information required by Section 4(c)(1)(ii) of the U.S. Risk Retention Rules (as delivered to the Indenture Trustee by the Co-Issuers and for which the Indenture Trustee shall have no obligation or liability with respect thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on or before each Payment Date, a copy of the Monthly Report and the Indenture Trustee Report for such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as promptly as practicable after receipt, a copy of the Financial Statements for each fiscal year of the Co-Issuers delivered to the Indenture Trustee pursuant to <u>Section 7.02(a)(i)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) as promptly as practicable after receipt, a copy of the Financial Statements for each fiscal quarter of the Co-Issuers delivered to the Indenture Trustee pursuant to <u>Section 7.02(a)(ii)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) as promptly as practicable after receipt, a copy of the Rent Roll and any schedules for each fiscal quarter of the Co-Issuers delivered to the Indenture Trustee pursuant to <u>Section 7.02(a)(iii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Indenture Trustee shall not be liable for providing or disseminating information in accordance with the terms of this Indenture.

**ARTICLE XII**

**NOTEHOLDERS' LISTS, REPORTS AND MEETINGS**

<u>Section 12.01 Co-Issuers to Furnish Indenture Trustee Names and Addresses of Noteholders</u>. The Co-Issuers shall furnish or cause to be furnished, to the Indenture Trustee (a) not more than three Business Days prior to each Payment Date a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Holders of Definitive Notes as of such date and (b) at such other times as the Indenture Trustee may request in writing, within 30 days after receipt by the Co-Issuers of any such request, a list of similar form and content as of a date not more than 10 days prior to the time such list is furnished; *provided, however*, that the Co-Issuers shall not be required to furnish such list so long as the Indenture Trustee is the Note Registrar.

<u>Section 12.02 Preservation of Information; Communications to Noteholders</u>. The Indenture Trustee shall cause the Note Registrar to preserve in as current a form as is reasonably practicable, the names and addresses of Holders of Definitive Notes received by the Note Registrar and the names and addresses of the Holders of Definitive Notes contained in the most recent list furnished to the Indenture Trustee as provided in Section 12.01. The Indenture Trustee may destroy any list furnished to it as provided in such Section 12.01 upon receipt of a new list so furnished.

<u>Section 12.03 Voting by Noteholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 100% of the Voting Rights will be allocated among the respective Classes of Notes according to the ratio of the Class Principal Balance of each Class of Outstanding Notes to the aggregate Class Principal Balances of all Classes of Outstanding Notes. Voting Rights allocated to a Class of Notes will be allocated among the Notes of such Class in proportion to the Percentage Interest in such Class evidenced thereby. Notes held by the Issuer or the Co-Issuer or any of their respective Affiliates shall be deemed not to be Outstanding in determining Voting Rights. In the event that the Class A Notes are the Controlling Class, the Controlling Class will be comprised of all Class A Notes, collectively, based on the Outstanding principal amounts of such Class A Notes (assuming the full amount of the Class A-1 Commitment Amount that is permitted to be drawn on such date is fully drawn).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided in this Indenture or any Series Supplement, all resolutions of Noteholders shall be passed by the Requisite Global Majority Noteholders. Book-Entry Notes shall be voted by the Depositary on behalf of the Beneficial Owners thereof in accordance with written instructions received in accordance with Applicable Procedures of the Depositary.

<u>Section 12.04 Communication by Noteholders with other Noteholders</u>. Noteholders may communicate pursuant to Section 3.12(b) of the Trust Indenture Act of 1939, as amended, with other Noteholders with respect to their rights under this Indenture, any Series Supplement or the Notes. If any Noteholder makes written request to the Note Registrar, and such request states that such Noteholder desires to communicate with other Noteholders with respect to their rights under this Indenture or under the Notes and such request is accompanied by a copy of the communication that such Noteholder proposes to transmit, then the Note Registrar shall, within 30 days after the receipt of such request, afford the requesting Noteholder access during normal business hours to, or make available to the requesting Noteholder a copy of, the most recent list of Noteholders held by the Note Registrar (which list shall be current as of a date no earlier than 30 days prior to the Note Registrar's receipt of such request). Every Noteholder, by receiving such access, acknowledges that neither the Note Registrar nor the Indenture Trustee will be held accountable in any way by reason of the disclosure of any information as to the names and addresses of any Noteholder regardless of the source from which such information was derived.

**ARTICLE XIII**

**INDENTURE SUPPLEMENTS**

<u>Section 13.01 Indenture Supplements without Consent of Noteholders</u>. Without the consent of the Noteholders, the Co-Issuers and the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more Indentures Supplements at the expense of the party requesting the supplement or amendment to this Indenture, any Series Supplement or any Notes, in form satisfactory to the Indenture Trustee for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to correct any typographical error or cure any ambiguity, or to cure, correct or supplement any defective or inconsistent provision in this Indenture, any Series Supplement or any Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to conform any provision of this Indenture to the description thereof contained in the Offering Memorandum relating to the Series of Notes issued on the Initial Closing Date or any provision of any Series Supplement relating to a Series of Notes or of any provision of any Notes of any Series to the description thereof contained in the Offering Memorandum relating to the Notes of such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to convey, transfer, assign, mortgage or pledge any property to the Indenture Trustee (on behalf of the Noteholders) as security for the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to modify this Indenture, any Series Supplement or any Notes as required or made necessary by any change in applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to add to the covenants of the Obligors or any other party for the benefit of the Noteholders, or to surrender any right or power conferred upon the Obligors in this Indenture or any Series Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to issue a Series of Notes pursuant to a Series Supplement in accordance with <u>Section 2.12(b)</u>, including the issuance of Subordinated Notes, or increase in the Class A-1 Commitment Amount with respect to the related Series of Notes in accordance with <u>Section 2.12(d)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in connection with the issuance of Subordinated Notes, to modify this Indenture, any Series Supplement or any Notes such that (i) no payments with respect to the Subordinated Notes will be made on any Payment Date until all payments due on such Payment Date with respect to all other Notes have been made, (ii) no amounts payable with respect to the Subordinated Notes will be included in the calculation of the DSCR or Monthly Senior Payment Amount, (iii) the failure to pay Accrued Note Interest on Subordinated Notes on any Payment Date on which any Notes (other than Subordinated Notes) are Outstanding will not be an Event of Default and (iv) the Outstanding principal amount of any Subordinated Notes will not be included in the calculation of the Class B LTV Ratio or the Class C LTV Ratio, in each case without Rating Agency Confirmation, so long as such amendments will not adversely affect in any material respect the interests of any Noteholder (as evidenced by an Officer's Certificate of the Co-Issuers) and notice thereof is provided by the Co-Issuers to each Rating Agency then rating the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) to comply with any requirements imposed by the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to prevent the Co-Issuers, the Noteholders or the Indenture Trustee from being subject to taxes (including, without limitation, withholding taxes), fees or assessments, or to reduce or eliminate any such taxes, fees or assessments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to evidence and provide for the acceptance of appointment by a successor indenture trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to allow for the addition of an acquisition account or prefunding account to reserve all or a portion of the net proceeds with respect to the issuance of any Series of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (l) to allow for the issuance of delayed draw Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) to remove any provision related to a specific Series of Notes for which the related Series is no longer Outstanding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) for any other purpose;

*provided*, that (x) in connection with any supplement or amendment for purposes described in clause (**m** **<u>n</u>**) above, any such amendment of this Indenture, any Series Supplement or any Notes (1) will not adversely affect in any material respect the interests of any Noteholder (as evidenced by an Officer's Certificate of the Co-Issuers), (2) either (x) the Servicer has consented thereto and Noteholders representing more than 50% of the Class Principal Balance of any Class of Outstanding Notes have not objected within 30 days of notice thereof or (y) a Rating Agency Confirmation with respect to such amendment is obtained and (3) will not diminish any rights or remedies or increase any liabilities or obligations of the Servicer hereunder, under the Servicing Agreement or under any other Transaction Document without the consent of the Servicer, and (y) in connection with any supplement or amendment for purposes described in clauses (c), (d), (e), (g), (h), (i), (l) and (n) above, the Co-Issuers receive an Opinion of Counsel (which opinion may contain similar assumptions and qualifications as are contained in the Opinion of Counsel with respect to the tax treatment of the Series 2024-1/2 Notes issued on, and which Opinion of Counsel was delivered on, the Initial Closing Date) to the effect that such supplement or amendment will not (1) cause any of the Notes of any Outstanding Series to be deemed to have been exchanged for a new debt instrument pursuant to Treasury regulations section 1.1001-3, (2) cause the Issuer or the Co-Issuer to be taxable as other than a partnership or disregarded entity for U.S. federal income tax purposes or (3) cause any of the Notes of any Outstanding Series that are characterized as indebtedness for U.S. federal income tax purposes to be characterized as other than indebtedness for U.S. federal income tax purposes.

In addition, the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may, without the consent of the Noteholders, enter into any amendment of any other Transaction Document with the parties to such Transaction Document or provide its consent to any amendment of any other Transaction Document, in each case in accordance with the terms of such Transaction Document; *provided*, that (x) either (1) such amendment will not adversely affect in any material respect the interests of any Noteholder (as evidenced by a Rating Agency Confirmation) or (2) the Indenture Trustee shall have received the consent of the Noteholders as and to the same extent such consent would be required for an Indenture Supplement pursuant to <u>Section 13.02</u>, and (y) such amendment will not diminish any rights or remedies or increase any liabilities or obligations of the Servicer under the Servicing Agreement or under any other Transaction Document without the consent of the Servicer; *provided* that any consent by the Indenture Trustee required by the provisions of Section 9(j)(ii) of the limited liability company agreement of either Co-Issuer or of either Guarantor shall require the prior direction of the Requisite Global Majority Noteholders. In executing any amendment to, or providing its consent to any amendment of, any Transaction Document in accordance with this <u>Section 13.01</u>, the Indenture Trustee shall be entitled to receive, and, subject to <u>Section 11.03</u>, shall be fully protected in relying upon, an Officer's Certificate of the Co-Issuers and an Opinion of Counsel stating that the execution of such amendment or the giving of such consent is authorized or permitted by this Indenture.

Notwithstanding anything to the contrary in the Transaction Documents, this Indenture, the Management Agreement, the Backup Management Agreement, the Servicing Agreement and the other Transaction Documents may be amended, amended and restated, supplemented or otherwise modified by the parties thereto or the applicable Obligors, the Manager, the Backup Manager, the Indenture Trustee and any other applicable party may enter into new Transaction Documents without the consent of the Indenture Trustee, the Manager, the Backup Manager or the Servicer (except to the extent that such amendment, restatement, supplement, modification or new Transaction Document impacts the rights, indemnities, protections, remedies, liabilities, duties and/or obligations of the Indenture Trustee, the Manager, the Backup Manager or the Servicer, in which case the consent of the Indenture Trustee, the Manager, the Backup Manager or the Servicer, as applicable, will be required (x) to the extent that the Indenture Trustee, the Servicer or the Backup Manager, as applicable, will continue to act as Indenture Trustee, Servicer or Backup Manager, as applicable, or (y) to the extent any surviving rights, indemnities, protections, remedies, liabilities, duties and/or obligations of the Manager, Backup Manager or Servicer not continuing to act in such capacity are adversely affected, in each case, following the execution of any such amendment, restatement, supplement, modification or new Transaction Document), the Controlling Class Representative, or any Noteholder, for the purpose of modifying, replacing or subdividing the role of the Servicer, the Manager, the Backup Manager or the Controlling Class Representative; provided that (i) no unreimbursed Advances or Advance Interest are then owing to the Manager and (ii) the prior written consent of the Indenture Trustee and a Rating Agency Confirmation will be required for any change in respect of any of such parties' obligation(s) to make Advances.

<u>Section 13.02 Indenture Supplements with Consent of Noteholders</u>. The Co-Issuers and the Indenture Trustee, when authorized by an Issuer Order, with a prior direction of Noteholders representing more than 50.0% of the Voting Rights of each Class of Notes adversely affected thereby and without prior notice to any other Noteholder, also may amend, supplement or modify this Indenture, any Series Supplement or any Notes or waive compliance by the Co-Issuers with any provision of this Indenture, any Series Supplement or the Notes; *provided, however*, that no such amendment, modification, supplement or waiver may, without the consent of the Holder of each Note affected thereby (including any tax consequences) and with respect to clause (viii) below, without the consent of the Servicer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change the Anticipated Repayment Date for any Series or the Rated Final Payment Date for any Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make any change that directly reduces the amounts required to be paid on the Notes of any Series on any Payment Date, the Anticipated Repayment Date for such Series or the Rated Final Payment Date for such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) change the place of payments on the Notes of any Series on any Payment Date, the Anticipated Repayment Date for such Series or the Rated Final Payment Date for such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) change the coin or currency in which the principal of any Note or interest thereon is payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) impair the right of a Noteholder to institute suit for the enforcement of any payment on or with respect to any Note on or after the maturity thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) reduce the percentage of the unpaid principal balances of any of the Notes, the consent of whose Holders is required for such amendment or eliminate the requirement that affected Noteholders consent to any amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) change any obligation of the Co-Issuers to maintain an office or agency in the places and for the purposes set forth in this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) diminish any rights or remedies or increase any liabilities or obligations of the Servicer hereunder, under the Servicing Agreement or under any other Transaction Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) permit the creation of any Lien ranking prior to or on parity with the Lien of the Noteholders with respect to the Collateral or, except as otherwise permitted or contemplated in this Indenture or any Series Supplement terminate the Lien of the Noteholders on such Collateral or deprive the Noteholders of the security afforded by such.

In determining whether a proposed amendment would adversely affect any Class of Notes, the Indenture Trustee may rely conclusively on and shall be fully protected in relying on a certificate of an Executive Officer of the Issuer.

It shall not be necessary for any Act of the Noteholders under this <u>Section 13.02</u> to approve the particular form of any proposed Indenture Supplement, but it shall be sufficient if such Act shall approve the substance thereof.

Notwithstanding anything to the contrary in this <u>Section 13.02</u>, a Series Supplement entered into for the purpose of issuing Additional Notes the issuance of which complies with the terms of this Indenture shall not require the consent of any Noteholder.

Promptly after the execution by the Co-Issuers and the Indenture Trustee of any Indenture Supplement pursuant to this <u>Section 13.02</u>, the Indenture Trustee shall make available to the Holders of the Notes and the Servicer a copy of such Indenture Supplement. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such Indenture Supplement.

<u>Section 13.04 Effect of Indenture Supplement</u>. Upon the execution of any Indenture Supplement pursuant to the provisions hereof, this Indenture, any Series Supplement affected by such Indenture Supplement and/or any Notes affected by such Indenture Supplement shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture, such Series Supplement and/or such Notes of the Indenture Trustee, the Servicer, the Co-Issuers and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder and thereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such Indenture Supplement shall be and be deemed to be part of the terms and conditions of this Indenture, such Series Supplement and/or such Notes for any and all purposes.

<u>Section 13.05 Reference in Notes to Indenture Supplements</u>. Notes authenticated and delivered (or with respect to Uncertificated Notes, registered) after the execution of any Indenture Supplement pursuant to this Article XIII may bear a notation in form approved by the Indenture Trustee as to any matter provided for in such Indenture Supplement. If the Co-Issuers shall so determine, new Notes so modified as to conform, in the opinion of the Issuer or the Co-Issuer, to any such Indenture Supplement may be prepared and executed by the Co-Issuers and authenticated and delivered (or with respect to Uncertificated Notes, registered) by the Indenture Trustee in exchange for Outstanding Notes.

**ARTICLE XIV**

**PLEDGE OF OTHER COMPANY COLLATERAL**

<u>Section 14.01 Grant of Security Interest/UCC Collateral</u>. Each Obligor hereby grants to the Indenture Trustee, on behalf of the Noteholders and the other Secured Parties, a security interest in and to all of its fixtures (as defined in the UCC), personal property and other property whether now owned or hereafter acquired and wherever located, including, but not limited to the following: all (i) equipment (as defined in the UCC), all parts thereof and all accessions thereto, including but not limited to machinery, computer equipment, switches, furniture, motor vehicles, aircraft and rolling stock, (ii) fixtures, all substitutes and replacements therefor, all accessions and attachments thereto, and all tools, parts and equipment now or hereafter added to or used in connection with the fixtures (including, without limitation, proceeds which constitute property of the types described herein), (iii) accounts (as defined in the UCC), (iv) inventory (as defined in the UCC), (v) general intangibles (as defined in the UCC) (other than Site Leases), (vi) investment property (as defined in the UCC), (vii) deposit accounts (as defined in the UCC), (viii) instruments and chattel paper (each as defined in the UCC), (ix) 100% of the limited liability company or other ownership interests in each Asset Entity, (x) Material Agreements (including all rights and remedies thereunder, but excluding any other rights that cannot be assigned without third-party consent under such Material Agreements), (xi) Customer Contracts, with respect to Data Center Space located in the Data Centers, (xii) leases of personal property and (xiii) the proceeds of the foregoing (collectively, the "<u>Other Company Collateral</u>"), as security for payment and performance of all of the Obligations; *provided* that the Other Company Collateral shall not include the Capital Expenditures Reserve Sub-Account, or any funds on deposit therein. The Other Company Collateral shall not include any fixtures, equipment or other property owned by any Customer or any other third-party.

The Co-Issuers and the Asset Entities hereby authorize the Indenture Trustee (without obligation) to file such financing statements as the Indenture Trustee shall deem reasonably necessary to perfect the Indenture Trustee's, on behalf of the Noteholders and the other Secured Parties, interest in the Other Company Collateral. The Co-Issuers and the Asset Entities hereby authorize the Indenture Trustee to use the collateral description "all personal property," "all assets" or similar variation in any such financing statements.

Upon the occurrence and during the continuance of any Event of Default, the Indenture Trustee, on behalf of the Noteholders, shall have all rights and remedies pertaining to the Other Company Collateral as are provided for in any of the Transaction Documents or under any applicable law including the Indenture Trustee's rights of enforcement with respect to the Other Company Collateral or any part thereof, exercising its rights of enforcement with respect to the Other Company Collateral or any part thereof under the UCC (or under the Uniform Commercial Code in force in any other state to the extent the same is applicable law) and in conjunction with, in addition to, or in substitution for, such rights and remedies of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee may enter upon the premises of an Obligor to take possession of, assemble and collect the Other Company Collateral or to render it unusable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indenture Trustee may require an Obligor to assemble the Other Company Collateral and make it available at a place the Indenture Trustee designates which is mutually convenient to allow the Indenture Trustee to take possession or dispose of the Other Company Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent a Responsible Officer of the Indenture Trustee has Knowledge thereof, written notice mailed to the Co-Issuers as provided herein at least 5 days prior to the date of public sale of the Other Company Collateral or prior to the date after which private sale of the Other Company Collateral will be made shall constitute reasonable notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event of a foreclosure sale, the Other Company Collateral and the other Collateral may, at the option of the Indenture Trustee, be sold as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It shall not be necessary that the Indenture Trustee take possession of the Other Company Collateral or any part thereof prior to the time that any sale pursuant to the provisions of this section is conducted and it shall not be necessary that the Other Company Collateral or any part thereof be present at the location of such sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Prior to application of proceeds of disposition of the Other Company Collateral to the Obligations, such proceeds shall be applied to the reasonable expenses of retaking, holding, preparing for sale or lease, selling, leasing and the like and the reasonable attorneys' fees and legal expenses incurred by the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any and all statements of fact or other recitals made in any bill of sale or assignment or other instrument evidencing any foreclosure sale hereunder as to nonpayment of the Obligations or as to the occurrence of any default, or as to the Indenture Trustee having declared all Obligations to be due and payable, or as to notice of time, place and terms of sale and of the properties to be sold having been duly given, or as to any other act or thing having been duly done by the Indenture Trustee, shall be taken as prima facie evidence of the truth of the facts so stated and recited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Indenture Trustee may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by the Indenture Trustee, including the sending of notices and the conduct of the sale, but in the name and on behalf of the Indenture Trustee.

**ARTICLE XV**

**MISCELLANEOUS**

<u>Section 15.01 Compliance Certificates and Opinions, etc</u>. Upon any application or request by the Co-Issuers to the Indenture Trustee, the Backup Manager or the Servicer to take any action under any provision of this Indenture, any Series Supplement or any other Transaction Document, the Co-Issuers shall furnish to the Indenture Trustee, the Backup Manager and Servicer (i) an Officer's Certificate of the Co-Issuers stating that all conditions precedent, if any, provided for in this Indenture, such Series Supplement or such Transaction Document relating to the proposed action have been complied with, when reasonably requested by the Indenture Trustee, the Backup Manager or the Servicer, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, and (iii) if applicable, an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this Section 15.01, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, any Series Supplement or any Transaction Document, no additional certificate or opinion need be furnished.

Every certificate or opinion provided by or on behalf of the Co-Issuers with respect to compliance with a condition or covenant provided for in this Indenture, or any Series Supplement or any other Transaction Document shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions in this Indenture, in such Series Supplement or such other Transaction Document relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with.

Nothing herein shall be deemed to require either the Indenture Trustee, the Backup Manager or the Servicer to confirm, represent or warrant the accuracy of (or to be liable or responsible for) any other Person's information or report, including any communication from the Issuer, the Co-Issuer, any Asset Entity, any Guarantor or the Manager. In connection with the performance of its obligations hereunder and under the other Transaction Documents each of the Indenture Trustee, the Backup Manager and the Servicer shall be entitled to rely upon any written information or certification (without any obligation to investigate the accuracy or completeness of any information or certification set forth therein) or recommendation provided to it by the Manager, and none of the Indenture Trustee, the Backup Manager or the Servicer shall have any liability with respect thereto.

<u>Section 15.02 Form of Documents Delivered to Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any certificate or opinion of an Authorized Officer of the Issuer or the Co-Issuer may be based, insofar as it relates to legal matters, upon a certificate or Opinion of Counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which such Officer's Certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Issuer or the Co-Issuer, stating that the information with respect to such factual matters is in the possession of the Issuer or the Co-Issuer, as applicable, unless such officer or officers of the Issuer or the Co-Issuer, as applicable, or such counsel, knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where any Person is required to make, give or execute two or more applications, requests, comments, certificates, statements, opinions or other instruments under this Indenture, any Series Supplement or any other Transaction Document, they may, but need not, be consolidated and form one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whenever in this Indenture, any Series Supplement or any other Transaction Document, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Co-Issuers and/or the Asset Entities shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer's, the Co-Issuer's and/or the Asset Entities' compliance with any term hereof, in any Series Supplement or any other Transaction Document, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Co-Issuers and/or the Asset Entities to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee's, the Backup Manager's or Servicer's right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article XI.

<u>Section 15.03 Acts of Noteholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture or any Series Supplement to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as otherwise expressly provided in this Indenture or in any Series Supplement such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Co-Issuers. Such instrument or instruments (and the action embodied in this Indenture or in any Series Supplement and evidenced thereby) are sometimes referred to in this Indenture as the "<u>Act</u>" of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture or any Series Supplement and (subject to Article XI) conclusive in favor of the Indenture Trustee and the Co-Issuers, if made in the manner provided in this <u>Section 15.03</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The fact and date of the execution by any Person of any such instrument or writing may be proved in any reasonable manner which the Indenture Trustee deems sufficient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The ownership, principal balance and serial numbers of the Notes, and the date of holding the same, shall be proved by the Note Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Co-Issuers shall solicit from Noteholders any request, demand, authorization, direction, notice, consent, waiver or other Act, the Co-Issuers may, at their option, fix in advance a record date for the determination of Noteholders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Co-Issuers shall have no obligation to do so. Any such record date shall be fixed at the Co-Issuers' discretion. If not set by the Co-Issuers prior to the first solicitation of a Noteholder made by any Person in respect of any such matters referred to in the foregoing sentence, such record date shall be the date 30 days prior to such first solicitation of Noteholders. If such a record date is fixed, such request, demand, authorization, direction, notice, consent and waiver or other Act may be sought or given before or after the record date, but only the Noteholders of record at the close of business on such record date shall be deemed to be Noteholders for the purpose of determining whether Noteholders of the requisite proportion of the Outstanding Notes have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Notes shall be computed as of such record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee, the Backup Manager, the Servicer or the Co-Issuers in reliance thereon, whether or not notation of such action is made upon such Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Without limiting the foregoing, a Noteholder entitled hereunder or under any Series Supplement to take any action hereunder or thereunder with regard to any Note may do so with regard to all or any part of the principal balance of such Note or by one or more appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal balance of such Note.

<u>Section 15.04 Notices; Copies of Notices and Other Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture shall be in writing and if such request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders is to be made upon, given or furnished to or filed with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Indenture Trustee by any Noteholder or by any Obligor shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at the Corporate Trust Office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Issuer and the Co-Issuer by the Indenture Trustee, the Backup Manager, the Servicer, or by any Noteholder shall be sufficient for every purpose hereunder if in writing and mailed first-class, postage prepaid and by facsimile or e-mail to the Co-Issuers addressed to: Centersquare Finance & Legal Departments at 3100 Olympus Boulevard, Suite 510, Coppell, TX 75019. The Co-Issuers shall promptly transmit any notice received by them from the Noteholders to the Indenture Trustee and Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice to be given to the Indenture Trustee hereunder shall also be given to the Note Registrar and the Servicer in writing, personally delivered, faxed, e-mailed or mailed by certified mail and shall not be deemed given to the Indenture Trustee until also given to the Note Registrar and the Servicer; *provided, however*, that only one notice to the Indenture Trustee shall be necessary at any time that the Indenture Trustee is also the Note Registrar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any notice, and copies of any reports, certificates, schedules, statements, documents or other information to be given to the Indenture Trustee by the Co-Issuers, the Guarantors or the Asset Entities hereunder shall also be simultaneously given to the Servicer in writing, personally delivered, faxed, e-mailed or mailed by certified mail and shall not be deemed given to the Indenture Trustee until also given to the Servicer; *provided, however*, that only one notice or copy of such reports, certificates, schedules, or other information required to be given to the Indenture Trustee shall be necessary at any time that the Indenture Trustee is also the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notices required to be given to the Rating Agencies by the Co-Issuers and/or the Asset Entities or the Indenture Trustee shall be in writing, personally delivered, faxed, mailed by certified mail or e-mailed to the addresses specified in the Series Supplement for any Series of Notes.

<u>Section 15.05 Notices to Noteholders; Waiver</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where this Indenture or any Series Supplement provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise expressly provided in this Indenture or in such Series Supplement) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner provided in this Indenture shall conclusively be presumed to have been duly given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where this Indenture or any Series Supplement provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture or any Series Supplement, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Where this Indenture or any Series Supplement provides for notice to the Rating Agencies, failure to give such notice to the Rating Agencies shall not affect any other rights or obligations created hereunder or under any Series Supplement, and shall not under any circumstance constitute a Default or Event of Default.

<u>Section 15.06 Payment and Notice Dates</u>. All payments to be made and notices to be delivered pursuant to this Indenture, any Series Supplement or any other Transaction Document shall be made by the responsible party as of the dates set forth in this Indenture, in such Series Supplement or in such other Transaction Document.

<u>Section 15.07 Effect of Headings and **Table of Contents**</u>. The Article and Section headings in this Indenture or in any Series Supplement and the **Table of Contents** are for convenience only and shall not affect the construction hereof or thereof.

<u>Section 15.08 Successors and Assigns</u>. All covenants and agreements in this Indenture, any Series Supplement and the Notes by the Obligors shall bind their successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture and any Series Supplement shall bind its successors, co-trustees and agents.

<u>Section 15.09 Severability</u>. In case any provision in this Indenture or any Series<u> </u>Supplement or in the Notes of any Series shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

<u>Section 15.10 Benefits of Indenture</u>. Subject to Section 13.01 and Section 13.02 and Article XI, nothing in this Indenture, any Series Supplement or in the Notes, express or implied, shall give to any Person, other than the parties hereto, the Backup Manager, the Servicer and their successors hereunder, the Noteholders and any other party secured hereunder or under any such Series Supplement, and any other Person with an Ownership Interest in any part of the Collateral, any benefit or any legal or equitable right, remedy or claim under this Indenture or any Series Supplement.

<u>Section 15.11 Legal Holiday</u>. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes, this Indenture or any Series Supplement) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and, except as otherwise expressly provided in this Indenture or in any such Series Supplement, no interest shall accrue for the period from and after any such nominal date.

<u>Section 15.12 Waiver of Jury Trial</u>. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY.

<u>Section 15.13 Governing Law; Jurisdiction</u>. THIS INDENTURE AND EACH SERIES SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OBLIGOR IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE COURT OR UNITED STATES FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR IN RELATION TO THIS INDENTURE OR ANY SERIES SUPPLEMENT.

<u>Section 15.14 Counterparts; Electronic Execution</u>. This Indenture and any Series<u> </u>Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such respective counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Indenture by telecopy, e-mail, pdf or any other electronic means (e.g. "pdf", Docusign or "tif") shall be effective as delivery of a manually executed counterpart of this Indenture. The words "delivery", "execution," "execute", "signed," "signature," and words of like import in or related to any document to be signed in connection with this Indenture and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Indenture Trustee, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

<u>Section 15.15 Recording of Indenture</u>. If this Indenture or any Series Supplement is subject to recording in any appropriate public recording offices, such recording is to be effected by the Co-Issuers and at their expense.

<u>Section 15.16 Corporate Obligation</u>. No recourse may be taken, directly or indirectly, with respect to the obligations of the Co-Issuers or the Indenture Trustee, in each of their capacities hereunder or under any Series Supplement, on the Notes, under this Indenture or any Series Supplement or any certificate or other writing delivered in connection hereunder or under any Series Supplement, against (i) the Indenture Trustee, the Paying Agent and the Note Registrar in its individual capacity, or (ii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee in its individual capacity, any holder of equity in any Obligor or the Indenture Trustee or in any successor or assign of the Indenture Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee has no such obligations in its individual capacity), and except that any such partner, owner or equity holder shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

<u>Section 15.17 No Petition</u>. The Indenture Trustee, by entering into this Indenture or any Series Supplement, and each Noteholder, by accepting a Note, and each Note Owner, by accepting an Ownership Interest in a Global Note, hereby covenants and agrees that neither it nor the Indenture Trustee on behalf of such Noteholder will at any time institute against the Co-Issuers and/or the Asset Entities or the Guarantors, or join in any institution against the Co-Issuers and/or the Asset Entities or the Guarantors of, any bankruptcy, reorganization, insolvency or similar proceedings, or other proceedings under any federal, state, or foreign bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture, any such Series Supplement or any of the other Transaction Documents.

<u>Section 15.18 Extinguishment of Obligations</u>. Notwithstanding anything to the contrary in this Indenture or any Series Supplement, all obligations of the Obligors hereunder and under each Series Supplement shall be deemed to be extinguished in the event that, at any time, the Co-Issuers, the Guarantors and the Asset Entities have no assets (which shall include claims that may be asserted by the Co-Issuers, the Guarantors and the Asset Entities with respect to Contractual Obligations of third parties to the Co-Issuers, the Guarantors and the Asset Entities but which shall not include the proceeds of the issue of their shares in respect of the Initial Closing

Date). No further claims may be brought against any of the Obligors' directors or officers or against their shareholders or members, as the case may be, for any such obligations, except in the case of fraud or actions taken in bad faith by such Persons.

<u>Section 15.19 Excluded Data Centers</u>. Nothing contained in this Indenture or any other Transaction Document shall prohibit the Parent or any subsidiary or Affiliate of the Parent (other than a Guarantor or an Obligor) from owning and managing data centers and other properties that are not Data Centers and are consequently not included as Collateral (such data centers, "<u>Excluded Data Centers</u>"). If Excluded Data Centers are acquired after the Initial Closing Date by the Parent or a non-Asset Entity subsidiary or non-Obligor subsidiary of the Parent and such entity proposes to enter into a contract with respect to the related Data Center Space with a party that is also a Customer under a Customer Contract, such new lease will be separate from and independent of any Customer Contract between such party and an Asset Entity.

<u>Section 15.20 Waiver of Immunities</u>. To the extent that any Obligor has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, such Obligor hereby irrevocably waives such immunity in respect of its obligations under this Indenture, any Series Supplement, the Notes and any other Transaction Document, to the extent permitted by law.

<u>Section 15.21 Non-Recourse</u>. The Noteholders shall not have at any time any recourse on the Notes or under this Indenture or any Series Supplement against the Obligors (other than the Collateral) or against the Indenture Trustee, the Backup Manager, the Servicer or Affiliates thereof.

<u>Section 15.22 Indenture Trustee's Duties and Obligations Limited</u>. The duties and obligations of Indenture Trustee, in its various capacities hereunder and under any Series Supplement, shall be limited to those expressly provided for in their entirety in this Indenture (including any exhibits to this Indenture and to any Series Supplement). Any references in this Indenture and in any Series Supplement (and in the exhibits to this Indenture and to any Series Supplement) to duties or obligations of the Indenture Trustee, in its various capacities hereunder and under any such Series Supplement, that purport to arise pursuant to the provisions of any of the Transaction Documents or any such Series Supplement shall only be duties and obligations of the Indenture Trustee, or the Indenture Trustee in its other capacities, as applicable, if the Indenture Trustee is a signatory to any such Transaction Documents or any such Series Supplement. By its acquisition of the Notes, each Noteholder shall be deemed to have authorized and directed the Indenture Trustee to enter into the Transaction Documents to which the Indenture Trustee is a signatory.

<u>Section 15.23 Appointment of Servicer</u>. The Co-Issuers hereby consent to the appointment of KeyBank National Association, to act as Servicer.

<u>Section 15.24 Agreed Upon Tax Treatment</u>. By purchasing the Notes (or by registration of an Uncertificated Note), or a beneficial interest therein, each Holder or holder of a beneficial interest in the Notes will agree to treat the Notes as debt for all United States tax purposes.

<u>Section 15.25 Tax Forms</u>. Each Holder by its acceptance of its Note, agrees that it shall timely furnish the Co-Issuers or their agents any U.S. federal income tax form or certification (such as IRS Form W-9, the applicable IRS Form W-8 (together with all applicable attachments) or any successors to such IRS forms) that the Co-Issuers or their agents may reasonably request and shall update or replace such form or certification in accordance with its terms or its subsequent amendments. Each Holder agrees to provide any certification or information that is reasonably requested by the Issuer, the Co-Issuer or their agents (a) to permit the Issuer or the Co-Issuer, as applicable, to make payments to it without, or at a reduced rate of, withholding, (b) to enable the Issuer or the Co-Issuer, as applicable, to qualify for a reduced rate of withholding in any jurisdiction from or through which the Issuer or the Co-Issuer receives payments on its assets, or (c) to enable the Issuer or the Co-Issuer, as applicable, to determine and/or satisfy its duties and liabilities with respect to any taxes or other charges that it may be required to pay, deduct or withhold from payments in respect of the Notes under any present or future law or regulation of any jurisdiction or taxing authority therein or to comply with any reporting or other requirements under any law or regulation. Each Holder acknowledges that the failure to provide, update or replace any form, certification or information described above may result in the imposition of withholding or backup withholding on payments to such Holder.

<u>Section 15.26 Request for Rating Agency Confirmation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any request for a Rating Agency Confirmation made by the Co-Issuers, an Asset Entity or the Servicer, as applicable (such requesting party, the "<u>RAC Requesting Party</u>"), pursuant to this Indenture shall be made in writing, which writing shall include electronic mail, and shall contain a cover page indicating the nature of the request for Rating Agency Confirmation and all back-up material necessary for each Rating Agency to process such request, and shall be provided by the RAC Requesting Party in electronic format to Steven Cook at Steve.Cook@centersquaredc.com or other Person designated in writing by the Co-Issuers from time to time (the "<u>Authorized Representative</u>") who shall post such request on the 17g-5 Website (the "<u>Initial Request</u>"). If the RAC Requesting Party is the Issuer, the Co-Issuer or an Asset Entity, such RAC Requesting Party shall also provide a copy of the Initial Request to the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Rating Agency has not replied to an Initial Request or has responded to an Initial Request in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for a Rating Agency Confirmation within ten Business Days of the making of such Initial Request, the RAC Requesting Party shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) confirm, through direct communication and not by posting a request for a Rating Agency Confirmation on the 17g-5 Website, that such Rating Agency has received such Initial Request, and, if it has not, promptly make a second request to such Rating Agency for Rating Agency Confirmation (the "<u>Second Request</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if there is no response by such Rating Agency to such Initial Request or such Second Request within five Business Days of the making of such Second Request or if such Rating Agency has responded to such Initial Request or such Second Request in a manner that indicates that such Rating Agency is neither reviewing the request for such Rating Agency Confirmation nor waiving the requirement for such Rating Agency Confirmation, then such RAC Requesting Party shall confirm (without providing notice to the Authorized Representative), by direct communication and not by posting a request for a Rating Agency Confirmation on the 17g-5 Website, that such Rating Agency has received such Second Request.

**ARTICLE XVI**

**GUARANTEES**

<u>Section 16.01 Guarantees</u>. Each Asset Entity hereby unconditionally and irrevocably guarantees, jointly and severally, to each Holder and to the Indenture Trustee, on behalf of the Noteholders, and the Servicer and their respective successors and assigns (a) the full and punctual payment of principal of and interest on the Notes when due, whether at maturity, by acceleration, by redemption or otherwise, and all other monetary obligations of the Co-Issuers and the Asset Entities under this Indenture and the Notes and each other Transaction Document and (b) the full and punctual performance within applicable grace periods of all other obligations of the Co-Issuers and the Asset Entities under this Indenture and the Notes and all other Transaction Documents (all the foregoing being hereinafter collectively called the "<u>Guaranteed Obligations</u>").

Each such Asset Entity waives presentation to, demand of, payment from and protest to the Co-Issuers of any of the Guaranteed Obligations and also waives notice of protest for nonpayment. Each Asset Entity waives notice of any default under the Notes or the other Guaranteed Obligations. The obligations of each such Asset Entity hereunder shall not be affected by (a) the failure of any Holder or the Indenture Trustee, the Backup Manager or the Servicer to assert any claim or demand or to enforce any right or remedy under the Transaction Documents against any other Obligor or any other Person or otherwise; (b) any extension or renewal of any thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other Transaction Document; (d) the release of any security held by any Holder or the Indenture Trustee for the Obligations or any of them; or (e) the failure of any Holder or the Indenture Trustee, the Backup Manager or the Servicer to exercise any right or remedy against any other guarantor of the Guaranteed Obligations.

Each such Asset Entity further agrees that its guaranty herein constitutes a guarantee of payment, performance and compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Indenture Trustee, the Backup Manager or the Servicer to any security held for payment of the Guaranteed Obligations.

Except as expressly set forth herein, the obligations of each such Asset Entity hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each such Asset Entity herein shall not be discharged or impaired or otherwise affected by the failure of any Holder or the Indenture Trustee, the Backup Manager or the Servicer to assert any claim or demand or to enforce any remedy under this Indenture, the Notes or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of such Asset Entity or would otherwise operate as a discharge of such Asset Entity as a matter of law or equity.

Each such Asset Entity further agrees that its guaranty herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder or the Indenture Trustee, the Backup Manager or the Servicer upon the bankruptcy or reorganization of the Issuer or the Co-Issuer or otherwise.

In furtherance of the foregoing and not in limitation of any other right which any Holder or the Indenture Trustee, the Backup Manager or the Servicer has at law or in equity against any Asset Entity by virtue hereof, upon the failure of the Co-Issuers to pay the principal of or interest on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or to perform or comply with any other Guaranteed Obligation, each such Asset Entity hereby promises to and shall, upon receipt of written demand by the Indenture Trustee, forthwith pay, or cause to be paid, in cash, to the Holders or the Indenture Trustee, the Backup Manager or the Servicer, as the case may be, an amount equal to the sum of (i) the unpaid amount of such Guaranteed Obligations, (ii) accrued and unpaid interest on such Obligations and (iii) all other monetary Guaranteed Obligations of the Co-Issuers to the Holders and the Indenture Trustee, the Backup Manager and the Servicer.

Each such Asset Entity also agrees to pay any and all costs and expenses (including reasonable attorneys' fees) incurred by the Indenture Trustee, the Backup Manager or the Servicer in enforcing any rights under this Section.

Notwithstanding any payment made by any Asset Entity hereunder, such Asset Entity shall not be entitled to be subrogated to any of the rights of the Indenture Trustee against the Co-Issuers or any collateral security or guarantee or right of offset held by the Indenture Trustee for the payment of the Obligations, nor shall the Asset Entity seek or be entitled to seek any contribution or reimbursement from the Co-Issuers in respect of payments made by the Asset Entity hereunder, until the Obligations are paid in full. If any amount shall be paid to an Asset Entity on account of such subrogation rights at any time when all of the Obligations shall not have been paid in full, such amount shall be held by such Asset Entity in trust for the Indenture Trustee, segregated from other funds of such Asset Entity, and shall, forthwith upon receipt by such Asset Entity, be turned over to the Indenture Trustee in the exact form received by such Asset Entity (duly indorsed by such Asset Entity to the Indenture Trustee, if required), to be applied against the Obligations, whether matured or unmatured, in such order as the Indenture Trustee may determine.

<u>Section 16.02 Limitation on Liability</u>. Any term or provision of this Indenture to the contrary, the maximum, aggregate amount of the Guaranteed Obligations guaranteed hereunder by any Asset Entity shall not exceed the maximum amount that can be hereby guaranteed without rendering this Indenture, as it relates to such Asset Entity, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally.

<u>Section 16.03 Successors and Assigns</u>. Subject to Section 16.06, this Article XVI shall be binding upon each Asset Entity and its successors and assigns and shall inure to the benefit of the successors and assigns of the Indenture Trustee, the Backup Manager, the Servicer and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Indenture Trustee, the rights and privileges conferred upon that party in this Indenture and in the Notes shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture.

<u>Section 16.04 No Waiver</u>. Neither a failure nor a delay on the part of either the Indenture Trustee, the Backup Manager, the Servicer or the Holders in exercising any right, power or privilege under this Article XVI shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Indenture Trustee, the Backup Manager, the Servicer and the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article XVI at law, in equity, by statute or otherwise.

<u>Section 16.05 Modification</u>. No modification, amendment or waiver of any provision of this Article XVI, nor the consent to any departure by any Asset Entity therefrom, shall in any event be effective unless the same shall be in writing and signed by the Indenture Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand on any Asset Entity in any case shall entitle such Asset Entity to any other or further notice or demand in the same, similar or other circumstances.

<u>Section 16.06 Release of Asset Entity</u>. Upon the sale or other disposition (including by way of consolidation or merger) of an Asset Entity that is permitted hereunder (each case other than to the Co-Issuers or another Asset Entity), such Asset Entity shall be deemed released from all obligations under this Article XVI without any further action required on the part of the Indenture Trustee or any Holder. At the direction of the Co-Issuers, the Indenture Trustee shall execute and deliver an appropriate instrument evidencing such release.

<u>Section 16.07 USA PATRIOT Act</u>. The parties hereto acknowledge that in accordance with the Customer Identification Program (CIP) requirements established under the USA PATRIOT Act, the Indenture Trustee in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Indenture Trustee. Each party hereby agrees that it shall provide the Indenture Trustee with such information as the Indenture Trustee may request from time to time in order to comply with any applicable requirements of the USA PATRIOT Act.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF, the Obligors and the Indenture Trustee have caused this Indenture to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year first above written.

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| CENTERSQUARE ISSUER LLC | CENTERSQUARE ISSUER LLC |
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|  | Name: |
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| CENTERSQUARE CO-ISSUER LLC | CENTERSQUARE CO-ISSUER LLC |
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|  | Name: |
|  | Title: |

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| 9110-9180 COMMERCE CENTER CIRCLE LLC | 9110-9180 COMMERCE CENTER CIRCLE LLC |
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| 580 WINTER STREET LLC | 580 WINTER STREET LLC |
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|  | Name: |
|  | Title: |
| 1919 PARK AVENUE LLC | 1919 PARK AVENUE LLC |
| By: |  |
|  | Name: |
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| 3 CORPORATE PLACE LLC | 3 CORPORATE PLACE LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 17836 GILLETTE AVENUE LLC | 17836 GILLETTE AVENUE LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 4450 DEAN LAKES BOULEVARD LLC | 4450 DEAN LAKES BOULEVARD LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 350 EAST CERMAK ROAD B LLC | 350 EAST CERMAK ROAD B LLC |
| By: |  |
|  | Name: |
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| 9310 FLORIDA PALM DRIVE LLC | 9310 FLORIDA PALM DRIVE LLC |
| By: |  |
|  | Name: |
|  | Title: |

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|:---|:---|
| 45901 NOKES BOULEVARD LLC | 45901 NOKES BOULEVARD LLC |
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|  | Name: |
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| 45845 NOKES BOULEVARD LLC | 45845 NOKES BOULEVARD LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 115 2ND AVENUE LLC | 115 2ND AVENUE LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 8534 CONCORD CENTER DRIVE LLC | 8534 CONCORD CENTER DRIVE LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 375 RIVERSIDE PARKWAY A LLC | 375 RIVERSIDE PARKWAY A LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 12301 TUKWILA INTERNATIONAL BOULEVARD LLC | 12301 TUKWILA INTERNATIONAL BOULEVARD LLC |
| By: |  |
|  | Name: |
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|:---|:---|
| 3355 SOUTH 120TH PLACE LLC | 3355 SOUTH 120TH PLACE LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 2401 WALSH AVENUE LLC | 2401 WALSH AVENUE LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 2403 WALSH AVENUE LLC | 2403 WALSH AVENUE LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 1550 SPACE PARK DRIVE LLC | 1550 SPACE PARK DRIVE LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 22810-22860 INTERNATIONAL DRIVE LLC | 22810-22860 INTERNATIONAL DRIVE LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 8180 GREEN MEADOWS DRIVE LLC | 8180 GREEN MEADOWS DRIVE LLC |
| By: |  |
|  | Name: |
|  | Title: |
| DCCO TUKWILA, LLC | DCCO TUKWILA, LLC |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| CENTERSQUARE MSA HOLDINGS LLC | CENTERSQUARE MSA HOLDINGS LLC |
| By: |  |
|  | Name: |
|  | Title: |
| CENTERSQUARE NON-RE ASSET ENTITY LLC | CENTERSQUARE NON-RE ASSET ENTITY LLC |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| WILMINGTON TRUST, NATIONAL | WILMINGTON TRUST, NATIONAL |
| ASSOCIATION, as Indenture Trustee | ASSOCIATION, as Indenture Trustee |
| By: |  |
|  | Name: |
|  | Title: |

---

## Exhibit 4.8

**Exhibit 4.8**

**Execution Version**

<u>SECOND AMENDMENT TO INDENTURE</u>

THIS SECOND AMENDMENT TO INDENTURE, dated as of August 21, 2025 (this "<u>Amendment</u>"), by and among Centersquare Issuer LLC, a Delaware limited liability company (the "<u>Issuer</u>"), Centersquare Co-Issuer LLC, a Delaware limited liability company (the "<u>Co-Issuer</u>" and, together with the Issuer, the "<u>Co-Issuers</u>"), Centersquare MSA Holdings LLC, a Delaware limited liability company and each of the Closing Date Real Estate Asset Entities a party hereto (collectively, the "<u>Closing Date Real Estate Asset Entities</u>"), Centersquare Non-RE Asset Entity LLC, a Delaware limited liability company (the "<u>Closing Date Non-RE Asset Entity</u>" and, together with the Closing Date Real Estate Asset Entities, the "<u>Closing Date Asset Entities</u>" and, together with the Co-Issuers, collectively, the "<u>Obligors</u>") and Wilmington Trust, National Association, as indenture trustee and not in its individual capacity and any successor thereto in such capacity (the "<u>Indenture Trustee</u>"), hereby amends the Indenture, dated as of October 17, 2024 (as amended by the First Amendment to Indenture dated as of June 10, 2025, the "<u>Existing Indenture</u>"; the Existing Indenture, as the same may be further amended, restated, supplemented or otherwise modified and in effect from time to time, the "<u>Indenture</u>"), among the Co-Issuers, the Obligors party thereto and the Indenture Trustee.

<u>RECITALS</u>

WHEREAS, the Co-Issuers, the Closing Date Asset Entities and the Indenture Trustee are parties to the Indenture;

WHEREAS, the Co-Issuers and the Indenture Trustee desire to enter into, execute and deliver this Amendment in compliance with the terms of the Indenture;

WHEREAS, Section 13.01 of the Indenture permits the Co-Issuers and the Indenture Trustee, when authorized by an Issuer Order, to supplement or amend the terms of the Indenture pursuant to Section 13.01(a) to correct any typographical error or cure any ambiguity, or to cure, correct or supplement any defective or inconsistent provision in this Indenture, any Series Supplement or any Notes and Section 13.01(n) for any purpose not enumerated in Sections 13.01(a) through (m), in each case, without the consent of the Noteholders so long as in the case of an amendment pursuant to Section 13.01(n): (x) any such amendment (1) will not adversely affect in any material respect the interests of any Noteholder (as evidenced by an Officer's Certificate of the Co-Issuers), (2) either (x) the Servicer has consented thereto and Noteholders representing more than 50% of the Class Principal Balance of any Class of Outstanding Notes have not objected within 30 days of notice thereof or (y) a Rating Agency Confirmation with respect to such amendment is obtained and (3) will not diminish any rights or remedies or increase any liabilities or obligations of the Servicer under the Indenture, under the Servicing Agreement or under any other Transaction Document without the consent of the Servicer, and (y) the Co-Issuers receive an Opinion of Counsel (which opinion may contain similar assumptions and qualifications as are contained in the Opinion of Counsel with respect to the tax treatment of the Series 2024-1/2 Notes issued on, and which Opinion of Counsel was delivered on, the Initial Closing Date) to the effect that such supplement or amendment will not (1) cause any of the Notes of any Outstanding Series to be deemed to have been exchanged for a new debt instrument pursuant to Treasury regulations section 1.1001-3, (2) cause the Issuer or the Co-Issuer to be taxable as other than a partnership or disregarded entity for U.S. federal income tax purposes or (3) cause any of the Notes of any Outstanding Series that are characterized as indebtedness for U.S. federal income tax purposes to be characterized as other than indebtedness for U.S. federal income tax purposes;

WHEREAS, this Amendment constitutes an Indenture Supplement;

WHEREAS, an Officer's Certificate of the Co-Issuers has been received certifying that this Amendment will not adversely affect in any material respect the interests of any Noteholder, a Rating Agency Confirmation has been received with respect to this Amendment and the Co-Issuers have received an Opinion of Counsel (which opinion contains similar assumptions and qualifications as are contained in the Opinion of Counsel with respect to the tax treatment of the Notes issued on, and which Opinion of Counsel was delivered on, the Initial Closing Date) to the effect that such this Amendment will not (1) cause any of the Notes of any Outstanding Series to be deemed to have been exchanged for a new debt instrument pursuant to Treasury regulations section 1.1001-3, (2) cause the Issuer or the Co-Issuer to be taxable as other than a partnership or disregarded entity for U.S. federal income tax purposes or (3) cause any of the Notes of any Outstanding Series that are characterized as indebtedness for U.S. federal income tax purposes to be characterized as other than indebtedness for U.S. federal income tax purposes; and

WHEREAS, in accordance with Section 13.01(a) and Section 13.01(n) of the Indenture, the Co-Issuers and the Indenture Trustee, by their signatures below, have agreed to the entry into this Amendment.

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Co-Issuers and the Indenture Trustee hereby agree as follows:

<u>AGREEMENTS</u>

SECTION 1. <u>Defined Terms</u>. Capitalized terms used and not otherwise defined herein (including the preamble and recitals hereto) shall have the meanings specified in the Indenture, as amended hereby.

SECTION 2. <u>Amendments to the Indenture</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the date hereof, the Indenture is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the bold and double-underlined text (indicated textually in the same manner as the following example: <u>**bold and double-underlined text**</u>) as set forth in the conformed Indenture attached as <u>Exhibit A</u> hereto (the "<u>Amended Indenture</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as expressly set forth in this Amendment, the Exhibits and Schedules to the Existing Indenture shall be the Exhibits and Schedules to the Indenture and on and after the date hereof, unless otherwise specified, any reference to the "Indenture" in the Exhibits and/or Schedules and/or Transaction Documents included in the Indenture shall be a reference to the Indenture, as amended, amended and restated, supplemented or otherwise modified from time to time.

SECTION 3. <u>Pledge of Capital Expenditures Reserve Sub-Account</u>. Each Obligor hereby grants to the Indenture Trustee, on behalf of the Noteholders and the other Secured Parties, a security interest in and to all of its interest in the Capital Expenditures Reserve Sub-Account and all funds on deposit therein from time to time, and the proceeds thereof, as security for payment and performance of the Obligations. In addition to the rights and remedies provided in the Indenture, upon the occurrence and during the continuance of any Event of Default, the Indenture Trustee shall have all rights and remedies pertaining to the Capital Expenditures Reserve Sub-Account and all funds on deposit therein from time to time, and the proceeds thereof as are provided for in any of the Transaction Documents or under any applicable law.

SECTION 4. <u>Reference to and Effect on the Indenture; Ratification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the effectiveness hereof, on and after the date hereof, each reference in the Indenture to "this Indenture", "hereunder", "hereof" or words of like import referring to the Indenture, and each reference in any other agreement to "the Indenture", "thereunder", "thereof" or words of like import referring to the Indenture, shall mean and be a reference to the Indenture as amended hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as specifically amended above, the Existing Indenture is and shall continue to be in full force and effect and is hereby ratified and confirmed in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any party hereto under the Indenture, or constitute a waiver of any provision of any other agreement.

SECTION 5. <u>Effectiveness</u>. This Amendment shall be effective upon delivery of executed signature pages by all parties hereto. The parties hereto agree and acknowledge that the Rating Agency Confirmation has been satisfied with respect to this Amendment.

SECTION 6. <u>Execution in Counterparts; Electronic Execution</u>. This Amendment may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such respective counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment by telecopy, e-mail, pdf or any other electronic means (e.g. "pdf", Docusign or "tif") shall be effective as delivery of a manually executed counterpart of this Amendment. The words "delivery", "execution," "execute", "signed," "signature," and words of like import in or related to any document to be signed in connection with this Amendment and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Indenture Trustee, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

SECTION 7. <u>Governing Law</u>. THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

SECTION 8. <u>Captions</u>. The captions in this Amendment are for convenience of reference only and shall not affect the construction hereof or thereof.

[Signature page follows]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective officers thereunto duly authorized, as of the date first above written.

---

| | | |
|:---|:---|:---|
| CENTERSQUARE ISSUER LLC | CENTERSQUARE ISSUER LLC | CENTERSQUARE ISSUER LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

---

| | | |
|:---|:---|:---|
| CENTERSQUARE CO-ISSUER LLC | CENTERSQUARE CO-ISSUER LLC | CENTERSQUARE CO-ISSUER LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

[*Signature Page to Second Amendment to Indenture*]

---

| | | |
|:---|:---|:---|
| 9110-9180 COMMERCE CENTER CIRCLE LLC | 9110-9180 COMMERCE CENTER CIRCLE LLC | 9110-9180 COMMERCE CENTER CIRCLE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

---

| | | |
|:---|:---|:---|
| 580 WINTER STREET LLC | 580 WINTER STREET LLC | 580 WINTER STREET LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

---

| | | |
|:---|:---|:---|
| 1919 PARK AVENUE LLC | 1919 PARK AVENUE LLC | 1919 PARK AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

---

| | | |
|:---|:---|:---|
| 3 CORPORATE PLACE LLC | 3 CORPORATE PLACE LLC | 3 CORPORATE PLACE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

---

| | | |
|:---|:---|:---|
| 17836 GILLETTE AVENUE LLC | 17836 GILLETTE AVENUE LLC | 17836 GILLETTE AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

---

| | | |
|:---|:---|:---|
| 4450 DEAN LAKES BOULEVARD LLC | 4450 DEAN LAKES BOULEVARD LLC | 4450 DEAN LAKES BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

[*Signature Page to Second Amendment to Indenture*]

---

| | | |
|:---|:---|:---|
| 350 EAST CERMAK ROAD B LLC | 350 EAST CERMAK ROAD B LLC | 350 EAST CERMAK ROAD B LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

---

| | | |
|:---|:---|:---|
| 9310 FLORIDA PALM DRIVE LLC | 9310 FLORIDA PALM DRIVE LLC | 9310 FLORIDA PALM DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

---

| | | |
|:---|:---|:---|
| 45901 NOKES BOULEVARD LLC | 45901 NOKES BOULEVARD LLC | 45901 NOKES BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

---

| | | |
|:---|:---|:---|
| 45845 NOKES BOULEVARD LLC | 45845 NOKES BOULEVARD LLC | 45845 NOKES BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

---

| | | |
|:---|:---|:---|
| 115 2ND AVENUE LLC | 115 2ND AVENUE LLC | 115 2ND AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

---

| | | |
|:---|:---|:---|
| 8534 CONCORD CENTER DRIVE LLC | 8534 CONCORD CENTER DRIVE LLC | 8534 CONCORD CENTER DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

[*Signature Page to Second Amendment to Indenture*]

---

| | | |
|:---|:---|:---|
| 375 RIVERSIDE PARKWAY A LLC | 375 RIVERSIDE PARKWAY A LLC | 375 RIVERSIDE PARKWAY A LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

---

| | | |
|:---|:---|:---|
| 12301 TUKWILA INTERNATIONAL BOULEVARD LLC | 12301 TUKWILA INTERNATIONAL BOULEVARD LLC | 12301 TUKWILA INTERNATIONAL BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

---

| | | |
|:---|:---|:---|
| 3355 SOUTH 120TH PLACE LLC | 3355 SOUTH 120TH PLACE LLC | 3355 SOUTH 120TH PLACE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

---

| | | |
|:---|:---|:---|
| 2401 WALSH AVENUE LLC | 2401 WALSH AVENUE LLC | 2401 WALSH AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

---

| | | |
|:---|:---|:---|
| 2403 WALSH AVENUE LLC | 2403 WALSH AVENUE LLC | 2403 WALSH AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

---

| | | |
|:---|:---|:---|
| 1550 SPACE PARK DRIVE LLC | 1550 SPACE PARK DRIVE LLC | 1550 SPACE PARK DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

[*Signature Page to Second Amendment to Indenture*]

---

| | | |
|:---|:---|:---|
| 22810-22860 INTERNATIONAL DRIVE LLC | 22810-22860 INTERNATIONAL DRIVE LLC | 22810-22860 INTERNATIONAL DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

---

| | | |
|:---|:---|:---|
| 8180 GREEN MEADOWS DRIVE LLC | 8180 GREEN MEADOWS DRIVE LLC | 8180 GREEN MEADOWS DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

---

| | | |
|:---|:---|:---|
| 6101 SOUTH 180TH STREET LLC | 6101 SOUTH 180TH STREET LLC | 6101 SOUTH 180TH STREET LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

---

| | | |
|:---|:---|:---|
| CENTERSQUARE MSA HOLDINGS LLC | CENTERSQUARE MSA HOLDINGS LLC | CENTERSQUARE MSA HOLDINGS LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

---

| | | |
|:---|:---|:---|
| CENTERSQUARE NON-RE ASSET ENTITY LLC | CENTERSQUARE NON-RE ASSET ENTITY LLC | CENTERSQUARE NON-RE ASSET ENTITY LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

---

| | | |
|:---|:---|:---|
| 2425 BUSSE ROAD LLC | 2425 BUSSE ROAD LLC | 2425 BUSSE ROAD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

[*Signature Page to Second Amendment to Indenture*]

---

| | |
|:---|:---|
| 300 JFK BOULEVARD EAST LLC | 300 JFK BOULEVARD EAST LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| 22995 WILDER COURT LLC | 22995 WILDER COURT LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| 21110 RIDGETOP CIRCLE LLC | 21110 RIDGETOP CIRCLE LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| 375 RIVERSIDE PARKWAY B LLC | 375 RIVERSIDE PARKWAY B LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| 900 GUARDIANS WAY LLC | 900 GUARDIANS WAY LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| 21571 BEAUMEADE CIRCLE LLC | 21571 BEAUMEADE CIRCLE LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |

---

[*Signature Page to Second Amendment to Indenture*]

---

| | |
|:---|:---|
| 4513 WESTERN AVENUE LLC | 4513 WESTERN AVENUE LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| 1301 W UNIVERSITY DRIVE LLC | 1301 W UNIVERSITY DRIVE LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| 15 ENTERPRISE AVENUE N LLC | 15 ENTERPRISE AVENUE N LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| 486 ARSENAL WAY LLC | 486 ARSENAL WAY LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |

---

[*Signature Page to Second Amendment to Indenture*]

---

| | |
|:---|:---|
| WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee | WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee |
| By: | /s/ Fazal-ur-Rehman |
| Name: | Fazal-ur-Rehman |
| Title: | Vice President |

---

[*Signature Page to Second Amendment to Indenture*]

**EXHIBIT A**

**AMENDED INDENTURE**

[*See attached*]

**CONFORMED COPY INCLUDES FIRST<br> AMENDMENT TO INDENTURE<br> <u>FIRST AMENDMENT TO INDENTURE</u> DATED AS OF JUNE 10, 2025<u>, AND<br> SECOND AMENDMENT TO INDENTURE DATED AS OF AUGUST 21, 2025</u>**

INDENTURE

<u>among</u>

CENTERSQUARE ISSUER LLC,

CENTERSQUARE CO-ISSUER LLC

<u>and</u>

EACH OF THE ASSET ENTITIES PARTY HERETO FROM TIME TO TIME,

as Obligors,

<u>and</u>

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Indenture Trustee

dated as of October 17, 2024

Secured Data Center Revenue Notes

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| Article I DEFINITIONS AND INCORPORATION BY REFERENCE | Article I DEFINITIONS AND INCORPORATION BY REFERENCE | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 | Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.02 | Rules of Construction | 45 |
| Article II THE NOTES | Article II THE NOTES | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01 | The Notes | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02 | Registration of Transfer and Exchange of Notes | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03 | Book-Entry Notes | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.04 | Mutilated, Destroyed, Lost or Stolen Notes | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.05 | Persons Deemed Owners | **55** **57** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.06 | Certification by Note Owners | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.07 | Notes Issuable in Series | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.08 | Principal Amortization | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.09 | Prepayments | **57** **59** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.10 | Post-ARD Additional Interest | **59** **61** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.11 | Defeasance | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.12 | Additional Data Centers; Additional Notes | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.13 | Cancellation | **64** **66** |
| Article III ACCOUNTS | Article III ACCOUNTS | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01 | Establishment of Collection Account and Sub-Accounts | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02 | Deposits to the Collection Account | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.03 | Withdrawals from the Collection Account | **65** **67** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.04 | Application of Funds in the Collection Account | **65** **67** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.05 | Application of Funds after Event of Default | **65** **68** |
| Article IV RESERVES | Article IV RESERVES | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01 | Security Interest in Reserves; Other Matters Pertaining to Reserves | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.02 | Funds Deposited with Indenture Trustee | **66** **69** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.03 | Priority Expense Reserve Sub-Account | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.04 | Cash Trap Reserve Sub-Account | **67** **70** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.05 | Senior Note Interest and Expense Reserve Sub-Account; Liquidity Letters of Credit | **68** **70** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.06 | Capital Expenditures Reserve Sub-Account | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.07 | Forward Starting Contract Reserve Sub-Account | **70** **73** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.08 | Other Expense Reserve Sub-Account | **70** **73** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.09 | Equity Contributions | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.10 | Indenture Accounts | **72** **75** |

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i

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| | | |
|:---|:---|:---|
| Article V ALLOCATION OF COLLECTIONS; PAYMENTS TO NOTEHOLDERS | Article V ALLOCATION OF COLLECTIONS; PAYMENTS TO NOTEHOLDERS | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.01 | Allocations and Payments | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.02 | Payments of Principal | **84** **87** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.03 | Payments of Interest, VFN Undrawn Commitment Fees and Letter of Credit Fees | **84** **88** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.04 | No Gross Up | 88 |
| Article VI REPRESENTATIONS AND WARRANTIES | Article VI REPRESENTATIONS AND WARRANTIES | **85** **88** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.01 | Organization, Powers, Capitalization, Good Standing, Business | **85** **<u>89</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.02 | Authorization of Borrowing, etc. | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.03 | Financial Statements | **86** **90** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.04 | Indebtedness and Contingent Obligations | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.05 | Customer Contracts; Material Agreements | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.06 | Litigation; Adverse Facts | **87** **91** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.07 | Payment of Taxes | **87** **91** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.08 | Performance of Agreements | **88** **91** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.09 | Employee Benefit Plans | **88** **91** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.10 | Solvency | **88** **92** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.11 | Use of Proceeds and Margin Security | **89** **92** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.12 | Insurance | **89** **92** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.13 | Investments | **89** **92** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.14 | OFAC | **89** **93** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.15 | Anti-Corruption Laws | **90** **93** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.16 | Intellectual Property | **90** **93** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.17 | Governmental Regulation | **90** **94** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 6.18 | Representations and Warranties With Respect To Data Centers and Customer Contracts | **90** **94** |
| Article VII COVENANTS | Article VII COVENANTS | **91** **94** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.01 | Payment on Notes | **91** **94** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.02 | Financial Statements and Other Reports | **91** **95** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.03 | Existence; Qualification | **94** **98** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.04 | Payment of Impositions and Claims | **94** **98** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.05 | Maintenance of Insurance | **95** **99** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.06 | Operation and Maintenance of the Data Centers; Casualty; Condemnation | **97** **101** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.07 | Inspection; Investigation | **101** **104** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.08 | Compliance with Laws and Obligations | **101** **105** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.09 | Further Assurances | **101** **105** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.10 | Performance of Agreements and Customer Contracts | **102** **105** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.11 | New Customer Contracts; Recorded Mortgages | **102** **106** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.12 | Management Agreement | **102** **106** |

---

ii

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.13 | Maintenance of Office or Agency by Co-Issuers | **103** **107** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.14 | Deposits; Application of Deposits | **103** **107** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.15 | Estoppel Certificates | **103** **107** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.16 | Indebtedness | **104** **108** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.17 | No Liens | **105** **108** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.18 | Contingent Obligations | **105** **108** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.19 | Restriction on Fundamental Changes | **105** **108** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.20 | Involuntary Obligor Bankruptcy | **105** **109** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.21 | [Reserved] | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.22 | Money for Payments to be Held in Trust | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.23 | Site Leases | **106** **110** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.24 | Rule 144A Information | **112** **116** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.25 | Maintenance of Books and Records | **112** **116** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.26 | Continuation of Ratings | **112** **116** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.27 | The Indenture Trustee, the Backup Manager and Servicer's Expenses | **112** **116** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.28 | Environmental Remediation | **113** **117** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.29 | Amendments to Customer Contracts; Site Leases | **113** **117** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.30 | Asset Entities' Option to Dispose of Data Centers and Non-Core Data Center Assets | **113** **117** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 7.31 | Limitation on Certain Issuances and Transfers | **114** **118** |
| Article VIII SINGLE-PURPOSE, BANKRUPTCY-REMOTE REPRESENTATIONS, WARRANTIES AND COVENANTS | Article VIII SINGLE-PURPOSE, BANKRUPTCY-REMOTE REPRESENTATIONS, WARRANTIES AND COVENANTS | **115** **119** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.01 | Applicable to the Co-Issuers and the Asset Entities | **115** **119** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.02 | Applicable to the Co-Issuers | **118** **122** |
| Article IX SATISFACTION AND DISCHARGE | Article IX SATISFACTION AND DISCHARGE | **118** **123** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.01 | Satisfaction and Discharge of Indenture | **118** **123** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.02 | Application of Trust Money | **119** **124** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 9.03 | Repayment of Monies Held by Paying Agent | **120** **124** |
| Article X EVENTS OF DEFAULT; REMEDIES | Article X EVENTS OF DEFAULT; REMEDIES | **120** **124** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.01 | Events of Default | **120** **124** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.02 | Acceleration and Remedies | **123** **127** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.03 | Performance by the Indenture Trustee | **125** **130** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.04 | Evidence of Compliance | **125** **130** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.05 | Controlling Class Representative | **126** **130** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.06 | Certain Rights and Powers of the Controlling Class Representative | **127** **132** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.07 | Collection of Indebtedness and Suits for Enforcement by Indenture Trustee | **129** **133** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.08 | Remedies | **131** **136** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.09 | Optional Preservation of the Trust Estate | **132** **136** |

---

iii

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.10 | Limitation of Suits | **132** **136** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.11 | Unconditional Rights of Noteholders to Receive Principal and Interest | **132** **137** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.12 | Restoration of Rights and Remedies | **133** **137** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.13 | Rights and Remedies Cumulative | **133** **137** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.14 | Delay or Omission Not a Waiver | **133** **138** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.15 | Waiver of Past Defaults | **133** **138** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.16 | Undertaking for Costs | **134** **138** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.17 | Waiver of Stay or Extension Laws | **134** **139** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.18 | Action on Notes | **134** **139** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 10.19 | Waiver | **134** **139** |
| Article XI THE INDENTURE TRUSTEE | Article XI THE INDENTURE TRUSTEE | **135** **139** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.01 | Shared Facilities | **135** **139** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.02 | Duties of Indenture Trustee | **135** **139** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.03 | Certain Matters Affecting the Indenture Trustee | **138** **<u>142</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.04 | Indenture Trustee's Disclaimer | **140** **145** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.05 | Indenture Trustee May Own Notes | **141** **145** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.06 | Fees and Expenses of Indenture Trustee; Indemnification of the Indenture Trustee | **141** **145** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.07 | Eligibility Requirements for Indenture Trustee | **142** **147** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.08 | Resignation and Removal of Indenture Trustee | **142** **147** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.09 | Successor Indenture Trustee | **143** **148** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.10 | Merger or Consolidation of Indenture Trustee | **144** **149** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.11 | Appointment of Co-Indenture Trustee or Separate Indenture Trustee | **144** **149** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 11.12 | Access to Certain Information | **146** **150** |
| Article XII NOTEHOLDERS' LISTS, REPORTS AND MEETINGS | Article XII NOTEHOLDERS' LISTS, REPORTS AND MEETINGS | **148** **153** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.01 | Co-Issuers to Furnish Indenture Trustee Names and Addresses of Noteholders | **148** **153** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.02 | Preservation of Information; Communications to Noteholders | **148** **153** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.03 | Voting by Noteholders | **149** **153** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 12.04 | Communication by Noteholders with other Noteholders | **149** **<u>154</u>** |
| Article XIII INDENTURE SUPPLEMENTS | Article XIII INDENTURE SUPPLEMENTS | **149** **154** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.01 | Indenture Supplements without Consent of Noteholders | **149** **154** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.02 | Indenture Supplements with Consent of Noteholders | **152** **157** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.03 | Execution of Indenture Supplements | **153** **158** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.04 | Effect of Indenture Supplement | **154** **158** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 13.05 | Reference in Notes to Indenture Supplements | **154** **159** |

---

iv

---

| | | |
|:---|:---|:---|
| Article XIV PLEDGE OF OTHER COMPANY COLLATERAL | Article XIV PLEDGE OF OTHER COMPANY COLLATERAL | **154** **159** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 14.01 | Grant of Security Interest/UCC Collateral | **154** **159** |
| Article XV MISCELLANEOUS | Article XV MISCELLANEOUS | **156** **161** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.01 | Compliance Certificates and Opinions, etc. | **156** **161** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.02 | Form of Documents Delivered to Indenture Trustee | **157** **162** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.03 | Acts of Noteholders | **158** **163** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.04 | Notices; Copies of Notices and Other Information | **159** **164** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.05 | Notices to Noteholders; Waiver | **159** **164** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.06 | Payment and Notice Dates | **160** **165** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.07 | Effect of Headings and **Table of Contents** | **160** **165** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.08 | Successors and Assigns | **160** **165** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.09 | Severability | **160** **165** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.10 | Benefits of Indenture | **160** **165** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.11 | Legal Holiday | **161** **166** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.12 | Waiver of Jury Trial | **161** **166** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.13 | Governing Law; Jurisdiction | **161** **166** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.14 | Counterparts; Electronic Execution | **161** **166** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.15 | Recording of Indenture | **161** **166** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.16 | Corporate Obligation | **161** **167** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.17 | No Petition | **162** **167** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.18 | Extinguishment of Obligations | **162** **167** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.19 | Excluded Data Centers | **162** **167** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.20 | Waiver of Immunities | **162** **168** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.21 | Non-Recourse | **163** **168** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.22 | Indenture Trustee's Duties and Obligations Limited | **163** **168** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.23 | Appointment of Servicer | **163** **168** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.24 | Agreed Upon Tax Treatment | **163** **168** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.25 | Tax Forms | **163** **168** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 15.26 | Request for Rating Agency Confirmation | **164** **169** |
| Article XVI GUARANTEES | Article XVI GUARANTEES | **164** **169** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.01 | Guarantees | **164** **169** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.02 | Limitation on Liability | **166** **171** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.03 | Successors and Assigns | **166** **171** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.04 | No Waiver | **166** **171** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.05 | Modification | **166** **172** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.06 | Release of Asset Entity | **167** **172** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 16.07 | USA PATRIOT Act | **167** **172** |

---

v

SCHEDULES

Schedule I DESCRIPTION OF INSURANCE POLICIES

Schedule II REPRESENTATIONS AND WARRANTIES WITH RESPECT TO DATA CENTERS AND CUSTOMER CONTRACTS

Schedule III EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES WITH RESPECT TO DATA CENTERS AND CUSTOMER CONTRACTS AS OF THE INITIAL CLOSING DATE

Schedule IV CUSTOMER CONSENT CONTRACTS

EXHIBITS

Exhibit A-1 FORM OF RULE 144A GLOBAL NOTE

Exhibit A-2 FORM OF REGULATION S GLOBAL NOTE

Exhibit A-3 FORM OF DEFINITIVE NOTE

Exhibit A-4 FORM OF VARIABLE FUNDING NOTE

Exhibit B-1 FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF BENEFICIAL INTERESTS IN REGULATION S GLOBAL NOTE FOR BENEFICIAL INTERESTS IN RULE 144A GLOBAL NOTE

Exhibit B-2 FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF BENEFICIAL INTERESTS IN RULE 144A NOTE FOR BENEFICIAL INTERESTS IN REGULATION S GLOBAL NOTE

Exhibit B-3 FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS OF DEFINITIVE NOTES TO QUALIFIED INSTITUTIONAL BUYERS

Exhibit B-4 FORM OF TRANSFEREE CERTIFICATE FOR TRANSFERS OF DEFINITIVE NOTES TO INSTITUTIONAL ACCREDITED INVESTORS

Exhibit B-5 FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF DEFINITIVE NOTES TO QUALIFIED INSTITUTIONAL BUYERS

Exhibit B-6 FORM OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF DEFINITIVE NOTES TO INSTITUTIONAL ACCREDITED INVESTORS

Exhibit C FORM OF RENT ROLL

Exhibit D-1 FORM OF INFORMATION REQUEST FROM NOTEHOLDER OR NOTE OWNER

i

Exhibit D-2 FORM OF INFORMATION REQUEST FROM PROSPECTIVE INVESTOR

Exhibit E FORM OF INDENTURE TRUSTEE REPORT

Exhibit F FORM OF JOINDER AGREEMENT

Exhibit G FORM OF CONFIRMATION OF REGISTRATION OF UNCERTIFICATED NOTES

Exhibit H FORM OF DISBURSEMENT REQUEST

ii

INDENTURE, dated as of October 17, 2024 (as amended, restated, amended and restated, supplemented or otherwise modified and in effect from time to time, this "<u>Indenture</u>"), among Centersquare Issuer LLC, a Delaware limited liability company (the "<u>Issuer</u>"), Centersquare Co-Issuer LLC, a Delaware limited liability company (the "<u>Co-Issuer</u>" and, together with the Issuer, the "<u>Co-Issuers</u>"), Centersquare MSA Holdings LLC, a Delaware limited liability company and each of the Closing Date Real Estate Asset Entities a party hereto (collectively, the "<u>Closing Date Real Estate Asset Entities</u>") and Centersquare Non-RE Asset Entity LLC, a Delaware limited liability company (the "<u>Closing Date Non-RE Asset Entity</u>" and, collectively with the Closing Date Real Estate Asset Entities, the "<u>Closing Date Asset Entities</u>"; the Closing Date Asset Entities together with any entity that becomes a party hereto after the date hereof as an "<u>Additional Asset Entity</u>", the "<u>Asset Entities</u>"; the Asset Entities and the Co-Issuers, collectively, the "<u>Obligors</u>") and Wilmington Trust, National Association, as indenture trustee and not in its individual capacity and any successor thereto in such capacity (the "<u>Indenture Trustee</u>").

RECITALS

WHEREAS, the parties hereto have duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time by the Co-Issuers of one or more series of Secured Data Center Revenue Notes, issuable as provided in this Indenture;

WHEREAS, it is hereby agreed between the parties hereto and the Indenture Trustee, on behalf of itself and the Noteholders, that in the performance of any of the agreements of the Co-Issuers herein contained, any obligation the Obligors may thereby incur for the payment of money shall not be general debt on its part, but shall be secured by and payable solely from the Collateral (as defined herein), payable in such order of preference and priority as provided herein;

WHEREAS, each Series will be constituted by this Indenture and a Series Supplement;

WHEREAS, the Notes of any Series issued pursuant to this Indenture will be divided into classes and type of note (i.e., Variable Funding Note or Term Note) as provided in this Indenture and a Series Supplement; and

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the Obligors and the Indenture Trustee agree as follows:

**ARTICLE I**

**DEFINITIONS AND INCORPORATION BY REFERENCE**

Section 1.01 <u>Definitions</u>. Except as otherwise specified in this Indenture or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of this Indenture and each Series Supplement. In the event of a definitional conflict between this Indenture and a Series Supplement, the definition contained in the Series Supplement shall control.

"<u>17g-5 Website</u>" shall mean the website established by, or on behalf of, the Issuer and/or the Co-Issuer for purposes of compliance with Rule 17g-5(a)(3)(iii) of the Exchange Act.

"<u>30/360 Basis</u>" shall mean the accrual of interest calculated on the basis of a 360-day year consisting of twelve 30-day months.

"<u>Acceptable Manager</u>" shall mean Phoenix Infrastructure LLC, a Delaware limited liability company, or, in the event of a termination of the Management Agreement with Phoenix Infrastructure LLC, the Backup Manager or a Replacement Manager selected by the Backup Manager in accordance with the Backup Management Agreement or, if the Backup Manager or its appointed Replacement Manager is not acting as the Manager, upon receipt of a Rating Agency Confirmation, another reputable management company reasonably acceptable to the Backup Manager with experience managing data centers similar to the Data Centers, which shall be selected by the Issuer or the Co-Issuer, so long as no Event of Default has occurred and is continuing. After the occurrence and during the continuance of an Event of Default, such selection will be performed by the Backup Manager in accordance with the Backup Management Agreement.

"<u>Account Collateral</u>" shall mean all of the Obligors' right, title and interest in and to the Accounts **(other than the Capital Expenditures Reserve Sub-Account)**, the Reserves, all monies and amounts which may from time to time be on deposit therein, all monies, checks, notes, instruments, documents, deposits, and credits from time to time in the possession of the Indenture Trustee (or the Servicer on its behalf) on behalf of the Noteholders representing or evidencing such Accounts and Reserves and all earnings and investments held therein and proceeds thereof.

"<u>Account Control Agreement</u>" shall have the meaning set forth in the Cash Management Agreement.

"<u>Accounts</u>" shall mean, collectively, the Lock Box Accounts, the Collection Account, the Sub-Accounts and any other accounts pledged to the Indenture Trustee pursuant to this Indenture or any other Transaction Document.

"<u>Accrued Note Interest</u>" shall mean, for any Outstanding Note for each Payment Date, the interest that will accrue during the Interest Accrual Period for such Payment Date at the applicable Note Rate (x) with respect to the Variable Funding Notes, on the daily average Note Principal Balance of the Variable Funding Notes during such Interest Accrual Period and (y) with respect to any Class of Term Notes, on the Note Principal Balance of such Term Notes Outstanding at the close of business on the Business Day immediately prior to such Payment Date. Accrued Note Interest for any Variable Funding Note of any Class of any Series for each Payment Date shall be calculated on an Actual/360 Basis and Accrued Note Interest for any Term Notes of any Class of any Series for each Payment Date shall be calculated on a 30/360 Basis, in each case, unless otherwise specified in the Series Supplement for such Series.

"<u>Act</u>" shall have the meaning ascribed to it in <u>Section 15.03(a)</u>.

"<u>Actual/360 Basis</u>" shall mean the accrual of interest calculated on the basis of the actual number of days elapsed during the relevant period in a year consisting of 360 days.

"<u>Additional Asset Entity</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Additional Data Center</u>" shall have the meaning ascribed to it in <u>Section 2.12(a)</u>.

"<u>Additional Issuer Expenses</u>" shall mean, as applicable, (i) reimbursements of fees and expenses (other than such fees and expenses that are included in the Indenture Trustee Fee) to be paid pursuant to the Indenture Trustee's fee schedule, incurred by the Person acting as the Indenture Trustee in its capacity as Indenture Trustee or in any other capacity under this Indenture and in its capacity as Indenture Trustee under the other Transaction Documents, and indemnification payments to the Person acting as the Indenture Trustee in its capacity as Indenture Trustee or in any other capacity under this Indenture and in its capacity as Indenture Trustee under the other Transaction Documents to which the Indenture Trustee is a party and certain persons related to it as described hereunder and under the other Transaction Documents; (ii) reimbursements and indemnification payments payable to the Backup Manager and certain persons related to the Backup Manager as described under the Backup Management Agreement and the other Transaction Documents (other than the payment of any Transition Costs); and (iii) reimbursements and indemnification payments payable to the Servicer and certain persons related to it as described under the Servicing Agreement and the other Transaction Documents (other than any Appraisal Expenses) (including, without limitation, reimbursement and/or payment of any and all costs and expenses associated with consenting to or otherwise approving payment of any Operating Expenses or Maintenance Capital Expenditures in excess of the Budgeted Operating Expense Amount by the Servicer). Additional Issuer Expenses shall not include reimbursements in respect of Advances or Transition Costs payable to the Backup Manager or Appraisal Expenses payable to the Servicer.

"<u>Additional Notes</u>" shall have the meaning ascribed to it in <u>Section 2.12(b)</u>.

"<u>Additional Principal Payment Amount</u>" shall mean, with respect to any Payment Date when an Amortization Period is not in effect and no Event of Default has occurred and is continuing, the amount (excluding any (i) LTV Test Sweep Amount, (ii) Monthly Amortization Amount, (iii) Disposition Price and (iv) mandatory repayments of principal on and after the Anticipated Repayment Date with respect to any Variable Funding Notes or Term Notes of any Outstanding Series, Class or Tranche) required to be applied pursuant to this Indenture as a mandatory prepayment of principal on the Notes on such date.

"<u>Additional Revenue</u>" shall mean, for any Customer Contract, any non-recurring fee, collection or payment received by an Asset Entity with respect to such Customer Contract, including without limitation set-up fees, installation fees, overage charges, usage-based consumption charges and any other charges not billed to the applicable Customer on a monthly basis, including Surcharges. For the avoidance of doubt, Additional Revenue does not include finance charges, Pass-Through Data Center Expenses or any amounts included as Monthly Recurring Revenue or Variable Recurring Revenue.

"<u>Advance</u>" shall have the meaning set forth in the Management Agreement.

"<u>Advance Interest</u>" shall mean the interest accrued on any Advance as set forth in the Management Agreement.

"<u>Affiliate</u>" shall mean, with respect to any specified Person, any other Person controlling or controlled by or under common control with such specified Person. For the purposes of this definition, "<u>control</u>" when used with respect to any Person shall mean the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms "<u>controlling</u>" and "<u>controlled</u>" shall have meanings correlative to the foregoing.

"<u>Affirmative Direction</u>" shall mean, with respect to any Series, a written direction of Noteholders of such Series representing more than 25.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes of such Series.

"<u>Allocated Note Amount</u>" shall mean for any Data Center as of any date of determination an amount determined by allocating the aggregate Note Principal Balances of all Classes of Outstanding Notes on such date of determination to such Data Center based on the ratio of the Appraised Value of such Data Center to the aggregate Appraised Value for all Data Centers.

"<u>Amended Site Lease</u>" shall have the meaning ascribed to it in <u>Section 7.23(b)(ii)</u>.

"<u>Amortization Period</u>" shall mean a period that will commence as of the end of any calendar month if the three-month average DSCR as of the last day of such calendar month is less than the Minimum DSCR and will continue to exist until the three-month average DSCR has exceeded the Minimum DSCR as of the last day of two consecutive months.

"<u>Annual Additional Issuer Expense Limit</u>" shall mean, on any Payment Date, an amount equal to the excess, if any, of (x) the lesser of (i) $150,000 per Series of Notes outstanding on such Payment Date and (ii) $250,000 (such that the Annual Additional Issuer Expense Limit as of the Initial Closing Date is $250,000) over (y) the aggregate amount of Additional Issuer Expenses paid to the Indenture Trustee, the Backup Manager, the Servicer and/or other applicable Person pursuant to clause (iii)(A) of <u>Section 5.01(a)</u> on or after the eleventh Payment Date preceding such Payment Date (or, on or after such lesser number of Payment Dates as shall have occurred since the Initial Closing Date). For the avoidance of doubt, any Additional Issuer Expenses not paid as a result of the Annual Additional Issuer Expense Limit or otherwise due to insufficient funds available in accordance with <u>Section 5.01</u> may be paid on subsequent Application Dates subject to the limitations applicable on such Application Date.

"<u>Annualized Adjusted Net Operating Income</u>" shall mean, as of any date of determination, the excess of**<u>:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the sum of (A) the aggregate Annualized Revenue for all Customer Contracts related to an Eligible Data Center as of such date, (B) to the extent applicable, the sum of the Pass-Through Payment Amount Differentials with respect to each of the immediately preceding twelve calendar months and (C) any Equity Contributions (provided that, in connection with calculating the DSCR in connection with the issuance of any Additional Notes, no such Equity Contributions shall be included herein) over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the sum, without duplication, as of such date, of (A) the sum of all Priority Expenses for the immediately preceding twelve calendar months other than Priority Expenses that are Pass-Through Data Center Expenses (provided that, with respect to any Data Center owned, leased or operated by the Co-Issuers or their affiliates for less than twelve calendar months prior to such date, the amount in this clause (A) shall include the sum of all Priority Expenses that are not Pass-Through Data Center Expenses that are reasonably believed by the Manager to have been incurred with respect to such Data Center during the immediately preceding twelve calendar month period; *provided*, *however*; that with respect to any Data Center that has been converted from a Leased Data Center to a Data Center owned in fee simple during such twelve calendar month period, the amount in this clause (a) shall exclude Site Lease expenses incurred with respect to such Data Center during the immediately preceding twelve calendar month period), (B) a management fee equal to 5.0% of Annualized Revenue for all Customer Contracts and (C) the sum of all Operating Expenses for the immediately preceding twelve calendar month periods (*provided* that, with respect to any Data Center owned, leased or operated by the Co-Issuers or their affiliates for less than twelve calendar months prior to such date, the amount in this clause (C) shall include the sum of all Operating Expenses believed by the Manager to have been incurred with respect to such Data Center during the immediately preceding twelve calendar month period)**.** **<u><u>;</u></u>**

<u>***provided, however*, that, without duplication, to the extent there are material Capital Expenditures required as part of the ordinary course obligations of the Obligors as vendor subject to any portion of a Forward Starting Contract, the fees with respect to such portion of such Forward Starting Contract shall not be included in the calculation of Annualized Adjusted Net Operating Income to the extent that such Capital Expenditures for such portion of such Forward Starting Contract on such date exceeds the excess of (A) the Available Capital Expenditure Amount over (B) the amount of such Available Capital Expenditure Amount allocated to cover such Capital Expenditures or other expenses that are not for such portion of such Forward Starting Contract.**</u>

"<u>Annualized Monthly Recurring Revenue</u>" shall mean, for any Customer Contract, as of any date of determination, the product of (x) the Monthly Recurring Revenue for such Customer Contract as of such date and (y) 12.

"<u>Annualized Operating Income</u>" shall mean, with respect to any Data Center as of any date of determination, (i) the Annualized Revenue for all Customer Contracts related to such Data Center as of such date over (ii) the annualized Operating Expenses with respect to the most recently ended Collection Period associated with the revenue received with respect to such Data Center during such Collection Period.

"<u>Annualized Revenue</u>" shall mean, for any Customer Contract, as of any date of determination (i) if such Customer Contract is not a Forward Starting Contract, the sum of (1) the Annualized Monthly Recurring Revenue as of such date, (2) the aggregate Variable Recurring Revenue with respect to each of the immediately preceding twelve calendar months and (3) the aggregate Additional Revenue with respect to each of the immediately preceding twelve calendar months, in each case, for such Customer Contract and (ii) if such Customer Contract is a Forward Starting Contract, the sum of (w) the aggregate Monthly Recurring Revenue payable under such Customer Contract for the twelve calendar months immediately succeeding the calendar month in which such date of determination occurs, (x) the aggregate Variable Recurring Revenue payable under such Customer Contract for the twelve calendar months immediately succeeding the calendar month in which such date of determination occurs, (y) the aggregate Additional Revenue payable under such Customer Contract for the twelve calendar months immediately succeeding the calendar month in which such date of determination occurs and (z) the amount on deposit in the Forward Starting Contract Reserve Sub-Account as of such date allocable to such Customer Contract; *provided*, *however*, that the Annualized Revenue for any Customer Contract that is a Forward Starting Contract shall be zero if the Forward Starting Contract Fee Commencement Date for such Customer Contract is not scheduled to occur within the three calendar months immediately succeeding the calendar month in which such date of determination occurs and the Co-Issuers have not deposited into the Forward Starting Contract Reserve Sub-Account with respect to such Customer Contract an amount equal to the Forward Starting Contract Reserve Amount applicable to such Customer Contract.

"<u>Anti-Corruption Laws</u>" shall mean the U.S. Foreign Corrupt Practices Act, as amended, and its related rules and regulations, and any similar laws, rules or regulations of any jurisdiction where the Obligors are located or doing business.

"<u>Anticipated Repayment Date</u>" for any Series of Variable Funding Notes or Term Notes, shall have the meaning set forth in the Series Supplement for such Series of Variable Funding Notes or Term Notes.

"<u>Applicable Class A Payment Priority</u>" shall mean the following:

(a) Other than during the continuance of an Event of Default, Class A-1 Notes will be (i) senior
in right of payment of interest to other Class A Notes and (ii) senior in right of payment of principal to other Class A
Notes; and

(b) During the continuance of an Event of Default, Class A-1 Notes will be (i) *pari passu* in
right of payment of interest with other Class A Notes according to the amount then due and payable and (ii) *pari passu* in
right of payment of principal with other Class A Notes according to the amount then due and payable.

"<u>Applicable Procedures</u>" shall mean, with respect to any transfer or transaction involving a Regulation S Global Note or beneficial interest therein, the rules and procedures of the Depositary, Euroclear and Clearstream, as the case may be, for such Global Note, in each case to the extent applicable to such transaction and as in effect from time to time.

"<u>Application Date</u>" shall mean each Optional Application Date and each Scheduled Application Date.

"<u>Appraisal Expenses</u>" will be an amount equal to any and all costs and expenses associated with obtaining appraisals by the Servicer.

"<u>Appraised Value</u>" shall mean, for all Eligible Data Centers, the most recent as-is fair market appraised value of such Data Centers (which will be an aggregate of individual appraised values for each such Data Center) as of a specified date determined pursuant to an independent, full narrative (complete summary) or limited scope (limited restricted) MAI appraisal (or a bring-down confirmation of a previously delivered MAI appraisal or a restatement of the as-is fair market appraised value of such Data Centers as of such date) provided to the Indenture Trustee, the Backup Manager and the Servicer or obtained by the Servicer (or another third party at the direction of the Servicer or the Manager) in accordance with the Uniform Standards of Professional Appraisal Practice (as recognized by the Financial Institutions Reform, Recovery and Enforcement Act of 1989) and which takes into account the leased fee value of the related buildings and land of such Data Centers, consistent with industry standards.

"<u>Asset Entities</u>" shall have the meaning ascribed to it in the preamble hereto. "<u>Asset Entity Interests</u>" shall have the meaning ascribed to it in <u>Section 8.01(a)</u>. "<u>Assets</u>" shall mean the assets of the Asset Entities.

"<u>Authorized Officer</u>" shall mean (i) any director, Member, Manager, Executive Officer or other officer of the Issuer or the Co-Issuer who is authorized to act for or on behalf of the Issuer or the Co-Issuer, as applicable, in matters relating to the Issuer or the Co-Issuer and (ii) for so long as the Management Agreement is in full force and effect, any officer of the Manager who is authorized to act for the Manager in matters relating to the Issuer or the Co-Issuer, as applicable, and to be acted upon by the Manager pursuant to the applicable Management Agreement, and, in each case, who is identified on the list of Authorized Officers delivered by the Issuer or the Co-Issuer, as applicable, to the Indenture Trustee, the Backup Manager and the Servicer on the Initial Closing Date (as such list may be modified or supplemented from time to time thereafter).

"<u>Authorized Representative</u>" shall have the meaning ascribed to it in <u>Section 15.26(a)</u>.

<u>**"Available Capital Expenditure Amount" shall mean, as of any date of determination, an amount equal to the sum of (i) the funds available in the Capital Expenditures Reserve Sub-Account on such date and (ii) the undrawn Class A-1 Commitment Amount that would be permitted to be drawn on such date.**</u>

<u>**"Available Class A-1 Commitment Amount" shall mean, with respect to any Series of Class A-1 Notes, an amount equal to the excess, if any, of (x) the Class A-1 Commitment Amount with respect to such Series of Class A-1 Notes and (y) to the extent (A) the fees with respect to any portion of a Forward Starting Contract require material Capital Expenditures as part of the ordinary course obligations of the Obligors as vendor and (B) such fees are included in the calculation of Annualized Adjusted Net Operating Income, the portion, if any, of the Class A-1 Commitment Amount with respect to such Series of Class A-1 Notes that is allocated to cover such material Capital Expenditures.**</u>

"<u>Available Funds</u>" shall mean, for each Application Date, the sum of (i) all Receipts received by or on behalf of the Asset Entities and deposited into the Collection Account during the Relevant Collection Period and (ii) any amounts transferred from the relevant Sub-Accounts to be applied as such on such Application Date; *provided* that Receipts on deposit in the Collection Account that were received during one Collection Period but are attributable to amounts due from a Customer in a succeeding Collection Period shall not constitute Available Funds for any Application Date with respect to the Collection Period in which such amounts are received but shall be included in the Available Funds for the first Application Date with respect to the Collection Period in which such amounts are due. For the avoidance of doubt, proceeds of draws under Variable Funding Notes shall not constitute Available Funds.

"<u>Backup Management Agreement</u>" shall mean the Backup Management Agreement, dated as of the Initial Closing Date, by and among the Co-Issuers, the Manager, the Backup Manager and the Indenture Trustee.

"<u>Backup Manager</u>" shall have the meaning set forth in the Backup Management Agreement.

"<u>Bankruptcy Code</u>" shall mean Title 11 of the United States Code, as amended from time to time, and all rules and regulations promulgated thereunder.

"<u>Beneficial Owner</u>" shall mean, with respect to any Series of Term Notes, the owner of a beneficial interest in a Global Note of such Series of Term Notes.

"<u>Benefit Plan Investor</u>" shall mean shall mean a "benefit plan investor" within the meaning of 29 CFR Section 2510.3-101, as modified by Section 3(42) of ERISA.

"<u>Book-Entry Notes</u>" shall mean any Note registered in the name of the Depositary or its nominee.

"<u>Budgeted Operating Expense Amount</u>" shall have the meaning set forth in the Management Agreement.

"<u>Business Day</u>" shall mean any day other than a Saturday, a Sunday or any day which is a federal holiday or any day on which banking institutions or trust companies are authorized or obligated by law, regulation or executive order to remain closed.

"<u>Capital Expenditures</u>" shall mean expenditures for Capital Improvements that, in conformity with GAAP, would not be included in the Obligors' annual financial statements as an Operating Expense of the Data Centers.

"<u>Capital Expenditures Reserve Sub-Account</u>" shall have the meaning ascribed to it in <u>Section 4.06</u>.

"<u>Capital Improvements</u>" shall mean capital improvements or alterations, fixtures, equipment and other capital items (whether paid in cash or property or accrued as liabilities) made by the Asset Entities.

"<u>Capital Lease</u>" shall mean, with respect to any Person, any lease of, or other arrangement conveying the right to use, any property by such Person as lessee that has been or should be accounted for as a capital lease on a balance sheet of such person prepared in accordance with GAAP.

"<u>Capital Lease Obligations</u>" shall mean, with respect to any Person, the obligations of such Person to pay rent or other amounts under any Capital Lease, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

"<u>Cash Management Agreement</u>" shall mean the Cash Management Agreement, dated as of the Initial Closing Date, among the Obligors, the Indenture Trustee and the Manager.

"<u>Cash Trap Condition</u>" shall mean, as of the end of any calendar month, (i) an Amortization Period is not then continuing and (ii) the three-month average DSCR as of the last day of such calendar month is less than the Cash Trap DSCR, and will continue to exist until the three-month average DSCR has exceeded the Cash Trap DSCR as of the last day of two consecutive months.

"<u>Cash Trap DSCR</u>" shall mean 1.35 to 1.00.

"<u>Cash Trap Reserve</u>" shall have the meaning ascribed to it in <u>Section 4.04</u>.

"<u>Cash Trap Reserve Amount</u>" shall have the meaning ascribed to it in <u>Section 4.04</u>.

"<u>Cash Trap Reserve Sub-Account</u>" shall have the meaning ascribed to it in <u>Section 4.04</u>.

"<u>Claims</u>" shall have the meaning ascribed to it in <u>Section 7.04(a)</u>.

"<u>Class</u>" shall mean, collectively, all of the Notes bearing the same alphabetical type and, if applicable, numerical Tranche designation and having the same payment terms. The respective Classes of Notes are designated under Series Supplements.

"<u>Class A LTV Ratio</u>" shall mean, as of any date, the ratio of (a) the excess, if any, of (i) the aggregate Class Principal Balance of all Classes of Class A Notes as of such date over (ii) the amount of funds on deposit in the Senior Note Interest and Expense Reserve Sub-Account as of such date to (b) the Appraised Value for all Eligible Data Centers.

"<u>Class A LTV Test Sweep Amount</u>" shall mean, with respect to any Payment Date, the excess, if any, of (i) the amount, if any, of principal of the Class A Notes of any Series on such Payment Date the repayment of which is necessary to cause the Class A LTV Ratio, after giving effect to such reduction and the payment of (x) any Class A-1 Notes on such Payment Date during a VFN Early Amortization Period and (y) the Monthly Amortization Amount with respect to any Class A Notes that are subject to a Targeted Amortization Amount for such Payment Date (to the extent that funds are available on such Payment Date to pay such Monthly Amortization Amount and a Cash Trap Condition is not then in effect), to be less than or equal to 65.0% over (ii) any amount allocated on any Application Date prior to such Payment Date for which such Payment Date is the Relevant Payment Date to the Debt Service Sub-Account pursuant to <u>Section 5.01(a)(xii)</u>.

"<u>Class A Notes</u>" shall mean, collectively, all Notes of any Series (including any subclass or subseries thereof in accordance with the related Series Supplement) issued under this Indenture and any related Series Supplement that are designated Class "A" (regardless of type or numerical designation).

"<u>Class A-1 Administrative Agent</u>" shall mean with respect to any Series of Variable Funding Notes, the "<u>Class A-1 Administrative Agent,</u>" if any, as specified in the related Variable Funding Note Purchase Agreement.

"<u>Class A-1 Administrative Agent Fee</u>" shall mean with respect to any Series of Variable Funding Notes, the fee, if any, set forth in the related Variable Funding Note Purchase Agreement for payment to the applicable Class A-1 Administrative Agent.

"<u>Class A-1 Commitment Amount</u>" shall mean the aggregate maximum Outstanding principal amount available under this Indenture and any Variable Funding Note Purchase Agreement with respect to any Variable Funding Notes.

"<u>Class A-1 Notes</u>" shall mean all Notes of any Series issued under this Indenture and any related Series Supplement that are designated Class "<u>A-1</u>".

"<u>Class A-1 Paying Agent</u>" shall mean with respect to any Series of Variable Funding Notes the "<u>Class A-1 Paying Agent,</u>" if any, as specified in the related Variable Funding Note Purchase Agreement.

"<u>Class A-2 Notes</u>" shall mean all Notes of any Series issued under this Indenture and any related Series Supplement that are designated Class "<u>A-2</u>".

"<u>Class B LTV Ratio</u>" shall mean, as of any date, the ratio of (a) the excess, if any, of (i) the sum of (x) the aggregate Class Principal Balance of all Classes of Class A Notes as of such date and (y) the aggregate Class Principal Balance of all Classes of Class B Notes as of such date over (ii) the amount of funds on deposit in the Senior Note Interest and Expense Reserve Sub-Account as of such date to (b) the Appraised Value for all Eligible Data Centers.

"<u>Class B LTV Test Sweep Amount</u>" shall mean, with respect to any Payment Date, the excess, if any, of (i) the amount, if any, of principal of the Class B Notes of any Series on such Payment Date the repayment of which is necessary to cause the Class B LTV Ratio, after giving effect to such reduction and the payment of the Monthly Amortization Amount with respect to any Class B Notes that are subject to a Targeted Amortization Amount for such Payment Date (to the extent that funds are available on such Payment Date to pay such Monthly Amortization Amount and a Cash Trap Condition is not then in effect), to be less than or equal to 70.0% over (ii) any amount allocated on any Application Date prior to such Payment Date for which such Payment Date is the Relevant Payment Date to the Debt Service Sub-Account pursuant to <u>Section 5.01(a)(xx)</u>.

"<u>Class B Notes</u>" shall mean, collectively, all Notes of any Series issued under this Indenture and any related Series Supplement that are designated Class "B" (regardless of type or numerical designation).

"<u>Class B PIK Period</u>" shall mean, as of any Application Date, a period that is in effect on such Application Date if (A) any Series of Class A Notes are Outstanding as of such Application Date and (B) the three-month average DSCR as of the last day of the immediately preceding calendar month is less than 1.75:1, and will continue to exist until either (x) no Series of Class A Notes are outstanding or (y) the three-month average DSCR has exceeded 1.75:1 as of the last day of two consecutive months.

"<u>Class C LTV Ratio</u>" shall mean, as of any date, the ratio of (a) the excess, if any, of (i) the sum of (x) the aggregate Class Principal Balance of all Classes of Class A Notes as of such date, (y) the aggregate Class Principal Balance of all Classes of Class B Notes as of such date and (z) the aggregate Class Principal Balance of all Classes of Class C Notes as of such date over (ii) the amount of funds on deposit in the Senior Note Interest and Expense Reserve Sub-Account as of such date to (b) the Appraised Value for all Eligible Data Centers.

"<u>Class C LTV Test Sweep Amount</u>" shall mean, with respect to any Payment Date, the excess, if any, of (i) the amount, if any, of principal of the Class C Notes of any Series on such Payment Date the repayment of which is necessary to cause the Class C LTV Ratio, after giving effect to such reduction and the payment of the Monthly Amortization Amount with respect to any Class C Notes that are subject to a Targeted Amortization Amount for such Payment Date (to the extent that funds are available on such Payment Date to pay such Monthly Amortization Amount and a Cash Trap Condition is not then in effect), to be less than or equal to the Class C LTV Trigger over (ii) any amount allocated on any Application Date prior to such Payment Date for which such Payment Date is the Relevant Payment Date to the Debt Service Sub-Account pursuant to <u>Section 5.01(a)(xxv)</u>.

"<u>Class C LTV Trigger</u>" is the percentage set forth in the most recent Series Supplement with respect to any Outstanding Series of Class C Notes that sets such percentage.

"<u>Class C PIK Period</u>" shall mean, as of any Application Date, a period that is in effect on such Application Date if (A) any Series of Class A Notes or Class B Notes are Outstanding as of such Application Date and (B) the three-month average DSCR as of the last day of the immediately preceding calendar month is less than 1.75:1, and will continue to exist until either (x) no Series of Class A Notes or Class B Notes are outstanding or (y) the three-month average DSCR has exceeded 1.75:1 as of the last day of two consecutive months.

"<u>Class C Notes</u>" shall mean, collectively, all Notes of any Series issued under this Indenture and any related Series Supplement that are designated Class "C" (regardless of type or numerical designation).

"<u>Class Principal Balance</u>" shall mean, as of any date of determination, the Note Principal Balance of all Outstanding Notes of such Class on such date. The Class Principal Balance of each Class of Notes may be increased from time to time by the issuance of Additional Notes of such Class in an additional Series (or, in the case of the Variable Funding Notes, also by draws on their commitment, including a draw on a Letter of Credit). The Class Principal Balance of each Class of Notes will be reduced by the amount of any principal payments made to the Holders of the Notes of such Class.

"<u>Class R Interest</u>" shall have the meaning set forth in the Limited Liability Company Agreement of the Issuer or the Co-Issuer, as applicable.

"<u>Clearstream</u>" shall mean Clearstream Banking S.A.

"<u>Closing Date</u>" with respect to a Series, shall have the meaning set forth in the Series Supplement for such Series.

"<u>Closing Date Asset Entities</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Closing Date Data Centers</u>" shall mean the Closing Date Owned Data Centers and the Closing Date Leased Data Centers.

"<u>Closing Date Leased Data Centers</u>" shall mean each of the data centers with respect to which a Closing Date Asset Entity has a leasehold interest pursuant to a Site Lease on the Initial Closing Date.

"<u>Closing Date Non-RE Asset Entity</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Closing Date Owned Data Centers</u>" shall mean each of the data centers owned in fee simple by any Closing Date Asset Entity on the Initial Closing Date.

"<u>Closing Date Real Estate Asset Entities</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Co-Guarantor</u>" shall mean Centersquare Co-Guarantor LLC, a Delaware limited liability company.

"<u>Co-Issuer</u>" shall have the meaning ascribed to it in the preamble hereto. "<u>Co-Issuers</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Co-Manager</u>" or "<u>Co-Managers</u>" with respect to a particular Series, shall have the meaning set forth in the Series Supplement for such Series.

"<u>Code</u>" shall mean the United States Internal Revenue Code of 1986, as amended.

"<u>Collateral</u>" shall mean the Data Centers and any other property which is the subject of a Grant in favor of the Indenture Trustee on behalf of the Noteholders pursuant to any Transaction Document.

"<u>Collection Account</u>" shall have the meaning ascribed to it in <u>Section 3.01</u>.

"<u>Collection Account Bank</u>" shall mean the depositary institution at which the Collection Account is maintained pursuant to the Collection Account Control Agreement.

"<u>Collection Account Control Agreement</u>" shall mean the agreement, dated as of the Initial Closing Date, among the Co-Issuers, the Collection Account Bank, as securities intermediary, and the Indenture Trustee relating to the Collection Account.

"<u>Collection Period</u>" shall mean each successive period of one calendar month; *provided* that the initial Collection Period shall commence on the first day of October 2024 and will end on the last day of the calendar month immediately preceding the initial Payment Date.

"<u>Compliance Certificate</u>" shall have the meaning ascribed to it in <u>Section 7.02(a)(viii)</u>.

"<u>Condemnation Proceeds</u>" shall mean, collectively, the proceeds of any condemnation or taking pursuant to the exercise of the power of eminent domain or purchase in lieu thereof.

"<u>Confirmation of Registration</u>" shall mean, with respect to an Uncertificated Note, a confirmation of registration, substantially in the form of Exhibit G attached hereto; *provided* to the owner thereof promptly after the registration of the Uncertificated Note in the Note Register by the Note Registrar.

"<u>Contingent Obligation</u>" as applied to any Person, shall mean any direct or indirect liability, contingent or otherwise, of that Person: (A) with respect to any indebtedness, lease, dividend or other obligation of another if the primary purpose or intent of the Person incurring such liability, or the primary effect thereof, is to provide assurance to the obligee of such liability that such liability will be paid or discharged, or that any agreements relating thereto will be complied with, or that the holders of such liability will be protected (in whole or in part) against loss with respect thereto; (B) with respect to any letter of credit issued for the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings; (C) under any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement or other similar agreement or arrangement designed to protect against fluctuations in interest rates; or (D) under any foreign exchange contract, currency swap agreement or other similar agreement or arrangement designed to protect that Person against fluctuations in currency values. Contingent Obligations shall include, without limitation, (i) the direct or indirect guaranty, endorsement (other than for collection or deposit in the ordinary course of business), co-making (other than the Notes), discounting with recourse or sale with recourse by such Person of the obligation of another, (ii) the obligation to make take-or-pay or similar payments if required regardless of nonperformance by any other party or parties to an agreement, and (iii) any liability of such Person for the obligations of another through any agreement to purchase, repurchase or otherwise acquire such obligation or any property constituting security therefor, to provide funds for the payment or discharge of such obligation or to maintain the solvency, financial condition or any balance sheet item or level of income of another. The amount of any Contingent Obligation shall be equal to the amount of the obligation so guaranteed or otherwise supported or, if not a fixed and determined amount, the maximum amount so guaranteed.

"<u>Continuing Notes</u>" shall have the meaning ascribed to it in <u>Section 2.12(b)</u>.

"<u>Contractual Obligation</u>" as applied to any Person, shall mean any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject, other than the Transaction Documents.

"<u>Contribution Agreement</u>" shall mean each assignment agreement, contribution agreement or other similar agreement whereby an Asset Entity is assigned and/or contributed to the Issuer or the Co-Issuer or a Data Center and/or other assets is assigned and/or contributed to and/or from an Asset Entity.

"<u>Control Party</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Controlling Class</u>" shall mean, as of any date of determination, the senior-most Outstanding Class of Notes (*i.e.*, the Class with the highest alphabetical designation), without regard to allocation to a particular Series. In the event that the Class A Notes are the Controlling Class, the Controlling Class will be comprised of all Class A Notes then Outstanding (which will include, for purposes of calculating the aggregate Note Principal Balance of such Class A Notes, the full amount of the Class A-1 Commitment Amount, if any, that is permitted to be drawn on such date).

"<u>Controlling Class Representative</u>" shall have the meaning ascribed in <u>Section 10.05(a)</u>.

"<u>Corporate Trust Office</u>" shall mean the principal office of the Indenture Trustee at which at any particular time its corporate trust business shall be administered, which office at the date of execution of this Indenture is located at Rodney Square North, 1100 N. Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration – Centersquare Issuer LLC – 2024-1; or at such other address the Indenture Trustee may designate from time to time by notice to the Noteholders and the Obligors, or the principal corporate trust office of any successor Indenture Trustee at the address designated by such successor Indenture Trustee by notice to the Noteholders and the Obligors. For purposes of all Notes surrendered for payment or registration of transfer or exchange, or deemed destroyed, lost or stolen, the corporate trust office of the Indenture Trustee shall be as follows: Rodney Square North, 1100 N. Market Street, Wilmington, Delaware 19890, Attention: Workflow Management – Centersquare Issuer LLC – 2024-1.

"<u>Customer</u>" shall mean a customer under a Customer Contract.

"<u>Customer Consent Contracts</u>" shall mean the Customer Contracts identified on Schedule IV hereto that will not be assigned to a Closing Date Asset Entity on the Initial Closing Date and will instead remain with the Parent or an Affiliate of the Parent pending the receipt of certain consents to the transfer of those Customer Contracts from the Parent (or such Affiliate) to a Closing Date Asset Entity; *provided* that a Customer Contract shall cease to be a Customer Consent Contract after the Initial Closing Date (i) following the expiration of the initial term of the related Customer Contract or (ii) after the delivery of an Officer's Certificate of the Manager to the Servicer, the Backup Manager and the Indenture Trustee stating that all required consents to the transfer of such Customer Consent Contract to a Closing Date Asset Entity have been obtained.

"<u>Customer Contract</u>" shall mean any Master Agreement (and any associated Service Orders), lease, sublease, license, hosting services agreement, co-location agreement or other similar agreement between an Asset Entity and a Customer, or any such agreement between the Parent (or an affiliate of the Parent) and a Customer, the Monthly Recurring Revenue and the Additional Revenue of which has been contributed to the Issuer by the Parent pursuant to a contribution agreement, which is denominated in United States Dollars or Canadian Dollars and for which the related Customer has been directed to remit payments directly to a Lock Box Account.

"<u>Data Center Assets</u>" shall have the meaning ascribed to it in <u>Section 7.30</u>.

"<u>Data Centers</u>" shall mean the Closing Date Data Centers and any Additional Data Centers.

"<u>Data Center Space</u>" shall mean the space at a Data Center that is leased, subleased or licensed by an Asset Entity to one or more Customers under a Customer Contract.

"<u>Debt Service Sub-Account</u>" shall mean a Sub-Account of the Collection Account to reserve for the amount required for payments due on the Notes in the manner required pursuant to <u>Section 5.01(a)</u>.

"<u>Default</u>" shall mean any event, occurrence or circumstance that is, or with notice or the lapse of time or both, would become, an Event of Default.

"<u>Defeasance Date</u>" shall have the meaning ascribed to it in <u>Section 2.11(a)</u>.

"<u>Defeasance Payment Date</u>" shall mean, for any Series, the Payment Date on which the Prepayment Period for such Series commences.

"<u>Deferred Post-ARD Additional Interest</u>" shall have the meaning ascribed to it in <u>Section 2.10</u>.

"<u>Definitive Notes</u>" shall have the meaning ascribed to it in <u>Section 2.01(b)</u>. "<u>Definitive Term Notes</u>" shall have the meaning ascribed to it in <u>Section 2.01(b)</u>.

"<u>Definitive Variable Funding Notes</u>" shall have the meaning ascribed to it in <u>Section 2.01(a)</u>.

"<u>Depositary</u>" and "<u>DTC</u>" shall mean The Depository Trust Company, or any successor Depositary hereafter named as contemplated by <u>Section 2.03(c)</u>.

"<u>Depositary Participants</u>" shall mean a broker, dealer, bank or other financial institution or other Person for whom from time to time the Depositary effects book-entry transfers and pledges of securities deposited with the Depositary.

"<u>Discretionary Capital Expenditures</u>" shall mean (i) non-recurring Capital Expenditures made to enhance the Operating Revenues of Data Centers, such as to accommodate expansion for additional customer equipment and (ii) other non-recurring Capital Expenditures made to decrease the Operating Expenses of the Data Centers.

"<u>Discretionary Manager Advances</u>" shall have the meaning set forth in the Management Agreement.

"<u>Disposition Price</u>" shall mean, with respect to any disposition of any Data Center, an amount with respect to such Data Center equal to the greater of (i) 125% of the Allocated Note Amount for such Data Center and (ii) the amount, if any, of principal of the Term Notes of any Series the repayment of which is necessary to cause the pro forma DSCR after giving effect to the disposition of such Data Center and any prepayment (and any issuance) of Term Notes occurring concurrently with such disposition, to be greater than or equal to 1.85:1.0.

"<u>Division</u>" shall mean, with respect to any Person that is a limited liability company organized under the laws of the State of Delaware, the division of such Person into two or more domestic limited liability companies (whether or not the original Person survives such division) pursuant to and in accordance with § 18-217 of Title 6 of Delaware Code, or with respect to any other Person, any comparable action or event under comparable laws of its jurisdiction.

"<u>DSCR</u>" shall mean, as of any date, the ratio of (i) the Annualized Adjusted Net Operating Income as of the last day of the immediately **succeeding** **<u>preceding</u>** calendar month (or, if such date is the last day of a calendar month, as of such date) to (ii) the sum of (a) the amount of interest on the aggregate Note Principal Balance of the Class A Notes and the Class B Notes (other than any Post-ARD Additional Interest and Deferred Post-ARD Additional Interest) and, with respect to any Class A-1 Notes, any accrued and unpaid VFN Undrawn Commitment Fees, any Letter of Credit Fees and any other fees, expenses and other amounts due to the holders of the Class A-1 Notes under any Variable Funding Note Purchase Agreement in respect thereof, in each case that the Co-Issuers will be required to pay over the succeeding twelve Payment Dates and (b) the amount of the Indenture Trustee Fees and the Servicing Fees payable during such period. For the purposes of this calculation, it is assumed that (x) the base rate, benchmark rate or CP Rate for the related Interest Accrual Periods will be equal to the then-current base rate, benchmark rate or CP Rate, as applicable, and (y) the aggregate Note Principal Balance of the Class A Notes and the Class B Notes that will be Outstanding on the Payment Date following the date of determination will remain Outstanding during such period; *provided* that, if the DSCR is being calculated in connection with (A) the issuance of Additional Notes that are Class A Notes and/or Class B Notes, the assumed aggregate unpaid principal balance of the Class A Notes or Class B Notes that will be Outstanding during such period will be increased by the Initial Class Principal Balance of such Additional Notes that are Class A Notes and Class B Notes, (B) a draw under any Variable Funding Notes, the assumed aggregate Note Principal Balance of the Class A Notes that will be Outstanding during such period will be adjusted to reflect the increase in the Outstanding principal amount of the Class A-1 Notes after giving effect to such draw or (C) the disposition of a Data Center and any concurrent prepayment of any Class A Notes or Class B Notes, the assumed aggregate unpaid principal balance of the Class A Notes and the Class B Notes that will be decreased by such prepayment.

"<u>DTC Custodian</u>" shall mean the Indenture Trustee, in its capacity as custodian of any Series or Class of Global Notes for DTC.

"<u>Eligible Account</u>" shall mean a separate and identifiable account from all other funds held by the holding institution, which account is either (i) an account maintained with an Eligible Bank or (ii) a segregated trust account maintained by a corporate trust department of a federal depositary institution or a state chartered depositary institution subject to regulations regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal Regulations § 9.10, which institution, in either case, has a combined capital and surplus of at least $100,000,000 and has corporate trust powers and is acting in its fiduciary capacity and for which a Rating Agency Confirmation has been received.

"<u>Eligible Bank</u>" shall mean a bank that satisfies the Rating Criteria.

"<u>Eligible Data Centers</u>" shall mean, as of any date of determination, a data center that satisfies each of the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such data center is located in one of the 48 contiguous states of the United States or the District of
Columbia or Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such data center is (x) owned directly or indirectly by an Asset Entity in fee simple absolute or
(y) leased under a Site Lease, in each case, free and clear of Liens (other than Permitted Encumbrances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) other than with respect to any data center that is a Non-Mortgaged Data Center, the Issuer or the Co-Issuer
has provided to the Indenture Trustee a Mortgage and a Title Policy with respect to such data center and has provided to such title company
issuing such Title Policy the Mortgage to be submitted for recording in the appropriate office of real property records and (unless such
data center is subject to a space lease) a survey with respect to such data center;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such data center is not subject to any outstanding tax liens or condemnation proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such data center is in compliance with all applicable regulations and has all necessary permits and licenses,
unless, in the case of any such permit or license required to be obtained by the Customer, the failure of such Customer to obtain such
permit or license would not materially and adversely affect the Asset Entity's interest in such data center;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) with respect to any data center that is to be owned in fee, the Obligors have delivered to the Indenture
Trustee, the Manager, the Backup Manager and the Servicer a Phase I environmental report on each such data center, and if such Phase I
environmental site assessment report reveals any condition that in the Manager's reasonable judgment so warrants, a Phase II environmental
site assessment report, and such report concludes that such data center does not contain any Hazardous Materials in material violation
of applicable Environmental Law for which (x) no remediation plan is in effect or being implemented or (y) the applicable Asset
Entity is appropriately indemnified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) such data center is not, and no interest of the Obligors therein is, subject to any Lien (other than Permitted
Encumbrances) or any negative pledge; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) (x) with respect to any data center that is to be owned in fee, the Obligors have completed architectural,
structural and other due diligence at such data center (consistent with the Manager's existing standards and practices) with no
material adverse findings and the data center is otherwise free of all material structural, architectural or title defects and is free
of material deferred maintenance and (y) with respect to any data center that is not owned in fee, the Obligors have completed due
diligence at such data center (consistent with the Manager's existing standards and practices) with no material adverse findings.

"<u>Environmental Assessment</u>" shall have the meaning ascribed to it in <u>Section 10.02(f)</u>.

"<u>Environmental Laws</u>" shall mean all applicable statutes, ordinances, codes, orders, decrees, laws (including common law), rules or regulations of any Governmental Authority pertaining to or imposing liability or standards of conduct concerning environmental protection (including, without limitation, regulations concerning health and safety to the extent relating to human exposure to Hazardous Materials), contamination or clean-up or the handling, generation, release or storage of Hazardous Material affecting the Data Centers including, without limitation, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, the Resource Conservation and Recovery Act, as amended, the Emergency Planning and Community Right-to-Know Act of 1986, as amended, the Hazardous Substances Transportation Act, as amended, the Solid Waste Disposal Act, as amended, the Clean Water Act, as amended, the Clean Air Act, as amended, the Toxic Substances Control Act, as amended, the Safe Drinking Water Act, as amended, the Occupational Safety and Health Act, as amended (to the extent relating to human exposure to Hazardous Materials), any state superlien and environmental clean-up statutes and all regulations adopted in respect of the foregoing laws whether now or hereafter in effect, but excluding any historic preservation or similar laws of any Governmental Authority relating to historical resources and historic preservation not related to (i) protection of the environment or (ii) Hazardous Materials.

"<u>Equity Contribution</u>" shall have the meaning ascribed to it in <u>Section 4.09</u>.

"<u>ERISA</u>" shall mean the Employee Retirement Income Security Act of 1974, as amended.

"<u>Euroclear</u>" shall mean the Euroclear System.

"<u>Event of Default</u>" shall have the meaning ascribed to it in <u>Section 10.01</u>.

"<u>Excess Cash Flow</u>" shall mean, with respect to any Payment Date, the amount remaining in the Debt Service Sub-Account on such Payment Date after allocation and/or payment of all amounts required to be paid on such Payment Date pursuant to <u>Section 5.01(b)(i)</u>.

"<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as amended. "<u>Excluded Data Centers</u>" shall have the meaning ascribed to it in <u>Section 15.19</u>.

"<u>Executive Officer</u>" shall mean, with respect to any corporation or limited liability company, the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, President, any Executive Vice President, any Senior Vice President, the Chief Accounting Officer, any Vice President, the Secretary or the Treasurer of such corporation or limited liability company and, with respect to any partnership, any individual general partner thereof or, with respect to any other general partner, any such officer of such general partner.

"<u>FATCA</u>" shall mean Sections 1471 through 1474 of the Code, as of the Initial Closing Date (or any amended or successor version of such sections that is substantially comparable and not materially more onerous to comply with), or any regulations or agreements thereunder or official written interpretations thereof or any intergovernmental agreement between the United States and another jurisdiction entered into in connection with the implementation thereof (or any law implementing such an intergovernmental agreement).

"<u>FATCA Withholding Tax</u>" shall mean any withholding or deduction required pursuant to FATCA.

"<u>Fee Owned Ratio</u>" shall mean, as of any date of determination, the percentage equivalent of a fraction (x) the numerator of which is the Annualized Adjusted Net Operating Income derived in the aggregate from the Data Centers that are owned in fee simple as of such date and (y) the denominator of which is the Annualized Adjusted Net Operating Income derived in the aggregate from all Data Centers as of such date.

"<u>Financial Statements</u>" shall mean the consolidated statement of operations, statement of members' equity, statement of cash flow and balance sheet of the Obligors.

"<u>First Collateral Date</u>" shall mean, with respect to any Data Center, the later of (i) the Initial Closing Date and (ii) the date of addition of such Data Center as an Additional Data Center.

"<u>Forward Starting Contract</u>" shall mean a Customer Contract for which the applicable Customer is not required to pay monthly fees or is required to pay monthly fees at a reduced rate (i.e., less than the fees based on the full electrical capacity, space and/or services), in either case, for a specified time, and the obligation of the Customer to commence paying fees is not subject to the fulfillment of any further obligations on the part of the Obligors other than ordinary course obligations of the Obligors as vendor under such contract; provided that, for the avoidance of doubt, such "ordinary course obligations of the Obligors" include fit-out and installation of equipment for each applicable Customer**, but do not include material Capital Expenditures by the Obligors**.

"<u>Forward Starting Contract Fee Commencement Date</u>" shall mean, with respect to any Forward Starting Contract, the date on which the related Customer is first obligated to pay monthly fees with respect to the full amount of the electrical capacity, space and/or services provided pursuant to such Customer Contract.

"<u>Forward Starting Contract Reserve Amount</u>" shall mean, as of any date of determination with respect to any Forward Starting Contract, the excess of (x) the aggregate amount of fees that would be payable under such Forward Starting Contract based on full electrical capacity, space and/or services provided thereunder from (and excluding) the last day of the most recently ended Collection Period until the earlier of (i) the Forward Starting Contract Fee Commencement Date with respect to such Forward Starting Contract and (ii) the date that is one year from such date over (y) the aggregate amount of fees actually required to be paid under such Forward Starting Contract during such period.

"<u>Forward Starting Contract Reserve Sub-Account</u>" shall have the meaning ascribed to it in <u>Section 4.07</u>.

"<u>GAAP</u>" shall mean United States Generally Accepted Accounting Principles in effect from time to time.

"<u>Global Notes</u>" shall mean Rule 144A Global Notes and Regulation S Global Notes.

"<u>Governmental Authority</u>" shall mean with respect to any Person, any federal or state government or other political subdivision thereof and any entity, including any regulatory or administrative authority or court, exercising executive, legislative, judicial, regulatory or administrative or quasi-administrative functions of or pertaining to government (including any supra-national bodies such as the European Union, the European Central Bank or the Organization for Economic Co-operation and Development), and any arbitration board or tribunal in each case having jurisdiction over such applicable Person or such Person's property, and any stock exchange on which shares of capital stock of such Person are listed or admitted for trading.

"<u>Grant</u>" shall mean to create a security interest in, or to mortgage, any property now owned or at any time hereafter acquired or any right, title or interest that may be acquired in the future.

"<u>Guaranteed Obligations</u>" shall have the meaning ascribed to it in <u>Section 16.01</u>.

"<u>Guarantor</u>" shall mean Centersquare Guarantor LLC, a Delaware limited liability company.

"<u>Guarantors</u>" shall mean, collectively, the Guarantor and the Co-Guarantor.

"<u>Guaranty</u>" shall mean with respect to a Customer Contract, the guarantee of obligations and performance thereunder of the respective Customer made by a parent entity of such Customer in favor of the respective Asset Entity as lessor.

"<u>Hazardous Material</u>" shall mean all or any of the following: (A) substances, materials, compounds, wastes, products, emissions and vapors that are defined or listed in, regulated by, or otherwise classified pursuant to, any applicable Environmental Laws, including any so defined, listed, regulated or classified as "hazardous substances", "hazardous materials", "hazardous wastes", "toxic substances", "pollutants", "contaminants", or any other similar formulation intended to regulate, define, list or classify substances by reason of deleterious, harmful or dangerous properties; (B) waste oil, oil, petroleum or petroleum derived substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced waters and other wastes associated with the exploration, development or production of crude oil, natural gas or geothermal resources; (C) any flammable substances or explosives or any radioactive materials; (D) asbestos in any form; (E) electrical or hydraulic equipment which contains any oil or dielectric fluid containing polychlorinated biphenyls; (F) radon; (G) toxic mold; (H) per- and polyfluoroalkyl substances (PFAS); or (I) urea formaldehyde; *provided, however*, such definition shall not include (i) batteries, fuel, cleaning materials and other substances commonly used in the ordinary course of the Asset Entities' businesses, which materials exist in reasonable quantities and are stored, contained, transported, used, released, and disposed of in accordance with all applicable Environmental Laws, or (ii) batteries, fuel, cleaning materials and other substances commonly used in the ordinary course of the Asset Entities', customer's, or any of their respective agent's, business, which materials exist in reasonable quantities and are stored, contained, transported, used, released, and disposed of in accordance with all applicable Environmental Laws.

"<u>Holdco Guaranties</u>" shall mean each Guarantee and Security Agreement, dated as of the Initial Closing Date, made by the applicable Guarantor in favor of the Indenture Trustee on behalf of the Noteholders and the other Secured Parties.

"<u>Holder</u>" and "<u>Noteholder</u>" shall mean a Person in whose name a particular Note is registered in the Note Register.

"<u>Immaterial Amendment</u>" shall mean, with respect to any Site Lease, (i) the exercise of any express extension options pursuant to the terms of such Site Lease, or (ii) any amendments or modifications that do not change the economic terms or the expiration date, grant options for additional term or space, materially reduce the obligations of a Site Lessor or materially increase the obligations of the related Asset Entity or otherwise would not reasonably be expected to materially impair the value of the related leasehold estate or the security interest thereon.

"<u>Impositions</u>" shall mean (i) all real estate and personal property taxes (net of abatements, reductions or refunds of real estate or personal property taxes relating to the Data Centers applicable to and actually received or credited during the corresponding period) paid or payable by any Asset Entity and other taxes, levies, assessments and similar charges assessed by Governmental Authorities on a Data Center (including any payments in lieu of taxes) and (ii) all fees payable by any Obligor relating to a Data Center or upon the ownership, use, occupancy or enjoyment thereof, including, without limitation, any security deposit, any ground rents or other rents relating to the Data Centers.

"<u>Improvements</u>" shall mean all buildings, structures, fixtures, additions, enlargements, extensions, modifications, repairs, replacements and improvements of every kind and nature now or hereafter located on the Data Centers and owned by any of the Asset Entities.

"<u>Indebtedness</u>" shall mean, for any Person, without duplication: (i) all indebtedness of such Person for borrowed money, for amounts drawn under a letter of credit, or for the deferred purchase price of property for which such Person or its assets is liable, (ii) all unfunded amounts under a loan agreement, letter of credit (unless secured in full by cash), or other credit facility for which such Person would be liable if such amounts were advanced thereunder, (iii) all amounts required to be paid by such Person as a guaranteed payment to partners or a preferred or special dividend, including any mandatory redemption of shares or interests but not any preferred return or special dividend paid solely from, and to the extent of, excess cash flow after the payment of all operating expenses, capital improvements and debt service on all Indebtedness, (iv) all Capital Leases Obligations for which such Person is liable, and (v) all obligations of such Person under interest rate swaps, caps, floors, collars and other interest hedge agreements, in each case whether such Person is liable contingently or otherwise, as obligor, guarantor or otherwise, or in respect of which obligations such Person otherwise assures a creditor against loss; *provided* that reimbursement or indemnity obligations related to surety bonds or letters of credit incurred in the ordinary course of business and fully secured by cash collateral shall not be considered "<u>Indebtedness</u>" hereunder.

"<u>Indenture</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Indenture Supplement</u>" shall mean an indenture supplemental to this Indenture, any Series Supplement or any Notes.

"<u>Indenture Trustee</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Indenture Trustee Fee</u>" shall mean the fee to be paid monthly in arrears on each Payment Date for the Interest Accrual Period ending on or immediately preceding such Payment Date to the Indenture Trustee as compensation for services rendered by it in its capacity as Indenture Trustee in an amount equal to the sum of (i) $2,500 per Series of Term Notes outstanding on such Payment Date and (ii) $1,000 for each Series of Variable Funding Notes outstanding on such Payment Date (or $6,000 as of the Initial Closing Date) (or such other amount as set forth in a Series Supplement in connection with the issuance of Additional Notes).

"<u>Indenture Trustee Report</u>" shall have the meaning ascribed to it in <u>Section 11.12(d)</u>.

"<u>Independent</u>" shall mean, when used with respect to any specified Person, that such Person (a) is in fact independent of the Obligors, any other obligor on the Notes and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial interest or any material indirect financial interest in the Obligors, any such other obligor or any Affiliate of any of the foregoing Persons and (c) is not connected with the Obligors, any such other obligor or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions.

"<u>Independent Certificate</u>" shall mean a certificate or opinion to be delivered to the Indenture Trustee, the Backup Manager or the Servicer, as applicable, and upon which each may conclusively rely under the circumstances described in, and otherwise complying with the applicable requirements of, <u>Section 15.01</u> made by an Independent certified public accountant or other expert appointed by an Issuer Order, and such opinion or certificate shall state that the signer has read the definition of "<u>Independent</u>" in this Indenture and that the signer is Independent within the meaning thereof.

"<u>Ineligible Liquidity Letter of Credit</u>" shall mean a Liquidity Letter of Credit with respect to which (i) the short-term debt credit rating of the Letter of Credit Provider with respect to such Liquidity Letter of Credit is not rated at least "<u>K2</u>" (or the then equivalent grade) by any NRSRO and (ii) the long-term debt credit rating of such Letter of Credit Provider is not rated at least "<u>BBB</u>" (or the then equivalent grade) by any NRSRO; provided that for determining whether a Liquidity Letter of Credit is eligible under this definition, a Letter of Credit Provider may be deemed to have the short-term debt credit rating or the long-term debt credit rating, as applicable, of any guarantor of (or confirming bank for) such Letter of Credit Provider.

"<u>Initial Class Principal Balance</u>" shall mean, with respect to any Class of Term Notes or Variable Funding Notes, the aggregate initial principal balance of all Term Notes or Variable Funding Notes of that Class on the date of issuance; *provided* that upon the payment in full of all Notes of a particular Series such Term Notes or Variable Funding Notes shall no longer be included in the "<u>Initial Class Principal Balance</u>" of the relevant Class. For the avoidance of doubt, the aggregate initial principal amount of any undrawn Letters of Credit shall not be included in the Initial Class Principal Balance of any Variable Funding Notes.

"<u>Initial Closing Date</u>" shall mean October 17, 2024.

"<u>Initial Purchaser</u>" or "<u>Initial Purchasers</u>" with respect to a particular Series, shall have the meaning set forth in the Series Supplement for such Series.

"<u>Initial Request</u>" shall have the meaning ascribed to it in <u>Section 15.26(a)</u>.

"<u>Institutional Accredited Investor</u>" shall mean an "accredited investor" within the meaning of paragraph (1), (2), (3) or (7) of Rule 501(a) of Regulation D of the Securities Act or an entity owned entirely by other entities that fall within such paragraphs.

"<u>Insurance Policies</u>" shall have the meaning ascribed to it in <u>Section 7.05</u>.

"<u>Insurance Premiums</u>" shall mean (i) annual premiums for insurance the Asset Entities are required to maintain with respect to the Data Centers (or the Asset Entities' respective proportional share of premiums with respect to general liability insurance policies maintained by Affiliates of the Co-Issuers) and (ii) premiums with respect to casualty insurance policies maintained by the Asset Entities (or the Asset Entities' respective proportionate share of premiums with respect to casualty insurance policies maintained by Affiliates of the Co-Issuers) to insure casualties not otherwise insured by, or otherwise paid by, a Customer.

"<u>Insurance Proceeds</u>" shall mean all of the proceeds received under the Insurance Policies (other than liability insurance) by reason of theft, physical destruction or damage or any other similar event with respect to any properties or assets of the Obligors other than liability in respect of a covered loss thereunder. For the avoidance of doubt, "<u>Insurance Proceeds</u>" shall not include any proceeds of policies of insurance not described above, such as business interruption insurance and liability insurance, which shall be treated as provided in <u>Section 7.06(b)</u>.

"<u>Interest Accrual Period</u>" shall mean, for each Payment Date, (i) with respect to any Term Notes, the period from and including the preceding Payment Date (without giving any effect to any Business Day adjustment and calculated on a 30/360 Basis) (or, with respect to the initial period for a Series, the Closing Date for such Series) to but excluding the Payment Date (without giving any effect to any Business Day adjustment and calculated on a 30/360 Basis) and (ii) with respect to any Variable Funding Notes, the "<u>VFN Interest Accrual Period</u>" as defined in the Series Supplement for such Series of Variable Funding Notes.

"<u>Investment Company Act</u>" shall mean the Investment Company Act of 1940, as amended.

"<u>Involuntary Bankruptcy</u>" shall mean any involuntary case under the Bankruptcy Code or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, in which any of the Guarantors, the Manager, the Co-Issuers or any of the Asset Entities is a debtor or any Assets of any such entity, any Customer Contracts, any portion of the Data Centers, and/or any other Collateral is property of the estate therein.

"<u>Involuntary Obligor Bankruptcy</u>" shall have the meaning ascribed to it in <u>Section 7.20</u>.

"<u>Issuance Date</u>" shall have the meaning ascribed to it in <u>Section 2.12(b)</u>.

"<u>Issuer</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Issuer Order</u>" and "<u>Issuer Request</u>" shall mean a written order or request signed in the name of the Co-Issuers by any one of their Authorized Officers and delivered to the Indenture Trustee and the Servicer upon which the Indenture Trustee and the Servicer, as applicable, may conclusively rely.

"<u>Joinder Agreement</u>" shall mean an agreement substantially in the form of Exhibit F.

"<u>Knowledge</u>" whenever used in this Indenture or any of the other Transaction Documents, or in any document or certificate executed pursuant to this Indenture or any of the other Transaction Documents (whether by use of the words "knowledge" or "known", or other words of similar meaning, and whether or not the same are capitalized), shall mean actual knowledge (without independent investigation unless otherwise specified) (i) of the individuals who have significant responsibility for any policy making, major decisions or financial affairs of the applicable entity (or, in the case of the Indenture Trustee, any Responsible Officer); and (ii) also to the knowledge of the person signing such document or certificate.

"<u>L/C Note</u>" shall mean a Note issued as a subclass or subseries of a Series of Variable Funding Notes designated at the time of issuance thereof as an L/C Note, the Note Principal Balance of which shall evidence the unreimbursed amount of any drawing under any related Letters of Credit.

"<u>Leased Data Center</u>" shall mean each Data Center in which an Asset Entity holds a leasehold interest pursuant to a Site Lease.

"<u>Letter of Credit</u>" shall mean the meaning set forth in a Variable Funding Note Purchase Agreement.

"<u>Letter of Credit Fee</u>" with respect to any Letter of Credit shall have the meaning set forth in the respective Variable Funding Note Purchase Agreement with respect to such Letter of Credit.

"<u>Letter of Credit Provider</u>" shall mean, with respect to any Series of Class A-1 Notes, the party identified as the "<u>Letter of Credit Provider</u>" or the "<u>Letter of Credit Issuing Bank,</u>" as the context requires, in the applicable Variable Funding Note Purchase Agreement.

"<u>Lien</u>" shall mean, with respect to any property or assets, any lien, encumbrance, assignment for security, charge, mortgage, pledge, security interest, conditional sale or other title retention agreement or similar lien.

"<u>Liquidity Letter of Credit</u>" shall mean any Letter of Credit issued under a Variable Funding Note Purchase Agreement to the Indenture Trustee or other designated beneficiary for the benefit of the Noteholders.

"<u>Lock Box Account</u>" shall mean one or more lock box accounts or deposit accounts established and maintained by any Obligor or their designee, into which Customers shall have been directed to pay all fees and other sums owing to the Asset Entities, and into which the Obligors will deposit Receipts pursuant to <u>Section 7.14</u>.

"<u>Loss Proceeds</u>" shall mean, collectively, all Insurance Proceeds and all Condemnation Proceeds.

"<u>LTV Test Sweep Amount</u>" shall mean, with respect to any payment of a Class of Notes, the Class A LTV Test Sweep Amount (with respect to any payment of principal of the Class A Notes), the Class B LTV Test Sweep Amount (with respect to any payment of principal of the Class B Notes) or the Class C LTV Test Sweep Amount (with respect to any payment of principal of the Class C Notes), as applicable.

"<u>MAI</u>" shall mean a designation signifying that the designee is a member of the "<u>Appraisal Institute,</u>" a real estate appraisers and valuation professionals trade group.

"<u>Maintenance Capital Expenditures</u>" shall mean Capital Expenditures made for the purpose of maintaining any Data Center or complying with applicable laws, regulations, ordinances, statutes, codes, or rules applicable to such Data Center, but excluding (x) Data Center acquisition expenses made to acquire a Data Center and (y) Discretionary Capital Expenditures.

"<u>Management Agreement</u>" shall mean (i) the Management Agreement among the Manager, the Obligors and the Indenture Trustee, dated as of the Initial Closing Date or (ii) following the replacement of the Manager following a Manager Termination Event (as defined in the Management Agreement) in accordance with the initial Management Agreement, a Replacement Management Agreement (as defined in the Management Agreement) among the Manager, the Obligors and the Indenture Trustee.

"<u>Management Fee</u>" shall mean a fee payable to the Manager, for each Collection Period, equal to the Management Fee Percentage of the aggregate monthly revenue (other than Pass-Through Data Center Expenses) received by the Obligors with respect to all Customer Contracts for such Collection Period.

"<u>Management Fee Percentage</u>" shall mean 5.0%; *provided, however*, that the Management Fee Percentage used to calculate the Management Fee payable to any Manager that is not an Affiliate of the Obligors that succeeds Phoenix Infrastructure LLC as the Manager may vary in accordance with the terms of the Management Agreement and the Backup Management Agreement; *provided further* that (i) in the event such Manager is a Replacement Manager, if the management fee payable to the Replacement Manager exceeds the Management Fee that would have been payable had such replacement not occurred, then the amount of such excess must be approved by the Control Party or (ii) in the event that the Backup Manager engages one or more third parties to perform the obligations of the outgoing Manager (to the extent a Replacement Manager has not yet been appointed), the Management Fee Percentage shall be increased in order to provide funds for the Backup Manager sufficient to pay the fees of such third party if the Backup Manager determines in its reasonable good faith discretion (without the consent or approval of any other party) that such management fee is consistent with the then-prevailing market rate for managers performing similar services.

"<u>Manager</u>" shall mean the manager described in the Management Agreement, the Replacement Manager or an Acceptable Manager as may hereafter be charged with management of the Asset Entities in accordance with <u>Section 7.12</u>.

"<u>Master Agreement</u>" shall mean, with respect to a Customer Contract, a master services agreement, colocation facilities agreement or other similar contract that provides for one or more sale orders, quotes, change orders, proposals, statements of work and/or service level agreements with respect to one or more data centers.

"<u>Material Adverse Effect</u>" shall mean, (i) a material adverse effect (which may include economic or political events) upon the business, operations, or condition (financial or otherwise) of the Obligors and the Guarantors (taken as a whole), (ii) the material impairment of the ability of the Obligors and the Guarantors (taken as a whole) to perform their obligations under the Transaction Documents (taken as a whole), or (iii) a material adverse effect on the use, value or operation of the Data Centers (taken as a whole); *provided*, *however*, that if the Annualized Revenue derived from all Customer Contracts (taken as a whole) is reduced by 5.0% or more by any such event or events, then a Material Adverse Effect shall be deemed to exist. In determining whether any individual event would result in a Material Adverse Effect, notwithstanding that such event does not of itself have such effect, a Material Adverse Effect shall be deemed to have occurred if the cumulative effect of such event and all other then-occurring events and existing conditions result in a Material Adverse Effect (taking into account the benefit of any Title Policy or Insurance Policies).

"<u>Material Agreement</u>" shall mean any written contract or agreement, or series of related written agreements, by any Obligor relating to the ownership, management, use, operation, co-location, leasing, maintenance, repair or improvement of the Data Centers under which there is an obligation of an Obligor, in the aggregate, to pay, or under which any Obligor receives in compensation, more than $1,000,000 per annum, excluding (i) the Management Agreement, (ii) the Customer Contracts and (iii) any agreement which is terminable by an Obligor on not more than 90 days' prior written notice without any fee or penalty.

"<u>Material Customer Contract</u>" shall mean each Customer Contract, or series of related Customer Contracts, by any Customer of space, power and/or services at one or more of the Data Centers which (x)(a) provides for monthly recurring fees or other monthly payments in an amount equal to or greater than $500,000, and (b) may not be cancelled by the applicable Customer on 30 days' notice without payment of a termination fee, penalty or other cancellation fee, or (y) obligates any of the Asset Entities to make any improvements to the Data Centers either directly or through cash allowances (including, without limitation, free rent, customer improvement allowances, or landlord's construction work) to the applicable Customer in excess of $1,000,000.

"<u>Member</u>" shall mean, individually or collectively, any entity which is now or hereafter becomes the managing member of any of the Obligors under such Persons' limited liability company operating agreement (other than the sole member of any single member limited liability company).

"<u>Minimum DSCR</u>" shall mean 1.20 to 1.0.

"<u>Monthly Amortization Amount</u>" shall mean, as of each Payment Date with respect to any Class of Notes of any Series that are subject to a Targeted Amortization Amount, the sum of (i) the Targeted Amortization Amount for such Notes of such Class, if any, as of such Payment Date and (ii) the Unpaid Monthly Amortization Amount with respect to such Notes, if any, as of such Payment Date.

"<u>Monthly Expense Amount</u>" shall mean, for any Collection Period, the lesser of (x) the actual Operating Expenses for each Asset Entity for such Collection Period and (y) the Budgeted Operating Expense Amount for such Collection Period.

"<u>Monthly Recurring Revenue</u>" shall mean, for any Customer Contract, as of any date of determination, the recurring monthly colocation, interconnection and power utilization fees with respect to such Customer Contract payable to an Asset Entity during the calendar month in which such date of determination occurs (or, for any Customer Contract with respect to which the recurring fees are payable to an Asset Entity less frequently than on a monthly basis, the prorated portion of such recurring fees allocable to the calendar month in which such date of determination occurs); *provided* that, for the avoidance of doubt, Monthly Recurring Revenue does not include Additional Revenue, Pass-Through Data Center Expenses, Surcharges or Variable Recurring Revenue.

"<u>Monthly Report</u>" shall mean the "<u>Manager Report</u>" as defined in the Management Agreement.

"<u>Monthly Senior Payment Amount</u>" shall mean, for any Payment Date, the sum of (a) the Accrued Note Interest at the applicable Note Rate that is due and payable on such Payment Date in respect of the related Interest Accrual Period on any Class A Notes and (b) any accrued and unpaid VFN Undrawn Commitment Fees and Letter of Credit Fees payable on such Payment Date.

"<u>Moody's</u>" shall mean Moody's Investors Service, Inc.

"<u>Mortgage</u>" shall mean a mortgage, deed of trust, deed to secure debt, trust deed and/or other security document entered into by an Asset Entity in favor of the Indenture Trustee for the benefit of the Noteholders creating a Lien on the Asset Entities' real property interests in a Data Center, in such form as reasonably agreed between the Co-Issuers and the Servicer, as the same may have been, or may be, assigned, modified or amended from time to time.

"<u>Multiemployer Plan</u>" shall mean any employee benefit plan, of the type described in Section 4001(a)(3) of ERISA, to which the Parent or any member of the Parent's Controlled Group makes or is obligated to make contributions, or had an obligation to contribute over the five preceding calendar years.

"<u>Non-Core Data Center Assets</u>" shall mean assets, including real property, owned or leased by an Asset Entity associated with a Data Center, but not necessary for the operation or use of the related Data Center.

"<u>Non-Mortgaged Data Centers</u>" shall mean any Data Center that is not subject to a Mortgage.

"<u>Note Owners</u>" shall mean, with respect to any Book-Entry Note, the Person who is the Beneficial Owner of such Note as reflected on the books of the Depositary or on the books of a Depositary Participant or on the books of an indirect participating brokerage firm for which a Depositary Participant acts as agent.

"<u>Note Principal Balance</u>" shall mean, for any individual Note as of any date of determination, (x) with respect to any Variable Funding Notes, the Outstanding principal balance of such Note on such date, and (y) with respect to any Term Note, the initial principal balance of such Note on the date of issuance of such Note, as set forth on the face thereof, less any payment of principal made in respect of such Note up to and including such determination date. For the avoidance of doubt, the aggregate principal amount of any undrawn Letters of Credit shall not be included in the Note Principal Balance of any Variable Funding Notes (except as expressly set forth in Section 5.01(i)) and the unreimbursed amount of any drawing under any Letters of Credit shall be included in the Note Principal Balance of the related Variable Funding Note (in the form of outstanding principal balance under the related L/C Note).

"<u>Note Rate</u>" with respect to any Term Note or Variable Funding Note of a Class and a Series, shall mean the interest rate applicable thereto as set forth in the Series Supplement for such Term Note or Variable Funding Note of such Class and Series.

"<u>Note Register</u>" and "<u>Note Registrar</u>" shall mean the register maintained and the registrar appointed or otherwise acting pursuant to <u>Section 2.02(a)</u>.

"<u>Notes</u>" shall mean the Term Notes and the Variable Funding Notes issued by the Co-Issuers pursuant to this Indenture and the Series Supplements.

"<u>Noteholder Tax Identification Information</u>" shall mean information and/or properly completed and signed tax certifications provided by a recipient of payments that is sufficient (i) to eliminate the imposition of or determine the amount of any withholding of tax, including FATCA Withholding Tax, (ii) to determine that such recipient of payments has complied with such recipient's obligations under FATCA or (iii) to otherwise allow the Issuer, Co-Issuer, Paying Agent and Indenture Trustee to comply with their respective obligations under FATCA.

"<u>NRSRO</u>" shall mean any nationally recognized statistical ratings organization.

"<u>Obligations</u>" shall mean the unpaid principal amount of the Outstanding Notes, accrued interest thereon and all other obligations, liabilities and indebtedness of every nature to be paid or performed by any of the Guarantors or Obligors under the Transaction Documents, including fees, costs and expenses, and other sums now or hereafter owing, due or payable and whether before or after the filing of a proceeding under the Bankruptcy Code by or against any of the Guarantors or Obligors, and the performance of all other terms, conditions and covenants under the Transaction Documents.

"<u>Obligors</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Offering Memorandum</u>" with respect to a Series, shall have the meaning set forth in the Series Supplement for such Series.

"<u>Officer's Certificate</u>" shall mean a certificate signed by any Authorized Officer of the Issuer, the Co-Issuer or the Manager, and delivered to the Indenture Trustee, the Backup Manager or the Servicer, as applicable.

"<u>Operating Expenses</u>" shall mean, for any period, all operating expenses accrued and related to the ownership, operation or maintenance of any Data Center (including the provision of services under the Customer Contracts) for such period determined in accordance with GAAP (including, but not limited to, site operations labor and related expenses, certain sales commissions and channel residual fees, repairs and preventative maintenance (including virtual maintenance of cloud equipment), utilities (other than utilities included as Pass-Through Data Center Expenses) and security plus all Maintenance Capital Expenditures, but specifically excluding the Management Fee payable by the Obligors and the cost of portfolio support personnel provided by the Manager) for such period; *provided* that Operating Expenses shall not include Priority Expenses (including Impositions and Insurance Premiums). Operating Expenses shall not include amounts that are Pass-Through Data Center Expenses or any costs and expenses associated with obtaining an appraisal.

"<u>Operating Revenues</u>" shall mean all revenues of the Asset Entities from the ownership, operation or maintenance of the Data Centers or otherwise arising in respect of the Data Centers that are properly allocable to the Data Centers for such period in accordance with GAAP (excluding amounts collected from Customers which constitute Pass-Through Data Center Expenses, pre-paid fees and revenues and security deposits except to the extent applied in satisfaction of such Customer's obligations for fees during such period) excluding the impact on revenue of accounting for Customer Contracts with fixed escalators on a straight-line basis as required under GAAP, as compared to a billed and earned basis.

"<u>Opinion of Counsel</u>" shall mean one or more written opinions of counsel which shall be reasonably acceptable to and delivered to the addressee(s) thereof.

"<u>Optional Application Date</u>" shall mean up to one Business Day following the Scheduled Application Date during the month in which such Scheduled Application Date occurs identified by the Manager to the Indenture Trustee, the Backup Manager and the Servicer in accordance with <u>Section 5.01(a)</u> as an "<u>Optional Application Date.</u>"

"<u>Other Company Collateral</u>" shall have the meaning ascribed to it in <u>Section 14.01</u>.

"<u>Other Expense Reserve Amount</u>" shall mean, with respect to any Application Date, the sum of (i) the amount of Impositions and Insurance Premiums that the Manager reasonably estimates will be due and payable during the twelve Collection Periods (or such lesser number of Collection Periods as remain prior to the latest Rated Final Payment Date of all Outstanding Notes) immediately succeeding the Relevant Payment Date for such Application Date with respect to (or if covered by blanket insurance policies, allocated to) the Data Centers and (ii) the product of (x) 20% and (y) the aggregate Operating Expenses for the twelve Collection Periods immediately preceding such Application Date.

"<u>Other Expense Reserve Deposit Amount</u>" shall have the meaning ascribed to it in <u>Section 4.08(a)</u>.

"<u>Other Expense Reserve Deposit Percentage</u>" shall mean, for any Application Date, the percentage set forth in the table below which corresponds with the three-month average DSCR as of the last day of the immediately preceding calendar month:

---

| | |
|:---|:---|
| **<u>Three-Month Average DSCR</u>** | **<u>Other Expense Reserve Deposit Percentage</u>** |
| ≥ 1.75 | 0% |
| < 1.75 and ≥ 1.50 | 50% |
| < 1.50 | 100% |

---

"<u>Other Expense Reserve Sub-Account</u>" shall have the meaning ascribed to it in <u>Section 4.08(a)</u>.

"<u>Other Servicing Fees</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Outstanding</u>" shall mean, as of the date of determination, all Notes theretofore authenticated and delivered (or registered in the case of Uncertificated Notes) under this Indenture, except:

(a) Notes theretofore cancelled by the Indenture Trustee or delivered (or de-registered in the case of Uncertificated
Notes) to the Indenture Trustee for cancellation;

(b) Notes for the payment of which money in the necessary amount has been theretofore deposited with the Indenture
Trustee or any Paying Agent (other than the Co-Issuers) in trust for the Holders of such Notes (*provided, however*, that if such
Notes are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision for such notice has been
made, satisfactory to the Indenture Trustee); and

(c) Notes in exchange for or in lieu of which other Notes have been authenticated and delivered (or de-registered
and/or registered in the case of Uncertificated Notes) pursuant to this Indenture unless proof satisfactory to the Indenture Trustee is
presented that any such first-mentioned Notes are held by a protected purchaser;

*provided, however*, that in determining whether the Holders of the requisite Class Principal Balances of all Classes of Outstanding Notes have given any request, demand, authorization, direction, notice, consent, or waiver hereunder or under any other Transaction Document, Notes owned by the Issuer, the Co-Issuer, or any other obligor upon the Notes or any Affiliate of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent, or waiver, only Notes identified as being so owned in an Officer's Certificate of the Co-Issuers delivered to the Indenture Trustee shall be so disregarded. Upon the written request of the Indenture Trustee, the Co-Issuers shall furnish to the Indenture Trustee promptly an Officers' Certificate identifying all Notes, if any, actually known by the Co-Issuers to be owned by an Obligor or any Affiliate thereof, and the Indenture Trustee shall be entitled to accept and rely upon such Officer's Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not identified therein are outstanding for the purpose of any determination. Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the pledgee's right so to act with respect to such Notes and that the pledgee is not an Obligor, any other obligor upon the Notes or any Affiliate of any of the foregoing Persons.

"<u>Ownership Interest</u>" shall mean, in the case of any Note, any ownership or security interest in such Note as the Holder thereof and any other interest therein, whether direct or indirect, legal or beneficial, as owner or as pledgee.

"<u>Parent</u>" shall mean Phoenix Data Center Acquisitions LLC, a Delaware limited liability company.

"<u>Pass-Through Data Center Expense Available Amount</u>" shall mean, with respect to any Application Date, all funds in the Collection Account on such Application Date that constitute amounts paid by Customers in respect of Pass-Through Data Center Expenses.

"<u>Pass-Through Data Center Expenses</u>" shall mean all amounts payable by Customers pursuant to the Customer Contracts for utilities (including electricity), management fees, maintenance costs, taxes, insurance, Impositions and other operating expenses.

"<u>Pass-Through Data Center Priority Expenses</u>" shall mean all Pass-Through Data Center Expenses that are Priority Expenses.

"<u>Pass-Through Payment Amount Differential</u>" shall mean, with respect to any calendar month, an amount (which may be positive or negative) equal to (x) all amounts paid by the Customers during such month in respect of Pass-Through Data Center Expenses minus (y) the costs incurred to supply the services with respect to which such Pass-Through Data Center Expenses relate.

"<u>Passive Bookrunners</u>" with respect to a particular Series, shall have the meaning set forth in the Series Supplement for such Series.

"<u>Paying Agent</u>" shall initially be (x) the Indenture Trustee, who is hereby authorized by the Co-Issuers to make payments as agent of the Co-Issuers from the Debt Service Sub-Account including payment of principal of or interest (and premium, if any) on the Notes on behalf of the Co-Issuers, or (y) any successor appointed by the Indenture Trustee who (i) meets the eligibility standards for the Indenture Trustee specified in <u>Section 11.07</u> and (ii) is authorized to make payments from the Debt Service Sub-Account including payment of principal of or interest (and premium, if any) on the Notes.

"<u>Payment Date</u>" shall mean the 25th day of each calendar month or, if any such day is not a Business Day, the next succeeding Business Day; *provided* that the initial Payment Date for any Series may be specified in the Series Supplement for such Series. The Payment Date with respect to any Collection Period is the Payment Date immediately succeeding such Collection Period.

"<u>Payment Date Funds</u>" shall have the meaning ascribed to it in <u>Section 5.01(b)</u>.

"<u>Percentage Interest</u>" shall mean, with respect to any Note, as of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Note Principal Balance of such Note on such date, and the denominator of which is the Class Principal Balance of the Class to which such Note belongs on such date. The Percentage Interest for the Class A Notes is calculated based on the Outstanding principal amounts of such Class A Notes (assuming the full amount of the Class A-1 Commitment Amount that is permitted to be drawn on such date is fully drawn).

"<u>Permitted Indebtedness</u>" shall have the meaning ascribed to it in <u>Section 7.16</u>.

"<u>Permitted Investments</u>" shall have the meaning set forth in the Cash Management Agreement.

"<u>Person</u>" shall mean any individual, corporation, estate, partnership, joint venture, association, joint stock company, limited liability company trust (including any beneficiary thereof), unincorporated organization, or government or any agency or political subdivision thereof.

"<u>Placement Agent</u>" or "<u>Placement Agents</u>" with respect to a particular Series, shall have the meaning set forth in the Series Supplement for such Series.

"<u>Plan</u>" shall have the meaning ascribed to it in <u>Section 6.09</u>.

"<u>Plan Investor</u>" shall mean (i) a Benefit Plan Investor and (ii) a plan, individual retirement account or other arrangement that is subject to the provisions under any Similar Laws and an entity whose assets are deemed to constitute the assets of any of the foregoing described in this clause (ii) pursuant to applicable law.

"<u>Post-ARD Additional Interest</u>" shall have the meaning ascribed to it in <u>Section 2.10</u>.

"<u>Post-ARD Additional Interest Rate</u>" shall have the meaning ascribed to it in <u>Section 2.10</u>.

"<u>Post-ARD Note Spread</u>" with respect to a Class, Series or Tranche of Notes, shall have the meaning set forth in the Series Supplement for such Class and Series of Notes.

"<u>Pre-Existing Condition</u>" shall have the meaning ascribed to it in <u>Section 7.06(c)</u>.

"<u>Prepayment Consideration</u>" shall mean any Yield Maintenance paid in connection with a principal prepayment on, or other early collection of principal of, any Class of Notes.

"<u>Prepayment Period</u>" for each Series, shall have the meaning set forth in the Series Supplement for such Series.

"<u>Priority Expense Amount</u>" shall mean, with respect to each Application Date, an amount equal to the amount of Priority Expenses that are reasonably expected by the Manager to be due and payable during the Collection Period immediately succeeding the Relevant Payment Date for such Application Date.

"<u>Priority Expense Reserve Deposit Amount</u>" shall mean, with respect to each Application Date, the sum of (i) the Priority Expense Amount for such Application Date less any amounts deposited into the Priority Expense Reserve Sub-Account on any prior Application Date in respect of such Priority Expense Amount with respect to such Collection Period and (ii) the Pass-Through Data Center Expense Available Amount in the Collection Account on such Application Date that is in respect of Pass-Through Data Center Priority Expenses less the amount of such Pass-Through Data Center Expense Available Amount included in the Priority Expense Amount pursuant to clause (i) on such Application Date.

"<u>Priority Expense Reserve Sub-Account</u>" shall have the meaning ascribed to it in <u>Section 4.03</u>.

"<u>Priority Expenses</u>" shall mean, collectively, (i) Impositions, (ii) Insurance Premiums and (iii) electricity expenses and other utility expenses, software license fees, internet costs and installation costs and expenses relating to "meet me rooms" for the Data Centers.

"<u>Proceeding</u>" shall mean any suit in equity, action at law or other judicial or administrative proceeding.

"<u>Purchase Money Obligation</u>" shall mean, for any Person, the obligations of such Person in respect of Indebtedness (including Capital Lease Obligations) incurred for the purpose of financing all or any part of the purchase price of any fixed or capital assets or the cost of installation, construction or improvement of any fixed or capital assets; *provided*, *however*, that (i) such Indebtedness is incurred within 30 days after such acquisition, installation, construction or improvement of such fixed or capital assets by such Person and (ii) the amount of such Indebtedness does not exceed the lesser of (x) the fair market value of such fixed or capital asset and (y) the cost of the acquisition, installation, construction or improvement thereof, as the case may be.

"<u>Qualified Deleveraging Event</u>" shall mean either (i) an underwritten public offering of the equity interests of the Parent or any direct or indirect parent of the Parent which generates gross cash proceeds of at least $50,000,000 to the Parent or any direct or indirect parent entity of the Parent or (ii) an acquisition (whether by merger, consolidation or otherwise) of greater than 50% of the equity interests of Parent or any direct or indirect parent of Parent by an entity that has shares that are traded on a national exchange.

"<u>Qualified Institutional Buyer</u>" shall mean a qualified institutional buyer within the meaning of Rule 144A under the Securities Act.

"<u>RAC Requesting Party</u>" shall have the meaning ascribed to it in <u>Section 15.26(a)</u>.

"<u>Rated Final Payment Date</u>" for any Series, Class and Tranche shall have the meaning set forth in the Series Supplement for such Series.

"<u>Rating Agencies</u>" shall mean, with respect to any action or event in regards to a Series of Notes, the rating agencies specified as such in the Series Supplement for such Series.

"<u>Rating Agency Confirmation</u>" with respect to any Class and Series of Notes, shall have the meaning set forth in the Series Supplement for such Series with respect to any transaction or matter in regards to such Class or Series or, if not ascribed a meaning therein, shall mean, with respect to any transaction or matter in regards to such Class or Series, notification in writing from each Rating Agency then rating such Class of Series of Notes (which may be in the form of e-mail, facsimile, press release, posting to its internet website or other such means then considered industry standard as determined by such Rating Agency) that such transaction or matter will not result in a downgrade, qualification, or withdrawal of the then-current ratings of any Class of Notes of such Series (or the placing of such Class on negative credit watch or ratings outlook in contemplation of any such action with respect thereto).

"<u>Rating Criteria</u>" with respect to any Person, shall mean that the long-term unsecured debt obligations of such Person have (i) a rating commonly regarded as "investment grade" by S&P, or (ii) any other ratings, subject to Rating Agency Confirmation.

"<u>Receipts</u>" shall mean all revenues, receipts and other payments or reimbursements to the Asset Entities of every kind arising from their ownership, operation or management of the Data Centers, including without limitation, all warrants, stock options, or equity interests in any customer, licensee or other Person occupying space at, or providing services related to or for the benefit of, the Data Centers received by or on behalf of such Asset Entities in lieu of monthly fees or other payment, but excluding, (i) any amounts received by or on behalf of such Asset Entities and required to be paid to any Person (other than to an Affiliate of the Co-Issuers) as management fees, brokerage fees, fees payable to a Site Lessor, taxes, payments due to vendors or other service providers or similar fees or reimbursements, (ii) any other amounts received by or on behalf of such Asset Entities that constitute the property of a Person other than an Asset Entity (including, without limitation, all revenues, receipts and other payments arising from the ownership, operation or management of properties by Affiliates of such Asset Entities), (iii) security deposits received under a Customer Contract, unless and until such security deposits are applied to the payment of amounts due under such Customer Contract and (iv) any finance charges.

"<u>Recognized Environmental Conditions</u>" shall mean, (1) the presence of hazardous substances or petroleum products in, on, or at the subject property due to a release to the environment; (2) the likely presence of hazardous substances or petroleum products in, on, or at the subject property due to a release or likely release to the environment; or (3) the presence of hazardous substances or petroleum products in, on, or at the subject property under conditions that pose a material threat of a future release to the environment.

"<u>Record Date</u>" shall mean with respect to payments made on any Payment Date, the close of business on the last Business Day of the month immediately preceding the month in which such Payment Date occurs and with respect to payments made on any other date such date as shall be established by the Indenture Trustee in respect thereof.

"<u>Regulation S</u>" shall mean Regulation S promulgated under the Securities Act.

"<u>Regulation S Global Note</u>" shall mean with respect to any Series and Class of Term Notes, a single global Note, in definitive, fully registered form without interest coupons, representing such Series and Class of Term Notes offered and sold outside the United States in reliance on Regulation S, which Note bears a Regulation S Legend.

"<u>Regulation S Legend</u>" shall mean, with respect to any Series and Class of Term Notes, a legend generally to the effect that such Series and Class of Term Notes may not be offered, sold, pledged or otherwise transferred in the United States or to a U.S. Person prior to the date that is 40 days following the later of the commencement of the initial offering of such Series of Term Notes and the Closing Date for such Series of Term Notes except pursuant to an exemption from the registration requirements of the Securities Act.

"<u>Release Date</u>" shall mean, with respect to any Series and Class of Term Notes, the date that is 40 days following the later of (i) the Closing Date for such Series of Notes and (ii) the commencement of the initial offering of such Series of Notes in reliance on Regulation S.

"<u>Release Conditions</u>" shall mean, the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) during a Special Servicing Period, the Servicer shall have consented to the applicable disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Event of Default has occurred and is continuing, no Amortization Period is in effect and no Cash Trap Condition is in effect, in each case, immediately prior to and after giving effect to the applicable disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) after giving effect to such disposition and any prepayment of Notes occurring concurrently with the applicable disposition, if any Class A Notes are outstanding, the pro forma Class A LTV Ratio is not greater than 65.0% and if any Class B Notes are outstanding, the Class B LTV Ratio is not greater than 70.0%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) after giving effect to the applicable disposition, the pro forma Fee Owned Ratio at the time of such disposition is greater than or equal to 45.0% (or such other percentage that is set forth in the most recent Series Supplement that modifies the minimum Fee Owned Ratio and for which notice thereof is provided by the Manager to each Rating Agency then rating the Notes); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Manager delivers a certificate to the Indenture Trustee, the Backup Manager, and the Servicer that the foregoing conditions have been satisfied.

"<u>Relevant Collection Period</u>" shall mean, for any Application Date, (i) if such Application Date is a Scheduled Application Date, the immediately preceding Collection Period or (ii) if such Application Date is an Optional Application Date, the current Collection Period.

"<u>Relevant Payment Date</u>" shall mean, for any Application Date, (i) if such Application Date is a Scheduled Application Date, the concurrent Payment Date or (ii) if such Application Date is an Optional Application Date, the immediately succeeding Payment Date.

"<u>Remedial Work</u>" shall mean any investigation, site monitoring, cleanup or other remedial work of any kind (including any post-closure care or monitoring) required to be performed by any Asset Entity under applicable Environmental Laws because of or in connection with any actual or suspected presence or release of any Hazardous Materials on, in, under or from any Data Center.

"<u>Rent Roll</u>" shall mean, collectively, a rent roll for each of the Data Centers certified by the Co-Issuers and substantially in the form of Exhibit C.

"<u>Replacement Manager</u>" shall have the meaning set forth in the Management Agreement.

"<u>Requesting Party</u>" shall have the meaning ascribed to it in <u>Section 11.12(b)</u>.

"<u>Required Senior Note Interest and Expense Amount</u>" shall mean, with respect to any date, an amount equal to the product of (i) the Monthly Senior Payment Amount (calculated on a 30/360 Basis) with respect to the immediately succeeding Payment Date (or if such date is a Payment Date, with respect to such Payment Date) and (ii) six.

"<u>Required Senior Note Interest and Expense Reserve Amount</u>" shall mean, with respect to any date, the excess, if any, of (a) the Required Senior Note Interest and Expense Amount as of such date over (b) the aggregate available amount of each Liquidity Letter of Credit that has been issued and is outstanding as of such date.

"<u>Required Senior Note Interest and Expense Reserve Sub-Account Deposit Amount</u>" shall have the meaning ascribed to it in <u>Section 4.05(b)</u>.

"<u>Requisite Global Majority Noteholders</u>" shall mean, as of any date of determination, one or more Noteholders representing more than 50.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes as of such date of determination.

"<u>Reserves</u>" shall mean the reserves held by or on behalf of the Indenture Trustee pursuant to this Indenture or the other Transaction Documents, including without limitation, the reserves established pursuant to Article IV.

"<u>Responsible Officer</u>" shall mean, when used with respect to the Indenture Trustee, any officer within the corporate trust department of the Indenture Trustee, including any trust officer or any other officer of the Indenture Trustee who customarily performs functions similar to those performed by the persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person's knowledge of and familiarity with the particular subject and who, in each case, has direct responsibility for the administration of this Indenture.

"<u>Restoration</u>" shall have the meaning ascribed to it in <u>Section 7.06(b)</u>.

"<u>Rule 144A</u>" shall mean Rule 144A promulgated under the Securities Act and any successor provision thereto.

"<u>Rule 144A Global Note</u>" shall mean, with respect to any Series and Class of Term Notes, a single global Note, in definitive, fully registered form without interest coupons, representing such Series and Class of Term Notes, which Term Note does not bear a Regulation S Legend.

"<u>Rule 144A Information</u>" shall mean the information required to be delivered pursuant to Rule 144(A)(d)(4) under the Securities Act to permit compliance with Rule 144A in connection with resales of the Notes pursuant to Rule 144A.

"<u>S&P</u>" shall mean S&P Global Ratings, acting through Standard & Poor's Financial Services.

"<u>Sanctions</u>" shall have the meaning ascribed to it in <u>Section 6.14</u>.

"<u>Scheduled Application Date</u>" shall mean the 25th day of each calendar month, or if such day is not a Business Day, the next succeeding Business Day.

"<u>Scheduled Defeasance Payments</u>" shall mean with respect to the Notes of a particular Series, payments on or prior to, but as close as possible to (i) each Payment Date after the Defeasance Date and through and including the Defeasance Payment Date for such Series in amounts equal to the scheduled payments of interest on the Notes of such Series, the Targeted Amortization Amounts, if any, as of each Payment Date with respect to any Class of Term Notes of such Series then Outstanding, and payments of Indenture Trustee Fees, Workout Fees, Servicing Fees, Other Servicing Fees and any other amounts due and owing to the Indenture Trustee, the Backup Manager or the Servicer, if any, due on such dates under this Indenture and (ii) the Defeasance Payment Date for such Series in an amount equal to the aggregate Note Principal Balance of each Class of Outstanding Notes of such Series (net, in the case of any Class of Term Notes of such Series, of any such Targeted Amortization Amounts with respect to such Series).

"<u>SEC</u>" shall mean the Securities and Exchange Commission.

<u>**"Second Amendment Effective Date" shall mean August 21, 2025.**</u>

"<u>Second Request</u>" shall have the meaning ascribed to it in <u>Section 15.26(b)</u>.

"<u>Secured Parties</u>" shall mean the Noteholders, the Servicer, the Backup Manager and the Indenture Trustee.

"<u>Securities Act</u>" shall mean the Securities Act of 1933, as amended.

"<u>Senior Interest Advance</u>" shall have the meaning set forth in the Management Agreement.

"<u>Senior Note Interest and Expense Reserve Draw Amount</u>" shall mean, with respect to any Payment Date, an amount equal to the excess, if any, of (a) the Monthly Senior Payment Amount with respect to such Payment Date over (b) the sum of (i) the balance in the Debt Service Sub-Account available to pay such Monthly Senior Payment Amount on such Payment Date in accordance with Section 5.01(b) and (ii) the amount of any Senior Interest Advances made by the Manager or the Indenture Trustee in respect of such Monthly Senior Payment Amount on or before such Payment Date.

"<u>Senior Note Interest and Expense Reserve Sub-Account</u>" shall have the meaning ascribed to it in <u>Section 4.05</u>.

"<u>Series</u>" shall mean a series of Notes issued pursuant to this Indenture and a related Series Supplement.

"<u>Series Disposition Period Date</u>" for any Series, shall have the meaning set forth in the Series Supplement for such Series.

"<u>Series Supplement</u>" shall mean an Indenture Supplement that authorizes a particular Series.

"<u>Series 2024-1 Class A-1 Notes</u>" shall have the meaning set forth in the related Series Supplement, dated the Initial Closing Date.

"<u>Series 2024-1 Class A-2 Notes</u>" shall have the meaning ascribed to it the related Series Supplement, dated the Initial Closing Date.

"<u>Series 2024-1 Class B Notes</u>" shall have the meaning ascribed to it the related Series Supplement, dated the Initial Closing Date.

"<u>Series 2024-1 Notes</u>" shall mean the Series 2024-1 Class A-1 Notes, the Series 2024-1 Class A-2 Notes and the Series 2024-1 Class B Notes.

"<u>Series 2024-1/2 Notes</u>" shall mean the Series 2024-1 Notes and the Series 2024-2 Class A-2 Notes.

"<u>Series 2024-2 Class A-2 Notes</u>" shall have the meaning ascribed to it in the related Series Supplement, dated the Initial Closing Date.

"<u>Service Orders</u>" shall mean any sale orders, service orders, quotes, change orders, proposals, statements of work and/or service level agreements associated with any Master Agreement.

"<u>Servicer</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Servicer Termination Event</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Servicing Agreement</u>" shall mean the Servicing Agreement, dated as of the Initial Closing Date, between the Servicer and the Indenture Trustee.

"<u>Servicing Fee</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Servicing Standard</u>" shall have the meaning set forth in the Servicing Agreement.

"<u>Shared Facilities</u>" shall mean interests in real property, facilities, or equipment owned by an Asset Entity, but serving both the Data Centers and one or more other properties owned by Affiliates of the Co-Issuers (other than the Guarantors or the Obligors) under an arm's length agreement entered into by the Manager, on behalf of the applicable Obligor, and the applicable affiliates of the Co-Issuers, which Shared Facilities may include any existing or to-be-built substations, utilities, storm water detention ponds, parking facilities, and access roads.

"<u>Similar Law</u>" shall mean the provisions under any U.S. or non-U.S. federal, state, local or other laws or regulations that are similar to the fiduciary responsibility or prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code.

"<u>Site Lease</u>" shall mean a real estate lease, sublease, ground lease, capital lease or similar arrangement by an Asset Entity with the owner of a fee interest in such real estate or the master lessee of such real estate pursuant to an agreement in writing; *provided* that a "<u>Site Lease</u>" shall not refer to any lease where an Asset Entity is the landlord under such lease.

"<u>Site Lease Default</u>" shall have the meaning ascribed to it in <u>Section 7.23(d)</u>.

"<u>Site Lessor</u>" shall mean any landlords or lessors under a Site Lease.

"<u>Special Servicing Period</u>" shall have the meaning ascribed to it in <u>Section 2.12(a)(iii)</u>.

"<u>Springing Reserve Condition</u>" shall mean, as of the end of any calendar month, a condition that will exist if the three-month average DSCR as of the last day of such calendar month is less than 1.75:1.0, and which will continue to exist until the three-month average DSCR is equal to or greater than 1.75:1.0 as of the last day of two consecutive months.

"<u>Sub-Account</u>" shall mean (i) the Priority Expense Reserve Sub-Account, (ii) the Cash Trap Reserve Sub-Account, (iii) the Debt Service Sub-Account, (iv) the Other Expense Reserve Sub-Account, (v) the Forward Starting Contract Reserve Sub-Account, (vi) the Capital Expenditures Reserve Sub-Account and (vii) the Senior Note Interest and Expense Reserve Sub-Account.

"<u>Subordinated Notes</u>" shall mean all Notes of any Series issued under this Indenture and any related Series Supplement with a class designation later than the letter "A" that are designated as "<u>Subordinated Notes</u>" of such Class (such as "<u>Subordinated Class B Notes</u>" or "<u>Subordinated Class C Notes</u>"), which Subordinated Notes will be fully subordinated in right of payment of interest (excluding Post-ARD Additional Interest and Deferred Post-ARD Additional Interest, unless otherwise indicated) and principal to those Notes that bear earlier alphabetical designations and that are not designated as "<u>Subordinated Notes.</u>"

"<u>Supplemental Financial Information</u>" shall mean such financial reports as the subject entity shall routinely and regularly prepare, or can reasonably prepare, in each case, as reasonably requested by the Indenture Trustee, the Backup Manager or the Servicer.

"<u>Surcharges</u>" shall mean, for any Customer Contract, any amount payable to an Asset Entity pursuant to such Customer Contract representing surplus electricity charges charged as a result of elevated utility rates that are not part of the base monthly recurring fee with respect to such Customer Contract.

"<u>Survey</u>" shall mean with respect to any Data Center, an as-built survey of the land underlying such Data Center prepared by a professional land surveyor licensed in the state in which the Data Center is located within the preceding 36 months, which contains a legal description of the real property on which such Data Center is situated that matches the legal description contained in the Title Policy in all material respects, if any, in respect of such Data Center and a certification of whether the surveyed property is located in a flood hazard zone or is otherwise sufficient for the Title Company to exclude from the Title Policy the standard survey exception and provides customary survey related endorsements and other coverages in the applicable Title Policy.

"<u>Targeted Amortization Amount</u>" shall mean, as of each Payment Date with respect to any Class of Notes of any Series, the amount, if any, set forth in the Series Supplement for such Notes for such Payment Date.

"<u>Tax Restricted Notes</u>" shall mean any Series and Class of Term Notes for which the Co-Issuers do not receive an opinion from nationally-recognized tax counsel at the time such Series and Class of Notes is issued to the effect that such Series and Class of Notes will be properly characterized as debt for U.S. federal income tax purposes (it being understood that such Series and Class of Notes will be designated as "<u>Tax Restricted Notes</u>" in the Series Supplement for such Series and Class).

"<u>Term Notes</u>" shall mean notes of a Series designated at the time of issuance thereof as "<u>Term Notes</u>" and pursuant to which the Note Principal Balance thereof permanently decreases with any principal payment on such notes.

"<u>Title Company</u>" shall mean any one or more of the following: Fidelity National Title Insurance Company, First American Title Insurance Company, Old Republic National Title Insurance Company, Stewart Title Guaranty Company and each of their subsidiaries or such other title company as may be reasonably acceptable to the Servicer.

"<u>Title Policy</u>" shall mean an American Land Title Association (ALTA) lenders policy of title insurance (or, if a final policy has not yet been issued, a marked, signed and predated commitment to issue a title insurance policy or a pro forma title insurance policy) pertaining to a Mortgage on a Data Center issued by a Title Company to the Indenture Trustee on behalf of the Noteholders, insuring the Lien of the Mortgage or a first Lien on such Data Center or such Asset Entity's fee title or leasehold interest to such Data Center, subject only to Permitted Encumbrances, which policy of title insurance shall be accompanied by such endorsements as are available through commercially reasonable efforts and at commercially reasonable rates as the Servicer shall reasonably require.

"<u>Tranche</u>" shall mean one or more numerical tranches of Notes within a Class and Series of Notes.

"<u>Transaction Party</u>" shall mean the Parent, the Guarantors, the Co-Issuers, the Manager, the Backup Manager, the Initial Purchaser, if any, the Passive Bookrunners, if any, the Co-Managers, if any, the Placement Agents, if any, the Servicer, and any of their respective agents or affiliates and the Indenture Trustee.

"<u>Transaction Documents</u>" shall mean the Notes, this Indenture, the Series Supplements, each Variable Funding Note Purchase Agreement, the Holdco Guaranties, the Management Agreement, the Backup Management Agreement, the Servicing Agreement, the Cash Management Agreement, the Contribution Agreements, the Mortgages, the Collection Account Control Agreement, the Account Control Agreements and all other documents executed by any Guarantor or any Obligor in connection with the issuance of Notes. For the avoidance of doubt, the term "<u>Transaction Documents</u>" shall not include the Customer Contracts or any Site Leases.

"<u>Transition Costs</u>" shall mean any fees, costs and other expenses reasonably incurred by a Replacement Manager and/or the Backup Manager in connection with a transfer of the management of the Collateral from the existing Manager to a Replacement Manager, including without limitation, (i) any costs and expenses incurred by the Backup Manager in connection with the identification and qualification of such Replacement Manager for which the Backup Manager is entitled to compensation in accordance with the Indenture, (ii) any expense reimbursement, inducement payment or incremental management fee that is required to be paid to such Replacement Manager, (iii) any costs or expenses associated with the complete transfer of all relevant data from the Data Center and Customer Contracts management system from the replaced Manager to such Replacement Manager and the completion, correction or manipulation of such data as may be required by the Replacement Manager to correct any errors or insufficiencies in the data or otherwise to enable the Replacement Manager to manage the Collateral properly and effectively, (iv) any costs or expenses (including any reasonable fees and expenses of counsel) incurred in connection with the negotiation of any Replacement Management Agreement and (v) without duplication of any amounts in clauses (i) through (iv), any costs, expenses, fees, or other amounts incurred by or payable by the Backup Manager in connection with engaging any subcontractor or other person to perform the obligations of the Manager in accordance with the Backup Management Agreement; *provided* that any costs, expenses, fees or other amounts payable to such subcontractor or such other person in connection with their performance of the obligations of the outgoing Manager shall be paid out of the Management Fee payable to the Backup Manager and shall not constitute Transition Costs.

"<u>Transfer</u>" shall have the meaning ascribed to it in <u>Section 2.02(o)(i)</u>.

"<u>Transferee</u>" shall mean any Person who is acquiring by Transfer any Ownership Interest in a Note.

"<u>Transferor</u>" shall mean any Person who is disposing by Transfer any Ownership Interest in a Note.

"<u>UCC</u>" shall mean the Uniform Commercial Code in effect in the state of New York.

"<u>Uncertificated Note</u>" shall have the meaning ascribed to it in <u>Section 2.01(a)</u>.

"<u>United States</u>" shall mean any state, Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands and other territories or possessions of the United States of America, except with respect to U.S. federal income tax matters in which case it shall have the meaning given to it in the Code.

"<u>Unpaid Monthly Amortization Amount</u>" shall mean, as of each Payment Date with respect to any Class of Notes of any Series that are subject to a Targeted Amortization Amount, the amount, if any, of the Monthly Amortization Amount for such Notes as of the Payment Date immediately preceding such Payment Date that was not paid on such preceding Payment Date.

"<u>U.S. Persons</u>" shall mean U.S. Persons within the meaning of Rule 902(k) of the Securities Act.

"<u>USA PATRIOT Act</u>" shall mean collectively, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Title III of Pub. L. 107 56 (signed into law October 26, 2001) and its implementing regulations.

"<u>Variable Funding Note Purchase Agreement</u>" shall mean the purchase agreement between, among others, the Co-Issuers and the Holders of any Series of Variable Funding Notes setting forth certain terms with respect to such Series of Variable Funding Notes.

"<u>Variable Funding Notes</u>" shall mean Notes of a Series designated at the time of issuance thereof as "<u>Variable Funding Notes</u>" and pursuant to which the Note Principal Balance thereof may increase and decrease from time to time pursuant to one or more Variable Funding Note Purchase Agreements.

"<u>Variable Recurring Revenue</u>" shall mean, with respect to any Customer Contract as of any date of determination, the recurring monthly fee revenue derived from resale services, storage space, remote hands and other recurring monthly fees (other than colocation, interconnection and power utilization fees) with respect to such Customer Contract payable to an Asset Entity during the calendar month in which such date of determination occurs; *provided* that, for the avoidance of doubt, Variable Recurring Revenue does not include Additional Revenue, Monthly Recurring Revenue, Pass-Through Data Center Expenses or Surcharges.

"<u>VFN Early Amortization Period</u>" shall mean a period that will commence as of the end of any calendar month if (i) any Series of Notes are Outstanding on or after the Anticipated Repayment Date for such Series of Notes and (ii) the three-month average DSCR as of the last day of such calendar month and the immediately preceding five calendar months is less than 1.35:1.0, and will continue to exist until each Series of Class A-1 Notes that is subject to a VFN Early Amortization Period are no longer Outstanding.

"<u>VFN Undrawn Commitment Fee</u>" with respect to any Series of Variable Funding Notes shall have the meaning set forth in the respective Series Supplement with respect to such Series of Variable Funding Notes.

"<u>Voting Rights</u>" shall mean the voting rights evidenced by the respective Notes as determined in accordance with <u>Section 12.03</u>.

"<u>Workout Fee</u>" shall have the meaning ascribed to it in the Servicing Agreement.

"<u>Yield Maintenance</u>" shall mean the excess, if any, of (x) the present value on the date of prepayment of all future installments of principal and interest that the Co-Issuers would otherwise be required to pay on the Notes being prepaid from the date of such prepayment to and including the Payment Date on which the Prepayment Period applicable to such Notes commences absent such prepayment and assuming that (i) no Class A LTV Test Sweep Amount, Class B LTV Test Sweep Amount, Class C LTV Test Sweep Amount or Disposition Price are applied to reduce the Outstanding principal balance of such Notes, (ii) with respect to any Class of Notes which are subject to a Targeted Amortization Amount, monthly payments of principal on such Notes are made based on the Monthly Amortization Amount for such Notes (and with interest calculated based on the principal balance of such Notes as reduced by each such principal payment) and (iii) the entire unpaid Class Principal Balance of such Notes is required to be paid on such Payment Date, with such present value determined by the use of a discount rate equal to the sum of (a) the yield to maturity (adjusted to a "mortgage equivalent basis" pursuant to the standards and practices of the Securities Industry and Financial Markets Association), on a date of determination five Business Days prior to the date of such prepayment for such Notes of the United States Treasury Security having the term to maturity closest to the Payment Date on which the Prepayment Period for such Notes commences, plus (b) 0.50% over (y) the principal amount of such Notes being prepaid on the date of such prepayment.

Section 1.02 <u>Rules of Construction</u>. Unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a term has the meaning assigned to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an accounting term not otherwise defined herein and accounting terms partly defined herein, to the extent not defined, shall have the respective meanings given to them under GAAP as in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "or" is not exclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "including" means including without limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) words in the singular include the plural and words in the plural include the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all references to "<u>$</u>" are to United States dollars unless otherwise stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all references to "<u>$CAD</u>" or "<u>CAD</u>" are to Canadian dollars unless otherwise stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any agreement, instrument or statute defined or referred to in this Indenture or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) references to a Person are also to its permitted successors and assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the words "hereof", "herein" and "hereunder" and words of similar import, when used in this Indenture, shall refer to this Indenture as a whole and not to any particular provision of this Indenture, and Section, Schedule and Exhibit references are to this Indenture unless otherwise specified; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) whenever the phrase "in direct order of alphabetical designation" or "highest alphabetical designation" or a similar phrase is used herein, it shall be construed to mean beginning with the letter "A" and ending with the letter "Z"; whenever the phrase "direct order of numerical designation" or a similar phrase is used herein, it shall be construed to mean beginning with the numerical designation "1" and ending with the highest applicable numerical designation "100".

**ARTICLE II**

**THE NOTES**

Section 2.01 <u>The Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Variable Funding Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All Variable Funding Notes shall be issued and delivered in fully registered, certificated form (the "<u>Definitive Variable Funding Notes</u>") or, at the request of a Holder or transferee, in uncertificated, fully registered form evidenced by entry in the Note Registrar (the "<u>Uncertificated Notes</u>") if provided for in its Series Supplement. Any Definitive Variable Funding Notes shall be substantially in the form attached as Exhibit A-3 (or, in the case of any subclass or subseries thereof (including any L/C Note), in the form attached to the related Series Supplement); *provided*, *however*, that any of the Variable Funding Notes may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with rules or regulations pursuant thereto, or with the rules of any securities market in which the Variable Funding Notes may be admitted to trading, or to conform to general usage. The Variable Funding Notes shall be revolving Notes. Additional borrowings may be made under any Variable Funding Notes pursuant to the applicable Variable Funding Note Purchase Agreement and the principal of the Variable Funding Notes may be repaid and reborrowed pursuant to the terms of the applicable Variable Funding Note Purchase Agreement. The Variable Funding Notes shall be issued in minimum denominations of $100,000. With respect to any Uncertificated Note, the Indenture Trustee shall provide to the applicable Holder, upon request of such Holder, after registration of the Uncertificated Note in the Note Register by the Note Registrar a Confirmation of Registration, the form of which shall be set forth in Exhibit G attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Variable Funding Notes (other than Uncertificated Notes) shall be executed by manual signature by an Authorized Officer of each of the Issuer and the Co-Issuer. Variable Funding Notes bearing the manual signatures of individuals who were at any time the authorized officers of each of the Issuer and the Co-Issuer shall be entitled to all benefits under this Indenture, subject to the following sentence, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Variable Funding Notes or did not hold such offices at the date of such Variable Funding Notes. The Indenture Trustee shall, upon receipt of an Issuer Order, authenticate and deliver (or register in the case of Uncertificated Notes) any Variable Funding Notes executed by the Co-Issuers for issuance pursuant to this Indenture. No Variable Funding Notes (other than Uncertificated Notes) shall be entitled to any benefit under this Indenture, or be valid for any purpose, however, unless there appears on such Variable Funding Notes a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by manual signature, and such certificate of authentication upon any Variable Funding Note shall be conclusive evidence, and the only evidence, that such Variable Funding Note has been duly authenticated and delivered hereunder. All Variable Funding Notes shall be dated the date of their authentication (or registration, in the case of Uncertificated Notes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except as otherwise expressly provided herein or in any Series Supplement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Uncertificated Notes registered in the name of a Person shall be considered "held" by such Person for all purposes of this Indenture and its applicable Series Supplement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) with respect to any Uncertificated Note, (a) references herein to authentication and delivery shall be deemed to refer to creation of an entry for such Uncertificated Note in the Note Register and registration of such Uncertificated Note the name of the owner, (b) references herein to cancellation of a Uncertificated Note shall be deemed to refer to de-registration of such Uncertificated Note and (c) references herein to the date of authentication of a Uncertificated Note shall refer to the date of registration of such Uncertificated Note in the Note Register in the name of the owner thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For the avoidance of doubt, no Confirmation of Registration shall be required to be surrendered (x) in connection with a transfer of the related Uncertificated Note or (y) in connection with the final payment of the related Uncertificated Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Note Register shall be conclusive evidence of the ownership of an Uncertificated Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Each Definitive Variable Funding Note may also be exchanged in its entirety for an Uncertificated Note and, upon complete exchange thereof, such Variable Funding Note shall be cancelled and de-registered by the Note Registrar. Each of the Uncertificated Notes may be exchanged in its entirety for a Definitive Variable Funding Note and, upon complete exchange thereof, such Uncertificated Note shall be de-registered by the Note Registrar. In connection with such exchanges, the applicable Holder shall request such exchange in writing to the Co-Issuers, the Note Registrar and Indenture Trustee and provide the Note Registrar with such documents as it may require to effect such exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Any Variable Funding Notes must be designated as "<u>Class A-1 Notes</u>".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Subject to satisfaction of the conditions precedent set forth in the applicable Variable Funding Note Purchase Agreement, the Co-Issuers may increase the Outstanding Note Principal Balance in the manner provided in the Variable Funding Note Purchase Agreement <u>**so long as the Outstanding Note Principal Balance with respect to the related Variable Funding Notes does not exceed the Available Class A-1 Commitment Amount with respect to such Series of Notes**</u>. Upon each such increase, the Indenture Trustee shall, or shall cause the Note Registrar to, indicate in the Note Register such increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Term Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless otherwise provided in any applicable Series Supplement, the Term Notes shall be substantially in the form attached as Exhibit A-1 and Exhibit A-2, as applicable; *provided, however*, that any of the Term Notes may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Indenture, as may be required to comply with any law or with rules or regulations pursuant thereto, or with the rules of any securities market in which the Term Notes may be admitted to trading, or to conform to general usage. The Term Notes (other than Term Notes purchased by Institutional Accredited Investors that are not Qualified Institutional Buyers) shall be issuable in book-entry form and in accordance with <u>Section 2.03</u>, Ownership Interests in the Book-Entry Notes shall initially be held and transferred through the book-entry facilities of the Depositary; *provided, however*, that Term Notes purchased by Institutional Accredited Investors that are not Qualified Institutional Buyers or to investors who otherwise request prior to the related Closing Date will be delivered in fully registered, certificated form and Term Notes of a Series to the extent provided in the related Series Supplement, upon original issuance, may be issued in fully registered, certificated form (the "<u>Definitive Term Notes</u>" and, together with the Definitive Variable Funding Notes, "<u>Definitive Notes</u>"). Unless provided otherwise in the related Series Supplement, any Term Notes shall be issued in minimum denominations of $25,000 initial principal balance and in any whole dollar denomination in excess thereof; *provided, however*, (i) Tax Restricted Notes shall be issued in the minimum denominations specified in the relevant Series Supplement, (ii) in accordance with <u>Section 2.03</u>, Term Notes (other than Tax Restricted Notes) issued in registered form to Institutional Accredited Investors that are not Qualified Institutional Buyers shall be issued in minimum denominations of $100,000 initial principal balance and in any whole dollar denomination in excess thereof and (iii) the minimum denomination with respect to any Series of Notes denominated in CAD, if issued, will be set forth in the Series Supplement for such Series of Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Term Notes shall be executed by manual signature by an Authorized Officer of each of the Issuer and the Co-Issuer. Term Notes bearing the manual signatures of individuals who were at any time the authorized officers of each of the Issuer and the Co-Issuer shall be entitled to all benefits under this Indenture, subject to the following sentence, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Term Notes or did not hold such offices at the date of such Term Notes. The Indenture Trustee shall, upon receipt of an Issuer Order, authenticate and deliver any Notes executed by the Co-Issuers for issuance pursuant to this Indenture. No Term Note shall be entitled to any benefit under this Indenture, or be valid for any purpose, however, unless there appears on such Term Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by manual signature, and such certificate of authentication upon any Term Note shall be conclusive evidence, and the only evidence, that such Term Note has been duly authenticated and delivered hereunder. All Term Notes shall be dated the date of their authentication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The aggregate principal amount of the Term Notes which may be authenticated and delivered under this Indenture shall be unlimited.

Section 2.02 <u>Registration of Transfer and Exchange of Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers may, at their own expense, appoint any Person with appropriate experience as a securities registrar to act as Note Registrar hereunder; *provided*, that in the absence of any other Person appointed in accordance herewith acting as Note Registrar, the Indenture Trustee agrees to act in such capacity in accordance with the terms hereof. The Note Registrar shall be subject to the same standards of care, limitations on liability and rights to indemnity as the Indenture Trustee, and the provisions of <u>Sections 11.02, 11.03, 11.04, 11.05, 11.06(b)</u>, and <u>11.06(c)</u> shall apply to the Note Registrar to the same extent that they apply to the Indenture Trustee and with the same rights of recovery. Any Note Registrar appointed in accordance with this <u>Section 2.02(a)</u> may at any time resign by giving at least 30 days' advance written notice of resignation to the Indenture Trustee, the Servicer, the Backup Manager and the Co-Issuers. The Co-Issuers may at any time terminate the agency of any Note Registrar appointed in accordance with this <u>Section 2.02(a)</u> by giving written notice of termination to such Note Registrar, with a copy to the Servicer.

At all times during the term of this Indenture, there shall be maintained at the office of the Note Registrar a Note Register in which, subject to such reasonable regulations as the Note Registrar may prescribe, the Note Registrar shall provide for the registration of Notes and of transfers and exchanges of Notes as herein provided (or as set forth in any Series Supplement with respect to the transfer and registration or de-registration of any Uncertificated Note). The Co-Issuers, the Servicer and the Indenture Trustee shall have the right to inspect the Note Register or to obtain a copy thereof at all reasonable times, and to rely conclusively upon a certificate of the Note Registrar as to the information set forth in the Note Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No transfer, sale, pledge or other disposition of any Note or interest therein shall be made unless such transfer, sale, pledge or other disposition is exempt from the registration and/or qualification requirements of the Securities Act and any applicable state securities laws, or is otherwise made in accordance with the Securities Act and such state securities laws. No transfer, sale, pledge or other disposition of any Tax Restricted Note or interest therein shall be made unless such transfer, sale, pledge or other disposition is otherwise made in accordance with <u>Section 2.02(o)</u>.

Unless otherwise provided in any applicable Series Supplement, if a transfer of any Note that constitutes a Definitive Note is to be made without registration under the Securities Act (other than in connection with the initial issuance of the Notes or a transfer of a Book-Entry Note to a successor Depositary as contemplated by <u>Section 2.03(c))</u>, then such transfer shall not be registered by the Note Registrar unless the Note Registrar receives (and, upon receipt, may conclusively rely upon) either: (i) a certification from the Noteholder desiring to effect such transfer substantially in the form attached hereto as Exhibit B-5, in the case of a transfer to a Qualified Institutional Buyer, or Exhibit B-6, in the case of a transfer to an Institutional Accredited Investor, and a certification from the prospective Transferee substantially in the form attached hereto as Exhibit B-3, in the case of a transfer to a Qualified Institutional Buyer, or Exhibit B-4, in the case of a transfer to an Institutional Accredited Investor, or (ii) an Opinion of Counsel to the effect that such transfer may be made without registration under the Securities Act (which Opinion of Counsel shall not be an expense of the Co-Issuers, the Indenture Trustee, the Backup Manager, the Servicer, the Manager or the Note Registrar in their respective capacities as such), together with the written certification(s) as to the facts surrounding such transfer from the Noteholder desiring to effect such transfer and/or such Noteholder's prospective Transferee on which such Opinion of Counsel is based.

If a transfer of any interest in a Rule 144A Global Note is to be made without registration under the Securities Act to a Person who will take delivery of such interest in the form of an interest in a Regulation S Global Note, then the Note Owner desiring to effect such transfer shall be required to deliver to the Note Registrar (i) a certification substantially in the form attached as Exhibit B-2 and (ii) such written orders and instructions as are required under the Applicable Procedures to direct the Indenture Trustee to debit the account of a Depositary Participant by a denomination of interests in such Rule 144A Global Note, and credit the account of a Depositary Participant by a denomination of interests in such Regulation S Global Note, that is equal to the denomination of beneficial interests in the Class of Notes to be transferred. Upon delivery to the Note Registrar of such certification and such orders and instructions, the Indenture Trustee, subject to and in accordance with the Applicable Procedures, shall reduce the denomination of the Rule 144A Global Note in respect of the applicable Class of Notes and increase the denomination of the Regulation S Global Note for such Class by the denomination of the beneficial interest in such Class specified in such orders and instructions. If a transfer of any interest in a Rule 144A Global Note is to be made without registration under the Securities Act to a Person who will take delivery of such interest in the form of an interest in such Rule 144A Global Note, the Note Owner desiring to effect such transfer shall be deemed to have represented and warranted that the certifications set forth in Exhibit B-1 are, with respect to the subject Transfer, true and correct.

Any interest in a Rule 144A Global Note with respect to any Class of Book-Entry Notes (other than a Rule 144A Global Note that is a Tax Restricted Note) may be transferred by any Note Owner holding such interest to any Institutional Accredited Investor (other than a Qualified Institutional Buyer) that takes delivery in the form of a Definitive Note of the same Class as such Rule 144A Global Note upon delivery to the Note Registrar of (i) (A) a certification from such Note Owner's prospective Transferee substantially in the form of Exhibit B-4, or (B) an Opinion of Counsel (which Opinion of Counsel shall not be an expense of the Co-Issuers, the Indenture Trustee, the Backup Manager, the Servicer or the Note Registrar in their respective capacities as such), to the effect that such transfer may be made without registration under the Securities Act and (ii) such written orders and instructions as are required under the Applicable Procedures to direct the Indenture Trustee to debit the account of a Depositary Participant by the denomination of the transferred interests in such Rule 144A Global Note. Upon delivery to the Note Registrar of the certification and/or opinion contemplated by this paragraph of <u>Section 2.02(b)</u>, the Indenture Trustee, subject to and in accordance with the Applicable Procedures, shall reduce the denomination of the subject Rule 144A Global Note by the denomination of the transferred interests in such Rule 144A Global Note, and shall cause a Definitive Note of the same Class as such Rule 144A Global Note, and in a denomination equal to the reduction in the denomination of such Rule 144A Global Note, to be executed, authenticated and delivered in accordance with this Indenture to the applicable Transferee.

Except as provided in the next sentence, on and prior to the Release Date, no beneficial interest in a Regulation S Global Note for any Class of Book-Entry Notes shall be transferred to any Person who takes delivery other than in the form of a beneficial interest in such Regulation S Global Note. On and prior to the Release Date, a Note Owner holding an interest in a Regulation S Global Note desiring to effect a Transfer to a Person who takes delivery of such interest in the form of a beneficial interest in the Rule 144A Global Note for such Class of Notes shall be required to deliver to the Note Registrar a written certification substantially in the form of Exhibit B-1 including such written orders and instructions as are required under the Applicable Procedures to direct the Indenture Trustee to debit the account of a Depositary Participant by a denomination of interests in such Regulation S Global Note, and credit the account of a Depositary Participant by a denomination of interests in such Rule 144A Global Note, that is equal to the denomination of beneficial interests in the Class of Notes to be transferred. Upon delivery to the Note Registrar of such certification and orders and instructions, the Indenture Trustee, subject to and in accordance with the Applicable Procedures, shall reduce the denomination of the Regulation S Global Note in respect of the applicable Class of Notes and increase the denomination of the Rule 144A Global Note for such Class by the denomination of the beneficial interest in such Class specified in such orders and instructions. On or prior to the Release Date, beneficial interests in the Regulation S Global Note for each Class of Book-Entry Notes may be held only through Euroclear or Clearstream.

None of the Issuer, the Co-Issuer, the Indenture Trustee or the Note Registrar shall be obligated to register or qualify any Class of Notes under the Securities Act or any other securities law or to take any action not otherwise required under this Indenture to permit the transfer of any Note or interest therein without registration or qualification. Any Noteholder or Note Owner desiring to effect a transfer, sale, pledge or other disposition of any Note or interest therein shall, and does hereby agree to, indemnify the Parent, the Guarantors, the Obligors, the Indenture Trustee, the Manager, the Backup Manager, the Servicer and the Note Registrar against any liability that may result if such transfer, sale, pledge or other disposition is not exempt from the registration and/or qualification requirements of the Securities Act and any applicable state securities laws or is not made in accordance with such federal and state laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No transfer of any Note or any interest therein shall be made to any Person, except in each such case, in accordance with the following provisions of this <u>Section 2.02(c)</u>.

The Note Registrar shall not register the transfer of a Note that constitutes a Definitive Note or the transfer of an interest in a Book-Entry Note that following such purported transfer will constitute a Definitive Note unless the Note Registrar has received from the prospective Transferee a certification that (a) either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such prospective Transferee is not, and is not investing on behalf of, a Plan Investor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such purchase, holding and disposition of such Note or any interest therein will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a similar violation of any applicable Similar Laws; and (b) none of the Transaction Parties is acting or will act as a fiduciary to any Plan Investor or will become such Plan Investor's fiduciary as a result of the Plan Investor's investment in the Notes or any in interest therein, and none of the Transaction Parties are undertaking to provide investment advice or advice based on any particular investment need, or to give advice in a fiduciary capacity, with respect to the decision to purchase the Notes or any in interest therein.

It is hereby acknowledged that either of the forms of certification attached hereto as Exhibits B-3 and B-4 is acceptable for purposes of clauses (i) and (ii) of the preceding sentence.

The Note Owner desiring to effect a transfer of an interest in a Book-Entry Note (other than a transfer of an interest in a Book-Entry Note that following such purported transfer will constitute a Definitive Note which transfer shall be subject to the forms of certification attached hereto as Exhibits B-3 and B-4 as provided for above) shall obtain from its prospective Transferee a certification that (a) either (i) such prospective Transferee is not, and is not investing on behalf of, a Plan Investor or (ii) such purchase, holding and disposition of such Note or any interest therein will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or a similar violation of any applicable Similar Laws and (b) none of the Transaction Parties is acting or will act as a fiduciary to any Plan Investor or will become such Plan Investor's fiduciary as a result of the Plan Investor's investment in the Notes or any interest therein, and none of the Transaction Parties are undertaking to provide investment advice or advice based on any particular investment need, or to give advice in a fiduciary capacity, with respect to the decision to purchase the Notes or any interest therein.

It is hereby acknowledged that either of the forms of certification attached hereto as Exhibits B-1 and B-2 is acceptable for purposes of the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Person is acquiring a Note as a fiduciary or agent for one or more accounts, such Person shall be required to deliver to the Note Registrar a certification to the effect that, and such other evidence as may be reasonably required by the Note Registrar to confirm that, it has (i) sole investment discretion with respect to each such account and (ii) full power to make the applicable foregoing acknowledgments, representations, warranties, certifications and/or agreements with respect to each such account as set forth in subsections (b), (c) and/or (d), as appropriate, of this <u>Section 2.02</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to the preceding provisions of this <u>Section 2.02</u>, upon surrender for registration of transfer of any Note at the offices of the Note Registrar maintained for such purpose (or as set forth in any Series Supplement with respect to the transfer and registration or de-registration of any Uncertificated Note), one or more new Notes of authorized denominations of the same Class and Series evidencing a like aggregate principal balance shall (except in the case of Uncertificated Notes) be executed, authenticated and delivered, in the name of the designated Transferee or Transferees, in accordance with <u>Section 2.01(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) At the option of any Noteholder, its Notes may be exchanged for other Notes of authorized denominations of the same Class and Series evidencing a like aggregate principal balance, upon surrender (or de-registration) of the Notes to be exchanged (or de-registered) at the offices of the Note Registrar maintained for such purpose. Whenever any Notes are so surrendered for exchange (or de-registration), the Notes which the Noteholder making the exchange (or request for de-registration) is entitled to receive shall be executed, authenticated and delivered (or registered in the case of Uncertificated Notes) in accordance with <u>Section 2.01(a)</u> or <u>(b)</u>, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Every Note (other than Uncertificated Notes) presented or surrendered for transfer or exchange (or de-registration) shall (if so required by the Note Registrar) be duly endorsed by, or be accompanied by a written instrument of transfer in a form satisfactory to, the Note Registrar duly executed by the Noteholder thereof or his attorney duly authorized in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No service charge shall be imposed for any transfer or exchange of Notes, but the Indenture Trustee or the Note Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All Notes surrendered for transfer and exchange shall be physically canceled by the Note Registrar, and the Note Registrar shall dispose of such canceled Notes in accordance with its standard procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) None of the Parent, the Guarantors, the Obligors, the Manager, the Indenture Trustee, the Note Registrar nor any agent of any of the foregoing shall have any responsibility for any actions taken or not taken by the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Indenture Trustee and the Note Registrar shall have no responsibility or obligation to any Person with respect to the accuracy of the books or records, or the acts or omissions, of the Depositary or its nominee or of any Depositary Participant, with respect to any Ownership Interest in the Notes or with respect to the delivery to any Person (other than the Depositary) of any notice (including any notice of prepayment) or the payment of any amount, under or with respect to the Notes. All notices and communications to be given to the Holders and all payments to be made to the Holders hereunder shall be given or made only to or upon the order of the Holders (which shall be the Depositary or its nominee in the case of a Book-Entry Note). The rights of Note Owners in any Book-Entry Note shall be exercised only through the Depositary subject to the customary procedures of the Depositary. The Indenture Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Indenture Trustee and the Note Registrar shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any Note or any transfer of any interest in any Book-Entry Note other than to require delivery of the certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance on their face to the express requirements of this Indenture. In connection with any transfer of any Note, the Indenture Trustee and the Note Registrar shall be under no duty to inquire into the validity, legality and due authorization of such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Note Registrar shall provide to each of the other parties hereto, upon reasonable written request and at the expense of the Requesting Party, an updated copy of the Note Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Transfers of Variable Funding Notes shall be subject to such additional terms and conditions as may be set forth in the applicable Variable Funding Note Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Each purchaser and transferee of Tax Restricted Notes will be deemed to have further represented and agreed on its own behalf and on behalf of any Beneficial Owner for which it is purchasing or acquiring Tax Restricted Notes as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it will not (x) market, acquire or directly or indirectly sell, encumber, assign, participate, pledge, hypothecate, rehypothecate, exchange, or otherwise dispose of, suffer the creation of a Lien on, or transfer or convey in any manner (each, a "<u>Transfer</u>") any such Tax Restricted Notes (or any interest therein that is described in Treasury regulations section 1.7704-1(a)(2)(i)(B)) on or through (i) a United States national, regional or local securities exchange, (ii) a foreign securities exchange or (iii) an interdealer quotation system that regularly disseminates firm buy or sell quotations by identified brokers or dealers (any entity described in clauses (i), (ii) or (iii), an "<u>Exchange</u>") or (y) cause any of such Tax Restricted Notes or any interest therein to be marketed on or through an Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it will not enter into any financial instrument payments on which are, or the value of which is, determined in whole or in part by reference to such Tax Restricted Notes or the Issuer and/or the Co-Issuer (including the amount of Issuer and/or Co-Issuer distributions on such Tax Restricted Notes, the value of the Issuer's assets and/or the Co-Issuer's assets, or the result of the Issuer's operations and/or the Co-Issuer's operations), or any contract that otherwise is described in Treasury regulations section 1.7704-1(a)(2)(i)(B);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if it is, for U.S. federal income tax purposes, a partnership, grantor trust or S corporation, then (i) at all times, less than 50% of the value of any person's interest (direct or indirect) in it will be attributable to such Tax Restricted Notes and any other interests (direct or indirect) in the Issuer or the Co-Issuer that are or may be treated as equity interests in the Issuer or the Co-Issuer for U.S. federal income tax purposes or (ii) it is not and will not be a principal purpose of the arrangement involving the investment of any person to permit the Issuer or the Co-Issuer to satisfy the 100-partner limitation of Treasury regulations section 1.7704-1(h)(1)(ii); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) it will not Transfer any portion of such Tax Restricted Notes unless (x) the person to which it Transfers such Tax Restricted Notes agrees to be bound by the restrictions, conditions, representations, warranties and covenants set forth in clauses (i), (ii) and (iii) above and this clause (iv), (y) such Transfer does not cause the aggregate number of Holders and Beneficial Owners of Tax Restricted Notes and beneficial holders of any other interests in the Issuer or the Co-Issuer that are or may be treated as equity interests in the Issuer or the Co-Issuer for U.S. federal income tax purposes, as determined for purposes of Treasury regulations section 1.7704-1(h), to exceed 90, or otherwise cause the Issuer or the Co-Issuer to be treated as a publicly traded partnership for such purposes, and (z) such Transfer does not otherwise violate clauses (i), (ii) and (iii) above.

Any Transfer in violation of clauses (i) through (iv) above shall be void ab initio, unless, solely in the case of a Transfer in violation of clauses (i) through (iii), the Co-Issuers receive an Opinion of Counsel two days prior to the proposed Transfer to the effect that the Transfer will not cause either of the Co-Issuers to be treated as a publicly traded partnership for U.S. federal income tax purposes.

Section 2.03 <u>Book-Entry Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise provided in any applicable Series Supplement, each Class and Series of Term Notes shall initially be issued as one or more Notes registered in the name of the Depositary or its nominee and, except as provided in <u>Section 2.03(c)</u>, transfer of such Notes may not be registered by the Note Registrar unless such transfer is to a successor Depositary that agrees to hold such Notes for the respective Note Owners with Ownership Interests therein. Such Note Owners shall hold and, subject to <u>Sections 2.02(b)</u> and <u>2.02(c)</u>, transfer their respective Ownership Interests in and to such Notes through the book-entry facilities of the Depositary and, except as provided in <u>Section 2.03(c)</u>, shall not be entitled to Definitive Notes in respect of such Ownership Interests. Unless otherwise provided in any applicable Series Supplement, Term Notes of each Class and Series of Notes initially sold in reliance on Section 4(a)(2) of the Securities Act (other than Term Notes sold to any Institutional Accredited Investor that is not a Qualified Institutional Buyer) or Rule 144A shall be represented by the Rule 144A Global Note for such Class and Series, which shall be deposited with the DTC Custodian and registered in the name of Cede & Co. as nominee of the Depositary. Term Notes of each Class and Series of Notes initially sold in offshore transactions in reliance on Regulation S shall be represented by the Regulation S Global Note for such Class and Series, which shall be deposited with the DTC Custodian and registered in the name of Cede & Co. as nominee of the Depositary. All transfers by Note Owners of their respective Ownership Interests in the Book-Entry Notes shall be made in accordance with the procedures established by the Depositary Participant or brokerage firm representing each such Note Owner. Each Depositary Participant shall only transfer the Ownership Interests in the Book-Entry Notes of Note Owners it represents or of brokerage firms for which it acts as agent in accordance with the Depositary's normal procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Issuer, the Co-Issuer, the Servicer, the Indenture Trustee, the Backup Manager and the Note Registrar shall for all purposes, including the making of payments due on the Book-Entry Notes, deal with the Depositary as the authorized representative of the Note Owners with respect to such Notes for the purposes of exercising the rights of Noteholders hereunder. The rights of Note Owners with respect to the Book-Entry Notes shall be limited to those established by law and agreements between such Note Owners and the Depositary Participants and indirect participating brokerage firms representing such Note Owners. Multiple requests and directions from, and votes of, the Depositary as holder of the Book-Entry Notes with respect to any particular matter shall not be deemed inconsistent if they are made with respect to different Note Owners. The Indenture Trustee may establish a reasonable record date in connection with solicitations of consents from or voting by Noteholders and shall give notice to the Depositary of such record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Term Notes initially issued in the form of Book-Entry Notes will thereafter be issued as Definitive Notes to applicable Note Owners or their nominees, rather than to the Depositary or its nominee, only (i) if the Co-Issuers advise the Indenture Trustee in writing that the Depositary is no longer willing or able to properly discharge its responsibilities as Depositary with respect to such Notes and the Co-Issuers are unable to locate a qualified successor or (ii) in connection with the transfer by a Note Owner of an interest in a Global Note to an Institutional Accredited Investor that is not a Qualified Institutional Buyer. Upon the occurrence of the event described in clause (i) of the preceding sentence, the Indenture Trustee will be required to notify, in accordance with the Depositary's procedures, all Depositary Participants (as identified in a listing of Depositary Participant accounts to which each Class and Series of Book-Entry Notes is credited) through the Depositary of the availability of such Definitive Notes. Upon surrender to the Note Registrar of any Class of Book-Entry Notes (or any portion of any Class thereof) by the Depositary, accompanied by re-registration instructions from the Depositary for registration of transfer, Definitive Notes in respect of such Class (or portion thereof) and Series shall be executed and authenticated in accordance with <u>Section 2.01(b)</u> and delivered to the Note Owners identified in such instructions. None of the Issuer, the Co-Issuer, the Servicer, the Indenture Trustee, the Backup Manager or the Note Registrar shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive Notes for purposes of evidencing ownership of any Book-Entry Notes, the registered holders of such Definitive Notes shall be recognized as Noteholders hereunder and, accordingly, shall be entitled directly to receive payments on, to exercise Voting Rights with respect to, and to transfer and exchange such Definitive Notes.

Section 2.04 <u>Mutilated, Destroyed, Lost or Stolen Notes</u>. If (i) any mutilated Note is surrendered to the Note Registrar, or the Note Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee and the Note Registrar such security or indemnity as may be reasonably required by them to hold each of them harmless and any other documents (including a lost note affidavit) that the Indenture Trustee and the Note Registrar may reasonably request, then, in the absence of actual notice to the Indenture Trustee or the Note Registrar that such Note has been acquired by a protected purchaser, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a new Note of the same Class, type and Series and of like Note Principal Balance shall be executed, authenticated and delivered in accordance with Section 2.01(b) (or registered in accordance with Section 2.01(a), in the case of an Uncertificated Note). Upon the issuance of any new Note under this Section 2.04, the Indenture Trustee and the Note Registrar may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the reasonable fees and expenses of the Indenture Trustee and the Note Registrar) connected therewith. Any replacement Note issued (or registered in the case of Uncertificated Notes) pursuant to this Section shall constitute complete and indefeasible evidence of ownership of such Note, as if originally issued, whether or not the lost, stolen or destroyed Note shall be found at any time.

Section 2.05 <u>Persons Deemed Owners</u>. Prior to due presentment for registration of transfer, the Issuer, the Co-Issuer, the Indenture Trustee, the Backup Manager, the Servicer, the Notes Registrar and any agent of any of them may treat the Person in whose name any Note (or any other transfer and de-registration of Uncertificated Notes) is registered as the owner of such Note for the purpose of receiving payments pursuant to Article V and for all other purposes whatsoever, and none of the Issuer, the Co-Issuer, the Indenture Trustee, the Backup Manager, the Servicer, the Note Registrar or any agent of any of them will acknowledge or be affected by any notice to the contrary.

Section 2.06 <u>Certification by Note Owners</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Note Owner is hereby deemed, by virtue of its acquisition of an Ownership Interest in the Global Notes, to agree to comply with the transfer requirements of <u>Section 2.02(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent that under the terms of this Indenture, it is necessary to determine whether any Person is a Note Owner, the Indenture Trustee may conclusively rely on a certificate of such Person in such form as shall be reasonably acceptable to the Indenture Trustee and shall specify the Class, Tranche, Series and Note Principal Balance of the Book-Entry Note beneficially owned by such Person.

Section 2.07 <u>Notes Issuable in Series</u>. The Notes of the Co-Issuers may be issued in one or more Series subject to satisfaction of the applicable conditions set forth in Section 2.12. Any Series of Term Notes may be Book-Entry Notes and any Series of Variable Funding Notes may be uncertificated if provided for in its Series Supplement. There shall be established in one or more Series Supplements, prior to the issuance of Notes of any Series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the title of the Notes of such Series (which shall distinguish the Notes of such Series from Notes of other Series) and whether such Notes will be Variable Funding Notes or Term Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any limit upon the aggregate principal balance of the Notes of such Series that may be authenticated and delivered (other than with respect to Uncertificated Notes, which may be registered) under this Indenture (except for Notes authenticated and delivered (or with respect to Uncertificated Notes, registered) upon registration of transfer of, in exchange for, or in lieu of, other Notes of such Series pursuant to <u>Section 2.02</u> or <u>2.04)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date or dates on which the principal of the Notes of such Series is payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Targeted Amortization Amounts, if any, for any Class of Notes of such Series as of each Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the rate or rates at which the Notes of such Series shall bear interest, if any, or the method by which such rate shall be determined, the date or dates from which such interest shall accrue, the interest payment dates on which such interest shall be payable and the record dates for the determination of Holders to whom interest is payable (in each case to the extent such items are not specified herein or if specified herein to the extent such items are modified by such Series Supplement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if such Series includes the issuance of Tax Restricted Notes, the maximum number of Holders and Beneficial Owners of Tax Restricted Notes of such Series for purposes of <u>Section 2.02(o)</u> and the minimum denominations of each Class of such Tax Restricted Notes of such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) whether the Notes of such Series, are Uncertificated Notes, Book-Entry Notes or Definitive Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any other terms of such Series (which terms shall not be inconsistent with the provisions of this Indenture except to the extent that such Series Supplement also constitutes an amendment of this Indenture pursuant to Article XIII).

The Notes of a Series may have more than one settlement or issue date. The Notes of each Series will be assigned to one or more Classes and shall satisfy the requirements of <u>Section 2.12(b)</u> as of the date of issuance.

The Co-Issuers agree that they will not designate, for any Series and Class of Notes that are Tax Restricted Notes, a maximum number of Holders and Beneficial Owners for such Series and Class of Tax Restricted Notes that would cause the aggregate maximum number of Holders and Beneficial Owners for all Series and Classes of Tax Restricted Notes then Outstanding, collectively with the aggregate number of beneficial holders of the equity interests in the Issuer or the Co-Issuer or other interests that may be treated as equity interests in the Issuer or the Co-Issuer for U.S. federal income tax purposes, as determined for purposes of Treasury regulations section 1.7704-1(h), to exceed 90.

Section 2.08 <u>Principal Amortization</u>. So long as an Amortization Period is in effect and no Event of Default has occurred and is continuing, no principal payments shall be required to be paid with respect to any Class of any Series of Notes on any Payment Date prior to the Anticipated Repayment Date for such Series of Notes other than (i) with respect to any Class A-1 Notes that is subject to a VFN Early Amortization Period, if a VFN Early Amortization Period is in effect, to repay the principal amount of each Series of Class A-1 Notes then Outstanding, (ii) if an LTV Test Sweep Amount is payable on such Payment Date, to repay each Class of Notes then Outstanding up to the applicable LTV Test Sweep Amount for such Class of Notes, or (iii) with respect to any Class of Notes then Outstanding that are subject to a Targeted Amortization Amount, so long as no Cash Trap Condition is in effect, to repay such Class of Notes in an amount up to the Monthly Amortization Amount for such Class of Notes, in each case, in the amount and to the extent funds are available for such purpose pursuant to Section 5.01. No other principal shall be required to be paid with respect to any Class of any Series of Notes prior to the Anticipated Repayment Date for such Series, unless (i) an Amortization Period has commenced and is continuing, (ii) an Event of Default has occurred and is continuing, (iii) any Disposition Price is payable by the Co-Issuers, or (iv) as otherwise provided in Section 7.06 and an Additional Principal Payment Amount is payable in connection therewith or as otherwise provided in the Series Supplement for such Series. During an Amortization Period or after the occurrence and during the continuance of an Event of Default, all funds available for such purpose shall be applied to make principal payments on each Series of Notes then-Outstanding as set forth in Section 5.01(b).

Section 2.09 <u>Prepayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers may optionally prepay the Notes of any Series in whole or in part on any Business Day provided that (i) the Co-Issuers shall have provided written notice of such prepayment to the Indenture Trustee no later than five Business Days prior to the date of such prepayment or such shorter notice period set forth in the Variable Funding Note Purchase Agreement for any Series of Variable Funding Notes and (ii) such prepayment is accompanied by all accrued and unpaid interest on the principal amount of the Notes being prepaid through the date of such prepayment and any applicable Prepayment Consideration if such prepayment occurs prior to the Prepayment Period for such Series; provided that no Prepayment Consideration shall be payable in connection with (a) prepayments of the Variable Funding Notes of any Series, (b) payments of any LTV Test Sweep Amount to the Holders of any Class of Notes of any Series, (c) prepayments of the Notes of any Series that are subject to a Targeted Amortization Amount on any Payment Date in an amount up to the applicable Monthly Amortization Amount as of such Payment Date, (d) prepayments made at the option of the Co-Issuers from amounts on deposit in the Cash Trap Reserve Sub-Account, (e) prepayments of the Series 2024-1 Class A-2 Notes in an aggregate amount not to exceed 35.0% of the initial outstanding principal balance of the Series 2024-1 Class A-2 Notes made in connection with a Qualified Deleveraging Event, (f) prepayments of the Series 2024-1 Class B Notes in an aggregate amount not to exceed 35.0% of the initial outstanding principal balance of the Series 2024-1 Class B Notes made in connection with a Qualified Deleveraging Event, (g) prepayments of the Series 2024-2 Class A-2 Notes in an aggregate amount not to exceed 35.0% of the initial outstanding principal balance of the Series 2024-2 Class A-2 Notes made in connection with a Qualified Deleveraging Event or (h) prepayments of the Term Notes during an Amortization Period or after the occurrence and during the continuance of an Event of Default or prepayment of the Notes of any Series as specified in the related Series Supplement for such Series; *provided, further*, that such prepayment of any Series of Variable Funding Notes shall be accompanied by such additional amounts required to be paid pursuant to the related Variable Funding Note Purchase Agreement. On the date of any prepayment in connection with which Prepayment Consideration is payable, the Indenture Trustee or the Paying Agent, at the direction of the Servicer, shall pay such Prepayment Consideration received in respect of any Class or Series of Notes to the Holders of the corresponding Class or Series of Notes pro rata based on the amount prepaid on each such Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Partial optional or mandatory prepayments made in conformity with the provisions of this <u>Section 2.09</u> will be applied to the Classes of all Notes of all Series in direct order of alphabetical designation (with any amounts so applied to the Class A Notes being further applied among the numerical Tranches of Class A Notes in accordance with the Applicable Class A Payment Priority); *provided* that optional prepayments (other than those funded by application of amounts on deposit in the Cash Trap Reserve Sub-Account) may be directed by the Co-Issuers to be applied to the Notes of a particular Series in direct order of alphabetical designation and, with respect to optional prepayments of the Class A Notes (other than those funded by application of amounts on deposit in the Cash Trap Reserve Sub-Account) may be directed by the Co-Issuers to be applied to the Class A-1 Notes or to be applied to other Class A Notes, with any such application to other Class A Notes being in direct order of numerical Tranche designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A portion of the principal of the Class A Notes of each Series will be payable on each Payment Date in an amount equal to the lesser of (i) the Class A LTV Test Sweep Amount, if any, on such Payment Date and (ii) the funds available for such purpose pursuant to <u>Section 5.01(b)(iv)(2)</u> (with any amounts so applied to the Class A Notes being further applied among the numerical Tranches of Class A Notes in accordance with the Applicable Class A Payment Priority). A portion of the principal of the Class B Notes of each Series will be payable on each Payment Date in an amount equal to the lesser of (i) the Class B LTV Test Sweep Amount, if any, on such Payment Date and (ii) the funds available for such purpose pursuant to <u>Section 5.01(b)(x)</u>. A portion of the principal of the Class C Notes of each Series will be payable on each Payment Date in an amount equal to the lesser of (i) the Class C LTV Test Sweep Amount, if any, on such Payment Date and (ii) the funds available for such purpose pursuant <u>to Section 5.01(b)(xv)</u>. Failure on the part of the Co-Issuers to pay the entire Class A LTV Test Sweep Amount with respect to the Class A Notes of any Series on any Payment Date, to pay the entire Class B LTV Test Sweep Amount with respect to the Class B Notes of any Series on any Payment Date or to pay the entire Class C LTV Test Sweep Amount with respect to the Class C Notes of any Series on any Payment Date shall not constitute an Event of Default or otherwise provide to the Noteholders (or the Indenture Trustee on behalf of the Noteholders) any additional rights or remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In connection with each disposition of a Data Center pursuant to <u>Section 7.30</u>, if and to the extent required thereunder, the Co-Issuers shall prepay the Term Notes in an amount equal to the Disposition Price for such disposed Data Center (and pay the current obligations of the Indenture Trustee and the Servicer), along with the Indenture Trustee Fee, Servicing Fee and the Other Servicing Fees, (in each case to the extent sufficient funds have not been deposited in the applicable Collection Account for distribution on the applicable Payment Date) together with any applicable Prepayment Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If and to the extent provided in the Series Supplement for any Series, commencing on the Payment Date specified in such Series Supplement for such Series, and subject to the availability hereunder of funds for such purpose and so long as a Cash Trap Condition is not continuing, for any Class of Notes that are subject to a Targeted Amortization Amount, a portion of the principal of such Class of Notes will be payable on each Payment Date in an amount equal to the lesser of (i) the Monthly Amortization Amount, if any, as of such Payment Date with respect to such Notes as specified in such Series Supplement in accordance with <u>Section 5.01(b)</u> and (ii) the funds available for such purpose pursuant to <u>Section 5.01(b)(v)</u> (with any amounts so applied to the Class A Notes being further applied among the numerical Tranches of Class A Notes in accordance with the Applicable Class A Payment Priority), <u>Section 5.01(b)(xi)</u> or <u>Section 5.01(b)(xvi)</u>, as applicable. Failure on the part of the Co-Issuers to pay the entire Monthly Amortization Amount with respect to any Class of Notes that are subject to a Targeted Amortization Amount on any Payment Date, other than the Rated Final Payment Date for such Series, shall not constitute an Event of Default or otherwise provide to the Noteholders (or the Indenture Trustee on behalf of the Noteholders) any additional rights or remedies.

Section 2.10 <u>Post-ARD Additional Interest</u>. Additional interest ("<u>Post-ARD Additional Interest</u>") shall begin to accrue with respect to a Variable Funding Note or Term Note of a Series and Class from and after the respective Anticipated Repayment Dates for such Variable Funding Note or Term Note of such Class and such Series on the Note Principal Balance thereof at a per annum rate (each, a "<u>Post-ARD Additional Interest Rate</u>") equal to (x) in the case of any Class of Variable Funding Notes, the Post-ARD Note Spread applicable to such Variable Funding Note and (y) in the case of any Class of Term Notes, the rate determined by the Servicer to be the greater of (i) 5.0% per annum and (ii) the amount, if any, by which the sum of the following exceeds the Note Rate for such Note: (A) the yield to maturity (adjusted to a "mortgage equivalent basis" pursuant to the standards and practices of the Securities Industry and Financial Markets Association) on the Anticipated Repayment Date for such Note of the United States Treasury Security (for any Notes denominated in U.S. dollars) or Canadian federal government bond (for any Notes denominated in Canadian dollars) having a term closest to 10 years as of the end of the immediately preceding Collection Period as reported by Bloomberg L.P., plus (B) 5.0%, plus (C) the Post-ARD Note Spread applicable to such Note. The Servicer shall provide written notice to the Indenture Trustee of the Post-ARD Additional Interest Rate. In no event shall the Indenture Trustee be obligated to recalculate or verify the Post-ARD Additional Interest Rate for any Note. The Post-ARD Additional Interest accrued for any Note will be payable on each Payment Date in accordance with the provisions of Section 5.01(b) and, to the extent that sufficient funds are not available on such Payment Date, the Post-ARD Additional Interest will be deferred and added to any Post-ARD Additional Interest previously deferred and remaining unpaid (the "<u>Deferred Post-ARD Additional Interest</u>"). Deferred Post-ARD Additional Interest will not bear interest.

Section 2.11 <u>Defeasance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time other than during the continuance of the Prepayment Period for a Series, Class or Tranche of Outstanding Term Notes, upon ten (10) Business Days' notice to the Indenture Trustee and each Rating Agency, the Co-Issuers may obtain the release from all covenants of this Indenture relating to the ownership and operation of the Data Centers by delivering United States government securities that provide for payments equal to the Scheduled Defeasance Payments with respect to each Series of then Outstanding Term Notes; *provided*, that (i) no Event of Default has occurred and is continuing, (ii) all Variable Funding Notes have been paid in full, any Letters of Credit have been terminated and the Class A-1 Commitment Amount of all Variable Funding Notes has been irrevocably reduced to zero and (iii) the Co-Issuers shall pay or deliver on the date of such defeasance (the "<u>Defeasance Date</u>") (a) all interest accrued and unpaid on the Class Principal Balance of each Class of Outstanding Term Notes to but not including the Defeasance Date (and if the Defeasance Date is not a Payment Date, the interest that would have accrued to but not including the next Payment Date), (b) all other sums then due under each Class of Term Notes and all other Transaction Documents executed in connection therewith, including any costs incurred in connection with such defeasance, and (c) U.S. government securities providing for payments equal to the Scheduled Defeasance Payments with respect to each Series of then Outstanding Term Notes. In addition, the Co-Issuers shall deliver to the Servicer on behalf of the Indenture Trustee (1) a security agreement granting the Indenture Trustee a first priority perfected security interest in the U.S. government securities so delivered by the Co-Issuers, (2) an Opinion of Counsel as to the enforceability and perfection of such security interest, (3) a confirmation by an Independent certified public accounting firm that the U.S. government securities so delivered are sufficient to pay all Scheduled Defeasance Payments with respect to each Series of Outstanding Notes, and (4) a Rating Agency Confirmation with respect to each Rating Agency. The Co-Issuers, pursuant to the security agreement described above, shall authorize and direct that the payments received from the U.S. government securities shall be made directly to the Indenture Trustee and applied to satisfy the obligations of the Co-Issuers under the Notes and the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Asset Entities will continue to own any material assets other than the U.S. government securities delivered in connection with the defeasance, the Co-Issuers shall establish or designate a special-purpose bankruptcy-remote successor entity acceptable to the Indenture Trustee (with respect to which (i) a substantive non-consolidation Opinion of Counsel has been delivered to the Indenture Trustee and (ii) an Opinion of Counsel has been delivered to the Indenture Trustee that neither of the Co-Issuers will be required to register as an investment company under the Investment Company Act), and to transfer to that entity the pledged U.S. government securities. The new entity shall assume the obligations of the Co-Issuers under the Notes being defeased and the security agreement and the Obligors and the Guarantors shall be relieved of their obligations in respect thereof under the Transaction Documents. The Co-Issuers shall pay $10 to such new entity as consideration for assuming such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Co-Issuers satisfy the requirements of <u>Section 2.11(a)</u> to defease the Notes and delivers to the Indenture Trustee an Officer's Certificate of the Co-Issuers and an Opinion of Counsel in compliance with <u>Section 15.01</u>, the Indenture Trustee shall promptly execute, acknowledge and deliver to the Obligors a release of the Collateral under the applicable Transaction Documents in recordable form to the extent applicable for such release; *provided* that the Obligors shall, at their sole expense, prepare any and all documents and instruments necessary to effect such release, all of which shall be subject to the reasonable approval of the Indenture Trustee, and the Obligors shall pay all costs reasonably incurred by the Indenture Trustee (including, but not limited to, reasonable attorneys' fees and disbursements) in connection with the review, execution and delivery of the documents and instruments necessary to effect such release.

Section 2.12 <u>Additional Data Centers; Additional Notes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From time to time, the Co-Issuers may add one or more additional data centers and related customer contracts as additional collateral for the Notes (each such additional data center added after the Initial Closing Date, an "<u>Additional Data Center</u>"); *provided* that in connection with each such addition the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Additional Data Center shall be an Eligible Data Center;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Rating Agency Confirmation is received with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during any period in which the Notes constitute Specially Serviced Notes (any such period, a "<u>Special Servicing Period</u>"), the Servicer shall have confirmed satisfaction of the conditions precedent to the addition of such Additional Data Centers, such confirmation not to be unreasonably withheld, conditioned or delayed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Indenture Trustee and the Servicer shall have received an Opinion of Counsel (consistent with the legal opinion with respect to the same subject matter delivered on the Initial Closing Date) with respect to the enforceability of the related Mortgage(s) and, if such Additional Data Center is owned by an Additional Asset Entity to be contributed to the Issuer or the Co-Issuer in connection with the addition of such Additional Data Center, the Indenture Trustee and the Servicer shall have received such other Opinions of Counsel (consistent with the legal opinions delivered on the Initial Closing Date) as may be reasonably requested by the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Co-Issuers shall, or shall have caused the applicable Asset Entity to, have reimbursed the Indenture Trustee, the Backup Manager and the Servicer for all third-party out-of-pocket costs and expenses incurred by the Indenture Trustee, the Backup Manager and the Servicer in relation to such addition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if such Additional Data Center is a Non-Mortgaged Data Center, the pro forma aggregate Annualized Adjusted Net Operating Income for all Non-Mortgaged Data Centers (including such Additional Data Center) at the time of addition of such Non-Mortgaged Data Center, shall not exceed 5.0% (or such higher percentage that is set forth in the most recent Series Supplement that increases the maximum percentage of Non-Mortgaged Data Centers and for which notice thereof is provided by the Manager to each Rating Agency then rating the Notes) of the aggregate Annualized Adjusted Net Operating Income for all Data Centers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if such Additional Data Center is owned by an Additional Asset Entity to be contributed to the Issuer or the Co-Issuer in connection with the addition of such Additional Data Center, the Additional Asset Entity shall have executed and delivered to the Indenture Trustee and the Servicer a Joinder Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Manager shall have delivered an Officer's Certificate of the Manager to the Servicer, the Backup Manager and the Indenture Trustee confirming compliance with the requirements of this <u>Section 2.12(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Co-Issuers may at any time and from time to time issue additional Notes ("<u>Additional Notes</u>" and, the closing date for the issuance of such Additional Notes, the "<u>Issuance Date</u>") in the manner set forth in <u>Section 2.07</u> subject to the satisfaction of the applicable conditions set forth in this <u>Section 2.12(b)</u> pursuant to a Series Supplement in one or more Classes (including one or more existing Classes of an existing Series of Notes) that may rank senior to (other than senior to any Outstanding Class A-1 Notes), *pari passu* with, or subordinate to, any Series of Notes that will remain Outstanding after the issuance of such Additional Notes; *provided* that if any Notes (other than the Additional Notes) will remain Outstanding after the issuance of such Additional Notes (such Notes, the "<u>Continuing Notes</u>") the following conditions shall have been satisfied with respect to such issuance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Additional Notes of a particular Class (other than any Additional Notes that are Subordinated Notes) shall rank *pari passu* with the Continuing Notes, if any, of the Class of Notes bearing the same alphabetical Class designation and numerical Tranche designation (regardless of Series or date of issuance), although such Class of Notes may have other characteristics different than the Continuing Notes, and may have an Anticipated Repayment Date earlier than the Anticipated Repayment Date for any Series of Continuing Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) so long as the Series 2024-1 Class A-1 Notes are Outstanding, (a) no Tranche of Class A Notes may be issued that are senior in right of payment of interest or principal to the Series 2024-1 Class A-1 Notes and (b) the Rated Final Payment Date of the Additional Notes will be later than the Rated Final Payment Date for the Series 2024-1/2 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(iii)**</u> **(i)** so long as the Series 2024-1 Class B Notes are Outstanding, no Tranche of Class B Notes may be issued that are senior in right of payment of interest or principal to the Series 2024-1 Class B Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(iv)**</u> **(ii)** if any such Additional Notes are Class A Notes or Class B Notes, a Rating Agency Confirmation with respect to each Series of Continuing Notes is obtained from each Rating Agency then rating such Series of Continuing Notes; *provided* that a Rating Agency Confirmation will not be required in connection with the issuance of any Additional Notes that are Subordinated Notes and, if such Additional Notes are Subordinated Notes, a Rating Agency Confirmation with respect to each Series of Continuing Notes that are Subordinated Notes, if any, is obtained from each Rating Agency then rating each such Series of Continuing Notes that are Subordinated Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(v)**</u> **(iii)** the Co-Issuers receive an Opinion of Counsel (which opinion may contain similar assumptions and qualifications as are contained in the Opinion of Counsel with respect to the tax treatment of the Series 2024-1/2 Notes issued on, and which Opinion of Counsel was delivered on, the Initial Closing Date) to the effect that the issuance of such Additional Notes will not (x) cause any of the Continuing Notes of any Outstanding Series to be deemed to have been exchanged for a new debt instrument pursuant to Treasury regulations section 1.1001-3, (y) cause the Issuer or the Co-Issuer to be taxable as other than a partnership or disregarded entity for U.S. federal income tax purposes or (z) cause any of the Continuing Notes of any Outstanding Series that are characterized as indebtedness for U.S. federal income tax purposes to be characterized as other than indebtedness for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(vi)**</u> **(iv)** after giving effect to the issuance of such Additional Notes, the following conditions are satisfied: (A) if such Additional Notes are Class A Notes or Class B Notes, the Class A LTV Ratio is less than or equal to 65.0%, (B) if such Additional Notes are Class B Notes, the Class B LTV Ratio is less than or equal to 70.0% and (C) the DSCR is equal to or greater than 1.85:1.0;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(vii)**</u> **(v)** if such Additional Notes are Class A Notes, the Servicer or the structuring advisor with respect to such Additional Notes (who will deliver the related appraisal to the Manager, the Backup Manager, the Indenture Trustee and, to the extent the structuring advisor delivers the related appraisals, the Servicer), deliver new appraisals meeting the requirements set forth in the Servicing Agreement with respect to the Data Centers owned or leased by the Asset Entities as of the closing date of the issuance of such Additional Notes; *provided* that no new appraisal will be required if the Manager certifies that, in its reasonable belief, there has been no material decrease in the value of the Data Centers from the Appraised Value set forth in the most recent appraisal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(viii)**</u> **(vi)** if such Additional Notes are Variable Funding Notes, (x) upon giving effect to the issuance of such Variable Funding Notes, the aggregate maximum principal amount of all Variable Funding Notes issued and Outstanding under this Indenture shall not exceed 20% of the sum of (i) the aggregate maximum principal balance of all Variable Funding Notes issued and Outstanding under this Indenture at such time and (ii) the aggregate Note Principal Balance of all other Class A Notes issued and Outstanding under the Indenture at such time and (y) if any Series of Variable Funding Notes are then Outstanding, such other conditions set forth in the Variable Funding Note Purchase Agreement for such Series of Variable Funding Notes are satisfied; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>**(ix)**</u> **(vii)** the Indenture Trustee receives an Officer's Certificate of the Co-Issuers stating that all conditions precedent to the issuance of the Additional Notes under the Indenture have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Co-Issuers may, but are not obligated to, issue Additional Notes of an existing Series or Class if such Additional Notes are either fungible with the applicable Series or Class of Notes for U.S. federal income tax purposes or issued pursuant to a separate CUSIP number, subject to the other provisions for issuing Additional Notes set forth in this <u>Section 2.12</u>. If the Issuance Date of such Additional Notes falls on a date that is not a Record Date, the Co-Issuers may declare a "<u>Special Record Date</u>" on the related Issuance Date for the related Series or Class of Notes, which shall become the Record Date for purposes of the immediately following Payment Date upon at least five (5) Business Days' notice to the Indenture Trustee (who shall make available such notice to the Noteholders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) From time to time, the Co-Issuers may enter into an amendment to any Variable Funding Note Purchase Agreement which has the effect of increasing the Class A-1 Commitment Amount with respect to the related Series of Notes, and such amendment shall not be deemed to be an issuance of Additional Notes, but shall otherwise be subject to the satisfaction of the conditions set forth in the related Variable Funding Note Purchase Agreement; provided that in connection with such increase in Class A-1 Commitments the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Rating Agency Confirmation is obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) after giving effect to such increase (x) the Class A LTV Ratio is less than or equal to 65.0% and (y) the DSCR is equal to or greater than 1.85:1.0;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) upon giving effect to such increase, the aggregate maximum principal amount of all Variable Funding Notes issued and outstanding shall not exceed 20% of the sum of (w) the aggregate maximum principal balance of all Variable Funding Notes issued and outstanding at such time and (y) the aggregate Note Principal Balance of all other Class A Notes issued and outstanding at such time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Indenture Trustee receives an officer's certificate of the Co-Issuers stating that all conditions precedent to such increase have been satisfied.

Section 2.13 <u>Cancellation</u>. The Co-Issuers may at any time deliver to the Note Registrar for cancellation any Notes previously authenticated and delivered hereunder which such Issuers may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by the Note Registrar. All Notes delivered to the Indenture Trustee for payment shall be forwarded to the Note Registrar. All such Notes and all Notes surrendered for transfer and exchange in accordance with the terms hereof shall be canceled and disposed of by the Note Registrar in accordance with its customary procedures.

<u>**The Co-Issuers may at any time deliver to the Note Registrar for cancellation any Notes previously authenticated and delivered hereunder which such Issuers may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly canceled by the Note Registrar. All Notes delivered to the Indenture Trustee for payment shall be forwarded to the Note Registrar. All such Notes and all Notes surrendered for transfer and exchange in accordance with the terms hereof shall be canceled and disposed of by the Note Registrar in accordance with its customary procedures.**</u>

**ARTICLE III**

**ACCOUNTS**

Section 3.01 <u>Establishment of Collection Account and Sub-Accounts</u>. On or before the Initial Closing Date, the Co-Issuers, the Collection Account Bank and the Indenture Trustee shall have entered into the Collection Account Control Agreement pursuant to which an Eligible Account to serve as the collection account (such account, and any account replacing the same in accordance with this Indenture and the Cash Management Agreement, the "<u>Collection Account</u>") and an Eligible Account for each Sub-Account (**other than the Capital Expenditures Reserve Sub-Account) (**each of which may have its own distinct portfolio number) shall be established and maintained in the name of the Indenture Trustee for the benefit of the Noteholders. Each of the Collection Account and the Sub-Accounts **(other than the Capital Expenditures Reserve Sub-Account)** shall be a non-interest bearing trust account and treated as a "securities account" as such term is defined in Section 8-501(a) of the UCC. Except as expressly provided herein or in the Collection Account Control Agreement or the Cash Management Agreement, the Obligors shall not have the right to control or direct the investment or payment of funds in the Collection Account or the Sub-Accounts **(other than the Capital Expenditures Reserve Sub-Account)**.

Section 3.02 <u>Deposits to the Collection Account</u>. Any available funds on deposit in any Lock Box Account that the Manager has identified as constituting Receipts pursuant to the Cash Management Agreement shall be deposited by wire transfer (or transfer via the ACH System) into the Collection Account within two Business Days of identification.

Section 3.03 <u>Withdrawals from the Collection Account</u>. The Indenture Trustee may make, from time to time and in accordance with the written direction of the Servicer, withdrawals from the Collection Account as necessary for any of the following purposes and without regard to the priorities set forth in Article V: (i) to pay to itself the Indenture Trustee Fee then owing, (ii) to pay the Servicer the Servicing Fee and any Other Servicing Fees then owing, each of which shall be payable at the times and in the amounts described in the Servicing Agreement, (iii) to pay or reimburse the Manager and the Indenture Trustee for Advances (other than Discretionary Manager Advances) made by each and not previously reimbursed, together with Advance Interest thereon, as set forth in this Indenture, (iv) to pay, reimburse or indemnify the Indenture Trustee, the Backup Manager or the Servicer for any other amounts payable, reimbursable or indemnifiable pursuant to the terms of this Indenture or the other Transaction Documents, (v) to pay any other Additional Issuer Expenses, (vi) to pay to the persons entitled thereto any amounts deposited in error and (vii) to clear and terminate the Collection Account on the date there are no Notes Outstanding.

Section 3.04 <u>Application of Funds in the Collection Account</u>. Funds in the Collection Account shall be allocated on each Application Date to the Sub-Accounts in accordance with Section 5.01 of this Indenture and Section 3.03 of the Cash Management Agreement.

Section 3.05 <u>Application of Funds after Event of Default</u>. If an Event of Default shall occur and be continuing, then notwithstanding anything to the contrary in this Article III, the Servicer (acting on behalf of the Indenture Trustee for the benefit of the Noteholders) shall have all of the rights and remedies of the Indenture Trustee, for the benefit of the Noteholders, available under applicable law and under the Transaction Documents. Without limitation of the foregoing, for so long as an Event of Default is continuing, the Indenture Trustee (solely at the direction of the Servicer) shall apply any and all funds in the Collection Account, the Cash Trap Reserve Sub-Account, the Other Expense Reserve Sub-Account and any other Accounts **(other than the Capital Expenditures Reserve Sub-Account)**, and all other cash reserves held by or on behalf of the Indenture Trustee against all or any portion of any of the Obligations; *provided, however*, that any such payments in respect of amounts due on the Notes will be made in accordance with the priorities set forth in Article V.

**ARTICLE IV**

**RESERVES**

Section 4.01 <u>Security Interest in Reserves; Other Matters Pertaining to Reserves</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Obligors hereby grant to the Indenture Trustee a security interest for the benefit of the Indenture Trustee, individually and on behalf of the Noteholders, in and to all of the Obligors' right, title and interest in and to the Account Collateral, including the Reserves, as security for payment and performance of all of the Obligations hereunder and under the other Transaction Documents. The Reserves constitute Account Collateral and are subject to the security interest in favor of the Indenture Trustee on behalf of the Noteholders created herein and all provisions of this Indenture and the other Transaction Documents pertaining to Account Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the rights and remedies provided in Article III and elsewhere herein, upon the occurrence and during the continuance of any Event of Default, the Servicer (acting on behalf of the Indenture Trustee) shall have all rights and remedies pertaining to the Reserves as are provided for in any of the Transaction Documents or under any applicable law. Without limiting the foregoing, upon and at all times after the occurrence and during the continuance of an Event of Default, the Indenture Trustee at the written direction of the Servicer, in the Servicer's sole discretion, but subject to the Servicing Standard, may use the Reserves (or any portion thereof) for any purpose, including but not limited to any combination of the following: (i) payment of any of the Obligations in such order as the Servicer may determine in its sole discretion; *provided, however*, that such application of funds shall not cure or be deemed to cure any default and *provided, further*, that any payments on the Notes will be made in accordance with the priorities set forth in Article V, (ii) reimbursement of the Indenture Trustee, the Backup Manager, and/or the Servicer for any outstanding fees and actual losses or expenses or indemnities (including, without limitation, reasonable legal fees), (iii) payment for the work or obligation for which such Reserves were reserved or were required to be reserved and (iv) application of the Reserves in connection with the exercise of any and all rights and remedies available to the Servicer acting on behalf of the Indenture Trustee at law or in equity or under this Indenture or pursuant to any of the other Transaction Documents. Nothing contained in this Indenture shall obligate the Servicer to apply all or any portion of the funds contained in the Reserves during the continuance of an Event of Default to payment of the Notes or (except as provided in the proviso to clause (i) of this <u>Section 4.01(b)</u>) in any specific order of priority.

Section 4.02 <u>Funds Deposited with Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Permitted Investments; Return of Reserves to Obligors</u>. Unless otherwise expressly provided herein, all funds of the Obligors which are deposited with the Collection Account Bank hereunder shall be invested by the Collection Account Bank in one or more Permitted Investments at the written direction of the Manager in accordance with the Cash Management Agreement and any investment income with respect thereto shall be credited to the related Sub-Account. Absent such written direction, the funds in the Collection Account shall remain uninvested. After repayment of all of the Obligations, all funds held as Reserves shall be promptly returned to, or as directed by, the Co-Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Funding at Closing</u>. The Co-Issuers shall deposit with the Indenture Trustee the amounts necessary to fund each of the Reserves as set forth below. Deposits into the Reserves on the Initial Closing Date (or on any subsequent Closing Date) may occur by deduction from the amount of proceeds of the issuance of the Notes on such Closing Date that otherwise would be disbursed to the Co-Issuers, followed by deposit of the same into the applicable Sub-Account or Sub-Accounts of the Collection Account in accordance with the applicable Series Supplement on such Closing Date. Notwithstanding such deductions, the Notes shall be deemed for all purposes to be fully paid on the Closing Date for such Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Funding upon any Addition of Additional Data Centers</u>. The Co-Issuers shall deposit, upon the addition of any Additional Data Center, any amounts necessary to fully fund the Reserves described in <u>Section 4.03</u> after giving effect to any increase in the Reserves made to reflect the addition of such Additional Data Centers.

Section 4.03 <u>Priority Expense Reserve Sub-Account</u>.

Pursuant to this Indenture, the Indenture Trustee, at the written request of the Manager or based upon information set forth in the Monthly Report, shall deposit from Available Funds available for such purpose under Article V on each Application Date into a Sub-Account of the Collection Account (said Sub-Account, the "<u>Priority Expense Reserve Sub-Account</u>"), an amount such that the amount on deposit in the Priority Expense Reserve Sub-Account on such Application Date equals the Priority Expense Reserve Deposit Amount for such Application Date.

Each Monthly Report provided pursuant to <u>Section 7.02(a)(iv)</u> will set forth certain information with respect to the amounts of Priority Expenses due during the following Collection Period. So long as (i) no Event of Default has occurred and is continuing, (ii) the Obligors have provided the Indenture Trustee and the Servicer with the foregoing materials in a timely manner, and (iii) sufficient funds are held in the Priority Expense Reserve Sub-Account for the payment of Priority Expenses relating to the Data Centers, as applicable, the Indenture Trustee shall, at the Manager's election and written direction, with written notice simultaneously delivered to the Backup Manager and the Servicer, from funds available in the Priority Expense Reserve Sub-Account (x) pay the Priority Expenses directly, (y) disburse such amounts to the Obligors to pay such Priority Expenses or (z) reimburse the Obligors for Priority Expenses previously paid by or on behalf of the Obligors.

Section 4.04 <u>Cash Trap Reserve Sub-Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a Cash Trap Condition shall occur (as set forth in the Monthly Report required to be delivered pursuant to Section 7.02(a)(iv)), then, on each Application Date from and after the date that it is determined that a Cash Trap Condition has occurred and for so long as such Cash Trap Condition continues to exist, an amount equal to the remaining amount of Available Funds for such Application Date after making the allocations and payments set forth in <u>Section 5.01(a)(i)</u> through <u>(xvi)</u> (the "<u>Cash Trap Reserve Amount</u>") shall be deposited with the Indenture Trustee and held in a Sub-Account of the Collection Account (the "<u>Cash Trap Reserve Sub-Account</u>"), in accordance with the terms of the Cash Management Agreement and this Indenture (said funds, together with any interest thereon, the "<u>Cash Trap Reserve</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to the commencement of an Amortization Period, if a Cash Trap Condition ceases to exist and if no Event of Default has occurred and is continuing, any funds then on deposit in the Cash Trap Reserve Sub-Account shall be transferred by the Indenture Trustee, upon written direction of the Manager or the Servicer, to the Collection Account to be applied as Available Funds. At the direction of the Co-Issuers (in their sole discretion), on any Business Day, the Indenture Trustee shall apply cash on deposit in the Cash Trap Reserve Sub-Account, to the payment of the Notes in accordance with <u>Section 2.09</u>. On (i) the first Business Day to occur after the commencement of an Amortization Period, (ii) the first Business Day after the occurrence of an Event of Default that is then continuing or (iii) at the direction of the Co-Issuers (in their sole discretion), on any Business Day, the Indenture Trustee shall apply all funds on deposit in the Cash Trap Reserve Sub-Account, at the written direction of the Manager, to reimburse the Manager and the Indenture Trustee for unreimbursed Advances, including Advance Interest thereon and to reimburse the Indenture Trustee, the Backup Manager and the Servicer for any other amounts then due to the Indenture Trustee, the Backup Manager or the Servicer hereunder or under the other Transaction Documents (including, but not limited to, unpaid Additional Issuer Expenses, and all unpaid fees, expenses, and indemnification due to the Servicer, the Backup Manager and the Indenture Trustee hereunder and under the other Transaction Documents), and the remaining amount thereof shall be deposited in the Debt Service Sub-Account and applied to payment of the Notes on such Payment Date in accordance with <u>Section 5.01(b)</u>.

Section 4.05 <u>Senior Note Interest and Expense Reserve Sub-Account; Liquidity Letters of Credit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee, at the written request of the Manager, shall deposit from Available Funds available for such purpose under <u>Section 5.01(a)</u> on each Application Date into a Sub-Account of the Collection Account (such Sub-Account, the "<u>Senior Note Interest and Expense Reserve Sub-Account</u>") any amounts necessary to cause the amount on deposit therein equal to the Required Senior Note Interest and Expense Reserve Amount as of such date. If on any Payment Date, the amounts on deposit in the Senior Note Interest and Expense Reserve Sub-Account exceed the Required Senior Note Interest and Expense Reserve Amount, the excess amount then on deposit in the Senior Note Interest and Expense Reserve Sub-Account will be transferred by the Indenture Trustee, upon written direction of the Manager or the Servicer, to the Collection Account to be applied as Available Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, on the date that is five Business Days prior to the expiration of any Liquidity Letter of Credit, such Liquidity Letter of Credit has not been replaced or renewed and is not scheduled to renew automatically pursuant to its terms, and the Co-Issuers have not otherwise deposited funds into the Senior Note Interest and Expense Reserve Sub-Account in an amount equal to the amount by which the Required Senior Note Interest and Expense Amount exceeds the sum of (i) the amounts on deposit in the Senior Note Interest and Expense Reserve Sub-Account on such date and (ii) the amount available to be drawn under any other Liquidity Letter of Credit (that are not scheduled to expire within such five Business Day period) on such date (such excess amount, the "<u>Required Senior Note Interest and Expense Reserve Sub-Account Deposit Amount</u>"), the Indenture Trustee, upon written direction from the Co-Issuers, shall (i) submit a notice of drawing under such Liquidity Letter of Credit to the Letter of Credit Provider, with a copy made available to each Rating Agency, the Backup Manager and the Servicer, and (ii) use the proceeds thereof to fund a deposit into the Senior Note Interest and Expense Reserve Sub-Account in an amount equal to the Required Senior Note Interest and Expense Reserve Sub-Account Deposit Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, on any day a Liquidity Letter of Credit is outstanding, an Amortization Period or an Event of Default occurs and is continuing, then, no later than the Business Day following the occurrence of such Amortization Period or Event of Default, the Indenture Trustee, upon written direction from the Co-Issuers shall (i) submit a notice of drawing under such Liquidity Letter(s) of Credit to the Letter of Credit Provider, with a copy made available to each Rating Agency, the Backup Manager, the Servicer and the Co-Issuers, and (ii) use the proceeds of such drawing to fund the Senior Note Interest and Expense Reserve Sub-Account in an amount equal to the amount by which the Required Senior Note Interest and Expense Reserve Amount exceeds the amounts on deposit in the Senior Note Interest and Expense Reserve Sub-Account on such date (calculated as if such Liquidity Letter(s) of Credit had not been issued).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If, on any day a Liquidity Letter of Credit is outstanding, such Liquidity Letter of Credit becomes an Ineligible Liquidity Letter of Credit, then (a) on the fifth Business Day after such day, (i) the Co-Issuers shall make a deposit into the Senior Note Interest and Expense Reserve Sub-Account or (ii) the Indenture Trustee, upon the written direction of the Co-Issuers, shall (1) submit a notice of drawing under such Liquidity Letter(s) of Credit to the Letter of Credit Provider, with a copy made available to each Rating Agency, the Backup Manager and the Servicer, and (2) use the proceeds of such drawing to fund the Senior Note Interest and Expense Reserve Sub-Account, in either case in an amount equal to the amount by which the Required Senior Note Interest and Expense Reserve Amount exceeds the sum of (i) the amounts on deposit in the Senior Note Interest and Expense Reserve Sub-Account on such date (calculated as if such Liquidity Letter(s) of Credit had not been issued) and (ii) the amount available to be drawn under any other Liquidity Letters of Credit (that are not Ineligible Liquidity Letters of Credit), or (b) prior to the fifth Business Day after such day, the Co-Issuers shall obtain one or more replacement Liquidity Letter(s) of Credit (that is not an Ineligible Liquidity Letter of Credit) on substantially the same terms as each such Liquidity Letter(s) of Credit being replaced (including, without limitation, the aggregate amount available to be drawn thereunder) to the Indenture Trustee (with a copy made available to each Rating Agency, the Backup Manager and the Servicer).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Liquidity Letter of Credit shall name the Indenture Trustee, for the benefit of the Noteholders, as the beneficiary thereof and shall allow the Indenture Trustee (or the Servicer at the Indenture Trustee's behalf) to submit a notice of drawing in respect of such Liquidity Letter of Credit to the Letter of Credit Provider whenever amounts would otherwise be required to be drawn pursuant to this <u>Section 4.05</u> or otherwise used to pay Senior Note Interest and Expense Reserve Draw Amounts in accordance with <u>Section 5.01(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Indenture Trustee (at the written request of the Co-Issuers) or the Servicer (at the Co-Issuers' request and on the Co-Issuers' behalf) may submit a notice of drawing under a Liquidity Letter of Credit issued by the applicable Letter of Credit Provider and the proceeds of any such draw shall be deposited into the Senior Note Interest and Expense Reserve Sub-Account or otherwise used to pay Senior Note Interest and Expense Reserve Draw Amounts in accordance with <u>Section 5.01(c)</u>.

Section 4.06 <u>Capital Expenditures Reserve Sub-Account</u>.

The Co-Issuers may establish a Capital Expenditures Reserve Sub-Account the purpose of which is to reserve, at the option of the Manager, funds necessary to fund expected Capital Expenditures (other than Maintenance Capital Expenditures) on the Data Centers. The Issuer may, at any time, deposit (i) any draws on any Variable Funding Notes (or the proceeds of the issuance of Additional Notes), (ii) any capital contribution received from the Parent for such purpose or (iii) any other amounts available to the Co-Issuers (including pursuant to clause <u>Section 5.01(a)(xxxvi)</u>) into the Capital Expenditures Reserve Sub-Account for use by the Asset Entities in connection with funding of expected Capital Expenditures (other than Maintenance Capital Expenditures) with respect to any Data Center. Upon the delivery of a disbursement request substantially in the form of <u>Exhibit H</u> two (2) Business Days prior, the Co-Issuers may, at any time, withdraw any funds on deposit in the Capital Expenditures Reserve Sub-Account for any purpose, including to distribute to the Parent**. For the avoidance of doubt, the Capital Expenditures Reserve Sub-Account shall not be pledged in favor of the Indenture Trustee on behalf of the Noteholders.** **<u>; *provided, however*</u><u>, that on the Second Amendment Effective Date, the Co-Issuers shall deposit (or cause to be deposited) into the Capital Expenditures Reserve Sub-Account an amount equal to the amount of material Capital Expenditures expected to be incurred with respect to each Forward Starting Contract at the Data Centers owned or leased by the Asset Entities as of the Second Amendment Effective Date for which the related fees are included in the Annualized Adjusted Net Operating Income as of the Second Amendment Effective Date (or approximately $38,508,770), which amount shall remain on deposit in the Capital Expenditures Reserve Sub-Account until released to pay or reimburse for the related Capital Expenditures (or, to the extent that the amount deposited in the Capital Expenditures Reserve Sub-Account with respect to a Forward Starting Contract exceeds the actual Capital Expenditures with respect to such Forward Starting Contract, released to, or at the direction of, the Co-Issuers).</u>**

Section 4.07 <u>Forward Starting Contract Reserve Sub-Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee, at the written request of the Manager in its sole discretion, shall deposit from Available Funds available for such purpose under <u>Section 5.01(a)</u> on each Application Date into a Sub-Account of the Collection Account (such Sub-Account, the "<u>Forward Starting Contract Reserve Sub-Account</u>") any amounts necessary to cause the amount on deposit therein equal to the Forward Starting Contract Reserve Amount with respect to any Forward Starting Contract as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the first Business Day of each Collection Period commencing on or prior to the Forward Starting Contract Fee Commencement Date for any Forward Starting Contract for which amounts have been so deposited in the Forward Starting Contract Reserve Sub-Account, an amount equal to the portion of the reserved funds with respect to such Forward Starting Contract allocable to such Collection Period (in accordance with the Monthly Report of the Manager delivered to the Indenture Trustee and the Servicer) will be transferred from the Forward Starting Contract Reserve Sub-Account by the Indenture Trustee, upon written direction of the Manager or the Servicer, to the Collection Account to be applied as Available Funds in accordance with the priorities set forth in set forth in <u>Section 5.01(a)</u>.

Section 4.08 <u>Other Expense Reserve Sub-Account</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a Springing Reserve Condition shall occur (as set forth in a report by the Monthly Report required to be delivered pursuant to <u>Section 7.02(a)(iv)</u>), then on each Application Date (so long as such Application Date is more than one year prior to the latest Rated Final Payment Date of all Outstanding Notes) from and after the date that it is determined that such Springing Reserve Condition has occurred and for so long as such Springing Reserve Condition continues to exist, the Indenture Trustee, at the written request of the Manager, shall deposit from Available Funds available for such purpose under Section <u>5.01(a)(xi)</u> or <u>(xix)</u>, as applicable, on each such Application Date into a Sub-Account of the Collection Account (such Sub-Account, the "<u>Other Expense Reserve Sub-Account</u>") an amount equal to the lesser of (x) the amount required to cause the amount on deposit therein to be equal to the Other Expense Reserve Amount and (y) the product of the Other Expense Reserve Deposit Percentage for such Application Date and the remaining amount of Available Funds for such Application Date after making the allocations and payments in accordance with Section <u>5.01(a)(i)</u> through <u>(x)</u> or <u>(xix)</u>, as applicable (such lesser amount, the "<u>Other Expense Reserve Deposit Amount</u>").

Each Monthly Report provided pursuant to <u>Section 7.02(a)(iv)</u> will set forth certain information with respect to the amounts of Impositions and Insurance Premiums due during the twelve Collection Periods (or such lesser number of Collection Periods as remain prior to the latest Rated Final Payment Date of all Outstanding Notes) immediately succeeding the Relevant Payment Date for the related Application Date and with respect to the aggregate Operating Expenses for the twelve Collection Periods immediately preceding the related Application Date. So long as (i) no Event of Default has occurred and is continuing, (ii) the Obligors have provided the Indenture Trustee and the Servicer with the foregoing materials in a timely manner, and (iii) sufficient funds are held in the Other Expense Reserve Sub-Account for the payment of such Priority Expenses and Operating Expenses, the Indenture Trustee shall, if the Manager reasonably determines that the amount of Available Funds on any Application Date will be insufficient to pay or reimburse for all Priority Expenses and Operating Expenses then due after giving effect to the allocations and payments set forth in <u>Section 5.01(a)</u> (and application of amounts on deposit in the related Sub-Accounts for such purpose), at the Manager's election and written direction, with written notice simultaneously delivered to the Backup Manager and the Servicer, from funds available in Other Expense Reserve Sub-Account (A) pay any due and unpaid Priority Expenses directly, (B) disburse any due and unpaid amounts to the Obligors to pay any due and unpaid Priority Expenses, (C) reimburse the Obligors for Priority Expenses previously paid by or on behalf of the Obligors, or (D) if the Operating Expenses during any Collection Period exceed the amounts available to pay such Operating Expenses in accordance with <u>Section 5.01(a)</u> for such Collection Period (or any portion thereof as determined by the Manager), to pay such excess Operating Expenses or reimburse the Obligors for excess Operating Expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Springing Reserve Condition ceases to exist and if no Event of Default has occurred and is continuing, any funds then on deposit in the Other Expense Reserve Sub-Account will be transferred to the Collection Account to be applied as Available Funds. If any funds remain on deposit in the Other Expense Reserve Sub-Account on any Application Date on the date that is one year prior to the latest Rated Final Payment Date of all Outstanding Notes, such remaining amounts will be allocated equally over the remaining number of Application Dates on or prior to the latest Rated Final Payment Date and such allocated amounts will be transferred on each Application Date to the Collection Account to be applied as Available Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If on any Payment Date, the amounts on deposit in the Other Expense Reserve Sub-Account exceed the Other Expense Reserve Amount, the excess amount then on deposit in the Other Expense Reserve Sub-Account will be transferred by the Indenture Trustee, upon written direction of the Manager or the Servicer, to the Collection Account to be applied as Available Funds.

Section 4.09 <u>Equity Contributions</u>.

The Co-Issuers may at any time designate cash capital contributions made to the Co-Issuers (each such contribution designated as such by the Co-Issuers, an "<u>Equity Contribution</u>") to be included in Annualized Adjusted Net Operating Income pursuant to the definition thereof, in an amount not to exceed (x) for all Equity Contributions made in any single Collection Period, 10.0% of average Annualized Adjusted Net Operating Income over the four Collection Periods immediately preceding the relevant date of determination, (y) for all Equity Contributions made during any period of four consecutive Collection Periods, 15.0% of average Annualized Adjusted Net Operating Income over the twelve Collection Periods immediately preceding the relevant date of determination and (z) for all Equity Contributions made from the Closing Date to the Rated Final Payment Date for the Series 2024-1/2 Notes, 20.0% of average Annualized Adjusted Net Operating Income during the four Collection Periods immediately preceding the relevant date of determination. The Obligors (or the Manager on their behalf) may (and to the extent of any shortfalls in amounts due pursuant to <u>Section 5.01(a)(i)</u> through <u>(xxxii)</u>, will) direct the Indenture Trustee to release any Equity Contributions from the Collection Account on any Application Date for application in accordance with <u>Section 5.01(a)</u>. Otherwise, Equity Contributions may be released from the Collection Account on any Application Date at the direction of the Manager (at which point any such released amounts will no longer be deemed to be Equity Contributions) so long as the DSCR for the period of four Collection Periods ended immediately prior to such Application Date is greater than or equal to 1.85:1.0 without giving effect to the inclusion of such Equity Contribution. For the avoidance of doubt, (x) any funding of the Senior Note Interest and Expense Reserve Sub-Account or the Capital Expenditures Reserve Sub-Account will not constitute an Equity Contribution and (y) Equity Contributions will not be annualized for purposes of calculating Annualized Adjusted Net Operating Income.

Section 4.10 <u>Indenture Accounts</u>.

The Indenture Trustee acknowledges and agrees that, at the direction and on behalf of the Obligors, it has established and is maintaining on its books and records, in the name of the Indenture Trustee, (i) the non-interest bearing Collection Account entitled "<u>Centersquare Issuer LLC Collection Account</u>" with account number 171497-000, (ii) the non-interest bearing Priority Expense Reserve Sub-Account entitled "<u>Centersquare Issuer LLC Priority Expense Reserve Sub-Account</u>" with account number 171497-001, (iii) the non-interest bearing Cash Trap Reserve Sub-Account entitled "<u>Centersquare Issuer LLC Cash Trap Reserve Sub-Account</u>" with account number 171497-002, (iv) the non-interest bearing Senior Note interest Expense Reserve Sub-Account entitled "<u>Centersquare Issuer LLC Senior Note Interest and Expense Reserve Sub-Account</u>" with account number 171497-006, (v) the non-interest bearing Forward Starting Contract Reserve Sub-Account entitled "<u>Centersquare Issuer LLC Forward Starting Contract Reserve Sub-Account</u>" with account number 171497-005, (vi) the non-interest bearing Other Expense Reserve Sub-Account entitled "<u>Centersquare Issuer LLC Other Expense Reserve Sub-Account</u>" with account number 171497-004, (vii) the non-interest bearing Debt Service Sub-Account entitled "<u>Centersquare Issuer LLC Debt Service Sub-Account</u>" with account number 171497-003, and (viii) the non-interest bearing Capital Expenditure Reserve Sub-Account entitled "<u>Centersquare Issuer LLC Capital Expenditures Reserve Sub-Account</u>" with account number 171497-007.

**ARTICLE V**

**ALLOCATION OF COLLECTIONS; PAYMENTS TO NOTEHOLDERS**

Section 5.01 <u>Allocations and Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each Scheduled Application Date and any Optional Application Date in the case of an Optional Application Date, at the prior written election of the Manager delivered to the Indenture Trustee, the Backup Manager and the Servicer four Business Days prior to such date, Available Funds for such Application Date in the Collection Account will be applied by the Indenture Trustee at the written direction of the Manager in accordance with the related Monthly Report in the following order of priority (in each case after taking into account (x) allocations and payments of a higher priority and (y) all Available Funds for any prior Optional Application Date having the same Relevant Payment Date applied on such prior Optional Application Date):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the Priority Expense Reserve Sub-Account, until such Sub-Account contains an amount equal to the Priority Expense Reserve Deposit Amount for such Application Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the following order, (A) *pro rata*, to the Indenture Trustee, the Backup Manager, and the Servicer in an amount equal to the Indenture Trustee Fee, the Servicing Fee and the Other Servicing Fees due on the Relevant Payment Date and unpaid as of such date, (B) *pro rata*, to the Manager and the Indenture Trustee in respect of unreimbursed Advances (other than Discretionary Manager Advances), including Advance Interest thereon and (C) *pro rata*, to the Indenture Trustee, the Backup Manager and the Servicer the amount of the Indenture Trustee Fee, the Servicing Fee and the Other Servicing Fees that remain unpaid from prior Payment Dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the following order, (A) first, *pro rata* based on amounts due (1) *pro rata*, to the Indenture Trustee, the Backup Manager, the Servicer and/or other applicable Person in payment of Additional Issuer Expenses due on or prior to the Relevant Payment Date and unpaid as of such date, but, other than after the occurrence and during the continuance of an Event of Default, only to the extent that after giving effect thereto, and all other previous payments of Additional Issuer Expenses during the Relevant Collection Period, the Annual Additional Issuer Expense Limit with respect to the Relevant Payment Date shall have not been exceeded, (2) to the Backup Manager in payment of Transition Costs due on or prior to the Relevant Payment Date and unpaid as of such date, but, other than after the occurrence and during the continuance of an Event of Default, only to the extent that after giving effect thereto, and all other previous payments of Transition Costs during the Relevant Collection Period, the aggregate amount of Transition Costs paid pursuant to this clause (a)(iii)(A)(2) does not exceed $200,000 and (3) to the Servicer in payment of Appraisal Expenses due on or prior to the Relevant Payment Date and unpaid as of such date, but, other than after the occurrence and during the continuance of an Event of Default, only to the extent that after giving effect thereto, and all other previous payments of Appraisal Expenses during the Relevant Collection Period, the aggregate amount of Appraisal Expenses paid pursuant to this clause (a)(iii)(A)(3) does not exceed $250,000 over the preceding twelve months and (B) second, to the Class A-1 Administrative Agent for any Series of Variable Funding Notes in an amount equal to the Class A-1 Administrative Agent Fee for such Series of Variable Funding Notes due and unpaid as of such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if an Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the amount of (x) Accrued Note Interest for all Notes for the Relevant Payment Date (including any amounts expected to accrue on any anticipated draws on the Class A-1 Notes prior to the end of the related Interest Accrual Period, as reasonably determined by the Manager) and, to the extent not previously paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note Interest at the applicable Note Rate and (y) any accrued and unpaid VFN Undrawn Commitment Fees, any Letter of Credit Fees and any other fees, expenses and other amounts due on or prior to the Relevant Payment Date to the Holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement with respect to such Class A-1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the amount of (x) Accrued Note Interest for all Class A Notes for the Relevant Payment Date (including any amounts expected to accrue on any anticipated draws on the Class A-1 Notes prior to the end of the related Interest Accrual Period, as reasonably determined by the Manager) and, to the extent not previously paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note Interest at the applicable Note Rate and (y) any accrued and unpaid VFN Undrawn Commitment Fees, any Letter of Credit Fees and any other fees, expenses and other amounts due on or prior to the Relevant Payment Date to the Holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement with respect to such Class A-1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to the Obligors, until the Obligors have received an amount equal to the Monthly Expense Amount for the Relevant Collection Period and, to the extent not previously paid, for all prior Collection Periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if no Event of Default has occurred and is continuing, (1) *first*, if a Class B PIK Period is not then in effect, to the Debt Service Sub-Account, an amount equal to the amount of Accrued Note Interest for all Class B Notes for the Relevant Payment Date and, to the extent not previously paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note Interest at the applicable Note Rate and (2) *second*, if a Class C PIK Period is not then in effect, to the Debt Service Sub-Account, an amount equal to the amount of Accrued Note Interest for all Notes (other than Class A Notes and Class B Notes) for the Relevant Payment Date and, to the extent not previously paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note Interest at the applicable Note Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to the Manager, the amount necessary to pay the accrued and unpaid Management Fee for the Relevant Collection Period and, to the extent not previously paid, for all prior Collection Periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) to the Obligors, the amount equal to the amount necessary to pay the Operating Expenses of the Asset Entities for the Relevant Collection Period in excess of the Monthly Expense Amount for such Collection Period that has been approved by the Servicer, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to the Senior Note Interest and Expense Reserve Sub-Account, any amounts necessary to make the amount on deposit therein equal to the Required Senior Note Interest and Expense Reserve Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) if (A) an Amortization Period is then in effect or if such Application Date is on or after the Anticipated Repayment Date for any Series of outstanding Variable Funding Notes or Term Notes, (B) a Springing Reserve Condition has occurred and is continuing and (C) no Event of Default has occurred and is continuing, to the Other Expense Reserve Sub-Account, an amount equal to the Other Expense Reserve Deposit Amount, if any, for such Application Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, (1) first, if a VFN Early Amortization Period is then in effect, an amount equal to the Outstanding principal amount of each Series of Class A-1 Notes that is subject to a VFN Early Amortization Period, if any, and (2) second, an amount equal to the Class A LTV Test Sweep Amount, if any, for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) if (A) an Amortization Period is not then in effect, (B) a Cash Trap Condition is not then in effect and (C) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the aggregate Monthly Amortization Amount for any Class A Notes of a Series for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, if the Additional Principal Payment Amount for the Relevant Payment Date is greater than zero, to the Debt Service Sub-Account, an amount equal to the Additional Principal Payment Amount for the Relevant Payment Date together with any applicable Prepayment Consideration with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) if such Application Date is on or after the Anticipated Repayment Date for any Series of Outstanding Variable Funding Notes or Term Notes that includes Outstanding Class A Notes and (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the aggregate Note Principal Balance of the Outstanding Variable Funding Notes or Term Notes of such Series that are Class A Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) during an Amortization Period and if no Event of Default has occurred and is continuing, to the Debt Service Sub-Account an amount equal to the aggregate unpaid Class Principal Balances of all Outstanding Class A Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) if a Cash Trap Condition is continuing and no Event of Default has occurred and is continuing, to the Cash Trap Reserve Sub-Account, the remaining amount of Available Funds for such Application Date after making the allocations and payments described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) if (A) no Event of Default has occurred and is continuing and (B) a Class B PIK Period is in effect, to the Debt Service Sub-Account, an amount equal to the amount of Accrued Note Interest for all Class B Notes for the Relevant Payment Date and, to the extent not previously paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note Interest at the applicable Note Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) if (A) an Amortization Period is not then in effect and such Application Date is not on or after the Anticipated Repayment Date for any Series of outstanding Variable Funding Notes or Term Notes, (B) a Springing Reserve Condition is continuing and (C) no Event of Default has occurred and is continuing, to the Other Expense Reserve Sub-Account, an amount equal to the Other Expense Reserve Deposit Amount, if any, for such Application Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the Class B LTV Test Sweep Amount, if any, for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) if (A) an Amortization Period is not then in effect, (B) a Cash Trap Condition is not then in effect and (C) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the aggregate Monthly Amortization Amount for any Class B Notes of a Series for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) if such Application Date is on or after the Anticipated Repayment Date for any Series of Notes that includes Class B Notes and (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the aggregate unpaid principal balance of such outstanding Class B Notes of such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) during an Amortization Period if no Event of Default has occurred and is continuing, to the Debt Service Sub-Account an amount equal to the aggregate unpaid Class Principal Balances of all outstanding Class B Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) if (A) no Event of Default has occurred and is continuing and (B) a Class C PIK Period is in effect, to the Debt Service Sub-Account, an amount equal to the amount of Accrued Note Interest for all Notes (other than Class A Notes and Class B Notes) for the Relevant Payment Date and, to the extent not previously paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note Interest at the applicable Note Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) if (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the Class C LTV Test Sweep Amount, if any, for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) if (A) an Amortization Period is not then in effect, (B) a Cash Trap Condition is not then in effect and (C) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the aggregate Monthly Amortization Amount for any Class of Notes (other than any Class A Notes or Class B Notes) of a Series for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) if such Application Date is on or after the Anticipated Repayment Date for any Series of Notes that includes Notes other than Class A Notes or Class B Notes and (A) an Amortization Period is not then in effect and (B) no Event of Default has occurred and is continuing, to the Debt Service Sub-Account, an amount equal to the aggregate unpaid principal balance of such Outstanding Notes of such Series (other than Class A Notes or Class B Notes of such Series);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) during an Amortization Period if no Event of Default has occurred and is continuing, to the Debt Service Sub-Account an amount equal to the aggregate unpaid Class Principal Balances of all Outstanding Notes other than Class A Notes or Class B Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) if an Event of Default has occurred and is continuing, to the Debt Service Sub-Account an amount equal to the aggregate unpaid Class Principal Balances of all Outstanding Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) to the Debt Service Sub-Account until the amount on deposit therein is equal to the amount of Post-ARD Additional Interest and Deferred Post-ARD Additional Interest due in respect of the Notes for the Relevant Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) pro rata based on amounts due (A) to the Indenture Trustee, the Backup Manager, the Servicer and/or other applicable Person an amount equal to any Additional Issuer Expenses not otherwise paid to the Indenture Trustee, the Backup Manager, the Servicer and/or other applicable Person pursuant to clause (iii)(A)(1) above due to the operation of the Annual Additional Issuer Expense Limit, (B) to the Backup Manager, an amount equal to any Transition Costs not otherwise paid to the Backup Manager pursuant to the limitation set forth in clause (iii)(A)(2) above and (C) to the Servicer, an amount equal to any Appraisal Expenses not otherwise paid to the Servicer pursuant to the limitation set forth in clause (iii)(A)(3) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxii) to the Obligors, the amount necessary to pay any Operating Expenses of the Asset Entities for the Relevant Collection Period not otherwise paid to the Obligors pursuant to clauses (vi) and (ix) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiii) at the direction of the Co-Issuers, to the Class A-1 Noteholders (or the Class A-1 Administrative Agent or Class A-1 Paying Agent, on behalf of the Class A-1 Noteholders, as applicable), any optional payments of principal on the aggregate Note Principal Balance of the Class A-1 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxiv) to the Manager, in respect of unreimbursed Discretionary Manager Advances, including Advance Interest thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxv) at the direction of the Manager, to the Forward Starting Contract Reserve Sub-Account, any amounts determined by the Manager to be deposited therein up to the aggregate amount that would cause the balance thereof to be equal to the aggregate Forward Starting Contract Reserve Amount with respect to all Forward Starting Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvi) at the direction of the Manager, to the Capital Expenditures Reserve Sub-Account, any amounts determined by the Manager to be deposited therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxvii) to the Co-Issuers, the remaining amount of Available Funds for such Application Date after making the allocations and payments described above, to be used for any purpose not prohibited under the Transaction Documents, including to the holders of the equity interests in the Issuer or the Co-Issuer, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On each Payment Date, based upon information set forth in the Monthly Report, funds deposited in the Debt Service Sub-Account from the Collection Account on each Application Date for which such Payment Date is the Relevant Payment Date, and any amounts that are required to be transferred from the Cash Trap Reserve Sub-Account or the Senior Note Interest and Expense Reserve Sub-Account to the Debt Service Sub-Account on such Payment Date together with any Senior Interest Advance for such Payment Date and the proceeds of any draws on any Liquidity Letters of Credit on account of Senior Note Interest and Expense Reserve Draw Amounts on such Payment Date (collectively, the "<u>Payment Date Funds</u>") will be applied by the Indenture Trustee or the Paying Agent, upon direction from the Manager, in the following order of priority (in each case to the extent of available funds on such day after taking into account allocations and payments of a higher priority but subject to the right of the Indenture Trustee to withdraw funds from the Debt Service Sub-Account to pay amounts owing under the Transaction Documents to the Indenture Trustee, the Backup Manager and the Servicer pursuant to Article III and Article IV):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if
an Event of Default has occurred and is continuing, to the Holders of each Class of Notes, in direct order of
alphabetical designation (and amounts so allocated to the Class A Notes will be further allocated among the numerical Tranches
of Class A Notes in accordance with the Applicable Class A Payment Priority), in respect of interest (and any accrued and
unpaid VFN Undrawn Commitment Fees, any Letter of Credit Fees and any other fees, expenses and other amounts due to the Holders of
the Variable Funding Notes under any Variable Funding Note Purchase Agreement) pro rata based on the amount of Accrued Note Interest
for each such Note of such Class (and any accrued and unpaid VFN Undrawn Commitment Fees, any Letter of Credit Fees and any
other fees, expenses and other amounts due to the Holders of the Variable Funding Notes under any Variable Funding Note Purchase
Agreement) on such Payment Date (and, to the extent not previously paid, for all prior Payment Dates, together with interest on any
unpaid Accrued Note Interest at the applicable Note Rate), up to an amount equal to the aggregate Accrued Note Interest for such
Class of Notes (and any accrued and unpaid VFN Undrawn Commitment Fees, any Letter of Credit Fees and any other fees, expenses
and other amounts due to the Holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement) for such
Payment Date (and, to the extent not previously paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note
Interest at the applicable Note Rate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if no Event of Default has occurred and
 is continuing, to the Holders of the Class A Notes (and amounts so allocated to the
 Class A Notes will be further allocated among the numerical Tranches of Class A
 Notes in accordance with the Applicable Class A Payment Priority), in respect of interest
 (and any accrued and unpaid VFN Undrawn Commitment Fees, any Letter of Credit Fees and any
 other fees, expenses and other amounts due to the Holders of the Variable Funding Notes under
 any Variable Funding Note Purchase Agreement) pro rata based on the amount of Accrued Note
 Interest for each such Note of such Class (and accrued and unpaid amount of any VFN
 Undrawn Commitment Fees, any Letter of Credit Fees and any other fees, expenses and other
 amounts due to the Holders of the Variable Funding Notes under any Variable Funding Note
 Purchase Agreement) on such Payment Date (and, to the extent not previously paid, for all
 prior Payment Dates, together with interest on any unpaid Accrued Note Interest at the applicable
 Note Rate), up to an amount equal to the aggregate Accrued Note Interest for such Class of
 Notes (and accrued and unpaid amount of any VFN Undrawn Commitment Fees, any Letter of Credit
 Fees and any other fees, expenses and other amounts due to the Holders of the Variable Funding
 Notes under any Variable Funding Note Purchase Agreement) for such Payment Date (and, to
 the extent not previously paid, for all prior Payment Dates, together with interest on any
 unpaid Accrued Note Interest at the applicable Note Rate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if no Event of Default has occurred and
 is continuing, (1) first, if a Class B PIK Period is not then in effect, to the
 Holders of all Class B Notes, in respect of interest, pro rata based on the amount of
 Accrued Note Interest for each such Note, up to an amount equal to the aggregate Accrued
 Note Interest for all such Notes for such Payment Date (and, to the extent not previously
 paid, for all prior Payment Dates, together with interest on any unpaid Accrued Note Interest
 at the applicable Note Rate) and (2) second, if a Class C PIK Period is not then
 in effect, to the Holders of all Notes (other than Class A Notes and Class B Notes),
 in respect of interest, pro rata based on the amount of Accrued Note Interest for each such
 Note of such Class, up to an amount equal to the aggregate Accrued Note Interest for all
 such Notes for such Payment Date (and, to the extent not previously paid, for all prior Payment
 Dates, together with interest on any unpaid Accrued Note Interest at the applicable Note
 Rate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if (A) an Amortization Period is not
 then in effect and (B) no Event of Default has occurred and is continuing, (1) first,
 if a VFN Early Amortization Period is then in effect, to the Holders of each Series of
 Class A-1 Notes that is subject to a VFN Early Amortization Period, an amount up to
 the outstanding principal amount of such Class A-1 Notes, if any, as of such Payment Date, in respect of principal pro rata based on
the Note Principal Balance of such Note on such Payment Date and (2) second, to the Holders of any Class A Notes (and amounts
so allocated to the Class A Notes will be further allocated among the numerical Tranches of Class A Notes in accordance with
the Applicable Class A Payment Priority), an amount up to the Class A LTV Test Sweep Amount, if any, as of such Payment Date,
in respect of principal pro rata based on the Note Principal Balance of such Note on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if (A) an Amortization Period is not
 then in effect, (B) a Cash Trap Condition is not then in effect and (C) no Event
 of Default has occurred and is continuing, to the Holders of any Class A Notes for which
 a Monthly Amortization Amount is due on such Payment Date, pro rata, based on the Monthly
 Amortization Amount of each such Note as of such Payment Date, an amount up to the Monthly
 Amortization Amount for such Class of Notes applicable thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if (A) an Amortization Period is not
 then in effect and (B) no Event of Default has occurred and is continuing, if the Additional
 Principal Payment Amount for such Payment Date is greater than zero, to the Holders of each
 Class of Notes, in direct order of alphabetical designation (and amounts so allocated
 to the Class A Notes will be further allocated among the numerical Tranches of Class A
 Notes in accordance with the Applicable Class A Payment Priority), in respect of principal
 pro rata based on the Note Principal Balance of each such Note of such Class on such
 Payment Date together with any applicable Prepayment Consideration then due in respect of
 such principal repayment, up to an amount equal to the lesser of (x) the Class Principal
 Balance of such Class of Notes and (y) the Additional Principal Payment Amount
 (or, if applicable, the amount of the Additional Principal Payment Amount remaining unpaid
 after payments under this clause (vi) to each Class of Notes with a higher priority
 than such Class of Notes on such Payment Date) and any such Prepayment Consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if such Payment Date is on or after the
 Anticipated Repayment Date for any Series of Outstanding Variable Funding Notes or Term
 Notes that includes Outstanding Class A Notes and (A) an Amortization Period is
 not then in effect and (B) no Event of Default has occurred and is continuing, to the
 Holders of each Class of such Series of Variable Funding Notes or Term Notes that
 are Class A Notes (and amounts so allocated to the Class A Notes will be further
 allocated among the numerical Tranches of Class A Notes in accordance with the Applicable
 Class A Payment Priority), in respect of principal pro rata based on the Note Principal
 Balance of each such Note of such Class on such Payment Date, up to an amount equal
 to the unpaid principal amount of such Class of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) if such Payment Date is during an Amortization
 Period and no Event of Default has occurred and is continuing, to the Holders of each Class A
 Note (and amounts so allocated to the Class A Notes will be further allocated among the numerical Tranches of Class A
Notes in accordance with the Applicable Class A Payment Priority), in respect of principal pro rata based on the Note Principal
Balance of each such Note of such Class on such Payment Date, up to an amount equal to the Class Principal Balance of such
Class of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) if (A) no Event of Default has occurred
 and is continuing and (B) a Class B PIK Period is in effect, to the Holders of
 all Class B Notes, in respect of interest pro rata based on the amount of Accrued Note
 Interest for each such Note on such Payment Date (and, to the extent not previously paid,
 for all prior Payment Dates), up to an amount equal to the aggregate Accrued Note Interest
 for such Note for such Payment Date (and, to the extent not previously paid, for all prior
 Payment Dates, together with interest on any unpaid Accrued Note Interest at the applicable
 Note Rate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) if (A) an Amortization Period is not
 then in effect and (B) no Event of Default has occurred and is continuing, to the Holders of any Class B Notes, an amount
 up to the Class B LTV Test Sweep Amount, if any, as of such Payment Date, in respect
 of principal pro rata based on the Note Principal Balance of such Note on such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) if (A) an Amortization Period is not
 then in effect, (B) a Cash Trap Condition is not then in effect and (C) no Event
 of Default has occurred and is continuing, to the Holders of any Class B Notes for which
 a Monthly Amortization Amount is due on such Payment Date, pro rata, based on the Monthly
 Amortization Amount of each such Note as of such Payment Date, an amount up to the Monthly
 Amortization Amount for such Class of Notes applicable thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) if such Payment Date is on or after the
 Anticipated Repayment Date for any Series of Notes that includes Class B Notes
 and (A) an Amortization Period is not then in effect and (B) no Event of Default
 has occurred and is continuing, to the Holders of each Class B Note of such Series,
 in respect of principal pro rata based on the Note Principal Balance of each such Note on
 such Payment Date, up to an amount equal to the unpaid principal amount of such Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) if such Payment Date is during an Amortization
 Period and no Event of Default has occurred and is continuing, to the Holders of each Class B
 Note, in respect of principal pro rata based on the Note Principal Balance of each such Note,
 up to an amount equal to the Class Principal Balance of such Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) if (A) no Event of Default has occurred
 and is continuing and (B) a Class C PIK Period is in effect, to the Holders of
 each Note (other than Class A Notes or Class B Notes of such Series), in respect
 of interest pro rata based on the amount of Accrued Note Interest for each such Note on such
 Payment Date (and, to the extent not previously paid, for all prior Payment Dates), up to an amount equal to the aggregate
Accrued Note Interest for such Note for such Payment Date (and, to the extent not previously paid, for all prior Payment Dates, together
with interest on any unpaid Accrued Note Interest at the applicable Note Rate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) if (A) an Amortization Period is not then in effect and (B) no
 Event of Default has occurred and is continuing, to the Holders of any Class C Notes,
 an amount up to the Class C LTV Test Sweep Amount, if any, as of such Payment Date,
 in respect of principal pro rata based on the Note Principal Balance of such Note on such
 Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) if (A) an Amortization Period is not
 then in effect, (B) a Cash Trap Condition is not then in effect and (C) no Event
 of Default has occurred and is continuing, to the Holders of any Class of Notes (other
 than any Class A Notes or Class B Notes) for which a Monthly Amortization Amount
 is due on such Payment Date, in direct order of alphabetical designation, pro rata, based
 on the Monthly Amortization Amount of each such Note as of such Payment Date, an amount up
 to the Monthly Amortization Amount for such Class of Notes applicable thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) if such Payment Date is on or after the
 Anticipated Repayment Date for any Series of Notes that includes Notes other than Class A
 Notes or Class B Notes and (A) an Amortization Period is not then in effect and
 (B) no Event of Default has occurred and is continuing, to the Holders of each Note
 of such Series (other than Class A Notes or Class B Notes of such Series)
 in direct order of alphabetical designation, in respect of principal pro rata based on the
 Note Principal Balance of each such Note on such Payment Date, up to an amount equal to the
 unpaid principal amount of such Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) if such Payment Date is during an Amortization
 Period and no Event of Default has occurred and is continuing, to the Holders of each Note
 (other than Class A Notes or Class B Notes), in direct order of alphabetical designation,
 in respect of principal pro rata based on the Note Principal Balance of each such Note, up
 to an amount equal to the Class Principal Balance of such Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) if such Payment Date is after the occurrence
 and during the continuance of an Event of Default, to the Holders of each Class of Notes,
 in direct order of alphabetical designation (and amounts so allocated to the Class A
 Notes will be further allocated among the numerical Tranches of Class A Notes in accordance
 with the Applicable Class A Payment Priority), in respect of principal for such Class of
 Notes pro rata based on the Note Principal Balance of each such Note of such Class on
 such Payment Date, up to an amount equal to the Class Principal Balance of such Class of
 Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) to the Holders of each Class of Notes,
 in direct order of alphabetical designation (and amounts so allocated to the Class A
 Notes will be further allocated among the numerical Tranches of Class A Notes in accordance with the Applicable Class A Payment
Priority), first, in respect of Post-ARD Additional Interest pro rata based upon the amount of Post-ARD Additional Interest due on each
such Note of such Class, and second, in respect of Deferred Post-ARD Additional Interest pro rata based on the amount of Deferred Post-ARD
Additional Interest due on each such Note of such Class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) to
the Co-Issuers, the remaining amount of Payment Date Funds for such Payment Date after making the allocations and payments described
above, to be used for any purpose not prohibited under the Transaction Documents, including to the Holders of the equity interests in
the Issuer or the Co-Issuer, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On each Payment Date on which the Senior Note Interest and Expense Reserve Draw Amount is greater than zero, the Indenture Trustee, upon direction of the Co-Issuers, within one Business Day of receipt of such direction, shall withdraw from the Senior Note Interest and Expense Reserve Sub-Account and/or, at the direction of the Co-Issuers, make a draw on any Liquidity Letters of Credit in an aggregate amount equal to the lesser of (x) such Senior Note Interest and Expense Reserve Draw Amount and (y) the sum of (i) the amount on deposit in the Senior Note Interest and Expense Reserve Sub-Account, if any, and (ii) the amount available to be drawn under any Liquidity Letter of Credit on such Payment Date and shall deposit such funds into the Debt Service Sub-Account to be applied to the payment of the Monthly Senior Payment Amount to the Holders of the Class A Notes in accordance with <u>Section 5.01(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as otherwise provided below, all such payments made with respect to any Notes on each Payment Date shall be made to the Holders of such Notes of record at the close of business on the immediately preceding Record Date and, in the case of each such Holder, shall be made by wire transfer of immediately available funds to the account specified by the Holder at a bank or other entity having appropriate facilities therefor, if such Holder shall have provided the Indenture Trustee with wiring instructions no less than 5 Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable to all subsequent Payment Dates), and otherwise shall be made by check mailed to the address of such Holder as it appears in the Note Register. The final payment on each certificated Definitive Note will be made in like manner, but only upon presentation and surrender of such Note (or de-registration, in the case of Uncertificated Notes) at the offices of the Note Registrar or such other location specified in the notice to Noteholders of the pendency of such final payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each payment with respect to a Book-Entry Note shall be paid to the Depositary, as Holder thereof, and the Depositary shall be responsible for crediting the amount of such payment to the accounts of its Depositary Participants in accordance with its normal procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The rights of the Noteholders to receive payments from the proceeds of the Collateral, and all rights and interests of the Noteholders in and to such payments, shall be as set forth in this Indenture. Neither the Holders of any Class of Notes nor any party hereto shall in any way be responsible or liable to the Holders of any other Class of Notes in respect of amounts previously paid on the Notes in accordance with this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Except as otherwise provided herein, whenever the Indenture Trustee receives written notice that the final payment with respect to any Class of Notes will be made on the next Payment Date, the Indenture Trustee shall, as promptly as possible thereafter, mail to each Holder of such Class of Notes of record on such date a notice to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Indenture Trustee expects that the final payment with respect to such Class of Notes will be made on such Payment Date but only upon presentation and surrender of such Notes (other than any Uncertificated Notes) at the office of the Note Registrar or at such other location therein specified, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no interest shall accrue on such Notes from and after the end of the Interest Accrual Period for such Payment Date.

Any funds not paid to any Holder or Holders of Notes of such Class on such Payment Date because of the failure of such Holder or Holders to tender their Notes shall be held and paid in accordance with <u>Section 7.22(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding any other provision of this Indenture, the Indenture Trustee shall comply with all U.S. federal withholding requirements respecting payments to Noteholders of interest or principal that are applicable under the Code. The consent of Noteholders shall not be required for such withholding. If the Indenture Trustee does withhold any amount from payments or advances of interest or principal to any Noteholder pursuant to U.S. federal withholding requirements, the Indenture Trustee shall indicate the amount withheld to such Noteholder. Any amounts so withheld shall be deemed to have been paid to such Noteholder for all purposes of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For the avoidance of doubt, any required payments of the Principal Balance of the Outstanding Variable Funding Notes shall include the cash collateralization of the aggregate principal amount of any undrawn Letters of Credit in accordance with the terms of the applicable Variable Funding Note Purchase Agreement.

Section 5.02 <u>Payments of Principal</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Monthly Amortization Amount for a Series of Notes that is subject to a Targeted Amortization Amount and any LTV Test Sweep Amount for any Class of Notes of any Series will be payable as provided in <u>Section 5.01(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Commencing on the first Payment Date to occur on or after the occurrence and during the continuance of an Amortization Period or on or after the occurrence and during the continuance of an Event of Default, all funds available for such purpose will be applied to the payment of the aggregate Note Principal Balance of the Notes of each Class and Series as provided pursuant to <u>Section 5.01</u>. Payments of principal on all other Payment Dates shall be made in accordance with the provisions of <u>Section 5.01(b)</u> from funds on deposit in the Debt Service Sub-Account which are available to pay principal.

Section 5.03 <u>Payments of Interest, VFN Undrawn Commitment Fees and Letter of Credit Fees</u>. On each Payment Date, Accrued Note Interest then due for each Note of each Class for such Payment Date and on each Payment Date while any Variable Funding Notes are Outstanding, any VFN Undrawn Commitment Fees on the Variable Funding Notes, any Letter of Credit Fees on any Letters of Credit and any other fees, expenses and other amounts due to the Holders of the Class A-1 Notes under any Variable Funding Note Purchase Agreement, will be paid from amounts on deposit in the Debt Service Sub-Account in accordance with Section 5.01(b) and, to the extent not paid on such Payment Date, on each subsequent Payment Date until paid in full.

Section 5.04 <u>No Gross Up</u>. The Co-Issuers shall not be obligated to pay any additional amounts to the Holders or the holders of beneficial interests in the Notes as a result of any withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges.

Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, agrees to provide and shall provide to the Indenture Trustee, Paying Agent and/or the Co-Issuers (or other person responsible for withholding of taxes) the Noteholder Tax Identification Information. Further, each Noteholder and Note Owner is deemed to understand, acknowledge and agree that the Indenture Trustee, Paying Agent and Co-Issuers have the right to withhold on payments with respect to a Note (without any corresponding gross-up) where an applicable party fails to comply with the requirements set forth in the preceding sentence or the Indenture Trustee, Paying Agent or Co-Issuers is otherwise required to so withhold under applicable law. The Co-Issuers hereby covenant with the Indenture Trustee that the Co-Issuers will provide the Indenture Trustee with sufficient information so as to enable the Indenture Trustee to determine whether or not the Indenture Trustee is obliged to make any withholding, including FATCA Withholding Tax, in respect of any payments with respect to a Note (and if applicable, to provide the necessary detailed information to effectuate any withholding, including FATCA Withholding Tax, such as setting forth applicable amounts to be withheld). The parties agree that the Indenture Trustee shall be released of any liability relating to its actions and compliance under this <u>Section 5.04</u> and FATCA. Notwithstanding any other provisions herein, the term 'applicable law' for purposes of this <u>Section 5.04</u> includes U.S. federal tax law and FATCA. Upon request from the Indenture Trustee or Paying Agent, the Co-Issuers will provide such additional information that it may have to assist the Indenture Trustee and Paying Agent in making any withholdings or informational reports.

**ARTICLE VI**

**REPRESENTATIONS AND WARRANTIES**

Each of the Obligors represents and warrants to the Indenture Trustee that the statements set forth in this Article VI will be, true, correct and complete in all material respects as of each Closing Date.

Section 6.01 <u>Organization, Powers, Capitalization, Good Standing, Business</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Organization and Powers</u>. It is duly organized, validly existing and in good standing under the laws of its state of formation or incorporation. It has all requisite power and authority to own and operate its properties, to carry on its businesses as now conducted and proposed to be conducted. It has all requisite power and authority to enter into each Transaction Document to which it is a party and to perform the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Qualification</u>. It is duly qualified and in good standing in each state or territory where necessary to carry on its present businesses and operations, except in jurisdictions in which the failure to be qualified and in good standing could not reasonably be expected to have a Material Adverse Effect.

Section 6.02 <u>Authorization of Borrowing, etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Authorization of Borrowing</u>. It has the power and authority to incur or guarantee the Indebtedness evidenced by the Notes and this Indenture. The execution, delivery and performance by it of the Transaction Documents to which it is a party and the consummation of the transactions contemplated thereby have been duly authorized by all necessary limited liability company, partnership, corporate or other action, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Conflict</u>. The execution, delivery and performance by it of the Transaction Documents to which each is a party and the consummation of the transactions contemplated thereby do not and will not: (1) violate (x) its certificate of formation, certificate of incorporation, articles of incorporation, limited partnership agreement, bylaws, declaration of trust, limited liability company agreement, operating agreement or other organizational documents, as the case may be; (y) any provision of law applicable to it (except where such violation will not have a Material Adverse Effect) or (z) any order, judgment or decree of any Governmental Authority binding on it or any of its property (except where such violation will not have a Material Adverse Effect); (2) result in a breach of or constitute (with due notice or lapse of time or both) a default under any Contractual Obligation binding upon it or its property (except where such breach or default will not have a Material Adverse Effect); (3) result in or require the creation or imposition of any material Lien (other than the Lien of the Transaction Documents) upon its assets; or (4) require any approval or consent of any Person under any Contractual Obligation binding upon it or its property, which approvals or consents have not been obtained on or before the dates required under such Contractual Obligation (except where the failure to obtain such approval or consent will not have a Material Adverse Effect).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Governmental Consents</u>. The execution and delivery by it of the Transaction Documents to which it is a party, and the consummation of the transactions contemplated thereby do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any Governmental Authority which has not been obtained or made and is in full force and effect other than any of the foregoing the failure to have made or obtained which will not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Binding Obligations</u>. This Indenture is, and each of the other Transaction Documents to which such Obligor is a party, when executed and delivered by such Obligor will be, the legally valid and binding obligations of such Obligor, enforceable against it, in accordance with their respective terms, subject to bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting creditor's rights.

Section 6.03 <u>Financial Statements</u>. All Financial Statements which have been furnished by or on behalf of the Obligors to the Indenture Trustee pursuant to this Indenture present fairly in all material respects the financial condition of the Persons covered thereby; *provided*, *however*, the Indenture Trustee shall have no obligation to review any such Financial Statements.

Section 6.04 <u>Indebtedness and Contingent Obligations</u>. As of the Closing Date, the Obligors shall have no outstanding Indebtedness or Contingent Obligations other than the Obligations and other Permitted Indebtedness.

Section 6.05 <u>Customer Contracts; Material Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Customer Contracts; Material Agreements</u>. The Obligors have delivered to the Indenture Trustee (i) true and complete electronic copies (in all material respects) of all Material Customer Contracts as in effect on the last day of the calendar month immediately preceding the Initial Closing Date and (ii) a list of all Material Agreements affecting the operation and management of the Data Centers as of the last day of the calendar month immediately preceding the Initial Closing Date; *provided*, *however*, the Indenture Trustee shall have no obligation to review any such Material Customer Contracts and Material Agreements. Such Material Agreements and Material Customer Contracts affecting the operation and management of the Data Centers, or the replacement list of all Material Agreements and Material Customer Contracts affecting the operation and management of the Data Centers most recently delivered electronically to the Indenture Trustee remains complete. No Person other than the Manager (or any other Person to whom the Manager has delegated its responsibilities), pursuant to and in accordance with the Management Agreement, has any right or obligation to manage any of the Data Centers on behalf of the Asset Entities or to receive compensation in connection with such management. Except for the parties to any leasing brokerage agreement or reseller agreement that has been delivered electronically to the Indenture Trustee and the Manager and except for marketing partners under industry standard terms, no Person has any right or obligation to contract or solicit customers for the Data Centers, or to receive compensation in connection with such contracting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Rent Roll, Disclosure</u>. A true and correct electronic copy of the Rent Roll as of the last day of the calendar month immediately preceding the Initial Closing Date setting forth, among other things, (1) a description of each Customer, (2) available data center space, the critical load power, or services contracted for each Customer and (3) the annualized scheduled fees per year for each effective Customer Contract, has been delivered to the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Management Agreement</u>. The Co-Issuers have delivered to the Indenture Trustee a true and complete copy of the Management Agreement as in effect on such Closing Date, and the Management Agreement has not been modified or amended except pursuant to amendments or modifications delivered to the Indenture Trustee. The Management Agreement is in full force and effect and no default by any of the parties thereto exists thereunder.

Section 6.06 <u>Litigation; Adverse Facts</u>. There are no judgments outstanding against any of the Obligors, or affecting any of the Data Centers or any property of any of the Obligors, nor to the Obligors' Knowledge is there any action, charge, claim, demand, suit, proceeding, petition, governmental investigation or arbitration now pending or threatened against any of the Obligors or any of the Data Centers that could, in the aggregate, reasonably be expected to result in a Material Adverse Effect.

Section 6.07 <u>Payment of Taxes</u>. Except as would not, either individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, all federal, state, and local tax returns and reports of the Co-Issuers and each Asset Entity, and all such returns or reports with respect to the assets of the Co-Issuers and each Asset Entity, required to be filed have been timely filed (or each such Person has timely filed for an extension and the applicable extension has not expired), and all taxes, assessments, fees and other governmental charges (including any payments in lieu of taxes) upon such Persons and upon its properties, assets, income and franchises which are due and payable have been paid except to the extent the same are being contested in accordance with Section 7.04(b).

Section 6.08 <u>Performance of Agreements</u>. To the Obligors' Knowledge, neither the Co-Issuers nor the Asset Entities are in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any Contractual Obligation of any such Persons which could, in the aggregate, reasonably be expected to have a Material Adverse Effect, and no condition exists that, with the giving of notice or the lapse of time or both, would constitute such a default which could, in the aggregate, reasonably be expected to have a Material Adverse Effect.

Section 6.09 <u>Employee Benefit Plans</u>. Except as would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect, (a) each "employee benefit plan" (within the meaning of Section 3(3) of ERISA) that is subject to Title IV of ERISA or Section 412 of the Code, for which the Parent or any of its subsidiaries or any member of the Parent's "<u>Controlled Group</u>" (defined as any trade or business (whether or not incorporated) that, together with the Parent, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Sections 412 and 430 of the Code or Section 302 of ERISA, is treated, together with the Parent, as a single employer under Sections 414(m) or (o) of the Code) sponsors, maintains or contributes to (other than a Multiemployer Plan) (each a "<u>Plan</u>") has been maintained in compliance with its terms and with the requirements of all applicable statutes, rules and regulations including ERISA and the Code; (b) with respect to each Plan subject to Title IV of ERISA (i) no "reportable event" (within the meaning of Section 4043(c) of ERISA, but excluding each event for which the 30-day notice period is waived by regulation) has occurred or is reasonably expected to occur, (ii) no failure to satisfy the minimum funding standard (within the meaning of Section 302 of ERISA or Section 412 of the Code), whether or not waived, has occurred or is reasonably expected to occur, and (iii) neither the Parent nor any of its subsidiaries nor any member of its Controlled Group has incurred, or reasonably expects to incur, any liability under Title IV of ERISA (other than contributions to the Plan or premiums to the Pension Benefit Guaranty Corporation in the ordinary course and without default) in respect of a Plan; and (c) neither the Parent nor any member of its Controlled Group has (i) incurred or reasonably expects to incur a partial or complete withdrawal from any Multiemployer Plan or (ii) received notice that any Multiemployer Plan is or is reasonably expected to become "insolvent" (within the meaning of Section 4245 of ERISA).

Section 6.10 <u>Solvency</u>. The Obligors (a) have not entered into any Transaction Document with the actual intent to hinder, delay, or defraud any creditor and (b) received reasonably equivalent value in exchange for their obligations under the Transaction Documents. After giving effect to the issuance of the Notes, the fair saleable value of the Obligors' assets taken as a whole exceed and will, immediately following the issuance of any Notes, exceed the Obligors' total liabilities, including, without limitation, subordinated, unliquidated, disputed and Contingent Obligations. The fair saleable value of the Obligors' assets taken as a whole is and will, immediately following the issuance of any Notes, be greater than the Obligors' probable liabilities, including the maximum amount of its Contingent Obligations on its debts as such debts become absolute and matured. The Obligors' assets taken as a whole do not and, immediately following the issuance of any Notes will not, constitute unreasonably small capital to carry out their businesses as conducted or as proposed to be conducted. The Obligors do not intend to, and do not believe that they will, incur Indebtedness and liabilities (including Contingent Obligations and other commitments) beyond their ability to pay such Indebtedness and liabilities as they mature (taking into account the timing and amounts of cash to be received by the Obligors and the amounts to be payable on or in respect of obligations of the Obligors).

Section 6.11 <u>Use of Proceeds and Margin Security</u>. No portion of the proceeds from the issuance of the Term Notes and draws under the Variable Funding Notes shall be used by the Co-Issuers or any Person in any manner that might cause the borrowing or the application of such proceeds to violate Regulation T, Regulation U, Regulation X or any other regulation of the Board of Governors of the Federal Reserve System.

Section 6.12 <u>Insurance</u>. Set forth on Schedule I is a description of all policies of insurance for the Asset Entities that are in effect as of the Initial Closing Date. Such Insurance Policies conform to the requirements of Section 7.05. No notice of cancellation has been received with respect to such policies, and, to the Asset Entities' Knowledge, the Asset Entities are in compliance with all material conditions contained in such policies.

Section 6.13 <u>Investments</u>. The Co-Issuers and the Asset Entities have no (i) direct or indirect interest in, including without limitation stock, partnership interest or other equity securities of, any other Person (other than the Asset Entities), or (ii) direct or indirect loan, advance or capital contribution to any other Person, including all indebtedness from that other Person other than in the Asset Entities.

Section 6.14 <u>OFAC</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) None of the Obligors or any director or officer of the Obligors and, to the knowledge of the Obligors, no agent, employee or other person acting for or on behalf of such relevant entity is, or is 50% or more owned or controlled by one or more persons that are, currently the subject or target of any sanctions administered or enforced by the United States government, including, without limitation, the U.S. Department of the Treasury's Office of Foreign Assets Control ("<u>OFAC</u>"), the U.S. Department of State, the United Nations Security Council, the European Union, any European Union Member State or His Majesty's Treasury (collectively, "<u>Sanctions</u>"); nor is such relevant entity located, organized or resident in a country or territory that is the subject of comprehensive Sanctions (currently, Cuba, Iran, Syria, North Korea, Crimea, Kherson and Zaporizhzia regions of Ukraine, the so-called Donetsk People's Republic, and the so-called Luhansk People's Republic (each a "<u>Sanctioned Country</u>")); and the Obligors will not directly or, to the Knowledge of any Obligor, indirectly use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of funding, financing or facilitating the activities of or business with any person that is the subject or target of Sanctions (a "<u>Sanctioned Person</u>"), or in any Sanctioned Country, or in any other manner that results in a violation by any person (including any person participating in the transaction whether as underwriter, advisor, investor or otherwise) of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Obligors will directly or, to the Knowledge of any Obligor, indirectly, use the proceeds of the Term Notes or any draw under the Variable Funding Notes or otherwise make available such proceeds or draw amounts to any Person, for the purpose of financing the activities or business of any Person or in any country or territory that, at the time of such funding or financing, is the target of comprehensive Sanctions, or in any other manner that would result in a violation of Sanctions by any Person (including any Person participating in the offering, whether as underwriter, advisor, investor, or otherwise).

Section 6.15 <u>Anti-Corruption Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (i) None of the Obligors, any director or officer, or, to the knowledge of the Obligors, any employee or agent of obligors, in their capacity as such, or controlled Affiliate of any Obligor is currently in violation of (x) any Anti-Corruption Laws or (y) the USA PATRIOT Act and (ii) no part of the proceeds of the Term Notes and no proceeds of any draw under the Variable Funding Notes will be used, directly or, to the knowledge of any Obligor, indirectly, for any payments to any person, including any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to improperly obtain, retain or direct business or obtain any improper advantage, in violation of Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Obligor has implemented and maintains in effect policies and procedures reasonably designed to promote compliance by the Parent, the Guarantors and the Co-Issuers, their respective Subsidiaries and the respective directors, officers, employees and agents of the foregoing with each of Anti-Corruption Laws and the USA PATRIOT Act.

Section 6.16 <u>Intellectual Property</u>. To the Obligors' Knowledge, the use by any Obligor of all patents, trademarks, trade names, service marks and copyrights material to such Obligor's business, and all applications therefor and licenses thereof, does not infringe on the rights and entitlements of any third parties thereto that could reasonably be expected to result in a Material Adverse Effect.

Section 6.17 <u>Governmental Regulation</u>. The Obligors are not subject to regulation under the Investment Company Act. None of the Obligors is an EEA Financial Institution.

Section 6.18 <u>Representations and Warranties With Respect To Data Centers and Customer Contracts</u>. Subject to any exceptions (w) set forth on Schedule II, (x) approved by Noteholders representing more than 50.0% of the Voting Rights of the Controlling Class of Notes, (y) with respect to which the Rating Agency Confirmation is obtained or (z) for any Additional Data Center and the related Customer Contracts added as Collateral on any Closing Date after the Initial Closing Date, as set forth in the Series Supplement for the Series issued on such Closing Date, (i) in connection with the issuance of any Series of Notes on the Initial Closing Date and any subsequent Closing Date, the Obligors hereby make the applicable representations and warranties set forth on Schedule II with respect to the Data Centers and any related Customer Contracts added as Collateral on such Closing Date; *provided* that such representations and warranties shall be made as of the date specified in such representation or warranty or, in the event no such date is specified with respect to any such representation or warranty, as of the date of addition or acquisition thereof, or (ii) in any other instance in which an Asset Entity acquires any Data Center and related Customer Contracts on any date other than a Closing Date (including in connection with the addition of any Additional Data Center), the Obligors hereby make the applicable representations and warranties set forth on Schedule II with respect to such Data Center and any related Customer Contracts, respectively; *provided,* that such representations and warranties shall be made as of the date specified in such representation or warranty or, in the event no such date is specified with respect to any such representation or warranty, as of the date of addition or acquisition thereof.

**ARTICLE VII**

**COVENANTS**

Each of the Obligors covenants and agrees that until payment in full of the Obligations, it shall, and in the case of the Co-Issuers shall cause the Asset Entities to, perform and comply with all covenants in this Article VII applicable to such Person.

Section 7.01 <u>Payment on Notes</u>. Subject to Section 15.18 and Section 15.21, the Co-Issuers shall duly and punctually pay the principal, interest and other amounts on the Notes of each Series in accordance with the terms of the Notes, this Indenture and the related Series Supplement and, in the case of Variable Funding Notes, the applicable Variable Funding Note Purchase Agreement. Amounts properly withheld under the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Co-Issuers to such Noteholder for all purposes of this Indenture and the related Series Supplement.

Section 7.02 <u>Financial Statements and Other Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Annual Reporting</u>. Within 120 days after the end of each fiscal year of the Co-Issuers (commencing with the fiscal year ended December 31, 2024), the Co-Issuers shall furnish to the Indenture Trustee, the Backup Manager and the Servicer (on a consolidated basis for the Obligors) copies of the Financial Statements for such year. Such Financial Statements shall be in accordance with GAAP consistently applied and shall be audited by a certified public accounting firm of national standing, and shall bear the unqualified certification of such accountants that such Financial Statements present fairly in all material respects the financial position of the Obligors for the period covered by such Financial Statements. Such Financial Statements shall be accompanied by Supplemental Financial Information for such fiscal year. Such Financial Statements shall also be accompanied by a certification executed by the Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer or Treasurer (or other officer with similar duties) of each of the Issuer and the Co-Issuer to the effect set forth in <u>Section 7.02(a)(ix)</u> and by a Compliance Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Quarterly Reporting</u>. Within 60 days after the end of each of the first three fiscal quarters in each fiscal year of the Co-Issuers, the Co-Issuers (commencing with the fiscal quarter ended March 31, 2025), shall furnish to the Indenture Trustee, the Manager, the Backup Manager and the Servicer (on a consolidated basis for the Obligors) copies of the unaudited Financial Statements for such quarter, together with a certification executed by Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer or Treasurer (or other officer with similar duties) of each of the Issuer and the Co-Issuer to the effect set forth in <u>Section 7.02(a)(viii)</u>. Such quarterly Financial Statements shall be accompanied by Supplemental Financial Information and a Compliance Certificate for such fiscal quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Customer Contract and Site Lease Reports</u>. Within 60 days after the end of each fiscal quarter of the Co-Issuers, commencing with the fiscal quarter ended December 31, 2024, the Co-Issuers shall furnish to the Backup Manager and the Servicer: (A) a certified Rent Roll in form and substance reasonably acceptable to the Servicer, (B) a schedule of any Material Customer Contracts that expired and were not renewed during such fiscal quarter, (C) a schedule of Material Customer Contracts scheduled to expire within the following four fiscal quarters, (D) a schedule of Site Leases scheduled to expire within the following four fiscal quarters and (E) a schedule of security deposits held under or in accordance with Site Leases, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)<u> </u><u>Monthly Report; Budgeted Operating Expense Amount</u>. No later than four Business Days prior to each Application Date, the Co-Issuers shall provide, or cause the Manager to provide, to the Indenture Trustee, the Manager, the Backup Manager, and the Servicer, a Monthly Report, which report shall include a calculation of the Budgeted Operating Expense Amount. Notwithstanding the foregoing, the Manager may subsequently adjust the Budgeted Operating Expense Amount in connection with the addition of any Additional Data Center (*pro rata* for the initial Collection Period in which such Additional Data Center is added based on the period from the date of addition of such Additional Data Center through the last day of such Collection Period to account for the pro forma Monthly Recurring Revenue that the Manager reasonably believes such Additional Data Center would have contributed during the prior twelve months) as reasonably determined by the Manager at the time of addition of such Additional Data Center. Notice of any modifications to the Budgeted Operating Expense Amount shall be delivered to the Indenture Trustee, the Backup Manager and the Servicer at the time of delivery of the applicable Monthly Report pursuant to this <u>Section 7.02(a)(iv)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Portfolio Stratifications</u>. On or prior to April 30 of each calendar year, the Co-Issuers shall provide, or cause the Manager to provide, to each Rating Agency and the Backup Manager, a data tape (which shall be up to date as of December 31 of the preceding calendar year or later) relating to the Data Centers and Customer Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Additional Reporting</u>. In addition to the foregoing, the Co-Issuers and the Manager shall promptly provide to the Indenture Trustee, the Backup Manager and the Servicer such further documents and information concerning its operations, properties, ownership, and finances as the Indenture Trustee, the Backup Manager and the Servicer shall from time to time reasonably request upon prior written notice to the Co-Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>GAAP</u>. The Co-Issuers will maintain systems of accounting established and administered in accordance with sound business practices and sufficient in all respects to permit preparation of the Financial Statements in conformity with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) <u>Certifications of Financial Statements and Other Documents, Compliance Certificate</u>. Together with the Financial Statements provided to the Indenture Trustee, the Backup Manager and the Servicer pursuant to <u>Sections 7.02(a)(i)</u> and <u>(ii)</u>, each of the Co-Issuers shall also furnish to the Indenture Trustee, the Backup Manager and the Servicer, a certification upon which the Indenture Trustee, the Backup Manager and the Servicer can conclusively rely, executed by its (or its manager's) Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer or Treasurer (or other officer with similar duties), stating that to its Knowledge after due inquiry such Financial Statements fairly present the financial condition and results of operations of the Obligors on a consolidated basis for the period(s) covered thereby (except for the absence of footnotes with respect to the quarterly Financial Statements). In addition, where this Indenture requires a "<u>Compliance Certificate</u>", the Person required to submit the same shall deliver a certificate duly executed on behalf of such Person by an Executive Officer upon which the Indenture Trustee, the Backup Manager and the Servicer can rely, stating that, to their Knowledge after due inquiry, there does not exist any Default or Event of Default, or if any of the foregoing exists, specifying the same in detail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) <u>Fiscal Year</u>. None of the Co-Issuers or any other Obligor shall change its fiscal year end from December 31.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Material Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Co-Issuers shall promptly deliver, or cause to be delivered, to the Servicer, the Backup Manager and the Indenture Trustee, copies of all notices given or received with respect to a default under any term or condition related to any Permitted Indebtedness of any Obligor which is reasonably likely to result in a Material Adverse Effect, and shall notify the Indenture Trustee, the Backup Manager and the Servicer within five Business Days of any material event of default of which it obtains Knowledge with respect to any such Permitted Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Co-Issuers shall promptly deliver to the Indenture Trustee, the Backup Manager and the Servicer copies of any and all notices of a material default or breach with respect to any Material Agreement or any Material Customer Contract which is reasonably likely to result in a termination of such Material Agreement or such Material Customer Contract and to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Events of Default, etc</u>. Promptly upon the Co-Issuers obtaining Knowledge of any of the following events or conditions, the Co-Issuers shall deliver to the Servicer, the Backup Manager and the Indenture Trustee (upon which each can conclusively rely) a certificate executed on its behalf by an Executive Officer specifying the nature and period of existence of such condition or event and what action the Co-Issuers or the affected Asset Entity or any Affiliate thereof has taken, is taking and proposes to take with respect thereto: (i) any condition or event that constitutes an Event of Default; (ii) any actual or alleged breach or default under the Transaction Documents which is reasonably likely to have a Material Adverse Effect; or (iii) any actual or alleged breach or default under any Customer Contract or Site Lease which is reasonably likely to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Litigation</u>. Promptly upon either of the Co-Issuers obtaining Knowledge of (1) the institution of any action, suit, proceeding, governmental investigation or arbitration against an Obligor or any of the Data Centers not previously disclosed in writing to the Indenture Trustee, the Backup Manager and the Servicer which would be reasonably likely to have a Material Adverse Effect and is not covered by insurance or (2) any material development in any action, suit, proceeding, governmental investigation or arbitration at any time pending against or affecting an Obligor or any of the Data Centers not covered by insurance which, in each case, could reasonably be expected to have a Material Adverse Effect, the Issuer or the Co-Issuer, as applicable, shall give notice thereof to the Indenture Trustee, the Backup Manager and the Servicer and, upon request from the Servicer or the Backup Manager, provide such other information as may be reasonably available to them to enable the Servicer or the Backup Manager and their respective counsel to evaluate such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Insurance</u>. On or before the last day of each insurance policy period of the Obligors, the Co-Issuers shall deliver to the Servicer and the Backup Manager certificates, reports, and/or other information (all in form and substance reasonably satisfactory to the Servicer), (i) outlining all material insurance coverage maintained as of the date thereof by the Obligors and all material insurance coverage planned to be maintained by the Obligors in the subsequent insurance policy period and (ii) to the extent not paid directly by the Manager or one of its Affiliates, evidencing payment in full of the premiums for such insurance policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Other Information</u>. Within a reasonable period following the receipt of a request, the Co-Issuers shall deliver such other information and data with respect to the Obligors or the Data Centers as from time to time may be reasonably requested by the Indenture Trustee, the Backup Manager or the Servicer.

Section 7.03 <u>Existence; Qualification</u>. Each Obligor shall at all times preserve and keep in full force and effect its existence as a limited liability company, limited partnership, trust or corporation, as the case may be, and shall at all times preserve and keep in full force and effect all rights and franchises material to its business, including its qualification to do business in each state, where it is required by law to so qualify, except to the extent that the failure to be so qualified would not have a Material Adverse Effect; provided that nothing contained in this Section 7.03 shall restrict the merger or consolidation of an Asset Entity with another Asset Entity.

Section 7.04 <u>Payment of Impositions and Claims</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for those matters being contested pursuant to clause (b) below, each Obligor shall pay (i) all Impositions; (ii) all claims (including claims for labor, services, materials and supplies) for sums that have become due and payable and that by law have or may become a Lien upon any of its properties or assets (hereinafter referred to as the "<u>Claims</u>"); and (iii) all federal, state and local income taxes, sales taxes, excise taxes and all other taxes and assessments of such Obligor on its business, income or assets (except to the extent the effect of which is not reasonably expected to result in a Material Adverse Effect); in each instance before any material penalty or fine is incurred with respect thereto; *provided* that the foregoing shall not be deemed to require that an Asset Entity pay any such tax or other liability that is imposed upon a Site Lessor or a Customer or that any Site Lessor or Customer is obligated to pay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Asset Entities shall not be required to pay, discharge or remove any Imposition or material Claim relating to a Data Center so long as the Asset Entities or the Co-Issuers contest in good faith such Imposition or Claim or the validity, applicability or amount thereof by an appropriate proceeding which operates to prevent the collection of such amounts and the sale of the applicable Data Center or any portion thereof, so long as: (i) no Event of Default shall have occurred and be continuing, (ii) prior to the date on which such Imposition or Claim would otherwise have become delinquent, the Asset Entities shall have given the Indenture Trustee, the Backup Manager and the Servicer prior written notice of their intent to contest said Imposition or Claim and shall have deposited with the Indenture Trustee (or with a court of competent jurisdiction or other appropriate body reasonably approved by the Servicer) such additional amounts as are necessary to keep on deposit at all times, an amount by way of cash (or other form reasonably satisfactory to the Servicer), equal to (after giving effect to any Reserves then held by the Indenture Trustee for the item then subject to contest) at least 125.0% of the total of (x) the balance of such Imposition or Claim then remaining unpaid, and (y) all interest, penalties, costs and charges accrued or accumulated thereon; (iii) no risk of sale, forfeiture or loss of any interest in the applicable Data Center or any part thereof arises, in the Servicer's reasonable judgment, during the pendency of such contest; (iv) such contest does not, in the Servicer's reasonable determination, have a Material Adverse Effect; and (v) such contest is based on bona fide, material, and reasonable claims or defenses. Any such contest shall be prosecuted with due diligence, and the Asset Entities shall promptly pay the amount of such Imposition or Claim as finally determined, together with all interest and penalties payable in connection therewith (it being understood that the Asset Entities shall have the right to direct the Indenture Trustee to use any amount deposited with the Indenture Trustee under <u>Section 7.04(b)(ii)</u> for the payment thereof). The Indenture Trustee (at the sole written direction of the Servicer) shall have full power and authority, but no obligation, to apply any amount deposited with the Indenture Trustee to the payment of any unpaid Imposition or Claim to prevent the sale or forfeiture of the applicable Data Center for non-payment thereof, if the Servicer reasonably believes that such sale or forfeiture is threatened.

Section 7.05 <u>Maintenance of Insurance</u>. The Obligors shall continuously maintain the following described policies of insurance without cost to the Indenture Trustee, the Backup Manager or the Servicer (the "<u>Insurance Policies</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Property insurance against loss and damage by all risks (other than risks described in clause (e) below) of physical loss or damage covering the Improvements and third-party liability for personal property on the Data Centers, and bearing a replacement cost endorsement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Commercial general liability insurance, including death, bodily injury and broad form property damage coverage with a combined single limit in an amount not less than $1,000,000 per occurrence and $2,000,000 in the aggregate for any policy year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Employer's liability/benefits insurance, in an amount not less than $1,000,000 each accident for bodily injury by accident, $1,000,000 each employee for bodily injury by disease and $1,000,000 policy limit for bodily injury by disease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Automobile liability for all non-owned vehicles, in an amount not less than $1,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If any of the Data Centers are in an area prone to geological phenomena, including, but not limited to, subsidence, floods or earthquakes, each such Data Center shall be covered by a blanket insurance policy, in an amount not less than $1,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For each Data Center located in whole or in part in a federally designated "special flood hazard area", flood insurance to the extent required by law and available at federally subsidized rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) An umbrella excess liability policy with a limit of not less than $10,000,000 over primary insurance, which policy shall include coverage for contractual liability coverage, premises and automobile liability coverage, and coverage for safeguarding of personal property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Business interruption insurance in an amount not less than $55,000,000 and 12 months of business interruption or loss of income insurance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Workers' compensation, in an amount specified under applicable law.

All Insurance Policies shall be in content (including, without limitation, endorsements or exclusions, if any), form, and amounts, and issued by companies, reasonably satisfactory to the Servicer from time to time and shall name the Indenture Trustee and its successors and assignees as their interests may appear as an "additional insured" or "loss payee" and "mortgagee" (with respect to property insurance, as applicable) for each of the policies under this <u>Section 7.05</u> for which such designation is applicable and shall contain a waiver of subrogation clause reasonably acceptable to the Servicer. The Property insurance under <u>Section 7.05(a)</u> with respect to the Data Centers shall contain a Non-Contributory Standard mortgagee clause and a mortgagee's Loss Payable Endorsement (Form 438 BFU NS), or their equivalents (such endorsements shall entitle the Indenture Trustee to collect any and all proceeds payable to the Obligors under all such insurance, with the insurance company waiving any claim or defense against the Indenture Trustee for premium payment, deductible, self-insured retention or claims reporting provisions). The Obligors may obtain any insurance required by this <u>Section 7.05</u> through blanket policies; *provided, however*, that such blanket policies shall separately set forth the amount of insurance in force (together with applicable deductibles, and per occurrence limits) with respect to the Data Centers (which shall not be reduced by reason of events occurring on property other than the Data Centers) and shall afford all the protections to the Indenture Trustee as are required under this <u>Section 7.05</u>. Except as may be expressly provided above, all policies of insurance required hereunder shall contain no annual aggregate limit of liability, other than with respect to any liability-related, earthquake, flood or property insurance. If a blanket policy is issued, an insurance certificate indicating that the Indenture Trustee is an additional insured (and, if applicable, loss payee) under such policy in the designated amount, shall be furnished. As soon as practicable following the renewal of any Insurance Policy maintained to satisfy the requirements of this <u>Section 7.05</u>, the Obligors shall deliver to the Indenture Trustee and the Servicer an insurance certificate executed by the insurer or its authorized agent evidencing the renewal of such Insurance Policy, which certificate shall be acceptable to the Servicer. Upon the request of the Servicer, the Obligors shall deliver to the Servicer a duplicate original of any insurance certificate maintained to satisfy the requirements hereof.

An insurance company shall not be satisfactory unless such insurance company (a) is licensed or authorized to issue insurance in the state where the applicable Data Center is located and (b) has an AM Best Rating of not less than "<u>A-VII</u>". Notwithstanding the foregoing, a carrier which does not meet the foregoing ratings requirement shall nevertheless be deemed acceptable hereunder provided that such carrier is reasonably acceptable to the Servicer and the Obligors shall deliver notice to each of the Rating Agencies of the ratings of such carriers. The Obligors shall furnish the Indenture Trustee, the Manager, the Backup Manager and the Servicer copies of certificates of insurance with respect to such insurance policies and the Servicer shall confirm that the coverage amount, policy term and deductible amounts comply with the requirements therefor in this Indenture.

The requirements of this <u>Section 7.05</u> shall apply to any separate policies of insurance taken out by the Obligors concurrent in form or contributing in the event of loss with the Insurance Policies. Property losses shall be payable to the Indenture Trustee notwithstanding (1) any act, failure to act or negligence of the Obligors or their agents or employees, the Indenture Trustee or any other insured party which might, absent such agreement, result in a forfeiture or all or part of such insurance payment, other than the willful misconduct of the Indenture Trustee knowingly in violation of the conditions of such policy, (2) the occupation or use of the Data Centers or any part thereof for purposes more hazardous than permitted by the terms of such policy, (3) any foreclosure or other action or proceeding taken pursuant to this Indenture or (4) any change in title to or ownership of the Data Centers or any part thereof. For purposes of determining whether the required insurance coverage is being maintained hereunder, each of the Indenture Trustee, the Backup Manager and Servicer shall be entitled to rely solely on a certification thereof furnished to it by the Co-Issuers or the Manager, without any obligation to investigate the accuracy or completeness of any information set forth therein, and shall have no liability with respect thereto. The property insurance described in this <u>Section 7.05</u> shall include "time element" coverage by which the Indenture Trustee shall be assured payment of all amounts due under the Notes, this Indenture and the other Transaction Documents, "extra expense" (i.e., soft costs), clean-up, transit and ordinary payroll coverage and "expediting expense" coverage to facilitate rapid repair or restoration of the Data Centers.

Section 7.06 <u>Operation and Maintenance of the Data Centers; Casualty;</u> Condemnation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Asset Entity shall maintain or cause to be maintained in good repair, working order and condition all material property necessary for use in its business, including the applicable Data Centers, and shall make or cause to be made all appropriate repairs, renewals and replacements thereof except to the extent the failure to do so would not reasonably be expected to have a Material Adverse Effect. All work required or permitted under this Indenture shall be performed in a workmanlike manner and in compliance with all applicable laws except to the extent the failure to do so would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the event of material casualty or property loss at any of the Data Centers, the Co-Issuers shall promptly (and in any event within three Business Days of obtaining Knowledge thereof) give written notice thereof to the Indenture Trustee, the Backup Manager and the Servicer. In the event of any such casualty or property loss which, in the Issuer's or the Co-Issuer's reasonable opinion, is likely to result in a Material Adverse Effect, the applicable Asset Entity shall, to the extent permitted by law and consistent with prudent business practices, promptly commence and diligently prosecute to completion, in accordance with the terms hereof, the repair and restoration of the Data Center as nearly as possible to the Pre-Existing Condition (a "<u>Restoration</u>"). The Asset Entities hereby authorize and empower the Servicer as attorney-in-fact for the Asset Entities (jointly with the Asset Entities unless an Event of Default has occurred and is continuing), or any of them, and upon not less than ten Business Days' prior written notice, with respect to Insurance Proceeds relating to a casualty in excess of $5,000,000 to make proof of loss, to adjust and compromise any claim under Insurance Policies, to appear in and prosecute any action arising from such Insurance Policies, to collect Insurance Proceeds and to receive Insurance Proceeds in excess of $5,000,000 (to be held in the Priority Expense Reserve Sub-Account pending the Asset Entities' determination with respect to Restoration of the affected Data Center as set forth in <u>Section 7.06(c)</u>), and to deduct therefrom the Indenture Trustee's and the Servicer's reasonable expenses incurred in the collection of such proceeds; *provided, however*, that nothing contained in this <u>Section 7.06</u> shall require the Indenture Trustee or the Servicer to incur any expense or take any action hereunder. The Co-Issuers further authorize the Indenture Trustee, at the Servicer's option and written direction, with respect to proceeds in excess of $5,000,000 (a) to hold the balance of such proceeds to be made available to the Asset Entities for the cost of Restoration of any of the Data Centers or (b) unless prohibited by <u>Section 7.06(c)</u>, to apply such Insurance Proceeds to prepay the principal amount of the Notes whether or not then due, in accordance with <u>Section 2.09(a)</u>. The Servicer shall not direct the Indenture Trustee to apply such Insurance Proceeds to prepay the principal amount of the Notes so long as each of the conditions (as applicable) to the release of Loss Proceeds for restoration or repair of the Data Centers under <u>Section 7.06(c)</u> have been satisfied with respect to such Insurance Proceeds in all material respects. The Asset Entities hereby authorize and empower the Servicer as attorney-in-fact for the Asset Entities (jointly with the Asset Entities unless an Event of Default has occurred and is continuing), or any of them, and upon not less than ten Business Days' prior written notice, with respect to proceeds of Insurance Policies not included in the definition of Insurance Proceeds, such as business interruption insurance and liability insurance, to adjust and compromise any claim under such Insurance Policies, to appear in and prosecute any action arising from such insurance policies (which, for the avoidance of doubt, may coincide with proceedings relating to the settlement and adjustment of Insurance Proceeds described above), to collect and to receive such proceeds (to be held in the Priority Expense Reserve Sub-Account pending the Servicer's allocation of such proceeds for the intended purposes). The Co-Issuers further authorize the Indenture Trustee, at the Servicer's option and written direction, with respect to such proceeds (a) to hold the balance of such proceeds from liability insurance to be made available to the Asset Entities for the reimbursement of any expenses of any of the Data Centers related to such event or (b) otherwise, to deposit such amounts in the Collection Account and allocate such proceeds over such period of time for which such proceeds correspond (e.g., if the proceeds under the Insurance Policies provided 3 months of proceeds with respect to a business interruption policy, then such amounts shall be applied as Available Funds in the current Collection Period and each of the two immediately succeeding Collection Periods).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Co-Issuers shall promptly give the Indenture Trustee, the Backup Manager and the Servicer written notice of the commencement of any condemnation or eminent domain proceeding affecting the Data Centers or any portion thereof of which the Asset Entities' have Knowledge and that could, in the Issuer's or Co-Issuer's reasonable opinion, be likely to result in a Material Adverse Effect. The Asset Entities hereby irrevocably appoint the Servicer as the attorney-in-fact for the Asset Entities (jointly with the Asset Entities unless an Event of Default has occurred and is continuing), or any of them, and upon not less than ten Business Days' prior written notice, with respect to condemnation proceedings likely to result in Condemnation Proceeds in excess of $5,000,000 to collect Condemnation Proceeds and to receive and retain any Condemnation Proceeds in excess of $5,000,000 (to be held in the Priority Expense Reserve Sub-Account pending the Asset Entities' determination with respect to Restoration of the affected Data Center as set forth in <u>Section 7.06(c)</u>) and to make any compromise or settlement in connection with such proceeding. In accordance with the terms hereof, the Asset Entities shall cause Condemnation Proceeds in excess of $5,000,000 which are payable to the Asset Entities to be paid directly to the Indenture Trustee for deposit in the Priority Expense Reserve Sub-Account. If the applicable Data Center is sold following an Event of Default, through foreclosure or otherwise, prior to the receipt by the Indenture Trustee of Condemnation Proceeds, the Indenture Trustee shall have the right to receive said Condemnation Proceeds, or a portion thereof sufficient to pay the Obligations. Notwithstanding the foregoing, the Asset Entities may prosecute any condemnation proceeding and settle or compromise and collect Condemnation Proceeds of not more than $5,000,000 *provided* that: (a) no Event of Default shall have occurred and be continuing, (b) the Asset Entities apply the Condemnation Proceeds to any reconstruction or repair of the Data Center necessary or desirable as a result of such condemnation or taking, and (c) the Asset Entities promptly commence and diligently prosecute such reconstruction or repair to completion in accordance with all applicable laws. Subject to the terms hereof, each of the Asset Entities authorizes the Servicer and the Indenture Trustee to apply such Condemnation Proceeds, after the deduction of the Indenture Trustee and the Servicer's reasonable expenses incurred in the collection of such Condemnation Proceeds, at the Servicer's option and written direction, to restoration or repair of the Data Centers or, at the Servicer's option and written direction, to prepay the principal amount of the Notes, whether or not then due, in accordance with <u>Section 2.09(a)</u>. The Servicer shall not direct the Indenture Trustee to apply such Condemnation Proceeds to prepay the principal amount of the Notes if each of the conditions (as applicable) to the release of Loss Proceeds for restoration or repair of the Data Centers under <u>Section 7.06(c)</u> have been satisfied with respect to such Condemnation Proceeds in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything to the contrary herein, the Co-Issuers shall have the right to apply Loss Proceeds toward the prepayment of the principal amount of the Notes (without any Yield Maintenance) in accordance with <u>Section 2.09(a)</u> in lieu of applying the same toward restoration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Servicer shall not direct the Indenture Trustee to apply Loss Proceeds to the prepayment of the principal amount of the Notes in accordance with <u>Section 2.09(a)</u> so long as each of the following conditions shall have been satisfied in all material respects: (i) no Event of Default then exists; (ii) the Servicer reasonably determines that there will be sufficient funds to complete the Restoration of the Data Center to at least substantially the condition it was in immediately prior to such casualty or condemnation (excluding replacement of obsolete Assets which are not required in connection with operating the applicable Data Center) and in compliance with applicable laws (the "<u>Pre-Existing Condition</u>") and to timely make all payments due under the Transaction Documents during the Restoration of the affected Data Center; and (iii) the Servicer determines that the Restoration of the affected Data Center to the Pre-Existing Condition will be completed no later than 6 months prior to the latest Anticipated Repayment Date for any Series of Outstanding Notes. If the Servicer elects to apply Loss Proceeds to the prepayment of the principal of the Notes, such application shall be made on the Payment Date immediately following such election in accordance with <u>Section 2.09(a)</u>. Notwithstanding the foregoing to the contrary, in the event the Asset Entities, in their reasonable discretion, and within 180 days of receipt of such Loss Proceeds, elect not to restore a Data Center or are not able to restore a Data Center after the use of commercially reasonable efforts, any Loss Proceeds relating to such Data Center (less any Loss Proceeds expended to restore such Data Center) held in the Priority Expense Reserve Sub-Account, after reimbursing any amounts due to the Servicer and the Indenture Trustee, shall be applied to the prepayment of the Notes on the Payment Date immediately following such election in accordance with <u>Section 2.09(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Servicer shall not direct the Indenture Trustee to disburse Loss Proceeds more frequently than twice every calendar month. If Loss Proceeds are applied to the prepayment of the principal of the Notes, any such application shall not extend or postpone the due dates of the monthly payments due under the Notes or otherwise under the Transaction Documents, or change the amounts of such payments. If the Servicer elects to apply all of such Loss Proceeds toward the prepayment of the principal of the Notes in accordance with <u>Section 2.09(a)</u>, the Co-Issuers shall be entitled to obtain from the Indenture Trustee a release (without representation or warranty) of the applicable Data Center from the Lien of the Mortgage relating to such Data Center (if applicable) (in which event the Asset Entities shall not be obligated to restore the applicable property pursuant to <u>Section 7.06(b)</u>). Any amount of Loss Proceeds remaining in the Priority Expense Reserve Sub-Account after the full and final payment and discharge of all Obligations shall be refunded to, or as directed by, the Asset Entities or otherwise paid in accordance with applicable law. If a Data Center is sold at foreclosure or if the Indenture Trustee acquires title to a Data Center, the Indenture Trustee shall have all of the right, title and interest of the applicable Asset Entity in and to any Loss Proceeds and unearned premiums on Insurance Policies relating to such Data Center.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In no event shall the Servicer direct the Indenture Trustee to make disbursements of Loss Proceeds in excess of an amount equal to the costs actually incurred from time to time for work in place as part of the Restoration, as certified by the Co-Issuers, less a retainage equal to the greater of (x) the actual retainage required pursuant to the permitted contract, or (y) 10.0% of such costs incurred until the Restoration has been completed. The retainage shall in no event be less than the amount actually held back by the Asset Entities from contractors, subcontractors and materialmen engaged in the Restoration. The retainage shall not be released until the Servicer is reasonably satisfied that the Restoration has been completed in accordance with the provisions of this <u>Section 7.06</u> and that all approvals necessary for the re-occupancy and use of the Data Center have been obtained from all appropriate Governmental Authorities, and the Servicer receives final Lien waivers and such other evidence reasonably satisfactory to the Servicer that the costs of the Restoration have been paid in full or will be paid in full out of the retainage.

Section 7.07 <u>Inspection; Investigation</u>. Each Obligor shall permit any authorized representatives designated by the Indenture Trustee, the Backup Manager or the Servicer to visit and inspect during normal business hours its business, including its financial and accounting records, and to make copies and take extracts therefrom and to discuss its affairs, finances and business with its officers and independent public accountants (with such Obligor's representative(s) present), at such reasonable times during normal business hours and as often as may be reasonably requested; *provided* that same is conducted in such a manner as to not unreasonably interfere with such Obligor's business and in compliance with site safety and security procedures. In addition, subject to the terms and conditions of the applicable Site Lease and in compliance with site safety and security procedures, such authorized representatives of the Indenture Trustee, the Backup Manager and the Servicer shall also have the right to conduct reasonable site investigations of the Data Centers with respect to environmental matters; *provided, however*, that no subsurface investigations or other investigations that would reasonably be deemed to be intrusive or destructive shall be conducted without the prior written consent of such Obligor, such consent not to be unreasonably withheld. Unless an Event of Default has occurred and is continuing, (x) the Indenture Trustee, the Backup Manager and Servicer shall provide advance written notice of at least three Business Days prior to visiting or inspecting any Data Center or any Obligor's offices and (y) no more than one such visit shall be made to any Data Center or any Obligor's offices in any calendar year.

Section 7.08 <u>Compliance with Laws and Obligations</u>. Each Obligor shall (A) comply with the requirements of all present and future applicable laws, rules, regulations and orders of any Governmental Authority in all jurisdictions in which it is now doing business or may hereafter be doing business, other than those laws, rules, regulations and orders the noncompliance with which collectively could not reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect, (B) maintain all licenses and permits now held or hereafter acquired by any Obligor, the loss, suspension, or revocation of which, or failure to renew, in the aggregate could have a Material Adverse Effect and (C) perform, observe, comply with and fulfill all of its material obligations, covenants and conditions contained in any Contractual Obligation except to the extent the failure to so observe, comply or fulfill such could not reasonably be expected to have a Material Adverse Effect.

Section 7.09 <u>Further Assurances</u>. Each Obligor shall, from time to time, execute and/or deliver such documents, instruments, agreements, financing statements, and perform such acts as necessary or as the Indenture Trustee, the Backup Manager and/or the Servicer at any time may reasonably request to evidence, preserve and/or protect the Assets and Collateral at any time securing or intended to secure the Obligations and/or to better and more effectively carry out the purposes of this Indenture and the other Transaction Documents. The Obligors shall file or cause to be filed all documents (including, without limitation, all financing statements) required to be filed by the terms of this Indenture and any applicable Series Supplement in accordance with and within the time periods provided for in this Indenture and in each applicable Series Supplement. Upon receipt of any filed financing statements, mortgages, or other recordable instruments, the Co-Issuers, shall promptly provide copies of such filed instruments to the Servicer. The Obligors shall fully cooperate with all reasonable requests of the Servicer in its duty to obtain any appraisal with respect to any Data Center or Data Centers.

Section 7.10 <u>Performance of Agreements and Customer Contracts</u>. Each Asset Entity shall duly and punctually perform, observe and comply in all material respects with all of the terms, provisions, conditions, covenants and agreements on its part to be performed, observed and complied with (i) hereunder and under the other Transaction Documents to which it is a party, (ii) under all Material Agreements and all Customer Contracts and (iii) all other agreements entered into or assumed by such Person in connection with the Data Centers, and will not suffer or permit any material default or event of default (giving effect to any applicable notice requirements and cure periods) to exist under any of the foregoing except where the failure to perform, observe or comply with any agreement referred to in clause (ii) or this clause (iii) of this Section 7.10 would not reasonably be expected to have a Material Adverse Effect.

Section 7.11 <u>New Customer Contracts; Recorded Mortgages</u>. Promptly after execution thereof, the Asset Entities shall deliver electronically to the Servicer executed copies of each Material Customer Contract entered into after the Initial Closing Date. Within 30 days of the receipt of any written request from the Servicer, the Asset Entities shall deliver electronically to the Servicer copies of Mortgages with respect to each Data Center (other than any Non-Mortgaged Data Center) with evidence of recording indicated thereon when returned from the applicable recording offices.

Section 7.12 <u>Management Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor shall (i) perform and observe all of the material terms, covenants and conditions of the Management Agreement on the part of such Obligor to be performed and observed, (ii) promptly notify the Indenture Trustee, the Backup Manager and the Servicer of any material default under the Management Agreement of which it is aware, and (iii) prior to termination of the Manager in accordance with the terms of the Management Agreement, to renew the Management Agreement prior to each expiration date thereunder in accordance with its terms. If any Obligor shall default in the performance or observance of any material term, covenant or condition of the Management Agreement on the part of such Obligor to be performed or observed, then, without limiting the Indenture Trustee's other rights or remedies under this Indenture or the other Transaction Documents, and without waiving or releasing such Obligor from any of its obligations hereunder or under the Management Agreement, the Indenture Trustee or the Servicer on its behalf, shall have the right, upon prior written notice to such Obligor, to pay any sums and to perform any act as may be reasonably appropriate to cause such material conditions of the Management Agreement on the part of such Obligor to be performed or observed; *provided, however*, that neither the Indenture Trustee nor the Servicer will be under any obligation to pay such sums or perform such acts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Obligors shall not surrender, terminate, cancel, or modify (other than non-material changes) the Management Agreement, or enter into any other Management Agreement with any new Manager, other than an Acceptable Manager, or consent to the assignment by the Manager of its interest under the Management Agreement, other than to an Acceptable Manager. If at any time an Acceptable Manager shall become the Manager, the Obligors shall (i) cause such Acceptable Manager, prior to commencement of its duties as Manager, to enter into a subordination of management agreement in substantially the form delivered on the Initial Closing Date with the Obligors, and (ii) provide written notice thereof to the Rating Agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Indenture Trustee, the Backup Manager and the Servicer are each permitted to utilize and in good faith rely upon the advice of the Manager (or, with respect to the Servicer and at its own expense (except to the extent that a particular expense is expressly specified in this Indenture, as an Additional Issuer Expense) to utilize other agents or attorneys), in performing certain of its obligations under this Indenture and the other Transaction Documents, including, without limitation, Data Center management, operation, and maintenance; and confirmation of compliance by the Asset Entities with the provisions hereunder and under the other Transaction Documents and none of the Indenture Trustee, the Backup Manager or the Servicer shall have any liability with respect thereto.

Section 7.13 <u>Maintenance of Office or Agency by Co-Issuers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers shall maintain an office, agency or address where Notes (or evidence of ownership of Uncertificated Notes) may be presented or surrendered for payment and where Notes may be surrendered for registration of transfer or exchange. The Co-Issuers will give prompt written notice to the Indenture Trustee of the location, and any change in the location, of such office, agency or address; *provided, however*, that if the Co-Issuers do not furnish the Indenture Trustee with an address in Wilmington, Delaware where Notes may be presented or surrendered for payment, such presentations and surrenders may be made at the Corporate Trust Office, and the Co-Issuers hereby appoint the Indenture Trustee to receive all such presentations and surrenders. The Co-Issuers hereby appoint the Corporate Trust Office as its agency for such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Co-Issuers may also from time to time designate one or more other offices or agencies where Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Co-Issuers will give prompt written notice to the Indenture Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

Section 7.14 <u>Deposits; Application of Deposits</u>. The Obligors shall direct the Customers under the Customer Contracts to send directly to a Lock Box Account all payments of Receipts in accordance with the Cash Management Agreement. The Obligors will deposit all Receipts into, and otherwise comply with, the Lock Box Accounts. All such deposits to the Lock Box Accounts and the Collection Account will be allocated and applied pursuant to the terms of the Cash Management Agreement and this Indenture.

Section 7.15 <u>Estoppel Certificates</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Within ten Business Days following a written request by the Indenture Trustee, the Backup Manager or the Servicer, the Co-Issuers shall provide to the Indenture Trustee, the Backup Manager and the Servicer a duly acknowledged written statement (upon which the Indenture Trustee, the Backup Manager and the Servicer may conclusively rely) confirming (i) the aggregate Class Principal Balances of all Classes of Outstanding Notes, (ii) the terms of payment and maturity date of the Notes, (iii) the date to which interest has been paid, (iv) whether any offsets or defenses exist against the Obligations, and if any such offsets or defenses are alleged to exist, the nature thereof shall be set forth in detail and (v) that this Indenture, the Notes, the Mortgages and the other Transaction Documents are legal, valid and binding obligations of the Issuer, the Co-Issuer and each Asset Entity (as applicable) and have not been modified or amended except in accordance with the provisions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within ten Business Days following a written request by the Co-Issuers, the Indenture Trustee shall provide to the Co-Issuers a duly acknowledged written statement setting forth the aggregate Class Principal Balances of all Classes of Outstanding Notes, the date to which interest has been paid, and whether the Indenture Trustee has provided the Co-Issuers, on behalf of itself and the Asset Entities, with written notice of any Event of Default. Compliance by the Indenture Trustee with the requirements of this Section shall be for informational purposes only and shall not be deemed to be a waiver of any rights or remedies of the Indenture Trustee hereunder or under any other Transaction Document.

Section 7.16 <u>Indebtedness</u>. The Co-Issuers shall not, and shall not permit the Asset Entities to, create, incur, assume, guarantee, or otherwise become or remain directly or indirectly liable with respect to any Indebtedness except for the following (collectively, "<u>Permitted Indebtedness</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Unsecured trade payables not evidenced by a note and arising out of purchases of goods or services in the ordinary course of business (other than any retention payments); (ii) Indebtedness incurred in respect of Capital Lease Obligations and the financing of equipment and other personal property used at the Data Centers in the ordinary course of business; (iii) letters of credit (other than any Letters of Credit issued in connection with any Class of Variable Funding Notes) or bonds required by a vendor or regulatory agency to be posted by an Obligor in connection with the ownership, maintenance or operation of the Data Centers, (iv) Contingent Obligations constituting the guarantee of an obligation of another Obligor, and (v) reimbursement of Advances to the Manager; *provided, however,* that (a) each such trade payable referred to in subclause (i) above is paid not later than 90 days after the due date (unless such payment is being contested in good faith) and (b) the aggregate amount of such trade payables, Indebtedness incurred in respect of Capital Lease Obligations (other than with respect to Site Leases that are Capital Leases) and in respect of the financing of equipment and personal property, obligations under letters of credit or bonds and reimbursement obligations to the Manager referred to in subclauses (i), (ii), (iii) and (v) above outstanding does not, at any time, exceed an amount equal to 5.0% of the aggregate Initial Class Principal Balances of all Classes of then-Outstanding Notes in the aggregate for all the Asset Entities; and

In no event shall any Indebtedness other than the Obligations be secured, in whole or in part, by the Collateral or other Assets or any portion thereof or interest therein or any proceeds of any of the foregoing, except for equipment leases with respect to Assets of any Data Center that require the pledge of such equipment.

Section 7.17 <u>No Liens</u>. Neither the Co-Issuers nor the Asset Entities shall create, incur, assume or permit to exist any Lien on or with respect to its interests in any Data Centers or any other Collateral except Permitted Encumbrances.

Section 7.18 <u>Contingent Obligations</u>. Other than Permitted Indebtedness, none of the Co-Issuers or any of the Asset Entities shall create or become or be liable with respect to any material Contingent Obligation.

Section 7.19 <u>Restriction on Fundamental Changes</u>. Except as otherwise expressly permitted in this Indenture, none of the Co-Issuers or any of the Asset Entities shall (i) amend, modify or waive any term or provision of their respective partnership agreement, certificate of limited partnership, articles of incorporation, by-laws, articles of organization, operating agreement or other organizational documents so as to violate or permit the violation of the limited purpose entity provisions set forth in Article VIII, unless required by law; (ii) adopt, file or effect a Division; or (iii) liquidate, wind-up or dissolve; *provided* that nothing contained in this Section 7.19 shall restrict the merger or consolidation of one Asset Entity into another so long as the surviving entity is an Asset Entity.

Section 7.20 <u>Involuntary Obligor Bankruptcy</u>. An Obligor shall not apply for, consent to, or aid, solicit, support, or otherwise act, cooperate or collude to cause the appointment of or taking possession by, a receiver, trustee or other custodian for all or a substantial part of the assets of any other Obligor. As used in this Indenture, an "<u>Involuntary Obligor Bankruptcy</u>" shall mean any involuntary case under the Bankruptcy Code, or any other applicable bankruptcy, insolvency or other similar law now or hereafter in effect, in which any Obligor is a debtor or any portion of the Assets is property of the estate therein. An Obligor shall not file a petition for, consent to the filing of a petition for, or aid, solicit, support, or otherwise act, cooperate or collude to cause the filing of a petition for an Involuntary Obligor Bankruptcy. In any Involuntary Obligor Bankruptcy, the other Obligors shall not, without the prior written consent of the Indenture Trustee and the Servicer, consent to the entry of any order, file any motion, or support any motion (irrespective of the subject of the motion), and such Obligors shall not file or support any plan of reorganization. In any Involuntary Obligor Bankruptcy the other Obligors shall do all things reasonably requested by the Indenture Trustee and the Servicer to assist the Indenture Trustee and the Servicer in obtaining such relief as the Indenture Trustee and the Servicer shall seek, and shall in all events vote as directed by the Indenture Trustee. Without limitation of the foregoing, each such Obligor shall do all things reasonably requested by the Indenture Trustee to support any motion for relief from stay or plan of reorganization proposed or supported by the Indenture Trustee.

Section 7.21 <u>[Reserved]</u>.

Section 7.22 <u>Money for Payments to be Held in Trust</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Paying Agent is hereby authorized to pay the principal of and interest on any Notes (as well as any other Obligation hereunder and under any other Transaction Document) on behalf of the Co-Issuers and shall have an office or agency in Wilmington, Delaware where Notes may be presented or surrendered for payment and where notices, designations or requests in respect for payments with respect to the Notes and any other Obligations due hereunder and under any other Transaction Document may be served. The Co-Issuers hereby appoint the Indenture Trustee as the initial Paying Agent for amounts due on the Notes of each Series and the other Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On each Payment Date (or such other dates as may be required or permitted hereunder) the Paying Agent shall cause all payments of amounts due and payable with respect to any Notes and other Obligations that are to be made from amounts withdrawn from the Collection Account or any Sub-Account to be made on behalf of the Co-Issuers, and no amounts so withdrawn from the Collection Account or any such Sub-Account for payments of the Notes and other Obligations shall be paid over to the Co-Issuers. All such payments shall be made based on information set forth in the Monthly Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to applicable laws with respect to escheatment of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and be paid to the Co-Issuers on an Issuer Request; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Co-Issuers for payment thereof (but only to the extent of the amounts so paid to the Co-Issuers), and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; *provided, however*, that the Indenture Trustee or such Paying Agent, before being required to make any such repayment shall at the expense and direction of the Co-Issuers cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in the Borough of Manhattan, The City of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining shall be repaid to the Co-Issuers. The Indenture Trustee shall also adopt and employ, at the expense and direction of the Co-Issuers, any other reasonable means of notification of such repayment (including, but not limited to, mailing notice of such repayment to Holders whose right to or interest in monies due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for each such Holder).

Section 7.23 <u>Site Leases</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Site Leases</u>. The Obligors have delivered to the Indenture Trustee true and complete electronic copies (in all material respects) of all Site Leases as in effect on the Initial Closing Date; *provided*, *however*, the Indenture Trustee shall have no obligation to review any such Site Leases. The Site Leases (and/or any amendments, modifications or supplement thereto) most recently delivered electronically to the Indenture Trustee remain complete in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Modification</u>. Except as provided in this <u>Section 7.23</u>, the Asset Entities shall not (x) modify or amend any Site Lease if such modification or amendment would result in a material reduction of the DSCR or would reduce the remaining term of such Site Lease, or (y) terminate or surrender any Site Lease, in each case without the prior written consent of the Servicer, which consent shall not be unreasonably withheld, conditioned or delayed. Any such attempted or purported modification or amendment or termination or surrender of any Site Lease without the Servicer's prior written consent shall be null and void and of no force or effect. Notwithstanding the foregoing to the contrary, the Asset Entities shall be permitted, without the Servicer's consent, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A) extend the term of a Site Lease or add a renewal term or option period to a Site Lease, in each case on terms and conditions in accordance with prudent business practices or (B) convert any Leased Data Center to a Data Center owned in fee subject to <u>Section 7.23(h)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provided no Event of Default shall have occurred and is then continuing (unless the same shall cure such Event of Default), increase, decrease or reconfigure the area of real property covered by a Site Lease, and in connection therewith amend and restate the existing Site Lease or replace the existing Site Lease (either, an "<u>Amended Site Lease</u>"), to include such additional real property or reflect such decrease or reconfiguration; *provided* that such Amended Site Lease is on commercially reasonable substantive and economic terms (taking into consideration the additional, reduced or reconfigured real property covered by the Amended Site Lease) with no material reduction in the economic value of the applicable Data Center, and subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if additional real property is being added to the Site Lease, on or prior to execution and delivery of the Amended Site Lease, the Asset Entities shall have delivered electronically to the Indenture Trustee and provided the Servicer, the Manager and the Backup Manager with electronic access to the most recent Phase I environmental report obtained by the Asset Entities or any Affiliate thereof on such real property, together with a Phase II Environmental Assessment report (if such Phase I environmental report reveals any condition that in the Manager's reasonable judgment warrants such a report) which concludes that such real property does not contain any Hazardous Materials in material violation of applicable Environmental Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) unless such Data Center is a Non-Mortgaged Data Center, within 120 days of the execution and delivery of the Amended Site Lease, (x) the Indenture Trustee shall have received an endorsement to (or replacement of) the existing Title Policy covering such Data Center insuring the Lien of the amended Mortgage in an amount equal to 100% of the Allocated Note Amount with respect to such Data Center dated as of the date of the Amended Site Lease and (y) the Title Company issuing such Title Policy shall have received an amended Mortgage encumbering the property included under the Amended Site Lease to be submitted for recording in the appropriate office of real property records and, unless such data center is subject to a space lease, a Survey with respect to such Data Center (unless the general survey exception in the Title Policy for such Data Center is eliminated without a Survey with respect thereto); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Issuer or the Co-Issuer, as applicable, shall pay or reimburse the Indenture Trustee and the Servicer for all reasonable costs and expenses incurred by the Indenture Trustee and the Servicer (including, without limitation, reasonable attorneys' fees and disbursements) in connection with such Amended Site Lease, and all recording charges, filing fees, taxes or other expenses (including, without limitation, mortgage and intangibles taxes and documentary stamp taxes) payable in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Performance of Site Leases</u>. The Asset Entities shall fully perform as and when due each and all of their obligations under each Site Lease in accordance with the terms of such Site Lease, and shall not cause or suffer to occur any material breach or default in any of such obligations. The Asset Entities shall (i) exercise any option to renew or extend any Site Lease and (ii) renew a Site Lease that expires by its terms to the extent a commercially reasonable extension option is available; *provided, however* that, the Asset Entities may elect not to exercise such option to renew or extend such Site Lease if, after giving pro forma effect to the termination of such Site Lease (and the reduction in Annualized Revenue as a result of the termination of any associated Customer Contracts that are not able to be relocated to another Data Center), (i) the three-month average DSCR as of the last day of the immediately preceding calendar month is greater than or equal to 1.85:1.0 and (ii) the Class A LTV Ratio is not greater than 65.0%. If any Asset Entity fails to renew a Site Lease which is required to be renewed pursuant to this <u>Section 7.23(c)</u>, each of the Indenture Trustee and the Servicer shall have the right, but the Indenture Trustee shall have no obligation, to renew such Site Lease on behalf of such Asset Entity. For the avoidance of doubt, the Asset Entities shall have no obligation to renew a Site Lease that expires by its terms if the Site Lease does not provide to the applicable Asset Entity a commercially reasonable extension option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Notice of Default</u>. If an Obligor shall receive any written notice that any default under a Site Lease has occurred, the effect of which, in such Obligor's reasonable opinion, is likely to result in the termination of such Site Lease (a "<u>Site Lease Default</u>"), then the Co-Issuers shall, within three Business Days of receipt of such notice, notify the Indenture Trustee, the Servicer, the Backup Manager and the Manager in writing of the same and deliver to the Indenture Trustee, the Backup Manager and the Servicer a true and complete copy of such notice. Further, the Co-Issuers shall provide such documents and information as the Indenture Trustee, the Backup Manager and the Servicer shall reasonably request concerning any Site Lease Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Servicer's Right to Cure</u>. If any Site Lease Default shall occur and be continuing, and notice has been given pursuant to <u>Section 7.23(d)</u>, or if any Site Lessor asserts in writing to an Asset Entity or the Servicer that a Site Lease Default has occurred (whether or not the Asset Entities question or deny such assertion), then, subject to (i) the terms and conditions of the applicable Site Lease, and (ii) the Asset Entities' right to terminate or assign the applicable Site Lease in accordance with <u>Section 7.23(b)</u>, the Servicer, upon five Business Days' prior written notice to the Co-Issuers, unless the Servicer reasonably determines that a shorter period (or no period) of notice is necessary to protect the Indenture Trustee's interest in the applicable Site Lease, may (but shall not be obligated to) take any action that the Servicer deems reasonably necessary, including, without limitation, (i) performance or attempted performance of the applicable Asset Entity's obligations under the applicable Site Lease, (ii) curing or attempting to cure any actual or purported Site Lease Default under the applicable Site Lease, (iii) mitigating or attempting to mitigate any damages or consequences of the same and (iv) entry upon the applicable Data Center for any or all of such purposes. Upon the Indenture Trustee's, the Backup Manager's or the Servicer's written request, the applicable Asset Entity shall submit satisfactory evidence of payment or performance of any of its obligations under the applicable Site Lease. The Servicer may pay and expend such sums of money as the Servicer in its sole discretion deems necessary or desirable for any such purpose, and the Co-Issuers shall pay to the Servicer within five Business Days of the written demand of the Servicer all such sums so paid or expended by the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Legal Action</u>. The Obligors shall not commence any action or proceeding against any Site Lessor or affecting or potentially affecting any Site Lease or the Asset Entities' or the Indenture Trustee's interest therein, the effect of which could, in the Obligors' reasonable opinion, be reasonably likely to result in an event of default under, or the termination of, any such Site Lease, without the prior written consent of the Servicer, which consent shall not be unreasonably withheld, conditioned or delayed. The Co-Issuers shall notify the Indenture Trustee, the Backup Manager and the Servicer immediately if any action or proceeding shall be commenced between any Site Lessor and any Asset Entity, or affecting or potentially affecting any Site Lease or any Asset Entity's or the Indenture Trustee's interest therein (including, without limitation, any case commenced by or against any Site Lessor under the Bankruptcy Code). The Servicer shall have the option, exercisable upon notice from the Servicer to the Co-Issuers, to participate in any action or proceeding of which it is notified in compliance with this <u>Section 7.23(f)</u> with counsel of the Servicer's choice. Each Obligor shall cooperate with the Servicer, comply with the reasonable instructions of the Servicer, execute any and all powers, authorizations, consents or other documents reasonably required by the Servicer in connection therewith, and shall not settle any such action or proceeding which could, in such Obligor's reasonable opinion, be reasonably likely to result in a Material Adverse Effect without the prior written consent of the Servicer, which consent shall not be unreasonably withheld, conditioned or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Bankruptcy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If any Site Lessor shall reject any Site Lease under or pursuant to Section 365 of the Bankruptcy Code, without the Servicer's prior written consent, the applicable Asset Entity shall not elect to treat the Site Lease as terminated but shall elect to remain in possession of the applicable Leased Data Center and the leasehold estate under such Site Lease. The Lien of the Indenture (with respect to such Data Center) and the Mortgage (with respect to any Data Center that is not a Non-Mortgaged Data Center) covering any such Data Center does and shall encumber and attach to all of the Asset Entity's rights and remedies at any time arising under or pursuant to Section 365 of the Bankruptcy Code, including without limitation, all of such Asset Entity's rights to remain in possession of such Data Center and the leasehold estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each Asset Entity acknowledges and agrees that in any case commenced by or against such Asset Entity under the Bankruptcy Code, the Indenture Trustee by reason of the Liens and rights granted under the Indenture (with respect to such Data Center) and Mortgage (with respect to any Data Center that is not a Non-Mortgaged Data Center) covering a Data Center that is a Leased Data Center shall have a substantial and material interest in the treatment and preservation of such Asset Entity's rights and obligations under the related Site Lease, and that such Asset Entity shall, in any such bankruptcy case, provide to the Indenture Trustee immediate and continuous reasonably adequate protection of such interests. Each Asset Entity and the Indenture Trustee agree that such adequate protection shall include but shall not necessarily be limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Indenture Trustee shall be deemed a party to the Site Lease (but shall not have any obligations thereunder) for purposes of Section 365 of the Bankruptcy Code, and shall, provided that, prior to an Event of Default, no such action by the Indenture Trustee would adversely and materially affect the Asset Entity's ability to prosecute, or defend, any such claims asserted therein, have standing to appear and act as a party in interest in relation to any matter arising out of or related to the Site Lease or Leased Data Center.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Such Asset Entity shall serve the Indenture Trustee, the Backup Manager and the Servicer with copies of all notices, pleadings and other documents relating to or affecting the Site Lease or the applicable Leased Data Center. Such Asset Entity (i) will contemporaneously serve on the Indenture Trustee, the Backup Manager and Servicer any notice, pleading or document served by such Asset Entity on any other party in the bankruptcy case, and (ii) any notice, pleading or document served upon or received by such Asset Entity from any other party in the bankruptcy case to be served by such Asset Entity on the Indenture Trustee, the Backup Manager and the Servicer promptly upon receipt by such Asset Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Upon written request of the Indenture Trustee (acting at the direction of Noteholders entitled to a majority of the Voting Rights) or the Servicer, such Asset Entity shall assume the Site Lease, and shall take such steps as are necessary to preserve such Asset Entity's right to assume the Site Lease, including without limitation using commercially reasonable efforts to obtain extensions of time to assume or reject the Site Lease under Section 365(d) of the Bankruptcy Code to the extent it is applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If an Asset Entity or the applicable Site Lessor seeks to reject any Site Lease or have the Site Lease deemed rejected, then prior to the hearing on such rejection such Asset Entity shall give the Indenture Trustee and the Servicer, subject to applicable law, no less than 20 days' notice and opportunity to elect in lieu of rejection to have the Site Lease assumed and assigned to a nominee of the Indenture Trustee. If the Indenture Trustee shall (which shall be at the Servicer's direction) so elect to assume and assign the Site Lease, such Asset Entity shall, subject to applicable law, continue any request to reject the Site Lease until after the motion to assume and assign has been heard. If the Indenture Trustee shall not elect (which shall be at the Servicer's direction) to assume and assign the Site Lease, then the Indenture Trustee may, subject to applicable law, obtain in connection with the rejection of the Site Lease a determination that the applicable Site Lessor, at the Indenture Trustee's option (which shall be at the Servicer's direction), shall (1) agree to terminate the Site Lease and enter into a new lease with the Indenture Trustee on the same terms and conditions as the Site Lease, for the remaining term of the Site Lease, or (2) treat the Site Lease as breached and provide the Indenture Trustee with the rights to cure defaults under the Site Lease and to assume the rights and benefits of the Site Lease.

Each Asset Entity agrees to join with and support any request by the Indenture Trustee to grant and approve the foregoing as necessary for adequate protection of the Indenture Trustee's interests. Notwithstanding the foregoing, the Indenture Trustee may seek additional terms and conditions, including such economic and monetary protections as it or the Servicer deems reasonably appropriate to adequately protect its interests, and any request for such additional terms or conditions shall not delay or limit the Indenture Trustee's right to receive the specific elements of adequate protection set forth herein.

Each Asset Entity hereby appoints the Indenture Trustee as its attorney in fact to act on behalf of such Asset Entity in connection with all matters relating to or arising out of the assumption or rejection of any Site Lease, in which the other party to the lease is a debtor in a case under the Bankruptcy Code. This grant of power of attorney is present, unconditional, irrevocable, durable and coupled with an interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Conversion</u>. Notwithstanding anything herein to the contrary, the Issuer, through the Asset Entities or any Additional Asset Entity shall have right to acquire (whether through an asset purchase, equity purchase or assignment of contracts) an interest in any Leased Data Center that is superior to such Asset Entity's interest in such data center as of the Closing Date or convert such Leased Data Center to a Data Center owned in fee (a "<u>Conversion</u>"), subject to satisfaction of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Asset Entity shall have completed architectural, structural and other due diligence at such Data Center (consistent with the Manager's existing standards and practices) with no material adverse findings and the Data Center is otherwise free of all material structural, architectural or title defects and is free of material deferred maintenance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) unless such Data Center is a Non-Mortgaged Data Center, such Asset Entity shall deliver a Mortgage (or an amendment to or assignment of the Mortgage encumbering the applicable Site Lease) if requested by the Servicer to reflect the Conversion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Indenture Trustee and the Servicer shall have received an Opinion of Counsel (consistent with the legal opinion with respect to the same subject matter delivered on the most recent Closing Date) with respect to the enforceability of the related Mortgage (or modification thereof) and, if such Additional Data Center is owned by an Additional Asset Entity to be contributed to the Issuer or the Co-Issuer in connection with the Conversion, the Indenture Trustee and the Servicer shall have received such other Opinions of Counsel (consistent with the legal opinions with respect to the same subject matter delivered on the most recent Closing Date) as may be reasonably requested by the Servicer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the implementation of the Conversion does not result in the violation of any Customer Contract that gives rise to any termination, cancellation or abatement right under any Customer Contract or other material agreement affecting or relating to the use and/or operation of such Data Center that could reasonably be expected to result in a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Obligors have delivered to the Indenture Trustee, the Manager, the Backup Manager and the Servicer a Phase I environmental report on each such Data Center that does not identify any Recognized Environmental Conditions that would reasonably be expected to cause a Material Adverse Effect, and if such Phase I environmental site assessment report reveals any condition that in the Manager's reasonable judgment so warrants, a Phase II environmental site assessment report, and such report concludes that such Data Center does not contain any Hazardous Materials in material violation of applicable Environmental Law for which (x) no remediation plan is in effect or being implemented or (y) the applicable Asset Entity is appropriately indemnified;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) at least ten (10) Business Days (or such lesser period as is approved by the applicable Rating Agency) prior to the date of such Conversion, the Co-Issuers shall have provided notice to each Rating Agency then rating the Notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Issuer shall have delivered an Officer's Certificate of the Issuer to the Servicer and the Indenture Trustee confirming compliance with the requirements of this <u>Section 7.23(h)</u>.

Section 7.24 <u>Rule 144A Information</u>. So long as any of the Notes are Outstanding, and the Co-Issuers are not subject to Section 13 or 15(d) of the Exchange Act, upon the request of a Noteholder, the Co-Issuers shall promptly furnish at their expense to such Holder, and the prospective purchasers designated by such Holder, Rule 144A Information in order to permit compliance with Rule 144A under the Securities Act in connection with the resale of such Notes by such Holder.

Section 7.25 <u>Maintenance of Books and Records</u>. The Obligors shall maintain and implement, administrative and operating procedures reasonably necessary in the performance of their obligations hereunder and shall keep and maintain at all times all documents, books, records, accounts and other information reasonably necessary or advisable for the performance of their obligations hereunder to the extent required under applicable law.

Section 7.26 <u>Continuation of Ratings</u>. To the extent permitted by applicable laws, rules or regulations, the Obligors shall (i) provide the Rating Agencies with information, to the extent reasonably obtainable by the Obligors, and take all reasonable action necessary to enable the Rating Agencies to monitor their respective credit ratings of the Notes, and (ii) pay such ongoing fees of the Rating Agencies as they may reasonably request to monitor their respective ratings of the Notes.

Section 7.27 <u>The Indenture Trustee, the Backup Manager and Servicer's Expenses</u>. The Co-Issuers shall pay, on written demand by the Indenture Trustee, the Backup Manager or the Servicer, out of the funds available therefor pursuant to Section 5.01(a), all reasonable out-of-pocket expenses, charges, costs, fees (including reasonable attorneys' fees and expenses) and indemnities in connection with the negotiation, documentation, closing, administration, servicing, enforcement, interpretation, and collection of the Notes and the Transaction Documents, and in the preservation and protection of the Indenture Trustee's rights hereunder and thereunder. Without limitation the Co-Issuers shall pay, out of the funds available therefor pursuant to Section 5.01(a), all costs and expenses, including reasonable attorneys' fees, incurred by the Indenture Trustee, the Backup Manager and the Servicer in any case or proceeding under the Bankruptcy Code (or any law succeeding or replacing any of the same) involving the Obligors, the Manager or the Guarantors.

Section 7.28 <u>Environmental Remediation</u>. Each Asset Entity (or the Manager on its behalf) agrees to promptly commence after written demand by the Indenture Trustee (acting at the written direction of the Controlling Class Representative) and reasonably diligently prosecute to completion any Remedial Work of any kind required by it under applicable Environmental Laws.

Section 7.29 <u>Amendments to Customer Contracts; Site Leases</u>. No Asset Entity shall consent to any amendment, modification or supplement to any Customer Contracts or Site Lease to which it is a party other than in accordance with Section 7.23 and Section 3 or Section 5 of the Management Agreement.

Section 7.30 <u>Asset Entities' Option to Dispose of Data Centers and Non-Core Data Center Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Other than (x) the sale, assignment, transfer or other disposition during the Disposition Period as set forth in the Management Agreement or (y) otherwise, as expressly permitted in this <u>Section 7.30</u>, the Asset Entities may not Dispose of any Data Centers so long as any Notes are Outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Asset Entities may sell, assign, transfer or otherwise dispose of one or more Data Centers (including through (x) the sale, assignment, transfer or other disposition of an Asset Entity by the Co-Issuers or (y) the sale, assignment, transfer or termination of the Site Lease with respect to a Leased Data Center), the related Customer Contracts and the other assets related to such Data Centers (collectively, the "<u>Data Center Assets</u>") at any time so long as notice is provided to each Rating Agency then rating the Notes and the following conditions are satisfied: (i) the Release Conditions are satisfied, (ii) the Manager and the Indenture Trustee have been paid all outstanding Advances, including Advance Interest thereon, and the Servicer, the Backup Manager and the Indenture Trustee have been paid all unpaid Additional Issuer Expenses and all unpaid fees and expenses to the extent then due and payable to the Servicer, the Backup Manager and the Indenture Trustee, as applicable, under the Transaction Documents (in each case only to the extent sufficient funds for payment in full of such amounts have not been deposited in the Collection Account for distribution on the applicable Payment Date) and (iii) the Co-Issuers prepay the Notes in an amount equal to the Disposition Price for the Data Center (or Data Centers), together with any applicable Prepayment Consideration, which amount shall be allocated to the Class of Notes with the highest alphabetical designation until such Class has been paid in full (and amounts so allocated to the Class A Notes will be further allocated among the numerical Tranches of Class A Notes in accordance with the Applicable Class A Payment Priority) and any remaining amount will be allocated to the remaining outstanding Notes, in direct order of alphabetical designation until all such Notes have been paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to the circumstances described in <u>Section 7.30(b)</u>, the Asset Entities may also dispose of Data Center Assets and the Co-Issuers will have the option to dispose of one or more Asset Entities that own or lease Data Center Assets, in each case, to one or more persons (including affiliates of the Asset Entities) in connection with the payment in full of the outstanding principal amount of a Series of Notes; *provided* that if any Series of Notes remains Outstanding following such payment in full, the following conditions are satisfied: (i) the Release Conditions are satisfied, (ii) after giving effect to the applicable disposition and prepayment, the pro forma DSCR is greater than or equal to 1.85:1.0; (iii) notice is provided to each Rating Agency then rating the Notes and (iv) the Manager and the Indenture Trustee have been paid all outstanding Advances, including Advance Interest thereon, and the Servicer, the Backup Manager and the Indenture Trustee have been paid all unpaid Additional Issuer Expenses and all unpaid fees and expenses to the extent then due and payable to the Servicer, the Backup Manager, the Manager and the Indenture Trustee, as applicable, under the Transaction Documents (in each case only to the extent sufficient funds for payment in full of such amounts have not been deposited in the Collection Account for distribution on the applicable Payment Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the foregoing, the Asset Entities may also dispose of or otherwise transfer Non-Core Data Center Assets, so long as such disposition or transfer does not reduce the Annualized Operating Income with respect to the associated Data Center; *provided* that such Asset Entity shall have provided written notice to the Backup Manager and the Servicer of any such transfer within five Business Days of such transfer. Any net proceeds received in connection with the disposition or transfer of Non-Core Data Center Assets shall be deposited into the applicable Collection Account and applied as Available Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any of the foregoing or in any other Transaction Document to the contrary, (x) an Asset Entity may at any time sell, assign or otherwise transfer any Data Center Assets to any other Asset Entity without restriction and (y) any Obligor may at any time transfer any Asset Entity Interests to any other Obligor without restriction.

Section 7.31 <u>Limitation on Certain Issuances and Transfers</u>. The Co-Issuers shall not issue any Series of Tax Restricted Notes, permit the issuance or transfer of any limited liability company interests of the Issuer or the Co-Issuer or permit the issuance or transfer of any other beneficial interest in the Issuer or the Co-Issuer that may be treated as equity of the Issuer or the Co-Issuer for U.S. federal income tax purposes if after giving effect thereto the sum of (a) the aggregate maximum number of Holders and Beneficial Owners for all Series and Classes of Tax Restricted Notes (including any Tax Restricted Notes to be issued), (b) the number of beneficial holders of limited liability company interests of the Issuer or the Co-Issuer and (c) the number of beneficial holders of other interests that may be treated as equity of the Issuer or the Co-Issuer for U.S. federal income tax purposes, would exceed 90. Any transfer made by a Beneficial Owner or beneficial holder or any Co-Issuer in violation of the foregoing sentence shall be void ab initio. For the avoidance of doubt, nothing in this Indenture shall prohibit or restrict the sale, transfer, assignment or other disposition of all or any part of, or the issuance of, any limited liability company or other interest in the member of any Guarantor or in any Person which directly or indirectly owns any limited liability company or other interest in the member of any Guarantor. For purposes of this Section 7.31, the number of Persons considered beneficial holders of interests in the Issuer or the Co-Issuer that may be treated as equity interests in the Issuer or the Co-Issuer for U.S. federal income tax purposes shall be the number of Persons that would be considered partners in such Co-Issuer with respect to such interests under the principles of Treasury regulations section 1.7704-1(h) if such interests in such Co-Issuer were treated as equity of such Co-Issuer.

**ARTICLE VIII**

**SINGLE-PURPOSE, BANKRUPTCY-REMOTE REPRESENTATIONS,<br> WARRANTIES AND COVENANTS**

Section 8.01 <u>Applicable to the Co-Issuers and the Asset Entities</u>. Each of the Co-Issuers hereby represents, warrants and covenants as of the Initial Closing Date that since its formation and at all times thereafter until such time as all Obligations are paid in full, each Closing Date Asset Entity hereby represents, warrants and covenants as of the Initial Closing Date that since its formation and at all times thereafter until such time as all Obligations are paid in full, and each Additional Asset Entity hereby represents, warrants and covenants as of the date on which such Additional Asset Entity first becomes a party to this Transaction Documents that since its formation and at all times thereafter until such time as all Obligations are paid in full:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for properties, or interests therein, which such Obligor has sold or assigned and for which such Obligor has no continuing obligations or liabilities other than Permitted Indebtedness, it has not owned, and does not own and will not own, any assets other than (i) the Data Centers, related Customer Contracts and other assets related to the Data Centers (including incidental personal property necessary for the operation thereof and proceeds therefrom) and, prior to the date such Obligor first became a party to the Transaction Documents, similar data centers, the customer contracts relating thereto and the other assets related to those data centers, or (ii) direct or indirect ownership interests in the Asset Entities or such incidental assets as are necessary to enable it to discharge its obligations with respect to the Asset Entities (the "<u>Asset Entity Interests</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has not and is not engaged, and will not engage, in any business, directly or indirectly, other than (i) in the case of an Asset Entity, the ownership, management and operation of the Data Centers and, prior to the date such Obligor first became a party to the Transaction Documents, similar data centers or (ii) the acquisition and ownership of the Asset Entity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it is not party to as of the date such Obligor first became a party to the Transaction Documents, and will not enter, into any contract or agreement with any partner, member, shareholder, trustee, beneficiary, principal or Affiliate of any Obligor except upon terms and conditions that are intrinsically fair and substantially similar to those that would be available on an arm's-length basis with third parties other than such Affiliate (it being understood that (i) the Management Agreement and the other Transaction Documents and (ii) management agreements and related agreements entered into with the Manager and the other Obligors in connection with other similar financing transactions, which financing transaction is terminated on or prior to the Initial Closing Date, comply with this covenant);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it has not incurred any Indebtedness that remained outstanding as of the date such Obligor first became a party to the Transaction Documents and will not incur any Indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than Permitted Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it has not made any loans or advances to any Person (other than among the Obligors) that remained outstanding as of the date such Obligor first became a party to the Transaction Documents and will not make any loan or advance to any Person (including any of its Affiliates) other than another Obligor, and has not acquired, and will not acquire, obligations or securities of any of its Affiliates other than the other Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it is and reasonably expects to remain solvent and pay its own liabilities, indebtedness, and obligations of any kind solely from its own separate assets as the same shall become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) it has done or caused to be done, and will do, all things necessary to preserve its existence, and will not, nor will any partner, member, shareholder, trustee, beneficiary or principal, amend, modify or otherwise change its partnership agreement, trust agreement, articles of incorporation, by-laws, articles of organization, operating agreement, or other organizational documents in any manner with respect to the matters set forth in this Article VIII except as otherwise permitted under such organizational documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) it has continuously maintained, and shall continuously maintain, its existence and be qualified to do business in all states necessary to carry on its business, specifically including in the case of an Asset Entity, the states where its Data Centers are located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it has conducted and operated, and will conduct and operate, its business as presently contemplated with respect to the ownership of the Data Centers, or the Asset Entity Interests, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) it has maintained, and will maintain, books and records and bank accounts (other than bank accounts established hereunder, established by the Manager pursuant to the Management Agreement or, prior to the date such Obligor first became a party to the Transaction Documents, bank accounts established in connection with other similar financing transactions, which financing transaction is terminated on or prior to the Initial Closing Date) separate from those of its partners, members, shareholders, trustees, beneficiaries, principals or Affiliates or any other Person (other than the other Obligors) and it will maintain its Financial Statements separate from those of its Affiliates; *provided*, that it and its assets may be included in consolidated Financial Statements of its Affiliates if (i) appropriate notation shall be made on such consolidated Financial Statements to indicate the separateness of the Obligors from such Affiliates and to indicate that the Obligors' assets and credit are not available to satisfy the debts and other obligations of such Affiliates or any other Person and (ii) the assets of each Obligor shall also be listed on such Obligor's own separate balance sheet;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) except as contemplated herein and by the Management Agreement and management agreements entered into with the Manager and the other Obligors in connection with other similar financing transactions, it has at all times held, and will continue to hold, itself out to the public as a legal entity separate and distinct from any other Person (including any of its partners, members, shareholders, trustees, beneficiaries, principals or Affiliates, and any Affiliates of any of the same), and not as a department or division of any Person (other than the other Obligors) and will correct any known misunderstandings regarding its existence as a separate legal entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) it has had and will have a sufficient number of employees (if any) in light of its contemplated business operations and has and shall pay the salaries of its own employees, if any, solely from its own funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) it has allocated, and will continue to allocate, fairly and reasonably any overhead for shared expenses with Affiliates (including, without limitation, any shared office space or other services and the services performed by any employee of an Affiliate, including as a director or officer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) it has and will use stationery, invoices and checks bearing its own name (including any trade name) separate from those of any Affiliate (it being understood that the Guarantors and the Obligors are expressly permitted to use common stationery, invoices and checks among the Guarantors and the Obligors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) it has filed, and will continue to file, its own tax returns separate from those of any other Person except to the extent that such Obligor is treated as a "disregarded entity" for tax purposes or is not otherwise required to file tax returns under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) it reasonably expects to maintain adequate capital for its obligations in light of its contemplated business operations; *provided* however, that the foregoing shall not require its respective Member to make additional capital contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) it has not sought, acquiesced in, or suffered or permitted, and will not seek, acquiesce in, or suffer or permit, its liquidation, dissolution or winding up, in whole or in part;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) except as otherwise permitted hereunder, it will not enter into any transaction of merger or consolidation, sell all or substantially all of its assets, or acquire by purchase or otherwise all or substantially all of the business or assets of, or any stock or beneficial ownership of, any Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) it has not commingled or permitted to be commingled, and will not commingle or permit to be commingled, its funds or other assets with those of any other Person (other than, with respect to the Obligors, each other Obligor, or any such funds as may be held by the Manager, as agent, for each Asset Entity pursuant to the terms of the Management Agreement or any management agreement entered into with the Manager and the other Obligors in connection with a similar financing transaction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) it has maintained, and will maintain, its assets in such a manner that it is not costly or difficult to segregate, ascertain or identify its individual assets from those of any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) it has not held itself out to be responsible for the debts or obligations of any other Person that remain outstanding and will not hold itself out to be responsible for the debts or obligations (other than the Obligations) of any other Person (other than another Obligor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) it has not guaranteed or otherwise become liable in connection with any obligation of any other Person (other than the other Obligors) that remains outstanding, and will not guarantee or otherwise become liable on or in connection with any obligation (other than the Obligations) of any other Person (other than the other Obligors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) it has not pledged its assets to secure obligations of any other Person (other than the other Obligors) that remains outstanding, and will not pledge its assets to secure obligations of any other Person (other than the other Obligors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) it has not held, and, except for funds deposited into the Accounts in accordance with the Transaction Documents, shall not hold, title to its assets other than in its name (including any trade name);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) it has conducted, and will continue to conduct, its business solely in its own name (including any trade name);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) it has observed, and will continue to observe, all corporate, limited partnership or limited liability company, as applicable, formalities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) since the date such Obligor first became a party to the Transaction Documents, it has not formed, acquired or held any subsidiary (other than another Obligor) and will not form, acquire or hold any subsidiary (other than another Obligor).

Section 8.02 <u>Applicable to the Co-Issuers</u>. In addition to its obligations under Section 8.01, and without limiting the provisions of Section 7.20, each of the Co-Issuers hereby represent, warrant and covenant as of the Initial Closing Date and until such time as all Obligations are paid in full:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Co-Issuers shall not, and the Co-Issuers shall not in their capacity as the sole member of any Asset Entity, permit such Asset Entity to, without the prior unanimous written consent of the board of directors of the Co-Issuers, including the independent directors of such board, institute proceedings for any of themselves to be adjudicated bankrupt or insolvent; consent to the institution of bankruptcy or insolvency proceedings against themselves; file a petition seeking, or consent to, reorganization or relief under any applicable federal or state law relating to bankruptcy; seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) for themselves or a substantial part of their property; make or consent to any assignment for the benefit of creditors; or admit in writing their inability to pay their debts generally as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Issuer and the Co-Issuer has and at all times shall maintain at least two independent directors on its board of directors, who shall be selected by its respective Member.

**ARTICLE IX**

**SATISFACTION AND DISCHARGE**

Section 9.01 <u>Satisfaction and Discharge of Indenture</u>. This Indenture shall cease to be of further effect with respect to any Notes of a particular Series (or de-registration and/or registration of Uncertificated Notes) except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or wrongfully taken Notes of a particular Series, (iii) rights of Noteholders of a particular Series to receive payments of principal thereof and interest thereon, (iv) the rights, obligations and immunities of the Indenture Trustee hereunder (including the rights of the Indenture Trustee under Section 11.03 and the obligations of the Indenture Trustee under Section 9.02), and (v) the rights of Noteholders of a particular Series as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Co-Issuers, shall execute proper instruments, to be prepared by the Co-Issuers or their counsel, acknowledging satisfaction and discharge of this Indenture with respect to the Notes of a particular Series, when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Notes of a particular Series theretofore authenticated and delivered (or with respect to Uncertificated Notes, registered) (other than (i) Notes of a particular Series that have been mutilated, destroyed, lost or wrongfully taken and that have been replaced or paid as provided in <u>Section 2.04</u> and (ii) Notes of a particular Series for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Co-Issuers and thereafter repaid to the Co-Issuers or discharged from such trust, as provided in <u>Section 7.22</u>) have been delivered to the Indenture Trustee for cancellation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all Notes not theretofore delivered to the Indenture Trustee for cancellation have become due and payable and the Co-Issuers have irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation, for principal and interest to the date of such deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each of the Obligors has paid or caused to be paid all Obligations and other sums due and payable hereunder by the Obligors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Co-Issuers have delivered to the Indenture Trustee an Officer's Certificate, an Opinion of Counsel and (if required by the Indenture Trustee) an Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements of <u>Section 15.01</u> and, subject to <u>Section 15.02</u>, each stating that all conditions precedent provided for in this Indenture relating to the satisfaction and discharge of this Indenture with respect to such Series have been satisfied.

Section 9.02 <u>Application of Trust Money</u>. With respect to such Series, all monies deposited with the Indenture Trustee pursuant to Section 9.01 shall be held in trust and applied by the Indenture Trustee, in accordance with the provisions of the Notes of such Series and this Indenture, to the payment through the Paying Agent to the Holders of the particular Notes of such Series for the payment of which such monies have been deposited with the Indenture Trustee, of all sums due and to become due thereon for the aggregate Note Principal Balance of such Notes and interest but such monies need not be segregated from other funds except to the extent required in this Indenture or required by law.

Section 9.03 <u>Repayment of Monies Held by Paying Agent</u>. With respect to each Series, in connection with the satisfaction and discharge of this Indenture, all monies then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall, upon demand of the Co-Issuers, be paid to the Indenture Trustee to be held and applied according to Section 7.22 and thereupon such Paying Agent shall be released from all further liability with respect to such monies.

**ARTICLE X**

**EVENTS OF DEFAULT; REMEDIES**

Section 10.01 <u>Events of Default</u>. Subject to the standard of care set forth in Section 11.02(a), which standard may require the Indenture Trustee to act, any rights or remedies granted to the Indenture Trustee under this Article X or elsewhere in this Indenture and the other Transaction Documents, upon the occurrence of an Event of Default, are hereby expressly delegated to and assumed by the Servicer, who shall act on behalf of the Indenture Trustee with respect to all enforcement matters relating to any such Event of Default, including, without limitation, the right to institute and prosecute any Proceeding on behalf of the Indenture Trustee and the Noteholders and direct the application of monies held by the Indenture Trustee (to the extent the Indenture Trustee has the discretion hereunder to apply such monies as it deems necessary or appropriate); *provided, however*, that such delegation of authority shall not apply to any matters relating to the Controlling Class Representative set forth in Section 10.05. "<u>Event of Default</u>", wherever used in this Indenture or in any Series Supplement shall mean the occurrence or existence of any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interest</u>. Failure of the Co-Issuers to make any payment of interest on the Notes when due on any Payment Date and such failure continues for two Business Days (provided that the failure of the Co-Issuers to pay Accrued Note Interest on Notes (other than Class A Notes) on any Payment Date on which any Class A Notes are Outstanding or to pay Accrued Note Interest on Notes (other than Class A Notes or Class B Notes) on any Payment Date on which any Class A Notes or Class B Notes are Outstanding is not an Event of Default);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Principal</u>. Failure of the Co-Issuers to make any payment of principal of the Notes when due on any Payment Date (*provided* that the failure of the Co-Issuers to pay any optional payments of principal on the Outstanding principal amount on the Class A-1 Notes in accordance with the terms of any Variable Funding Note Purchase Agreement or any principal on any Class A-1 Notes during any VFN Early Amortization Period, any LTV Test Sweep Amount or any Monthly Amortization Amount for which funds are not available in accordance with <u>Section 5.01(b)</u> shall not constitute an Event of Default);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Other Monetary Default</u>. Any monetary default by any Guarantor or any Obligor under any Transaction Document, including failure to pay VFN Undrawn Commitment Fees, Letter of Credit Fees and any other fees expenses and other amounts due to the Holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement, in each case, within the applicable cure period (other than those covered by clause (a) or clause (b) above) (provided that the failure of the Co-Issuers to pay any VFN Undrawn Commitment Fees, any Letter of Credit Fees or any other fees, expenses and other amounts due to the Holders of the Variable Funding Notes under any Variable Funding Note Purchase Agreement for which funds are not available in accordance with <u>Section 5.01(b)</u> shall not constitute an Event of Default) or if no cure period is set forth in such Transaction Document, which default continues unremedied for a period of 30 days after receipt by the Co-Issuers of written notice from the Indenture Trustee, the Backup Manager or the Servicer (with a copy to the Indenture Trustee) of such default requiring such default to be remedied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Breach of Reporting Provisions</u>. Failure of any Obligor to perform or comply with any term or condition contained in <u>Section 7.02</u> which continues for a period of 30 days after receipt by the Obligors of written notice from the Indenture Trustee, the Backup Manager or the Servicer (with a copy to the Indenture Trustee) of such failure requiring such failure to be remedied, unless such period is otherwise extended upon request by the Obligors with the consent of the Indenture Trustee (at the direction of the Control Party);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Other Defaults Under Transaction Documents</u>. Any default by any Guarantor or any Obligor in the observance and performance of, or compliance with, any covenant or agreement contained in this Indenture or the other Transaction Documents (other than a default described in another subsection of this <u>Section 10.01</u>) and such default is reasonably likely to cause a Material Adverse Effect and such default shall continue unremedied for a period of 30 days after receipt by the Co-Issuers of written notice from the Indenture Trustee, the Backup Manager, or the Servicer (with a copy to the Indenture Trustee) of such default requiring such default to be remedied; *provided, however*, that if (i) the default is reasonably susceptible of cure but not within such period of 30 days, (ii) the applicable Guarantor or the applicable Obligor, as the case may be, has commenced the cure within such 30 day period and has pursued such cure diligently, and (iii) the applicable Guarantor or the applicable Obligor, as the case may be, delivers to the Indenture Trustee, the Backup Manager and the Servicer evidence of the foregoing, then such period shall be extended for so long as is reasonably necessary for the applicable Guarantor or the applicable Obligor, as the case may be, in the exercise of due diligence to cure such default, but in no event beyond 120 days after the original notice of default; *provided* that the applicable Guarantor or the applicable Obligor, as the case may be, continues to diligently and continuously pursue such cure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Breach of Warranty</u>. Any representation, warranty, certification or other statement made by any Guarantor or any Obligor in any Transaction Document or in any statement or certificate at any time given in writing pursuant to or in connection with any Transaction Document is false as of the date made and such breach is reasonably likely to cause a Material Adverse Effect; *provided* that such breach shall not constitute an Event of Default if such breach is reasonably susceptible of cure and within 45 days after (i) any Guarantor or any Obligor has Knowledge of such breach or (ii) receipt by the applicable Guarantor or the applicable Obligor, as the case may be, of written notice from a Responsible Officer of the Indenture Trustee, the Backup Manager or the Servicer (with a copy to the Indenture Trustee) of such breach, such Guarantor or such Obligor, as the case may be, takes such action as may be required to make such representation, warranty, certification or other statement to be true as made (and, after giving effect to such action, the related breach of such representation, warranty, certification or other statement is actually cured within such 45 day period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Involuntary Bankruptcy; Appointment of Receiver, etc</u>. (i) A court enters a decree or order for relief with respect to any Guarantor or any Obligor, in an Involuntary Bankruptcy, which decree or order is not stayed or other similar relief is not granted under any applicable federal or state law unless dismissed within 90 days; or (ii) the occurrence and continuance of any of the following events for 90 days unless dismissed or discharged within such time: (x) an involuntary case under the Bankruptcy Code or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, is commenced, in which any Guarantor or any Obligor is a debtor or any portion of the Data Center is property of the estate therein, (y) a decree or order of a court for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over any Guarantor or any Obligor, over all or a substantial part of its property, is entered or (z) an interim receiver, trustee or other custodian is appointed without the consent of any Guarantor or any Obligor, as applicable, for all or a substantial part of its property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Voluntary Bankruptcy; Appointment of Receiver, etc</u>. (i) An order for relief is entered with respect to any Guarantor or any Obligor, or any Guarantor or any Obligor commences a voluntary case under the Bankruptcy Code or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case or to the conversion of an involuntary case to a voluntary case under any such law or consents to the appointment of or taking possession by a receiver, trustee or other custodian for any Guarantor or any Obligor, for all or a substantial part of the property of such Guarantor or such Obligor; (ii) any Guarantor or any Obligor makes any assignment for the benefit of creditors; or (iii) the board of directors or other governing body of any Guarantor or any Obligor adopts any resolution or otherwise authorizes action to approve any of the actions referred to in this <u>Section 10.01(h)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Solvency</u>. Any Guarantor or any Obligor ceases to be solvent or admits in writing its present or prospective inability to pay its debts as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Ownership</u>. (x) The Guarantor shall cease to own, directly or indirectly, 100% of the limited liability company or other ownership interests (other than any Class R Interests) in the Issuer, (y) the Co-Guarantor shall cease to own, directly or indirectly, 100% of the limited liability company or other ownership interest (other than any Class R Interests) in the Co-Issuer, or (z) the Issuer or the Co-Issuer, as applicable, shall cease to own, directly or indirectly, 100% of the limited liability company or other ownership interests in each Asset Entity (other than as permitted under this Indenture);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Change of Control</u>. An assignment or a change of control transaction shall occur that results in the termination of, or the exercise of rights or remedies under, one or more Site Leases with respect to the Data Centers that results in the termination of, or other exercise of remedies, under Customer Contracts that directly result in the Annualized Revenue derived from all Customer Contracts (taken as a whole) being reduced by 5.0% or more; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Failure to Appoint Replacement Manager</u>. A Replacement Manager shall not have assumed all of the duties of the Manager within 90 days following the execution of a replacement management agreement in accordance with the Management Agreement, solely due to the failure of the Manager to expressly delegate its duties in the Customer Contracts to the Replacement Manager (including as a result of the failure to obtain the consent of the applicable Customers to such delegation, solely to the extent required by the terms of such Customer Contracts), and such failure is reasonably likely to cause a Material Adverse Effect.

Except with respect to a default order under <u>Section 10.01(d)</u>, if more than one of the foregoing paragraphs shall describe the same condition or event, then the Indenture Trustee shall have the right to select which paragraph or paragraphs shall apply. In any such case, the Indenture Trustee shall have the right (but not the obligation) to designate the paragraph or paragraphs which provide for non-written notice (or for no notice) or for a shorter time to cure (or for no time to cure).

Section 10.02 <u>Acceleration and Remedies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the occurrence and during the continuance of any Event of Default described in any of <u>Section 10.01(g)</u> or <u>Section 10.01(h)</u>, the aggregate Class Principal Balances of all Classes of Outstanding Notes, together with accrued and unpaid interest thereon through the date of acceleration, and all other Obligations shall automatically become immediately due and payable, without presentment, demand, protest, notice of intent to accelerate, notice of acceleration or other requirements of any kind, subject to the provisions of <u>Section 15.18</u>. Upon the occurrence and during the continuance of any other Event of Default, the Indenture Trustee shall, at the direction of the Required Global Majority Noteholders, declare all of the Notes immediately due and payable, by written notice to the Co-Issuers. Upon any such declaration, the aggregate Class Principal Balances of all Classes of Outstanding Notes together with accrued and unpaid interest thereon through the date of acceleration, and all other Obligations shall become immediately due and payable, subject to the provisions of <u>Section 15.18</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time after an automatic acceleration of maturity or a declaration of acceleration of maturity has been made and before a judgment or decree for payment of the amount due has been obtained by the Indenture Trustee as hereinafter provided in this <u>Section 10.02</u>, Required Global Majority Noteholders may, with written notice to the Co-Issuers and the Indenture Trustee, rescind and annul such declaration and its consequences; *provided, however*, such rescission or annulment shall be effective only if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Co-Issuers have paid or deposited with the Indenture Trustee a sum sufficient to pay:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all payments of the principal of and interest on all Notes and all other Obligations that would then be due hereunder or upon such Notes if the Event of Default giving rise to such acceleration had not occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) all sums paid or advanced by the Indenture Trustee hereunder and the compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel and other amounts due and owing to the Indenture Trustee pursuant to <u>Section 11.06</u> shall have been paid in full; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) all Events of Default, other than the nonpayment of the principal and interest of the Notes that has become due solely by such acceleration, have been cured or waived as provided in <u>Section 10.15</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the occurrence and during the continuance of an Event of Default of which a Responsible Officer of the Indenture Trustee has Knowledge, all or any one or more of the rights, powers, privileges and other remedies available to the Indenture Trustee against the Obligors (or the Guarantors) under this Indenture or any of the other Transaction Documents, or at law or in equity, may be exercised by the Indenture Trustee at any time and from time to time, whether or not all or any of the Obligations shall be declared due and payable, and whether or not the Indenture Trustee shall have commenced any action for the enforcement of its rights and remedies under any of the Transaction Documents with respect to the Data Centers, the Assets, the Customer Contracts or the other Collateral and the proceeds from any of the foregoing. Any such actions taken by the Indenture Trustee shall be cumulative and concurrent and may be pursued independently, singly, successively, together or otherwise, at such time and in such order as the Indenture Trustee may determine in its sole discretion, to the fullest extent permitted by law, without impairing or otherwise affecting the other rights and remedies of the Indenture Trustee permitted by law, equity or contract or as set forth herein or in the other Transaction Documents. Without limiting the generality of the foregoing, if an Event of Default is continuing (i) to the fullest extent permitted by law, the Indenture Trustee shall not be subject to any "one action" or "election of remedies" law or rule, and (ii) all Liens and other rights, remedies or privileges provided to the Indenture Trustee shall remain in full force and effect until the Indenture Trustee has exhausted all of its remedies against each Data Center, the Assets, the Customer Contracts and the other Collateral and the proceeds from any of the foregoing or the Obligations have been paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Upon the occurrence and during the continuance of an Event of Default of which a Responsible Officer of the Indenture Trustee has Knowledge, the Indenture Trustee shall have the right from time to time to partially foreclose the Mortgages and other Collateral in any manner and for any amounts secured by the Mortgages and other Collateral then due and payable as determined by the Indenture Trustee (or Servicer on its behalf) in its sole discretion including, without limitation, the following circumstances: (i) in the event the Co-Issuers default beyond any applicable grace period in the payment of one or more scheduled payments of principal and interest, the Indenture Trustee (or Servicer on its behalf) may foreclose the Mortgages and other Collateral to recover such delinquent payments, or (ii) in the event the Indenture Trustee (or Servicer on its behalf) elects to accelerate less than the entire aggregate Class Principal Balances of all Classes of Outstanding Notes, the Indenture Trustee (or Servicer on its behalf) may foreclose the Mortgages or any of them to recover so much of the unpaid principal balances of the Notes as the Indenture Trustee (or Servicer on its behalf) may accelerate and such other sums secured by the Mortgages and other Collateral as the Indenture Trustee (or Servicer on its behalf) may elect. Notwithstanding one or more partial foreclosures, the Data Centers (other than any Non-Mortgaged Data Center) shall remain subject to the Mortgages to secure payment of sums secured by the Mortgages and not previously recovered and any Non-Mortgaged Data Centers shall remain subject to the Lien of this Indenture to secure payment of sums secured by such Collateral and not previously recovered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any amounts recovered from the Data Centers, the Assets, the Customer Contracts or any other Collateral and the proceeds from any of the foregoing for the Notes and other Obligations after an Event of Default shall be applied by the Indenture Trustee toward the payment of any interest and/or principal of the Notes and/or any other amounts due under the Transaction Documents in accordance with the priorities set forth in Article V of this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding any provision to the contrary contained in this Indenture, the Indenture Trustee shall not be required to obtain title to the Collateral as a result of or in lieu of foreclosure or otherwise, and shall not otherwise be required to acquire possession of the Collateral subject to foreclosure if, as a result thereof, the Indenture Trustee (i) would be in material violation of any applicable Environmental Laws, or (ii) has a reasonable basis to believe that the Indenture Trustee (or the Servicer on its behalf) or any Noteholder would be considered to be a "mortgagee-in-possession" of, or an "owner" or "operator" of, such real property within the meaning of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended from time to time, or any comparable law, and be subject to material liability under such laws, unless the Indenture Trustee (i) has previously obtained reasonably satisfactory Phase I and, if reasonably recommended by the current Phase I, Phase II environmental assessment reports, subject to any necessary consents (collectively, an "<u>Environmental Assessment</u>") prepared by an independent third-party professional who regularly conducts Environmental Assessments, together with written documentation of the status of remediation efforts, if any, being undertaken with respect to the adverse environmental conditions, if any, existing at or under such Collateral subject to foreclosure and (ii) such foreclosure or otherwise does not expose the Indenture Trustee (or the Servicer on its behalf) to any material loss, liability, claim, cost or expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The rights and remedies set forth in this <u>Section 10.02</u> are in addition to, and not in limitation of, any other right or remedy provided for in this Indenture or any other Transaction Document including, without limitation, the rights and remedies provided for in <u>Section 10.08</u>.

Section 10.03 <u>Performance by the Indenture Trustee</u>. Upon the occurrence and during the continuance of an Event of Default, if any of the Asset Entities, the Co-Issuers, the Guarantors or the Manager shall fail to perform, or cause to be performed, any material covenant, duty or agreement contained in any of the Transaction Documents (subject to applicable notice and cure periods), the Indenture Trustee may, but shall have no obligation to, perform or attempt to perform such covenant, duty or agreement on behalf of such Asset Entity, the Issuer, the Co-Issuer, such Guarantor or the Manager including making protective advances on behalf of any Asset Entities, or, causing the obligations of the Obligors to be satisfied with the proceeds of any Reserve. In such event, the Obligors shall, at the request of the Indenture Trustee, promptly pay to the Indenture Trustee, or reimburse, as applicable, any of the Reserves, any actual amount reasonably expended or disbursed by the Indenture Trustee in such performance or attempted performance, together with interest thereon (including reimbursement of any applicable Reserves), from the date of such expenditure or disbursement, until paid. Any amounts advanced or expended by the Indenture Trustee to perform or attempt to perform any such matter shall be added to and included within the Obligations and shall be secured by all of the Collateral securing the Notes. Notwithstanding the foregoing, it is expressly agreed that neither the Indenture Trustee, the Backup Manager nor the Servicer shall have any liability or responsibility for the performance of any obligation of the Asset Entities, the Co-Issuers, the Guarantors or the Manager under this Indenture or any other Transaction Document, and it is further expressly agreed that no such performance by the Indenture Trustee shall cure any Event of Default hereunder.

Section 10.04 <u>Evidence of Compliance</u>. Promptly following written request by the Indenture Trustee, the Co-Issuers shall, and/or shall cause each Asset Entity, the Guarantor or the Manager to, provide such documents and instruments as shall be reasonably satisfactory to the Indenture Trustee to evidence compliance with any material provision of the Transaction Documents applicable to such entities.

Section 10.05 <u>Controlling Class Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Noteholders (or, in the case of Book-Entry Notes, the Note Owners) of the Controlling Class whose Outstanding Notes represent more than 50.0% of the related Class Principal Balance shall be entitled to select a representative (the "<u>Controlling Class Representative</u>") having the rights and powers specified in the Servicing Agreement and this Indenture (including those specified in <u>Section 10.06</u>) or to replace an existing Controlling Class Representative. Upon (i) the receipt by the Indenture Trustee of written requests for the selection of a Controlling Class Representative from the Noteholders (or, in the case of Book-Entry Notes, the Note Owners) of Outstanding Notes representing more than 50.0% of the Class Principal Balance of the Controlling Class, (ii) the resignation or removal of the Person acting as Controlling Class Representative or (iii) Knowledge by the Indenture Trustee that the Controlling Class has changed, the Indenture Trustee shall promptly notify the Co-Issuers, the Servicer and the Noteholders of the Controlling Class that they may select a Controlling Class Representative. Such notice shall set forth the requirements set forth in this Indenture for selecting a Controlling Class Representative. No appointment of any Person as a Controlling Class Representative shall be effective until such Person provides the Indenture Trustee with written confirmation of its acceptance of such appointment, that it will keep confidential all information received by it as Controlling Class Representative hereunder or otherwise with respect to the Notes, the Assets and/or the Servicing Agreement, an address and facsimile number for the delivery of notices and other correspondence and a list of officers or employees of such Person with whom the parties to the Servicing Agreement may deal (including their names, titles, work addresses and email addresses). No Affiliate of the Issuer or the Co-Issuer may act as Controlling Class Representative. In the event that the Class A Notes are the Controlling Class, the Controlling Class will be comprised of all Class A Notes, collectively, based on the Outstanding principal amounts of such Class A Notes (assuming the full amount of the Class A-1 Commitment Amount that is permitted to be drawn on such date is fully drawn).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Within ten Business Days (or as soon thereafter as practicable if the Controlling Class consists of Book-Entry Notes) of any change in the identity of the Controlling Class Representative of which a Responsible Officer of the Indenture Trustee has Knowledge, the Indenture Trustee shall deliver to the Noteholders of the Controlling Class and the Servicer a notice setting forth the identity of the new Controlling Class Representative and a list of each Noteholder of the Controlling Class, including, in each case, names and addresses. With respect to such information, the Indenture Trustee shall be entitled to rely conclusively on information provided to it by the Noteholders (or, in the case of Book-Entry Notes, by the Depositary, the Depositary Participants or, subject to <u>Section 2.06</u>, the Note Owners) of such Notes, and the Servicer shall be entitled to rely on the information provided in the notice by the Indenture Trustee regarding the identity of the Controlling Class Representative with respect to any obligation or right hereunder that the Servicer may have to deliver information or otherwise communicate with the Controlling Class Representative or any of the Noteholders (or, if applicable, Note Owners) of the Controlling Class. In addition to the foregoing, within two Business Days of the selection, resignation or removal of a Controlling Class Representative, the Indenture Trustee shall notify the parties to this Indenture and the Servicer of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Noteholders (or, in the case of Book-Entry Notes, the Note Owners) of the Controlling Class whose Outstanding Notes represent more than 50.0% of the Class Principal Balance of the Controlling Class shall be entitled to remove or replace any existing Controlling Class Representative by giving written notice to the Indenture Trustee and to such existing Controlling Class Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A Controlling Class Representative may resign at any time by giving written notice to the Indenture Trustee, the Backup Manager, the Servicer and to each Noteholder (or, in the case of the Global Notes, each Note Owner) of the Controlling Class regardless of whether or not a successor Controlling Class Representative has been appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Once a Controlling Class Representative has been selected pursuant to this <u>Section 10.05</u>, each of the parties to the Servicing Agreement and each Noteholder (or Note Owner, if applicable) shall be entitled to rely on such selection unless a majority of the Noteholders (or, in the case of Book-Entry Notes, the Note Owners) of the Controlling Class, by Class Principal Balance, or such Controlling Class Representative, as applicable, shall have notified the Indenture Trustee and each other party to the Servicing Agreement and each Noteholder (or, in the case of Book-Entry Notes, Note Owner) of the Controlling Class, in writing, of the resignation or removal of such Controlling Class Representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any and all expenses of the Controlling Class Representative shall be borne by the Noteholders (or, if applicable, the Note Owners) of Notes of the Controlling Class, *pro rata* according to their respective Percentage Interests in such Class. Notwithstanding the foregoing, if a claim is made against the Controlling Class Representative by a Guarantor or an Obligor with respect to the Servicing Agreement or the Notes, the Controlling Class Representative shall immediately notify the Indenture Trustee, the Backup Manager and the Servicer, whereupon (if the Servicer, the Backup Manager or the Indenture Trustee are also named parties to the same action and, in the sole judgment of the Servicer, (i) the Controlling Class Representative had acted in good faith, without gross negligence or willful misconduct, with regard to the particular matter at issue, and (ii) there is no potential for the Servicer, the Backup Manager or the Indenture Trustee to be an adverse party in such action as regards the Controlling Class Representative) the Servicer on behalf of the Indenture Trustee for the benefit of the Noteholders shall, subject to the Servicing Agreement, assume the defense of any such claim against the Controlling Class Representative (with any costs incurred in connection therewith being deemed to be reimbursable Additional Issuer Expenses).

Section 10.06 <u>Certain Rights and Powers of the Controlling Class Representative</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any time that the Servicer proposes to transfer the ownership of a Data Center or the ownership of the direct or indirect equity interests of any of the Asset Entities, the Control Party shall be entitled to advise the Servicer with respect to such transfer, and notwithstanding anything in any other Section of this Indenture to the contrary, but in all cases subject to <u>Section 10.06(b)</u>, the Servicer shall not be permitted to take such action if the Control Party has objected in writing within ten Business Days of having been notified thereof and having been provided with information with respect thereto reasonably requested no later than the fifth Business Day after notice thereof (*provided*, that if such written objection has not been received by the Servicer within such ten Business Day period, then the Control Party's approval will be deemed to have been given).

If the Control Party affirmatively approves or is deemed to have approved in writing such a request, the Servicer will implement the action for which approval was sought. If the Control Party disapproves of such a request within the ten Business Day period referred to in the preceding paragraph, the Servicer must (unless it withdraws the request) revise the request and deliver to the Control Party a revised request promptly and in any event within 30 days after such disapproval. The Servicer will be required to implement the action for which approval was most recently requested (unless such request was withdrawn by the Servicer) upon the earlier of (x) the failure of the Control Party to disapprove a request within ten Business Days after its receipt thereof and (y) (1) the passage of 60 days following the Servicer's delivery of its initial request to the Control Party and (2) the determination by the Servicer in its reasonable good faith judgment that the failure to implement the most recently requested action would violate the Servicer's obligation to act in accordance with the Servicing Standard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything herein to the contrary, (i) the Servicer shall not have any right or obligation to consult with or to seek and/or obtain consent or approval from any Controlling Class Representative prior to acting, and provisions of the Servicing Agreement requiring such shall be of no effect, during the period prior to the initial selection of a Controlling Class Representative and, if any Controlling Class Representative resigns or is removed, during the period following such resignation or removal until a replacement is selected and (ii) no advice, direction or objection from or by the Controlling Class Representative, as contemplated by <u>Section 10.06(a)</u>, may (A) require or cause the Servicer to violate applicable law, the terms of the Notes or any provision of the Servicing Agreement, including the Servicer's obligation to act in accordance with the Servicing Standard, (B) expose the Servicer or the Indenture Trustee, or any of their respective Affiliates, officers, directors, members, managers, employees, agents or partners, or the Indenture Trustee, to any claim, suit or liability, or (C) materially expand the scope of the Servicer's responsibilities under the Servicing Agreement. In addition, the Controlling Class Representative may not prevent the Servicer from transferring the ownership of a Data Center or the ownership of any of the direct or indirect equity interests of the Co-Issuers or any of the Asset Entities (including by way of foreclosure on the equity interests of the Co-Issuers or the direct or indirect equity interests of Asset Entities) if the Servicer determines in accordance with the Servicing Standard that such foreclosure would be in the best interest of the Noteholders (taken as a whole). In addition, the Servicer may, at its election, solicit the consent or advice of the Controlling Class Representative for actions by the Servicer which do not require the Controlling Class Representative's consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Controlling Class Representative shall not be liable to the Noteholders for any action taken, or for refraining from the taking of any action, in good faith pursuant to the Servicing Agreement, or for errors in judgment; *provided, however*, that the Controlling Class Representative shall not be protected against any liability which would otherwise be imposed by reason of willful misconduct, gross negligence or reckless disregard of obligations or duties under the Servicing Agreement. Each Noteholder and Note Owner acknowledges and agrees, by its acceptance of its Notes or interest therein, that the Controlling Class Representative may have special relationships and interests that conflict with those of Noteholders and Note Owners of one or more Classes of Notes, that the Controlling Class Representative may act solely in the interests of the Noteholders and Note Owners of the Controlling Class, that the Controlling Class Representative does not have any duties to the Noteholders and Note Owners of any Class of Notes, that the Controlling Class Representative may take actions that favor the interests of the Noteholders and Note Owners of the Controlling Class over the interests of the Noteholders and Note Owners of one or more other Classes of Notes, that the Controlling Class Representative will not be deemed to have been grossly negligent or reckless, or to have acted in bad faith or engaged in willful misconduct by reason of its having acted solely in the interests of the Controlling Class and that the Controlling Class Representative shall have no liability whatsoever for having so acted, and no Noteholder may take any action whatsoever against the Controlling Class Representative for having so acted or against any director, officer, employee, agent or principal thereof for having so acted.

Section 10.07 <u>Collection of Indebtedness and Suits for Enforcement by Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of <u>Section 10.02</u>, upon the acceleration of the maturity of the Notes pursuant to <u>Section 10.02</u>, the Co-Issuers shall pay to the Indenture Trustee, for the benefit of the Holders of the Notes, the aggregate Class Principal Balances of all Classes of Outstanding Notes and accrued and unpaid interest thereon, with interest upon the overdue principal and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest at the rate borne by the relevant Notes and in addition thereto all other Obligations, including, but not limited to, such further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel and other amounts due and owing to the Indenture Trustee pursuant to <u>Section 11.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the provisions of <u>Section 10.02</u> and <u>Section 15.18</u>, in case the Co-Issuers shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Co-Issuers or the other Obligors and collect in the manner provided by law out of the property of the Co-Issuers or the other Obligors wherever situated, the monies adjudged or decreed to be payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the provisions of <u>Section 15.18</u>, if an Event of Default occurs and is continuing, the Indenture Trustee may, as more particularly provided in <u>Section 10.08</u>, proceed to protect and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or any Series Supplement or in aid of the exercise of any power granted in this Indenture or any Series Supplement, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or any Series Supplement or by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to file and prove a claim or claims for the whole amount of the principal and interest owing and unpaid in respect of Notes, and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for compensation, expenses, disbursements and advances of the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and all other amounts due and owing to the Indenture Trustee pursuant to <u>Section 11.06</u>, all amounts due and owing to the Backup Manager under the Backup Management Agreement and all other amounts due and owing to the Servicer under the Servicing Agreement) and of the Noteholders allowed in such Proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) unless prohibited by applicable law and regulations, to vote on behalf and, at the direction of the Noteholders, in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to collect and receive any monies or other property payable or deliverable on any such claims and to pay all amounts received with respect to the claims of the Noteholders and of the Indenture Trustee on their behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Noteholders allowed in any judicial proceedings relative to the Issuer, the Co-Issuer or any other Obligor, the creditors of the Issuer, the Co-Issuer or any other Obligor and its property;

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture Trustee and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other amounts due and owing to the Indenture Trustee pursuant to <u>Section 11.06</u>, all amounts due and owing to the Backup Manager under the Backup Management Agreement and all other amounts due and owing to the Servicer under the Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing contained in this Indenture or in any Series Supplement shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any such Noteholder in any such Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person and be a member of a creditors' or other similar committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subject to the provisions of <u>Section 15.18</u>, all rights of action and of asserting claims under this Indenture or in any Series Supplement, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee may be brought in its own name and as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements, advances, amounts owed to and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the benefit of the Noteholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture or any Series Supplement to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder a party to any such Proceedings.

Section 10.08 <u>Remedies</u>. If an Event of Default shall have occurred and be continuing, the Indenture Trustee may do one or more of the following (subject to Section 10.02, Section 10.09, and Section 15.18):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this Indenture, any Series Supplement or any other Transaction Document with respect thereto, whether by declaration or otherwise, enforce any judgment obtained and collect from the Issuer, the Co-Issuer and any other Obligor upon such Notes, this Indenture, any Series Supplement or any other Transaction Document monies adjudged due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) institute Proceedings from time to time for the complete or partial foreclosure of this Indenture or any Series Supplement with respect to the Trust Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) exercise any and all rights and remedies of a secured party under applicable law of any relevant jurisdiction or in equity and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Noteholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) sell the Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) without notice to the Co-Issuers, except as required by law and as otherwise provided in this Indenture, and at any time or from time to time, charge, set-off and otherwise apply all or any part of the Collateral against the Obligations or any part thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) demand, collect, take possession of, receive, settle, compromise, adjust, sue for, foreclose or realize upon the Collateral (or any portion thereof) as the Indenture Trustee may determine.

Section 10.09 <u>Optional Preservation of the Trust Estate</u>. If the maturity of the Notes has been accelerated under Section 10.02 following an Event of Default, and such acceleration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, with the written consent of the Requisite Global Majority Noteholders, elect to maintain possession of the Trust Estate and apply proceeds as if there had been no declaration of acceleration. In determining whether to maintain possession of the Trust Estate, the Indenture Trustee may at the Co-Issuers' expense, but need not, obtain and shall be protected in relying upon an opinion of an Independent investment banking or accounting firm of international reputation as to the feasibility of such proposed action and as to the sufficiency of the Trust Estate for such purpose.

Section 10.10 <u>Limitation of Suits</u>. Subject to the provisions of Section 15.18, no Noteholder shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture or any Series Supplement or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Holder has previously given written notice to the Indenture Trustee of a continuing Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Noteholders by an Affirmative Direction have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such Holder or Holders has offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs, expenses and liabilities to be incurred in complying with such request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Indenture Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceedings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) no direction inconsistent with such written request has been given to the Indenture Trustee during such 60 day period by the Requisite Global Majority Noteholders.

It is understood and intended that no one or more Noteholders shall have any right in any manner whatsoever by virtue of, or by availing of, any provision of this Indenture or any Series Supplement to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture or any Series Supplement, except in the manner provided in this Indenture.

In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders, each representing less than a majority of the aggregate Class Principal Balances of all Classes of Outstanding Notes, no action shall be taken, notwithstanding any other provisions of this Indenture or any Series Supplement. Notwithstanding any provision of this <u>Section 10.10</u>, the Indenture Trustee shall not take any action or permit any action to be taken that is inconsistent with <u>Section 15.18</u>.

Section 10.11 <u>Unconditional Rights of Noteholders to Receive Principal and Interest</u>. Notwithstanding any other provisions in this Indenture or any Series Supplement, the Holder of any Note shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest on such Note on or after the respective due dates thereof expressed in such Note or in this Indenture or any Series Supplement, and such right shall not be impaired without the consent of such Holder.

Section 10.12 <u>Restoration of Rights and Remedies</u>. If the Indenture Trustee or any Noteholder has instituted any Proceeding to enforce any right or remedy under this Indenture or any Series Supplement and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Noteholder, then thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted.

Section 10.13 <u>Rights and Remedies Cumulative</u>. Except as provided herein, no right or remedy conferred in this Indenture, in any Series Supplement or in any other Transaction Document upon or reserved to the Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder, in any Series Supplement or in any other Transaction Document or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, in any Series Supplement, or in any other Transaction Document or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

Section 10.14 <u>Delay or Omission Not a Waiver</u>. No delay or omission of the Indenture Trustee or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or any acquiescence therein. Every right and remedy given by this Article X or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders, as the case may be.

Section 10.15 <u>Waiver of Past Defaults</u>. Prior to the acceleration of the maturity of the Notes as provided in Section 10.02, the Requisite Global Majority Noteholders may waive any past Default or Event of Default and its consequences except (i) a Default (a) in the payment of principal of or interest on any of the Notes or (b) in respect of a covenant or provision hereof that cannot be amended, supplemented or modified without the consent of each Noteholder and (ii) before any such waiver may be effective, the Indenture Trustee and the Servicer must receive any reimbursement then due or payable in respect of any amounts then due to the Servicer or the Indenture Trustee hereunder or under the other Transaction Documents (including, but not limited to, unpaid Additional Issuer Expenses, and all unpaid fees, expenses, and indemnification due to the Servicer and the Indenture Trustee hereunder and under the other Transaction Documents). Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred, and any Event of Default arising therefrom shall be deemed to have been cured and not to have occurred, for every purpose of this Indenture or any Series Supplement; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereto.

Section 10.16 <u>Undertaking for Costs</u>. All parties to this Indenture or any Series Supplement agree, and each Holder of any Note by such Holder's acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture or any Series Supplement, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant (other than the Co-Issuers) in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorney's fees, against any party litigant (other than the Co-Issuers) in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant (other than the Co-Issuers); but the provisions of this Section 10.16 as may be modified by any Series Supplement shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, representing more than 10.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes or (c) any suit instituted by any Noteholder for the enforcement of the payment of the unpaid principal balance of any Note or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture or any Series Supplement.

Section 10.17 <u>Waiver of Stay or Extension Laws</u>. Each Obligor covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, or plead or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture, any Series Supplement or any Transaction Document; and each Obligor (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not hinder, delay or impede the execution of any power granted in this Indenture to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

Section 10.18 <u>Action on Notes</u>. The Indenture Trustee's right to seek and recover judgment on the Notes or under this Indenture, any Series Supplement or any Transaction Document shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture, any Series Supplement or any Transaction Document. No rights or remedies of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or the Co-Issuer or by the levy of any execution under such judgment upon any portion of the Trust Estate or upon any of the Assets of the Issuer or the Co-Issuer.

Section 10.19 <u>Waiver</u>. Each of the Issuer and the Co-Issuer hereby expressly waives, to the fullest extent permitted by law, presentment, demand, protest or any notice of any kind in connection with this Indenture or the Collateral. Each of the Issuer and the Co-Issuer acknowledges and agrees that 10 days' prior written notice of the time and place of any public sale of the Collateral or any other intended disposition thereof shall be reasonable and sufficient notice to the Issuer or the Co-Issuer, as applicable, within the meaning of the UCC.

**ARTICLE XI**

**THE INDENTURE TRUSTEE**

Section 11.01 <u>Shared Facilities</u>. At any time, and from time to time, while any of the Notes remain Outstanding, at the Issuer's or the Co-Issuer's direction, the Indenture Trustee shall enter into a non-disturbance agreement or other similar agreement, in form and substance reasonably satisfactory to the Servicer, relating to the shared use of Shared Facilities with third parties or Affiliates of the Co-Issuers that are not Asset Entities, which agreement will provide, among other things, that in the event the Indenture Trustee commences a foreclosure or other action, or otherwise exercises any other remedies against any Obligor, the Indenture Trustee will not disturb, terminate or otherwise interfere with the rights of any third parties or Affiliates of the Co-Issuers that are not Asset Entities to use or access the Shared Facilities.

Section 11.02 <u>Duties of Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee, prior to the occurrence of an Event of Default of which a Responsible Officer of the Indenture Trustee has Knowledge and after the curing or waiving of all Events of Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and shall be liable in accordance herewith only to the extent of such duties. If an Event of Default of which a Responsible Officer of the Indenture Trustee has Knowledge occurs and is continuing, the Indenture Trustee (or the Servicer on its behalf) shall exercise such of the rights and powers vested in it by this Indenture, any Series Supplement and any other Transaction Document, and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of its own affairs. Any permissive right of the Indenture Trustee contained in this Indenture, any Series Supplement or any other Transaction Document shall not be construed as a duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the Indenture Trustee which are specifically required to be furnished pursuant to any provision of this Indenture, any Series Supplement or any other Transaction Document, the Indenture Trustee shall examine them to determine whether they conform on their face to the requirements of this Indenture, such Series Supplement or such other Transaction Document. If any such instrument is found not to conform on its face to the requirements of this Indenture, such Series Supplement or such other Transaction Document in a material manner, the Indenture Trustee shall request the person providing such instrument to correct such instrument. The Indenture Trustee shall not be responsible or liable for the accuracy or content of any resolution, certificate, statement, opinion, report, document, order or other instrument furnished by the Co-Issuers, the Guarantors, the Asset Entities, the Manager, the Backup Manager, the Servicer, any actual or prospective Noteholder or Note Owner or any Rating Agency, and accepted by the Indenture Trustee in good faith, pursuant to this Indenture, any Series Supplement or any other Transaction Document. The Indenture Trustee shall not be responsible for recomputing, recalculating, certifying or verifying any information provided by the Servicer, the Backup Manager or the Manager pertaining to any Monthly Report, any other report, distribution statement, Officer's Certificate, instrument or document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No provision of this Indenture shall be construed to relieve the Indenture Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct; *provided, however*, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Prior to the occurrence of an Event of Default of which a Responsible Officer of the Indenture Trustee has Knowledge, and after the curing or waiving of all Events of Default which may have occurred, the duties and obligations of the Indenture Trustee shall be determined solely by the express provisions of this Indenture, the Indenture Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture or any Series Supplement and no implied covenants or obligations shall be read into this Indenture or any Series Supplement against the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the absence of bad faith on the part of the Indenture Trustee, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates, reports, or opinions or other documents furnished to the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Indenture Trustee shall not be liable for any actions taken or error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Indenture Trustee unless it shall be proved that the Indenture Trustee was negligent in ascertaining the pertinent facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Indenture Trustee shall not be liable with respect to any action taken, suffered or omitted to be taken by the Indenture Trustee, in good faith in accordance with this Indenture or the direction of Noteholders representing more than 25.0% (or, as to any particular matter, any higher percentage as may be specifically provided for hereunder) of the aggregate Class Principal Balances of all Classes of Outstanding Notes relating to the time, method and place of conducting any proceeding for any remedy available to the Indenture Trustee, or exercising any trust or power conferred upon the Indenture Trustee, under this Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Indenture Trustee shall not be required to act or to take notice or be deemed to have notice or knowledge of, or to give any notice of, a default, event (including any Event of Default or Servicer Termination Event) or information unless either (1) a Responsible Officer shall have Knowledge of such default, event (including any Event of Default or Servicer Termination Event) or information or (2) written notice of such Event of Default or Servicer Termination Event referring to the Notes, this Indenture and any Series Supplement shall have been received by a Responsible Officer in accordance with the provisions of this Indenture and any Series Supplement and shall have no duty to take any action to determine whether any such event or default has occurred. In the absence of receipt of such notice or Knowledge, the Indenture Trustee may conclusively assume that there is no default, Event of Default or Servicer Termination Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Subject to the other provisions of this Indenture, and without limiting the generality of this <u>Section 11.02</u>, the Indenture Trustee shall not have any duty, (A) to cause any recording, filing, or depositing of this Indenture or any Series Supplement or any agreement referred to herein or therein or any financing statement or continuation statement evidencing a security interest, or to cause the maintenance of any such recording or filing or depositing or to any rerecording, refiling or redepositing of any thereof, (B) to see to or cause the maintenance of any insurance, (C) to confirm or verify the truth, accuracy or contents of any reports, certificates or other documentation of the Co-Issuers, the Guarantors, the Asset Entities, the Manager, the Backup Manager, the Servicer, any Noteholder or Note Owner or any Rating Agency, delivered to the Indenture Trustee pursuant to this Indenture reasonably believed by the Indenture Trustee to be genuine and without manifest error and to have been signed or presented by the proper party or parties (*provided, however*, the Indenture Trustee may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Indenture Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer, the Co-Issuer and any Asset Entity personally or by agent or attorney), and (D) to see to the payment of any assessment or other governmental charge or any Lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Collateral other than from funds available in the Collection Account (*provided*, that such assessment, charge, Lien or encumbrance did not arise out of the Indenture Trustee's willful misconduct, bad faith or negligence).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) None of the provisions contained in this Indenture or any Series Supplement shall in any event require the Indenture Trustee to perform, or be responsible for the manner of performance of, any of the obligations of the Servicer under the Servicing Agreement except during such time, if any, as the Indenture Trustee shall be successor to, and be vested with the rights, duties, powers and privileges of, the Servicer in accordance with the terms of this Indenture and the Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The rights, protections, immunities and indemnities given to the Indenture Trustee hereunder are extended to and shall be enforceable by the Person acting as Indenture Trustee hereunder in each of its other capacities hereunder and as Indenture Trustee under the other Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) If the same Person is acting as Indenture Trustee and Note Registrar, then any notices required to be given by such Person in one such capacity shall be deemed to have been timely given to itself in any other such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Indenture Trustee is hereby directed to execute and deliver any Transaction Document to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing with the Co-Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law, this Indenture or any Series Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Every provision in this Indenture and any Series Supplement that in any way relates to the Indenture Trustee is subject to paragraphs (a) through (f) of this <u>Section 11.02</u>.

Section 11.03 <u>Certain Matters Affecting the Indenture Trustee</u>. Except as otherwise provided in Section 11.02:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Indenture Trustee may conclusively rely upon and shall be protected in acting or refraining from acting upon any resolution, Officers' Certificate, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine and without manifest error and to have been signed or presented by the proper party or parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Indenture Trustee may consult with counsel and any advice or opinion of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or suffered or omitted by it hereunder in good faith and in accordance therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Indenture Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Indenture or any Series Supplement or to make any investigation of matters arising hereunder or to institute, conduct or defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Noteholders, unless such Noteholders shall have provided to the Indenture Trustee security or indemnity reasonably satisfactory to the Indenture Trustee against the costs, expenses and liabilities which may be incurred therein or thereby; the Indenture Trustee shall not be required to expend or risk its own funds (except to pay allocable overhead, such as costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses and similar internal costs and expenses) or otherwise incur any liability (financial or otherwise) in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Indenture Trustee shall not be liable for any action reasonably taken, suffered or omitted by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture on any Series Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Indenture Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing to do so by Noteholders representing more than 25.0% of the aggregate Class Principal Balances of all Classes of Outstanding Notes; *provided, however*, the Indenture Trustee may require an indemnity reasonably satisfactory to the Indenture Trustee against such expense or liability as a condition to taking any such action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Indenture Trustee shall not be required to give any bond or surety in respect of the execution of the trusts created hereby or the powers granted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Indenture Trustee may execute any of the trusts or powers vested in it by this Indenture or any Series Supplement and may perform any of its duties hereunder, either directly or by or through agents, attorneys, or custodians, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of any such agent, attorney, or custodian appointed by the Indenture Trustee with due care; *provided*, that the use of agents, attorneys, or custodians shall not be deemed to relieve the Indenture Trustee of any of its duties and obligations hereunder (except as expressly set forth herein);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Indenture Trustee shall not be responsible for any act or omission of the Servicer (unless, in the case of the Indenture Trustee, it is acting as Servicer), the Manager, the Issuer, the Co-Issuer or any other party to the Transaction Documents and may assume compliance by such parties with their obligations under this Indenture or any related agreements, unless a Responsible Officer of the Indenture Trustee shall have received written notice to the contrary at the Corporate Trust Office of the Indenture Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Indenture Trustee shall not have any obligation or duty to monitor, determine or inquire as to compliance with any restriction on transfer imposed under Article II under this Indenture or under applicable law with respect to any transfer of any Note or any interest therein, other than to require delivery of the certification(s) and/or Opinions of Counsel described in said Article applicable with respect to changes in registration or record ownership of Notes in the Note Register and to examine the same to determine substantial compliance with the express requirements of this Indenture; and the Indenture Trustee and the Note Registrar shall have no liability for transfers, including transfers made through the book-entry facilities of the Depositary or between or among Depositary Participants or Note Owners of the Notes, made in violation of applicable restrictions except for its failure to perform its express duties in connection with changes in registration or record ownership in the Note Register;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Indenture Trustee shall not be liable for any losses on investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) in order to comply with laws, rules, regulation and executive orders in effect from time to time including those relating to the funding of terrorist activities and money laundering, the Indenture Trustee may be required to obtain, verify and record certain information relating to individuals and entities which maintain a business relationship with the Indenture Trustee, and accordingly, each of the parties hereto agrees to provide the Indenture Trustee upon its reasonable request from time to time such identifying information and documentation as may be reasonably available for such party in order to enable the Indenture Trustee to comply with the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) whenever in the administration of the provisions of this Indenture or any Series Supplement the Indenture Trustee shall deem it necessary (in good faith) that a matter be proved or established as a matter of fact prior to taking or suffering any action or refraining from taking any action, the Indenture Trustee may require an Officer's Certificate or an Opinion of Counsel from the party requesting that the Indenture Trustee act or refrain from acting in form and substance acceptable to the Indenture Trustee, the costs of which (including the Indenture Trustee's reasonable attorney's fees and expenses) shall be paid by the party requesting that the Indenture Trustee act or refrain from acting. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer's Certificate or Opinion of Counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) in no event shall the Indenture Trustee be liable for any failure or delay in the performance of its obligations under any Transaction Document because of circumstances beyond the Indenture Trustee's control, including, but not limited to, a failure, termination, or suspension of a clearing house, securities depositary, settlement system or central payment system in any applicable part of the world or acts of God, flood, war (whether declared or undeclared), civil or military disturbances or hostilities, nuclear or natural catastrophes, political unrest, explosion, severe weather or accident, earthquake, terrorism, fire, riot, labor disturbances, strikes or work stoppages for any reason, embargo, government action, including any laws, ordinances, regulations or the like (whether domestic, federal, state, county or municipal or foreign) which delay, restrict or prohibit the providing of the services contemplated by the Transaction Documents, or the unavailability of communications or computer facilities, the failure of equipment or interruption of communications or computer facilities, or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility, or any other causes beyond the Indenture Trustee's control whether or not of the same class or kind as specified above; *provided* that upon the occurrence of any of the foregoing events, the Indenture Trustee shall use commercially reasonable efforts to resume performance of its obligations as soon as practicable under the circumstances, and, other than if Knowledge of such circumstances is otherwise available to the Co-Issuers and the Servicer, the Indenture Trustee shall provide the Co-Issuers and the Servicer notice of any failure or delay by it as a result of any of the foregoing events as soon as practicable under the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the Indenture Trustee shall not be liable for failing to comply with its obligations under any Transaction Document in so far as the performance of such obligations is dependent upon the timely receipt of instructions and/or other information from any other Person which are not received or not received by the time required or contain errors or are otherwise incomplete or deficient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Indenture Trustee shall be fully justified in failing or refusing to take any action under any Transaction Document if such action (A) would be contrary to applicable law or any Transaction Document or (B) is not provided for in the Transaction Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Knowledge of the Indenture Trustee shall not be attributed or imputed to Wilmington's other roles in the transaction and knowledge of the Paying Agent or the Note Registrar shall not be attributed or imputed to each other or to the Indenture Trustee (other than those where the roles are performed by the same group or division within Wilmington or otherwise share the same Responsible Officers), or any Affiliate, line of business, or other division of Wilmington (and vice versa).

Section 11.04 <u>Indenture Trustee's Disclaimer</u>. The Indenture Trustee (i) shall not be responsible for, and makes no representation, as to the validity, legality, enforceability, sufficiency or adequacy of this Indenture, any Series Supplement, any other Transaction Document or the Notes or as to the correctness of any statement contained therein and (ii) shall not be accountable for the Issuer's or the Co-Issuer's use of the Notes, the proceeds from the Notes, or responsible for any statement of the Issuer or the Co-Issuer in this Indenture, any Series Supplement, any other Transaction Document or in any document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee's certificate of authentication. The recitals contained herein and in the Notes shall be construed as the statements of the Co-Issuers.

Section 11.05 <u>Indenture Trustee May Own Notes</u>. The Indenture Trustee (in its individual or any other capacity) or any of its respective Affiliates may become the owner or pledgee of Notes with (except as otherwise provided in the definition of "<u>Noteholder</u>") the same rights it would have if it were not the Indenture Trustee or one of its Affiliates, as the case may be.

Section 11.06 <u>Fees and Expenses of Indenture Trustee; Indemnification of the</u> Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each Payment Date, the Indenture Trustee shall withdraw funds on deposit in the Collection Account and pay to itself pursuant to <u>Section 5.01(a)(ii)</u> the Indenture Trustee Fee due on such Payment Date as compensation for all services rendered by the Indenture Trustee hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indenture Trustee and any of its Affiliates, directors, officers, employees or agents shall be entitled to be indemnified and held harmless out of the funds available therefor pursuant to <u>Section 5.01(a)</u> for and against any fee, loss, liability, claim, costs or expense (including, without limitation, any reasonable attorneys' fees and expenses, including those incurred in connection with any enforcement, claim or action brought by any such person of any indemnification or other obligation of the Co-Issuers or any other Person pursuant to the Transaction Documents) arising out of, or incurred in connection with, this Indenture, the Notes, (unless, in the case of the Indenture Trustee, it incurs any such expense or liability in the capacity of successor servicer, in which case such expense or liability will be reimbursable thereto in the same manner as it would be for any other Servicer in accordance with the Servicing Agreement) or any act or omission of the Indenture Trustee relating to the exercise and performance of any of the rights and duties of the Indenture Trustee hereunder or under (i) any other Transaction Document or (ii) any estoppel certificate, landlord consent, waiver or subordination and non-disturbance agreement and related real estate documents in connection with any Data Center; *provided, however*, that none of the Indenture Trustee or any of the other above specified Persons shall be entitled to indemnification or reimbursement pursuant to this <u>Section 11.06(b)</u> for (1) any expense that constitutes allocable overhead, such as costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses and similar internal costs and expenses or (2) any loss, liability, damage, claim or expense by reason of any breach on the part of the Indenture Trustee of any of its representations or warranties contained herein or any willful misconduct, bad faith or negligence in the performance of such Person's obligations and duties hereunder. Without limiting the foregoing, the Co-Issuers agree to indemnify and hold harmless the Indenture Trustee and its Affiliates from and against any liability (including for taxes, penalties or interest asserted by any taxing jurisdiction) arising from amounts on deposit in the Collection Account or any income in respect thereof. The Indenture Trustee shall notify the Co-Issuers promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Co-Issuers shall not relieve the Co-Issuers of their obligations hereunder. To the extent the Indenture Trustee (or the Servicer on its behalf) renders services or incurs expenses after an Event of Default specified in <u>Section 10.01(g)</u> or <u>Section 10.01(h)</u>, the compensation for services and expenses incurred by it are intended to constitute expenses of administration under any applicable federal, state or foreign bankruptcy, insolvency or other similar law now or hereafter in effect. The Indenture Trustee (for itself and on behalf of the Servicer) shall have a Lien on the Collateral, as governed by this Indenture, to secure the obligations of the Co-Issuers under this <u>Section 11.06</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything in this Indenture to the contrary, in no event shall the Indenture Trustee be liable for special, indirect, punitive or consequential damages of any kind whatsoever (including but not limited to lost profits), even if the Indenture Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This <u>Section 11.06</u> shall survive the termination or assignment of this Indenture or the resignation or removal of the Indenture Trustee as regards rights and obligations prior to such termination, resignation or removal.

Section 11.07 <u>Eligibility Requirements for Indenture Trustee</u>. The Indenture Trustee hereunder shall not be an Affiliate of the Servicer or any Asset Entity (unless the Indenture Trustee is a successor servicer) and shall at all times be a corporation, bank, trust company or association that: (i) is organized and doing business under the laws of the United States of America or any state thereof or the District of Columbia and authorized under such laws to exercise corporate trust powers; (ii) has a combined capital and surplus of at least $100,000,000; and (iii) is subject to supervision or examination by federal or state authority. If such corporation, bank, trust company or association publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation, bank, trust company or association shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In addition: (i) the Indenture Trustee shall at all times meet the requirements of Section 26(a)(1) of the Investment Company Act; and (ii) the Indenture Trustee may not have any affiliations or act in any other capacity with respect to the transactions contemplated hereby that would cause PTE 90-24 or PTE 93-31 (in each case as amended by PTE 2000-58 and PTE 2002-41) to be unavailable with respect to any Class of Notes that it would otherwise be available in respect of. Furthermore, the Indenture Trustee shall at all times maintain (or shall have caused to have been appointed a fiscal agent that at all times maintains) (i) a long-term unsecured debt rating of no less than a rating commonly regarded as "investment grade" from Moody's and (ii) a short-term unsecured debt rating of no less than a rating commonly regarded as "investment grade" from Moody's, and a long-term unsecured debt rating of no less than a rating commonly regarded as "investment grade" by Fitch Ratings Inc. The corporation, bank, trust company or association serving as Indenture Trustee may have normal banking and trust relationships with the Asset Entities, the Servicer and their respective Affiliates but, except to the extent permitted or required by the Servicing Agreement, shall not be an "<u>Affiliate</u>" (as such term is defined in Section III of PTE 2000-58) of the Servicer, any sub-servicer, any Initial Purchaser, any Placement Agent, any Passive Bookrunner, any Co-Manager, the Issuer, the Co-Issuer and the Asset Entities or any "<u>Affiliate</u>" (as such term is defined in Section III of PTE 2000-58) of any such Persons.

Section 11.08 <u>Resignation and Removal of Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee may at any time resign and be discharged from its obligations and duties created hereunder with respect to one or more or all Series of Notes by giving not less than 60 days' prior written notice thereof to the other parties to this Indenture, the Backup Manager, the Servicer and all of the Noteholders. Upon receiving such notice of resignation, the Co-Issuers shall use their best efforts to promptly appoint a successor indenture trustee meeting the eligibility requirements of <u>Section 11.07</u> by written instrument, in duplicate, which instrument shall be delivered to the resigning Indenture Trustee and to the successor indenture trustee. A copy of such instrument shall be delivered to the other parties to this Indenture and the Servicer by the Co-Issuers. If no successor indenture trustee shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Indenture Trustee may petition any court of competent jurisdiction for the appointment of a successor indenture trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If at any time the Indenture Trustee shall cease to be eligible in accordance with the provisions of <u>Section 11.07</u> and shall fail to resign after written request therefor by the Co-Issuers, the Manager, the Backup Manager or the Servicer, or if at any time the Indenture Trustee shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Indenture Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Indenture Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or if the Indenture Trustee's continuing to act in such capacity would (as confirmed in writing to the Co-Issuers by any Rating Agency) result in the qualification, downgrade or withdrawal of the rating then assigned to any Class of Notes rated by such Rating Agency (or the placing of such Class of Notes on negative credit watch or ratings outlook negative status in contemplation of any such action with respect thereto), then the Co-Issuers or the Requisite Global Majority Noteholders may remove the Indenture Trustee and appoint a successor indenture trustee by written instrument, in duplicate, which instrument shall be delivered to the Indenture Trustee so removed and to the successor indenture trustee. A copy of such instrument shall be delivered to the other parties to this Indenture and the Servicer by the Co-Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Requisite Global Majority Noteholders may at any time (with or without cause, but if without cause, upon 60 days' written notice) remove the Indenture Trustee and appoint a successor indenture trustee by written instrument or instruments, in triplicate, signed by such holders or their attorneys-in-fact duly authorized, one complete set of which instruments shall be delivered to each of the Co-Issuers, one complete set to the Indenture Trustee so removed, and one complete set to the successor indenture trustee so appointed. All expenses incurred by the Indenture Trustee in connection with its transfer of all documents relating to the Notes to a successor indenture trustee following the removal of the Indenture Trustee without cause pursuant to this <u>Section 11.08(c)</u> shall be reimbursed to the removed Indenture Trustee within 30 days of demand therefor, such reimbursement to be made by the Noteholders that terminated the Indenture Trustee; *provided, however*, that if such Noteholders do not reimburse the Indenture Trustee within such 30 day period, such expenses shall be reimbursed as Additional Issuer Expenses. A copy of such instrument shall be delivered to the other parties to this Indenture and the Servicer by the successor indenture trustee so appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any resignation or removal of the Indenture Trustee and appointment of a successor indenture trustee pursuant to any of the provisions of this <u>Section 11.08</u> shall not become effective until acceptance of appointment by the successor indenture trustee as provided in <u>Section 11.09</u>.

Section 11.09 <u>Successor Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any successor indenture trustee appointed as provided in <u>Section 11.08</u> shall execute, acknowledge and deliver to the Co-Issuers, the Servicer and its predecessor indenture trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor indenture trustee shall become effective and such successor indenture trustee, without any further act, deed or conveyance, shall become fully vested with all of the rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named as indenture trustee herein. The predecessor indenture trustee shall deliver to the successor indenture trustee all documents relating to the Notes held by it hereunder, and the Co-Issuers, the Servicer and the predecessor indenture trustee shall execute and deliver such instruments and do such other things as may reasonably be required to more fully and certainly vest and confirm in the successor indenture trustee all such rights, powers, duties and obligations, and to enable the successor indenture trustee to perform its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No successor indenture trustee shall accept appointment as provided in this <u>Section 11.09</u> unless at the time of such acceptance such successor indenture trustee shall be eligible under the provisions of <u>Section 11.07</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon acceptance of appointment by a successor indenture trustee as provided in this <u>Section 11.09</u>, such successor indenture trustee shall mail notice of the succession of such indenture trustee hereunder to the Co-Issuers, the Servicer and the Noteholders.

Section 11.10 <u>Merger or Consolidation of Indenture Trustee</u>. Any entity into which the Indenture Trustee may be merged or converted or with which it may be consolidated or any entity resulting from any merger, conversion or consolidation to which the Indenture Trustee shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of the Indenture Trustee shall be the successor of the Indenture Trustee hereunder; *provided*, such entity shall be eligible under the provisions of Section 11.07, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

Section 11.11 <u>Appointment of Co-Indenture Trustee or Separate Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provisions hereof, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any of the Notes or property securing the same may at the time be located, for enforcement actions and where a conflict of interest exists, the Indenture Trustee shall have the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Indenture Trustee to act as co-indenture trustee or co-indenture trustees, jointly with the Indenture Trustee, or separate indenture trustee or separate indenture trustees, of the Notes, and to vest in such Person or Persons, in such capacity, such title to the Notes, or any part thereof, and, subject to the other provisions of this <u>Section 11.11</u>, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable. No co-indenture trustee or separate indenture trustee hereunder shall be deemed an agent of the Indenture Trustee or be required to meet the terms of eligibility as a successor indenture trustee under <u>Section 11.07</u>, and no notice to holders of Notes of the appointment of co-indenture trustee(s) or separate indenture trustee(s) shall be required under <u>Section 11.09</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of any appointment of a co-indenture trustee or separate indenture trustee pursuant to this <u>Section 11.11</u>, all rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate indenture trustee or co-indenture trustee jointly, except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed (whether as Indenture Trustee hereunder or when acting as successor servicer under the Servicing Agreement), the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations shall be exercised and performed by such separate indenture trustee or co-indenture trustee solely at the direction of the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate indenture trustees and co-indenture trustees, as effectively as if given to each of them. Every instrument appointing any separate indenture trustee or co-indenture trustee shall refer to this Indenture and the conditions of this Article XI. Each separate indenture trustee and co-indenture trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all of the provisions of this Indenture and any Series Supplement, specifically including every provision of this Indenture and any Series Supplement relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any separate trustee or co-trustee may, at any time, constitute the Indenture Trustee, its agent or attorney-in-fact, with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture or any Series Supplement on its behalf and in its name. The Indenture Trustee shall not be responsible or liable for any act, inaction or the appointment of any such trustee or co-trustee. If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The appointment of a co-trustee or separate trustee under this <u>Section 11.11</u> shall not relieve the Indenture Trustee of its duties and responsibilities hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To the extent any Additional Notes that are denominated in Canadian dollars are issued and/or Data Centers located in Canada are added as Additional Data Centers, the Co-Issuers shall appoint a third-party paying agent for purposes of holding accounts and funds located in Canada and facilitating payments and allocations of amounts paid or payable in Canadian dollars. For the avoidance of doubt, the Indenture Trustee shall have no duties or obligations with respect to acting as paying agent with respect to funds or accounts denominated in Canadian dollars or any obligation or liability with respect to eligibility of any Additional Notes denominated in Canadian dollars.

Section 11.12 <u>Access to Certain Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee shall afford to the Co-Issuers, the Servicer, the Backup Manager, each Rating Agency and any banking or insurance regulatory authority that may exercise authority over any Noteholder or Note Owner, access on a password protected website (currently www.wilmingtontrustconnect.com) to any documentation reasonably requested regarding the Notes that are in its possession. Such access shall be afforded without charge but only upon reasonable prior written request and during normal business hours at the Corporate Trust Office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indenture Trustee shall maintain at the Corporate Trust Office and, upon reasonable prior written request and during normal business hours, shall make available, or cause to be made available, for review by the Co-Issuers, the Rating Agencies and, subject to the satisfaction of the conditions set forth in <u>Section 11.12(c)</u>, any Holder of a Note of any Series, any Note Owner of a Note of any Series or any Person identified to the Indenture Trustee as a prospective Transferee of a Note of any Series or an interest therein (a "<u>Requesting Party</u>"), originals and/or copies of the following items (to the extent that such items were prepared by or delivered to the Indenture Trustee):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Offering Memorandum relating to such Series of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this Indenture, and the Series Supplement relating to such Series of Notes and any amendments and exhibits hereto or thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Cash Management Agreement and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Servicing Agreement and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Management Agreement and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Backup Management Agreement and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Holdco Guaranties and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Contribution Agreements and any amendments and exhibits thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) all Monthly Reports, Indenture Trustee Reports, Rent Rolls and any other schedules actually delivered or otherwise made available to Noteholders pursuant to <u>Section 11.12(e)</u> since the Closing Date with respect to such Series of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the most recent audited or unaudited consolidated Financial Statements of the Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the most recent appraisals with respect to the Data Centers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any other information in the possession of the Indenture Trustee that may be necessary to satisfy the requirements of subsection (d)(4)(i) of Rule 144A under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) The Indenture Trustee shall make available on a password protected website (currently www.wilmingtontrustconnect.com) copies of any and all of the foregoing items to any of the Persons set forth in the previous sentence promptly following request therefor by such Person; *provided, however*, that except in the case of the Rating Agencies, the Indenture Trustee shall be permitted to require payment of a sum sufficient to cover the reasonable costs and expenses of providing such copies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon reasonable advance notice and at the expense of the Co-Issuers, the Indenture Trustee shall make available on a password protected website (currently www.wilmingtontrustconnect.com) to such Requesting Party copies of the documents and information described in clauses (i) through (xi) of <u>Section 11.12(b)</u>; *provided*, that the Requesting Party furnish to the Indenture Trustee a written certification substantially in the form attached hereto as Exhibit D-1, in the case of a Requesting Party that is a Holder of a Note or a Note Owner, or Exhibit D-2, in the case of a Requesting Party that is a prospective Transferee of a Note or an interest therein, to the effect that (x) in the case of a Noteholder, such Person or entity will keep such information confidential (except that any Noteholder may provide any such information obtained by it to any other person or entity that holds or is contemplating the purchase of any Note or interest therein; *provided* that such other person or entity confirms to such Noteholder in writing such Ownership Interest or prospective Ownership Interest and agrees to keep such information confidential); (y) in the case of a Note Owner, such person or entity is a Beneficial Owner of Notes held in book-entry form and will keep such information confidential (except that such Note Owner may provide such information to any other Person or entity that holds or is contemplating the purchase of any Note or interest therein; *provided* that such other person or entity confirms to such Note Owner in writing such Ownership Interest or prospective Ownership Interest and agrees to keep such information confidential) and (z) in the case of a Person identified to the Indenture Trustee as a prospective Transferee of a Note or an interest therein, such person or entity is a bona fide prospective purchaser of a Note or an interest therein, is requesting the information for use in evaluating a possible investment in Notes and will otherwise keep such information confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Based on information provided in the Monthly Report, which Monthly Report is delivered to the Indenture Trustee, the Backup Manager and the Servicer not later than four Business Days prior to each Scheduled Application Date, the Indenture Trustee shall compile a report specifying the payments made in respect of the Notes on each Payment Date, a restatement of the calculation of the DSCR as of the last day of the preceding calendar month and the three-month average DSCR as of the last day of the preceding calendar month and such comments as may be required pursuant to <u>Section 2.09(e)</u> of the Servicing Agreement (the "<u>Indenture Trustee Report</u>"), substantially in the form attached as Exhibit E.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Indenture Trustee shall make available to the Noteholders the following reports received by the Indenture Trustee pursuant to this Indenture on a password protected website (currently www.wilmingtontrustconnect.com):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) on or before the first Payment Date after the Initial Closing Date, the information required by Section 4(c)(1)(ii) of the U.S. Risk Retention Rules (as delivered to the Indenture Trustee by the Co-Issuers and for which the Indenture Trustee shall have no obligation or liability with respect thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) on or before each Payment Date, a copy of the Monthly Report and the Indenture Trustee Report for such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) as promptly as practicable after receipt, a copy of the Financial Statements for each fiscal year of the Co-Issuers delivered to the Indenture Trustee pursuant to <u>Section 7.02(a)(i)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) as promptly as practicable after receipt, a copy of the Financial Statements for each fiscal quarter of the Co-Issuers delivered to the Indenture Trustee pursuant to <u>Section 7.02(a)(ii)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (v) as promptly as practicable after receipt, a copy of the Rent Roll and any schedules for each fiscal quarter of the Co-Issuers delivered to the Indenture Trustee pursuant to <u>Section 7.02(a)(iii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Indenture Trustee shall not be liable for providing or disseminating information in accordance with the terms of this Indenture.

**ARTICLE XII**

**NOTEHOLDERS' LISTS, REPORTS AND MEETINGS**

Section 12.01 <u>Co-Issuers to Furnish Indenture Trustee Names and Addresses of Noteholders</u>. The Co-Issuers shall furnish or cause to be furnished, to the Indenture Trustee (a) not more than three Business Days prior to each Payment Date a list, in such form as the Indenture Trustee may reasonably require, of the names and addresses of the Holders of Definitive Notes as of such date and (b) at such other times as the Indenture Trustee may request in writing, within 30 days after receipt by the Co-Issuers of any such request, a list of similar form and content as of a date not more than 10 days prior to the time such list is furnished; *provided, however*, that the Co-Issuers shall not be required to furnish such list so long as the Indenture Trustee is the Note Registrar.

Section 12.02 <u>Preservation of Information; Communications to Noteholders</u>. The Indenture Trustee shall cause the Note Registrar to preserve in as current a form as is reasonably practicable, the names and addresses of Holders of Definitive Notes received by the Note Registrar and the names and addresses of the Holders of Definitive Notes contained in the most recent list furnished to the Indenture Trustee as provided in Section 12.01. The Indenture Trustee may destroy any list furnished to it as provided in such Section 12.01 upon receipt of a new list so furnished.

Section 12.03 <u>Voting by Noteholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 100% of the Voting Rights will be allocated among the respective Classes of Notes according to the ratio of the Class Principal Balance of each Class of Outstanding Notes to the aggregate Class Principal Balances of all Classes of Outstanding Notes. Voting Rights allocated to a Class of Notes will be allocated among the Notes of such Class in proportion to the Percentage Interest in such Class evidenced thereby. Notes held by the Issuer or the Co-Issuer or any of their respective Affiliates shall be deemed not to be Outstanding in determining Voting Rights. In the event that the Class A Notes are the Controlling Class, the Controlling Class will be comprised of all Class A Notes, collectively, based on the Outstanding principal amounts of such Class A Notes (assuming the full amount of the Class A-1 Commitment Amount that is permitted to be drawn on such date is fully drawn).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided in this Indenture or any Series Supplement, all resolutions of Noteholders shall be passed by the Requisite Global Majority Noteholders. Book-Entry Notes shall be voted by the Depositary on behalf of the Beneficial Owners thereof in accordance with written instructions received in accordance with Applicable Procedures of the Depositary.

Section 12.04 <u>Communication by Noteholders with other Noteholders</u>. Noteholders may communicate pursuant to Section 3.12(b) of the Trust Indenture Act of 1939, as amended, with other Noteholders with respect to their rights under this Indenture, any Series Supplement or the Notes. If any Noteholder makes written request to the Note Registrar, and such request states that such Noteholder desires to communicate with other Noteholders with respect to their rights under this Indenture or under the Notes and such request is accompanied by a copy of the communication that such Noteholder proposes to transmit, then the Note Registrar shall, within 30 days after the receipt of such request, afford the requesting Noteholder access during normal business hours to, or make available to the requesting Noteholder a copy of, the most recent list of Noteholders held by the Note Registrar (which list shall be current as of a date no earlier than 30 days prior to the Note Registrar's receipt of such request). Every Noteholder, by receiving such access, acknowledges that neither the Note Registrar nor the Indenture Trustee will be held accountable in any way by reason of the disclosure of any information as to the names and addresses of any Noteholder regardless of the source from which such information was derived.

**ARTICLE XIII**

**INDENTURE SUPPLEMENTS**

Section 13.01 <u>Indenture Supplements without Consent of Noteholders</u>. Without the consent of the Noteholders, the Co-Issuers and the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more Indentures Supplements at the expense of the party requesting the supplement or amendment to this Indenture, any Series Supplement or any Notes, in form satisfactory to the Indenture Trustee for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to correct any typographical error or cure any ambiguity, or to cure, correct or supplement any defective or inconsistent provision in this Indenture, any Series Supplement or any Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to conform any provision of this Indenture to the description thereof contained in the Offering Memorandum relating to the Series of Notes issued on the Initial Closing Date or any provision of any Series Supplement relating to a Series of Notes or of any provision of any Notes of any Series to the description thereof contained in the Offering Memorandum relating to the Notes of such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to convey, transfer, assign, mortgage or pledge any property to the Indenture Trustee (on behalf of the Noteholders) as security for the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to modify this Indenture, any Series Supplement or any Notes as required or made necessary by any change in applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to add to the covenants of the Obligors or any other party for the benefit of the Noteholders, or to surrender any right or power conferred upon the Obligors in this Indenture or any Series Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to issue a Series of Notes pursuant to a Series Supplement in accordance with <u>Section 2.12(b)</u>, including the issuance of Subordinated Notes, or increase in the Class A-1 Commitment Amount with respect to the related Series of Notes in accordance with <u>Section 2.12(d)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in connection with the issuance of Subordinated Notes, to modify this Indenture, any Series Supplement or any Notes such that (i) no payments with respect to the Subordinated Notes will be made on any Payment Date until all payments due on such Payment Date with respect to all other Notes have been made, (ii) no amounts payable with respect to the Subordinated Notes will be included in the calculation of the DSCR or Monthly Senior Payment Amount, (iii) the failure to pay Accrued Note Interest on Subordinated Notes on any Payment Date on which any Notes (other than Subordinated Notes) are Outstanding will not be an Event of Default and (iv) the Outstanding principal amount of any Subordinated Notes will not be included in the calculation of the Class B LTV Ratio or the Class C LTV Ratio, in each case without Rating Agency Confirmation, so long as such amendments will not adversely affect in any material respect the interests of any Noteholder (as evidenced by an Officer's Certificate of the Co-Issuers) and notice thereof is provided by the Co-Issuers to each Rating Agency then rating the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to comply with any requirements imposed by the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to prevent the Co-Issuers, the Noteholders or the Indenture Trustee from being subject to taxes (including, without limitation, withholding taxes), fees or assessments, or to reduce or eliminate any such taxes, fees or assessments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) to evidence and provide for the acceptance of appointment by a successor indenture trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to allow for the addition of an acquisition account or prefunding account to reserve all or a portion of the net proceeds with respect to the issuance of any Series of Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) to allow for the issuance of delayed draw Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) to remove any provision related to a specific Series of Notes for which the related Series is no longer Outstanding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) for any other purpose;

*provided*, that (x) in connection with any supplement or amendment for purposes described in clause (n) above, any such amendment of this Indenture, any Series Supplement or any Notes (1) will not adversely affect in any material respect the interests of any Noteholder (as evidenced by an Officer's Certificate of the Co-Issuers), (2) either (x) the Servicer has consented thereto and Noteholders representing more than 50% of the Class Principal Balance of any Class of Outstanding Notes have not objected within 30 days of notice thereof or (y) a Rating Agency Confirmation with respect to such amendment is obtained and (3) will not diminish any rights or remedies or increase any liabilities or obligations of the Servicer hereunder, under the Servicing Agreement or under any other Transaction Document without the consent of the Servicer, and (y) in connection with any supplement or amendment for purposes described in clauses (c), (d), (e), (g), (h), (i), (l) and (n) above, the Co-Issuers receive an Opinion of Counsel (which opinion may contain similar assumptions and qualifications as are contained in the Opinion of Counsel with respect to the tax treatment of the Series 2024-1/2 Notes issued on, and which Opinion of Counsel was delivered on, the Initial Closing Date) to the effect that such supplement or amendment will not (1) cause any of the Notes of any Outstanding Series to be deemed to have been exchanged for a new debt instrument pursuant to Treasury regulations section 1.1001-3, (2) cause the Issuer or the Co-Issuer to be taxable as other than a partnership or disregarded entity for U.S. federal income tax purposes or (3) cause any of the Notes of any Outstanding Series that are characterized as indebtedness for U.S. federal income tax purposes to be characterized as other than indebtedness for U.S. federal income tax purposes.

In addition, the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may, without the consent of the Noteholders, enter into any amendment of any other Transaction Document with the parties to such Transaction Document or provide its consent to any amendment of any other Transaction Document, in each case in accordance with the terms of such Transaction Document; *provided*, that (x) either (1) such amendment will not adversely affect in any material respect the interests of any Noteholder (as evidenced by a Rating Agency Confirmation) or (2) the Indenture Trustee shall have received the consent of the Noteholders as and to the same extent such consent would be required for an Indenture Supplement pursuant to <u>Section 13.02</u>, and (y) such amendment will not diminish any rights or remedies or increase any liabilities or obligations of the Servicer under the Servicing Agreement or under any other Transaction Document without the consent of the Servicer; *provided* that any consent by the Indenture Trustee required by the provisions of Section 9(j)(ii) of the limited liability company agreement of either Co-Issuer or of either Guarantor shall require the prior direction of the Requisite Global Majority Noteholders. In executing any amendment to, or providing its consent to any amendment of, any Transaction Document in accordance with this <u>Section 13.01</u>, the Indenture Trustee shall be entitled to receive, and, subject to <u>Section 11.03</u>, shall be fully protected in relying upon, an Officer's Certificate of the Co-Issuers and an Opinion of Counsel stating that the execution of such amendment or the giving of such consent is authorized or permitted by this Indenture.

Notwithstanding anything to the contrary in the Transaction Documents, this Indenture, the Management Agreement, the Backup Management Agreement, the Servicing Agreement and the other Transaction Documents may be amended, amended and restated, supplemented or otherwise modified by the parties thereto or the applicable Obligors, the Manager, the Backup Manager, the Indenture Trustee and any other applicable party may enter into new Transaction Documents without the consent of the Indenture Trustee, the Manager, the Backup Manager or the Servicer (except to the extent that such amendment, restatement, supplement, modification or new Transaction Document impacts the rights, indemnities, protections, remedies, liabilities, duties and/or obligations of the Indenture Trustee, the Manager, the Backup Manager or the Servicer, in which case the consent of the Indenture Trustee, the Manager, the Backup Manager or the Servicer, as applicable, will be required (x) to the extent that the Indenture Trustee, the Servicer or the Backup Manager, as applicable, will continue to act as Indenture Trustee, Servicer or Backup Manager, as applicable, or (y) to the extent any surviving rights, indemnities, protections, remedies, liabilities, duties and/or obligations of the Manager, Backup Manager or Servicer not continuing to act in such capacity are adversely affected, in each case, following the execution of any such amendment, restatement, supplement, modification or new Transaction Document), the Controlling Class Representative, or any Noteholder, for the purpose of modifying, replacing or subdividing the role of the Servicer, the Manager, the Backup Manager or the Controlling Class Representative; provided that (i) no unreimbursed Advances or Advance Interest are then owing to the Manager and (ii) the prior written consent of the Indenture Trustee and a Rating Agency Confirmation will be required for any change in respect of any of such parties' obligation(s) to make Advances.

Section 13.02 <u>Indenture Supplements with Consent of Noteholders</u>. The Co-Issuers and the Indenture Trustee, when authorized by an Issuer Order, with a prior direction of Noteholders representing more than 50.0% of the Voting Rights of each Class of Notes adversely affected thereby and without prior notice to any other Noteholder, also may amend, supplement or modify this Indenture, any Series Supplement or any Notes or waive compliance by the Co-Issuers with any provision of this Indenture, any Series Supplement or the Notes; *provided, however*, that no such amendment, modification, supplement or waiver may, without the consent of the Holder of each Note affected thereby (including any tax consequences) and with respect to clause (viii) below, without the consent of the Servicer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change the Anticipated Repayment Date for any Series or the Rated Final Payment Date for any Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) make any change that directly reduces the amounts required to be paid on the Notes of any Series on any Payment Date, the Anticipated Repayment Date for such Series or the Rated Final Payment Date for such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) change the place of payments on the Notes of any Series on any Payment Date, the Anticipated Repayment Date for such Series or the Rated Final Payment Date for such Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) change the coin or currency in which the principal of any Note or interest thereon is payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) impair the right of a Noteholder to institute suit for the enforcement of any payment on or with respect to any Note on or after the maturity thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) reduce the percentage of the unpaid principal balances of any of the Notes, the consent of whose Holders is required for such amendment or eliminate the requirement that affected Noteholders consent to any amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) change any obligation of the Co-Issuers to maintain an office or agency in the places and for the purposes set forth in this Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) diminish any rights or remedies or increase any liabilities or obligations of the Servicer hereunder, under the Servicing Agreement or under any other Transaction Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) permit the creation of any Lien ranking prior to or on parity with the Lien of the Noteholders with respect to the Collateral or, except as otherwise permitted or contemplated in this Indenture or any Series Supplement terminate the Lien of the Noteholders on such Collateral or deprive the Noteholders of the security afforded by such.

In determining whether a proposed amendment would adversely affect any Class of Notes, the Indenture Trustee may rely conclusively on and shall be fully protected in relying on a certificate of an Executive Officer of the Issuer.

It shall not be necessary for any Act of the Noteholders under this <u>Section 13.02</u> to approve the particular form of any proposed Indenture Supplement, but it shall be sufficient if such Act shall approve the substance thereof.

Notwithstanding anything to the contrary in this <u>Section 13.02</u>, a Series Supplement entered into for the purpose of issuing Additional Notes the issuance of which complies with the terms of this Indenture shall not require the consent of any Noteholder.

Promptly after the execution by the Co-Issuers and the Indenture Trustee of any Indenture Supplement pursuant to this <u>Section 13.02</u>, the Indenture Trustee shall make available to the Holders of the Notes and the Servicer a copy of such Indenture Supplement. Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such Indenture Supplement.

Section 13.04 <u>Effect of Indenture Supplement</u>. Upon the execution of any Indenture Supplement pursuant to the provisions hereof, this Indenture, any Series Supplement affected by such Indenture Supplement and/or any Notes affected by such Indenture Supplement shall be and shall be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture, such Series Supplement and/or such Notes of the Indenture Trustee, the Servicer, the Co-Issuers and the Holders of the Notes shall thereafter be determined, exercised and enforced hereunder and thereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such Indenture Supplement shall be and be deemed to be part of the terms and conditions of this Indenture, such Series Supplement and/or such Notes for any and all purposes.

Section 13.05 <u>Reference in Notes to Indenture Supplements</u>. Notes authenticated and delivered (or with respect to Uncertificated Notes, registered) after the execution of any Indenture Supplement pursuant to this Article XIII may bear a notation in form approved by the Indenture Trustee as to any matter provided for in such Indenture Supplement. If the Co-Issuers shall so determine, new Notes so modified as to conform, in the opinion of the Issuer or the Co-Issuer, to any such Indenture Supplement may be prepared and executed by the Co-Issuers and authenticated and delivered (or with respect to Uncertificated Notes, registered) by the Indenture Trustee in exchange for Outstanding Notes.

**ARTICLE XIV**

**PLEDGE OF OTHER COMPANY COLLATERAL**

Section 14.01 <u>Grant of Security Interest/UCC Collateral</u>. Each Obligor hereby grants to the Indenture Trustee, on behalf of the Noteholders and the other Secured Parties, a security interest in and to all of its fixtures (as defined in the UCC), personal property and other property whether now owned or hereafter acquired and wherever located, including, but not limited to the following: all (i) equipment (as defined in the UCC), all parts thereof and all accessions thereto, including but not limited to machinery, computer equipment, switches, furniture, motor vehicles, aircraft and rolling stock, (ii) fixtures, all substitutes and replacements therefor, all accessions and attachments thereto, and all tools, parts and equipment now or hereafter added to or used in connection with the fixtures (including, without limitation, proceeds which constitute property of the types described herein), (iii) accounts (as defined in the UCC), (iv) inventory (as defined in the UCC), (v) general intangibles (as defined in the UCC) (other than Site Leases), (vi) investment property (as defined in the UCC), (vii) deposit accounts (as defined in the UCC), (viii) instruments and chattel paper (each as defined in the UCC), (ix) 100% of the limited liability company or other ownership interests in each Asset Entity, (x) Material Agreements (including all rights and remedies thereunder, but excluding any other rights that cannot be assigned without third-party consent under such Material Agreements), (xi) Customer Contracts, with respect to Data Center Space located in the Data Centers, (xii) leases of personal property and (xiii) the proceeds of the foregoing (collectively, the "<u>Other Company Collateral</u>"), as security for payment and performance of all of the Obligations**; *provided* that the Other Company Collateral shall not include the Capital Expenditures Reserve Sub-Account, or any funds on deposit therein**. The Other Company Collateral shall not include any fixtures, equipment or other property owned by any Customer or any other third-party.

The Co-Issuers and the Asset Entities hereby authorize the Indenture Trustee (without obligation) to file such financing statements as the Indenture Trustee shall deem reasonably necessary to perfect the Indenture Trustee's, on behalf of the Noteholders and the other Secured Parties, interest in the Other Company Collateral. The Co-Issuers and the Asset Entities hereby authorize the Indenture Trustee to use the collateral description "all personal property," "all assets" or similar variation in any such financing statements.

Upon the occurrence and during the continuance of any Event of Default, the Indenture Trustee, on behalf of the Noteholders, shall have all rights and remedies pertaining to the Other Company Collateral as are provided for in any of the Transaction Documents or under any applicable law including the Indenture Trustee's rights of enforcement with respect to the Other Company Collateral or any part thereof, exercising its rights of enforcement with respect to the Other Company Collateral or any part thereof under the UCC (or under the Uniform Commercial Code in force in any other state to the extent the same is applicable law) and in conjunction with, in addition to, or in substitution for, such rights and remedies of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indenture Trustee may enter upon the premises of an Obligor to take possession of, assemble and collect the Other Company Collateral or to render it unusable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indenture Trustee may require an Obligor to assemble the Other Company Collateral and make it available at a place the Indenture Trustee designates which is mutually convenient to allow the Indenture Trustee to take possession or dispose of the Other Company Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent a Responsible Officer of the Indenture Trustee has Knowledge thereof, written notice mailed to the Co-Issuers as provided herein at least 5 days prior to the date of public sale of the Other Company Collateral or prior to the date after which private sale of the Other Company Collateral will be made shall constitute reasonable notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event of a foreclosure sale, the Other Company Collateral and the other Collateral may, at the option of the Indenture Trustee, be sold as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It shall not be necessary that the Indenture Trustee take possession of the Other Company Collateral or any part thereof prior to the time that any sale pursuant to the provisions of this section is conducted and it shall not be necessary that the Other Company Collateral or any part thereof be present at the location of such sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Prior to application of proceeds of disposition of the Other Company Collateral to the Obligations, such proceeds shall be applied to the reasonable expenses of retaking, holding, preparing for sale or lease, selling, leasing and the like and the reasonable attorneys' fees and legal expenses incurred by the Indenture Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any and all statements of fact or other recitals made in any bill of sale or assignment or other instrument evidencing any foreclosure sale hereunder as to nonpayment of the Obligations or as to the occurrence of any default, or as to the Indenture Trustee having declared all Obligations to be due and payable, or as to notice of time, place and terms of sale and of the properties to be sold having been duly given, or as to any other act or thing having been duly done by the Indenture Trustee, shall be taken as prima facie evidence of the truth of the facts so stated and recited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Indenture Trustee may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by the Indenture Trustee, including the sending of notices and the conduct of the sale, but in the name and on behalf of the Indenture Trustee.

**ARTICLE XV**

**MISCELLANEOUS**

Section 15.01 <u>Compliance Certificates and Opinions, etc</u>. Upon any application or request by the Co-Issuers to the Indenture Trustee, the Backup Manager or the Servicer to take any action under any provision of this Indenture, any Series Supplement or any other Transaction Document, the Co-Issuers shall furnish to the Indenture Trustee, the Backup Manager and Servicer (i) an Officer's Certificate of the Co-Issuers stating that all conditions precedent, if any, provided for in this Indenture, such Series Supplement or such Transaction Document relating to the proposed action have been complied with, when reasonably requested by the Indenture Trustee, the Backup Manager or the Servicer, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, and (iii) if applicable, an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this Section 15.01, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, any Series Supplement or any Transaction Document, no additional certificate or opinion need be furnished.

Every certificate or opinion provided by or on behalf of the Co-Issuers with respect to compliance with a condition or covenant provided for in this Indenture, or any Series Supplement or any other Transaction Document shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions in this Indenture, in such Series Supplement or such other Transaction Document relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with.

Nothing herein shall be deemed to require either the Indenture Trustee, the Backup Manager or the Servicer to confirm, represent or warrant the accuracy of (or to be liable or responsible for) any other Person's information or report, including any communication from the Issuer, the Co-Issuer, any Asset Entity, any Guarantor or the Manager. In connection with the performance of its obligations hereunder and under the other Transaction Documents each of the Indenture Trustee, the Backup Manager and the Servicer shall be entitled to rely upon any written information or certification (without any obligation to investigate the accuracy or completeness of any information or certification set forth therein) or recommendation provided to it by the Manager, and none of the Indenture Trustee, the Backup Manager or the Servicer shall have any liability with respect thereto.

Section 15.02 <u>Form of Documents Delivered to Indenture Trustee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any certificate or opinion of an Authorized Officer of the Issuer or the Co-Issuer may be based, insofar as it relates to legal matters, upon a certificate or Opinion of Counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which such Officer's Certificate or opinion is based are erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Issuer or the Co-Issuer, stating that the information with respect to such factual matters is in the possession of the Issuer or the Co-Issuer, as applicable, unless such officer or officers of the Issuer or the Co-Issuer, as applicable, or such counsel, knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where any Person is required to make, give or execute two or more applications, requests, comments, certificates, statements, opinions or other instruments under this Indenture, any Series Supplement or any other Transaction Document, they may, but need not, be consolidated and form one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whenever in this Indenture, any Series Supplement or any other Transaction Document, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Co-Issuers and/or the Asset Entities shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer's, the Co-Issuer's and/or the Asset Entities' compliance with any term hereof, in any Series Supplement or any other Transaction Document, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Co-Issuers and/or the Asset Entities to have such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee's, the Backup Manager's or Servicer's right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article XI.

Section 15.03 <u>Acts of Noteholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture or any Series Supplement to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Noteholders in person or by agents duly appointed in writing; and except as otherwise expressly provided in this Indenture or in any Series Supplement such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Co-Issuers. Such instrument or instruments (and the action embodied in this Indenture or in any Series Supplement and evidenced thereby) are sometimes referred to in this Indenture as the "<u>Act</u>" of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture or any Series Supplement and (subject to Article XI) conclusive in favor of the Indenture Trustee and the Co-Issuers, if made in the manner provided in this <u>Section 15.03</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The fact and date of the execution by any Person of any such instrument or writing may be proved in any reasonable manner which the Indenture Trustee deems sufficient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The ownership, principal balance and serial numbers of the Notes, and the date of holding the same, shall be proved by the Note Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Co-Issuers shall solicit from Noteholders any request, demand, authorization, direction, notice, consent, waiver or other Act, the Co-Issuers may, at their option, fix in advance a record date for the determination of Noteholders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Co-Issuers shall have no obligation to do so. Any such record date shall be fixed at the Co-Issuers' discretion. If not set by the Co-Issuers prior to the first solicitation of a Noteholder made by any Person in respect of any such matters referred to in the foregoing sentence, such record date shall be the date 30 days prior to such first solicitation of Noteholders. If such a record date is fixed, such request, demand, authorization, direction, notice, consent and waiver or other Act may be sought or given before or after the record date, but only the Noteholders of record at the close of business on such record date shall be deemed to be Noteholders for the purpose of determining whether Noteholders of the requisite proportion of the Outstanding Notes have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Notes shall be computed as of such record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the Holder of every Note issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee, the Backup Manager, the Servicer or the Co-Issuers in reliance thereon, whether or not notation of such action is made upon such Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Without limiting the foregoing, a Noteholder entitled hereunder or under any Series Supplement to take any action hereunder or thereunder with regard to any Note may do so with regard to all or any part of the principal balance of such Note or by one or more appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal balance of such Note.

Section 15.04 <u>Notices; Copies of Notices and Other Information</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture shall be in writing and if such request, demand, authorization, direction, notice, consent, waiver or Act of Noteholders is to be made upon, given or furnished to or filed with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) the Indenture Trustee by any Noteholder or by any Obligor shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Indenture Trustee at the Corporate Trust Office; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) the Issuer and the Co-Issuer by the Indenture Trustee, the Backup Manager, the Servicer, or by any Noteholder shall be sufficient for every purpose hereunder if in writing and mailed first-class, postage prepaid and by facsimile or e-mail to the Co-Issuers addressed to: Centersquare Finance & Legal Departments at 3100 Olympus Boulevard, Suite 510, Coppell, TX 75019. The Co-Issuers shall promptly transmit any notice received by them from the Noteholders to the Indenture Trustee and Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any notice to be given to the Indenture Trustee hereunder shall also be given to the Note Registrar and the Servicer in writing, personally delivered, faxed, e-mailed or mailed by certified mail and shall not be deemed given to the Indenture Trustee until also given to the Note Registrar and the Servicer; *provided, however*, that only one notice to the Indenture Trustee shall be necessary at any time that the Indenture Trustee is also the Note Registrar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any notice, and copies of any reports, certificates, schedules, statements, documents or other information to be given to the Indenture Trustee by the Co-Issuers, the Guarantors or the Asset Entities hereunder shall also be simultaneously given to the Servicer in writing, personally delivered, faxed, e-mailed or mailed by certified mail and shall not be deemed given to the Indenture Trustee until also given to the Servicer; *provided, however*, that only one notice or copy of such reports, certificates, schedules, or other information required to be given to the Indenture Trustee shall be necessary at any time that the Indenture Trustee is also the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notices required to be given to the Rating Agencies by the Co-Issuers and/or the Asset Entities or the Indenture Trustee shall be in writing, personally delivered, faxed, mailed by certified mail or e-mailed to the addresses specified in the Series Supplement for any Series of Notes.

Section 15.05 <u>Notices to Noteholders; Waiver</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where this Indenture or any Series Supplement provides for notice to Noteholders of any event, such notice shall be sufficiently given (unless otherwise expressly provided in this Indenture or in such Series Supplement) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the manner provided in this Indenture shall conclusively be presumed to have been duly given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where this Indenture or any Series Supplement provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Noteholders when such notice is required to be given pursuant to any provision of this Indenture or any Series Supplement, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Where this Indenture or any Series Supplement provides for notice to the Rating Agencies, failure to give such notice to the Rating Agencies shall not affect any other rights or obligations created hereunder or under any Series Supplement, and shall not under any circumstance constitute a Default or Event of Default.

Section 15.06 <u>Payment and Notice Dates</u>. All payments to be made and notices to be delivered pursuant to this Indenture, any Series Supplement or any other Transaction Document shall be made by the responsible party as of the dates set forth in this Indenture, in such Series Supplement or in such other Transaction Document.

Section 15.07 <u>Effect of Headings and **Table of Contents**</u>. The Article and Section headings in this Indenture or in any Series Supplement and the **Table of Contents** are for convenience only and shall not affect the construction hereof or thereof.

Section 15.08 <u>Successors and Assigns</u>. All covenants and agreements in this Indenture, any Series Supplement and the Notes by the Obligors shall bind their successors and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture and any Series Supplement shall bind its successors, co-trustees and agents.

Section 15.09 <u>Severability</u>. In case any provision in this Indenture or any Series Supplement or in the Notes of any Series shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 15.10 <u>Benefits of Indenture</u>. Subject to Section 13.01 and Section 13.02 and Article XI, nothing in this Indenture, any Series Supplement or in the Notes, express or implied, shall give to any Person, other than the parties hereto, the Backup Manager, the Servicer and their successors hereunder, the Noteholders and any other party secured hereunder or under any such Series Supplement, and any other Person with an Ownership Interest in any part of the Collateral, any benefit or any legal or equitable right, remedy or claim under this Indenture or any Series Supplement.

Section 15.11 <u>Legal Holiday</u>. In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes, this Indenture or any Series Supplement) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and, except as otherwise expressly provided in this Indenture or in any such Series Supplement, no interest shall accrue for the period from and after any such nominal date.

Section 15.12 <u>Waiver of Jury Trial</u>. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 15.13 <u>Governing Law; Jurisdiction</u>. THIS INDENTURE AND EACH SERIES SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OBLIGOR IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE COURT OR UNITED STATES FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR IN RELATION TO THIS INDENTURE OR ANY SERIES SUPPLEMENT.

Section 15.14 <u>Counterparts; Electronic Execution</u>. This Indenture and any Series Supplement<u>**, the Notes and any other Transaction Document**</u> may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such respective counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Indenture**<u>, any Series Supplement, the Notes or any other Transaction Document</u>** by telecopy, e-mail, pdf or any other electronic means (e.g. "pdf", Docusign or "tif") shall be effective as delivery of a manually executed counterpart of this Indenture. The words "delivery", "execution," "execute", "signed," "signature," and words of like import in or related to any document to be signed in connection with this Indenture**<u>, any Series Supplement, the Notes or any other Transaction Document</u>** and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Indenture Trustee, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

Section 15.15 <u>Recording of Indenture</u>. If this Indenture or any Series Supplement is subject to recording in any appropriate public recording offices, such recording is to be effected by the Co-Issuers and at their expense.

Section 15.16 <u>Corporate Obligation</u>. No recourse may be taken, directly or indirectly, with respect to the obligations of the Co-Issuers or the Indenture Trustee, in each of their capacities hereunder or under any Series Supplement, on the Notes, under this Indenture or any Series Supplement or any certificate or other writing delivered in connection hereunder or under any Series Supplement, against (i) the Indenture Trustee, the Paying Agent and the Note Registrar in its individual capacity, or (ii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Indenture Trustee in its individual capacity, any holder of equity in any Obligor or the Indenture Trustee or in any successor or assign of the Indenture Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee has no such obligations in its individual capacity), and except that any such partner, owner or equity holder shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

Section 15.17 <u>No Petition</u>. The Indenture Trustee, by entering into this Indenture or any Series Supplement, and each Noteholder, by accepting a Note, and each Note Owner, by accepting an Ownership Interest in a Global Note, hereby covenants and agrees that neither it nor the Indenture Trustee on behalf of such Noteholder will at any time institute against the Co-Issuers and/or the Asset Entities or the Guarantors, or join in any institution against the Co-Issuers and/or the Asset Entities or the Guarantors of, any bankruptcy, reorganization, insolvency or similar proceedings, or other proceedings under any federal, state, or foreign bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture, any such Series Supplement or any of the other Transaction Documents.

Section 15.18 <u>Extinguishment of Obligations</u>. Notwithstanding anything to the contrary in this Indenture or any Series Supplement, all obligations of the Obligors hereunder and under each Series Supplement shall be deemed to be extinguished in the event that, at any time, the Co-Issuers, the Guarantors and the Asset Entities have no assets (which shall include claims that may be asserted by the Co-Issuers, the Guarantors and the Asset Entities with respect to Contractual Obligations of third parties to the Co-Issuers, the Guarantors and the Asset Entities but which shall not include the proceeds of the issue of their shares in respect of the Initial Closing Date). No further claims may be brought against any of the Obligors' directors or officers or against their shareholders or members, as the case may be, for any such obligations, except in the case of fraud or actions taken in bad faith by such Persons.

Section 15.19 <u>Excluded Data Centers</u>. Nothing contained in this Indenture or any other Transaction Document shall prohibit the Parent or any subsidiary or Affiliate of the Parent (other than a Guarantor or an Obligor) from owning and managing data centers and other properties that are not Data Centers and are consequently not included as Collateral (such data centers, "<u>Excluded Data Centers</u>"). If Excluded Data Centers are acquired after the Initial Closing Date by the Parent or a non-Asset Entity subsidiary or non-Obligor subsidiary of the Parent and such entity proposes to enter into a contract with respect to the related Data Center Space with a party that is also a Customer under a Customer Contract, such new lease will be separate from and independent of any Customer Contract between such party and an Asset Entity.

Section 15.20 <u>Waiver of Immunities</u>. To the extent that any Obligor has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, such Obligor hereby irrevocably waives such immunity in respect of its obligations under this Indenture, any Series Supplement, the Notes and any other Transaction Document, to the extent permitted by law.

Section 15.21 <u>Non-Recourse</u>. The Noteholders shall not have at any time any recourse on the Notes or under this Indenture or any Series Supplement against the Obligors (other than the Collateral) or against the Indenture Trustee, the Backup Manager, the Servicer or Affiliates thereof.

Section 15.22 <u>Indenture Trustee's Duties and Obligations Limited</u>. The duties and obligations of Indenture Trustee, in its various capacities hereunder and under any Series Supplement, shall be limited to those expressly provided for in their entirety in this Indenture (including any exhibits to this Indenture and to any Series Supplement). Any references in this Indenture and in any Series Supplement (and in the exhibits to this Indenture and to any Series Supplement) to duties or obligations of the Indenture Trustee, in its various capacities hereunder and under any such Series Supplement, that purport to arise pursuant to the provisions of any of the Transaction Documents or any such Series Supplement shall only be duties and obligations of the Indenture Trustee, or the Indenture Trustee in its other capacities, as applicable, if the Indenture Trustee is a signatory to any such Transaction Documents or any such Series Supplement. By its acquisition of the Notes, each Noteholder shall be deemed to have authorized and directed the Indenture Trustee to enter into the Transaction Documents to which the Indenture Trustee is a signatory.

Section 15.23 <u>Appointment of Servicer</u>. The Co-Issuers hereby consent to the appointment of KeyBank National Association, to act as Servicer.

Section 15.24 <u>Agreed Upon Tax Treatment</u>. By purchasing the Notes (or by registration of an Uncertificated Note), or a beneficial interest therein, each Holder or holder of a beneficial interest in the Notes will agree to treat the Notes as debt for all United States tax purposes.

Section 15.25 <u>Tax Forms</u>. Each Holder by its acceptance of its Note, agrees that it shall timely furnish the Co-Issuers or their agents any U.S. federal income tax form or certification (such as IRS Form W-9, the applicable IRS Form W-8 (together with all applicable attachments) or any successors to such IRS forms) that the Co-Issuers or their agents may reasonably request and shall update or replace such form or certification in accordance with its terms or its subsequent amendments. Each Holder agrees to provide any certification or information that is reasonably requested by the Issuer, the Co-Issuer or their agents (a) to permit the Issuer or the Co-Issuer, as applicable, to make payments to it without, or at a reduced rate of, withholding, (b) to enable the Issuer or the Co-Issuer, as applicable, to qualify for a reduced rate of withholding in any jurisdiction from or through which the Issuer or the Co-Issuer receives payments on its assets, or (c) to enable the Issuer or the Co-Issuer, as applicable, to determine and/or satisfy its duties and liabilities with respect to any taxes or other charges that it may be required to pay, deduct or withhold from payments in respect of the Notes under any present or future law or regulation of any jurisdiction or taxing authority therein or to comply with any reporting or other requirements under any law or regulation. Each Holder acknowledges that the failure to provide, update or replace any form, certification or information described above may result in the imposition of withholding or backup withholding on payments to such Holder.

Section 15.26 <u>Request for Rating Agency Confirmation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any request for a Rating Agency Confirmation made by the Co-Issuers, an Asset Entity or the Servicer, as applicable (such requesting party, the "<u>RAC Requesting Party</u>"), pursuant to this Indenture shall be made in writing, which writing shall include electronic mail, and shall contain a cover page indicating the nature of the request for Rating Agency Confirmation and all back-up material necessary for each Rating Agency to process such request, and shall be provided by the RAC Requesting Party in electronic format to Steven Cook at Steve.Cook@centersquaredc.com or other Person designated in writing by the Co-Issuers from time to time (the "<u>Authorized Representative</u>") who shall post such request on the 17g-5 Website (the "<u>Initial Request</u>"). If the RAC Requesting Party is the Issuer, the Co-Issuer or an Asset Entity, such RAC Requesting Party shall also provide a copy of the Initial Request to the Servicer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Rating Agency has not replied to an Initial Request or has responded to an Initial Request in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for a Rating Agency Confirmation within ten Business Days of the making of such Initial Request, the RAC Requesting Party shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) confirm, through direct communication and not by posting a request for a Rating Agency Confirmation on the 17g-5 Website, that such Rating Agency has received such Initial Request, and, if it has not, promptly make a second request to such Rating Agency for Rating Agency Confirmation (the "<u>Second Request</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) if there is no response by such Rating Agency to such Initial Request or such Second Request within five Business Days of the making of such Second Request or if such Rating Agency has responded to such Initial Request or such Second Request in a manner that indicates that such Rating Agency is neither reviewing the request for such Rating Agency Confirmation nor waiving the requirement for such Rating Agency Confirmation, then such RAC Requesting Party shall confirm (without providing notice to the Authorized Representative), by direct communication and not by posting a request for a Rating Agency Confirmation on the 17g-5 Website, that such Rating Agency has received such Second Request.

**ARTICLE XVI**

**GUARANTEES**

Section 16.01 <u>Guarantees</u>. Each Asset Entity hereby unconditionally and irrevocably guarantees, jointly and severally, to each Holder and to the Indenture Trustee, on behalf of the Noteholders, and the Servicer and their respective successors and assigns (a) the full and punctual payment of principal of and interest on the Notes when due, whether at maturity, by acceleration, by redemption or otherwise, and all other monetary obligations of the Co-Issuers and the Asset Entities under this Indenture and the Notes and each other Transaction Document and (b) the full and punctual performance within applicable grace periods of all other obligations of the Co-Issuers and the Asset Entities under this Indenture and the Notes and all other Transaction Documents (all the foregoing being hereinafter collectively called the "<u>Guaranteed Obligations</u>").

Each such Asset Entity waives presentation to, demand of, payment from and protest to the Co-Issuers of any of the Guaranteed Obligations and also waives notice of protest for nonpayment. Each Asset Entity waives notice of any default under the Notes or the other Guaranteed Obligations. The obligations of each such Asset Entity hereunder shall not be affected by (a) the failure of any Holder or the Indenture Trustee, the Backup Manager or the Servicer to assert any claim or demand or to enforce any right or remedy under the Transaction Documents against any other Obligor or any other Person or otherwise; (b) any extension or renewal of any thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other Transaction Document; (d) the release of any security held by any Holder or the Indenture Trustee for the Obligations or any of them; or (e) the failure of any Holder or the Indenture Trustee, the Backup Manager or the Servicer to exercise any right or remedy against any other guarantor of the Guaranteed Obligations.

Each such Asset Entity further agrees that its guaranty herein constitutes a guarantee of payment, performance and compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Indenture Trustee, the Backup Manager or the Servicer to any security held for payment of the Guaranteed Obligations.

Except as expressly set forth herein, the obligations of each such Asset Entity hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each such Asset Entity herein shall not be discharged or impaired or otherwise affected by the failure of any Holder or the Indenture Trustee, the Backup Manager or the Servicer to assert any claim or demand or to enforce any remedy under this Indenture, the Notes or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of such Asset Entity or would otherwise operate as a discharge of such Asset Entity as a matter of law or equity.

Each such Asset Entity further agrees that its guaranty herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder or the Indenture Trustee, the Backup Manager or the Servicer upon the bankruptcy or reorganization of the Issuer or the Co-Issuer or otherwise.

In furtherance of the foregoing and not in limitation of any other right which any Holder or the Indenture Trustee, the Backup Manager or the Servicer has at law or in equity against any Asset Entity by virtue hereof, upon the failure of the Co-Issuers to pay the principal of or interest on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or to perform or comply with any other Guaranteed Obligation, each such Asset Entity hereby promises to and shall, upon receipt of written demand by the Indenture Trustee, forthwith pay, or cause to be paid, in cash, to the Holders or the Indenture Trustee, the Backup Manager or the Servicer, as the case may be, an amount equal to the sum of (i) the unpaid amount of such Guaranteed Obligations, (ii) accrued and unpaid interest on such Obligations and (iii) all other monetary Guaranteed Obligations of the Co-Issuers to the Holders and the Indenture Trustee, the Backup Manager and the Servicer.

Each such Asset Entity also agrees to pay any and all costs and expenses (including reasonable attorneys' fees) incurred by the Indenture Trustee, the Backup Manager or the Servicer in enforcing any rights under this Section.

Notwithstanding any payment made by any Asset Entity hereunder, such Asset Entity shall not be entitled to be subrogated to any of the rights of the Indenture Trustee against the Co-Issuers or any collateral security or guarantee or right of offset held by the Indenture Trustee for the payment of the Obligations, nor shall the Asset Entity seek or be entitled to seek any contribution or reimbursement from the Co-Issuers in respect of payments made by the Asset Entity hereunder, until the Obligations are paid in full. If any amount shall be paid to an Asset Entity on account of such subrogation rights at any time when all of the Obligations shall not have been paid in full, such amount shall be held by such Asset Entity in trust for the Indenture Trustee, segregated from other funds of such Asset Entity, and shall, forthwith upon receipt by such Asset Entity, be turned over to the Indenture Trustee in the exact form received by such Asset Entity (duly indorsed by such Asset Entity to the Indenture Trustee, if required), to be applied against the Obligations, whether matured or unmatured, in such order as the Indenture Trustee may determine.

Section 16.02 <u>Limitation on Liability</u>. Any term or provision of this Indenture to the contrary, the maximum, aggregate amount of the Guaranteed Obligations guaranteed hereunder by any Asset Entity shall not exceed the maximum amount that can be hereby guaranteed without rendering this Indenture, as it relates to such Asset Entity, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally.

Section 16.03 <u>Successors and Assigns</u>. Subject to Section 16.06, this Article XVI shall be binding upon each Asset Entity and its successors and assigns and shall inure to the benefit of the successors and assigns of the Indenture Trustee, the Backup Manager, the Servicer and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Indenture Trustee, the rights and privileges conferred upon that party in this Indenture and in the Notes shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture.

Section 16.04 <u>No Waiver</u>. Neither a failure nor a delay on the part of either the Indenture Trustee, the Backup Manager, the Servicer or the Holders in exercising any right, power or privilege under this Article XVI shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Indenture Trustee, the Backup Manager, the Servicer and the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article XVI at law, in equity, by statute or otherwise.

Section 16.05 <u>Modification</u>. No modification, amendment or waiver of any provision of this Article XVI, nor the consent to any departure by any Asset Entity therefrom, shall in any event be effective unless the same shall be in writing and signed by the Indenture Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand on any Asset Entity in any case shall entitle such Asset Entity to any other or further notice or demand in the same, similar or other circumstances.

Section 16.06 <u>Release of Asset Entity</u>. Upon the sale or other disposition (including by way of consolidation or merger) of an Asset Entity that is permitted hereunder (each case other than to the Co-Issuers or another Asset Entity), such Asset Entity shall be deemed released from all obligations under this Article XVI without any further action required on the part of the Indenture Trustee or any Holder. At the direction of the Co-Issuers, the Indenture Trustee shall execute and deliver an appropriate instrument evidencing such release.

Section 16.07 <u>USA PATRIOT Act</u>. The parties hereto acknowledge that in accordance with the Customer Identification Program (CIP) requirements established under the USA PATRIOT Act, the Indenture Trustee in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Indenture Trustee. Each party hereby agrees that it shall provide the Indenture Trustee with such information as the Indenture Trustee may request from time to time in order to comply with any applicable requirements of the USA PATRIOT Act.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF, the Obligors and the Indenture Trustee have caused this Indenture to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year first above written.

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| CENTERSQUARE ISSUER LLC | CENTERSQUARE ISSUER LLC |
| By: |  |
|  | Name: |
|  | Title: |
| CENTERSQUARE CO-ISSUER LLC | CENTERSQUARE CO-ISSUER LLC |
| By: |  |
|  | Name: |
|  | Title: |

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| 9110-9180 COMMERCE CENTER CIRCLE LLC | 9110-9180 COMMERCE CENTER CIRCLE LLC |
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|  | Name: |
|  | Title: |
| 580 WINTER STREET LLC | 580 WINTER STREET LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 1919 PARK AVENUE LLC | 1919 PARK AVENUE LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 3 CORPORATE PLACE LLC | 3 CORPORATE PLACE LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 17836 GILLETTE AVENUE LLC | 17836 GILLETTE AVENUE LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 4450 DEAN LAKES BOULEVARD LLC | 4450 DEAN LAKES BOULEVARD LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 350 EAST CERMAK ROAD B LLC | 350 EAST CERMAK ROAD B LLC |
| By: |  |
|  | Name: |
|  | Title: |

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|:---|:---|
| 9310 FLORIDA PALM DRIVE LLC | 9310 FLORIDA PALM DRIVE LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 45901 NOKES BOULEVARD LLC | 45901 NOKES BOULEVARD LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 45845 NOKES BOULEVARD LLC | 45845 NOKES BOULEVARD LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 115 2ND AVENUE LLC | 115 2ND AVENUE LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 8534 CONCORD CENTER DRIVE LLC | 8534 CONCORD CENTER DRIVE LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 375 RIVERSIDE PARKWAY A LLC | 375 RIVERSIDE PARKWAY A LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 12301 TUKWILA INTERNATIONAL BOULEVARD LLC | 12301 TUKWILA INTERNATIONAL BOULEVARD LLC |
| By: |  |
|  | Name: |
|  | Title: |

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|:---|:---|
| 3355 SOUTH 120TH PLACE LLC | 3355 SOUTH 120TH PLACE LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 2401 WALSH AVENUE LLC | 2401 WALSH AVENUE LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 2403 WALSH AVENUE LLC | 2403 WALSH AVENUE LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 1550 SPACE PARK DRIVE LLC | 1550 SPACE PARK DRIVE LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 22810-22860 INTERNATIONAL DRIVE LLC | 22810-22860 INTERNATIONAL DRIVE LLC |
| By: |  |
|  | Name: |
|  | Title: |
| 8180 GREEN MEADOWS DRIVE LLC | 8180 GREEN MEADOWS DRIVE LLC |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| DCCO TUKWILA, LLC | DCCO TUKWILA, LLC |
| By: |  |
|  | Name: |
|  | Title: |
| CENTERSQUARE MSA HOLDINGS LLC | CENTERSQUARE MSA HOLDINGS LLC |
| By: |  |
|  | Name: |
|  | Title: |
| CENTERSQUARE NON-RE ASSET ENTITY LLC | CENTERSQUARE NON-RE ASSET ENTITY LLC |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee | WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee |
| By: |  |
|  | Name: |
|  | Title: |

---

## Exhibit 4.9

**Exhibit 4.9**

***Execution Version***

------

SERIES 2024-1 SUPPLEMENT

<u>among</u>

CENTERSQUARE ISSUER LLC,

CENTERSQUARE CO-ISSUER LLC

<u>and</u>

EACH OF THE ASSET ENTITIES PARTY HERETO FROM TIME TO TIME,

as Obligors,

<u>and</u>

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Indenture Trustee

dated as of October 17, 2024

Secured Data Center Revenue Notes, Series 2024-1

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE | ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 | Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.02 | Rules of Construction | 4 |
| ARTICLE II SERIES 2024-1 NOTE DETAILS; FORMS OF SERIES 2024-1 NOTES | ARTICLE II SERIES 2024-1 NOTE DETAILS; FORMS OF SERIES 2024-1 NOTES | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01 | Series 2024-1 Note Details | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02 | Delivery of Series 2024-1 Notes | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03 | Forms of Series 2024-1 Notes | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.04 | No Class A-2 Targeted Amortization Amounts | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.05 | Funding of the Collection Account | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.06 | Funding of the Senior Note Interest and Expense Reserve Sub-Account | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.07 | Funding of the Priority Expense Reserve Sub-Account | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.08 | Funding of the Other Expense Reserve Sub-Account | 7 |
| ARTICLE III GENERAL PROVISIONS | ARTICLE III GENERAL PROVISIONS | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01 | Date of Execution | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02 | Notices | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.03 | Governing Law; Jurisdiction; Waiver of Jury Trial | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.04 | Severability | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.05 | Counterparts; Electronic Execution | 8 |
| ARTICLE IV APPLICABILITY OF INDENTURE | ARTICLE IV APPLICABILITY OF INDENTURE | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01 | Applicability | 9 |

---

Schedule I Closing Date Real Estate Asset Entities

i

**SERIES 2024-1 SUPPLEMENT**

THIS SERIES 2024-1 SUPPLEMENT (as amended, supplemented or otherwise modified and in effect from time to time, this "<u>Series Supplement</u>"), dated as of October 17, 2024, is among Centersquare Issuer LLC, a Delaware limited liability company (the " <u>Issuer</u>"), Centersquare Co-Issuer LLC, a Delaware limited liability company (the "<u>Co-Issuer</u>" and, together with the Issuer, the "<u>Co-Issuers</u>"), Centersquare MSA Holdings LLC, a Delaware limited liability company and each of the Closing Date Real Estate Asset Entities listed on Schedule I hereto (collectively, the "<u>Closing Date Real Estate Asset Entities</u>") and Centersquare Non-RE Asset Entity LLC, a Delaware limited liability company (the "<u>Closing Date Non-RE Asset Entity</u>" and, collectively with the Closing Date Real Estate Asset Entities, the "Closing Date Asset Entities"; the Closing Date Asset Entities together with any entity that becomes a party hereto after the date hereof as an "<u>Additional Asset Entity</u>", the "<u>Asset Entities</u>"; the Asset Entities and the Co-Issuers, collectively, the "<u>Obligors</u>") and Wilmington Trust, National Association, as indenture trustee and not in its individual capacity and any successor thereto in such capacity (the "<u>Indenture Trustee</u>").

RECITALS

WHEREAS, the Obligors have entered into an Indenture, dated as of the date hereof (as the same may be amended, supplemented or otherwise modified and in effect from time to time, the "<u>Base Indenture</u>"), between the Indenture Trustee and the Obligors;

WHEREAS, the Co-Issuers and the Asset Entities desire the Co-Issuers to issue $585,000,000 of Secured Data Center Revenue Notes, Series 2024-1, consisting of (i) up to $100,000,000 Secured Data Center Revenue Variable Funding Notes, Series 2024-1, Class A-1 Notes (the "<u>Series 2024-1 Class A-1 Notes</u>"), (ii) $400,000,000 Secured Data Center Revenue Term Notes, Series 2024-1, Class A-2 Notes (the "<u>Series 2024-1 Class A-2 Notes</u>" and, together with the Series 2024-1 Class A-1 Notes, the "<u>Series 2024-1 Class A Notes</u>") and (iii) $85,000,000 Secured Data Center Revenue Term Notes, Series 2024-1, Class B Notes (the "<u>Series 2024-1 Class B Notes</u>" and, together with the Series 2024-1 Class A-2, the "<u>Series 2024-1 Term Notes</u>" and, together with the Series 2024-1 Class A-1 Notes, the "<u>Series 2024-1 Notes</u>"), pursuant to this Series Supplement to the Base Indenture;

WHEREAS, the Co-Issuers represent that they have duly authorized the issuance of the Series 2024-1 Notes;

WHEREAS, the Series 2024-1 Notes constitute "Notes" and a "Series" or "Series of Notes" as defined in the Base Indenture; and

WHEREAS, the Indenture Trustee has agreed to accept the trusts herein created upon the terms herein set forth.

NOW, THEREFORE, it is mutually covenanted and agreed as follows:

**ARTICLE I**

**DEFINITIONS AND INCORPORATION BY REFERENCE**

Section 1.01 <u>Definitions</u>. All defined terms used herein and not defined herein shall have the meaning ascribed to such terms in the Base Indenture. All words and phrases defined in the Base Indenture shall have the same meaning in this Series Supplement, except as otherwise appears in this Article. In addition, the following terms have the following meanings in this Series Supplement unless the context clearly requires otherwise:

"<u>Anticipated Repayment Date</u>" shall have the meaning ascribed to it in Section 2.01(b).

"<u>Base Indenture</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Closing Date</u>" shall mean October 17, 2024.

"<u>Date of Issuance</u>" shall mean, with respect to the Series 2024-1 Notes, October 17, 2024.

"<u>Indenture</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Initial Purchasers</u>" shall mean TD Securities (USA) LLC, Wells Fargo Securities, LLC, BMO Capital Markets Corp. and Scotia Capital (USA) Inc.

"<u>KBRA</u>" shall mean Kroll Bond Rating Agency LLC.

"<u>No Rating Agency Declination or Waiver Action</u>" shall mean the obligation to obtain a Rating Agency Confirmation in connection with (i) the issuance of Additional Notes pursuant to Section 2.12(b) of the Base Indenture or (ii) amendments pursuant to Section 13.01 of the Base Indenture.

"<u>Note Rate</u>" shall, for each Class of the Series 2024-1 Notes, mean the rate per annum at which interest accrues on such Class set forth in Section 2.01(a).

"<u>Offering Memorandum</u>" shall mean the Offering Memorandum dated October 10, 2024, relating to the offering by the Co-Issuers of the Series 2024-1 Term Notes.

"<u>Passive Bookrunner</u>" shall mean Brookfield Securities LLC.

"<u>Post-ARD Note Spread</u>" shall, for each Class of the Series 2024-1 Notes, be the spread per annum set forth in Section 2.01(f).

"<u>Prepayment Period</u>" shall mean, in relation to the Series 2024-1 Class A-2 Notes, the period that commences on the Payment Date occurring in October 2027.

"<u>Rated Final Payment Date</u>" shall mean, in relation to the Series 2024-1 Notes, the meaning ascribed to it in Section 2.01(c).

"<u>Rating Agency</u>" shall mean, in relation to the Series 2024-1 Notes, KBRA and/or any other nationally recognized statistical rating organization then rating the Series 2024-1 Notes at the request of the Co-Issuers or the Manager, in each instance so long as such Rating Agency continues to rate the Series 2024-1 Notes.

"<u>Rating Agency Confirmation</u>" shall mean, in connection with any transaction or matter with respect to any Class of Series 2024-1 Notes, (i) notification in writing to each Rating Agency then rating such Class of Series 2024-1 Notes at least 10 Business Days' (or such shorter period that is acceptable to the Rating Agency) prior to such transaction or matter or promptly thereafter if prior notice is not possible and (ii) notification in writing by each such Rating Agency (which may be in the form of e-mail, facsimile, press release, posting to its internet website or other such means then considered industry standard as determined by such Rating Agency) that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to such Class of Series 2024-1 Notes by such Rating Agency; provided that, other than in connection with a No Rating Agency Declination or Waiver Action, if a Rating Agency Declination is received, the requirement to receive a Rating Agency Confirmation from the Rating Agency with respect to such matter will not apply; provided, further, that, other than in connection with a No Rating Agency Declination or Waiver Action, if a Rating Agency (x) refuses to respond or otherwise does not respond to a request for Rating Agency Confirmation made in accordance with <u>Section 15.26</u> of the Base Indenture or (y) has indicated that it is not the customary procedure of such Rating Agency to provide notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to such Class of Series 2024-1 Notes by such Rating Agency, the requirement to receive such Rating Agency Confirmation shall be waived unless such Rating Agency's refusal or failure to respond to the request is due to a commercial dispute between the Co-Issuers or their Affiliates and such Rating Agency, including, but not limited to, any disagreement regarding such Rating Agency's fees. Notwithstanding any of the foregoing to the contrary, if (x) the Series 2024-1 Notes are rated by a Rating Agency other than KBRA, Rating Agency Confirmation will be deemed to have been obtained with respect to any transaction or matter if such Rating Agency provides the applicable notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2024-1 Notes by such Rating Agency, even if KBRA does not (so long as KBRA does not provide notification in writing that such transaction or matter will result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2024-1 Notes by KBRA), or (y) any other Series of Notes is rated by a Rating Agency other than KBRA, Rating Agency Confirmation will be deemed to have been obtained with respect to any transaction or matter if (i) such Rating Agency provides the applicable notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to such Series of Notes by such Rating Agency, even if KBRA does not (so long as KBRA does not provide notification in writing that such transaction or matter will result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2024-1 Notes by KBRA), and (ii) such transaction or matter does not materially adversely affect the Series 2024-1 Notes as compared to such other Series of Notes.

"<u>Rating Agency Declination</u>" shall mean, with respect to any Rating Agency then rating any Class of Series 2024-1 Notes, (x) an indication by such Rating Agency, that is not the customary procedure of such Rating Agency to provide notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to such Class of Series 2024-1 Notes by such Rating Agency or (y) a written waiver or acknowledgement from such Rating Agency indicating its decision not to review or declining to review the matter for which the Rating Agency Confirmation is sought and received; *provided* that any Rating Agency's refusal to provide Rating Agency Confirmation due to a commercial dispute between the Co-Issuers or their Affiliates and such Rating Agency, including, but not limited to, any disagreement regarding such Rating Agency's fees, shall not constitute a Rating Agency Declination; *provided, further*, that if any Rating Agency shall publicly announce a policy, as a general matter, to no longer review requests for Rating Agency Confirmation, so long as such policy shall remain in effect, any party requesting Rating Agency Confirmation from such Rating Agency shall only be required to deliver written notice to such Rating Agency of any matter for which Rating Agency Confirmation would have been requested and such Rating Agency shall thereafter be deemed to have delivered a Rating Agency Declination with respect to such matter.

"<u>Series 2024-1 Class A-1 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2024-1 Class A-2 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2024-1 Class B Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2024-1 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2024-1 Variable Funding Note Purchase Agreement</u>" for the Series 2024-1 Class A-1 Notes shall mean the Series 2024-1 Variable Funding Note Purchase Agreement, dated as of October 17, 2024 by and among the Co-Issuers, the Guarantors, the Closing Date Asset Entities, the Parent, the Manager, certain conduit investors party thereto from time to time, certain funding agents party thereto from time to time, the committed note purchasers party thereto from time to time and Wilmington Trust, National Association, as Class A-1 Paying Agent.

"<u>Series Disposition Period Date</u>" shall, for the Series 2024-1 Notes, have the meaning ascribed to it in Section 2.01(h).

"<u>Targeted Amortization Amount</u>" shall mean, as of each Payment Date with respect to each Class of Series 2024-1 Notes, $0.

"<u>VFN Interest Accrual Period</u>" shall, for the Series 2024-1 Class A-1 Notes, mean "Interest Accrual Period" as defined in Section 3.01(g) of the Series 2024-1 Variable Funding Note Purchase Agreement.

Section 1.02 <u>Rules of Construction</u>. Unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a term has the meaning assigned to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an accounting term not otherwise defined herein and accounting terms partly defined herein, to the extent not defined, shall have the respective meanings given to them under GAAP as in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "or" is not exclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "including" means including without limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) words in the singular include the plural and words in the plural include the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all references to "$" are to United States dollars unless otherwise stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any agreement, instrument or statute defined or referred to in this Series Supplement or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references to a Person are also to its permitted successors and assigns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the words "hereof", "herein" and "hereunder" and words of similar import, when used in this Series Supplement, shall refer to this Series Supplement as a whole and not to any particular provision of this Series Supplement, and Section, Schedule and Exhibit references are to this Series Supplement unless otherwise specified.

**ARTICLE II**

**SERIES 2024-1 NOTE DETAILS; FORMS OF SERIES 2024-1 NOTES**

Section 2.01 <u>Series 2024-1 Note Details.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate principal amount of the Series 2024-1 Notes which may be initially authenticated and delivered (or registered, in the case of Uncertificated Notes) under this Series Supplement shall be divided into Classes designated as "Class A-1", "Class A-2" and "Class B" with the respective initial principal balances, Note Rates and ratings set forth below (except for Series 2024-1 Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of Notes pursuant to Section 2.02 of the Base Indenture):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Series/Class** | **Initial Class**<br>**Principal**<br>**Balance** | <br>**Note Principal**<br>**Balance** | <br>**Note Type** |<br>**Note**<br>**Rate** | <br>**Rating**<br>**(KBRA)** |
| Series 2024-1, Class A-1 | $100000000 | $\* | Variable Funding Notes | \*\* | A- (sf) |
| Series 2024-1, Class A-2 | $400000000 | $400000000 | Term Notes | 5.200% | A- (sf) |
| Series 2024-1, Class B | $85000000 | $85000000 | Term Notes | 5.600% | BBB- (sf) |

---

\* The Note Principal Balance of the Series 2024-1 Class A-1 Notes may be drawn, paid back, and redrawn, subject to certain conditions set forth in the Series 2024-1 Variable Funding Note Purchase Agreement, up to a maximum principal amount of $100,000,000. The Note Principal Balance of the Series 2024-1 Class A-1 Notes as of the Closing Date is expected to be $0.

\*\* The Note Rate for the Series 2024-1 Class A-1 Notes shall be a base rate or a benchmark rate determined in accordance with the Series 2024-1 Variable Funding Note Purchase Agreement plus a spread, as set forth in the Series 2024-1 Variable Funding Note Purchase Agreement. From and after the Closing Date, VFN Undrawn Commitment Fees shall accrue on the Series 2024-1 Class A-1 Notes as provided in the Series 2024-1 Variable Funding Note Purchase Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The "<u>Anticipated Repayment Date</u>" for the Series 2024-1 Class A-1 Notes and each Class of Series 2024-1 Term Notes is the Payment Date in October 2029.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The "<u>Rated Final Payment Date</u>" for each Class and Tranche of the Series 2024-1 Notes is the Payment Date in October 2054.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The "<u>Class A-1 Commitment Amount</u>" with respect to the Series 2024-1 Notes shall be the Series 2024-1 Class A-1 Notes Maximum Principal Amount (as such term is defined in the Series 2024-1 Variable Funding Note Purchase Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The first Payment Date on which payments of Accrued Note Interest shall be paid to the Noteholders of the Series 2024-1 Notes shall be the Payment Date in November 2024. The initial VFN Interest Accrual Period for the Series 2024-1 Class A-1 Notes shall consist of 39 days. The initial Interest Accrual Period for the Series 2024-1 Class A-2 Notes shall consist of 38 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Post-ARD Note Spread for each Class and Tranche of Series 2024-1 Notes is the spread set forth below:

---

| | |
|:---|:---|
| **Series/Class** | **Post-ARD Note Spread** |
| Series 2024-1, Class A-1 | 5.0% |
| Series 2024-1, Class A-2 | 2.45% |
| Series 2024-1, Class B | 3.15% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Record Date for purposes of determining payments to the Noteholders of the Series 2024-1 Notes for the Payment Date in November 2024 shall be October 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The "<u>Series Disposition Period Date</u>" for the Series 2024-1 Notes is the Payment Date in October 2053.

Section 2.02 <u>Delivery of Series 2024-1 Notes</u>. Upon the execution and delivery of this Series Supplement on the Closing Date, the Co-Issuers shall execute and deliver the Series 2024-1 Notes (other than the Uncertificated Notes) to the Indenture Trustee, and the Indenture Trustee, upon receipt of an Issuer Order, shall authenticate the Series 2024-1 Notes and deliver the Series 2024-1 Class A-1 Notes as directed by the Co-Issuers and shall deliver (or register, in the case of Uncertificated Notes) the Series 2024-1 Term Notes to the Depositary. The Series 2024-1 Class A-1 Notes will be registered or de-registered in the form of Uncertificated Notes and the Series 2024-1 Class A-2 Notes will be Book-Entry Notes. With respect to any Uncertificated Note, the Indenture Trustee shall provide to the applicable Holder promptly after registration of the Uncertificated Note in the Note Register by the Note Registrar a Confirmation of Registration.

Section 2.03 <u>Forms of Series 2024-1 Notes</u>. The Series 2024-1 Notes shall be in substantially the forms set forth in the Base Indenture, each with such variations, omissions and insertions as may be necessary. The Series 2024-1 Class A-1 Notes may be issued, transferred and held only in Definitive Form or, at the request of a Holder or transferee, registered or de-registered in the form of Uncertificated Notes.

Section 2.04 <u>No Targeted Amortization Amounts</u>. There will be no Targeted Amortization Amounts with respect to any Class of Series 2024-1 Notes.

Section 2.05 <u>Funding of the Collection Account</u>. On the Closing Date, the Obligors shall deposit into the Collection Account an amount equal to $25,861,233.63.

Section 2.06 <u>Delivery of Liquidity Letter(s) of Credit / Funding of the Senior Note Interest and Expense Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Senior Note Interest and Expense Reserve Sub-Account an amount equal to $6,562,500.00, such that the sum of (x) the amount available to be drawn under any Liquidity Letters of Credit as of such date and (y) the amount on deposit in the Senior Note Interest and Expense Reserve Sub-Account as of such date will not be less than the Required Senior Note Interest and Expense Amount on the Closing Date (or will not be less than the Required Senior Note Interest and Expense Amount after giving effect to (i) the delivery of one or more Liquidity Letters of Credit on the Closing Date and (ii) any funds deposited into the Senior Note Interest and Expense Reserve Sub-Account on the Closing Date). $15,000,000.00 Liquidity Letters of Credit are expected to be issued on or prior to the Closing Date.

Section 2.07 <u>Funding of the Priority Expense Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Priority Expense Reserve Sub-Account an amount equal to $10,856,695.07.

Section 2.08 <u>Funding of the Capital Expenditures Reserve Sub-Account</u>. On the Closing Date, the Obligors shall have no obligation to deposit funds into the Capital Expenditures Reserve Sub-Account.

Section 2.09 <u>Funding of the Forward Starting Contract Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Forward Starting Contract Reserve Sub-Account an amount equal to $306,123.44.

Section 2.10 <u>Funding of the Other Expense Reserve Sub-Account</u>. On the Closing Date, the Obligors shall have no obligation to deposit funds into the Other Expense Reserve Sub-Account.

**ARTICLE III**

**GENERAL PROVISIONS**

Section 3.01 <u>Date of Execution</u>. This Series Supplement for convenience and for the purpose of reference is dated as of October 17, 2024.

Section 3.02 <u>Notices</u>. Notices required to be given to KBRA by the Co-Issuers and/or the Asset Entities or the Indenture Trustee shall be mailed to Kroll Bond Rating Agency LLC, 805 Third Avenue, 29<sup>th</sup> Floor, New York, New York 10022.

Section 3.03 <u>Governing Law; Jurisdiction; Waiver of Jury Trial</u>. THIS SERIES SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH PARTY HERETO IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE COURT OR UNITED STATES FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR IN RELATION TO THIS SERIES SUPPLEMENT. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SERIES SUPPLEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 3.04 <u>Severability</u>. In case any provision in this Series Supplement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 3.05 <u>Counterparts; Electronic Execution</u>. This Series Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such respective counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of this Series Supplement by telecopy, e-mail, pdf or any other electronic means (e.g. "pdf", Docusign or "tif") shall be effective as delivery of a manually executed counterpart of this Series Supplement. The words "delivery", "execution," "execute", "signed," "signature," and words of like import in or related to any document to be signed in connection with this Series Supplement and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Indenture Trustee, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

**ARTICLE IV**

**APPLICABILITY OF INDENTURE**

Section 4.01 <u>Applicability</u>. The provisions of the Base Indenture are hereby ratified, approved and confirmed, except as otherwise expressly modified by this Series Supplement and the Base Indenture as so supplemented by this Series Supplement shall be read, taken and construed as one and the same instrument. The representations, warranties and covenants contained in the Base Indenture (except as expressly modified herein) are hereby reaffirmed with the same force and effect as if fully set forth herein and made again as of the date hereof.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF, the Obligors and the Indenture Trustee have caused this Series Supplement to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| CENTERSQUARE ISSUER LLC | CENTERSQUARE ISSUER LLC | CENTERSQUARE ISSUER LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| CENTERSQUARE CO-ISSUER LLC | CENTERSQUARE CO-ISSUER LLC | CENTERSQUARE CO-ISSUER LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2024-1 Sup plement)*

---

| | | |
|:---|:---|:---|
| 9110-9180 commerce center circle llc | 9110-9180 commerce center circle llc | 9110-9180 commerce center circle llc |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 580 WINTER STREET LLC | 580 WINTER STREET LLC | 580 WINTER STREET LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 1919 PARK AVENUE LLC | 1919 PARK AVENUE LLC | 1919 PARK AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 3 CORPORATE PLACE LLC | 3 CORPORATE PLACE LLC | 3 CORPORATE PLACE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 17836 GILLETTE AVENUE LLC | 17836 GILLETTE AVENUE LLC | 17836 GILLETTE AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 4450 DEAN LAKES BOULEVARD LLC | 4450 DEAN LAKES BOULEVARD LLC | 4450 DEAN LAKES BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2024-1 Sup plement)*

---

| | | |
|:---|:---|:---|
| 350 EAST CERMAK ROAD B LLC | 350 EAST CERMAK ROAD B LLC | 350 EAST CERMAK ROAD B LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 9310 FLORIDA PALM DRIVE LLC | 9310 FLORIDA PALM DRIVE LLC | 9310 FLORIDA PALM DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 45901 NOKES BOULEVARD LLC | 45901 NOKES BOULEVARD LLC | 45901 NOKES BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 45845 NOKES BOULEVARD LLC | 45845 NOKES BOULEVARD LLC | 45845 NOKES BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 115 2ND AVENUE LLC | 115 2ND AVENUE LLC | 115 2ND AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 8534 CONCORD CENTER DRIVE LLC | 8534 CONCORD CENTER DRIVE LLC | 8534 CONCORD CENTER DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2024-1 Sup plement)*

---

| | | |
|:---|:---|:---|
| 375 RIVERSIDE PARKWAY A LLC | 375 RIVERSIDE PARKWAY A LLC | 375 RIVERSIDE PARKWAY A LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 12301 TUKWILA INTERNATIONAL BOULEVARD LLC | 12301 TUKWILA INTERNATIONAL BOULEVARD LLC | 12301 TUKWILA INTERNATIONAL BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 3355 SOUTH 120TH PLACE LLC | 3355 SOUTH 120TH PLACE LLC | 3355 SOUTH 120TH PLACE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 2401 WALSH AVENUE LLC | 2401 WALSH AVENUE LLC | 2401 WALSH AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 2403 WALSH AVENUE LLC | 2403 WALSH AVENUE LLC | 2403 WALSH AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 1550 SPACE PARK DRIVE LLC | 1550 SPACE PARK DRIVE LLC | 1550 SPACE PARK DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2024-1 Supplement)*

---

| | | |
|:---|:---|:---|
| 22810-22860 INTERNATIONAL DRIVE LLC | 22810-22860 INTERNATIONAL DRIVE LLC | 22810-22860 INTERNATIONAL DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 8180 GREEN MEADOWS DRIVE LLC | 8180 GREEN MEADOWS DRIVE LLC | 8180 GREEN MEADOWS DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| DCCO TUKWILA, LLC | DCCO TUKWILA, LLC | DCCO TUKWILA, LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| CENTERSQUARE MSA HOLDINGS LLC | CENTERSQUARE MSA HOLDINGS LLC | CENTERSQUARE MSA HOLDINGS LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| CENTERSQUARE NON-RE ASSET ENTITY LLC | CENTERSQUARE NON-RE ASSET ENTITY LLC | CENTERSQUARE NON-RE ASSET ENTITY LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2024-1 Supplement)*

---

| | | |
|:---|:---|:---|
| WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee | WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee | WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee |
| By: | /s/ Fazal-ur-Rehman | /s/ Fazal-ur-Rehman |
|  | Name: | Fazal-ur-Rehman |
|  | Title: | Vice President |

---

*(Signature Page to Series 2024-1 Sup plement)*

## Exhibit 4.10

**Exhibit 4.10**

***Execution Version***

------

SERIES 2024-2 SUPPLEMENT

<u>among</u>

CENTERSQUARE ISSUER LLC,

CENTERSQUARE CO-ISSUER LLC

<u>and</u>

EACH OF THE ASSET ENTITIES PARTY HERETO FROM TIME TO TIME,

as Obligors,

and

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Indenture Trustee

dated as of October 17, 2024

Secured Data Center Revenue Notes, Series 2024-2

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.02 Rules of Construction | 4 |
| ARTICLE II SERIES 2024-2 NOTE DETAILS; FORMS OF SERIES 2024-2 NOTES | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01 Series 2024-2 Note Details. | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02 Delivery of Series 2024-2 Notes | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03 Forms of Series 2024-2 Notes | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.04 No Targeted Amortization Amounts | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.05 Funding of the Collection Account | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.06 Funding of the Senior Note Interest and Expense Reserve Sub-Account | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.07 Funding of the Priority Expense Reserve Sub-Account | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.08 Funding of the Capital Expenditures Reserve Sub-Account | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.09 Funding of the Forward Starting Contract Reserve Sub-Account | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.10 Funding of the Other Expense Reserve Sub-Account |  |
| ARTICLE III GENERAL PROVISIONS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01 Date of Execution | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02 Notices | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.03 Governing Law; Jurisdiction; Waiver of Jury Trial | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.04 Severability | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.05 Counterparts; Electronic Execution | 8 |
| ARTICLE IV APPLICABILITY OF INDENTURE | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01 Applicability | 8 |
| Schedule I Closing Date Real Estate Asset Entities |  |

---

i

**SERIES 2024-2 SUPPLEMENT**

THIS SERIES 2024-2 SUPPLEMENT (as amended, supplemented or otherwise modified and in effect from time to time, this "<u>Series Supplement</u>"), dated as of October 17, 2024, is among Centersquare Issuer LLC, a Delaware limited liability company (the " <u>Issuer</u>"), Centersquare Co-Issuer LLC, a Delaware limited liability company (the "<u>Co-Issuer</u>" and, together with the Issuer, the "<u>Co-Issuers</u>"), Centersquare MSA Holdings LLC, a Delaware limited liability company and each of the Closing Date Real Estate Asset Entities listed on Schedule I hereto (collectively, the "<u>Closing Date Real Estate Asset Entities</u>") and Centersquare Non-RE Asset Entity LLC, a Delaware limited liability company (the "<u>Closing Date Non-RE Asset Entity</u>" and, collectively with the Closing Date Real Estate Asset Entities, the "<u>Closing Date Asset Entities</u>"; the Closing Date Asset Entities together with any entity that becomes a party hereto after the date hereof as an "<u>Additional Asset Entity</u>", the "<u>Asset Entities</u>"; the Asset Entities and the Co-Issuers, collectively, the "<u>Obligors</u>") and Wilmington Trust, National Association, as indenture trustee and not in its individual capacity and any successor thereto in such capacity (the "<u>Indenture Trustee</u>").

RECITALS

WHEREAS, the Obligors have entered into an Indenture, dated as of the date hereof (as the same may be amended, supplemented or otherwise modified and in effect from time to time, the "<u>Base Indenture</u>"), between the Indenture Trustee and the Obligors;

WHEREAS, the Co-Issuers and the Asset Entities desire the Co-Issuers to issue $400,000,000 Secured Data Center Revenue Term Notes, Series 2024-2, Class A-2 Notes (the "<u>Series 2024-2 Notes</u>"), pursuant to this Series Supplement to the Base Indenture;

WHEREAS, concurrently with the issuance of the Series 2024-2 Notes the Co-Issuers will issue $585,000,000 of Secured Data Center Revenue Notes, Series 2024-1, consisting of (i) up to $100,000,000 Secured Data Center Revenue Variable Funding Notes, Series 2024-1, Class A-1 Notes (the "<u>Series 2024-1 Class A-1 Notes</u>"), (ii) $400,000,000 Secured Data Center Revenue Term Notes, Series 2024-1, Class A-2 Notes (the "<u>Series 2024-1 Class A-2 Notes</u>") and (ii) $85,000,000 Secured Data Center Revenue Term Notes, Series 2024-1, Class B Notes (the "<u>Series 2024-1 Class B Notes</u>" and, together with the Series 2024-1 Class A-1 Notes and the Series 2024-1 Class A-2 Notes, the "<u>Series 2024-1 Notes</u>"), pursuant to a series supplement to the Base Indenture, dated as of the Closing Date (the "<u>Series 2024-1 Supplement</u>"), by and among the Obligors and the Indenture Trustee, relating to the Series 2024-1 Notes;

WHEREAS, the Co-Issuers represent that they have duly authorized the issuance of the Series 2024-2 Notes;

WHEREAS, the Series 2024-2 Notes constitute "Notes" and a "Series" or "Series of Notes" as defined in the Base Indenture; and

WHEREAS, the Indenture Trustee has agreed to accept the trusts herein created upon the terms herein set forth.

NOW, THEREFORE, it is mutually covenanted and agreed as follows:

**ARTICLE I**

**DEFINITIONS AND INCORPORATION BY REFERENCE**

Section 1.01 <u>Definitions</u>. All defined terms used herein and not defined herein shall have the meaning ascribed to such terms in the Base Indenture. All words and phrases defined in the Base Indenture shall have the same meaning in this Series Supplement, except as otherwise appears in this Article. In addition, the following terms have the following meanings in this Series Supplement unless the context clearly requires otherwise:

"<u>Anticipated Repayment Date</u>" shall have the meaning ascribed to it in Section 2.01(b).

"<u>Base Indenture</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Closing Date</u>" shall mean October 17, 2024.

"<u>Date of Issuance</u>" shall mean, with respect to the Series 2024-2 Notes, October 17, 2024.

"<u>KBRA</u>" shall mean Kroll Bond Rating Agency LLC.

"<u>No Rating Agency Declination or Waiver Action</u>" shall mean the obligation to obtain a Rating Agency Confirmation in connection with (i) the issuance of Additional Notes pursuant to Section 2.12(b) of the Base Indenture or (ii) amendments pursuant to Section 13.01 of the Base Indenture.

"<u>Note Rate</u>" shall, for the Series 2024-2 Notes, mean the rate per annum at which interest accrues on such Class set forth in Section 2.01(a).

"<u>Offering Memorandum</u>" shall mean the Private Placement Memorandum dated October 10, 2024, relating to the offering by the Co-Issuers of the Series 2024-2 Notes.

"<u>Passive Bookrunner</u>" shall mean Brookfield Securities LLC.

"<u>Placement Agents</u>" shall mean TD Securities (USA) LLC, Wells Fargo Securities, LLC, BMO Capital Markets Corp. and Scotia Capital (USA) Inc.

"<u>Post-ARD Note Spread</u>" shall, for each Class of the Series 2024-2 Notes, be the spread per annum set forth in Section 2.01(f).

"<u>Prepayment Period</u>" shall mean, in relation to the Series 2024-2 Notes, the period that commences on the Payment Date occurring in October 2028.

"<u>Rated Final Payment Date</u>" shall mean, in relation to the Series 2024-2 Notes, the meaning ascribed to it in Section 2.01(c).

"<u>Rating Agency</u>" shall mean, in relation to the Series 2024-2 Notes, KBRA and/or any other nationally recognized statistical rating organization then rating the Series 2024-2 Notes at the request of the Co-Issuers or the Manager, in each instance so long as such Rating Agency continues to rate the Series 2024-2 Notes.

"<u>Rating Agency Confirmation</u>" shall mean, in connection with any transaction or matter and with respect to the Series 2024-2 Notes, (i) notification in writing to each Rating Agency then rating the Series 2024-2 Notes at least 10 Business Days' (or such shorter period that is acceptable to the Rating Agency) prior to such transaction or matter or promptly thereafter if prior notice is not possible and (ii) notification in writing by each such Rating Agency (which may be in the form of e-mail, facsimile, press release, posting to its internet website or other such means then considered industry standard as determined by such Rating Agency) that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2024-2 Notes by such Rating Agency; *provided* that, other than in connection with a No Rating Agency Declination or Waiver Action, if a Rating Agency Declination is received, the requirement to receive a Rating Agency Confirmation from the Rating Agency with respect to such matter will not apply; *provided, further*, that, other than in connection with a No Rating Agency Declination or Waiver Action, if a Rating Agency (x) refuses to respond or otherwise does not respond to a request for Rating Agency Confirmation made in accordance with Section 15.26 of the Base Indenture, or (y) has indicated that it is not the customary procedure of such Rating Agency to provide notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2024-2 Notes by such Rating Agency, the requirement to receive such Rating Agency Confirmation shall be waived unless such Rating Agency's refusal or failure to respond to the request is due to a commercial dispute between the Co-Issuers or their Affiliates and such Rating Agency, including, but not limited to, any disagreement regarding such Rating Agency's fees. Notwithstanding any of the foregoing to the contrary, if (x) the Series 2024-2 Notes are rated by a Rating Agency other than KBRA, Rating Agency Confirmation will be deemed to have been obtained with respect to any transaction or matter if such Rating Agency provides the applicable notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2024-2 Notes by such Rating Agency, even if KBRA does not (so long as KBRA does not provide notification in writing that such transaction or matter will result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2024-2 Notes by KBRA), or (y) any other Series of Notes is rated by a Rating Agency other than KBRA, Rating Agency Confirmation will be deemed to have been obtained with respect to any transaction or matter if (i) such Rating Agency provides the applicable notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to such Series of Notes by such Rating Agency, even if KBRA does not (so long as KBRA does not provide notification in writing that such transaction or matter will result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2024-2 Notes by KBRA), and (ii) such transaction or matter does not materially adversely affect the Series 2024-2 Notes as compared to such other Series of Notes.

"<u>Rating Agency Declination</u>" shall mean, with respect to any Rating Agency then rating the Series 2024-2 Notes, (x) an indication by such Rating Agency, that is not the customary procedure of such Rating Agency to provide notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2024-2 Notes by such Rating Agency or (y) a written waiver or acknowledgement from such Rating Agency indicating its decision not to review or declining to review the matter for which the Rating Agency Confirmation is sought and received; *provided* that any Rating Agency's refusal to provide Rating Agency Confirmation due to a commercial dispute between the Co-Issuers or their Affiliates and such Rating Agency, including, but not limited to, any disagreement regarding such Rating Agency's fees, shall not constitute a Rating Agency Declination; *provided, further*, that if any Rating Agency shall publicly announce a policy, as a general matter, to no longer review requests for Rating Agency Confirmation, so long as such policy shall remain in effect, any party requesting Rating Agency Confirmation from such Rating Agency shall only be required to deliver written notice to such Rating Agency of any matter for which Rating Agency Confirmation would have been requested and such Rating Agency shall thereafter be deemed to have delivered a Rating Agency Declination with respect to such matter.

"<u>Series 2024-2 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2024-1 Class A-2 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2024-1 Class B Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2024-1 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2024-1 Supplement</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series Disposition Period Date</u>" shall, for the Series 2024-2 Notes, have the meaning ascribed to it in Section 2.01(h).

"<u>Targeted Amortization Amount</u>" shall mean, as of each Payment Date with respect to the Series 2024-2 Class A-2 Notes, $0.

Section 1.02 <u>Rules of Construction</u>. Unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 term has the meaning assigned to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) an accounting term not otherwise defined herein and accounting terms partly defined herein, to the extent not defined, shall have the respective meanings given to them under GAAP as in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "or"
 is not exclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "including"
 means including without limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) words
 in the singular include the plural and words in the plural include the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all
 references to "$" are to United States dollars unless otherwise stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) any agreement, instrument or statute defined or referred to in this Series Supplement or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references
 to a Person are also to its permitted successors and assigns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) the words "hereof", "herein" and "hereunder" and words of similar import, when used in this Series Supplement, shall refer to this Series Supplement as a whole and not to any particular provision of this Series Supplement, and Section, Schedule and Exhibit references are to this Series Supplement unless otherwise specified.

**ARTICLE II**

**SERIES 2024-2 NOTE DETAILS; FORMS OF SERIES 2024-2 NOTES**

Section 2.01 <u>Series 2024-2 Note Details.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate principal amount of the Series 2024-2 Notes which may be initially authenticated and delivered under this Series Supplement shall be issued in one Class designated as "Class A-2" with the initial principal balance, Note Rate and rating set forth below (except for Series 2024-2 Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of Notes pursuant to Section 2.02 of the Base Indenture):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Series/Class** | **Initial Class**<br>**Principal Balance** | **Note Principal**<br>**Balance** | <br>**Note Type** | <br>**Note Rate** | **Rating**<br>**(KBRA)** |
| Series 2024-2, Class A-2 | $400000000 | $400000000 | Term Notes | 5.400% | A- (sf) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The "<u>Anticipated Repayment Date</u>" for the Series 2024-2 Term Notes is the Payment Date in October 2031.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The "<u>Rated Final Payment Date</u>" for the Series 2024-2 Notes is the Payment Date in October 2054.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The first Payment Date on which payments of Accrued Note Interest shall be paid to the Noteholders of the Series 2024-2 Notes shall be the Payment Date in November 2024. The initial Interest Accrual Period for the Series 2024-2 Notes shall consist of 38 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Post-ARD Note Spread for the Series 2024-2 Notes is the spread set forth below:

---

| | |
|:---|:---|
| **Series/Class** | **Post-ARD Note Spread** |
| Series 2024-2, Class A-2 | 2.80% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Record Date for purposes of determining payments to the Noteholders of the Series 2024-2 Notes for the Payment Date in November 2024 shall be October 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The "<u>Series Disposition Period Date</u>" for the Series 2024-2 Notes is the Payment Date in October 2053.

Section 2.02 <u>Delivery of Series 2024-2 Notes</u>. Upon the execution and delivery of this Series Supplement on the Closing Date, the Co-Issuers shall execute and deliver the Series 2024-2 Notes to the Indenture Trustee, and the Indenture Trustee, upon receipt of an Issuer Order, shall authenticate the Series 2024-2 Notes and deliver $345,000,000 aggregate principal balance of Series 2024-2 Class A-2 Notes to the Depositary, and shall deliver the remaining $55,000,000 aggregate principal balance of the Series 2024-2 Class A-2 Notes to one or more investors as directed by the Co-Issuers. A portion of the Series 2024-2 Notes, in an amount equal to $345,000,000 initial principal balance, will be issued on the Closing Date in Book-Entry Form and the remaining portion of the Series 2024-2 Class A-2 Notes will be delivered in the form of Definitive Notes.

Section 2.03 <u>Forms of Series 2024-2 Notes</u>. The Series 2024-2 Notes shall be in substantially the forms set forth in the Base Indenture, each with such variations, omissions and insertions as may be necessary.

Section 2.04 <u>No Targeted Amortization Amounts</u>. There will be no Targeted Amortization Amounts with respect to the Series 2024-2 Notes.

Section 2.05 <u>Funding of the Collection Account</u>. On the Closing Date, the Obligors shall deposit into the Collection Account an amount equal to $25,861,233.63. For the avoidance of doubt, such amount shall be without duplication of amounts deposited into the Collection Account pursuant to Section 2.06 of the Series 2024-1 Supplement.

Section 2.06 <u>Delivery of Liquidity Letter(s) of Credit / Funding of the Senior Note Interest and Expense Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Senior Note Interest and Expense Reserve Sub-Account an amount equal to $6,562,500.00, such that the sum of (x) the amount available to be drawn under any Liquidity Letters of Credit as of such date and (y) the amount on deposit in the Senior Note Interest and Expense Reserve Sub-Account as of such date will not be less than the Required Senior Note Interest and Expense Amount on the Closing Date (or will not be less than the Required Senior Note Interest and Expense Amount after giving effect to (i) the delivery of one or more Liquidity Letters of Credit on the Closing Date and (ii) any funds deposited into the Senior Note Interest and Expense Reserve Sub-Account on the Closing Date). $15,000,000.00 Liquidity Letters of Credit are expected to be issued on or prior to the Closing Date. For the avoidance of doubt, such deposit amount shall be without duplication of amounts deposited into the Senior Note Interest and Expense Reserve Sub-Account pursuant to Section 2.07 of the Series 2024-1 Supplement, and the delivery of Liquidity Letters of Credit shall be without duplication of Liquidity Letters of Credit delivered pursuant to Section 2.07 of the Series 2024-1 Supplement.

Section 2.07 <u>Funding of the Priority Expense Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Priority Expense Reserve Sub-Account an amount equal to $10,856,695.07. For the avoidance of doubt, such amount shall be without duplication of amounts deposited into the Priority Expense Reserve Sub-Account pursuant to Section 2.08 of the Series 2024-1 Supplement.

Section 2.08 <u>Funding of the Capital Expenditures Reserve Sub-Account</u>. On the Closing Date, the Obligors shall have no obligation to deposit funds into the Capital Expenditures Reserve Sub-Account.

Section 2.09 <u>Funding of the Forward Starting Contract Reserve Sub-Account</u>. On the Closing Date, On the Closing Date, the Obligors shall deposit into the Forward Starting Contract Reserve Sub-Account an amount equal to $306,123.44. For the avoidance of doubt, such amount shall be without duplication of amounts deposited into the Forward Starting Contract Reserve Sub-Account pursuant to Section 2.09 of the Series 2024-1 Supplement.

Section 2.10 <u>Funding of the Other Expense Reserve Sub-Account</u>. On the Closing Date, the Obligors shall have no obligation to deposit funds into the Other Expense Reserve Sub-Account.

**ARTICLE III**

**GENERAL PROVISIONS**

Section 3.01 <u>Date of Execution</u>. This Series Supplement for convenience and for the purpose of reference is dated as of October 17, 2024.

Section 3.02 <u>Notices</u>. Notices required to be given to KBRA by the Co-Issuers and/or the Asset Entities or the Indenture Trustee shall be mailed to Kroll Bond Rating Agency LLC, 805 Third Avenue, 29<sup>th</sup> Floor, New York, New York 10022.

Section 3.03 <u>Governing Law; Jurisdiction; Waiver of Jury Trial</u>. THIS SERIES SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH PARTY HERETO IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE COURT OR UNITED STATES FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR IN RELATION TO THIS SERIES SUPPLEMENT. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SERIES SUPPLEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 3.04 <u>Severability</u>. In case any provision in this Series Supplement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 3.05 <u>Counterparts; Electronic Execution</u>. This Series Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such respective counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of this Series Supplement by telecopy, e-mail, pdf or any other electronic means (e.g. "pdf", Docusign or "tif") shall be effective as delivery of a manually executed counterpart of this Series Supplement. The words "delivery", "execution," "execute", "signed," "signature," and words of like import in or related to any document to be signed in connection with this Series Supplement and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Indenture Trustee, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

**ARTICLE IV**

**APPLICABILITY OF INDENTURE**

Section 4.01 <u>Applicability</u>. The provisions of the Base Indenture are hereby ratified, approved and confirmed, except as otherwise expressly modified by this Series Supplement and the Base Indenture as so supplemented by this Series Supplement shall be read, taken and construed as one and the same instrument. The representations, warranties and covenants contained in the Base Indenture (except as expressly modified herein) are hereby reaffirmed with the same force and effect as if fully set forth herein and made again as of the date hereof.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF, the Obligors and the Indenture Trustee have caused this Series Supplement to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year first above written.

---

| | |
|:---|:---|
| CENTERSQUARE ISSUER LLC | CENTERSQUARE ISSUER LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| CENTERSQUARE CO-ISSUER LLC | CENTERSQUARE CO-ISSUER LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2024-2 Supplement)*

---

| | |
|:---|:---|
| 9110-9180 COMMERCE CENTER CIRCLE LLC | 9110-9180 COMMERCE CENTER CIRCLE LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| 580 WINTER STREET LLC | 580 WINTER STREET LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| 1919 PARK AVENUE LLC | 1919 PARK AVENUE LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| 3 CORPORATE PLACE LLC | 3 CORPORATE PLACE LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| 17836 GILLETTE AVENUE LLC | 17836 GILLETTE AVENUE LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| 4450 DEAN LAKES BOULEVARD LLC | 4450 DEAN LAKES BOULEVARD LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2024-2 Supplement)*

---

| | |
|:---|:---|
| 350 EAST CERMAK ROAD B LLC | 350 EAST CERMAK ROAD B LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| 9310 FLORIDA PALM DRIVE LLC | 9310 FLORIDA PALM DRIVE LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| 45901 NOKES BOULEVARD LLC | 45901 NOKES BOULEVARD LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| 45845 NOKES BOULEVARD LLC | 45845 NOKES BOULEVARD LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| 115 2ND AVENUE LLC | 115 2ND AVENUE LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| 8534 CONCORD CENTER DRIVE LLC | 8534 CONCORD CENTER DRIVE LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2024-2 Supplement)*

---

| | |
|:---|:---|
| 375 RIVERSIDE PARKWAY A LLC | 375 RIVERSIDE PARKWAY A LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| 12301 TUKWILA INTERNATIONAL | 12301 TUKWILA INTERNATIONAL |
| BOULEVARD LLC | BOULEVARD LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| 3355 SOUTH 120TH PLACE LLC | 3355 SOUTH 120TH PLACE LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| 2401 WALSH AVENUE LLC | 2401 WALSH AVENUE LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| 2403 WALSH AVENUE LLC | 2403 WALSH AVENUE LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| 1550 SPACE PARK DRIVE LLC | 1550 SPACE PARK DRIVE LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2024-2 Supplement)*

---

| | |
|:---|:---|
| 22810-22860 INTERNATIONAL DRIVE LLC | 22810-22860 INTERNATIONAL DRIVE LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| 8180 GREEN MEADOWS DRIVE LLC | 8180 GREEN MEADOWS DRIVE LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| DCCO TUKWILA, LLC | DCCO TUKWILA, LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| CENTERSQUARE MSA HOLDINGS LLC | CENTERSQUARE MSA HOLDINGS LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| CENTERSQUARE NON-RE ASSET ENTITY LLC | CENTERSQUARE NON-RE ASSET ENTITY LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2024-2 Supplement)*

---

| | |
|:---|:---|
| WILMINGTON TRUST, NATIONAL | WILMINGTON TRUST, NATIONAL |
| ASSOCIATION, as Indenture Trustee | ASSOCIATION, as Indenture Trustee |
| By: | /s/ Fazal-ur-Rehman |
| Name: | Fazal-ur-Rehman |
| Title: | Vice President |

---

*(Signature Page to Series 2024-2 Supplement)*

## Exhibit 4.11

**Exhibit 4.11**

***Execution Version***

SERIES 2025-1 SUPPLEMENT

<u>among</u>

CENTERSQUARE ISSUER LLC,

CENTERSQUARE CO-ISSUER LLC

<u>and</u>

EACH OF THE ASSET ENTITIES PARTY HERETO FROM TIME TO TIME,

as Obligors,

<u>and</u>

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Indenture Trustee

dated as of March 20, 2025

Secured Data Center Revenue Notes, Series 2025-1

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE | ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.02 | Rules of Construction | 4 |
| ARTICLE II SERIES 2025-1 NOTE DETAILS; FORMS OF SERIES 2025-1 NOTES | ARTICLE II SERIES 2025-1 NOTE DETAILS; FORMS OF SERIES 2025-1 NOTES | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01 | Series 2025-1 Note Details. | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02 | Delivery of Series 2025-1 Notes | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03 | Forms of Series 2025-1 Notes | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.04 | No Targeted Amortization Amounts | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.05 | Additional Notes | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.06 | Funding of the Collection Account | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.07 | Delivery of Liquidity Letter(s) of Credit / Funding of the Senior Note |  |
|  | Interest and Expense Reserve Sub-Account | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.08 | Funding of the Priority Expense Reserve Sub-Account | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.09 | Funding of the Capital Expenditures Reserve Sub-Account | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.10 | Funding of the Forward Starting Contract Reserve Sub-Account | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.11 | Funding of the Other Expense Reserve Sub-Account | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.12 | No Prepayment Consideration | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.13 | Equity Contributions | 7 |
| ARTICLE III GENERAL PROVISIONS | ARTICLE III GENERAL PROVISIONS | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01 | Date of Execution | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02 | Notices | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.03 | Governing Law; Jurisdiction; Waiver of Jury Trial | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.04 | Severability | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.05 | Counterparts; Electronic Execution | 8 |
| ARTICLE IV APPLICABILITY OF INDENTURE | ARTICLE IV APPLICABILITY OF INDENTURE | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01 | Applicability | 8 |
| ARTICLE V EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES | ARTICLE V EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.01 | Exceptions to Representations and Warranties With Respect To Data |  |
|  | Centers and Customer Contracts | 9 |
| Schedule I Closing Date Real Estate Asset Entities | Schedule I Closing Date Real Estate Asset Entities |  |

---

i

**SERIES 2025-1 SUPPLEMENT**

THIS SERIES 2025-1 SUPPLEMENT (as amended, supplemented or otherwise modified and in effect from time to time, this "<u>Series Supplement</u>"), dated as of March 20, 2025, is among Centersquare Issuer LLC, a Delaware limited liability company (the "<u>Issuer</u>"), Centersquare Co-Issuer LLC, a Delaware limited liability company (the "<u>Co-Issuer</u>" and, together with the Issuer, the "<u>Co-Issuers</u>"), Centersquare MSA Holdings LLC, a Delaware limited liability company and each of the Closing Date Real Estate Asset Entities listed on Schedule I hereto (collectively, the "<u>Closing Date Real Estate Asset Entities</u>") and Centersquare Non-RE Asset Entity LLC, a Delaware limited liability company (the "<u>Closing Date Non-RE Asset Entity</u>" and, collectively with the Closing Date Real Estate Asset Entities, the "<u>Closing Date Asset Entities</u>"; the Closing Date Asset Entities together with any entity that becomes a party hereto after the date hereof as an "<u>Additional Asset Entity</u>", the "<u>Asset Entities</u>"; the Asset Entities and the Co-Issuers, collectively, the "<u>Obligors</u>") and Wilmington Trust, National Association, as indenture trustee and not in its individual capacity and any successor thereto in such capacity (the "<u>Indenture Trustee</u>").

RECITALS

WHEREAS, the Obligors have entered into an Indenture, dated as of October 17, 2024 (as the same may be amended, supplemented or otherwise modified and in effect from time to time, the "<u>Base Indenture</u>"), between the Indenture Trustee and the Obligors;

WHEREAS, the Co-Issuers and the Asset Entities desire the Co-Issuers to issue $500,000,000 of Secured Data Center Revenue Notes, Series 2025-1, consisting of (i) $445,000,000 Secured Data Center Revenue Term Notes, Series 2025-1, Class A-2 Notes (the "<u>Series 2025-1 Class A-2 Notes</u>") and (ii) $55,000,000 Secured Data Center Revenue Term Notes, Series 2025-1, Class B Notes (the "<u>Series 2025-1 Class B Notes</u>" and, together with the Series 2025-1 Class A-2 Notes, the "<u>Series 2025-1 Notes</u>"), pursuant to this Series Supplement to the Base Indenture;

WHEREAS, the Co-Issuers represent that they have duly authorized the issuance of the Series 2025-1 Notes;

WHEREAS, the Series 2025-1 Notes constitute "Notes" and a "Series" or "Series of Notes" as defined in the Base Indenture; and

WHEREAS, the Indenture Trustee has agreed to accept the trusts herein created upon the terms herein set forth.

NOW, THEREFORE, it is mutually covenanted and agreed as follows:

**ARTICLE I**

**DEFINITIONS AND INCORPORATION BY REFERENCE**

Section 1.01 <u>Definitions</u>. All defined terms used herein and not defined herein shall have the meaning ascribed to such terms in the Base Indenture. All words and phrases defined in the Base Indenture shall have the same meaning in this Series Supplement, except as otherwise appears in this Article. In addition, the following terms have the following meanings in this Series Supplement unless the context clearly requires otherwise:

"<u>Anticipated Repayment Date</u>" shall have the meaning ascribed to it in Section 2.01(b).

.

"<u>Base Indenture</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Closing Date</u>" shall mean March 20, 2025.

"<u>Date of Issuance</u>" shall mean, with respect to the Series 2025-1 Notes, March 20, 2025.

"<u>Indenture</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Initial Purchasers</u>" shall mean Wells Fargo Securities, LLC, TD Securities (USA) LLC, BMO Capital Markets Corp. and Scotia Capital (USA) Inc.

"<u>KBRA</u>" shall mean Kroll Bond Rating Agency LLC.

"<u>No Rating Agency Declination or Waiver Action</u>" shall mean the obligation to obtain a Rating Agency Confirmation in connection with (i) the issuance of Additional Notes pursuant to Section 2.12(b) of the Base Indenture or (ii) amendments pursuant to Section 13.01 of the Base Indenture.

"<u>Note Rate</u>" shall, for each Class of the Series 2025-1 Notes, mean the rate per annum at which interest accrues on such Class set forth in Section 2.01(a).

"<u>Offering Memorandum</u>" shall mean the Offering Memorandum dated March 7, 2025, relating to the offering by the Co-Issuers of the Series 2025-1 Notes.

"<u>Passive Bookrunner</u>" shall mean Brookfield Securities LLC.

"<u>Post-ARD Note Spread</u>" shall, for each Class of the Series 2025-1 Notes, be the spread per annum set forth in Section 2.01(e).

"<u>Prepayment Period</u>" shall mean, in relation to the Series 2025-1 Class A-2 Notes, the period that commences on the Payment Date occurring in March 2028.

"<u>Rated Final Payment Date</u>" shall mean, in relation to the Series 2025-1 Notes, the meaning ascribed to it in Section 2.01(b).

"<u>Rating Agency</u>" shall mean, in relation to the Series 2025-1 Notes, KBRA and/or any other nationally recognized statistical rating organization then rating the Series 2025-1 Notes at the request of the Co-Issuers or the Manager, in each instance so long as such Rating Agency continues to rate the Series 2025-1 Notes.

"<u>Rating Agency Confirmation</u>" shall mean, in connection with any transaction or matter with respect to any Class of Series 2025-1 Notes, (i) notification in writing to each Rating Agency then rating such Class of Series 2025-1 Notes at least 10 Business Days' (or such shorter period that is acceptable to the Rating Agency) prior to such transaction or matter or promptly thereafter if prior notice is not possible and (ii) notification in writing by each such Rating Agency (which may be in the form of e-mail, facsimile, press release, posting to its internet website or other such means then considered industry standard as determined by such Rating Agency) that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to such Class of Series 2025-1 Notes by such Rating Agency; provided that, other than in connection with a No Rating Agency Declination or Waiver Action, if a Rating Agency Declination is received, the requirement to receive a Rating Agency Confirmation from the Rating Agency with respect to such matter will not apply; provided, further, that, other than in connection with a No Rating Agency Declination or Waiver Action, if a Rating Agency (x) refuses to respond or otherwise does not respond to a request for Rating Agency Confirmation made in accordance with <u>Section 15.26</u> of the Base Indenture or (y) has indicated that it is not the customary procedure of such Rating Agency to provide notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to such Class of Series 2025-1 Notes by such Rating Agency, the requirement to receive such Rating Agency Confirmation shall be waived unless such Rating Agency's refusal or failure to respond to the request is due to a commercial dispute between the Co-Issuers or their Affiliates and such Rating Agency, including, but not limited to, any disagreement regarding such Rating Agency's fees. Notwithstanding any of the foregoing to the contrary, if (x) the Series 2025-1 Notes are rated by a Rating Agency other than KBRA, Rating Agency Confirmation will be deemed to have been obtained with respect to any transaction or matter if such Rating Agency provides the applicable notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-1 Notes by such Rating Agency, even if KBRA does not (so long as KBRA does not provide notification in writing that such transaction or matter will result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-1 Notes by KBRA), or (y) any other Series of Notes is rated by a Rating Agency other than KBRA, Rating Agency Confirmation will be deemed to have been obtained with respect to any transaction or matter if (i) such Rating Agency provides the applicable notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to such Series of Notes by such Rating Agency, even if KBRA does not (so long as KBRA does not provide notification in writing that such transaction or matter will result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-1 Notes by KBRA), and (ii) such transaction or matter does not materially adversely affect the Series 2025-1 Notes as compared to such other Series of Notes.

"<u>Rating Agency Declination</u>" shall mean, with respect to any Rating Agency then rating any Class of Series 2025-1 Notes, (x) an indication by such Rating Agency, that is not the customary procedure of such Rating Agency to provide notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to such Class of Series 2025-1 Notes by such Rating Agency or (y) a written waiver or acknowledgement from such Rating Agency indicating its decision not to review or declining to review the matter for which the Rating Agency Confirmation is sought and received; *provided* that any Rating Agency's refusal to provide Rating Agency Confirmation due to a commercial dispute between the Co-Issuers or their Affiliates and such Rating Agency, including, but not limited to, any disagreement regarding such Rating Agency's fees, shall not constitute a Rating Agency Declination; *provided, further*, that if any Rating Agency shall publicly announce a policy, as a general matter, to no longer review requests for Rating Agency Confirmation, so long as such policy shall remain in effect, any party requesting Rating Agency Confirmation from such Rating Agency shall only be required to deliver written notice to such Rating Agency of any matter for which Rating Agency Confirmation would have been requested and such Rating Agency shall thereafter be deemed to have delivered a Rating Agency Declination with respect to such matter.

"<u>Series 2025-1 Class A-2 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-1 Class B Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-1 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series Disposition Period Date</u>" shall, for the Series 2025-1 Notes, have the meaning ascribed to it in Section 2.01(g).

"<u>Targeted Amortization Amount</u>" shall mean, as of each Payment Date with respect to each Class of Series 2025-1 Notes, $0.

Section 1.02 <u>Rules of Construction</u>. Unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) a term has the meaning assigned to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) an accounting term not otherwise defined herein and accounting terms partly defined herein, to the extent not defined, shall have the respective meanings given to them under GAAP as in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) "or" is not exclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) "including" means including without limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) words in the singular include the plural and words in the plural include the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) all references to "$" are to United States dollars unless otherwise stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) any agreement, instrument or statute defined or referred to in this Series Supplement or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) references to a Person are also to its permitted successors and assigns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) the words "hereof", "herein" and "hereunder" and words of similar import, when used in this Series Supplement, shall refer to this Series Supplement as a whole and not to any particular provision of this Series Supplement, and Section, Schedule and Exhibit references are to this Series Supplement unless otherwise specified.

**ARTICLE II**

**SERIES 2025-1 NOTE DETAILS; FORMS OF SERIES 2025-1 NOTES**

Section 2.01 <u>Series 2025-1 Note Details.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate principal amount of the Series 2025-1 Notes which may be initially authenticated and delivered under this Series Supplement shall be divided into Classes designated as "Class A-2" and "Class B" with the respective initial principal balances, Note Rates and ratings set forth below (except for Series 2025-1 Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of Notes pursuant to Section 2.02 of the Base Indenture):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Series/Class** | **Initial Class**<br>**Principal**<br>**Balance** | <br>**Note Principal**<br>**Balance** | <br>**Note Type** | <br>**Note**<br>**Rate** | <br>**Rating**<br>**(KBRA)** |
| Series 2025-1, Class A-2 | $445000000 | $445000000 | Term Notes | 5.500% | A- (sf) |
| Series 2025-1, Class B | $55000000 | $55000000 | Term Notes | 5.900% | BBB- (sf) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The "<u>Anticipated Repayment Date</u>" for each Class of Series 2025-1 Notes is the Payment Date in March 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The "<u>Rated Final Payment Date</u>" for each Class and Tranche of the Series 2025-1 Notes is the Payment Date in March 2055.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The first Payment Date on which payments of Accrued Note Interest shall be paid to the Noteholders of the Series 2025-1 Notes shall be the Payment Date in April 2025. The initial Interest Accrual Period for the Series 2025-1 Notes shall consist of 35 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Post-ARD Note Spread for each Class and Tranche of Series 2025-1 Notes is the spread set forth below:

---

| | |
|:---|:---|
| **Series/Class** | **Post-ARD Note Spread** |
| Series 2025-1, Class A-2 | 2.05% |
| Series 2025-1, Class B | 2.70% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Record Date for purposes of determining payments to the Noteholders of the Series 2025-1 Notes for the Payment Date in April 2025 shall be March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The "<u>Series Disposition Period Date</u>" for the Series 2025-1 Notes is the Payment Date in March 2054.

Section 2.02 <u>Delivery of Series 2025-1 Notes</u>. Upon the execution and delivery of this Series Supplement on the Closing Date, the Co-Issuers shall execute and deliver the Series 2025-1 Notes to the Indenture Trustee, and the Indenture Trustee, upon receipt of an Issuer Order, shall authenticate the Series 2025-1 Notes and deliver the Series 2025-1 Notes to the Depositary. The Series 2025-1 Notes will be Book-Entry Notes.

Section 2.03 <u>Forms of Series 2025-1 Notes</u>. The Series 2025-1 Notes shall be in substantially the forms set forth in the Base Indenture, each with such variations, omissions and insertions as may be necessary.

Section 2.04 <u>No Targeted Amortization Amounts</u>. There will be no Targeted Amortization Amounts with respect to any Class of Series 2025-1 Notes.

Section 2.05 <u>Additional Notes</u>. In addition to the conditions set forth in Section 2.12(b) of the Base Indenture to issue any Additional Notes, so long as the Series 2025-1 Class B Notes are Outstanding, no new Tranche of Class B Notes may be issued that are senior in right of payment of interest or of principal to the Series 2025-1 Class B Notes.

Section 2.06 <u>Funding of the Collection Account</u>. On the Closing Date, the Obligors shall deposit into the Collection Account an amount equal to $12,157,809.00.

Section 2.07 <u>Delivery of Liquidity Letter(s) of Credit / Funding of the Senior Note Interest and Expense Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Senior Note Interest and Expense Reserve Sub-Account an additional amount equal to $24,777,500.00 such that the amount on the deposit therein will equal $31,340,000.00 (the "<u>Required Senior Note Interest and Expense Reserve Amount</u>") (after giving effect to the issuance of the Series 2025-1 Notes), such that the sum of (x) the amount available to be drawn under any Liquidity Letters of Credit as of such date and (y) the amount on deposit in the Senior Note Interest and Expense Reserve Sub-Account as of such date will not be less than the Required Senior Note Interest and Expense Amount on the Closing Date (or will not be less than the Required Senior Note Interest and Expense Amount after giving effect to (i) the delivery of one or more Liquidity Letters of Credit on the Closing Date and (ii) any funds deposited into the Senior Note Interest and Expense Reserve Sub-Account on the Closing Date). $15,000,000 of Liquidity Letters of Credit have been issued and are expected to be outstanding as of the Closing Date.

Section 2.08 <u>Funding of the Priority Expense Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Priority Expense Reserve Sub-Account an additional amount on the Closing Date such that the amount on deposit therein will equal the amount of Priority Expenses anticipated to be payable during the portion of the Collection Period that ends on March 31, 2024 following the Closing Date, which additional amount is equal to $$2,749,535.76.

Section 2.09 <u>Funding of the Capital Expenditures Reserve Sub-Account</u>. On the Closing Date, the Obligors shall have no obligation to deposit funds into the Capital Expenditures Reserve Sub-Account.

Section 2.10 <u>Funding of the Forward Starting Contract Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Forward Starting Contract Reserve Sub-Account an amount equal to $408,122.76.

Section 2.11 <u>Funding of the Other Expense Reserve Sub-Account</u>. On the Closing Date, the Obligors shall have no obligation to deposit funds into the Other Expense Reserve Sub-Account.

Section 2.12 <u>No Prepayment Consideration</u>. In addition to the circumstances set forth in Section 2.09(a) of the Indenture pursuant to which no Prepayment Consideration shall be payable with respect to prepayments of the Notes, no Prepayment Consideration shall be payable in connection with (x) prepayments of the Series 2025-1 Class A-2 Notes in an aggregate amount not to exceed 35.0% of the initial outstanding principal balance of the Series 2025-1 Class A-2 Notes made in connection with a Qualified Deleveraging Event and (y) prepayments of the Series 2025-1 Class B Notes in an aggregate amount not to exceed 35.0% of the initial outstanding principal balance of the Series 2025-1 Class B Notes made in connection with a Qualified Deleveraging Event.

Section 2.13 <u>Equity Contributions</u>. Notwithstanding anything to the contrary in the Indenture, the maximum Equity Contributions that may be included in Annualized Adjusted Net Operating Income pursuant to the definition thereof, shall not to exceed (x) for all Equity Contributions made in any single Collection Period, 10.0% of average Annualized Adjusted Net Operating Income over the four Collection Periods immediately preceding the relevant date of determination, (y) for all Equity Contributions made during any period of four consecutive Collection Periods, 15.0% of average Annualized Adjusted Net Operating Income over the twelve Collection Periods immediately preceding the relevant date of determination and (z) for all Equity Contributions made from the Initial Closing Date (as defined in the Indenture) to the latest Rated Final Payment Date with respect to any Series of Notes then Outstanding, 20.0% of average Annualized Adjusted Net Operating Income during the four Collection Periods immediately preceding the relevant date of determination.

**ARTICLE III**

**GENERAL PROVISIONS**

Section 3.01 <u>Date of Execution</u>. This Series Supplement for convenience and for the purpose of reference is dated as of March 20, 2025.

Section 3.02 <u>Notices</u>. Notices required to be given to KBRA by the Co-Issuers and/or the Asset Entities or the Indenture Trustee shall be mailed to Kroll Bond Rating Agency LLC, 805 Third Avenue, 29<sup>th</sup> Floor, New York, New York 10022.

Section 3.03 <u>Governing Law; Jurisdiction; Waiver of Jury Trial</u>. THIS SERIES SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH PARTY HERETO IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE COURT OR UNITED STATES FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR IN RELATION TO THIS SERIES SUPPLEMENT. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SERIES SUPPLEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 3.04 <u>Severability</u>. In case any provision in this Series Supplement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 3.05 <u>Counterparts; Electronic Execution</u>. This Series Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such respective counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of this Series Supplement by telecopy, e-mail, pdf or any other electronic means (e.g. "pdf", Docusign or "tif") shall be effective as delivery of a manually executed counterpart of this Series Supplement. The words "delivery", "execution," "execute", "signed," "signature," and words of like import in or related to any document to be signed in connection with this Series Supplement and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Indenture Trustee, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

**ARTICLE IV**

**APPLICABILITY OF INDENTURE**

Section 4.01 <u>Applicability</u>. The provisions of the Base Indenture are hereby ratified, approved and confirmed, except as otherwise expressly modified by this Series Supplement and the Base Indenture as so supplemented by this Series Supplement shall be read, taken and construed as one and the same instrument. The representations, warranties and covenants contained in the Base Indenture (except as expressly modified herein) are hereby reaffirmed with the same force and effect as if fully set forth herein and made again as of the date hereof.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF, the Obligors and the Indenture Trustee have caused this Series Supplement to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year first above written.

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| | |
|:---|:---|
| CENTERSQUARE ISSUER LLC | CENTERSQUARE ISSUER LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

---

| | |
|:---|:---|
| CENTERSQUARE CO-ISSUER LLC | CENTERSQUARE CO-ISSUER LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

*[Signature Page to Series 2025-1 Supplement]*

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| | |
|:---|:---|
| 9110-9180 COMMERCE CENTER CIRCLE | 9110-9180 COMMERCE CENTER CIRCLE |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

---

| | |
|:---|:---|
| 580 WINTER STREET LLC | 580 WINTER STREET LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

---

| | |
|:---|:---|
| 1919 PARK AVENUE LLC | 1919 PARK AVENUE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

---

| | |
|:---|:---|
| 3 CORPORATE PLACE LLC | 3 CORPORATE PLACE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

---

| | |
|:---|:---|
| 17836 GILLETTE AVENUE LLC | 17836 GILLETTE AVENUE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

---

| | |
|:---|:---|
| 4450 DEAN LAKES BOULEVARD LLC | 4450 DEAN LAKES BOULEVARD LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

*[Signature Page to Series 2025-1 Supplement]*

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| | |
|:---|:---|
| 350 EAST CERMAK ROAD B LLC | 350 EAST CERMAK ROAD B LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

---

| | |
|:---|:---|
| 9310 FLORIDA PALM DRIVE LLC | 9310 FLORIDA PALM DRIVE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

---

| | |
|:---|:---|
| 45901 NOKES BOULEVARD LLC | 45901 NOKES BOULEVARD LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

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| | |
|:---|:---|
| 45845 NOKES BOULEVARD LLC | 45845 NOKES BOULEVARD LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

---

| | |
|:---|:---|
| 115 2ND AVENUE LLC | 115 2ND AVENUE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

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| | |
|:---|:---|
| 8534 CONCORD CENTER DRIVE LLC | 8534 CONCORD CENTER DRIVE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

*[Signature Page to Series 2025-1 Supplement]*

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| | |
|:---|:---|
| 375 RIVERSIDE PARKWAY A LLC | 375 RIVERSIDE PARKWAY A LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

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| | |
|:---|:---|
| 12301 TUKWILA INTERNATIONAL BOULEVARD LLC | 12301 TUKWILA INTERNATIONAL BOULEVARD LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

---

| | |
|:---|:---|
| 3355 SOUTH 120TH PLACE LLC | 3355 SOUTH 120TH PLACE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

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| | |
|:---|:---|
| 2401 WALSH AVENUE LLC | 2401 WALSH AVENUE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

---

| | |
|:---|:---|
| 2403 WALSH AVENUE LLC | 2403 WALSH AVENUE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

---

| | |
|:---|:---|
| 1550 SPACE PARK DRIVE LLC | 1550 SPACE PARK DRIVE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

*[Signature Page to Series 2025-1 Supplement]*

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| | |
|:---|:---|
| 22810-22860 INTERNATIONAL DRIVE LLC | 22810-22860 INTERNATIONAL DRIVE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

---

| | |
|:---|:---|
| 8180 GREEN MEADOWS DRIVE LLC | 8180 GREEN MEADOWS DRIVE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

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| | |
|:---|:---|
| 6101 SOUTH 180TH STREET LLC | 6101 SOUTH 180TH STREET LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

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| | |
|:---|:---|
| CENTERSQUARE MSA HOLDINGS LLC | CENTERSQUARE MSA HOLDINGS LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

---

| | |
|:---|:---|
| CENTERSQUARE NON-RE ASSET ENTITY LLC | CENTERSQUARE NON-RE ASSET ENTITY LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

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| | |
|:---|:---|
| 2425 BUSSE ROAD LLC | 2425 BUSSE ROAD LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

*[Signature Page to Series 2025-1 Supplement]*

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| | |
|:---|:---|
| 300 JFK BOULEVARD EAST LLC | 300 JFK BOULEVARD EAST LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

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| | |
|:---|:---|
| 22995 WILDER COURT LLC | 22995 WILDER COURT LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

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| | |
|:---|:---|
| 21110 RIDGETOP CIRCLE LLC | 21110 RIDGETOP CIRCLE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

---

| | |
|:---|:---|
| 375 RIVERSIDE PARKWAY B LLC | 375 RIVERSIDE PARKWAY B LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

*[Signature Page to Series 2025-1 Supplement]*

---

| | |
|:---|:---|
| WILMINGTON TRUST, NATIONAL | WILMINGTON TRUST, NATIONAL |
| ASSOCIATION, as Indenture Trustee | ASSOCIATION, as Indenture Trustee |
| By: | /s/ Fazal-ur-Rehman |
|  | Name: Fazal-ur-Rehman |
|  | Title: Vice President |

---

*[Signature Page to Series 2025-1 Supplement]*

## Exhibit 4.12

**Exhibit 4.12**

***Execution Version***

 ****

 ****

SERIES 2025-2 SUPPLEMENT

<u>among</u>

CENTERSQUARE ISSUER LLC,

CENTERSQUARE CO-ISSUER LLC

<u>and</u>

EACH OF THE ASSET ENTITIES PARTY HERETO FROM TIME TO TIME,

as Obligors,

and

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Indenture Trustee

dated as of March 20, 2025

Secured Data Center Revenue Notes, Series 2025-2

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE | ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 | Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.02 | Rules of Construction | 4 |
| ARTICLE II SERIES 2025-2 NOTE DETAILS; FORMS OF SERIES 2025-2 NOTES | ARTICLE II SERIES 2025-2 NOTE DETAILS; FORMS OF SERIES 2025-2 NOTES | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01 | Series 2025-2 Note Details | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02 | Delivery of Series 2025-2 Notes | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03 | Forms of Series 2025-2 Notes | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.04 | No Targeted Amortization Amounts | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.05 | Funding of the Collection Account | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.06 | Delivery of Liquidity Letter(s) of Credit / Funding of the Senior Note Interest and Expense Reserve Sub-Account | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.07 | Funding of the Priority Expense Reserve Sub-Account | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.08 | Funding of the Capital Expenditures Reserve Sub-Account | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.09 | Funding of the Forward Starting Contract Reserve Sub-Account | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.10 | Funding of the Other Expense Reserve Sub-Account | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.11 | No Prepayment Consideration | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.12 | Deposit of Proceeds into Collection Account | 7 |
| ARTICLE III GENERAL PROVISIONS | ARTICLE III GENERAL PROVISIONS | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01 | Date of Execution | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02 | Notices | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.03 | Governing Law; Jurisdiction; Waiver of Jury Trial | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.04 | Severability | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.05 | Counterparts; Electronic Execution | 8 |
| ARTICLE IV APPLICABILITY OF INDENTURE | ARTICLE IV APPLICABILITY OF INDENTURE | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01 | Applicability | 8 |
| ARTICLE V EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES | ARTICLE V EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.01 | Exceptions to Representations and Warranties With Respect To Data Centers and Customer Contracts | 9 |
| Schedule I Closing Date Real Estate Asset Entities | Schedule I Closing Date Real Estate Asset Entities |  |

---

i

**SERIES 2025-2 SUPPLEMENT**

THIS SERIES 2025-2 SUPPLEMENT (as amended, supplemented or otherwise modified and in effect from time to time, this "<u>Series Supplement</u>"), dated as of March 20, 2025, is among Centersquare Issuer LLC, a Delaware limited liability company (the "<u>Issuer</u>"), Centersquare Co-Issuer LLC, a Delaware limited liability company (the "<u>Co-Issuer</u>" and, together with the Issuer, the "<u>Co-Issuers</u>"), Centersquare MSA Holdings LLC, a Delaware limited liability company and each of the Closing Date Real Estate Asset Entities listed on Schedule I hereto (collectively, the "<u>Closing Date Real Estate Asset Entities</u>") and Centersquare Non-RE Asset Entity LLC, a Delaware limited liability company (the "<u>Closing Date Non-RE Asset Entity</u>" and, collectively with the Closing Date Real Estate Asset Entities, the "<u>Closing Date Asset Entities</u>"; the Closing Date Asset Entities together with any entity that becomes a party hereto after the date hereof as an "<u>Additional Asset Entity</u>", the "<u>Asset Entities</u>"; the Asset Entities and the Co-Issuers, collectively, the "<u>Obligors</u>") and Wilmington Trust, National Association, as indenture trustee and not in its individual capacity and any successor thereto in such capacity (the "<u>Indenture Trustee</u>").

RECITALS

WHEREAS, the Obligors have entered into an Indenture, dated as of October 17, 2024 (as the same may be amended, supplemented or otherwise modified and in effect from time to time, the "<u>Base Indenture</u>"), between the Indenture Trustee and the Obligors;

WHEREAS, the Co-Issuers and the Asset Entities desire the Co-Issuers to issue $440,000,000 Secured Data Center Revenue Term Notes, Series 2025-2, Class A-2 Notes (the "<u>Series 2025-2 Notes</u>"), pursuant to this Series Supplement to the Base Indenture;

WHEREAS, concurrently with the issuance of the Series 2025-2 Notes the Co- Issuers will issue $500,000,000 of Secured Data Center Revenue Notes, Series 2025-1, consisting of (i) $445,000,000 Secured Data Center Revenue Term Notes, Series 2025-1, Class A-2 Notes (the "<u>Series 2025-1 Class A-2 Notes</u>") and (ii) $55,000,000 Secured Data Center Revenue Term Notes, Series 2025-1, Class B Notes (the "<u>Series 2025-1 Class B Notes</u>" and, together with the Series 2025-1 Class A-2 Notes, the "<u>Series 2025-1 Notes</u>"), pursuant to a series supplement to the Base Indenture, dated as of the Closing Date (the "<u>Series 2025-1 Supplement</u>"), by and among the Obligors and the Indenture Trustee, relating to the Series 2025-1 Notes;

WHEREAS, the Co-Issuers represent that they have duly authorized the issuance of the Series 2025-2 Notes;

WHEREAS, the Series 2025-2 Notes constitute "Notes" and a "Series" or "Series of Notes" as defined in the Base Indenture; and

WHEREAS, the Indenture Trustee has agreed to accept the trusts herein created upon the terms herein set forth.

NOW, THEREFORE, it is mutually covenanted and agreed as follows:

**ARTICLE I**

**DEFINITIONS AND INCORPORATION BY REFERENCE**

Section 1.01 <u>Definitions</u>. All defined terms used herein and not defined herein shall have the meaning ascribed to such terms in the Base Indenture. All words and phrases defined in the Base Indenture shall have the same meaning in this Series Supplement, except as otherwise appears in this Article. In addition, the following terms have the following meanings in this Series Supplement unless the context clearly requires otherwise:

"<u>Anticipated Repayment Date</u>" shall have the meaning ascribed to it in 0.

"<u>Base Indenture</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Closing Date</u>" shall mean March 20, 2025.

"<u>Date of Issuance</u>" shall mean, with respect to the Series 2025-2 Notes, March 20, 2025.

"<u>KBRA</u>" shall mean Kroll Bond Rating Agency LLC.

"<u>No Rating Agency Declination or Waiver Action</u>" shall mean the obligation to obtain a Rating Agency Confirmation in connection with (i) the issuance of Additional Notes pursuant to Section 2.12(b) of the Base Indenture or (ii) amendments pursuant to Section 13.01 of the Base Indenture.

"<u>Note Rate</u>" shall, for the Series 2025-2 Notes, mean the rate per annum at which interest accrues on such Class set forth in Section 2.01(a).

"<u>Offering Memorandum</u>" shall mean the Private Placement Memorandum dated March 7, 2025, relating to the offering by the Co-Issuers of the Series 2025-2 Notes.

"<u>Passive Bookrunner</u>" shall mean Brookfield Securities LLC.

"<u>Placement Agents</u>" shall mean Wells Fargo Securities, LLC, TD Securities (USA) LLC, BMO Capital Markets Corp. and Scotia Capital (USA) Inc.

"<u>Post-ARD Note Spread</u>" shall, for each Class of the Series 2025-2 Notes, be the spread per annum set forth in Section 2.01(e).

"<u>Prepayment Period</u>" shall mean, in relation to the Series 2025-2 Notes, the period that commences on the Payment Date occurring in March 2029.

"<u>Rated Final Payment Date</u>" shall mean, in relation to the Series 2025-2 Notes, the meaning ascribed to it in Section 2.01(c).

"<u>Rating Agency</u>" shall mean, in relation to the Series 2025-2 Notes, KBRA and/or any other nationally recognized statistical rating organization then rating the Series 2025-2 Notes at the request of the Co-Issuers or the Manager, in each instance so long as such Rating Agency continues to rate the Series 2025-2 Notes.

"<u>Rating Agency Confirmation</u>" shall mean, in connection with any transaction or matter and with respect to the Series 2025-2 Notes, (i) notification in writing to each Rating Agency then rating the Series 2025-2 Notes at least 10 Business Days' (or such shorter period that is acceptable to the Rating Agency) prior to such transaction or matter or promptly thereafter if prior notice is not possible and (ii) notification in writing by each such Rating Agency (which may be in the form of e-mail, facsimile, press release, posting to its internet website or other such means then considered industry standard as determined by such Rating Agency) that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-2 Notes by such Rating Agency; *provided* that, other than in connection with a No Rating Agency Declination or Waiver Action, if a Rating Agency Declination is received, the requirement to receive a Rating Agency Confirmation from the Rating Agency with respect to such matter will not apply; *provided, further*, that, other than in connection with a No Rating Agency Declination or Waiver Action, if a Rating Agency (x) refuses to respond or otherwise does not respond to a request for Rating Agency Confirmation made in accordance with Section 15.26 of the Base Indenture, or (y) has indicated that it is not the customary procedure of such Rating Agency to provide notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-2 Notes by such Rating Agency, the requirement to receive such Rating Agency Confirmation shall be waived unless such Rating Agency's refusal or failure to respond to the request is due to a commercial dispute between the Co-Issuers or their Affiliates and such Rating Agency, including, but not limited to, any disagreement regarding such Rating Agency's fees. Notwithstanding any of the foregoing to the contrary, if (x) the Series 2025-2 Notes are rated by a Rating Agency other than KBRA, Rating Agency Confirmation will be deemed to have been obtained with respect to any transaction or matter if such Rating Agency provides the applicable notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-2 Notes by such Rating Agency, even if KBRA does not (so long as KBRA does not provide notification in writing that such transaction or matter will result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-2 Notes by KBRA), or (y) any other Series of Notes is rated by a Rating Agency other than KBRA, Rating Agency Confirmation will be deemed to have been obtained with respect to any transaction or matter if (i) such Rating Agency provides the applicable notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to such Series of Notes by such Rating Agency, even if KBRA does not (so long as KBRA does not provide notification in writing that such transaction or matter will result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-2 Notes by KBRA), and (ii) such transaction or matter does not materially adversely affect the Series 2025-2 Notes as compared to such other Series of Notes.

"<u>Rating Agency Declination</u>" shall mean, with respect to any Rating Agency then rating the Series 2025-2 Notes, (x) an indication by such Rating Agency, that is not the customary procedure of such Rating Agency to provide notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-2 Notes by such Rating Agency or (y) a written waiver or acknowledgement from such Rating Agency indicating its decision not to review or declining to review the matter for which the Rating Agency Confirmation is sought and received; *provided* that any Rating Agency's refusal to provide Rating Agency Confirmation due to a commercial dispute between the Co- Issuers or their Affiliates and such Rating Agency, including, but not limited to, any disagreement regarding such Rating Agency's fees, shall not constitute a Rating Agency Declination; *provided, further*, that if any Rating Agency shall publicly announce a policy, as a general matter, to no longer review requests for Rating Agency Confirmation, so long as such policy shall remain in effect, any party requesting Rating Agency Confirmation from such Rating Agency shall only be required to deliver written notice to such Rating Agency of any matter for which Rating Agency Confirmation would have been requested and such Rating Agency shall thereafter be deemed to have delivered a Rating Agency Declination with respect to such matter.

"<u>Series 2025-2 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-1 Class A-2 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-1 Class B Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-1 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-1 Supplement</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series Disposition Period Date</u>" shall, for the Series 2025-2 Notes, have the meaning ascribed to it in Section 2.01(g).

"<u>Targeted Amortization Amount</u>" shall mean, as of each Payment Date with respect to the Series 2025-2 Class A-2 Notes, $0.

Section 1.02 <u>Rules of Construction</u>. Unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a term has the meaning assigned to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an accounting term not otherwise defined herein and accounting terms partly defined herein, to the extent not defined, shall have the respective meanings given to them under GAAP as in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "or" is not exclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "including" means including without limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) words in the singular include the plural and words in the plural include the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all references to "$" are to United States dollars unless otherwise stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any agreement, instrument or statute defined or referred to in this Series Supplement or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references to a Person are also to its permitted successors and assigns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the words "hereof", "herein" and "hereunder" and words of similar import, when used in this Series Supplement, shall refer to this Series Supplement as a whole and not to any particular provision of this Series Supplement, and Section, Schedule and Exhibit references are to this Series Supplement unless otherwise specified.

**ARTICLE II**

**SERIES 2025-2 NOTE DETAILS; FORMS OF SERIES 2025-2 NOTES**

Section 2.01 <u>Series 2025-2 Note Details.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate principal amount of the Series 2025-2 Notes which may be initially authenticated and delivered under this Series Supplement shall be issued in one Class designated as "Class A-2" with the initial principal balance, Note Rate and rating set forth below (except for Series 2025-2 Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of Notes pursuant to Section 2.02 of the Base Indenture):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Series/Class** | **Initial Class<br> Principal Balance** | **Note Principal<br> Balance** | **Note Type** | **Note Rate** | **Rating<br> (KBRA)** |
| Series 2025-2, Class A-2 | $440000000 | $440000000 | Term Notes | 5.700% | A- (sf) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The "<u>Anticipated Repayment Date</u>" for the Series 2025-2 Notes is the Payment Date in March 2032.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The "<u>Rated Final Payment Date</u>" for the Series 2025-2 Notes is the Payment Date in March 2055.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The first Payment Date on which payments of Accrued Note Interest shall be paid to the Noteholders of the Series 2025-2 Notes shall be the Payment Date in April 2025. The initial Interest Accrual Period for the Series 2025-2 Notes shall consist of 35 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Post-ARD Note Spread for the Series 2025-2 Notes is the spread set forth below:

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| | |
|:---|:---|
| **Series/Class** | **Post-ARD Note Spread** |
| Series 2025-2, Class A-2 | 2.35% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Record Date for purposes of determining payments to the Noteholders of the Series 2025-2 Notes for the Payment Date in April 2025 shall be March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The "<u>Series Disposition Period Date</u>" for the Series 2025-2 Notes is the Payment Date in March 2054.

Section 2.02 <u>Delivery of Series 2025-2 Notes</u>. Upon the execution and delivery of this Series Supplement on the Closing Date, the Co-Issuers shall execute and deliver the Series 2025-2 Notes to the Indenture Trustee, and the Indenture Trustee, upon receipt of an Issuer Order, shall authenticate the Series 2025-2 Notes and deliver $215,000,000 aggregate principal balance of Series 2025-2 Class A-2 Notes to the Depositary (the "<u>Book-Entry Series 2025-2 Class A-2 Notes</u>"), and shall deliver the remaining $225,000,000 aggregate principal balance of the Series 2025-2 Class A-2 Notes (the "<u>Definitive Series 2025-2 Class A-2 Notes</u>") to one or more investors as directed by the Co-Issuers. As of the Closing Date, the Definitive Series 2025-2 Class A-2 Notes will be Definitive Notes and the Book-Entry Series 2025-2 Class A-2 Notes will be Book-Entry Notes.

Section 2.03 <u>Forms of Series 2025-2 Notes</u>. The Series 2025-2 Notes shall be in substantially the forms set forth in the Base Indenture, each with such variations, omissions and insertions as may be necessary.

Section 2.04 <u>No Targeted Amortization Amounts</u>. There will be no Targeted Amortization Amounts with respect to the Series 2025-2 Notes.

Section 2.05 <u>Funding of the Collection Account</u>. On the Closing Date, the Obligors shall deposit into the Collection Account an amount equal to $12,157,809.00. For the avoidance of doubt, such amount shall be without duplication of amounts deposited into the Collection Account pursuant to Section 2.06 of the Series 2025-1 Supplement.

Section 2.06 <u>Delivery of Liquidity Letter(s) of Credit / Funding of the Senior Note Interest and Expense Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Senior Note Interest and Expense Reserve Sub-Account an amount equal to $24,777,500.00, such that the sum of (x) the amount available to be drawn under any Liquidity Letters of Credit as of such date and (y) the amount on deposit in the Senior Note Interest and Expense Reserve Sub-Account as of such date will not be less than the Required Senior Note Interest and Expense Amount on the Closing Date (or will not be less than the Required Senior Note Interest and Expense Amount after giving effect to (i) the delivery of one or more Liquidity Letters of Credit on the Closing Date and (ii) any funds deposited into the Senior Note Interest and Expense Reserve Sub-Account on the Closing Date). $15,000,000 of Liquidity Letters of Credit have been issued and are expected to be outstanding as of the Closing Date. For the avoidance of doubt, such deposit amount shall be without duplication of amounts deposited into the Senior Note Interest and Expense Reserve Sub-Account pursuant to Section 2.07 of the Series 2025-1 Supplement.

Section 2.07 <u>Funding of the Priority Expense Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Priority Expense Reserve Sub-Account an amount equal to $2,749,535.76. For the avoidance of doubt, such amount shall be without duplication of amounts deposited into the Priority Expense Reserve Sub-Account pursuant to Section 2.08 of the Series 2025-1 Supplement.

Section 2.08 <u>Funding of the Capital Expenditures Reserve Sub-Account</u>. On the Closing Date, the Obligors shall have no obligation to deposit funds into the Capital Expenditures Reserve Sub-Account.

Section 2.09 <u>Funding of the Forward Starting Contract Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Forward Starting Contract Reserve Sub- Account an amount equal to $408,122.76. For the avoidance of doubt, such amount shall be without duplication of amounts deposited into the Forward Starting Contract Reserve Sub-Account pursuant to Section 2.10 of the Series 2025-1 Supplement.

Section 2.10 <u>Funding of the Other Expense Reserve Sub-Account</u>. On the Closing Date, the Obligors shall have no obligation to deposit funds into the Other Expense Reserve Sub-Account.

Section 2.11 <u>No Prepayment Consideration</u>. In addition to the circumstances set forth in Section 2.09(a) of the Indenture pursuant to which no Prepayment Consideration shall be payable with respect to prepayments of the Series 2024-1 Class A-2 Notes, the Series 2024-1 Class B Notes and the Series 2024-2 Class A-2 Notes, no Prepayment Consideration shall be payable in connection with prepayments of the Series 2025-2 Class A-2 Notes in an aggregate amount not to exceed 35.0% of the initial outstanding principal balance of the Series 2025-2 Class A-2 Notes made in connection with a Qualified Deleveraging Event.

Section 2.12 <u>Deposit of Proceeds into Collection Account</u>. On the Closing Date, the Noteholders purchasing the Definitive Series 2025-2 Class A-2 Notes on such date will deposit the purchase price for their respective Definitive Series 2025-2 Class A-2 Notes into the Collection Account in accordance with that certain Issuer Order relating to the Definitive Series 2025-2 Class A-2 Notes of the Co-Issuers, dated as of the Closing Date, to be delivered to the Indenture Trustee directing and authorizing such deposit.

**ARTICLE III**

**GENERAL PROVISIONS**

Section 3.01 <u>Date of Execution</u>. This Series Supplement for convenience and for the purpose of reference is dated as of March 20, 2025.

Section 3.02 <u>Notices</u>. Notices required to be given to KBRA by the Co-Issuers and/or the Asset Entities or the Indenture Trustee shall be mailed to Kroll Bond Rating Agency LLC, 805 Third Avenue, 29th Floor, New York, New York 10022.

Section 3.03 <u>Governing Law; Jurisdiction; Waiver of Jury Trial</u>. THIS SERIES SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH PARTY HERETO IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE COURT OR UNITED STATES FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR IN RELATION TO THIS SERIES SUPPLEMENT. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SERIES SUPPLEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 3.04 <u>Severability</u>. In case any provision in this Series Supplement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 3.05 <u>Counterparts; Electronic Execution</u>. This Series Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such respective counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of this Series Supplement by telecopy, e-mail, pdf or any other electronic means (e.g. "pdf", Docusign or "tif") shall be effective as delivery of a manually executed counterpart of this Series Supplement. The words "delivery", "execution," "execute", "signed," "signature," and words of like import in or related to any document to be signed in connection with this Series Supplement and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Indenture Trustee, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

**ARTICLE IV**

**APPLICABILITY OF INDENTURE**

Section 4.01 <u>Applicability</u>. The provisions of the Base Indenture are hereby ratified, approved and confirmed, except as otherwise expressly modified by this Series Supplement and the Base Indenture as so supplemented by this Series Supplement shall be read, taken and construed as one and the same instrument. The representations, warranties and covenants contained in the Base Indenture (except as expressly modified herein) are hereby reaffirmed with the same force and effect as if fully set forth herein and made again as of the date hereof.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF, the Obligors and the Indenture Trustee have caused this Series Supplement to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year first above written.

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| | | |
|:---|:---|:---|
| CENTERSQUARE ISSUER LLC | CENTERSQUARE ISSUER LLC | CENTERSQUARE ISSUER LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| CENTERSQUARE CO-ISSUER LLC | CENTERSQUARE CO-ISSUER LLC | CENTERSQUARE CO-ISSUER LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

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*[Signature Page to Series 2025-2 Supplement]*

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| | | |
|:---|:---|:---|
| 9110-9180 COMMERCE CENTER CIRCLE | 9110-9180 COMMERCE CENTER CIRCLE | 9110-9180 COMMERCE CENTER CIRCLE |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 580 WINTER STREET LLC | 580 WINTER STREET LLC | 580 WINTER STREET LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 1919 PARK AVENUE LLC | 1919 PARK AVENUE LLC | 1919 PARK AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 3 CORPORATE PLACE LLC | 3 CORPORATE PLACE LLC | 3 CORPORATE PLACE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 17836 GILLETTE AVENUE LLC | 17836 GILLETTE AVENUE LLC | 17836 GILLETTE AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 4450 DEAN LAKES BOULEVARD LLC | 4450 DEAN LAKES BOULEVARD LLC | 4450 DEAN LAKES BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

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*[Signature Page to Series 2025-2 Supplement]*

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| | | |
|:---|:---|:---|
| 350 EAST CERMAK ROAD B LLC | 350 EAST CERMAK ROAD B LLC | 350 EAST CERMAK ROAD B LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 9310 FLORIDA PALM DRIVE LLC | 9310 FLORIDA PALM DRIVE LLC | 9310 FLORIDA PALM DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 45901 NOKES BOULEVARD LLC | 45901 NOKES BOULEVARD LLC | 45901 NOKES BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 45845 NOKES BOULEVARD LLC | 45845 NOKES BOULEVARD LLC | 45845 NOKES BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 115 2ND AVENUE LLC | 115 2ND AVENUE LLC | 115 2ND AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 8534 CONCORD CENTER DRIVE LLC | 8534 CONCORD CENTER DRIVE LLC | 8534 CONCORD CENTER DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

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*[Signature Page to Series 2025-2 Supplement]*

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| | | |
|:---|:---|:---|
| 375 RIVERSIDE PARKWAY A LLC | 375 RIVERSIDE PARKWAY A LLC | 375 RIVERSIDE PARKWAY A LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 12301 TUKWILA INTERNATIONAL BOULEVARD LLC | 12301 TUKWILA INTERNATIONAL BOULEVARD LLC | 12301 TUKWILA INTERNATIONAL BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 3355 SOUTH 120TH PLACE LLC | 3355 SOUTH 120TH PLACE LLC | 3355 SOUTH 120TH PLACE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 2401 WALSH AVENUE LLC | 2401 WALSH AVENUE LLC | 2401 WALSH AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 2403 WALSH AVENUE LLC | 2403 WALSH AVENUE LLC | 2403 WALSH AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 1550 SPACE PARK DRIVE LLC | 1550 SPACE PARK DRIVE LLC | 1550 SPACE PARK DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

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*[Signature Page to Series 2025-2 Supplement]*

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| | | |
|:---|:---|:---|
| 22810-22860 INTERNATIONAL DRIVE LLC | 22810-22860 INTERNATIONAL DRIVE LLC | 22810-22860 INTERNATIONAL DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 8180 GREEN MEADOWS DRIVE LLC | 8180 GREEN MEADOWS DRIVE LLC | 8180 GREEN MEADOWS DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 6101 SOUTH 180TH STREET LLC | 6101 SOUTH 180TH STREET LLC | 6101 SOUTH 180TH STREET LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| CENTERSQUARE MSA HOLDINGS LLC | CENTERSQUARE MSA HOLDINGS LLC | CENTERSQUARE MSA HOLDINGS LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| CENTERSQUARE NON-RE ASSET ENTITY LLC | CENTERSQUARE NON-RE ASSET ENTITY LLC | CENTERSQUARE NON-RE ASSET ENTITY LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 2425 BUSSE ROAD LLC | 2425 BUSSE ROAD LLC | 2425 BUSSE ROAD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

*[Signature Page to Series 2025-2 Supplement]*

---

| | | |
|:---|:---|:---|
| 300 JFK BOULEVARD EAST LLC | 300 JFK BOULEVARD EAST LLC | 300 JFK BOULEVARD EAST LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 22995 WILDER COURT LLC | 22995 WILDER COURT LLC | 22995 WILDER COURT LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 21110 RIDGETOP CIRCLE LLC | 21110 RIDGETOP CIRCLE LLC | 21110 RIDGETOP CIRCLE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 375 RIVERSIDE PARKWAY B LLC | 375 RIVERSIDE PARKWAY B LLC | 375 RIVERSIDE PARKWAY B LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

*[Signature Page to Series 2025-2 Supplement]*

---

| | | |
|:---|:---|:---|
| WILMINGTON TRUST, NATIONAL | WILMINGTON TRUST, NATIONAL | WILMINGTON TRUST, NATIONAL |
| ASSOCIATION, as Indenture Trustee | ASSOCIATION, as Indenture Trustee | ASSOCIATION, as Indenture Trustee |
| By: | /s/ Fazal-ur-Rehman | /s/ Fazal-ur-Rehman |
|  | Name: | Fazal-ur-Rehman |
|  | Title: | Vice President |

---

*[Signature Page to Series 2025-2 Supplement]*

## Exhibit 4.13

**Exhibit 4.13** 

***Execution Version***

SERIES 2025-3 SUPPLEMENT<u> </u>

<u>among</u>

CENTERSQUARE ISSUER LLC,

CENTERSQUARE CO-ISSUER LLC<u> </u>

<u>and</u>

EACH OF THE ASSET ENTITIES PARTY HERETO FROM TIME TO TIME,

as Obligors,

<u>and</u>

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Indenture Trustee

dated as of August 21, 2025

Secured Data Center Revenue Notes, Series 2025-3

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE | ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE | 1 |
| Section 1.01 | Definitions | 1 |
| Section 1.02 | Rules of Construction | 4 |
| ARTICLE II SERIES 2025-3 NOTE DETAILS; FORMS OF SERIES 2025-3 NOTES | ARTICLE II SERIES 2025-3 NOTE DETAILS; FORMS OF SERIES 2025-3 NOTES | 5 |
| Section 2.01 | Series 2025-3 Note Details. | 5 |
| Section 2.02 | Delivery of Series 2025-3 Notes | 6 |
| Section 2.03 | Forms of Series 2025-3 Notes | 6 |
| Section 2.04 | No Targeted Amortization Amounts | 6 |
| Section 2.05 | Additional Notes | 6 |
| Section 2.06 | Funding of the Collection Account | 6 |
| Section 2.07 | Delivery of Liquidity Letter(s) of Credit / Funding of the Senior Note Interest and Expense Reserve Sub-Account |  |
|  |  | 6 |
| Section 2.08 | Funding of the Priority Expense Reserve Sub-Account | 6 |
| Section 2.09 | Funding of the Capital Expenditures Reserve Sub-Account | 7 |
| Section 2.10 | Funding of the Forward Starting Contract Reserve Sub-Account | 7 |
| Section 2.11 | Funding of the Other Expense Reserve Sub-Account | 7 |
| Section 2.12 | No Prepayment Consideration | 7 |
| Section 2.13 | Equity Contributions | 7 |
| ARTICLE III GENERAL PROVISIONS | ARTICLE III GENERAL PROVISIONS | 7 |
| Section 3.01 | Date of Execution | 7 |
| Section 3.02 | Notices | 7 |
| Section 3.03 | Governing Law; Jurisdiction; Waiver of Jury Trial | 8 |
| Section 3.04 | Severability | 8 |
| Section 3.05 | Counterparts; Electronic Execution | 8 |
| ARTICLE IV APPLICABILITY OF INDENTURE | ARTICLE IV APPLICABILITY OF INDENTURE | 8 |
| Section 4.01 | Applicability | 8 |
| ARTICLE V EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES | ARTICLE V EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES | **8** |
| Section 5.01 | Exceptions to Representations and Warranties With Respect To Data Centers and Customer Contracts | 8 |

---

Schedule I Closing Date Real Estate Asset Entities

i

**SERIES 2025-3 SUPPLEMENT**

THIS SERIES 2025-3 SUPPLEMENT (as amended, supplemented or otherwise modified and in effect from time to time, this "<u>Series Supplement</u>"), dated as of August 21, 2025, is among Centersquare Issuer LLC, a Delaware limited liability company (the " <u>Issuer</u>"), Centersquare Co-Issuer LLC, a Delaware limited liability company (the "<u>Co-Issuer</u>" and, together with the Issuer, the "<u>Co-Issuers</u>"), Centersquare MSA Holdings LLC, a Delaware limited liability company and each of the Closing Date Real Estate Asset Entities listed on Schedule I hereto (collectively, the "<u>Closing Date Real Estate Asset Entities</u>") and Centersquare Non-RE Asset Entity LLC, a Delaware limited liability company (the "<u>Closing Date Non-RE Asset Entity</u>" and, collectively with the Closing Date Real Estate Asset Entities, the "<u>Closing Date Asset Entities</u>"; the Closing Date Asset Entities together with any entity that becomes a party hereto after the date hereof as an "<u>Additional Asset Entity</u>", the "<u>Asset Entities</u>"; the Asset Entities and the Co-Issuers, collectively, the "<u>Obligors</u>") and Wilmington Trust, National Association, as indenture trustee and not in its individual capacity and any successor thereto in such capacity (the "<u>Indenture Trustee</u>").

RECITALS

WHEREAS, the Obligors have entered into an Indenture, dated as of October 17, 2024 (as the same may be amended, supplemented or otherwise modified and in effect from time to time, the "<u>Base Indenture</u>"), between the Indenture Trustee and the Obligors;

WHEREAS, the Co-Issuers and the Asset Entities desire the Co-Issuers to issue $425,000,000 of Secured Data Center Revenue Notes, Series 2025-3, consisting of (i) $395,000,000 Secured Data Center Revenue Term Notes, Series 2025-3, Class A-2 Notes (the "<u>Series 2025-3 Class A-2 Notes</u>") and (ii) $30,000,000 Secured Data Center Revenue Term Notes, Series 2025-3, Class B Notes (the "<u>Series 2025-3 Class B Notes</u>" and, together with the Series 2025-3 Class A-2 Notes, the "<u>Series 2025-3 Notes</u>"), pursuant to this Series Supplement to the Base Indenture;

WHEREAS, the Co-Issuers represent that they have duly authorized the issuance of the Series 2025-3 Notes;

WHEREAS, the Series 2025-3 Notes constitute "Notes" and a "Series" or "Series of Notes" as defined in the Base Indenture; and

WHEREAS, the Indenture Trustee has agreed to accept the trusts herein created upon the terms herein set forth.

NOW, THEREFORE, it is mutually covenanted and agreed as follows:

**ARTICLE I**

**DEFINITIONS AND INCORPORATION BY REFERENCE**

Section 1.01 <u>Definitions</u>. All defined terms used herein and not defined herein shall have the meaning ascribed to such terms in the Base Indenture. All words and phrases defined in the Base Indenture shall have the same meaning in this Series Supplement, except as otherwise appears in this Article. In addition, the following terms have the following meanings in this Series Supplement unless the context clearly requires otherwise:

"<u>Anticipated Repayment Date</u>" shall have the meaning ascribed to it in Section 2.01(b).

"<u>Base Indenture</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Closing Date</u>" shall mean August 21, 2025.

"<u>Date of Issuance</u>" shall mean, with respect to the Series 2025-3 Notes, August 21, 2025.

"<u>Indenture</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Initial Purchasers</u>" shall mean TD Securities (USA) LLC, Scotia Capital (USA) Inc., BMO Capital Markets Corp. and Wells Fargo Securities, LLC.

"<u>KBRA</u>" shall mean Kroll Bond Rating Agency LLC.

"<u>No Rating Agency Declination or Waiver Action</u>" shall mean the obligation to obtain a Rating Agency Confirmation in connection with (i) the issuance of Additional Notes pursuant to Section 2.12(b) of the Base Indenture or (ii) amendments pursuant to Section 13.01 of the Base Indenture.

"<u>Note Rate</u>" shall, for each Class of the Series 2025-3 Notes, mean the rate per annum at which interest accrues on such Class set forth in Section 2.01(a).

"<u>Offering Memorandum</u>" shall mean the Offering Memorandum dated August 14, 2025, relating to the offering by the Co-Issuers of the Series 2025-3 Notes.

"<u>Passive Bookrunner</u>" shall mean Brookfield Securities LLC.

"<u>Post-ARD Note Spread</u>" shall, for each Class of the Series 2025-3 Notes, be the spread per annum set forth in Section 2.01(e).

"<u>Prepayment Period</u>" shall mean, in relation to the Series 2025-3 Class A-2 Notes, the period that commences on the Payment Date occurring in August 2028.

"<u>Rated Final Payment Date</u>" shall mean, in relation to the Series 2025-3 Notes, the meaning ascribed to it in Section 2.01(c).

"<u>Rating Agency</u>" shall mean, in relation to the Series 2025-3 Notes, KBRA and/or any other nationally recognized statistical rating organization then rating the Series 2025-3 Notes at the request of the Co-Issuers or the Manager, in each instance so long as such Rating Agency continues to rate the Series 2025-3 Notes.

"<u>Rating Agency Confirmation</u>" shall mean, in connection with any transaction or matter with respect to any Class of Series 2025-3 Notes, (i) notification in writing to each Rating Agency then rating such Class of Series 2025-3 Notes at least 10 Business Days' (or such shorter period that is acceptable to the Rating Agency) prior to such transaction or matter or promptly thereafter if prior notice is not possible and (ii) notification in writing by each such Rating Agency (which may be in the form of e-mail, facsimile, press release, posting to its internet website or other such means then considered industry standard as determined by such Rating Agency) that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to such Class of Series 2025-3 Notes by such Rating Agency; provided that, other than in connection with a No Rating Agency Declination or Waiver Action, if a Rating Agency Declination is received, the requirement to receive a Rating Agency Confirmation from the Rating Agency with respect to such matter will not apply; provided, further, that, other than in connection with a No Rating Agency Declination or Waiver Action, if a Rating Agency (x) refuses to respond or otherwise does not respond to a request for Rating Agency Confirmation made in accordance with <u>Section 15.26</u> of the Base Indenture or (y) has indicated that it is not the customary procedure of such Rating Agency to provide notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to such Class of Series 2025-3 Notes by such Rating Agency, the requirement to receive such Rating Agency Confirmation shall be waived unless such Rating Agency's refusal or failure to respond to the request is due to a commercial dispute between the Co-Issuers or their Affiliates and such Rating Agency, including, but not limited to, any disagreement regarding such Rating Agency's fees. Notwithstanding any of the foregoing to the contrary, if (x) the Series 2025-3 Notes are rated by a Rating Agency other than KBRA, Rating Agency Confirmation will be deemed to have been obtained with respect to any transaction or matter if such Rating Agency provides the applicable notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-3 Notes by such Rating Agency, even if KBRA does not (so long as KBRA does not provide notification in writing that such transaction or matter will result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-3 Notes by KBRA), or (y) any other Series of Notes is rated by a Rating Agency other than KBRA, Rating Agency Confirmation will be deemed to have been obtained with respect to any transaction or matter if (i) such Rating Agency provides the applicable notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to such Series of Notes by such Rating Agency, even if KBRA does not (so long as KBRA does not provide notification in writing that such transaction or matter will result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-3 Notes by KBRA), and (ii) such transaction or matter does not materially adversely affect the Series 2025-3 Notes as compared to such other Series of Notes.

"<u>Rating Agency Declination</u>" shall mean, with respect to any Rating Agency then rating any Class of Series 2025-3 Notes, (x) an indication by such Rating Agency, that is not the customary procedure of such Rating Agency to provide notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to such Class of Series 2025-3 Notes by such Rating Agency or (y) a written waiver or acknowledgement from such Rating Agency indicating its decision not to review or declining to review the matter for which the Rating Agency Confirmation is sought and received; *provided* that any Rating Agency's refusal to provide Rating Agency Confirmation due to a commercial dispute between the Co-Issuers or their Affiliates and such Rating Agency, including, but not limited to, any disagreement regarding such Rating Agency's fees, shall not constitute a Rating Agency Declination; *provided, further*, that if any Rating Agency shall publicly announce a policy, as a general matter, to no longer review requests for Rating Agency Confirmation, so long as such policy shall remain in effect, any party requesting Rating Agency Confirmation from such Rating Agency shall only be required to deliver written notice to such Rating Agency of any matter for which Rating Agency Confirmation would have been requested and such Rating Agency shall thereafter be deemed to have delivered a Rating Agency Declination with respect to such matter.

"<u>Series 2025-3 Class A-2 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-3 Class B Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-3 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series Disposition Period Date</u>" shall, for the Series 2025-3 Notes, have the meaning ascribed to it in Section 2.01(g).

"<u>Targeted Amortization Amount</u>" shall mean, as of each Payment Date with respect to each Class of Series 2025-3 Notes, $0.

Section 1.02 <u>Rules of Construction</u>. Unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a term has the meaning assigned to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an accounting term not otherwise defined herein and accounting terms partly defined herein, to the extent not defined, shall have the respective meanings given to them under GAAP as in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "or" is not exclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "including" means including without limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) words in the singular include the plural and words in the plural include the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all references to "$" are to United States dollars unless otherwise stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any agreement, instrument or statute defined or referred to in this Series Supplement or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references to a Person are also to its permitted successors and assigns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the words "hereof", "herein" and "hereunder" and words of similar import, when used in this Series Supplement, shall refer to this Series Supplement as a whole and not to any particular provision of this Series Supplement, and Section, Schedule and Exhibit references are to this Series Supplement unless otherwise specified.

**ARTICLE II**

**SERIES 2025-3 NOTE DETAILS; FORMS OF SERIES 2025-3 NOTES**

Section 2.01 <u>Series 2025-3 Note Details.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate principal amount of the Series 2025-3 Notes which may be initially authenticated and delivered under this Series Supplement shall be divided into Classes designated as "Class A-2" and "Class B" with the respective initial principal balances, Note Rates and ratings set forth below (except for Series 2025-3 Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of Notes pursuant to Section 2.02 of the Base Indenture):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Series/Class** | **Initial Class**<br> **Principal**<br> **Balance** | <br> **Note Principal**<br> **Balance** | <br>**Note Type** | <br>**Note**<br>**Rate** | <br>**Rating**<br>**(KBRA)** |
| Series 2025-3, Class A-2 | $395000000 | $395000000 | Term Notes | 5.000% | A- (sf) |
| Series 2025-3, Class B | $30000000 | $30000000 | Term Notes | 5.400% | BBB- (sf) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The "<u>Anticipated Repayment Date</u>" for each Class of Series 2025-3 Notes is the Payment Date in August 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The "<u>Rated Final Payment Date</u>" for each Class and Tranche of the Series 2025-3 Notes is the Payment Date in August 2055.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The first Payment Date on which payments of Accrued Note Interest shall be paid to the Noteholders of the Series 2025-3 Notes shall be the Payment Date in September 2025. The initial Interest Accrual Period for the Series 2025-3 Notes shall consist of 34 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Post-ARD Note Spread for each Class and Tranche of Series 2025-3 Notes is the spread set forth below:

---

| | |
|:---|:---|
| **Series/Class** | **Post-ARD Note Spread** |
| Series 2025-3, Class A-2 | 2.15% |
| Series 2025-3, Class B | 2.60% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Record Date for purposes of determining payments to the Noteholders of the Series 2025-3 Notes for the Payment Date in September 2025 shall be August 29, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The "<u>Series Disposition Period Date</u>" for the Series 2025-3 Notes is the Payment Date in August 2054.

Section 2.02 <u>Delivery of Series 2025-3 Notes</u>. Upon the execution and delivery of this Series Supplement on the Closing Date, the Co-Issuers shall execute and deliver the Series 2025-3 Notes to the Indenture Trustee, and the Indenture Trustee, upon receipt of an Issuer Order, shall authenticate the Series 2025-3 Notes and deliver the Series 2025-3 Notes to the Depositary. The Series 2025-3 Notes will be Book-Entry Notes.

Section 2.03 <u>Forms of Series 2025-3 Notes</u>. The Series 2025-3 Notes shall be in substantially the forms set forth in the Base Indenture, each with such variations, omissions and insertions as may be necessary.

Section 2.04 <u>No Targeted Amortization Amounts</u>. There will be no Targeted Amortization Amounts with respect to any Class of Series 2025-3 Notes.

Section 2.05 <u>Additional Notes</u>. In addition to the conditions set forth in Section 2.12(b) of the Base Indenture to issue any Additional Notes, so long as the Series 2025-3 Class B Notes are Outstanding, no new Tranche of Class B Notes may be issued that are senior in right of payment of interest or of principal to the Series 2025-3 Class B Notes.

Section 2.06 <u>Funding of the Collection Account</u>. On the Closing Date, the Obligors shall deposit into the Collection Account an amount equal to $11,339,020.

Section 2.07 <u>Delivery of Liquidity Letter(s) of Credit / Funding of the Senior Note Interest and Expense Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Senior Note Interest and Expense Reserve Sub-Account an additional amount equal to $10,093,132 such that the amount on the deposit therein will equal $42,217,500 (the "<u>Required Senior Note Interest and Expense Reserve Amount</u>") (after giving effect to the issuance of the Series 2025-3 Notes), such that the sum of (x) the amount available to be drawn under any Liquidity Letters of Credit as of such date and (y) the amount on deposit in the Senior Note Interest and Expense Reserve Sub-Account as of such date will not be less than the Required Senior Note Interest and Expense Amount on the Closing Date (or will not be less than the Required Senior Note Interest and Expense Amount after giving effect to (i) the delivery of one or more Liquidity Letters of Credit on the Closing Date and (ii) any funds deposited into the Senior Note Interest and Expense Reserve Sub-Account on the Closing Date). $15,000,000 of Liquidity Letters of Credit have been issued, and $25,000,000 of Liquidity Letters of Credit (after giving effect to the issuance of an additional Letter of Credit (or an upsize to the existing Liquidity Letter of Credit) in an amount equal to $10,000,000 on the Closing Date, such that the aggregate principal balance of all Liquidity Letters of Credit as of the Closing Date will be $25,000,000) are expected to be outstanding as of the Closing Date.

Section 2.08 <u>Funding of the Priority Expense Reserve Sub- Account</u>. On the Closing Date, the Obligors shall deposit into the Priority Expense Reserve Sub-Account an additional amount on the Closing Date such that the amount on deposit therein will equal the amount of Priority Expenses anticipated to be payable during the portion of the Collection Period that ends on September 30, 2025 following the Closing Date, which additional amount is equal to $1,752,820.

Section 2.09 <u>Funding of the Capital Expenditures Reserve Sub-Account</u>. On the Closing Date, the Obligors shall have no obligation to deposit funds into the Capital Expenditures Reserve Sub-Account.

Section 2.10 <u>Funding of the Forward Starting Contract Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Forward Starting Contract Reserve Sub-Account an amount equal to $4,342,554 (such that the amount on deposit therein will equal $4,996,146.10).

Section 2.11 <u>Funding of the Other Expense Reserve Sub-Account</u>. On the Closing Date, the Obligors shall have no obligation to deposit funds into the Other Expense Reserve Sub-Account.

Section 2.12 <u>No Prepayment Consideration</u>. In addition to the circumstances set forth in Section 2.09(a) of the Indenture pursuant to which no Prepayment Consideration shall be payable with respect to prepayments of the Notes, no Prepayment Consideration shall be payable in connection with (x) prepayments of the Series 2025-3 Class A-2 Notes in an aggregate amount not to exceed 35.0% of the initial outstanding principal balance of the Series 2025-3 Class A-2 Notes made in connection with a Qualified Deleveraging Event and (y) prepayments of the Series 2025-3 Class B Notes in an aggregate amount not to exceed 35.0% of the initial outstanding principal balance of the Series 2025-3 Class B Notes made in connection with a Qualified Deleveraging Event.

Section 2.13 <u>Equity Contributions</u>. Notwithstanding anything to the contrary in the Indenture, the maximum Equity Contributions that may be included in Annualized Adjusted Net Operating Income pursuant to the definition thereof, shall not to exceed (x) for all Equity Contributions made in any single Collection Period, 10.0% of average Annualized Adjusted Net Operating Income over the four Collection Periods immediately preceding the relevant date of determination, (y) for all Equity Contributions made during any period of four consecutive Collection Periods, 15.0% of average Annualized Adjusted Net Operating Income over the twelve Collection Periods immediately preceding the relevant date of determination and (z) for all Equity Contributions made from the Initial Closing Date (as defined in the Indenture) to the latest Rated Final Payment Date with respect to any Series of Notes then Outstanding, 20.0% of average Annualized Adjusted Net Operating Income during the four Collection Periods immediately preceding the relevant date of determination.

**ARTICLE III**

**GENERAL PROVISIONS**

Section 3.01 <u>Date of Execution</u>. This Series Supplement for convenience and for the purpose of reference is dated as of August 21, 2025.

Section 3.02 <u>Notices</u>. Notices required to be given to KBRA by the Co-Issuers and/or the Asset Entities or the Indenture Trustee shall be mailed to Kroll Bond Rating Agency LLC, 805 Third Avenue, 29<sup>th</sup> Floor, New York, New York 10022.

Section 3.03 <u>Governing Law; Jurisdiction; Waiver of Jury Trial</u>. THIS SERIES SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH PARTY HERETO IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE COURT OR UNITED STATES FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR IN RELATION TO THIS SERIES SUPPLEMENT. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SERIES SUPPLEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 3.04 <u>Severability</u>. In case any provision in this Series Supplement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 3.05 <u>Counterparts; Electronic Execution</u>. This Series Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such respective counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of this Series Supplement by telecopy, e-mail, pdf or any other electronic means (e.g. "pdf", Docusign or "tif") shall be effective as delivery of a manually executed counterpart of this Series Supplement. The words "delivery", "execution," "execute", "signed," "signature," and words of like import in or related to any document to be signed in connection with this Series Supplement and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Indenture Trustee, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

**ARTICLE IV**

**APPLICABILITY OF INDENTURE**

Section 4.01 <u>Applicability</u>. The provisions of the Base Indenture are hereby ratified, approved and confirmed, except as otherwise expressly modified by this Series Supplement and the Base Indenture as so supplemented by this Series Supplement shall be read, taken and construed as one and the same instrument. The representations, warranties and covenants contained in the Base Indenture (except as expressly modified herein) are hereby reaffirmed with the same force and effect as if fully set forth herein and made again as of the date hereof.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF, the Obligors and the Indenture Trustee have caused this Series Supplement to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year first above written.

---

| | |
|:---|:---|
| CENTERSQUARE ISSUER LLC | CENTERSQUARE ISSUER LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| CENTERSQUARE CO-ISSUER LLC | CENTERSQUARE CO-ISSUER LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2025-3 Supplement)*

---

| | |
|:---|:---|
| 9110-9180 COMMERCE CENTER CIRCLE LLC | 9110-9180 COMMERCE CENTER CIRCLE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 580 WINTER STREET LLC | 580 WINTER STREET LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 1919 PARK AVENUE LLC | 1919 PARK AVENUE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 3 CORPORATE PLACE LLC | 3 CORPORATE PLACE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 17836 GILLETTE AVENUE LLC | 17836 GILLETTE AVENUE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 4450 DEAN LAKES BOULEVARD LLC | 4450 DEAN LAKES BOULEVARD LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2025-3 Supplement)*

---

| | |
|:---|:---|
| 350 EAST CERMAK ROAD B LLC | 350 EAST CERMAK ROAD B LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 9310 FLORIDA PALM DRIVE LLC | 9310 FLORIDA PALM DRIVE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 45901 NOKES BOULEVARD LLC | 45901 NOKES BOULEVARD LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 45845 NOKES BOULEVARD LLC | 45845 NOKES BOULEVARD LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 115 2ND AVENUE LLC | 115 2ND AVENUE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 8534 CONCORD CENTER DRIVE LLC | 8534 CONCORD CENTER DRIVE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2025-3 Supplement)*

---

| | |
|:---|:---|
| 375 RIVERSIDE PARKWAY A LLC | 375 RIVERSIDE PARKWAY A LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 12301 TUKWILA INTERNATIONAL BOULEVARD LLC | 12301 TUKWILA INTERNATIONAL BOULEVARD LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 3355 SOUTH 120TH PLACE LLC | 3355 SOUTH 120TH PLACE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 2401 WALSH AVENUE LLC | 2401 WALSH AVENUE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 2403 WALSH AVENUE LLC | 2403 WALSH AVENUE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 1550 SPACE PARK DRIVE LLC | 1550 SPACE PARK DRIVE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2025-3 Supplement)*

---

| | |
|:---|:---|
| 22810-22860 INTERNATIONAL DRIVE LLC | 22810-22860 INTERNATIONAL DRIVE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 8180 GREEN MEADOWS DRIVE LLC | 8180 GREEN MEADOWS DRIVE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 6101 SOUTH 180TH STREET LLC | 6101 SOUTH 180TH STREET LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| CENTERSQUARE MSA HOLDINGS LLC | CENTERSQUARE MSA HOLDINGS LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| CENTERSQUARE NON-RE ASSET ENTITY LLC | CENTERSQUARE NON-RE ASSET ENTITY LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 2425 BUSSE ROAD LLC | 2425 BUSSE ROAD LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2025-3 Supplement)*

---

| | |
|:---|:---|
| 300 JFK BOULEVARD EAST LLC | 300 JFK BOULEVARD EAST LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 22995 WILDER COURT LLC | 22995 WILDER COURT LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 21110 RIDGETOP CIRCLE LLC | 21110 RIDGETOP CIRCLE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 375 RIVERSIDE PARKWAY B LLC | 375 RIVERSIDE PARKWAY B LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 900 GUARDIANS WAY LLC | 900 GUARDIANS WAY LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 21571 BEAUMEADE CIRCLE LLC | 21571 BEAUMEADE CIRCLE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2025-3 Supplement)*

---

| | |
|:---|:---|
| 4513 WESTERN AVENUE LLC | 4513 WESTERN AVENUE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 1301 W UNIVERSITY DRIVE LLC | 1301 W UNIVERSITY DRIVE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 15 ENTERPRISE AVENUE N LLC | 15 ENTERPRISE AVENUE N LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 486 ARSENAL WAY LLC | 486 ARSENAL WAY LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2025-3 Supplement)*

---

| | |
|:---|:---|
| WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee | WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee |
| By: | /s/ Fazal-ur-Rehman |
|  | Name: Fazal-ur-Rehman |
|  | Title: Vice President |

---

*(Signature Page to Series 2025-3 Supplement)*

## Exhibit 4.14

**Exhibit 4.14**

***Execution Version***

 ****

SERIES 2025-4 SUPPLEMENT

<u>among</u>

CENTERSQUARE ISSUER LLC,

CENTERSQUARE CO-ISSUER LLC

<u>and</u>

EACH OF THE ASSET ENTITIES PARTY HERETO FROM TIME TO TIME,

as Obligors,

and

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Indenture Trustee

dated as of August 21, 2025

Secured Data Center Revenue Notes, Series 2025-4

---

| | | | |
|:---|:---|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
| ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE | ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE | ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 | Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.02 | Rules of Construction | 4 |
| ARTICLE II SERIES 2025-4 NOTE DETAILS; FORMS OF SERIES 2025-4 NOTES | ARTICLE II SERIES 2025-4 NOTE DETAILS; FORMS OF SERIES 2025-4 NOTES | ARTICLE II SERIES 2025-4 NOTE DETAILS; FORMS OF SERIES 2025-4 NOTES | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01 | Series 2025-4 Note Details | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02 | Delivery of Series 2025-4 Notes | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03 | Forms of Series 2025-4 Notes | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.04 | No Targeted Amortization Amounts | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.05 | Funding of the Collection Account | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.06 | Delivery of Liquidity Letter(s) of Credit / Funding of the Senior Note Interest and Expense Reserve Sub-Account | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.07 | Funding of the Priority Expense Reserve Sub-Account | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.08 | Funding of the Capital Expenditures Reserve Sub-Account | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.09 | Funding of the Forward Starting Contract Reserve Sub-Account | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.10 | Funding of the Other Expense Reserve Sub-Account | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.11 | No Prepayment Consideration | 7 |
| ARTICLE III GENERAL PROVISIONS | ARTICLE III GENERAL PROVISIONS | ARTICLE III GENERAL PROVISIONS | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01 | Date of Execution | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02 | Notices | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.03 | Governing Law; Jurisdiction; Waiver of Jury Trial | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.04 | Severability | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.05 | Counterparts; Electronic Execution | 8 |
| ARTICLE IV APPLICABILITY OF INDENTURE | ARTICLE IV APPLICABILITY OF INDENTURE | ARTICLE IV APPLICABILITY OF INDENTURE | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01 | Applicability | 9 |
| ARTICLE V EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES | ARTICLE V EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES | ARTICLE V EXCEPTIONS TO REPRESENTATIONS AND WARRANTIES | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 5.01 | Exceptions to Representations and Warranties With Respect To Data Centers and Customer Contracts | 9 |
| Schedule I | Closing Date Real Estate Asset Entities | Closing Date Real Estate Asset Entities |  |

---

i

**SERIES 2025-4 SUPPLEMENT**

THIS SERIES 2025-4 SUPPLEMENT (as amended, supplemented or otherwise modified and in effect from time to time, this "<u>Series Supplement</u>"), dated as of August 21, 2025, is among Centersquare Issuer LLC, a Delaware limited liability company (the "<u>Issuer</u>"), Centersquare Co- Issuer LLC, a Delaware limited liability company (the "<u>Co- Issuer</u>" and, together with the Issuer, the "<u>Co-Issuers</u>"), Centersquare MSA Holdings LLC, a Delaware limited liability company and each of the Closing Date Real Estate Asset Entities listed on Schedule I hereto (collectively, the "<u>Closing Date Real Estate Asset Entities</u>") and Centersquare Non-RE Asset Entity LLC, a Delaware limited liability company (the " <u>Closing Date Non-RE Asset Entity</u>" and, collectively with the Closing Date Real Estate Asset Entities, the "<u>Closing Date Asset Entities</u>"; the Closing Date Asset Entities together with any entity that becomes a party hereto after the date hereof as an "<u>Additional Asset Entity</u>", the "<u>Asset Entities</u>"; the Asset Entities and the Co-Issuers, collectively, the "<u>Obligors</u>") and Wilmington Trust, National Association, as indenture trustee and not in its individual capacity and any successor thereto in such capacity (the "<u>Indenture Trustee</u>").

RECITALS

WHEREAS, the Obligors have entered into an Indenture, dated as of October 17, 2024 (as the same may be amended, supplemented or otherwise modified and in effect from time to time, the "<u>Base Indenture</u>"), between the Indenture Trustee and the Obligors;

WHEREAS, the Co- Issuers and the Asset Entities desire the Co-Issuers to issue $390,000,000 Secured Data Center Revenue Term Notes, Series 2025-4, Class A-2 Notes (the "<u>Series 2025-4 Notes</u>" or the "<u>Series 2025-4 Class A-2 Notes</u>"), pursuant to this Series Supplement to the Base Indenture;

WHEREAS, concurrently with the issuance of the Series 2025-4 Notes the Co-Issuers will issue $425,000,000 of Secured Data Center Revenue Notes, Series 2025-3, consisting of (i) $395,000,000 Secured Data Center Revenue Term Notes, Series 2025-3, Class A-2 Notes (the "<u>Series 2025 -3 Class A-2 Notes</u>") and (ii) $30,000,000 Secured Data Center Revenue Term Notes, Series 2025-3, Class B Notes (the "<u>Series 2025-3 Class B Notes</u>" and, together with the Series 2025-3 Class A-2 Notes, the "<u>Series 2025-3 Notes</u>"), pursuant to a series supplement to the Base Indenture, dated as of the Closing Date (the "<u>Series 2025-3 Supplement</u>"), by and among the Obligors and the Indenture Trustee, relating to the Series 2025-3 Notes;

WHEREAS, the Co-Issuers represent that they have duly authorized the issuance of the Series 2025-4 Notes;

WHEREAS, the Series 2025-4 Notes constitute "Notes" and a "Series" or "Series of Notes" as defined in the Base Indenture; and

WHEREAS, the Indenture Trustee has agreed to accept the trusts herein created upon the terms herein set forth.

NOW, THEREFORE, it is mutually covenanted and agreed as follows:

**ARTICLE I**

**DEFINITIONS AND INCORPORATION BY REFERENCE**

Section 1.01 <u>Definitions</u>. All defined terms used herein and not defined herein shall have the meaning ascribed to such terms in the Base Indenture. All words and phrases defined in the Base Indenture shall have the same meaning in this Series Supplement, except as otherwise appears in this Article. In addition, the following terms have the following meanings in this Series Supplement unless the context clearly requires otherwise:

"<u>Anticipated Repayment Date</u>" shall have the meaning ascribed to it in Section 2.01(b).

"<u>Base Indenture</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Closing Date</u>" shall mean August 21, 2025.

"<u>Date of Issuance</u>" shall mean, with respect to the Series 2025-4 Notes, August 21, 2025.

"<u>Indenture</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>KBRA</u>" shall mean Kroll Bond Rating Agency LLC.

"<u>No Rating Agency Declination or Waiver Action</u>" shall mean the obligation to obtain a Rating Agency Confirmation in connection with (i) the issuance of Additional Notes pursuant to Section 2.12(b) of the Base Indenture or (ii) amendments pursuant to Section 13.01 of the Base Indenture.

"<u>Note Rate</u>" shall, for the Series 2025-4 Notes, mean the rate per annum at which interest accrues on such Class set forth in Section 2.01(a).

"<u>Offering Memorandum</u>" shall mean the Private Placement Memorandum dated August 14, 2025, relating to the offering by the Co-Issuers of the Series 2025-4 Notes.

"<u>Passive Bookrunner</u>" shall mean Brookfield Securities LLC.

"<u>Placement Agents</u>" shall mean TD Securities (USA) LLC, Scotia Capital (USA) Inc., BMO Capital Markets Corp. and Wells Fargo Securities, LLC.

"<u>Post-ARD Note Spread</u>" shall, for each Class of the Series 2025-4 Notes, be the spread per annum set forth in Section 2.01(e).

"<u>Prepayment Period</u>" shall mean, in relation to the Series 2025-4 Notes, the period that commences on the Payment Date occurring in August 2029.

"<u>Rated Final Payment Date</u>" shall mean, in relation to the Series 2025-4 Notes, the meaning ascribed to it in Section 2.01(c).

"<u>Rating Agency</u>" shall mean, in relation to the Series 2025-4 Notes, KBRA and/or any other nationally recognized statistical rating organization then rating the Series 2025-4 Notes at the request of the Co-Issuers or the Manager, in each instance so long as such Rating Agency continues to rate the Series 2025-4 Notes.

"<u>Rating Agency Confirmation</u>" shall mean, in connection with any transaction or matter and with respect to the Series 2025-4 Notes, (i) notification in writing to each Rating Agency then rating the Series 2025-4 Notes at least 10 Business Days' (or such shorter period that is acceptable to the Rating Agency) prior to such transaction or matter or promptly thereafter if prior notice is not possible and (ii) notification in writing by each such Rating Agency (which may be in the form of e-mail, facsimile, press release, posting to its internet website or other such means then considered industry standard as determined by such Rating Agency) that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-4 Notes by such Rating Agency; *provided* that, other than in connection with a No Rating Agency Declination or Waiver Action, if a Rating Agency Declination is received, the requirement to receive a Rating Agency Confirmation from the Rating Agency with respect to such matter will not apply; *provided, further*, that, other than in connection with a No Rating Agency Declination or Waiver Action, if a Rating Agency (x) refuses to respond or otherwise does not respond to a request for Rating Agency Confirmation made in accordance with Section 15.26 of the Base Indenture, or (y) has indicated that it is not the customary procedure of such Rating Agency to provide notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then- current rating assigned to the Series 2025-4 Notes by such Rating Agency, the requirement to receive such Rating Agency Confirmation shall be waived unless such Rating Agency's refusal or failure to respond to the request is due to a commercial dispute between the Co-Issuers or their Affiliates and such Rating Agency, including, but not limited to, any disagreement regarding such Rating Agency's fees. Notwithstanding any of the foregoing to the contrary, if (x) the Series 2025-4 Notes are rated by a Rating Agency other than KBRA, Rating Agency Confirmation will be deemed to have been obtained with respect to any transaction or matter if such Rating Agency provides the applicable notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-4 Notes by such Rating Agency, even if KBRA does not (so long as KBRA does not provide notification in writing that such transaction or matter will result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-4 Notes by KBRA), or (y) any other Series of Notes is rated by a Rating Agency other than KBRA, Rating Agency Confirmation will be deemed to have been obtained with respect to any transaction or matter if (i) such Rating Agency provides the applicable notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to such Series of Notes by such Rating Agency, even if KBRA does not (so long as KBRA does not provide notification in writing that such transaction or matter will result in a downgrade, qualification or withdrawal of the then- current rating assigned to the Series 2025-4 Notes by KBRA), and (ii) such transaction or matter does not materially adversely affect the Series 2025-4 Notes as compared to such other Series of Notes.

"<u>Rating Agency Declination</u>" shall mean, with respect to any Rating Agency then rating the Series 2025-4 Notes, (x) an indication by such Rating Agency, that is not the customary procedure of such Rating Agency to provide notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-4 Notes by such Rating Agency or (y) a written waiver or acknowledgement from such Rating Agency indicating its decision not to review or declining to review the matter for which the Rating Agency Confirmation is sought and received; *provided* that any Rating Agency's refusal to provide Rating Agency Confirmation due to a commercial dispute between the Co-Issuers or their Affiliates and such Rating Agency, including, but not limited to, any disagreement regarding such Rating Agency's fees, shall not constitute a Rating Agency Declination; *provided, further*, that if any Rating Agency shall publicly announce a policy, as a general matter, to no longer review requests for Rating Agency Confirmation, so long as such policy shall remain in effect, any party requesting Rating Agency Confirmation from such Rating Agency shall only be required to deliver written notice to such Rating Agency of any matter for which Rating Agency Confirmation would have been requested and such Rating Agency shall thereafter be deemed to have delivered a Rating Agency Declination with respect to such matter.

"<u>Series 2025-4 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-3 Class A-2 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-3 Class B Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-3 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-3 Supplement</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series Disposition Period Date</u>" shall, for the Series 2025-4 Notes, have the meaning ascribed to it in Section 2.01(g).

"<u>Targeted Amortization Amount</u>" shall mean, as of each Payment Date with respect to the Series 2025-4 Class A-2 Notes, $0.

Section 1.02 <u>Rules of Construction</u>. Unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a term has the meaning assigned to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an accounting term not otherwise defined herein and accounting terms partly defined herein, to the extent not defined, shall have the respective meanings given to them under GAAP as in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "or"
 is not exclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "including"
 means including without limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) words
 in the singular include the plural and words in the plural include the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all
 references to "$" are to United States dollars unless otherwise stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) any agreement, instrument or statute defined or referred to in this Series Supplement or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references
 to a Person are also to its permitted successors and assigns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) the words "hereof", "herein" and "hereunder" and words of similar import, when used in this Series Supplement, shall refer to this Series Supplement as a whole and not to any particular provision of this Series Supplement, and Section, Schedule and Exhibit references are to this Series Supplement unless otherwise specified.

**ARTICLE II**

**SERIES 2025-4 NOTE DETAILS; FORMS OF SERIES 2025-4 NOTES**

Section 2.01 <u>Series 2025-4 Note Details.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate principal amount of the Series 2025-4 Notes which may be initially authenticated and delivered under this Series Supplement shall be issued in one Class designated as "Class A-2" with the initial principal balance, Note Rate and rating set forth below (except for Series 2025-4 Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of Notes pursuant to Section 2.02 of the Base Indenture):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Series/Class** | **Initial Class**<br>**Principal Balance** | **Note Principal**<br>**Balance** | <br>**Note Type** | <br>**Note Rate** | **Rating**<br>**(KBRA)** |
| Series 2025-4, Class A-2 | $390000000 | $390000000 | Term Notes | 5.200% | A- (sf) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The "<u>Anticipated Repayment Date</u>" for the Series 2025-4 Notes is the Payment Date in August 2032.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The "<u>Rated Final Payment Date</u>" for the Series 2025-4 Notes is the Payment Date in August 2055.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The first Payment Date on which payments of Accrued Note Interest shall be paid to the Noteholders of the Series 2025-4 Notes shall be the Payment Date in September 2025. The initial Interest Accrual Period for the Series 2025-4 Notes shall consist of 34 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Post-ARD Note Spread for the Series 2025-4 Notes is the spread set forth below:

---

| | |
|:---|:---|
| **Series/Class** | **Post-ARD Note Spread** |
| Series 2025-4, Class A-2 | 2.40% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Record Date for purposes of determining payments to the Noteholders of the Series 2025-4 Notes for the Payment Date in September 2025 shall be August 29, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The "<u>Series Disposition Period Date</u>" for the Series 2025-4 Notes is the Payment Date in August 2054.

Section 2.02 <u>Delivery of Series 2025-4 Notes</u>. Upon the execution and delivery of this Series Supplement on the Closing Date, the Co-Issuers shall execute and deliver the Series 2025-4 Notes to the Indenture Trustee, and the Indenture Trustee, upon receipt of an Issuer Order, shall authenticate the Series 2025-4 Notes and deliver $300,000,000 aggregate principal balance of Series 2025-4 Class A-2 Notes to the Depositary (the "<u>Book-Entry Series 2025-4 Class A-2 Notes</u>"), and shall deliver the remaining $90,000,000 aggregate principal balance of the Series 2025-4 Class A-2 Notes (the "<u>Definitive Series 2025-4 Class A-2 Notes</u>") to one or more investors as directed by the Co-Issuers. As of the Closing Date, the Definitive Series 2025-4 Class A-2 Notes will be Definitive Notes and the Book-Entry Series 2025-4 Class A-2 Notes will be Book-Entry Notes.

Section 2.03 <u>Forms of Series 2025-4 Notes</u>. The Series 2025-4 Notes shall be in substantially the forms set forth in the Base Indenture, each with such variations, omissions and insertions as may be necessary.

Section 2.04 <u>No Targeted Amortization Amounts</u>. There will be no Targeted Amortization Amounts with respect to the Series 2025-4 Notes.

Section 2.05 <u>Funding of the Collection Account</u>. On the Closing Date, the Obligors shall deposit into the Collection Account an amount equal to $11,339,020. For the avoidance of doubt, such amount shall be without duplication of amounts deposited into the Collection Account pursuant to Section 2.06 of the Series 2025-3 Supplement.

Section 2.06 <u>Delivery of Liquidity Letter(s) of Credit / Funding of the Senior Note Interest and Expense Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Senior Note Interest and Expense Reserve Sub-Account an additional amount equal to $10,093,132 (such that the amount on the deposit therein will equal $42,217,500 (the "<u>Required Senior Note Interest and Expense Reserve Amount</u>") (after giving effect to the issuance of the Series 2025-4 Notes), such that the sum of (x) the amount available to be drawn under any Liquidity Letters of Credit as of such date and (y) the amount on deposit in the Senior Note Interest and Expense Reserve Sub-Account as of such date will not be less than the Required Senior Note Interest and Expense Amount on the Closing Date (or will not be less than the Required Senior Note Interest and Expense Amount after giving effect to (i) the delivery of one or more Liquidity Letters of Credit on the Closing Date and (ii) any funds deposited into the Senior Note Interest and Expense Reserve Sub-Account on the Closing Date). $15,000,000 of Liquidity Letters of Credit have been issued, and $25,000,000 of Liquidity Letters of Credit (after giving effect to the issuance of an additional Letter of Credit (or an upsize to the existing Liquidity Letter of Credit) in an amount equal to $10,000,000 on the Closing Date, such that the aggregate principal balance of all Liquidity Letters of Credit as of the Closing Date will be $25,000,000) are expected to be outstanding as of the Closing Date. For the avoidance of doubt, such deposit amount shall be without duplication of amounts deposited into the Senior Note Interest and Expense Reserve Sub-Account pursuant to Section 2.07 of the Series 2025-3 Supplement.

Section 2.07 <u>Funding of the Priority Expense Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Priority Expense Reserve Sub-Account an additional amount on the Closing Date such that the amount on deposit therein will equal the amount of Priority Expenses anticipated to be payable during the portion of the Collection Period that ends on September 30, 2025 following the Closing Date, which additional amount is equal to $1,752,820. For the avoidance of doubt, such amount shall be without duplication of amounts deposited into the Priority Expense Reserve Sub-Account pursuant to Section 2.08 of the Series 2025-3 Supplement.

Section 2.08 <u>Funding of the Capital Expenditures Reserve Sub-Account</u>. On the Closing Date, the Obligors shall have no obligation to deposit funds into the Capital Expenditures Reserve Sub-Account.

Section 2.09 <u>Funding of the Forward Starting Contract Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Forward Starting Contract Reserve Sub-Account an amount equal to $4,342,554 (such that the amount on deposit therein will equal $4,996,146.10). For the avoidance of doubt, such amount shall be without duplication of amounts deposited into the Forward Starting Contract Reserve Sub-Account pursuant to Section 2.10 of the Series 2025-3 Supplement.

Section 2.10 <u>Funding of the Other Expense Reserve Sub-Account</u>. On the Closing Date, the Obligors shall have no obligation to deposit funds into the Other Expense Reserve Sub-Account.

Section 2.11 <u>No Prepayment Consideration</u>. In addition to the circumstances set forth in Section 2.09(a) of the Indenture pursuant to which no Prepayment Consideration shall be payable with respect to prepayments of the Notes, no Prepayment Consideration shall be payable in connection with prepayments of the Series 2025-4 Class A-2 Notes in an aggregate amount not to exceed 35.0% of the initial outstanding principal balance of the Series 2025-4 Class A-2 Notes made in connection with a Qualified Deleveraging Event.

**ARTICLE III**

**GENERAL PROVISIONS**

Section 3.01 <u>Date of Execution</u>. This Series Supplement for convenience and for the purpose of reference is dated as of August 21, 2025.

Section 3.02 <u>Notices</u>. Notices required to be given to KBRA by the Co-Issuers and/or the Asset Entities or the Indenture Trustee shall be mailed to Kroll Bond Rating Agency LLC, 805 Third Avenue, 29<sup>th</sup> Floor, New York, New York 10022.

Section 3.03 <u>Governing Law; Jurisdiction; Waiver of Jury Trial</u>. THIS SERIES SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH PARTY HERETO IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE COURT OR UNITED STATES FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR IN RELATION TO THIS SERIES SUPPLEMENT. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SERIES SUPPLEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 3.04 <u>Severability</u>. In case any provision in this Series Supplement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 3.05 <u>Counterparts; Electronic Execution</u>. This Series Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such respective counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of this Series Supplement by telecopy, e-mail, pdf or any other electronic means (e.g. "pdf", Docusign or "tif") shall be effective as delivery of a manually executed counterpart of this Series Supplement. The words "delivery", "execution," "execute", "signed," "signature," and words of like import in or related to any document to be signed in connection with this Series Supplement and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Indenture Trustee, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

**ARTICLE IV**

**APPLICABILITY OF INDENTURE**

Section 4.01 <u>Applicability</u>. The provisions of the Base Indenture are hereby ratified, approved and confirmed, except as otherwise expressly modified by this Series Supplement and the Base Indenture as so supplemented by this Series Supplement shall be read, taken and construed as one and the same instrument. The representations, warranties and covenants contained in the Base Indenture (except as expressly modified herein) are hereby reaffirmed with the same force and effect as if fully set forth herein and made again as of the date hereof.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF, the Obligors and the Indenture Trustee have caused this Series Supplement to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year first above written.

---

| | |
|:---|:---|
| CENTERSQUARE ISSUER LLC | CENTERSQUARE ISSUER LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |
| CENTERSQUARE CO-ISSUER LLC | CENTERSQUARE CO-ISSUER LLC |
| By: | /s/ Steven Cook |
| Name: | Steven Cook |
| Title: | Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2025-4 Supplement)*

---

| | |
|:---|:---|
| 9110-9180 COMMERCE CENTER CIRCLE LLC | 9110-9180 COMMERCE CENTER CIRCLE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 580 WINTER STREET LLC | 580 WINTER STREET LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 1919 PARK AVENUE LLC | 1919 PARK AVENUE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 3 CORPORATE PLACE LLC | 3 CORPORATE PLACE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 17836 GILLETTE AVENUE LLC | 17836 GILLETTE AVENUE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 4450 DEAN LAKES BOULEVARD LLC | 4450 DEAN LAKES BOULEVARD LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2025-4 Supplement)*

---

| | |
|:---|:---|
| 350 EAST CERMAK ROAD B LLC | 350 EAST CERMAK ROAD B LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 9310 FLORIDA PALM DRIVE LLC | 9310 FLORIDA PALM DRIVE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 45901 NOKES BOULEVARD LLC | 45901 NOKES BOULEVARD LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 45845 NOKES BOULEVARD LLC | 45845 NOKES BOULEVARD LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 115 2ND AVENUE LLC | 115 2ND AVENUE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 8534 CONCORD CENTER DRIVE LLC | 8534 CONCORD CENTER DRIVE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2025-4 Supplement)*

---

| | |
|:---|:---|
| 375 RIVERSIDE PARKWAY A LLC | 375 RIVERSIDE PARKWAY A LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 12301 TUKWILA INTERNATIONAL BOULEVARD LLC | 12301 TUKWILA INTERNATIONAL BOULEVARD LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 3355 SOUTH 120TH PLACE LLC | 3355 SOUTH 120TH PLACE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 2401 WALSH AVENUE LLC | 2401 WALSH AVENUE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 2403 WALSH AVENUE LLC | 2403 WALSH AVENUE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 1550 SPACE PARK DRIVE LLC | 1550 SPACE PARK DRIVE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2025-4 Supplement)*

---

| | |
|:---|:---|
| 22810-22860 INTERNATIONAL DRIVE LLC | 22810-22860 INTERNATIONAL DRIVE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 8180 GREEN MEADOWS DRIVE LLC | 8180 GREEN MEADOWS DRIVE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 6101 SOUTH 180TH STREET LLC | 6101 SOUTH 180TH STREET LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| CENTERSQUARE MSA HOLDINGS LLC | CENTERSQUARE MSA HOLDINGS LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| CENTERSQUARE NON-RE ASSET ENTITY LLC | CENTERSQUARE NON-RE ASSET ENTITY LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 2425 BUSSE ROAD LLC | 2425 BUSSE ROAD LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2025-4 Supplement)*

---

| | |
|:---|:---|
| 300 JFK BOULEVARD EAST LLC | 300 JFK BOULEVARD EAST LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 22995 WILDER COURT LLC | 22995 WILDER COURT LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 21110 RIDGETOP CIRCLE LLC | 21110 RIDGETOP CIRCLE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 375 RIVERSIDE PARKWAY B LLC | 375 RIVERSIDE PARKWAY B LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 900 GUARDIANS WAY LLC | 900 GUARDIANS WAY LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 21571 BEAUMEADE CIRCLE LLC | 21571 BEAUMEADE CIRCLE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2025-4 Supplement)*

---

| | |
|:---|:---|
| 4513 WESTERN AVENUE LLC | 4513 WESTERN AVENUE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 1301 W UNIVERSITY DRIVE LLC | 1301 W UNIVERSITY DRIVE LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 15 ENTERPRISE AVENUE N LLC | 15 ENTERPRISE AVENUE N LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |
| 486 ARSENAL WAY LLC | 486 ARSENAL WAY LLC |
| By: | /s/ Steven Cook |
|  | Name: Steven Cook |
|  | Title: Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2025-4 Supplement)*

---

| | |
|:---|:---|
| WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee | WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee |
| By: | /s/ Fazal-ur-Rehman |
| Name: | Fazal-ur-Rehman |
| Title: | Vice President |

---

*(Signature Page to Series 2025-4 Supplement)*

## Exhibit 4.15

**Exhibit 4.15**

***Execution Version***

SERIES 2025-5 SUPPLEMENT

<u>among</u>

CENTERSQUARE ISSUER LLC,

CENTERSQUARE CO-ISSUER LLC

<u>and</u>

EACH OF THE ASSET ENTITIES PARTY HERETO FROM TIME TO TIME,

as Obligors,

and

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Indenture Trustee

dated as of December 4, 2025

Secured Data Center Revenue Notes, Series 2025-5

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE | 2 |
| Section 1.01 Definitions | 2 |
| Section 1.02 Rules of Construction | 4 |
| ARTICLE II SERIES 2025-5 NOTE DETAILS; FORMS OF SERIES 2025-5 NOTES | 5 |
| Section 2.01 Series 2025-5 Note Details. | 5 |
| Section 2.02 Delivery of Series 2025-5 Notes | 6 |
| Section 2.03 Forms of Series 2025-5 Notes | 6 |
| Section 2.04 No Targeted Amortization Amounts | 6 |
| Section 2.05 Funding of the Collection Account | 6 |
| Section 2.06 Delivery of Liquidity Letter(s) of Credit / Funding of the Senior Note Interest and Expense Reserve Sub-Account | 6 |
| Section 2.07 Funding of the Priority Expense Reserve Sub-Account | 7 |
| Section 2.08 Funding of the Capital Expenditures Reserve Sub-Account | 7 |
| Section 2.09 Funding of the Forward Starting Contract Reserve Sub-Account | 7 |
| Section 2.10 Funding of the Other Expense Reserve Sub-Account | 7 |
| Section 2.11 No Prepayment Consideration | 7 |
| ARTICLE III GENERAL PROVISIONS | 7 |
| Section 3.01 Date of Execution | 7 |
| Section 3.02 Notices | 8 |
| Section 3.03 Governing Law; Jurisdiction; Waiver of Jury Trial | 8 |
| Section 3.04 Severability | 8 |
| Section 3.05 Counterparts; Electronic Execution | 8 |
| ARTICLE IV APPLICABILITY OF INDENTURE | 8 |
| Section 4.01 Applicability | 8 |
| Schedule I Closing Date Real Estate Asset Entities |  |

---

i

**SERIES 2025-5 SUPPLEMENT**

THIS SERIES 2025-5 SUPPLEMENT (as amended, supplemented or otherwise modified and in effect from time to time, this "<u>Series Supplement</u>"), dated as of December 4, 2025, is among Centersquare Issuer LLC, a Delaware limited liability company (the "<u>Issuer</u>"), Centersquare Co-Issuer LLC, a Delaware limited liability company (the "<u>Co-Issuer</u>" and, together with the Issuer, the "<u>Co-Issuers</u>"), Centersquare MSA Holdings LLC, a Delaware limited liability company and each of the Closing Date Real Estate Asset Entities listed on Schedule I hereto (collectively, the "<u>Closing Date Real Estate Asset Entities</u>") and Centersquare Non-RE Asset Entity LLC, a Delaware limited liability company (the "<u>Closing Date Non-RE Asset Entity</u>" and, collectively with the Closing Date Real Estate Asset Entities, the "<u>Closing Date Asset Entities</u>"; the Closing Date Asset Entities together with any entity that becomes a party hereto after the date hereof as an "<u>Additional Asset Entity", the "Asset Entities</u>"; the Asset Entities and the Co-Issuers, collectively, the "<u>Obligors</u>") and Wilmington Trust, National Association, as indenture trustee and not in its individual capacity and any successor thereto in such capacity (the "<u>Indenture Trustee</u>").

RECITALS

WHEREAS, the Obligors have entered into an Indenture, dated as of October 17, 2024 (as the same may be amended, supplemented or otherwise modified and in effect from time to time, the "<u>Base Indenture</u>"), between the Indenture Trustee and the Obligors;

WHEREAS, the Co-Issuers and the Asset Entities desire the Co-Issuers to issue $150,000,000 Secured Data Center Revenue Term Notes, Series 2025-5, Class A-2 (the "<u>Series 2025-5 Notes</u>"), pursuant to this Series Supplement to the Base Indenture;

WHEREAS, concurrently with the issuance of the Series 2025-5 Notes the Co-Issuers will issue (i) $375,000,000 of Secured Data Center Revenue Term Notes, Series 2025-6, consisting of (a) $335,000,000 Secured Data Center Revenue Term Notes, Series 2025-6, Class A-2 (the "<u>Series 2025-6 Class A-2 Notes</u>") and (b) $40,000,000 Secured Data Center Revenue Term Notes, Series 2025-6, Class B (the "<u>Series 2025-5 Class B Notes</u>" and, together with the Series 2025-6 Class A-2 Notes, the "<u>Series 2025-6 Notes</u>"), pursuant to a series supplement to the Base Indenture, dated as of the Closing Date (the "<u>Series 2025-6 Supplement</u>"), by and among the Obligors and the Indenture Trustee, relating to the Series 2025-6 Notes, and (ii) $575,000,000 of Secured Data Center Revenue Term Notes, Series 2025-7, Class A-2 (the "<u>Series 2025-7 Notes</u>"), pursuant to a series supplement to the Base Indenture, dated as of the Closing Date (the "<u>Series 2025-7 Supplement</u>"), by and among the Obligors and the Indenture Trustee, relating to the Series 2025-7 Notes;

WHEREAS, the Co-Issuers represent that they have duly authorized the issuance of the Series 2025-5 Notes;

WHEREAS, the Series 2025-5 Notes constitute "Notes" and a "Series" or "Series of Notes" as defined in the Base Indenture; and

WHEREAS, the Indenture Trustee has agreed to accept the trusts herein created upon the terms herein set forth.

NOW, THEREFORE, it is mutually covenanted and agreed as follows:

**ARTICLE I**

**DEFINITIONS AND INCORPORATION BY REFERENCE**

Section 1.01 <u>Definitions</u>. All defined terms used herein and not defined herein shall have the meaning ascribed to such terms in the Base Indenture. All words and phrases defined in the Base Indenture shall have the same meaning in this Series Supplement, except as otherwise appears in this Article. In addition, the following terms have the following meanings in this Series Supplement unless the context clearly requires otherwise:

"<u>Anticipated Repayment Date</u>" shall have the meaning ascribed to it in 0.

"<u>Base Indenture</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Closing Date</u>" shall mean December 4, 2025.

"<u>Date of Issuance</u>" shall mean, with respect to the Series 2025-5 Notes, December 4, 2025.

"<u>Indenture</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>KBRA</u>" shall mean Kroll Bond Rating Agency LLC.

"<u>No Rating Agency Declination or Waiver Action</u>" shall mean the obligation to obtain a Rating Agency Confirmation in connection with (i) the issuance of Additional Notes pursuant to Section 2.12(b) of the Base Indenture or (ii) amendments pursuant to Section 13.01 of the Base Indenture.

"<u>Note Rate</u>" shall, for the Series 2025-5 Notes, mean the rate per annum at which interest accrues on such Class set forth in Section 2.01(a).

"<u>Offering Memorandum</u>" shall mean the Private Placement Memorandum dated November 18, 2025, relating to the offering by the Co-Issuers of the Series 2025-5 Notes, the Series 2025-6 Notes and the Series 2025-7 Notes.

"<u>Passive Bookrunner</u>" shall mean Brookfield Securities LLC.

"<u>Placement Agents</u>" shall mean Scotia Capital (USA) Inc., TD Securities (USA) LLC, BMO Capital Markets Corp. and Wells Fargo Securities, LLC.

"<u>Post-ARD Note Spread</u>" shall, for each Class of the Series 2025-5 Notes, be the spread per annum set forth in Section 2.01(e).

"<u>Prepayment Period</u>" shall mean, in relation to the Series 2025-5 Notes, the period that commences on the Payment Date occurring in June 2028.

"<u>Rated Final Payment Date</u>" shall mean, in relation to the Series 2025-5 Notes, the meaning ascribed to it in Section 2.01(c).

"<u>Rating Agency</u>" shall mean, in relation to the Series 2025-5 Notes, KBRA and/or any other nationally recognized statistical rating organization then rating the Series 2025-5 Notes at the request of the Co-Issuers or the Manager, in each instance so long as such Rating Agency continues to rate the Series 2025-5 Notes.

"<u>Rating Agency Confirmation</u>" shall mean, in connection with any transaction or matter and with respect to the Series 2025-5 Notes, (i) notification in writing to each Rating Agency then rating the Series 2025-5 Notes at least 10 Business Days' (or such shorter period that is acceptable to the Rating Agency) prior to such transaction or matter or promptly thereafter if prior notice is not possible and (ii) notification in writing by each such Rating Agency (which may be in the form of e-mail, facsimile, press release, posting to its internet website or other such means then considered industry standard as determined by such Rating Agency) that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-5 Notes by such Rating Agency; provided that, other than in connection with a No Rating Agency Declination or Waiver Action, if a Rating Agency Declination is received, the requirement to receive a Rating Agency Confirmation from the Rating Agency with respect to such matter will not apply; provided, further, that, other than in connection with a No Rating Agency Declination or Waiver Action, if a Rating Agency (x) refuses to respond or otherwise does not respond to a request for Rating Agency Confirmation made in accordance with Section 15.26 of the Base Indenture, or (y) has indicated that it is not the customary procedure of such Rating Agency to provide notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-5 Notes by such Rating Agency, the requirement to receive such Rating Agency Confirmation shall be waived unless such Rating Agency's refusal or failure to respond to the request is due to a commercial dispute between the Co-Issuers or their Affiliates and such Rating Agency, including, but not limited to, any disagreement regarding such Rating Agency's fees. Notwithstanding any of the foregoing to the contrary, if (x) the Series 2025-5 Notes are rated by a Rating Agency other than KBRA, Rating Agency Confirmation will be deemed to have been obtained with respect to any transaction or matter if such Rating Agency provides the applicable notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-5 Notes by such Rating Agency, even if KBRA does not (so long as KBRA does not provide notification in writing that such transaction or matter will result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-5 Notes by KBRA), or (y) any other Series of Notes is rated by a Rating Agency other than KBRA, Rating Agency Confirmation will be deemed to have been obtained with respect to any transaction or matter if (i) such Rating Agency provides the applicable notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to such Series of Notes by such Rating Agency, even if KBRA does not (so long as KBRA does not provide notification in writing that such transaction or matter will result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-5 Notes by KBRA), and (ii) such transaction or matter does not materially adversely affect the Series 2025-5 Notes as compared to such other Series of Notes.

"<u>Rating Agency Declination</u>" shall mean, with respect to any Rating Agency then rating the Series 2025-5 Notes, (x) an indication by such Rating Agency, that is not the customary procedure of such Rating Agency to provide notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-5 Notes by such Rating Agency or (y) a written waiver or acknowledgement from such Rating Agency indicating its decision not to review or declining to review the matter for which the Rating Agency Confirmation is sought and received; provided that any Rating Agency's refusal to provide Rating Agency Confirmation due to a commercial dispute between the Co-Issuers or their Affiliates and such Rating Agency, including, but not limited to, any disagreement regarding such Rating Agency's fees, shall not constitute a Rating Agency Declination; provided, further, that if any Rating Agency shall publicly announce a policy, as a general matter, to no longer review requests for Rating Agency Confirmation, so long as such policy shall remain in effect, any party requesting Rating Agency Confirmation from such Rating Agency shall only be required to deliver written notice to such Rating Agency of any matter for which Rating Agency Confirmation would have been requested and such Rating Agency shall thereafter be deemed to have delivered a Rating Agency Declination with respect to such matter.

"<u>Series 2025-5 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-6 Class A-2 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-6 Class B Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-6 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-6 Supplement</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-7 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-7 Supplement</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series Disposition Period Date</u>" shall, for the Series 2025-5 Notes, have the meaning ascribed to it in Section 2.01(g).

"<u>Targeted Amortization Amount</u>" shall mean, as of each Payment Date with respect to the Series 2025-5 Notes, $0.

Section 1.02 <u>Rules of Construction</u>. Unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a
 term has the meaning assigned to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an accounting term not otherwise defined herein and accounting terms partly defined herein, to the extent not defined, shall have the respective meanings given to them under GAAP as in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "or"
 is not exclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "including"
 means including without limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) words in the singular include the
 plural and words in the plural include the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all references to "$"
 are to United States dollars unless otherwise stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any agreement, instrument or statute defined or referred to in this Series Supplement or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references to a Person are also to
 its permitted successors and assigns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the words "hereof", "herein" and "hereunder" and words of similar import, when used in this Series Supplement, shall refer to this Series Supplement as a whole and not to any particular provision of this Series Supplement, and Section, Schedule and Exhibit references are to this Series Supplement unless otherwise specified.

**ARTICLE II**

**SERIES 2025-5 NOTE DETAILS; FORMS OF SERIES 2025-5 NOTES**

Section 2.01 <u>Series 2025-5 Note Details.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate principal amount of the Series 2025-5 Notes which may be initially authenticated and delivered under this Series Supplement shall be issued in one Class designated as "Class A-2" with the initial principal balance, Note Rate and rating set forth below (except for Series 2025-5 Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of Notes pursuant to Section 2.02 of the Base Indenture):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Series/Class** | **Initial Class**<br>**Principal Balance** | **Note Principal**<br>**Balance** | <br>**Note Type** | <br>**Note Rate** | <br>**Rating (KBRA)** |
| Series 2025-5, Class A-2 | $150000000 | $150000000 | Term Notes | 5.300% | A- (sf) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The "<u>Anticipated Repayment Date</u>" for the Series 2025-5 Notes is the Payment Date in December 2029.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The "<u>Rated Final Payment Date</u>" for the Series 2025-5 Notes is the Payment Date in December 2055.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The first Payment Date on which payments of Accrued Note Interest shall be paid to the Noteholders of the Series 2025-5 Notes shall be the Payment Date in December 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Post-ARD Note Spread for the
 Series 2025-5 Notes is the spread set forth below:

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| | |
|:---|:---|
| **Series/Class** | **Post-ARD Note Spread** |
| Series 2025-5, Class A-2 | 2.20% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Record Date for purposes of determining payments to the Noteholders of the Series 2025-5 Notes for the Payment Date in December 2025 shall be November 26, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The "<u>Series Disposition Period Date</u>" for the Series 2025-5 Notes is the Payment Date in December 2054.

Section 2.02 <u>Delivery of Series 2025-5 Notes</u>. Upon the execution and delivery of this Series Supplement on the Closing Date, the Co-Issuers shall execute and deliver the Series 2025-5 Notes to the Indenture Trustee, and the Indenture Trustee, upon receipt of an Issuer Order, shall authenticate the Series 2025-5 Notes and deliver $150,000,000 aggregate principal balance of Series 2025-5 Notes to the Depositary. As of the Closing Date, the Series 2025-5 Notes will be Book-Entry Notes.

Section 2.03 <u>Forms of Series 2025-5 Notes</u>. The Series 2025-5 Notes shall be in substantially the forms set forth in the Base Indenture, each with such variations, omissions and insertions as may be necessary.

Section 2.04 <u>No Targeted Amortization Amounts</u>. There will be no Targeted Amortization Amounts with respect to the Series 2025-5 Notes.

Section 2.05 <u>Funding of the Collection Account</u>. On the Closing Date, the Obligors shall deposit into the Collection Account an amount equal to $15,440,904. For the avoidance of doubt, such amount shall be without duplication of amounts deposited into the Collection Account pursuant to Section 2.05 of the Series 2025-6 Supplement and Section 2.05 of the Series 2025-7 Supplement.

Section 2.06 <u>Delivery of Liquidity Letter(s) of Credit / Funding of the Senior Note Interest and Expense Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Senior Note Interest and Expense Reserve Sub-Account an additional amount equal to $29,503,429 (such that the amount on the deposit therein will equal $71,745,000 (the "<u>Required Senior Note Interest and Expense Reserve Amount</u>") (after giving effect to the issuance of the Series 2025-5 Notes), such that the sum of (x) the amount available to be drawn under any Liquidity Letters of Credit as of such date and (y) the amount on deposit in the Senior Note Interest and Expense Reserve Sub-Account as of such date will not be less than the Required Senior Note Interest and Expense Amount on the Closing Date (or will not be less than the Required Senior Note Interest and Expense Amount after giving effect to (i) the delivery of one or more Liquidity Letters of Credit on the Closing Date and (ii) any funds deposited into the Senior Note Interest and Expense Reserve Sub-Account on the Closing Date). $25,000,000 of Liquidity Letters of Credit have been issued and are expected to be outstanding as of the Closing Date. For the avoidance of doubt, such deposit amount shall be without duplication of amounts deposited into the Senior Note Interest and Expense Reserve Sub-Account pursuant to Section 2.06 of the Series 2025-6 Supplement and Section 2.06 of the Series 2025-7 Supplement.

Section 2.07 <u>Funding of the Priority Expense Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Priority Expense Reserve Sub-Account an additional amount on the Closing Date such that the amount on deposit therein will equal the amount of Priority Expenses anticipated to be payable during the portion of the Collection Period that ends on November 30, 2025 following the Closing Date, which additional amount is equal to $3,441,137. For the avoidance of doubt, such amount shall be without duplication of amounts deposited into the Priority Expense Reserve Sub-Account pursuant to Section 2.07 of the Series 2025-6 Supplement and Section 2.07 of the Series 2025-7 Supplement.

Section 2.08 <u>Funding of the Capital Expenditures Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Capital Expenditures Reserve Sub-Account an amount equal to $58,989,009 (such that the amount on deposit therein will equal $70,345,847). For the avoidance of doubt, such amount shall be without duplication of amounts deposited into the Capital Expenditures Reserve Sub-Account pursuant to Section 2.08 of the Series 2025-6 Supplement and Section 2.08 of the Series 2025-7 Supplement.

Section 2.09 <u>Funding of the Forward Starting Contract Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Forward Starting Contract Reserve Sub-Account an amount equal to $6,452,443 (such that the amount on deposit therein will equal $9,033,791). For the avoidance of doubt, such amount shall be without duplication of amounts deposited into the Forward Starting Contract Reserve Sub-Account pursuant to Section 2.09 of the Series 2025-6 Supplement and Section 2.09 of the Series 2025-7 Supplement.

Section 2.10 <u>Funding of the Other Expense Reserve Sub-Account</u>. On the Closing Date, the Obligors shall have no obligation to deposit funds into the Other Expense Reserve Sub-Account.

Section 2.11 <u>No Prepayment Consideration</u>. In addition to the circumstances set forth in Section 2.09(a) of the Indenture pursuant to which no Prepayment Consideration shall be payable with respect to prepayments of the Notes, no Prepayment Consideration shall be payable in connection with prepayments of the Series 2025-5 Notes in an aggregate amount not to exceed 35.0% of the initial outstanding principal balance of the Series 2025-5 Notes made in connection with a Qualified Deleveraging Event.

**ARTICLE III**

**GENERAL PROVISIONS**

Section 3.01 <u>Date of Execution</u>. This Series Supplement for convenience and for the purpose of reference is dated as of December 4, 2025.

Section 3.02 <u>Notices</u>. Notices required to be given to KBRA by the Co-Issuers and/or the Asset Entities or the Indenture Trustee shall be mailed to Kroll Bond Rating Agency LLC, 805 Third Avenue, 29<sup>th</sup> Floor, New York, New York 10022.

Section 3.03 <u>Governing Law; Jurisdiction; Waiver of Jury Trial</u>. THIS SERIES SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH PARTY HERETO IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE COURT OR UNITED STATES FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR IN RELATION TO THIS SERIES SUPPLEMENT. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SERIES SUPPLEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 3.04 <u>Severability</u>. In case any provision in this Series Supplement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 3.05 <u>Counterparts; Electronic Execution</u>. This Series Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such respective counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of this Series Supplement by telecopy, e-mail, pdf or any other electronic means (e.g. "pdf", Docusign or "tif") shall be effective as delivery of a manually executed counterpart of this Series Supplement. The words "delivery", "execution," "execute", "signed," "signature," and words of like import in or related to any document to be signed in connection with this Series Supplement and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Indenture Trustee, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

**ARTICLE IV**

**APPLICABILITY OF INDENTURE**

Section 4.01 <u>Applicability</u>. The provisions of the Base Indenture are hereby ratified, approved and confirmed, except as otherwise expressly modified by this Series Supplement and the Base Indenture as so supplemented by this Series Supplement shall be read, taken and construed as one and the same instrument. The representations, warranties and covenants contained in the Base Indenture (except as expressly modified herein) are hereby reaffirmed with the same force and effect as if fully set forth herein and made again as of the date hereof.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF, the Obligors and the Indenture Trustee have caused this Series Supplement to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year first above written.

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| | | |
|:---|:---|:---|
| CENTERSQUARE ISSUER LLC | CENTERSQUARE ISSUER LLC | CENTERSQUARE ISSUER LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| CENTERSQUARE CO-ISSUER LLC | CENTERSQUARE CO-ISSUER LLC | CENTERSQUARE CO-ISSUER LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

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(Signature Page to Series 2025-5 Supplement)

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| | | |
|:---|:---|:---|
| 9110-9180 COMMERCE CENTER CIRCLE LLC | 9110-9180 COMMERCE CENTER CIRCLE LLC | 9110-9180 COMMERCE CENTER CIRCLE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 580 WINTER STREET LLC | 580 WINTER STREET LLC | 580 WINTER STREET LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 1919 PARK AVENUE LLC | 1919 PARK AVENUE LLC | 1919 PARK AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 3 CORPORATE PLACE LLC | 3 CORPORATE PLACE LLC | 3 CORPORATE PLACE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 17836 GILLETTE AVENUE LLC | 17836 GILLETTE AVENUE LLC | 17836 GILLETTE AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 4450 DEAN LAKES BOULEVARD LLC | 4450 DEAN LAKES BOULEVARD LLC | 4450 DEAN LAKES BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

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(Signature Page to Series 2025-5 Supplement)

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| | | |
|:---|:---|:---|
| 350 EAST CERMAK ROAD B LLC | 350 EAST CERMAK ROAD B LLC | 350 EAST CERMAK ROAD B LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 9310 FLORIDA PALM DRIVE LLC | 9310 FLORIDA PALM DRIVE LLC | 9310 FLORIDA PALM DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 45901 NOKES BOULEVARD LLC | 45901 NOKES BOULEVARD LLC | 45901 NOKES BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 45845 NOKES BOULEVARD LLC | 45845 NOKES BOULEVARD LLC | 45845 NOKES BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 115 2ND AVENUE LLC | 115 2ND AVENUE LLC | 115 2ND AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 8534 CONCORD CENTER DRIVE LLC | 8534 CONCORD CENTER DRIVE LLC | 8534 CONCORD CENTER DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

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(Signature Page to Series 2025-5 Supplement)

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| | | |
|:---|:---|:---|
| 375 RIVERSIDE PARKWAY A LLC | 375 RIVERSIDE PARKWAY A LLC | 375 RIVERSIDE PARKWAY A LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 12301 TUKWILA INTERNATIONAL BOULEVARD LLC | 12301 TUKWILA INTERNATIONAL BOULEVARD LLC | 12301 TUKWILA INTERNATIONAL BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 3355 SOUTH 120TH PLACE LLC | 3355 SOUTH 120TH PLACE LLC | 3355 SOUTH 120TH PLACE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 2401 WALSH AVENUE LLC | 2401 WALSH AVENUE LLC | 2401 WALSH AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 2403 WALSH AVENUE LLC | 2403 WALSH AVENUE LLC | 2403 WALSH AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 1550 SPACE PARK DRIVE LLC | 1550 SPACE PARK DRIVE LLC | 1550 SPACE PARK DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

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(Signature Page to Series 2025-5 Supplement)

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| | | |
|:---|:---|:---|
| 22810-22860 INTERNATIONAL DRIVE LLC | 22810-22860 INTERNATIONAL DRIVE LLC | 22810-22860 INTERNATIONAL DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 8180 GREEN MEADOWS DRIVE LLC | 8180 GREEN MEADOWS DRIVE LLC | 8180 GREEN MEADOWS DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 6101 SOUTH 180TH STREET LLC | 6101 SOUTH 180TH STREET LLC | 6101 SOUTH 180TH STREET LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| CENTERSQUARE MSA HOLDINGS LLC | CENTERSQUARE MSA HOLDINGS LLC | CENTERSQUARE MSA HOLDINGS LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| CENTERSQUARE NON-RE ASSET ENTITY LLC | CENTERSQUARE NON-RE ASSET ENTITY LLC | CENTERSQUARE NON-RE ASSET ENTITY LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 2425 BUSSE ROAD LLC | 2425 BUSSE ROAD LLC | 2425 BUSSE ROAD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

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(Signature Page to Series 2025-5 Supplement)

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| | | |
|:---|:---|:---|
| 300 JFK BOULEVARD EAST LLC | 300 JFK BOULEVARD EAST LLC | 300 JFK BOULEVARD EAST LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 22995 WILDER COURT LLC | 22995 WILDER COURT LLC | 22995 WILDER COURT LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 21110 RIDGETOP CIRCLE LLC | 21110 RIDGETOP CIRCLE LLC | 21110 RIDGETOP CIRCLE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 375 RIVERSIDE PARKWAY B LLC | 375 RIVERSIDE PARKWAY B LLC | 375 RIVERSIDE PARKWAY B LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 900 GUARDIANS WAY LLC | 900 GUARDIANS WAY LLC | 900 GUARDIANS WAY LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 21571 BEAUMEADE CIRCLE LLC | 21571 BEAUMEADE CIRCLE LLC | 21571 BEAUMEADE CIRCLE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

(Signature Page to Series 2025-5 Supplement)

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| | | |
|:---|:---|:---|
| 4513 WESTERN AVENUE LLC | 4513 WESTERN AVENUE LLC | 4513 WESTERN AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 1301 W UNIVERSITY DRIVE LLC | 1301 W UNIVERSITY DRIVE LLC | 1301 W UNIVERSITY DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 15 ENTERPRISE AVENUE N LLC | 15 ENTERPRISE AVENUE N LLC | 15 ENTERPRISE AVENUE N LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 486 ARSENAL WAY LLC | 486 ARSENAL WAY LLC | 486 ARSENAL WAY LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

---

| | | |
|:---|:---|:---|
| 14901 FAA BOULEVARD LLC | 14901 FAA BOULEVARD LLC | 14901 FAA BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 4700 OLD IRONSIDES DRIVE LLC | 4700 OLD IRONSIDES DRIVE LLC | 4700 OLD IRONSIDES DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

(Signature Page to Series 2025-5 Supplement)

---

| | | |
|:---|:---|:---|
| 4650 OLD IRONSIDES DRIVE LLC | 4650 OLD IRONSIDES DRIVE LLC | 4650 OLD IRONSIDES DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 17300 HIGHWAY 99 LLC | 17300 HIGHWAY 99 LLC | 17300 HIGHWAY 99 LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 11830 WEBB CHAPEL ROAD LLC | 11830 WEBB CHAPEL ROAD LLC | 11830 WEBB CHAPEL ROAD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 615 NORTH 48TH STREET LLC | 615 NORTH 48TH STREET LLC | 615 NORTH 48TH STREET LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 2681 KELVIN AVENUE LLC | 2681 KELVIN AVENUE LLC | 2681 KELVIN AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

(Signature Page to Series 2025-5 Supplement)

---

| | |
|:---|:---|
| WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee | WILMINGTON TRUST, NATIONAL ASSOCIATION, as Indenture Trustee |
| By: | /s/ Amanda Berg |
|  | Name: Amanda Berg |
|  | Title: Assistant Vice President |

---

(Signature Page to Series 2025-5 Supplement)

## Exhibit 4.16

**Exhibit 4.16**

***Execution Version***

------

SERIES 2025-6 SUPPLEMENT

<u>among</u>

CENTERSQUARE ISSUER LLC,

CENTERSQUARE CO-ISSUER LLC

<u>and</u>

EACH OF THE ASSET ENTITIES PARTY HERETO FROM TIME TO TIME,

as Obligors,

and

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Indenture Trustee

dated as of December 4, 2025

Secured Data Center Revenue Notes, Series 2025-6

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE | ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 | Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.02 | Rules of Construction | 4 |
| ARTICLE II SERIES 2025-6 NOTE DETAILS; FORMS OF SERIES 2025-6 NOTES | ARTICLE II SERIES 2025-6 NOTE DETAILS; FORMS OF SERIES 2025-6 NOTES | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01 | Series 2025-6 Note Details. | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02 | Delivery of Series 2025-6 Notes | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03 | Forms of Series 2025-6 Notes | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.04 | No Targeted Amortization Amounts | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.05 | Funding of the Collection Account | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.06 | Delivery of Liquidity Letter(s) of Credit / Funding of the Senior Note Interest and Expense Reserve Sub-Account | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.07 | Funding of the Priority Expense Reserve Sub-Account | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.08 | Funding of the Capital Expenditures Reserve Sub-Account | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.09 | Funding of the Forward Starting Contract Reserve Sub-Account | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.10 | Funding of the Other Expense Reserve Sub-Account | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.11 | No Prepayment Consideration | 7 |
| ARTICLE III GENERAL PROVISIONS | ARTICLE III GENERAL PROVISIONS | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01 | Date of Execution | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02 | Notices | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.03 | Governing Law; Jurisdiction; Waiver of Jury Trial | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.04 | Severability | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.05 | Counterparts; Electronic Execution | 8 |
| ARTICLE IV APPLICABILITY OF INDENTURE | ARTICLE IV APPLICABILITY OF INDENTURE | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01 | Applicability | 9 |

---

Schedule I Closing Date Real Estate Asset Entities

i

**SERIES 2025-6 SUPPLEMENT**

THIS SERIES 2025-6 SUPPLEMENT (as amended, supplemented or otherwise modified and in effect from time to time, this "<u>Series Supplement</u>"), dated as of December 4, 2025, is among Centersquare Issuer LLC, a Delaware limited liability company (the "<u>Issuer</u>"), Centersquare Co-Issuer LLC, a Delaware limited liability company (the "<u>Co-Issuer</u>" and, together with the Issuer, the "<u>Co-Issuers</u>"), Centersquare MSA Holdings LLC, a Delaware limited liability company and each of the Closing Date Real Estate Asset Entities listed on Schedule I hereto (collectively, the "<u>Closing Date Real Estate Asset Entities</u>") and Centersquare Non-RE Asset Entity LLC, a Delaware limited liability company (the "<u>Closing Date Non-RE Asset Entity</u>" and, collectively with the Closing Date Real Estate Asset Entities, the "<u>Closing Date Asset Entities</u>"; the Closing Date Asset Entities together with any entity that becomes a party hereto after the date hereof as an "<u>Additional Asset Entity", the "Asset Entities</u>"; the Asset Entities and the Co-Issuers, collectively, the "<u>Obligors</u>") and Wilmington Trust, National Association, as indenture trustee and not in its individual capacity and any successor thereto in such capacity (the "<u>Indenture Trustee</u>").

**RECITALS**

WHEREAS, the Obligors have entered into an Indenture, dated as of October 17, 2024 (as the same may be amended, supplemented or otherwise modified and in effect from time to time, the "<u>Base Indenture</u>"), between the Indenture Trustee and the Obligors;

WHEREAS, the Co-Issuers and the Asset Entities desire the Co-Issuers to issue (i) $335,000,000 Secured Data Center Revenue Term Notes, Series 2025-6, Class A-2 (the "<u>Series 2025-6 Class A-2 Notes</u>") and (ii) $40,000,000 Secured Data Center Revenue Term Notes, Series 2025-6, Class B (the "<u>Series 2025-6 Class B Notes</u>" and, together with the Series 2025-6 Class A-2 Notes, the "<u>Series 2025-6 Notes</u>"), pursuant to this Series Supplement to the Base Indenture;

WHEREAS, concurrently with the issuance of the Series 2025-6 Notes the Co-Issuers will issue (i) $150,000,000 of Secured Data Center Revenue Term Notes, Series 2025-5, Class A-2 (the "<u>Series 2025-5 Notes</u>"), pursuant to a series supplement to the Base Indenture, dated as of the Closing Date (the "<u>Series 2025-5 Supplement</u>"), by and among the Obligors and the Indenture Trustee, relating to the Series 2025-5 Notes, and (ii) $575,000,000 of Secured Data Center Revenue Term Notes, Series 2025-7, Class A-2 (the "<u>Series 2025-7 Notes</u>"), pursuant to a series supplement to the Base Indenture, dated as of the Closing Date (the "<u>Series 2025-7 Supplement</u>"), by and among the Obligors and the Indenture Trustee, relating to the Series 2025-7 Notes;

WHEREAS, the Co-Issuers represent that they have duly authorized the issuance of the Series 2025-6 Notes;

WHEREAS, the Series 2025-6 Notes constitute "Notes" and a "Series" or "Series of Notes" as defined in the Base Indenture; and

WHEREAS, the Indenture Trustee has agreed to accept the trusts herein created upon the terms herein set forth.

NOW, THEREFORE, it is mutually covenanted and agreed as follows:

**ARTICLE I**

**DEFINITIONS AND INCORPORATION BY REFERENCE**

Section 1.01 <u>Definitions</u>. All defined terms used herein and not defined herein shall have the meaning ascribed to such terms in the Base Indenture. All words and phrases defined in the Base Indenture shall have the same meaning in this Series Supplement, except as otherwise appears in this Article. In addition, the following terms have the following meanings in this Series Supplement unless the context clearly requires otherwise:

"<u>Anticipated Repayment Date</u>" shall have the meaning ascribed to it in 0.

"<u>Base Indenture</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Closing Date</u>" shall mean December 4, 2025.

"<u>Date of Issuance</u>" shall mean, with respect to the Series 2025-6 Notes, December 4, 2025.

"<u>Indenture</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>KBRA</u>" shall mean Kroll Bond Rating Agency LLC.

"<u>No Rating Agency Declination or Waiver Action</u>" shall mean the obligation to obtain a Rating Agency Confirmation in connection with (i) the issuance of Additional Notes pursuant to Section 2.12(b) of the Base Indenture or (ii) amendments pursuant to Section 13.01 of the Base Indenture.

"<u>Note Rate</u>" shall, for each Class of the the Series 2025-6 Notes, mean the rate per annum at which interest accrues on such Class set forth in Section 2.01(a).

"<u>Offering Memorandum</u>" shall mean the Private Placement Memorandum dated November 18, 2025, relating to the offering by the Co-Issuers of the Series 2025-5 Notes, the Series 2025-6 Notes and the Series 2025-7 Notes.

"<u>Passive Bookrunner</u>" shall mean Brookfield Securities LLC.

"<u>Placement Agents</u>" shall mean Scotia Capital (USA) Inc., TD Securities (USA) LLC, BMO Capital Markets Corp. and Wells Fargo Securities, LLC.

"<u>Post-ARD Note Spread</u>" shall, for each Class of the Series 2025-6 Notes, be the spread per annum set forth in Section 2.01(e).

"<u>Prepayment Period</u>" shall mean, in relation to the Series 2025-6 Notes, the period that commences on the Payment Date occurring in December 2028.

"<u>Rated Final Payment Date</u>" shall mean, in relation to the Series 2025-6 Notes, the meaning ascribed to it in Section 2.01(c).

"<u>Rating Agency</u>" shall mean, in relation to the Series 2025-6 Notes, KBRA and/or any other nationally recognized statistical rating organization then rating the Series 2025-6 Notes at the request of the Co-Issuers or the Manager, in each instance so long as such Rating Agency continues to rate the Series 2025-6 Notes.

"<u>Rating Agency Confirmation</u>" shall mean, in connection with any transaction or matter and with respect to any Class of the Series 2025-6 Notes, (i) notification in writing to each Rating Agency then rating such Class of Series 2025-6 Notes at least 10 Business Days' (or such shorter period that is acceptable to the Rating Agency) prior to such transaction or matter or promptly thereafter if prior notice is not possible and (ii) notification in writing by each such Rating Agency (which may be in the form of e-mail, facsimile, press release, posting to its internet website or other such means then considered industry standard as determined by such Rating Agency) that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to such Class of Series 2025-6 Notes by such Rating Agency; provided that, other than in connection with a No Rating Agency Declination or Waiver Action, if a Rating Agency Declination is received, the requirement to receive a Rating Agency Confirmation from the Rating Agency with respect to such matter will not apply; provided, further, that, other than in connection with a No Rating Agency Declination or Waiver Action, if a Rating Agency (x) refuses to respond or otherwise does not respond to a request for Rating Agency Confirmation made in accordance with Section 15.26 of the Base Indenture, or (y) has indicated that it is not the customary procedure of such Rating Agency to provide notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to such Class of Series 2025-6 Notes by such Rating Agency, the requirement to receive such Rating Agency Confirmation shall be waived unless such Rating Agency's refusal or failure to respond to the request is due to a commercial dispute between the Co-Issuers or their Affiliates and such Rating Agency, including, but not limited to, any disagreement regarding such Rating Agency's fees. Notwithstanding any of the foregoing to the contrary, if (x) the Series 2025-6 Notes are rated by a Rating Agency other than KBRA, Rating Agency Confirmation will be deemed to have been obtained with respect to any transaction or matter if such Rating Agency provides the applicable notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-6 Notes by such Rating Agency, even if KBRA does not (so long as KBRA does not provide notification in writing that such transaction or matter will result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-6 Notes by KBRA), or (y) any other Series of Notes is rated by a Rating Agency other than KBRA, Rating Agency Confirmation will be deemed to have been obtained with respect to any transaction or matter if (i) such Rating Agency provides the applicable notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to such Series of Notes by such Rating Agency, even if KBRA does not (so long as KBRA does not provide notification in writing that such transaction or matter will result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-6 Notes by KBRA), and (ii) such transaction or matter does not materially adversely affect the Series 2025-6 Notes as compared to such other Series of Notes.

"<u>Rating Agency Declination</u>" shall mean, with respect to any Rating Agency then rating any Class of Series 2025-6 Notes, (x) an indication by such Rating Agency, that is not the customary procedure of such Rating Agency to provide notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to such Class of Series 2025-6 Notes by such Rating Agency or (y) a written waiver or acknowledgement from such Rating Agency indicating its decision not to review or declining to review the matter for which the Rating Agency Confirmation is sought and received; provided that any Rating Agency's refusal to provide Rating Agency Confirmation due to a commercial dispute between the Co-Issuers or their Affiliates and such Rating Agency, including, but not limited to, any disagreement regarding such Rating Agency's fees, shall not constitute a Rating Agency Declination; provided, further, that if any Rating Agency shall publicly announce a policy, as a general matter, to no longer review requests for Rating Agency Confirmation, so long as such policy shall remain in effect, any party requesting Rating Agency Confirmation from such Rating Agency shall only be required to deliver written notice to such Rating Agency of any matter for which Rating Agency Confirmation would have been requested and such Rating Agency shall thereafter be deemed to have delivered a Rating Agency Declination with respect to such matter.

"<u>Series 2025-5 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-5 Supplement</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-6 Class A-2 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-6 Class B Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-6 Notes</u>" shall have the meaning ascribed to it in the preamble hereto. hereto.

"<u>Series 2025-7 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-7 Supplement</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series Disposition Period Date</u>" shall, for the Series 2025-6 Notes, have the meaning ascribed to it in Section 2.01(g).

"<u>Targeted Amortization Amount</u>" shall mean, as of each Payment Date with respect to each Class of Series 2025-6 Notes, $0.

Section 1.02 <u>Rules of Construction</u>. Unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) a term has the meaning assigned to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an accounting term not otherwise defined herein and accounting terms partly defined herein, to the extent not defined, shall have the respective meanings given to them under GAAP as in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) "or" is not exclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "including" means including without limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) words in the singular include the plural and words in the plural include the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all references to "$" are to United States dollars unless otherwise stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any agreement, instrument or statute defined or referred to in this Series Supplement or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references to a Person are also to its permitted successors and assigns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the words "hereof", "herein" and "hereunder" and words of similar import, when used in this Series Supplement, shall refer to this Series Supplement as a whole and not to any particular provision of this Series Supplement, and Section, Schedule and Exhibit references are to this Series Supplement unless otherwise specified.

**ARTICLE II**

**SERIES 2025-6 NOTE DETAILS; FORMS OF SERIES 2025-6 NOTES**

Section 2.01 <u>Series 2025-6 Note Details.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate principal amount of the Series 2025-6 Notes which may be initially authenticated and delivered under this Series Supplement shall be divided into Classes designated as "Class A-2" and "Class B" with the respective initial principal balances, Note Rates and ratings set forth below (except for Series 2025-6 Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of Notes pursuant to Section 2.02 of the Base Indenture):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Series/Class** | **Initial Class**<br>**Principal Balance** | **Note Principal**<br>**Balance** | <br>**Note Type** | <br>**Note Rate** | <br>**Rating (KBRA)** |
| **Series 2025-6, Class A-2** | $335000000 | **$335000000** | **Term Notes** | **5.300%** | **A- (sf)** |
| **Series 2025-6, Class B** | $40000000 | **$40000000** | **Term Notes** | **5.850%** | **BBB- (sf)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The "<u>Anticipated Repayment Date</u>" for each Class of Series 2025-6 Notes is the Payment Date in December 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The "<u>Rated Final Payment Date</u>" for the Series 2025-6 Notes is the Payment Date in December 2055.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The first Payment Date on which payments of Accrued Note Interest shall be paid to the Noteholders of the Series 2025-6 Notes shall be the Payment Date in December 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Post-ARD Note Spread for each Class of Series 2025-6 Notes is the spread set forth below:

---

| | |
|:---|:---|
| **Series/Class** | **Post-ARD Note Spread** |
| Series 2025-6, Class A-2 | 2.25% |
| Series 2025-6, Class B | 3.25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Record Date for purposes of determining payments to the Noteholders of the Series 2025-6 Notes for the Payment Date in December 2025 shall be November 26, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The "<u>Series Disposition Period Date</u>" for the Series 2025-6 Notes is the Payment Date in December 2054.

Section 2.02 <u>Delivery of Series 2025-6 Notes</u>. Upon the execution and delivery of this Series Supplement on the Closing Date, the Co-Issuers shall execute and deliver the Series 2025-6 Notes to the Indenture Trustee, and the Indenture Trustee, upon receipt of an Issuer Order, shall authenticate the Series 2025-6 Notes and deliver (a) $160,000,000 aggregate principal balance of Series 2025-6 Class A-2 Notes to the Depositary (the "<u>Book-Entry Series 2025-6 Class A-2 Notes</u>"), and (b) (i) the remaining $175,000,000 aggregate principal balance of the Series 2025-6 Class A-2 Notes (the "<u>Definitive Series 2025-6 Class A-2 Notes</u>") and (ii) $40,000,000 aggregate principal balance of Series 2025-6 Class B Notes to one or more investors as directed by the Co-Issuers. As of the Closing Date, the Definitive Series 2025-6 Class A-2 Notes and the Series 2025-6 Class B Notes will be Definitive Notes and the Book-Entry Series 2025-6 Class A-2 Notes will be Book-Entry Notes.

Section 2.03 <u>Forms of Series 2025-6 Notes</u>. The Series 2025-6 Notes shall be in substantially the forms set forth in the Base Indenture, each with such variations, omissions and insertions as may be necessary.

Section 2.04 <u>No Targeted Amortization Amounts</u>. There will be no Targeted Amortization Amounts with respect to any Class of Series 2025-6 Notes.

Section 2.05 <u>Funding of the Collection Account</u>. On the Closing Date, the Obligors shall deposit into the Collection Account an amount equal to $15,440,904. For the avoidance of doubt, such amount shall be without duplication of amounts deposited into the Collection Account pursuant to Section 2.05 of the Series 2025-5 Supplement and Section 2.05 of the Series 2025-7 Supplement.

Section 2.06 <u>Delivery of Liquidity Letter(s) of Credit / Funding of the Senior Note Interest and Expense Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Senior Note Interest and Expense Reserve Sub-Account an additional amount equal to $29,503,429 (such that the amount on the deposit therein will equal $71,745,000 (the "<u>Required Senior Note Interest and Expense Reserve Amount</u>") (after giving effect to the issuance of the Series 2025-6 Notes), such that the sum of (x) the amount available to be drawn under any Liquidity Letters of Credit as of such date and (y) the amount on deposit in the Senior Note Interest and Expense Reserve Sub-Account as of such date will not be less than the Required Senior Note Interest and Expense Amount on the Closing Date (or will not be less than the Required Senior Note Interest and Expense Amount after giving effect to (i) the delivery of one or more Liquidity Letters of Credit on the Closing Date and (ii) any funds deposited into the Senior Note Interest and Expense Reserve Sub-Account on the Closing Date). $25,000,000 of Liquidity Letters of Credit have been issued and are expected to be outstanding as of the Closing Date. For the avoidance of doubt, such deposit amount shall be without duplication of amounts deposited into the Senior Note Interest and Expense Reserve Sub-Account pursuant to Section 2.06 of the Series 2025-5 Supplement and Section 2.06 of the Series 2025-7 Supplement.

Section 2.07 <u>Funding of the Priority Expense Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Priority Expense Reserve Sub-Account an additional amount on the Closing Date such that the amount on deposit therein will equal the amount of Priority Expenses anticipated to be payable during the portion of the Collection Period that ends on November 30, 2025 following the Closing Date, which additional amount is equal to $3,441,137. For the avoidance of doubt, such amount shall be without duplication of amounts deposited into the Priority Expense Reserve Sub-Account pursuant to Section 2.07 of the Series 2025-5 Supplement and Section 2.07 of the Series 2025-7 Supplement.

Section 2.08 <u>Funding of the Capital Expenditures Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Capital Expenditures Reserve Sub-Account an amount equal to $58,989,009 (such that the amount on deposit therein will equal $70,345,847). For the avoidance of doubt, such amount shall be without duplication of amounts deposited into the Capital Expenditures Reserve Sub-Account pursuant to Section 2.08 of the Series 2025-5 Supplement and Section 2.08 of the Series 2025-7 Supplement.

Section 2.09 <u>Funding of the Forward Starting Contract Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Forward Starting Contract Reserve Sub-Account an amount equal to $6,452,443 (such that the amount on deposit therein will equal $9,033,791). For the avoidance of doubt, such amount shall be without duplication of amounts deposited into the Forward Starting Contract Reserve Sub-Account pursuant to Section 2.09 of the Series 2025-5 Supplement and Section 2.09 of the Series 2025-7 Supplement.

Section 2.10 <u>Funding of the Other Expense Reserve Sub-Account</u>. On the Closing Date, the Obligors shall have no obligation to deposit funds into the Other Expense Reserve Sub-Account.

Section 2.11 <u>No Prepayment Consideration</u>. In addition to the circumstances set forth in Section 2.09(a) of the Indenture pursuant to which no Prepayment Consideration shall be payable with respect to prepayments of the Notes, no Prepayment Consideration shall be payable in connection with (x) prepayments of the Series 2025-6 Class A-2 Notes in an aggregate amount not to exceed 35.0% of the initial outstanding principal balance of the Series 2025-6 Class A-2 Notes made in connection with a Qualified Deleveraging Event and (y) prepayments of the Series 2025-6 Class B Notes in an aggregate amount not to exceed 35.0% of the initial outstanding principal balance of the Series 2025-6 Class B Notes made in connection with a Qualified Deleveraging Event.

**ARTICLE III**

**GENERAL PROVISIONS**

Section 3.01 <u>Date of Execution</u>. This Series Supplement for convenience and for the purpose of reference is dated as of December 4, 2025.

Section 3.02 <u>Notices</u>. Notices required to be given to KBRA by the Co-Issuers and/or the Asset Entities or the Indenture Trustee shall be mailed to Kroll Bond Rating Agency LLC, 805 Third Avenue, 29<sup>th</sup> Floor, New York, New York 10022.

Section 3.03 <u>Governing Law; Jurisdiction; Waiver of Jury Trial</u>. THIS SERIES SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH PARTY HERETO IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE COURT OR UNITED STATES FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR IN RELATION TO THIS SERIES SUPPLEMENT. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SERIES SUPPLEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 3.04 <u>Severability</u>. In case any provision in this Series Supplement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 3.05 <u>Counterparts; Electronic Execution</u>. This Series Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such respective counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of this Series Supplement by telecopy, e-mail, pdf or any other electronic means (e.g. "pdf", Docusign or "tif") shall be effective as delivery of a manually executed counterpart of this Series Supplement. The words "delivery", "execution," "execute", "signed," "signature," and words of like import in or related to any document to be signed in connection with this Series Supplement and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Indenture Trustee, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

**ARTICLE IV**

**APPLICABILITY OF INDENTURE**

Section 4.01 <u>Applicability</u>. The provisions of the Base Indenture are hereby ratified, approved and confirmed, except as otherwise expressly modified by this Series Supplement and the Base Indenture as so supplemented by this Series Supplement shall be read, taken and construed as one and the same instrument. The representations, warranties and covenants contained in the Base Indenture (except as expressly modified herein) are hereby reaffirmed with the same force and effect as if fully set forth herein and made again as of the date hereof.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF, the Obligors and the Indenture Trustee have caused this Series Supplement to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year first above written.

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| | | |
|:---|:---|:---|
| CENTERSQUARE ISSUER LLC | CENTERSQUARE ISSUER LLC | CENTERSQUARE ISSUER LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| CENTERSQUARE CO-ISSUER LLC | CENTERSQUARE CO-ISSUER LLC | CENTERSQUARE CO-ISSUER LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

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*(Signature Page to Series 2025-6 Supplement)*

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| | | |
|:---|:---|:---|
| 9110-9180 COMMERCE CENTER CIRCLE LLC | 9110-9180 COMMERCE CENTER CIRCLE LLC | 9110-9180 COMMERCE CENTER CIRCLE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 580 WINTER STREET LLC | 580 WINTER STREET LLC | 580 WINTER STREET LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 1919 PARK AVENUE LLC | 1919 PARK AVENUE LLC | 1919 PARK AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 3 CORPORATE PLACE LLC | 3 CORPORATE PLACE LLC | 3 CORPORATE PLACE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

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| | | |
|:---|:---|:---|
| 17836 GILLETTE AVENUE LLC | 17836 GILLETTE AVENUE LLC | 17836 GILLETTE AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 4450 DEAN LAKES BOULEVARD LLC | 4450 DEAN LAKES BOULEVARD LLC | 4450 DEAN LAKES BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2025-6 Supplement)*

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| | | |
|:---|:---|:---|
| 350 EAST CERMAK ROAD B LLC | 350 EAST CERMAK ROAD B LLC | 350 EAST CERMAK ROAD B LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 9310 FLORIDA PALM DRIVE LLC | 9310 FLORIDA PALM DRIVE LLC | 9310 FLORIDA PALM DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 45901 NOKES BOULEVARD LLC | 45901 NOKES BOULEVARD LLC | 45901 NOKES BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 45845 NOKES BOULEVARD LLC | 45845 NOKES BOULEVARD LLC | 45845 NOKES BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

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| | | |
|:---|:---|:---|
| 115 2ND AVENUE LLC | 115 2ND AVENUE LLC | 115 2ND AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 8534 CONCORD CENTER DRIVE LLC | 8534 CONCORD CENTER DRIVE LLC | 8534 CONCORD CENTER DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

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*(Signature Page to Series 2025-6 Supplement)*

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| | | |
|:---|:---|:---|
| 375 RIVERSIDE PARKWAY A LLC | 375 RIVERSIDE PARKWAY A LLC | 375 RIVERSIDE PARKWAY A LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 12301 TUKWILA INTERNATIONAL BOULEVARD LLC | 12301 TUKWILA INTERNATIONAL BOULEVARD LLC | 12301 TUKWILA INTERNATIONAL BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 3355 SOUTH 120TH PLACE LLC | 3355 SOUTH 120TH PLACE LLC | 3355 SOUTH 120TH PLACE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 2401 WALSH AVENUE LLC | 2401 WALSH AVENUE LLC | 2401 WALSH AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

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| | | |
|:---|:---|:---|
| 2403 WALSH AVENUE LLC | 2403 WALSH AVENUE LLC | 2403 WALSH AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 1550 SPACE PARK DRIVE LLC | 1550 SPACE PARK DRIVE LLC | 1550 SPACE PARK DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2025-6 Supplement)*

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| | | |
|:---|:---|:---|
| 22810-22860 INTERNATIONAL DRIVE LLC | 22810-22860 INTERNATIONAL DRIVE LLC | 22810-22860 INTERNATIONAL DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 8180 GREEN MEADOWS DRIVE LLC | 8180 GREEN MEADOWS DRIVE LLC | 8180 GREEN MEADOWS DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 6101 SOUTH 180TH STREET LLC | 6101 SOUTH 180TH STREET LLC | 6101 SOUTH 180TH STREET LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| CENTERSQUARE MSA HOLDINGS LLC | CENTERSQUARE MSA HOLDINGS LLC | CENTERSQUARE MSA HOLDINGS LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

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| | | |
|:---|:---|:---|
| CENTERSQUARE NON-RE ASSET ENTITY LLC | CENTERSQUARE NON-RE ASSET ENTITY LLC | CENTERSQUARE NON-RE ASSET ENTITY LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 2425 BUSSE ROAD LLC | 2425 BUSSE ROAD LLC | 2425 BUSSE ROAD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2025-6 Supplement)* 

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| | | |
|:---|:---|:---|
| 300 JFK BOULEVARD EAST LLC | 300 JFK BOULEVARD EAST LLC | 300 JFK BOULEVARD EAST LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 22995 WILDER COURT LLC | 22995 WILDER COURT LLC | 22995 WILDER COURT LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 21110 RIDGETOP CIRCLE LLC | 21110 RIDGETOP CIRCLE LLC | 21110 RIDGETOP CIRCLE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 375 RIVERSIDE PARKWAY B LLC | 375 RIVERSIDE PARKWAY B LLC | 375 RIVERSIDE PARKWAY B LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

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| | | |
|:---|:---|:---|
| 900 GUARDIANS WAY LLC | 900 GUARDIANS WAY LLC | 900 GUARDIANS WAY LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 21571 BEAUMEADE CIRCLE LLC | 21571 BEAUMEADE CIRCLE LLC | 21571 BEAUMEADE CIRCLE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2025-6 Supplement)* 

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| | | |
|:---|:---|:---|
| 4513 WESTERN AVENUE LLC | 4513 WESTERN AVENUE LLC | 4513 WESTERN AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 1301 W UNIVERSITY DRIVE LLC | 1301 W UNIVERSITY DRIVE LLC | 1301 W UNIVERSITY DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 15 ENTERPRISE AVENUE N LLC | 15 ENTERPRISE AVENUE N LLC | 15 ENTERPRISE AVENUE N LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 486 ARSENAL WAY LLC | 486 ARSENAL WAY LLC | 486 ARSENAL WAY LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

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| | | |
|:---|:---|:---|
| 14901 FAA BOULEVARD LLC | 14901 FAA BOULEVARD LLC | 14901 FAA BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 4700 OLD IRONSIDES DRIVE LLC | 4700 OLD IRONSIDES DRIVE LLC | 4700 OLD IRONSIDES DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2025-6 Supplement)*

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| | | |
|:---|:---|:---|
| 4650 OLD IRONSIDES DRIVE LLC | 4650 OLD IRONSIDES DRIVE LLC | 4650 OLD IRONSIDES DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 17300 HIGHWAY 99 LLC | 17300 HIGHWAY 99 LLC | 17300 HIGHWAY 99 LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 11830 WEBB CHAPEL ROAD LLC | 11830 WEBB CHAPEL ROAD LLC | 11830 WEBB CHAPEL ROAD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 615 NORTH 48<sup>TH</sup> STREET LLC | 615 NORTH 48<sup>TH</sup> STREET LLC | 615 NORTH 48<sup>TH</sup> STREET LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

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| | | |
|:---|:---|:---|
| 2681 KELVIN AVENUE LLC | 2681 KELVIN AVENUE LLC | 2681 KELVIN AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2025-6 Supplement)*

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| | | |
|:---|:---|:---|
| WILMINGTON TRUST, NATIONAL | WILMINGTON TRUST, NATIONAL | WILMINGTON TRUST, NATIONAL |
| ASSOCIATION, as Indenture Trustee | ASSOCIATION, as Indenture Trustee | ASSOCIATION, as Indenture Trustee |
| By: | /s/ Amanda Berg | /s/ Amanda Berg |
|  | Name: | Amanda Berg |
|  | Title: | Assistant Vice President |

---

*(Signature Page to Series 2025-6 Supplement)*

## Exhibit 4.17

**Exhibit 4.17**

***Execution Version***

SERIES 2025-7 SUPPLEMENT

<u>among</u>

CENTERSQUARE ISSUER LLC,

CENTERSQUARE CO-ISSUER LLC

<u>and</u>

EACH OF THE ASSET ENTITIES PARTY HERETO FROM TIME TO TIME,

as Obligors,

and

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Indenture Trustee

dated as of December 4, 2025

Secured Data Center Revenue Notes, Series 2025-7

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE | ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.01 | Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 1.02 | Rules of Construction | 4 |
| ARTICLE II SERIES 2025-7 NOTE DETAILS; FORMS OF SERIES 2025-7 NOTES | ARTICLE II SERIES 2025-7 NOTE DETAILS; FORMS OF SERIES 2025-7 NOTES | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.01 | Series 2025-7 Note Details. | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.02 | Delivery of Series 2025-7 Notes | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.03 | Forms of Series 2025-7 Notes | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.04 | No Targeted Amortization Amounts | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.05 | Funding of the Collection Account | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.06 | Delivery of Liquidity Letter(s) of Credit / Funding of the Senior Note Interest and Expense Reserve Sub-Account | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.07 | Funding of the Priority Expense Reserve Sub-Account | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.08 | Funding of the Capital Expenditures Reserve Sub-Account | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.09 | Funding of the Forward Starting Contract Reserve Sub-Account | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.10 | Funding of the Other Expense Reserve Sub-Account | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 2.11 | No Prepayment Consideration | 7 |
| ARTICLE III GENERAL PROVISIONS | ARTICLE III GENERAL PROVISIONS | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.01 | Date of Execution | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.02 | Notices | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.03 | Governing Law; Jurisdiction; Waiver of Jury Trial | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.04 | Severability | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 3.05 | Counterparts; Electronic Execution | 8 |
| ARTICLE IV APPLICABILITY OF INDENTURE | ARTICLE IV APPLICABILITY OF INDENTURE | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 4.01 | Applicability | 8 |
| Schedule I | Closing Date Real Estate Asset Entities |  |

---

i

**SERIES 2025-7 SUPPLEMENT**

THIS SERIES 2025-7 SUPPLEMENT (as amended, supplemented or otherwise modified and in effect from time to time, this "<u>Series Supplement</u>"), dated as of December 4, 2025, is among Centersquare Issuer LLC, a Delaware limited liability company (the "<u>Issuer</u>"), Centersquare Co-Issuer LLC, a Delaware limited liability company (the "<u>Co-Issuer</u>" and, together with the Issuer, the "<u>Co-Issuers</u>"), Centersquare MSA Holdings LLC, a Delaware limited liability company and each of the Closing Date Real Estate Asset Entities listed on Schedule I hereto (collectively, the "<u>Closing Date Real Estate Asset Entities</u>") and Centersquare Non-RE Asset Entity LLC, a Delaware limited liability company (the "<u>Closing Date Non-RE Asset Entity</u>" and, collectively with the Closing Date Real Estate Asset Entities, the "<u>Closing Date Asset Entities</u>"; the Closing Date Asset Entities together with any entity that becomes a party hereto after the date hereof as an "<u>Additional Asset Entity", the "Asset Entities</u>"; the Asset Entities and the Co-Issuers, collectively, the "<u>Obligors</u>") and Wilmington Trust, National Association, as indenture trustee and not in its individual capacity and any successor thereto in such capacity (the "<u>Indenture Trustee</u>").

RECITALS

WHEREAS, the Obligors have entered into an Indenture, dated as of October 17, 2024 (as the same may be amended, supplemented or otherwise modified and in effect from time to time, the "<u>Base Indenture</u>"), between the Indenture Trustee and the Obligors;

WHEREAS, the Co-Issuers and the Asset Entities desire the Co-Issuers to issue $575,000,000 Secured Data Center Revenue Term Notes, Series 2025-7, Class A-2 (the "<u>Series 2025-7 Notes</u>"), pursuant to this Series Supplement to the Base Indenture;

WHEREAS, concurrently with the issuance of the Series 2025-7 Notes the Co-Issuers will issue (i) $150,000,000 of Secured Data Center Revenue Term Notes, Series 2025-5, Class A-2 (the "<u>Series 2025-5 Notes</u>"), pursuant to a series supplement to the Base Indenture, dated as of the Closing Date (the "<u>Series 2025-5 Supplement</u>"), by and among the Obligors and the Indenture Trustee, relating to the Series 2025-5 Notes, and (ii) $375,000,000 of Secured Data Center Revenue Term Notes, Series 2025-6, consisting of (a) $335,000,000 Secured Data Center Revenue Term Notes, Series 2025-6, Class A-2 (the "<u>Series 2025-6 Class A-2 Notes</u>") and (b) $40,000,000 Secured Data Center Revenue Term Notes, Series 2025-6, Class B (the "<u>Series 2025-</u>5 Class B Notes" and, together with the Series 2025-6 Class A-2 Notes, the "Series 2025-6 Notes"), pursuant to a series supplement to the Base Indenture, dated as of the Closing Date (the "<u>Series 2025-6 Supplement</u>");

WHEREAS, the Co-Issuers represent that they have duly authorized the issuance of the Series 2025-7 Notes;

WHEREAS, the Series 2025-7 Notes constitute "Notes" and a "Series" or "Series of Notes" as defined in the Base Indenture; and

WHEREAS, the Indenture Trustee has agreed to accept the trusts herein created upon the terms herein set forth.

NOW, THEREFORE, it is mutually covenanted and agreed as follows:

**ARTICLE I**

**DEFINITIONS AND INCORPORATION BY REFERENCE**

Section 1.01 <u>Definitions</u>. All defined terms used herein and not defined herein shall have the meaning ascribed to such terms in the Base Indenture. All words and phrases defined in the Base Indenture shall have the same meaning in this Series Supplement, except as otherwise appears in this Article. In addition, the following terms have the following meanings in this Series Supplement unless the context clearly requires otherwise:

"<u>Anticipated Repayment Date</u>" shall have the meaning ascribed to it in 0.

"<u>Base Indenture</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Closing Date</u>" shall mean December 4, 2025.

"<u>Date of Issuance</u>" shall mean, with respect to the Series 2025-7 Notes, December 4, 2025.

"<u>Indenture</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>KBRA</u>" shall mean Kroll Bond Rating Agency LLC.

"<u>No Rating Agency Declination or Waiver Action</u>" shall mean the obligation to obtain a Rating Agency Confirmation in connection with (i) the issuance of Additional Notes pursuant to Section 2.12(b) of the Base Indenture or (ii) amendments pursuant to Section 13.01 of the Base Indenture.

"<u>Note Rate</u>" shall, for the Series 2025-7 Notes, mean the rate per annum at which interest accrues on such Class set forth in Section 2.01(a).

"<u>Offering Memorandum</u>" shall mean the Private Placement Memorandum dated November 18, 2025, relating to the offering by the Co-Issuers of the Series 2025-5 Notes, the Series 2025-6 Notes and the Series 2025-7 Notes.

"<u>Passive Bookrunner</u>" shall mean Brookfield Securities LLC.

"<u>Placement Agents</u>" shall mean Scotia Capital (USA) Inc., TD Securities (USA) LLC, BMO Capital Markets Corp. and Wells Fargo Securities, LLC.

"<u>Post-ARD Note Spread</u>" shall, for each Class of the Series 2025-7 Notes, be the spread per annum set forth in Section 2.01(e).

"<u>Prepayment Period</u>" shall mean, in relation to the Series 2025-7 Notes, the period that commences on the Payment Date occurring in December 2029.

"<u>Rated Final Payment Date</u>" shall mean, in relation to the Series 2025-7 Notes, the meaning ascribed to it in Section 2.01(c).

"<u>Rating Agency</u>" shall mean, in relation to the Series 2025-7 Notes, KBRA and/or any other nationally recognized statistical rating organization then rating the Series 2025-7 Notes at the request of the Co-Issuers or the Manager, in each instance so long as such Rating Agency continues to rate the Series 2025-7 Notes.

"<u>Rating Agency Confirmation</u>" shall mean, in connection with any transaction or matter and with respect to the Series 2025-7 Notes, (i) notification in writing to each Rating Agency then rating the Series 2025-7 Notes at least 10 Business Days' (or such shorter period that is acceptable to the Rating Agency) prior to such transaction or matter or promptly thereafter if prior notice is not possible and (ii) notification in writing by each such Rating Agency (which may be in the form of e-mail, facsimile, press release, posting to its internet website or other such means then considered industry standard as determined by such Rating Agency) that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-7 Notes by such Rating Agency; provided that, other than in connection with a No Rating Agency Declination or Waiver Action, if a Rating Agency Declination is received, the requirement to receive a Rating Agency Confirmation from the Rating Agency with respect to such matter will not apply; provided, further, that, other than in connection with a No Rating Agency Declination or Waiver Action, if a Rating Agency (x) refuses to respond or otherwise does not respond to a request for Rating Agency Confirmation made in accordance with Section 15.26 of the Base Indenture, or (y) has indicated that it is not the customary procedure of such Rating Agency to provide notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-7 Notes by such Rating Agency, the requirement to receive such Rating Agency Confirmation shall be waived unless such Rating Agency's refusal or failure to respond to the request is due to a commercial dispute between the Co-Issuers or their Affiliates and such Rating Agency, including, but not limited to, any disagreement regarding such Rating Agency's fees. Notwithstanding any of the foregoing to the contrary, if (x) the Series 2025-7 Notes are rated by a Rating Agency other than KBRA, Rating Agency Confirmation will be deemed to have been obtained with respect to any transaction or matter if such Rating Agency provides the applicable notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-7 Notes by such Rating Agency, even if KBRA does not (so long as KBRA does not provide notification in writing that such transaction or matter will result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-7 Notes by KBRA), or (y) any other Series of Notes is rated by a Rating Agency other than KBRA, Rating Agency Confirmation will be deemed to have been obtained with respect to any transaction or matter if (i) such Rating Agency provides the applicable notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to such Series of Notes by such Rating Agency, even if KBRA does not (so long as KBRA does not provide notification in writing that such transaction or matter will result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-7 Notes by KBRA), and (ii) such transaction or matter does not materially adversely affect the Series 2025-7 Notes as compared to such other Series of Notes.

"<u>Rating Agency Declination</u>" shall mean, with respect to any Rating Agency then rating the Series 2025-7 Notes, (x) an indication by such Rating Agency, that is not the customary procedure of such Rating Agency to provide notification in writing that such transaction or matter will not result in a downgrade, qualification or withdrawal of the then-current rating assigned to the Series 2025-7 Notes by such Rating Agency or (y) a written waiver or acknowledgement from such Rating Agency indicating its decision not to review or declining to review the matter for which the Rating Agency Confirmation is sought and received; provided that any Rating Agency's refusal to provide Rating Agency Confirmation due to a commercial dispute between the Co-Issuers or their Affiliates and such Rating Agency, including, but not limited to, any disagreement regarding such Rating Agency's fees, shall not constitute a Rating Agency Declination; provided, further, that if any Rating Agency shall publicly announce a policy, as a general matter, to no longer review requests for Rating Agency Confirmation, so long as such policy shall remain in effect, any party requesting Rating Agency Confirmation from such Rating Agency shall only be required to deliver written notice to such Rating Agency of any matter for which Rating Agency Confirmation would have been requested and such Rating Agency shall thereafter be deemed to have delivered a Rating Agency Declination with respect to such matter.

"<u>Series 2025-5 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-5 Supplement</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-6 Class A-2 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-6 Class B Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-6 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-6 Supplement</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series 2025-7 Notes</u>" shall have the meaning ascribed to it in the preamble hereto.

"<u>Series Disposition Period Date</u>" shall, for the Series 2025-7 Notes, have the meaning ascribed to it in Section 2.01(g).

"<u>Targeted Amortization Amount</u>" shall mean, as of each Payment Date with respect to the Series 2025-7 Notes, $0.

Section 1.02 <u>Rules of Construction</u>. Unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a term has the meaning assigned to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an accounting term not otherwise defined herein and accounting terms partly defined herein, to the extent not defined, shall have the respective meanings given to them under GAAP as in effect from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "or" is not exclusive;

**(**d) "including" means including without limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) words in the singular include the plural and words in the plural include the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all references to "$" are to United States dollars unless otherwise stated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any agreement, instrument or statute defined or referred to in this Series Supplement or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) references to a Person are also to its permitted successors and assigns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the words "hereof", "herein" and "hereunder" and words of similar import, when used in this Series Supplement, shall refer to this Series Supplement as a whole and not to any particular provision of this Series Supplement, and Section, Schedule and Exhibit references are to this Series Supplement unless otherwise specified.

**ARTICLE II**

**SERIES 2025-7 NOTE DETAILS; FORMS OF SERIES 2025-7 NOTES**

Section 2.01 <u>Series 2025-7 Note Details.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The aggregate principal amount of the Series 2025-7 Notes which may be initially authenticated and delivered under this Series Supplement shall be issued in one Class designated as "Class A-2" with the initial principal balance, Note Rate and rating set forth below (except for Series 2025-7 Notes authenticated and delivered upon transfer of, or in exchange for, or in lieu of Notes pursuant to Section 2.02 of the Base Indenture):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Series/Class** | **Initial Class**<br>**Principal Balance** | **Note Principal**<br>**Balance** | <br>**Note Type** | <br>**Note Rate** | <br>**Rating (KBRA)** |
| Series 2025-7, Class A-2 | $575000000 | $575000000 | Term Notes | 5.800% | A- (sf) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The "<u>Anticipated Repayment Date</u>" for the Series 2025-7 Notes is the Payment Date in December 2032.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The "<u>Rated Final Payment Date</u>" for the Series 2025-7 Notes is the Payment Date in December 2055.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The first Payment Date on which payments of Accrued Note Interest shall be paid to the Noteholders of the Series 2025-7 Notes shall be the Payment Date in December 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Post-ARD Note Spread for the Series 2025-7 Notes is the spread set forth below:

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| | |
|:---|:---|
| <br>**Series/Class** | **Post-ARD Note**<br>**Spread** |
| Series 2025-7, Class A-2 | 2.40% |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Record Date for purposes of determining payments to the Noteholders of the Series 2025-7 Notes for the Payment Date in December 2025 shall be November 26, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The "<u>Series Disposition Period Date</u>" for the Series 2025-7 Notes is the Payment Date in December 2054.

Section 2.02 <u>Delivery of Series 2025-7 Notes</u>. Upon the execution and delivery of this Series Supplement on the Closing Date, the Co-Issuers shall execute and deliver the Series 2025-7 Notes to the Indenture Trustee, and the Indenture Trustee, upon receipt of an Issuer Order, shall authenticate the Series 2025-7 Notes and deliver $211,000,000 aggregate principal balance of Series 2025-7 Notes to the Depositary (the "<u>Book-Entry Series 2025-7 Notes</u>"), and shall deliver the remaining $364,000,000 aggregate principal balance of the Series 2025-7 Notes (the "<u>Definitive Series 2025-7 Notes</u>") to one or more investors as directed by the Co-Issuers. As of the Closing Date, the Definitive Series 2025-7 Notes will be Definitive Notes and the Book-Entry Series 2025-7 Notes will be Book-Entry Notes.

Section 2.03 <u>Forms of Series 2025-7 Notes</u>. The Series 2025-7 Notes shall be in substantially the forms set forth in the Base Indenture, each with such variations, omissions and insertions as may be necessary.

Section 2.04 <u>No Targeted Amortization Amounts</u>. There will be no Targeted Amortization Amounts with respect to the Series 2025-7 Notes.

Section 2.05 <u>Funding of the Collection Account</u>. On the Closing Date, the Obligors shall deposit into the Collection Account an amount equal to $15,440,904. For the avoidance of doubt, such amount shall be without duplication of amounts deposited into the Collection Account pursuant to Section 2.05 of the Series 2025-5 Supplement and Section 2.05 of the Series 2025-6 Supplement.

Section 2.06 <u>Delivery of Liquidity Letter(s) of Credit / Funding of the Senior Note Interest and Expense Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Senior Note Interest and Expense Reserve Sub-Account an additional amount equal to $29,503,429 (such that the amount on the deposit therein will equal $71,745,000 (the "<u>Required Senior Note Interest and Expense Reserve Amount</u>") (after giving effect to the issuance of the Series 2025-7 Notes), such that the sum of (x) the amount available to be drawn under any Liquidity Letters of Credit as of such date and (y) the amount on deposit in the Senior Note Interest and Expense Reserve Sub-Account as of such date will not be less than the Required Senior Note Interest and Expense Amount on the Closing Date (or will not be less than the Required Senior Note Interest and Expense Amount after giving effect to (i) the delivery of one or more Liquidity

Letters of Credit on the Closing Date and (ii) any funds deposited into the Senior Note Interest and Expense Reserve Sub-Account on the Closing Date). $25,000,000 of Liquidity Letters of Credit have been issued and are expected to be outstanding as of the Closing Date. For the avoidance of doubt, such deposit amount shall be without duplication of amounts deposited into the Senior Note Interest and Expense Reserve Sub-Account pursuant to Section 2.06 of the Series 2025-5 Supplement and Section 2.06 of the Series 2025-6 Supplement.

Section 2.07 <u>Funding of the Priority Expense Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Priority Expense Reserve Sub-Account an additional amount on the Closing Date such that the amount on deposit therein will equal the amount of Priority Expenses anticipated to be payable during the portion of the Collection Period that ends on November 30, 2025 following the Closing Date, which additional amount is equal to $3,441,137. For the avoidance of doubt, such amount shall be without duplication of amounts deposited into the Priority Expense Reserve Sub-Account pursuant to Section 2.07 of the Series 2025-5 Supplement and Section 2.07 of the Series 2025-6 Supplement.

Section 2.08 <u>Funding of the Capital Expenditures Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Capital Expenditures Reserve Sub-Account an amount equal to $58,989,009 (such that the amount on deposit therein will equal $70,345,847). For the avoidance of doubt, such amount shall be without duplication of amounts deposited into the Capital Expenditures Reserve Sub-Account pursuant to Section 2.08 of the Series 2025-5 Supplement and Section 2.08 of the Series 2025-6 Supplement.

Section 2.09 <u>Funding of the Forward Starting Contract Reserve Sub-Account</u>. On the Closing Date, the Obligors shall deposit into the Forward Starting Contract Reserve Sub-Account an amount equal to $6,452,443 (such that the amount on deposit therein will equal $9,033,791). For the avoidance of doubt, such amount shall be without duplication of amounts deposited into the Forward Starting Contract Reserve Sub-Account pursuant to Section 2.09 of the Series 2025-5 Supplement and Section 2.09 of the Series 2025-6 Supplement.

Section 2.10 <u>Funding of the Other Expense Reserve Sub-Account</u>. On the Closing Date, the Obligors shall have no obligation to deposit funds into the Other Expense Reserve Sub-Account.

Section 2.11 <u>No Prepayment Consideration</u>. In addition to the circumstances set forth in Section 2.09(a) of the Indenture pursuant to which no Prepayment Consideration shall be payable with respect to prepayments of the Notes, no Prepayment Consideration shall be payable in connection with prepayments of the Series 2025-7 Notes in an aggregate amount not to exceed 35.0% of the initial outstanding principal balance of the Series 2025-7 Notes made in connection with a Qualified Deleveraging Event.

**ARTICLE III**

**GENERAL PROVISIONS**

Section 3.01 <u>Date of Execution</u>. This Series Supplement for convenience and for the purpose of reference is dated as of December 4, 2025.

Section 3.02 <u>Notices</u>. Notices required to be given to KBRA by the Co-Issuers and/or the Asset Entities or the Indenture Trustee shall be mailed to Kroll Bond Rating Agency LLC, 805 Third Avenue, 29<sup>th</sup> Floor, New York, New York 10022.

Section 3.03 <u>Governing Law; Jurisdiction; Waiver of Jury Trial</u>. THIS SERIES SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH PARTY HERETO IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY NEW YORK STATE COURT OR UNITED STATES FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR IN RELATION TO THIS SERIES SUPPLEMENT. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SERIES SUPPLEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 3.04 <u>Severability</u>. In case any provision in this Series Supplement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 3.05 <u>Counterparts; Electronic Execution</u>. This Series Supplement may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such respective counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of this Series Supplement by telecopy, e-mail, pdf or any other electronic means (e.g. "pdf", Docusign or "tif") shall be effective as delivery of a manually executed counterpart of this Series Supplement. The words "delivery", "execution," "execute", "signed," "signature," and words of like import in or related to any document to be signed in connection with this Series Supplement and the transactions contemplated hereby shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the Indenture Trustee, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

**ARTICLE IV**

**APPLICABILITY OF INDENTURE**

Section 4.01 <u>Applicability</u>. The provisions of the Base Indenture are hereby ratified, approved and confirmed, except as otherwise expressly modified by this Series Supplement and the Base Indenture as so supplemented by this Series Supplement shall be read, taken and construed as one and the same instrument. The representations, warranties and covenants contained in the Base Indenture (except as expressly modified herein) are hereby reaffirmed with the same force and effect as if fully set forth herein and made again as of the date hereof.

**[SIGNATURE PAGE FOLLOWS]**

IN WITNESS WHEREOF, the Obligors and the Indenture Trustee have caused this Series Supplement to be duly executed by their respective officers, thereunto duly authorized, all as of the day and year first above written.

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| | | |
|:---|:---|:---|
| CENTERSQUARE ISSUER LLC | CENTERSQUARE ISSUER LLC | CENTERSQUARE ISSUER LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

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| | | |
|:---|:---|:---|
| CENTERSQUARE CO-ISSUER LLC | CENTERSQUARE CO-ISSUER LLC | CENTERSQUARE CO-ISSUER LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

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*(Signature Page to Series 2025-7 Supplement)* 

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| | | |
|:---|:---|:---|
| 9110-9180 COMMERCE CENTER CIRCLE LLC | 9110-9180 COMMERCE CENTER CIRCLE LLC | 9110-9180 COMMERCE CENTER CIRCLE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 580 WINTER STREET LLC | 580 WINTER STREET LLC | 580 WINTER STREET LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 1919 PARK AVENUE LLC | 1919 PARK AVENUE LLC | 1919 PARK AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 3 CORPORATE PLACE LLC | 3 CORPORATE PLACE LLC | 3 CORPORATE PLACE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 17836 GILLETTE AVENUE LLC | 17836 GILLETTE AVENUE LLC | 17836 GILLETTE AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 4450 DEAN LAKES BOULEVARD LLC | 4450 DEAN LAKES BOULEVARD LLC | 4450 DEAN LAKES BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

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*(Signature Page to Series 2025-7 Supplement)*

 

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| | | |
|:---|:---|:---|
| 350 EAST CERMAK ROAD B LLC | 350 EAST CERMAK ROAD B LLC | 350 EAST CERMAK ROAD B LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 9310 FLORIDA PALM DRIVE LLC | 9310 FLORIDA PALM DRIVE LLC | 9310 FLORIDA PALM DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 45901 NOKES BOULEVARD LLC | 45901 NOKES BOULEVARD LLC | 45901 NOKES BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 45845 NOKES BOULEVARD LLC | 45845 NOKES BOULEVARD LLC | 45845 NOKES BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 115 2ND AVENUE LLC | 115 2ND AVENUE LLC | 115 2ND AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 8534 CONCORD CENTER DRIVE LLC | 8534 CONCORD CENTER DRIVE LLC | 8534 CONCORD CENTER DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

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*(Signature Page to Series 2025-7 Supplement)*

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| | | |
|:---|:---|:---|
| 375 RIVERSIDE PARKWAY A LLC | 375 RIVERSIDE PARKWAY A LLC | 375 RIVERSIDE PARKWAY A LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 12301 TUKWILA INTERNATIONAL BOULEVARD LLC | 12301 TUKWILA INTERNATIONAL BOULEVARD LLC | 12301 TUKWILA INTERNATIONAL BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 3355 SOUTH 120TH PLACE LLC | 3355 SOUTH 120TH PLACE LLC | 3355 SOUTH 120TH PLACE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 2401 WALSH AVENUE LLC | 2401 WALSH AVENUE LLC | 2401 WALSH AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 2403 WALSH AVENUE LLC | 2403 WALSH AVENUE LLC | 2403 WALSH AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 1550 SPACE PARK DRIVE LL | 1550 SPACE PARK DRIVE LL | 1550 SPACE PARK DRIVE LL |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

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*(Signature Page to Series 2025-7 Supplement)*

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| | | |
|:---|:---|:---|
| 22810-22860 INTERNATIONAL DRIVE LLC | 22810-22860 INTERNATIONAL DRIVE LLC | 22810-22860 INTERNATIONAL DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 8180 GREEN MEADOWS DRIVE LLC | 8180 GREEN MEADOWS DRIVE LLC | 8180 GREEN MEADOWS DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 6101 SOUTH 180TH STREET LLC | 6101 SOUTH 180TH STREET LLC | 6101 SOUTH 180TH STREET LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| CENTERSQUARE MSA HOLDINGS LLC | CENTERSQUARE MSA HOLDINGS LLC | CENTERSQUARE MSA HOLDINGS LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| CENTERSQUARE NON-RE ASSET ENTITY LLC | CENTERSQUARE NON-RE ASSET ENTITY LLC | CENTERSQUARE NON-RE ASSET ENTITY LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 2425 BUSSE ROAD LLC | 2425 BUSSE ROAD LLC | 2425 BUSSE ROAD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

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*(Signature Page to Series 2025-7 Supplement)*

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| | | |
|:---|:---|:---|
| 300 JFK BOULEVARD EAST LLC | 300 JFK BOULEVARD EAST LLC | 300 JFK BOULEVARD EAST LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 22995 WILDER COURT LLC | 22995 WILDER COURT LLC | 22995 WILDER COURT LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 21110 RIDGETOP CIRCLE LLC | 21110 RIDGETOP CIRCLE LLC | 21110 RIDGETOP CIRCLE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 375 RIVERSIDE PARKWAY B LLC | 375 RIVERSIDE PARKWAY B LLC | 375 RIVERSIDE PARKWAY B LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 900 GUARDIANS WAY LLC | 900 GUARDIANS WAY LLC | 900 GUARDIANS WAY LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 21571 BEAUMEADE CIRCLE LLC | 21571 BEAUMEADE CIRCLE LLC | 21571 BEAUMEADE CIRCLE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

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*(Signature Page to Series 2025-7 Supplement)*

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| | | |
|:---|:---|:---|
| 4513 WESTERN AVENUE LLC | 4513 WESTERN AVENUE LLC | 4513 WESTERN AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 1301 W UNIVERSITY DRIVE LLC | 1301 W UNIVERSITY DRIVE LLC | 1301 W UNIVERSITY DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 15 ENTERPRISE AVENUE N LLC | 15 ENTERPRISE AVENUE N LLC | 15 ENTERPRISE AVENUE N LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 486 ARSENAL WAY LLC | 486 ARSENAL WAY LLC | 486 ARSENAL WAY LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 14901 FAA BOULEVARD LLC | 14901 FAA BOULEVARD LLC | 14901 FAA BOULEVARD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 4700 OLD IRONSIDES DRIVE LLC | 4700 OLD IRONSIDES DRIVE LLC | 4700 OLD IRONSIDES DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2025-7 Supplement)*

---

| | | |
|:---|:---|:---|
| 4650 OLD IRONSIDES DRIVE LLC | 4650 OLD IRONSIDES DRIVE LLC | 4650 OLD IRONSIDES DRIVE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 17300 HIGHWAY 99 LLC | 17300 HIGHWAY 99 LLC | 17300 HIGHWAY 99 LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 11830 WEBB CHAPEL ROAD LLC | 11830 WEBB CHAPEL ROAD LLC | 11830 WEBB CHAPEL ROAD LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 615 NORTH 48TH STREET LLC | 615 NORTH 48TH STREET LLC | 615 NORTH 48TH STREET LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |
| 2681 KELVIN AVENUE LLC | 2681 KELVIN AVENUE LLC | 2681 KELVIN AVENUE LLC |
| By: | /s/ Steven Cook | /s/ Steven Cook |
|  | Name: | Steven Cook |
|  | Title: | Chief Financial Officer and Treasurer |

---

*(Signature Page to Series 2025-7 Supplement)*

---

| | | |
|:---|:---|:---|
| WILMINGTON TRUST, NATIONAL | WILMINGTON TRUST, NATIONAL | WILMINGTON TRUST, NATIONAL |
| ASSOCIATION, as Indenture Trustee | ASSOCIATION, as Indenture Trustee | ASSOCIATION, as Indenture Trustee |
| By: | /s/ Amanda Berg | /s/ Amanda Berg |
|  | Name: | Amanda Berg |
|  | Title: | Assistant Vice President |

---

*(Signature Page to Series 2025-7 Supplement)*

## Exhibit 10.12

**Exhibit 10.12**

**Execution Version**

U.S. REVOLVING CREDIT AGREEMENT

dated as of January 12, 2024

among

PHOENIX DATA CENTER ACQUISITIONS LLC

as the Parent Borrower,

PHOENIX DATA CENTER INTERMEDIATE LLC

as Holdings,

The Several Lenders and Letter of Credit Issuers

from Time to Time Parties Hereto,

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as the Administrative Agent

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as the Collateral Agent,

WELLS FARGO SECURITIES, LLC

TD SECURITIES (USA) LLC

as Joint Bookrunners and Lead Arrangers,

and

BMO CAPITAL MARKETS CORP.

THE BANK OF NOVA SCOTIA

as Joint Lead Arrangers

**<u>**TABLE OF CONTENTS**</u>**

**<u>Page</u>**

---

| | | |
|:---|:---|:---|
| Section 1. | Definitions | 2.0 |
| 1.1 | Defined Terms | 2.0 |
| 1.2 | Other Interpretive Provisions | 64.0 |
| 1.3 | Accounting Terms | 65.0 |
| 1.4 | Rounding | 65.0 |
| 1.5 | References to Agreements, Laws, Etc. | 65.0 |
| 1.6 | Exchange Rates | 66.0 |
| 1.7 | Rates | 66.0 |
| 1.8 | Times of Day | 66.0 |
| 1.9 | Timing of Payment or Performance | 66.0 |
| 1.10 | Certifications | 66.0 |
| 1.11 | Compliance with Certain Sections | 66.0 |
| 1.12 | Pro Forma and Other Calculations | 66.0 |
| 1.13 | Form Intercreditor Agreements | 69.0 |
| 1.14 | [Reserved] | 69.0 |
| 1.15 | Divisions | 69.0 |
| 1.16 | Designation of Borrowers | 70.0 |
| 1.17 | Borrower Agent | 70.0 |
| Section 2. | Amount and Terms of Credit | 71.0 |
| 2.1 | Commitments | 71.0 |
| 2.2 | Loans and Borrowings | 71.0 |
| 2.3 | Notice of Borrowing | 72.0 |
| 2.4 | Disbursement of Funds | 72.0 |
| 2.5 | Repayment of Loans; Evidence of Debt | 73.0 |
| 2.6 | Conversions and Continuations | 74.0 |
| 2.7 | Pro Rata Borrowings | 74.0 |
| 2.8 | Interest | 75.0 |
| 2.9 | Interest Periods | 75.0 |
| 2.10 | Increased Costs, Illegality, Etc. | 76.0 |
| 2.11 | [Reserved] | 78.0 |
| 2.12 | Change of Lending Office | 78.0 |
| 2.13 | Notice of Certain Costs | 78.0 |
| 2.14 | Extension of Revolving Credit Commitments | 78.0 |
| 2.15 | [Reserved] | 81.0 |
| 2.16 | Defaulting Lenders | 81.0 |
| 2.17 | Alternate Rate of Interest | 83.0 |
| 2.18 | Benchmark Replacement Setting | 83.0 |
| Section 3. | Letters of Credit | 84.0 |
| 3.1 | Letters of Credit | 84.0 |
| 3.2 | Letter of Credit Requests | 86.0 |
| 3.3 | Letter of Credit Participations | 88.0 |
| 3.4 | Agreement to Repay Letter of Credit Drawings | 89.0 |
| 3.5 | Increased Costs | 91.0 |
| 3.6 | New or Successor Letter of Credit Issuer | 92.0 |
| 3.7 | Role of Letter of Credit Issuer | 93.0 |

---

-ii-

---

| | | |
|:---|:---|:---|
| 3.8 | Cash Collateral | 93 |
| 3.9 | Applicability of ISP and UCP | 94 |
| 3.10 | Conflict with Issuer Documents | 94 |
| 3.11 | Letter of Credit Issued for Subsidiaries | 94 |
| 3.12 | Provisions Related to Extended Revolving Credit Commitments | 95 |
| Section 4. | Fees | 95 |
| 4.1 | Fees | 95 |
| 4.2 | Voluntary Reduction of Revolving Credit Commitments | 96 |
| 4.3 | Mandatory Termination | 96 |
| Section 5. | Payments | 96 |
| 5.1 | Voluntary Prepayments | 96 |
| 5.2 | Mandatory Prepayments | 97 |
| 5.3 | Method and Place of Payment | 98 |
| 5.4 | Net Payments | 99 |
| 5.5 | Computations of Interest and Fees | 102 |
| 5.6 | Limit on Rate of Interest | 102 |
| Section 6. | Conditions Precedent to Initial Borrowing | 103 |
| 6.1 | Credit Documents | 103 |
| 6.2 | Collateral | 104 |
| 6.3 | Legal Opinions | 104 |
| 6.4 | [Reserved.] | 104 |
| 6.5 | Closing Certificates | 104 |
| 6.6 | Authorization of Proceedings of the Parent Borrower and the Guarantors; Corporate Documents | 104 |
| 6.7 | Fees | 105 |
| 6.8 | Solvency Certificate | 105 |
| 6.9 | Financial Statements | 105 |
| 6.10 | Refinancing | 105 |
| 6.11 | Notice of Revolving Credit Loan Borrowing; Letter of Credit Request | 105 |
| 6.12 | Representations and Warranties | 105 |
| 6.13 | Acquisition | 106 |
| 6.14 | Patriot Act | 106 |
| 6.15 | No Company Material Adverse Effect | 106 |
| 6.16 | Evoque Transaction | 106 |
| 6.17 | Bankruptcy | 106 |
| 6.18 | Quality of Earnings Report | 107 |
| Section 7. | Conditions Precedent to All Credit Events after the Closing Date | 107 |
| 7.1 | No Event of Default; Representations and Warranties | 107 |
| 7.2 | LTV and Fixed Charge Coverage Ratio | 107 |
| 7.3 | Notice of Borrowing | 107 |
| 7.4 | Drawstop Event Period | 108 |
| Section 8. | Representations and Warranties | 108 |
| 8.1 | Corporate Status | 108 |
| 8.2 | Corporate Power and Authority | 108 |
| 8.3 | No Violation | 108 |
| 8.4 | Litigation | 109 |

---

-iii-

---

| | | |
|:---|:---|:---|
| 8.5 | Margin Regulations | 109 |
| 8.6 | Governmental Approvals | 109 |
| 8.7 | Investment Company Act | 109 |
| 8.8 | True and Complete Disclosure | 109 |
| 8.9 | Financial Condition; Financial Statements | 109 |
| 8.10 | Compliance with Laws | 110 |
| 8.11 | Tax Matters | 110 |
| 8.12 | Compliance with ERISA | 110 |
| 8.13 | Subsidiaries | 111 |
| 8.14 | Intellectual Property | 111 |
| 8.15 | Environmental Laws | 111 |
| 8.16 | Properties | 111 |
| 8.17 | Closing Date Solvency | 112 |
| 8.18 | Use of Proceeds | 112 |
| 8.19 | Sanctions | 112 |
| Section 9. | Affirmative Covenants | 112 |
| 9.1 | Information Covenants | 112 |
| 9.2 | Books, Records, and Inspections | 115 |
| 9.3 | Maintenance of Insurance | 116 |
| 9.4 | Payment of Taxes | 116 |
| 9.5 | Preservation of Existence; Consolidated Corporate Franchises | 116 |
| 9.6 | Compliance with Statutes, Regulations, Etc. | 116 |
| 9.7 | ERISA | 117 |
| 9.8 | Maintenance of Tangible Properties | 117 |
| 9.9 | Transactions with Affiliates | 118 |
| 9.10 | End of Fiscal Years | 119 |
| 9.11 | Additional Guarantors and Grantors | 119 |
| 9.12 | Pledge of Additional Stock and Evidence of Indebtedness | 119 |
| 9.13 | Use of Proceeds | 120 |
| 9.14 | Further Assurances | 120 |
| 9.15 | [reserved.] | 120 |
| 9.16 | Lines of Business | 121 |
| 9.17 | Financial Covenants under Other Indebtedness | 121 |
| 9.18 | Post-Closing Actions | 121 |
| 9.19 | Foreign First-Tier Finance Holdings Subsidiaries | 121 |
| Section 10. | Negative Covenants | 121 |
| 10.1 | Limitation on Indebtedness | 121 |
| 10.2 | Limitation on Fundamental Changes | 125 |
| 10.3 | Limitation on Sale of Assets | 126 |
| 10.4 | Limitation on Restricted Payments | 128 |
| Section 11. | Events of Default | 134 |
| 11.1 | Payments | 134 |
| 11.2 | Representations, Etc. | 134 |
| 11.3 | Covenants | 134 |
| 11.4 | Default Under Other Agreements | 135 |
| 11.5 | Bankruptcy, Etc. | 135 |
| 11.6 | ERISA | 136 |
| 11.7 | Guarantee | 136 |

---

-iv-

---

| | | |
|:---|:---|:---|
| 11.8 | Security Documents | 136.0 |
| 11.9 | Judgments | 136.0 |
| 11.10 | Change of Control | 136.0 |
| 11.11 | Remedies Upon Event of Default | 136.0 |
| 11.12 | Application of Proceeds | 137.0 |
| Section 12. | The Agents | 138.0 |
| 12.1 | Appointment | 138.0 |
| 12.2 | Delegation of Duties | 138.0 |
| 12.3 | Exculpatory Provisions | 139.0 |
| 12.4 | Reliance by Agents | 139.0 |
| 12.5 | Notice of Default | 140.0 |
| 12.6 | Non-Reliance on Administrative Agent, Collateral Agent, and Other Lenders | 140.0 |
| 12.7 | Indemnification | 141.0 |
| 12.8 | Agents in Their Individual Capacities | 141.0 |
| 12.9 | Successor Agents | 141.0 |
| 12.10 | Withholding Tax | 143.0 |
| 12.11 | Agents Under Security Documents and Guarantee | 143.0 |
| 12.12 | Right to Realize on Collateral and Enforce Guarantee | 144.0 |
| 12.13 | Intercreditor Agreements Govern | 145.0 |
| 12.14 | Acknowledgements of Lenders | 145.0 |
| Section 13. | Miscellaneous | 147.0 |
| 13.1 | Amendments, Waivers, and Releases | 147.0 |
| 13.2 | Notices | 151.0 |
| 13.3 | No Waiver; Cumulative Remedies | 152.0 |
| 13.4 | Survival of Representations and Warranties | 152.0 |
| 13.5 | Payment of Expenses; Indemnification | 153.0 |
| 13.6 | Successors and Assigns; Participations and Assignments | 154.0 |
| 13.7 | Replacements of Lenders Under Certain Circumstances | 159.0 |
| 13.8 | Adjustments; Set-off | 159.0 |
| 13.9 | Counterparts | 160.0 |
| 13.10 | Severability | 160.0 |
| 13.11 | Integration | 160.0 |
| 13.12 | GOVERNING LAW | 160.0 |
| 13.13 | Submission to Jurisdiction; Waivers | 160.0 |
| 13.14 | Acknowledgments | 161.0 |
| 13.15 | WAIVERS OF JURY TRIAL | 162.0 |
| 13.16 | Confidentiality | 162.0 |
| 13.17 | Direct Website Communications | 163.0 |
| 13.18 | USA PATRIOT Act | 164.0 |
| 13.19 | [Reserved] | 164.0 |
| 13.20 | Payments Set Aside | 164.0 |
| 13.21 | No Fiduciary Duty | 164.0 |
| 13.22 | Nature of Borrower Obligations | 164.0 |
| 13.23 | Acknowledgment and Consent to Bail-In of Affected Financial Institutions | 165.0 |
| 13.24 | Acknowledgment Regarding Any Supported QFCs | 166.0 |
| 13.25 | Certain ERISA Matters | 167.0 |

---

-v-

<u>SCHEDULES</u>

---

| | |
|:---|:---|
| Schedule 1.1(a) | Commitments of Lenders |
| Schedule 1.1(c) | Closing Date Liens |
| Schedule 1.1(d) | Closing Date First Tier Property Values |
| Schedule 8.13 | Subsidiaries |
| Schedule 9.18 | Post-Closing Actions |
| Schedule 10.1 | Closing Date Indebtedness |
| Schedule 13.2 | Notice Addresses |

---

<u>EXHIBITS</u>

---

| | |
|:---|:---|
| Exhibit A | Form of Closing Certificate |
| Exhibit B | Form of Guarantee |
| Exhibit C | Form of Pledge Agreement |
| Exhibit D | Form of Credit Party Closing Certificate |
| Exhibit E | Form of Assignment and Acceptance |
| Exhibit F | Form of Promissory Note |
| Exhibit G-1 | Form of First Lien Intercreditor Agreement |
| Exhibit G-2 | Form of Second Lien Intercreditor Agreement |
| Exhibit H-1 | Form of Non-Bank Tax Certificate |
|  | (For Non-U.S. Lenders That Are Not Partnerships |
|  | For U.S. Federal Income Tax Purposes) |
| Exhibit H-2 | Form of Non-Bank Tax Certificate |
|  | (For Non-U.S. Lenders That Are Partnerships |
|  | For U.S. Federal Income Tax Purposes) |
| Exhibit H-3 | Form of Non-Bank Tax Certificate |
|  | (For Non-U.S. Participants That Are Not Partnerships |
|  | For U.S. Federal Income Tax Purposes) |
| Exhibit H-4 | Form of Non-Bank Tax Certificate |
|  | (For Foreign Participants That Are Partnerships |
|  | For U.S. Federal Income Tax Purposes) |
| Exhibit I | Form of Notice of Borrowing or Continuation or Conversion |
| Exhibit J | Form of Solvency Certificate |

---

-vi-

**<u>U.S. REVOLVING CREDIT AGREEMENT</u>**

U.S. REVOLVING CREDIT AGREEMENT, dated as of January 12, 2024, among PHOENIX DATA CENTER ACQUISITIONS LLC, a Delaware limited liability corporation (as the "**Parent Borrower**"), PHOENIX DATA CENTER INTERMEDIATE LLC, a Delaware limited liability corporation (as "**Holdings**"), the lending institutions from time to time parties hereto (each a "**Lender**" and, collectively, the "**Lenders**"), the Letter of Credit Issuers from time to time parties hereto, WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Administrative Agent, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Collateral Agent (such terms and each other capitalized term used but not defined in this preamble having the meaning provided in <u>Section 1</u>).

WHEREAS, the Purchaser will acquire certain assets of the Company as set forth in the Acquisition Agreement (the "**Plan Acquisition**") pursuant to, in accordance with and under and in connection with that certain (a) Asset Purchase Agreement, dated as of October 31, 2023, by and among Phoenix Data Center Holdings LLC, a Delaware limited liability company (the "**Purchaser**"), Cyxtera Technologies, Inc., a Delaware corporation (the "**Company**") and certain subsidiaries of the Company (together with all exhibits, annexes, schedules and disclosure letters thereto, collectively, as modified, amended, supplemented or waived, the "**Acquisition Agreement**"); (b) the *Fourth Amended Joint Chapter 11 Plan of Cyxtera Technologies, Inc. and Its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code* (the "**Chapter 11 Plan**") filed in the chapter 11 cases (the "**Chapter 11 Cases**") of Cyxtera Technologies, Inc. and certain of its subsidiaries commenced in the United States Bankruptcy Court for the District of New Jersey (the "**Bankruptcy Court**") in the chapter 11 cases captioned *In re Cyxtera Technologies Inc. et al.*, Ch. 11 Case No. 23-14853 (JKS) (Bankr. D. N.J. July 5, 2023); and (c) the *Revised Findings of Fact, Conclusions of Law, and Order Confirming the Fourth Amended Joint Plan of Reorganization of Cyxtera Technologies, Inc. and it Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code* entered on November 17, 2023 [Docket No. 718] (the "**Confirmation Order**") by the Bankruptcy Court confirming the Chapter 11 Plan;

WHEREAS, the Purchaser intends to, directly or indirectly, acquire certain properties owned by third party landlords, in each case, as set forth in the applicable Purchase and Sale Agreement (each, a "**Third Party Acquisition Agreement**", each acquisition, a "**Third Party Acquisition**" and the assets acquired in connection therewith, "**Third Party Acquired Assets**");

WHEREAS, the Purchaser intends to, directly or indirectly, acquire certain properties owned by third party landlords, in each case, as set forth in the applicable Purchase and Sale Agreement (each, an "**Additional Property Acquisition Agreement**" (and collectively, together with each Third Party Acquisition Agreement, the "**Property Acquisition Agreements**") and each acquisition, an "**Additional Property Acquisition**" (and collectively, together with each Third Party Acquisition, the "**Property Acquisitions**"));

WHEREAS, in furtherance of an internal reorganization of certain Subsidiaries of the Sponsor, the Sponsor intends to transfer certain properties and other assets of certain Subsidiaries of Sponsor to certain other Subsidiaries of the Sponsor (collectively, the "<u>Transferred Subsidiaries</u>"), and, immediately following the consummation of such transactions, transfer all of the issued and outstanding membership interests of each Transferred Subsidiary to Phoenix Data Center Parent LLC, in each case, in accordance with and as set forth in that certain Contribution and Transfer Agreement, dated as of the date hereof, by and among Dawn US Holdings, LLC, a Delaware limited liability company, Evoque Dallas Data Centers LLC, a Delaware limited liability company, the SPE Companies named therein, Phoenix Infrastructure LLC, a Delaware limited liability company, and Phoenix Data Center Parent, LLC, a Delaware limited liability company (together with all exhibits, annexes and schedules thereto, collectively, as modified, amended, supplemented or waived, the "**Evoque Transaction Agreement**" and such transfers, the "**Evoque Transaction**", and together with the Plan Acquisition, each Third Party Acquisition and each Additional Property Acquisition other related transactions contemplated in the Acquisition Agreement to occur on the date of or substantially contemporaneously with the foregoing, the "**Acquisitions**")

WHEREAS, in connection with the Acquisitions, the Parent Borrower has requested that the Lenders extend credit in the form of Revolving Credit Loans (exclusive of Letter of Credit usage) in an aggregate principal amount at any time not exceeding the sum of the Revolving Credit Commitments hereunder less the sum of the Lenders' aggregate Letter of Credit Exposure at such time, made available to the Parent Borrower (i) on the Closing Date, together with the proceeds of other First Tier Facilities established on the Closing Date and cash on hand of the Parent Borrower, (A) to finance the Transactions and for general corporate purposes in an amount equal to the amount necessary to fund (1) the Reserves Shortfall (less any Letters of Credit issued on the Closing Date to backstop any Reserves Shortfall) and (2) the Proceeds Shortfall and (B) in any amount needed to fund upfront fees or original issue discount in respect of any Credit Facilities (and any other First Tier Facilities established on the Closing Date) imposed under the Fee Letter, working capital adjustments and reimbursements for Capital Expenditures pursuant to the Acquisition Agreement and/or the refinancing of any Indebtedness incurred for working capital purposes and purchase price adjustments made pursuant to the Acquisition Agreement and/or the Property Acquisition Agreement, and (ii) at any time and from time to time after the Closing Date, for working capital and general corporate purposes (including to finance any other transactions not prohibited by the Credit Documents).

WHEREAS, the Parent Borrower has requested that any Letter of Credit Issuer issues Letters of Credit (i) on the Closing Date in order to (A) backstop any Reserves Shortfall (less any Revolving Loans drawn on the Closing Date to fund such Reserves Shortfall) and (B) backstop or replace letters of credit outstanding on the Closing Date under any facilities no longer available as of the Closing Date to the Parent Borrower, the Company or any of their respective Affiliates (and such existing letters of credit may be deemed Letters of Credit outstanding under the Revolving Credit Facility), and (ii) thereafter at any time and from time to time prior to the L/C Facility Maturity Date, in an aggregate Stated Amount at any time outstanding not in excess of $50,000,000; and

WHEREAS, the Lenders and Letter of Credit Issuers are willing to make available to the Borrower such revolving credit and letter of credit facilities upon the terms and subject to the conditions set forth herein;

NOW, THEREFORE, in consideration of the premises and the covenants and agreements contained herein, the parties hereto hereby agree as follows:

Section 1. <u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Defined Terms</u>. As used herein, the following terms shall have the meanings specified in this Section 1.1 unless the context otherwise requires (it being understood that defined terms in this Agreement shall include in the singular number the plural and in the plural the singular):

"**30-Day SOFR Average**" has the meaning specified in the definition of "SOFR Average".

"**ABR**" shall mean, for any day, a rate per annum equal to the highest of (a) the "U.S. Prime Rate" in effect on such day as quoted in the Wall Street Journal (the "**Prime Rate**"), (b) the NYFRB Rate in effect on such day plus 0.50% and (c) Term SOFR for a one-month interest period in effect on such day plus 1.00%; *provided* that, for the avoidance of doubt, Term SOFR for any day shall be Term SOFR for a one-month interest period on the day that is two (2) Business Days prior to such day, as such rate is published by the Term SOFR Administrator. Any change in the ABR due to a change in the Prime Rate, the NYFRB Rate or Term SOFR shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or Term SOFR, respectively.

"**ABR Loan**" shall mean each Loan bearing interest based on the ABR.

"**Acquired Assets**" shall mean the Acquired Assets (as defined in the Acquisition Agreement).

"**Acquired EBITDA**" shall mean, with respect to any Acquired Entity or Business for any period, the amount for such period of Consolidated EBITDA of such Acquired Entity or Business (determined using such definitions as if references to the Parent Borrower and the Subsidiaries therein were to such Acquired Entity or Business and its Subsidiaries), all as determined on a consolidated basis for such Acquired Entity or Business in accordance with GAAP.

"**Acquired Entity or Business**" shall have the meaning provided in the definition of the term "Consolidated EBITDA".

"**Acquired Indebtedness**" shall mean, with respect to any specified Person, (i) Indebtedness of any other Person existing at the time such other Person is merged, consolidated, or amalgamated with or into or became a Subsidiary of such specified Person, including Indebtedness incurred in connection with, or in contemplation of, such other Person merging, consolidating, or amalgamating with or into or becoming a Subsidiary of such specified Person, and (ii) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.

"**Acquisition**" shall have the meaning provided in the recitals to this Agreement.

"**Acquisition Agreement**" shall have the meaning provided in the recitals to this Agreement.

"**Additional Borrower**" shall mean any Subsidiary that is added as a Borrower pursuant to <u>Section 1.16.</u>

"**Adjusted Total Revolving Credit Commitment**" shall mean, at any time, the Total Revolving Credit Commitment less the aggregate Revolving Credit Commitments of all Defaulting Lenders.

"**Administrative Agent**" shall mean Wells Fargo Bank, National Association, as the administrative agent for the Lenders under this Agreement and the other Credit Documents, or any successor administrative agent pursuant to <u>Section 12.9</u>.

"**Administrative Agent's Office**" shall mean the Administrative Agent's address and, as appropriate, account as set forth on Schedule 13.2 or such other address or account as the Administrative Agent may from time to time notify the Parent Borrower and the Lenders.

"**Administrative Questionnaire**" shall have the meaning provided in <u>Section 13.6(b)(ii)(D)</u>.

"**Affected Financial Institution**" shall mean (a) any EEA Financial Institution or (b) any UK Financial Institution

"**Affiliate**" shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with such Person. A Person shall be deemed to control another Person if such Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such other Person, whether through the ownership of voting securities, by contract or otherwise.

"**Affiliated Institutional Lender**" shall mean any Affiliate of the Sponsor that is either a bona fide debt fund or such Affiliate extends credit or buys loans in the ordinary course of business.

"**Affiliated Lender**" shall mean a Lender that is the Sponsor or any Affiliate thereof (other than the Borrower, any other Subsidiary of the Borrower, or any Affiliated Institutional Lender).

"**Agent Party**" and "**Agent Parties**" shall have the meaning provided in <u>Section 13.17(b)</u>.

"**Agents**" shall mean the Administrative Agent, the Collateral Agent and each Joint Lead Arranger.

"**Agreement**" shall mean this Credit Agreement.

"**AML Laws**" shall mean (a) the USA Patriot Act of 2001 (Pub. L. No. 107-56), (b) the U.S. Money Laundering Control Act of 1986, as amended, (c) the Bank Secrecy Act, 31 U.S.C. sections 5301 et seq., (d) Laundering of Monetary Instruments, 18 U.S.C. section 1956, (e) Engaging in Monetary Transactions in Property Derived from Specified Unlawful Activity, 18 U.S.C. section 1957, (f) the Financial Recordkeeping and Reporting of Currency and Foreign Transactions Regulations (Title 31 Part 103 of the US Code of Federal Regulations), or (g) any other applicable money laundering or financial recordkeeping Laws.

"**Anticorruption Laws**" shall mean the U.S. Foreign Corrupt Practices Act, as amended, and any other applicable anti-bribery or anticorruption laws or regulations.

"**Applicable Margin**" shall mean a percentage per annum equal to (a) for SOFR Loans, that are Revolving Credit Loans, 4.25% and (b) for ABR Loans that are Revolving Credit Loans, 3.25%.

Notwithstanding the foregoing, the Applicable Margin in respect of any Class of Extended Revolving Credit Commitments or Revolving Credit Loans made pursuant to any Extended Revolving Credit Commitments shall be the applicable percentages per annum set forth in the relevant Extension Amendment.

"**Appraisal**" shall mean a written statement setting forth an opinion of the market value of the Property that (i) has been independently and impartially prepared in accordance with the requirements of FIRREA and USPAP, by an independent third-party appraiser directly engaged by Administrative Agent holding an MAI designation, who is state licensed or state certified if required under the laws of the State, who meets the requirements of FIRREA and USPAP and who otherwise is reasonably satisfactory to Administrative Agent, (ii) complies with all applicable federal and state laws and regulations dealing with appraisals or valuations of real property, including the minimum appraisal standards for national banks promulgated by the Comptroller of the Currency pursuant to Title XI of the FIRREA, (iii) has been prepared on as "as-is" basis, and (iv) has been prepared not more than twelve (12) months prior to the relevant date.

"**Approved Fund**" shall mean any Fund that is administered or managed by (i) a Lender, (ii) an Affiliate of a Lender, or (iii) an entity or an Affiliate of an entity that administers, advises or manages a Lender.

"**Asset Sale**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sale, conveyance, transfer, or other disposition, whether
in a single transaction or a series of related transactions, of property or assets (including by way of a Sale Leaseback) (each a "**disposition** ")
of the Parent Borrower or any Credit Party, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the issuance or sale of Equity Interests of any Subsidiary of
the Parent Borrower or other Credit Party (other than preferred stock of any such Subsidiary issued in compliance with <u>Section 10.1</u>),
whether in a single transaction or a series of related transactions, in each case, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any disposition of Cash Equivalents or Investment Grade Securities or obsolete, worn out, damaged or surplus
property or property (including leasehold property interests) that is no longer economically practical in its business or commercially
desirable to maintain or no longer used or useful equipment in the ordinary course of business or any disposition of inventory, immaterial
assets, or goods (or other assets) in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the disposition of all or substantially
 all of the assets of, or the conversion of any equity interests in, the Parent Borrower or
 any Subsidiary in a manner permitted pursuant to <u>Section 10.2</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the incurrence of any Permitted Liens
 or the making of any Restricted Payment that is permitted to be made, and is made, pursuant
 to <u>Section 10.4</u> or of any Investment not otherwise prohibited hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any sale or disposition of assets (whether tangible or intangible) or issuance or sale of Equity Interests
of any Subsidiary in any transaction or series of related transactions with an aggregate Fair Market Value of less than (A) the greater
of $75,000,000 and 1.25% of Consolidated Total Assets (as reflected in the most recently delivered Section 9.1 Financials (calculated
on a Pro Forma Basis) at the time of such disposition) individually or (B) the greater of $150,000,000 and 2.5% of Consolidated Total
Assets (as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) at the time of such
disposition) in the aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any disposition of property or assets or issuance of securities by (1) any Credit Party to the Parent
Borrower or (2) by the Parent Borrower or any other Credit Party to another Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to the extent allowable under Section 1031 of the Code, or any comparable or successor provision,
any exchange of like property (excluding any boot thereon) for use in a Similar Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) foreclosures, condemnation, casualty or any similar action on assets (including dispositions in connection
therewith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) disposition of Securitization Assets, or participations therein, in connection with any Permitted Securitization
Financing, including dispositions (including by capital contribution) of assets
to Securitization Entities in connection with any Permitted Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any financing transaction with respect to property built or acquired by the Parent Borrower or any Credit
Party after the Closing Date, including Sale Leasebacks and asset securitizations permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) (1) any surrender or waiver of contractual rights or the settlement, release, or surrender of contractual
rights or other litigation claims, (2) the termination or collapse of cost sharing agreements with the Parent Borrower or any Credit
Party and the settlement of any crossing payments in connection therewith, or (3) the settlement,
discount, write off, forgiveness, or cancellation of any Indebtedness owing by any present or former consultants, directors,
officers, or employees of the Parent Borrower (or any direct or indirect parent company of the Parent Borrower) or any Credit Party
or any of their successors or assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the disposition or discount of inventory, accounts receivable, or notes receivable in the ordinary course
of business or the conversion of accounts receivable to notes receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the non-exclusive licensing, cross-licensing or sub-licensing of Intellectual Property or other general
intangibles (whether pursuant to franchise agreements or otherwise) in the ordinary course
of business or in connection with a Permitted Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the unwinding of any Hedging Obligations or obligations in respect of Cash Management Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) sales, transfers, and other dispositions of (i) Investments in joint ventures to the extent required
by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and
similar binding arrangements and (ii) property or assets, if the acquisition of such property or assets was financed with Excluded
Contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the lapse or abandonment of Intellectual Property rights in the ordinary course of business, which in
the reasonable business judgment of the Parent Borrower are not material to the conduct of the business of the Parent Borrower and the
Credit Parties taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) the issuance of directors' qualifying shares and shares issued to foreign nationals as required
by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) dispositions of property to the extent that (1) such property is exchanged for credit against the
purchase price of similar replacement property that is purchased within 450 days thereof,
(2) the proceeds of such Asset Sale are promptly applied to the purchase price of such replacement property (which replacement property
is actually purchased within 450 days thereof) or (3) such dispositions are necessary or advisable (as determined by the Parent Borrower
in good faith) in order to obtain or increase the likelihood of obtaining the approval of any Governmental Authority to consummate or
avoid the prohibition or other restriction on the consummation of any permitted acquisition of any Person, business or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) lease, assignments, subleases, licenses, or sublicenses, in each
case in the ordinary course of business and which do not materially interfere with the business of the Parent Borrower and the Credit
Parties, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) dispositions of non-core assets acquired in connection with any Permitted Acquisition or Investment permitted
hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) sales, transfers and other dispositions of accounts receivable (including write-offs, discounts and compromises)
in connection with the compromise, settlement or collection thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) any swap of assets in exchange for services or other assets in the ordinary course of business of comparable or
greater Fair Market Value or usefulness to the business of the Parent Borrower and the other Credit Parties, as a whole, as determined
in good faith by the Parent Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) any sale, lease, sub-lease or other disposition of property or
services in the ordinary course of business pursuant to the terms of any Lease or service agreement.

"**Assignment and Acceptance**" shall mean an assignment and acceptance substantially in the form of <u>Exhibit E</u>, or such other form as may be approved by the Administrative Agent and the Parent Borrower.

"**Authorized Officer**" shall mean, with respect to any Person, any individual holding the position of chairman of the board (if an officer), the Chief Executive Officer, President, the Chief Financial Officer, the Treasurer, the Controller, the Vice President-Finance, a Senior Vice President, a Director, a Manager, the Secretary, the Assistant Secretary or any other senior officer or agent with express authority to act on behalf of such Person designated as such by the board of directors or other managing authority of such Person.

"**Auto-Extension Letter of Credit**" shall have the meaning provided in <u>Section 3.2(d)</u>.

"**Available Commitment**" shall mean an amount equal to the excess, if any, of (i) the amount of the Total Revolving Credit Commitment over (ii) the sum of the aggregate principal amount of, without duplication, (a) all Revolving Credit Loans then outstanding and (b) the aggregate Letters of Credit Outstanding at such time.

"**Available Restricted Debt Payments Amount**" shall mean, at any time, (a) the amount of Restricted Debt Payments that may be made at the time of determination pursuant to <u>Section 10.4(b)(15)(a)</u> minus (b) the amount of the Available Restricted Debt Payments Amount utilized by the Parent Borrower to make Restricted Payments pursuant to <u>Section 10.4(b)(10)</u>.

"**Available Restricted Payments Amount**" shall mean, at any time, (a) the amount of Restricted Payments that may be made at the time of determination pursuant to <u>Section 10.4(b)(10)</u> minus (b) the amount of the Available Restricted Payments Amount utilized by the Parent Borrower to make Restricted Debt Payments pursuant to <u>Section 10.4(b)(15)(b)</u>.

"**Available Tenor**" shall mean, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an Interest Period pursuant to this Agreement or (b) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to clause (d) of <u>Section 2.18;</u> provided, that if the then-current Benchmark is based upon SOFR Average, such Benchmark shall be deemed to not have any Available Tenors.

"**Bail-In Action**" shall mean the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

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

"**Bankruptcy Code**" shall have the meaning provided in <u>Section 11.5</u>.

"**Bankruptcy Court**" shall have the meaning provided in the recitals to this Agreement.

"**Benchmark**" shall mean, initially, with respect to any Obligations, interest fees, commissions or other amounts denominated in, or calculated with respect to, Dollars, the Term SOFR Reference Rate or SOFR Average; provided that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate, SOFR Average or the then-current Benchmark for Dollars, then "Benchmark" shall mean the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (a) of Section 2.18.

"**Benchmark Replacement**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) with respect to any Benchmark Transition Event with respect to a Benchmark applicable to Dollar-denominated Loans: the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Daily SOFR; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of: (i) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower giving due consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities and (ii) the related Benchmark Replacement Adjustment; <u>provided</u> that, in the case of clause (ii) above, such adjustment shall not be in the form of an increase to the Applicable Margin.

If the Benchmark Replacement as determined pursuant to clause (a) or (b) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Credit Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) [reserved].

"**Benchmark Replacement Adjustment**" shall mean, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities.

"**Benchmark Replacement Date**" shall mean the earliest to occur of the following events with respect to such then-current Benchmark:

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

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

For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein solely to the extent such event applies to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

"**Benchmark Transition Event**" shall mean the occurrence of one or more of the following events with respect to then-current Benchmark:

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

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

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

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

"**Benchmark Unavailability Period**" shall mean the period (if any) (a) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Credit Document in accordance with <u>Section 2.18</u> and (b) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Credit Document in accordance with <u>Section 2.18</u>.

"**Beneficial Ownership Regulation**" shall mean 31 C.F.R. § 1010.230.

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

"**Benefited Lender**" shall have the meaning provided in <u>Section 13.8(a)</u>.

"**BHC Act Affiliate**" shall have the meaning provided in <u>Section 13.24(b)</u>.

"**Board**" shall mean the Board of Governors of the Federal Reserve System of the United States (or any successor).

"**Bona-Fide Lending Affiliate**" any Affiliate of any Named Competitor that is regularly engaged in the business of commercial real estate lending, including Affiliates of such entities whose investment guidelines permit investments in debt securities.

"**Borrower**" shall mean the Parent Borrower and, if applicable, any Additional Borrowers. As the context requires, the term "Borrower" herein shall refer collectively to the Borrowers collectively or to the applicable Borrower as of such time.

"**Borrower Agent**" shall have the meaning provided in <u>Section 1.17(a)</u>.

"**Borrower Materials**" shall have the meaning provided in <u>Section 13.17(b)</u>.

"**Borrowing**" shall mean Loans of the same Class and Type made, converted, or continued on the same date and, in the case of Term SOFR Borrowings as to which a single Interest Period is in effect.

"**Business Day**" shall mean any day excluding Saturday, Sunday, and any other day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"**Canadian Dollars**" shall mean the lawful currency of Canada.

"**Capital Expenditures**" shall mean, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities and including in all events all amounts expended or capitalized under Capital Leases) by the Parent Borrower and its Subsidiaries during such period that, in conformity with GAAP, are or are required to be included as additions during such period to property, plant, or equipment reflected in the consolidated balance sheet of the Parent Borrower and its Subsidiaries (including Capitalized Software Expenditures, website development costs, website content development costs, customer acquisition costs and incentive payments, conversion costs, and contract acquisition costs).

"**Capital Lease**" shall mean, as applied to any Person, any lease of any property (whether real, personal, or mixed) by that Person as lessee that, in conformity with GAAP, is, or is required to be, accounted for as a capital lease on the balance sheet of that Person, subject to <u>Section 1.12</u>.

"**Capital Stock**" shall mean (i) in the case of a corporation, corporate stock, (ii) in the case of an association or business entity, any and all shares, interests, participations, rights, or other equivalents (however designated) of corporate stock, (iii) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited), and (iv) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person (it being understood and agreed, for the avoidance of doubt, that "cash-settled phantom appreciation programs" in connection with employee benefits that do not require a dividend or distribution shall not constitute Capital Stock).

"**Capitalized Lease Obligation**" shall mean, at the time any determination thereof is to be made, the amount of the liability in respect of a Capital Lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP, subject to <u>Section 1.12</u>.

"**Capitalized Software Expenditures**" shall mean, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities) by the Parent Borrower and its Subsidiaries during such period in respect of purchased software or internally developed software and software enhancements that, in conformity with GAAP, are or are required to be reflected as capitalized costs on the consolidated balance sheet of the Parent Borrower and its Subsidiaries.

"**Cash Collateralize**" shall mean to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more of the Letter of Credit Issuers or the Lenders, as collateral for L/C Obligations or obligations of the Lenders to fund participations in respect of L/C Obligations, cash or deposit account balances or, if the Administrative Agent and the Letter of Credit Issuers shall agree in their sole discretion, other credit support. "**Cash Collateral**" shall have a correlative meaning and shall include the proceeds of such cash collateral and other credit support.

"**Cash Equivalents**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dollars,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (a) Euros, Pounds Sterling, Japanese Yen, Swiss Francs, Canadian
Dollars, New Zealand Dollars or any national currency of any Participating Member State in the European Union or (b) local currencies
held from time to time in the ordinary course of business,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) securities issued or directly and fully and unconditionally guaranteed
or insured by the United States government or any country that is a member state of the European Union or any agency or instrumentality
thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with maturities
of 24 months or less from the date of acquisition,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) certificates of deposit, time deposits, and eurodollar time deposits
with maturities of one year or less from the date of acquisition, bankers' acceptances with maturities not exceeding one year,
and overnight bank deposits, in each case with any commercial bank having capital and surplus of not less than $100,000,000,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) repurchase obligations for underlying securities of the types
described in <u>clauses (iii)</u>, <u>(iv)</u>, and <u>(ix)</u> entered into with any financial institution meeting the qualifications specified
in <u>clause (iv)</u> above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) commercial paper rated at least P-2 by Moody's or at least
A-2 by S&P and in each case maturing within 24 months after the date of creation thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) marketable short-term money market and similar securities having
a rating of at least P-2 or A-2 from either Moody's or S&P, respectively (or, if at any time neither Moody's nor S&P
shall be rating such obligations, an equivalent rating from another nationally recognized ratings agency) and in each case maturing within
24 months after the date of creation or acquisition thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) readily marketable direct obligations issued by any state, commonwealth,
or territory of the United States or any political subdivision or taxing authority thereof having one of the two highest rating categories
obtainable from either Moody's or S&P with maturities of 24 months or less from the date of acquisition,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indebtedness or preferred stock issued by Persons with a rating
of "A" or higher from S&P or "A2" or higher from Moody's with maturities of 24 months or less from
the date of acquisition,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) solely with respect to any Foreign Subsidiary: (a) obligations
of the national government of the country in which such Foreign Subsidiary maintains its chief executive office and principal place of
business provided such country is a member of the Organization for Economic Cooperation and Development, in each case maturing within
one year after the date of investment therein, (b) certificates of deposit of, bankers acceptances of, or time deposits with, any
commercial bank which is organized and existing under the laws of the country in which such Foreign Subsidiary maintains its chief executive
office and principal place of business provided such country is a member of the Organization for Economic Cooperation and Development,
and whose short-term commercial paper rating from S&P is at least "A-2" or the equivalent thereof or from Moody's
is at least "P-2" or the equivalent thereof (any such bank being an "**Approved Foreign Bank** "), and in each
case with maturities of not more than 24 months from the date of acquisition, and (c) the equivalent of demand deposit accounts
which are maintained with an Approved Foreign Bank, in each case, customarily used by corporations for cash management purposes in any
jurisdiction outside the United States to the extent reasonably required in connection with any business conducted by such Foreign Subsidiary
organized in such jurisdiction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) in the case of investments by any Foreign Subsidiary or investments
made in a country outside the United States, Cash Equivalents shall also include investments of the type and maturity described in <u>clauses (i)</u> through <u>(ix)</u> above of foreign obligors, which investments have ratings, described in such clauses or equivalent
ratings from comparable foreign rating agencies, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) investment funds investing 90% of their assets in securities of
the types described in <u>clauses (i)</u> through <u>(ix)</u> above.

Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in <u>clauses (i)</u> and <u>(ii)</u> above; <u>provided</u> that such amounts are converted into any currency listed in <u>clauses (i)</u> and <u>(ii)</u> as promptly as practicable and in any event within ten Business Days following the receipt of such amounts.

For the avoidance of doubt, any items identified as Cash Equivalents under this definition will be deemed to be Cash Equivalents for all purposes under the Credit Documents regardless of the treatment of such items under GAAP.

"**Cash Management Agreement**" shall mean any agreement or arrangement to provide Cash Management Services.

"**Cash Management Services**" shall mean any one or more of the following types of services or facilities: (i) commercial credit cards, merchant card services, purchase or debit cards, including non-card e-payables services, or electronic funds transfer services, (ii) treasury management services (including controlled disbursement, cash pooling, overdraft automatic clearing house fund transfer services, return items, and interstate depository network services), (iii) any other demand deposit or operating account relationships or other cash management services, including pursuant to any Cash Management Agreements and (iv) and other services related, ancillary or complementary to the foregoing.

"**CFC**" shall mean a "controlled foreign corporation" within the meaning of Section 957 of the Code.

"**Change in Law**" shall mean (i) the adoption of any law, treaty, order, policy, rule, or regulation after the Closing Date, (ii) any change in any law, treaty, order, policy, rule, or regulation or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (iii) compliance by any Lender with any guideline, request, directive, or order issued or made after the Closing Date by any central bank or other governmental or quasi-governmental authority (whether or not having the force of law), including, for avoidance of doubt, any such adoption, change or compliance in respect of (a) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines, or directives thereunder or issued in connection therewith and (b) all requests, rules, guidelines, requirements, or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority), or the United States or foreign regulatory authorities pursuant to Basel III in each case, after the Closing Date.

"**Change of Control**" shall mean and be deemed to have occurred if (i) at any time prior to an IPO, the Permitted Holders shall at any time not own, in the aggregate, directly or indirectly, beneficially and of record, at least 50% of the voting power of the outstanding Voting Stock of the Parent Borrower or (ii) at any time after an IPO, any Person, entity, or "group" (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended), other than the Permitted Holders, shall at any time have acquired direct or indirect beneficial ownership of a percentage of the voting power of the outstanding Voting Stock of the Parent Borrower that exceeds 35% thereof, unless the Permitted Holders have, at such time, the right or the ability by voting power, contract, or otherwise to elect or designate for election at least a majority of the board of directors of the Parent Borrower. For the purpose of <u>clauses (i)</u> and <u>(ii)</u>, at any time when a majority of the outstanding Voting Stock of the Parent Borrower is directly or indirectly owned by a Parent Entity or, if applicable, a Parent Entity acts as the manager, managing member or general partner of the Parent Borrower, references in this definition to "the Parent Borrower" shall be deemed to refer to the ultimate Parent Entity that directly or indirectly owns such Voting Stock or acts as (or, if applicable, is a Parent Entity that directly or indirectly owns a majority of the outstanding Voting Stock of) such manager, managing member or general partner. For purposes of this definition, (x) "beneficial ownership" shall be as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act, (y) the phrase Person or "group" is within the meaning of Section 13(d) or 14(d) of the Exchange Act, but excluding any employee benefit plan of such Person or "group" and its subsidiaries and any Person acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan, and (z) if any Person or "group" includes one or more Permitted Holders, the issued and outstanding Equity Interests of the Parent Borrower or the IPO Entity, as applicable, directly or indirectly owned by the Permitted Holders that are part of such Person or "group" shall not be treated as being owned by such Person or "group" for purposes of determining whether <u>clause (ii)</u> of this definition is triggered.

"**Chapter 11 Cases**" shall have the meaning set forth in the recitals to this Agreement.

"**Chapter 11 Plan**" shall have the meaning set forth in the recitals to this Agreement.

"**Class**" (i) when used in reference to any Loan or Borrowing, shall refer to whether such Loan, or the Loans comprising such Borrowing, are Revolving Credit Loans or Extended Revolving Credit Loans (of the same Extension Series), and (ii) when used in reference to any Commitment, refers to whether such Commitment is a Revolving Credit Commitment or an Extended Revolving Credit Commitment (of the same Extension Series).

"**Closing Date**" shall mean January 12, 2024.

"**Closing Date Refinancing**" shall mean the repayment, redemption, defeasance, discharge, refinancing, replacement or termination of each of the Existing Evoque Debt Facilities (or the giving of irrevocable notice with respect thereto to the applicable holders or agent in respect thereof) (and the guarantees and collateral pledged thereunder will be released), other than (x) contingent obligations not then due and payable and that by their terms survive the termination of the Existing Evoque Debt Facilities and (y) certain existing letters of credit outstanding under the Existing Seller Credit Agreement that on the Closing Date will be grandfathered into, or backstopped by, a new debt facility or cash collateralized in a manner satisfactory to the issuing banks thereof under the applicable Existing Evoque Debt Facility.

"**Code**" shall mean the Internal Revenue Code of 1986, as amended from time to time.

"**Collateral**" shall mean all property pledged or mortgaged or purported to be pledged or mortgaged pursuant to the Security Documents, excluding in all events Excluded Property.

"**Collateral Agent**" shall mean Wells Fargo Bank, National Association as collateral agent under the Security Documents, or any successor collateral agent pursuant to <u>Section 12.9</u>.

"**Commitment Fee**" shall have the meaning provided in <u>Section 4.1(a)</u>.

"**Commitment Fee Rate**" shall mean 0.75% per annum.

"**Commitment Letter**" shall mean that certain Commitment Letter, dated as of October 31, 2023, among each of the Joint Bookrunners and Lead Arrangers and their applicable Affiliates and the Parent Borrower, as amended, restated, amended and restated, supplemented or otherwise modified pursuant to any joinder agreements thereto.

"**Commitments**" shall mean, with respect to each Lender (to the extent applicable), such Lender's Revolving Credit Commitment or Extended Revolving Credit Commitment.

"**Commodity Exchange Act**" shall mean the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

"**Communications**" shall have the meaning provided in <u>Section 13.17</u>.

"**Company**" shall have the meaning provided in the recitals to this Agreement.

"**Company Financial Statements**" shall mean the consolidated financial statements of the Company included or incorporated by reference in the "Filed SEC Documents" (as defined the Acquisition Agreement).

"**Company Material Adverse Effect**" shall have the meaning provided to the term "Material Adverse Effect" in the Acquisition Agreement.

"**Company Representations**" shall mean the representations and warranties made by (x) the Company with respect to the Company, the Acquired Assets, and with respect to the Company and its subsidiaries and their respective businesses in the Acquisition Agreement and (y) each third-party landlord with respect to the Third Party Acquired Assets in each Third Party Acquisition Agreement, in each case of clause (x) and (y), as are material to the interests of the Lenders and do not relate to a Property that could be subject to a Permitted Deferral, but only to the extent, (1) with respect to the representations in clause (x) that the Parent Borrower (or one of its Affiliates) has the right (taking into account any applicable cure provisions) to terminate its obligations under the Acquisition Agreement pursuant to Section 8.1(e) of the Acquisition Agreement (or otherwise decline to consummate the Acquisition pursuant to Section 7.2(a) of the Acquisition Agreement without any liability) as a result of a breach of any such representations and warranties in the Acquisition Agreement and (2) with respect to the representations in clause (y), only to the extent that the Parent Borrower (or one of its Affiliates) has the right (taking into account any applicable cure provisions) to terminate its obligations under the applicable Third Party Acquisition Agreement (or otherwise decline to consummate such Third Party Acquisition without any liability) as a result of a breach of any such representations and warranties in such Third Party Acquisition Agreement (assuming such representations were required to be brought down to a "Material Adverse Effect" (as defined in the Acquisition Agreement) standard).

"**Competitor**" shall mean any Named Competitor or any Affiliate of any such Person, including, without limitation, Bona-Fide Lending Affiliates.

"**Confidential Information**" shall have the meaning provided in <u>Section 13.16</u>.

"**Confirmation Order**" shall have the meaning provided in the recitals to this Agreement.

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

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

"**Consolidated Cash Interest Expense**" shall mean the sum of cash interest expense (including that attributable to Capitalized Lease Obligations), net of cash interest income of such Person and its Subsidiaries with respect to all outstanding Indebtedness of such Person and its Subsidiaries, including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers' acceptance financing and net costs under hedging agreements, but excluding, for the avoidance of doubt, (a) amortization of deferred financing costs, debt issuance costs, commissions, fees and expenses and any other amounts of non-cash interest (including as a result of the effects of acquisition method accounting or pushdown accounting), (b) non-cash interest expense attributable to the movement of the mark-to-market valuation of Indebtedness or obligations under Hedging Obligations or other derivative instruments pursuant to FASB Accounting Standards Codification Topic 815—*Derivatives and Hedging*, (c) any one-time cash costs associated with breakage in respect of hedging agreements for interest rates, (d) commissions, discounts, yield, make-whole premium and other Securitization Fees (including any interest expense) incurred in connection with any Permitted Securitization Facility, (e) any "additional interest" owing pursuant to a registration rights agreement with respect to any securities, (f) any payments with respect to make-whole premiums or other breakage costs of any Indebtedness, including, without limitation, any Indebtedness issued in connection with the Transactions, (g) penalties and interest relating to taxes, (h) accretion or accrual of discounted liabilities not constituting Indebtedness, (i) interest expense attributable to a direct or indirect parent entity resulting from push-down accounting, (j) any expense resulting from the discounting of Indebtedness in connection with the application of recapitalization or purchase accounting, and (k) any interest expense attributable to the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential), with respect thereto and with respect to the Transactions, any acquisition or Investment permitted hereunder, all as calculated on a consolidated basis. For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by such Person to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.

"**Consolidated EBITDA**" shall mean, with respect to a Person for any Test Period and without duplication, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) net income (or loss) of such Person for such period determined on a consolidated basis, in accordance with GAAP, exclusive of the following (but only to the extent included in determination of such net income (or loss) for such period): (i) depreciation and amortization expense; (ii) Consolidated Cash Interest Expense; (iii) income tax expense; (iv) extraordinary or non-recurring gains, losses and reserves; (v) gains and losses associated with any Asset Sale and (vi) other adjustments (or amendments to the foregoing adjustments) agreed between the Administrative Agent and the Parent Borrower after the Closing Date; which adjustments shall be agreed giving due regard to customary adjustments contained in corporate credit facilities for companies operating in the colocation data center operator industry; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to joint ventures or Subsidiaries that are not consolidated on such Person's financial statements, such Person's share of equity interests in such Subsidiary, multiplied by the Consolidated EBITDA (as determined in a manner consistent with the foregoing clause (a)) of such joint venture or Subsidiary;

provided,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that Consolidated EBITDA as determined pursuant to this definition shall be adjusted to remove all impact of straight lining of rents required under GAAP and amortization of intangibles pursuant to FASB ASC 805;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there shall be included in determining Consolidated EBITDA for any period, without duplication, (1) the Acquired EBITDA of any Person or business, or attributable to any property or asset acquired by the Parent Borrower or any Subsidiary during such period (but not the Acquired EBITDA of any related Person or business or any Acquired EBITDA attributable to any assets or property, in each case to the extent not so acquired) to the extent not subsequently sold, transferred, abandoned, or otherwise disposed by the Parent Borrower or such Subsidiary during such period (each such Person, business, property, or asset acquired and not subsequently so disposed of, an "Acquired Entity or Business"), based on the actual Acquired EBITDA of such Acquired Entity or Business for such period (including the portion thereof occurring prior to such acquisition) and (2) an adjustment in respect of each Acquired Entity or Business equal to the amount of the pro forma adjustment with respect to such Acquired Entity or Business for such period (including the portion thereof occurring prior to such acquisition); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent included net income, there shall be excluded in determining Consolidated EBITDA for any period the Disposed EBITDA of any Person, property, business, or asset sold, transferred, abandoned, or otherwise disposed of, closed or classified as discontinued operations by the Parent Borrower or any Subsidiary during such period (each such Person, property, business, or asset so sold or disposed of, a "Sold Entity or Business"), and the Disposed EBITDA based on the actual Disposed EBITDA of such Sold Entity or Business for such period (including the portion thereof occurring prior to such sale, transfer, or disposition); provided that for the avoidance of doubt, notwithstanding any classification under GAAP of any Person or business in respect of which a definitive agreement for the disposition thereof has been entered into as discontinued operations, the Disposed EBITDA of such Person or business shall not be excluded pursuant to this paragraph until such disposition shall have been consummated.

"**Consolidated Property Values**" shall mean, on any date of determination, the sum of (i) the aggregate Property Values as of such date and (ii) the aggregate Dollar amount attributed to "Land", "Construction in progress, including land under development" and "Land held for future development" with respect to any Property for which a "Property Value" has not been determined in accordance with the definition thereof, in each case under this clause (ii) as reflected in the most recently delivered Company Financial Statements or Section 9.1 Financials, as applicable.

"**Consolidated Total Assets**" shall mean, as of any date of determination, the amount that would, in conformity with GAAP, be set forth opposite the caption "total assets" (or any like caption) on the most recent consolidated balance sheet of the Parent Borrower and its Subsidiaries at such date.

"**Consolidated Total Net Debt**" shall mean, on any date of determination, (i) the aggregate principal balance of outstanding Indebtedness for borrowed money of the Parent Borrower and its Subsidiaries on such date (measured excluding any guarantee of such Indebtedness incurred by the Parent Borrower or any of its Subsidiaries) minus (ii) cash and Cash Equivalents of the Parent Borrower and its Subsidiaries on such date.

"**Contingent Obligations**" shall mean, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends, or other payment obligations that do not constitute Indebtedness ("**primary obligations**") of any other Person (the "**primary obligor**") in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (a) for the purchase or payment of any such primary obligation or (b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, or (iii) to purchase property, securities, or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof.

"**Contract Consideration**" shall have the meaning provided in the definition of Excess Cash Flow.

"**Contractual Requirement**" shall have the meaning provided in <u>Section 8.3</u>.

"**Covered Entity**" shall have the meaning provided in <u>Section 13.24(b)</u>.

"**Covered Party**" shall have the meaning provided in <u>Section 13.24(a)</u>.

"**Credit Documents**" shall mean this Agreement, each Joinder Agreement, each Extension Amendment, the Guarantees, the Security Documents, and any promissory notes issued by the Borrower pursuant hereto.

"**Credit Event**" shall mean and include the making (but not the conversion or continuation) of a Loan and the issuance of a Letter of Credit.

"**Credit Facilities**" shall mean, collectively, each category of Commitments and each extension of credit hereunder.

"**Credit Facility**" shall mean a category of Commitments and extensions of credit thereunder.

"**Credit Party**" shall mean the Parent Borrower and the Guarantors.

"**Cured Default**" shall have the meaning assigned to such term in <u>Section 1.2(j)</u>.

"**Daily SOFR**" shall mean, with respect to any Interest Period, the Daily SOFR Reference Rate on the day (such day, the "**Determination Date**") that is two (2) Business Days prior to the first day of such Interest Period, as such rate is published by the Daily SOFR Administrator; <u>provided</u>, however, that if as of 5:00 p.m. (New York City time) on any Determination Date the Daily SOFR Reference Rate has not been published by the Daily SOFR Administrator and a Benchmark Replacement Date with respect to the Daily SOFR Reference Rate has not occurred, then Daily SOFR will be the Daily SOFR Reference Rate published by the Daily SOFR Administrator on the Business Day first preceding such Determination Date so long as such Business Day is not more than three (3) Business Days prior to such Determination Date; <u>provided</u>, <u>further</u>, that if Daily SOFR determined as provided above shall ever be less than the Floor, then Daily SOFR shall be deemed to be the Floor.

"**Daily SOFR Administrator**" shall mean the NYFRB (or a successor administrator of the Daily SOFR Reference Rate selected by Administrative Agent in its reasonable discretion).

"**Daily SOFR Borrowing**" shall mean a Borrowing comprised of Loans bearing interest at a rate determined by reference to Daily SOFR.

"**Daily SOFR Loan**" shall mean any Loan at such time as interest thereon accrues at a rate of interest based upon Daily SOFR.

"**Data Security Breach**" shall mean any unauthorized or unlawful unauthorized access to, acquisition of, disclosure, use, loss, alteration, destruction, or compromise of data or information, including Personal Information, in the possession or control of any of the Parent Borrower or the other Credit Parties.

"**Debt Service**" shall mean, for any Person in any period, the *sum* of all (a) cash interest, fees, rent (pursuant to any Capitalized Lease Obligations) and principal paid or payable during such period (including any mandatory prepayments) in respect of all Indebtedness of such Person *less* any net payments received by such Person during such period pursuant to Hedge Agreements in respect of interest rates, (b) any net payments paid by such during such period pursuant to Hedge Agreements in respect of interest rates and (c) any premium, make-whole or penalty payments, in each case, in respect of Indebtedness of the Parent Borrower and paid in cash during such period.

"**Default**" shall mean any event, act, or condition that with notice or lapse of time, or both, would constitute an Event of Default.

"**Default Rate**" shall have the meaning provided in <u>Section 2.8(c)</u>.

"**Default Right**" shall have the meaning provided in <u>Section 13.24(b)</u>.

"**Defaulting Lender**" shall mean any Lender whose acts or failure to act, whether directly or indirectly, cause it to meet any part of the definition of Lender Default.

"**Derivative Counterparty**" shall have the meaning provided in <u>Section 13.16</u>.

"**Designated Non-Cash Consideration**" shall mean the Fair Market Value of non-cash consideration received by the Parent Borrower or a Credit Party in connection with an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to a certificate of an Authorized Officer of the Parent Borrower, setting forth the basis of such valuation, executed by either a senior vice president or the principal financial officer of the Parent Borrower, less the amount of cash or Cash Equivalents received in connection with a subsequent sale of or collection on or other disposition of such Designated Non-Cash Consideration. A particular item of Designated Non-Cash Consideration will no longer be considered to be outstanding when and to the extent it has been paid, redeemed or otherwise retired or sold or otherwise disposed of in compliance with <u>Section 10.3</u>.

"**Designated Preferred Stock**" shall mean preferred stock of the Parent Borrower or any direct or indirect parent company of the Parent Borrower (in each case other than Disqualified Stock) that is issued for cash (other than to a Subsidiary or an employee stock ownership plan or trust established by the Parent Borrower or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an officer's certificate executed by the principal financial officer of the Parent Borrower or the parent company thereof, as the case may be, on the issuance date thereof, the cash proceeds of which are not applied to satisfy the condition set forth in clause (i) of <u>Section 10.4(a)</u>.

"**Determination Day**" has the meaning specified in the definition of "Term SOFR".

"**Disinterested Directors**" shall mean, with respect to any transaction with an Affiliate, one or more members of the board of directors of the Parent Borrower, or one or more members of the board of directors of a Parent Entity, having no material direct or indirect financial interest in or with respect to such transaction. A member of any such board of directors shall not be deemed to have such a financial interest by reason of such member's holding Capital Stock of the Parent Borrower or any Parent Entity or any options, warrants or other rights in respect of such Capital Stock or by reason of such member receiving any compensation from the Parent Borrower or any Parent Entity, as applicable, on whose board of directors such member serves in respect of such member's role as director.

"**Disposed EBITDA**" shall mean, with respect to any Sold Entity or Business for any period, the amount for such period of Consolidated EBITDA of such Sold Entity or Business (determined as if references to the Parent Borrower and the Subsidiaries in the definition of Consolidated EBITDA were references to such Sold Entity or Business and its respective Subsidiaries), all as determined on a consolidated basis for such Sold Entity or Business, as the case may be.

"**disposition**" shall have the meaning assigned such term in <u>clause (a)</u> of the definition of Asset Sale.

"**Disqualified Lenders**" shall mean such Persons that are not Eligible Assignees.

"**Disqualified Stock**" shall mean, with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms of any security into which it is convertible or for which it is puttable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable (other than solely for Qualified Stock), other than as a result of a change of control, asset sale, condemnation event or similar event, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than solely for Qualified Stock), other than as a result of a change of control, asset sale, condemnation event or similar event, in whole or in part, in each case, prior to the Revolving Credit Maturity Date; <u>provided</u> that if such Capital Stock is issued to any plan for the benefit of employees of the Parent Borrower or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Parent Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee's termination, death, or disability.

"**Distressed Person**" shall have the meaning provided such term in the definition of "Lender-Related Distress Event."

"**Distributable ECF**" shall mean, for any fiscal quarter of the Borrowers, an amount equal to the positive difference, if any, of the Excess Cash Flow for such fiscal quarter *minus* the amount of the mandatory prepayment required to be made with respect to such fiscal quarter pursuant to <u>Section 5.2(a)</u>.

"**Distributed Cash**" shall mean, with respect to any fiscal quarter period of the Parent Borrower, cash and Cash Equivalents actually distributed to the Parent Borrower for such period.

"**Division**" shall have the meaning assigned to such term in <u>Section 1.15</u>.

"**Dollars**" and "**$**" shall mean dollars in lawful currency of the United States.

"**Domestic Subsidiary**" shall mean each Subsidiary of the Parent Borrower that is organized under the laws of the United States, any state thereof, or the District of Columbia.

"**Drawstop Event**" shall mean the date on which an Event of Default shall have occurred.

"**Drawstop Event Period**" shall mean the period beginning on the date of a Drawstop Event, and ending on the date that the Event of Default in relation to such Drawstop Event shall no longer be continuing and the Parent Borrower certifies in writing to the Administrative Agent that such Event of Default is no longer continuing and provides reasonable supporting evidence of the same.

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

"**EEA Member Country**" shall mean any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"**EEA Resolution Authority**" shall mean any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"**Environmental Claims**" shall mean any and all actions, suits, orders, decrees, demand letters, claims, notices of noncompliance or potential responsibility or violation, or proceedings pursuant to any Environmental Law or any permit issued, or any approval given, under any such Environmental Law (hereinafter, "**Claims**"), including, without limitation, (i) any and all Claims by Governmental Authorities for enforcement, investigation, cleanup, removal, response, remedial, or other actions or damages pursuant to any Environmental Law and (ii) any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation, or injunctive relief relating to the presence, Release or threatened Release of Hazardous Materials or arising from alleged injury or threat of injury to health or safety (to the extent relating to human exposure to Hazardous Materials) or the environment (including, without limitation, ambient air, indoor air, surface water, groundwater, soil, land surface and subsurface strata, and natural resources such as wetlands, flora and fauna).

"**Eligibility Requirements**" shall mean, with respect to any Person, that such Person (i) has total commercial real estate loans (in name or under management or advisement) in excess of $500,000,000 (including unpledged, uncalled (or recallable) irrevocable capital commitments that are unconditionally available to be called by such Person as cash capital contributions to such Person subject only to customary conditions such as minimum advance notice), (ii) is regularly engaged in the business of making or owning (or, in the case of a pension advisory firm, asset manager, registered investment advisor or manager or similar fiduciary, regularly engaged in managing investments in) commercial real estate loans (including "B" notes and mezzanine loans to direct or indirect owners of commercial properties, which loans are secured by pledges of direct or indirect ownership interests in the owners of such commercial properties) and (iii) is not a Competitor.

"**Eligible Assignee**" shall mean (1) if an Event of Default has occurred and is continuing, any Person (other than a natural person) and (2) so long as no Event of Default has occurred and is continuing, any Person (other than a natural person) that (a) meets the Eligibility Requirements and is organized under the laws of the United States or any other country that is a member of the Organization for Economic Cooperation and Development (the "OECD") or a political subdivision of any such country (provided such person is acting through a branch or agency located in the country in which it is organized or another country which is also a member of the OECD) or (b) is Controlled by, under common Control with or Controlling any Person set forth in the immediate preceding clause (2)(a); provided, that, with respect to clauses (1) and (2), such Person has never been indicted or convicted of, or pled guilty or no contest to, an offense under the USA PATRIOT Act and is not a Sanctioned Person.

"**Environmental Law**" shall mean any applicable federal, state, foreign, or local statute, law, rule, regulation, ordinance, code, and rule of common law now or hereafter in effect and in each case as amended, and any binding judicial or administrative interpretation thereof, including any binding judicial or administrative order, consent decree, or judgment, relating to pollution or protection of the environment, (including, without limitation, ambient air, indoor air, surface water, groundwater, soil, land surface and subsurface strata and natural resources such as flora, fauna, or wetlands), or protection of human health or safety (to the extent relating to human exposure to Hazardous Materials) and including those relating to the generation, storage, treatment, transport, Release, or threat of Release of Hazardous Materials.

"**Environmental Liability**" shall mean any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, or penalties), resulting from or based upon (a) a violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) the exposure of any Person to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment (including, without limitation, ambient air, indoor air, surface water, groundwater, soil, land surface and subsurface strata, and natural resources such as wetlands, flora and fauna) or (e) any contract, agreement or other consensual arrangement the extent to which liability is assumed or imposed with respect to any of the foregoing.

"**Equity Contribution**" shall mean the direct or indirect equity contribution(s) of the Investors to the Parent Borrower made in connection with the Transactions.

"**Equity Interest**" shall mean Capital Stock and all warrants, options, or other rights to acquire Capital Stock, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock.

"**ERISA**" shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time.

"**ERISA Affiliate**" shall mean any trade or business (whether or not incorporated) that, together with any Credit Party, is treated as a single employer under Section 414 (b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

"**ERISA Event**" shall mean (i) the failure of any Pension Plan to comply with any provisions of ERISA and/or the Code (and applicable regulations under either) or with the terms of such Pension Plan; (ii) the existence with respect to any Pension Plan of a non-exempt Prohibited Transaction which could reasonably be expected to result in liability to a Credit Party; (iii) any Reportable Event with respect to a Pension Plan; (iv) the failure of any Credit Party or ERISA Affiliate to make by its due date a required installment under Section 430(j) of the Code with respect to any Pension Plan or any failure by any Pension Plan to satisfy the minimum funding standards (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Pension Plan, whether or not waived; (v) a determination that any Pension Plan is in "at risk" status (within the meaning of Section 430 of the Code or Section 303 of ERISA); (vi) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Pension Plan; (vii) the termination of, or the appointment of a trustee to administer, any Pension Plan under Section 4042 of ERISA or the incurrence by any Credit Party or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Pension Plan (other than for PBGC premiums due but not delinquent under Section 4007 of ERISA), including but not limited to the imposition of any Lien in favor of the PBGC or any Pension Plan; (viii) the receipt by any Credit Party or any of its ERISA Affiliates from the PBGC or a plan administrator of any notice to terminate any Pension Plan under Section 4041 or 4042 of ERISA; (ix) the failure by any Credit Party or any of its ERISA Affiliates to make any required contribution to a Multiemployer Plan; (x) the incurrence by any Credit Party or any of its ERISA Affiliates of any liability with respect to the withdrawal from any Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a "substantial employer" (within the meaning of Section 4001(a)(2) of ERISA), or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA, or the complete or partial withdrawal (within the meaning of Section 4203 or 4205 of ERISA) from any Multiemployer Plan; (xi) the receipt by any Credit Party or any of its ERISA Affiliates of any notice concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, Insolvent, or terminated (within the meaning of Section 4041A of ERISA); or (xii) the failure by any Credit Party or any of its ERISA Affiliates to pay when due (after expiration of any applicable grace period) any installment payment with respect to Withdrawal Liability under Section 4201 of ERISA.

"**Erroneous Payment**" shall have the meaning provided in <u>Section 12.14(a)</u>.

"**Erroneous Payment Deficiency Assignment**" shall have the meaning provided in <u>Section 12.14(c)</u>.

"**Erroneous Payment Impacted Class**" shall have the meaning provided in <u>Section 12.14(c)</u>.

"**Erroneous Payment Return Deficiency**" shall have the meaning provided in Section 12.14(c).

"**EU Bail-In Legislation Schedule**" shall mean the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"**Event of Default**" shall have the meaning provided in <u>Section 11</u>.

"**Evoque Transaction**" shall have the meaning provided in the recitals to this Agreement.

"**Evoque Transaction Agreement**" shall have the meaning provided in the recitals to this Agreement.

"**Excess Cash Flow**" shall mean, for any applicable fiscal quarter of the Parent Borrower to occur after the Closing Date, an amount equal to the excess of (a) the Distributed Cash for such period, *less* (b) the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount of Capital Expenditures or acquisitions of Intellectual
Property accrued or made in cash by the Parent Borrower during such period (directly or on behalf of any of its Subsidiaries), except
to the extent that such Capital Expenditures or acquisitions were financed with the proceeds of long-term Indebtedness of the Parent
Borrower (unless such Indebtedness has been repaid other than with the proceeds of long-term indebtedness) other than intercompany loans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of all Debt Service of the Parent Borrower (including payments in respect of Capitalized
Lease Obligations) made during such period or to be made during the upcoming four (4) fiscal quarter period, except to the extent
financed with the proceeds of other long-term Indebtedness of the Parent Borrower,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) payments in cash by the Parent Borrower (directly or on behalf of any of its Subsidiaries) during such
period in respect of any purchase price holdbacks, earn-out obligations, and long-term liabilities of the Parent Borrower and such Subsidiaries
other than Indebtedness,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the aggregate amount of cash consideration paid by the Parent Borrower (directly or on behalf of any of
its Subsidiaries) in connection with Investments (including acquisitions) made during such period or made pursuant to <u>Section 10.4</u> to the extent that such Investments were not financed with the proceeds received from (1) the issuance or incurrence of long-term
Indebtedness or (2) the issuance of Capital Stock, in each case, of the Parent Borrower,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the amount of Permitted Tax Distributions made by the Borrower during such period, and other dividends
or Restricted Payments to the extent such dividends and Restricted Payments were financing overhead costs incurred by any Parent Entity
as a result of its ownership of the Parent Borrower and its Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the aggregate amount of expenditures actually made by the Parent Borrower (directly or on behalf of any
of its Subsidiaries) in cash during such period (including expenditures for the payment of financing fees) to the extent that such expenditures
are not expensed during such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) without duplication of amounts deducted from Excess Cash Flow in other periods, (1) the aggregate
consideration required to be paid in cash by the Parent Borrower (directly or on behalf of any of its Subsidiaries) pursuant to binding
contracts, commitments, letters of intent or purchase orders (the
 "**Contract Consideration**") entered into prior to or during such period and (2) any planned cash expenditures
by the Parent Borrower (directly or on behalf of any of its Subsidiaries) (the "**Planned Expenditures** "), in the
case of each of <u>clauses (1)</u> and <u>(2)</u>, relating to Permitted Acquisitions (or Investments similar to those made for
Permitted Acquisitions), Capital Expenditures, or acquisitions of Intellectual Property or other assets to be consummated or made
during the period of four consecutive fiscal quarters of the Parent Borrower, following the end of such period (except to the extent
financed with any of the proceeds received from (A) the issuance or incurrence of long-term Indebtedness or (B) the
issuance of Equity Interests, in each case, of the Parent Borrower); <u>provided</u> that to the extent that the aggregate amount of
cash actually utilized to finance such Permitted Acquisitions (or Investments similar to those made for Permitted Acquisitions),
Capital Expenditures, or acquisitions of Intellectual Property or other assets during such following period of four consecutive
fiscal quarters is <u>less</u> than the Contract Consideration and Planned Expenditures, the amount of such shortfall shall be added
to the calculation of Excess Cash Flow, at the end of such period of four consecutive fiscal quarters,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the amount of taxes (including penalties and interest) paid in cash or tax reserves set aside or payable
(without duplication) in such period, and any amounts otherwise paid pursuant to clauses (A) through (C) of <u>Section 10.4(b)(13)</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) cash expenditures in respect of Hedge Agreements during such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any amounts used (or placed in reserve) to satisfy ordinary course company expenses of any of the Parent
Borrower and its Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the aggregate amount of cash expenditures of the Parent Borrower not otherwise described in this clause
(b) made during such period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any amounts described in the foregoing clauses (i), (iii) through (ix) and (xi) which are
(A) paid prior to the date any amount in respect of mandatory prepayment hereunder becomes due hereunder or (B) which are committed
to be paid, as of the end of such period or prior to the date any amount in respect of mandatory
prepayment hereunder becomes due hereunder, prior to the earlier of the end of the next successive fiscal quarter of the Parent Borrower
(it being understood that, to the extent such commitment payments are not actually made as committed in such subsequent period, such amount
shall be added back in calculating Excess Cash Flow as of the next time of determination).

For the avoidance of doubt, for purposes of making the mandatory prepayment set forth in <u>Section 5.2(a)</u>, Distributable ECF from any prior fiscal quarter of the Parent Borrower will not be considered "Excess Cash Flow" hereunder when Excess Cash Flow is determined for any subsequent fiscal quarter.

"**Excluded Affiliates**" shall mean (a) Affiliates of the Joint Lead Arrangers that are engaged as principals primarily in private equity, mezzanine financing or venture capital and (b) employees of the Joint Lead Arrangers engaged directly or indirectly in the sale of the Company as representatives of the Company (other than, in each case, such Persons engaged by the Parent Borrower or its Affiliates as part of the Transactions and a limited number of senior employees who are required, in accordance with industry regulations or such Joint Lead Arrangers' (or its Affiliate's) internal policies and procedures, to act in a supervisory capacity and such Joint Lead Arranger's internal legal, compliance, risk management, credit or investment committee members).

"**Excluded Contribution**" shall mean net cash proceeds, the Fair Market Value of marketable securities, or the Fair Market Value of Qualified Proceeds received by the Parent Borrower from (i) contributions to its common equity capital, and (ii) the sale (other than to a Subsidiary of the Parent Borrower or to any management equity plan or stock option plan or any other management or employee benefit plan or agreement of the Parent Borrower) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of the Parent Borrower, in each case designated as Excluded Contributions pursuant to an officer's certificate, delivered to the Administrative Agent, executed by either a senior vice president or the principal financial officer of the Parent Borrower within 180 days after the date such capital contributions are made or the date such Equity Interests are sold, as the case may be, which are not applied to satisfy the condition set forth in clause (i) of <u>Section 10.4(a)</u>; <u>provided</u> that any non-cash assets shall qualify only if acquired by a parent of the Parent Borrower in an arm's-length transaction within the six months prior to such contribution.

"**Excluded Property**" shall have the meaning set forth in the Pledge Agreement.

"**Excluded Stock and Stock Equivalents**" shall mean (i) any Capital Stock or Stock Equivalents with respect to which, in the reasonable judgment of the Borrower (in consultation with the Administrative Agent), the cost or other consequences of pledging such Capital Stock or Stock Equivalents in favor of the Secured Parties under the Security Documents shall be excessive in view of the practical benefits to be obtained by the Lenders therefrom, (ii) solely in the case of any pledge of Capital Stock or Stock Equivalents of any Foreign Subsidiary or any CFC or FSHCO, any Capital Stock or Stock Equivalents of in excess of 65% of the total outstanding voting Capital Stock or Stock Equivalents of such Subsidiary, (iii) any Capital Stock or Stock Equivalents to the extent the pledge thereof would violate any applicable Requirements of Law (including any legally effective requirement to obtain the consent of any Governmental Authority unless such consent has been obtained) (it being understood that any Capital Stock or Stock Equivalents described in this clause (iii) will be automatically released from the Collateral and the Collateral Agent and Administrative Agent will take all actions necessary, consistent with this Agreement and the Security Documents, to release any Liens held in the Collateral that is the subject of such Requirement of Law), (iv) any Capital Stock or Stock Equivalents to the extent (A) that a pledge thereof to secure the Obligations is prohibited by any applicable Contractual Requirement (including any legally effective requirement to obtain the consent of any third party, unless such consent has been obtained) entered into at any time in good faith for a bona fide business purpose (and not for the primary purpose of obtaining a release of Collateral) and for so long as such Contractual Requirement or replacement or renewal thereof is in effect, (B) any Contractual Requirement (including any legally effective requirement to obtain the consent of any third party, unless such consent has been obtained) entered into at any time in good faith for a bona fide business purpose (and not for the primary purpose of obtaining a release of Collateral) prohibits such a pledge without the consent of any other party; <u>provided</u> that this <u>clause (II)</u> shall not apply if (x) such other party is a Credit Party or Wholly-Owned Subsidiary or (y) consent has been obtained to consummate such pledge (it being understood that the foregoing shall not be deemed to obligate the Borrower or any Subsidiary to obtain any such consent) and for so long as such Contractual Requirement or replacement or renewal thereof is in effect, or (C) a pledge thereof to secure the Obligations would give any other party (other than a Credit Party or Wholly-Owned Subsidiary) to any contract, agreement, instrument, or indenture governing such Capital Stock or Stock Equivalents the right to terminate its obligations thereunder (it being understood that any Capital Stock or Stock Equivalents described in this clause (iv) will be automatically released from the Collateral and the Collateral Agent and Administrative Agent will take all actions necessary, consistent with this Agreement and the Security Documents, to release any Liens held in the Collateral that is the subject of such Contractual Requirement), (v) any Capital Stock or Stock Equivalents of any Subsidiary to the extent that the pledge of such Capital Stock or Stock Equivalents would result in materially adverse tax consequences to the Parent Borrower or any Subsidiary or any Parent Entity, as reasonably determined by the Parent Borrower in consultation with the Administrative Agent, (vi) any Capital Stock or Stock Equivalents that are margin stock, (vii) any Capital Stock and Stock Equivalents of any Subsidiary that is not a Material Subsidiary, a captive insurance Subsidiary, an SPV or any special purpose entity, (viii) any Capital Stock and Stock Equivalents of any entity that is not a Subsidiary, (ix) Capital Stock and Stock Equivalents of any Person other than Wholly-Owned Subsidiaries which own Real Estate assets in Land or that own unencumbered Real Estate assets, in each case located in the United States, (x) any Capital Stock and Stock Equivalents of a Subsidiary that is owned directly or indirectly by a CFC, (xi) any Capital Stock or Stock Equivalents of a borrower under a First Tier Facility and (xii) any Capital Stock or Stock Equivalents to the extent a pledge thereof to secure the Obligations is prohibited by a Permitted Securitization Facility, including without limitation any Equity Interests of any Securitization Entity; <u>provided</u> that, notwithstanding the above, except as otherwise mutually agreed between the Administrative Agent and the Parent Borrower, any Capital Stock or Stock Equivalents of any Initial Guarantor pledged or required to be pledged as of the Closing Date shall not constitute Excluded Stock and Stock Equivalents.

"**Excluded Subsidiary**" shall mean (i) each Subsidiary, in each case, for so long as any such Subsidiary does not (on (x) a consolidated basis with its Subsidiaries, if determined on the Closing Date by reference to the Company Financial Statements or (y) a consolidated basis with its Subsidiaries, if determined after the Closing Date by reference to the financial statements delivered to the Administrative Agent pursuant to <u>Section 9.1(a)</u> and <u>(b))</u> constitute a Material Subsidiary, (ii) each Subsidiary that is not a Wholly-Owned Subsidiary on any date such Subsidiary would otherwise be required to become a Guarantor pursuant to the requirements of <u>Section 9.11</u> (for so long as such Subsidiary remains a non-Wholly-Owned Subsidiary), (iii) any First Tier Facility Borrower, (iv) any FSHCO, (v) any Subsidiary of a Subsidiary that is a CFC, (vi) any Foreign Subsidiary (including a CFC), (vii) each Subsidiary that is prohibited by any applicable Contractual Requirement (including any legally effective requirement to obtain the consent of any third party, unless such consent has been obtained) entered into at any time in good faith for a bona fide business purpose (and not for the primary purpose of obtaining a release of any Guarantor) or Requirements of Law (including any legally effective requirement to obtain the consent of any Governmental Authority, unless such consent has been obtained), it being understood that any such Subsidiary described in this clause (vii) will be automatically released from its Guarantees (and the Collateral Agent and Administrative Agent will take all actions necessary, consistent with this Agreement and the Security Documents, to evidence such release) or from guaranteeing or granting Liens to secure the Obligations (and for so long as such restriction or any replacement or renewal thereof is in effect), (viii) each Subsidiary with respect to which, as reasonably determined by the Parent Borrower, the consequence of providing a Guarantee of the Obligations would adversely affect the ability of the Parent Borrower and its Subsidiaries to satisfy applicable Requirements of Law, (ix) each Subsidiary with respect to which, as reasonably determined by the Borrower in consultation with the Administrative Agent, providing such a Guarantee would result in material adverse tax consequences to the Borrower, any of its Subsidiaries or any Parent Entity, (x) any other Subsidiary with respect to which, in the reasonable judgment of the Parent Borrower and the Administrative Agent, as agreed in writing, the cost or other consequences of providing a Guarantee of the Obligations shall be excessive in view of the practical benefits to be obtained by the Lenders therefrom, (xi) any Securitization Entity, (xii) each other Subsidiary acquired pursuant to a Permitted Acquisition or other Investment permitted hereunder and financed with assumed secured Indebtedness permitted hereunder, and each Subsidiary acquired in such Permitted Acquisition or other Investment permitted hereunder that guarantees such Indebtedness, in each case to the extent that, and for so long as, the documentation relating to such Indebtedness to which such Subsidiary is a party prohibits such Subsidiary from guaranteeing the Obligations and such prohibition was not created in contemplation of such Permitted Acquisition or other Investment permitted hereunder, (xiii) each SPV (including any captive insurance Subsidiary or not-for-profit Subsidiary), (xiv) any Subsidiary that is prohibited from providing a Guarantee pursuant to any asset backed securities documentation, any mezzanine financing documentation or any refinancings thereof, (xv) any captive insurance company, and (xvi) any not-for-profit Subsidiary; notwithstanding anything herein to the contrary, at the Parent Borrower's sole election, the Parent Borrower may elect to (i) add any Subsidiary that is otherwise an Excluded Subsidiary as a Credit Party hereunder and/or (ii) take any other actions reasonably required to accomplish the foregoing, including any such action not otherwise required hereunder or any other Credit Document; <u>provided</u> that, notwithstanding the above, except as otherwise mutually agreed between the Administrative Agent and the Parent Borrower, no Initial Guarantors shall constitute an Excluded Subsidiary.

"**Excluded Swap Obligation**" shall mean, with respect to any Swap Obligor, (a) any Swap Obligation if, and to the extent that, all or a portion of the Obligations of such Swap Obligor of, or the grant by such Swap Obligor of a security interest to secure, such Swap Obligation (or any Obligations thereof) is or becomes illegal or unlawful under the Commodity Exchange Act or any rule, regulation, or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) or (b) any other Swap Obligation designated as an "Excluded Swap Obligation" of such Swap Obligor as specified in any agreement between the relevant Swap Obligors and counterparty applicable to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Obligation or security interest is or becomes illegal or unlawful.

"**Excluded Taxes**" shall mean, with respect to the Administrative Agent, any Lender, or any other recipient of any payment to be made by or on account of any obligation of any Credit Party hereunder or under any other Credit Document, (i) Taxes imposed on or measured by its overall net income, net profits, or branch profits (however denominated, and including (for the avoidance of doubt) any backup withholding in respect thereof under Section 3406 of the Code or any similar provision of state, local, or foreign law), and franchise (and similar) Taxes imposed on it (in lieu of net income Taxes), in each case, (x) imposed by a jurisdiction (including any political subdivision thereof) as a result of such recipient being organized in, having its principal office in, or in the case of any Lender, having its applicable lending office in, such jurisdiction, or (y) that are Other Connection Taxes, (ii) with respect to any Revolving Loan, any U.S. federal withholding Tax imposed on any payment by or on account of any obligation of any Credit Party hereunder or under any Credit Document that is required to be imposed on amounts payable to or for the account of a Lender (or other recipient) pursuant to laws in force at the time such Lender acquires an interest in any Credit Document (or designates a new lending office), other than in the case of a Lender that is an assignee pursuant to a request by the Borrower under <u>Section 13.7</u> (or that designates a new lending office pursuant to a request by the Borrower), except to the extent that such Lender (or its assignor, if any) was entitled, immediately prior to the designation of a new lending office (or assignment), to receive additional amounts from the Credit Parties with respect to such withholding Tax pursuant to <u>Section 5.4</u>, (iii) any Taxes attributable to such recipient's failure or inability to comply with <u>Section 5.4(e)</u> or (iv) any Tax imposed under FATCA.

"**Existing Debt Facilities**" shall mean each of the following: (a) that certain Credit Agreement, dated as of December 31, 2018, by and among, inter alios, Infra Colodata Holdings LLC, as holdings, Dawn Acquisitions LLC, as borrower, the lenders from time to time party thereto and Barclays Bank PLC, as administrative agent, as amended by that certain First Amendment to Credit Agreement, dated as of April 28, 2023 (as further amended, restated, supplemented or otherwise modified); and (b) that certain Credit Agreement, dated as of November 1, 2022, among Evoque Dallas Data Centers LLC, as borrower, the lenders from time to time party thereto and Toronto Dominion (Texas) LLC, as administrative agent and collateral agent (as amended, restated, supplemented or otherwise modified).

"**Existing Revolving Credit Class**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Existing Revolving Credit Commitment**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Existing Revolving Credit Loans**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Extended Revolving Credit Commitments**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Extended Revolving Credit Loans**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Extended Revolving Loan Maturity Date**" shall mean the date on which any tranche of Extended Revolving Credit Loans matures.

"**Extending Lender**" shall have the meaning provided in <u>Section 2.14(g)(ii)</u>.

"**Extension Amendment**" shall have the meaning provided in <u>Section 2.14(g)(iii)</u>.

"**Extension Date**" shall have the meaning provided in <u>Section 2.14(g)(iv)</u>.

"**Extension Election**" shall have the meaning provided in <u>Section 2.14(g)(ii)</u>.

"**Extension Request**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Extension Series**" shall mean all Extended Revolving Credit Commitments that are established pursuant to the same Extension Amendment (or any subsequent Extension Amendment to the extent such Extension Amendment expressly provides that the Extended Revolving Credit Commitments provided for therein are intended to be a part of any previously established Extension Series) and that provide for the same interest margins, extension fees, and amortization schedule.

"**Extraordinary Expense**" shall mean an operating expense or capital expense that is not consistent with the budget for the applicable period delivered pursuant to <u>Section 5.1(c)</u> hereof.

"**Fair Market Value**" shall mean with respect to any asset or group of assets on any date of determination, the value of the consideration obtainable in a sale of such asset at such date of determination assuming a sale by a willing seller to a willing purchaser dealing at arm's length and arranged in an orderly manner over a reasonable period of time having regard to the nature and characteristics of such asset, as determined in good faith by the Borrower.

"**FATCA**" shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code as of the date of this Agreement (or any amended or successor version described above), and any intergovernmental agreements (or related legislation or official administrative rules or practices) implementing the foregoing.

"**Federal Funds Effective Rate**" shall mean, for any day, the rate calculated by the NYFRB based on such day's federal funds transactions by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as the federal funds effective date, <u>provided</u> that, if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of calculating such rate.

"**Fee Letter**" shall mean that certain Fee Letter, dated as of October 31, 2023, among each of the Joint Lead Arrangers and the Parent Borrower, as amended, restated, amended and restated, supplemented or otherwise modified pursuant to any joinder agreements thereto.

"**Fees**" shall mean all amounts payable pursuant to, or referred to in, <u>Section 4.1(a)</u>.

"**Financial Incurrence Tests**" shall have the meaning provided in <u>Section 1.12(a)</u>.

"**First Lien Intercreditor Agreement**" shall mean an intercreditor agreement substantially in the form of <u>Exhibit G-1</u> (with such changes to such form as may be reasonably acceptable to the Administrative Agent and the Parent Borrower) among the Administrative Agent, the Collateral Agent, and the representatives for purposes thereof for holders of one or more classes of First Lien Obligations.

"**First Lien Obligations**" shall mean the Obligations and obligations in respect of Indebtedness secured by Liens on the Collateral that rank on an equal priority basis (but without regard to the control of remedies) with Liens on the Collateral securing the Obligations.

"**First Tier Facility**" shall mean any of (i) the US Balance Sheet Loan Facility, (ii) any other facility establishing Non-Recourse Indebtedness of the Parent Borrower or any of its Subsidiaries or (iii) any Indebtedness which refinances any of the foregoing.

"**First Tier Facility Agreement**" shall mean any of (i) the US Balance Sheet Loan Agreement or (ii) any of the other "Credit Documents", "Loan Documents", "Financing Documents" or terms of like import as defined in any of the foregoing, in each case as last in effect.

"**First Tier Facility Borrower**" shall mean, as of any time of determination, any direct or indirect Subsidiary of the Parent Borrower which is a borrower, "credit party", "loan party" or similar obligor under any First Tier Facility.

"**Fixed Amounts**" shall have the meaning provided in <u>Section 1.12(a)</u>.

"**Fixed Charges**" shall mean, with respect to any Person for any period, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consolidated Cash Interest Expense of such Person and its Subsidiaries on a consolidated basis for such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all dividend payments (excluding items eliminated in consolidation) on any series of preferred stock (including any Designated Preferred Stock) or any Refunding Capital Stock of such Person made during such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) regularly scheduled principal amortization payments during such period (excluding any balloon payments and, for the avoidance of doubt, any Excess Cash Flow sweep and mandatory prepayments made in connection with a Mandatory Prepayment Event).

"**Fixed Charge Coverage Ratio**" shall mean, with respect to any Test Period following the Closing Date, the ratio of (i) Consolidated EBITDA of the Parent Borrower for such period to (ii) Fixed Charges made in cash during such period. Notwithstanding anything to the contrary contained herein, for purposes of determining the Fixed Charge Coverage Ratio for any Test Period that includes any of the first three full fiscal quarters ended after the Closing Date, the Consolidated EBITDA of the Parent Borrower and Fixed Charges, as applicable, for such period shall be: (a) for the Test Period consisting of the first full fiscal quarter of the Parent Borrower after the Closing Date, the Consolidated EBITDA of the Parent Borrower and Fixed Charges made in cash for the first full fiscal quarter after the Closing Date, in each case, multiplied by four; (b) for the Test Period consisting of the first two full fiscal quarters of the Parent Borrower after the Closing Date, the Consolidated EBITDA of the Parent Borrower and Fixed Charges made in cash for the first two full fiscal quarters of the Parent Borrower after the Closing Date, in each case, multiplied by two; and (c) for the Test Period consisting of the first three full fiscal quarters of the Parent Borrower after the Closing Date, the Consolidated EBITDA of the Borrower and Fixed Charges made in cash for the first three full fiscal quarters after the Closing Date, in each case, multiplied by 4/3.

"**Floor**" shall mean a rate of interest equal to 0.50%.

"**Foreign Plan**" shall mean each "employee benefit plan" (within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA) that is not subject to U.S. law and is maintained or contributed to by any Credit Party or any of its Subsidiaries.

"**Foreign Plan Event**" shall mean, with respect to any Foreign Plan, (i) the failure by a Credit Party or any of its Subsidiaries to make or, if applicable, accrue in accordance with normal accounting practices, any employer or employee contributions required by applicable law or by the terms of such Foreign Plan; (ii) the failure by a Credit Party or any of its Subsidiaries to register or loss of good standing (if applicable) with applicable regulatory authorities of any such Foreign Plan required to be registered; or (iii) the failure of any Foreign Plan to comply with any provisions of applicable law or regulations or with the terms of such Foreign Plan.

"**Foreign Subsidiary**" shall mean each Subsidiary of the Parent Borrower that is not a Domestic Subsidiary.

"**Forward-Looking Information**" shall have the meaning provided in <u>Section 8.8(a)</u>.

"**Fronting Exposure**" shall mean, at any time there is a Defaulting Lender, with respect to each Letter of Credit Issuer, such Defaulting Lender's Revolving Credit Commitment Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender's participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

"**Fronting Fee**" shall have the meaning provided in <u>Section 4.1(d)</u>.

"**FSHCO**" shall mean any direct or indirect Domestic Subsidiary of the Borrower, substantially all of the assets of which consist of the Capital Stock and/or Indebtedness of one or more (a) Foreign Subsidiaries that are CFCs, (b) other direct or indirect Domestic Subsidiaries of the Borrower that are direct or indirect Subsidiaries of a CFC or (c) other direct or indirect Domestic Subsidiaries of the Borrower that are FSHCOs.

"**Fund**" shall mean any Person (other than a natural Person) that is engaged or advises funds or other investment vehicles that are engaged in making, purchasing, holding, or investing in commercial loans and similar extensions of credit in the ordinary course.

"**GAAP**" shall mean generally accepted accounting principles in the United States, as in effect from time to time; <u>provided</u>, <u>however</u>, that if the Parent Borrower notifies the Administrative Agent that the Parent Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof on the operation of such provision, regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Furthermore, at any time after the Closing Date, the Parent Borrower may elect to apply International Financial Reporting Standards ("**IFRS**") accounting principles in lieu of GAAP and, upon any such election, references herein to GAAP and GAAP concepts shall thereafter be construed to refer to IFRS and corresponding IFRS concepts (except as otherwise provided in this Agreement); <u>provided</u> any such election, once made, shall be irrevocable; <u>provided</u>, <u>further</u>, that any calculation or determination in this Agreement that requires the application of GAAP for periods that include fiscal quarters ended prior to the Parent Borrower's election to apply IFRS shall remain as previously calculated or determined in accordance with GAAP. Notwithstanding any other provision contained herein, the amount of any Indebtedness under GAAP with respect to Capitalized Lease Obligations shall be determined in accordance with the definition of Capitalized Lease Obligations.

"**Governmental Authority**" shall mean any nation, sovereign, or government, any state, province, territory, or other political subdivision thereof, and any entity or authority exercising executive, legislative, judicial, taxing, regulatory, or administrative functions of or pertaining to government, including a central bank or stock exchange (including any supranational body exercising such powers or functions, such as the European Union or the European Central Bank).

"**Granting Lender**" shall have the meaning provided in <u>Section 13.6(g)</u>.

"**Gross Income from Operations**" shall mean, as of any date of determination, the sum of the following: (a) total annualized base rent and recurring revenues in place as of such date of determination, based on executed leases, including, without limitation, (i) booked but not billed Leases ("*BBnB Leases*") with lease commencement dates within twelve (12) months following such date of determination or with free rent periods (provided that free rent shall not be included to the extent it exceeds one month of free rent per year of such Lease's initial term) currently in effect (in each case, as if base rent and recurring revenues were currently being paid under such Leases) and (ii) any contractual rent increases within the twelve (12) months following such date of determination, (b) tenant reimbursements (to the extent provided for pursuant to the applicable Lease) (i) during the twelve (12)-month period immediately preceding such date of determination or (ii) for Leases executed in such twelve (12)-month period, the annualized amount thereof, and (c) percentage and overage rent, ancillary income (e.g., parking, tenant services and signage) and any fee, collection or payment received with respect to such executed Leases, in each case pursuant to this clause (c), (i) during the twelve (12)-month period immediately preceding such date of determination or (ii) for Leases executed in such twelve (12)-month period, the annualized amount thereof (without duplication of any amounts set forth in clauses (a) and (b) above), but excluding (solely for purposes of calculating Net Operating Income) one-time extraordinary income or non-recurring income, and in each case with respect to clauses (a), (b) and (c), excluding amounts paid or payable under any such Lease with respect to which the tenant thereunder (x) is in base rent monetary default in excess of two (2) months, (y) is the subject of a Bankruptcy Action and which tenant has not assumed its Lease or (z) has given written notice that it will vacate within six (6) months of such date of determination, except to the extent a new Lease is signed for such premises.

"**Guarantee**" shall mean (i) the Guarantee made by each Guarantor in favor of the Collateral Agent for the benefit of the Secured Parties, substantially in the form of <u>Exhibit B</u>, and (ii) any other guarantee of the Obligations made by a Credit Party in form and substance reasonably acceptable to the Administrative Agent.

"**guarantee obligations**" shall mean, as to any Person, any obligation of such Person guaranteeing or intended to guarantee any Indebtedness of any primary obligor in any manner, whether directly or indirectly, including any obligation of such Person, whether or not contingent, (i) to purchase any such Indebtedness or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (a) for the purchase or payment of any such Indebtedness or (b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities, or services primarily for the purpose of assuring the owner of any such Indebtedness of the ability of the primary obligor to make payment of such Indebtedness, or (iv) otherwise to assure or hold harmless the owner of such Indebtedness against loss in respect thereof; <u>provided</u>, <u>however</u>, that the term guarantee obligations shall not include endorsements of instruments for deposit or collection in the ordinary course of business or customary and reasonable indemnity obligations or product warranties in effect on the Closing Date or entered into in connection with any acquisition or disposition of assets permitted under this Agreement (other than such obligations with respect to Indebtedness). The amount of any guarantee obligation shall be deemed to be an amount equal to the stated or determinable amount of the Indebtedness in respect of which such guarantee obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith.

"**Guarantors**" shall mean (a) the Initial Guarantors and (b) each Subsidiary of the Parent Borrower that becomes a party to the Guarantee after the Closing Date pursuant to <u>Section 9.11</u> or otherwise; <u>provided</u> that, for the avoidance of doubt, in no event shall any Excluded Subsidiary be required to be a Guarantor.

"**Hazardous Materials**" shall mean (i) any petroleum or petroleum products, radioactive materials, friable asbestos, polychlorinated biphenyls, per- and polyfluoroalkyl substances, and radon gas; (ii) any chemicals, materials, or substances defined as or included in the definition of "hazardous substances," "hazardous waste," "hazardous materials," "extremely hazardous waste," "restricted hazardous waste," "toxic substances," "toxic pollutants," "contaminants," or "pollutants," or words of similar import, under any Environmental Law; and (iii) any other chemical, material, or substance, which is prohibited, limited, or regulated due to its dangerous or deleterious properties or characteristics, by any Environmental Law.

"**Hedge Agreements**" shall mean (i) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (ii) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any "International Foreign Exchange Master Agreement", or any other master agreement (any such master agreement, together with any related schedules, a "**Master Agreement**"), including any such obligations or liabilities under any Master Agreement.

"**Hedging Obligations**" shall mean, with respect to any Person, the obligations of such Person under any Hedge Agreements.

"**Holdings**" shall have the meaning provided in the preamble to this Agreement.

"**IFRS**" shall have the meaning given to such term in the definition of GAAP.

"**Impacted Loans**" shall have the meaning provided in <u>Section 2.10(a)</u>.

"**incur**" and "**incurrence**" shall have the meaning provided in <u>Section 10.1</u>.

"**Incurrence Based Amounts**" shall have the meaning provided in <u>Section 1.12(a)</u>.

"**Indebtedness**" shall mean, with respect to any Person, (i) any indebtedness (including principal and premium) of such Person, whether or not contingent (a) in respect of borrowed money, (b) evidenced by bonds, notes, debentures, or similar instruments or letters of credit or bankers' acceptances (or, without double counting, reimbursement agreements in respect thereof), (c) representing the balance deferred and unpaid of the purchase price of any property (including Capitalized Lease Obligations), or (d) representing any Hedging Obligations, if and to the extent that any of the foregoing Indebtedness (other than letters of credit and Hedging Obligations) would appear as a net liability upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; <u>provided</u> that Indebtedness of any direct or indirect parent company appearing upon the balance sheet of the Parent Borrower solely by reason of push down accounting under GAAP shall be excluded, (ii) to the extent not otherwise included, any obligation by such Person to be liable for, or to pay, as obligor, guarantor or otherwise, on the obligations of the type referred to in <u>clause (i)</u> of another Person (whether or not such items would appear upon the balance sheet of such obligor or guarantor), other than by endorsement of negotiable instruments for collection in the ordinary course of business, and (iii) to the extent not otherwise included, the obligations of the type referred to in <u>clause (i)</u> of another Person secured by a Lien on any asset owned by such Person, whether or not such Indebtedness is assumed by such Person; <u>provided</u> that notwithstanding the foregoing, Indebtedness shall be deemed not to include (1) Contingent Obligations incurred in the ordinary course of business, (2) obligations under or in respect of Permitted Securitization Financings (including obligations under or in respect of any Permitted Securitization Guarantees), (3) prepaid or deferred revenue arising in the ordinary course of business, (4) purchase price holdbacks arising in the ordinary course of business in respect of a portion of the purchase price of an asset to satisfy warrants or other unperformed obligations of the seller of such asset, (5) any balance that constitutes a trade payable or similar obligation to a trade creditor, accrued in the ordinary course of business, (6) any earn-out obligation until such obligation, within 60 days of becoming due and payable, has not been paid and such obligation is reflected as a liability on the balance sheet of such Person in accordance with GAAP, (7) any obligations attributable to the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto, (8) accrued expenses and royalties, (9) asset retirement obligations and obligations in respect of workers' compensation (including pensions and retiree medical care) that are not overdue by more than 60 days or (10) leases that would not be classified as Capitalized Lease Obligations. The amount of Indebtedness of any Person for purposes of <u>clause (iii)</u> above shall (unless such Indebtedness has been assumed by such Person) be deemed to be equal to the lesser of (x) the aggregate unpaid amount of such Indebtedness and (y) the Fair Market Value of the property encumbered thereby as determined by such Person in good faith.

For all purposes hereof, the Indebtedness of the Parent Borrower and the other Credit Parties, shall exclude all intercompany Indebtedness having a term not exceeding 365 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business consistent with past practice.

"**Indemnified Liabilities**" shall have the meaning provided in <u>Section 13.5</u>.

"**Indemnified Persons**" shall have the meaning provided in <u>Section 13.5</u>.

"**Indemnified Taxes**" shall mean all Taxes imposed on or with respect to any payment by or on account of any obligation of any Credit Party hereunder or under any other Credit Document, other than Excluded Taxes or Other Taxes.

"**Initial Commitment Party**" shall have the meaning assigned to such term in the Commitment Letter.

"**Initial Default**" shall have the meaning assigned to such term in <u>Section 1.2(j)</u>.

"**Initial Guarantors**" shall mean (a) each of Holdings, Phoenix Infrastructure LLC, DCCO Tukwila Domestic REIT, LLC and Phoenix Data Center Parent LLC and (b) each Wholly-Owned Subsidiary of the Parent Borrower existing as of the Closing Date which owns Collateral (other than any Excluded Subsidiary).

"**Insolvent**" shall mean, with respect to any Multiemployer Plan, the condition that such Multiemployer Plan is "insolvent" within the meaning of Section 4245 of ERISA.

"**Intellectual Property**" shall mean intellectual property, including all (i) (a) patents, inventions, processes, developments, technology, and know-how; (b) copyrights (including copyrights in software) and works of authorship in any media, including graphics, advertising materials, labels, package designs, and photographs; (c) trademarks, service marks, trade names, brand names, corporate names, Internet domain names, logos, trade dress, and other source indicators, and the goodwill of any business symbolized thereby; and (d) trade secrets, confidential, proprietary, or non-public information and (ii) all registrations, issuances, applications, renewals, extensions, substitutions, continuations, continuations-in-part, divisionals, re-issues, re-examinations, or similar legal protections related to the foregoing.

"**Interest Period**" shall mean, with respect to any Loan, the interest period applicable thereto, as determined pursuant to <u>Section 2.9</u>.

"**Investment**" shall mean, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees), advances, or capital contributions (excluding accounts receivable, trade credit, advances to customers, commission, travel, and similar advances to officers and employees, in each case made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests, or other securities issued by any other Person and investments that are required by GAAP to be classified on the consolidated balance sheet (excluding the footnotes) of the Parent Borrower in the same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property; <u>provided</u> that Investments shall not include, in the case of the Parent Borrower and the other Credit Parties, intercompany loans (including guarantees), advances, or Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business.

The amount of any Investment outstanding at any time shall be the original cost of such Investment, reduced by any dividend, distribution, interest payment, return of capital, repayment, or other amount received by the Parent Borrower or another Credit Party in respect of such Investment (<u>provided</u> that, with respect to amounts received other than in the form of Cash Equivalents, such amount shall be equal to the Fair Market Value of such consideration).

"**Investment Grade Rating**" shall mean a rating equal to or higher than Baa3 (or the equivalent) by Moody's and BBB- (or the equivalent) by S&P, or an equivalent rating by any other rating agency.

"**Investment Grade Securities**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) securities issued or directly and fully guaranteed or insured by the United States government or any agency
or instrumentality thereof (other than Cash Equivalents),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) debt securities or debt instruments with an Investment Grade Rating, but excluding any debt securities
or instruments constituting loans or advances among the Parent Borrower and its Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) investments in any fund that invest at least 90% in investments of the type described in <u>clauses (i)</u> and <u>(ii)</u> which fund may also hold immaterial amounts of cash pending investment or distribution, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) corresponding instruments in countries other than the United States customarily utilized for high-quality
investments.

"**Investors**" shall mean the Sponsor and certain of the Sponsor's Affiliates.

"**IPO**" shall mean the initial underwritten public offering (other than a public offering pursuant to a registration statement on Form S-8) of common Equity Interests in the Parent Borrower or a parent entity of the Parent Borrower.

"**IPO Entity**" shall mean, at any time at and after an IPO, the Parent Borrower or a parent entity of the Borrower, as the case may be, the Equity Interests in which were issued or otherwise sold pursuant to the IPO.

"**IPO Listco**" shall mean a wholly-owned subsidiary of the Parent Borrower formed in contemplation of an IPO to become the IPO Entity. The Parent Borrower shall, promptly following its formation, notify the Administrative Agent of the formation of any IPO Listco.

"**IPO Reorganization Transactions**" shall mean, collectively, the transactions taken in connection with and reasonably related to consummating an IPO, including, without limitation, (a) formation and ownership of IPO Shell Companies, (b) entry into, and performance of, a reorganization or similar agreement among any of the Parent Borrower, its Subsidiaries and/or IPO Shell Companies implementing IPO Reorganization Transactions and other reorganization transactions in connection with an IPO, (c) entry into, and performance of, customary documentation (and amendments to existing documentation) governing the relations between and among the Parent Borrower, the IPO Entity and their respective Subsidiaries, (d) entry into, and performance of, customary underwriting agreements in connection with an IPO and any future follow-on underwritten public offerings of common Equity Interests in the IPO Entity, including the provision by IPO Entity and the Parent Borrower of customary representations, warranties, covenants and indemnification to the underwriters thereunder, (e) the merger of one or more IPO Subsidiaries with one or more direct or indirect holders of Equity Interests in the Parent Borrower with the surviving entity in any such merger holding Equity Interests in the Parent Borrower and the merger of such entities with any IPO Shell Company or IPO Subsidiary, (f) the issuance of Equity Interests of IPO Shell Companies to holders of Equity Interests of the Parent Borrower in connection with any IPO Reorganization Transactions, (g) the contribution, directly or indirectly, of Equity Interests of the Parent Borrower and its Subsidiaries to the IPO Entity or any IPO Shell Company or the acquisition by the IPO Entity or such IPO Shell Company thereof, (h) the entry into an exchange agreement, pursuant to which holders of Equity Interests of the Parent Borrower will be permitted to exchange such interests for certain economic/voting Equity Interests in IPO Listco, (i) the entry into, and performance of, any tax receivables agreements by any IPO Shell Company or IPO Subsidiary and (j) any other transactions and documentation related to the foregoing or necessary or appropriate in view of the board of directors of the Parent Borrower in connection with an IPO, in each case of <u>clauses (a)</u> through <u>(i)</u>, so long as after giving Pro Forma Effect to such agreement and the transactions contemplated thereby, the security interests of the Lenders in the Collateral and the Guarantees of the Obligations, taken as a whole, would not be materially impaired.

"**IPO Shell Company**" shall mean each of IPO Listco and IPO Subsidiary.

"**IPO Subsidiary**" shall mean a wholly-owned subsidiary of IPO Listco formed in contemplation of, and to facilitate, IPO Reorganization Transactions and an IPO. The Parent Borrower shall, promptly following its formation, notify the Administrative Agent of the formation of an IPO Subsidiary.

"**ISDA CDS Definitions**" shall have the meaning provided in <u>Section 13.1</u>.

"**ISP**" shall mean, with respect to any Letter of Credit, the "International Standby Practices 1998" as International Chamber of Commerce Publication No. 590 (or such later version thereof as may be in effect at the time of issuance).

"**Issuer Documents**" shall mean, with respect to any Letter of Credit, the Letter of Credit Request and any other document, agreement, and instrument entered into by any Letter of Credit Issuer and the Borrower (or any other Credit Party) or in favor of any Letter of Credit Issuer and relating to such Letter of Credit.

"**Joinder Agreement**" shall mean an agreement substantially in the form of <u>Exhibit A</u>.

"**Joint Lead Arrangers**" shall mean each of Wells Fargo Bank, National Association and TD Securities (USA) LLC, in each case, in their respective capacities as joint bookrunners and lead arrangers, and BMO Capital Markets Corp. and The Bank of Nova Scotia, in each case, in their respective capacities as joint lead arrangers.

"**Junior Debt**" shall mean any Indebtedness (other than any permitted intercompany Indebtedness owing between and among the Parent Borrower or any other Credit Party) that is Subordinated Indebtedness.

"**KYC Rules**" shall have the meaning provided in <u>Section 6.14</u>.

"**Land**" shall mean any undeveloped land parcel, whether owned or ground-leased.

"**L/C Borrowing**" shall mean an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Borrowing.

"**L/C Facility Maturity Date**" shall mean the date that is three Business Days prior to the Revolving Credit Maturity Date; <u>provided</u> that the L/C Facility Maturity Date may be extended beyond such date with the consent of the applicable Letter of Credit Issuer.

"**L/C Obligations**" shall mean, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit *plus* the aggregate of all Unpaid Drawings, including all L/C Borrowings. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of any rule of law or standard practices to which any Letter of Credit is subject (such as Rules 3.13 and 3.14 of the International Standby Practices (ISP98) and Article 29 of the UCP) or any express term of the Letter of Credit, such Letter of Credit shall be deemed to be "outstanding" in the amount so remaining available to be drawn. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time.

"**L/C Participant**" shall have the meaning provided in <u>Section 3.3(a)</u>.

"**L/C Participation**" shall have the meaning provided in <u>Section 3.3(a)</u>.

"**L/C Sublimit**" shall mean up to $50,000,000 in the aggregate amount of Letters of Credit that may be issued under the Revolving Credit Facility.

"**LCT Election**" shall have the meaning provided in <u>Section 1.12(b)</u>.

"**LCT Test Date**" shall have the meaning provided in <u>Section 1.12(b)</u>.

"**Lease**" shall mean any lease, master service agreement, co-location agreement, hosting services agreement or other similar agreement (including booked-but-not-billed leases), as amended or supplemented, and each guarantee of the performance and observance of the covenants, conditions and agreements to be performed and observed by the other party thereto with respect to such any such agreement.

"**Lender**" shall have the meaning provided in the preamble to this Agreement.

"**Lender Default**" shall mean (i) the refusal or failure of any Lender to make available its portion of any incurrence of Loans, which refusal or failure is not cured within one Business Day after the date of such refusal or failure, unless such Lender notifies the Administrative Agent in writing that such refusal or failure is the result of such Lender's good faith determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in writing) has not been satisfied, (ii) the failure of any Lender to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within one Business Day of the date when due, unless the subject of a good faith dispute, (iii) a Lender has notified, in writing, the Borrower or the Administrative Agent that it does not intend to comply with its funding obligations under this Agreement or has made a public statement to that effect with respect to its funding obligations under this Agreement, or a Lender has publicly announced that it does not intend to comply with its funding obligations under other loan agreements, credit agreements or similar facilities generally, (iv) a Lender has failed to confirm in a manner reasonably satisfactory to the Administrative Agent that it will comply with its funding obligations under this Agreement or (v) a Distressed Person has admitted in writing that it is insolvent or such Distressed Person becomes subject to a Lender-Related Distress Event.

"**Lender-Related Distress Event**" shall mean, with respect to any Lender or any other Person that directly or indirectly controls such Lender (each, a "**Distressed Person**") a voluntary or involuntary case with respect to such Distressed Person under any debt relief law, or a custodian, conservator, receiver, or similar official is appointed for such Distressed Person or any substantial part of such Distressed Person's assets, or such Distressed Person, or any Person that directly or indirectly controls such Distressed Person or is subject to a forced liquidation or such Distressed Person makes a general assignment for the benefit of creditors or is otherwise adjudicated as, or determined by any governmental authority having regulatory authority over such Distressed Person or its assets to be, insolvent or bankrupt; <u>provided</u> that a Lender-Related Distress Event shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any equity interests in any Lender or any Person that directly or indirectly controls such Lender by a governmental authority or an instrumentality thereof.

"**Letter of Credit**" and "**Letters of Credit**" shall mean each standby letter of credit issued pursuant to <u>Section 3.1(a)</u>.

"**Letter of Credit Commitments**" shall mean (a) initially, with respect to the Letter of Credit Issuers specifically identified in clause (a) of the definition of "Letter of Credit Issuers", as of the Closing Date, with respect to (i) Wells Fargo Bank, National Association, in its capacity as Letter of Credit Issuer, 25% of the L/C Sublimit, (ii) The Toronto-Dominion Bank, New York Branch, in its capacity as Letter of Credit Issuer, 25% of the L/C Sublimit, (iii) Bank of Montreal, in its capacity as Letter of Credit Issuer, 25% of the L/C Sublimit and (iv) The Bank of Nova Scotia, in its capacity as Letter of Credit Issuer, 25% of the L/C Sublimit, and (b) after the addition of any other Letter of Credit Issuer as referenced in the definition of "Letter of Credit Issuers", the percentage agreed to between such additional Letter of Credit Issuer and the Parent Borrower (with the Letter of Credit Commitments of each pre-existing Letter of Credit Issuer as elected by the Parent Borrower in consultation with each such pre-existing Letter of Credit Issuer); <u>provided</u>, that upon the request of the Parent Borrower, any Letter of Credit Issuer may agree, in its sole discretion, to increase its Letter of Credit Commitments under this definition, subject to the aggregate Letter of Credit Commitments not exceeding the L/C Sublimit.

"**Letter of Credit Sublimit Expiration Date**" shall mean the day that is three Business Days prior to the scheduled Maturity Date then in effect for the Revolving Credit Facility.

"**Letter of Credit Exposure**" shall mean, with respect to any Lender, at any time, the sum of (i) the amount of the principal amount of any Unpaid Drawings in respect of which such Lender has made (or is required to have made) payments to the Letter of Credit Issuers pursuant to <u>Section 3.4(a)</u> at such time and (ii) such Lender's Revolving Credit Commitment Percentage of the Letters of Credit Outstanding at such time (excluding the portion thereof consisting of Unpaid Drawings in respect of which the Lenders have made (or are required to have made) payments to the Letter of Credit Issuers pursuant to <u>Section 3.4(a)</u>).

"**Letter of Credit Fee**" shall have the meaning provided in <u>Section 4.1(b)</u>.

"**Letter of Credit Issuers**" shall mean (a) each of Wells Fargo Bank, National Association, The Toronto-Dominion Bank, New York Branch, Bank of Montreal and Bank of Nova Scotia and (b) any other Lender that becomes a Letter of Credit Issuer in accordance with <u>Section 3.6</u>, in each case, in its capacity as an issuer of Letters of Credit hereunder, or any replacement or successor issuer of Letters of Credit hereunder. In the event that there is more than one Letter of Credit Issuer at any time, references herein and in the other Credit Documents to the Letter of Credit Issuer shall be deemed to refer to the Letter of Credit Issuer in respect of the applicable Letter of Credit or to all Letter of Credit Issuers, as the context requires.

"**Letter of Credit Request**" shall mean a notice executed and delivered by the Borrower pursuant to <u>Section 3.2</u>, and in a form which is acceptable to the Letter of Credit Issuers in their reasonable discretion.

"**Letters of Credit Outstanding**" shall mean, at any time the sum of, without duplication, (i) the aggregate Stated Amount of all outstanding Letters of Credit and (ii) the aggregate amount of the principal amount of all Unpaid Drawings.

"**Lien**" shall mean with respect to any asset, any mortgage, lien, pledge, hypothecation, charge, security interest, preference, priority, or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in, and any filing of, or agreement to, give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; <u>provided</u> that in no event shall an operating lease or a non-exclusive license, sub-license or cross-license of Intellectual Property be deemed to constitute a Lien.

"**Lien Release**" shall mean the release of liens encumbering the Acquired Assets and the obligations of any Existing Loan Party (as defined below), pursuant to (a) the Confirmation Order, (b) the Chapter 11 Plan, (c) that certain U.K. Deed of Release, dated as of January 12, 2024, by and among Cyxtera UK TRS Limited, Cyxtera Technology UK Limited and Cyxtera Data Centers, Inc. and (d) any other document releasing liens in respect of the Acquired Assets, including liens providing grants of security to the secured parties party to each of (i) that certain First Lien Credit Agreement dated as of May 1, 2017 (as may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "**Existing Seller Credit Agreement**"), among Cyxtera DC Holdings, Inc., Cyxtera DC Parent Holdings, Inc., Cyxtera Communications, LLC, Cyxtera Data Centers, Inc. (collectively, the "**2017 Loan Parties**"), the first lien lenders from time to time party thereto, and Citibank, N.A., as administrative agent and collateral agent, (ii) the Bridge Facility dated as of May 4, 2023, among the 2017 Loan Parties, Cyxtera Canada TRS ULC, Cyxtera Canada, LLC, Cyxtera Communications Canada, ULC, Cyxtera Digital Services, LLC, Cyxtera Technology UK Limited, and Cyxtera UK TRS Limited (collectively with the 2017 Loan Parties, the "**Existing Loan Parties**"), the lenders from time to time party thereto, and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent for such lenders and (iii) the Debtor-in-Possession Financing Credit Agreement dated as of June 7, 2023 by and among the Existing Loan Parties, the lenders from time to time party thereto and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent for such lenders (the "**DIP Facility**").

"**Limited Condition Transaction**" shall mean (a) the consummation of any acquisition, investment, merger or other similar transactions that the Parent Borrower or any other Credit Party is contractually committed to consummate and whose consummation is not conditioned on the availability of, or on obtaining, third party financing, (b) any prepayment, repurchase or redemption of Indebtedness requiring irrevocable notice in advance of such prepayment, repurchase or redemption and/or (c) any Restricted Payment in connection with an acquisition or investment of the type described in clause (a) of this definition requiring declaration in advance thereof.

"**Loan**" shall mean any Revolving Loan or any other loan made by any Lender pursuant to this Agreement.

"**LTV**" shall mean, on any date of determination, the ratio (expressed as a percentage) of (a) Consolidated Total Net Debt to (b) Consolidated Property Values.

"**Majority Lead Arrangers**" shall have the meaning provided in <u>Section 6.13</u>.

"**Mandatory Prepayment Event**" shall have the meaning provided in <u>Section 5.2(b)</u>.

"**Master Agreement**" shall have the meaning provided in the definition of the term "Hedge Agreement."

"**Material Adverse Effect**" shall mean a circumstance or condition affecting the business, assets, operations, properties, or financial condition of the Parent Borrower and its Subsidiaries, taken as a whole, that would, individually or in the aggregate, materially adversely affect (i) the ability of the Parent Borrower and the other Credit Parties, taken as a whole, to perform their payment obligations under this Agreement or any of the other Credit Documents or (ii) the rights and remedies of the Administrative Agent and the Lenders under the Credit Documents.

"**Material Defects**" shall mean (a) any material physical or legal defects (including any material matters disclosed by current engineering, seismic, title and zoning reports) or other material shortfalls in the due diligence of lenders to the First Tier Facilities such that the Properties would (other than in respect of the EU Balance Sheet Loan Facility) not otherwise meet the customary standards for a balance sheet loan secured by (and mezzanine syndication of) a large portfolio of properties similar in size and character to the Properties, (b) any material damage or destruction with respect to the improvements located on the Properties whether or not covered by insurance and/or any material condemnation proceedings that are pending or threatened against the Properties, (c) any material uninsured liability or lack of required license or permit in respect of any of the Properties or (d) in the case of the EU Balance Sheet Loan Facility, any legal limitations that exist in respect of any relevant borrower thereunder that materially limits the ability of such borrower to secure its portion of the EU Balance Sheet Loan Facility (excluding any customarily accepted limitations).

"**Material Indebtedness**" shall have the meaning provided in <u>Section 11.4</u>.

"**Material Lease**" shall mean any Lease, which, either individually or when taken together with any other Lease(s) (including for the avoidance of doubt, any service orders) among the Properties with the same tenant or such tenant's Affiliates, provides the tenant (collectively with its Affiliates) thereunder with access to no less than five (5) or more megawatts of electrical utility power. Notwithstanding the foregoing in no event shall any Facilities Lease (as defined in US Balance Sheet Loan Agreement) constitute a Material Lease.

"**Material Lease Defects**" shall mean any legal defects that would cause any of the Properties to be acquired on the Closing Date constituting leasehold estates not to meet Market Lease Financeability Standards (as defined in the US Balance Sheet Loan Agreement).

"**Material Subsidiary**" shall mean, at any date of determination, each Subsidiary of the Parent Borrower (i) whose total assets at the last day of the Test Period ending on the last day of the most recent fiscal period for which Section 9.1 Financials have been delivered were equal to or greater than 5.0% of the Consolidated Total Assets of the Parent Borrower and its Subsidiaries at such date or (ii) whose revenues during such Test Period were equal to or greater than 5.0% of the consolidated revenues of the Parent Borrower and its Subsidiaries for such period, in each case determined in accordance with GAAP; <u>provided</u> that if, at any time and from time to time after the Closing Date, Subsidiaries that are not Material Subsidiaries (other than Subsidiaries that are Excluded Subsidiaries by virtue of any of <u>clauses (ii)</u> through <u>(xvi)</u> of the definition of "Excluded Subsidiary") have, in the aggregate, (a) total assets at the last day of such Test Period equal to or greater than 10.0% of the Consolidated Total Assets of the Parent Borrower and its Subsidiaries at such date or (b) revenues during such Test Period equal to or greater than 10.0% of the consolidated revenues of the Parent Borrower and its Subsidiaries for such period, in each case determined in accordance with GAAP, then Borrower shall, on the date on which financial statements for such quarter are delivered pursuant to this Agreement, designate in writing to the Administrative Agent one or more of such Subsidiaries as Material Subsidiaries for each fiscal period until this proviso is no longer applicable.

"**Maturity Date**" shall mean the Revolving Credit Maturity Date, or the Extended Revolving Loan Maturity Date, as applicable.

"**Merger Sub**" shall have the meaning provided in the recitals to this Agreement.

"**Minimum Borrowing Amount**" shall mean (i) with respect to a Borrowing of SOFR Loans, $1,000,000 (or, if less, the entire remaining applicable Commitments at the time of such Borrowing) and (ii) with respect to a Borrowing of ABR Loans, $1,000,000 (or, if less, the entire remaining applicable Commitments at the time of such Borrowing).

"**Minimum Collateral Amount**" shall mean, at any time, (i) with respect to Cash Collateral consisting of cash or Cash Equivalents or deposit account balances provided to reduce or eliminate Fronting Exposure during the existence of a Defaulting Lender, an amount equal to 101% of the Fronting Exposure of the Letter of Credit Issuers with respect to Letters of Credit issued and outstanding at such time and (ii) with respect to Cash Collateral consisting of cash or Cash Equivalents or deposit account balances provided in accordance with the provisions of <u>Section 3.8(a)(1)</u> or <u>(a)(2)</u> an amount equal to 101% of the outstanding amount of all L/C Obligations.

"**Moody's**" shall mean Moody's Investors Service, Inc. or any successor by merger or consolidation to its business.

"**Multiemployer Plan**" shall mean a "multiemployer plan" as defined in Section 4001(a)(3) of ERISA to which any Credit Party or ERISA Affiliate makes or is obligated to make contributions, or during the five preceding calendar years, has made or been obligated to make contributions and to which any Credit Party has any outstanding liability.

"**Named Competitor**" shall mean the entities set forth in Annex III of the Commitment Letter (as supplemented, if applicable, from time to time after the date of the Commitment Letter with entities reasonably acceptable to the Administrative Agent).

"**NAV**" shall mean, on any date of determination, (a) Consolidated Property Values minus (b) Consolidated Total Net Debt.

"**Net Cash Proceeds**" shall mean, with respect to any Asset Sale, (i) the gross cash proceeds (including payments from time to time in respect of installment obligations, if applicable, but only as and when received) received by or on behalf of the Parent Borrower or any other Credit Party in respect of such event, as the case may be, less (ii) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount, if any, of all taxes or Permitted Tax Distributions (including in connection with any repatriation of funds) paid or reasonably estimated to be payable by the Parent Borrower or any other Credit Party in connection with such event,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount of any reasonable reserves established in accordance with GAAP against any liabilities (other than any taxes deducted pursuant to <u>clause (a)</u> above) (1) associated with the assets that are the subject of such event and (2) retained by the Parent Borrower or any other Credit Party; <u>provided</u> that the amount of any subsequent reduction of such reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Cash Proceeds of such an event occurring on the date of such reduction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the amount of any Indebtedness (other than the Loans) secured by a Lien on the assets that are the subject of such event to the extent that the instrument creating or evidencing such Indebtedness requires that such Indebtedness be repaid upon consummation of such event,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amount of any proceeds therefrom that the Parent Borrower or any other Credit Party has reinvested in the business of the Parent Borrower or any of the other Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the case of any Asset Sale, any funded escrow established pursuant to the documents evidencing any such sale or disposition to secure any indemnification obligations or adjustments to the purchase price associated with any such sale or disposition; <u>provided</u> that the amount of any subsequent reduction of such escrow (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Cash Proceeds of such Asset Sale occurring on the date of such reduction solely to the extent that the Parent Borrower and/or any other Credit Party receives cash in an amount equal to the amount of such reduction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all fees and out-of-pocket expenses paid by the Parent Borrower or another Credit Party in connection with any of the foregoing (for the avoidance of doubt, including, (1) in the case of the issuance of Indebtedness, any fees, underwriting discounts, premiums, and other costs and expenses incurred in connection with such issuance and (2) attorney's fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, underwriting discounts and commissions, other customary expenses, and brokerage, consultant, accountant, and other customary fees), in each case, only to the extent not already deducted in arriving at the amount referred to in <u>clause (i)</u> above.

"**Net Operating Income**" or "**NOI**" shall mean, as of any date of determination, an amount equal to (x) Gross Income from Operations minus (y) Operating Expenses.

"**Non-Bank Tax Certificate**" shall have the meaning provided in <u>Section 5.4(e)(ii)(B)(3)</u>.

"**Non-Consenting Lender**" shall have the meaning provided in <u>Section 13.7(b)</u>.

"**Non-Defaulting Lender**" shall mean and include each Lender other than a Defaulting Lender.

"**Non-Extension Notice Date**" shall have the meaning provided in <u>Section 3.2(d)</u>.

"**Non-Recourse Indebtedness**" shall mean, with respect to any Person or group of Persons, Indebtedness for borrowed money (or guarantees of obligations in respect thereof) of which recourse for payment is contractually limited to specific assets of such Person or group of Persons (and/or the Equity Interests in such Person or group of Persons) encumbered by a Lien securing such Indebtedness (and for the avoidance of doubt, including customary exceptions for fraud, misapplication of funds, misrepresentation, waste, environmental indemnities, prohibited transfers, violation of "special purpose entity" covenants, bankruptcy, insolvency, receivership or other similar events and other similar exceptions to recourse liability); <u>provided</u> that in the event any such recourse claim is made with respect thereto, the portion of such Indebtedness in an amount equal to the amount of such recourse claim shall no longer constitute "Non-Recourse Indebtedness" for the period that such portion is subject to such recourse claim.

"**Non-U.S. Lender**" shall mean any Lender that is not a "United States person" as defined by Section 7701(a)(30) of the Code.

"**Notice of Borrowing**" shall have the meaning provided in <u>Section 2.3(a)</u>.

"**Notice of Conversion or Continuation**" shall have the meaning provided in <u>Section 2.6(a)</u>.

"**NYFRB**" shall mean the Federal Reserve Bank of New York.

"**NYFRB Rate**" shall mean, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day; <u>provided</u> that, if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for the purposes of calculating such rate.

"**Obligations**" shall mean all advances to, and debts, liabilities, obligations, covenants, and duties of, any Credit Party arising under any Credit Document or otherwise with respect to any Revolving Credit Commitment, Letter of Credit or Loan or under any Secured Cash Management Agreement or Secured Hedge Agreement (other than with respect to any Credit Party's obligations that constitute Excluded Swap Obligations solely with respect to such Credit Party, as the case may be), in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Credit Party or any Affiliate thereof of any proceeding under any bankruptcy or insolvency law naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. Without limiting the generality of the foregoing, the Obligations of the Credit Parties under the Credit Documents (and any of their Subsidiaries to the extent they have obligations under the Credit Documents) include the obligation (including guarantee obligations) to pay principal, interest, charges, expenses, fees, attorney costs, indemnities, and other amounts payable by any Credit Party under any Credit Document.

"**Operating Expenses**" shall mean all ordinary costs and expenses with respect to the operation, management, maintenance, repair and use of the applicable properties, insurance premiums and real property Taxes for the twelve (12)-month period immediately preceding the date of determination (excluding any Extraordinary Expenses, non-cash items, non-recurring expenses, debt service on the US Balance Sheet Loan Facility, loan placement fees and other amounts due and payable on the US Balance Sheet Loan Facility, tenant improvements costs, leasing commissions, Capital Expenditures (including build-out costs and other development costs) or capital reserves, deposits in any reserves (including in any reserve accounts under the US Balance Sheet Loan Agreement), expenses which are subject to reimbursement by (a) any tenant pursuant to the terms of such tenant's Lease (provided that the applicable tenant is not in default under its Lease beyond all applicable notice and cure periods), (b) insurance policy (unless the applicable insurance policy does not cover the applicable claim or the applicable insurer has denied coverage of the applicable claim) or (c) third party pursuant to the terms of a written agreement (provided that such third party is not in default under such written agreement beyond all applicable notice and cure periods), and income taxes and other taxes in the nature of income taxes); provided that the same shall be adjusted (i) for any changes in Taxes, insurance premiums known as of the time of determination and (ii) to reflect an assumed base property management fee equal to the greater of (x) 3.0% of (a) base rent due under the Leases and (y) the actual property management fee payable pursuant to the Management Agreement (as defined in the US Balance Sheet Loan Agreement) and, in the event any sub-management fee is not paid directly by Manager from its management fees, any incremental amounts paid to any sub-manager under any sub-management agreement.

"**Original Revolving Credit Commitments**" shall mean all Revolving Credit Commitments, Existing Revolving Credit Commitments and Extended Revolving Credit Commitments.

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

"**Other Taxes**" shall mean all present or future stamp, registration, court or documentary Taxes or any other excise, property, intangible, mortgage recording, filing or similar Taxes arising from any payment made hereunder or under any other Credit Document or from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to, this Agreement or any other Credit Document; <u>provided</u> that such term shall not include (i) any Taxes that result from an assignment ("**Assignment Taxes**"), to the extent such Assignment Taxes are imposed as a result of a connection between the Lender and the taxing jurisdiction (other than a connection arising solely from any Credit Documents or any transactions contemplated thereunder), except to the extent that any such action described in this proviso is requested or required by the Borrower or (ii) any Excluded Taxes.

"**Overnight Bank Funding Rate**" shall mean, for any date, the rate comprised of both overnight federal funds and overnight eurodollar borrowings by U.S. managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate (from and after such date as the NYFRB shall commence to published such composite rate).

"**Overnight Rate**" shall mean, for any day, with respect to any amount denominated in Dollars, the greater of (i) the Federal Funds Effective Rate, (ii) an overnight rate determined by the Administrative Agent or the Letter of Credit Issuers, as the case may be, in accordance with banking industry rules on interbank compensation.

"**Parent Borrower**" shall have the meaning provided in the preamble to this Agreement.

"**Parent Entity**" shall mean any Person that is a direct or indirect parent company (which may be organized as, among other things, a partnership) of the Parent Borrower; <u>provided</u> that for purposes of <u>clauses (i)</u>, <u>(ii)</u>, <u>(iii)</u> and <u>(iv)</u> of the definition of Change of Control, references to the Parent Borrower shall be deemed to refer to any such Parent Entity.

"**Participant**" shall have the meaning provided in <u>Section 13.6(c)(i)</u>.

"**Participant Register**" shall have the meaning provided in <u>Section 13.6(c)(ii)</u>.

"**Participating Member State**" shall mean any member state of the European Union that adopts or has adopted the Euro as its lawful currency in accordance with legislation of the European Union relating to economic and monetary union.

"**Patriot Act**" shall have the meaning provided in <u>Section 13.18</u>.

"**Payment Notice**" shall have the meaning provided in <u>Section 12.14(b)</u>.

"**PBGC**" shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

"**Pension Plan**" shall mean any "employee pension benefit plan" (as defined in Section 3(2) of ERISA, but excluding any Multiemployer Plan) that is subject to Title IV of ERISA, Section 302 of ERISA or Section 412 of the Code, sponsored or maintained by any Credit Party or any of their respective ERISA Affiliates, or to which any Credit Party or any of their respective ERISA Affiliates contributes or had any obligation to contribute if liability to a Credit Party remains.

"**Permitted Acquisition**" shall mean (a) any transactions or Investments otherwise made in connection with the Transactions and (b) any Investment by any Credit Party in a Person that is engaged in a Similar Business, if as a result of such Investment such Person, in one transaction or a series of related transactions, is merged, consolidated, or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Parent Borrower or another Credit Party, and, in each case, any Investment held by such Person; <u>provided</u> that such Investment was not acquired by such Person in contemplation of such acquisition, merger, consolidation, or transfer.

"**Permitted Asset Swap**" shall mean the concurrent purchase and sale or exchange of Related Business Assets or a combination of Related Business Assets and cash or Cash Equivalents between the Parent Borrower or another Credit Party and another Person; <u>provided</u> that any cash or Cash Equivalents received must be applied in accordance with <u>Section 10.3</u>.

"**Permitted Deferral**" shall mean the deferral of the mortgage of any Third Party Acquired Asset that (x) individually, does not generate more than 5% of Net Operating Income, (y) in the aggregate with any other Third Party Acquired Asset that is the subject of a Permitted Deferral, does not generate more than 15% of Net Operating Income, and (z) in the aggregate with any other Third Party Acquired Asset that is a fee estate and is the subject of a Permitted Deferral, does not generate more than 10% of Net Operating Income (in each case of (x), (y) and (z), calculating Net Operating Income by taking all Acquired Assets as the "applicable properties" for purposes of the calculation of "Gross Income from Operations" and "Operating Expenses").

"**Permitted Holders**" shall mean each of (i) the Investors and their respective Affiliates (other than any portfolio company of an Investor), (ii) [reserved], (iii) any limited or general partners of, or other investors in, any Investor or any Affiliate thereof, (iv) and any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) of which any of the foregoing are members; <u>provided</u> that, in the case of such group and without giving effect to the existence of such group or any other group, such Investors, their respective Affiliates (other than any portfolio company of an Investor) and members of management, collectively, have beneficial ownership of more than 50% of the total voting power of the Voting Stock of the Parent Borrower or any other direct or indirect Parent Entity, (v) any direct or indirect Parent Entity, for so long as more than 50% of the total voting power of the Voting Stock of such direct or indirect Parent Entity is beneficially owned, directly or indirectly, by one or more of the Persons described in the foregoing clauses (i) through (iv) and (vi) any entity (other than a Parent Entity) through which a Parent Entity described in <u>clause (v)</u> directly or indirectly holds Equity Interests of the Parent Borrower and has no other material operations other than those incidental thereto.

"**Permitted Liens**" shall mean, with respect to any Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pledges or deposits by such Person
under workmen's compensation laws, unemployment insurance laws, or similar legislation, or good faith deposits in connection with
bids, tenders, contracts (other than for the payment of Indebtedness), or leases to which such Person is a party, or deposits to secure
public or statutory obligations of such Person or deposits of cash or U.S. government bonds to secure surety, stay or appeal bonds to
which such Person is a party, or deposits as security for the payment of rent or deposits made to secure obligations arising from contractual
or warranty refunds, in each case, incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liens imposed by law, such as landlords', carriers',
warehousemen's, materialmen's, repairmen's, and mechanics' Liens, in each case, (x) for sums not yet overdue
for a period of more than 60 days or, if more than 60 days overdue, are unfiled and no other action has been taken to enforce such Lien
or that are being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person
with respect to which such Person shall then be proceeding with an appeal or other proceedings for review if adequate reserves with respect
thereto are maintained on the books of such Person in accordance with GAAP, or (y) so long as such Liens do not individually or
in the aggregate have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Liens for Taxes or other governmental charges, in each case (x) not
yet overdue for a period of more than 60 days or which are being contested in good faith by appropriate proceedings diligently conducted,
if adequate reserves with respect thereto are maintained on the books of such Person in accordance with GAAP or are not required to be
paid pursuant to <u>Section 9.4</u>, or for property Taxes on property of the Parent Borrower or one of its Subsidiaries has determined
to abandon if the sole recourse for such Tax or other charge is to such property or (y) so long as such Liens do not individually
or in the aggregate have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Liens in favor of issuers of performance, surety, bid, indemnity,
warranty, release, appeal, or similar bonds or with respect to other regulatory requirements (including those to secure health, safety
and environmental obligations of the Parent Borrower or any Credit Party) or letters of credit or bankers' acceptances issued,
and completion guarantees provided for, in each case pursuant to the request of and for the account of such Person in the ordinary course
of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) minor survey exceptions, minor encumbrances, ground leases, easements,
or reservations of, or rights of others for, licenses, rights-of-way, servitudes, sewers, electric lines, drains, telegraph and telephone
and cable television lines, gas and oil pipelines, and other similar purposes, or zoning, building codes, or other restrictions (including,
without limitation, minor defects or irregularities in title and similar encumbrances) as to the use of real properties or Liens incidental
to the conduct of the business of such Person or to the ownership of its properties which were not incurred in connection with Indebtedness
and which do not, in the aggregate, materially adversely affect the value of said properties or materially impair their use in the operation
of the business of such Person, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Liens securing Indebtedness to the extent not prohibited to be
incurred under this Agreement (so long as such Liens are subject to (i) in the case of Liens securing Indebtedness on a pari passu
basis with the First Lien Obligations, a First Lien Intercreditor Agreement; and (ii) in the case of Liens securing Indebtedness
on a junior basis to the First Lien Obligations, a Second Lien Intercreditor Agreement); <u>provided</u> that without any further consent
of the Lenders, the Administrative Agent and the Collateral Agent shall be authorized to execute and deliver on behalf of the Secured
Parties any First Lien Intercreditor Agreement and any Second Lien Intercreditor Agreement contemplated by this <u>clause (f)</u>; <u>provided</u>, <u>further</u>, that in the case of clause (d) of <u>Section 10.1</u>, such Lien may not extend to any property, equipment or similar assets
(or assets affixed or appurtenant thereto) other than the property, equipment or similar assets being financed or refinanced under clause
(d) of <u>Section 10.1</u>, replacements of such property, equipment or assets, and additions and accessions and in the case
of multiple financings of equipment or similar assets provided by any lender, other equipment or similar assets financed by such lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) subject to <u>Section 9.14</u>, Liens existing on the Closing Date; <u>provided</u> that any Lien securing Indebtedness
 or other obligations in excess of (a) $5,000,000 individually or (b) $50,000,000
 in the aggregate (when taken together with all other Liens securing obligations outstanding
 in reliance on this <u>clause (b)</u> that are not listed on <u>Schedule 1.1(c)</u>)
 shall only be permitted if set forth on <u>Schedule 1.1(c)</u>, and, in each case, any modifications,
 replacements, renewals, refinancings, or extensions thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens on property or shares of stock of a Person at the time such
Person becomes a Subsidiary; <u>provided</u> such Liens are not created or incurred in connection with, or in contemplation of, such
other Person becoming a Subsidiary; <u>provided</u>, <u>further</u>, <u>however</u>, that such Liens may not extend to any other property
owned by the Parent Borrower or any other Credit Party (other than, with respect to such Person, any replacements of such property or
assets and additions and accessions thereto, after-acquired property subject to a Lien securing Indebtedness and other obligations incurred
prior to such time and which Indebtedness and other obligations are permitted hereunder that require, pursuant to their terms at such
time, a pledge of after-acquired property of such Person, and the proceeds and the products thereof and customary security deposits in
respect thereof and in the case of multiple financings of equipment or similar assets provided by any lender, other equipment or similar
assets financed by such lender, it being understood that such requirement shall not be permitted to apply to any property to which such
requirement would not have applied but for such acquisition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens on property at the time the Parent Borrower or any other
Credit Party acquired the property, including any acquisition by means of a merger or consolidation with or into the Parent Borrower
or any Credit Party; <u>provided</u> that such Liens are not created or incurred in connection with, or in contemplation of, such acquisition,
merger, consolidation, or designation; <u>provided</u>, <u>further</u>, <u>however</u>, that such Liens may not extend to any other property
owned by the Parent Borrower or any other Credit Party (other than, with respect to such property, any replacements of such property
or assets and additions and accessions thereto, after-acquired property subject to a Lien securing Indebtedness and other obligations
incurred prior to such time and which Indebtedness and other obligations are permitted hereunder that require, pursuant to their terms
at such time, a pledge of after-acquired property, and the proceeds and the products thereof and customary security deposits in respect
thereof and in the case of multiple financings of equipment or similar assets provided by any lender, other equipment or similar assets
financed by such lender, it being understood that such requirement shall not be permitted to apply to any property to which such requirement
would not have applied but for such acquisition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Liens on specific items of inventory or other goods and proceeds
of any Person securing such Person's obligations in respect of bankers' acceptances issued or created for the account of
such Person to facilitate the purchase, shipment, or storage of such inventory or other goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) leases, subleases, licenses, or sublicenses (including of Intellectual
Property if granted on a non-exclusive basis) granted to others in the ordinary course of business, or if granted to any Securitization
Entity in connection with or in contemplation of a Permitted Securitization Financing (including precautionary Liens granted in respect
of Securitization Assets transferred to Securitization Entities in connection with one or more Permitted Securitization Financings);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Liens arising from Uniform Commercial Code financing statement
filings regarding operating leases or consignments entered into by the Parent Borrower or any other Credit Party in the ordinary course
of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Liens in favor of any Borrower or any other Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Liens on equipment or similar assets of the Parent Borrower or
any other Credit Party granted in the ordinary course of business to the Parent Borrower or such Credit Party's client at which
such equipment or similar asset is located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Liens on Securitization Assets incurred in connection with a Permitted
Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Liens to secure any refinancing, refunding, extension, renewal,
or replacement (or successive refinancing, refunding, extensions, renewals, or replacements) as a whole, or in part, of any Indebtedness
secured by any Lien referred to in <u>clauses (f)</u>, <u>(g)</u>, <u>(h</u>) and <u>(i)</u> of this definition of Permitted
Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) deposits made or other security provided to secure liabilities
to insurance carriers under insurance or self-insurance arrangements in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Liens securing judgments
 and attachments for the payment of money not constituting an Event of Default under <u>Section 11.5</u> or <u>Section 11.9</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Liens in favor of customs and revenue authorities arising as a
matter of law to secure payment of customs duties in connection with the importation of goods in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Liens (a) of a collection bank arising under Section 4-210
of the Uniform Commercial Code or any comparable or successor provision on items in the course of collection, (b) attaching
to cash pooling accounts, commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course of business,
and (c) in favor of banking or other financial institutions or other electronic payment service providers arising as a matter of
law (or customary business provisions) encumbering deposits (including the right of set-off) and which are within the general parameters
customary in the banking or finance industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Liens deemed to exist
 in connection with Investments in repurchase agreements permitted under <u>Section 10.1</u>; <u>provided</u> that such Liens do not extend to any assets other than those that
 are the subject of such repurchase agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Liens encumbering reasonable customary initial deposits and margin
deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business
and not for speculative purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Liens that are contractual rights of set-off (a) relating
to the establishment of depository relations with banks not given in connection with the issuance of Indebtedness, (b) relating
to pooled deposits or sweep accounts of the Parent Borrower or any of the other Credit Parties to permit satisfaction of overdraft or
similar obligations incurred in the ordinary course of business of the Parent Borrower and the other Credit Parties, or (c) relating
to purchase orders and other agreements entered into by the Parent Borrower or any of the other Credit Parties in the ordinary course
of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Liens (a) solely on any cash earnest money deposits made
by the Parent Borrower or any of the other Credit Parties in connection with any letter of intent or purchase agreement permitted under
this Agreement or (b) consisting of an agreement to dispose of any property pursuant to a disposition permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) rights reserved or vested in any Person by the terms of any lease,
license, franchise, grant, or permit held by the Parent Borrower or any of the other Credit Parties or by a statutory provision, to terminate
any such lease, license, franchise, grant, or permit, or to require annual or periodic payments as a condition to the continuance thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) restrictive covenants affecting the use to which real property
may be put; <u>provided</u> that the covenants are complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) security given to a public utility or any municipality or governmental authority when required by such
utility or authority in connection with the operations of that Person in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) zoning by-laws and other land use restrictions, including, without limitation, site plan agreements, development
agreements, and contract zoning agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Liens arising out of conditional sale, title retention, consignment, or similar arrangements for sale
of goods entered into by the Parent Borrower or any other Credit Party in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Liens arising under the Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) Liens on goods purchased in the ordinary course of business, the purchase price of which is financed by
a commercial letter of credit issued for the account of the Parent Borrower or any other Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) (a) Liens on Equity Interests in, or assets of, joint ventures; <u>provided</u> that any such Lien
is in favor of a creditor of such joint venture and such creditor is not an Affiliate of any partner to such joint venture and (b) purchase
options, call, and similar rights of, and restrictions for the benefit of, a third party with respect to Equity Interests held by the
Parent Borrower or any other Credit Party in joint ventures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) Liens on cash and Cash Equivalents that are earmarked to be used to satisfy or discharge Indebtedness; <u>provided</u> (a) such cash and/or Cash Equivalents are deposited into an account from which payment is to be made, directly or
indirectly, to the Person or Persons holding the Indebtedness
that is to be satisfied or discharged, (b) such Liens extend solely to the account in which such cash and/or Cash Equivalents are
deposited and are solely in favor of the Person or Persons holding the Indebtedness (or any agent or trustee for such Person or Persons)
that is to be satisfied or discharged, and (c) the satisfaction or discharge of such Indebtedness is expressly permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) with respect to any Foreign Subsidiary, Liens and privileges arising
mandatorily by any Requirements of Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the extent pursuant to a Requirements of Law, Liens on cash or Investments securing Hedge Agreements
in the ordinary course of business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) without duplication of any of the foregoing, any Liens not on Collateral permitted to be incurred pursuant
to any First Tier Facility Agreement.

For purposes of this definition, the term "Indebtedness" shall be deemed to include interest on, and fees, expenses and other obligations payable with respect to, such Indebtedness.

"**Permitted Sale Leaseback**" shall mean any Sale Leaseback consummated by the Parent Borrower or any other Credit Party after the Closing Date; <u>provided</u> that any such Sale Leaseback is consummated for fair value as determined at the time of consummation in good faith by (i) the Parent Borrower or such Credit Party or (ii) in the case of any Sale Leaseback (or series of related Sale Leasebacks) the aggregate proceeds of which exceed the greater of (a) $275,000,000 and (b) 5.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) at the time of the incurrence of such Sale Leaseback, the board of directors (or analogous governing body) of the Parent Borrower or such Credit Party (which such determination may take into account any retained interest or other Investment of the Parent Borrower or such Credit Party in connection with, and any other material economic terms of, such Sale Leaseback).

"**Permitted Securitization Documents**" shall mean all documents and agreements evidencing, relating to, contemplated by or otherwise governing a Permitted Securitization Financing, including any hedge or swap agreement, management agreement, back-up management agreement, Servicing Arrangement, other servicing agreement or Permitted Securitization Guarantee entered into in connection therewith.

"**Permitted Securitization Financing**" shall mean (A) one or more transactions pursuant to which (i) Securitization Assets or interests therein are or have been sold, contributed or otherwise transferred to, whether directly or indirectly (including by way of the transfer of the Equity Interests of Securitization Entities or an entity that is not a Credit Party holding solely Securitization Assets), or financed by, one or more Securitization Entities and (ii) such Securitization Entities finance (or refinance) such Securitization Assets or interests therein, whether for the purpose of acquiring such Securitization Assets, providing financing in respect thereof or otherwise, by selling, otherwise transferring or borrowing against Securitization Assets (including bridge, conduit and warehouse financings and "whole-business" securitizations, whether "royalty-only" or securitizing "company-owned store", "distribution or other profit margin" or other assets, in each case, which financings may or may not be syndicated or rated) or (B) one or more transactions pursuant to which Receivables Assets or interests therein are or have been sold or otherwise transferred by the Borrower, a Subsidiary or a Securitization Entity in the form of receivables purchase/sale, factoring agreements or other similar transactions customary with respect to Securitization Assets, in each of the cases set forth in clauses (A) and (B) above, pursuant to Permitted Securitization Documents and <u>provided</u>, that recourse to the Borrower or any Subsidiary (other than the Securitization Entities) in connection with such transactions shall be limited to the extent customary (as determined by the Borrower in good faith) for similar transactions in the applicable jurisdictions (including, to the extent applicable, in a manner consistent with the delivery of a "true sale"/"absolute transfer" and/or "substantive non-consolidation" opinion with respect to any transfer by the Borrower or any Subsidiary (other than a Securitization Entity)); and <u>provided</u>, <u>further</u>, that solely in the case of clause (A) above (x) the related Securitization Entities comply with the limitations on the sale and distribution of their equity interests as set forth herein and (y) any intercompany royalty charged to the Borrower or any of its restricted subsidiaries for the use of the related intellectual property is on market terms (as determined in good faith by the Borrower).

"**Permitted Securitization Guarantee**" shall mean a performance guaranty or other customary Guarantee or indemnification, contribution or other contractual obligations or undertakings provided by the Borrower, a Subsidiary or an Affiliate thereof in connection with a Permitted Securitization Financing; <u>provided</u> that the foregoing shall not materially impair the status of any Securitization Entity as such including the delivery of customary "true sale"/"absolute transfer" and/or "substantive non-consolidation" opinions in respect thereof.

"**Person**" shall mean any individual, partnership, joint venture, firm, corporation, limited liability company, association, trust, or other enterprise or any Governmental Authority.

"**Personal Information**" shall mean (i) all information identifying, or that alone or in combination with other information allows for the identification of, an individual; and (ii) all information that is defined as "personal data" or "personal information" under applicable Requirements of Law.

"**Platform**" shall have the meaning provided in <u>Section 13.17(a)</u>.

"**Pledge Agreement**" shall mean the Pledge Agreement, entered into by the Credit Parties party thereto and the Collateral Agent for the benefit of the Secured Parties, substantially in the form of <u>Exhibit C</u>.

"**Prepayment Cap**" shall have the meaning provided in <u>Section 5.2(b)</u>.

"**primary obligor**" shall have the meaning provided such term in the definition of Contingent Obligations.

"**Prime Rate**" shall mean the "U.S. Prime Rate" in effect on any such day as quoted in The Wall Street Journal.

"**Pro Forma Basis,**" "**Pro Forma Compliance,**" and "**Pro Forma Effect**" shall mean, with respect to compliance with any test, financial ratio, payment or covenant hereunder required by the terms of this Agreement to be made on a Pro Forma Basis or after giving Pro Forma Effect thereto, that all Pro Forma Events and the following transactions in connection therewith that have been made during the applicable period of measurement or subsequent to such period and prior to or simultaneously with the event for which the calculation is made shall be deemed to have occurred as of the first day of the applicable period of measurement in such test, financial ratio or covenant: (a) income statement items (whether positive or negative) attributable to the property or Person subject to such Pro Forma Event, (1) in the case of a sale, transfer, or other disposition of all or substantially all Capital Stock in any Subsidiary of the Parent Borrower or any division, product line, or facility used for operations of the Parent Borrower or any of its Subsidiaries, shall be excluded, and (2) in the case of a Permitted Acquisition or Investment described in the definition of Specified Transaction, shall be included, (b) any retirement of Indebtedness, (c) any incurrence or assumption of Indebtedness by the Parent Borrower or any of the other Credit Parties in connection therewith (it being agreed that if such Indebtedness has a floating or formula rate, such Indebtedness shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate that is or would be in effect with respect to such Indebtedness as at the relevant date of determination) and (d) in connection with any investment or disposition made in connection with a Permitted Securitization Financing (including by way of the transfer of the Equity Interests of the entity holding such Securitization Assets), pro forma effect shall be given to (A) any Securitization Fees as if such Securitization Fees have been received by the Borrower or a Subsidiary over the applicable period in an amount determined in good faith by an Authorized Officer of the Borrower and (B) any repayment of Consolidated Total Net Debt that occurs substantially contemporaneously with such transaction (whether from the proceeds of such Permitted Securitization Financing or from other available amounts).

"**Pro Forma Event**" shall mean any asset sales, mergers or other business combinations, acquisitions, Investments, dispositions or divestitures, operating improvements and expense reductions, restructurings, cost saving initiatives and other similar initiatives and Specified Transaction.

"**Proceeds Shortfall**" shall mean, without duplication of any Reserves Shortfall, any other deficiencies in the amount of proceeds available on the Closing Date from the First Tier Facilities for the Transactions, when compared to the aggregate amount of the commitments of the Joint Lead Arrangers under the Commitment Letter, as a result of LTV sizing, collateral appraisal shortfalls, setting aside of loan reserves or otherwise under the First Tier Facilities.

"**Processing**" shall mean any operation or set of operations performed upon Personal Information, whether or not by automated means, such as collection, recording, organization, structuring, storage, adaptation or alteration, retrieval, consultation, use, disclosure by transmission, dissemination or otherwise making available, combination, restriction, erasure or destruction.

"**Prohibited Transaction**" shall have the meaning assigned to such term in Section 406 of ERISA and Section 4975(c) of the Code.

"**Projections**" shall have the meaning provided in <u>Section 9.1(c)</u>.

"**Property**" shall mean any rights, title and interest of the Parent Borrower or its applicable Subsidiary in and to the following: (a) any real property interests, estates, lands, privileges, servitudes, tenements and rights of any nature, whether owned, leased, sub-leased, licensed or otherwise obtained by or granted to the Parent Borrower or such Subsidiary; (b) any buildings, structures, additions, enlargements, extensions, modifications, repairs, replacements and improvements erected or located on or appurtenant to the real property described in the foregoing clause (a), and all alterations thereto or replacements thereof; (c) any fixtures, attachments, appliances, goods, equipment, machinery, materials and other articles attached to, located on or installed in the real property described in the foregoing clause (a) or to any property described in the foregoing clause (b), or used at or in connection with any of the foregoing and any parts or components which may from time to time be incorporated or installed in or attached thereto; (d) any other real, tangible or intangible personal property owned by such Subsidiary and located within or about or otherwise placed upon the real property described in the foregoing clause (a), together with any accessories, replacements and substitutions thereto or therefor; (e) any associated electrical or other utility connections; and/or (f) any associated onsite, appurtenant or supporting infrastructure, in each case of the foregoing clauses (a) through (f), as may be improved, replaced, substituted, enlarged, modified, changed or expanded from time to time.

"**Property Values**" shall mean, on any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For any Property that constitutes "Property" (as defined in the applicable First Tier Facility Agreement) as of the Closing Date, the value attributable to such Property set forth on Schedule 1.1(d) (inclusive of any "portfolio premium" attributable thereto); *provided* that if the Borrower elects to obtain a new Appraisal with respect to such Property pursuant to clause (c) below, then the Property Value of such Property shall be its newly appraised value pursuant to clause (c) below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For any Property that the Parent Borrower or its Subsidiaries acquire after the Closing Date, (i) if an Appraisal of such Property has been delivered in connection with such acquisition, the appraised value set forth in such Appraisal, and otherwise, the book value thereof (as recorded on the Parent Borrower's or applicable Subsidiary's financial statements); provided that if the Borrower elects to obtain a new Appraisal with respect to such Property pursuant to clause (c) below, then the Property Value of such Property shall be its newly appraised value pursuant to clause (c) below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event the Parent Borrower or its Subsidiaries have (i) made capital expenditures or other investments to improve any Property in an aggregate amount of at least $25,000,000 in the immediately preceding twelve (12) month period or (ii) entered into a new Lease with respect to any Property that would constitute a Material Lease, then the Parent Borrower may elect to cause a new Appraisal to be performed in respect of such Property, in which case the "Property Value" in respect of such Property from and after the date of such new Appraisal shall be the appraised value therefor set forth in such new Appraisal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For any Property owned by the Parent Borrower or its Subsidiaries and that is (i) not subject to any other financing arrangement and (ii) is not included under the First Tier Facility Agreement, if an Appraisal of such Property has been delivered to the Revolving Credit Facility Administrative Agent, the appraised value set forth in such Appraisal; *provided* that if the Borrower elects to obtain a new FIRREA-compliant appraisal with respect to such property pursuant to clause (c) above, then the Property Value of such property shall be its newly appraised value pursuant to clause (c) above.

For the avoidance of doubt, to the extent the Property Value of any Property has been determined pursuant to the foregoing clauses (a), (b) or (c), the value of any capital invested into such Property shall be excluded from subclause (ii) of the definition of "Consolidated Property Values".

"**PTE**" shall mean a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

"**QFC**" shall have the meaning provided in <u>Section 13.24(b)</u>.

"**QFC Credit Support**" shall have the meaning provided in <u>Section 13.24</u>.

"**Qualified Proceeds**" shall mean assets that are used or useful in, or Capital Stock of any Person engaged in, a Similar Business.

"**Qualified Stock**" of any Person shall mean Capital Stock of such Person other than Disqualified Stock of such Person.

"**Quarterly Prepayment Amount**" shall have the meaning provided in <u>Section 5.2(b)</u>.

"**Real Estate**" shall have the meaning provided in <u>Section 9.1(f)</u>.

"**Receivables Assets**" shall mean accounts receivable (including any bills of exchange) and related assets and property from time to time originated, acquired or otherwise owned by the Parent Borrower or any Subsidiary. "**Refunding Capital Stock**" shall have the meaning provided in <u>Section 10.4(b)(2)</u>.

"**Register**" shall have the meaning provided in <u>Section 13.6(b)(iv)</u>.

"**Regulated Bank**" shall mean (a) any swap dealer registered with the U.S. Commodity Futures Trading Commission or security-based swap dealer registered with the U.S. Securities and Exchange Commission, as applicable; or (b) any commercial bank that is (i) a U.S. depository institution the deposits of which are insured by the Federal Deposit Insurance Corporation, (ii) a corporation organized under section 25A of the U.S. Federal Reserve Act of 1913, (iii) a branch, agency or commercial lending company of a foreign bank operating pursuant to approval by and under the supervision of the Board under 12 C.F.R. part 211, (iv) a non-U.S. branch of a foreign bank managed and controlled by a U.S. branch referred to in clause (iii), or (v) any other U.S. or non-U.S. depository institution or any branch, agency or similar office thereof supervised by a bank regulatory authority in any jurisdiction.

"**Regulation T**" shall mean Regulation T of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements.

"**Regulation U**" shall mean Regulation U of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements.

"**Regulation X**" shall mean Regulation X of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements.

"**Reimbursement Date**" shall have the meaning provided in <u>Section 3.4(a)</u>.

"**Reimbursement Obligations**" shall mean the Borrower's obligations to reimburse Unpaid Drawings pursuant to <u>Section 3.4(a)</u>.

"**REIT**" shall mean a domestic trust or corporation that qualifies as a real estate investment trust under the provisions of § 856, et seq. of the Code or any successor provisions.

"**Related Business Assets**" shall mean assets (other than cash or Cash Equivalents) used or useful in a Similar Business; <u>provided</u> that any assets received by the Parent Borrower or another Credit Party in exchange for assets transferred by the Parent Borrower or a Credit Party shall not be deemed to be Related Business Assets if they consist of securities of a Person, unless upon receipt of the securities of such Person, such Person would become a Credit Party.

"**Related Fund**" shall mean, with respect to any Lender that is a Fund, any other Fund that is advised or managed by (a) such Lender, (b) an Affiliate of such Lender or (c) an entity or an Affiliate of such entity that administers, advises or manages such Lender.

"**Related Parties**" shall mean, with respect to any specified Person, such Person's Affiliates and the directors, officers, employees, agents, and members of such Person and any Person that possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of such Person, whether through the ability to exercise voting power, by contract or otherwise.

"**Release**" shall mean any release, spill, emission, discharge, disposal, escaping, leaking, pumping, pouring, dumping, emptying, injection, or leaching of Hazardous Materials into or through the environment. "**Released**" shall have a correlative meaning.

"**Relevant Governmental Body**" shall mean, with respect to a Benchmark Replacement in respect of Loans denominated in Dollars, the Federal Reserve Board and/or the NYFRB, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto.

"**Removal Effective Date**" shall have the meaning provided in <u>Section 12.9(b)</u>.

"**Replaced Revolving Facility**" shall have the meaning provided in <u>Section 13.1</u>.

"**Replacement Revolving Facility**" shall have the meaning provided in <u>Section 13.1</u>.

"**Replacement Sponsor Guarantor**" shall mean any Affiliate of the Sponsors with a minimum net worth (at the time it provides a Sponsor Guaranty) that is not less than $2,000,000,000; <u>provided</u> that (a) in the event Sponsor Guaranties are provided by more than one Sponsor Guarantor and/or Replacement Sponsor Guarantor, "minimum net worth" as used in this definition shall be calculated on an aggregate basis for all persons providing such Sponsor Guaranties and (b) in the case Sponsor Guaranties are provided by several Sponsor Guarantors and/or Replacement Sponsor Guarantors on a several and not joint basis, the minimum net worth of each Replacement Sponsor Guarantor shall not be less than the product of (i) $2,000,000,000 *multiplied by* (ii) the percentage of the aggregate amount of Sponsor Guaranties guaranteed by such Replacement Sponsor Guarantor.

"**Reportable Event**" shall mean any "reportable event", as defined in Section 4043(c) of ERISA or the regulations issued thereunder, with respect to a Pension Plan (other than a Pension Plan maintained by an ERISA Affiliate that is considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Section 414 of the Code), other than those events as to which notice is waived pursuant to PBGC Reg. § 4043.

"**Representative**" shall mean, with respect to any series of Indebtedness not prohibited by this Agreement to be secured by the Collateral on a <u>pari passu</u> or junior basis with the Obligations, the trustee, the administrative agent, the collateral agent, security agent or similar agent under the indenture or agreement pursuant to which such Indebtedness is issued, incurred or otherwise obtained, as the case may be, and each of their successors in such capacities.

"**Required Lenders**" shall mean, at any date, (a) Non-Defaulting Lenders having or holding a majority of the Adjusted Total Revolving Credit Commitment at such date, at such date or (b) if the Total Revolving Credit Commitment has been terminated or for the purposes of acceleration pursuant to <u>Section 11</u>, Non-Defaulting Lenders having or holding a majority of the outstanding principal amount of the Loans and Letter of Credit Exposure (excluding the Loans and Letter of Credit Exposure of Defaulting Lenders) in the aggregate at such date.

"**Required Revolving Credit Lenders**" shall mean, at any date, Non-Defaulting Lenders holding a majority of the Adjusted Total Revolving Credit Commitment at such date (or, if the Total Revolving Credit Commitment has been terminated at such time, a majority of the Revolving Credit Exposure (excluding Revolving Credit Exposure of Defaulting Lenders) at such time).

"**Requirements of Law**" shall mean, as to any Person, the certificate of incorporation and by-laws or other organizational or governing documents of such Person, and any law, treaty, rule, or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or assets or to which such Person or any of its property or assets is subject.

"**Reserves Shortfall**" shall mean the amount as may be reasonably required by the Majority Lead Arrangers to be established in special reserves as may be reasonably required to remedy or compensate for any Material Defects with respect to the Properties as of the Closing Date in such a manner that there is no material adverse impact on the securitization or syndication of the First Tier Facilities. As of the Closing Date, the Reserves Shortfall is deemed to be $0.

"**Resignation Effective Date**" shall have the meaning provided in <u>Section 12.9(a)</u>.

"**Resolution Authority**" shall mean an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"**Restricted Debt Payments**" shall have the meaning provided in <u>Section 10.4(a)(3)</u>.

"**Restricted Payment**" shall have the meaning provided in <u>Section 10.4(a)</u>.

"**Restricted Person**" and "**Restricted Persons**" shall have the meaning provided in <u>Section 13.16</u>.

"**Retired Capital Stock**" shall have the meaning provided in <u>Section 10.4(b)(2)</u>.

"**Revolving Credit Commitment**" shall mean, as to each Revolving Credit Lender, its obligation to make Revolving Credit Loans to the Borrower pursuant to <u>Section 2.1</u>, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth, and opposite such Lender's name on <u>Schedule 1.1(a)</u> under the caption Revolving Credit Commitment or in the Assignment and Acceptance pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including <u>Section 2.14</u>). The aggregate Revolving Credit Commitments of all Revolving Credit Lenders is $200,000,000 on the Closing Date.

"**Revolving Credit Commitment Percentage**" shall mean at any time, for each Lender, the percentage obtained by dividing (i) such Lender's Revolving Credit Commitment at such time by (ii) the amount of the Total Revolving Credit Commitment at such time; <u>provided</u> that at any time when the Total Revolving Credit Commitment shall have been terminated, each Lender's Revolving Credit Commitment Percentage shall be the percentage obtained by dividing (a) such Lender's Revolving Credit Exposure at such time by (b) the Revolving Credit Exposure of all Lenders at such time.

"**Revolving Credit Exposure**" shall mean, with respect to any Lender at any time, the sum of (i) the aggregate principal amount of Revolving Credit Loans of such Lender then outstanding and (ii) such Lender's Letter of Credit Exposure at such time.

"**Revolving Credit Facility**" shall mean, at any time, the aggregate amount of the Revolving Credit Lenders' Revolving Credit Commitments at such time.

"**Revolving Credit Lender**" shall mean, at any time, any Lender that has a Revolving Credit Commitment or Extended Revolving Credit Commitment at such time.

"**Revolving Credit Loan**" shall have the meaning provided in <u>Section 2.1</u>.

"**Revolving Credit Maturity Date**" shall mean the date that is the third anniversary of the Closing Date, or, if such date is not a Business Day, the immediately preceding Business Day.

"**Revolving Credit Termination Date**" shall mean the date on which the Revolving Credit Commitments shall have terminated, no Revolving Credit Loans shall be outstanding and the Letters of Credit Outstanding shall have been reduced to zero or Cash Collateralized.

"**Revolving Loan**" shall mean, collectively or individually as the context may require, any (i) Revolving Credit Loan and (ii) Extended Revolving Credit Loan, in each case made pursuant to and in accordance with the terms and conditions of this Agreement.

"**S&P**" shall mean Standard & Poor's Ratings Services or any successor by merger or consolidation to its business.

"**Sale Leaseback**" shall mean any arrangement with any Person providing for the leasing by the Parent Borrower or any other Credit Party of any real or tangible personal property, which property has been or is to be sold or transferred by the Parent Borrower or such Credit Party to such Person in contemplation of such leasing.

"**Sanctioned Person**" shall mean any Person with whom or which dealings are restricted or prohibited under any Sanctions, including as a result of that Person (a) being named on the List of Specially Designated Nationals and Blocked Persons maintained by the U.S. Department of the Treasury's Office of Foreign Assets Control, or any other list of Persons subject to Sanctions, (b) being located, organized, or resident in a Sanctioned Territory, or owned or controlled by the government of, a Sanctioned Territory or the Government of Venezuela, or (c) having any relationship of ownership or control with, a Person described in (a) or (b).

"**Sanctioned Territory**" shall mean any country or territory with which dealings are broadly and comprehensively prohibited by any country- or territory-wide Sanctions, including, as of the date hereof, Cuba, Iran, North Korea, Syria, and the Crimea, Donetsk, Kherson, Luhansk, and Zaporizhzhia regions of Ukraine.

"**Sanctions**" shall mean any law, regulation, or other act with force of law of the United States, Canada, the European Union or any of its members states, or United Nations Security Council resolutions imposing trade and economic sanctions including embargoes, the freezing or blocking of assets of targeted Persons, or other similar restrictions on exports, imports, investment, payments or other transactions, including any laws threatening to impose such trade and economic sanctions on any person for engaging in targeted behavior.

"**SEC**" shall mean the Securities and Exchange Commission or any successor thereto.

"**Second Lien Intercreditor Agreement**" shall mean an intercreditor agreement substantially in the form of <u>Exhibit G-2</u> (with such changes to such form as may be reasonably acceptable to the Administrative Agent and the Parent Borrower) among the Administrative Agent, the Collateral Agent (as representative for the First Lien Obligations), the second lien collateral agent, the representatives for purposes thereof for holders of one or more classes of second lien Indebtedness, the Borrower and each of the Guarantors.

"**Section 2.14 Additional Amendment**" shall have the meaning provided in <u>Section 2.14(g)(iii)</u>.

"**Section 9.1 Financials**" shall mean the financial statements delivered, or required to be delivered, pursuant to <u>Section 9.1(a)</u> or <u>(b)</u> together with the accompanying officer's certificate delivered, or required to be delivered, pursuant to <u>Section 9.1(d)</u>.

"**Secured Cash Management Agreement**" shall mean any Cash Management Agreement that is entered into by and between the Parent Borrower or any of the other Credit Parties and any counterparty thereto, which is specified in writing by the Borrower to the Administrative Agent as constituting a Secured Cash Management Agreement hereunder.

"**Secured Cash Management Obligations**" shall mean Obligations under Secured Cash Management Agreements.

"**Secured Hedge Agreement**" shall mean any Hedge Agreement that is entered into by and between the Parent Borrower or any Credit Party and any counterparty thereto (i) that is a Lender or an Affiliate of a Lender as of the Closing Date with respect to any Hedge Agreement entered into prior to the Closing Date (including if such Hedge Agreement was terminated prior to the Closing Date), or (ii) which is specified in writing by the Borrower to the Administrative Agent as constituting a Secured Hedge Agreement hereunder. For purposes of the preceding sentence, the Borrower may deliver one notice designating all Hedge Agreements entered into pursuant to a specified Master Agreement as "Secured Hedge Agreements".

"**Secured Hedge Obligations**" shall mean Obligations under Secured Hedge Agreements.

"**Secured Parties**" shall mean the Administrative Agent, the Collateral Agent, each Letter of Credit Issuer and each Lender, in each case with respect to the Credit Facilities, each secured counterparty with respect to any Secured Hedge Agreement or Secured Cash Management Agreement, and each sub-agent pursuant to Section 12 appointed by the Administrative Agent with respect to matters relating to the Credit Facilities or the Collateral Agent with respect to matters relating to any Security Document.

"**Securitization Assets**" shall mean any of the following assets (or interests therein) from time to time originated, acquired or otherwise owned by or intended to be transferred to (as the context requires in respect of a Permitted Securitization Financing) the Securitization Entities or in which any Securitization Entity has any rights or interests, in each case, without regard to where such assets or interests are located: (a) Receivables Assets, (b) franchise fees, royalties and other similar payments made related to the use of trade names and other Intellectual Property, business support, training and other services, (c) revenues related to distribution and merchandising of the products of, or otherwise related to the services provided by, the Securitization Entities, (d) rents, real estate Taxes and other non-royalty amounts due from franchisees, (e) Intellectual Property rights relating to the generation of any of the types of assets listed in this definition, (f) parcels of or interests in real property, together with all easements, hereditaments and appurtenances thereto, all improvements and appurtenant fixtures and equipment, incidental to the ownership, lease or operation thereof, (g) any Equity Interest of any (i) Securitization Entity, (ii) Subsidiary of a Securitization Entity or (iii) Subsidiary (other than a Credit Party) that holds solely Securitization Assets (other than Equity Interests described separately under this clause (g)) designated as such by the Borrower for the purpose of effecting the transfer of such Securitization Assets by way of transferring such Equity Interests in connection with a Permitted Securitization Financing, and, in each case, any rights under any limited liability company agreement, trust agreement, shareholders' agreement, limited partnership agreement, by-laws, operating agreement, organizational, constituent or formation documents or any other agreement entered into in furtherance of the organization of such entity, (h) any equipment, contractual rights, website domains and associated property and rights necessary for a Securitization Entity to operate in accordance with its stated purposes; (i) any rights and obligations associated with gift card or similar programs, and (j) other assets and property (or proceeds of such assets or property) to the extent customarily included in any securitization of assets described in the preceding clauses (a) through (i) or for which credit may be given in securitization transactions of the relevant type including in respect of bridge, conduit and warehouse financings and "whole-business" securitizations in the applicable jurisdictions (as determined by the Borrower in good faith).

"**Securitization Entity**" shall mean any direct or indirect Subsidiary of the Borrower established or designated by the Borrower as such in connection with a Permitted Securitization Financing (including by way of the transfer of the Equity Interests of the entity holding such Securitization Assets) for the purpose of (i) holding, transferring, borrowing against, servicing, providing financing for or providing a security interest in respect of Securitization Assets or interests therein, (ii) holding Equity Interests in any Securitization Entity or (iii) guaranteeing the obligations of a Securitization Entity, and which in each case is organized in a manner (as determined by the Borrower in good faith) intended to reduce the likelihood that it would be substantively consolidated with the Borrower or any of its Subsidiaries or other subsidiaries (other than any other Securitization Entity) in the event the Borrower or any such Subsidiary or other subsidiary becomes subject to a proceeding under the Bankruptcy Code (or other insolvency law) and (c) any subsidiary of a Securitization Entity; <u>provided</u> that, notwithstanding above, no Initial Guarantor shall be a Securitization Entity.

"**Securitization Fees**" shall mean, without duplication, (x) distributions or payments made directly or by means of discounts with respect to any Securitization Asset or participation interest issued or sold in connection with, and other fees, expenses and charges (including commissions, yield, interest expense and fees and expenses of legal counsel) paid in connection with, any Permitted Securitization Facility and (y) any fees paid to the Borrower or a Subsidiary of the Borrower including, without limitation, any "management fees" (including without limitation "excess" management fees) or any similar fees paid to a Subsidiary or other subsidiary of the Borrower for acting as manager or servicer under any Permitted Securitization Financing.

"**Security Documents**" shall mean, collectively, the Pledge Agreement, any First Lien Intercreditor Agreement, any Second Lien Intercreditor Agreement and each other security agreement or other instrument or document executed and delivered pursuant to <u>Sections 9.11</u>, <u>9.12</u>, or <u>9.14</u> or pursuant to any other such Security Documents to secure the Obligations or to govern the lien priorities of the holders of Liens on the Collateral.

"**Series**" shall have the meaning provided in <u>Section 2.14(a)</u>.

"**Servicing Arrangement**" shall mean each agreement or other arrangement under which the Borrower, a Subsidiary, a Securitization Entity or an Affiliate thereof is engaged to service or manage Securitization Assets (or proceeds thereof) in connection with a Permitted Securitization Financing, which servicing or management activities may include collection services in respect of Receivables Assets, the servicing or management of Securitization Assets and the sale, purchase or other transfer thereof, and the administration of bank accounts.

"**Significant Subsidiary**" shall mean, at any date of determination, (a) any Subsidiary of the Parent Borrower whose gross revenues (when combined with the gross revenues of such Subsidiary's Subsidiaries after eliminating intercompany obligations) for the Test Period most recently ended on or prior to such date were equal to or greater than 10% of the consolidated gross revenues of the Parent Borrower and its Subsidiaries for such period, determined in accordance with GAAP or (b) each other Subsidiary of the Parent Borrower that, when such Subsidiary's total gross revenues (when combined with the total gross revenues of such Subsidiary's Subsidiaries after eliminating intercompany obligations) are aggregated with each other Subsidiary (when combined with the total gross revenues of such Subsidiary's Subsidiaries after eliminating intercompany obligations) that is the subject of an Event of Default described in <u>Section 11.5</u> would constitute a "Significant Subsidiary" under <u>clause (a)</u> above.

"**Similar Business**" shall mean any business conducted or proposed to be conducted by the Parent Borrower and the Credit Parties on the Closing Date or any business that is similar, reasonably related, synergistic, incidental, or ancillary thereto.

"**SOFR**" shall mean a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

"**SOFR Administrator**" shall mean the NYFRB (or a successor administrator of the secured overnight financing rate).

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

"**SOFR Average**" means, for any Interest Period, the rate of interest per annum determined by the Administrative Agent as the compounded average of SOFR over a rolling calendar day period of thirty (30) days ("<u>30-Day SOFR Average</u>") for the day (such day, the "<u>SOFR Average Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period; provided, however, that (x) if as of 5:00 p.m. on any SOFR Average Determination Day, such 30-Day SOFR Average has not been published on the SOFR Administrator's Website and a Benchmark Replacement Date with respect to SOFR Average has not occurred, then SOFR Average will be the 30-Day SOFR Average as published on the SOFR Administrator's Website for the first preceding U.S. Government Securities Business Day for which such 30-Day SOFR Average was published on the SOFR Administrator's Website so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such SOFR Average Determination Day and (y) if SOFR Average determined as provided above (including pursuant to clause (x) of this proviso) would be less than the Floor, then SOFR Average shall be deemed to be the Floor.

"**SOFR Average Determination Day**" has the meaning specified in the definition of "SOFR Average".

"**SOFR Average Loan**" shall mean any Loans bearing interest at a rate determined by reference to SOFR Average.

"**SOFR Loans**" shall mean any Loans bearing interest at a rate determined by reference to Term SOFR or SOFR Average.

"**Sold Entity or Business**" shall have the meaning provided in the definition of the term "Consolidated EBITDA".

"**Solvent**" shall mean, after giving effect to the consummation of the Transactions, (i) the sum of the liabilities (including contingent liabilities) of the Parent Borrower and its Subsidiaries, on a consolidated basis, does not exceed the present fair saleable value of the present assets of the Parent Borrower and its Subsidiaries, on a consolidated basis; (ii) the fair value of the property of the Parent Borrower and its Subsidiaries, on a consolidated basis, is greater than the total amount of liabilities (including contingent liabilities) of the Parent Borrower and its Subsidiaries, on a consolidated basis; (iii) the capital of the Parent Borrower and its Subsidiaries, on a consolidated basis, is not unreasonably small in relation to their business as contemplated on the date hereof; and (iv) the Parent Borrower and its Subsidiaries, on a consolidated basis, have not incurred and do not intend to incur, or believe that they will incur, debts including current obligations beyond their ability to pay such debts as they become due (whether at maturity or otherwise).

"**Specified Existing Revolving Credit Commitment**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Specified Representations**" shall mean the representations and warranties with respect to the Borrower set forth in <u>Sections 8.1(i)</u>, <u>8.2</u> (as related to the entry into and performance of the Credit Documents, the incurrence of the Loans and the provision of the Guarantees, and the granting of the security interests in the Collateral), 8.3<u>(iii)</u>, <u>8.5</u>, <u>8.7</u>, 8.10(b)-(d) (with respect to the use of proceeds of the borrowings under this Agreement on the Closing Date), <u>8.17</u>, 8.18, 8.19(c) and in Section 4(d) of the Pledge Agreement.

"**Specified Transaction**" shall mean, with respect to any period, (i) any Investment (including a Permitted Acquisition), (ii) any asset sale or other disposition, (iii) incurrence or repayment of Indebtedness, (iv) any Restricted Payment, (v) any Subsidiary designation, (vi) any mandatory prepayment pursuant to <u>Section 5.2(a)</u> or <u>Section 5.2(b)</u> or (vii) any other event or action that, in each case, by the terms of this Agreement requires Pro Forma Compliance with a test or covenant hereunder or requires such test or covenant to be calculated on a Pro Forma Basis or give Pro Forma Effect to any such transaction or event.

"**Sponsor**" shall mean, collectively, (i) Brookfield Infrastructure Partners L.P., Brookfield Infrastructure Corporation, Brookfield Corporation, or Brookfield Asset Management Ltd, (ii) any investment funds, partnerships and other co-investment vehicles Controlled, directly or indirectly, by any of the persons in clause (i) and (iii) any entity Controlled, directly or indirectly, by any of the persons in clause (i), as approved by the Administrative Agent (such approval not to be unreasonably withheld, conditioned or delayed).

"**Sponsor Guarantor**" shall mean the Sponsors, <u>provided</u> that such person has a minimum net worth (at the time it provides a Sponsor Guaranty) that is not less than $2,000,000,000; <u>provided</u>, <u>further</u>, that (a) in the event Sponsor Guaranties are provided by more than one Sponsor Guarantor and/or Replacement Sponsor Guarantor, "minimum net worth" as used in this definition shall be calculated on an aggregate basis for all persons providing such Sponsor Guaranties and (b) in the case Sponsor Guaranties are provided by several Sponsor Guarantors and/or Replacement Sponsor Guarantors on a several and not joint basis, the minimum net worth of each Sponsor Guarantor shall not be less than the product of (i) $2,000,000,000 *multiplied by* (ii) the percentage of the aggregate amount of Sponsor Guaranties guaranteed by such Sponsor Guarantor.

"**Sponsor Guaranty**" shall have the meaning provided in <u>Section 5.2(b)</u>.

"**Spot Rate**" for any currency shall mean the rate determined by the Administrative Agent to be the rate quoted by the Administrative Agent as the spot rate for the purchase by the Administrative Agent of such currency with another currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date as of which the foreign exchange computation is made; <u>provided</u> that the Administrative Agent may obtain such spot rate from another financial institution designated by the Administrative Agent if it does not have as of the date of determination a spot buying rate for any such currency.

"**SPV**" shall have the meaning provided in <u>Section 13.6(g)</u>.

"**Stated Amount**" of any Letter of Credit shall mean the maximum amount from time to time available to be drawn thereunder during the remaining life thereof, determined without regard to whether any conditions to drawing could then be met.

"**Stock Equivalents**" shall mean all securities convertible into or exchangeable for Capital Stock and all warrants, options, or other rights to purchase or subscribe for any Capital Stock, whether or not presently convertible, exchangeable, or exercisable.

"**Subordinated Indebtedness**" shall mean Indebtedness of the Borrower or any other Guarantor that is by its express terms subordinated in right of payment to the obligations of the Borrower or such Guarantor, as applicable, under this Agreement or the Guarantee, as applicable.

"**Subsidiary**" of any Person shall mean and include (i) any corporation more than 50% of whose Capital Stock of any class or classes having by the terms thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time Capital Stock of any class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time owned by such Person directly or indirectly through Subsidiaries, or (ii) any limited liability company, partnership, association, joint venture, or other entity of which such Person directly or indirectly through Subsidiaries has more than a 50% equity interest at the time. Unless otherwise expressly provided, all references herein to a Subsidiary shall mean a Subsidiary of the Parent Borrower.

"**Successor Borrower**" shall have the meaning provided in <u>Section 10.2(a)</u>.

"**Supported QFC**" shall have the meaning provided in <u>Section 13.24</u>.

"**Swap Obligation**" shall mean, with respect to any Swap Obligor, any obligation to pay or perform under any agreement, contract, or transaction that constitutes a "swap" within the meaning of section 1(a)(47) of the Commodity Exchange Act.

"**Swap Obligor**" shall mean the Parent Borrower (if applicable) and the Credit Parties.

"**Swiss Franc**" or "**CHF**" mean the lawful currency of Switzerland.

"**Taxes**" shall mean any and all present or future taxes, duties, levies, imposts, assessments, deductions, withholdings (including backup withholding), fees, or other similar charges imposed by any Governmental Authority and any interest, fines, penalties, or additions to tax with respect to the foregoing.

"**Term SOFR**" shall mean, with respect to any interest period, the Term SOFR Reference Rate for a tenor comparable to the applicable interest period on the day (such day, the "**Determination Day**") that is two (2) Business Days prior to the first day of such interest period, as such rate is published by the Term SOFR Administrator; <u>provided</u>, however, that if as of 5:00 p.m. (New York City time) on any Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor published by the Term SOFR Administrator on the Business Day first preceding such Determination Day so long as such Business Day is not more than three (3) Business Days prior to such Determination Day; <u>provided</u>, <u>further</u>, that if Term SOFR determined as provided above shall ever be less than the Floor, then Term SOFR shall be deemed to be the Floor.

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

"**Term SOFR Borrowing**" shall mean a Borrowing comprised of Loans bearing interest at a rate determined by reference to Term SOFR (other than pursuant to clause (c) of the definition of "ABR").

"**Term SOFR Reference Rate**" shall mean, for any day and time, with respect to any Term SOFR Borrowing for any interest period, the rate per annum determined by the Administrative Agent as the forward-looking term rate based on SOFR; <u>provided</u> that, if the Term SOFR Reference Rate as so determined would be less than the Floor, such rate shall be deemed to be the Floor for the purposes of calculating such rate.

"**Test Period**" shall mean, for any determination under this Agreement, the four consecutive fiscal quarters of the Parent Borrower most recently ended on or prior to such date of determination and for which Section 9.1 Financials shall have been delivered (or were required to be delivered) to the Administrative Agent (or, before the first delivery of Section 9.1 Financials, the most recent period of four fiscal quarters at the end of which financial statements are available).

"**Total Credit Exposure**" shall mean the Total Revolving Credit Commitment at such date (or, if the Total Revolving Credit Commitment shall have terminated on such date, the aggregate Revolving Credit Exposure of all Lenders at such date).

"**Total Revolving Credit Commitment**" shall mean the sum of the Revolving Credit Commitments of all the Lenders.

"**Transaction Expenses**" shall mean any fees, premiums and expenses incurred or paid by the Parent Borrower or any of its respective Affiliates in connection with the Transactions, this Agreement, and the other Credit Documents, and the transactions contemplated hereby and thereby.

"**Transactions**" shall mean, collectively, the transactions contemplated by this Agreement, the transactions contemplated by each of the First Tier Facilities, the Acquisition, the Equity Contribution, the Closing Date Refinancing and the consummation of any other transactions in connection with the foregoing (including the payment of the fees and expenses incurred in connection with any of the foregoing (including the Transaction Expenses)).

"**Transferee**" shall have the meaning provided in <u>Section 13.6(e)</u>.

"**TRS**" shall mean a taxable REIT subsidiary.

"**Type**", when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Term SOFR, SOFR Average or the ABR.

"**UCP**" shall mean, with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce ("ICC") Publication No. 600 (or such later version thereof as may be in effect at the time of issuance).

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

"**UK Resolution Authority**" shall mean the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"**Unadjusted Benchmark Replacement**" shall mean the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"**Uniform Commercial Code**" shall mean the Uniform Commercial Code as in effect from time and time in the State of New York or, when the laws of any other jurisdiction govern the perfection or enforcement of any Lien, the Uniform Commercial Code of such jurisdiction.

"**Unpaid Drawing**" shall have the meaning provided in <u>Section 3.4(a)</u>.

"**U.S.**" and "**United States**" shall mean the United States of America.

"**US Balance Sheet Loan Agreement**" shall mean that certain Loan Agreement, dated as of the date hereof, by and among the borrowers listed on Schedule I thereto, Wells Fargo Bank, National Association, as administrative agent, and the lenders from time to time party thereto, providing for a "Loan Amount" (as defined therein) as of the Closing Date of up to $2,300,000,000.

"**US Balance Sheet Loan Facility**" shall mean that certain balance sheet loan facility established pursuant to the US Balance Sheet Loan Agreement and each of the "Loan Documents" as defined thereunder.

"U.S. **Government Securities Business Day**" means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"**U.S. Lender**" shall have the meaning provided in <u>Section 5.4(e)(ii)(A)</u>.

"**U.S. Special Resolution Regimes**" shall have the meaning provided in <u>Section 13.24</u>.

"**Voting Stock**" shall mean, with respect to any Person as of any date, the Capital Stock of such Person that is at the time entitled to vote in the election of the board of directors of such Person.

"**Wholly-Owned Subsidiary**" of any Person shall mean a Subsidiary of such Person, 100% of the outstanding Capital Stock or other ownership interests of which (other than directors' qualifying shares) shall at the time be owned by such Person or by one or more Wholly-Owned Subsidiaries of such Person.

"**Withdrawal Liability**" shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

"**Withholding Agent**" shall mean any Credit Party, the Administrative Agent and any other applicable withholding agent.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Other Interpretive Provisions</u>. With reference to this Agreement and each other Credit Document, unless otherwise specified herein or in such other Credit Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The words "herein", "hereto", "hereof", and "hereunder" and words of similar import when used in any Credit Document shall refer to such Credit Document as a whole and not to any particular provision thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section, Exhibit, and Schedule references are to the Credit Document in which such reference appears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) The term "including" is by way of example and not limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The term "documents" includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the computation of periods of time from a specified date to a later specified date, the word "from" means "from and including"; the words "to" and "until" each mean "to but excluding"; and the word "through" means "to and including".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Section headings herein and in the other Credit Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Credit Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All references to "knowledge" or "awareness" of any Credit Party or any Subsidiary thereof means the actual knowledge of an Authorized Officer of such Credit Party or such Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) With respect to any Default or Event of Default, the words "exists," "is continuing" or similar expressions with respect thereto shall mean that such Default or Event of Default has occurred and has not yet been cured or waived. If any Default or Event of Default has occurred hereunder (any such Default or Event of Default, an "**Initial Default**") and is subsequently cured or waived (a "**Cured Default**"), any other Default or Event of Default that resulted from (i) the making or deemed making of any representation or warranty by any Credit Party or (ii) the taking of any action or failure to satisfy any condition precedent to the taking of any action by any Credit Party or any Subsidiary of any Credit Party, in each case which subsequent Default, Event of Default or failure would not have arisen had the Cured Default not been continuing at the time of such representation, warranty, action or failure to satisfy such condition precedent to the taking of any action, shall be deemed to automatically be cured or satisfied, as applicable, upon, and simultaneously with, the cure of the Cured Default, so long as at the time of such representation, warranty, action or failure to satisfy any condition precedent to the taking of any action, no Authorized Officer of the Parent Borrower had knowledge of any such Initial Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Accounting Terms</u>. Except as expressly provided herein, all accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP, applied in a consistent manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Rounding</u>. Any financial ratios required to be maintained by the Parent Borrower pursuant to this Agreement (or required to be satisfied in order for a specific action to be permitted under this Agreement) shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 <u>References to Agreements, Laws, Etc</u>. Unless otherwise expressly provided herein, (a) references to organizational documents, agreements (including the Credit Documents), and other Contractual Requirements shall be deemed to include all subsequent amendments, restatements, amendment and restatements, extensions, supplements, modifications, replacements, refinancings, renewals, or increases, but only to the extent that such amendments, restatements, amendment and restatements, extensions, supplements, modifications, replacements, refinancings, renewals, or increases are permitted by any Credit Document; and (b) references to any Requirements of Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing, or interpreting such Requirements of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 <u>Exchange Rates</u>. Notwithstanding the foregoing, for purposes of any determination under <u>Section 9</u>, <u>Section 10</u> or <u>Section 11</u>, or any determination under any other provision of this Agreement expressly requiring the use of a current exchange rate, all amounts incurred, outstanding, or proposed to be incurred or outstanding in currencies other than Dollars shall be translated into Dollars at the Spot Rate; provided, however, that for purposes of determining compliance with <u>Section 10</u> with respect to the amount of any Indebtedness, Lien, Asset Sale, or Restricted Payment in a currency other than Dollars, no Default or Event of Default shall be deemed to have occurred solely as a result of changes in rates of exchange occurring after the time such Indebtedness or Lien is incurred or after such Asset Sale or Restricted Payment is made; <u>provided</u> that, for the avoidance of doubt, the foregoing provisions of this <u>Section 1.6</u> shall otherwise apply to such Sections, including with respect to determining whether any Indebtedness, Lien, or Investment may be incurred or Asset Sale or Restricted Payment made at any time under such Sections. For purposes of any determination of Consolidated Total Assets, amounts in currencies other than Dollars shall be translated into Dollars at the currency exchange rates used in preparing the most recently delivered Section 9.1 Financials. For purposes of any determination of Consolidated Property Values, amounts in currencies other than Dollars shall be translated into Dollars at the currency exchange rates used in calculating the LTV in the certificate most recently delivered pursuant to <u>Section 9.1(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 <u>Rates</u>. The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the administration, submission, or any other matter related to the rates in the definitions of Term SOFR or SOFR Average or with respect to any comparable or successor rate thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 <u>Times of Day</u>. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 <u>Timing of Payment or Performance</u>. Except as otherwise provided herein, when the payment of any obligation or the performance of any covenant, duty, or obligation is stated to be due or performance required on (or before) a day which is not a Business Day, the date of such payment (other than as described in the definition of Interest Period) or performance shall extend to the immediately succeeding Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 <u>Certifications</u>. All certifications to be made hereunder by an officer or representative of a Credit Party shall be made by such a Person in his or her capacity solely as an officer or a representative of such Credit Party, on such Credit Party's behalf and not in such Person's individual capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 <u>Compliance with Certain Sections</u>. In the event that any Lien, Investment, Indebtedness (whether at the time of incurrence or upon application of all or a portion of the proceeds thereof), disposition, Restricted Payment, Affiliate transaction, Contractual Requirement, or prepayment of Indebtedness meets the criteria of one or more than one of the categories of transactions then permitted pursuant to any clause or subsection of <u>Section 9.9</u> or any clause or subsection of <u>Sections 10.1</u>, <u>10.2</u>, <u>10.3</u> or <u>10.4</u>, then such transaction (or portion thereof) at any time shall be allocated to one or more of such clauses or subsections within the relevant sections as determined by the Parent Borrower in its sole discretion at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 <u>Pro Forma and Other Calculations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary herein, (i) if any incurrence-based financial ratios or tests ("**Financial Incurrence Tests**") would be satisfied in any subsequent fiscal quarter following the utilization of either (x) fixed baskets, exceptions or thresholds (including any related builder or grower component) that do not require compliance with a financial ratio or test ("**Fixed Amounts**") or (y) baskets, exceptions and thresholds that require compliance with a financial ratio or test (any such amounts, "**Incurrence Based Amounts**"), then the reclassification of actions or transactions (or portions thereof), including the reclassification of utilization of any Fixed Amounts as incurred under any available Incurrence Based Amounts, shall be deemed to have automatically occurred even if not elected by the Parent Borrower (unless the Parent Borrower otherwise notifies the Administrative Agent) and (ii) in calculating any Incurrence Based Amounts (including any Financial Incurrence Tests), any (x) amounts incurred under the Revolving Credit Facility (or any other revolving facility), (y) Indebtedness concurrently incurred to fund original issue discount and/or upfront fees and (z) amounts incurred, or transactions entered into or consummated, in reliance on a Fixed Amount in a concurrent transaction, a single transaction or a series of related transactions with the amount incurred, or transaction entered into or consummated, under the applicable Incurrence Based Amount, in each case of the foregoing clauses (x), (y) and (z), shall not be given effect in calculating the applicable Incurrence Based Amount (but giving Pro Forma Effect to all applicable and related transactions (including the use of proceeds of all Indebtedness to be incurred and any repayments, repurchases and redemptions of Indebtedness) and all other pro forma adjustments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Whenever Pro Forma Effect is to be given to a transaction, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Borrower (and may include, for the avoidance of doubt and without duplication, cost savings, operating expense reductions, operating enhancements, revenue enhancements and synergies resulting from such Pro Forma Event which is being given Pro Forma Effect that have been or are expected to be realized). If any Indebtedness bears a floating rate of interest and is being given Pro Forma Effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account for such entire period, any Hedging Obligation applicable to such Indebtedness with a remaining term of 12 months or longer, and in the case of any Hedging Obligation applicable to such Indebtedness with a remaining term of less than 12 months, taking into account such Hedging Obligation to the extent of its remaining term). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Borrower to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a Pro Forma Basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period (or, if lower, the greater of (i) maximum commitments under such revolving credit facilities as of the date of determination and (ii) the aggregate principal amount of loans outstanding under such a revolving credit facilities on such date). Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Borrower may designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything to the contrary herein, for purposes of determining compliance with any test or covenant contained in this Agreement with respect to any period during which any Pro Forma Event occurs, applicable financial ratio shall each be calculated with respect to such period and such Pro Forma Event on a Pro Forma Basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with any action being taken solely in connection with a Limited Condition Transaction, for purposes of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) determining compliance with any provision of this Agreement which requires the calculation of a financial ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) determining the accuracy of representations and warranties in <u>Section 8</u> and/or whether a Default or Event of Default shall have occurred and be continuing under <u>Section 11</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) testing availability under baskets set forth in this Agreement (including baskets measured as a percentage of Consolidated Total Assets or such other accounting metric);

in each case, at the option of the Borrower (the Borrower's election to exercise such option in connection with any Limited Condition Transaction, an "**LCT Election**"), the date of determination of whether any such action is permitted hereunder, shall be deemed to be the date (i) the definitive agreements for such Limited Condition Transaction are entered into (or, in respect of any transaction described in clause (b) of the definition of a Limited Condition Transaction, delivery of irrevocable notice or similar event) or (ii) in connection with an acquisition to which the City Code on Takeovers (or an analogous law) applies, the date on which a "Rule 2.7 announcement" of a firm intention to make an offer in respect of a target company is made in compliance with the City Code on Takeovers (or a corresponding announcement under such analogous law) (the "**LCT Test Date**"), and if, after giving Pro Forma Effect to the Limited Condition Transaction and the other transactions to be entered into in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) as if they had occurred at the beginning of the most recent Test Period ending prior to the LCT Test Date, the Parent Borrower could have taken such action on the relevant LCT Test Date in compliance with such ratio or basket, such ratio or basket shall be deemed to have been complied with. For the avoidance of doubt, if the Parent Borrower has made an LCT Election and any of the ratios or baskets for which compliance was determined or tested as of the LCT Test Date are exceeded as a result of fluctuations in any such ratio or basket, including due to fluctuations in Consolidated Total Assets of the Parent Borrower or the Person subject to such Limited Condition Transaction, at or prior to the consummation of the relevant transaction or action, such baskets or ratios will not be deemed to have been exceeded as a result of such fluctuations. If the Borrower has made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio or basket availability with respect to the incurrence of Indebtedness or Liens, or the making of Restricted Payments, mergers, the conveyance, lease or other transfer of all or substantially all of the assets of the Parent Borrower, or the prepayment, redemption, purchase, defeasance or other satisfaction of Indebtedness on or following the relevant LCT Test Date and prior to the earlier of (i) the date on which such Limited Condition Transaction is consummated or (ii) the date that the definitive agreement for such Limited Condition Transaction is terminated or expires (or, if applicable, the irrevocable notice or similar event is terminated or expires) without consummation of such Limited Condition Transaction, any such ratio or basket shall be calculated on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have been consummated until such time as the applicable Limited Condition Transaction has actually closed or the definitive agreement with respect thereto has been terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary in this <u>Section 1.12</u> or in any classification under GAAP of any Person, business, assets or operations in respect of which a definitive agreement for the disposition thereof has been entered into as discontinued operations, no Pro Forma Effect shall be given to any discontinued operations (and the earnings or value attributable to any such Person, business, assets or operations shall not be excluded for any purposes hereunder) until such disposition shall have been consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any determination of Consolidated Total Assets shall be made by reference to the last day of the fiscal quarter to which the Section 9.1 Financials pertain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Except as otherwise specifically provided herein, all computations of Consolidated Total Assets, LTV and other financial ratios and financial calculations (and all definitions (including accounting terms) used in determining any of the foregoing) shall be calculated, in each case, with respect to the Parent Borrower and its Subsidiaries on a consolidated basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) At the option of the Parent Borrower, all leases of any Person that are or would be characterized as operating leases in accordance with GAAP before giving effect to FASB Accounting Standards Update ASU 2016-02 (assuming for purposes hereof that they were in existence prior to implementation of FASB Accounting Standards Update ASU 2016-02) shall continue to be accounted for as operating leases (and not as Capital Leases) for purposes of this Agreement (whether or not such operating lease obligations were in effect on such date) regardless of FASB Accounting Standards Update ASU 2016-02 that would otherwise require (on a prospective or retroactive basis or otherwise) such leases to be recharacterized as Capital Leases; <u>provided</u>, however, that, any obligations relating to a lease that was accounted for by the Parent Borrower and/or its Subsidiaries as an operating lease as of the Closing Date and any similar lease entered into after giving effect to FASB Accounting Standards Update ASU 2016-02 shall be accounted for as an operating lease and not a Capitalized Lease Obligation for purposes of determining whether such lease constitutes Indebtedness for all purposes under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 <u>Form Intercreditor Agreements</u>. Notwithstanding anything to the contrary herein, (x) any First Lien Intercreditor Agreement (meeting the requirements of the definition herein) and/or Second Lien Intercreditor Agreement (meeting the requirements of the definition herein), as applicable, shall be deemed to be reasonable and acceptable to the Administrative Agent and the Lenders, and the Administrative Agent and the Lenders shall be deemed to have consented to the use of each such intercreditor agreement (and to the Administrative Agent's execution thereof) in connection with any Indebtedness permitted to be incurred, issued and/or assumed by the Parent Borrower or any other Credit Party pursuant to <u>Section 10.1</u> and (y) any First Lien Intercreditor Agreement and/or Second Lien Intercreditor Agreement, as applicable, the forms of joinder attached thereto, and any intercreditor agreements and forms of joinder substantially in the form of the First Lien Intercreditor Agreement and/or Second Lien Intercreditor Agreement, as applicable, or, as applicable, the forms of joinder attached thereto, in each case without any material changes therefrom, shall be deemed to be reasonable and acceptable to the Administrative Agent, the Collateral Agent and the Lenders, and (i) no acknowledgment or countersignature by the Administrative Agent, the Collateral Agent or the Lenders shall be required to comply with any requirement that an intercreditor agreement be entered into (or joined) in connection with any Indebtedness secured by the Collateral that is not prohibited from being incurred, issued and/or assumed by the Parent Borrower or any other Credit Party under <u>Section 10.1</u>, so long as a Representative authorized by the requisite holders of such Indebtedness executes such intercreditor agreement or joinder in substantially such form without any material changes therefrom and (ii) the Lenders shall be deemed to have consented to the use of any of the foregoing (and the Administrative Agent and/or the Collateral Agent shall be deemed to be authorized and directed to execute all of the foregoing) in connection with any Indebtedness secured by the Collateral that is not prohibited from being incurred, issued and/or assumed by the Borrower or any of its Subsidiaries under <u>Section 10.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.14 <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 <u>Divisions</u>. Any reference herein to a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company or other Person, or an allocation of assets to a series of a limited liability company or other Person (or the unwinding of such a division or allocation) (any such transaction, a "**Division**"), as if it were a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any Division of a limited liability company or other Person shall constitute a separate Person hereunder (and each Division of any limited liability company or other Person that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 <u>Designation of Borrowers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower Agent may from time to time designate one or more Additional Borrowers for purposes of this Agreement by delivering to the Administrative Agent: (i) written notice (including via email) of its election to become an Additional Borrower duly executed on behalf of such Subsidiary and the applicable Borrower less than fifteen (15) days prior to the proposed effectiveness of such election (or such later date as may be agreed by the Administrative Agent), (ii) all documentation and other information with respect to such Subsidiary as may be reasonably requested by the Administrative Agent or, in the case of any Additional Borrower under any Revolving Credit Facility, any Revolving Credit Lender at least five (5) Business Days prior to the date of such effectiveness (or such later date as may be agreed by the Parent Borrower) that is required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including without limitation the Patriot Act and the Beneficial Ownership Regulation, no later than two (2) Business Days prior to the date of such effectiveness (or such later date as may be agreed by the Administrative Agent); (iii) [reserved], (iv) a certificate of an Authorized Officer of the Borrower Agent stating that, as of the date the Additional Borrower joins this Agreement as such, no Default or Event of Default has occurred and is continuing; (v) promissory notes in respect of such Additional Borrower in favor of any Lender requesting such promissory notes, in form and substance consistent with the form of promissory notes set forth in <u>Exhibit F</u> (modified to reflect such Additional Borrower); and (vi) a customary joinder agreement in form and substance reasonably satisfactory to the Administrative Agent whereby the Additional Borrower becomes party hereto as a Borrower and appoints the Parent Borrower as "Borrower Agent" hereunder and under the other Credit Documents. The Obligations of the Parent Borrower and each Additional Borrower shall be joint and several in nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After such deliveries, the appointment of the Additional Borrower shall be effective upon the effectiveness of an amendment to this Agreement and any applicable Credit Document necessary (in the reasonable judgment of the Administrative Agent) to give effect to the appointment of such Additional Borrower (in form and substance reasonably acceptable to the Administrative Agent, including amendments to disambiguate certain uses of the word "Borrower" and related terms hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 <u>Borrower Agent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Borrower hereby designates the Parent Borrower as its representative and agent (the "**Borrower Agent**") for all purposes under the Credit Documents, including requests for Loans and Letters of Credit, designation of interest rates, delivery or receipt of communications, receipt and payment of Obligations, requests for waivers, amendments or other accommodations, actions under the Credit Documents (including in respect of compliance with covenants) and all other dealings with the Administrative Agent, any Letter of Credit Issuer or any Lender. The Parent Borrower hereby accepts such appointment. The Administrative Agent, the Letter of Credit Issuers and the Lenders shall be entitled to rely upon, and shall be fully protected in relying upon, any notice or communication delivered by the Parent Borrower on behalf of any Borrower. The Administrative Agent and the Lenders may give any notice to or communication with a Borrower or other Credit Party hereunder to the Parent Borrower on behalf of such Borrower or other Credit Party.

Section 2. <u>Amount and Terms of Credit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Commitments</u>. Subject to and upon the terms and conditions herein set forth, each Revolving Credit Lender severally agrees to make Revolving Credit Loans denominated in Dollars to the Borrower (on a joint and several basis) from its applicable lending office (each, a "**Revolving Credit Loan**") (a) on the Closing Date, in an aggregate principal amount equal to the amount necessary to fund (i) (x) the Reserves Shortfall and (y) the Proceeds Shortfall, *plus* (ii) any amount needed to fund (x) upfront fees or original issue discount in respect of any Credit Facilities imposed under the Fee Letter, (y) working capital adjustments pursuant to the Acquisition Agreement and/or the refinancing of any Indebtedness incurred for working capital or capital expenditure purposes and (z) purchase price adjustments and prorations made pursuant to the Acquisition Agreement and/or the Property Acquisition Agreements, which for the avoidance of doubt may not exceed the amount of such Revolving Credit Lender's Revolving Credit Commitment, and (b) from and after the Closing Date, in an aggregate principal amount not to exceed at any time outstanding the amount of such Revolving Credit Lender's Revolving Credit Commitment, for any working capital or general corporate purposes; <u>provided</u> that any of the foregoing such Revolving Credit Loans (A) shall be made on the Closing Date (with respect to Revolving Credit Loans described in clause (a) of this <u>Section 2.01</u>) and at any time and from time to time on and after the Closing Date (with respect to Revolving Credit Loans described in clause (b) of this <u>Section 2.01</u>) and prior to the Revolving Credit Maturity Date, (B) may, at the option of the Borrower be incurred and maintained as, and/or converted into, ABR Loans or, SOFR Loans that are Revolving Credit Loans; <u>provided</u> that all Revolving Credit Loans made by each of the Lenders pursuant to the same Borrowing shall, unless otherwise specifically provided herein, consist entirely of Revolving Credit Loans of the same Type, (C) may be repaid (without premium or penalty) and reborrowed in accordance with the provisions hereof, (D) shall not, for any Lender at any time, after giving effect thereto and to the application of the proceeds thereof, result in such Revolving Credit Lender's Revolving Credit Exposure in respect of any Class of Revolving Loans at such time exceeding such Revolving Credit Lender's Revolving Credit Commitment in respect of such Class of Revolving Loan at such time and (E) shall not, after giving effect thereto and to the application of the proceeds thereof, result at any time in the aggregate amount of the Revolving Credit Lenders' Revolving Credit Exposures at such time exceeding the Total Revolving Credit Commitment then in effect or the aggregate amount of the Revolving Credit Lenders' Revolving Credit Exposures of any Class of Revolving Loans at such time exceeding the aggregate Revolving Credit Commitment with respect to such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Loans and Borrowings.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Type of Loans</u>. Subject to Section 2.17, each Borrowing shall be comprised entirely of SOFR
Loans or ABR Loans,. Each Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender
to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance
with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Minimum Amount of Each Borrowing; Maximum Number of Borrowings</u>. The aggregate principal amount
of each Borrowing of Revolving Credit Loans shall be in a minimum amount of at least the Minimum Borrowing Amount for such Type of Loans
and in a multiple of $100,000 in excess thereof (except that (i) Revolving Credit Loans to reimburse such Letter of Credit Issuer
with respect to any Unpaid Drawing shall be made in the amounts required by Section 3.3 or Section 3.4, as applicable and (ii) a
Borrowing of Revolving Credit Loans may be in an aggregate amount that is equal to the entire unused balance of the Revolving Credit Commitments).
More than one Borrowing may be incurred on any date; provided that at no time shall there be outstanding more than fifteen (15) Borrowings
of SOFR Loans, that are Revolving Credit Loans and six (6) Borrowings of SOFR Loans for each additional Class of Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Notice of Borrowing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the Borrower desires to incur Revolving Credit Loans (other than borrowings to repay Unpaid Drawings), then the Borrower shall give the Administrative Agent at the Administrative Agent's Office, (i) [reserved], (ii) prior to 1:00 p.m. (New York City Time) at least three Business Days' prior written notice of each Borrowing of SOFR Loans that are Revolving Credit Loans (or, in the case of a Borrowing of Revolving Credit Loans to be made on the Closing Date, one Business Day's notice; <u>provided</u> that the Borrower shall give the Administrative Agent such notice prior to 2:00 p.m. (New York City time) on such date) and (iii) prior to 11:00 a.m. (New York City time) on the day of such Borrowing prior written notice of each Borrowing of Revolving Credit Loans that are ABR Loans. Each such notice (a "**Notice of Borrowing**", substantially in the form of <u>Exhibit I</u>), except as otherwise expressly provided in <u>Section 2.10</u>, shall specify (A) the aggregate principal amount of the Revolving Credit Loans to be made pursuant to such Borrowing, (B) the currency of the Revolving Credit Loans to be borrowed, (C) the date of Borrowing (which shall be a Business Day) and (D) whether the respective Borrowing shall consist of ABR Loans or SOFR Loans, that are Revolving Credit Loans and, if SOFR Loans, that are Revolving Credit Loans, the Interest Period to be initially applicable thereto. If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be for ABR Loans. If no Interest Period is specified with respect to any requested SOFR Loans, then the Borrower shall be deemed to have selected an Interest Period of one month's duration. The Administrative Agent shall promptly give each Revolving Credit Lender written notice of each proposed Borrowing of Revolving Credit Loans, of such Lender's Revolving Credit Commitment Percentage thereof, of the identity of the Borrower, and of the other matters covered by the related Notice of Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Borrowings to reimburse Unpaid Drawings shall be made upon the notice specified in <u>Section 3.4(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without in any way limiting the obligation of the Parent Borrower to confirm in writing any notice it shall give hereunder by telephone (which obligation is absolute), the Administrative Agent may act prior to receipt of written confirmation without liability upon the basis of such telephonic notice believed by the Administrative Agent in good faith to be from an Authorized Officer of the Parent Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Disbursement of Funds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No later than 2:00 p.m. (New York City time) on the date specified in each Notice of Borrowing, each Lender shall make available its pro rata portion, if any, of each Borrowing requested to be made on such date in the manner provided below; <u>provided</u> that on the Closing Date, such funds may be made available at such earlier time as may be agreed among the Lenders, the Borrower, and the Administrative Agent for the purpose of consummating the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender shall make available all amounts it is to fund to the Borrower under any Borrowing for its applicable Commitments, and in immediately available funds, to the Administrative Agent at the Administrative Agent's Office and the Administrative Agent will make available to the Borrower, by depositing to an account designated by the Parent Borrower to the Administrative Agent the aggregate of the amounts so made available in Dollars. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Borrowing that such Lender does not intend to make available to the Administrative Agent its portion of the Borrowing or Borrowings to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such date of Borrowing, and the Administrative Agent, in reliance upon such assumption, may (in its sole discretion and without any obligation to do so) make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender and the Administrative Agent has made available such amount to the Borrower, the Administrative Agent shall be entitled to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor the Administrative Agent shall promptly notify the Parent Borrower and the Borrower shall immediately pay such corresponding amount to the Administrative Agent in Dollars. The Administrative Agent shall also be entitled to recover from such Lender or the Borrower interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to (i) if paid by such Lender, the Overnight Rate or (ii) if paid by the Borrower, the then-applicable rate of interest or fees, calculated in accordance with <u>Section 2.8</u>, for the respective Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this <u>Section 2.4</u> shall be deemed to relieve any Lender from its obligation to fulfill its commitments hereunder or to prejudice any rights that the Borrower may have against any Lender as a result of any default by such Lender hereunder (it being understood, however, that no Lender shall be responsible for the failure of any other Lender to fulfill its commitments hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Repayment of Loans; Evidence of Debt</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall repay to the Administrative Agent for the benefit of the Revolving Credit Lenders, on the Revolving Credit Maturity Date, the then outstanding Revolving Credit Loans in the currency in which such Revolving Credit Loans are denominated. The Borrower shall repay to the Administrative Agent for the benefit of the Revolving Credit Lenders, on each Extended Revolving Loan Maturity Date, the then outstanding amount of Extended Revolving Credit Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the Indebtedness of the Borrower to the appropriate lending office of such Lender resulting from each Loan made by such lending office of such Lender from time to time, including the amounts of principal and interest payable and paid to such lending office of such Lender from time to time under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall maintain the Register pursuant to <u>Section 13.6(b)</u>, and a subaccount for each Lender, in which Register and subaccounts (taken together) shall be recorded (i) the amount of each Loan made hereunder, whether such Loan is a Revolving Credit Loan or Extended Revolving Credit Loan, the Type of each Loan made, the name of the Borrower and the Interest Period, if any, applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder from the Borrower and each Lender's share thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The entries made in the Register and accounts and subaccounts maintained pursuant to <u>clauses (c)</u> and <u>(d)</u> of this <u>Section 2.5</u> shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; <u>provided</u>, <u>however</u>, that, in the event of any inconsistency between the Register and any such account or subaccount, the Register shall govern; <u>provided</u>, <u>further</u>, that the failure of any Lender or the Administrative Agent to maintain such account, such Register or subaccount, as applicable, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loans made to the Borrower by such Lender in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Borrower hereby agrees that, upon request of any Lender at any time and from time to time after the Borrower has made an initial borrowing hereunder, the Borrower shall provide to such Lender, at the Borrower's own expense, a promissory note, substantially in the form of <u>Exhibit F</u>, as applicable, evidencing the Revolving Loans owing to such Lender. Thereafter, unless otherwise agreed to by the applicable Lender, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to <u>Section 13.6</u>) be represented by one or more promissory notes in such form payable to the payee named therein or its registered assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Conversions and Continuations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the penultimate sentence of this <u>clause (a)</u>, (x) the Borrower shall have the option on any Business Day to convert all or a portion equal to at least $5,000,000 of the outstanding principal amount of Revolving Credit Loans of one Type into a Borrowing or Borrowings of another Type and (y) the Borrower shall have the option on any Business Day to continue the outstanding principal amount of any SOFR Loans as SOFR Loans for an additional Interest Period; <u>provided</u> that (i) no partial conversion of SOFR Loans shall reduce the outstanding principal amount of SOFR Loans made pursuant to a single Borrowing to less than the Minimum Borrowing Amount, (ii) ABR Loans may not be converted into SOFR Loans if an Event of Default is in existence on the date of the conversion and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such conversion, (iii) [reserved], (iv) [reserved], (v) SOFR Loans may not be continued as SOFR Loans for an additional Interest Period if an Event of Default is in existence on the date of the proposed continuation and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuation, (vi) [reserved] and (vii) Borrowings resulting from conversions pursuant to this <u>Section 2.6</u> shall be limited in number as provided in <u>Section 2.2</u>. Each such conversion or continuation shall be effected by the Borrower by giving the Administrative Agent prior written notice at the Administrative Agent's Office prior to 1:00 p.m. (New York City time) at least (i) three Business Days prior, in the case of a continuation of or conversion to SOFR Loans (other than in the case of a notice delivered on the Closing Date, which shall be deemed to be effective on the Closing Date), or (ii) 1:00 p.m. (New York City time) on the proposed day of a conversion into ABR Loans (each, a "**Notice of Conversion or Continuation**" substantially in the form of <u>Exhibit I</u>) specifying the Loans to be so converted or continued, the Type of Loans to be converted or continued into and, if such Loans are to be converted into or continued as SOFR Loans, the Interest Period to be initially applicable thereto. If no Interest Period is specified in any such notice with respect to any conversion to or continuation as a SOFR Loan, the Borrower shall be deemed to have selected an Interest Period of one month's duration. The Administrative Agent shall give each applicable Lender notice as promptly as practicable of any such proposed conversion or continuation affecting any of its Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Event of Default is in existence at the time of any proposed continuation of any SOFR Loans and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuation, such SOFR Loans shall be automatically converted on the last day of the current Interest Period into ABR Loans. If upon the expiration of any Interest Period in respect of SOFR Loans, the Borrower has failed to elect a new Interest Period to be applicable thereto as provided in <u>clause (a)</u>, the Borrower shall be deemed to have elected to convert such Borrowing of SOFR Loans into a Borrowing of ABR Loans, effective as of the expiration date of such current Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with the use or administration of Term SOFR or SOFR Average, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Credit Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Credit Document (other than as provided in the definition of Conforming Changes). The Administrative Agent will promptly notify the Borrower and the Lenders of the effectiveness of any Conforming Changes in connection with the use or administration of Term SOFR or SOFR Average.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Pro Rata Borrowings</u>. Each Borrowing of Revolving Credit Loans under this Agreement shall be made by the Lenders *pro rata* on the basis of their then-applicable Revolving Credit Commitment Percentages. It is understood that (a) no Lender shall be responsible for any default by any other Lender in its obligation to make Loans hereunder and that each Lender severally but not jointly shall be obligated to make the Loans provided to be made by it hereunder, regardless of the failure of any other Lender to fulfill its commitments hereunder and (b) other than as expressly provided herein with respect to a Defaulting Lender, failure by a Lender to perform any of its obligations under any of the Credit Documents shall not release any Person from performance of its obligation, under any Credit Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The unpaid principal amount of each ABR Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin for ABR Loans *plus* the ABR, in each case, in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The unpaid principal amount of each Term SOFR Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin for SOFR Loans *plus* Term SOFR for the applicable Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The unpaid principal amount of each SOFR Average Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin for SOFR Loans *plus* SOFR Average over the applicable Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If an Event of Default pursuant to <u>Section 11.1</u> or <u>11.5</u> has occurred and is continuing (but after giving effect to any grace period set forth therein), if all or a portion of (i) the principal amount of any Loan or (ii) any interest payable thereon or any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum (the "**Default Rate**") that is (x) in the case of overdue principal, the rate that would otherwise be applicable thereto *plus* 2.00% or (y) in the case of any other overdue amount, including overdue interest, to the extent permitted by applicable law, the rate described in <u>Section 2.8(a)</u> for the applicable Class *plus* 2.00% from the date of such non-payment to the date on which such amount is paid in full (after as well as before judgment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Interest on each Loan shall accrue from and including the date of any Borrowing to but excluding the date of any repayment thereof and shall be payable in Dollars; <u>provided</u> that any Loan that is repaid on the same date on which it is made shall bear interest for one day. Except as provided below, interest shall be payable (i) in respect of each ABR Loan, quarterly in arrears on the last Business Day of each fiscal quarter of the Parent Borrower, (ii) in respect of each SOFR Loan, on the last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three-month intervals after the first day of such Interest Period, and (iii) in respect of each Loan, (A) upon any prepayment in respect thereof, (B) at maturity (whether by acceleration or otherwise), and (C) after such maturity, on demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) All computations of interest hereunder shall be made in accordance with <u>Section 5.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Administrative Agent, upon determining the interest rate for any Borrowing of SOFR Loans, shall promptly notify the Parent Borrower and the relevant Lenders thereof. Each such determination shall, absent clearly demonstrable error, be final and conclusive and binding on all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Interest Periods</u>. At the time the Parent Borrower gives a Notice of Borrowing or Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of SOFR Loans in accordance with <u>Section 2.6(a)</u>, the Parent Borrower shall give the Administrative Agent written notice of the Interest Period applicable to such Borrowing, which Interest Period shall, at the option of the Parent Borrower, be a one or three month period with respect to SOFR Loans (or if available to all the Lenders making such SOFR Loans, a twelve month or shorter period).

Notwithstanding anything to the contrary contained above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the initial Interest Period for any Borrowing of SOFR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of Loans of a different type) and each Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding Interest Period expires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if any Interest Period relating to a Borrowing of SOFR Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such Interest Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; <u>provided</u> that if any Interest Period in respect of a SOFR Loan would otherwise expire on a day that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the immediately preceding Business Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Parent Borrower shall not be entitled to elect any Interest Period in respect of any SOFR Loan if such Interest Period would extend beyond the Maturity Date of such Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Increased Costs, Illegality, Etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 2.18</u>, in the event that (x) in the case of clause (i) below, the Administrative Agent and (y) in the case of clauses (ii) and (iii) below, the Required Revolving Credit Lenders shall have reasonably determined (which determination shall, absent clearly demonstrable error, be final and conclusive and binding upon all parties hereto):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on any date for determining Term SOFR or SOFR Average for any Interest Period that (x) deposits in the principal amounts and currencies of the Loans comprising such Borrowing of SOFR Loans are not generally available in the relevant market or (y) by reason of any changes arising on or after the Closing Date affecting the applicable market, adequate and fair means do not exist for ascertaining the interest rate on the basis provided for in the definition of "Term SOFR" or "SOFR Average", as applicable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at any time following the Closing Date, (x) that such Lenders shall incur or suffer any increased costs or reductions attributable to Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (ii) through (iv) of Excluded Taxes, (C) Connection Income Taxes and (D) Other Taxes) because of any Change in Law or (y) that any Change in Law shall impose, modify or deem applicable any reserve, special deposit or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances or loans by, or any other acquisition of funds by any Lender for any SOFR Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at any time, that the making or continuance of any SOFR Loan has become unlawful by compliance by such Lenders in good faith with any law, governmental rule, regulation, guideline or order (or would conflict with any such governmental rule, regulation, guideline or order not having the force of law even though the failure to comply therewith would not be unlawful);

(such Loans, "**Impacted Loans**"), then, and in any such event, such Required Revolving Credit Lenders (or the Administrative Agent, in the case of <u>clause (i)</u> above) shall within a reasonable time thereafter give notice (in writing) to the Borrower and to the Administrative Agent of such determination (which notice the Administrative Agent shall promptly transmit to each of the other Lenders). Thereafter (x) in the case of <u>clause (i)</u> above, SOFR Loans shall no longer be available until such time as the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice by the Administrative Agent no longer exist (which notice the Administrative Agent agrees to give at such time when such circumstances no longer exist), and any Notice of Borrowing or Notice of Conversion or Continuation given by the Borrower with respect to SOFR Loans that have not yet been incurred shall be deemed rescinded by the Borrower, (y) in the case of <u>clause (ii)</u> above, the Borrower shall pay to such Lenders, promptly after receipt of written demand therefor such additional amounts (in the form of an increased rate of, or a different method of calculating, interest or otherwise as such Required Revolving Credit Lenders in their reasonable discretion shall determine) as shall be required to compensate such Lenders for such actual increased costs or reductions in amounts receivable hereunder (it being agreed that a written notice as to the additional amounts owed to such Lenders, showing in reasonable detail the basis for the calculation thereof, submitted to the Borrower by such Lenders shall, absent clearly demonstrable error, be final and conclusive and binding upon all parties hereto), and (z) in the case of <u>subclause (iii)</u> above, the Borrower shall take one of the actions specified in <u>subclause (x)</u> or <u>(y)</u>, as applicable, of <u>Section 2.10(b)</u> promptly and, in any event, within the time period required by law.

Notwithstanding the foregoing, if the Administrative Agent has made the determination described in <u>Section 2.10(a)(i)(x)</u>, the Administrative Agent, in consultation with the Borrower and the affected Lenders, may establish an alternative interest rate for the Impacted Loans, in which case, such alternative rate of interest shall apply with respect to the Impacted Loans until (1) the Administrative Agent revokes the notice delivered with respect to the Impacted Loans under <u>clause (x)</u> of the first sentence of the immediately preceding paragraph, (2) the Administrative Agent or the affected Lenders notify the Administrative Agent and the Borrower that such alternative interest rate does not adequately and fairly reflect the cost to such Lenders of funding the Impacted Loans, or (3) any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender or its applicable lending office to make, maintain or fund Loans whose interest is determined by reference to such alternative rate of interest or to determine or charge interest rates based upon such rate or any Governmental Authority has imposed material restrictions on the authority of such Lender to do any of the foregoing and provides the Administrative Agent and the Borrower written notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time that any SOFR Loan is affected by the circumstances described in <u>Section 2.10(a)(ii)</u> or <u>(iii)</u>, the Borrower may (and in the case of a Loan affected pursuant to <u>Section 2.10(a)(iii)</u> shall) either (x) if a Notice of Borrowing or Notice of Conversion or Continuation with respect to the affected Loan has been submitted pursuant to <u>Section 2.3</u> or <u>Section 2.6</u> but the affected Loan has not been funded or continued, cancel such requested Borrowing by giving the Administrative Agent written notice thereof on the same date that the Borrower was notified by Lenders pursuant to <u>Section 2.10(a)(ii)</u> or <u>(iii)</u> or (y) if the affected Loan is then outstanding, upon at least three Business Days' notice to the Administrative Agent, require the affected Lender to convert each such Loan into an ABR Loan; <u>provided</u> that if more than one Lender is affected at any time, then all affected Lenders must be treated in the same manner pursuant to this <u>Section 2.10(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, after the Closing Date, any Change in Law relating to capital adequacy or liquidity of any Lender or compliance by any Lender or its parent with any Change in Law relating to capital adequacy or liquidity occurring after the Closing Date, has or would have the effect of reducing the actual rate of return on such Lender's or its parent's or its Affiliate's capital or assets as a consequence of such Lender's commitments or obligations hereunder to a level below that which such Lender or its parent or its Affiliate could have achieved but for such Change in Law (taking into consideration such Lender's or its parent's policies with respect to capital adequacy or liquidity), then from time to time, promptly after written demand by such Lender (with a copy to the Administrative Agent), the Borrower shall pay to such Lender such actual additional amount or amounts as will compensate such Lender or its parent for such actual reduction, it being understood and agreed, however, that a Lender shall not be entitled to such compensation as a result of such Lender's compliance with, or pursuant to any request or directive to comply with, any law, rule or regulation as in effect on the Closing Date or to the extent such Lender is not imposing such charges on, or requesting such compensation from, borrowers (similarly situated to the Parent Borrower hereunder) under comparable syndicated credit facilities similar to the Credit Facilities. Each Lender, upon determining in good faith that any additional amounts will be payable pursuant to this <u>Section 2.10(c)</u>, will give prompt written notice thereof to the Borrower, which notice shall set forth in reasonable detail the basis of the calculation of such additional amounts, although the failure to give any such notice shall not, subject to <u>Section 2.13</u>, release or diminish the Borrower's obligations to pay additional amounts pursuant to this <u>Section 2.10(c)</u> promptly following receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.11 <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 <u>Change of Lending Office</u>. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of <u>Sections 2.10(a)(ii)</u>, <u>2.10(a)(iii)</u>, <u>2.10(b)</u>, <u>3.5</u> or <u>5.4</u> with respect to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate another lending office for any Loans affected by such event; provided that such designation is made on such terms that such Lender and its lending office suffer no unreimbursed cost or other material economic, legal or regulatory disadvantage, with the object of avoiding the consequence of the event giving rise to the operation of any such Section. Nothing in this <u>Section 2.12</u> shall affect or postpone any of the obligations of the Borrower or the right of any Lender provided in <u>Sections 2.10</u>, <u>3.5</u> or <u>5.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 <u>Notice of Certain Costs</u>. Notwithstanding anything in this Agreement to the contrary, to the extent any notice required by <u>Sections 2.10</u> or <u>3.5</u> is given by any Lender more than 120 days after such Lender has knowledge (or should have had knowledge) of the occurrence of the event giving rise to the additional cost, reduction in amounts, loss, or other additional amounts described in such Sections, such Lender shall not be entitled to compensation under <u>Sections 2.10</u> or <u>3.5</u>, as the case may be, for any such amounts incurred or accruing prior to the 121st day prior to the giving of such notice to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 <u>Extension of Revolving Credit Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Joinder Agreement may, without the consent of any other Lenders, effect technical and corresponding amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provision of this <u>Section 2.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i) Solely in accordance with <u>Section 2.14(g)(iv)</u> below, Parent Borrower may at any time request that all or a portion of the Revolving Credit Commitments of any Class existing at the time of such request (each, an "**Existing Revolving Credit Commitment**" and any related revolving credit loans thereunder, "**Existing Revolving Credit Loans**"; each Existing Revolving Credit Commitment and related Existing Revolving Credit Loans together being referred to as an "**Existing Revolving Credit Class**") be converted to extend the termination date thereof and the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of Loans related to such Existing Revolving Credit Commitments (any such request, an "**Extension Request**", any such Existing Revolving Credit Commitments which have been so extended, "**Extended Revolving Credit Commitments**" and any related Loans, "**Extended Revolving Credit Loans**") and to provide for other terms consistent with this <u>Section 2.14(g)(i)</u>. In order to establish any Extended Revolving Credit Commitments, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Class of Existing Revolving Credit Commitments which such request shall be offered equally to all such Lenders); *provided* that the scheduled final maturity date shall be extended as set forth in <u>Section 2.14(g)(v)</u> and the Borrower shall have made payments to each such Extending Lender as set forth in <u>Section 2.14(g)(v)(B)</u>. Notwithstanding anything to the contrary in this <u>Section 2.14</u> or otherwise, (1) the borrowing and repayment (other than in connection with a permanent repayment and termination of commitments) of Loans with respect to any Original Revolving Credit Commitments shall be made on a pro rata basis with all other Original Revolving Credit Commitments and (2) no Extended Revolving Credit Commitments may be optionally permanently prepaid and terminated prior to the date on which the applicable Existing Revolving Credit Commitments from which they were converted (the "**Specified Existing Revolving Credit Commitments**") is permanently repaid in full and terminated, except in accordance with the last sentence of <u>Section 5.1</u>. No Lender shall have any obligation to agree to have any of its Revolving Credit Loans or Revolving Credit Commitments of any Existing Revolving Credit Class converted into Extended Revolving Credit Loans or Extended Revolving Credit Commitments pursuant to any Extension Request. Any Extended Revolving Credit Commitments of any Extension Series shall constitute a separate Class of revolving credit commitments from the Specified Existing Revolving Credit Commitments and from any other Existing Revolving Credit Commitments (together with any other Extended Revolving Credit Commitments so established on such date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any Lender (an "Extending Lender") wishing to have all or a portion of its Revolving Credit Commitments or Extended Revolving Credit Commitment of the Existing Revolving Credit Class or Existing Revolving Credit Classes subject to such Extension Request converted into Extended Revolving Credit Commitments shall notify the Administrative Agent (an "Extension Election") on or prior to the date specified in such Extension Request of the amount of its Revolving Credit Commitments or Extended Revolving Credit Commitment of the Existing Revolving Credit Class or Existing Revolving Credit Classes subject to such Extension Request that it has elected to convert into Extended Revolving Credit Commitments, as applicable. In the event that the aggregate amount of Revolving Credit Commitments or Extended Revolving Credit Commitment of the Existing Revolving Credit Class or Existing Revolving Credit Classes subject to Extension Elections exceeds the amount of Extended Revolving Credit Commitments requested pursuant to the Extension Request, Revolving Credit Commitments or Extended Revolving Credit Commitments of the Existing Revolving Credit Class or Existing Revolving Credit Classes subject to Extension Elections shall be converted to Extended Revolving Credit Commitments on a pro rata basis based on the amount of Revolving Credit Commitments or Extended Revolving Credit Commitment included in each such Extension Election. Notwithstanding the conversion of any Original Revolving Credit Commitment into an Extended Revolving Credit Commitment, such Extended Revolving Credit Commitment shall be treated identically to all other Original Revolving Credit Commitments for purposes of the obligations of a Revolving Credit Lender in respect of Letters of Credit under Section 3, except that the applicable Extension Amendment may provide that the L/C Facility Maturity Date may be extended and the related obligations to issue Letters of Credit may be continued so long as the Letter of Credit Issuers, as applicable, have consented to such extensions in their sole discretion (it being understood that no consent of any other Lender shall be required in connection with any such extension).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Extended Revolving Credit Commitments shall be established pursuant to an amendment (an "**Extension Amendment**") to this Agreement executed by the Credit Parties, the Administrative Agent and the Extending Lenders. No Extension Amendment shall provide for any tranche of Extended Revolving Credit Commitments in an aggregate principal amount that is less than $5,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding anything to the contrary contained in this Agreement, (A) on any date on which any Existing Revolving Credit Class is converted to extend the related scheduled maturity date(s) in accordance with <u>clause (i)</u> above (an "**Extension Date**"), in the case of the Specified Existing Revolving Credit Commitments of each Extending Lender, the aggregate principal amount of such Specified Existing Revolving Credit Commitments shall be deemed reduced by an amount equal to the aggregate principal amount of Extended Revolving Credit Commitments so converted by such Lender on such date, and such Extended Revolving Credit Commitments shall be established as a separate Class of revolving credit commitments from the Specified Existing Revolving Credit Commitments and from any other Existing Revolving Credit Commitments (together with any other Extended Revolving Credit Commitments so established on such date) and (B) if, on any Extension Date, any Loans of any Extending Lender are outstanding under the applicable Specified Existing Revolving Credit Commitments, such Loans (and any related participations) shall be deemed to be allocated as Extended Revolving Credit Loans (and related participations) and Existing Revolving Credit Loans (and related participations) in the same proportion as such Extending Lender's Specified Existing Revolving Credit Commitments to Extended Revolving Credit Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The occurrence of any extension of Original Revolving Credit Commitments to extend the scheduled maturity date of such Original Revolving Credit Commitments shall be to the date that is the one (1) year anniversary of the Revolving Credit Maturity Date (in effect as of the Closing Date), and the effectiveness of any Extension Election by any Extending Lender in respect of such extension, shall be subject to the satisfaction of the following conditions as of the applicable Extension Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) no Event of Default shall have occurred and be continuing as of such Extension Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Borrower shall have made, upon or promptly following such date, to each such Extending Lender, a fee equal to 0.25% of the aggregate amount of such Lender's Original Revolving Credit Commitments which is extended as of such Extension Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Administrative Agent and the Lenders hereby consent to the consummation of the transactions contemplated by this <u>Section 2.14</u> (including, for the avoidance of doubt, payment of any interest, fees, or premium in respect of any Extended Revolving Credit Commitments on such terms as may be set forth in the relevant Extension Amendment) and hereby waive the requirements of any provision of this Agreement (including, without limitation, any pro rata payment or amendment section) or any other Credit Document that may otherwise prohibit or restrict any such extension or any other transaction contemplated by this <u>Section 2.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15 <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.16 <u>Defaulting Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Adjustments</u>. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Requirements of Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Waivers and Amendments</u>. Such Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Required Lenders and <u>Section 13.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Defaulting Lender Waterfall</u>. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Section 11</u> or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to <u>Section 13.8</u> shall be applied at such time or times as may be determined by the Administrative Agent as follows: *first*, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; *second*, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to such Letter of Credit Issuer hereunder; *third*, to Cash Collateralize such Letter of Credit Issuer's Fronting Exposure with respect to such Defaulting Lender in accordance with <u>Section 3.8</u>; *fourth*, as the Parent Borrower may request (so long as no Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; *fifth*, if so determined by the Administrative Agent and the Parent Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender's potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize such Letter of Credit Issuer's future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with <u>Section 3.8</u>; *sixth*, to the payment of any amounts owing to the Borrower, the Lenders or the Letter of Credit Issuers as a result of any judgment of a court of competent jurisdiction obtained by the Borrower, any Lender or any Letter of Credit Issuer against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and *seventh*, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; <u>provided</u> that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 7 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, and L/C Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations are held by the Lenders pro rata in accordance with the Commitments hereunder without giving effect to <u>Section 2.16(a)(iv)</u>. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this <u>Section 2.16(a)(ii)</u> shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Certain Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A) No Defaulting Lender shall be entitled to receive any fee payable under <u>Section 4</u> for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).

&nbsp;&nbsp;&nbsp;&nbsp;(B) Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Lender is a Defaulting Lender only to the extent allocable to its applicable percentage of the Stated Amount of Letters of Credit for which it has provided Cash Collateral pursuant to <u>Section 3.8</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(C) With respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender's participation in L/C Obligations that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to such Letter of Credit Issuer the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Letter of Credit's Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Reallocation of Applicable Percentages to Reduce Fronting Exposure</u>. All or any part of such Defaulting Lender's participation in L/C Obligations shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Revolving Credit Commitment Percentages (calculated without regard to such Defaulting Lender's Commitment) but only to the extent that such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender's Commitment. Subject to <u>Section 13.23</u>, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender's increased exposure following such reallocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Defaulting Lender Cure</u>. If the Parent Borrower, the Administrative Agent and the Letter of Credit Issuers agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Revolving Credit Loans and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Lenders in accordance with their Revolving Credit Commitment Percentages (without giving effect to <u>Section 2.16(a)(iv)</u>), whereupon such Lender will cease to be a Defaulting Lender; <u>provided</u> that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Parent Borrower while that Lender was a Defaulting Lender; and <u>provided</u>, <u>further</u>, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 <u>Alternate Rate of Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 2.18</u>, if prior to the commencement of any Interest Period for a Term SOFR Borrowing or SOFR Average Borrowing, the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining Term SOFR or SOFR Average, as applicable, for such Interest Period, then on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), such Loan shall be converted by the Administrative Agent to, and shall constitute, an ABR Loan denominated in dollars on such day or, at the Borrower's election prior to such day, be prepaid by the Borrower on such day (it being understood and agreed that if the Borrower does not so prepay such Loan on such day by 12:00 p.m. (New York City time) the Administrative Agent is authorized to effect such conversion of such Loan into an ABR Loan), and, upon the Borrower's receipt of notice from the Administrative Agent that the circumstances giving rise to the aforementioned notice no longer exist, such ABR Loan shall then be converted by the Administrative Agent to, and shall constitute, a SOFR Loan on the day of such notice being given to the Borrower by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 <u>Benchmark Replacement Setting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Benchmark Replacement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything to the contrary herein or in any other Credit Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Credit Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Credit Document and (y) if a Benchmark Replacement is determined in accordance with clause (b) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Credit Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders and the Parent Borrower without any amendment to, or further action or consent of any other party to, this Agreement or any other Credit Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No Hedge Agreement shall be deemed to be a "Credit Document" for purposes of this <u>Section 2.18</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Conforming Changes</u>. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent will have the right, subject to the consent of the Borrower, to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Credit Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Credit Document (other than as provided in the definition of Conforming Changes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notices; Standards for Decisions and Determinations</u>. The Administrative Agent will promptly (and in any event within five (5) Business Days) notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement and (iii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Administrative Agent will promptly notify the Borrower of the removal or reinstatement of any tenor of a Benchmark pursuant to <u>Section 2.18(d)</u>. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, the Borrower or any Lender (or group of Lenders) pursuant to this <u>Section 2.18</u>, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Credit Document, except, in each case, as expressly required pursuant to this <u>Section 2.18</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Benchmark Unavailability Period</u>. Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Loans determined in the applicable Benchmark to be made, converted or continued during any Benchmark Unavailability Period and, failing that, (i) the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to ABR Loans and (ii) any outstanding affected Loans will be deemed to have been converted into ABR Loans at the end of the applicable Interest Period. During a Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of ABR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding anything herein or in any other Credit Document to the contrary, the Administrative Agent and the Parent Borrower shall cooperate in good faith and use commercially reasonable efforts to satisfy any applicable requirements under proposed or final U.S. Treasury Regulations or other Internal Revenue Service guidance such that the use of an alternative rate of interest pursuant to this <u>Section 2.17</u> shall not result in a deemed exchange of any Indebtedness hereunder under Section 1001 of the Code.

Section 3. <u>Letters of Credit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Letters of Credit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to and upon the terms and conditions herein set forth, at any time and from time to time after the Closing Date and prior to the L/C Facility Maturity Date, each Letter of Credit Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this <u>Section 3</u>, to issue from time to time from the Closing Date through the L/C Facility Maturity Date for the account of the Parent Borrower (or, so long as the Parent Borrower is the primary obligor and a signatory to the Letter of Credit Request or remains the primary obligor for any reimbursement obligations pursuant to <u>Section 3.4</u> hereof, for the account of any Subsidiary) standby letters of credit (the "**Letters of Credit**" and each, a "**Letter of Credit**"), which Letters of Credit shall not exceed any Letter of Credit Issuer's Letter of Credit Commitment unless consented to by such Letter of Credit Issuer and in the aggregate shall not exceed the L/C Sublimit, in such form as may be approved by each Letter of Credit Issuer in its reasonable discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, (i) no Letter of Credit shall be issued the Stated Amount of which, when added to the Letters of Credit Outstanding at such time, would exceed the L/C Sublimit then in effect (or with respect to any Letter of Credit Issuer, exceed such Letter of Credit Issuer's Letter of Credit Commitment; <u>provided</u> that if the Parent Borrower determines that, in connection with any actual or anticipated L/C Borrowing, less than the full amount of the L/C Sublimit would be available to the Parent Borrower as a result of the application of this clause (i), then the Letter of Credit Commitments of each Letter of Credit Issuer shall be reallocated as elected by the Borrower in consultation with each Letter of Credit Issuer and with the consent of any such Letter of Credit Issuer which has its Letter of Credit Commitment increased as a result of such reallocation (and the Parent Borrower and the Letter of Credit Issuers agree to take such actions as among themselves to accommodate any such reallocation)); (ii) no Letter of Credit shall be issued the Stated Amount of which would cause the aggregate amount of the Lenders' Revolving Credit Exposures at the time of the issuance thereof to exceed the Total Revolving Credit Commitment then in effect; (iii) each Letter of Credit shall have an expiration date occurring no earlier than one year after the date of issuance thereof (except as set forth in <u>Section 3.2(d)</u>), <u>provided</u> that in no event shall such expiration date occur later than the L/C Facility Maturity Date, in each case, unless otherwise agreed upon by the Administrative Agent, such Letter of Credit Issuer and, unless such Letter of Credit has been Cash Collateralized or backstopped (in the case of a backstop only, on terms reasonably satisfactory to such Letter of Credit Issuer), the Revolving Credit Lenders; (iv) the Letter of Credit shall be denominated in Dollars; (v) no Letter of Credit shall be issued if it would be illegal under any applicable law for the beneficiary of the Letter of Credit to have a Letter of Credit issued in its favor; and (vi) no Letter of Credit shall be issued by any Letter of Credit Issuer after it has received a written notice from any Credit Party or the Administrative Agent or the Required Revolving Credit Lenders stating that a Default or Event of Default has occurred and is continuing until such time as such Letter of Credit Issuer shall have received a written notice of (x) rescission of such notice from the party or parties originally delivering such notice or (y) the waiver of such Default or Event of Default in accordance with the provisions of <u>Section 13.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon at least two Business Days' prior written notice to the Administrative Agent and each Letter of Credit Issuer (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the Parent Borrower shall have the right, on any day, permanently to terminate or reduce the Letter of Credit Commitments in whole or in part; <u>provided</u> that, after giving effect to such termination or reduction, the Letters of Credit Outstanding shall not exceed the L/C Sublimit (or with respect to any Letter of Credit Issuer, the Letters of Credit outstanding with respect to Letters of Credit issued by such Letter of Credit Issuer shall not exceed such Letter of Credit Issuer's Letter of Credit Commitment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Letter of Credit Issuer shall be under any obligation to issue any Letter of Credit if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms enjoin or restrain any Letter of Credit Issuer from issuing such Letter of Credit, or any law applicable to such Letter of Credit Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such Letter of Credit Issuer shall prohibit, or request that such Letter of Credit Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Letter of Credit Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (in each case, for which such Letter of Credit Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such Letter of Credit Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which such Letter of Credit Issuer in good faith deems material to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the issuance of such Letter of Credit would violate one or more policies of such Letter of Credit Issuer applicable to letters of credit generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) except as otherwise agreed by any Letter of Credit Issuer, such Letter of Credit is in an initial Stated Amount less than $10,000; <u>provided</u> that any Letter of Credit Issuer shall only be required to issue standby Letters of Credit denominated in Dollars unless it otherwise agrees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) such Letter of Credit is denominated in a currency other than Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such Letter of Credit contains any provisions for automatic reinstatement of the Stated Amount after any drawing thereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a default of any Revolving Credit Lender's obligations to fund under <u>Section 3.3</u> exists or any Revolving Credit Lender is at such time a Defaulting Lender hereunder, unless, in each case, the Parent Borrower have entered into arrangements reasonably satisfactory to such Letter of Credit Issuer to eliminate such Letter of Credit Issuer's risk with respect to such Revolving Credit Lender or such risk has been reallocated in accordance with <u>Section 2.16</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Letter of Credit Issuer shall increase the Stated Amount of any Letter of Credit if such Letter of Credit Issuer would not be permitted at such time to issue such Letter of Credit in its amended form under the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Letter of Credit Issuer shall be under any obligation to issue an amendment to any Letter of Credit if such Letter of Credit Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any Letter of Credit Issuer shall act on behalf of the Revolving Credit Lenders with respect to any Letters of Credit issued by it and the documents associated therewith and such Letter of Credit Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in <u>Section 12</u> with respect to any acts taken or omissions suffered by any Letter of Credit Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term "Administrative Agent" as used in <u>Section 12</u> included any Letter of Credit Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to any Letter of Credit Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Letter of Credit Requests</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the Parent Borrower desires that a Letter of Credit be issued or amended, the Parent Borrower shall give the Administrative Agent and the Letter of Credit Issuers a Letter of Credit Request by no later than 1:00 p.m. (New York City time) at least three (3) Business Days (or such other period as may be agreed upon by the Parent Borrower, the Administrative Agent and each Letter of Credit Issuer) prior to the proposed date of issuance or amendment. Each Letter of Credit Request shall be executed by the Parent Borrower. Such Letter of Credit Request may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the applicable Letter of Credit Issuer, by personal delivery or by any other means acceptable to the applicable Letter of Credit Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of a request for the issuance of a Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably satisfactory to the Letter of Credit Issuers: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the identity of the applicant; and (C) such other matters as the applicable Letter of Credit Issuer may reasonably require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably satisfactory to the applicable Letter of Credit Issuer (I) the Letter of Credit to be amended; (II) the proposed date of issuance (which shall be a Business Day); (III) the nature of the proposed amendment; and (IV) such other matters as the applicable Letter of Credit Issuer may reasonably require. Additionally, the Parent Borrower shall furnish to such Letter of Credit Issuer and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as such Letter of Credit Issuer or the Administrative Agent may reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the Letter of Credit Issuers have received written notice from any Revolving Credit Lender, the Administrative Agent or any Credit Party, at least one Business Day prior to the requested date of issuance or amendment of the Letter of Credit, that one or more applicable conditions contained in <u>Sections 6</u> (solely with respect to any Letter of Credit issued on the Closing Date) and 7 shall not then be satisfied to the extent required thereby, then, subject to the terms and conditions hereof, the applicable Letter of Credit Issuer shall, on the requested date, issue a Letter of Credit for the account of the Parent Borrower (or, so long as the Parent Borrower is the primary obligor, for the account of a Subsidiary) or issue the applicable amendment, as the case may be, in each case in accordance with each such Letter of Credit Issuer's usual and customary business practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Parent Borrower so requests in any Letter of Credit Request, the applicable Letter of Credit Issuer shall agree to issue a Letter of Credit that has automatic extension provisions (each, an "**Auto-Extension Letter of Credit**"); <u>provided</u> that any such Auto-Extension Letter of Credit must permit such Letter of Credit Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof and the Parent Borrower not later than a day (the "**Non-Extension Notice Date**") in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by such Letter of Credit Issuer, the Parent Borrower shall not be required to make a specific request to such Letter of Credit Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the Letter of Credit Issuers to permit the extension of such Letter of Credit at any time to an expiry date not later than the L/C Facility Maturity Date, unless otherwise agreed upon by the Administrative Agent and such Letter of Credit Issuer; <u>provided</u>, <u>however</u>, that no Letter of Credit Issuer shall permit any such extension if (A) such Letter of Credit Issuer has reasonably determined that it would not be permitted, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of <u>clause (b)</u> of <u>Section 3.1</u> or otherwise), or (B) it has received written notice on or before the day that is seven Business Days before the Non-Extension Notice Date from the Administrative Agent, any Lender or the Parent Borrower that one or more of the applicable conditions specified in <u>Sections 6</u> and <u>7</u> are not then satisfied, and in each such case directing such Letter of Credit Issuer not to permit such extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the applicable Letter of Credit Issuer will also deliver to the Parent Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment. On the first Business Day of each month, each Letter of Credit Issuer shall provide the Administrative Agent a list of all Letters of Credit issued by it that are outstanding at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The making of each Letter of Credit Request shall be deemed to be a representation and warranty by the Parent Borrower that the Letter of Credit may be issued in accordance with, and will not violate the requirements of, <u>Section 3.1(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Letter of Credit Participations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Immediately upon the issuance by any Letter of Credit Issuer of any Letter of Credit, such Letter of Credit Issuer shall be deemed to have sold and transferred to each Revolving Credit Lender (each such Revolving Credit Lender, in its capacity under this <u>Section 3.3</u>, an "**L/C Participant**"), and each such L/C Participant shall be deemed irrevocably and unconditionally to have purchased and received from such Letter of Credit Issuer, without recourse or warranty, an undivided interest and participation (each an "**L/C Participation**"), to the extent of such L/C Participant's Revolving Credit Commitment Percentage in each Letter of Credit, each substitute therefor, each drawing made thereunder and the obligations of the Parent Borrower under this Agreement with respect thereto, and any security therefor or guaranty pertaining thereto; <u>provided</u> that the Letter of Credit Fees will be paid directly to the Administrative Agent for the ratable account of the L/C Participants as provided in <u>Section 4.1(b)</u> and the L/C Participants shall have no right to receive any portion of any Fronting Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In determining whether to pay under any Letter of Credit, the relevant Letter of Credit Issuer shall have no obligation relative to the L/C Participants other than to confirm that any documents required to be delivered under such Letter of Credit have been delivered and that they appear to comply on their face with the requirements of such Letter of Credit. Any action taken or omitted to be taken by the relevant Letter of Credit Issuer under or in connection with any Letter of Credit issued by it, if taken or omitted in the absence of gross negligence or willful misconduct as determined in the final non-appealable judgment of a court of competent jurisdiction, shall not create for the Letter of Credit Issuers any resulting liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that any Letter of Credit Issuer makes any payment under any Letter of Credit issued by it and the Parent Borrower shall not have repaid such amount in full to the respective Letter of Credit Issuer through the Administrative Agent pursuant to <u>Section 3.4(a)</u>, the Administrative Agent shall promptly notify each L/C Participant of such failure, and each L/C Participant shall promptly and unconditionally pay to the Administrative Agent for the account of such Letter of Credit Issuer, the amount of such L/C Participant's Revolving Credit Commitment Percentage of such unreimbursed payment in Dollars and in immediately available funds. If and to the extent such L/C Participant shall not have so made its Revolving Credit Commitment Percentage of the amount of such payment available to the Administrative Agent for the account of such Letter of Credit Issuer, such L/C Participant agrees to pay to the Administrative Agent for the account of such Letter of Credit Issuer, forthwith on demand, such amount, together with interest thereon for each day from such date until the date such amount is paid to the Administrative Agent for the account of such Letter of Credit Issuer at a rate per annum equal to the Overnight Rate from time to time then in effect, plus any administrative, processing or similar fees that are reasonably and customarily charged by such Letter of Credit Issuer in connection with the foregoing. The failure of any L/C Participant to make available to the Administrative Agent for the account of any Letter of Credit Issuer its Revolving Credit Commitment Percentage of any payment under any Letter of Credit shall not relieve any other L/C Participant of its obligation hereunder to make available to the Administrative Agent for the account of such Letter of Credit Issuer its Revolving Credit Commitment Percentage of any payment under such Letter of Credit on the date required, as specified above, but no L/C Participant shall be responsible for the failure of any other L/C Participant to make available to the Administrative Agent such other L/C Participant's Revolving Credit Commitment Percentage of any such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whenever the Administrative Agent receives a payment in respect of an unpaid Reimbursement Obligation as to which the Administrative Agent has received for the account of any Letter of Credit Issuer any payments from the L/C Participants pursuant to <u>clause (c)</u> above, the Administrative Agent shall promptly pay to each L/C Participant that has paid its Revolving Credit Commitment Percentage of such Reimbursement Obligation, in Dollars and in immediately available funds, an amount equal to such L/C Participant's share (based upon the proportionate aggregate amount originally funded by such L/C Participant to the aggregate amount funded by all L/C Participants) of the amount so paid in respect of such Reimbursement Obligation and interest thereon accruing after the purchase of the respective L/C Participations at the Overnight Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations of the L/C Participants to make payments to the Administrative Agent for the account of each Letter of Credit Issuer with respect to Letters of Credit shall be irrevocable and not subject to counterclaim, set-off or other defense or any other qualification or exception whatsoever and shall be made in accordance with the terms and conditions of this Agreement under all circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If any payment received by the Administrative Agent for the account of any Letter of Credit Issuer pursuant to <u>Section 3.3(c)</u> is required to be returned, each Lender shall pay to the Administrative Agent for the account of such Letter of Credit Issuer its Revolving Credit Commitment Percentage thereof on demand of the Administrative Agent, *plus* interest thereon from the date of such demand to the date such amount is returned by such Lender, at a rate per annum equal to the applicable Overnight Rate from time to time in effect. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Agreement to Repay Letter of Credit Drawings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent Borrower hereby agrees to reimburse the Letter of Credit Issuers, by making payment with respect to any drawing under any Letter of Credit in the same currency in which such drawing was made. Any such reimbursement shall be made by the Parent Borrower to the Administrative Agent in immediately available funds for any payment or disbursement made by any Letter of Credit Issuer under any Letter of Credit (each such amount so paid until reimbursed, an "**Unpaid Drawing**") no later than the date that is one Business Day after the date on which the Parent Borrower receives written notice of such payment or disbursement (the "**Reimbursement Date**"), with interest on the amount so paid or disbursed by such Letter of Credit Issuer, to the extent not reimbursed prior to 5:00 p.m. (New York City time) on the Reimbursement Date, from the Reimbursement Date to the date such Letter of Credit Issuer is reimbursed therefor at a rate per annum that shall at all times be (i) with respect to a Letter of Credit denominated in Dollars, the Applicable Margin for ABR Loans that are Revolving Credit Loans *plus* the ABR as in effect from time to time and (ii) [reserved], <u>provided</u> that, notwithstanding anything contained in this Agreement to the contrary, (i) unless the Parent Borrower shall have notified the Administrative Agent and the relevant Letter of Credit Issuer prior to 12:00 noon (New York City time) on the Reimbursement Date that the Parent Borrower intends to reimburse the relevant Letter of Credit Issuer for the amount of such drawing with funds other than the proceeds of Loans, the Parent Borrower shall be deemed to have given a Notice of Borrowing requesting that, with respect to Letters of Credit, the Revolving Credit Lenders make Revolving Credit Loans (which shall be denominated in Dollars and which shall be ABR Loans) on the Reimbursement Date in the amount of such drawing and (ii) the Administrative Agent shall promptly notify each L/C Participant of such drawing and the amount of its Revolving Credit Loan to be made in respect thereof, and each L/C Participant shall be irrevocably obligated to make a Revolving Credit Loan to the Parent Borrower in Dollars in the manner deemed to have been requested in the amount of its Revolving Credit Commitment Percentage of the applicable Unpaid Drawing by 2:00 p.m. (New York City time) on such Reimbursement Date by making the amount of such Revolving Credit Loan available to the Administrative Agent. Such Revolving Credit Loans shall be made without regard to the Minimum Borrowing Amount. The Administrative Agent shall use the proceeds of such Revolving Credit Loans solely for purpose of reimbursing any Letter of Credit Issuer for the related Unpaid Drawing. In the event that the Parent Borrower fails to Cash Collateralize any Letter of Credit that is outstanding on the L/C Facility Maturity Date, the full amount of the Letters of Credit Outstanding in respect of such Letter of Credit shall be deemed to be an Unpaid Drawing subject to the provisions of this <u>Section 3.4</u> except that such Letter of Credit Issuer shall hold the proceeds received from the L/C Participants as contemplated above as cash collateral for such Letter of Credit to reimburse any Unpaid Drawing under such Letter of Credit and shall use such proceeds first, to reimburse itself for any Unpaid Drawings made in respect of such Letter of Credit following the L/C Facility Maturity Date, second, to the extent such Letter of Credit expires undrawn, or is returned for cancellation while any such cash collateral remains, to the repayment of obligations in respect of any Revolving Credit Loans that have not been paid at such time and third, to the Parent Borrower or as otherwise directed by a court of competent jurisdiction. Nothing in this <u>Section 3.4(a)</u> shall affect the Parent Borrower's obligation to repay all outstanding Revolving Credit Loans when due in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligation of the Parent Borrower to reimburse the Letter of Credit Issuers for each drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any lack of validity or enforceability of this Agreement or any of the other Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the existence of any claim, set-off, defense or other right that the Parent Borrower may have at any time against a beneficiary named in a Letter of Credit, any transferee of any Letter of Credit (or any Person for whom any such transferee may be acting), the Administrative Agent, any Letter of Credit Issuer, any Lender or other Person, whether in connection with this Agreement, any Letter of Credit, the transactions contemplated herein or any unrelated transactions (including any underlying transaction between the Parent Borrower and the beneficiary named in any such Letter of Credit);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) waiver by any Letter of Credit Issuer of any requirement that exists for such Letter of Credit Issuer's protection and not the protection of the Parent Borrower (or Subsidiary) or any waiver by such Letter of Credit Issuer which does not in fact materially prejudice the Parent Borrower (or Subsidiary);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any payment made by any Letter of Credit Issuer in respect of an otherwise complying item presented after the date specified as the expiration date of, or the date by which documents must be received under, such Letter of Credit if presentation after such date is authorized by the UCC, the ISP or the UCP, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any payment by any Letter of Credit Issuer under such Letter of Credit against presentation of documents that does not strictly comply with the terms of such Letter of Credit; or any payment made by any Letter of Credit Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under the Bankruptcy Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) honor of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form of a draft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any adverse change in any relevant exchange rates or in the relevant currency markets generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Parent Borrower (or Subsidiary) (other than the defense of payment or performance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parent Borrower shall not be obligated to reimburse any Letter of Credit Issuer for any wrongful payment made by any Letter of Credit Issuer under the Letter of Credit issued by it as a result of acts or omissions constituting willful misconduct or gross negligence on the part of any Letter of Credit Issuer as determined in the final non-appealable judgment of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Increased Costs</u>. If after the Closing Date, the adoption of any applicable law, treaty, rule, or regulation, or any change therein, or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or actual compliance by any Letter of Credit Issuer or any L/C Participant with any request or directive made or adopted after the Closing Date (whether or not having the force of law), by any such authority, central bank or comparable agency shall either (x) impose, modify or make applicable any reserve, deposit, capital adequacy or similar requirement against letters of credit issued by any Letter of Credit Issuer, or any L/C Participant's L/C Participation therein, or (y) impose on any Letter of Credit Issuer or any L/C Participant any other conditions or costs affecting its obligations under this Agreement in respect of Letters of Credit or L/C Participations therein or any Letter of Credit or such L/C Participant's L/C Participation therein, and the result of any of the foregoing is to increase the actual cost to such Letter of Credit Issuer or such L/C Participant of issuing, maintaining or participating in any Letter of Credit, or to reduce the actual amount of any sum received or receivable by such Letter of Credit Issuer or such L/C Participant hereunder (including any increased costs or reductions attributable to Taxes, other than (A) Indemnified Taxes, (B) Taxes described in clauses (ii) through (iv) of Excluded Taxes, (C) Connection Income Taxes and (D) Other Taxes) in respect of Letters of Credit or L/C Participations therein, then, promptly after receipt of written demand to the Parent Borrower by such Letter of Credit Issuer or such L/C Participant, as the case may be (a copy of which notice shall be sent by such Letter of Credit Issuer or such L/C Participant to the Administrative Agent (with respect to a Letter of Credit issued on account of the Parent Borrower (or Subsidiary))), the Parent Borrower shall pay to such Letter of Credit Issuer or such L/C Participant such actual additional amount or amounts as will compensate such Letter of Credit Issuer or such L/C Participant for such increased cost or reduction, it being understood and agreed, however, that no Letter of Credit Issuer or L/C Participant shall be entitled to such compensation as a result of such Person's compliance with, or pursuant to any request or directive to comply with, any such law, rule or regulation as in effect on the Closing Date. A certificate submitted to the Parent Borrower by the relevant Letter of Credit Issuer or an L/C Participant, as the case may be (a copy of which certificate shall be sent by such Letter of Credit Issuer or such L/C Participant to the Administrative Agent), setting forth in reasonable detail the basis for the determination of such actual additional amount or amounts necessary to compensate such Letter of Credit Issuer or such L/C Participant as aforesaid shall be conclusive and binding on the Parent Borrower absent clearly demonstrable error. The obligations of the Parent Borrower under this <u>Section 3.5</u> shall survive the payment in full of the Obligations and the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>New or Successor Letter of Credit Issuer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Letter of Credit Issuer may resign as a Letter of Credit Issuer upon 60 days' prior written notice to the Administrative Agent, the Lenders and the Parent Borrower. The Parent Borrower may replace any Letter of Credit Issuer for any reason upon written notice to the Administrative Agent and such Letter of Credit Issuer. The Parent Borrower may add Letter of Credit Issuers at any time upon notice to the Administrative Agent. If a Letter of Credit Issuer shall resign or be replaced, or if the Parent Borrower shall decide to add a new Letter of Credit Issuer under this Agreement, then the Parent Borrower may appoint from among the Lenders a successor issuer of Letters of Credit or a new Letter of Credit Issuer, as the case may be, or, with the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed), another successor or new issuer of Letters of Credit, whereupon such successor issuer accepting such appointment shall succeed to the rights, powers and duties of the replaced or resigning Letter of Credit Issuer under this Agreement and the other Credit Documents, or such new issuer of Letters of Credit accepting such appointment shall be granted the rights, powers and duties of the Letter of Credit Issuers hereunder, and the term Letter of Credit Issuers shall mean such successor or such new issuer of Letters of Credit effective upon such appointment. At the time such resignation or replacement shall become effective, the Parent Borrower shall pay to the resigning or replaced Letter of Credit Issuer all accrued and unpaid fees applicable to the Letters of Credit pursuant to <u>Sections 4.1(b)</u> and <u>4.1(d)</u>. The acceptance of any appointment as a Letter of Credit Issuer hereunder whether as a successor issuer or new issuer of Letters of Credit in accordance with this Agreement, shall be evidenced by an agreement entered into by such new or successor issuer of Letters of Credit, in a form reasonably satisfactory to the Parent Borrower and the Administrative Agent and, from and after the effective date of such agreement, such new or successor issuer of Letters of Credit shall become a Letter of Credit Issuer hereunder. After the resignation or replacement of a Letter of Credit Issuer hereunder, the resigning or replaced Letter of Credit Issuer shall remain a party hereto and shall continue to have all the rights and obligations of the Letter of Credit Issuers under this Agreement and the other Credit Documents with respect to Letters of Credit issued by it prior to such resignation or replacement, but shall not be required to issue additional Letters of Credit. In connection with any resignation or replacement pursuant to this <u>clause (a)</u> (but, in case of any such resignation, only to the extent that a successor issuer of Letters of Credit shall have been appointed), either (i) the Parent Borrower, the resigning or replaced Letter of Credit Issuer and the successor issuer of Letters of Credit shall arrange to have any outstanding Letters of Credit issued by the resigning or replaced Letter of Credit Issuer replaced with Letters of Credit issued by the successor issuer of Letters of Credit or (ii) the Parent Borrower shall cause the successor issuer of Letters of Credit, if such successor issuer is reasonably satisfactory to the replaced or resigning Letter of Credit Issuer, to issue "back-stop" Letters of Credit naming the resigning or replaced Letter of Credit Issuer as beneficiary for each outstanding Letter of Credit issued by the resigning or replaced Letter of Credit Issuer, which new Letters of Credit shall be denominated in the same currency as, and shall have an amount equal to, the Letters of Credit being back-stopped and the sole requirement for drawing on such new Letters of Credit shall be presentation of a statement either that there has been a drawing on the corresponding back-stopped Letters of Credit or that the back-stopping Letter of Credit will expire within thirty (30) days or less and back-stopped Letters of Credit are still outstanding. After any resigning or replaced Letter of Credit Issuer's resignation or replacement as Letter of Credit Issuer, the provisions of this Agreement relating to the Letter of Credit Issuers shall inure to its benefit as to any actions taken or omitted to be taken by it (A) while it was a Letter of Credit Issuer under this Agreement or (B) at any time with respect to Letters of Credit issued by such Letter of Credit Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent there are, at the time of any resignation or replacement as set forth in <u>clause (a)</u> above, any outstanding Letters of Credit, nothing herein shall be deemed to impact or impair any rights and obligations of any of the parties hereto with respect to such outstanding Letters of Credit (including, without limitation, any obligations related to the payment of Fees or the reimbursement or funding of amounts drawn), except that the Parent Borrower, the resigning or replaced Letter of Credit Issuer and the successor issuer of Letters of Credit shall have the obligations regarding outstanding Letters of Credit described in <u>clause (a)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <u>Role of Letter of Credit Issuer</u>. Each Lender and the Parent Borrower agree that, in paying any drawing under a Letter of Credit, no Letter of Credit Issuer shall have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the Letter of Credit Issuers, the Administrative Agent, any of their respective Affiliates nor any correspondent, participant or assignee of any Letter of Credit Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Required Revolving Credit Lenders; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct as determined in the final non-appealable judgment of a court of competent jurisdiction; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. The Parent Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided that this assumption is not intended to, and shall not, preclude the Parent Borrower's pursuit of such rights and remedies as they may have against the beneficiary or transferee at law or under any other agreement. None of the Letter of Credit Issuers, the Administrative Agent, any of their respective Affiliates nor any correspondent, participant or assignee of the Letter of Credit Issuers shall be liable or responsible for any of the matters described in <u>Section 3.3(b)</u>; provided that anything in such Section to the contrary notwithstanding, the Parent Borrower may have a claim against a Letter of Credit Issuer, and a Letter of Credit Issuer may be liable to the Parent Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Parent Borrower which the Parent Borrower prove were caused by such Letter of Credit Issuer's willful misconduct or gross negligence or such Letter of Credit Issuer's willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of documents strictly complying with the terms and conditions of a Letter of Credit in each case as determined in the final non-appealable judgment of a court of competent jurisdiction. In furtherance and not in limitation of the foregoing, any Letter of Credit Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and no Letter of Credit Issuer shall be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.

Any Letter of Credit Issuer may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication ("SWIFT") message or overnight courier, or any other commercially reasonable means of communicating with a beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Cash Collateral</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Certain Credit Support Events</u>. Upon the written request of the Administrative Agent or any Letter of Credit Issuer, if (1) as of the L/C Facility Maturity Date, any L/C Obligation for any reason remains outstanding or (2) the Parent Borrower shall be required to provide Cash Collateral pursuant to <u>Section 11.12</u>, the Parent Borrower shall immediately (in the case of <u>clause (2)</u> above) or within one Business Day (in all other cases) following any written request by the Administrative Agent or any Letter of Credit Issuer, provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount (determined in the case of Cash Collateral provided pursuant to <u>clause (3)</u> above, after giving effect to <u>Section 2.16(a)(iv)</u> and any Cash Collateral provided by the Defaulting Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Grant of Security Interest</u>. The Parent Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grant to (and subject to the control of) the Administrative Agent, for the benefit of the Administrative Agent, any Letter of Credit Issuer and the Revolving Credit Lenders, and agree to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein as described in <u>Section 3.8(a)</u>, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to <u>Section 3.8(c)</u>. If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent or any Letter of Credit Issuer as herein provided, other than Permitted Liens, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount (including, without limitation, as a result of exchange rate fluctuations), the Parent Borrower will, promptly upon written demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency. Cash Collateral shall be maintained in blocked, interest bearing deposit accounts with the Administrative Agent. The Parent Borrower shall pay on demand therefor from time to time all customary account opening, activity and other administrative fees and charges in connection with the maintenance and disbursement of Cash Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Application</u>. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this <u>Section 3.8</u> or <u>Sections 2.16</u>, <u>5.2</u>, or <u>11.12</u> in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C Obligations, obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to secure other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with <u>Section 13.6(b)(ii)</u>) or there is no longer existing an Event of Default) or (ii) the determination by the Administrative Agent and any Letter of Credit Issuer that there exists excess Cash Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <u>Applicability of ISP and UCP</u>. Unless otherwise expressly agreed by any Letter of Credit Issuer and the Parent Borrower when a Letter of Credit is issued, (i) the rules of the ISP shall be stated therein to apply to each standby Letter of Credit. Notwithstanding the foregoing, no Letter of Credit Issuer shall be responsible to the Parent Borrower for, and no Letter of Credit Issuer's rights and remedies against the Parent Borrower shall be impaired by, any action or inaction of any Letter of Credit Issuer required or permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the applicable law or any order of a jurisdiction where such Letter of Credit Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade (BAFT), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Conflict with Issuer Documents</u>. In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof shall control and any grant of security interest in any Issuer Documents shall be void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Letter of Credit Issued for Subsidiaries</u>. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Parent Borrower shall be obligated to reimburse the Letter of Credit Issuers hereunder for any and all drawings under such Letter of Credit. The Parent Borrower hereby acknowledges that the issuance of Letters of Credit for the account of any Subsidiaries inures to the benefit of the Parent Borrower and that the Parent Borrower's business derives substantial benefits from the businesses of such Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <u>Provisions Related to Extended Revolving Credit Commitments</u>. If the Letter of Credit Sublimit Expiration Date in respect of any tranche of Revolving Credit Commitments occurs prior to the expiry date of any Letter of Credit, then (i) if consented to by the Letter of Credit Issuer which issued such Letter of Credit, if one or more other tranches of Revolving Credit Commitments in respect of which the Letter of Credit Sublimit Expiration Date shall not have so occurred are then in effect, such Letters of Credit for which consent has been obtained shall automatically be deemed to have been issued (including for purposes of the obligations of the Revolving Credit Lenders to purchase participations therein and to make Revolving Credit Loans and payments in respect thereof pursuant to <u>Sections 3.3</u> and <u>3.4</u>) under (and ratably participated in by Lenders pursuant to) the Revolving Credit Commitments in respect of such non-terminating tranches up to an aggregate amount not to exceed the aggregate amount of the unutilized Revolving Credit Commitments thereunder at such time (it being understood that no partial amount of any Letter of Credit may be so reallocated) and (ii) to the extent not reallocated pursuant to immediately preceding clause (i), the Parent Borrower shall Cash Collateralize any such Letter of Credit in accordance with Section 3.8. Upon the maturity date of any tranche of Revolving Credit Commitments, the sublimit for Letters of Credit may be reduced as agreed between the Letter of Credit Issuers and the Parent Borrower, without the consent of any other Person.

Section 4. <u>Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without duplication, the Parent Borrower agrees to pay to the Administrative Agent in Dollars, for the account of each Revolving Credit Lender (in each case pro rata according to the respective Revolving Credit Commitments of all such Lenders), a commitment fee (the "Commitment Fee") for each day from the Closing Date to the Revolving Credit Termination Date. Each Commitment Fee shall be payable (x) quarterly in arrears on the last Business Day of each fiscal quarter of the Parent Borrower (for the quarterly period (or portion thereof) ended on such day for which no payment has been received) and (y) on the Revolving Credit Termination Date (for the period ended on such date for which no payment has been received pursuant to clause (x) above), and shall be computed for each day during such period at a rate per annum equal to the Commitment Fee Rate in effect on such day on the Available Commitment in effect on such day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without duplication, the Parent Borrower agrees to pay to the Administrative Agent in Dollars for the account of the Revolving Credit Lenders pro rata on the basis of their respective Letter of Credit Exposures, a fee in respect of each Letter of Credit issued on the Parent Borrower's or any of its Subsidiaries' behalf (the "**Letter of Credit Fee**"), for the period from the date of issuance of such Letter of Credit to the termination date of such Letter of Credit equal to a rate of (i) 4.25% per annum for the period from the date of issuance of such Letter of Credit to the termination date of such Letter of Credit, computed on the average daily Stated Amount of such Letter of Credit less (ii) the Fronting Fee set forth in <u>clause (d)</u> below. Except as provided below, such Letter of Credit Fees shall be due and payable (x) quarterly in arrears on the last Business Day of each fiscal quarter of the Parent Borrower and (y) on the date upon which the Total Revolving Credit Commitment terminates and the Letters of Credit Outstanding shall have been reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without duplication, the Parent Borrower agrees to pay to the Administrative Agent in Dollars, for its own account, administrative agent fees as have been previously agreed in writing or as may be agreed in writing from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without duplication, the Borrower agrees to pay to each Letter of Credit Issuer a fee in Dollars in respect of each Letter of Credit issued by it to the Borrower (the "**Fronting Fee**") for the period from the date of issuance of such Letter of Credit to the termination date of such Letter of Credit, computed at the rate for each day equal to 0.25% per annum on the average daily Stated Amount of such Letter of Credit (or at such other rate per annum as agreed in writing between the Parent Borrower and any Letter of Credit Issuer). Such Fronting Fees shall be due and payable (x) quarterly in arrears on the last Business Day of each fiscal quarter of the Parent Borrower and (y) on the date upon which the Total Revolving Credit Commitment terminates and the Letters of Credit Outstanding shall have been reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Without duplication, the Borrower agrees to pay directly to the Letter of Credit Issuers in Dollars upon each issuance of, drawing under, and/or amendment of, a Letter of Credit issued by any Letter of Credit Issuer such amount as shall at the time of such issuance of, drawing under, and/or amendment be the processing charge that such Letter of Credit Issuer is customarily charging for issuances of, drawings under or amendments of, letters of credit issued by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding the foregoing, no Borrower shall be obligated to pay any amounts to any Defaulting Lender pursuant to this <u>Section 4.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Voluntary Reduction of Revolving Credit Commitments</u>. Upon at least two Business Days' prior written notice to the Administrative Agent at the Administrative Agent's Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the Parent Borrower shall have the right, without premium or penalty, on any day, permanently to terminate or reduce the Revolving Credit Commitments of any Class in whole or in part; <u>provided</u> that (a) any such reduction shall apply proportionately and permanently to reduce the Revolving Credit Commitment of each of the Lenders of any applicable Class, except that (i) notwithstanding the foregoing, in connection with the establishment on any date of any Extended Revolving Credit Commitments pursuant to <u>Section 2.14(g)</u>, the Revolving Credit Commitments of any one or more Lenders providing any such Extended Revolving Credit Commitments on such date shall be reduced in an amount equal to the amount of Revolving Credit Commitments so extended on such date (<u>provided</u> that (x) after giving effect to any such reduction and to the repayment of any Revolving Credit Loans made on such date, the Revolving Credit Exposure of any such Lender does not exceed the Revolving Credit Commitment thereof and (y) for the avoidance of doubt, any such repayment of Revolving Credit Loans contemplated by the preceding clause shall be made in compliance with the requirements of <u>Section 5.3(a)</u> with respect to the ratable allocation of payments hereunder, with such allocation being determined after giving effect to any conversion pursuant to <u>Section 2.14(g)</u> of Revolving Credit Commitments and Revolving Credit Loans into Extended Revolving Credit Commitments and Extended Revolving Credit Loans pursuant to <u>Section 2.14(g)</u> prior to any reduction being made to the Revolving Credit Commitment of any other Lender) and (ii) the Parent Borrower may at its election permanently reduce the Revolving Credit Commitment of a Defaulting Lender to $0 without affecting the Revolving Credit Commitments of any other Lender, (b) any partial reduction pursuant to this <u>Section 4.2</u> (other than any reduction pursuant to the foregoing clause (a)(ii)) shall be in the amount of at least $5,000,000, and (c) after giving effect to such termination or reduction and to any prepayments of the Loans made on the date thereof in accordance with this Agreement, the aggregate amount of the Lenders' Revolving Credit Exposures shall not exceed the Total Revolving Credit Commitment and the aggregate amount of the Lenders' Revolving Credit Exposures in respect of any Class shall not exceed the aggregate Revolving Credit Commitment of such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Mandatory Termination</u>. The Revolving Credit Commitment shall terminate at 5:00 p.m. (New York City time) on the Revolving Credit Maturity Date.

Section 5. <u>Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Voluntary Prepayments</u>. The Borrower shall have the right to prepay Loans, without premium or penalty, in whole or in part from time to time on the following terms and conditions: (1) the Parent Borrower shall give the Administrative Agent at the Administrative Agent's Office written notice of its intent to make such prepayment, the amount of such prepayment and (in the case of SOFR Loans,) the specific Borrowing(s) pursuant to which made, which notice shall be given by the Parent Borrower no later than 12:00 noon (New York City time) (i) in the case of SOFR Loans, three Business Days prior to and, (ii) in the case of ABR Loans, one Business Day prior to, the date of such prepayment and shall promptly be transmitted by the Administrative Agent to each of the Lenders; and (2) each partial prepayment of (i) any Borrowing of SOFR Loans shall be in a minimum amount of $5,000,000 and in multiples of $1,000,000 in excess thereof and (ii) any ABR Loans shall be in a minimum amount of $1,000,000 and in multiples of $100,000 in excess thereof, <u>provided</u> that no partial prepayment of SOFR Loans made pursuant to a single Borrowing shall reduce the outstanding SOFR Loans made pursuant to such Borrowing to an amount less than the applicable Minimum Borrowing Amount for such Loans. At the Parent Borrower's election in connection with any prepayment pursuant to this <u>Section 5.1</u>, such prepayment shall not be applied to any Revolving Credit Loan of a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Mandatory Prepayments</u>. The Borrower shall be required to prepay the Revolving Credit Loans as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Excess Cash Flow Prepayment</u>. Not later than ten Business Days after the date on which financial statements are required to be delivered pursuant to <u>Section 9.1(a)</u> or <u>Section 9.1(b)</u>, as applicable, starting with the first full fiscal quarter of the Parent Borrower ending after the Closing Date, the Parent Borrower shall prepay (or cause to be prepaid), in accordance with <u>clause (d)</u> below, outstanding Revolving Credit Loans in an aggregate principal amount equal to the lesser of (i) as of the day of the prepayment required pursuant to this clause (a) and after giving Pro Forma Effect to such prepayment, an amount that would cause the LTV not to exceed 60.0% and the Fixed Charge Coverage Ratio not to be less than 1.20 to 1.00 and (ii) (A) the amount of Excess Cash Flow for such fiscal quarter *minus* (B) at the election of the Parent Borrower, the principal amount of Revolving Credit Loans voluntarily prepaid pursuant to <u>Section 5.1</u> during such fiscal quarter or after such fiscal quarter and prior to the date of the prepayment required pursuant to this clause (a); <u>provided</u> that, to the extent the Parent Borrower is required to prepay the amount described in clause (ii) of this <u>Section 5.2(a)</u>, the Parent Borrower may elect (in its sole discretion) to have any voluntary prepayments described in sub-clause (B) thereof (to the extent such voluntary prepayments have not already been applied to reduce any prepayments due pursuant to this <u>Section 5.2(a)</u>) carried over to subsequent periods for which a prepayment is required pursuant to this <u>Section 5.2(a)</u>, to reduce any payments which may be due from time to time to the extent the Parent Borrower is required to prepay the amount described in clause (ii) of this <u>Section 5.2(a)</u> (<u>provided</u> that such carried forward amounts have not been applied to reduce any prepayments due pursuant to this <u>Section 5.2(a)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Lease Defect Revolving Obligations</u>. On or prior to the date that is three (3) months after the Closing Date, in an amount equal to the total amount of Lease Defect Revolving Obligations (if any) outstanding at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Sponsor Guaranty</u>. In lieu of making a prepayment of Revolving Credit Loans as set forth in <u>Section 5.2(a)</u>, the Parent Borrower may instead cause one or more Sponsor Guarantors to provide and maintain a guaranty, or amend any existing guaranty, in form and substance reasonably satisfactory to the Administrative Agent, of the Parent Borrower's obligations under <u>Section 5.2(a)</u> in favor of the Administrative Agent for the benefit of the Lenders (any such guaranty, a "**Sponsor Guaranty**") in an amount equal to such obligation, in which case the Mandatory Prepayment Event shall cease to exist. The Parent Borrower shall have the right at any time, without the consent of the Administrative Agent or any Lender, to replace any Sponsor Guarantor with one or more Replacement Sponsor Guarantors who may provide Sponsor Guaranties in replacement of the Sponsor Guaranty provided by the replaced Sponsor Guarantor on a several, and not joint, basis. In addition, in the event (1) any Sponsor Guaranty is outstanding, and the Parent Borrower elects to make voluntary prepayments of the outstanding obligations such that the aggregate prepayments are in excess of the mandatory prepayments required by <u>Section 5.2(a)</u> for the applicable quarter, the Parent Borrower shall be permitted to reduce (or cause to be reduced) the amount guaranteed by such Sponsor Guaranty to such lesser Prepayment Cap and (2) any Sponsor Guaranty is outstanding at any time that the LTV is determined to no longer exceed 60% and the Fixed Charge Coverage Ratio is determined to no longer be less than 1.20 to 1.00, the Parent Borrower shall be permitted to reduce (or cause to be reduced) the amount guaranteed by such Sponsor Guaranty to $0 or otherwise to terminate (or cause to be terminated) such Sponsor Guaranty, in the event of each of the foregoing clauses (1) or (2), without the consent of the Administrative Agent or any Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Repayment of Excess Revolving Credit Exposure</u>. If on any date the aggregate amount of the Lenders' Revolving Credit Exposures in respect of any Class of Revolving Loans for any reason exceeds 100% of the Revolving Credit Commitment of such Class then in effect, the Borrower shall forthwith repay on such date Revolving Loans of such Class in an amount equal to such excess. If after giving effect to the prepayment of all outstanding Revolving Loans of such Class, the Revolving Credit Exposures of such Class exceed the Revolving Credit Commitment of such Class then in effect, the Parent Borrower shall Cash Collateralize the Letters of Credit Outstanding in relation to such Class to the extent of such excess.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Application to Revolving Credit Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to each prepayment of Revolving Credit Loans pursuant to <u>Section 5.2(a)</u> or <u>Section 5.2(b)</u>, each such prepayment shall be applied pro rata among the Revolving Credit Loans then outstanding in accordance with each Lender's Revolving Credit Commitment Percentage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) With respect to each other prepayment of Revolving Credit Loans, the Parent Borrower may designate (i) the Types of Loans that are to be prepaid and the specific Borrowing(s) pursuant to which made and (ii) the Revolving Loans to be prepaid, <u>provided</u> that (y) each prepayment of any Loans made pursuant to a Borrowing shall be applied pro rata among such Loans. In the absence of a designation by the Parent Borrower as described in the preceding sentence, the Administrative Agent shall, subject to the above, make such designation in its reasonable discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything in this <u>Section 5.2(e)</u> to the contrary, no prepayment of Revolving Loans pursuant to <u>Section 5.1</u> shall be applied to the Revolving Loans of any Defaulting Lender unless otherwise agreed in writing by the Parent Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Method and Place of Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise specifically provided herein, all payments under this Agreement shall be made by the Borrower, without set-off, counterclaim or deduction of any kind, to the Administrative Agent for the ratable account of the Lenders entitled thereto or the Letter of Credit Issuers entitled thereto, as the case may be, not later than 12:00 noon (New York City time), in each case, on the date when due and shall be made in immediately available funds at the Administrative Agent's Office or at such other office as the Administrative Agent shall specify for such purpose by notice to the Parent Borrower, it being understood that written or facsimile notice by the Parent Borrower to the Administrative Agent to make a payment from the funds in the Borrower's account at the Administrative Agent's Office shall constitute the making of such payment to the extent of such funds held in such account. All repayments or prepayments of any Loans (whether of principal, interest or otherwise) hereunder and all other payments under each Credit Document shall, unless otherwise specified in such Credit Document, be made in Dollars. The Administrative Agent will thereafter cause to be distributed on the same day (if payment was actually received by the Administrative Agent prior to 12:00 noon (New York City time) or, otherwise, on the next Business Day in the Administrative Agent's sole discretion) like funds relating to the payment of principal or interest or Fees ratably to the Lenders entitled thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any payments under this Agreement that are made later than 12:00 noon (New York City time) may be deemed to have been made on the next succeeding Business Day in the Administrative Agent's sole discretion for purposes of calculating interest thereon. Except as otherwise provided herein, whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest shall be payable during such extension at the applicable rate in effect immediately prior to such extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Net Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any and all payments by or on account of any obligation of any Credit Party hereunder or under any other Credit Document shall to the extent permitted by applicable laws be made free and clear of and without reduction or withholding for any Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If any Credit Party, the Administrative Agent or any other applicable Withholding Agent shall be required by applicable law to withhold or deduct any Taxes from any payment, then (A) such Withholding Agent shall withhold or make such deductions as are reasonably determined by such Withholding Agent to be required by applicable law, (B) such Withholding Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum payable by the applicable Credit Party shall be increased as necessary so that after any required withholding or deductions have been made (including withholding or deductions applicable to additional sums payable under this <u>Section 5.4</u>) each Lender (or, in the case of a payment to the Administrative Agent for its own account, the Administrative Agent) receives an amount equal to the sum it would have received had no such withholding or deductions been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payment of Other Taxes by the Parent Borrower</u>. The Credit Parties shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law or timely reimburse the Administrative Agent or any Lender for the payment of any Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Indemnifications</u>. The Credit Parties shall indemnify the Administrative Agent and each Lender, and shall make payment in respect thereof within 15 days after receipt of written demand therefor, for the full amount of Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this <u>Section 5.4</u>) payable by the Administrative Agent or such Lender, as the case may be, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of any such payment or liability (along with a written statement setting forth in reasonable detail the basis and calculation of such amounts) delivered to the Parent Borrower by a Lender, or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Evidence of Payments</u>. After any payment of Taxes by any Credit Party or the Administrative Agent to a Governmental Authority as provided in this <u>Section 5.4</u>, the Parent Borrower shall deliver to the Administrative Agent or the Administrative Agent shall deliver to the Parent Borrower, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by laws to report such payment or other evidence of such payment reasonably satisfactory to the Parent Borrower or the Administrative Agent, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Status of Lenders and Tax Documentation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Lender shall deliver to the Parent Borrower and to the Administrative Agent, at such time or times reasonably requested by the Parent Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable laws or by the taxing authorities of any jurisdiction and such other reasonably requested information as will permit the Parent Borrower or the Administrative Agent, as the case may be, to determine (A) whether or not any payments made hereunder or under any other Credit Document are subject to Taxes, (B) if applicable, the required rate of withholding or deduction, and (C) such Lender's entitlement to any available exemption from, or reduction of, applicable Taxes in respect of any payments to be made to such Lender by any Credit Party pursuant to any Credit Document or otherwise to establish such Lender's status for withholding tax purposes in the applicable jurisdiction. Any documentation and information required to be delivered by a Lender pursuant to this <u>Section 5.4(e)</u> (including any specific documentation set forth in subsection (ii) below) shall be delivered by such Lender (i) on or prior to the Closing Date (or on or prior to the date it becomes a party to this Agreement), (ii) on or before any date on which such documentation expires or becomes obsolete or invalid, (iii) after the occurrence of any change in the Lender's circumstances requiring a change in the most recent documentation previously delivered by it to the Parent Borrower and the Administrative Agent, and (iv) from time to time thereafter if reasonably requested by the Parent Borrower or the Administrative Agent, and each such Lender shall promptly notify in writing the Parent Borrower and the Administrative Agent if such Lender is no longer legally eligible to provide any documentation previously provided. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in paragraphs (e)(ii)(A), (ii)(B)(1), (ii)(B)(2), (ii)(B)(3), (ii)(B)(4), (ii)(C) of this Section) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without
 limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Lender that is a "United States person" within the meaning of Section 7701(a)(30) of the Code (a "**U.S. Lender**") shall deliver to the Parent Borrower and the Administrative Agent two executed copies of Internal Revenue Service Form W-9 or such other documentation or information prescribed by applicable laws or reasonably requested by the Parent Borrower or the Administrative Agent as will enable the Parent Borrower or the Administrative Agent, as the case may be, to determine whether or not such Lender is subject to backup withholding or information reporting requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each Non-U.S. Lender that is entitled under the Code or any applicable treaty to an exemption from or reduction of U.S. federal withholding tax with respect to any payments hereunder or under any other Credit Document shall deliver to the Parent Borrower and the Administrative Agent two of whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) executed copies of Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or any applicable successor form) claiming eligibility for benefits of an income tax treaty to which the United States is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) executed copies of Internal Revenue Service Form W-8ECI (or any successor form thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) or Section 871(h) of the Code, (x) a certificate, substantially in the form of <u>Exhibit H-1</u>, <u>H-2</u>, <u>H-3</u> or <u>H-4</u>, as applicable, (a "**Non-Bank Tax Certificate**"), to the effect that such Non-U.S. Lender is not (A) a "bank" within the meaning of Section 881(c)(3)(A) of the Code, (B) a "10 percent shareholder" of the Parent Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (C) a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code and that no payments under any Credit Document are effectively connected with such Non-U.S. Lender's conduct of a United States trade or business and (y) executed copies of Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or any applicable successor form);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) where such Lender is a partnership for U.S. federal income tax purposes or otherwise not a beneficial owner (e.g., where such Lender has sold a participation), Internal Revenue Service Form W-8IMY (or any successor thereto) and all required supporting documentation including, where one or more of the underlying beneficial owner(s) is claiming the benefits of the portfolio interest exemption, a Non-Bank Tax Certificate of such beneficial owner(s); <u>provided</u> that, if the Non-U.S. Lender is a partnership and not a participating Lender, the Non-Bank Tax Certificate(s) may be provided by the Non-U.S. Lender on behalf of the direct or indirect partner(s); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) executed copies of any other form prescribed by applicable laws as a basis for claiming exemption from or a reduction in United States federal withholding tax together with such supplementary documentation as may be prescribed by applicable laws to permit the Parent Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Administrative Agent is a "United States person" (as defined in Section 7701(a)(30) of the Code), it shall provide the Parent Borrower with two duly completed original copies of Internal Revenue Service Form W-9. If the Administrative Agent is not a "United States person" (as defined in Section 7701(a)(30) of the Code), it shall provide an applicable Form W-8 (together with required accompanying documentation) with respect to payments to be received by it on behalf of the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding anything to the contrary in this <u>Section 5.4</u>, no Lender or the Administrative Agent shall be required to deliver any documentation that it is not legally eligible to deliver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Treatment of Certain Refunds</u>. If the Administrative Agent or any Lender determines, in its sole reasonable discretion exercised in good faith, that it has received a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by any Credit Party or with respect to which any Credit Party has paid additional amounts pursuant to this <u>Section 5.4</u>, the Administrative Agent or such Lender (as applicable) shall promptly pay to the Parent Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Credit Parties under this <u>Section 5.4</u> with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Taxes) incurred by the Administrative Agent or such Lender, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); <u>provided</u> that the Parent Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Parent Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. In such event, the Administrative Agent or such Lender, as the case may be, shall, at the Parent Borrower's request, provide the Parent Borrower with a copy of any notice of assessment or other evidence of the requirement to repay such refund received from the relevant taxing authority (<u>provided</u> that the Administrative Agent or such Lender may delete any information therein that it deems confidential). Notwithstanding anything to the contrary in this <u>paragraph (f)</u>, in no event will the Administrative Agent or any Lender be required to pay any amount to an indemnifying party pursuant to this <u>paragraph (f)</u> the payment of which would place the Administrative Agent or any Lender in a less favorable net after-Tax position than the Administrative Agent or any Lender would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This subsection shall not be construed to require the Administrative Agent or any Lender to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to any Credit Party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For the avoidance of doubt, for purposes of this <u>Section 5.4</u>, the term "Lender" includes any Letter of Credit Issuer and the term "applicable law" includes FATCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each party's obligations under this <u>Section 5.4</u> shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under the Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Computations of Interest and Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Interest on SOFR Loans shall be calculated on the basis of a 360-day year for the actual days elapsed. Interest on ABR Loans calculated based on clauses (b) or (c) of the definition of "ABR" shall be calculated on the basis of a 360-day year for the actual days elapsed and calculated based on clause (a) of the definition of "ABR" shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Fees shall each be calculated on the basis of a 360-day year for the actual days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <u>Limit on Rate of Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Payment Shall Exceed Lawful Rate</u>. Notwithstanding any other term of this Agreement, the Parent Borrower shall not be obliged to pay any interest or other amounts under or in connection with this Agreement or otherwise in respect of the Obligations in excess of the amount or rate permitted under or consistent with any applicable law, rule or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payment at Highest Lawful Rate</u>. If the Parent Borrower is not obliged to make a payment that it would otherwise be required to make, as a result of <u>Section 5.6(a)</u>, the Parent Borrower shall make such payment to the maximum extent permitted by or consistent with applicable laws, rules, and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Adjustment if Any Payment Exceeds Lawful Rate</u>. If any provision of this Agreement or any of the other Credit Documents would obligate the Parent Borrower to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate that would be prohibited by any applicable law, rule or regulation, then notwithstanding such provision, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law, such adjustment to be effected, to the extent necessary, by reducing the amount or rate of interest required to be paid by the Parent Borrower to the affected Lender under <u>Section 2.8</u>; <u>provided</u> that to the extent lawful, the interest or other amounts that would have been payable but were not payable as a result of the operation of this Section shall be cumulated and the interest payable to such Lender in respect of other Loans or periods shall be increased (but not above the maximum rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

Notwithstanding the foregoing, and after giving effect to all adjustments contemplated thereby, if any Lender shall have received from the Parent Borrower an amount in excess of the maximum permitted by any applicable law, rule or regulation, then the Parent Borrower shall be entitled, by notice in writing to the Administrative Agent, to obtain reimbursement from that Lender in an amount equal to such excess, and pending such reimbursement, such amount shall be deemed to be an amount payable by that Lender to the Parent Borrower.

Section 6. <u>Conditions Precedent to Initial Borrowing</u>.

Any Borrowing of Revolving Credit Loans or issuance of Letters of Credit, in each case on the Closing Date, under this Agreement is subject to the satisfaction of the following conditions precedent, except as otherwise agreed between the Parent Borrower and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Credit Documents</u>.

The Administrative Agent (or its counsel) shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this Agreement, executed and delivered by a duly Authorized Officer of the Parent Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Guarantee, executed and delivered by a duly Authorized Officer of the Guarantors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Pledge Agreement, executed and delivered by a duly Authorized Officer of the Parent Borrower and each Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Collateral</u>. Except for any items referred to on <u>Schedule 9.18</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all outstanding equity interests constituting Collateral in whatever form that is directly owned by or on behalf of any Credit Party and required to be pledged pursuant to the Security Documents shall have been pledged pursuant thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent received from the Company, the Collateral Agent shall have received the certificates (if any) representing equity interests constituting Collateral, in each case, to the extent required to be delivered under the Security Documents and pledged under the Security Documents to the extent certificated, accompanied by instruments of transfer and undated stock powers endorsed in blank; and

<u>provided</u> that to the extent any security interest in any Collateral is not or cannot be provided and/or perfected on the Closing Date (other than the pledge and perfection of the security interests (i) in the "certificated securities" (within the meaning of 8-102(a)(4) of the Uniform Commercial Code), if any, representing any Collateral and (ii) in other assets with respect to which a lien may be perfected by the filing of a financing statement under or in connection with the Uniform Commercial Code) after the Parent Borrower's use of commercially reasonable efforts to do so or without undue burden or expense, then the provision and/or perfection of a security interest in such Collateral shall not constitute a condition precedent to any Credit Event on the Closing Date but instead shall be required to be delivered and/or perfected after the Closing Date (but, in any event, not later than 90 days after the Closing Date or such longer period as may be agreed by the Administrative Agent in its reasonable discretion and the Parent Borrower acting reasonably, without any requirement for Lender consent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Legal Opinions</u>. The Administrative Agent (or its counsel) shall have received the executed legal opinion, in customary form, of Paul, Weiss, Rifkind, Wharton & Garrison LLP, counsel to the Credit Parties. The Parent Borrower hereby instruct and agree to instruct the other Credit Parties to have such counsel deliver such legal opinions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>[Reserved.]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Closing Certificates</u>. The Administrative Agent (or its counsel) shall have received (x) a certificate of each of the Parent Borrower and each other Guarantor, dated the Closing Date, substantially in the form of <u>Exhibit D</u>, with appropriate insertions, executed by any Authorized Officer and the Secretary or any Assistant Secretary of the Parent Borrower and each other Guarantor, as applicable and (y) a certificate executed by an Authorized Officer of the Parent Borrower certifying as to the accuracy in all material respects of the Specified Representations, substantially in the form of <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Authorization of Proceedings of the Parent Borrower and the Guarantors; Corporate Documents</u>. The Administrative Agent shall have received (i) a copy of the resolutions of the general partner, board of directors, member(s), trustee(s) or other governing bodies, as applicable, of the Parent Borrower and the Guarantors (or a duly authorized committee thereof) authorizing (a) the execution, delivery, and performance of the Credit Documents (and any agreements relating thereto) to which it is a party and (b) in the case of the Parent Borrower, the extensions of credit contemplated hereunder, (ii) the certificate of incorporation and by-laws, certificate of formation and operating agreement or other comparable organizational documents, as applicable, of the Parent Borrower and the Guarantors and (iii) signature and incumbency certificates (or other comparable documents evidencing the same) of the Authorized Officers of the Parent Borrower and the Guarantors executing the respective Credit Documents to which they are a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>Fees</u>. All fees required to be paid on the Closing Date (including pursuant to the Fee Letter) and reasonable out-of-pocket expenses required to be paid on the Closing Date pursuant to the Commitment Letter, to the extent invoiced at least three (3) Business Days prior to the Closing Date (except as otherwise reasonably agreed by the Parent Borrower) shall, upon the initial Credit Event on the Closing Date hereunder, have been, or will be substantially simultaneously, paid (which amounts may, at the option of the Parent Borrower, be offset against the proceeds of any of the Revolving Credit Facility or any First Tier Facility).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <u>Solvency Certificate</u>. The Joint Lead Arrangers shall have received a certificate, dated as of the Closing Date and substantially in the form of <u>Exhibit J</u>, from the Chief Executive Officer, the President, the Chief Financial Officer, the Treasurer, the Vice President-Finance, a Director, a Manager, or any other senior financial officer of the Parent Borrower (or of the Parent Borrower's general partner) to the effect that after giving effect to the Transactions, the Parent Borrower on a consolidated basis with its Subsidiaries is Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 <u>Financial Statements</u>. The Joint Lead Arrangers shall have received the Company Financial Statements that have been filed on or prior to the date of the Commitment Letter (which such receipt has been acknowledged by the Joint Lead Arrangers under the Commitment Letter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 <u>Refinancing</u>. Prior to or substantially simultaneously with the initial Credit Event on the Closing Date hereunder, the Closing Date Refinancing shall be consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 <u>Notice of Revolving Credit Loan Borrowing; Letter of Credit Request</u>. (a) The Administrative Agent (or its counsel) shall have received (a) a Notice of Borrowing with respect to any Revolving Credit Loans to be borrowed on the Closing Date meeting the requirements of <u>Section 2.3</u> and (b) the Administrative Agent and each applicable Letter of Credit Issuer shall have received a Letter of Credit Request with respect to any Letters of Credit to be issued on the Closing Date meeting the requirements of <u>Section 3.2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 <u>Representations and Warranties</u>. On the Closing Date, (a) the Company Representations shall be true and correct to the extent required by the definition thereof and (b) the Specified Representations shall be true and correct in all material respects (except in the case of any Specified Representation that is expressly related to a given date or period, in which case such representation and warranty shall be true and correct in all material respects as of the respective date for the respective period, as the case may be); <u>provided</u> that to the extent any of the Specified Representations are qualified or subject to "material adverse effect", "material adverse change" or similar term or qualification, the definition thereof shall be the definition of Company Material Adverse Effect for purposes of any such representations and warranties made or deemed made on, or as of, the Closing Date (or any date prior thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 <u>Acquisition</u>. Prior to, or substantially concurrently with the initial Credit Event on the Closing Date hereunder, the Plan Acquisition and each Third Party Acquisition with respect to a Third Party Acquired Asset that is not subject to a Permitted Deferral and the Evoque Transaction shall have been consummated in all material respects in accordance with the terms of the Acquisition Agreement, the applicable Third Party Acquisition Agreements and the Evoque Transaction Agreement, as applicable, without giving effect to any modifications, amendments or express waivers by the Parent Borrower (or its Affiliates) thereto that are materially adverse to the Lenders without the consent of the Lenders having (or whose Affiliates have) a majority in aggregate principal amount of the Revolving Credit Commitments as of the Closing Date (the "**Majority Lead Arrangers**"; *provided* that, as of the relevant date of determination (i) the Revolving Credit Facility Administrative Agent, as applicable, shall be included in the determination of Majority Lead Arrangers and (ii) if the aggregate commitments of an Initial Commitment Party and its affiliates have not been reduced below 20% of the aggregate commitments in respect of the Credit Facilities, such Initial Commitment Party shall be included in the determination of Majority Lead Arrangers) (in each case, not to be unreasonably withheld, conditioned or delayed), it being understood and agreed that (a) any change to the definition of "Material Adverse Effect" (as defined in the Acquisition Agreement) shall be deemed materially adverse to the Lenders, (b) any modification or amendment to, or waiver of, the condition to closing set forth in Section 8.1.2 (or equivalent) of each Third Party Acquisition Agreement shall be deemed materially adverse to the Lenders (in the case of a Third Party Acquisition Agreement, solely with respect to such Third Party Acquisition) and (c) any modification, amendment or express waiver or consents by the Parent Borrower (or its Affiliates) that results in an increase or reduction in the purchase price in respect of the Acquisition shall be deemed to not be materially adverse to the Lenders so long as (i) any increase in such purchase price is funded with amounts permitted to be drawn on the Closing Date under the Revolving Credit Facility or by an increase in the Equity Contribution and (ii) any reduction shall be allocated to reduce each of the Revolving Credit Facility and the First Tier Facilities on a pro rata basis (or, at the election of the Parent Borrower, to reduce the Revolving Credit Facility and the First Tier Facilities on a non-pro rata basis as determined by the Parent Borrower in its sole discretion); <u>provided</u> that the Majority Lead Arrangers shall be deemed to have consented to such amendment, waiver or consent unless they shall object thereto within five (5) Business Days (as defined in the Acquisition Agreement) after notice of such proposed amendment, waiver or consent is delivered to the Majority Lead Arrangers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 <u>Patriot Act</u>. The Administrative Agent and the Joint Lead Arrangers shall have received, to the extent requested of the Parent Borrower at least ten (10) Business Days prior to the Closing Date, all documentation and information about the Credit Parties (a)(i) required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act and regulations pertaining to beneficial ownership of legal entity customers (such rules and regulations, the "**KYC Rules**"), at least three (3) Business Days prior to the Closing Date and (ii)(A) set forth on the list of KYC Rules delivered to the Parent Borrower on or prior to October 31, 2023 or (B) in connection with the appointment of any Additional Commitment Party (as defined in the Commitment Letter), delivered to the Parent Borrower by such Additional Commitment Party on or prior to the date that such Additional Commitment Party became party to the Commitment Letter and (b) all other documentation and other information about the Credit Parties that is (i) requested in writing at least fifteen (15) Business Days prior to the Closing Date by the Administrative Agent or the Joint Lead Arrangers and (ii) (A) required by regulatory authorities under the KYC Rules as a result of a change to the KYC Rules occurring after October 31, 2023, (B) required as a result of the occurrence of any change in the Administrative Agent's or any Joint Lead Arranger's, as applicable, circumstances, which change results in additional information being required under the KYC Rules, (C) after the Administrative Agent's or Joint Lead Arrangers' review of any information delivered pursuant to this <u>Section 6.14</u>, reasonably determined to be required under the KYC Rules or (D) readily available and customarily delivered by portfolio company affiliates of the Sponsor in the United States in connection with bank financings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 <u>No Company Material Adverse Effect</u>. Since the date of the Acquisition Agreement, no Company Material Adverse Effect shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 <u>Evoque Transaction</u>. Prior to, or substantially concurrently with the initial Credit Event on the Closing Date hereunder, the Evoque Transaction shall have been consummated in accordance with the terms of the Evoque Transaction Agreement, and the Borrower shall have delivered a certificate, dated as of the Closing Date and substantially in the form of <u>Exhibit A</u>, executed by an Authorized Officer of the Parent Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 <u>Bankruptcy</u>. Prior to or substantially concurrently with the initial Credit Event on the Closing Date hereunder, the Effective Date (as defined in the Chapter 11 Plan) of the Chapter 11 Plan shall have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 <u>Quality of Earnings Report</u>. Prior to, or substantially concurrently with the initial Credit Event on the Closing Date hereunder, the Lead Arrangers shall have received a quality of earnings report in respect of the NOI of the Properties, which quality of earnings report shall be for the most recently completed quarter for the date that is ninety (90) days before the Closing Date.

For purposes of determining compliance with the conditions specified in <u>Section 6</u> on the Closing Date, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

Section 7. <u>Conditions Precedent to All Credit Events after the Closing Date</u>.

After the Closing Date, and subject to, in the case of <u>Section 7.1</u> below, the terms of <u>Section 1.12(c)</u>, to the extent the proceeds of any Loan are being used to finance a Limited Condition Transaction, the agreement of each Lender to make any Loan requested to be made by it on any date (excluding Revolving Credit Loans required to be made by the Revolving Credit Lenders in respect of Unpaid Drawings pursuant to <u>Sections 3.3</u> and <u>3.4</u>) and the obligation of each Letter of Credit Issuer to issue (but, for the avoidance of doubt, excluding any auto-renewal or evergreen extensions thereof) Letters of Credit on any date is subject to the satisfaction (or waiver) of the following conditions precedent contained in <u>Sections 7.1</u> and <u>7.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>No Event of Default; Representations and Warranties</u>. Subject to <u>Section 1.12(c)</u>, at the time of each Credit Event and also after giving effect thereto (other than any Credit Event on the Closing Date or pursuant to any Loan made pursuant to <u>Section 2.14</u> (which shall be subject to the applicable terms of <u>Section 2.14</u>)) (a) no Event of Default shall have occurred and be continuing and (b) all representations and warranties made by any Credit Party contained herein or in the other Credit Documents shall be true and correct in all material respects (provided that any such representations and warranties which are qualified by materiality, material adverse effect or similar language shall be true and correct in all respects) with the same effect as though such representations and warranties had been made on and as of the date of such Credit Event (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects (provided that any such representations and warranties which are qualified by materiality, material adverse effect or similar language shall be true and correct in all respects) as of such earlier date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>LTV and Fixed Charge Coverage Ratio</u>. Immediately after giving effect to the applicable Credit Event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Parent Borrower shall be in compliance on a Pro Forma Basis with a LTV that does not exceed 60%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Fixed Charge Coverage Ratio for the Parent Borrower as of the most recently ended Test Period is no less than 1.20 to 1.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Notice of Borrowing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the making of each Revolving Credit Loan (other than any Revolving Credit Loan made pursuant to <u>Section 3.4(a)</u>), the Administrative Agent shall have received a Notice of Borrowing meeting the requirements of <u>Section 2.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to the issuance of each Letter of Credit, the Administrative Agent and such Letter of Credit Issuer shall have received a Letter of Credit Request meeting the requirements of <u>Section 3.2(a).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Drawstop Event Period</u>. Subject to <u>Section 1.12(c)</u>, at the time of each Credit Event (other than any Credit Event on the Closing Date or pursuant to any Loan made pursuant to <u>Section 2.14</u> (which shall be subject to the applicable terms of <u>Section 2.14</u>)), no Drawstop Event Period shall have occurred and be continuing.

The acceptance of the benefits of each Credit Event shall constitute a representation and warranty by each Credit Party to each of the Lenders that all the applicable conditions specified in <u>Section 7</u> above have been satisfied as of that time.

Section 8. <u>Representations and Warranties</u>.

In order to induce the Lenders to enter into this Agreement and to make the Loans and issue or participate in Letters of Credit as provided for herein, the Parent Borrower makes the following representations and warranties to the Lenders, all of which shall survive the execution and delivery of this Agreement, the making of the Loans and the issuance of the Letters of Credit (it being understood that the following representations and warranties shall be deemed made with respect to any Foreign Subsidiary only to the extent relevant under applicable law); <u>provided</u> that on the Closing Date, the representations and warranties shall be limited to Specified Representations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Corporate Status</u>. Each Credit Party (i) is a duly organized and validly existing corporation, limited liability company or other entity in good standing (if applicable) under the laws of the jurisdiction of its organization and has the corporate, limited liability company or other organizational power and authority to own its property and assets and to transact the business in which it is engaged and (ii) has duly qualified and is authorized to do business and is in good standing (if applicable) in all jurisdictions where it is required to be so qualified, except where the failure to be so qualified would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Corporate Power and Authority</u>. Each Credit Party has the corporate or other organizational power and authority to execute, deliver and carry out the terms and provisions of the Credit Documents to which it is a party and has taken all necessary corporate or other organizational action to authorize the execution, delivery and performance of the Credit Documents to which it is a party. Each Credit Party has duly executed and delivered each Credit Document to which it is a party and each such Credit Document constitutes the legal, valid, and binding obligation of such Credit Party enforceable in accordance with its terms (provided that, with respect to the creation and perfection of security interests with respect to Indebtedness, Capital Stock and Stock Equivalents of Foreign Subsidiaries, only to the extent enforceability of such obligation with respect to which Capital Stock and Stock Equivalents of Foreign Subsidiaries is governed by the Uniform Commercial Code), except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors' rights generally and subject to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>No Violation</u>. Neither the execution, delivery or performance by any Credit Party of the Credit Documents to which it is a party nor compliance with the terms and provisions thereof nor the consummation of the Transactions and the other transactions contemplated hereby or thereby will (i) contravene any applicable provision of any material law, statute, rule, regulation, order, writ, injunction or decree of any court or governmental instrumentality, other than any such contravention that would not reasonably be expected to result in a Material Adverse Effect, (ii) result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of such Credit Party (other than Liens created under the Credit Documents or Permitted Liens) pursuant to, the terms of any material indenture, loan agreement, lease agreement, mortgage, deed of trust, agreement or other material instrument to which such Credit Party is a party or by which it or any of its property or assets is bound (any such term, covenant, condition or provision, a "**Contractual Requirement**") other than any such breach, default or Lien that would not reasonably be expected to result in a Material Adverse Effect or (iii) violate any provision of the certificate of incorporation, by-laws, articles or other organizational documents of such Credit Party (after giving effect to the Transactions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Litigation</u>. There are no actions, suits or proceedings pending or, to the knowledge of the Parent Borrower, threatened in writing against the any Credit Party that would reasonably be expected to be determined adversely and, if so, to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 <u>Margin Regulations</u>. Neither the making of any Loan hereunder nor the use of the proceeds thereof will violate the provisions of Regulation T, U or X of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 <u>Governmental Approvals</u>. The execution, delivery and performance of each Credit Document does not require any consent or approval of, registration or filing with, or other action by, any Governmental Authority, except for (i) such as have been obtained or made and are in full force and effect, (ii) filings, consents, approvals, registrations and recordings in respect of the Liens created pursuant to the Security Documents (and to release existing Liens), and (iii) such licenses, approvals, authorizations, registrations, filings or consents the failure of which to obtain or make would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 <u>Investment Company Act</u>. None of the Parent Borrower or any other Credit Party is required to be registered as an "investment company" under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 <u>True and Complete Disclosure</u>. None of the written factual information and written data (taken as a whole) heretofore furnished by or on behalf of the Parent Borrower, any of the other Credit Parties or any of their respective authorized representatives (at the Parent Borrower's direction) to the Administrative Agent, any Joint Lead Arranger, and/or any Lender on or before the Closing Date (and with respect to any such factual information and data so furnished with respect the Company and its Subsidiaries as of the Closing Date, to the Parent Borrower's knowledge) (including all such written information and data contained in any information memoranda and the Credit Documents) for purposes of or in connection with this Agreement or any transaction contemplated herein contained any untrue statement of any material fact or omitted to state any material fact necessary to make the statements contained therein not materially misleading at such time in light of the circumstances under which such statements were made (after giving effect to all supplements and updates thereto from time to time), it being understood and agreed that for the purposes of this <u>Section 8.8(a)</u>, such factual information and data shall not include pro forma financial information, projections, budgets, estimates (including financial estimates, forecasts, and other forward-looking information) or other forward looking information or information of a general economic or industry specific nature (collectively, "**Forward-Looking Information**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 <u>Financial Condition; Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company Financial Statements, in each case present fairly in all material respects the consolidated financial position of the Company at the respective dates of said information, statements and results of operations for the respective periods covered thereby. The Company Financial Statements have been prepared in accordance with GAAP consistently applied except to the extent provided in the notes to said financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since the Closing Date, there has been no Material Adverse Effect that has occurred and is continuing.

Each Lender and the Administrative Agent hereby acknowledges and agrees that the Parent Borrower and its Subsidiaries may be required to restate historical financial statements as the result of the implementation of changes in GAAP or IFRS, or the respective interpretation thereof, and that such restatements will not result in a Default or an Event of Default under the Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 <u>Compliance with Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Credit Party and Subsidiary of a Credit Party is in compliance with all Requirements of Law applicable to it or its property, including without limitation all applicable laws, binding industry standards, or contractual obligations that relate to privacy, data protection or data transfer issues, or the Processing of Personal Information, data breach disclosure and notification, or marketing (collectively, "**Privacy Laws**"), except where the failure to be so in compliance with Privacy Laws would not reasonably be expected to result in a Material Adverse Effect. To the knowledge of the Parent Borrower, neither the Parent Borrower nor the other Credit Parties have experienced a material Data Security Breach that has not been remedied in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither any Borrower, any Credit Party, nor any Subsidiary of any Credit Party or any Borrower has violated, conspired to violate, or aided and abetted the violation of the Anticorruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither any Borrower, any Credit Party, any Subsidiary of any Credit Party or any Borrower, or any direct shareholder of Sponsor, Borrower is (i) a Sanctioned Person, or (ii) located, organized or resident in a Sanctioned Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the past three years, there have been no formal or informal proceedings, allegations, investigations, or inquiries pending, or, to the knowledge of the Parent Borrower, threatened against any Borrower, any Credit Party or any Subsidiary of a Credit Party or a Borrower concerning material violations of any Sanctions, Anticorruption Laws or AML Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Credit Parties have and have implemented policies and controls reasonably designed to ensure compliance with the Anticorruption Laws, Sanctions and AML Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 <u>Tax Matters</u>. Except as would not reasonably be expected to have a Material Adverse Effect, (a) the Parent Borrower and each of the other Credit Parties has filed all Tax returns required to be filed by it and has timely paid all Taxes payable by it (including in its capacity as withholding agent) that have become due, other than those being contested in good faith and by proper proceedings if it has maintained adequate reserves (in the good faith judgment of management of the Parent Borrower or such Credit Party, as applicable) with respect thereto in accordance with GAAP and (b) the Parent Borrower and each of the other Credit Parties has paid, or has provided adequate reserves (in the good faith judgment of management of the Parent Borrower or such Credit Party, as applicable) in accordance with GAAP for the payment of all Taxes not yet due and payable. There is no current or proposed Tax assessment, deficiency or other claim against the Parent Borrower or any other Credit Party that would reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 <u>Compliance with ERISA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as would not reasonably be expected to have a Material Adverse Effect, no ERISA Event has occurred or is reasonably expected to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as would not reasonably be expected to have a Material Adverse Effect, no Foreign Plan Event has occurred or is reasonably expected to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13 <u>Subsidiaries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Schedule 8.13</u> lists each Subsidiary of the Parent Borrower (and the direct and indirect ownership interest of the Parent Borrower therein, and whether such Subsidiary is a Foreign First-Tier Finance Holdings Subsidiary), in each case, existing on the Closing Date after giving effect to the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each first-tier Subsidiary of the Parent Borrower that is organized under the laws of any jurisdiction other than the United States, any state thereof or the District of Columbia that owns a Borrower (as defined in the US Balance Sheet Loan Agreement) (a "**Foreign First-Tier Finance Holdings Subsidiary**") is (i) a holding company, with no operations beyond the ownership of the equity interests of its subsidiaries and (ii) has not incurred any Indebtedness or granted any Liens to any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 <u>Intellectual Property</u>. Each of the Parent Borrower and the other Credit Parties (or, in connection with a Permitted Securitization Financing, a Securitization Entity) owns or has the right to use all Intellectual Property that is used in or otherwise necessary for the operation of their respective businesses in the United States as currently conducted, except where the failure to own or have a right to use such Intellectual Property would not reasonably be expected to have a Material Adverse Effect. The current operation of their respective businesses by each of the Parent Borrower and the other Credit Parties does not infringe upon, misappropriate or violate the Intellectual Property of any third party, except as would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15 <u>Environmental Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as would not reasonably be expected to have a Material Adverse Effect: (i) each of the Parent Borrower and the other Credit Parties and their respective operations and the operations of any tenants and subtenants of the Credit Parties are in compliance with all applicable Environmental Laws; (ii) none of the Parent Borrower or any other Credit Party has received written notice of any Environmental Claim; (iii) none of the Parent Borrower or any other Credit Party is conducting any investigation, removal, remedial or other corrective action pursuant to any Environmental Law at any location; (iv) none of the Parent Borrower or any other Credit Party has received written notice alleging it is subject to any Environmental Liability; and (v) to the knowledge of the Parent Borrower, no underground or above ground storage tank or related piping, or any impoundment or other disposal area containing Hazardous Materials is located at, on or under any Real Estate currently owned or operated by the Parent Borrower or any of the Credit Parties so as would reasonably be expected to give rise to an Environmental Liability or Environmental Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Parent Borrower or any of the other Credit Parties has treated, stored, transported, Released or arranged for disposal or transport for disposal or treatment of Hazardous Materials at, on, under or from any currently or, to the knowledge of the Parent Borrower, formerly owned or operated property of the Parent Borrower or any of the Credit Parties, nor, to the knowledge of the Parent Borrower, has there been any other Release of Hazardous Materials by any other Person at, on, under or from any such properties, in each case in a manner that would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16 <u>Properties</u>. Each of the Parent Borrower and the other Credit Parties has good and valid record title to, valid leasehold interests in, or rights to use, all tangible properties that are necessary for the operation of their respective businesses as currently conducted and as proposed to be conducted, free and clear of all Liens (other than any Liens permitted by this Agreement) and except where the failure to have such title, interest or rights would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17 <u>Closing Date Solvency</u>. On the Closing Date (after giving effect to the Transactions) immediately following the making of the Loans and after giving effect to the application of the proceeds of such Loans, the Parent Borrower on a consolidated basis with its Subsidiaries will be Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.18 <u>Use of Proceeds</u>. On the Closing Date, the use of proceeds of the Loans will not violate any Anticorruption Laws, AML Laws or Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.19 <u>Sanctions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither any Borrower, any Credit Party, any Subsidiary of any Credit Party or any Borrower, nor to the knowledge of the Parent Borrower, the respective directors or officers of any Borrower or Credit Party is a Sanctioned Person, and no Sanctioned Person owns any direct or indirect equity interest in any Borrower or any Credit Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the funds or other assets of any Borrower, or any Credit Party constitute property of, or are beneficially owned, directly or indirectly, by any Sanctioned Person unless such ownership interest has been blocked in accordance with applicable Requirements of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) None of any Borrower or any Credit Party, nor any of their respective subsidiaries will, directly or indirectly, transfer or use in any way the proceeds of the Loans to fund any activities or business of, with, in, or relating to any Sanctioned Person or Sanctioned Territory or in any other manner in violation of Sanctions, AML Laws or Anticorruption Laws.

Section 9. <u>Affirmative Covenants</u>.

The Parent Borrower hereby covenants and agrees that on the Closing Date and thereafter, until the Revolving Credit Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Information Covenants</u>. The Parent Borrower will furnish to the Administrative Agent (which shall promptly make such information available to the Lenders in accordance with its customary practice):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Annual Financial Statements</u>. On or before the date that is (i) 150 days after the end of the fiscal year of the Parent Borrower ending December 31, 2024 and (ii) 120 days after the end of each fiscal year of the Parent Borrower of the Parent Borrower thereafter, the consolidated balance sheets of the Parent Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated income statements and cash flows for such fiscal year, and, commencing with the financial statements for the fiscal year ended December 31, 2025, setting forth comparative consolidated figures for the preceding fiscal years, all in reasonable detail and prepared in accordance with GAAP (it being agreed that such annual financial statements may be a set of stub financials covering the period commencing on the Closing Date through December 31, 2024), and, in each case, certified by an independent certified public accountants of recognized national standing whose opinion shall not be qualified (<u>provided</u> that, for the avoidance of doubt, an explanatory or emphasis of matter paragraph does not constitute a qualification) as to the scope of audit or as to the status of the Parent Borrower or any of the Credit Parties as a going concern (other than any qualification, that is expressly solely with respect to, or resulting solely from, (i) an upcoming maturity date under any Indebtedness, (ii) any actual or potential inability to satisfy a financial maintenance covenant at such time or on a future date or in a future period or (iii) solely with respect to the scope of audit, any change in accounting principles or practices reflecting changes in GAAP or IFRS that are required or approved by the Borrower's independent registered public accountants).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Quarterly Financial Statements</u>. Commencing with the fiscal quarter ending March 31, 2024 (it being agreed that such quarterly financial statements in respect of the fiscal quarter ending March 31, 2024 may be a set of stub financials covering the period commencing on the Closing Date through the end of such fiscal quarter), (i) on or before the date that is 60 days after the end of the first three fiscal quarters of each fiscal year of the Parent Borrower (or, for the fiscal quarters ending March 31, 2024, June 30, 2024 and September 30, 2024, 90 days after the end of such fiscal quarter of the Parent Borrower) and (ii) solely for the fiscal quarter of the Parent Borrower ending December 31, 2024, on or before the date that is 120 days after December 31, 2024, the unaudited consolidated balance sheets of the Parent Borrower and its Subsidiaries as at the end of such quarterly period and the related consolidated income statements for such quarterly accounting period and for the elapsed portion of the fiscal year ended with the last day of such quarterly period, and the related consolidated statement of cash flows for the elapsed portion of the fiscal year ended with the last day of the applicable quarterly period, and commencing with the quarter ending March 31, 2025, setting forth comparative consolidated figures for the related periods in the prior fiscal year or, in the case of such consolidated balance sheet, for the last day of the related period in the prior fiscal year, all of which shall be certified by an Authorized Officer of the Parent Borrower as fairly presenting in all material respects the financial condition, results of operations and cash flows of the Parent Borrower and its Subsidiaries in accordance with GAAP (except as noted therein), subject to changes resulting from normal year-end adjustments and the absence of footnotes, as required by GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Budgets</u>. Prior to an IPO, within 120 days after the commencement of each fiscal year of the Parent Borrower (or 150 days after the commencement of the fiscal year ending December 31, 2024) a consolidated budget of the Parent Borrower in reasonable detail on a quarterly basis for such fiscal year as customarily prepared by management of the Parent Borrower for its internal use, setting forth the principal assumptions upon which such budget is based; *provided* that delivery of a budget to the Administrative Agent satisfying the requirements of Section 5.1.11(d) of the US Balance Sheet Loan Facility shall be deemed to satisfy the requirements of this Section 9.1(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Officer's Certificates</u>. Not later than five days after the delivery of the financial statements provided for in <u>Sections 9.1(a)</u> and <u>(b)</u>, commencing with the financial statements in respect of the fiscal quarter ending March 31, 2024, a certificate of an Authorized Officer of the Parent Borrower to the effect that no Default or Event of Default exists or, if any Default or Event of Default does exist, specifying the nature and extent thereof, as the case may be (which certificate shall set forth the LTV as of the end of the applicable period covered by such financial statements to the extent necessary for purposes of determining the amount of Excess Cash Flow required to be prepaid under Section 5.2(a)). At the time of the delivery of the financial statements provided for in <u>Section 9.1(a)</u>, a certificate of an Authorized Officer of the Parent Borrower setting forth changes to the legal name, jurisdiction of formation, type of entity and organizational number (or equivalent) to the Person organized in a jurisdiction where an organizational identification number is required to be included in a Uniform Commercial Code financing statement, in each case for each Credit Party or confirming that there has been no change in such information since the Closing Date or the date of the most recent certificate delivered pursuant to this <u>clause (d)</u>, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Notice of Default or Litigation</u>. Promptly after an Authorized Officer of the Parent Borrower or any of the other Credit Parties obtains knowledge thereof, notice of (i) the occurrence of any event that constitutes a Default or Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action the Parent Borrower or such Credit Party proposes to take with respect thereto and (ii) any litigation or governmental proceeding pending against the Parent Borrower or any of the other Credit Parties that would reasonably be expected to be determined adversely and, if so determined, to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Environmental Matters</u>. Promptly after an Authorized Officer of the Parent Borrower or any of the other Credit Parties obtains knowledge of any one or more of the following environmental matters, unless such environmental matters would not reasonably be expected to result in a Material Adverse Effect, notice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any pending or threatened Environmental Claim against any Credit Party or any Real Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Environmental Liability of any Credit Party with respect to, arising from or relating to the use, ownership or operation of the Real Estate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the conduct of any investigation, or any removal, remedial or other corrective action in response to the actual or alleged presence or Release or threatened Release or exposure of any Person to of any Hazardous Material on, at, under or from any Real Estate.

All such notices shall describe in reasonable detail the nature of the claim, liability, investigation or removal, remedial or other corrective action in response thereto. The term "**Real Estate**" shall mean land, buildings, facilities and improvements owned or leased by any Credit Party.

Notwithstanding the foregoing, the obligations in <u>clauses (a)</u> and <u>(b)</u> of this <u>Section 9.1</u> may be satisfied with respect to financial information of the Parent Borrower and its Subsidiaries by furnishing (A) the applicable financial statements of any direct or indirect parent of the Parent Borrower or (B) the Parent Borrower's (or any direct or indirect parent thereof), as applicable, Form 10-K or 10-Q, as applicable, filed with the SEC; <u>provided</u> that, with respect to each of subclauses (A) and (B) of this paragraph, to the extent such information relates to a parent of the Parent Borrower, such information is accompanied by consolidating or other information that explains in reasonable detail the differences between the information relating to such parent, on the one hand, and the information relating to the Parent Borrower and its Subsidiaries on a standalone basis, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Other Information</u>. Such other existing information (financial or otherwise) concerning the Parent Borrower and the Credit Parties as the Administrative Agent on its own behalf or on behalf of any Lender (acting through the Administrative Agent) may reasonably request in writing from time to time (but no more frequently than once per calendar year); <u>provided</u> that none of the Borrower nor any Subsidiary will be required to disclose or permit the inspection or discussion of any document, information or other matter (i) that constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective contractors) is prohibited by law, or any binding agreement (iii) that is subject to attorney-client or similar privilege or constitutes attorney work product, (iv) that is otherwise subject to Section 13.16 or the limitations set forth in Section 9.2 or (v) that requires the Parent Borrower or any Credit Party to incur costs in connection with the preparation by a third party of any new report or assessment.

Documents required to be delivered pursuant to <u>clauses (a)</u> and <u>(b)</u> of this <u>Section 9.1</u> may be delivered electronically and if so delivered, shall be deemed to have been delivered on the earliest date on which (i) the Parent Borrower posts such documents, or provides a link thereto on the Parent Borrower's website on the Internet; (ii) such documents are posted on the Parent Borrower's behalf on IntraLinks/IntraAgency or another website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent), or (iii) if applicable, such financial statements and/or other documents are posted on the SEC's website on the internet at www.sec.gov; <u>provided</u> that (A) the Parent Borrower shall, at the request of the Administrative Agent, continue to deliver copies (which delivery may be by electronic transmission) of such documents to the Administrative Agent and (B) the Parent Borrower shall notify (which notification may be by facsimile or electronic transmission) the Administrative Agent of the posting of any such documents on any website described in this paragraph. Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents from the Administrative Agent and maintaining its copies of such documents.

Notwithstanding the foregoing, the obligations in <u>clause (a)</u> of this <u>Section 9.1</u> with respect to the fiscal year ending December 31, 2022 shall be deemed satisfied with respect to financial information of the Parent Borrower and its Subsidiaries by furnishing (A) the financial statements of the Parent Borrower and its Subsidiaries for the period commencing on January 1, 2022 and ending March 25, 2022 (predecessor) and (B) the financial statements of the Parent Borrower and its Subsidiaries for the period commencing on March 25, 2022 and ending December 31, 2022 (successor).

Each Credit Party hereby acknowledges and agrees that, unless the Parent Borrower notifies the Administrative Agent in advance, all financial statements and certificates furnished pursuant to <u>Sections 9.1(a)</u>, <u>(b)</u> and <u>(d)</u> above are hereby deemed to be suitable for distribution, and to be made available, to all Lenders and may be treated by the Administrative Agent and the Lenders as not containing any material nonpublic information; <u>provided</u> that any failure by the Parent Borrower to so notify the Administrative Agent shall not constitute a Default or Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Books, Records, and Inspections</u>. The Parent Borrower will, and will cause each other Credit Party to, permit officers and designated representatives of the Administrative Agent or the Required Lenders to visit and visually inspect any of the properties or assets of the Parent Borrower and any such Credit Party in whomsoever's possession to the extent that it is within such party's control to permit such inspection (and shall use commercially reasonable efforts to cause such inspection to be permitted to the extent that it is not within such party's control to permit such inspection), and to examine the books and records of the Parent Borrower and any such Credit Party and discuss the affairs, finances and accounts of the Parent Borrower and of any such Credit Party with, and be advised as to the same by, its and their officers and independent accountants, all at such reasonable times and intervals and to such reasonable extent as the Administrative Agent or the Required Lenders may desire (and subject, in the case of any such meetings or advice from such independent accountants, to such accountants' customary policies and procedures); <u>provided</u> that, excluding any such visits and inspections during the continuation of an Event of Default, (a) only the Administrative Agent on behalf of the Required Lenders may exercise rights of the Administrative Agent and the Lenders under this <u>Section 9.2</u>, (b) the Administrative Agent shall not exercise such rights more than one time in any calendar year, which visit will be at the Parent Borrower's expense and (c) notwithstanding anything to the contrary in this <u>Section 9.2</u>, none of the Parent Borrower or any of its Subsidiaries will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter that (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by law or any agreement binding on a third-party or (iii) is subject to attorney-client or similar privilege or constitutes attorney work product; <u>provided</u>, <u>further</u>, that, except with respect to subclause (ii) above, when an Event of Default exists, the Administrative Agent (or any of its respective representatives or independent contractors) or any representative of the Required Lenders may do any of the foregoing at the expense of the Parent Borrower at any time during normal business hours and upon reasonable advance notice. The Administrative Agent and the Required Lenders shall give the Parent Borrower the opportunity to participate in any discussions with the Parent Borrower's independent public accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Maintenance of Insurance</u>. The Parent Borrower will, and will cause each Credit Party to, at all times maintain in full force and effect, pursuant to self-insurance arrangements or with insurance companies that the Parent Borrower believes (in the good faith judgment of the management of the Parent Borrower) are financially sound and responsible at the time the relevant coverage is placed or renewed, insurance in at least such amounts (after giving effect to any self-insurance which the Parent Borrower believes (in the good faith judgment of management of the Parent Borrower) is reasonable and prudent in light of the size and nature of its business and the availability of insurance on a cost-effective basis) and against at least such risks (and with such risk retentions) as the Parent Borrower believes (in the good faith judgment of management of the Parent Borrower) is reasonable and prudent in light of the size and nature of its business and the availability of insurance on a cost-effective basis; and will furnish to the Administrative Agent, promptly following written request from the Administrative Agent, information presented in reasonable detail as to the insurance so carried (provided that, for so long as no Event of Default has occurred and is continuing, the Administrative Agent shall be entitled to make such request only once in any calendar year). Each such policy of insurance shall (i) name the Collateral Agent, on behalf of the Secured Parties as an additional insured thereunder as its interests may appear and (ii) in the case of each casualty insurance policy, contain a loss payable clause or endorsement that names the Collateral Agent, on behalf of the Secured Parties as the loss payee thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Payment of Taxes</u>. The Parent Borrower will pay and discharge or cause to be paid and discharged, and will cause each of the other Credit Parties to pay and discharge, all Taxes imposed upon it (including in its capacity as a withholding agent) or upon its income or profits, or upon any properties belonging to it, prior to the date on which material penalties attach thereto, and all lawful claims in respect of any Taxes imposed, assessed or levied that, if unpaid, would reasonably be expected to become a material Lien (other than a Permitted Lien) upon any properties of the Parent Borrower or any of such Credit Parties; <u>provided</u> that neither the Parent Borrower nor any of the other Credit Parties shall be required to pay or discharge any such Tax that is being contested in good faith and by proper proceedings if it has maintained adequate reserves (in the good faith judgment of management of the Parent Borrower) with respect thereto in accordance with GAAP or the failure to pay or discharge would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Preservation of Existence; Consolidated Corporate Franchises</u>. The Parent Borrower will, and will cause each Credit Party to, take all actions necessary (a) to preserve and keep in full force and effect its existence, organizational rights and authority and (b) to maintain its rights, privileges (including its good standing (if applicable)), permits, licenses and franchises necessary in the normal conduct of its business, in each case, except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect; <u>provided</u>, <u>however</u>, that the Parent Borrower and the other Credit Parties may consummate any transaction which is permitted by <u>Sections 10.2</u>, <u>10.3</u> or <u>10.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>Compliance with Statutes, Regulations, Etc</u>. The Parent Borrower will, and will cause any other Borrower, each other Credit Party, and each Subsidiary of any Borrower or Credit Party to, (a) comply with all applicable laws, rules, regulations, and orders applicable to it or its property, including all governmental approvals or authorizations required to conduct its business, and to maintain all such governmental approvals or authorizations in full force and effect, (b) comply with, and use commercially reasonable efforts to ensure compliance by all tenants and subtenants, if any, with, all applicable Environmental Laws, and obtain and comply with and maintain, and use commercially reasonable efforts to ensure that all tenants and subtenants obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws, (c) conduct and complete all investigations, studies, sampling and testing, and all remedial, removal, and other actions regarding Hazardous Materials required under Environmental Laws and promptly comply with all lawful orders and directives of all Governmental Authorities with jurisdiction regarding Environmental Laws, other than such orders and directives which are being timely contested in good faith by proper proceedings, (d) not violate, conspire to violate or aid and abet the violation of any Anticorruption Laws, Sanctions or AML Laws and (e) maintain and implement policies reasonably designed to ensure that no Credit Party violations any Anticorruption Laws, Sanctions or AML Laws, except in each case of (a), (b), and (c) of this <u>Section 9.6</u>, where the failure to do so would not reasonably be expected to result in a Material Adverse Effect.

No payment made pursuant to this Agreement by any Borrower, or any Credit Party shall be derived directly or knowingly indirectly from a Sanctioned Person or from activities in violation of any Anticorruption Laws, Sanctions or AML Laws, or otherwise cause any Lender to violate any Anticorruption Law, Sanctions or AML Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 <u>ERISA</u>. (a) As soon as practicable following any request by the Administrative Agent, the Parent Borrower will furnish to the Administrative Agent copies of any documents described in Sections 101(k) or 101(l) of ERISA that any Credit Party or any of its Subsidiaries may reasonably request with respect to any Multiemployer Plan to which a Credit Party or any of its Subsidiaries is obligated to contribute; <u>provided</u> that if the Credit Parties or any of their Subsidiaries have not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer Plan, then, upon reasonable request of the Administrative Agent, the Credit Parties shall promptly make a request for such documents or notices from such administrator or sponsor and the Parent Borrower shall provide copies of such documents and notices to the Administrative Agent promptly after receipt thereof; provided, further, that the rights granted to the Administrative Agent in this <u>Section 9.7(a)</u> shall be exercised not more than once with respect to the same Multiemployer Plan during any applicable plan year, and (b) the Parent Borrower will notify the Administrative Agent promptly following the occurrence of any ERISA Event or Foreign Plan Event that, alone or together with any other ERISA Events or Foreign Plan Events that have occurred, would reasonably be expected to result in liability of any Credit Party that would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 <u>Maintenance of Tangible Properties</u>. The Parent Borrower will, and will cause each of the other Credit Parties to, keep and maintain all tangible property material to the conduct of its business in good working order and condition, ordinary wear and tear, casualty, and condemnation excepted, except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 <u>Transactions with Affiliates</u>. The Parent Borrower will conduct, and cause each of the other Credit Parties to conduct, all transactions with any of its Affiliates (other than the Parent Borrower and the other Credit Parties) involving aggregate payments or consideration in excess of $100,000,000 for the most recently ended Test Period (calculated on a Pro Forma Basis) at the time of such Affiliate transaction, for any individual transaction or series of related transactions, on terms that are at least substantially as favorable to the Parent Borrower or such Credit Party as it would obtain in a comparable arm's-length transaction with a Person that is not an Affiliate, as determined by the board of directors of the Parent Borrower or such Credit Party in good faith; <u>provided</u> that the foregoing restrictions shall not apply to (a) the payment of fees to the Sponsor for management, consulting and financial services rendered to the Parent Borrower and its Subsidiaries and customary investment banking fees paid to the Sponsor for services rendered to the Parent Borrower and its Subsidiaries in connection with divestitures, acquisitions, financings and other transactions which payments are approved by a majority of the board of directors of the Parent Borrower in good faith, (b) transactions permitted by <u>Section 10.1(c)(ii)</u> or <u>Section 10.4</u>, (c) consummation of the Transactions and the payment of the Transaction Expenses, (d) the issuance of Capital Stock or Stock Equivalents of the Parent Borrower (or any direct or indirect parent thereof) or any of its Subsidiaries not otherwise prohibited by the Credit Documents, (e) any transaction between or among the Parent Borrower and/or one or more of its Subsidiaries or joint venture (regardless of the form of legal entity) in which the Parent Borrower or any of its Subsidiaries has invested (and which Subsidiary or joint venture would not be an Affiliate of the Parent Borrower but for the Parent Borrower's or a Subsidiary's ownership of Capital Stock or Stock Equivalents in such joint venture or Subsidiary) to the extent permitted or not restricted by this Agreement, (f) (i) any collective bargaining agreements, employment agreements or arrangements, severance agreements or compensatory (including profit sharing) arrangements entered into by the Parent Borrower or any of its Subsidiaries with their respective current or former officers, directors, members of management, managers, employees, consultants or independent contractors or those of any Parent Entity, (ii) any subscription agreement or similar agreement pertaining to the repurchase of Capital Stock or Stock Equivalents pursuant to put/call rights or similar rights with current or former officers, directors, members of management, managers, employees, consultants or independent contractors and (iii) transactions pursuant to any employee compensation arrangement, benefit plan, stock option plan or arrangement, any health, disability or similar insurance plan which covers current or former officers, directors, members of management, employees, consultants or independent contractors; (g) payments by the Parent Borrower (and any direct or indirect parent thereof) and any of its Subsidiaries pursuant to the tax sharing agreements among the Parent Borrower (and any such parent) and such Subsidiaries that are permitted under <u>Section 10.4(b)(13)</u>; <u>provided</u> that in each case the amount of such payments in any fiscal year does not exceed the aggregate amount that the Parent Borrower and such Subsidiaries would have been required to pay in respect of such foreign, federal, state and/or local taxes for such fiscal year had the Parent Borrower and such Subsidiaries paid such taxes separately from any such direct or indirect parent company of the Parent Borrower, (h) the payment of customary fees and reasonable out of pocket costs to, and indemnities provided on behalf of, directors, managers, consultants, officers or employees of the Parent Borrower (or any direct or indirect parent thereof) and any of its Subsidiaries in the ordinary course of business to the extent attributable to the ownership, management or operation of the Parent Borrower or such Subsidiaries, including payroll, travel, business entertainment and similar advances to any of the foregoing Persons made in the ordinary course of business (i) transactions undertaken pursuant to membership in a purchasing consortium, (j) transactions pursuant to any agreement or arrangement as in effect as of the Closing Date, or any amendment, modification, supplement or replacement thereto (so long as any such amendment, modification, supplement or replacement is not disadvantageous in any material respect to the Lenders when taken as a whole as compared to the applicable agreement as in effect on the Closing Date as determined by the Parent Borrower in good faith), (k) customary payments by the Parent Borrower (or any direct or indirect parent) and any Subsidiaries to the Sponsor made for any financial advisory, consulting, financing, underwriting or placement services or in respect of other investment banking activities (including in connection with acquisitions or divestitures), (l) Affiliate repurchases of the Loans, Commitments or any other debt security to the extent permitted hereunder and the holding of such Loans, Commitments or other debt security and the payments and other transactions contemplated herein in respect thereof, (m) transactions with any Securitization Entity (including in connection with Permitted Securitization Financings) materially consistent, taken as a whole, with transactions taken customary for a Permitted Securitization Financing (including the payment of fees to, or obligation to reimburse, any Securitization Entity in respect of letters of credit issued to the account of such Securitization Entity for the benefit of the Borrower and its Subsidiaries), or any other customary transactions effected as part of a Permitted Securitization Financing, (n) undertaking or consummating any IPO Reorganization Transactions, (o) transactions under the Credit Documents or any First Tier Facility Agreements, (p) any reorganization or restructuring transactions related to the collapsing, requalification or qualification of the Parent Borrower or any Subsidiary as a REIT (including (i) the termination, creation or modification of a TRS structure, (ii) the liquidation of any REIT and the taking of any steps reasonably necessary thereto (as determined by the Parent Borrower or applicable Subsidiary), and (iii) redemption of any preferred shareholders and conversion of the REIT into a Delaware limited liability company), (q) any other Affiliate transactions permitted under the terms of any First Tier Facility Agreement (including (i) operating leases, (ii) any property management agreement to which the Parent Borrower or any of its Subsidiaries is party, and (iii) the right to cause any Properties to be transferred from a First Tier Facility Borrower to a newly formed, wholly owned Subsidiary of a First Tier Facility Borrower, which, in each case, is not prohibited by any such First Tier Facility Agreement), (r) the entry into and performance of any Lease or service agreement in the ordinary course of business, or the assignment, novation, subcontracting or transfer (whether in whole or in part) of any such Lease or service agreement to any Affiliate and (s) any other ordinary course non-material transactions entered into between the Borrower or any of its Subsidiaries with its Affiliates in accordance with past practices, including, without limitation, in connection with the use of Land or the development, ownership, lease, maintenance or operation of any of the Properties. For purposes of this <u>Section 9.9</u>, any transaction shall be deemed to have satisfied the requirements set forth in this <u>Section 9.9</u> if (x) such transaction is approved by a majority of the Disinterested Directors or (y) a fairness opinion is provided by a nationally recognized appraisal or investment banking firm with respect to such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 <u>End of Fiscal Years</u>. The Parent Borrower will, for financial reporting purposes, cause each of its, and each of the Credit Parties', fiscal years to end on dates consistent with past practice; provided, however, that the Parent Borrower may, upon written notice to the Administrative Agent change the financial reporting convention specified above to (x) align the dates of such fiscal year and for any Subsidiary whose fiscal years end on dates different from those of the Parent Borrower or (y) any other financial reporting convention (including a change of fiscal year) reasonably acceptable (such consent not to be unreasonably withheld or delayed) to the Administrative Agent, in which case the Parent Borrower and the Administrative Agent will, and are hereby authorized by the Lenders to, make any adjustments to this Agreement that are necessary in order to reflect such change in financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 <u>Additional Guarantors and Grantors</u>. Subject to <u>Section 9.14(b)</u> and any applicable limitations set forth in the Security Documents, the Parent Borrower will cause (a) each direct or indirect Wholly-Owned Subsidiary of the Parent Borrower which owns Collateral (other than any Excluded Subsidiary) that is formed or otherwise purchased or acquired after the Closing Date (including pursuant to a Permitted Acquisition), within 60 days from the later of (i) date of such formation, acquisition or cessation, as applicable and (ii) the date of delivery of the Section 9.1 Financials evidencing the obligation to provide a Guarantee pursuant to this <u>Section 9.11</u> (or such longer period as the Administrative Agent may agree in its reasonable discretion), and (b) at the Parent Borrower's sole option, any other Domestic Subsidiary reasonably acceptable to the Administrative Agent, in each case, to execute a supplement to each of the Guarantee and the Pledge Agreement in order to become a Guarantor under the Guarantee and a grantor under such Security Documents or, to the extent reasonably requested by the Collateral Agent, enter into a new Security Document substantially consistent with the analogous existing Security Documents and otherwise in form and substance reasonably satisfactory to the Collateral Agent and take all other action reasonably requested by the Collateral Agent to grant a perfected security interest in its relevant assets to substantially the same extent as created and perfected by the Credit Parties on the Closing Date. For the avoidance of doubt, no Credit Party that is a Domestic Subsidiary shall be required to take any action outside the United States to perfect any security interest in the Collateral (including the execution of any agreement, document or other instrument governed by the law of any jurisdiction other than the United States, any state thereof or the District of Columbia). In addition to the foregoing, if any other Domestic Subsidiary of the Parent Borrower that is a Wholly-Owned Subsidiary and is a Material Subsidiary becomes a guarantor or other obligor with respect to bonds, notices, debentures or similar debt instruments issued by the Parent Borrower, the Parent Borrower shall cause such Subsidiary to guarantee the obligations of the Parent Borrower hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12 <u>Pledge of Additional Stock and Evidence of Indebtedness</u>. Subject to <u>Section 6.2</u> and <u>Section 9.14(b)</u> and any applicable limitations set forth in the Security Documents and other than (x) when in the reasonable determination of the Administrative Agent and the Parent Borrower (as agreed to in writing), the cost or other consequences of doing so would be excessive in view of the benefits to be obtained by the Lenders therefrom or (y) to the extent doing so would result in material adverse tax consequences as reasonably determined by the Parent Borrower in consultation with the Administrative Agent, the Parent Borrower and each other Credit Party will cause (a) all certificates representing Capital Stock and Stock Equivalents which constitute Collateral that are held directly by any Credit Party and (b) any promissory notes executed after the Closing Date evidencing Indebtedness in excess of the greater of (a) $75,000,000 and (b) 1.25% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) at the time such promissory note is delivered to the Parent Borrower or any other Credit Party that is owing to the Parent Borrower or such other Credit Party, in each case to be delivered to the Collateral Agent as security for the Obligations accompanied by undated instruments of transfer executed in blank pursuant to the terms of the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 <u>Use of Proceeds</u>. The Parent Borrower and the Credit Parties will use the proceeds of the Revolving Credit Loans and use the Letters of Credit (a) on the Closing Date, together with the proceeds of other First Tier Facilities established on the Closing Date and cash on hand of the Parent Borrower, solely (i) to finance the Transactions in an amount equal to the amount necessary to fund (A) the Reserves Shortfall and (B) without duplication of the Reserves Shortfall, the Proceeds Shortfall (any Revolving Credit Loans borrowed pursuant to this clause (a)(i) arising as a direct result of the establishment of special reserves for Material Lease Defects, "**Lease Defect Revolving Obligations**"), (ii) to fund (A) upfront fees or original issue discount in respect of any Credit Facilities (and any other First Tier Facilities established on the Closing Date) imposed under the Fee Letter, (B) working capital adjustments and reimbursements for Capital Expenditures pursuant to the Acquisition Agreement and/or the refinancing of any Indebtedness incurred for working capital or Capital Expenditure purposes and (C) purchase price adjustments made pursuant to the Acquisition Agreement and/or the Property Acquisition Agreements and (iii) to issue Letters of Credit which may be used for all purposes not otherwise prohibited under this Agreement including without limitation (x) to replace, backstop or otherwise support or replace Letters of Credit in favor of third parties existing on the Closing Date and (y) to backstop any Reserves Shortfall existing on the Closing Date after giving effect to the Transactions, and (b) at any time and from time to time after the Closing Date, for Capital Expenditures, working capital and any general corporate purpose (including to finance any other transactions not prohibited by the Credit Documents. Neither any Borrower, nor any Credit Party will directly or indirectly, use the proceeds of the Revolving Credit Loans and use the Letters of Credit in in connection with any Sanctioned Person or in a manner that would otherwise cause a violation of any Anticorruption Laws, Sanctions or AML Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.14 <u>Further Assurances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to any applicable limitations set forth in the Security Documents and other than (x) when in the reasonable determination of the Administrative Agent and the Parent Borrower (as agreed to in writing), the cost or other consequences of doing so would be excessive in view of the benefits to be obtained by the Lenders therefrom or (y) to the extent doing so would result in material adverse tax consequences as reasonably determined by the Parent Borrower in consultation with the Administrative Agent, if any assets (other than Excluded Property) of any Credit Party are acquired after the Closing Date, which assets are required to be pledged as Collateral under the Security Documents (other than Capital Stock and Stock Equivalents and assets constituting Collateral under the Security Documents that become subject to the Lien of the applicable Security Document upon acquisition thereof), the Parent Borrower will notify the Collateral Agent, and, if requested by the Collateral Agent, the Parent Borrower will cause such assets to be subjected to a Lien securing the Obligations and will take, and cause the other applicable Credit Parties to take, such actions as shall be necessary or reasonably requested by the Collateral Agent, as soon as commercially reasonable but in no event later than ninety (90) days after such acquisition, unless extended by the Administrative Agent in its sole discretion, to grant and perfect such Liens consistent with the applicable requirements of the Security Documents, including actions described in <u>clause (a)</u> of this <u>Section 9.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.15 <u>[reserved.]</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.16 <u>Lines of Business</u>. The Parent Borrower and the other Credit Parties, taken as a whole, will not fundamentally and substantively alter the character of their business, taken as a whole, from the business conducted by the Parent Borrower and the other Credit Parties, taken as a whole, on the Closing Date and other business activities which are extensions thereof or otherwise incidental, synergistic, reasonably related, or ancillary to any of the foregoing (and non-core incidental businesses acquired to the extent permitted or not prohibited hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.17 <u>Financial Covenants under Other Indebtedness</u>. To the extent the Parent Borrower, under the terms of any facility of the Parent Borrower consisting of Indebtedness described in clause (a) of the definition thereof which would constitute Material Indebtedness, is obligated to comply with any financial maintenance covenant thereunder, such financial covenant shall also apply to the Revolving Credit Facility (a) to the extent the Revolving Credit Facility does not require the Parent Borrower's compliance with any financial maintenance covenant or (b) if, subsequent to the Closing Date, any financial maintenance covenant is then-applicable to the Revolving Credit Facility by operation of this <u>Section 9.17</u>, solely to the extent such new financial maintenance covenant is more restrictive than the then-applicable financial maintenance covenant under the Revolving Credit Facility, and the Parent Borrower shall, with the Administrative Agent, shall amend the Credit Documents such that the Revolving Credit Lenders benefit from such more restrictive financial covenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.18 <u>Post-Closing Actions</u>. The Parent Borrower agrees that it will, or will cause its relevant Subsidiaries to, complete each of the actions described on <u>Schedule 9.18</u> as soon as commercially reasonable and by no later than the date set forth in <u>Schedule 9.18</u> with respect to such action or such later date as the Administrative Agent may reasonably agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.19 <u>Foreign First-Tier Finance Holdings Subsidiaries</u>. The Parent Borrower agrees that each Foreign First-Tier Finance Holdings Subsidiary, whether now existing or formed after the Closing Date, shall (i) be a holding company, with no material assets or operations beyond the ownership of the equity interests of its subsidiaries and (ii) shall not incur any Indebtedness or grant any Liens to any other Person.

Section 10. <u>Negative Covenants</u>.

The Parent Borrower hereby covenants and agrees that on the Closing Date (immediately after the consummation of the Acquisition) and thereafter, until the Revolving Credit Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Limitation on Indebtedness</u>. The Parent Borrower will not, and will not permit any other Credit Party to create, incur, issue, assume, guarantee or otherwise become liable, contingently or otherwise (collectively, "**incur**" and collectively, an "**incurrence**") with respect to any Indebtedness (including Acquired Indebtedness) in an aggregate principal amount at any time in excess of ten percent (10%) of NAV, and the Parent Borrower will not issue any shares of Disqualified Stock and will not permit any other Credit Party to issue any shares of Disqualified Stock; <u>provided</u> that the Parent Borrower may incur Indebtedness (including Acquired Indebtedness incurred in connection with, or in contemplation of, a Permitted Acquisition) or issue shares of Disqualified Stock, and any Credit Party may incur Indebtedness (including Acquired Indebtedness incurred in connection with, or in contemplation of, a Permitted Acquisition), issue shares of Disqualified Stock and issue shares of preferred stock that is, in each case, secured by a Lien on the Collateral that is *pari passu* with the Lien securing the Obligations, secured by a Lien on the Collateral that is junior to the Lien securing the Obligations, or that is unsecured to the extent that the LTV after giving effect to the incurrence of such Indebtedness and the use of proceeds thereof, on a Pro Forma Basis would not exceed 60%.

The foregoing limitations will not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indebtedness arising under the Credit Documents or otherwise permitted pursuant to <u>Section 2.14</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-Recourse Indebtedness, as long as such Non-Recourse Indebtedness is not Indebtedness for borrowed money or a guarantee of Indebtedness for borrowed money, arising or permitted under any First Tier Facility (including any hedging or swap obligations entered into in connection with any First Tier Facility, to the extent constituting Non-Recourse Indebtedness of the Credit Parties (provided that such Non-Recourse Indebtedness is not Indebtedness for borrowed money or a guarantee of Indebtedness for borrowed money));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) Indebtedness (including any unused commitment) outstanding on the Closing Date listed on <u>Schedule 10.1</u> (or, to the extent not listed on such Schedule, where the principal amount of such Indebtedness is less than $50,000,000 in the aggregate) and (ii) intercompany Indebtedness (including any unused commitment) outstanding on the Closing Date listed on <u>Schedule 10.1</u> or owed by a Credit Party to another Credit Party or any Subsidiary thereof; <u>provided</u> that any such Indebtedness owed by a Credit Party to a Subsidiary that is not a Credit Party shall be subordinated in right of payment to the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Indebtedness (including Capitalized Lease Obligations), Disqualified Stock and preferred stock incurred by the Parent Borrower or any other Credit Party, to finance the purchase, lease, construction, installation, maintenance, replacement or improvement of property (real or personal) or equipment that is used or useful in a Similar Business, whether through the direct purchase of assets or the Capital Stock of any Person owning such assets and Indebtedness arising from the conversion of the obligations of the Parent Borrower or any other Credit Party under or pursuant to any "synthetic lease" transactions to on-balance sheet Indebtedness of the Parent Borrower or such Credit Party, in an aggregate principal amount which, when aggregated with the principal amount of all other Indebtedness, Disqualified Stock and preferred stock then outstanding and incurred pursuant to this <u>clause (d)</u> and all Indebtedness incurred to refinance any other Indebtedness, Disqualified Stock and preferred stock incurred pursuant to this <u>clause (d)</u>, does not exceed the greater of (x) $225,000,000 and (y) 4.25% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis at the time of incurrence; <u>provided</u> that Capitalized Lease Obligations incurred by the Parent Borrower or any Credit Party pursuant to this <u>clause (d)</u> in connection with a Permitted Sale Leaseback shall not be subject to the foregoing limitation so long as the proceeds of such Permitted Sale Leaseback are used by the Parent Borrower or such Credit Party to permanently repay other Indebtedness secured by a Lien on the assets subject to such Permitted Sale Leaseback (excluding any Lien ranking junior to the Lien securing the Obligations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Indebtedness incurred by the Parent Borrower or any other Credit Party (including letter of credit obligations consistent with past practice constituting reimbursement obligations with respect to letters of credit issued in the ordinary course of business), in respect of workers' compensation claims, deferred compensation, performance or surety bonds, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement or indemnification type obligations regarding workers' compensation claims, performance or surety bonds, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Indebtedness arising from agreements of the Parent Borrower or any other Credit Party providing for indemnification, adjustment of purchase price, earnout or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or a Subsidiary or other Person, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) shares of preferred stock of a Credit Party issued to the Parent Borrower or another Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Hedging Obligations (excluding Hedging Obligations entered into for speculative purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (i) obligations in respect of customs, self-insurance, performance, bid, appeal, and surety bonds and completion guarantees and similar obligations provided by the Parent Borrower or any other Credit Party or (ii) obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case, in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business and (ii) customer deposits and advance payments received in the ordinary course of business from customers for goods purchased in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (i) Indebtedness of the Parent Borrower or any other Credit Party supported by a letter of credit, in a principal amount not in excess of the amount of such letter of credit so long as such letter of credit is otherwise permitted to be incurred pursuant to this <u>Section 10.1</u> or (ii) obligations in respect of letters of support, guarantees or similar obligations issued, made or incurred for the benefit of any Credit Party to the extent required by law or in connection with any statutory filing or the delivery of audit opinions performed in jurisdictions other than within the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Indebtedness of the Parent Borrower or any of the other Credit Parties consisting of the financing of insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) (1) Indebtedness of the Parent Borrower or any of the other Credit Parties undertaken in connection with cash management and related activities with respect to any Subsidiary or joint venture in the ordinary course of business, including with respect to financial accommodations of the type described in the definition of Cash Management Services and (2) Indebtedness owed on a short-term basis of no longer than 30 days to banks and other financial institutions incurred in the ordinary course of business of the Parent Borrower and such Credit Parties with such banks or financial institutions that arises in connection with ordinary banking arrangements to manage cash balances of the Parent Borrower and the other Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Indebtedness consisting of Indebtedness issued by the Parent Borrower or any of the other Credit Parties to future, current or former officers, directors, managers and employees thereof, their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of the Parent Borrower or any direct or indirect parent company of the Parent Borrower to the extent described in <u>clause (4)</u> of <u>Section 10.4(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Indebtedness in respect of taxes, assessments, governmental charges or levies to the extent that payment therefor shall not at the time be required to be made in accordance with <u>Section 9.4</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Indebtedness in respect of judgments and attachments for the payment of money not constituting an Event of Default under <u>Section 11.5</u> or <u>Section 11.9</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) unsecured Indebtedness that represents accrued (or deferred) and unpaid management fees to the Sponsor; <u>provided</u>, that the payment of such management fees in respect of such Indebtedness is not otherwise prohibited under <u>Section 10.4</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) (i) guarantees incurred in the ordinary course of business in respect of obligations to suppliers, customers, franchisees, lessors, licensees, sub-licensees and distribution partners and (ii) Indebtedness incurred by the Parent Borrower or any other Credit Party as a result of Leases or services agreements entered into by such Credit Party or any Subsidiary thereof in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) [reserved]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) to the extent constituting Indebtedness, the payment of fees to, or obligation to reimburse, any Securitization Entity in respect of letters of credit issued to the account of such Securitization Entity for the benefit of the Borrower and its Subsidiaries in the ordinary course and for customary business purposes.

For purposes of determining compliance with this <u>Section 10.1</u>: (i) in the event that an item of Indebtedness, Disqualified Stock or preferred stock (or any portion thereof) meets the criteria of more than one of the categories of permitted Indebtedness, Disqualified Stock or preferred stock described in <u>clauses (a)</u> through <u>(r)</u> above or is entitled to be incurred pursuant to the first paragraph of this <u>Section 10.1</u>, the Parent Borrower, in its sole discretion, will classify and may reclassify such item of Indebtedness, Disqualified Stock or preferred stock (or any portion thereof) and will only be required to include the amount and type of such Indebtedness, Disqualified Stock or preferred stock in one of the above clauses or paragraphs; and (ii) at the time of incurrence, the Parent Borrower will be entitled to divide and classify an item of Indebtedness in more than one of the types of Indebtedness described in this <u>Section 10.1</u>.

Accrual of interest or dividends, the accretion of accreted value, the accretion or amortization of original issue discount and the payment of interest or dividends in the form of additional Indebtedness, Disqualified Stock or preferred stock will not be deemed to be an incurrence of Indebtedness, Disqualified Stock or preferred stock for purposes of this covenant. Any Indebtedness incurred to refinance Indebtedness permitted pursuant to this <u>Section 10.1</u> shall be deemed to include additional Indebtedness, Disqualified Stock or preferred stock incurred to pay premiums (including reasonable tender premiums), defeasance costs, fees, and expenses in connection with such refinancing.

For purposes of determining compliance with any Dollar-denominated restriction on the incurrence of Indebtedness, the principal amount of Indebtedness denominated in another currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; <u>provided</u> that if such Indebtedness is incurred to refinance other Indebtedness denominated in another currency, and such refinancing would cause the applicable Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed (i) the principal amount of such Indebtedness being refinanced plus (ii) the aggregate amount of fees, underwriting discounts, premiums, and other costs and expenses and accrued and unpaid interest incurred in connection with such refinancing.

The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated that is in effect on the date of such refinancing.

This Agreement will not treat (1) unsecured Indebtedness as subordinated or junior to secured Indebtedness merely because it is unsecured or (2) senior Indebtedness as subordinated or junior to any other senior Indebtedness merely because it has a junior priority with respect to the same collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Limitation on Fundamental Changes</u>. The Parent Borrower will not, and will not permit any other Credit Party to, enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, all or substantially all its business units, assets or other properties, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) so long as no Event of Default has occurred and is continuing or would result therefrom, any Person may be merged, amalgamated or consolidated with or into the Parent Borrower; <u>provided</u> that (A) the Parent Borrower shall be the continuing or surviving Person or (B) if the Person formed by or surviving any such merger, amalgamation or consolidation is not a Borrower (such other Person, the "**Successor Borrower**"), (1) the Successor Borrower shall be an entity organized or existing under the laws of the United States, any state thereof, the District of Columbia or any territory thereof, (2) the Successor Borrower shall expressly assume all the obligations of the Parent Borrower under this Agreement and the other Credit Documents pursuant to a supplement hereto or thereto or in a form otherwise reasonably satisfactory to the Administrative Agent, (3) each Guarantor, unless it is the other party to such merger, amalgamation or consolidation, shall have, by a supplement to the Guarantee, confirmed that its guarantee thereunder shall apply to any Successor Borrower's obligations under this Agreement, (4) each other Credit Party pledgor, unless it is the other party to such merger, amalgamation or consolidation, shall have, by a supplement to any applicable Security Document, affirmed that its obligations thereunder shall apply to its Guarantee as reaffirmed pursuant to <u>clause (3)</u>, and (5) the Successor Borrower shall have delivered to the Administrative Agent (x) an officer's certificate stating that such merger, amalgamation, or consolidation and such supplements preserve the enforceability of the Guarantee and the perfection and priority of the Liens under the applicable Security Documents and (y) if requested by the Administrative Agent, an opinion of counsel to the effect that such merger, amalgamation, or consolidation does not violate this Agreement or any other Credit Document and that the provisions set forth in the preceding <u>clauses (3)</u> and <u>(4)</u> preserve the enforceability of the Guarantee and the perfection of the Liens created under the applicable Security Documents (it being understood that if the foregoing are satisfied, the Successor Borrower will succeed to, and be substituted for, the Parent Borrower under this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) so long as no Event of Default has occurred and is continuing or would result therefrom, any Person (in each case, other than the Parent Borrower) may be merged, amalgamated or consolidated with or into any one or more Credit Parties (other than the Parent Borrower); <u>provided</u> that (i) in the case of any merger, amalgamation or consolidation involving one or more such Credit Parties, a Credit Party shall be the continuing or surviving Person, (ii) in the case of any merger, amalgamation or consolidation involving one or more Guarantors, a Guarantor shall be the continuing or surviving Person or the Person formed by or surviving any such merger, amalgamation or consolidation and if the surviving Person is not already a Guarantor, such Person shall execute a supplement to the Guarantee and the relevant Security Documents in form and substance reasonably satisfactory to the Administrative Agent in order to become a Guarantor and pledgor, as applicable, thereunder for the benefit of the Secured Parties, and, (iii) the Parent Borrower shall have delivered to the Administrative Agent an officer's certificate stating that such merger, amalgamation or consolidation and any such supplements to any Security Document preserve the enforceability of the Guarantees and the perfection and priority of the Liens under the applicable Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Transactions may be consummated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Credit Party (other than the Parent Borrower) may convey, sell, lease, assign, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or dissolution or otherwise) to, or may be merged, amalgamated or consolidated with, any other Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Credit Party may liquidate or dissolve if the Parent Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Parent Borrower and its Subsidiaries and is not materially disadvantageous to the interests of the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Parent Borrower and any of the Credit Parties may consummate a merger, dissolution, liquidation, consolidation, investment or conveyance, sale, lease, assignment or disposition, the purpose of which is to effect an Asset Sale (which for the purposes of this <u>Section 10.2(f)</u> will include any disposition below the dollar threshold set forth in clause (b)(iv) of the definition of "Asset Sale"), other disposition or an Investment permitted or not prohibited hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) undertaking or consummating any IPO Reorganization Transactions or such other transactions related to the restructuring of any Person as reasonably determined by the Parent Borrower and the other Credit Parties to be necessary to allow such Person or any direct or indirect owner thereof to satisfy stock exchange or quotation system listing or trading requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Parent Borrower or any other Credit Party may convey, sell, lease, assign, transfer or otherwise dispose of any or all of its assets or any Equity Interests or other beneficial interests in a Subsidiary of the Parent Borrower or other Credit Party (in each case, upon voluntary liquidation or dissolution or otherwise and including by way of merger or consolidation), or enter into any other transaction otherwise prohibited by this <u>Section 10.2</u>, in each case, to the extent such transaction is permitted pursuant to any First Tier Facility Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (i) any transactions described in clause (q) of <u>Section 9.9</u> or (ii) any other conversion by the Parent Borrower or any Credit Party to a REIT, in each case, shall be permitted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any Credit Party may convert to a limited liability company under the laws of its applicable state of jurisdiction or the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Limitation on Sale of Assets</u>. The Parent Borrower will not, and will not permit any other Credit Party to, consummate an Asset Sale, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Asset Sale (of assets that are not Collateral) is permitted pursuant to the terms of any First Tier Facility Agreement or relates to any deposit of cash payable to or belonging to any Securitization Entity required by, and in accordance with, any Permitted Securitization Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the Parent Borrower or such Credit Party, as the case may be, receives consideration at the time of such Asset Sale at least equal to the Fair Market Value (as determined at the time of contractually agreeing to such Asset Sale) of the assets sold or otherwise disposed of; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except in the case of a Permitted Asset Swap, if the property or assets sold or otherwise disposed of have a Fair Market Value in excess of the greater of (a) $100,000,000 and (b) 1.5% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis at the time of such disposition, at least 75% of the consideration for such Asset Sale, together with all other Asset Sales since the Closing Date (on a cumulative basis) received by the Parent Borrower or such Credit Party, as the case may be, is in the form of cash or Cash Equivalents; <u>provided</u> that the amount of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any liabilities (as reflected on the Parent Borrower's most recent consolidated balance sheet or in the footnotes thereto, or if incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Parent Borrower's consolidated balance sheet or in the footnotes thereto if such incurrence or accrual had taken place on or prior to the date of such consolidated balance sheet, as determined in good faith by the Parent Borrower) of the Parent Borrower, other than liabilities that are by their terms subordinated to the Loans, that are assumed by the transferee of any such assets (or are otherwise extinguished in connection with the transactions relating to such Asset Sale) and for which the Parent Borrower and all such Credit Parties have been released by all applicable creditors in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any securities, notes or other obligations or assets received by the Parent Borrower or such Credit Party from such transferee that are converted by the Parent Borrower or such Credit Party into cash or Cash Equivalents, or by their terms are required to be satisfied for cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received), in each case, within 180 days following the closing of such Asset Sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Indebtedness, other than liabilities that are by their terms subordinated to the Loans, that are of any Credit Party that is no longer a Credit Party as a result of such Asset Sale, to the extent that the Parent Borrower and all other Credit Parties have been validly released from any guarantee of payment of such Indebtedness in connection with such Asset Sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) consideration consisting of Indebtedness of the Parent Borrower (other than Subordinated Indebtedness) received after the Closing Date from Persons who are not the Parent Borrower or any Credit Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any Designated Non-Cash Consideration received by the Parent Borrower or such Credit Party in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-Cash Consideration received pursuant to this <u>clause (E)</u> that is at that time outstanding, not to exceed the greater of $325,000,000 or 6.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis at the time of the receipt of such Designated Non-Cash Consideration, with the Fair Market Value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value,

shall be deemed to be cash for purposes of this <u>clause (ii)</u> of this provision and for no other purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no Event of Default under Section 11.1 or Section 11.5 has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After the Parent Borrower's or any Credit Party's receipt of the Net Cash Proceeds of any Asset Sale, the Parent Borrower or the applicable Credit Party may apply such Net Cash Proceeds in any manner not prohibited by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Limitation on Restricted Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent Borrower will not, directly or indirectly (including, for the avoidance of doubt, through any Subsidiary):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) declare or pay any dividend or make any payment or distribution on account of the Parent Borrower's Equity Interests, including any dividend or distribution payable in connection with any merger or consolidation, other than dividends or distributions by the Parent Borrower payable in Equity Interests (other than Disqualified Stock) of the Parent Borrower or in options, warrants or other rights to purchase such Equity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) purchase, redeem, defease or otherwise acquire or retire for value any Equity Interests of the Parent Borrower or any direct or indirect parent company of the Parent Borrower, including in connection with any merger or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) make, or permit any of the other Credit Parties to make, any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value, in each case, prior to any scheduled repayment, sinking fund payment or maturity, any Junior Debt of the Parent Borrower or any Credit Party (such payments "**Restricted Debt Payments**"), other than (A) Indebtedness permitted under <u>clause (c)(ii)</u> of <u>Section 10.1</u> or (B) the purchase, repurchase or other acquisition of Junior Debt purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of purchase, repurchase or acquisition; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) make, or permit any of the other Credit Parties to make, any loans to any direct or indirect parent company of the Parent Borrower;

(all such payments and other actions set forth in <u>clauses (1)</u> through <u>(4)</u> above (other than any exception thereto) being collectively referred to as "**Restricted Payments**"), unless, at the time of such Restricted Payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to any Restricted Payments, the Borrower shall have paid (A) any amount due and payable under <u>Section 5.2(a)</u> and (B) all installments of any Quarterly Prepayment Amount due and payable as of last Business Day of the most recently completed fiscal quarter of the Borrower in accordance with <u>Section 5.2(b</u>), or shall have provided a Sponsor Guaranty satisfying the requirements of <u>Section 5.2(b)</u> in respect of such Quarterly Prepayment Amounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Default or Event of Default described in <u>Section 11.1</u> or <u>11.5</u> shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The foregoing provisions of <u>Section 10.4(a)</u> will not prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date of declaration thereof or the giving of such irrevocable notice, as applicable, if at the date of declaration or the giving of such notice such payment would have complied with the provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (a) the redemption, repurchase, retirement or other acquisition of any Equity Interests ("**Retired Capital Stock**") or Junior Debt of the Parent Borrower, or any Equity Interests of any direct or indirect parent company of the Parent Borrower, in exchange for, or out of the proceeds of the substantially concurrent sale or issuance (other than to a Credit Party) of, Equity Interests of the Parent Borrower or any direct or indirect Parent Entity or management investment vehicle to the extent contributed to the Parent Borrower (in each case, other than any Disqualified Stock) ("**Refunding Capital Stock**") and (b) if immediately prior to the retirement of Retired Capital Stock, the declaration and payment of dividends thereon was permitted under <u>clause (6)</u> of this <u>Section 10.4(b)</u>, the declaration and payment of dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds of which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of any direct or indirect Parent Entity) in an aggregate amount per year no greater than the aggregate amount of dividends per annum that was declarable and payable on such Retired Capital Stock immediately prior to such retirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the prepayment, redemption, defeasance, repurchase or other acquisition or retirement for value of Junior Debt of the Parent Borrower or another Credit Party made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of the Parent Borrower or such Credit Party, as the case may be, which is incurred in compliance with <u>Section 10.1</u> so long as: (A) the principal amount (or accreted value, if applicable) of such new Indebtedness does not exceed the principal amount of (or accreted value, if applicable), plus any accrued and unpaid interest on the Junior Debt being so redeemed, defeased, repurchased, exchanged, acquired or retired for value, plus the amount of any premium (including reasonable tender premiums), defeasance costs and any reasonable fees and expenses incurred in connection with the issuance of such new Indebtedness, (B) if such Junior Debt is subordinated to the Obligations, such new Indebtedness is subordinated to the Obligations or the applicable Guarantee at least to the same extent as such Junior Debt so purchased, exchanged, redeemed, defeased, repurchased, acquired or retired for value, (C) such new Indebtedness has a final scheduled maturity date equal to or later than the final scheduled maturity date of the Junior Debt being so redeemed, defeased, repurchased, exchanged, acquired or retired, (D) if such Junior Debt so purchased, exchanged, redeemed, repurchased, acquired or retired for value is (i) unsecured then such new Indebtedness shall be unsecured or (ii) secured by a Lien ranking junior to the Liens securing the Obligations then such new Indebtedness shall be unsecured or secured by a Lien ranking junior to the Liens securing the Obligations, and (E) such new Indebtedness has a weighted average life to maturity equal to or greater than the remaining weighted average life to maturity of the Junior Debt being so redeemed, defeased, repurchased, exchanged, acquired or retired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a Restricted Payment to pay for the repurchase, retirement or other acquisition or retirement for value of Equity Interests (other than Disqualified Stock) of the Parent Borrower or any direct or indirect Parent Entity or management investment vehicle held by any future, present or former employee, director, manager or consultant of the Parent Borrower, any of its Subsidiaries or any direct or indirect Parent Entity or management investment vehicle, or their estates, descendants, family, spouse or former spouse pursuant to any management equity plan or stock option or phantom equity plan or any other management or employee benefit plan or agreement, or any stock subscription or shareholder agreement (including, for the avoidance of doubt, any principal and interest payable on any notes issued by the Parent Borrower or any direct or indirect Parent Entity or management investment vehicle in connection with such repurchase, retirement or other acquisition), including any Equity Interests rolled over by management of the Parent Borrower or any direct or indirect Parent Entity or management investment vehicle in connection with the Transactions; <u>provided</u> that, except with respect to non-discretionary purchases, the aggregate Restricted Payments made under this <u>clause (4)</u> subsequent to the Closing Date do not exceed in any calendar year the greater of (a) $75,000,000 and (b) 1.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis (which subsequent to the consummation of an IPO shall increase to the greater of (a) $150,000,000 and (b) 2.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis) (with unused amounts in any calendar year being carried over to succeeding calendar years); <u>provided</u>, <u>further</u>, that such amount in any calendar year may be increased by an amount not to exceed: (A) the cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Parent Borrower and, to the extent contributed to the Parent Borrower, the cash proceeds from the sale of Equity Interests of any direct or indirect Parent Entity or management investment vehicle, in each case to any future, present or former employees, directors, managers or consultants of the Parent Borrower, any of its Subsidiaries or any direct or indirect Parent Entity or management investment vehicle that occurs after the Closing Date, to the extent the cash proceeds from the sale of such Equity Interests have not otherwise been applied to the payment of Restricted Payments by virtue of <u>Section 10.4(a)</u>, plus (B) the cash proceeds of key man life insurance policies received by the Parent Borrower and the Credit Parties after the Closing Date, plus (C) the amount of any cash bonuses otherwise payable to employees, officers, directors, managers, consultants or independent contractors of the Parent Borrower or any other Credit Parties or any direct or indirect parent of the Parent Borrower that are foregone in return for the receipt of Equity Interests, less (D) the amount of any Restricted Payments previously made pursuant to <u>clauses (A)</u> and <u>(B)</u> of this <u>clause (4)</u>; and <u>provided</u>, <u>further</u>, that cancellation of Indebtedness owing to the Parent Borrower or any other Credit Party from any future, present or former employees, directors, managers or consultants of the Parent Borrower, any direct or indirect Parent Entity or management investment vehicle or any Credit Party, or their estates, descendants, family, spouse or former spouse in connection with a repurchase of Equity Interests of the Parent Borrower or any direct or indirect Parent Entity or management investment vehicle will not be deemed to constitute a Restricted Payment for purposes of this <u>Section 10.4</u> or any other provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Parent Borrower or any other Credit Party or any class or series of preferred stock of any Credit Party, in each case, issued in accordance with <u>Section 10.1</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) (A) the declaration and payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) issued by the Parent Borrower after the Closing Date; (B) the declaration and payment of dividends to any direct or indirect parent company of the Parent Borrower, the proceeds of which will be used to fund the payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) of such parent company issued after the Closing Date; <u>provided</u> that the amount of dividends paid pursuant to this <u>clause (B)</u> shall not exceed the aggregate amount of cash actually contributed to the Parent Borrower from the sale of such Designated Preferred Stock; or (C) the declaration and payment of dividends on Refunding Capital Stock in excess of the dividends declarable and payable thereon pursuant to <u>clause (2)</u> of this <u>Section 10.4(b)</u>; <u>provided</u> that, in the case of each of (A), (B), and (C) of this <u>clause (6)</u>, for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock or the declaration of such dividends on Refunding Capital Stock, after giving effect to such issuance or declaration on a pro forma basis, the LTV would not exceed 60%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) (i) payments made or expected to be made by the Parent Borrower or any other Credit Party in respect of withholding or similar taxes payable upon exercise of Equity Interests by any future, present or former employee, director, manager, or consultant and repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants and (ii) payments or other adjustments to outstanding Equity Interests in accordance with any management equity plan, stock option plan or any other similar employee benefit plan, agreement or arrangement in connection with any Restricted Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the declaration and payment of dividends on the Parent Borrower's common stock (or the payment of dividends to any direct or indirect parent company of the Parent Borrower to fund a payment of dividends on such company's common stock), following consummation of an IPO, not to exceed the sum (a) of up to 6.00% per annum of the net cash proceeds received by or contributed to the Parent Borrower in or from such IPO, other than public offerings with respect to the Parent Borrower's common stock registered on Form S-8 and other than any public sale constituting an Excluded Contribution and (b) up to 7.00% of the market capitalization of the Parent Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Restricted Payments in an amount that does not exceed the amount of Excluded Contributions made since the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) other Restricted Payments in an aggregate amount taken together with all other Restricted Payments made pursuant to this clause not to exceed the Available Restricted Debt Payments Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) distributions or payments of Securitization Fees, sales, contributions and other payments of Securitization Assets and purchases of Securitization Assets pursuant to a purchase obligation or any Restricted Payments made in respect of any consideration, payment, dividend, distribution or other transfer in connection with a Permitted Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) any Restricted Payment made in connection with the Transactions (including to holders of Equity Interests of the Parent Borrower (immediately prior to giving effect to the Acquisition) in connection with, or as a result of, the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto), in each case, with respect to the Transactions and the fees and expenses related thereto or used to fund amounts owed to Affiliates (including dividends to any direct or indirect parent company of the Parent Borrower to permit payment by such parent of such amount), to the extent permitted by <u>Section 9.9</u> (other than <u>clause (b)</u> thereof), and Restricted Payments in respect of working capital adjustments or purchase price adjustments pursuant to the Acquisition Agreement, any Property Acquisition, any Permitted Acquisition or other Investment and to satisfy indemnity and other similar obligations under the Acquisition Agreement, any Property Acquisition, any Permitted Acquisitions or other Investments and Restricted Payments made to holders of Equity Interests of the Parent Borrower to reimburse such holders for any deposits funded prior to the Closing Date in respect of the Acquisition Agreement or any Property Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) the declaration and payment of dividends to or the making of loans to, (A) any direct or indirect Parent Entity in amounts required for such Parent Entity to pay franchise and excise Taxes, and other fees and expenses, required to maintain its organizational existence and privilege of doing business, (B) the equity holders of a Parent Entity in an aggregate amount necessary for any such equity holder (or its direct or indirect equity holders) to pay U.S. federal, state or local income Tax liabilities (including estimated Taxes) in respect of income, receipts, gain, loss, deduction and credit of any Borrower or a Subsidiary of any Borrower, calculated by assuming that the items of income, gain, loss, deduction and credit of any Borrower or and of any such Subsidiary were the only such items entering into the computation of Tax liability, and applying the highest marginal effective rate of federal, state and local income Tax to which any of the Parent Borrower's direct or indirect owners are subject, but taking into consideration (i) the character and nature of such income (i.e., whether such income is subject to income Tax at capital gains rates, ordinary income rates or any special rates), (ii) any losses previously allocated to each such equity holder from and after the date hereof that are available to reduce such income Tax liability, and (iii) deductions arising from Tax basis adjustments under Section 734 of the Code or Section 743 of the Code and the Treasury Regulations thereunder, (C) without duplication of the forgoing clauses (A) and (B) of this sub-clause (13), a Parent Entity if such Parent Entity is a REIT and the Borrower's or any Subsidiary's income is includable in the income of such Parent Entity for U.S. federal income tax purposes, in an amount not to exceed the minimum amount reasonably estimated to be required for such Parent Entity to (x) continue to maintain its status as a REIT and (y) avoid any entity-level income or excise tax, including tax under Section 4981 of the Code, assuming that such Parent Entity has no income other than the income of the Parent Borrower or such Subsidiaries (provided, however, there shall not be any implied requirement that the Parent Borrower, any Subsidiary or such Parent Entity utilize the dividend deferral options in Section 857(b)(9) or Section 858(a) of the Code), (such distributions collectively in (A), (B), and (C), the "**Permitted Tax Distributions**") (D) customary salary, bonus, and other benefits payable to, and indemnities provided on behalf of, officers, employees, directors, and managers of any direct or indirect parent company of the Parent Borrower to the extent such salaries, bonuses, and other benefits are attributable to the ownership or operation of the Parent Borrower and its Subsidiaries, including the Parent Borrower's proportionate share of such amount relating to such Parent Entity being a public company, (E) general corporate or other operating (including, without limitation, expenses related to auditing or other accounting matters) and overhead costs and expenses of any direct or indirect Parent Entity to the extent such costs and expenses are attributable to the ownership or operation of the Parent Borrower and its Subsidiaries, including the Parent Borrower's proportionate share of such amount relating to such Parent Entity being a public company, (F) amounts required for any direct or indirect Parent Entity to pay fees and expenses incurred by any direct or indirect Parent Entity related to (i) the maintenance by such parent entity of its corporate or other entity existence and (ii) transactions of such Parent Entity in connection with any acquisition, Investment, recapitalization, Asset Sale, issuance or repayment of Indebtedness, issuance of Equity Interests, refinancing transaction or amendment or modification of any debt instrument (in each case, including any such transaction consummated prior to the Closing Date and any such transaction undertaken but not completed), (G) cash payments in lieu of issuing fractional shares in connection with the exercise of warrants, options or other securities convertible into or exchangeable for Equity Interests of the Parent Borrower or any such direct or indirect Parent Entity, (H) repurchases deemed to occur upon the cashless exercise of stock options and (I) amounts related to the financing of any Investment (provided that such Parent Entity shall, immediately following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests) to be contributed to the Parent Borrower or its Subsidiaries or (2) the merger (to the extent permitted in <u>Section 10.2</u>) of the Person formed or acquired into the Parent Borrower or its Subsidiaries in order consummate such acquisition or Investment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) (i) the repurchase, redemption or other acquisition for value of Equity Interests of the Parent Borrower deemed to occur in connection with paying cash in lieu of fractional shares of such Equity Interests in connection with a share dividend, distribution, share split, reverse share split, merger, consolidation, amalgamation or other business combination of the Parent Borrower, in each case, permitted under this Agreement and (ii) the honoring of any conversion request of a holder of convertible Indebtedness and the making of cash payments in lieu of fractional shares in connection with any such conversion and the making of payments on convertible Indebtedness in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) the prepayment, redemption, defeasance, repurchase or other acquisition or retirement for value of Junior Debt in an aggregate amount pursuant to this <u>clause (15)</u> not to exceed the sum of (a) the greater of (x) $175,000,000 and (y) 3.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis at the time of such prepayment, redemption, defeasance, repurchase, acquisition or retirement and (b) the Available Restricted Payments Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) undertaking or consummating any IPO Reorganization Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) payments or distributions to satisfy dissenters' rights, pursuant to or in connection with a consolidation, amalgamation, merger or transfer of assets that complies with <u>Section 10.2</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) any Restricted Payment made in connection with the Transactions and the fees and expenses related thereto or used to fund amounts owed to Affiliates (including dividends to any direct or indirect parent company of the Parent Borrower to permit payment by such parent of such amount), to the extent permitted by <u>Section 9.9</u> (other than <u>clause (b)</u> thereof) and the redemption of any Equity Interests of DCCO Tukwila Domestic REIT, LLC within five (5) Business Days of the Closing Date.

For purposes of determining compliance with this covenant, in the event that a proposed Restricted Payment meets the criteria of any of <u>clauses (1)</u> through <u>(18)</u> above and/or is entitled to be made pursuant to <u>Section 10.4(a)</u>, the Parent Borrower will be entitled to classify or later reclassify (based on circumstances existing on the date of such reclassification) such Restricted Payment (or portion thereof) among such <u>clauses (1)</u> through <u>(18)</u> and/or <u>Section 10.4(a)</u> in a manner that otherwise complies with this covenant.

Section 11. <u>Events of Default</u>.

Upon the occurrence of any of the following specified events (each an "**Event of Defaul**t"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Payments</u>. Any Borrower shall (a) default in the payment when due of any principal of the Loans or (b) default, and such default shall continue for five or more Business Days, in the payment when due of any interest on the Loans or any Fees or any Unpaid Drawings or of any other amounts owing hereunder or under any other Credit Document; <u>provided</u> that any default in the payment of any Quarterly Prepayment Amount owing pursuant to <u>Section 5.2(b)</u> when and as the same shall become due shall constitute an Event of Default only if (x) such default shall continue unremedied for a period of one full fiscal quarter following such amount becoming due hereunder or (y) a Sponsor Guaranty of such defaulted Quarterly Prepayment Amount shall have not been otherwise provided during such fiscal quarter period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Representations, Etc</u>. Any representation, warranty or statement made or deemed made by any Credit Party herein or in any other Credit Document or any certificate delivered or required to be delivered pursuant hereto or thereto (except those in the Credit Documents that are made or deemed made on the Closing Date that are not the Specified Representations) shall prove to be untrue in any material respect on the date as of which made or deemed made, and, to the extent capable of being cured, such incorrect representation or warranty shall remain incorrect for a period of 30 days after written notice thereof from the Administrative Agent to the Parent Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 <u>Covenants</u>. Any Credit Party shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) default in the due performance or observance by it of any term, covenant or agreement contained in <u>Section 9.1(e)(i)</u>, <u>Section 9.5</u> (solely with respect to the Parent Borrower) or <u>Section 10</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) default in the due performance or observance by it of any term, covenant or agreement (other than those referred to in <u>Section 11.1</u> or <u>11.2</u> or <u>clause (a)</u> of this <u>Section 11.3</u>) contained in this Agreement or any Security Document and such default shall continue unremedied for a period of at least 30 days after receipt of written notice by the Parent Borrower from the Administrative Agent or the Required Lenders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 <u>Default Under Other Agreements</u>. (a) The Parent Borrower or any of the other Credit Parties shall (i) fail to make any payment with respect to any Indebtedness (other than the Obligations) in excess of the greater of (x) $225,000,000 and (y) 4.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) in the aggregate ("**Material Indebtedness**"), for the Parent Borrower and such Credit Parties, beyond the period of grace and following all required notices, if any, provided in the instrument or agreement under which such Material Indebtedness was created or (ii) default in the observance or performance of any agreement or condition relating to any such Material Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist (after giving effect to all applicable grace periods and delivery of all required notices) (other than, with respect to Indebtedness consisting of any Hedge Agreements, termination events or equivalent events pursuant to the terms of such Hedge Agreements (it being understood that clause (i) shall apply to any failure to make any payment in excess of the greater of (x) $225,000,000 and (y) 4.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) that is required as a result of any such termination or similar event and that is not otherwise being contested in good faith)), the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Material Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, any such Indebtedness to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Material Indebtedness to be made, prior to its stated maturity; <u>provided</u> that this clause (a) shall not apply to secured Indebtedness that becomes due as a result of the sale, transfer or other disposition (including as a result of a casualty or condemnation event) of the property or assets securing such Material Indebtedness (to the extent such sale, transfer or other disposition is not prohibited under this Agreement), or (b) without limiting the provisions of clause (a) above, any such Material Indebtedness shall be declared to be due and payable, or required to be prepaid other than by a regularly scheduled required prepayment or as a mandatory prepayment (and, with respect to Indebtedness consisting of any Hedge Agreements, other than due to a termination event or equivalent event pursuant to the terms of such Hedge Agreements (it being understood that clause (a)(i) above shall apply to any failure to make any payment in excess of the greater of (x) $225,000,000 and (y) 4.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) that is required as a result of any such termination or equivalent event and that is not otherwise being contested in good faith)), prior to the stated maturity thereof; <u>provided</u> that this clause (b) shall not apply to (x) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness, (y) Indebtedness which is convertible into Qualified Stock and converts to Qualified Stock in accordance with its terms and such conversion is not prohibited hereunder, or (z) any breach or default that is (I) remedied by the Parent Borrower or the applicable Credit Party or (II) waived (including in the form of amendment) by the required holders of the applicable item of Indebtedness, in either case, prior to the acceleration of Loans pursuant to this <u>Section 11</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 <u>Bankruptcy, Etc</u>. Except as otherwise permitted by <u>Section 10.2</u>, the Parent Borrower or any Significant Subsidiary shall commence a voluntary case, proceeding or action concerning itself under Title 11 of the United States Code entitled "Bankruptcy" as now or hereafter in effect, or any successor thereto (collectively, the "**Bankruptcy Code**"); or an involuntary case, proceeding or action is commenced against the Parent Borrower or any Significant Subsidiary and the petition is not controverted within 60 days after commencement of the case, proceeding or action; or an involuntary case, proceeding or action is commenced against the Parent Borrower or any Significant Subsidiary and the petition is not dismissed within 60 days after commencement of the case, proceeding or action; or a custodian (as defined in the Bankruptcy Code), judicial manager, compulsory manager, receiver, receiver manager, trustee, liquidator, administrator, administrative receiver or similar Person is appointed for, or takes charge of, all or substantially all of the property of the Parent Borrower or any Significant Subsidiary; or the Parent Borrower or any Significant Subsidiary commences any other voluntary proceeding or action under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, winding-up, administration or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to the Parent Borrower or any Significant Subsidiary; or there is commenced against the Parent Borrower or any Significant Subsidiary any such proceeding or action that remains undismissed for a period of 60 days; or the Parent Borrower or any Significant Subsidiary is adjudicated bankrupt; or any order of relief or other order approving any such case or proceeding or action is entered; or the Parent Borrower or any Significant Subsidiary suffers any appointment of any custodian receiver, receiver manager, trustee, administrator or the like for it or any substantial part of its property to continue undischarged or unstayed for a period of 60 days; or the Parent Borrower or any Significant Subsidiary makes a general assignment for the benefit of creditors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 <u>ERISA</u>. An ERISA Event or a Foreign Plan Event shall have occurred with respect to a Pension Plan, a Multiemployer Plan or a Foreign Plan and such event or condition, together with all other such events or conditions, if any, would reasonably be expected to result in a Material Adverse Effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 <u>Guarantee</u>. Other than as expressly permitted hereunder, any Guarantee provided by any Credit Party or any material provision thereof shall cease to be in full force or effect (other than pursuant to the terms hereof and thereof) or any such Guarantor thereunder or any other Credit Party shall deny or disaffirm in writing any such Guarantor's obligations under the Guarantee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 <u>Security Documents</u>. Other than as expressly permitted hereunder, the Pledge Agreement or any other Security Document pursuant to which the assets of the Parent Borrower or any other Credit Party are pledged as Collateral or any material provision thereof shall cease to be in full force or effect (other than pursuant to the terms hereof or thereof, solely as a result of acts or omissions of the Collateral Agent or any Lender in respect of certificates, promissory notes or instruments actually delivered to it (including as a result of the Collateral Agent's failure to file a Uniform Commercial Code continuation statement or failure to maintain possession of any Capital Stock or Stock Equivalents that have been previously delivered to it)) or any grantor thereunder or any Credit Party shall deny or disaffirm in writing any grantor's obligations under the Pledge Agreement or any other Security Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 <u>Judgments</u>. One or more final judgments or decrees shall be entered against the Parent Borrower or any of the other Credit Parties involving a liability in excess of the greater of (x) $225,000,000 and (y) 4.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) in the aggregate for all such judgments and decrees for the Parent Borrower and the other Credit Parties (to the extent not covered by insurance or indemnities as to which the applicable insurance company or third party has not denied coverage) and any such judgments or decrees shall not have been satisfied, vacated, discharged or stayed or bonded pending appeal within 60 days after the entry thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 <u>Change of Control</u>. A Change of Control shall occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 <u>Remedies Upon Event of Default</u>. If an Event of Default occurs and is continuing (other than in the case of an Event of Default under <u>Section 11.1</u> (with respect to expenses), <u>Section 11.2</u>, <u>Section 11.3</u>, <u>Section 11.4</u>, <u>Section 11.6</u>, <u>Section 11.9</u> and <u>Section 11.10</u>, following the date that is two years after the first public notice or notice of the Administrative Agent and Lenders of such event), the Administrative Agent shall, upon the written request of the Required Lenders, by written notice to the Parent Borrower, without prejudice to the rights of the Administrative Agent or any Lender to enforce its claims against the Parent Borrower except as otherwise specifically provided for in this Agreement: (a) declare the Total Revolving Credit Commitment terminated, whereupon the Revolving Credit Commitment, if any, of each Lender shall forthwith terminate immediately and any Fees theretofore accrued shall forthwith become due and payable without any other notice of any kind, (b) declare the principal of and any accrued interest and fees in respect of all Loans and all Obligations to be, whereupon the same shall become, forthwith due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower to the extent permitted by applicable law; (c) terminate any Letter of Credit that may be terminated in accordance with its terms; and/or (d) direct the applicable Borrower to pay (and each Borrower agrees that upon receipt of such notice, or upon the occurrence of an Event of Default specified in <u>Section 11.5</u> with respect to such Borrower, it will pay) to the Administrative Agent at the Administrative Agent's Office such additional amounts of cash, to be held as security for the Borrower's respective Reimbursement Obligations for Unpaid Drawings that may subsequently occur thereunder, equal to the aggregate Stated Amount of all Letters of Credit issued and then outstanding; <u>provided</u> that, if an Event of Default specified in <u>Section 11.5</u> shall occur with respect to the Parent Borrower, the result that would occur upon the giving of written notice by the Administrative Agent shall occur automatically without the giving of any such notice. Notwithstanding anything contained herein to the contrary, any time period in this Agreement to cure any actual or alleged default or Event of Default may be extended by a court of competent jurisdiction to the extent such actual or alleged default or Event of Default is the subject of litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 <u>Application of Proceeds</u>. Subject to the terms of any First Lien Intercreditor Agreement and any Second Lien Intercreditor Agreement then in effect, any amount received by the Administrative Agent or the Collateral Agent from any Credit Party (or from proceeds of any Collateral) following any acceleration of the Obligations under this Agreement or any Event of Default with respect to the Parent Borrower under <u>Section 11.4</u> shall be applied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *first*, to the payment of all reasonable and documented costs and expenses incurred by the Administrative Agent or the Collateral Agent in connection with any collection or sale of the Collateral or otherwise in connection with any Credit Document, including all court costs and the reasonable fees and expenses of its agents and legal counsel, the repayment of all advances made by the Administrative Agent or the Collateral Agent hereunder or under any other Credit Document on behalf of any Credit Party and any other reasonable and documented costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Credit Document to the extent reimbursable hereunder or thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *second*, to the Secured Parties, an amount (x) equal to all Obligations owing to them on the date of any distribution and (y) sufficient to Cash Collateralize all Letters of Credit Outstanding on the date of any distribution, and, if such moneys shall be insufficient to pay such amounts in full and Cash Collateralize all Letters of Credit Outstanding, then ratably (without priority of any one over any other) to such Secured Parties in proportion to the unpaid amounts thereof and to Cash Collateralize the Letters of Credit Outstanding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *third*, any surplus then remaining shall be paid to the applicable Credit Parties or their successors or assigns or to whomsoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct;

<u>provided</u> that any amount applied to Cash Collateralize any Letters of Credit Outstanding that has not been applied to reimburse the Borrower for Unpaid Drawings under the applicable Letters of Credit at the time of expiration with no pending drawings of all such Letters of Credit shall be applied by the Administrative Agent in the order specified in <u>clauses (i)</u> through <u>(iii)</u> above. Notwithstanding the foregoing, amounts received from any Guarantor that is not an "eligible contract participant" (as defined in the Commodity Exchange Act) shall not be applied to its Obligations that are Excluded Swap Obligations.

Section 12. <u>The Agents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <u>Appointment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Agreement and the other Credit Documents and irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Credit Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the other Credit Documents, together with such other powers as are reasonably incidental thereto. The provisions of this Section 12 (other than <u>Section 12.1(c)</u> with respect to the Joint Lead Arrangers and <u>Sections 12.1</u>, <u>12.9</u>, <u>12.11</u> and <u>12.12</u> with respect to the Parent Borrower) are solely for the benefit of the Agents and the Lenders, and none of the Parent Borrower or any other Credit Party shall have rights as third party beneficiary of any such provision. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Credit Document or otherwise exist against the Administrative Agent. In performing its functions and duties hereunder, each Agent shall act solely as an agent of Lenders and does not assume and shall not be deemed to have assumed any obligation towards or relationship of agency or trust with or for the Parent Borrower or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent, each Lender and the Letter of Credit Issuers hereby irrevocably designate and appoint the Collateral Agent as the agent with respect to the Collateral, and each of the Administrative Agent, each Lender and the Letter of Credit Issuers irrevocably authorizes the Collateral Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Credit Documents and to exercise such powers and perform such duties as are expressly delegated to the Collateral Agent by the terms of this Agreement and the other Credit Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Collateral Agent shall not have any duties or responsibilities except those expressly set forth herein, or any fiduciary relationship with any of the Administrative Agent, the Lenders or the Letter of Credit Issuers, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Credit Document or otherwise exist against the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the Joint Lead Arrangers, each in its capacity as such, shall not have any obligations, duties or responsibilities under this Agreement but shall be entitled to all benefits of this <u>Section 12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <u>Delegation of Duties</u>. The Administrative Agent and the Collateral Agent may each execute any of its duties under this Agreement and the other Credit Documents by or through agents, sub-agents, employees or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Neither the Administrative Agent nor the Collateral Agent shall be responsible for the negligence or misconduct of any agents, subagents or attorneys-in-fact selected by it in the absence of its gross negligence or willful misconduct (as determined in the final non-appealable judgment of a court of competent jurisdiction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <u>Exculpatory Provisions</u>. No Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates shall be (a) liable for any action lawfully taken or omitted to be taken by any of them under or in connection with this Agreement or any other Credit Document (except for its or such Person's own gross negligence or willful misconduct, as determined in the final non-appealable judgment of a court of competent jurisdiction, in connection with its duties expressly set forth herein) or (b) responsible in any manner to any of the Lenders or any participant for any recitals, statements, representations or warranties made by any Credit Party or any officer thereof contained in this Agreement or any other Credit Document or in any certificate, report, statement or other document referred to or provided for in, or received by such Agent under or in connection with, this Agreement or any other Credit Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Credit Document, or the creation, perfection or priority of any Lien or security interest created or purported to be created under the Security Documents, or for any failure of any Credit Party to perform its obligations hereunder or thereunder. No Agent shall be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Credit Document, or to inspect the properties, books or records of any Credit Party or any Affiliate thereof. The Collateral Agent shall not be under any obligation to the Administrative Agent or any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Credit Document, or to inspect the properties, books or records of any Credit Party. Without limiting the generality of the foregoing, (a) no Agent shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that such Agent is instructed in writing to exercise by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in <u>Section 13.1</u>), <u>provided</u> that no Agent shall be required to take any action that, in its opinion or the opinion of its counsel, may expose such Agent to liability or that is contrary to any Credit Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any debtor relief law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any debtor relief law and (b) except as expressly set forth in the Credit Documents, no Agent shall have any duty to disclose, nor shall it be liable for the failure to disclose, any information relating to the Parent Borrower or any of the Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent and/or Collateral Agent or any of its Affiliates in any capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 <u>Reliance by Agents</u>. The Administrative Agent and the Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or instruction believed by it (in good faith) to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Parent Borrower), independent accountants and other experts selected by the Administrative Agent or the Collateral Agent. The Administrative Agent may deem and treat the Lender specified in the Register with respect to any amount owing hereunder as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The Administrative Agent and the Collateral Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Credit Document unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent and the Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Credit Documents in accordance with a request of the Required Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans; provided that the Administrative Agent and the Collateral Agent shall not be required to take any action that, in its opinion or in the opinion of its counsel, may expose it to liability or that is contrary to any Credit Document or applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 <u>Notice of Default</u>. Neither the Administrative Agent nor the Collateral Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the Administrative Agent or the Collateral Agent has received written notice from a Lender or the Parent Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a "notice of default." In the event that the Administrative Agent receives such a notice, it shall give notice thereof to the Lenders and the Collateral Agent. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders; provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders except to the extent that this Agreement requires that such action be taken only with the approval of the Required Lenders or each of the Lenders, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 <u>Non-Reliance on Administrative Agent, Collateral Agent, and Other Lenders</u>. Each Lender expressly acknowledges that neither the Administrative Agent nor the Collateral Agent nor any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any representations or warranties to it and that no act by the Administrative Agent or the Collateral Agent hereinafter taken, including any review of the affairs of any Credit Party, shall be deemed to constitute any representation or warranty by the Administrative Agent or the Collateral Agent to any Lender, or the Letter of Credit Issuers. Each Lender and each Letter of Credit Issuer represents to the Administrative Agent and the Collateral Agent that it has, independently and without reliance upon the Administrative Agent, the Collateral Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Parent Borrower and each other Credit Party and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon the Administrative Agent, the Collateral Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Credit Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Parent Borrower and any other Credit Party. Except for notices, reports, and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, neither the Administrative Agent nor the Collateral Agent shall have any duty or responsibility to provide any Lender with any credit or other information concerning the business, assets, operations, properties, financial condition, prospects or creditworthiness of the Parent Borrower or any other Credit Party that may come into the possession of the Administrative Agent or the Collateral Agent any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 <u>Indemnification</u>. The Lenders agree to severally indemnify each Agent in its capacity as such (to the extent not reimbursed by the Credit Parties and without limiting the obligation of the Credit Parties to do so), ratably according to their respective portions of the Total Credit Exposure in effect on the date on which indemnification is sought (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with their respective portions of the Total Credit Exposure in effect immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, or disbursements of any kind whatsoever that may at any time (including at any time following the payment of the Loans) be imposed on, incurred by or asserted against an Agent in any way relating to or arising out of the Commitments, this Agreement, any of the other Credit Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent or the Collateral Agent under or in connection with any of the foregoing; provided that no Lender shall be liable to an Agent for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Agent's gross negligence or willful misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction; provided, further, that no action taken by the Administrative Agent in accordance with the directions of the Required Lenders (or such other number or percentage of the Lenders as shall be required by the Credit Documents) shall be deemed to constitute gross negligence or willful misconduct for purposes of this <u>Section 12.7</u>. In the case of any investigation, litigation or proceeding giving rise to any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time occur (including at any time following the payment of the Loans), this <u>Section 12.7</u> applies whether any such investigation, litigation or proceeding is brought by any Lender or any other Person. Without limitation of the foregoing, each Lender shall reimburse each Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including attorneys' fees) incurred by such Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice rendered in respect of rights or responsibilities under, this Agreement, any other Credit Document, or any document contemplated by or referred to herein, to the extent that such Agent is not reimbursed for such expenses by or on behalf of the Borrower; <u>provided</u> that such reimbursement by the Lenders shall not affect the Borrower's continuing reimbursement obligations with respect thereto. If any indemnity furnished to any Agent for any purpose shall, in the opinion of such Agent, be insufficient or become impaired, such Agent may call for additional indemnity and cease, or not commence, to do the acts indemnified against until such additional indemnity is furnished; provided, in no event shall this sentence require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement in excess of such Lender's pro rata portion thereof; and provided, further, this sentence shall not be deemed to require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement resulting from such Agent's gross negligence or willful misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction. The agreements in this <u>Section 12.7</u> shall survive the payment of the Loans and all other amounts payable hereunder. The indemnity provided to each Agent under this <u>Section 12.7</u> shall also apply to such Agent's respective Affiliates, directors, officers, members, controlling persons, employees, trustees, investment advisors and agents and successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 <u>Agents in Their Individual Capacities</u>. The agency hereby created shall in no way impair or affect any of the rights and powers of, or impose any duties or obligations upon, any Agent in its individual capacity as a Lender hereunder. Each Agent and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with any Credit Party as though such Agent were not an Agent hereunder and under the other Credit Documents. With respect to the Loans made by it, each Agent shall have the same rights and powers under this Agreement and the other Credit Documents as any Lender and may exercise the same as though it were not an Agent, and the terms Lender and Lenders shall include each Agent in its individual capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9 <u>Successor Agents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Administrative Agent and the Collateral Agent may at any time give notice of its resignation to the Lenders, the Letter of Credit Issuers and the Parent Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, subject to the consent of the Parent Borrower (not to be unreasonably withheld or delayed) so long as no Event of Default under <u>Sections 11.1</u> or <u>11.5</u> is continuing, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States (other than any Disqualified Lender). If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation (the "**Resignation Effective Date**"), then the retiring Agent may on behalf of the Lenders, appoint a successor Agent meeting the qualifications set forth above (including receipt of the Parent Borrower's consent); <u>provided</u> that if the Administrative Agent or the Collateral Agent shall notify the Parent Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Person serving as the Administrative Agent is a Defaulting Lender pursuant to <u>clause (v)</u> of the definition of Lender Default, the Required Lenders may to the extent permitted by applicable law, subject to the consent of the Parent Borrower (not to be unreasonably withheld or delayed), by notice in writing to the Parent Borrower and such Person remove such Person as the Administrative Agent and, in consultation with the consent of the Parent Borrower, appoint a successor. If no such successor shall have been so appointed by the Required Lenders (with the consent of the Parent Borrower as required above) and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders and the Parent Borrower) (the "**Removal Effective Date**"), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With effect from the Resignation Effective Date or the Removal Effective Date (as applicable), (1) the retiring or removed agent shall be discharged from its duties and obligations hereunder and under the other Credit Documents (except that in the case of any collateral security held by the Collateral Agent on behalf of the Lenders or the Letter of Credit Issuers under any of the Credit Documents, the retiring or removed Collateral Agent shall continue to hold such collateral security as nominee until such time as a successor Collateral Agent is appointed) and (2) all payments, communications and determinations provided to be made by, to or through the retiring or removed Administrative Agent shall instead be made by or to each Lender and each Letter of Credit Issuer directly, until such time as the Required Lenders appoint a successor Agent as provided for above in this paragraph (and otherwise subject to the terms above). Upon the acceptance of a successor's appointment as the Administrative Agent or the Collateral Agent, as the case may be, hereunder, and upon the execution and filing or recording of such financing statements, or amendments thereto, and such other instruments or notices, as may be necessary or desirable, or as the Required Lenders may request, in order to continue the perfection of the Liens granted or purported to be granted by the Security Documents, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) or removed Agent, and the retiring or removed Agent shall be discharged from all of its duties and obligations hereunder or under the other Credit Documents (if not already discharged therefrom as provided above in this <u>Section 12.9</u>). Except as provided above, any resignation or removal of Wells Fargo Bank, National Association as the Administrative Agent pursuant to this <u>Section 12.9</u> shall also constitute the resignation or removal of Wells Fargo Bank, National Association as the Collateral Agent. The fees payable by the Parent Borrower (following the effectiveness of such appointment) to such Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Parent Borrower and such successor. After the retiring or removed Agent's resignation or removal hereunder and under the other Credit Documents, the provisions of this Section 12 (including <u>Section 12.7</u>) and <u>Section 13.5</u> shall continue in effect for the benefit of such retiring or removed Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Agent was acting as an Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any resignation by or removal of Wells Fargo Bank, National Association as the Administrative Agent pursuant to this <u>Section 12.9</u> shall also constitute its resignation or removal as a Letter of Credit Issuer; <u>provided</u> that, for the avoidance of doubt, it shall retain all the rights, powers, privileges and duties of the Letter of Credit Issuers hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as Letter of Credit Issuer and all L/C Obligations with respect thereto (including the right to require L/C Participants to make Revolving Credit Loans pro rata based on their Revolving Credit Commitment Percentages of the applicable Unpaid Drawing pursuant to <u>Section 3.4(a)</u>). Upon the acceptance of a successor's appointment as the Administrative Agent hereunder, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Letter of Credit Issuer, (b) the retiring Letter of Credit Issuer shall be discharged from all of their respective duties and obligations hereunder or under the other Credit Documents, and (c) the successor Letter of Credit Issuer shall issue letters of credit in substitution for the Letters of Credit issued by such Affiliate of the Administrative Agent or the Administrative Agent, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring Letter of Credit Issuer to effectively assume the obligations of the retiring Letter of Credit Issuer with respect to such Letters of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 <u>Withholding Tax</u>. To the extent required by any applicable law, the Administrative Agent may withhold from any payment to any Lender under any Credit Document an amount equivalent to any applicable withholding Tax. If the Internal Revenue Service or any authority of the United States or other jurisdiction asserts a claim that the Administrative Agent did not properly withhold Tax from amounts paid to or for the account of any Lender for any reason (including because the appropriate form was not delivered, was not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstances that rendered the exemption from, or reduction of, withholding Tax ineffective) or if the Administrative Agent reasonably determines that a payment was made to a Lender pursuant to this Agreement without deduction of applicable withholding Tax from such payment, such Lender shall indemnify the Administrative Agent (to the extent that the Administrative Agent has not already been reimbursed by any applicable Credit Party and without limiting the obligation of any applicable Credit Party to do so), fully for all amounts paid, directly or indirectly, by the Administrative Agent as Tax or otherwise, including penalties, additions to Tax and interest, together with all reasonable expenses incurred, whether or not such Taxes were correctly or legally imposed or asserted. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement, any other Credit Document or otherwise against any amount due to the Administrative Agent under this <u>Section 12.10</u>. The agreements in <u>Section 12.10</u> shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations. For the avoidance of doubt, for purposes of this <u>Section 12.10</u>, the term "Lender" includes the Letter of Credit Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 <u>Agents Under Security Documents and Guarantee</u>. Each Secured Party hereby further authorizes the Administrative Agent or the Collateral Agent, as applicable, on behalf of and for the benefit of the Secured Parties, to be the agent for and representative of the Secured Parties with respect to the Collateral and the Security Documents. Subject to <u>Section 13.1</u>, without further written consent or authorization from any Secured Party, the Administrative Agent or the Collateral Agent, as applicable, may execute any documents or instruments necessary to (a) release any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent (or any sub-agent thereof) under any Credit Document (i) upon the termination of all Commitments and Letters of Credit (other than Letters of Credit that were Cash Collateralized) and the payment in full of all Obligations (except for contingent indemnification obligations in respect of which a claim has not yet been made, Secured Hedge Obligations and Secured Cash Management Obligations and Obligations under Letters of Credit that have been Cash Collateralized), (ii) that is sold or to be sold or transferred as part of or in connection with any sale or other transfer permitted hereunder (including, for the avoidance of doubt, any sale or transfer of Securitization Assets or other sale or transfer conducted in connection with any Permitted Securitization Financing) or under any other Credit Document to a Person that is not a Credit Party, (iii) if the property subject to such Lien is owned by a Guarantor, upon the release of such Guarantor from its Guarantee otherwise in accordance with the Credit Documents (including in connection with any Permitted Securitization Financing), (iv) as to the extent provided in the Security Documents, (v) that constitutes Excluded Property or Excluded Stock and Stock Equivalents or (vi) if approved, authorized or ratified in writing in accordance with <u>Section 13.1</u>; (b) release any Guarantor from its obligations under the Guarantee if such Person becomes an Excluded Subsidiary; (c) subordinate any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent under any Credit Document to the holder of any Lien permitted under clauses (vi) (solely with respect to <u>Section 10.1(d)</u>), (vii) and (viii) of the definition of Permitted Lien; and (d) enter into subordination or intercreditor agreements with respect to Indebtedness to the extent the Administrative Agent or the Collateral Agent is otherwise contemplated herein as being a party to such intercreditor or subordination agreement, including any First Lien Intercreditor Agreement and any Second Lien Intercreditor Agreement.

The Collateral Agent shall have its own independent right to demand payment of the amounts payable by the Parent Borrower under this <u>Section 12.11</u>, irrespective of any discharge of the Parent Borrower's obligations to pay those amounts to the other Lenders resulting from failure by them to take appropriate steps in insolvency proceedings affecting the Parent Borrower to preserve their entitlement to be paid those amounts.

Any amount due and payable by the Parent Borrower to the Collateral Agent under this <u>Section 12.11</u> shall be decreased to the extent that the other Lenders have received (and are able to retain) payment in full of the corresponding amount under the other provisions of the Credit Documents and any amount due and payable by the Parent Borrower to the Collateral Agent under those provisions shall be decreased to the extent that the Collateral Agent has received (and is able to retain) payment in full of the corresponding amount under this <u>Section 12.11</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 <u>Right to Realize on Collateral and Enforce Guarantee</u>. Anything contained in any of the Credit Documents to the contrary notwithstanding, the Parent Borrower, the Agents, and each Secured Party hereby agree that (i) no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce the Guarantee, it being understood and agreed that all powers, rights, and remedies hereunder may be exercised solely by the Administrative Agent, on behalf of the Secured Parties in accordance with the terms hereof and all powers, rights, and remedies under the Security Documents may be exercised solely by the Collateral Agent, and (ii) in the event of a foreclosure by the Collateral Agent on any of the Collateral pursuant to a public or private sale or other disposition, the Collateral Agent or any Lender may be the purchaser or licensor of any or all of such Collateral at any such sale or other disposition and the Collateral Agent, as agent for and representative of the Secured Parties (but not any Lender or Lenders in its or their respective individual capacities unless Required Lenders shall otherwise agree in writing) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Obligations as a credit on account of the purchase price for any collateral payable by the Collateral Agent at such sale or other disposition. No holder of Secured Hedge Obligations or Secured Cash Management Obligations shall have any rights in connection with the management or release of any Collateral or of the obligations of any Credit Party under this Agreement. No holder of Secured Hedge Obligations or Secured Cash Management Obligations that obtains the benefits of any Guarantee or any Collateral by virtue of the provisions hereof or of any other Credit Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Credit Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its (or its Affiliate's) capacity as a Lender or Agent and, in such case, only to the extent expressly provided in the Credit Documents. Notwithstanding any other provision of this Agreement to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Obligations arising under Secured Hedge Agreements and Secured Cash Management Agreements, unless the Administrative Agent has received written notice of such Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable counterparty to such Secured Hedge Obligations and Secured Cash Management Obligations, as the case may be. Notwithstanding the foregoing, each Lender expressly and irrevocably waives any right to take or institute any actions or proceedings, judicial or otherwise, for any right or remedy or assert any other cause of action against any Credit Party (including the exercise of any right of set-off, rights on account of any banker's lien or similar claim or other rights of self-help), or institute any actions or proceedings or any other cause of action, or otherwise commence any remedial procedures, in each case in its capacity as a Lender, against the Parent Borrower and/or any of their respective Subsidiaries with respect to any Collateral, unless (x) such action is taken, to the extent permitted under the Credit Documents and at the direction of, if applicable, the Required Lenders, Required Revolving Credit Lenders or a Letter of Credit Issuer or (y) taken with the prior written consent of the Required Lenders or, at the direction of the Required Lenders and the Administrative Agent and/or the Collateral Agent, as applicable, in each case, which shall not be withheld in contravention of this <u>Section 12</u>; <u>provided</u>, that, for the avoidance of doubt, this provision may be enforced against any Lender by the Required Lenders, the Agents or the Borrower (or any of their Affiliates) and each Lender and the Agents expressly acknowledge that this provision shall be available as a defense of the Borrower (or any of their Affiliates) in any action, proceeding, cause of action or remedial procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13 <u>Intercreditor Agreements Govern</u>. The Administrative Agent, the Collateral Agent, and each Lender (a) hereby agrees that it will be bound by and will take no actions contrary to the provisions of any intercreditor agreement entered into pursuant to the terms hereof and (b) hereby authorizes and instructs the Administrative Agent and the Collateral Agent to enter into each intercreditor agreement (including any First Lien Intercreditor Agreement or Second Lien Intercreditor Agreement) entered into pursuant to the terms hereof and to subject the Liens securing the Obligations to the provisions thereof. In the event of any conflict or inconsistency between the provisions of each such intercreditor agreement (including any First Lien Intercreditor Agreement or Second Lien Intercreditor Agreement) and this Agreement, the provisions of such intercreditor agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14 <u>Acknowledgements of Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, an "**Erroneous Payment**") were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Erroneous Payment (or a portion thereof) (*provided*, that, without limiting any other rights or remedies (whether at law or in equity), the Administrative Agent may not make any such demand under this clause (a) with respect to an Erroneous Payment unless such demand is made within five Business Days of the date of receipt of such Erroneous Payment by the applicable Lender), such Lender shall promptly, but in no event later than two Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the Overnight Rate from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments received, including without limitation any defense based on "discharge for value" or any similar doctrine. A notice of the Administrative Agent to any Lender under this <u>Section 12.14</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender hereby further agrees that if it receives an Erroneous Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Erroneous Payment (a "**Payment Notice**") or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Erroneous Payment. Each Lender agrees that, in each such case, or if it otherwise becomes aware an Erroneous Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than two Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the Overnight Rate from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in accordance with immediately preceding <u>clauses (a)</u> and <u>(b)</u>, from any Lender that has received such Erroneous Payment (or portion thereof) (or from any payment recipient who received such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an "**Erroneous Payment Return Deficiency**"), upon the Administrative Agent's request to such Lender at any time, (i) such Lender shall be deemed to have assigned its Loans (but not its Commitments) of the relevant Class with respect to which such Erroneous Payment was made (the "**Erroneous Payment Impacted Class**") in an amount equal to the Erroneous Payment Return Deficiency (such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Class, the "**Erroneous Payment Deficiency Assignment**") at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance), and is hereby (together with the Borrower) deemed to execute and deliver an Assignment and Acceptance (or, to the extent applicable, an agreement incorporating an Assignment and Acceptance by reference pursuant to an electronic platform approved by the Administrative Agent as to which the Administrative Agent and such parties are participants) with respect to such Erroneous Payment Deficiency Assignment, and such Lender shall deliver any promissory notes issued under <u>Section 2.5(f)</u> evidencing such Loans to the Borrower or the Administrative Agent, (ii) the Administrative Agent as the assignee Lender shall be deemed to acquire the Erroneous Payment Deficiency Assignment and (iii) upon such deemed acquisition, the Administrative Agent as the assignee Lender shall become a Lender, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender shall cease to be a Lender hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender. For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender and such Commitments shall remain available in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The parties hereto agree that an Erroneous Payment shall not, in and of itself, be deemed to pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Credit Party, except, in each case, to the extent such erroneous Payment is, and solely with respect to the amount of such erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Credit Party for the purpose of paying, prepaying, repaying, discharging or otherwise satisfying any Obligations owed by the Borrower or any other Credit Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything to the contrary herein or in any other Credit Document, this <u>Section 12.14</u> will not create any additional Obligations of the Credit Parties' under the Credit Documents or otherwise increase or alter such Obligations (other than having consented to the assignment referenced in <u>Section 12.14(c)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each party's obligations under this <u>Section 12.14</u> shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Credit Document.

Section 13. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 <u>Amendments, Waivers, and Releases</u>. Except as otherwise expressly set forth in the Credit Documents, neither this Agreement nor any other Credit Document, nor any terms hereof or thereof, may be amended, supplemented or modified except in accordance with the provisions of this <u>Section 13.1</u>. Except as provided to the contrary under <u>Section 2.14</u> or the fourth and fifth and sixth paragraphs hereof, and other than with respect to any amendment, modification or waiver contemplated in the second proviso below, which shall only require the consent of the Lenders expressly set forth therein and not the Required Lenders, the Required Lenders may, or, with the written consent of the Required Lenders, the Administrative Agent and/or the Collateral Agent may, from time to time, (a) enter into with the relevant Credit Party or Credit Parties written amendments, supplements or modifications hereto and to the other Credit Documents for the purpose of adding any provisions to this Agreement or the other Credit Documents or changing in any manner the rights of the Lenders or of the Credit Parties hereunder or thereunder or (b) waive in writing, on such terms and conditions as the Required Lenders or the Administrative Agent and/or the Collateral Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Credit Documents or any Default or Event of Default and its consequences; <u>provided</u>, <u>however</u>, that each such waiver and each such amendment, supplement or modification shall be effective only in the specific instance and for the specific purpose for which given; and provided, further, that no such waiver and no such amendment, supplement or modification shall (x) (i) forgive or reduce any portion of any Loan or extend the final scheduled maturity date of any Loan or reduce the stated rate (it being understood that only the consent of the Required Lenders shall be necessary to waive any obligation of the Parent Borrower to pay interest at the Default Rate or amend <u>Section 2.8(d)</u>), or forgive any portion thereof, or extend the date for the payment, of any principal hereunder (other than as a result of waiving the applicability of any post-default increase in interest rates), or extend the final expiration date of any Letter of Credit beyond the L/C Facility Maturity Date or make any Loan, interest, Fee or other amount payable in any currency other than expressly provided herein, in each case without the written consent of each Lender directly and adversely affected thereby, or reduce or forgive the amount of any Unpaid Drawings or other amounts owed under this Agreement, or extend the payment date of any Unpaid Drawings, interest, fees or any other amounts owed under the Agreement; <u>provided</u> that a waiver of any condition precedent in <u>Section 6</u> or <u>Section 7</u> of this Agreement, the waiver of any Default, Event of Default, default interest, mandatory prepayment or reductions, or any modification, waiver or amendment of any financial covenant definitions or financial ratios or any component thereof or the waiver of any other covenant shall not constitute an increase of any Commitment of a Lender, a reduction or forgiveness in the interest rates or the fees or premiums or a postponement of any date scheduled for the payment of principal, premium or interest or an extension of the final maturity of any Loan or the scheduled termination date of any Commitment, in each case for purposes of this clause (i), or (ii) consent to the assignment or transfer by the Parent Borrower of its rights and obligations under any Credit Document to which it is a party (except as permitted pursuant to <u>Section 10.2</u>), in each case without the written consent of each Lender directly and adversely affected thereby, or (iii) amend, modify or waive any provision of Section 12 without the written consent of the then-current Administrative Agent and Collateral Agent in a manner that directly and adversely affects such Person, or (iv) amend, modify or waive any provision of <u>Section 3</u> with respect to any Letter of Credit without the written consent of such Letter of Credit Issuer to the extent such amendment, modification or waiver directly and adversely affects the Letters of Credit Issuer, or (v) release all or substantially all of the Guarantors under the Guarantees (except as expressly permitted by the Guarantees, a First Lien Intercreditor Agreement (if any), the Second Lien Intercreditor Agreement (if any) or this Agreement) or release all or substantially all of the Collateral under the Security Documents (except as expressly permitted by the Security Documents, the First Lien Intercreditor Agreement (if any), the Second Lien Intercreditor Agreement (if any) or this Agreement) without the prior written consent of each Lender, (vi) (x) reduce the percentages specified in the definitions of the term Required Lenders or Required Revolving Credit Lenders or amend, modify or waive any provision of this <u>Section 13.1</u> that has the effect of decreasing the number of Lenders that must approve any amendment, modification or waiver, without the written consent of each Lender, or (y) notwithstanding anything to the contrary in clause (x), (i) extend the final expiration date of any Lender's Commitment or (ii) increase the aggregate amount of the Commitments of any Lender, in each case, without the written consent of such Lender or (vii) amend any provisions of Section 2.5, Section 2.16(a)(ii), Section 11.12 or Section 13.8(a) in a manner that would alter the pro rata sharing of payments required thereby or that would change the provisions of such sections relating to the application of proceeds without the prior written consent of each Lender directly and adversely affected thereby.

Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except (x) that the Commitment of such Lender may not be increased or extended without the consent of such Lender and (y) for any such amendment, waiver or consent that treats such Defaulting Lender disproportionately and adversely from the other Lender of the same Class (other than because of its status as a Defaulting Lender).

Any such waiver and any such amendment, supplement or modification shall apply equally to each of the affected Lenders and shall be binding upon the Borrower, such Lenders, the Administrative Agent and all future holders of the affected Loans. In the case of any waiver, the Borrower, the Lenders and the Administrative Agent shall be restored to their former positions and rights hereunder and under the other Credit Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing, it being understood that no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. In connection with the foregoing provisions, the Administrative Agent may, but shall have no obligations to, with the concurrence of any Lender, execute amendments, modifications, waivers or consents on behalf of such Lender.

Notwithstanding the foregoing, in addition to any credit extensions and related Joinder Agreement(s) effectuated without the consent of Lenders in accordance with <u>Section 2.14</u>, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Parent Borrower (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Credit Documents with the Revolving Credit Loans and the accrued interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders and other definitions related to such new Loans.

Notwithstanding the foregoing, this Agreement may be amended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with the written consent of the Administrative Agent, the Parent Borrower and the Lenders providing the relevant Replacement Revolving Facility to permit the refinancing or replacement of all or any portion of the Revolving Credit Commitment under the applicable Class (a "**Replaced Revolving Facility**") with a replacement revolving facility hereunder (a "**Replacement Revolving Facility**"); <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the aggregate principal amount of such Replacement Revolving Facility shall not exceed the aggregate principal amount of such Replaced Revolving Facility, *plus* the amount of accrued interest and premium thereon, any committed but undrawn amounts and underwriting discounts, fees, commissions and expenses associated therewith,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) no Replacement Revolving Facility shall have a final maturity date (or require commitment reductions) prior to the final maturity date of such Replaced Revolving Facility at the time of such refinancing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Replacement Revolving Facility shall be *pari passu* or junior in right of payment and *pari passu* or junior in right of security with the remaining portion of the relevant Revolving Credit Commitments (<u>provided</u> that if *pari passu* or junior as to payment or Collateral, such Replacement Revolving Facility shall be subject to a First Lien Intercreditor Agreement or a Second Lien Intercreditor Agreement, as applicable), or be unsecured,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) if any such Replacement Revolving Facility is secured, it shall not be secured by any assets other than the Collateral (unless such assets substantially concurrently become part of the Collateral),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) if any such Replacement Revolving Facility is guaranteed, it shall not be guaranteed by any Person other than one or more Credit Parties (unless such Person substantially concurrently becomes a Credit Party),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any such Replacement Revolving Facility shall be subject to the same "ratability" provisions applicable to Extended Revolving Credit Commitments and Extended Revolving Credit Loans provided for in <u>Section 2.14(g)</u>, *mutatis mutandis*, to the same extent as if fully set forth herein,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) such Replacement Revolving Facilities shall have pricing (including interest, fees and premiums) and, subject to preceding <u>clause (F)</u>, optional prepayment and redemption terms as may be agreed to by the Borrower and the lenders providing such Replacement Revolving Facilities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) the other terms and conditions of such Replacement Revolving Facility (excluding pricing, interest, fees, rate floors, premiums, optional prepayment or redemption terms, security and maturity date, subject to preceding <u>clauses (B)</u> through <u>(G)</u>) shall as agreed between the Borrower and the lenders providing such Replacement Revolving Facilities;

<u>provided</u>, <u>further</u>, that, in respect of each of <u>clauses (i)</u> and (<u>ii</u>) above, any Affiliated Institutional Lender (but not Affiliated Lender) may provide any Replacement Revolving Facility.

Each of the parties hereto hereby agrees that, upon the effectiveness of any refinancing amendment, this Agreement shall be amended by the Parent Borrower, the Administrative Agent and the lenders providing the relevant Replacement Revolving Facility, as applicable, to the extent (but only to the extent) necessary to reflect the existence and terms of the Replacement Revolving Facility, as applicable, incurred pursuant thereto (including any amendments necessary to treat the loans and commitments subject thereto as a separate "tranche" and "Class" of Loans and Commitments hereunder). It is understood that any Lender approached to provide all or a portion of any Replacement Revolving Facility may elect or decline, in its sole discretion, to provide such Replacement Revolving Facility.

The Lenders hereby irrevocably agree that the Liens granted to the Collateral Agent by the Credit Parties on any Collateral shall be automatically released (i) in full, upon the termination of this Agreement and the payment of all Obligations hereunder (except for (w) contingent indemnification obligations in respect of which a claim has not yet been made, (x) any Secured Hedge Obligations, (y) Cash Collateralized Letters of Credit pursuant to arrangements reasonably acceptable to such Letter of Credit Issuer and (z) any Secured Cash Management Obligations), (ii) upon the sale or other disposition of such Collateral (including as part of or in connection with any other sale or other disposition permitted hereunder, including for the avoidance of doubt in connection with any Permitted Securitization Financing) to any Person other than another Credit Party, to the extent such sale or other disposition is made in compliance with the terms of this Agreement (and the Collateral Agent may rely conclusively on a certificate to that effect provided to it by any Credit Party upon its reasonable request without further inquiry), (iii) to the extent such Collateral is comprised of property leased to a Credit Party, upon termination or expiration of such lease, (iv) if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders (or such other percentage of the Lenders whose consent may be required in accordance with this <u>Section 13.1</u>), (v) to the extent the property constituting such Collateral is owned by any Guarantor, upon the release of such Guarantor from its obligations under the applicable Guarantee (in accordance with the second following sentence), (vi) as required to effect any sale or other disposition of Collateral in connection with any exercise of remedies of the Collateral Agent pursuant to the Security Documents, and (vii) if such assets constitute Excluded Property or Excluded Stock and Stock Equivalents. Any such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those being released) upon (or obligations (other than those being released) of the Credit Parties in respect of) all interests retained by the Credit Parties, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral except to the extent otherwise released in accordance with the provisions of the Credit Documents. Additionally, the Lenders hereby irrevocably agree that any Subsidiary that is a Guarantor shall be released from the Guarantees upon consummation of any transaction not prohibited hereunder resulting in such Subsidiary constituting an Excluded Subsidiary or otherwise ceasing to constitute a Subsidiary or a Guarantor, including for the avoidance of doubt in connection with any Permitted Securitization Financing; *provided* that a transaction pursuant to which a minority equity interest in a Guarantor is sold will not release such Guarantor from its Guarantee unless (a) such transaction has a bona fide economic purpose and is not entered into primarily for the purpose of releasing such Guarantee and (b) the transaction is made with a third party on arms' length terms. The Lenders hereby authorize the Administrative Agent and the Collateral Agent, as applicable, to execute and deliver any instruments, documents, and agreements necessary or desirable to evidence and confirm the release of any Guarantor or Collateral pursuant to the foregoing provisions of this paragraph, all without the further consent or joinder of any Lender.

Notwithstanding anything herein to the contrary, the Credit Documents may be amended to add syndication or documentation agents and make customary changes and references related thereto with the consent of only the Parent Borrower and the Administrative Agent.

Notwithstanding anything in this Agreement (including, without limitation, this <u>Section 13.1</u>) or any other Credit Document to the contrary, (i) this Agreement and the other Credit Documents may be amended to effect an extension facility pursuant to <u>Section 2.14</u> (and the Administrative Agent and the Parent Borrower may effect such amendments to this Agreement and the other Credit Documents without the consent of any other party as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to effect the terms of any such extension facility); (ii) no Lender consent is required to effect any amendment or supplement to any First Lien Intercreditor Agreement, Second Lien Intercreditor Agreement or other intercreditor agreement, subordination agreement or arrangement permitted under this Agreement that is for the purpose of adding the holders of any Indebtedness as expressly contemplated by the terms of such First Lien Intercreditor Agreement, Second Lien Intercreditor Agreement or such other intercreditor agreement, subordination agreement or arrangement permitted under this Agreement, as applicable (it being understood that any such amendment or supplement may make such other changes to the applicable intercreditor agreement as, in the good faith determination of the Administrative Agent in consultation with the Parent Borrower, are required to effectuate the foregoing; <u>provided</u> that such other changes are not adverse, in any material respect, to the interests of the Lenders taken as a whole); <u>provided</u>, <u>further</u>, that no such agreement shall amend, modify or otherwise directly and adversely affect the rights or duties of the Administrative Agent hereunder or under any other Credit Document without the prior written consent of the Administrative Agent; (iii) any provision of this Agreement or any other Credit Document may be amended by an agreement in writing entered into by the Parent Borrower and the Administrative Agent to (x) cure any ambiguity, omission, mistake, defect or inconsistency (as reasonably determined by the Administrative Agent and the Parent Borrower) and (y) effect administrative changes of a technical or immaterial nature (including to effect changes to the terms and conditions applicable solely to such Letter of Credit Issuer in respect of issuances of Letters of Credit) and such amendment shall be deemed approved by the Lenders if the Lenders shall have received at least five Business Days' prior written notice of such change and the Administrative Agent shall not have received, within five Business Days of the date of such notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object to such amendment; and (iv) guarantees, collateral documents and related documents executed by Credit Parties in connection with this Agreement may be in a form reasonably determined by the Administrative Agent and may be, together with any other Credit Document, entered into, amended, supplemented or waived, without the consent of any other Person, by the applicable Credit Party or Credit Parties and the Administrative Agent or the Collateral Agent in its or their respective sole discretion, to (A) effect the granting, perfection, protection, expansion or enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit of the Secured Parties, (B) as required by local law or advice of counsel to give effect to, or protect any security interest for the benefit of the Secured Parties, in any property or so that the security interests therein comply with applicable requirements of law, or (C) to cure ambiguities, omissions, mistakes or defects (as reasonably determined by the Administrative Agent and the Parent Borrower) or to cause such guarantee, collateral security document or other document to be consistent with this Agreement and the other Credit Documents.

Notwithstanding anything in this Agreement or any Security Document to the contrary, the Administrative Agent may, in its sole discretion, grant extensions of time for the satisfaction of any of the requirements under <u>Sections 9.11</u>, <u>9.12</u> and <u>9.14</u> or any Security Documents in respect of any particular Collateral or any particular Subsidiary if it determines that the satisfaction thereof with respect to such Collateral or such Subsidiary cannot be accomplished without undue expense or unreasonable effort or due to factors beyond the control of the Parent Borrower and the Credit Parties by the time or times at which it would otherwise be required to be satisfied under this Agreement or any Security Document.

Notwithstanding anything to the contrary herein, the Administrative Agent (and, if applicable, the Parent Borrower) may, without the consent of any Lender, enter into amendments or modifications to this Agreement or any of the other Credit Documents or to enter into additional Credit Documents in order to implement any Benchmark Replacement or any Conforming Changes or otherwise effectuate the terms of <u>Sections 2.6(c)</u> and <u>2.18</u> in accordance with the terms of <u>Sections 2.6(c)</u> and <u>2.18</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 <u>Notices</u>. Unless otherwise expressly provided herein, all notices and other communications provided for hereunder or under any other Credit Document shall be in writing (including by facsimile transmission). All such written notices shall be mailed, faxed or delivered to the applicable address, facsimile number or electronic mail address, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Parent Borrower, the Administrative Agent, the Collateral Agent, the Letter of Credit Issuers or the Sponsor, to the address, facsimile number, electronic mail address or telephone numbers specified for such Person on <u>Schedule 13.2</u> or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the other parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the Parent Borrower, the Administrative Agent, the Collateral Agent and the Letter of Credit Issuers.

All such notices and other communications shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the relevant party hereto and (ii) (A) if delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered by mail, three Business Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile, when sent and receipt has been confirmed by telephone; and (D) if delivered by electronic mail, when delivered; <u>provided</u> that notices and other communications to the Administrative Agent or the Lenders pursuant to <u>Sections 2.3</u>, <u>2.6</u>, <u>2.9</u> and <u>5.1</u> shall not be effective until received.

Notwithstanding anything to the contrary herein, in addition to the notice requirements described herein (unless otherwise agreed by Administrative Agent and Parent Borrower in accordance with this paragraph), documents required to be delivered pursuant to the Loan Documents shall be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which Administrative Agent and each Lender have access (including a commercial, third-party website such as <u>www.Edgar.com</u>, <u>www.Syndtrak.com</u> or a website sponsored or hosted by Administrative Agent or the Parent Borrower) *provided* that: (a) the foregoing shall not apply to notices to any Lender pursuant to Article 2; and (b) the Lender has not notified Administrative Agent or Parent Borrower that it cannot or does not want to receive electronic communications. Administrative Agent or Parent Borrower may agree to accept notices and other communications to it hereunder by electronic delivery pursuant to procedures approved by it for all or particular notices or communications. Documents or notices delivered electronically shall be deemed to have been delivered twenty-four (24) hours after the date and time on which Administrative Agent or Parent Borrower posts such documents or the documents become available on a commercial website and Administrative Agent or Parent Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or posted during the normal business hours of the recipient, said posting date and time shall be deemed to have commenced as of 9:00 a.m. on the opening of business on the next Business Day for the recipient. Notwithstanding anything contained herein, Parent Borrower shall provide paper copies of any documents that are available to the Parent Borrower in paper form to Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by Administrative Agent or such Lender. Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to monitor compliance by Parent Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 <u>No Waiver; Cumulative Remedies</u>. No failure to exercise and no delay in exercising, on the part of the Administrative Agent, the Collateral Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Credit Documents shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers, and privileges provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 <u>Survival of Representations and Warranties</u>. All representations and warranties made hereunder, in the other Credit Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.5 <u>Payment of Expenses; Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent Borrower agrees (i) to pay or reimburse each of the Agents (promptly upon written demand (with reasonably supporting detail if the Parent Borrower shall so request)) for all their reasonable and documented out-of-pocket costs and expenses (without duplication) incurred in connection with the development, preparation, execution and delivery of, and any amendment, supplement, modification to, waiver and/or enforcement this Agreement and the other Credit Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, and in the case of legal fees and expenses limited to the reasonable fees, disbursements and other charges of Cleary Gottlieb Steen & Hamilton LLP (or such other counsel as may be agreed by the Administrative Agent and the Parent Borrower), and, if reasonably necessary, of a single firm of local counsel in each relevant local jurisdiction, other than allocated costs of in-house counsel, and such other counsel retained with the consent of the Parent Borrower (such consent not to be unreasonably withheld or delayed), (ii) to pay or reimburse each Agent for all their reasonable and documented out-of-pocket costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Credit Documents and any such other documents, and in the case of legal fees and expenses limited to the reasonable fees, disbursements and other charges of one firm of counsel to the Administrative Agent and the Collateral Agent, and, to the extent required, one firm or local counsel in each relevant local jurisdiction with the Parent Borrower's consent (such consent not to be unreasonably withheld or delayed) (which may include a single special counsel acting in multiple jurisdictions), and (iii) to pay, indemnify and hold harmless each Lender, each Agent, each Letter of Credit Issuer and their respective Related Parties (without duplication) (the "**Indemnified Persons**") from and against any and all losses, claims, damages liabilities, obligations, demands, actions, judgments, suits, costs, expenses, disbursements or penalties of any nature whatsoever regardless of whether any such Indemnified Person is a party thereto and whether any such proceeding is brought by the Borrower or any other Person, (and the reasonable and documented out-of-pocket fees, expenses, disbursements and other charges of one firm of counsel for all Indemnified Persons, taken as a whole (and, in the case of an actual or perceived conflict of interest where the Indemnified Person affected by such conflict notifies the Borrower of any existence of such conflict and in connection with the investigating or defending any of the foregoing (including the reasonable fees) has retained its own counsel, of another firm of counsel for such affected Indemnified Person), and to the extent required, one firm or local counsel in each relevant jurisdiction (which may include a single special counsel acting in multiple jurisdictions)) of any such Indemnified Person arising out of or relating to any claim, litigation, investigation or other proceeding (including any inquiry of investigation of the foregoing) (regardless of whether such Indemnified Person is a party thereto or whether or not such action, claim, litigation or proceeding was brought by the Parent Borrower, any of its Subsidiaries or any other Person), arising out of, or with respect to the Transactions or to the execution, enforcement, delivery, performance and administration of this Agreement, the other Credit Documents and any such other documents, including any of the foregoing relating to the violation of, noncompliance with or liability under, any Environmental Law or any actual or alleged presence or Release or threatened Release of or exposure of any Person to Hazardous Materials or any Environmental Claim or Environmental Liability relating in any way to the Parent Borrower or any of its Subsidiaries (all the foregoing in this <u>clause (iii)</u>, collectively, the "**Indemnified Liabilities**"); <u>provided</u> that the Parent Borrower shall have no obligation hereunder to any Indemnified Person with respect to Indemnified Liabilities to the extent arising from (i) the gross negligence, bad faith or willful misconduct of such Indemnified Person or any of its Related Parties as determined in a final and non-appealable judgment of a court of competent jurisdiction, (ii) a material breach of the obligations of such Indemnified Person or any of its Related Parties under the terms of this Agreement by such Indemnified Person or any of its Related Parties as determined in a final and non-appealable judgment of a court of competent jurisdiction or (iii) any proceeding between and among Indemnified Persons that does not involve an act or omission by the Parent Borrower or its Subsidiaries; <u>provided</u> the Agents, to the extent acting in their capacity as such, shall remain indemnified in respect of such proceeding, to the extent that neither of the exceptions set forth in <u>clause (i)</u> or <u>(ii)</u> of the immediately preceding proviso applies to such person at such time. The agreements in this <u>Section 13.5</u> shall survive repayment of the Loans and all other amounts payable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Credit Party nor any Indemnified Person shall have any liability for any special, punitive, indirect or consequential damages resulting from this Agreement or any other Credit Document or arising out of its activities in connection herewith or therewith (whether before or after the Closing Date); <u>provided</u> that the foregoing shall not limit the Parent Borrower's indemnification obligations to the Indemnified Persons pursuant to <u>Section 13.5(a)</u> in respect of damages incurred or paid by an Indemnified Person to a third party. No Indemnified Person shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Credit Documents or the transactions contemplated hereby or thereby, except to the extent that such damages have resulted from the willful misconduct, bad faith or gross negligence of any Indemnified Person or any of its Related Parties as determined by a final and non-appealable judgment of a court of competent jurisdiction.

This <u>Section 13.5</u> shall apply with respect to Taxes only to the extent they represent losses, claims, damages, etc., arising from any non-Tax claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 <u>Successors and Assigns; Participations and Assignments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) except as expressly permitted by <u>Section 10.2</u>, the Parent Borrower may not assign or otherwise transfer any of their rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender (and any attempted assignment or transfer by the Parent Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this <u>Section 13.6</u>. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (to the extent provided in <u>clause (c)</u> of this <u>Section 13.6</u>) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Collateral Agent, the Letter of Credit Issuers and the Lenders and each other Person entitled to indemnification under <u>Section 13.5</u>) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Subject to the conditions set forth in <u>clause (b)(ii)</u> below and <u>Section 13.7</u>, any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans (including participations in L/C Obligations) at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed; it being understood that, without limitation, the Parent Borrower shall have the right to withhold its consent to any assignment if, (x) in order for such assignment to comply with applicable law, the Parent Borrower would be required to obtain the consent of, or make any filing or registration with, any Governmental Authority) or (y) such assignment would (or would reasonably be expected to) result in any greater payment by any Credit Party under Section 2.10, 3.5, 5.4 or 13.5) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Parent Borrower; <u>provided</u> that no consent of the Parent Borrower shall be required for (1) an assignment of Revolving Credit Commitments or Revolving Credit Loans to (X) a Revolving Credit Lender, (Y) an Affiliate of a Revolving Credit Lender or (Z) an Approved Fund of a Revolving Credit Lender, or (2) an assignment of Loans or Commitments to any assignee if an Event of Default under <u>Section 11.1</u> or <u>Section 11.5</u> (with respect to the Parent Borrower) has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) solely with respect to Revolving Credit Commitments or Revolving Credit Loans, the Sponsor; <u>provided</u> that no consent of the Sponsor shall be required for (1) an assignment of Revolving Credit Commitments or Revolving Credit Loans to (X) a Revolving Credit Lender, (Y) an Affiliate of a Revolving Credit Lender or (Z) an Approved Fund of a Revolving Credit Lender, (2) an assignment of Revolving Credit Loans or Revolving Credit Commitments to any assignee if an Event of Default under <u>Section 11.1</u> or <u>Section 11.5</u> (with respect to the Parent Borrower) has occurred and is continuing or (3) an assignment of Revolving Credit Loans or Revolving Credit Commitments to any assignee following an IPO by the Parent Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Administrative Agent (not to be unreasonably withheld or delayed) and, in the case of Revolving Credit Commitments or Revolving Credit Loans only, each Letter of Credit Issuer.

Notwithstanding the foregoing, no such assignment shall be made (i) to a natural Person, Disqualified Lender or Defaulting Lender and (ii) with respect to the Revolving Credit Commitments, the Parent Borrower or any of its Subsidiaries or any Affiliated Lender (other than an Affiliated Institutional Lender). For the avoidance of doubt, the Administrative Agent shall bear no responsibility or liability for monitoring and enforcing the list of Persons who are Disqualified Lenders at any time; <u>provided</u> that the Administrative Agent shall not disclose, verbally or in writing, the list of entities that are Disqualified Lenders except that in connection with an assignment, the Administrative Agent may confirm (verbally and in writing), upon the request of any Lender, whether a potential assignee is a Disqualified Lender (so long as such Lender agrees to keep such identity confidential).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Assignments shall be subject to the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender's Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than, with respect to any Revolving Credit Loans, $5,000,000, unless each of the Parent Borrower and the Administrative Agent otherwise consents (which consents shall not be unreasonably withheld or delayed); <u>provided</u> that no such consent of the Parent Borrower shall be required if an Event of Default under <u>Section 11.1</u> or <u>Section 11.5</u> has occurred and is continuing; <u>provided</u>, <u>further</u>, that contemporaneous assignments by a Lender and its Affiliates or Approved Funds shall be aggregated for purposes of meeting the minimum assignment amount requirements stated above (and simultaneous assignments to or by two or more Related Funds shall be treated as one assignment), if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement; <u>provided</u> that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender's rights and obligations in respect of one Class of Commitments or Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance via an electronic settlement system or other method reasonably acceptable to the Administrative Agent, together with a processing and recordation fee in the amount of $4,500 (or, in the case of Defaulting Lenders, $7,500); <u>provided</u> that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment; <u>provided</u>, <u>further</u>, that such recordation fee shall not be payable in the case of assignments by any Affiliate of the Joint Lead Arrangers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative questionnaire in a form approved by the Administrative Agent (the "**Administrative Questionnaire**") and applicable tax forms (as required under <u>Section 5.4(e)</u>).

For the avoidance of doubt, the Administrative Agent bears no responsibility for tracking or monitoring assignments to or participations by any Affiliated Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Subject to acceptance and recording thereof pursuant to <u>clause (b)(iv)</u> of this <u>Section 13.6</u>, from and after the effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of <u>Sections 2.10</u>, <u>3.5</u>, <u>5.4</u> and <u>13.5</u>). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this <u>Section 13.6</u> shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with <u>clause (c)</u> of this <u>Section 13.6</u>. For the avoidance of doubt, in case of an assignment to a new Lender pursuant to this <u>Section 13.6</u>, (i) the Administrative Agent, the new Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the new Lender been an original Lender signatory to this Agreement with the rights and/or obligations acquired or assumed by it as a result of the assignment and to the extent of the assignment the assigning Lender shall each be released from further obligations under the Credit Documents and (ii) the benefit of each Security Document shall be maintained in favor of the new Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Parent Borrower, shall maintain at the Administrative Agent's Office a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount of the Loans (and stated interest amounts) and any payment made by the Letter of Credit Issuers under any Letter of Credit owing to each Lender pursuant to the terms hereof from time to time (the "**Register**"). The entries in the Register shall be conclusive, absent manifest error, and the Parent Borrower, the Administrative Agent, the Collateral Agent, the Letter of Credit Issuers and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register is intended to cause each Loan and other obligation hereunder to be in registered form within the meaning of Section 5f.103-1(c) of the United States Treasury Regulations and within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code. The Register shall be available for inspection by the Parent Borrower, the Collateral Agent, the Letter of Credit Issuers (with respect to Revolving Credit Lenders only), the Administrative Agent and its Affiliates and, with respect to itself, any Lender, at any reasonable time and from time to time upon reasonable prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, the assignee's completed Administrative Questionnaire and applicable tax forms (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in <u>clause (b)</u> of this <u>Section 13.6</u> and any written consent to such assignment required by <u>clause (b)</u> of this <u>Section 13.6</u>, the Administrative Agent shall promptly accept such Assignment and Acceptance and record the information contained therein in the Register. No assignment, whether or not evidenced by a promissory note, shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this <u>clause (b)(v)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) Any Lender may, without the consent of the Parent Borrower, the Administrative Agent or the Letter of Credit Issuers, sell participations to one or more banks or other entities (other than (x) a natural person, (y) the Parent Borrower and its Subsidiaries and (z) any Disqualified Lender; <u>provided</u>, <u>however</u>, that, notwithstanding <u>clause (z)</u> hereof, participations may be sold to Disqualified Lenders unless a list of Disqualified Lenders has been made available to all Lenders who so request) (each, a "**Participant**") in all or a portion of such Lender's rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans owing to it); <u>provided</u> that (A) such Lender's obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and (C) the Parent Borrower, the Administrative Agent, the Letter of Credit Issuers and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. For the avoidance of doubt, the Administrative Agent shall bear no responsibility or liability for monitoring and enforcing the list of Disqualified Lenders or the sales of participations thereto at any time; <u>provided</u> that the Administrative Agent shall not disclose, verbally or in writing, the list of entities that are Disqualified Lenders except that in connection with a participation, the Administrative Agent may confirm (verbally and in writing), upon the request of any Lender, whether a potential participant is a Disqualified Lender (so long as such Lender agrees to keep such identity confidential). Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement or any other Credit Document; <u>provided</u> that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in <u>clause (x)(i)</u> of the first proviso to <u>Section 13.1</u> that affects such Participant. Subject to <u>clause (c)(ii)</u> of this <u>Section 13.6</u>, the Parent Borrower agrees that each Participant shall be entitled to the benefits of <u>Sections 2.10</u>, <u>3.5</u> and 5.4 to the same extent as if it were a Lender (subject to the limitations and requirements of those Sections as though it were a Lender and had acquired its interest by assignment pursuant to <u>clause (b)</u> of this <u>Section 13.6</u>, including the requirements of <u>clause (e)</u> of <u>Section 5.4</u> (it being agreed that any documentation required under <u>Section 5.4(e)</u> shall be provided solely to the participating Lender)). To the extent permitted by law, each Participant also shall be entitled to the benefits of <u>Section 13.8(b)</u> as though it were a Lender; <u>provided</u> such Participant shall be subject to <u>Section 13.8(a)</u> as though it were a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A Participant shall not be entitled to receive any greater payment under <u>Section 2.10</u>, <u>3.5</u> or <u>5.4</u> than the applicable Lender would have been entitled to receive absent the sale of such participation sold to such Participant, unless the sale of the participation to such Participant is made with the Parent Borrower's prior written consent (which consent shall not be unreasonably withheld; provided, that it shall not be unreasonable to withhold consent if such participation would (or would reasonably be expected to) result in any greater payment by any Credit Party under Section 2.10, 3.5, 5.4 or 13.5). Each Lender that sells a participation, or any Granting Lender that grants a Loan to an SPV, shall, acting solely for this purpose as a non-fiduciary agent of the Parent Borrower, maintain a register on which it enters the name and address of each Participant or SPV and the principal amounts (and stated interest amounts) of each Participant's or SPV's interest in the Loans or other obligations under this Agreement (the "**Participant Register**"). The entries in the Participant Register shall be conclusive, absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation or granted Loan for all purposes of this Agreement notwithstanding any notice to the contrary. No Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or SPV, or any information relating to a Participant's or SPV's interest in any commitments, loans, letters of credit or its other obligations under any Credit Document) except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations and Sections 163(f), 871(h)(2) and 881(c)(2) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Lender may, without the consent of the Parent Borrower or the Administrative Agent, at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, or other central bank having jurisdiction over such Lender and this <u>Section 13.6</u> shall not apply to any such pledge or assignment of a security interest; <u>provided</u> that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to <u>Section 13.16</u>, the Parent Borrower authorizes each Lender to disclose to any Participant, secured creditor of such Lender or assignee (each, a "**Transferee**") and any prospective Transferee any and all financial information in such Lender's possession concerning the Parent Borrower and its Affiliates that has been delivered to such Lender by or on behalf of the Parent Borrower and its Affiliates pursuant to this Agreement or that has been delivered to such Lender by or on behalf of the Parent Borrower and its Affiliates in connection with such Lender's credit evaluation of the Parent Borrower and its Affiliates prior to becoming a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The words "execution," "signed," "signature," and words of like import in any Assignment and Acceptance shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>SPV Lender</u>. Notwithstanding anything to the contrary contained herein, any Lender (a"**Granting Lender**") may grant to a special purpose funding vehicle (an "**SPV**"), identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Parent Borrower, the option to provide to the Parent Borrower all or any part of any Loan that such Granting Lender would otherwise be obligated to make the Parent Borrower pursuant to this Agreement; <u>provided</u> that (i) nothing herein shall constitute a commitment by any SPV to make any Loan and (ii) if an SPV elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. The making of a Loan by an SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that no SPV shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPV, it shall not institute against, or join any other Person in instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any state thereof. In addition, notwithstanding anything to the contrary contained in this <u>Section 13.6</u>, any SPV may (i) with notice to, but without the prior written consent of, the Parent Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to the Granting Lender or to any financial institutions (consented to by the Parent Borrower and the Administrative Agent) other than a Disqualified Lender providing liquidity and/or credit support to or for the account of such SPV to support the funding or maintenance of Loans and (ii) subject to <u>Section 13.16</u>, disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPV. This <u>Section 13.6(g)</u> may not be amended without the written consent of the SPV. Notwithstanding anything to the contrary in this Agreement but subject to the following sentence, each SPV shall be entitled to the benefits of <u>Sections 2.10</u>, <u>3.5</u> and <u>5.4</u> to the same extent as if it were a Lender (subject to the limitations and requirements of those Sections as though it were a Lender and had acquired its interest by assignment pursuant to <u>clause (b)</u> of this <u>Section 13.6</u>, including the requirements of <u>clause (e)</u> of <u>Section 5.4</u> (it being agreed that any documentation required under <u>Section 5.4(e)</u> shall be provided solely to the Granting Lender)). Notwithstanding the prior sentence, an SPV shall not be entitled to receive any greater payment under <u>Section 2.10</u>, <u>3.5</u> or <u>5.4</u> than its Granting Lender would have been entitled to receive absent the grant to such SPV, unless such grant to such SPV is made with the Parent Borrower's prior written consent (which consent shall not be unreasonably withheld).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 <u>Replacements of Lenders Under Certain Circumstances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent Borrower shall be permitted (x) to replace any Lender or (y) terminate the Commitment of such Lender or any Letter of Credit Issuer, as the case may be, and (1) in the case of a Lender (other than the Letter of Credit Issuers), repay all Obligations of the Parent Borrower due and owing to such Lender relating to the Loans and participations held by such Lender as of such termination date and (2) in the case of a Letter of Credit Issuer, repay all Obligations of the Parent Borrower owing to such Letter of Credit Issuer relating to the Loans and participations held by such Letter of Credit Issuer as of such termination date or backstop on terms satisfactory to such Letter of Credit Issuer or cause to be cancelled any Letters of Credit issued by it, which Lender or Letter of Credit Issuer, as the case may be, (a) requests reimbursement for amounts owing pursuant to <u>Sections 2.10</u>, <u>3.5</u> or <u>5.4</u>, (b) is affected in the manner described in <u>Section 2.10(a)(iii)</u> and as a result thereof any of the actions described in such Section is required to be taken, or (c) becomes a Defaulting Lender, with a replacement bank or other financial institution; <u>provided</u> that (i) such replacement does not conflict with any Requirements of Law, (ii) no Event of Default under <u>Sections 11.1</u> or <u>11.5</u> shall have occurred and be continuing at the time of such replacement, (iii) the Parent Borrower shall repay (or the replacement bank or institution shall purchase, at par) all Loans and other amounts pursuant to <u>Sections 2.10</u>, <u>3.5</u> or <u>5.4</u>, as the case may be, owing to such replaced Lender immediately prior to the date of replacement, (iv) the replacement bank or institution, if not already a Lender, an Affiliate of the Lender, an Affiliated Lender or Approved Fund, the Sponsor or an Affiliated Institutional Lender, and the terms and conditions of such replacement shall be reasonably satisfactory to the Administrative Agent, (v) the replacement bank or institution, if not already a Lender, shall be subject to the provisions of <u>Section 13.6(b)</u>, (vi) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of <u>Section 13.6</u> (<u>provided</u> that unless otherwise agreed the Parent Borrower shall be obligated to pay the registration and processing fee referred to therein), and (vii) any such replacement shall not be deemed to be a waiver of any rights that the Parent Borrower, the Administrative Agent or any other Lender shall have against the replaced Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Lender (such Lender, a "**Non-Consenting Lender**") has failed to consent to a proposed amendment, waiver, discharge or termination that pursuant to the terms of <u>Section 13.1</u> requires the consent of either (i) all of the Lenders directly and adversely affected or (ii) all of the Lenders, and, in each case, with respect to which the Required Lenders (or at least 50.1% of the directly and adversely affected Lenders) shall have granted their consent, then, the Parent Borrower shall have the right (unless such Non-Consenting Lender grants such consent) to (x) replace such Non-Consenting Lender by requiring such Non-Consenting Lender to assign its Loans, and its Commitments hereunder to one or more assignees reasonably acceptable to the Administrative Agent (to the extent such consent would be required under <u>Section 13.6)</u> or to terminate the Commitment of such Lender or such Letter of Credit Issuer, as the case may be, and (1) in the case of a Lender (other than the Letter of Credit Issuers), repay all Obligations of the Parent Borrower due and owing to such Lender relating to the Loans and participations held by such Lender as of such termination date and (2) in the case of a Letter of Credit Issuer, repay all Obligations of the Parent Borrower owing to such Letter of Credit Issuer relating to the Loans and participations held by such Letter of Credit Issuer as of such termination date or backstop on terms satisfactory to such Letter of Credit Issuer or cause to be cancelled any Letters of Credit issued by it; <u>provided</u> that (a) all Obligations hereunder of the Parent Borrower owing to such Non-Consenting Lender being replaced shall be paid in full to such Non-Consenting Lender concurrently with such assignment, and (b) the replacement Lender shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the principal amount thereof plus accrued and unpaid interest thereon. In connection with any such assignment, the Parent Borrower, the Administrative Agent, such Non-Consenting Lender and the replacement Lender shall otherwise comply with <u>Section 13.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 <u>Adjustments; Set-off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as contemplated in <u>Section 13.6</u> or elsewhere herein, if any Lender (a "**Benefited Lender**") shall at any time receive any payment of all or part of its Loans, or interest thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in <u>Section 11.5</u>, or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of such other Lender's Loans, or interest thereon, such Benefited Lender shall purchase for cash from the other Lenders a participating interest in such portion of each such other Lender's Loan, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the Lenders; <u>provided</u>, <u>however</u>, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After the occurrence and during the continuance of an Event of Default, in addition to any rights and remedies of the Lenders provided by law, each Lender shall have the right, without prior notice to the Credit Parties but with the prior consent of the Administrative Agent, any such notice being expressly waived by the Credit Parties to the extent permitted by applicable law, upon any amount becoming due and payable by the Credit Parties hereunder (whether at the stated maturity, by acceleration or otherwise) to set-off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final) (other than payroll, trust, tax, fiduciary, and petty cash accounts), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof to or for the credit or the account of the Credit Parties. Each Lender agrees promptly to notify the Credit Parties and the Administrative Agent after any such set-off and application made by such Lender; <u>provided</u> that the failure to give such notice shall not affect the validity of such set-off and application.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9 <u>Counterparts</u>. This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts shall be an original, but all of which shall together constitute one and the same instrument. This Agreement may be delivered by facsimile, electronic mail (including pdf) or any electronic signature complying with the U.S. federal ESIGN Act of 2000 or the New York Electronic Signatures and Records Act or other electronic transmission of the relevant signature pages hereof, and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest extent permitted by applicable law. For the avoidance of doubt, the foregoing also applies to any amendment, extension or renewal of this Agreement. Each of the parties hereto represents and warrants to the other parties that it has the corporate capacity and authority to execute this Agreement through electronic mean and that there are no restrictions for doing so in that party's constitutive documents. A set of the copies of this Agreement signed by all the parties shall be lodged with the Parent Borrower and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10 <u>Severability</u>. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 <u>Integration</u>. This Agreement and the other Credit Documents represent the agreement of the Parent Borrower, the Collateral Agent, the Administrative Agent and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Parent Borrower, the Administrative Agent, the Collateral Agent nor any Lender relative to subject matter hereof not expressly set forth or referred to herein or in the other Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 <u>GOVERNING LAW</u>. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, EXCEPT THAT (A) THE INTERPRETATION OF THE DEFINITION OF A COMPANY MATERIAL ADVERSE EFFECT (AND WHETHER OR NOT A COMPANY MATERIAL ADVERSE EFFECT HAS OCCURRED), (B) THE DETERMINATION OF THE ACCURACY OF ANY COMPANY REPRESENTATION AND WHETHER AS A RESULT OF ANY INACCURACY THEREOF EITHER BORROWER OR ANY OF ITS AFFILIATES HAS THE RIGHT TO TERMINATE ITS OR THEIR OBLIGATIONS UNDER THE ACQUISITION AGREEMENT PURSUANT TO SECTION 7.01(C)(I) OF THE ACQUISITION AGREEMENT (OR OTHERWISE DECLINE TO CONSUMMATE THE ACQUISITION PURSUANT TO SECTION 6.02(A) OF THE ACQUISITION AGREEMENT WITHOUT ANY LIABILITY) AND (C) THE DETERMINATION OF WHETHER THE ACQUISITION HAS BEEN CONSUMMATED IN ACCORDANCE WITH THE TERMS OF THE ACQUISITION AGREEMENT AND, IN ANY CASE, CLAIMS OR DISPUTES ARISING OUT OF ANY SUCH INTERPRETATION OR DETERMINATION OR ANY ASPECT THEREOF SHALL, IN EACH CASE, BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF MARYLAND, REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS THEREOF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13 <u>Submission to Jurisdiction; Waivers</u>. Each party hereto irrevocably and unconditionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Credit Documents to which it is a party to the exclusive general jurisdiction of the courts of the State of New York or the courts of the United States for the Southern District of New York, in each case sitting in New York City in the Borough of Manhattan, and appellate courts from any thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consents that any such action or proceeding may be brought in such courts and waives (to the extent permitted by applicable law) any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same or to commence or support any such action or proceeding in any other courts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address set forth on <u>Schedule 13.2</u> at such other address of which the Administrative Agent shall have been notified pursuant to <u>Section 13.2</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) agrees that nothing herein shall affect the right of the Administrative Agent, any Lender or another Secured Party to effect service of process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against the Parent Borrower or any other Credit Party in any other jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this <u>Section 13.13</u> any special, exemplary, punitive or consequential damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.14 <u>Acknowledgments</u>. The Parent Borrower hereby acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has been advised by counsel in the negotiation, execution, and delivery of this Agreement and the other Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the credit facilities provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other Credit Document) are an arm's-length commercial transaction between the Parent Borrower and the other Credit Parties, on the one hand, and the Administrative Agent, the Lenders and the other Agents on the other hand, and the Parent Borrower and the other Credit Parties are capable of evaluating and understanding and understand and accept the terms, risks and conditions of the transactions contemplated hereby and by the other Credit Documents (including any amendment, waiver or other modification hereof or thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in connection with the process leading to such transaction, each of the Administrative Agent and the other Agents, is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary for the Parent Borrower, any other Credit Parties or any of their respective Affiliates, stockholders, creditors or employees, or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) neither the Administrative Agent nor any other Agent has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Parent Borrower or any other Credit Party with respect to any of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Credit Document (irrespective of whether the Administrative Agent or other Agent has advised or is currently advising the Parent Borrower, the other Credit Parties or their respective Affiliates on other matters) and neither the Administrative Agent or other Agent has any obligation to the Parent Borrower, the other Credit Parties or their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Administrative Agent, each other Agent and each Affiliate of the foregoing may be engaged in a broad range of transactions that involve interests that differ from those of the Parent Borrower and its Affiliates, and neither the Administrative Agent nor any other Agent has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) neither the Administrative Agent nor any other Agent has provided and none will provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any other Credit Document) and the Parent Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate. The Parent Borrower hereby agrees that it will not claim that any Agent owes a fiduciary or similar duty to the Credit Parties in connection with the Transactions contemplated hereby and waives and releases, to the fullest extent permitted by law, any claims that it may have against the Administrative Agent or any other Agent with respect to any breach or alleged breach of agency or fiduciary duty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no joint venture is created hereby or by the other Credit Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Parent Borrower, on the one hand, and any Lender, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.15 <u>WAIVERS OF JURY TRIAL</u>. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVE (TO THE EXTENT PERMITTED BY APPLICABLE LAW) THE RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY ANY PARTY RELATED TO OR ARISING OUT OF THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT OR THE PERFORMANCE OF SERVICES HEREUNDER OR THEREUNDER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.16 <u>Confidentiality</u>. The Administrative Agent, each other Agent and each Lender (collectively, the "**Restricted Persons**" and, each a "**Restricted Person**") shall treat confidentially all non-public information provided to any Restricted Person by or on behalf of any Credit Party hereunder in connection with such Restricted Person's evaluation of whether to become a Lender hereunder or obtained by such Restricted Person pursuant to the requirements of this Agreement ("**Confidential Information**") and shall not publish, disclose or otherwise divulge such Confidential Information; <u>provided</u> that nothing herein shall prevent any Restricted Person from disclosing any such Confidential Information (a) pursuant to the order of any court or administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law, rule or regulation or compulsory legal process (in which case such Restricted Person agrees (except with respect to any routine or ordinary course audit or examination conducted by bank accountants or any governmental, bank regulatory or self-regulatory authority exercising examination or regulatory authority), to the extent practicable and not prohibited by applicable law, rule or regulation, to inform the Parent Borrower promptly thereof prior to disclosure), (b) upon the request or demand of any regulatory authority (including any self-regulatory authority) having jurisdiction over such Restricted Person or any of its Affiliates (in which case such Restricted Person agrees (except with respect to any routine or ordinary course audit or examination conducted by bank accountants or any governmental, bank regulatory or self-regulatory authority exercising examination or regulatory authority) to the extent practicable and not prohibited by applicable law, rule or regulation, to inform the Parent Borrower promptly thereof prior to disclosure), (c) to the extent that such Confidential Information becomes publicly available other than by reason of improper disclosure by such Restricted Person or any of its affiliates or any related parties thereto in violation of any confidentiality obligations owing under this <u>Section 13.16</u>, (d) to the extent that such Confidential Information is received by such Restricted Person from a third party that is not, to such Restricted Person's knowledge, subject to confidentiality obligations owing to any Credit Party or any of their respective subsidiaries or affiliates, (e) to the extent that such Confidential Information was already in the possession of the Restricted Persons prior to any duty or other undertaking of confidentiality or is independently developed by the Restricted Persons without the use of such Confidential Information, (f) to such Restricted Person's affiliates and to its and their respective officers, directors, partners, employees, legal counsel, independent auditors, and other experts or agents who need to know such Confidential Information in connection with providing the Loans or action as an Agent hereunder and who are informed of the confidential nature of such Confidential Information and who are subject to customary confidentiality obligations of professional practice or who agree to be bound by the terms of this <u>Section 13.16</u> (or confidentiality provisions at least as restrictive as those set forth in this <u>Section 13.16</u>) <u>(with</u> each such Restricted Person, to the extent within its control, responsible for such person's compliance with this paragraph), (g) to potential or prospective Lenders, hedge providers (or other derivative transaction counterparties) (any such person, a "**Derivative Counterparty**"), participants or assignees, in each case who agree (pursuant to customary syndication practice) to be bound by the terms of this <u>Section 13.16</u> (or confidentiality provisions at least as restrictive as those set forth in this <u>Section 13.16</u>); <u>provided</u> that (i) the disclosure of any such Confidential Information to any Lenders, Derivative Counterparties or prospective Lenders, Derivative Counterparties or participants or prospective participants referred to above shall be made subject to the acknowledgment and acceptance by such Lender, Derivative Counterparty or prospective Lender or participant or prospective participant that such Confidential Information is being disseminated on a confidential basis (on substantially the terms set forth in this <u>Section 13.16</u> or confidentiality provisions at least as restrictive as those set forth in this <u>Section 13.16</u>) in accordance with the standard syndication processes of such Restricted Person or customary market standards for dissemination of such type of information, which shall in any event require "click through" or other affirmative actions on the part of recipient to access such Confidential Information and (ii) no such disclosure shall be made by such Restricted Person to any person that is at such time a Disqualified Lender, (h) for purposes of establishing a "due diligence" defense, or (i) to rating agencies in connection with obtaining ratings for the Parent Borrower and the Credit Facility to the extent such rating agencies are subject to customary confidentiality obligations of professional practice or agree to be bound by the terms of this <u>Section 13.16</u> (or confidentiality provisions at least as restrictive as those set forth in this <u>Section 13.16</u>). Notwithstanding the foregoing, (i) Confidential Information shall not include, with respect to any Person, information available to it or its Affiliates on a non-confidential basis from a source other than the Parent Borrower, its Subsidiaries or its Affiliates, (ii) the Administrative Agent shall not be responsible for compliance with this <u>Section 13.16</u> by any other Restricted Person (other than its officers, directors or employees), (iii) in no event shall any Lender, the Administrative Agent or any other Agent be obligated or required to return any materials furnished by the Parent Borrower or any of its Subsidiaries, and (iv) each Agent and each Lender may disclose the existence of this Agreement and the information about this Agreement to market data collectors, similar services providers to the lending industry, and service providers to the Agents and the Lenders in connection with the administration, settlement and management of this Agreement and the other Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.17 <u>Direct Website Communications</u>. The Borrower may, at its option, provide to the Administrative Agent any information, documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to the Credit Documents, including, without limitation, all notices, requests, financial statements, financial, and other reports, certificates, and other information materials, but excluding any such communication that (A) relates to a request for a new, or a conversion of an existing, borrowing or other extension of credit (including any election of an interest rate or interest period relating thereto), (B) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (C) provides notice of any default or event of default under this Agreement or (D) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any borrowing or other extension of credit thereunder (all such non-excluded communications being referred to herein collectively as "**Communications**"), by transmitting the Communications in an electronic/soft medium in a format reasonably acceptable to the Administrative Agent to the Administrative Agent at an email address provided by the Administrative Agent from time to time; <u>provided</u> that (i) upon written request by the Administrative Agent, or the Parent Borrower shall deliver paper copies of such documents to the Administrative Agent for further distribution to each Lender until a written request to cease delivering paper copies is given by the Administrative Agent and (ii) the Parent Borrower shall notify (which may be by facsimile or electronic mail) the Administrative Agent of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (*i.e.*, soft copies) of such documents. Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents from the Administrative Agent and maintaining its copies of such documents. Nothing in this <u>Section 13.17</u> shall prejudice the right of the Parent Borrower, any other Credit Party, the Administrative Agent, any other Agent or any Lender to give any notice or other communication pursuant to any Credit Document in any other manner specified in such Credit Document.

The Administrative Agent agrees that the receipt of the Communications by the Administrative Agent at its e-mail address set forth above shall constitute effective delivery of the Communications to the Administrative Agent for purposes of the Credit Documents. Each Lender agrees that notice to it (as provided in the next sentence) specifying that the Communications have been posted to the Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Credit Documents. Each Lender agrees (A) to notify the Administrative Agent in writing (including by electronic communication) from time to time of such Lender's e-mail address to which the foregoing notice may be sent by electronic transmission and (B) that the foregoing notice may be sent to such e-mail address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower further agrees that any Agent may make the Communications available to the Lenders by posting the Communications on Intralinks or a substantially similar electronic transmission system (the "**Platform**"), so long as the access to such Platform (i) is limited to the Agents, the Lenders and Transferees or prospective Transferees and (ii) remains subject to the confidentiality requirements set forth in <u>Section 13.16</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE." THE AGENT PARTIES DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF ANY MATERIALS OR INFORMATION PROVIDED BY THE CREDIT PARTIES (THE "**BORROWER MATERIALS**") OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the "**Agent Parties**" and each an "**Agent Party**") have any liability to the Parent Borrower, any Lender, or any other Person for losses, claims, damages, liabilities, or expenses of any kind (whether in tort, contract or otherwise) arising out of the Parent Borrower's or the Administrative Agent's transmission of Borrower Materials through the internet, except to the extent the liability of any Agent Party resulted from such Agent Party's (or any of its Related Parties' (other than any trustee or advisor)) gross negligence, bad faith or willful misconduct or material breach of the Credit Documents as determined in the final non-appealable judgment of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower and each Lender acknowledge that certain of the Lenders may be "public-side" Lenders (Lenders that do not wish to receive material non-public information with respect to the Parent Borrower, the Subsidiaries or their securities) and, if documents or notices required to be delivered pursuant to the Credit Documents or otherwise are being distributed through the Platform, any document or notice that the Parent Borrower have indicated contains only publicly available information with respect to the Parent Borrower may be posted on that portion of the Platform designated for such public-side Lenders. If the Parent Borrower has not indicated whether a document or notice delivered contains only publicly available information, the Administrative Agent shall post such document or notice solely on that portion of the Platform designated for Lenders who wish to receive material nonpublic information with respect to the Parent Borrower, its Subsidiaries and their securities. Notwithstanding the foregoing, the Parent Borrower shall use commercially reasonable efforts to indicate whether any document or notice contains only publicly available information; <u>provided</u>, <u>however</u>, that the following documents shall be deemed to be marked "PUBLIC," unless the Parent Borrower notifies the Administrative Agent promptly that any such document contains material nonpublic information: (1) the Credit Documents, (2) any notification of changes in the terms of the Credit Facility and (3) all financial statements and certificates delivered pursuant to <u>Sections 9.1(a)</u>, <u>(a)</u> and <u>(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.18 <u>USA PATRIOT Act</u>. Each Lender hereby notifies each Credit Party that, pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "**Patriot Act**") and the Beneficial Ownership Regulation, it is required to obtain, verify, and record information that identifies each Credit Party, which information includes the name and address of each Credit Party and other information that will allow such Lender to identify each Credit Party in accordance with the Patriot Act and the Beneficial Ownership Regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.19 [<u>Reserved</u>].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.20 <u>Payments Set Aside</u>. To the extent that any payment by or on behalf of the Parent Borrower is made to any Agent or any Lender, or any Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by such Agent or such Lender in its discretion) to be repaid to a trustee, receiver, or any other party, in connection with any proceeding or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share of any amount so recovered from or repaid by any Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the applicable Overnight Rate from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.21 <u>No Fiduciary Duty</u>. Each Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph, the "**Lenders**"), may have economic interests that conflict with those of the Credit Parties, their stockholders and/or their affiliates. Each Credit Party agrees that nothing in the Credit Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and such Credit Party, its stockholders or its affiliates, on the other. The Credit Parties acknowledge and agree that (i) the transactions contemplated by the Credit Documents (including the exercise of rights and remedies hereunder and thereunder) are arm's-length commercial transactions between the Lenders, on the one hand, and the Credit Parties, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in favor of any Credit Party, its stockholders or its affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise any Credit Party, its stockholders or its Affiliates on other matters) or any other obligation to any Credit Party except the obligations expressly set forth in the Credit Documents and (y) each Lender is acting solely as principal and not as the agent or fiduciary of any Credit Party, its management, stockholders or creditors. Each Credit Party acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. Each Credit Party agrees that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to such Credit Party, in connection with such transaction or the process leading thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.22 <u>Nature of Borrower Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary contained elsewhere in this Agreement, it is understood and agreed by the various parties to this Agreement that all of the Parent Borrower's Obligations to repay principal of, interest on, and all other amounts with respect to, all Loans, L/C Obligations and all other Obligations of the Parent Borrower pursuant to this Agreement (including, without limitation, all fees, indemnities, taxes and other Obligations in connection therewith or in connection with the related Commitments) shall be guaranteed pursuant to, and in accordance with the terms of, the Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligations of the Parent Borrower with respect to the Parent Borrower's Obligations are independent of the obligations of any Guarantor under its guaranty of the Parent Borrower's Obligations, and a separate action or actions may be brought and prosecuted against the Parent Borrower, whether or not any such Guarantor is joined in any such action or actions. The Borrower waives, to the fullest extent permitted by law, the benefit of any statute of limitations affecting its liability hereunder or the enforcement thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parent Borrower authorizes the Administrative Agent and the Lenders without notice or demand (except as shall be required by the Credit Documents and applicable statute that cannot be waived), and without affecting or impairing its liability hereunder, from time to time to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) exercise or refrain from exercising any rights against any Guarantor or others or otherwise act or refrain from acting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) apply any sums paid by any other Person, howsoever realized or otherwise received to or for the account of the Parent Borrower to any liability or liabilities of such other Person regardless of what liability or liabilities of such other Person remain unpaid; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) consent to or waive any breach of, or act, omission or default under, this Agreement or any of the instruments or agreements referred to herein, or otherwise, by any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is not necessary for the Administrative Agent or any other Lender to inquire into the capacity or powers of the Parent Borrower or any of its Subsidiaries or the officers, directors, members, partners or agents acting or purporting to act on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Parent Borrower waives any right to require the Administrative Agent or the other Lenders to (i) proceed against any Guarantor or any other party, (ii) proceed against or exhaust any security held from any Guarantor or any other party or (iii) pursue any other remedy in the Administrative Agent's or the Lenders' power whatsoever. The Parent Borrower waives any defense based on or arising out of suretyship or any impairment of security held from the Parent Borrower, any Guarantor or any other party or on or arising out of any defense of any Guarantor or any other party other than payment in full in cash of the Obligations of the Credit Parties, including, without limitation, any defense based on or arising out of the disability of any Guarantor or any other party, or the unenforceability of the Obligations of the Parent Borrower or any part thereof from any cause, in each case other than as a result of the payment in full in cash of the Obligations of the Parent Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All provisions contained in any Credit Document shall be interpreted consistently with this <u>Section 13.22</u> to the extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.23 <u>Acknowledgment and Consent to Bail-In of Affected Financial Institutions</u>. Notwithstanding anything to the contrary in any Credit Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Credit Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.24 <u>Acknowledgment Regarding Any Supported QFCs</u>. To the extent that the Credit Documents provide support, through a guarantee or otherwise, for any Hedge Agreement or any other agreement or instrument that is a QFC (such support, "**QFC Credit Support**" and each such QFC a "**Supported QFC**"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "**U.S. Special Resolution Regimes**") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Credit Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As used in this <u>Section 13.24</u>, the following terms have the following meanings:

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

"**Covered Entity**" means any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.25 <u>Certain ERISA Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto that at least one of the following is and will be true:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent such Lender and the Borrower, provided that the Borrower shall not unreasonably withhold its consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Credit Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Credit Document or any documents related hereto or thereto).

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

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| | |
|:---|:---|
| PHOENIX DATA CENTER ACQUISITIONS LLC | PHOENIX DATA CENTER ACQUISITIONS LLC |
| as the Parent Borrower | as the Parent Borrower |
| By: | /s/ Fred Day |
|  | Name: Fred Day |
|  | Title: Vice President |

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[Signature Page to U.S. Revolving Credit Agreement]

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| | |
|:---|:---|
| PHOENIX DATA CENTER INTERMEDIATE LLC | PHOENIX DATA CENTER INTERMEDIATE LLC |
| By: | /s/ Fred Day |
|  | Name: Fred Day |
|  | Title: Vice President |

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[Signature Page to U.S. Revolving Credit Agreement]

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| | |
|:---|:---|
| WELLS FARGO BANK, NATIONAL ASSOCIATION, | WELLS FARGO BANK, NATIONAL ASSOCIATION, |
| as Administrative Agent | as Administrative Agent |
| By: | /s/ Rena Romanini |
|  | Name: Rena Romanini |
|  | Title: Managing Director |

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| | |
|:---|:---|
| WELLS FARGO BANK, NATIONAL ASSOCIATION, | WELLS FARGO BANK, NATIONAL ASSOCIATION, |
| as Collateral Agent | as Collateral Agent |
| By: | /s/ Rena Romanini |
|  | Name: Rena Romanini |
|  | Title: Managing Director |

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[Signature Page to U.S. Revolving Credit Agreement]

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| | |
|:---|:---|
| WELLS FARGO BANK, NATIONAL ASSOCIATION, | WELLS FARGO BANK, NATIONAL ASSOCIATION, |
| as a Letter of Credit Issuer and a Lender | as a Letter of Credit Issuer and a Lender |
| By: | /s/ Rena Romanini |
|  | Name: Rena Romanini |
|  | Title: Managing Director |

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[Signature Page to U.S. Revolving Credit Agreement]

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| | |
|:---|:---|
| THE TORONTO-DOMINION BANK, NEW YORK BRANCH, | THE TORONTO-DOMINION BANK, NEW YORK BRANCH, |
| as a Letter of Credit Issuer and a Lender | as a Letter of Credit Issuer and a Lender |
| By: | /s/ Kristen Posluszny |
|  | Name: Kristen Posluszny |
|  | Title: Authorized Signatory |

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[Signature Page to U.S. Revolving Credit Agreement]

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| | |
|:---|:---|
| THE BANK OF NOVA SCOTIA | THE BANK OF NOVA SCOTIA |
| as a Letter of Credit Issuer and a Lender | as a Letter of Credit Issuer and a Lender |
| By: | /s/ Robert Palmer |
|  | Name: Robert Palmer |
|  | Title: Director |
| By: | /s/ Joshita D Souza |
|  | Name: Joshita D Souza |
|  | Title: Associate |

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[Signature Page to U.S. Revolving Credit Agreement]

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| | |
|:---|:---|
| BANK OF MONTREAL | BANK OF MONTREAL |
| as a Letter of Credit Issuer and a Lender | as a Letter of Credit Issuer and a Lender |
| By: | /s/ Rebecca Liu Chabanon |
|  | Name: Rebecca Liu Chabanon |
|  | Title: Director |

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[Signature Page to U.S. Revolving Credit Agreement]

## Exhibit 10.13

**Exhibit 10.13**

**Execution Version**

**<u>FIRST AMENDMENT TO CREDIT AGREEMENT</u>**

This FIRST AMENDMENT TO CREDIT AGREEMENT (this "<u>First Amendment</u>"), dated as of April 17, 2024, is by and among Phoenix Data Center Acquisitions LLC, a Delaware limited liability company (the "<u>Parent Borrower</u>") and Wells Fargo Bank, National Association, as Administrative Agent (in such capacity, the "<u>Administrative Agent</u>"). Unless otherwise indicated, all capitalized terms used herein and not otherwise defined herein shall have the respective meanings provided to such terms in the Credit Agreement referred to below.

<u>W I T N E S S E T H</u>:

WHEREAS, Phoenix Data Center Intermediate LLC, a Delaware limited liability company ("<u>Holdings</u>"), Parent Borrower, the guarantors from time to time party thereto, the Administrative Agent and the lenders from time to time party thereto (collectively, the "<u>Lenders</u>" and individually, a "<u>Lender</u>") have entered into that certain U.S. Revolving Credit Agreement, dated as of January 12, 2024, (as further amended, restated, supplemented and/or otherwise modified from time to time prior to the First Amendment Effective Date referred to below, the "<u>Credit Agreement</u>");

WHEREAS, pursuant to the clause (a)(vi) of "Consolidated EBITDA" in the Credit Agreement, the Parent Borrower and the Administrative Agent may agree to give effect to adjustments, or to effectuate amendments to existing adjustments, in each case to give due regard to customary adjustments contained in corporate credit facilities for companies operating in the data center operator industry (the "<u>Adjustments</u> <u>Clause</u>");

WHEREAS, pursuant to the Adjustments Clause, the Parent Borrower and the Administrative Agent desire to document the adjustments which have been agreed after giving due regard to the Adjustments Clause; and

WHEREAS, the Administrative Agent and the Parent Borrower have agreed to amend the Credit Agreement to amend the Credit Agreement as set forth in Annex I hereto.

NOW, THEREFORE, in consideration of the premises and the agreements contained herein, the parties hereto agree as follows:

SECTION 1. <u>Amendments</u>. Subject to the terms and conditions set forth herein and the occurrence of the First Amendment Effective Date, (x) the Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: <u>double-underlined text</u>) as set forth in the pages of the Credit Agreement attached as <u>Annex I</u> hereto and (y) Exhibit K to the Credit Agreement shall be added as the corresponding exhibit attached hereto.

SECTION 2. <u>Conditions of Effectiveness of this First Amendment</u>. This First Amendment shall become effective on the date on which the Administrative Agent shall have received an executed counterpart of this First Amendment by the Parent Borrower, which executed counterpart shall be an original or pdf copy or facsimile or delivered by other electronic method (such date, the "<u>First Amendment Effective Date</u>").

SECTION 3. <u>Credit Document.</u> This First Amendment shall constitute a "Credit Document" for all purposes of the Credit Agreement and the other Credit Documents.

SECTION 4. <u>Representations and Warranties.</u> To induce the Administrative Agent to enter into this First Amendment, the Parent Borrower the Parent Borrower makes the following representations and warranties to the Lenders, as of the First Amendment Effective Date, immediately after giving effect to this First Amendment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither the execution, delivery or performance by the Parent Borrower of this First Amendment nor compliance with the terms and provisions hereof will (i) contravene any applicable provision of any material law, statute, rule, regulation, order, writ, injunction or decree of any court or governmental instrumentality, other than any such contravention that would not reasonably be expected to result in a Material Adverse Effect, (ii) result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of the Parent Borrower (other than Liens created under the Credit Documents or Permitted Liens) pursuant to any Contractual Requirement other than any such breach, default or Lien that would not reasonably be expected to result in a Material Adverse Effect or (iii) violate any provision of the certificate of incorporation, by-laws, articles or other organizational documents of the Parent Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parent Borrower has the corporate or other organizational power and authority to execute, deliver and carry out the terms and provisions of this First Amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The First Amendment constitutes the legal, valid, and binding obligation of the Parent Borrower enforceable in accordance with its terms (provided that, with respect to the creation and perfection of security interests with respect to Indebtedness, Capital Stock and Stock Equivalents of Foreign Subsidiaries, only to the extent enforceability of such obligation with respect to which Capital Stock and Stock Equivalents of Foreign Subsidiaries is governed by the Uniform Commercial Code), except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors' rights generally and subject to general principles of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no Event of Default shall have occurred and be continuing.

SECTION 5. <u>Reference to and Effect on the Credit Agreement and the Credit Documents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On and after the First Amendment Effective Date, each reference in the Credit Agreement to "this Agreement," "hereunder," "hereof" or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement, as amended by this First Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Credit Agreement and each of the other Credit Documents, as specifically amended by this First Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. Without limiting the generality of the foregoing, the Parent Borrower hereby ratifies and confirms in all respects that (i) each of the Credit Agreement, the Collateral Documents and each other Credit Document to which each Credit Party is a party is the legal, valid and binding obligation of such Credit Party, enforceable against such Credit Party in accordance with its terms, (ii) all of the obligations of the Credit Parties under the Credit Agreement, the Collateral Documents and each other Credit Document (in each case, after giving effect to this First Amendment) to which such Credit Party is a party, (A) constitute "Obligations" and are entitled to all the benefits of the Guaranty set forth in the Credit Agreement, and each such Guaranty is, and continues to be in full force and effect and is hereby reaffirmed in all respects, and (B) are reaffirmed and remain in full force and effect on a continuous basis, in each case as amended by this First Amendment, and (iii) each Credit Party's prior grant and the validity of security interests pursuant to the Collateral Documents are reaffirmed and remain in full force and effect and all security interests are continuing in full force and effect to secure all of the Obligations as amended by this First Amendment and are hereby ratified and confirmed in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as expressly set forth herein, the execution of this First Amendment shall not, (i) operate as a waiver of or otherwise affect any right, power or remedy of the Administrative Agent, the Letter of Credit Issuers or the Lenders, (ii) constitute a waiver of, alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provisions of the Credit Agreement or any other Credit Documents, or (iii) serve to effect a novation of the Obligations.

SECTION 6. <u>Governing Law</u>. THIS FIRST AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. The provisions of Sections 1.2, 13.5, 13.12, 13.15 and 13.16 of the Credit Agreement shall apply to this First Amendment, *mutatis mutandis*.

SECTION 7. <u>Counterparts</u>. This First Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this First Amendment and/or any document to be signed in connection with this First Amendment and the transactions contemplated hereby shall be deemed to include Electronic Signatures (as defined below), deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signature and Records Act, or any other similar state laws based on the Uniform Electronic Transaction Act. "<u>Electronic Signatures</u>" means any electronic symbol or process attached to, or associated with, any contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record.

SECTION 8. <u>Severability</u>. Wherever possible, each provision of this First Amendment shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this First Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this First Amendment.

SECTION 9. <u>Section Titles</u>. The Section titles contained in this First Amendment are and shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto.

SECTION 10. <u>Entire Agreement</u>. This First Amendment, the Credit Agreement and the other Loan Documents constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties or any of them with respect to the subject matter hereof.

[*Signature Pages to follow*]

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this First Amendment to be duly executed and delivered by the parties hereto as of the date first above written.

---

| | | |
|:---|:---|:---|
| **PHOENIX DATA CENTER ACQUISITIONS LLC,** | **PHOENIX DATA CENTER ACQUISITIONS LLC,** | **PHOENIX DATA CENTER ACQUISITIONS LLC,** |
| as Parent Borrower | as Parent Borrower | as Parent Borrower |
| By | /s/ Fred Day | /s/ Fred Day |
|  | Name: | Fred Day |
|  | Title: | Vice President |

---

Signature Page to First Amendment To Credit Agreement (Cyborg 2024)

---

| | |
|:---|:---|
| **<u>ADMINISTRATIVE AGENT</u>:** | **<u>ADMINISTRATIVE AGENT</u>:** |
| **WELLS FARGO BANK, NATIONAL ASSOCIATION,** | **WELLS FARGO BANK, NATIONAL ASSOCIATION,** |
| as Administrative Agent | as Administrative Agent |
| By: | /s/ Kyle Gaillard |
|  | Name: Kyle Gaillard |
|  | Title: Director |

---

Signature Page to First Amendment To Credit Agreement (Cyborg 2024)

<u>ANNEX I</u>

Amended Credit Agreement

See attached.

**Execution Version** **<u>*ANNEX I*</u>**

<u>***Composite copy reflecting amendments made pursuant to <br> First Amendment to Credit Agreement, dated April 17, 2024***</u>

U.S. REVOLVING CREDIT AGREEMENT

dated as of January 12, 2024

among

PHOENIX DATA CENTER ACQUISITIONS LLC

as the Parent Borrower,

PHOENIX DATA CENTER INTERMEDIATE LLC

as Holdings,

The Several Lenders and Letter of Credit Issuers<br> from Time to Time Parties Hereto,

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as the Administrative Agent

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as the Collateral Agent,

WELLS FARGO SECURITIES, LLC

TD SECURITIES (USA) LLC

as Joint Bookrunners and Lead Arrangers,

and

BMO CAPITAL MARKETS CORP.

THE BANK OF NOVA SCOTIA <br> as Joint Lead Arrangers

**<u>**TABLE OF CONTENTS**</u>**

---

| | | |
|:---|:---|:---|
|  |  | **<u>Page</u>** |
| Section 1. | Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | Defined Terms | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | Other Interpretive Provisions | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | Accounting Terms | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | Rounding | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | References to Agreements, Laws, Etc. | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | Exchange Rates | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | Rates | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 | Times of Day | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 | Timing of Payment or Performance | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | Certifications | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | Compliance with Certain Sections | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | Pro Forma and Other Calculations | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | Form Intercreditor Agreements | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | [Reserved] | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | Divisions | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | Designation of Borrowers | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | Borrower Agent | 77 |
| Section 2. | Amount and Terms of Credit | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | Commitments | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | Loans and Borrowings | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | Notice of Borrowing | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | Disbursement of Funds | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | Repayment of Loans; Evidence of Debt | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | Conversions and Continuations | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | Pro Rata Borrowings | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 | Interest | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | Interest Periods | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | Increased Costs, Illegality, Etc. | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | [Reserved] | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | Change of Lending Office | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | Notice of Certain Costs | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | Extension of Revolving Credit Commitments | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | [Reserved] | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | Defaulting Lenders | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | Alternate Rate of Interest | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | Benchmark Replacement Setting | 90 |
| Section 3. | Letters of Credit | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Letters of Credit | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Letter of Credit Requests | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | Letter of Credit Participations | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | Agreement to Repay Letter of Credit Drawings | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 | Increased Costs | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 | New or Successor Letter of Credit Issuer | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 | Role of Letter of Credit Issuer | 100 |

---

-i-

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 | Cash Collateral | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 | Applicability of ISP and UCP | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | Conflict with Issuer Documents | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 | Letter of Credit Issued for Subsidiaries | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 | Provisions Related to Extended Revolving Credit Commitments | 102 |
| Section 4. | Fees | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | Fees | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | Voluntary Reduction of Revolving Credit Commitments | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | Mandatory Termination | 104 |
| Section 5. | Payments | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | Voluntary Prepayments | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | Mandatory Prepayments | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | Method and Place of Payment | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 | Net Payments | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 | Computations of Interest and Fees | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 | Limit on Rate of Interest | 110 |
| Section 6. | Conditions Precedent to Initial Borrowing | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | Credit Documents | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 | Collateral | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 | Legal Opinions | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 | [Reserved.] | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 | Closing Certificates | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 | Authorization of Proceedings of the Parent Borrower and the Guarantors; Corporate Documents | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 | Fees | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 | Solvency Certificate | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 | Financial Statements | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 | Refinancing | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 | Notice of Revolving Credit Loan Borrowing; Letter of Credit Request | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 | Representations and Warranties | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 | Acquisition | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 | Patriot Act | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 | No Company Material Adverse Effect | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 | Evoque Transaction | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 | Bankruptcy | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 | Quality of Earnings Report | 115 |
| Section 7. | Conditions Precedent to All Credit Events after the Closing Date | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | No Event of Default; Representations and Warranties | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | LTV and Fixed Charge Coverage Ratio | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 | Notice of Borrowing | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 | Drawstop Event Period | 116 |
| Section 8. | Representations and Warranties | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | Corporate Status | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 | Corporate Power and Authority | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 | No Violation | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 | Litigation | 117 |

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-ii-

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 | Margin Regulations | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 | Governmental Approvals | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 | Investment Company Act | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 | True and Complete Disclosure | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 | Financial Condition; Financial Statements | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 | Compliance with Laws | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 | Tax Matters | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 | Compliance with ERISA | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13 | Subsidiaries | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 | Intellectual Property | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15 | Environmental Laws | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16 | Properties | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17 | Closing Date Solvency | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.18 | Use of Proceeds | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.19 | Sanctions | 120 |
| Section 9. | Affirmative Covenants | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | Information Covenants | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | Books, Records, and Inspections | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 | Maintenance of Insurance | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 | Payment of Taxes | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 | Preservation of Existence; Consolidated Corporate Franchises | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 | Compliance with Statutes, Regulations, Etc. | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 | ERISA | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 | Maintenance of Tangible Properties | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 | Transactions with Affiliates | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 | End of Fiscal Years | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 | Additional Guarantors and Grantors | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12 | Pledge of Additional Stock and Evidence of Indebtedness | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 | Use of Proceeds | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.14 | Further Assurances | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.15 | [reserved.] | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.16 | Lines of Business | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.17 | Financial Covenants under Other Indebtedness | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.18 | Post-Closing Actions | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.19 | Foreign First-Tier Finance Holdings Subsidiaries | 130 |
| Section 10. | Negative Covenants | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 | Limitation on Indebtedness | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 | Limitation on Fundamental Changes | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 | Limitation on Sale of Assets | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 | Limitation on Restricted Payments | 136 |
| Section 11. | Events of Default | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 | Payments | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 | Representations, Etc. | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 | Covenants | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 | Default Under Other Agreements | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 | Bankruptcy, Etc. | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 | ERISA | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 | Guarantee | 145 |

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-iii-

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 | Security Documents | 145.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 | Judgments | 145.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 | Change of Control | 145.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 | Remedies Upon Event of Default | 145.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 | Application of Proceeds | 146.0 |
| Section 12. | The Agents | 146.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 | Appointment | 146.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 | Delegation of Duties | 147.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 | Exculpatory Provisions | 147.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 | Reliance by Agents | 148.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 | Notice of Default | 148.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 | Non-Reliance on Administrative Agent, Collateral Agent, and Other Lenders | 149.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 | Indemnification | 149.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 | Agents in Their Individual Capacities | 150.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9 | Successor Agents | 150.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 | Withholding Tax | 152.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 | Agents Under Security Documents and Guarantee | 152.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 | Right to Realize on Collateral and Enforce Guarantee | 153.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13 | Intercreditor Agreements Govern | 154.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14 | Acknowledgements of Lenders | 154.0 |
| Section 13. | Miscellaneous | 156.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 | Amendments, Waivers, and Releases | 156.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 | Notices | 160.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 | No Waiver; Cumulative Remedies | 161.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 | Survival of Representations and Warranties | 162.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 | Payment of Expenses; Indemnification | 162.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 | Successors and Assigns; Participations and Assignments | 163.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 | Replacements of Lenders Under Certain Circumstances | 168.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 | Adjustments; Set-off | 169.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9 | Counterparts | 170.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10 | Severability | 170.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 | Integration | 170.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 | GOVERNING LAW | 170.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13 | Submission to Jurisdiction; Waivers | 171.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.14 | Acknowledgments | 171.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.15 | WAIVERS OF JURY TRIAL | 172.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.16 | Confidentiality | 173.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.17 | Direct Website Communications | 174.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.18 | USA PATRIOT Act | 175.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.19 | [Reserved] | 175.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.20 | Payments Set Aside | 175.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.21 | No Fiduciary Duty | 176.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.22 | Nature of Borrower Obligations | 176.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.23 | Acknowledgment and Consent to Bail-In of Affected Financial Institutions | 177.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.24 | Acknowledgment Regarding Any Supported QFCs | 177.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.25 | Certain ERISA Matters | 178.0 |

---

-iv-

<u>SCHEDULES</u>

---

| | |
|:---|:---|
| Schedule 1.1(a) | Commitments of Lenders |
| Schedule 1.1(c) | Closing Date Liens |
| Schedule 1.1(d) | Closing Date First Tier Property Values |
| Schedule 8.13 | Subsidiaries |
| Schedule 9.18 | Post-Closing Actions |
| Schedule 10.1 | Closing Date Indebtedness |
| Schedule 13.2 | Notice Addresses |

---

<u>EXHIBITS</u>

---

| | |
|:---|:---|
| Exhibit A | Form of Closing Certificate |
| Exhibit B | Form of Guarantee |
| Exhibit C | Form of Pledge Agreement |
| Exhibit D | Form of Credit Party Closing Certificate |
| Exhibit E | Form of Assignment and Acceptance |
| Exhibit F | Form of Promissory Note |
| Exhibit G-1 | Form of First Lien Intercreditor Agreement |
| Exhibit G-2 | Form of Second Lien Intercreditor Agreement |
| Exhibit H-1 | Form of Non-Bank Tax Certificate |
|  | (For Non-U.S. Lenders That Are Not Partnerships |
|  | For U.S. Federal Income Tax Purposes) |
| Exhibit H-2 | Form of Non-Bank Tax Certificate |
|  | (For Non-U.S. Lenders That Are Partnerships |
|  | For U.S. Federal Income Tax Purposes) |
| Exhibit H-3 | Form of Non-Bank Tax Certificate |
|  | (For Non-U.S. Participants That Are Not Partnerships |
|  | For U.S. Federal Income Tax Purposes) |
| Exhibit H-4 | Form of Non-Bank Tax Certificate |
|  | (For Foreign Participants That Are Partnerships |
|  | For U.S. Federal Income Tax Purposes) |
| Exhibit I | Form of Notice of Borrowing or Continuation or Conversion |
| Exhibit J | Form of Solvency Certificate |
| <u>Exhibit K</u> | <u>Form of Compliance Certificate</u> |

---

-v-

**<u>U.S. REVOLVING CREDIT AGREEMENT</u>**

U.S. REVOLVING CREDIT AGREEMENT, dated as of January 12, 2024, among PHOENIX DATA CENTER ACQUISITIONS LLC, a Delaware limited liability corporation (as the "**Parent Borrower**"), PHOENIX DATA CENTER INTERMEDIATE LLC, a Delaware limited liability corporation (as "**Holdings**"), the lending institutions from time to time parties hereto (each a "**Lender**" and, collectively, the "**Lenders**"), the Letter of Credit Issuers from time to time parties hereto, WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Administrative Agent, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Collateral Agent (such terms and each other capitalized term used but not defined in this preamble having the meaning provided in <u>Section 1</u>).

WHEREAS, the Purchaser will acquire certain assets of the Company as set forth in the Acquisition Agreement (the "**Plan Acquisition**") pursuant to, in accordance with and under and in connection with that certain (a) Asset Purchase Agreement, dated as of October 31, 2023, by and among Phoenix Data Center Holdings LLC, a Delaware limited liability company (the "**Purchaser**"), Cyxtera Technologies, Inc., a Delaware corporation (the "**Company**") and certain subsidiaries of the Company (together with all exhibits, annexes, schedules and disclosure letters thereto, collectively, as modified, amended, supplemented or waived, the "**Acquisition Agreement**"); (b) the *Fourth Amended Joint Chapter 11 Plan of Cyxtera Technologies, Inc. and Its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code* (the "**Chapter 11 Plan**") filed in the chapter 11 cases (the "**Chapter 11 Cases**") of Cyxtera Technologies, Inc. and certain of its subsidiaries commenced in the United States Bankruptcy Court for the District of New Jersey (the "**Bankruptcy Court**") in the chapter 11 cases captioned *In re Cyxtera Technologies Inc. et al.*, Ch. 11 Case No. 23-14853 (JKS) (Bankr. D. N.J. July 5, 2023); and (c) the *Revised Findings of Fact, Conclusions of Law, and Order Confirming the Fourth Amended Joint Plan of Reorganization of Cyxtera Technologies, Inc. and it Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code* entered on November 17, 2023 Docket No. 718 (the "**Confirmation Order**") by the Bankruptcy Court confirming the Chapter 11 Plan;

WHEREAS, the Purchaser intends to, directly or indirectly, acquire certain properties owned by third party landlords, in each case, as set forth in the applicable Purchase and Sale Agreement (each, a "**Third Party Acquisition Agreement**", each acquisition, a "**Third Party Acquisition**" and the assets acquired in connection therewith, "**Third Party Acquired Assets**");

WHEREAS, the Purchaser intends to, directly or indirectly, acquire certain properties owned by third party landlords, in each case, as set forth in the applicable Purchase and Sale Agreement (each, an "**Additional Property Acquisition Agreement**" (and collectively, together with each Third Party Acquisition Agreement, the "**Property Acquisition Agreements**") and each acquisition, an "**Additional Property Acquisition**" (and collectively, together with each Third Party Acquisition, the "**Property Acquisitions**"));

WHEREAS, in furtherance of an internal reorganization of certain Subsidiaries of the Sponsor, the Sponsor intends to transfer certain properties and other assets of certain Subsidiaries of Sponsor to certain other Subsidiaries of the Sponsor (collectively, the "<u>Transferred Subsidiaries</u>"), and, immediately following the consummation of such transactions, transfer all of the issued and outstanding membership interests of each Transferred Subsidiary to Phoenix Data Center Parent LLC, in each case, in accordance with and as set forth in that certain Contribution and Transfer Agreement, dated as of the date hereof, by and among Dawn US Holdings, LLC, a Delaware limited liability company, Evoque Dallas Data Centers LLC, a Delaware limited liability company, the SPE Companies named therein, Phoenix Infrastructure LLC, a Delaware limited liability company, and Phoenix Data Center Parent, LLC, a Delaware limited liability company (together with all exhibits, annexes and schedules thereto, collectively, as modified, amended, supplemented or waived, the "**Evoque Transaction Agreement**" and such transfers, the "**Evoque Transaction**", and together with the Plan Acquisition, each Third Party Acquisition and each Additional Property Acquisition other related transactions contemplated in the Acquisition Agreement to occur on the date of or substantially contemporaneously with the foregoing, the "**Acquisitions**")

WHEREAS, in connection with the Acquisitions, the Parent Borrower has requested that the Lenders extend credit in the form of Revolving Credit Loans (exclusive of Letter of Credit usage) in an aggregate principal amount at any time not exceeding the sum of the Revolving Credit Commitments hereunder less the sum of the Lenders' aggregate Letter of Credit Exposure at such time, made available to the Parent Borrower (i) on the Closing Date, together with the proceeds of other First Tier Facilities established on the Closing Date and cash on hand of the Parent Borrower, (A) to finance the Transactions and for general corporate purposes in an amount equal to the amount necessary to fund (1) the Reserves Shortfall (less any Letters of Credit issued on the Closing Date to backstop any Reserves Shortfall) and (2) the Proceeds Shortfall and (B) in any amount needed to fund upfront fees or original issue discount in respect of any Credit Facilities (and any other First Tier Facilities established on the Closing Date) imposed under the Fee Letter, working capital adjustments and reimbursements for Capital Expenditures pursuant to the Acquisition Agreement and/or the refinancing of any Indebtedness incurred for working capital purposes and purchase price adjustments made pursuant to the Acquisition Agreement and/or the Property Acquisition Agreement, and (ii) at any time and from time to time after the Closing Date, for working capital and general corporate purposes (including to finance any other transactions not prohibited by the Credit Documents).

WHEREAS, the Parent Borrower has requested that any Letter of Credit Issuer issues Letters of Credit (i) on the Closing Date in order to (A) backstop any Reserves Shortfall (less any Revolving Loans drawn on the Closing Date to fund such Reserves Shortfall) and (B) backstop or replace letters of credit outstanding on the Closing Date under any facilities no longer available as of the Closing Date to the Parent Borrower, the Company or any of their respective Affiliates (and such existing letters of credit may be deemed Letters of Credit outstanding under the Revolving Credit Facility), and (ii) thereafter at any time and from time to time prior to the L/C Facility Maturity Date, in an aggregate Stated Amount at any time outstanding not in excess of $50,000,000; and

WHEREAS, the Lenders and Letter of Credit Issuers are willing to make available to the Borrower such revolving credit and letter of credit facilities upon the terms and subject to the conditions set forth herein;

NOW, THEREFORE, in consideration of the premises and the covenants and agreements contained herein, the parties hereto hereby agree as follows:

Section 1. <u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Defined Terms</u>. As used herein, the following terms shall have the meanings specified in this Section 1.1 unless the context otherwise requires (it being understood that defined terms in this Agreement shall include in the singular number the plural and in the plural the singular):

"**30-Day SOFR Average**" has the meaning specified in the definition of "SOFR Average".

"**ABR**" shall mean, for any day, a rate per annum equal to the highest of (a) the "U.S. Prime Rate" in effect on such day as quoted in the Wall Street Journal (the "**Prime Rate**"), (b) the NYFRB Rate in effect on such day plus 0.50% and (c) Term SOFR for a one-month interest period in effect on such day plus 1.00%; *provided* that, for the avoidance of doubt, Term SOFR for any day shall be Term SOFR for a one-month interest period on the day that is two (2) Business Days prior to such day, as such rate is published by the Term SOFR Administrator. Any change in the ABR due to a change in the Prime Rate, the NYFRB Rate or Term SOFR shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or Term SOFR, respectively.

"**ABR Loan**" shall mean each Loan bearing interest based on the ABR.

"**Acquired Assets**" shall mean the Acquired Assets (as defined in the Acquisition Agreement).

"**Acquired EBITDA**" shall mean, with respect to any Acquired Entity or Business for any period, the amount for such period of Consolidated EBITDA of such Acquired Entity or Business (determined using such definitions as if references to the Parent Borrower and the Subsidiaries therein were to such Acquired Entity or Business and its Subsidiaries), all as determined on a consolidated basis for such Acquired Entity or Business in accordance with GAAP.

"**Acquired Entity or Business**" shall have the meaning provided in the definition of the term "Consolidated EBITDA".

"**Acquired Indebtedness**" shall mean, with respect to any specified Person, (i) Indebtedness of any other Person existing at the time such other Person is merged, consolidated, or amalgamated with or into or became a Subsidiary of such specified Person, including Indebtedness incurred in connection with, or in contemplation of, such other Person merging, consolidating, or amalgamating with or into or becoming a Subsidiary of such specified Person, and (ii) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.

"**Acquisition**" shall have the meaning provided in the recitals to this Agreement.

"**Acquisition Agreement**" shall have the meaning provided in the recitals to this Agreement.

"**Additional Borrower**" shall mean any Subsidiary that is added as a Borrower pursuant to <u>Section 1.16</u>.

"**Adjusted Total Revolving Credit Commitment**" shall mean, at any time, the Total Revolving Credit Commitment less the aggregate Revolving Credit Commitments of all Defaulting Lenders.

"**Administrative Agent**" shall mean Wells Fargo Bank, National Association, as the administrative agent for the Lenders under this Agreement and the other Credit Documents, or any successor administrative agent pursuant to <u>Section 12.9</u>.

"**Administrative Agent's Office**" shall mean the Administrative Agent's address and, as appropriate, account as set forth on <u>Schedule 13.2</u> or such other address or account as the Administrative Agent may from time to time notify the Parent Borrower and the Lenders.

"**Administrative Questionnaire**" shall have the meaning provided in <u>Section 13.6(b)(ii)(D)</u>.

"**Affected Financial Institution**" shall mean (a) any EEA Financial Institution or (b) any UK Financial Institution

"**Affiliate**" shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with such Person. A Person shall be deemed to control another Person if such Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such other Person, whether through the ownership of voting securities, by contract or otherwise.

"**Affiliated Institutional Lender**" shall mean any Affiliate of the Sponsor that is either a bona fide debt fund or such Affiliate extends credit or buys loans in the ordinary course of business.

"**Affiliated Lender**" shall mean a Lender that is the Sponsor or any Affiliate thereof (other than the Borrower, any other Subsidiary of the Borrower, or any Affiliated Institutional Lender).

"**Agent Party**" and "**Agent Parties**" shall have the meaning provided in <u>Section 13.17(b)</u>.

"**Agents**" shall mean the Administrative Agent, the Collateral Agent and each Joint Lead Arranger.

"**Agreement**" shall mean this Credit Agreement.

"**AML Laws**" shall mean (a) the USA Patriot Act of 2001 (Pub. L. No. 107-56), (b) the U.S. Money Laundering Control Act of 1986, as amended, (c) the Bank Secrecy Act, 31 U.S.C. sections 5301 et seq., (d) Laundering of Monetary Instruments, 18 U.S.C. section 1956, (e) Engaging in Monetary Transactions in Property Derived from Specified Unlawful Activity, 18 U.S.C. section 1957, (f) the Financial Recordkeeping and Reporting of Currency and Foreign Transactions Regulations (Title 31 Part 103 of the US Code of Federal Regulations), or (g) any other applicable money laundering or financial recordkeeping Laws.

"**Anticorruption Laws**" shall mean the U.S. Foreign Corrupt Practices Act, as amended, and any other applicable anti-bribery or anticorruption laws or regulations.

"**Applicable Margin**" shall mean a percentage per annum equal to (a) for SOFR Loans, that are Revolving Credit Loans, 4.25% and (b) for ABR Loans that are Revolving Credit Loans, 3.25%.

Notwithstanding the foregoing, the Applicable Margin in respect of any Class of Extended Revolving Credit Commitments or Revolving Credit Loans made pursuant to any Extended Revolving Credit Commitments shall be the applicable percentages per annum set forth in the relevant Extension Amendment.

"**Appraisal**" shall mean a written statement setting forth an opinion of the market value of the Property that (i) has been independently and impartially prepared in accordance with the requirements of FIRREA and USPAP, by an independent third-party appraiser directly engaged by Administrative Agent holding an MAI designation, who is state licensed or state certified if required under the laws of the State, who meets the requirements of FIRREA and USPAP and who otherwise is reasonably satisfactory to Administrative Agent, (ii) complies with all applicable federal and state laws and regulations dealing with appraisals or valuations of real property, including the minimum appraisal standards for national banks promulgated by the Comptroller of the Currency pursuant to Title XI of the FIRREA, (iii) has been prepared on as "as-is" basis, and (iv) has been prepared not more than twelve (12) months prior to the relevant date.

"**Approved Fund**" shall mean any Fund that is administered or managed by (i) a Lender, (ii) an Affiliate of a Lender, or (iii) an entity or an Affiliate of an entity that administers, advises or manages a Lender.

"**Asset Sale**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sale, conveyance, transfer, or other disposition, whether in a single transaction
or a series of related transactions, of property or assets (including by way of a Sale Leaseback) (each a "**disposition** ")
of the Parent Borrower or any Credit Party, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the issuance or sale of Equity Interests of any Subsidiary of the Parent Borrower
or other Credit Party (other than preferred stock of any such Subsidiary issued in compliance with <u>Section 10.1</u>), whether in a
single transaction or a series of related transactions, in each case, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any disposition of Cash Equivalents or Investment Grade Securities or obsolete, worn out, damaged or surplus
property or property (including leasehold property interests) that is no longer economically practical in its business or commercially
desirable to maintain or no longer used or useful equipment in the ordinary course of business or any disposition of inventory, immaterial
assets, or goods (or other assets) in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the disposition of all or substantially all of the assets of, or the conversion of
any equity interests in, the Parent Borrower or any Subsidiary in a manner permitted pursuant to <u>Section 10.2</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the incurrence of any Permitted Liens or the making of any Restricted Payment that
is permitted to be made, and is made, pursuant to <u>Section 10.4</u> or of any Investment not otherwise prohibited hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any sale or disposition of assets (whether tangible or intangible) or issuance or
sale of Equity Interests of any Subsidiary in any transaction or series of related transactions with an aggregate Fair Market Value of
less than (A) the greater of $75,000,000 and 1.25% of Consolidated Total Assets (as reflected in the most recently delivered Section 9.1
Financials (calculated on a Pro Forma Basis) at the time of such disposition) individually or (B) the greater of $150,000,000 and 2.5%
of Consolidated Total Assets (as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) at
the time of such disposition) in the aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any disposition of property or assets or issuance of securities by (1) any Credit
Party to the Parent Borrower or (2) by the Parent Borrower or any other Credit Party to another Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to the extent allowable under Section 1031 of the Code, or any comparable or successor
provision, any exchange of like property (excluding any boot thereon) for use in a Similar Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) foreclosures,
 condemnation, casualty or any similar action on assets (including dispositions in connection therewith);

(viii) disposition
 of Securitization Assets, or participations therein, in connection with any Permitted Securitization Financing, including dispositions
 (including by capital contribution) of assets to Securitization Entities in connection with any Permitted Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any financing transaction with respect to property built or acquired by the Parent Borrower or any Credit Party after the Closing Date, including Sale Leasebacks and asset securitizations permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) (1) any surrender or waiver of contractual rights or the settlement, release, or surrender
of contractual rights or other litigation claims, (2) the termination or collapse of cost sharing agreements with the Parent Borrower or any Credit Party and the settlement of any crossing payments in connection therewith, or (3) the settlement, discount,
write off, forgiveness, or cancellation of any Indebtedness owing by any present or former consultants, directors, officers, or employees
of the Parent Borrower (or any direct or indirect parent company of the Parent Borrower) or any Credit Party or any of their successors or assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the disposition or discount of inventory, accounts receivable, or notes receivable
in the ordinary course of business or the conversion of accounts receivable to notes receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the non-exclusive
 licensing, cross-licensing or sub-licensing of Intellectual Property or other general intangibles (whether pursuant to franchise
 agreements or otherwise) in the ordinary course of business or in connection with a Permitted Securitization Financing;

(xiii) the unwinding of any Hedging
 Obligations or obligations in respect of Cash Management Services;

(xiv) sales, transfers, and other
 dispositions of (i) Investments in joint ventures to the extent required by, or made pursuant to, customary buy/sell arrangements
 between the joint venture parties set forth in joint venture arrangements and similar binding arrangements and (ii) property or assets,
 if the acquisition of such property or assets was financed with Excluded Contributions;

(xv) the lapse or
 abandonment of Intellectual Property rights in the ordinary course of business, which in the reasonable business judgment of the
 Parent Borrower are not material to the conduct of the business of the Parent Borrower and the Credit Parties taken as a whole;

(xvi) the issuance of directors'
 qualifying shares and shares issued to foreign nationals as required by applicable law;

(xvii) dispositions of property to
 the extent that (1) such property is exchanged for credit against the purchase price of similar replacement property that is purchased
 within 450 days thereof, (2) the proceeds of such Asset Sale are promptly applied to the purchase price of such replacement property
 (which replacement property is actually purchased within 450 days thereof) or (3) such dispositions are necessary or advisable (as
 determined by the Parent Borrower in good faith) in order to obtain or increase the likelihood of obtaining the approval of any Governmental
 Authority to consummate or avoid the prohibition or other restriction on the consummation of any permitted acquisition of any Person,
 business or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) lease,
 assignments, subleases, licenses, or sublicenses, in each case in the ordinary course of business and which do not materially interfere
 with the business of the Parent Borrower and the Credit Parties, taken as a whole;

(xix) dispositions of non-core assets
 acquired in connection with any Permitted Acquisition or Investment permitted hereunder;

(xx) sales, transfers and other dispositions
 of accounts receivable (including write-offs, discounts and compromises) in connection with the compromise, settlement or collection
 thereof;

(xxi) any swap of
 assets in exchange for services or other assets in the ordinary course of business of comparable or greater Fair Market Value or
 usefulness to the business of the Parent Borrower and the other Credit Parties, as a whole, as determined in good faith by the Parent
 Borrower; and

(xxii) any sale, lease, sub-lease or
 other disposition of property or services in the ordinary course of business pursuant to the terms of any Lease or service agreement.

"**Assignment and Acceptance**" shall mean an assignment and acceptance substantially in the form of <u>Exhibit E</u>, or such other form as may be approved by the Administrative Agent and the Parent Borrower.

"**Authorized Officer**" shall mean, with respect to any Person, any individual holding the position of chairman of the board (if an officer), the Chief Executive Officer, President, the Chief Financial Officer, the Treasurer, the Controller, the Vice President-Finance, a Senior Vice President, a Director, a Manager, the Secretary, the Assistant Secretary or any other senior officer or agent with express authority to act on behalf of such Person designated as such by the board of directors or other managing authority of such Person.

"**Auto-Extension Letter of Credit**" shall have the meaning provided in <u>Section 3.2(d)</u>.

"**Available Commitment**" shall mean an amount equal to the excess, if any, of (i) the amount of the Total Revolving Credit Commitment over (ii) the sum of the aggregate principal amount of, without duplication, (a) all Revolving Credit Loans then outstanding and (b) the aggregate Letters of Credit Outstanding at such time.

"**Available Restricted Debt Payments Amount**" shall mean, at any time, (a) the amount of Restricted Debt Payments that may be made at the time of determination pursuant to <u>Section 10.4(b)(15)(a)</u> minus (b) the amount of the Available Restricted Debt Payments Amount utilized by the Parent Borrower to make Restricted Payments pursuant to <u>Section 10.4(b)(10)</u>.

"**Available Restricted Payments Amount**" shall mean, at any time, (a) the amount of Restricted Payments that may be made at the time of determination pursuant to <u>Section 10.4(b)(10)</u> minus (b) the amount of the Available Restricted Payments Amount utilized by the Parent Borrower to make Restricted Debt Payments pursuant to <u>Section 10.4(b)(15)(b)</u>.

"**Available Tenor**" shall mean, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an Interest Period pursuant to this Agreement or (b) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to clause (d) of Section 2.18; provided, that if the then-current Benchmark is based upon SOFR Average, such Benchmark shall be deemed to not have any Available Tenors.

"**Bail-In Action**" shall mean the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

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

"**Bankruptcy Code**" shall have the meaning provided in <u>Section 11.5</u>.

"**Bankruptcy Court**" shall have the meaning provided in the recitals to this Agreement.

"**Benchmark**" shall mean, initially, with respect to any Obligations, interest fees, commissions or other amounts denominated in, or calculated with respect to, Dollars, the Term SOFR Reference Rate or SOFR Average; provided that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate, SOFR Average or the then-current Benchmark for Dollars, then "Benchmark" shall mean the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (a) of Section 2.18.

"**Benchmark Replacement**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) with respect to any Benchmark Transition Event with respect to a Benchmark applicable to Dollar-denominated Loans: the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Daily SOFR; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of: (i) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower giving due consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities and (ii) the related Benchmark Replacement Adjustment; <u>provided</u> that, in the case of clause (ii) above, such adjustment shall not be in the form of an increase to the Applicable Margin.

If the Benchmark Replacement as determined pursuant to clause (a) or (b) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Credit Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) [reserved].

"**Benchmark Replacement Adjustment**" shall mean, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities.

"**Benchmark Replacement Date**" shall mean the earliest to occur of the following events with respect to such then-current Benchmark:

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

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

For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein solely to the extent such event applies to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

"**Benchmark Transition Event**" shall mean the occurrence of one or more of the following events with respect to then-current Benchmark:

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

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

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

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

"**Benchmark Unavailability Period**" shall mean the period (if any) (a) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Credit Document in accordance with <u>Section 2.18</u> and (b) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Credit Document in accordance with <u>Section 2.18</u>.

"**Beneficial Ownership Regulation**" shall mean 31 C.F.R. § 1010.230.

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

"**Benefited Lender**" shall have the meaning provided in <u>Section 13.8(a)</u>.

"**BHC Act Affiliate**" shall have the meaning provided in <u>Section 13.24(b)</u>.

"**Board**" shall mean the Board of Governors of the Federal Reserve System of the United States (or any successor).

"**Bona-Fide Lending Affiliate**" any Affiliate of any Named Competitor that is regularly engaged in the business of commercial real estate lending, including Affiliates of such entities whose investment guidelines permit investments in debt securities.

"**Borrower**" shall mean the Parent Borrower and, if applicable, any Additional Borrowers. As the context requires, the term "Borrower" herein shall refer collectively to the Borrowers collectively or to the applicable Borrower as of such time.

"**Borrower Agent**" shall have the meaning provided in <u>Section 1.17(a)</u>.

"**Borrower Materials**" shall have the meaning provided in <u>Section 13.17(b)</u>.

"**Borrowing**" shall mean Loans of the same Class and Type made, converted, or continued on the same date and, in the case of Term SOFR Borrowings as to which a single Interest Period is in effect.

"**Business Day**" shall mean any day excluding Saturday, Sunday, and any other day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"**Canadian Dollars**" shall mean the lawful currency of Canada.

"**Capital Expenditures**" shall mean, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities and including in all events all amounts expended or capitalized under Capital Leases) by the Parent Borrower and its Subsidiaries during such period that, in conformity with GAAP, are or are required to be included as additions during such period to property, plant, or equipment reflected in the consolidated balance sheet of the Parent Borrower and its Subsidiaries (including Capitalized Software Expenditures, website development costs, website content development costs, customer acquisition costs and incentive payments, conversion costs, and contract acquisition costs).

"**Capital Lease**" shall mean, as applied to any Person, any lease of any property (whether real, personal, or mixed) by that Person as lessee that, in conformity with GAAP, is, or is required to be, accounted for as a capital lease on the balance sheet of that Person, subject to <u>Section 1.12</u>.

"**Capital Stock**" shall mean (i) in the case of a corporation, corporate stock, (ii) in the case of an association or business entity, any and all shares, interests, participations, rights, or other equivalents (however designated) of corporate stock, (iii) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited), and (iv) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person (it being understood and agreed, for the avoidance of doubt, that "cash-settled phantom appreciation programs" in connection with employee benefits that do not require a dividend or distribution shall not constitute Capital Stock).

"**Capitalized Lease Obligation**" shall mean, at the time any determination thereof is to be made, the amount of the liability in respect of a Capital Lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP, subject to <u>Section 1.12</u>.

"**Capitalized Software Expenditures**" shall mean, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities) by the Parent Borrower and its Subsidiaries during such period in respect of purchased software or internally developed software and software enhancements that, in conformity with GAAP, are or are required to be reflected as capitalized costs on the consolidated balance sheet of the Parent Borrower and its Subsidiaries.

"**Cash Collateralize**" shall mean to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more of the Letter of Credit Issuers or the Lenders, as collateral for L/C Obligations or obligations of the Lenders to fund participations in respect of L/C Obligations, cash or deposit account balances or, if the Administrative Agent and the Letter of Credit Issuers shall agree in their sole discretion, other credit support. "**Cash Collateral**" shall have a correlative meaning and shall include the proceeds of such cash collateral and other credit support.

"**Cash Equivalents**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dollars,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (a) Euros, Pounds Sterling, Japanese Yen, Swiss
Francs, Canadian Dollars, New Zealand Dollars or any national currency of any Participating Member State in the European Union or (b) local currencies held from time to time in the ordinary course of business,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) securities issued or directly and fully and unconditionally guaranteed or insured
by the United States government or any country that is a member state of the European Union or any agency or instrumentality thereof the
securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with maturities of 24 months
or less from the date of acquisition,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) certificates of deposit, time deposits, and eurodollar time deposits with maturities
of one year or less from the date of acquisition, bankers' acceptances with maturities not exceeding one year, and overnight bank
deposits, in each case with any commercial bank having capital and surplus of not less than $100,000,000,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) repurchase obligations for underlying securities of
the types described in <u>clauses (iii)</u>, <u>(iv)</u>, and <u>(ix)</u> entered into with any financial institution meeting the qualifications
specified in <u>clause (iv)</u> above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) commercial paper rated at least P-2 by Moody's or at least A-2 by S&P and
in each case maturing within 24 months after the date of creation thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) marketable short-term money market and similar securities having a rating of at least
P-2 or A-2 from either Moody's or S&P, respectively (or, if at any time neither Moody's nor S&P shall be rating such
obligations, an equivalent rating from another nationally recognized ratings agency) and in each case maturing within 24 months after
the date of creation or acquisition thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) readily marketable direct obligations issued by any state, commonwealth, or territory
of the United States or any political subdivision or taxing authority thereof having one of the two highest rating categories obtainable
from either Moody's or S&P with maturities of 24 months or less from the date of acquisition,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indebtedness or preferred stock issued by Persons with a rating of "A"
or higher from S&P or "A2" or higher from Moody's with maturities of 24 months or less from the date of acquisition,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) solely with respect to any Foreign Subsidiary: (a) obligations of the national government of the
 country in which such Foreign Subsidiary maintains its chief executive office and principal place of business provided such country
 is a member of the Organization for Economic Cooperation and Development, in each case maturing within one year after the date of
 investment therein, (b) certificates of deposit of, bankers acceptances of, or time deposits with, any commercial bank which is
 organized and existing under the laws of the country in which such Foreign Subsidiary maintains its chief executive office and
 principal place of business provided such country is a member of the Organization for Economic Cooperation and Development, and
 whose short-term commercial paper rating from S&P is at least "A-2" or the equivalent thereof or from Moody's
 is at least "P-2" or the equivalent thereof (any such bank being an "**Approved Foreign Bank** "), and in
 each case with maturities of not more than 24 months from the date of acquisition, and (c) the equivalent of demand deposit accounts
 which are maintained with an Approved Foreign Bank, in each case, customarily used by corporations for cash management purposes in any jurisdiction
outside the United States to the extent reasonably required in connection with any business conducted by such Foreign Subsidiary organized
in such jurisdiction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) in the case of investments by any Foreign Subsidiary or investments made in a country
outside the United States, Cash Equivalents shall also include investments of the type and maturity described in <u>clauses (i)</u> through <u>(ix)</u> above of foreign obligors, which investments have ratings, described in such clauses or equivalent ratings from comparable
foreign rating agencies, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) investment funds investing 90% of their assets in securities of the types described
in <u>clauses (i)</u> through <u>(ix)</u> above.

Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in <u>clauses (i)</u> and <u>(ii)</u> above; <u>provided</u> that such amounts are converted into any currency listed in <u>clauses (i)</u> and <u>(ii)</u> as promptly as practicable and in any event within ten Business Days following the receipt of such amounts.

For the avoidance of doubt, any items identified as Cash Equivalents under this definition will be deemed to be Cash Equivalents for all purposes under the Credit Documents regardless of the treatment of such items under GAAP.

"**Cash Management Agreement**" shall mean any agreement or arrangement to provide Cash Management Services.

"**Cash Management Services**" shall mean any one or more of the following types of services or facilities: (i) commercial credit cards, merchant card services, purchase or debit cards, including non-card e-payables services, or electronic funds transfer services, (ii) treasury management services (including controlled disbursement, cash pooling, overdraft automatic clearing house fund transfer services, return items, and interstate depository network services), (iii) any other demand deposit or operating account relationships or other cash management services, including pursuant to any Cash Management Agreements and (iv) and other services related, ancillary or complementary to the foregoing.

"**CFC**" shall mean a "controlled foreign corporation" within the meaning of Section 957 of the Code.

"**Change in Law**" shall mean (i) the adoption of any law, treaty, order, policy, rule, or regulation after the Closing Date, (ii) any change in any law, treaty, order, policy, rule, or regulation or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (iii) compliance by any Lender with any guideline, request, directive, or order issued or made after the Closing Date by any central bank or other governmental or quasi-governmental authority (whether or not having the force of law), including, for avoidance of doubt, any such adoption, change or compliance in respect of (a) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines, or directives thereunder or issued in connection therewith and (b) all requests, rules, guidelines, requirements, or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority), or the United States or foreign regulatory authorities pursuant to Basel III in each case, after the Closing Date.

"**Change of Control**" shall mean and be deemed to have occurred if (i) at any time prior to an IPO, the Permitted Holders shall at any time not own, in the aggregate, directly or indirectly, beneficially and of record, at least 50% of the voting power of the outstanding Voting Stock of the Parent Borrower or (ii) at any time after an IPO, any Person, entity, or "group" (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended), other than the Permitted Holders, shall at any time have acquired direct or indirect beneficial ownership of a percentage of the voting power of the outstanding Voting Stock of the Parent Borrower that exceeds 35% thereof, unless the Permitted Holders have, at such time, the right or the ability by voting power, contract, or otherwise to elect or designate for election at least a majority of the board of directors of the Parent Borrower. For the purpose of <u>clauses (i)</u> and <u>(ii)</u>, at any time when a majority of the outstanding Voting Stock of the Parent Borrower is directly or indirectly owned by a Parent Entity or, if applicable, a Parent Entity acts as the manager, managing member or general partner of the Parent Borrower, references in this definition to "the Parent Borrower" shall be deemed to refer to the ultimate Parent Entity that directly or indirectly owns such Voting Stock or acts as (or, if applicable, is a Parent Entity that directly or indirectly owns a majority of the outstanding Voting Stock of) such manager, managing member or general partner. For purposes of this definition, (x) "beneficial ownership" shall be as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act, (y) the phrase Person or "group" is within the meaning of Section 13(d) or 14(d) of the Exchange Act, but excluding any employee benefit plan of such Person or "group" and its subsidiaries and any Person acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan, and (z) if any Person or "group" includes one or more Permitted Holders, the issued and outstanding Equity Interests of the Parent Borrower or the IPO Entity, as applicable, directly or indirectly owned by the Permitted Holders that are part of such Person or "group" shall not be treated as being owned by such Person or "group" for purposes of determining whether <u>clause (ii)</u> of this definition is triggered.

"**Chapter 11 Cases**" shall have the meaning set forth in the recitals to this Agreement.

"**Chapter 11 Plan**" shall have the meaning set forth in the recitals to this Agreement.

"**Class**" (i) when used in reference to any Loan or Borrowing, shall refer to whether such Loan, or the Loans comprising such Borrowing, are Revolving Credit Loans or Extended Revolving Credit Loans (of the same Extension Series), and (ii) when used in reference to any Commitment, refers to whether such Commitment is a Revolving Credit Commitment or an Extended Revolving Credit Commitment (of the same Extension Series).

"**Closing Date**" shall mean January 12, 2024.

"**Closing Date Refinancing**" shall mean the repayment, redemption, defeasance, discharge, refinancing, replacement or termination of each of the Existing Evoque Debt Facilities (or the giving of irrevocable notice with respect thereto to the applicable holders or agent in respect thereof) (and the guarantees and collateral pledged thereunder will be released), other than (x) contingent obligations not then due and payable and that by their terms survive the termination of the Existing Evoque Debt Facilities and (y) certain existing letters of credit outstanding under the Existing Seller Credit Agreement that on the Closing Date will be grandfathered into, or backstopped by, a new debt facility or cash collateralized in a manner satisfactory to the issuing banks thereof under the applicable Existing Evoque Debt Facility.

"**Code**" shall mean the Internal Revenue Code of 1986, as amended from time to time.

"**Collateral**" shall mean all property pledged or mortgaged or purported to be pledged or mortgaged pursuant to the Security Documents, excluding in all events Excluded Property.

"**Collateral Agent**" shall mean Wells Fargo Bank, National Association as collateral agent under the Security Documents, or any successor collateral agent pursuant to <u>Section 12.9</u>.

"**Commitment Fee**" shall have the meaning provided in <u>Section 4.1(a)</u>.

"**Commitment Fee Rate**" shall mean 0.75% per annum.

"**Commitment Letter**" shall mean that certain Commitment Letter, dated as of October 31, 2023, among each of the Joint Bookrunners and Lead Arrangers and their applicable Affiliates and the Parent Borrower, as amended, restated, amended and restated, supplemented or otherwise modified pursuant to any joinder agreements thereto.

"**Commitments**" shall mean, with respect to each Lender (to the extent applicable), such Lender's Revolving Credit Commitment or Extended Revolving Credit Commitment.

"**Commodity Exchange Act**" shall mean the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

"**Communications**" shall have the meaning provided in <u>Section 13.17</u>.

"**Company**" shall have the meaning provided in the recitals to this Agreement.

"**Company Financial Statements**" shall mean the consolidated financial statements of the Company included or incorporated by reference in the "Filed SEC Documents" (as defined the Acquisition Agreement).

"**Company Material Adverse Effect**" shall have the meaning provided to the term "Material Adverse Effect" in the Acquisition Agreement.

"**Company Representations**" shall mean the representations and warranties made by (x) the Company with respect to the Company, the Acquired Assets, and with respect to the Company and its subsidiaries and their respective businesses in the Acquisition Agreement and (y) each third-party landlord with respect to the Third Party Acquired Assets in each Third Party Acquisition Agreement, in each case of clause (x) and (y), as are material to the interests of the Lenders and do not relate to a Property that could be subject to a Permitted Deferral, but only to the extent, (1) with respect to the representations in clause (x) that the Parent Borrower (or one of its Affiliates) has the right (taking into account any applicable cure provisions) to terminate its obligations under the Acquisition Agreement pursuant to Section 8.1(e) of the Acquisition Agreement (or otherwise decline to consummate the Acquisition pursuant to Section 7.2(a) of the Acquisition Agreement without any liability) as a result of a breach of any such representations and warranties in the Acquisition Agreement and (2) with respect to the representations in clause (y), only to the extent that the Parent Borrower (or one of its Affiliates) has the right (taking into account any applicable cure provisions) to terminate its obligations under the applicable Third Party Acquisition Agreement (or otherwise decline to consummate such Third Party Acquisition without any liability) as a result of a breach of any such representations and warranties in such Third Party Acquisition Agreement (assuming such representations were required to be brought down to a "Material Adverse Effect" (as defined in the Acquisition Agreement) standard).

"**Competitor**" shall mean any Named Competitor or any Affiliate of any such Person, including, without limitation, Bona-Fide Lending Affiliates.

"**Confidential Information**" shall have the meaning provided in <u>Section 13.16</u>.

"**Confirmation Order**" shall have the meaning provided in the recitals to this Agreement.

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

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

<u>"**Consolidated EBITDA**" shall mean, with respect to a Person for any Test Period, Consolidated Net Income for such period, plus, without duplication and to the extent already deducted (and not added back) in arriving at such Consolidated Net Income, the sum of the following amounts for such period:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(1) (a) total interest expense and, to the extent not reflected in such total interest expense, any losses on hedging obligations or other derivative instruments entered into for the purpose of hedging interest rate risk, net of interest income and gains on such hedging obligations or such derivative instruments, and bank and letter of credit fees and costs of surety bonds in connection with financing activities, together with items excluded from the definition of "Consolidated Interest Expense" pursuant to clauses (a) through (k) thereof; plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>provision for taxes based on income, profits, revenue or capital gains, including federal, foreign and state income, franchise, excise, value added and similar taxes and foreign withholding taxes paid or accrued during such period (including in respect of repatriated funds) including penalties and interest related to such taxes or arising from any tax examinations; plus</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>depreciation and amortization (including amortization of Capitalized Software Expenditures, internal labor costs and deferred financing fees or costs); plus</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>other non-cash charges (other than any accrual in respect of bonuses) (provided, in each case, that if any non-cash charges represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period); plus</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>the amount of any non-controlling interest consisting of income attributable to non-controlling interests of third parties in any non-wholly-owned Subsidiary deducted (and not added back in such period to Consolidated Net Income) excluding cash distributions in respect thereof; plus</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>(A) the amount of management, monitoring, consulting and advisory fees, indemnities and related expenses paid or accrued in such period to (or on behalf of) the Sponsor (including any termination fees payable in connection with the early termination of management and monitoring agreements) to the extent otherwise permitted under Section 9.9(k) of the Credit Agreement and (B) the amount of payments made to option holders of the Borrower or any of its direct or indirect parent companies in connection with, or as a result of, any distribution being made to shareholders of such person or its direct or indirect parent companies, which payments are being made to compensate such option holders as though they were shareholders at the time of, and entitled to share in, such distribution, in each case to the extent permitted in the Credit Documents; plus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>losses or discounts on sales of receivables and related assets in connection with any Permitted Securitization Financing; plus</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>cash receipts (or any netting arrangements resulting in reduced cash expenditures) not included in the calculation of Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated EBITDA pursuant to paragraph</u> 

&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>below for any previous period and not added back; plus</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>any costs or expenses incurred by the Borrower or any Subsidiary pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement, any severance agreement or any stock subscription or shareholder agreement, to the extent that such costs or expenses are non-cash or otherwise funded with cash proceeds contributed to the capital of the Borrower or Net Cash Proceeds of an issuance of Equity Interests of the Borrower (other than Disqualified Equity Interests or relating to Equity Interests constituting a Cure Amount); plus</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>any net pension or other post-employment benefit costs representing amortization of unrecognized prior service costs, actuarial losses, including amortization of such amounts arising in prior periods, amortization of the unrecognized net obligation (and loss or cost) existing at the date of initial application of FASB Accounting Standards Codification 715, and any other items of a similar nature; plus</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(2) without duplication, the amount of "run rate" cost savings, operating expense reductions and synergies related to the Transactions or any other Specified Transaction, any restructuring, cost saving initiative or other initiative projected by the Borrower in good faith to be realized as a result of actions that have been taken or initiated or are expected to be taken (in the good faith determination of the Borrower), including any cost savings, expenses and charges (including restructuring and integration charges) in connection with, or incurred by or on behalf of, any joint venture of the Borrower or any of the Subsidiaries (whether accounted for on the financial statements of any such joint venture or the Borrower) (i) with respect to the Transactions, on or prior to the date that is 24 months after the Closing Date (including actions initiated prior to the Closing Date) and (ii) with respect to any other Specified Transaction, any restructuring, cost saving initiative or other initiative, within 24 months after such Specified Transaction, restructuring, cost saving initiative or other initiative (which cost savings shall be added to Consolidated EBITDA until fully realized and calculated on a Pro Forma Basis as though such cost savings had been realized on the first day of the relevant period), net of the amount of actual benefits realized from such actions; provided that (A) such cost savings are reasonably identifiable and factually supportable, (B) no cost savings, operating expense reductions or synergies shall be added pursuant to this clause (2) to the extent duplicative of any expenses or charges relating to such cost savings, operating expense reductions or synergies that are included in clause (1) above (it being understood and agreed that "run rate" shall mean the full recurring benefit that is associated with any action taken) and (C) the share of any such cost savings, expenses and charges with respect to a joint venture that are to be allocated to the Borrower or any of the Subsidiaries shall not exceed the total amount thereof for any such joint venture multiplied by the percentage of income of such venture expected to be included in Consolidated EBITDA for the relevant Test Period; minus</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(3) without duplication and to the extent included in arriving at such Consolidated Net Income, the sum of the following amounts for such period:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>non-cash gains (excluding any non-cash gain to the extent it represents the reversal of an accrual or reserve for a potential cash item that reduced Consolidated Net Income or Consolidated EBITDA in any prior period), and</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>the amount of any non-controlling interest consisting of loss attributable to non-controlling interests of third parties in any non-wholly-owned subsidiary added (and not deducted in such period from Consolidated Net Income),</u> 

<u>in each case, as determined on a consolidated basis for the Borrower and the Subsidiaries in accordance with GAAP; *provided* that,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(I) there shall be included in determining Consolidated EBITDA for any period, without duplication, the Acquired EBITDA of any Person, property, business or asset acquired by the Borrower or any Subsidiary during such period whether such acquisition occurred before or after the Closing Date to the extent not subsequently sold, transferred or otherwise disposed of (but not including the Acquired EBITDA of any related Person, property, business or assets to the extent not so acquired) (each such Person, property, business or asset acquired, including pursuant to the Transactions or pursuant to a transaction consummated prior to the Closing Date, and not subsequently so disposed of, an "Acquired Entity or Business"), and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(II) there shall be (A) excluded in determining Consolidated EBITDA for any period the Disposed EBITDA of any Person, property, business or asset sold, transferred or otherwise disposed of, closed or classified as discontinued operations by the Borrower or any Subsidiary during such period (but if such operations are classified as discontinued due to the fact that they are subject to an agreement to dispose of such operations, only when and to the extent such operations are actually disposed of) (each such Person, property, business or asset so sold, transferred or otherwise disposed of, closed or classified, a "Sold Entity or Business"), in each case based on the Disposed EBITDA of such Sold Entity or Business for such period (including the portion thereof occurring prior to such sale, transfer, disposition, closure, classification or conversion) determined on a historical Pro Forma Basis and (B) included in determining Consolidated EBITDA for any period in which a Sold Entity or Business is disposed, an adjustment equal to the Pro Forma Disposal Adjustment with respect to such Sold Entity or Business (including the portion thereof occurring prior to such disposal) as specified in the Pro Forma Disposal Adjustment certificate delivered to the Administrative Agent (for further delivery to the Lenders).</u>

"**Consolidated Cash Interest Expense**" shall mean the sum of cash interest expense (including that attributable to Capitalized Lease Obligations), net of cash interest income of such Person and its Subsidiaries with respect to all outstanding Indebtedness of such Person and its Subsidiaries, including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers' acceptance financing and net costs under hedging agreements, but excluding, for the avoidance of doubt, (a) amortization of deferred financing costs, debt issuance costs, commissions, fees and expenses and any other amounts of non-cash interest (including as a result of the effects of acquisition method accounting or pushdown accounting), (b) non-cash interest expense attributable to the movement of the mark-to-market valuation of Indebtedness or obligations under Hedging Obligations or other derivative instruments pursuant to FASB Accounting Standards Codification Topic 815—*Derivatives and Hedging*, (c) any one-time cash costs associated with breakage in respect of hedging agreements for interest rates, (d) commissions, discounts, yield, make-whole premium and other Securitization Fees (including any interest expense) incurred in connection with any Permitted Securitization Facility, (e) any "additional interest" owing pursuant to a registration rights agreement with respect to any securities, (f) any payments with respect to make-whole premiums or other breakage costs of any Indebtedness, including, without limitation, any Indebtedness issued in connection with the Transactions, (g) penalties and interest relating to taxes, (h) accretion or accrual of discounted liabilities not constituting Indebtedness, (i) interest expense attributable to a direct or indirect parent entity resulting from push-down accounting, (j) any expense resulting from the discounting of Indebtedness in connection with the application of recapitalization or purchase accounting, and (k) any interest expense attributable to the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential), with respect thereto and with respect to the Transactions, any acquisition or Investment permitted hereunder, all as calculated on a consolidated basis. For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by such Person to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.

<u>"**Consolidated Interest Expense**" shall mean the sum of (a) cash interest expense (including that attributable to Capitalized Lease Obligations), net of cash interest income of such Person and its Subsidiaries with respect to all outstanding Indebtedness of such Person and its Subsidiaries, including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers' acceptance financing and net costs under hedging agreements plus (b) non-cash interest expense resulting solely from the amortization of original issue discount from the issuance of Indebtedness of such Person and its Subsidiaries (excluding Indebtedness borrowed hereunder and under the US Balance Sheet Loan Facility in connection with the Transactions) at less than par, plus (c) pay-in-kind interest expense of the Borrower and its Subsidiaries, but excluding, for the avoidance of doubt, (a) amortization of deferred financing costs, debt issuance costs, commissions, fees and expenses and any other amounts of non-cash interest other than referred to in clause (b) above, (b) non-cash interest expense attributable to the movement of the mark-to-market valuation of obligations under Hedging Obligations or other derivative instruments pursuant to FASB Accounting Standards Codification Topic 815—*Derivatives and Hedging*, (c) any one-time cash costs associated with breakage in respect of hedging agreements for interest rates, commissions, discounts, yield, make-whole premium and other Securitization Fees (including any interest expense) incurred in connection with any Permitted Securitization Financing, (e) any "additional interest" owing pursuant to a registration rights agreement with respect to any securities, (f) any payments with respect to make-whole premiums or other breakage costs of any Indebtedness, including, without limitation, any Indebtedness issued in connection with the Transactions, (g) penalties and interest relating to taxes, (h) accretion or accrual of discounted liabilities not constituting Indebtedness, (i) interest expense attributable to a direct or indirect parent entity resulting from push-down accounting, (j) any expense resulting from the discounting of Indebtedness in connection with the application of recapitalization or purchase accounting, and (k) any interest expense attributable to the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential), with respect thereto and with respect to the Transactions, any Permitted Acquisition or similar Investment permitted hereunder, all as calculated on a consolidated basis in accordance with GAAP. For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by such Person to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.</u> 

"**Consolidated EBITDA**" shall<u>**Net Income**"</u> mean<u>s</u>, with respect to a Person for any Test Period and<u>, for any period, (a) the net income (loss) of the Borrower and its Subsidiaries for such Test Period determined on a consolidated basis in accordance with GAAP, excluding (and excluding the effect of) (b)</u> without duplication, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>extraordinary, non-recurring or unusual gains or losses (less all fees and expenses relating thereto) or expenses (including any unusual or non-recurring operating expenses directly attributable to the implementation of cost savings initiatives and any accruals or reserves in respect of any extraordinary, non-recurring or unusual items), severance, relocation costs, integration and facilities' opening costs and other business optimization expenses (including related to new product introductions and other strategic or cost savings initiatives), restructuring charges, accruals or reserves (including restructuring and integration costs related to acquisitions and adjustments to existing reserves), whether or not classified as restructuring expense on the consolidated financial statements, signing costs, retention or completion bonuses, other executive recruiting and retention costs, transition costs, costs related to closure/consolidation of facilities and curtailments or modifications to pension and post-retirement employee benefit plans (including any settlement of pension liabilities and charges resulting from changes in estimates, valuations and judgments),</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(ii)</u> <u>the cumulative effect of a change in accounting principles during such period to the extent included in Consolidated Net Income,</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) net income (or loss) of such Person for such period determined on a consolidated basis, in accordance with GAAP, exclusive of the following (but only to the extent included in determination of such net income (or loss) for such period): (i) depreciation and amortization expense; (ii) Consolidated Cash Interest Expense; (iii) income tax expense; (iv) extraordinary or non-recurring gains, losses and reserves; (v) gains and losses associated with any Asset Sale and (vi) other adjustments (or amendments to the foregoing adjustments) agreed between the Administrative Agent and the Parent Borrower after the Closing Date; which adjustments shall be agreed giving due regard to customary adjustments contained in corporate credit facilities for companies operating in the colocation data center operator industry; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to joint ventures or Subsidiaries that are not consolidated on such Person's financial statements, such Person's share of equity interests in such Subsidiary, multiplied by the Consolidated EBITDA (as determined in a manner consistent with the foregoing clause (a)) of such joint venture or Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(iii)</u> provided<u>Transaction Expenses</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(iv)</u> <u>the net income for such period of any Person that is a Subsidiary of the Borrower and any Person that is not a Subsidiary or that is accounted for by the equity method of accounting; provided that Consolidated Net Income shall be increased by the amount of dividends or distributions or other payments that are actually paid in cash or Permitted Investments (or, if not paid in cash or Permitted Investments, but later converted into cash or Permitted Investments, upon such conversion) by such Person to the Borrower or a Subsidiary thereof during such period, but excluding any such dividends or distributions in any Person that is not a Subsidiary or that is accounted for by the equity method of accounting,</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(v)</u> <u>any fees and expenses (including any transaction or retention bonus or similar payment) incurred during such period, or any amortization thereof for such period, in connection with any acquisition, Investment, asset disposition, issuance or repayment of debt, issuance of equity securities, refinancing transaction or amendment or other modification of any debt instrument (in each case, including any such transaction consummated prior to the Closing Date and any such transaction undertaken but not completed) and any charges or non-recurring merger costs incurred during such period as a result of any such transaction, in each case whether or not successful (including, for the avoidance of doubt, the effects of expensing all transaction-related expenses in accordance with FASB Accounting Standards Codification 805 and gains or losses associated with FASB Accounting Standards Codification 460),</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(vi)</u> <u>any income (loss) for such period attributable to the early extinguishment of Indebtedness, hedging agreements or other derivative instruments,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(vii)</u> <u>accruals and reserves that are established or adjusted as a result of the Transactions in accordance with GAAP (including any adjustment of estimated payouts on existing earn-outs) or changes as a result of the adoption or modification of accounting policies during such period,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(viii)</u> <u>all non-cash expenses and costs that result from the issuance of stock-based awards, partnership interest-based awards and similar incentive based compensation awards or arrangements (collectively, "Non-Cash Compensation Expenses"),</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(ix)</u> <u>any income (loss) attributable to deferred compensation plans or trusts,</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(x)</u> <u>any income (loss) from investments recorded using the equity method of accounting (but including any cash dividends or distributions actually received by the Borrower or any Subsidiary in respect of such investment),</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(xi)</u> <u>any gain (loss) on asset sales, disposals or abandonments (other than asset sales, disposals or abandonments in the ordinary course of business) or income (loss) from discontinued operations (but if such operations are classified as discontinued due to the fact that they are subject to an agreement to dispose of such operations, only when and to the extent such operations are actually disposed of), in each case, together with any related provisions for taxes on any such gain (or the tax effect of any such loss);</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(xii)</u> <u>any non-cash gain (loss) attributable to the mark-to-market movement in the valuation of hedging obligations or other derivative instruments pursuant to FASB Accounting Standards Codification 815 Derivatives and Hedging or mark to market movement of other financial instruments pursuant to FASB Accounting Standards Codification 825 Financial Instruments; provided that any cash payments or receipts relating to transactions realized in a given period shall be taken into account in such period,</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(xiii)</u> <u>any non-cash gain (loss) related to currency remeasurements of Indebtedness (including the net loss or gain resulting from hedging agreements for currency exchange risk and revaluations of intercompany balances),</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(xiv)</u> <u>any non-cash expenses, accruals or reserves related to adjustments to historical tax exposures (provided, in each case, that the cash payment in respect thereof in such future period shall be subtracted from Consolidated Net Income for the period in which such cash payment was made), and</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(xv)</u> <u>any impairment charge or asset write-off or write-down (including related to intangible assets (including goodwill), long-lived assets, and investments in debt and equity securities).</u> 

<u>There shall be excluded from Consolidated Net Income for any period the effects from applying acquisition method accounting, including applying acquisition method accounting to inventory, property and equipment, loans and leases, software and other intangible assets and deferred revenue (including deferred costs related thereto and deferred rent) required or permitted by GAAP and related authoritative pronouncements (including the effects of such adjustments pushed down to the Borrower and its Subsidiaries), as a result of the Transactions, any acquisition consummated prior to the Closing Date and any Permitted Acquisitions or other Investment or the amortization or write-off of any amounts thereof.</u>

(i) that Consolidated EBITDA as determined pursuant to this definition shall be adjusted to remove all impact of straight lining of rents required under GAAP and amortization of intangibles pursuant to FASB ASC 805;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) there shall be included in determining Consolidated EBITDA for any period, without duplication, (1) the Acquired EBITDA of any Person or business, or attributable to any property or asset acquired by the Parent Borrower or any Subsidiary during such period (but not the Acquired EBITDA of any related Person or business or any Acquired EBITDA attributable to any assets or property, in each case to the extent not so acquired) to the extent not subsequently sold, transferred, abandoned, or otherwise disposed by the Parent Borrower or such Subsidiary during such period (each such Person, business, property, or asset acquired and not subsequently so disposed of, an "Acquired Entity or Business"), based on the actual Acquired EBITDA of such Acquired Entity or Business for such period (including the portion thereof occurring prior to such acquisition) and (2) an adjustment in respect of each Acquired Entity or Business equal to the amount of the pro forma adjustment with respect to such Acquired Entity or Business for such period (including the portion thereof occurring prior to such acquisition); and

<u>In addition, to the extent not already included in Consolidated Net Income, Consolidated Net Income shall include the amount of proceeds received or, so long as such Person has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer or indemnifying party and only to the extent that such amount is in fact reimbursed within 365 days of the date of the insurable or indemnifiable event (net of any amount so added back in any prior period to the extent not so reimbursed within the applicable 365-day period), due from business interruption insurance or reimbursement of expenses and charges that are covered by indemnification and other reimbursement provisions in connection with any acquisition or other similar Investment or any disposition of any asset permitted hereunder.</u>

(iii) to the extent included net income, there shall be excluded in determining Consolidated EBITDA for any period the Disposed EBITDA of any Person, property, business, or asset sold, transferred, abandoned, or otherwise disposed of, closed or classified as discontinued operations by the Parent Borrower or any Subsidiary during such period (each such Person, property, business, or asset so sold or disposed of, a "Sold Entity or Business"), and the Disposed EBITDA based on the actual Disposed EBITDA of such Sold Entity or Business for such period (including the portion thereof occurring prior to such sale, transfer, or disposition); provided that for the avoidance of doubt, notwithstanding any classification under GAAP of any Person or business in respect of which a definitive agreement for the disposition thereof has been entered into as discontinued operations, the Disposed EBITDA of such Person or business shall not be excluded pursuant to this paragraph until such disposition shall have been consummated.

"**Consolidated Property Values**" shall mean, on any date of determination, the sum of (i) the aggregate Property Values as of such date and (ii) the aggregate Dollar amount attributed to "Land", "Construction in progress, including land under development" and "Land held for future development" with respect to any Property for which a "Property Value" has not been determined in accordance with the definition thereof, in each case under this clause (ii) as reflected in the most recently delivered Company Financial Statements or Section 9.1 Financials, as applicable.

"**Consolidated Total Assets**" shall mean, as of any date of determination, the amount that would, in conformity with GAAP, be set forth opposite the caption "total assets" (or any like caption) on the most recent consolidated balance sheet of the Parent Borrower and its Subsidiaries at such date.

" **Consolidated Total Net Debt**" shall mean, on any date of determination, (i) the aggregate principal balance of outstanding Indebtedness for borrowed money of the Parent Borrower and its Subsidiaries on such date (measured excluding any guarantee of such Indebtedness incurred by the Parent Borrower or any of its Subsidiaries) minus (ii) cash and Cash Equivalents of the Parent Borrower and its Subsidiaries on such date.

"**Contingent Obligations**" shall mean, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends, or other payment obligations that do not constitute Indebtedness ("**primary obligations**") of any other Person (the "**primary obligor**") in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (a) for the purchase or payment of any such primary obligation or (b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, or (iii) to purchase property, securities, or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof.

"**Contract Consideration**" shall have the meaning provided in the definition of Excess Cash Flow.

"**Contractual Requirement**" shall have the meaning provided in <u>Section 8.3</u>.

"**Covered Entity**" shall have the meaning provided in <u>Section 13.24(b)</u>.

"**Covered Party**" shall have the meaning provided in <u>Section 13.24(a)</u>.

"**Credit Documents**" shall mean this Agreement, each Joinder Agreement, each Extension Amendment, the Guarantees, the Security Documents, and any promissory notes issued by the Borrower pursuant hereto.

"**Credit Event**" shall mean and include the making (but not the conversion or continuation) of a Loan and the issuance of a Letter of Credit.

"**Credit Facilities**" shall mean, collectively, each category of Commitments and each extension of credit hereunder.

"**Credit Facility**" shall mean a category of Commitments and extensions of credit thereunder.

"**Credit Party**" shall mean the Parent Borrower and the Guarantors.

"**Cured Default**" shall have the meaning assigned to such term in <u>Section 1.2(j)</u>.

"**Daily SOFR**" shall mean, with respect to any Interest Period, the Daily SOFR Reference Rate on the day (such day, the "**Determination Date**") that is two (2) Business Days prior to the first day of such Interest Period, as such rate is published by the Daily SOFR Administrator; <u>provided</u>, however, that if as of 5:00 p.m. (New York City time) on any Determination Date the Daily SOFR Reference Rate has not been published by the Daily SOFR Administrator and a Benchmark Replacement Date with respect to the Daily SOFR Reference Rate has not occurred, then Daily SOFR will be the Daily SOFR Reference Rate published by the Daily SOFR Administrator on the Business Day first preceding such Determination Date so long as such Business Day is not more than three (3) Business Days prior to such Determination Date; <u>provided</u>, <u>further</u>, that if Daily SOFR determined as provided above shall ever be less than the Floor, then Daily SOFR shall be deemed to be the Floor.

"**Daily SOFR Administrator**" shall mean the NYFRB (or a successor administrator of the Daily SOFR Reference Rate selected by Administrative Agent in its reasonable discretion).

"**Daily SOFR Borrowing**" shall mean a Borrowing comprised of Loans bearing interest at a rate determined by reference to Daily SOFR.

"**Daily SOFR Loan**" shall mean any Loan at such time as interest thereon accrues at a rate of interest based upon Daily SOFR.

"**Data Security Breach**" shall mean any unauthorized or unlawful unauthorized access to, acquisition of, disclosure, use, loss, alteration, destruction, or compromise of data or information, including Personal Information, in the possession or control of any of the Parent Borrower or the other Credit Parties.

"**Debt Service**" shall mean, for any Person in any period, the *sum* of all (a) cash interest, fees, rent (pursuant to any Capitalized Lease Obligations) and principal paid or payable during such period (including any mandatory prepayments) in respect of all Indebtedness of such Person *less* any net payments received by such Person during such period pursuant to Hedge Agreements in respect of interest rates, (b) any net payments paid by such during such period pursuant to Hedge Agreements in respect of interest rates and (c) any premium, make-whole or penalty payments, in each case, in respect of Indebtedness of the Parent Borrower and paid in cash during such period.

"**Default**" shall mean any event, act, or condition that with notice or lapse of time, or both, would constitute an Event of Default.

"**Default Rate**" shall have the meaning provided in <u>Section 2.8(c)</u>.

"**Default Right**" shall have the meaning provided in <u>Section 13.24(b)</u>.

"**Defaulting Lender**" shall mean any Lender whose acts or failure to act, whether directly or indirectly, cause it to meet any part of the definition of Lender Default.

"**Derivative Counterparty**" shall have the meaning provided in <u>Section 13.16</u>.

"**Designated Non-Cash Consideration**" shall mean the Fair Market Value of non-cash consideration received by the Parent Borrower or a Credit Party in connection with an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to a certificate of an Authorized Officer of the Parent Borrower, setting forth the basis of such valuation, executed by either a senior vice president or the principal financial officer of the Parent Borrower, less the amount of cash or Cash Equivalents received in connection with a subsequent sale of or collection on or other disposition of such Designated Non-Cash Consideration. A particular item of Designated Non-Cash Consideration will no longer be considered to be outstanding when and to the extent it has been paid, redeemed or otherwise retired or sold or otherwise disposed of in compliance with <u>Section 10.3</u>.

"**Designated Preferred Stock**" shall mean preferred stock of the Parent Borrower or any direct or indirect parent company of the Parent Borrower (in each case other than Disqualified Stock) that is issued for cash (other than to a Subsidiary or an employee stock ownership plan or trust established by the Parent Borrower or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an officer's certificate executed by the principal financial officer of the Parent Borrower or the parent company thereof, as the case may be, on the issuance date thereof, the cash proceeds of which are not applied to satisfy the condition set forth in clause (i) of <u>Section 10.4(a)</u>.

"**Determination Day**" has the meaning specified in the definition of "Term SOFR".

"**Disinterested Directors**" shall mean, with respect to any transaction with an Affiliate, one or more members of the board of directors of the Parent Borrower, or one or more members of the board of directors of a Parent Entity, having no material direct or indirect financial interest in or with respect to such transaction. A member of any such board of directors shall not be deemed to have such a financial interest by reason of such member's holding Capital Stock of the Parent Borrower or any Parent Entity or any options, warrants or other rights in respect of such Capital Stock or by reason of such member receiving any compensation from the Parent Borrower or any Parent Entity, as applicable, on whose board of directors such member serves in respect of such member's role as director.

"**Disposed EBITDA**" shall mean, with respect to any Sold Entity or Business for any period, the amount for such period of Consolidated EBITDA of such Sold Entity or Business (determined as if references to the Parent Borrower and the Subsidiaries in the definition of Consolidated EBITDA were references to such Sold Entity or Business and its respective Subsidiaries), all as determined on a consolidated basis for such Sold Entity or Business, as the case may be.

"**disposition**" shall have the meaning assigned such term in <u>clause (a)</u> of the definition of Asset Sale.

"**Disqualified Lenders**" shall mean such Persons that are not Eligible Assignees.

"**Disqualified Stock**" shall mean, with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms of any security into which it is convertible or for which it is puttable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable (other than solely for Qualified Stock), other than as a result of a change of control, asset sale, condemnation event or similar event, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than solely for Qualified Stock), other than as a result of a change of control, asset sale, condemnation event or similar event, in whole or in part, in each case, prior to the Revolving Credit Maturity Date; <u>provided</u> that if such Capital Stock is issued to any plan for the benefit of employees of the Parent Borrower or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Parent Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee's termination, death, or disability.

"**Distressed Person**" shall have the meaning provided such term in the definition of "Lender-Related Distress Event."

"**Distributable ECF**" shall mean, for any fiscal quarter of the Borrowers, an amount equal to the positive difference, if any, of the Excess Cash Flow for such fiscal quarter *minus* the amount of the mandatory prepayment required to be made with respect to such fiscal quarter pursuant to <u>Section 5.2(a)</u>.

" **Distributed Cash**" shall mean, with respect to any fiscal quarter period of the Parent Borrower, cash and Cash Equivalents actually distributed to the Parent Borrower for such period.

"**Division**" shall have the meaning assigned to such term in <u>Section 1.15</u>.

"**Dollars**" and "**$**" shall mean dollars in lawful currency of the United States.

"**Domestic Subsidiary**" shall mean each Subsidiary of the Parent Borrower that is organized under the laws of the United States, any state thereof, or the District of Columbia.

"**Drawstop Event**" shall mean the date on which an Event of Default shall have occurred.

"**Drawstop Event Period**" shall mean the period beginning on the date of a Drawstop Event, and ending on the date that the Event of Default in relation to such Drawstop Event shall no longer be continuing and the Parent Borrower certifies in writing to the Administrative Agent that such Event of Default is no longer continuing and provides reasonable supporting evidence of the same.

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

"**EEA Member Country**" shall mean any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"**EEA Resolution Authority**" shall mean any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"**Environmental Claims**" shall mean any and all actions, suits, orders, decrees, demand letters, claims, notices of noncompliance or potential responsibility or violation, or proceedings pursuant to any Environmental Law or any permit issued, or any approval given, under any such Environmental Law (hereinafter, "**Claims**"), including, without limitation, (i) any and all Claims by Governmental Authorities for enforcement, investigation, cleanup, removal, response, remedial, or other actions or damages pursuant to any Environmental Law and (ii) any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation, or injunctive relief relating to the presence, Release or threatened Release of Hazardous Materials or arising from alleged injury or threat of injury to health or safety (to the extent relating to human exposure to Hazardous Materials) or the environment (including, without limitation, ambient air, indoor air, surface water, groundwater, soil, land surface and subsurface strata, and natural resources such as wetlands, flora and fauna).

"**Eligibility Requirements**" shall mean, with respect to any Person, that such Person (i) has total commercial real estate loans (in name or under management or advisement) in excess of $500,000,000 (including unpledged, uncalled (or recallable) irrevocable capital commitments that are unconditionally available to be called by such Person as cash capital contributions to such Person subject only to customary conditions such as minimum advance notice), (ii) is regularly engaged in the business of making or owning (or, in the case of a pension advisory firm, asset manager, registered investment advisor or manager or similar fiduciary, regularly engaged in managing investments in) commercial real estate loans (including "B" notes and mezzanine loans to direct or indirect owners of commercial properties, which loans are secured by pledges of direct or indirect ownership interests in the owners of such commercial properties) and (iii) is not a Competitor.

"**Eligible Assignee**" shall mean (1) if an Event of Default has occurred and is continuing, any Person (other than a natural person) and (2) so long as no Event of Default has occurred and is continuing, any Person (other than a natural person) that (a) meets the Eligibility Requirements and is organized under the laws of the United States or any other country that is a member of the Organization for Economic Cooperation and Development (the "OECD") or a political subdivision of any such country (provided such person is acting through a branch or agency located in the country in which it is organized or another country which is also a member of the OECD) or (b) is Controlled by, under common Control with or Controlling any Person set forth in the immediate preceding clause (2)(a); provided, that, with respect to clauses (1) and (2), such Person has never been indicted or convicted of, or pled guilty or no contest to, an offense under the USA PATRIOT Act and is not a Sanctioned Person.

"**Environmental Law**" shall mean any applicable federal, state, foreign, or local statute, law, rule, regulation, ordinance, code, and rule of common law now or hereafter in effect and in each case as amended, and any binding judicial or administrative interpretation thereof, including any binding judicial or administrative order, consent decree, or judgment, relating to pollution or protection of the environment, (including, without limitation, ambient air, indoor air, surface water, groundwater, soil, land surface and subsurface strata and natural resources such as flora, fauna, or wetlands), or protection of human health or safety (to the extent relating to human exposure to Hazardous Materials) and including those relating to the generation, storage, treatment, transport, Release, or threat of Release of Hazardous Materials.

"**Environmental Liability**" shall mean any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, or penalties), resulting from or based upon (a) a violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) the exposure of any Person to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment (including, without limitation, ambient air, indoor air, surface water, groundwater, soil, land surface and subsurface strata, and natural resources such as wetlands, flora and fauna) or (e) any contract, agreement or other consensual arrangement the extent to which liability is assumed or imposed with respect to any of the foregoing.

"**Equity Contribution**" shall mean the direct or indirect equity contribution(s) of the Investors to the Parent Borrower made in connection with the Transactions.

"**Equity Interest**" shall mean Capital Stock and all warrants, options, or other rights to acquire Capital Stock, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock.

"**ERISA**" shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time.

"**ERISA Affiliate**" shall mean any trade or business (whether or not incorporated) that, together with any Credit Party, is treated as a single employer under Section 414 (b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

"**ERISA Event**" shall mean (i) the failure of any Pension Plan to comply with any provisions of ERISA and/or the Code (and applicable regulations under either) or with the terms of such Pension Plan; (ii) the existence with respect to any Pension Plan of a non-exempt Prohibited Transaction which could reasonably be expected to result in liability to a Credit Party; (iii) any Reportable Event with respect to a Pension Plan; (iv) the failure of any Credit Party or ERISA Affiliate to make by its due date a required installment under Section 430(j) of the Code with respect to any Pension Plan or any failure by any Pension Plan to satisfy the minimum funding standards (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Pension Plan, whether or not waived; (v) a determination that any Pension Plan is in "at risk" status (within the meaning of Section 430 of the Code or Section 303 of ERISA); (vi) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Pension Plan; (vii) the termination of, or the appointment of a trustee to administer, any Pension Plan under Section 4042 of ERISA or the incurrence by any Credit Party or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Pension Plan (other than for PBGC premiums due but not delinquent under Section 4007 of ERISA), including but not limited to the imposition of any Lien in favor of the PBGC or any Pension Plan; (viii) the receipt by any Credit Party or any of its ERISA Affiliates from the PBGC or a plan administrator of any notice to terminate any Pension Plan under Section 4041 or 4042 of ERISA; (ix) the failure by any Credit Party or any of its ERISA Affiliates to make any required contribution to a Multiemployer Plan; (x) the incurrence by any Credit Party or any of its ERISA Affiliates of any liability with respect to the withdrawal from any Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a "substantial employer" (within the meaning of Section 4001(a)(2) of ERISA), or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA, or the complete or partial withdrawal (within the meaning of Section 4203 or 4205 of ERISA) from any Multiemployer Plan; (xi) the receipt by any Credit Party or any of its ERISA Affiliates of any notice concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, Insolvent, or terminated (within the meaning of Section 4041A of ERISA); or (xii) the failure by any Credit Party or any of its ERISA Affiliates to pay when due (after expiration of any applicable grace period) any installment payment with respect to Withdrawal Liability under Section 4201 of ERISA.

"**Erroneous Payment**" shall have the meaning provided in <u>Section 12.14(a)</u>.

"**Erroneous Payment Deficiency Assignment**" shall have the meaning provided in <u>Section 12.14(c)</u>.

"**Erroneous Payment Impacted Class**" shall have the meaning provided in <u>Section 12.14(c)</u>.

"**Erroneous Payment Return Deficiency**" shall have the meaning provided in Section 12.14(c).

"**EU Bail-In Legislation Schedule**" shall mean the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"**Event of Default**" shall have the meaning provided in <u>Section 11</u>.

"**Evoque Transaction**" shall have the meaning provided in the recitals to this Agreement.

"**Evoque Transaction Agreement**" shall have the meaning provided in the recitals to this Agreement.

"**Excess Cash Flow**" shall mean, for any applicable fiscal quarter of the Parent Borrower to occur after the Closing Date, an amount equal to the excess of (a) the Distributed Cash for such period, *less* (b) the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount of Capital Expenditures or acquisitions of Intellectual Property accrued
or made in cash by the Parent Borrower during such period (directly or on behalf of any of its Subsidiaries), except to the extent that
such Capital Expenditures or acquisitions were financed with the proceeds of long-term Indebtedness of the
Parent Borrower (unless such Indebtedness has been repaid other than with the proceeds of long-term indebtedness) other than intercompany
loans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of all Debt Service of the Parent
Borrower (including payments in respect of Capitalized Lease Obligations) made during such period or to be made during the upcoming
four (4) fiscal quarter period, except to the extent financed with the proceeds of other long-term Indebtedness of the
Parent Borrower ,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) payments in cash by the Parent Borrower (directly or
on behalf of any of its Subsidiaries) during such period in respect of any purchase price holdbacks, earn-out obligations, and
long-term liabilities of the Parent Borrower and such Subsidiaries other than Indebtedness,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the aggregate amount of cash consideration paid by the
Parent Borrower (directly or on behalf of any of its Subsidiaries) in connection with Investments (including acquisitions) made
during such period or made pursuant to <u>Section 10.4</u> to the extent that such Investments were not financed with the proceeds received
from (1) the issuance or incurrence of long-term Indebtedness or (2) the issuance of Capital Stock, in each case, of the Parent Borrower,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the amount of Permitted Tax Distributions made by the Borrower during such period,
and other dividends or Restricted Payments to the extent such dividends and Restricted Payments were financing overhead costs incurred
by any Parent Entity as a result of its ownership of the Parent Borrower and its Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the aggregate amount of expenditures actually made by the
Parent Borrower (directly or on behalf of any of its Subsidiaries) in cash during such period (including expenditures for the payment
of financing fees) to the extent that such expenditures are not expensed during such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) without duplication of amounts deducted from Excess Cash
 Flow in other periods, (1) the aggregate consideration required to be paid in cash by the Parent Borrower (directly or on behalf
 of any of its Subsidiaries) pursuant to binding contracts, commitments, letters of intent or purchase orders (the "Contract
 Consideration") entered into prior to or during such period and (2) any planned cash expenditures by the Parent Borrower (directly
 or on behalf of any of its Subsidiaries) (the "Planned Expenditures"), in the case of each of <u>clauses (1)</u> and <u>(2)</u>, relating to Permitted Acquisitions (or Investments similar to those made for Permitted Acquisitions), Capital Expenditures,
 or acquisitions of Intellectual Property or other assets to be consummated or made during the period of four consecutive fiscal quarters
 of the Parent Borrower, following the end of such period (except to the extent financed with any of the proceeds received from (A)
 the issuance or incurrence of long-term Indebtedness or (B) the issuance of Equity Interests, in each case, of the Parent Borrower);
 provided that to the extent that the aggregate amount of cash actually utilized to finance such Permitted Acquisitions (or Investments
 similar to those made for Permitted Acquisitions), Capital Expenditures, or acquisitions of Intellectual Property or other assets
 during such following period of four consecutive fiscal quarters is less than the Contract Consideration and Planned Expenditures,
 the amount of such shortfall shall be added to the calculation of Excess Cash Flow, at the end of such period of four consecutive
 fiscal quarters,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the amount
 of taxes (including penalties and interest) paid in cash or tax reserves set aside or payable (without duplication) in such period,
 and any amounts otherwise paid pursuant to clauses (A) through (C) of <u>Section 10.4(b)(13)</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) cash expenditures in respect of Hedge Agreements during such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any amounts used (or placed in reserve) to satisfy ordinary course company expenses
of any of the Parent Borrower and its Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the aggregate amount of cash expenditures of the Parent Borrower not otherwise described
in this clause (b) made during such period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any amounts described
 in the foregoing clauses (i), (iii) through (ix) and (xi) which are (A) paid prior to the date any amount in respect of mandatory
 prepayment hereunder becomes due hereunder or (B) which are committed to be paid, as of the end of such period or prior to the date
 any amount in respect of mandatory prepayment hereunder becomes due hereunder, prior to the earlier of the end of the next successive
 fiscal quarter of the Parent Borrower (it being understood that, to the extent such commitment payments are not actually made as
 committed in such subsequent period, such amount shall be added back in calculating Excess Cash Flow as of the next time of determination).

For the avoidance of doubt, for purposes of making the mandatory prepayment set forth in <u>Section 5.2(a)</u>, Distributable ECF from any prior fiscal quarter of the Parent Borrower will not be considered "Excess Cash Flow" hereunder when Excess Cash Flow is determined for any subsequent fiscal quarter.

"**Excluded Affiliates**" shall mean (a) Affiliates of the Joint Lead Arrangers that are engaged as principals primarily in private equity, mezzanine financing or venture capital and (b) employees of the Joint Lead Arrangers engaged directly or indirectly in the sale of the Company as representatives of the Company (other than, in each case, such Persons engaged by the Parent Borrower or its Affiliates as part of the Transactions and a limited number of senior employees who are required, in accordance with industry regulations or such Joint Lead Arrangers' (or its Affiliate's) internal policies and procedures, to act in a supervisory capacity and such Joint Lead Arranger's internal legal, compliance, risk management, credit or investment committee members).

"**Excluded Contribution**" shall mean net cash proceeds, the Fair Market Value of marketable securities, or the Fair Market Value of Qualified Proceeds received by the Parent Borrower from (i) contributions to its common equity capital, and (ii) the sale (other than to a Subsidiary of the Parent Borrower or to any management equity plan or stock option plan or any other management or employee benefit plan or agreement of the Parent Borrower) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of the Parent Borrower, in each case designated as Excluded Contributions pursuant to an officer's certificate, delivered to the Administrative Agent, executed by either a senior vice president or the principal financial officer of the Parent Borrower within 180 days after the date such capital contributions are made or the date such Equity Interests are sold, as the case may be, which are not applied to satisfy the condition set forth in clause (i) of <u>Section 10.4(a)</u>; <u>provided</u> that any non-cash assets shall qualify only if acquired by a parent of the Parent Borrower in an arm's-length transaction within the six months prior to such contribution.

"**Excluded Property**" shall have the meaning set forth in the Pledge Agreement.

"**Excluded Stock and Stock Equivalents**" shall mean (i) any Capital Stock or Stock Equivalents with respect to which, in the reasonable judgment of the Borrower (in consultation with the Administrative Agent), the cost or other consequences of pledging such Capital Stock or Stock Equivalents in favor of the Secured Parties under the Security Documents shall be excessive in view of the practical benefits to be obtained by the Lenders therefrom, (ii) solely in the case of any pledge of Capital Stock or Stock Equivalents of any Foreign Subsidiary or any CFC or FSHCO, any Capital Stock or Stock Equivalents of in excess of 65% of the total outstanding voting Capital Stock or Stock Equivalents of such Subsidiary, (iii) any Capital Stock or Stock Equivalents to the extent the pledge thereof would violate any applicable Requirements of Law (including any legally effective requirement to obtain the consent of any Governmental Authority unless such consent has been obtained) (it being understood that any Capital Stock or Stock Equivalents described in this clause (iii) will be automatically released from the Collateral and the Collateral Agent and Administrative Agent will take all actions necessary, consistent with this Agreement and the Security Documents, to release any Liens held in the Collateral that is the subject of such Requirement of Law), (iv) any Capital Stock or Stock Equivalents to the extent (A) that a pledge thereof to secure the Obligations is prohibited by any applicable Contractual Requirement (including any legally effective requirement to obtain the consent of any third party, unless such consent has been obtained) entered into at any time in good faith for a bona fide business purpose (and not for the primary purpose of obtaining a release of Collateral) and for so long as such Contractual Requirement or replacement or renewal thereof is in effect, (B) any Contractual Requirement (including any legally effective requirement to obtain the consent of any third party, unless such consent has been obtained) entered into at any time in good faith for a bona fide business purpose (and not for the primary purpose of obtaining a release of Collateral) prohibits such a pledge without the consent of any other party; <u>provided</u> that this <u>clause (II)</u> shall not apply if (x) such other party is a Credit Party or Wholly-Owned Subsidiary or (y) consent has been obtained to consummate such pledge (it being understood that the foregoing shall not be deemed to obligate the Borrower or any Subsidiary to obtain any such consent) and for so long as such Contractual Requirement or replacement or renewal thereof is in effect, or (C) a pledge thereof to secure the Obligations would give any other party (other than a Credit Party or Wholly-Owned Subsidiary) to any contract, agreement, instrument, or indenture governing such Capital Stock or Stock Equivalents the right to terminate its obligations thereunder (it being understood that any Capital Stock or Stock Equivalents described in this clause (iv) will be automatically released from the Collateral and the Collateral Agent and Administrative Agent will take all actions necessary, consistent with this Agreement and the Security Documents, to release any Liens held in the Collateral that is the subject of such Contractual Requirement), (v) any Capital Stock or Stock Equivalents of any Subsidiary to the extent that the pledge of such Capital Stock or Stock Equivalents would result in materially adverse tax consequences to the Parent Borrower or any Subsidiary or any Parent Entity, as reasonably determined by the Parent Borrower in consultation with the Administrative Agent, (vi) any Capital Stock or Stock Equivalents that are margin stock, (vii) any Capital Stock and Stock Equivalents of any Subsidiary that is not a Material Subsidiary, a captive insurance Subsidiary, an SPV or any special purpose entity, (viii) any Capital Stock and Stock Equivalents of any entity that is not a Subsidiary, (ix) Capital Stock and Stock Equivalents of any Person other than Wholly-Owned Subsidiaries which own Real Estate assets in Land or that own unencumbered Real Estate assets, in each case located in the United States, (x) any Capital Stock and Stock Equivalents of a Subsidiary that is owned directly or indirectly by a CFC, (xi) any Capital Stock or Stock Equivalents of a borrower under a First Tier Facility and (xii) any Capital Stock or Stock Equivalents to the extent a pledge thereof to secure the Obligations is prohibited by a Permitted Securitization Facility<u>Financing</u>, including without limitation any Equity Interests of any Securitization Entity; <u>provided</u> that, notwithstanding the above, except as otherwise mutually agreed between the Administrative Agent and the Parent Borrower, any Capital Stock or Stock Equivalents of any Initial Guarantor pledged or required to be pledged as of the Closing Date shall not constitute Excluded Stock and Stock Equivalents.

"**Excluded Subsidiary**" shall mean (i) each Subsidiary, in each case, for so long as any such Subsidiary does not (on (x) a consolidated basis with its Subsidiaries, if determined on the Closing Date by reference to the Company Financial Statements or (y) a consolidated basis with its Subsidiaries, if determined after the Closing Date by reference to the financial statements delivered to the Administrative Agent pursuant to <u>Section 9.1(a)</u> and <u>(b))</u> constitute a Material Subsidiary, (ii) each Subsidiary that is not a Wholly-Owned Subsidiary on any date such Subsidiary would otherwise be required to become a Guarantor pursuant to the requirements of <u>Section 9.11</u> (for so long as such Subsidiary remains a non-Wholly-Owned Subsidiary), (iii) any First Tier Facility Borrower, (iv) any FSHCO, (v) any Subsidiary of a Subsidiary that is a CFC, (vi) any Foreign Subsidiary (including a CFC), (vii) each Subsidiary that is prohibited by any applicable Contractual Requirement (including any legally effective requirement to obtain the consent of any third party, unless such consent has been obtained) entered into at any time in good faith for a bona fide business purpose (and not for the primary purpose of obtaining a release of any Guarantor) or Requirements of Law (including any legally effective requirement to obtain the consent of any Governmental Authority, unless such consent has been obtained), it being understood that any such Subsidiary described in this clause (vii) will be automatically released from its Guarantees (and the Collateral Agent and Administrative Agent will take all actions necessary, consistent with this Agreement and the Security Documents, to evidence such release) or from guaranteeing or granting Liens to secure the Obligations (and for so long as such restriction or any replacement or renewal thereof is in effect), (viii) each Subsidiary with respect to which, as reasonably determined by the Parent Borrower, the consequence of providing a Guarantee of the Obligations would adversely affect the ability of the Parent Borrower and its Subsidiaries to satisfy applicable Requirements of Law, (ix) each Subsidiary with respect to which, as reasonably determined by the Borrower in consultation with the Administrative Agent, providing such a Guarantee would result in material adverse tax consequences to the Borrower, any of its Subsidiaries or any Parent Entity, (x) any other Subsidiary with respect to which, in the reasonable judgment of the Parent Borrower and the Administrative Agent, as agreed in writing, the cost or other consequences of providing a Guarantee of the Obligations shall be excessive in view of the practical benefits to be obtained by the Lenders therefrom, (xi) any Securitization Entity, (xii) each other Subsidiary acquired pursuant to a Permitted Acquisition or other Investment permitted hereunder and financed with assumed secured Indebtedness permitted hereunder, and each Subsidiary acquired in such Permitted Acquisition or other Investment permitted hereunder that guarantees such Indebtedness, in each case to the extent that, and for so long as, the documentation relating to such Indebtedness to which such Subsidiary is a party prohibits such Subsidiary from guaranteeing the Obligations and such prohibition was not created in contemplation of such Permitted Acquisition or other Investment permitted hereunder, (xiii) each SPV (including any captive insurance Subsidiary or not-for-profit Subsidiary), (xiv) any Subsidiary that is prohibited from providing a Guarantee pursuant to any asset backed securities documentation, any mezzanine financing documentation or any refinancings thereof, (xv) any captive insurance company, and (xvi) any not-for-profit Subsidiary; notwithstanding anything herein to the contrary, at the Parent Borrower's sole election, the Parent Borrower may elect to (i) add any Subsidiary that is otherwise an Excluded Subsidiary as a Credit Party hereunder and/or (ii) take any other actions reasonably required to accomplish the foregoing, including any such action not otherwise required hereunder or any other Credit Document; <u>provided</u> that, notwithstanding the above, except as otherwise mutually agreed between the Administrative Agent and the Parent Borrower, no Initial Guarantors shall constitute an Excluded Subsidiary.

"**Excluded Swap Obligation**" shall mean, with respect to any Swap Obligor, (a) any Swap Obligation if, and to the extent that, all or a portion of the Obligations of such Swap Obligor of, or the grant by such Swap Obligor of a security interest to secure, such Swap Obligation (or any Obligations thereof) is or becomes illegal or unlawful under the Commodity Exchange Act or any rule, regulation, or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) or (b) any other Swap Obligation designated as an "Excluded Swap Obligation" of such Swap Obligor as specified in any agreement between the relevant Swap Obligors and counterparty applicable to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Obligation or security interest is or becomes illegal or unlawful.

"**Excluded Taxes**" shall mean, with respect to the Administrative Agent, any Lender, or any other recipient of any payment to be made by or on account of any obligation of any Credit Party hereunder or under any other Credit Document, (i) Taxes imposed on or measured by its overall net income, net profits, or branch profits (however denominated, and including (for the avoidance of doubt) any backup withholding in respect thereof under Section 3406 of the Code or any similar provision of state, local, or foreign law), and franchise (and similar) Taxes imposed on it (in lieu of net income Taxes), in each case, (x) imposed by a jurisdiction (including any political subdivision thereof) as a result of such recipient being organized in, having its principal office in, or in the case of any Lender, having its applicable lending office in, such jurisdiction, or (y) that are Other Connection Taxes, (ii) with respect to any Revolving Loan, any U.S. federal withholding Tax imposed on any payment by or on account of any obligation of any Credit Party hereunder or under any Credit Document that is required to be imposed on amounts payable to or for the account of a Lender (or other recipient) pursuant to laws in force at the time such Lender acquires an interest in any Credit Document (or designates a new lending office), other than in the case of a Lender that is an assignee pursuant to a request by the Borrower under <u>Section 13.7</u> (or that designates a new lending office pursuant to a request by the Borrower), except to the extent that such Lender (or its assignor, if any) was entitled, immediately prior to the designation of a new lending office (or assignment), to receive additional amounts from the Credit Parties with respect to such withholding Tax pursuant to <u>Section 5.4</u>, (iii) any Taxes attributable to such recipient's failure or inability to comply with <u>Section 5.4(e)</u> or (iv) any Tax imposed under FATCA.

"**Existing Debt Facilities**" shall mean each of the following: (a) that certain Credit Agreement, dated as of December 31, 2018, by and among, inter alios, Infra Colodata Holdings LLC, as holdings, Dawn Acquisitions LLC, as borrower, the lenders from time to time party thereto and Barclays Bank PLC, as administrative agent, as amended by that certain First Amendment to Credit Agreement, dated as of April 28, 2023 (as further amended, restated, supplemented or otherwise modified); and (b) that certain Credit Agreement, dated as of November 1, 2022, among Evoque Dallas Data Centers LLC, as borrower, the lenders from time to time party thereto and Toronto Dominion (Texas) LLC, as administrative agent and collateral agent (as amended, restated, supplemented or otherwise modified).

"**Existing Revolving Credit Class**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Existing Revolving Credit Commitment**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Existing Revolving Credit Loans**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Extended Revolving Credit Commitments**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Extended Revolving Credit Loans**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Extended Revolving Loan Maturity Date**" shall mean the date on which any tranche of Extended Revolving Credit Loans matures.

"**Extending Lender**" shall have the meaning provided in <u>Section 2.14(g)(ii)</u>.

"**Extension Amendment**" shall have the meaning provided in <u>Section 2.14(g)(iii)</u>.

"**Extension Date**" shall have the meaning provided in <u>Section 2.14(g)(iv)</u>.

"**Extension Election**" shall have the meaning provided in <u>Section 2.14(g)(ii)</u>.

"**Extension Request**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Extension Series**" shall mean all Extended Revolving Credit Commitments that are established pursuant to the same Extension Amendment (or any subsequent Extension Amendment to the extent such Extension Amendment expressly provides that the Extended Revolving Credit Commitments provided for therein are intended to be a part of any previously established Extension Series) and that provide for the same interest margins, extension fees, and amortization schedule.

"**Extraordinary Expense**" shall mean an operating expense or capital expense that is not consistent with the budget for the applicable period delivered pursuant to <u>Section 5.1(c)</u> hereof.

"**Fair Market Value**" shall mean with respect to any asset or group of assets on any date of determination, the value of the consideration obtainable in a sale of such asset at such date of determination assuming a sale by a willing seller to a willing purchaser dealing at arm's length and arranged in an orderly manner over a reasonable period of time having regard to the nature and characteristics of such asset, as determined in good faith by the Borrower.

"**FATCA**" shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code as of the date of this Agreement (or any amended or successor version described above), and any intergovernmental agreements (or related legislation or official administrative rules or practices) implementing the foregoing.

"**Federal Funds Effective Rate**" shall mean, for any day, the rate calculated by the NYFRB based on such day's federal funds transactions by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as the federal funds effective date, <u>provided</u> that, if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of calculating such rate.

"**Fee Letter**" shall mean that certain Fee Letter, dated as of October 31, 2023, among each of the Joint Lead Arrangers and the Parent Borrower, as amended, restated, amended and restated, supplemented or otherwise modified pursuant to any joinder agreements thereto.

"**Fees**" shall mean all amounts payable pursuant to, or referred to in, <u>Section 4.1(a)</u>.

"**Financial Incurrence Tests**" shall have the meaning provided in <u>Section 1.12(a)</u>.

"**First Lien Intercreditor Agreement**" shall mean an intercreditor agreement substantially in the form of <u>Exhibit G-1</u> (with such changes to such form as may be reasonably acceptable to the Administrative Agent and the Parent Borrower) among the Administrative Agent, the Collateral Agent, and the representatives for purposes thereof for holders of one or more classes of First Lien Obligations.

"**First Lien Obligations**" shall mean the Obligations and obligations in respect of Indebtedness secured by Liens on the Collateral that rank on an equal priority basis (but without regard to the control of remedies) with Liens on the Collateral securing the Obligations.

"**First Tier Facility**" shall mean any of (i) the US Balance Sheet Loan Facility, (ii) any other facility establishing Non-Recourse Indebtedness of the Parent Borrower or any of its Subsidiaries or (iii) any Indebtedness which refinances any of the foregoing.

"**First Tier Facility Agreement**" shall mean any of (i) the US Balance Sheet Loan Agreement or (ii) any of the other "Credit Documents", "Loan Documents", "Financing Documents" or terms of like import as defined in any of the foregoing, in each case as last in effect.

"**First Tier Facility Borrower**" shall mean, as of any time of determination, any direct or indirect Subsidiary of the Parent Borrower which is a borrower, "credit party", "loan party" or similar obligor under any First Tier Facility.

"**Fixed Amounts**" shall have the meaning provided in <u>Section 1.12(a)</u>.

"**Fixed Charges**" shall mean, with respect to any Person for any period, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consolidated Cash Interest Expense of such Person and its Subsidiaries on a consolidated basis for such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all dividend payments (excluding items eliminated in consolidation) on any series of preferred stock (including any Designated Preferred Stock) or any Refunding Capital Stock of such Person made during such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) regularly scheduled principal amortization payments during such period (excluding any balloon payments and, for the avoidance of doubt, any Excess Cash Flow sweep and mandatory prepayments made in connection with a Mandatory Prepayment Event).

"**Fixed Charge Coverage Ratio**" shall mean, with respect to any Test Period following the Closing Date, the ratio of (i) Consolidated EBITDA of the Parent Borrower for such period to (ii) Fixed Charges made in cash during such period. Notwithstanding anything to the contrary contained herein, for purposes of determining the Fixed Charge Coverage Ratio for any Test Period that includes any of the first three full fiscal quarters ended after the Closing Date, the Consolidated EBITDA of the Parent Borrower and Fixed Charges, as applicable, for such period shall be: (a) for the Test Period consisting of the first full fiscal quarter of the Parent Borrower after the Closing Date, the Consolidated EBITDA of the Parent Borrower and Fixed Charges made in cash for the first full fiscal quarter after the Closing Date, in each case, multiplied by four; (b) for the Test Period consisting of the first two full fiscal quarters of the Parent Borrower after the Closing Date, the Consolidated EBITDA of the Parent Borrower and Fixed Charges made in cash for the first two full fiscal quarters of the Parent Borrower after the Closing Date, in each case, multiplied by two; and (c) for the Test Period consisting of the first three full fiscal quarters of the Parent Borrower after the Closing Date, the Consolidated EBITDA of the Borrower and Fixed Charges made in cash for the first three full fiscal quarters after the Closing Date, in each case, multiplied by 4/3.

"**Floor**" shall mean a rate of interest equal to 0.50%.

"**Foreign Plan**" shall mean each "employee benefit plan" (within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA) that is not subject to U.S. law and is maintained or contributed to by any Credit Party or any of its Subsidiaries.

"**Foreign Plan Event**" shall mean, with respect to any Foreign Plan, (i) the failure by a Credit Party or any of its Subsidiaries to make or, if applicable, accrue in accordance with normal accounting practices, any employer or employee contributions required by applicable law or by the terms of such Foreign Plan; (ii) the failure by a Credit Party or any of its Subsidiaries to register or loss of good standing (if applicable) with applicable regulatory authorities of any such Foreign Plan required to be registered; or (iii) the failure of any Foreign Plan to comply with any provisions of applicable law or regulations or with the terms of such Foreign Plan.

"**Foreign Subsidiary**" shall mean each Subsidiary of the Parent Borrower that is not a Domestic Subsidiary.

"**Forward-Looking Information**" shall have the meaning provided in <u>Section 8.8(a)</u>.

"**Fronting Exposure**" shall mean, at any time there is a Defaulting Lender, with respect to each Letter of Credit Issuer, such Defaulting Lender's Revolving Credit Commitment Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender's participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

"**Fronting Fee**" shall have the meaning provided in <u>Section 4.1(d)</u>.

"**FSHCO**" shall mean any direct or indirect Domestic Subsidiary of the Borrower, substantially all of the assets of which consist of the Capital Stock and/or Indebtedness of one or more (a) Foreign Subsidiaries that are CFCs, (b) other direct or indirect Domestic Subsidiaries of the Borrower that are direct or indirect Subsidiaries of a CFC or (c) other direct or indirect Domestic Subsidiaries of the Borrower that are FSHCOs.

"**Fund**" shall mean any Person (other than a natural Person) that is engaged or advises funds or other investment vehicles that are engaged in making, purchasing, holding, or investing in commercial loans and similar extensions of credit in the ordinary course.

"**GAAP**" shall mean generally accepted accounting principles in the United States, as in effect from time to time; <u>provided</u>, <u>however</u>, that if the Parent Borrower notifies the Administrative Agent that the Parent Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof on the operation of such provision, regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Furthermore, at any time after the Closing Date, the Parent Borrower may elect to apply International Financial Reporting Standards ("**IFRS**") accounting principles in lieu of GAAP and, upon any such election, references herein to GAAP and GAAP concepts shall thereafter be construed to refer to IFRS and corresponding IFRS concepts (except as otherwise provided in this Agreement); <u>provided</u> any such election, once made, shall be irrevocable; <u>provided</u>, <u>further</u>, that any calculation or determination in this Agreement that requires the application of GAAP for periods that include fiscal quarters ended prior to the Parent Borrower's election to apply IFRS shall remain as previously calculated or determined in accordance with GAAP. Notwithstanding any other provision contained herein, the amount of any Indebtedness under GAAP with respect to Capitalized Lease Obligations shall be determined in accordance with the definition of Capitalized Lease Obligations.

"**Governmental Authority**" shall mean any nation, sovereign, or government, any state, province, territory, or other political subdivision thereof, and any entity or authority exercising executive, legislative, judicial, taxing, regulatory, or administrative functions of or pertaining to government, including a central bank or stock exchange (including any supranational body exercising such powers or functions, such as the European Union or the European Central Bank).

"**Granting Lender**" shall have the meaning provided in <u>Section 13.6(g)</u>.

"**Gross Income from Operations**" shall mean, as of any date of determination, the sum of the following: (a) total annualized base rent and recurring revenues in place as of such date of determination, based on executed leases, including, without limitation, (i) booked but not billed Leases ("*BBnB Leases*") with lease commencement dates within twelve (12) months following such date of determination or with free rent periods (provided that free rent shall not be included to the extent it exceeds one month of free rent per year of such Lease's initial term) currently in effect (in each case, as if base rent and recurring revenues were currently being paid under such Leases) and (ii) any contractual rent increases within the twelve (12) months following such date of determination, (b) tenant reimbursements (to the extent provided for pursuant to the applicable Lease) (i) during the twelve (12)-month period immediately preceding such date of determination or (ii) for Leases executed in such twelve (12)-month period, the annualized amount thereof, and (c) percentage and overage rent, ancillary income (e.g., parking, tenant services and signage) and any fee, collection or payment received with respect to such executed Leases, in each case pursuant to this clause (c), (i) during the twelve (12)-month period immediately preceding such date of determination or (ii) for Leases executed in such twelve (12)-month period, the annualized amount thereof (without duplication of any amounts set forth in clauses (a) and (b) above), but excluding (solely for purposes of calculating Net Operating Income) one-time extraordinary income or non-recurring income , and in each case with respect to clauses (a), (b) and (c), excluding amounts paid or payable under any such Lease with respect to which the tenant thereunder (x) is in base rent monetary default in excess of two (2) months, (y) is the subject of a Bankruptcy Action and which tenant has not assumed its Lease or (z) has given written notice that it will vacate within six (6) months of such date of determination, except to the extent a new Lease is signed for such premises.

"**Guarantee**" shall mean (i) the Guarantee made by each Guarantor in favor of the Collateral Agent for the benefit of the Secured Parties, substantially in the form of <u>Exhibit B</u>, and (ii) any other guarantee of the Obligations made by a Credit Party in form and substance reasonably acceptable to the Administrative Agent.

"**guarantee obligations**" shall mean, as to any Person, any obligation of such Person guaranteeing or intended to guarantee any Indebtedness of any primary obligor in any manner, whether directly or indirectly, including any obligation of such Person, whether or not contingent, (i) to purchase any such Indebtedness or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (a) for the purchase or payment of any such Indebtedness or (b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities, or services primarily for the purpose of assuring the owner of any such Indebtedness of the ability of the primary obligor to make payment of such Indebtedness, or (iv) otherwise to assure or hold harmless the owner of such Indebtedness against loss in respect thereof; <u>provided</u>, <u>however</u>, that the term guarantee obligations shall not include endorsements of instruments for deposit or collection in the ordinary course of business or customary and reasonable indemnity obligations or product warranties in effect on the Closing Date or entered into in connection with any acquisition or disposition of assets permitted under this Agreement (other than such obligations with respect to Indebtedness). The amount of any guarantee obligation shall be deemed to be an amount equal to the stated or determinable amount of the Indebtedness in respect of which such guarantee obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith.

"**Guarantors**" shall mean (a) the Initial Guarantors and (b) each Subsidiary of the Parent Borrower that becomes a party to the Guarantee after the Closing Date pursuant to <u>Section 9.11</u> or otherwise; <u>provided</u> that, for the avoidance of doubt, in no event shall any Excluded Subsidiary be required to be a Guarantor.

"**Hazardous Materials**" shall mean (i) any petroleum or petroleum products, radioactive materials, friable asbestos, polychlorinated biphenyls, per- and polyfluoroalkyl substances, and radon gas; (ii) any chemicals, materials, or substances defined as or included in the definition of "hazardous substances," "hazardous waste," "hazardous materials," "extremely hazardous waste," "restricted hazardous waste," "toxic substances," "toxic pollutants," "contaminants," or "pollutants," or words of similar import, under any Environmental Law; and (iii) any other chemical, material, or substance, which is prohibited, limited, or regulated due to its dangerous or deleterious properties or characteristics, by any Environmental Law.

"**Hedge Agreements**" shall mean (i) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (ii) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any "International Foreign Exchange Master Agreement", or any other master agreement (any such master agreement, together with any related schedules, a "**Master Agreement**"), including any such obligations or liabilities under any Master Agreement.

"**Hedging Obligations**" shall mean, with respect to any Person, the obligations of such Person under any Hedge Agreements.

"**Holdings**" shall have the meaning provided in the preamble to this Agreement.

"**IFRS**" shall have the meaning given to such term in the definition of GAAP.

"**Impacted Loans**" shall have the meaning provided in <u>Section 0(a)</u>.

"**incur**" and "**incurrence**" shall have the meaning provided in <u>Section 10.1</u>.

"**Incurrence Based Amounts**" shall have the meaning provided in <u>Section 1.12(a)</u>.

"**Indebtedness**" shall mean, with respect to any Person, (i) any indebtedness (including principal and premium) of such Person, whether or not contingent (a) in respect of borrowed money, (b) evidenced by bonds, notes, debentures, or similar instruments or letters of credit or bankers' acceptances (or, without double counting, reimbursement agreements in respect thereof), (c) representing the balance deferred and unpaid of the purchase price of any property (including Capitalized Lease Obligations), or (d) representing any Hedging Obligations, if and to the extent that any of the foregoing Indebtedness (other than letters of credit and Hedging Obligations) would appear as a net liability upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; <u>provided</u> that Indebtedness of any direct or indirect parent company appearing upon the balance sheet of the Parent Borrower solely by reason of push down accounting under GAAP shall be excluded, (ii) to the extent not otherwise included, any obligation by such Person to be liable for, or to pay, as obligor, guarantor or otherwise, on the obligations of the type referred to in <u>clause (i)</u> of another Person (whether or not such items would appear upon the balance sheet of such obligor or guarantor), other than by endorsement of negotiable instruments for collection in the ordinary course of business, and (iii) to the extent not otherwise included, the obligations of the type referred to in <u>clause (i)</u> of another Person secured by a Lien on any asset owned by such Person, whether or not such Indebtedness is assumed by such Person; <u>provided</u> that notwithstanding the foregoing, Indebtedness shall be deemed not to include (1) Contingent Obligations incurred in the ordinary course of business, (2) obligations under or in respect of Permitted Securitization Financings (including obligations under or in respect of any Permitted Securitization Guarantees), (3) prepaid or deferred revenue arising in the ordinary course of business, (4) purchase price holdbacks arising in the ordinary course of business in respect of a portion of the purchase price of an asset to satisfy warrants or other unperformed obligations of the seller of such asset, (5) any balance that constitutes a trade payable or similar obligation to a trade creditor, accrued in the ordinary course of business, (6) any earn-out obligation until such obligation, within 60 days of becoming due and payable, has not been paid and such obligation is reflected as a liability on the balance sheet of such Person in accordance with GAAP, (7) any obligations attributable to the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto, (8) accrued expenses and royalties, (9) asset retirement obligations and obligations in respect of workers' compensation (including pensions and retiree medical care) that are not overdue by more than 60 days or (10) leases that would not be classified as Capitalized Lease Obligations. The amount of Indebtedness of any Person for purposes of <u>clause (iii)</u> above shall (unless such Indebtedness has been assumed by such Person) be deemed to be equal to the lesser of (x) the aggregate unpaid amount of such Indebtedness and (y) the Fair Market Value of the property encumbered thereby as determined by such Person in good faith.

For all purposes hereof, the Indebtedness of the Parent Borrower and the other Credit Parties, shall exclude all intercompany Indebtedness having a term not exceeding 365 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business consistent with past practice.

"**Indemnified Liabilities**" shall have the meaning provided in <u>Section 13.5</u>.

"**Indemnified Persons**" shall have the meaning provided in <u>Section 13.5</u>.

"**Indemnified Taxes**" shall mean all Taxes imposed on or with respect to any payment by or on account of any obligation of any Credit Party hereunder or under any other Credit Document, other than Excluded Taxes or Other Taxes.

"**Initial Commitment Party**" shall have the meaning assigned to such term in the Commitment Letter.

"**Initial Default**" shall have the meaning assigned to such term in <u>Section 1.2(j)</u>.

"**Initial Guarantors**" shall mean (a) each of Holdings, Phoenix Infrastructure LLC, DCCO Tukwila Domestic REIT, LLC and Phoenix Data Center Parent LLC and (b) each Wholly-Owned Subsidiary of the Parent Borrower existing as of the Closing Date which owns Collateral (other than any Excluded Subsidiary).

"**Insolvent**" shall mean, with respect to any Multiemployer Plan, the condition that such Multiemployer Plan is "insolvent" within the meaning of Section 4245 of ERISA.

"**Intellectual Property**" shall mean intellectual property, including all (i) (a) patents, inventions, processes, developments, technology, and know-how; (b) copyrights (including copyrights in software) and works of authorship in any media, including graphics, advertising materials, labels, package designs, and photographs; (c) trademarks, service marks, trade names, brand names, corporate names, Internet domain names, logos, trade dress, and other source indicators, and the goodwill of any business symbolized thereby; and (d) trade secrets, confidential, proprietary, or non-public information and (ii) all registrations, issuances, applications, renewals, extensions, substitutions, continuations, continuations-in-part, divisionals, re-issues, re-examinations, or similar legal protections related to the foregoing.

"**Interest Period**" shall mean, with respect to any Loan, the interest period applicable thereto, as determined pursuant to <u>Section 2.9</u>.

"**Investment**" shall mean, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees), advances, or capital contributions (excluding accounts receivable, trade credit, advances to customers, commission, travel, and similar advances to officers and employees, in each case made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests, or other securities issued by any other Person and investments that are required by GAAP to be classified on the consolidated balance sheet (excluding the footnotes) of the Parent Borrower in the same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property; <u>provided</u> that Investments shall not include, in the case of the Parent Borrower and the other Credit Parties, intercompany loans (including guarantees), advances, or Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business.

The amount of any Investment outstanding at any time shall be the original cost of such Investment, reduced by any dividend, distribution, interest payment, return of capital, repayment, or other amount received by the Parent Borrower or another Credit Party in respect of such Investment (<u>provided</u> that, with respect to amounts received other than in the form of Cash Equivalents, such amount shall be equal to the Fair Market Value of such consideration).

"**Investment Grade Rating**" shall mean a rating equal to or higher than Baa3 (or the equivalent) by Moody's and BBB- (or the equivalent) by S&P, or an equivalent rating by any other rating agency.

"**Investment Grade Securities**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) securities issued or directly and fully guaranteed or insured by the United States
government or any agency or instrumentality thereof (other than Cash Equivalents),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) debt securities or debt instruments with an Investment Grade Rating, but excluding
any debt securities or instruments constituting loans or advances among the Parent Borrower and its
Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) investments in any fund that invest at least 90% in investments of the type described
in <u>clauses (i)</u> and <u>(ii)</u> which fund may also hold immaterial amounts of cash pending investment or distribution, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) corresponding instruments in countries other than the United States customarily utilized
for high-quality investments.

"**Investors**" shall mean the Sponsor and certain of the Sponsor's Affiliates.

"**IPO**" shall mean the initial underwritten public offering (other than a public offering pursuant to a registration statement on Form S-8) of common Equity Interests in the Parent Borrower or a parent entity of the Parent Borrower.

"**IPO Entity**" shall mean, at any time at and after an IPO, the Parent Borrower or a parent entity of the Borrower, as the case may be, the Equity Interests in which were issued or otherwise sold pursuant to the IPO.

"**IPO Listco**" shall mean a wholly-owned subsidiary of the Parent Borrower formed in contemplation of an IPO to become the IPO Entity. The Parent Borrower shall, promptly following its formation, notify the Administrative Agent of the formation of any IPO Listco.

"**IPO Reorganization Transactions**" shall mean, collectively, the transactions taken in connection with and reasonably related to consummating an IPO, including, without limitation, (a) formation and ownership of IPO Shell Companies, (b) entry into, and performance of, a reorganization or similar agreement among any of the Parent Borrower, its Subsidiaries and/or IPO Shell Companies implementing IPO Reorganization Transactions and other reorganization transactions in connection with an IPO, (c) entry into, and performance of, customary documentation (and amendments to existing documentation) governing the relations between and among the Parent Borrower, the IPO Entity and their respective Subsidiaries, (d) entry into, and performance of, customary underwriting agreements in connection with an IPO and any future follow-on underwritten public offerings of common Equity Interests in the IPO Entity, including the provision by IPO Entity and the Parent Borrower of customary representations, warranties, covenants and indemnification to the underwriters thereunder, (e) the merger of one or more IPO Subsidiaries with one or more direct or indirect holders of Equity Interests in the Parent Borrower with the surviving entity in any such merger holding Equity Interests in the Parent Borrower and the merger of such entities with any IPO Shell Company or IPO Subsidiary, (f) the issuance of Equity Interests of IPO Shell Companies to holders of Equity Interests of the Parent Borrower in connection with any IPO Reorganization Transactions, (g) the contribution, directly or indirectly, of Equity Interests of the Parent Borrower and its Subsidiaries to the IPO Entity or any IPO Shell Company or the acquisition by the IPO Entity or such IPO Shell Company thereof, (h) the entry into an exchange agreement, pursuant to which holders of Equity Interests of the Parent Borrower will be permitted to exchange such interests for certain economic/voting Equity Interests in IPO Listco, (i) the entry into, and performance of, any tax receivables agreements by any IPO Shell Company or IPO Subsidiary and (j) any other transactions and documentation related to the foregoing or necessary or appropriate in view of the board of directors of the Parent Borrower in connection with an IPO , in each case of <u>clauses (a)</u> through <u>(i)</u>, so long as after giving Pro Forma Effect to such agreement and the transactions contemplated thereby, the security interests of the Lenders in the Collateral and the Guarantees of the Obligations, taken as a whole, would not be materially impaired.

"**IPO Shell Company**" shall mean each of IPO Listco and IPO Subsidiary.

"**IPO Subsidiary**" shall mean a wholly-owned subsidiary of IPO Listco formed in contemplation of, and to facilitate, IPO Reorganization Transactions and an IPO. The Parent Borrower shall, promptly following its formation, notify the Administrative Agent of the formation of an IPO Subsidiary.

"**ISDA CDS Definitions**" shall have the meaning provided in <u>Section 13.1</u>.

"**ISP**" shall mean, with respect to any Letter of Credit, the "International Standby Practices 1998" as International Chamber of Commerce Publication No. 590 (or such later version thereof as may be in effect at the time of issuance).

"**Issuer Documents**" shall mean, with respect to any Letter of Credit, the Letter of Credit Request and any other document, agreement, and instrument entered into by any Letter of Credit Issuer and the Borrower (or any other Credit Party) or in favor of any Letter of Credit Issuer and relating to such Letter of Credit.

"**Joinder Agreement**" shall mean an agreement substantially in the form of <u>Exhibit A</u>.

"**Joint Lead Arrangers**" shall mean each of Wells Fargo Bank, National Association and TD Securities (USA) LLC, in each case, in their respective capacities as joint bookrunners and lead arrangers, and BMO Capital Markets Corp. and The Bank of Nova Scotia, in each case, in their respective capacities as joint lead arrangers.

"**Junior Debt**" shall mean any Indebtedness (other than any permitted intercompany Indebtedness owing between and among the Parent Borrower or any other Credit Party) that is Subordinated Indebtedness.

"**KYC Rules**" shall have the meaning provided in <u>Section 6.14</u>.

"**Land**" shall mean any undeveloped land parcel, whether owned or ground-leased.

"**L/C Borrowing**" shall mean an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Borrowing.

"**L/C Facility Maturity Date**" shall mean the date that is three Business Days prior to the Revolving Credit Maturity Date; <u>provided</u> that the L/C Facility Maturity Date may be extended beyond such date with the consent of the applicable Letter of Credit Issuer.

"**L/C Obligations**" shall mean, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit *plus* the aggregate of all Unpaid Drawings, including all L/C Borrowings. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of any rule of law or standard practices to which any Letter of Credit is subject (such as Rules 3.13 and 3.14 of the International Standby Practices (ISP98) and Article 29 of the UCP) or any express term of the Letter of Credit, such Letter of Credit shall be deemed to be "outstanding" in the amount so remaining available to be drawn. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time.

"**L/C Participant**" shall have the meaning provided in <u>Section 3.3(a)</u>.

"**L/C Participation**" shall have the meaning provided in <u>Section 3.3(a)</u>.

"**L/C Sublimit**" shall mean up to $50,000,000 in the aggregate amount of Letters of Credit that may be issued under the Revolving Credit Facility.

"**LCT Election**" shall have the meaning provided in <u>Section 1.12(b)</u>.

"**LCT Test Date**" shall have the meaning provided in <u>Section 1.12(b)</u>.

"**Lease**" shall mean any lease, master service agreement, co-location agreement, hosting services agreement or other similar agreement (including booked-but-not-billed leases), as amended or supplemented, and each guarantee of the performance and observance of the covenants, conditions and agreements to be performed and observed by the other party thereto with respect to such any such agreement.

"**Lender**" shall have the meaning provided in the preamble to this Agreement.

"**Lender Default**" shall mean (i) the refusal or failure of any Lender to make available its portion of any incurrence of Loans, which refusal or failure is not cured within one Business Day after the date of such refusal or failure, unless such Lender notifies the Administrative Agent in writing that such refusal or failure is the result of such Lender's good faith determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in writing) has not been satisfied, (ii) the failure of any Lender to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within one Business Day of the date when due, unless the subject of a good faith dispute, (iii) a Lender has notified, in writing, the Borrower or the Administrative Agent that it does not intend to comply with its funding obligations under this Agreement or has made a public statement to that effect with respect to its funding obligations under this Agreement, or a Lender has publicly announced that it does not intend to comply with its funding obligations under other loan agreements, credit agreements or similar facilities generally, (iv) a Lender has failed to confirm in a manner reasonably satisfactory to the Administrative Agent that it will comply with its funding obligations under this Agreement or (v) a Distressed Person has admitted in writing that it is insolvent or such Distressed Person becomes subject to a Lender-Related Distress Event.

"**Lender-Related Distress Event**" shall mean, with respect to any Lender or any other Person that directly or indirectly controls such Lender (each, a "**Distressed Person**") a voluntary or involuntary case with respect to such Distressed Person under any debt relief law, or a custodian, conservator, receiver, or similar official is appointed for such Distressed Person or any substantial part of such Distressed Person's assets, or such Distressed Person, or any Person that directly or indirectly controls such Distressed Person or is subject to a forced liquidation or such Distressed Person makes a general assignment for the benefit of creditors or is otherwise adjudicated as, or determined by any governmental authority having regulatory authority over such Distressed Person or its assets to be, insolvent or bankrupt; <u>provided</u> that a Lender-Related Distress Event shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any equity interests in any Lender or any Person that directly or indirectly controls such Lender by a governmental authority or an instrumentality thereof.

"**Letter of Credit**" and "**Letters of Credit**" shall mean each standby letter of credit issued pursuant to <u>Section 3.1(a)</u>.

"**Letter of Credit Commitments**" shall mean (a) initially, with respect to the Letter of Credit Issuers specifically identified in clause (a) of the definition of "Letter of Credit Issuers", as of the Closing Date, with respect to (i) Wells Fargo Bank, National Association, in its capacity as Letter of Credit Issuer, 25% of the L/C Sublimit, (ii) The Toronto-Dominion Bank, New York Branch, in its capacity as Letter of Credit Issuer, 25% of the L/C Sublimit, (iii) Bank of Montreal, in its capacity as Letter of Credit Issuer, 25% of the L/C Sublimit and (iv) The Bank of Nova Scotia, in its capacity as Letter of Credit Issuer, 25% of the L/C Sublimit, and (b) after the addition of any other Letter of Credit Issuer as referenced in the definition of "Letter of Credit Issuers", the percentage agreed to between such additional Letter of Credit Issuer and the Parent Borrower (with the Letter of Credit Commitments of each pre-existing Letter of Credit Issuer as elected by the Parent Borrower in consultation with each such pre-existing Letter of Credit Issuer); <u>provided</u>, that upon the request of the Parent Borrower, any Letter of Credit Issuer may agree, in its sole discretion, to increase its Letter of Credit Commitments under this definition, subject to the aggregate Letter of Credit Commitments not exceeding the L/C Sublimit.

"**Letter of Credit Sublimit Expiration Date**" shall mean the day that is three Business Days prior to the scheduled Maturity Date then in effect for the Revolving Credit Facility.

"**Letter of Credit Exposure**" shall mean, with respect to any Lender, at any time, the sum of (i) the amount of the principal amount of any Unpaid Drawings in respect of which such Lender has made (or is required to have made) payments to the Letter of Credit Issuers pursuant to <u>Section 3.4(a)</u> at such time and (ii) such Lender's Revolving Credit Commitment Percentage of the Letters of Credit Outstanding at such time (excluding the portion thereof consisting of Unpaid Drawings in respect of which the Lenders have made (or are required to have made) payments to the Letter of Credit Issuers pursuant to <u>Section 3.4(a)</u>).

"**Letter of Credit Fee**" shall have the meaning provided in <u>Section 4.1(b)</u>.

"**Letter of Credit Issuers**" shall mean (a) each of Wells Fargo Bank, National Association, The Toronto-Dominion Bank, New York Branch, Bank of Montreal and Bank of Nova Scotia and (b) any other Lender that becomes a Letter of Credit Issuer in accordance with <u>Section 3.6</u>, in each case, in its capacity as an issuer of Letters of Credit hereunder, or any replacement or successor issuer of Letters of Credit hereunder. In the event that there is more than one Letter of Credit Issuer at any time, references herein and in the other Credit Documents to the Letter of Credit Issuer shall be deemed to refer to the Letter of Credit Issuer in respect of the applicable Letter of Credit or to all Letter of Credit Issuers, as the context requires.

"**Letter of Credit Request**" shall mean a notice executed and delivered by the Borrower pursuant to <u>Section 3.2</u>, and in a form which is acceptable to the Letter of Credit Issuers in their reasonable discretion.

"**Letters of Credit Outstanding**" shall mean, at any time the sum of, without duplication, (i) the aggregate Stated Amount of all outstanding Letters of Credit and (ii) the aggregate amount of the principal amount of all Unpaid Drawings.

"**Lien**" shall mean with respect to any asset, any mortgage, lien, pledge, hypothecation, charge, security interest, preference, priority, or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in, and any filing of, or agreement to, give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; <u>provided</u> that in no event shall an operating lease or a non-exclusive license, sub-license or cross-license of Intellectual Property be deemed to constitute a Lien.

"**Lien Release**" shall mean the release of liens encumbering the Acquired Assets and the obligations of any Existing Loan Party (as defined below), pursuant to (a) the Confirmation Order, (b) the Chapter 11 Plan, (c) that certain U.K. Deed of Release, dated as of January 12, 2024, by and among Cyxtera UK TRS Limited, Cyxtera Technology UK Limited and Cyxtera Data Centers, Inc. and (d) any other document releasing liens in respect of the Acquired Assets, including liens providing grants of security to the secured parties party to each of (i) that certain First Lien Credit Agreement dated as of May 1, 2017 (as may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "**Existing Seller Credit Agreement**"), among Cyxtera DC Holdings, Inc., Cyxtera DC Parent Holdings, Inc., Cyxtera Communications, LLC, Cyxtera Data Centers, Inc. (collectively, the "**2017 Loan Parties**"), the first lien lenders from time to time party thereto, and Citibank, N.A., as administrative agent and collateral agent, (ii) the Bridge Facility dated as of May 4, 2023, among the 2017 Loan Parties, Cyxtera Canada TRS ULC, Cyxtera Canada, LLC, Cyxtera Communications Canada, ULC, Cyxtera Digital Services, LLC, Cyxtera Technology UK Limited, and Cyxtera UK TRS Limited (collectively with the 2017 Loan Parties, the "**Existing Loan Parties**"), the lenders from time to time party thereto, and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent for such lenders and (iii) the Debtor-in-Possession Financing Credit Agreement dated as of June 7, 2023 by and among the Existing Loan Parties, the lenders from time to time party thereto and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent for such lenders (the "**DIP Facility**").

"**Limited Condition Transaction**" shall mean (a) the consummation of any acquisition, investment, merger or other similar transactions that the Parent Borrower or any other Credit Party is contractually committed to consummate and whose consummation is not conditioned on the availability of, or on obtaining, third party financing, (b) any prepayment, repurchase or redemption of Indebtedness requiring irrevocable notice in advance of such prepayment, repurchase or redemption and/or (c) any Restricted Payment in connection with an acquisition or investment of the type described in clause (a) of this definition requiring declaration in advance thereof.

"**Loan**" shall mean any Revolving Loan or any other loan made by any Lender pursuant to this Agreement.

"**LTV**" shall mean, on any date of determination, the ratio (expressed as a percentage) of (a) Consolidated Total Net Debt to (b) Consolidated Property Values.

"**Majority Lead Arrangers**" shall have the meaning provided in <u>Section 6.13</u>.

"**Mandatory Prepayment Event**" shall have the meaning provided in <u>Section 5.2(b)</u>.

"**Master Agreement**" shall have the meaning provided in the definition of the term "Hedge Agreement."

"**Material Adverse Effect**" shall mean a circumstance or condition affecting the business, assets, operations, properties, or financial condition of the Parent Borrower and its Subsidiaries, taken as a whole, that would, individually or in the aggregate, materially adversely affect (i) the ability of the Parent Borrower and the other Credit Parties, taken as a whole, to perform their payment obligations under this Agreement or any of the other Credit Documents or (ii) the rights and remedies of the Administrative Agent and the Lenders under the Credit Documents.

"**Material Defects**" shall mean (a) any material physical or legal defects (including any material matters disclosed by current engineering, seismic, title and zoning reports) or other material shortfalls in the due diligence of lenders to the First Tier Facilities such that the Properties would (other than in respect of the EU Balance Sheet Loan Facility) not otherwise meet the customary standards for a balance sheet loan secured by (and mezzanine syndication of) a large portfolio of properties similar in size and character to the Properties, (b) any material damage or destruction with respect to the improvements located on the Properties whether or not covered by insurance and/or any material condemnation proceedings that are pending or threatened against the Properties, (c) any material uninsured liability or lack of required license or permit in respect of any of the Properties or (d) in the case of the EU Balance Sheet Loan Facility, any legal limitations that exist in respect of any relevant borrower thereunder that materially limits the ability of such borrower to secure its portion of the EU Balance Sheet Loan Facility (excluding any customarily accepted limitations).

"**Material Indebtedness**" shall have the meaning provided in <u>Section 11.4</u>.

"**Material Lease**" shall mean any Lease, which, either individually or when taken together with any other Lease(s) (including for the avoidance of doubt, any service orders) among the Properties with the same tenant or such tenant's Affiliates, provides the tenant (collectively with its Affiliates) thereunder with access to no less than five (5) or more megawatts of electrical utility power. Notwithstanding the foregoing in no event shall any Facilities Lease (as defined in US Balance Sheet Loan Agreement) constitute a Material Lease.

"**Material Lease Defects**" shall mean any legal defects that would cause any of the Properties to be acquired on the Closing Date constituting leasehold estates not to meet Market Lease Financeability Standards (as defined in the US Balance Sheet Loan Agreement).

"**Material Subsidiary**" shall mean, at any date of determination, each Subsidiary of the Parent Borrower (i) whose total assets at the last day of the Test Period ending on the last day of the most recent fiscal period for which Section 9.1 Financials have been delivered were equal to or greater than 5.0% of the Consolidated Total Assets of the Parent Borrower and its Subsidiaries at such date or (ii) whose revenues during such Test Period were equal to or greater than 5.0% of the consolidated revenues of the Parent Borrower and its Subsidiaries for such period, in each case determined in accordance with GAAP; <u>provided</u> that if, at any time and from time to time after the Closing Date, Subsidiaries that are not Material Subsidiaries (other than Subsidiaries that are Excluded Subsidiaries by virtue of any of <u>clauses (ii)</u> through <u>(xvi)</u> of the definition of "Excluded Subsidiary") have, in the aggregate, (a) total assets at the last day of such Test Period equal to or greater than 10.0% of the Consolidated Total Assets of the Parent Borrower and its Subsidiaries at such date or (b) revenues during such Test Period equal to or greater than 10.0% of the consolidated revenues of the Parent Borrower and its Subsidiaries for such period, in each case determined in accordance with GAAP, then Borrower shall, on the date on which financial statements for such quarter are delivered pursuant to this Agreement, designate in writing to the Administrative Agent one or more of such Subsidiaries as Material Subsidiaries for each fiscal period until this proviso is no longer applicable.

"**Maturity Date**" shall mean the Revolving Credit Maturity Date, or the Extended Revolving Loan Maturity Date, as applicable.

"**Merger Sub**" shall have the meaning provided in the recitals to this Agreement.

"**Minimum Borrowing Amount**" shall mean (i) with respect to a Borrowing of SOFR Loans, $1,000,000 (or, if less, the entire remaining applicable Commitments at the time of such Borrowing) and (ii) with respect to a Borrowing of ABR Loans, $1,000,000 (or, if less, the entire remaining applicable Commitments at the time of such Borrowing).

"**Minimum Collateral Amount**" shall mean, at any time, (i) with respect to Cash Collateral consisting of cash or Cash Equivalents or deposit account balances provided to reduce or eliminate Fronting Exposure during the existence of a Defaulting Lender, an amount equal to 101% of the Fronting Exposure of the Letter of Credit Issuers with respect to Letters of Credit issued and outstanding at such time and (ii) with respect to Cash Collateral consisting of cash or Cash Equivalents or deposit account balances provided in accordance with the provisions of <u>Section 3.8(a)(1)</u> or <u>(a)(2)</u> an amount equal to 101% of the outstanding amount of all L/C Obligations.

"**Moody's**" shall mean Moody's Investors Service, Inc. or any successor by merger or consolidation to its business.

"**Multiemployer Plan**" shall mean a "multiemployer plan" as defined in Section 4001(a)(3) of ERISA to which any Credit Party or ERISA Affiliate makes or is obligated to make contributions, or during the five preceding calendar years, has made or been obligated to make contributions and to which any Credit Party has any outstanding liability.

"**Named Competitor**" shall mean the entities set forth in Annex III of the Commitment Letter (as supplemented, if applicable, from time to time after the date of the Commitment Letter with entities reasonably acceptable to the Administrative Agent).

"**NAV**" shall mean, on any date of determination, (a) Consolidated Property Values minus (b) Consolidated Total Net Debt.

"**Net Cash Proceeds**" shall mean, with respect to any Asset Sale, (i) the gross cash proceeds (including payments from time to time in respect of installment obligations, if applicable, but only as and when received) received by or on behalf of the Parent Borrower or any other Credit Party in respect of such event, as the case may be, less (ii) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount, if any, of all taxes or Permitted Tax Distributions (including in connection with any repatriation of funds) paid or reasonably estimated to be payable by the Parent Borrower or any other Credit Party in connection with such event,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount of any reasonable reserves established in accordance with GAAP against any liabilities (other than any taxes deducted pursuant to <u>clause (a)</u> above) (1) associated with the assets that are the subject of such event and (2) retained by the Parent Borrower or any other Credit Party; <u>provided</u> that the amount of any subsequent reduction of such reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Cash Proceeds of such an event occurring on the date of such reduction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the amount of any Indebtedness (other than the Loans) secured by a Lien on the assets that are the subject of such event to the extent that the instrument creating or evidencing such Indebtedness requires that such Indebtedness be repaid upon consummation of such event,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amount of any proceeds therefrom that the Parent Borrower or any other Credit Party has reinvested in the business of the Parent Borrower or any of the other Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the case of any Asset Sale, any funded escrow established pursuant to the documents evidencing any such sale or disposition to secure any indemnification obligations or adjustments to the purchase price associated with any such sale or disposition; <u>provided</u> that the amount of any subsequent reduction of such escrow (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Cash Proceeds of such Asset Sale occurring on the date of such reduction solely to the extent that the Parent Borrower and/or any other Credit Party receives cash in an amount equal to the amount of such reduction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all fees and out-of-pocket expenses paid by the Parent Borrower or another Credit Party in connection with any of the foregoing (for the avoidance of doubt, including, (1) in the case of the issuance of Indebtedness, any fees, underwriting discounts, premiums, and other costs and expenses incurred in connection with such issuance and (2) attorney's fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, underwriting discounts and commissions, other customary expenses, and brokerage, consultant, accountant, and other customary fees),

in each case, only to the extent not already deducted in arriving at the amount referred to in <u>clause (i)</u> above.

"**Net Operating Income**" or "**NOI**" shall mean, as of any date of determination, an amount equal to (x) Gross Income from Operations minus (y) Operating Expenses.

"**Non-Bank Tax Certificate**" shall have the meaning provided in <u>Section 5.4(e)(ii)(B)(3)</u>.

"**Non-Consenting Lender**" shall have the meaning provided in <u>Section 13.7(b)</u>.

"**Non-Defaulting Lender**" shall mean and include each Lender other than a Defaulting Lender.

"**Non-Extension Notice Date**" shall have the meaning provided in <u>Section 3.2(d)</u>.

"**Non-Recourse Indebtedness**" shall mean, with respect to any Person or group of Persons, Indebtedness for borrowed money (or guarantees of obligations in respect thereof) of which recourse for payment is contractually limited to specific assets of such Person or group of Persons (and/or the Equity Interests in such Person or group of Persons) encumbered by a Lien securing such Indebtedness (and for the avoidance of doubt, including customary exceptions for fraud, misapplication of funds, misrepresentation, waste, environmental indemnities, prohibited transfers, violation of "special purpose entity" covenants, bankruptcy, insolvency, receivership or other similar events and other similar exceptions to recourse liability); <u>provided</u> that in the event any such recourse claim is made with respect thereto, the portion of such Indebtedness in an amount equal to the amount of such recourse claim shall no longer constitute "Non-Recourse Indebtedness" for the period that such portion is subject to such recourse claim.

"**Non-U.S. Lender**" shall mean any Lender that is not a "United States person" as defined by Section 7701(a)(30) of the Code.

"**Notice of Borrowing**" shall have the meaning provided in <u>Section 2.3(a)</u>.

"**Notice of Conversion or Continuation**" shall have the meaning provided in <u>Section 2.6(a)</u>.

"**NYFRB**" shall mean the Federal Reserve Bank of New York.

"**NYFRB Rate**" shall mean, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day; <u>provided</u> that, if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for the purposes of calculating such rate.

"**Obligations**" shall mean all advances to, and debts, liabilities, obligations, covenants, and duties of, any Credit Party arising under any Credit Document or otherwise with respect to any Revolving Credit Commitment, Letter of Credit or Loan or under any Secured Cash Management Agreement or Secured Hedge Agreement (other than with respect to any Credit Party's obligations that constitute Excluded Swap Obligations solely with respect to such Credit Party, as the case may be), in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Credit Party or any Affiliate thereof of any proceeding under any bankruptcy or insolvency law naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. Without limiting the generality of the foregoing, the Obligations of the Credit Parties under the Credit Documents (and any of their Subsidiaries to the extent they have obligations under the Credit Documents) include the obligation (including guarantee obligations) to pay principal, interest, charges, expenses, fees, attorney costs, indemnities, and other amounts payable by any Credit Party under any Credit Document.

"**Operating Expenses**" shall mean all ordinary costs and expenses with respect to the operation, management, maintenance, repair and use of the applicable properties, insurance premiums and real property Taxes for the twelve (12)-month period immediately preceding the date of determination (excluding any Extraordinary Expenses, non-cash items, non-recurring expenses, debt service on the US Balance Sheet Loan Facility, loan placement fees and other amounts due and payable on the US Balance Sheet Loan Facility, tenant improvements costs, leasing commissions, Capital Expenditures (including build-out costs and other development costs) or capital reserves, deposits in any reserves (including in any reserve accounts under the US Balance Sheet Loan Agreement), expenses which are subject to reimbursement by (a) any tenant pursuant to the terms of such tenant's Lease (provided that the applicable tenant is not in default under its Lease beyond all applicable notice and cure periods), (b) insurance policy (unless the applicable insurance policy does not cover the applicable claim or the applicable insurer has denied coverage of the applicable claim) or (c) third party pursuant to the terms of a written agreement (provided that such third party is not in default under such written agreement beyond all applicable notice and cure periods), and income taxes and other taxes in the nature of income taxes); provided that the same shall be adjusted (i) for any changes in Taxes, insurance premiums known as of the time of determination and (ii) to reflect an assumed base property management fee equal to the greater of (x) 3.0% of (a) base rent due under the Leases and (y) the actual property management fee payable pursuant to the Management Agreement (as defined in the US Balance Sheet Loan Agreement) and, in the event any sub-management fee is not paid directly by Manager from its management fees, any incremental amounts paid to any sub-manager under any sub-management agreement.

"**Original Revolving Credit Commitments**" shall mean all Revolving Credit Commitments, Existing Revolving Credit Commitments and Extended Revolving Credit Commitments.

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

"**Other Taxes**" shall mean all present or future stamp, registration, court or documentary Taxes or any other excise, property, intangible, mortgage recording, filing or similar Taxes arising from any payment made hereunder or under any other Credit Document or from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to, this Agreement or any other Credit Document; <u>provided</u> that such term shall not include (i) any Taxes that result from an assignment ("**Assignment Taxes**"), to the extent such Assignment Taxes are imposed as a result of a connection between the Lender and the taxing jurisdiction (other than a connection arising solely from any Credit Documents or any transactions contemplated thereunder), except to the extent that any such action described in this proviso is requested or required by the Borrower or (ii) any Excluded Taxes.

"**Overnight Bank Funding Rate**" shall mean, for any date, the rate comprised of both overnight federal funds and overnight eurodollar borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate (from and after such date as the NYFRB shall commence to published such composite rate).

"**Overnight Rate**" shall mean, for any day, with respect to any amount denominated in Dollars, the greater of (i) the Federal Funds Effective Rate, (ii) an overnight rate determined by the Administrative Agent or the Letter of Credit Issuers, as the case may be, in accordance with banking industry rules on interbank compensation.

"**Parent Borrower**" shall have the meaning provided in the preamble to this Agreement.

"**Parent Entity**" shall mean any Person that is a direct or indirect parent company (which may be organized as, among other things, a partnership) of the Parent Borrower; <u>provided</u> that for purposes of <u>clauses (i)</u>, <u>(ii)</u>, <u>(iii)</u> and <u>(iv)</u> of the definition of Change of Control, references to the Parent Borrower shall be deemed to refer to any such Parent Entity.

"**Participant**" shall have the meaning provided in <u>Section 13.6(c)(i)</u>.

"**Participant Register**" shall have the meaning provided in <u>Section 13.6(c)(ii)</u>.

"**Participating Member State**" shall mean any member state of the European Union that adopts or has adopted the Euro as its lawful currency in accordance with legislation of the European Union relating to economic and monetary union.

"**Patriot Act**" shall have the meaning provided in <u>Section 13.18</u>.

"**Payment Notice**" shall have the meaning provided in <u>Section 12.14(b)</u>.

"**PBGC**" shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

"**Pension Plan**" shall mean any "employee pension benefit plan" (as defined in Section 3(2) of ERISA, but excluding any Multiemployer Plan) that is subject to Title IV of ERISA, Section 302 of ERISA or Section 412 of the Code, sponsored or maintained by any Credit Party or any of their respective ERISA Affiliates, or to which any Credit Party or any of their respective ERISA Affiliates contributes or had any obligation to contribute if liability to a Credit Party remains.

"**Permitted Acquisition**" shall mean (a) any transactions or Investments otherwise made in connection with the Transactions and (b) any Investment by any Credit Party in a Person that is engaged in a Similar Business, if as a result of such Investment such Person, in one transaction or a series of related transactions, is merged, consolidated, or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Parent Borrower or another Credit Party, and, in each case, any Investment held by such Person; <u>provided</u> that such Investment was not acquired by such Person in contemplation of such acquisition, merger, consolidation, or transfer.

"**Permitted Asset Swap**" shall mean the concurrent purchase and sale or exchange of Related Business Assets or a combination of Related Business Assets and cash or Cash Equivalents between the Parent Borrower or another Credit Party and another Person; <u>provided</u> that any cash or Cash Equivalents received must be applied in accordance with <u>Section 10.3</u>.

"**Permitted Deferral**" shall mean the deferral of the mortgage of any Third Party Acquired Asset that (x) individually, does not generate more than 5% of Net Operating Income, (y) in the aggregate with any other Third Party Acquired Asset that is the subject of a Permitted Deferral, does not generate more than 15% of Net Operating Income, and (z) in the aggregate with any other Third Party Acquired Asset that is a fee estate and is the subject of a Permitted Deferral, does not generate more than 10% of Net Operating Income (in each case of (x), (y) and (z), calculating Net Operating Income by taking all Acquired Assets as the "applicable properties" for purposes of the calculation of "Gross Income from Operations" and "Operating Expenses").

"**Permitted Holders**" shall mean each of (i) the Investors and their respective Affiliates (other than any portfolio company of an Investor), (ii) [reserved], (iii) any limited or general partners of, or other investors in, any Investor or any Affiliate thereof, (iv) and any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) of which any of the foregoing are members; <u>provided</u> that, in the case of such group and without giving effect to the existence of such group or any other group, such Investors, their respective Affiliates (other than any portfolio company of an Investor) and members of management, collectively, have beneficial ownership of more than 50% of the total voting power of the Voting Stock of the Parent Borrower or any other direct or indirect Parent Entity, (v) any direct or indirect Parent Entity, for so long as more than 50% of the total voting power of the Voting Stock of such direct or indirect Parent Entity is beneficially owned, directly or indirectly, by one or more of the Persons described in the foregoing clauses (i) through (iv) and (vi) any entity (other than a Parent Entity) through which a Parent Entity described in <u>clause (v)</u> directly or indirectly holds Equity Interests of the Parent Borrower and has no other material operations other than those incidental thereto.

"**Permitted Liens**" shall mean, with respect to any Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pledges or deposits by such Person under workmen's compensation laws,
unemployment insurance laws, or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for
the payment of Indebtedness), or leases to which such Person is a party, or deposits to secure public or statutory obligations of such
Person or deposits of cash or U.S. government bonds to secure surety, stay or appeal bonds to which such Person is a party, or deposits
as security for the payment of rent or deposits made to secure obligations arising from contractual or warranty refunds, in each case,
incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liens imposed by law, such as landlords', carriers', warehousemen's,
materialmen's, repairmen's, and mechanics' Liens, in each case, (x) for sums not yet overdue for a period of more than
60 days or, if more than 60 days overdue, are unfiled and no other action has been taken to enforce such Lien or that are being contested
in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person with respect to which such
Person shall then be proceeding with an appeal or other proceedings for review if adequate reserves with respect thereto are maintained
on the books of such Person in accordance with GAAP, or (y) so long as such Liens do not individually or in the aggregate have a Material
Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Liens for Taxes or other governmental charges, in each case (x) not yet overdue for
a period of more than 60 days or which are being contested in good faith by appropriate proceedings diligently conducted, if adequate
reserves with respect thereto are maintained on the books of such Person in accordance with GAAP or are not required to be paid pursuant
to <u>Section 9.4</u>, or for property Taxes on property of the Parent Borrower or one of its Subsidiaries
has determined to abandon if the sole recourse for such Tax or other charge is to such property or (y) so long as such Liens do not individually
or in the aggregate have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Liens in favor of issuers of performance, surety, bid, indemnity, warranty, release,
appeal, or similar bonds or with respect to other regulatory requirements (including those to secure health, safety and environmental
obligations of the Parent Borrower or any Credit Party) or letters of credit or bankers' acceptances issued, and completion guarantees
provided for, in each case pursuant to the request of and for the account of such Person in the ordinary course of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) minor survey exceptions, minor encumbrances, ground
leases, easements, or reservations of, or rights of others for, licenses, rights-of-way, servitudes, sewers, electric lines, drains, telegraph
and telephone and cable television lines, gas and oil pipelines, and other similar purposes, or zoning, building codes, or other restrictions
(including, without limitation, minor defects or irregularities in title and similar encumbrances) as to the use of real properties or
Liens incidental to the conduct of the business of such Person or to the ownership of its properties which were not incurred in connection
with Indebtedness and which do not, in the aggregate, materially adversely affect the value of said properties or materially impair their
use in the operation of the business of such Person, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Liens securing Indebtedness to the extent not prohibited to be incurred under this Agreement (so long
as such Liens are subject to (i) in the case of Liens securing Indebtedness on a pari passu basis with the First Lien Obligations, a First
Lien Intercreditor Agreement; and (ii) in the case of Liens securing Indebtedness on a junior basis to the First Lien Obligations, a Second
Lien Intercreditor Agreement); <u>provided</u> that without any further consent of the Lenders, the Administrative Agent and the Collateral
Agent shall be authorized to execute and deliver on behalf of the Secured Parties any First Lien Intercreditor Agreement and any Second
Lien Intercreditor Agreement contemplated by this <u>clause (f)</u>; <u>provided</u>, <u>further</u>, that in the case of clause (d) of <u>Section 10.1</u>, such Lien may not extend to any property, equipment or similar assets (or assets affixed or appurtenant thereto)
other than the property, equipment or similar assets being financed or refinanced under clause (d) of <u>Section 10.1</u>, replacements
of such property, equipment or assets, and additions and accessions and in the case of multiple financings of equipment or similar assets
provided by any lender, other equipment or similar assets financed by such lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) subject to <u>Section 9.14</u>, Liens existing on the Closing Date; <u>provided</u> that any Lien securing Indebtedness or other obligations in excess of (a) $5,000,000 individually or (b) $50,000,000 in the aggregate
(when taken together with all other Liens securing obligations outstanding in reliance on this <u>clause (b)</u> that are not listed on <u>Schedule 1.1(c)</u>) shall only be permitted if set forth on <u>Schedule 1.1(c)</u>, and, in each case, any modifications, replacements,
renewals, refinancings, or extensions thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens on property or shares of stock of a Person at the time such Person becomes a
Subsidiary; <u>provided</u> such Liens are not created or incurred in connection with, or in contemplation of, such other Person becoming
a Subsidiary; <u>provided</u>, <u>further</u>, <u>however</u>, that such Liens may not extend to any other property owned by the
Parent Borrower or any other Credit Party (other than, with respect to such Person, any replacements of such property or assets
and additions and accessions thereto, after-acquired property subject to a Lien securing Indebtedness and other obligations incurred prior
to such time and which Indebtedness and other obligations are permitted hereunder that require, pursuant to their terms at such time,
a pledge of after-acquired property of such Person, and the proceeds and the products thereof and customary security deposits in respect
thereof and in the case of multiple financings of equipment or similar assets provided by any lender, other equipment or similar assets
financed by such lender, it being understood that such requirement shall not be permitted to apply to any property to which such requirement
would not have applied but for such acquisition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens on property at the time the Parent Borrower or any other Credit
Party acquired the property, including any acquisition by means of a merger or consolidation with or into the
Parent Borrower or any Credit Party; <u>provided</u> that such Liens are not created or incurred in connection with, or in contemplation
of, such acquisition, merger, consolidation, or designation; <u>provided</u>, <u>further</u>, <u>however</u>, that such Liens may not
extend to any other property owned by the Parent Borrower or any other Credit Party (other than, with
respect to such property, any replacements of such property or assets and additions and accessions thereto, after-acquired property subject
to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and other obligations are permitted
hereunder that require, pursuant to their terms at such time, a pledge of after-acquired property, and the proceeds and the products thereof
and customary security deposits in respect thereof and in the case of multiple financings of equipment or similar assets provided by any
lender, other equipment or similar assets financed by such lender, it being understood that such requirement shall not be permitted to
apply to any property to which such requirement would not have applied but for such acquisition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Liens on specific items of inventory or other goods and proceeds of any Person securing
such Person's obligations in respect of bankers' acceptances issued or created for the account of such Person to facilitate
the purchase, shipment, or storage of such inventory or other goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) leases, subleases, licenses, or sublicenses (including of Intellectual Property if
granted on a non-exclusive basis) granted to others in the ordinary course of business, or if granted to any Securitization Entity in
connection with or in contemplation of a Permitted Securitization Financing (including precautionary Liens granted in respect of Securitization
Assets transferred to Securitization Entities in connection with one or more Permitted Securitization Financings);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Liens arising from Uniform Commercial Code financing statement filings regarding operating
leases or consignments entered into by the Parent Borrower or any other Credit Party in the ordinary
course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Liens in favor of any Borrower or any other Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Liens on equipment or similar assets of the Parent Borrower or any other Credit Party granted in the ordinary course of business to the Parent Borrower or such
Credit Party's client at which such equipment or similar asset is located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Liens on Securitization Assets incurred in connection with a Permitted Securitization
Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Liens to secure any refinancing, refunding, extension, renewal, or replacement (or
successive refinancing, refunding, extensions, renewals, or replacements) as a whole, or in part, of any Indebtedness secured by any Lien
referred to in <u>clauses (f)</u>, <u>(g)</u>, <u>(h</u>) and <u>(i)</u> of this definition of Permitted Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) deposits made or other security provided to secure liabilities to insurance carriers
under insurance or self-insurance arrangements in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Liens securing judgments and attachments for the payment of money not constituting an Event of Default
under <u>Section 11.5</u> or <u>Section 11.9</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Liens in favor of customs and revenue authorities arising as a matter of law to secure
payment of customs duties in connection with the importation of goods in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Liens (a) of a collection bank arising under Section 4-210 of the Uniform Commercial Code or any comparable
or successor provision on items in the course of collection, (b) attaching to cash pooling accounts, commodity trading accounts or other
commodity brokerage accounts incurred in the ordinary course of business, and (c) in favor of banking or other
financial institutions or other electronic payment service providers arising as a matter of law (or customary business provisions) encumbering
deposits (including the right of set-off) and which are within the general parameters customary in the banking or finance industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Liens deemed to exist in connection with Investments in repurchase agreements permitted
under <u>Section 10.1</u>; <u>provided</u> that such Liens do not extend to any assets other than those that are the subject of such repurchase
agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Liens encumbering reasonable customary initial deposits and margin deposits and similar
Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative
purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Liens that are contractual rights of set-off (a) relating to the establishment of
depository relations with banks not given in connection with the issuance of Indebtedness, (b) relating to pooled deposits or sweep accounts
of the Parent Borrower or any of the other Credit Parties to permit satisfaction of overdraft or similar
obligations incurred in the ordinary course of business of the Parent Borrower and the other Credit
Parties, or (c) relating to purchase orders and other agreements entered into by the Parent Borrower or any of the other Credit Parties in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Liens (a) solely on any cash earnest money deposits made by the
Parent Borrower or any of the other Credit Parties in connection with any letter of intent or purchase agreement permitted under
this Agreement or (b) consisting of an agreement to dispose of any property pursuant to a disposition permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) rights reserved or vested in any Person by the terms of any lease, license, franchise,
grant, or permit held by the Parent Borrower or any of the other Credit Parties or by a statutory
provision, to terminate any such lease, license, franchise, grant, or permit, or to require annual or periodic payments as a condition
to the continuance thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) restrictive covenants affecting the use to which real property may be put; <u>provided</u> that the covenants are complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) security given to a public utility or any municipality or governmental
authority when required by such utility or authority in connection with the operations of that Person in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) zoning by-laws and other land use restrictions, including, without
limitation, site plan agreements, development agreements, and contract zoning agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Liens arising out of conditional sale, title retention, consignment,
or similar arrangements for sale of goods entered into by the Parent Borrower or any other Credit
Party in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Liens arising under the Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) Liens on goods purchased in the ordinary course of business,
the purchase price of which is financed by a commercial letter of credit issued for the account of the Parent Borrower or any other Credit
Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) (a) Liens on Equity Interests in, or assets of, joint ventures; <u>provided</u> that any such Lien is
in favor of a creditor of such joint venture and such creditor is not an Affiliate of any partner to such joint venture and (b) purchase
options, call, and similar rights of, and restrictions for the benefit of, a third party with respect to Equity Interests held by the
Parent Borrower or any other Credit Party in joint ventures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) Liens on cash and Cash Equivalents that are earmarked to be
used to satisfy or discharge Indebtedness; <u>provided</u> (a) such cash and/or Cash Equivalents are deposited into an account from which
payment is to be made, directly or indirectly, to the Person or Persons holding the Indebtedness that is to be satisfied or discharged,
(b) such Liens extend solely to the account in which such cash and/or Cash Equivalents are deposited and are solely in favor of the Person
or Persons holding the Indebtedness (or any agent or trustee for such Person or Persons) that is to be satisfied or discharged, and (c)
the satisfaction or discharge of such Indebtedness is expressly permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) with respect to any Foreign Subsidiary, Liens and privileges arising mandatorily by any Requirements of
Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the extent pursuant to a Requirements of Law, Liens on cash or Investments securing Hedge Agreements
in the ordinary course of business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) without duplication of any of the foregoing, any Liens not on Collateral
permitted to be incurred pursuant to any First Tier Facility Agreement .

For purposes of this definition, the term "Indebtedness" shall be deemed to include interest on, and fees, expenses and other obligations payable with respect to, such Indebtedness.

"**Permitted Sale Leaseback**" shall mean any Sale Leaseback consummated by the Parent Borrower or any other Credit Party after the Closing Date; <u>provided</u> that any such Sale Leaseback is consummated for fair value as determined at the time of consummation in good faith by (i) the Parent Borrower or such Credit Party or (ii) in the case of any Sale Leaseback (or series of related Sale Leasebacks) the aggregate proceeds of which exceed the greater of (a) $275,000,000 and (b) 5.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) at the time of the incurrence of such Sale Leaseback, the board of directors (or analogous governing body) of the Parent Borrower or such Credit Party (which such determination may take into account any retained interest or other Investment of the Parent Borrower or such Credit Party in connection with, and any other material economic terms of, such Sale Leaseback).

"**Permitted Securitization Documents**" shall mean all documents and agreements evidencing, relating to, contemplated by or otherwise governing a Permitted Securitization Financing, including any hedge or swap agreement, management agreement, back-up management agreement, Servicing Arrangement, other servicing agreement or Permitted Securitization Guarantee entered into in connection therewith.

"**Permitted Securitization Financing**" shall mean (A) one or more transactions pursuant to which (i) Securitization Assets or interests therein are or have been sold, contributed or otherwise transferred to, whether directly or indirectly (including by way of the transfer of the Equity Interests of Securitization Entities or an entity that is not a Credit Party holding solely Securitization Assets), or financed by, one or more Securitization Entities and (ii) such Securitization Entities finance (or refinance) such Securitization Assets or interests therein, whether for the purpose of acquiring such Securitization Assets, providing financing in respect thereof or otherwise, by selling, otherwise transferring or borrowing against Securitization Assets (including bridge, conduit and warehouse financings and "whole-business" securitizations, whether "royalty-only" or securitizing "company-owned store", "distribution or other profit margin" or other assets, in each case, which financings may or may not be syndicated or rated) or (B) one or more transactions pursuant to which Receivables Assets or interests therein are or have been sold or otherwise transferred by the Borrower, a Subsidiary or a Securitization Entity in the form of receivables purchase/sale, factoring agreements or other similar transactions customary with respect to Securitization Assets, in each of the cases set forth in clauses (A) and (B) above, pursuant to Permitted Securitization Documents and <u>provided</u>, that recourse to the Borrower or any Subsidiary (other than the Securitization Entities) in connection with such transactions shall be limited to the extent customary (as determined by the Borrower in good faith) for similar transactions in the applicable jurisdictions (including, to the extent applicable, in a manner consistent with the delivery of a "true sale"/"absolute transfer" and/or "substantive non-consolidation" opinion with respect to any transfer by the Borrower or any Subsidiary (other than a Securitization Entity)); and <u>provided</u>, <u>further</u>, that solely in the case of clause (A) above (x) the related Securitization Entities comply with the limitations on the sale and distribution of their equity interests as set forth herein and (y) any intercompany royalty charged to the Borrower or any of its restricted subsidiaries for the use of the related intellectual property is on market terms (as determined in good faith by the Borrower).

"**Permitted Securitization Guarantee**" shall mean a performance guaranty or other customary Guarantee or indemnification, contribution or other contractual obligations or undertakings provided by the Borrower, a Subsidiary or an Affiliate thereof in connection with a Permitted Securitization Financing; <u>provided</u> that the foregoing shall not materially impair the status of any Securitization Entity as such including the delivery of customary "true sale"/"absolute transfer" and/or "substantive non-consolidation" opinions in respect thereof.

"**Person**" shall mean any individual, partnership, joint venture, firm, corporation, limited liability company, association, trust, or other enterprise or any Governmental Authority.

"**Personal Information**" shall mean (i) all information identifying, or that alone or in combination with other information allows for the identification of, an individual; and (ii) all information that is defined as "personal data" or "personal information" under applicable Requirements of Law.

"**Platform**" shall have the meaning provided in <u>Section 13.17(a)</u>.

"**Pledge Agreement**" shall mean the Pledge Agreement, entered into by the Credit Parties party thereto and the Collateral Agent for the benefit of the Secured Parties, substantially in the form of <u>Exhibit C</u>.

"**Prepayment Cap**" shall have the meaning provided in <u>Section 5.2(b)</u>.

"**primary obligor**" shall have the meaning provided such term in the definition of Contingent Obligations.

"**Prime Rate**" shall mean the "U.S. Prime Rate" in effect on any such day as quoted in The Wall Street Journal.

"**Pro Forma Basis,**" "**Pro Forma Compliance,**" and "**Pro Forma Effect**" shall mean, with respect to compliance with any test, financial ratio, payment or covenant hereunder required by the terms of this Agreement to be made on a Pro Forma Basis or after giving Pro Forma Effect thereto, that all Pro Forma Events and the following transactions in connection therewith that have been made during the applicable period of measurement or subsequent to such period and prior to or simultaneously with the event for which the calculation is made shall be deemed to have occurred as of the first day of the applicable period of measurement in such test, financial ratio or covenant: (a) income statement items (whether positive or negative) attributable to the property or Person subject to such Pro Forma Event, (1) in the case of a sale, transfer, or other disposition of all or substantially all Capital Stock in any Subsidiary of the Parent Borrower or any division, product line, or facility used for operations of the Parent Borrower or any of its Subsidiaries, shall be excluded, and (2) in the case of a Permitted Acquisition or Investment described in the definition of Specified Transaction, shall be included, (b) any retirement of Indebtedness, (c) any incurrence or assumption of Indebtedness by the Parent Borrower or any of the other Credit Parties in connection therewith (it being agreed that if such Indebtedness has a floating or formula rate, such Indebtedness shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate that is or would be in effect with respect to such Indebtedness as at the relevant date of determination) and (d) in connection with any investment or disposition made in connection with a Permitted Securitization Financing (including by way of the transfer of the Equity Interests of the entity holding such Securitization Assets), pro forma effect shall be given to (A) any Securitization Fees as if such Securitization Fees have been received by the Borrower or a Subsidiary over the applicable period in an amount determined in good faith by an Authorized Officer of the Borrower and (B) any repayment of Consolidated Total Net Debt that occurs substantially contemporaneously with such transaction (whether from the proceeds of such Permitted Securitization Financing or from other available amounts).

"**Pro Forma Event**" shall mean any asset sales, mergers or other business combinations, acquisitions, Investments, dispositions or divestitures, operating improvements and expense reductions, restructurings, cost saving initiatives and other similar initiatives and Specified Transaction.

"**Proceeds Shortfall**" shall mean, without duplication of any Reserves Shortfall, any other deficiencies in the amount of proceeds available on the Closing Date from the First Tier Facilities for the Transactions, when compared to the aggregate amount of the commitments of the Joint Lead Arrangers under the Commitment Letter, as a result of LTV sizing, collateral appraisal shortfalls, setting aside of loan reserves or otherwise under the First Tier Facilities.

"**Processing**" shall mean any operation or set of operations performed upon Personal Information, whether or not by automated means, such as collection, recording, organization, structuring, storage, adaptation or alteration, retrieval, consultation, use, disclosure by transmission, dissemination or otherwise making available, combination, restriction, erasure or destruction.

"**Prohibited Transaction**" shall have the meaning assigned to such term in Section 406 of ERISA and Section 4975(c) of the Code.

"**Projections**" shall have the meaning provided in <u>Section 9.1(c)</u>.

"**Property**" shall mean any rights, title and interest of the Parent Borrower or its applicable Subsidiary in and to the following: (a) any real property interests, estates, lands, privileges, servitudes, tenements and rights of any nature, whether owned, leased, sub-leased, licensed or otherwise obtained by or granted to the Parent Borrower or such Subsidiary; (b) any buildings, structures, additions, enlargements, extensions, modifications, repairs, replacements and improvements erected or located on or appurtenant to the real property described in the foregoing clause (a), and all alterations thereto or replacements thereof; (c) any fixtures, attachments, appliances, goods, equipment, machinery, materials and other articles attached to, located on or installed in the real property described in the foregoing clause (a) or to any property described in the foregoing clause (b), or used at or in connection with any of the foregoing and any parts or components which may from time to time be incorporated or installed in or attached thereto; (d) any other real, tangible or intangible personal property owned by such Subsidiary and located within or about or otherwise placed upon the real property described in the foregoing clause (a), together with any accessories, replacements and substitutions thereto or therefor; (e) any associated electrical or other utility connections; and/or (f) any associated onsite, appurtenant or supporting infrastructure, in each case of the foregoing clauses (a) through (f), as may be improved, replaced, substituted, enlarged, modified, changed or expanded from time to time.

"**Property Values**" shall mean, on any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For any Property that constitutes "Property" (as defined in the applicable First Tier Facility Agreement) as of the Closing Date, the value attributable to such Property set forth on Schedule 1.1(d) (inclusive of any "portfolio premium" attributable thereto); *provided* that if the Borrower elects to obtain a new Appraisal with respect to such Property pursuant to clause (c) below, then the Property Value of such Property shall be its newly appraised value pursuant to clause (c) below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For any Property that the Parent Borrower or its Subsidiaries acquire after the Closing Date, (i) if an Appraisal of such Property has been delivered in connection with such acquisition, the appraised value set forth in such Appraisal, and otherwise, the book value thereof (as recorded on the Parent Borrower's or applicable Subsidiary's financial statements); provided that if the Borrower elects to obtain a new Appraisal with respect to such Property pursuant to clause (c) below, then the Property Value of such Property shall be its newly appraised value pursuant to clause (c) below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event the Parent Borrower or its Subsidiaries have (i) made capital expenditures or other investments to improve any Property in an aggregate amount of at least $25,000,000 in the immediately preceding twelve (12) month period or (ii) entered into a new Lease with respect to any Property that would constitute a Material Lease, then the Parent Borrower may elect to cause a new Appraisal to be performed in respect of such Property, in which case the "Property Value" in respect of such Property from and after the date of such new Appraisal shall be the appraised value therefor set forth in such new Appraisal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For any Property owned by the Parent Borrower or its Subsidiaries and that is (i) not subject to any other financing arrangement and (ii) is not included under the First Tier Facility Agreement, if an Appraisal of such Property has been delivered to the Revolving Credit Facility Administrative Agent, the appraised value set forth in such Appraisal; *provided* that if the Borrower elects to obtain a new FIRREA-compliant appraisal with respect to such property pursuant to clause (c) above, then the Property Value of such property shall be its newly appraised value pursuant to clause (c) above.

For the avoidance of doubt, to the extent the Property Value of any Property has been determined pursuant to the foregoing clauses (a), (b) or (c), the value of any capital invested into such Property shall be excluded from subclause (ii) of the definition of "Consolidated Property Values".

"**PTE**" shall mean a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

"**QFC**" shall have the meaning provided in <u>Section 13.24(b)</u>.

"**QFC Credit Support**" shall have the meaning provided in <u>Section 13.24</u>.

"**Qualified Proceeds**" shall mean assets that are used or useful in, or Capital Stock of any Person engaged in, a Similar Business.

"**Qualified Stock**" of any Person shall mean Capital Stock of such Person other than Disqualified Stock of such Person.

"**Quarterly Prepayment Amount**" shall have the meaning provided in <u>Section 5.2(b)</u>.

"**Real Estate**" shall have the meaning provided in <u>Section 9.1(f)</u>.

"**Receivables Assets**" shall mean accounts receivable (including any bills of exchange) and related assets and property from time to time originated, acquired or otherwise owned by the Parent Borrower or any Subsidiary.

"**Refunding Capital Stock**" shall have the meaning provided in <u>Section 10.4(b)(2)</u>.

"**Register**" shall have the meaning provided in <u>Section 13.6(b)(iv)</u>.

"**Regulated Bank**" shall mean (a) any swap dealer registered with the U.S. Commodity Futures Trading Commission or security-based swap dealer registered with the U.S. Securities and Exchange Commission, as applicable; or (b) any commercial bank that is (i) a U.S. depository institution the deposits of which are insured by the Federal Deposit Insurance Corporation, (ii) a corporation organized under section 25A of the U.S. Federal Reserve Act of 1913, (iii) a branch, agency or commercial lending company of a foreign bank operating pursuant to approval by and under the supervision of the Board under 12 C.F.R. part 211, (iv) a non-U.S. branch of a foreign bank managed and controlled by a U.S. branch referred to in clause (iii), or (v) any other U.S. or non-U.S. depository institution or any branch, agency or similar office thereof supervised by a bank regulatory authority in any jurisdiction.

"**Regulation T**" shall mean Regulation T of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements.

"**Regulation U**" shall mean Regulation U of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements.

"**Regulation X**" shall mean Regulation X of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements.

"**Reimbursement Date**" shall have the meaning provided in <u>Section 3.4(a)</u>.

"**Reimbursement Obligations**" shall mean the Borrower's obligations to reimburse Unpaid Drawings pursuant to <u>Section 3.4(a)</u>.

"**REIT**" shall mean a domestic trust or corporation that qualifies as a real estate investment trust under the provisions of § 856, et seq. of the Code or any successor provisions.

"**Related Business Assets**" shall mean assets (other than cash or Cash Equivalents) used or useful in a Similar Business; <u>provided</u> that any assets received by the Parent Borrower or another Credit Party in exchange for assets transferred by the Parent Borrower or a Credit Party shall not be deemed to be Related Business Assets if they consist of securities of a Person, unless upon receipt of the securities of such Person, such Person would become a Credit Party.

"**Related Fund**" shall mean, with respect to any Lender that is a Fund, any other Fund that is advised or managed by (a) such Lender, (b) an Affiliate of such Lender or (c) an entity or an Affiliate of such entity that administers, advises or manages such Lender.

"**Related Parties**" shall mean, with respect to any specified Person, such Person's Affiliates and the directors, officers, employees, agents, and members of such Person and any Person that possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of such Person, whether through the ability to exercise voting power, by contract or otherwise.

"**Release**" shall mean any release, spill, emission, discharge, disposal, escaping, leaking, pumping, pouring, dumping, emptying, injection, or leaching of Hazardous Materials into or through the environment.

"**Released**" shall have a correlative meaning.

"**Relevant Governmental Body**" shall mean, with respect to a Benchmark Replacement in respect of Loans denominated in Dollars, the Federal Reserve Board and/or the NYFRB, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto.

"**Removal Effective Date**" shall have the meaning provided in <u>Section 12.9(b)</u>.

"**Replaced Revolving Facility**" shall have the meaning provided in <u>Section 13.1</u>.

"**Replacement Revolving Facility**" shall have the meaning provided in <u>Section 13.1</u>.

"**Replacement Sponsor Guarantor**" shall mean any Affiliate of the Sponsors with a minimum net worth (at the time it provides a Sponsor Guaranty) that is not less than $2,000,000,000; <u>provided</u> that (a) in the event Sponsor Guaranties are provided by more than one Sponsor Guarantor and/or Replacement Sponsor Guarantor, "minimum net worth" as used in this definition shall be calculated on an aggregate basis for all persons providing such Sponsor Guaranties and (b) in the case Sponsor Guaranties are provided by several Sponsor Guarantors and/or Replacement Sponsor Guarantors on a several and not joint basis, the minimum net worth of each Replacement Sponsor Guarantor shall not be less than the product of (i) $2,000,000,000 *multiplied by* (ii) the percentage of the aggregate amount of Sponsor Guaranties guaranteed by such Replacement Sponsor Guarantor.

"**Reportable Event**" shall mean any "reportable event", as defined in Section 4043(c) of ERISA or the regulations issued thereunder, with respect to a Pension Plan (other than a Pension Plan maintained by an ERISA Affiliate that is considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Section 414 of the Code), other than those events as to which notice is waived pursuant to PBGC Reg. § 4043.

"**Representative**" shall mean, with respect to any series of Indebtedness not prohibited by this Agreement to be secured by the Collateral on a <u>pari passu</u> or junior basis with the Obligations, the trustee, the administrative agent, the collateral agent, security agent or similar agent under the indenture or agreement pursuant to which such Indebtedness is issued, incurred or otherwise obtained, as the case may be, and each of their successors in such capacities.

"**Required Lenders**" shall mean, at any date, (a) Non-Defaulting Lenders having or holding a majority of the Adjusted Total Revolving Credit Commitment at such date, at such date or (b) if the Total Revolving Credit Commitment has been terminated or for the purposes of acceleration pursuant to <u>Section 11</u>, Non-Defaulting Lenders having or holding a majority of the outstanding principal amount of the Loans and Letter of Credit Exposure (excluding the Loans and Letter of Credit Exposure of Defaulting Lenders) in the aggregate at such date.

"**Required Revolving Credit Lenders**" shall mean, at any date, Non-Defaulting Lenders holding a majority of the Adjusted Total Revolving Credit Commitment at such date (or, if the Total Revolving Credit Commitment has been terminated at such time, a majority of the Revolving Credit Exposure (excluding Revolving Credit Exposure of Defaulting Lenders) at such time).

"**Requirements of Law**" shall mean, as to any Person, the certificate of incorporation and by-laws or other organizational or governing documents of such Person, and any law, treaty, rule, or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or assets or to which such Person or any of its property or assets is subject.

"**Reserves Shortfall**" shall mean the amount as may be reasonably required by the Majority Lead Arrangers to be established in special reserves as may be reasonably required to remedy or compensate for any Material Defects with respect to the Properties as of the Closing Date in such a manner that there is no material adverse impact on the securitization or syndication of the First Tier Facilities. As of the Closing Date, the Reserves Shortfall is deemed to be $0.

"**Resignation Effective Date**" shall have the meaning provided in <u>Section 12.9(a)</u>.

"**Resolution Authority**" shall mean an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"**Restricted Debt Payments**" shall have the meaning provided in <u>Section 10.4(a)(3)</u>.

"**Restricted Payment**" shall have the meaning provided in <u>Section 10.4(a)</u>.

"**Restricted Person**" and "**Restricted Persons**" shall have the meaning provided in <u>Section 13.16</u>.

"**Retired Capital Stock**" shall have the meaning provided in <u>Section 10.4(b)(2)</u>.

"**Revolving Credit Commitment**" shall mean, as to each Revolving Credit Lender, its obligation to make Revolving Credit Loans to the Borrower pursuant to <u>Section 2.1</u>, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth, and opposite such Lender's name on <u>Schedule 1.1(a)</u> under the caption Revolving Credit Commitment or in the Assignment and Acceptance pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including <u>Section 2.14</u>). The aggregate Revolving Credit Commitments of all Revolving Credit Lenders is $200,000,000 on the Closing Date.

"**Revolving Credit Commitment Percentage**" shall mean at any time, for each Lender, the percentage obtained by dividing (i) such Lender's Revolving Credit Commitment at such time by (ii) the amount of the Total Revolving Credit Commitment at such time; <u>provided</u> that at any time when the Total Revolving Credit Commitment shall have been terminated, each Lender's Revolving Credit Commitment Percentage shall be the percentage obtained by dividing (a) such Lender's Revolving Credit Exposure at such time by (b) the Revolving Credit Exposure of all Lenders at such time.

"**Revolving Credit Exposure**" shall mean, with respect to any Lender at any time, the sum of (i) the aggregate principal amount of Revolving Credit Loans of such Lender then outstanding and (ii) such Lender's Letter of Credit Exposure at such time.

"**Revolving Credit Facility**" shall mean, at any time, the aggregate amount of the Revolving Credit Lenders' Revolving Credit Commitments at such time.

"**Revolving Credit Lender**" shall mean, at any time, any Lender that has a Revolving Credit Commitment or Extended Revolving Credit Commitment at such time.

"**Revolving Credit Loan**" shall have the meaning provided in <u>Section 2.1</u>.

"**Revolving Credit Maturity Date**" shall mean the date that is the third anniversary of the Closing Date, or, if such date is not a Business Day, the immediately preceding Business Day.

"**Revolving Credit Termination Date**" shall mean the date on which the Revolving Credit Commitments shall have terminated, no Revolving Credit Loans shall be outstanding and the Letters of Credit Outstanding shall have been reduced to zero or Cash Collateralized.

"**Revolving Loan**" shall mean, collectively or individually as the context may require, any (i) Revolving Credit Loan and (ii) Extended Revolving Credit Loan, in each case made pursuant to and in accordance with the terms and conditions of this Agreement.

"**S&P**" shall mean Standard & Poor's Ratings Services or any successor by merger or consolidation to its business.

"**Sale Leaseback**" shall mean any arrangement with any Person providing for the leasing by the Parent Borrower or any other Credit Party of any real or tangible personal property, which property has been or is to be sold or transferred by the Parent Borrower or such Credit Party to such Person in contemplation of such leasing.

"**Sanctioned Person**" shall mean any Person with whom or which dealings are restricted or prohibited under any Sanctions, including as a result of that Person (a) being named on the List of Specially Designated Nationals and Blocked Persons maintained by the U.S. Department of the Treasury's Office of Foreign Assets Control, or any other list of Persons subject to Sanctions, (b) being located, organized, or resident in a Sanctioned Territory, or owned or controlled by the government of, a Sanctioned Territory or the Government of Venezuela, or (c) having any relationship of ownership or control with, a Person described in (a) or (b).

"**Sanctioned Territory**" shall mean any country or territory with which dealings are broadly and comprehensively prohibited by any country- or territory-wide Sanctions, including, as of the date hereof, Cuba, Iran, North Korea, Syria, and the Crimea, Donetsk, Kherson, Luhansk, and Zaporizhzhia regions of Ukraine.

"**Sanctions**" shall mean any law, regulation, or other act with force of law of the United States, Canada, the European Union or any of its members states, or United Nations Security Council resolutions imposing trade and economic sanctions including embargoes, the freezing or blocking of assets of targeted Persons, or other similar restrictions on exports, imports, investment, payments or other transactions, including any laws threatening to impose such trade and economic sanctions on any person for engaging in targeted behavior.

"**SEC**" shall mean the Securities and Exchange Commission or any successor thereto.

"**Second Lien Intercreditor Agreement**" shall mean an intercreditor agreement substantially in the form of <u>Exhibit G-2</u> (with such changes to such form as may be reasonably acceptable to the Administrative Agent and the Parent Borrower) among the Administrative Agent, the Collateral Agent (as representative for the First Lien Obligations), the second lien collateral agent, the representatives for purposes thereof for holders of one or more classes of second lien Indebtedness, the Borrower and each of the Guarantors.

"**Section 2.14 Additional Amendment**" shall have the meaning provided in <u>Section 2.14(g)(iii)</u>.

"**Section 9.1 Financials**" shall mean the financial statements delivered, or required to be delivered, pursuant to <u>Section 9.1(a)</u> or <u>(b)</u> together with the accompanying officer's certificate delivered, or required to be delivered, pursuant to <u>Section 9.1(d)</u>.

"**Secured Cash Management Agreement**" shall mean any Cash Management Agreement that is entered into by and between the Parent Borrower or any of the other Credit Parties and any counterparty thereto, which is specified in writing by the Borrower to the Administrative Agent as constituting a Secured Cash Management Agreement hereunder.

"**Secured Cash Management Obligations**" shall mean Obligations under Secured Cash Management Agreements.

"**Secured Hedge Agreement**" shall mean any Hedge Agreement that is entered into by and between the Parent Borrower or any Credit Party and any counterparty thereto (i) that is a Lender or an Affiliate of a Lender as of the Closing Date with respect to any Hedge Agreement entered into prior to the Closing Date (including if such Hedge Agreement was terminated prior to the Closing Date), or (ii) which is specified in writing by the Borrower to the Administrative Agent as constituting a Secured Hedge Agreement hereunder. For purposes of the preceding sentence, the Borrower may deliver one notice designating all Hedge Agreements entered into pursuant to a specified Master Agreement as "Secured Hedge Agreements".

"**Secured Hedge Obligations**" shall mean Obligations under Secured Hedge Agreements.

"**Secured Parties**" shall mean the Administrative Agent, the Collateral Agent, each Letter of Credit Issuer and each Lender, in each case with respect to the Credit Facilities, each secured counterparty with respect to any Secured Hedge Agreement or Secured Cash Management Agreement, and each sub-agent pursuant to <u>Section 12</u> appointed by the Administrative Agent with respect to matters relating to the Credit Facilities or the Collateral Agent with respect to matters relating to any Security Document.

"**Securitization Assets**" shall mean any of the following assets (or interests therein) from time to time originated, acquired or otherwise owned by or intended to be transferred to (as the context requires in respect of a Permitted Securitization Financing) the Securitization Entities or in which any Securitization Entity has any rights or interests, in each case, without regard to where such assets or interests are located: (a) Receivables Assets, (b) franchise fees, royalties and other similar payments made related to the use of trade names and other Intellectual Property, business support, training and other services, (c) revenues related to distribution and merchandising of the products of, or otherwise related to the services provided by, the Securitization Entities, (d) rents, real estate Taxes and other non-royalty amounts due from franchisees, (e) Intellectual Property rights relating to the generation of any of the types of assets listed in this definition, (f) parcels of or interests in real property, together with all easements, hereditaments and appurtenances thereto, all improvements and appurtenant fixtures and equipment, incidental to the ownership, lease or operation thereof, (g) any Equity Interest of any (i) Securitization Entity, (ii) Subsidiary of a Securitization Entity or (iii) Subsidiary (other than a Credit Party) that holds solely Securitization Assets (other than Equity Interests described separately under this clause (g)) designated as such by the Borrower for the purpose of effecting the transfer of such Securitization Assets by way of transferring such Equity Interests in connection with a Permitted Securitization Financing, and, in each case, any rights under any limited liability company agreement, trust agreement, shareholders' agreement, limited partnership agreement, by-laws, operating agreement, organizational, constituent or formation documents or any other agreement entered into in furtherance of the organization of such entity, (h) any equipment, contractual rights, website domains and associated property and rights necessary for a Securitization Entity to operate in accordance with its stated purposes; (i) any rights and obligations associated with gift card or similar programs, and (j) other assets and property (or proceeds of such assets or property) to the extent customarily included in any securitization of assets described in the preceding clauses (a) through (i) or for which credit may be given in securitization transactions of the relevant type including in respect of bridge, conduit and warehouse financings and "whole-business" securitizations in the applicable jurisdictions (as determined by the Borrower in good faith).

"**Securitization Entity**" shall mean any direct or indirect Subsidiary of the Borrower established or designated by the Borrower as such in connection with a Permitted Securitization Financing (including by way of the transfer of the Equity Interests of the entity holding such Securitization Assets) for the purpose of (i) holding, transferring, borrowing against, servicing, providing financing for or providing a security interest in respect of Securitization Assets or interests therein, (ii) holding Equity Interests in any Securitization Entity or (iii) guaranteeing the obligations of a Securitization Entity, and which in each case is organized in a manner (as determined by the Borrower in good faith) intended to reduce the likelihood that it would be substantively consolidated with the Borrower or any of its Subsidiaries or other subsidiaries (other than any other Securitization Entity) in the event the Borrower or any such Subsidiary or other subsidiary becomes subject to a proceeding under the Bankruptcy Code (or other insolvency law) and (c) any subsidiary of a Securitization Entity; <u>provided</u> that, notwithstanding above, no Initial Guarantor shall be a Securitization Entity.

"**Securitization Fees**" shall mean, without duplication, (x) distributions or payments made directly or by means of discounts with respect to any Securitization Asset or participation interest issued or sold in connection with, and other fees, expenses and charges (including commissions, yield, interest expense and fees and expenses of legal counsel) paid in connection with, any Permitted Securitization Facility<u>Financing</u> and (y) any fees paid to the Borrower or a Subsidiary of the Borrower including, without limitation, any "management fees" (including without limitation "excess" management fees) or any similar fees paid to a Subsidiary or other subsidiary of the Borrower for acting as manager or servicer under any Permitted Securitization Financing.

"**Security Documents**" shall mean, collectively, the Pledge Agreement, any First Lien Intercreditor Agreement, any Second Lien Intercreditor Agreement and each other security agreement or other instrument or document executed and delivered pursuant to <u>Sections 9.11</u>, <u>9.12,</u> or <u>9.14</u> or pursuant to any other such Security Documents to secure the Obligations or to govern the lien priorities of the holders of Liens on the Collateral.

"**Series**" shall have the meaning provided in <u>Section 2.14(a)</u>.

"**Servicing Arrangement**" shall mean each agreement or other arrangement under which the Borrower, a Subsidiary, a Securitization Entity or an Affiliate thereof is engaged to service or manage Securitization Assets (or proceeds thereof) in connection with a Permitted Securitization Financing, which servicing or management activities may include collection services in respect of Receivables Assets, the servicing or management of Securitization Assets and the sale, purchase or other transfer thereof, and the administration of bank accounts.

"**Significant Subsidiary**" shall mean, at any date of determination, (a) any Subsidiary of the Parent Borrower whose gross revenues (when combined with the gross revenues of such Subsidiary's Subsidiaries after eliminating intercompany obligations) for the Test Period most recently ended on or prior to such date were equal to or greater than 10% of the consolidated gross revenues of the Parent Borrower and its Subsidiaries for such period, determined in accordance with GAAP or (b) each other Subsidiary of the Parent Borrower that, when such Subsidiary's total gross revenues (when combined with the total gross revenues of such Subsidiary's Subsidiaries after eliminating intercompany obligations) are aggregated with each other Subsidiary (when combined with the total gross revenues of such Subsidiary's Subsidiaries after eliminating intercompany obligations) that is the subject of an Event of Default described in <u>Section 11.5</u> would constitute a "Significant Subsidiary" under <u>clause (a)</u> above.

"**Similar Business**" shall mean any business conducted or proposed to be conducted by the Parent Borrower and the Credit Parties on the Closing Date or any business that is similar, reasonably related, synergistic, incidental, or ancillary thereto.

"**SOFR**" shall mean a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

"**SOFR Administrator**" shall mean the NYFRB (or a successor administrator of the secured overnight financing rate).

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

"**SOFR Average**" means, for any Interest Period, the rate of interest per annum determined by the Administrative Agent as the compounded average of SOFR over a rolling calendar day period of thirty (30) days ("<u>30-Day SOFR Average</u>") for the day (such day, the "<u>SOFR Average Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period; provided, however, that (x) if as of 5:00 p.m. on any SOFR Average Determination Day, such 30-Day SOFR Average has not been published on the SOFR Administrator's Website and a Benchmark Replacement Date with respect to SOFR Average has not occurred, then SOFR Average will be the 30-Day SOFR Average as published on the SOFR Administrator's Website for the first preceding U.S. Government Securities Business Day for which such 30-Day SOFR Average was published on the SOFR Administrator's Website so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such SOFR Average Determination Day and (y) if SOFR Average determined as provided above (including pursuant to clause (x) of this proviso) would be less than the Floor, then SOFR Average shall be deemed to be the Floor.

"**SOFR Average Determination Day**" has the meaning specified in the definition of "SOFR Average".

"**SOFR Average Loan**" shall mean any Loans bearing interest at a rate determined by reference to SOFR Average.

"**SOFR Loans**" shall mean any Loans bearing interest at a rate determined by reference to Term SOFR or SOFR Average.

"**Sold Entity or Business**" shall have the meaning provided in the definition of the term "Consolidated EBITDA".

"**Solvent**" shall mean, after giving effect to the consummation of the Transactions, (i) the sum of the liabilities (including contingent liabilities) of the Parent Borrower and its Subsidiaries, on a consolidated basis, does not exceed the present fair saleable value of the present assets of the Parent Borrower and its Subsidiaries, on a consolidated basis; (ii) the fair value of the property of the Parent Borrower and its Subsidiaries, on a consolidated basis, is greater than the total amount of liabilities (including contingent liabilities) of the Parent Borrower and its Subsidiaries, on a consolidated basis; (iii) the capital of the Parent Borrower and its Subsidiaries, on a consolidated basis, is not unreasonably small in relation to their business as contemplated on the date hereof; and (iv) the Parent Borrower and its Subsidiaries, on a consolidated basis, have not incurred and do not intend to incur, or believe that they will incur, debts including current obligations beyond their ability to pay such debts as they become due (whether at maturity or otherwise).

"**Specified Existing Revolving Credit Commitment**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Specified Representations**" shall mean the representations and warranties with respect to the Borrower set forth in <u>Sections 8. 1(i)</u>, <u>8.2</u> (as related to the entry into and performance of the Credit Documents, the incurrence of the Loans and the provision of the Guarantees, and the granting of the security interests in the Collateral), 8.3<u>(iii)</u>, <u>8.5</u>, <u>8.7</u>, 8.10(b)-(d) (with respect to the use of proceeds of the borrowings under this Agreement on the Closing Date), <u>8.17</u>, 8.18, 8.19(c) and in Section 4(d) of the Pledge Agreement.

"**Specified Transaction**" shall mean, with respect to any period, (i) any Investment (including a Permitted Acquisition), (ii) any asset sale or other disposition, (iii) incurrence or repayment of Indebtedness, (iv) any Restricted Payment, (v) any Subsidiary designation, (vi) any mandatory prepayment pursuant to <u>Section 5.2(a)</u> or <u>Section 5.2(b)</u> or (vii) any other event or action that, in each case, by the terms of this Agreement requires Pro Forma Compliance with a test or covenant hereunder or requires such test or covenant to be calculated on a Pro Forma Basis or give Pro Forma Effect to any such transaction or event.

"**Sponsor**" shall mean, collectively, (i) Brookfield Infrastructure Partners L.P., Brookfield Infrastructure Corporation, Brookfield Corporation, or Brookfield Asset Management Ltd, (ii) any investment funds, partnerships and other co-investment vehicles Controlled, directly or indirectly, by any of the persons in clause (i) and (iii) any entity Controlled, directly or indirectly, by any of the persons in clause (i), as approved by the Administrative Agent (such approval not to be unreasonably withheld, conditioned or delayed).

"**Sponsor Guarantor**" shall mean the Sponsors, <u>provided</u> that such person has a minimum net worth (at the time it provides a Sponsor Guaranty) that is not less than $2,000,000,000; <u>provided</u>, <u>further</u>, that (a) in the event Sponsor Guaranties are provided by more than one Sponsor Guarantor and/or Replacement Sponsor Guarantor, "minimum net worth" as used in this definition shall be calculated on an aggregate basis for all persons providing such Sponsor Guaranties and (b) in the case Sponsor Guaranties are provided by several Sponsor Guarantors and/or Replacement Sponsor Guarantors on a several and not joint basis, the minimum net worth of each Sponsor Guarantor shall not be less than the product of (i) $2,000,000,000 *multiplied by* (ii) the percentage of the aggregate amount of Sponsor Guaranties guaranteed by such Sponsor Guarantor.

"**Sponsor Guaranty**" shall have the meaning provided in <u>Section 5.2(b)</u>.

"**Spot Rate**" for any currency shall mean the rate determined by the Administrative Agent to be the rate quoted by the Administrative Agent as the spot rate for the purchase by the Administrative Agent of such currency with another currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date as of which the foreign exchange computation is made; <u>provided</u> that the Administrative Agent may obtain such spot rate from another financial institution designated by the Administrative Agent if it does not have as of the date of determination a spot buying rate for any such currency.

"**SPV**" shall have the meaning provided in <u>Section 13.6(g)</u>.

"**Stated Amount**" of any Letter of Credit shall mean the maximum amount from time to time available to be drawn thereunder during the remaining life thereof, determined without regard to whether any conditions to drawing could then be met.

"**Stock Equivalents**" shall mean all securities convertible into or exchangeable for Capital Stock and all warrants, options, or other rights to purchase or subscribe for any Capital Stock, whether or not presently convertible, exchangeable, or exercisable.

"**Subordinated Indebtedness**" shall mean Indebtedness of the Borrower or any other Guarantor that is by its express terms subordinated in right of payment to the obligations of the Borrower or such Guarantor, as applicable, under this Agreement or the Guarantee, as applicable.

"**Subsidiary**" of any Person shall mean and include (i) any corporation more than 50% of whose Capital Stock of any class or classes having by the terms thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time Capital Stock of any class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time owned by such Person directly or indirectly through Subsidiaries, or (ii) any limited liability company, partnership, association, joint venture, or other entity of which such Person directly or indirectly through Subsidiaries has more than a 50% equity interest at the time. Unless otherwise expressly provided, all references herein to a Subsidiary shall mean a Subsidiary of the Parent Borrower.

"**Successor Borrower**" shall have the meaning provided in <u>Section 10.2(a)</u>.

"**Supported QFC**" shall have the meaning provided in <u>Section 13.24</u>.

"**Swap Obligation**" shall mean, with respect to any Swap Obligor, any obligation to pay or perform under any agreement, contract, or transaction that constitutes a "swap" within the meaning of section 1(a)(47) of the Commodity Exchange Act.

"**Swap Obligor**" shall mean the Parent Borrower (if applicable) and the Credit Parties.

"**Swiss Franc**" or "**CHF**" mean the lawful currency of Switzerland.

"**Taxes**" shall mean any and all present or future taxes, duties, levies, imposts, assessments, deductions, withholdings (including backup withholding), fees, or other similar charges imposed by any Governmental Authority and any interest, fines, penalties, or additions to tax with respect to the foregoing.

"**Term SOFR**" shall mean, with respect to any interest period, the Term SOFR Reference Rate for a tenor comparable to the applicable interest period on the day (such day, the "**Determination Day**") that is two (2) Business Days prior to the first day of such interest period, as such rate is published by the Term SOFR Administrator; <u>provided</u>, however, that if as of 5:00 p.m. (New York City time) on any Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor published by the Term SOFR Administrator on the Business Day first preceding such Determination Day so long as such Business Day is not more than three (3) Business Days prior to such Determination Day; <u>provided</u>, <u>further</u>, that if Term SOFR determined as provided above shall ever be less than the Floor, then Term SOFR shall be deemed to be the Floor.

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

"**Term SOFR Borrowing**" shall mean a Borrowing comprised of Loans bearing interest at a rate determined by reference to Term SOFR (other than pursuant to clause (c) of the definition of "ABR").

"**Term SOFR Reference Rate**" shall mean, for any day and time, with respect to any Term SOFR Borrowing for any interest period, the rate per annum determined by the Administrative Agent as the forward-looking term rate based on SOFR; <u>provided</u> that, if the Term SOFR Reference Rate as so determined would be less than the Floor, such rate shall be deemed to be the Floor for the purposes of calculating such rate.

"**Test Period**" shall mean, for any determination under this Agreement, the four consecutive fiscal quarters of the Parent Borrower most recently ended on or prior to such date of determination and for which Section 9.1 Financials shall have been delivered (or were required to be delivered) to the Administrative Agent (or, before the first delivery of Section 9.1 Financials, the most recent period of four fiscal quarters at the end of which financial statements are available).

"**Total Credit Exposure**" shall mean the Total Revolving Credit Commitment at such date (or, if the Total Revolving Credit Commitment shall have terminated on such date, the aggregate Revolving Credit Exposure of all Lenders at such date).

"**Total Revolving Credit Commitment**" shall mean the sum of the Revolving Credit Commitments of all the Lenders.

"**Transaction Expenses**" shall mean any fees, premiums and expenses incurred or paid by the Parent Borrower or any of its respective Affiliates in connection with the Transactions, this Agreement, and the other Credit Documents, and the transactions contemplated hereby and thereby.

"**Transactions**" shall mean, collectively, the transactions contemplated by this Agreement, the transactions contemplated by each of the First Tier Facilities, the Acquisition, the Equity Contribution, the Closing Date Refinancing and the consummation of any other transactions in connection with the foregoing (including the payment of the fees and expenses incurred in connection with any of the foregoing (including the Transaction Expenses)).

"**Transferee**" shall have the meaning provided in <u>Section 13.6(e)</u>.

"**TRS**" shall mean a taxable REIT subsidiary.

"**Type**", when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Term SOFR, SOFR Average or the ABR.

"**UCP**" shall mean, with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce ("ICC") Publication No. 600 (or such later version thereof as may be in effect at the time of issuance).

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

"**UK Resolution Authority**" shall mean the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"**Unadjusted Benchmark Replacement**" shall mean the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"**Uniform Commercial Code**" shall mean the Uniform Commercial Code as in effect from time and time in the State of New York or, when the laws of any other jurisdiction govern the perfection or enforcement of any Lien, the Uniform Commercial Code of such jurisdiction.

"**Unpaid Drawing**" shall have the meaning provided in <u>Section 3.4(a)</u>.

"**U.S.**" and "**United States**" shall mean the United States of America.

"**US Balance Sheet Loan Agreement**" shall mean that certain Loan Agreement, dated as of the date hereof, by and among the borrowers listed on Schedule I thereto, Wells Fargo Bank, National Association, as administrative agent, and the lenders from time to time party thereto, providing for a "Loan Amount" (as defined therein) as of the Closing Date of up to $2,300,000,000.

"**US Balance Sheet Loan Facility**" shall mean that certain balance sheet loan facility established pursuant to the US Balance Sheet Loan Agreement and each of the "Loan Documents" as defined thereunder.

"**U.S. Government Securities Business Day**" means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"**U.S. Lender**" shall have the meaning provided in <u>Section 5.4(e)(ii)(A)</u>.

"**U.S. Special Resolution Regimes**" shall have the meaning provided in <u>Section 13.24</u>.

"**Voting Stock**" shall mean, with respect to any Person as of any date, the Capital Stock of such Person that is at the time entitled to vote in the election of the board of directors of such Person.

"**Wholly-Owned Subsidiary**" of any Person shall mean a Subsidiary of such Person, 100% of the outstanding Capital Stock or other ownership interests of which (other than directors' qualifying shares) shall at the time be owned by such Person or by one or more Wholly-Owned Subsidiaries of such Person.

"**Withdrawal Liability**" shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

"**Withholding Agent**" shall mean any Credit Party, the Administrative Agent and any other applicable withholding agent.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Other Interpretive Provisions</u>. With reference to this Agreement and each other Credit Document, unless otherwise specified herein or in such other Credit Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The words "herein", "hereto", "hereof", and "hereunder" and words of similar import when used in any Credit Document shall refer to such Credit Document as a whole and not to any particular provision thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section, Exhibit, and Schedule references are to the Credit Document in which such reference appears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) The term "including" is by way of example and not limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The term "documents" includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the computation of periods of time from a specified date to a later specified date, the word "from" means "from and including"; the words "to" and "until" each mean "to but excluding"; and the word "through" means "to and including".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Section headings herein and in the other Credit Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Credit Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All references to "knowledge" or "awareness" of any Credit Party or any Subsidiary thereof means the actual knowledge of an Authorized Officer of such Credit Party or such Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) With respect to any Default or Event of Default, the words "exists," "is continuing" or similar expressions with respect thereto shall mean that such Default or Event of Default has occurred and has not yet been cured or waived. If any Default or Event of Default has occurred hereunder (any such Default or Event of Default, an "**Initial Default**") and is subsequently cured or waived (a "**Cured Default**"), any other Default or Event of Default that resulted from (i) the making or deemed making of any representation or warranty by any Credit Party or (ii) the taking of any action or failure to satisfy any condition precedent to the taking of any action by any Credit Party or any Subsidiary of any Credit Party, in each case which subsequent Default, Event of Default or failure would not have arisen had the Cured Default not been continuing at the time of such representation, warranty, action or failure to satisfy such condition precedent to the taking of any action, shall be deemed to automatically be cured or satisfied, as applicable, upon, and simultaneously with, the cure of the Cured Default, so long as at the time of such representation, warranty, action or failure to satisfy any condition precedent to the taking of any action, no Authorized Officer of the Parent Borrower had knowledge of any such Initial Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Accounting Terms</u>. Except as expressly provided herein, all accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP, applied in a consistent manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Rounding</u>. Any financial ratios required to be maintained by the Parent Borrower pursuant to this Agreement (or required to be satisfied in order for a specific action to be permitted under this Agreement) shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 <u>References to Agreements, Laws, Etc</u>. Unless otherwise expressly provided herein, (a) references to organizational documents, agreements (including the Credit Documents), and other Contractual Requirements shall be deemed to include all subsequent amendments, restatements, amendment and restatements, extensions, supplements, modifications, replacements, refinancings, renewals, or increases, but only to the extent that such amendments, restatements, amendment and restatements, extensions, supplements, modifications, replacements, refinancings, renewals, or increases are permitted by any Credit Document; and (b) references to any Requirements of Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing, or interpreting such Requirements of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 <u>Exchange Rates</u>. Notwithstanding the foregoing, for purposes of any determination under <u>Section 9</u>, <u>Section 10</u> or <u>Section 11</u>, or any determination under any other provision of this Agreement expressly requiring the use of a current exchange rate, all amounts incurred, outstanding, or proposed to be incurred or outstanding in currencies other than Dollars shall be translated into Dollars at the Spot Rate; provided, however, that for purposes of determining compliance with <u>Section 10</u> with respect to the amount of any Indebtedness, Lien, Asset Sale, or Restricted Payment in a currency other than Dollars, no Default or Event of Default shall be deemed to have occurred solely as a result of changes in rates of exchange occurring after the time such Indebtedness or Lien is incurred or after such Asset Sale or Restricted Payment is made; <u>provided</u> that, for the avoidance of doubt, the foregoing provisions of this <u>Section 1.6</u> shall otherwise apply to such Sections, including with respect to determining whether any Indebtedness, Lien, or Investment may be incurred or Asset Sale or Restricted Payment made at any time under such Sections. For purposes of any determination of Consolidated Total Assets, amounts in currencies other than Dollars shall be translated into Dollars at the currency exchange rates used in preparing the most recently delivered Section 9.1 Financials. For purposes of any determination of Consolidated Property Values, amounts in currencies other than Dollars shall be translated into Dollars at the currency exchange rates used in calculating the LTV in the certificate most recently delivered pursuant to <u>Section 9.1(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 <u>Rates</u>. The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the administration, submission, or any other matter related to the rates in the definitions of Term SOFR or SOFR Average or with respect to any comparable or successor rate thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 <u>Times of Day</u>. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 <u>Timing of Payment or Performance</u>. Except as otherwise provided herein, when the payment of any obligation or the performance of any covenant, duty, or obligation is stated to be due or performance required on (or before) a day which is not a Business Day, the date of such payment (other than as described in the definition of Interest Period) or performance shall extend to the immediately succeeding Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 <u>Certifications</u>. All certifications to be made hereunder by an officer or representative of a Credit Party shall be made by such a Person in his or her capacity solely as an officer or a representative of such Credit Party, on such Credit Party's behalf and not in such Person's individual capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 <u>Compliance with Certain Sections</u>. In the event that any Lien, Investment, Indebtedness (whether at the time of incurrence or upon application of all or a portion of the proceeds thereof), disposition, Restricted Payment, Affiliate transaction, Contractual Requirement, or prepayment of Indebtedness meets the criteria of one or more than one of the categories of transactions then permitted pursuant to any clause or subsection of <u>Section 9.9</u> or any clause or subsection of <u>Sections 10.1</u>, <u>10.2</u>, <u>10.3</u> or <u>10.4</u>, then such transaction (or portion thereof) at any time shall be allocated to one or more of such clauses or subsections within the relevant sections as determined by the Parent Borrower in its sole discretion at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 <u>Pro Forma and Other Calculations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary herein, (i) if any incurrence-based financial ratios or tests ("**Financial Incurrence Tests**") would be satisfied in any subsequent fiscal quarter following the utilization of either (x) fixed baskets, exceptions or thresholds (including any related builder or grower component) that do not require compliance with a financial ratio or test ()"**Fixed Amounts**") or (y) baskets, exceptions and thresholds that require compliance with a financial ratio or test (any such amounts, "**Incurrence Based Amounts**"), then the reclassification of actions or transactions (or portions thereof), including the reclassification of utilization of any Fixed Amounts as incurred under any available Incurrence Based Amounts, shall be deemed to have automatically occurred even if not elected by the Parent Borrower (unless the Parent Borrower otherwise notifies the Administrative Agent) and (ii) in calculating any Incurrence Based Amounts (including any Financial Incurrence Tests), any (x) amounts incurred under the Revolving Credit Facility (or any other revolving facility), (y) Indebtedness concurrently incurred to fund original issue discount and/or upfront fees and (z) amounts incurred, or transactions entered into or consummated, in reliance on a Fixed Amount in a concurrent transaction, a single transaction or a series of related transactions with the amount incurred, or transaction entered into or consummated, under the applicable Incurrence Based Amount, in each case of the foregoing clauses (x), (y) and (z), shall not be given effect in calculating the applicable Incurrence Based Amount (but giving Pro Forma Effect to all applicable and related transactions (including the use of proceeds of all Indebtedness to be incurred and any repayments, repurchases and redemptions of Indebtedness) and all other pro forma adjustments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Whenever Pro Forma Effect is to be given to a transaction, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Borrower (and may include, for the avoidance of doubt and without duplication, cost savings, operating expense reductions, operating enhancements, revenue enhancements and synergies resulting from such Pro Forma Event which is being given Pro Forma Effect that have been or are expected to be realized). If any Indebtedness bears a floating rate of interest and is being given Pro Forma Effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account for such entire period, any Hedging Obligation applicable to such Indebtedness with a remaining term of 12 months or longer, and in the case of any Hedging Obligation applicable to such Indebtedness with a remaining term of less than 12 months, taking into account such Hedging Obligation to the extent of its remaining term). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Borrower to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a Pro Forma Basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period (or, if lower, the greater of (i) maximum commitments under such revolving credit facilities as of the date of determination and (ii) the aggregate principal amount of loans outstanding under such a revolving credit facilities on such date). Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Borrower may designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything to the contrary herein, for purposes of determining compliance with any test or covenant contained in this Agreement with respect to any period during which any Pro Forma Event occurs, applicable financial ratio shall each be calculated with respect to such period and such Pro Forma Event on a Pro Forma Basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with any action being taken solely in connection with a Limited Condition Transaction, for purposes of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) determining compliance with any provision of this Agreement which requires the calculation of a financial ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) determining the accuracy of representations and warranties in <u>Section 8</u> and/or whether a Default or Event of Default shall have occurred and be continuing under <u>Section 11</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) testing availability under baskets set forth in this Agreement (including baskets measured as a percentage of Consolidated Total Assets or such other accounting metric);

in each case, at the option of the Borrower (the Borrower's election to exercise such option in connection with any Limited Condition Transaction, an "**LCT Election**"), the date of determination of whether any such action is permitted hereunder, shall be deemed to be the date (i) the definitive agreements for such Limited Condition Transaction are entered into (or, in respect of any transaction described in clause (b) of the definition of a Limited Condition Transaction, delivery of irrevocable notice or similar event) or (ii) in connection with an acquisition to which the City Code on Takeovers (or an analogous law) applies, the date on which a "Rule 2.7 announcement" of a firm intention to make an offer in respect of a target company is made in compliance with the City Code on Takeovers (or a corresponding announcement under such analogous law) (the "**LCT Test Date**"), and if, after giving Pro Forma Effect to the Limited Condition Transaction and the other transactions to be entered into in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) as if they had occurred at the beginning of the most recent Test Period ending prior to the LCT Test Date, the Parent Borrower could have taken such action on the relevant LCT Test Date in compliance with such ratio or basket, such ratio or basket shall be deemed to have been complied with. For the avoidance of doubt, if the Parent Borrower has made an LCT Election and any of the ratios or baskets for which compliance was determined or tested as of the LCT Test Date are exceeded as a result of fluctuations in any such ratio or basket, including due to fluctuations in Consolidated Total Assets of the Parent Borrower or the Person subject to such Limited Condition Transaction, at or prior to the consummation of the relevant transaction or action, such baskets or ratios will not be deemed to have been exceeded as a result of such fluctuations. If the Borrower has made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio or basket availability with respect to the incurrence of Indebtedness or Liens, or the making of Restricted Payments, mergers, the conveyance, lease or other transfer of all or substantially all of the assets of the Parent Borrower, or the prepayment, redemption, purchase, defeasance or other satisfaction of Indebtedness on or following the relevant LCT Test Date and prior to the earlier of (i) the date on which such Limited Condition Transaction is consummated or (ii) the date that the definitive agreement for such Limited Condition Transaction is terminated or expires (or, if applicable, the irrevocable notice or similar event is terminated or expires) without consummation of such Limited Condition Transaction, any such ratio or basket shall be calculated on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have been consummated until such time as the applicable Limited Condition Transaction has actually closed or the definitive agreement with respect thereto has been terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary in this <u>Section 1.12</u> or in any classification under GAAP of any Person, business, assets or operations in respect of which a definitive agreement for the disposition thereof has been entered into as discontinued operations, no Pro Forma Effect shall be given to any discontinued operations (and the earnings or value attributable to any such Person, business, assets or operations shall not be excluded for any purposes hereunder) until such disposition shall have been consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any determination of Consolidated Total Assets shall be made by reference to the last day of the fiscal quarter to which the Section 9.1 Financials pertain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Except as otherwise specifically provided herein, all computations of Consolidated Total Assets, LTV and other financial ratios and financial calculations (and all definitions (including accounting terms) used in determining any of the foregoing) shall be calculated, in each case, with respect to the Parent Borrower and its Subsidiaries on a consolidated basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) At the option of the Parent Borrower, all leases of any Person that are or would be characterized as operating leases in accordance with GAAP before giving effect to FASB Accounting Standards Update ASU 2016-02 (assuming for purposes hereof that they were in existence prior to implementation of FASB Accounting Standards Update ASU 2016-02) shall continue to be accounted for as operating leases (and not as Capital Leases) for purposes of this Agreement (whether or not such operating lease obligations were in effect on such date) regardless of FASB Accounting Standards Update ASU 2016-02 that would otherwise require (on a prospective or retroactive basis or otherwise) such leases to be recharacterized as Capital Leases; <u>provided</u>, however, that, any obligations relating to a lease that was accounted for by the Parent Borrower and/or its Subsidiaries as an operating lease as of the Closing Date and any similar lease entered into after giving effect to FASB Accounting Standards Update ASU 2016-02 shall be accounted for as an operating lease and not a Capitalized Lease Obligation for purposes of determining whether such lease constitutes Indebtedness for all purposes under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 <u>Form Intercreditor Agreements</u>. Notwithstanding anything to the contrary herein, (x) any First Lien Intercreditor Agreement (meeting the requirements of the definition herein) and/or Second Lien Intercreditor Agreement (meeting the requirements of the definition herein), as applicable, shall be deemed to be reasonable and acceptable to the Administrative Agent and the Lenders, and the Administrative Agent and the Lenders shall be deemed to have consented to the use of each such intercreditor agreement (and to the Administrative Agent's execution thereof) in connection with any Indebtedness permitted to be incurred, issued and/or assumed by the Parent Borrower or any other Credit Party pursuant to <u>Section 10.1</u> and (y) any First Lien Intercreditor Agreement and/or Second Lien Intercreditor Agreement, as applicable, the forms of joinder attached thereto, and any intercreditor agreements and forms of joinder substantially in the form of the First Lien Intercreditor Agreement and/or Second Lien Intercreditor Agreement, as applicable, or, as applicable, the forms of joinder attached thereto, in each case without any material changes therefrom, shall be deemed to be reasonable and acceptable to the Administrative Agent, the Collateral Agent and the Lenders, and (i) no acknowledgment or countersignature by the Administrative Agent, the Collateral Agent or the Lenders shall be required to comply with any requirement that an intercreditor agreement be entered into (or joined) in connection with any Indebtedness secured by the Collateral that is not prohibited from being incurred, issued and/or assumed by the Parent Borrower or any other Credit Party under <u>Section 10.1</u>, so long as a Representative authorized by the requisite holders of such Indebtedness executes such intercreditor agreement or joinder in substantially such form without any material changes therefrom and (ii) the Lenders shall be deemed to have consented to the use of any of the foregoing (and the Administrative Agent and/or the Collateral Agent shall be deemed to be authorized and directed to execute all of the foregoing) in connection with any Indebtedness secured by the Collateral that is not prohibited from being incurred, issued and/or assumed by the Borrower or any of its Subsidiaries under <u>Section 10.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.14 <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 <u>Divisions</u>. Any reference herein to a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company or other Person, or an allocation of assets to a series of a limited liability company or other Person (or the unwinding of such a division or allocation) (any such transaction, a "**Division**"), as if it were a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any Division of a limited liability company or other Person shall constitute a separate Person hereunder (and each Division of any limited liability company or other Person that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.16 <u>Designation of Borrowers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower Agent may from time to time designate one or more Additional Borrowers for purposes of this Agreement by delivering to the Administrative Agent: (i) written notice (including via email) of its election to become an Additional Borrower duly executed on behalf of such Subsidiary and the applicable Borrower less than fifteen (15) days prior to the proposed effectiveness of such election (or such later date as may be agreed by the Administrative Agent), (ii) all documentation and other information with respect to such Subsidiary as may be reasonably requested by the Administrative Agent or, in the case of any Additional Borrower under any Revolving Credit Facility, any Revolving Credit Lender at least five (5) Business Days prior to the date of such effectiveness (or such later date as may be agreed by the Parent Borrower) that is required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including without limitation the Patriot Act and the Beneficial Ownership Regulation, no later than two (2) Business Days prior to the date of such effectiveness (or such later date as may be agreed by the Administrative Agent); (iii) [reserved], (iv) a certificate of an Authorized Officer of the Borrower Agent stating that, as of the date the Additional Borrower joins this Agreement as such, no Default or Event of Default has occurred and is continuing; (v) promissory notes in respect of such Additional Borrower in favor of any Lender requesting such promissory notes, in form and substance consistent with the form of promissory notes set forth in <u>Exhibit F</u> (modified to reflect such Additional Borrower); and (vi) a customary joinder agreement in form and substance reasonably satisfactory to the Administrative Agent whereby the Additional Borrower becomes party hereto as a Borrower and appoints the Parent Borrower as "Borrower Agent" hereunder and under the other Credit Documents. The Obligations of the Parent Borrower and each Additional Borrower shall be joint and several in nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After such deliveries, the appointment of the Additional Borrower shall be effective upon the effectiveness of an amendment to this Agreement and any applicable Credit Document necessary (in the reasonable judgment of the Administrative Agent) to give effect to the appointment of such Additional Borrower (in form and substance reasonably acceptable to the Administrative Agent, including amendments to disambiguate certain uses of the word "Borrower" and related terms hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 <u>Borrower Agent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Borrower hereby designates the Parent Borrower as its representative and agent (the "**Borrower Agent**") for all purposes under the Credit Documents, including requests for Loans and Letters of Credit, designation of interest rates, delivery or receipt of communications, receipt and payment of Obligations, requests for waivers, amendments or other accommodations, actions under the Credit Documents (including in respect of compliance with covenants) and all other dealings with the Administrative Agent, any Letter of Credit Issuer or any Lender. The Parent Borrower hereby accepts such appointment. The Administrative Agent, the Letter of Credit Issuers and the Lenders shall be entitled to rely upon, and shall be fully protected in relying upon, any notice or communication delivered by the Parent Borrower on behalf of any Borrower. The Administrative Agent and the Lenders may give any notice to or communication with a Borrower or other Credit Party hereunder to the Parent Borrower on behalf of such Borrower or other Credit Party.

Section 2. <u>Amount and Terms of Credit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Commitments</u>. Subject to and upon the terms and conditions herein set forth, each Revolving Credit Lender severally agrees to make Revolving Credit Loans denominated in Dollars to the Borrower (on a joint and several basis) from its applicable lending office (each, a "**Revolving Credit Loan**") (a) on the Closing Date, in an aggregate principal amount equal to the amount necessary to fund (i) (x) the Reserves Shortfall and (y) the Proceeds Shortfall, *plus* (ii) any amount needed to fund (x) upfront fees or original issue discount in respect of any Credit Facilities imposed under the Fee Letter, (y) working capital adjustments pursuant to the Acquisition Agreement and/or the refinancing of any Indebtedness incurred for working capital or capital expenditure purposes and (z) purchase price adjustments and prorations made pursuant to the Acquisition Agreement and/or the Property Acquisition Agreements, which for the avoidance of doubt may not exceed the amount of such Revolving Credit Lender's Revolving Credit Commitment, and (b) from and after the Closing Date, in an aggregate principal amount not to exceed at any time outstanding the amount of such Revolving Credit Lender's Revolving Credit Commitment, for any working capital or general corporate purposes; <u>provided</u> that any of the foregoing such Revolving Credit Loans (A) shall be made on the Closing Date (with respect to Revolving Credit Loans described in clause (a) of this <u>Section 2.01</u>) and at any time and from time to time on and after the Closing Date (with respect to Revolving Credit Loans described in clause (b) of this <u>Section 2.01</u>) and prior to the Revolving Credit Maturity Date, (B) may, at the option of the Borrower be incurred and maintained as, and/or converted into, ABR Loans or, SOFR Loans that are Revolving Credit Loans; <u>provided</u> that all Revolving Credit Loans made by each of the Lenders pursuant to the same Borrowing shall, unless otherwise specifically provided herein, consist entirely of Revolving Credit Loans of the same Type, (C) may be repaid (without premium or penalty) and reborrowed in accordance with the provisions hereof, (D) shall not, for any Lender at any time, after giving effect thereto and to the application of the proceeds thereof, result in such Revolving Credit Lender's Revolving Credit Exposure in respect of any Class of Revolving Loans at such time exceeding such Revolving Credit Lender's Revolving Credit Commitment in respect of such Class of Revolving Loan at such time and (E) shall not, after giving effect thereto and to the application of the proceeds thereof, result at any time in the aggregate amount of the Revolving Credit Lenders' Revolving Credit Exposures at such time exceeding the Total Revolving Credit Commitment then in effect or the aggregate amount of the Revolving Credit Lenders' Revolving Credit Exposures of any Class of Revolving Loans at such time exceeding the aggregate Revolving Credit Commitment with respect to such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.2 <u>Loans and Borrowings.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Type of Loans</u>. Subject to Section 2.17, each Borrowing shall be comprised entirely
of SOFR Loans or ABR Loans , . Each Lender at its option may make any Loan by causing any
domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the
obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Minimum Amount of Each Borrowing; Maximum Number of Borrowings</u>. The aggregate
principal amount of each Borrowing of Revolving Credit Loans shall be in a minimum amount of at least the Minimum Borrowing Amount for
such Type of Loans and in a multiple of $100,000 in excess thereof (except that (i) Revolving Credit Loans to reimburse such Letter of
Credit Issuer with respect to any Unpaid Drawing shall be made in the amounts required by Section 3.3 or Section 3.4, as applicable and
(ii) a Borrowing of Revolving Credit Loans may be in an aggregate amount that is equal to the entire unused balance of the Revolving Credit
Commitments). More than one Borrowing may be incurred on any date; provided that at no time shall there be outstanding more than fifteen
(15) Borrowings of SOFR Loans, that are Revolving Credit Loans and six (6) Borrowings of SOFR Loans for each additional Class of Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Notice of Borrowing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the Borrower desires to incur Revolving Credit Loans (other than borrowings to repay Unpaid Drawings), then the Borrower shall give the Administrative Agent at the Administrative Agent's Office, (i) [reserved], (ii) prior to 1:00 p.m. (New York City Time) at least three Business Days' prior written notice of each Borrowing of SOFR Loans that are Revolving Credit Loans (or, in the case of a Borrowing of Revolving Credit Loans to be made on the Closing Date, one Business Day's notice; <u>provided</u> that the Borrower shall give the Administrative Agent such notice prior to 2:00 p.m. (New York City time) on such date) and (iii) prior to 11:00 a.m. (New York City time) on the day of such Borrowing prior written notice of each Borrowing of Revolving Credit Loans that are ABR Loans. Each such notice (a "**Notice of Borrowing**", substantially in the form of <u>Exhibit I</u>), except as otherwise expressly provided in <u>Section 2.10</u>, shall specify (A) the aggregate principal amount of the Revolving Credit Loans to be made pursuant to such Borrowing, (B) the currency of the Revolving Credit Loans to be borrowed, (C) the date of Borrowing (which shall be a Business Day) and (D) whether the respective Borrowing shall consist of ABR Loans or SOFR Loans, that are Revolving Credit Loans and, if SOFR Loans, that are Revolving Credit Loans, the Interest Period to be initially applicable thereto. If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be for ABR Loans. If no Interest Period is specified with respect to any requested SOFR Loans, then the Borrower shall be deemed to have selected an Interest Period of one month's duration. The Administrative Agent shall promptly give each Revolving Credit Lender written notice of each proposed Borrowing of Revolving Credit Loans, of such Lender's Revolving Credit Commitment Percentage thereof, of the identity of the Borrower, and of the other matters covered by the related Notice of Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Borrowings to reimburse Unpaid Drawings shall be made upon the notice specified in <u>Section 3.4(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without in any way limiting the obligation of the Parent Borrower to confirm in writing any notice it shall give hereunder by telephone (which obligation is absolute), the Administrative Agent may act prior to receipt of written confirmation without liability upon the basis of such telephonic notice believed by the Administrative Agent in good faith to be from an Authorized Officer of the Parent Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Disbursement of Funds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No later than 2:00 p.m. (New York City time) on the date specified in each Notice of Borrowing, each Lender shall make available its pro rata portion, if any, of each Borrowing requested to be made on such date in the manner provided below; <u>provided</u> that on the Closing Date, such funds may be made available at such earlier time as may be agreed among the Lenders, the Borrower, and the Administrative Agent for the purpose of consummating the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender shall make available all amounts it is to fund to the Borrower under any Borrowing for its applicable Commitments, and in immediately available funds, to the Administrative Agent at the Administrative Agent's Office and the Administrative Agent will make available to the Borrower, by depositing to an account designated by the Parent Borrower to the Administrative Agent the aggregate of the amounts so made available in Dollars. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Borrowing that such Lender does not intend to make available to the Administrative Agent its portion of the Borrowing or Borrowings to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such date of Borrowing, and the Administrative Agent, in reliance upon such assumption, may (in its sole discretion and without any obligation to do so) make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender and the Administrative Agent has made available such amount to the Borrower, the Administrative Agent shall be entitled to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor the Administrative Agent shall promptly notify the Parent Borrower and the Borrower shall immediately pay such corresponding amount to the Administrative Agent in Dollars. The Administrative Agent shall also be entitled to recover from such Lender or the Borrower interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to (i) if paid by such Lender, the Overnight Rate or (ii) if paid by the Borrower, the then-applicable rate of interest or fees, calculated in accordance with <u>Section 2.8</u>, for the respective Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this <u>Section 2.4</u> shall be deemed to relieve any Lender from its obligation to fulfill its commitments hereunder or to prejudice any rights that the Borrower may have against any Lender as a result of any default by such Lender hereunder (it being understood, however, that no Lender shall be responsible for the failure of any other Lender to fulfill its commitments hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Repayment of Loans; Evidence of Debt</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall repay to the Administrative Agent for the benefit of the Revolving Credit Lenders, on the Revolving Credit Maturity Date, the then outstanding Revolving Credit Loans in the currency in which such Revolving Credit Loans are denominated. The Borrower shall repay to the Administrative Agent for the benefit of the Revolving Credit Lenders, on each Extended Revolving Loan Maturity Date, the then outstanding amount of Extended Revolving Credit Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the Indebtedness of the Borrower to the appropriate lending office of such Lender resulting from each Loan made by such lending office of such Lender from time to time, including the amounts of principal and interest payable and paid to such lending office of such Lender from time to time under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall maintain the Register pursuant to <u>Section 13.6(b)</u>, and a subaccount for each Lender, in which Register and subaccounts (taken together) shall be recorded (i) the amount of each Loan made hereunder, whether such Loan is a Revolving Credit Loan or Extended Revolving Credit Loan, the Type of each Loan made, the name of the Borrower and the Interest Period, if any, applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder from the Borrower and each Lender's share thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The entries made in the Register and accounts and subaccounts maintained pursuant to <u>clauses (c)</u> and <u>(d)</u> of this <u>Section 2.5</u> shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; <u>provided</u>, <u>however</u>, that, in the event of any inconsistency between the Register and any such account or subaccount, the Register shall govern; <u>provided</u>, <u>further</u>, that the failure of any Lender or the Administrative Agent to maintain such account, such Register or subaccount, as applicable, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loans made to the Borrower by such Lender in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Borrower hereby agrees that, upon request of any Lender at any time and from time to time after the Borrower has made an initial borrowing hereunder, the Borrower shall provide to such Lender, at the Borrower's own expense, a promissory note, substantially in the form of <u>Exhibit F</u>, as applicable, evidencing the Revolving Loans owing to such Lender. Thereafter, unless otherwise agreed to by the applicable Lender, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to <u>Section 13.6</u>) be represented by one or more promissory notes in such form payable to the payee named therein or its registered assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Conversions and Continuations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the penultimate sentence of this <u>clause (a)</u>, (x) the Borrower shall have the option on any Business Day to convert all or a portion equal to at least $5,000,000 of the outstanding principal amount of Revolving Credit Loans of one Type into a Borrowing or Borrowings of another Type and (y) the Borrower shall have the option on any Business Day to continue the outstanding principal amount of any SOFR Loans as SOFR Loans for an additional Interest Period; <u>provided</u> that (i) no partial conversion of SOFR Loans shall reduce the outstanding principal amount of SOFR Loans made pursuant to a single Borrowing to less than the Minimum Borrowing Amount, (ii) ABR Loans may not be converted into SOFR Loans if an Event of Default is in existence on the date of the conversion and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such conversion, (iii) [reserved], (iv) [reserved], (v) SOFR Loans may not be continued as SOFR Loans for an additional Interest Period if an Event of Default is in existence on the date of the proposed continuation and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuation, (vi) [reserved] and (vii) Borrowings resulting from conversions pursuant to this <u>Section 2.6</u> shall be limited in number as provided in <u>Section 2.2</u>. Each such conversion or continuation shall be effected by the Borrower by giving the Administrative Agent prior written notice at the Administrative Agent's Office prior to 1:00 p.m. (New York City time) at least (i) three Business Days prior, in the case of a continuation of or conversion to SOFR Loans (other than in the case of a notice delivered on the Closing Date, which shall be deemed to be effective on the Closing Date), or (ii) 1:00 p.m. (New York City time) on the proposed day of a conversion into ABR Loans (each, a "**Notice of Conversion or Continuation**" substantially in the form of <u>Exhibit I</u>) specifying the Loans to be so converted or continued, the Type of Loans to be converted or continued into and, if such Loans are to be converted into or continued as SOFR Loans, the Interest Period to be initially applicable thereto. If no Interest Period is specified in any such notice with respect to any conversion to or continuation as a SOFR Loan, the Borrower shall be deemed to have selected an Interest Period of one month's duration. The Administrative Agent shall give each applicable Lender notice as promptly as practicable of any such proposed conversion or continuation affecting any of its Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Event of Default is in existence at the time of any proposed continuation of any SOFR Loans and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuation, such SOFR Loans shall be automatically converted on the last day of the current Interest Period into ABR Loans. If upon the expiration of any Interest Period in respect of SOFR Loans, the Borrower has failed to elect a new Interest Period to be applicable thereto as provided in <u>clause (a)</u>, the Borrower shall be deemed to have elected to convert such Borrowing of SOFR Loans into a Borrowing of ABR Loans, effective as of the expiration date of such current Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with the use or administration of Term SOFR or SOFR Average, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Credit Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Credit Document (other than as provided in the definition of Conforming Changes). The Administrative Agent will promptly notify the Borrower and the Lenders of the effectiveness of any Conforming Changes in connection with the use or administration of Term SOFR or SOFR Average.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Pro Rata Borrowings</u>. Each Borrowing of Revolving Credit Loans under this Agreement shall be made by the Lenders *pro rata* on the basis of their then-applicable Revolving Credit Commitment Percentages. It is understood that (a) no Lender shall be responsible for any default by any other Lender in its obligation to make Loans hereunder and that each Lender severally but not jointly shall be obligated to make the Loans provided to be made by it hereunder, regardless of the failure of any other Lender to fulfill its commitments hereunder and (b) other than as expressly provided herein with respect to a Defaulting Lender, failure by a Lender to perform any of its obligations under any of the Credit Documents shall not release any Person from performance of its obligation, under any Credit Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The unpaid principal amount of each ABR Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin for ABR Loans *plus* the ABR, in each case, in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The unpaid principal amount of each Term SOFR Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin for SOFR Loans *plus* Term SOFR for the applicable Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The unpaid principal amount of each SOFR Average Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin for SOFR Loans *plus* SOFR Average over the applicable Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If an Event of Default pursuant to <u>Section 11.1</u> or <u>11.5</u> has occurred and is continuing (but after giving effect to any grace period set forth therein), if all or a portion of (i) the principal amount of any Loan or (ii) any interest payable thereon or any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum (the "**Default Rate**") that is (x) in the case of overdue principal, the rate that would otherwise be applicable thereto *plus* 2.00% or (y) in the case of any other overdue amount, including overdue interest, to the extent permitted by applicable law, the rate described in <u>Section 2.8(a)</u> for the applicable Class *plus* 2.00% from the date of such non-payment to the date on which such amount is paid in full (after as well as before judgment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Interest on each Loan shall accrue from and including the date of any Borrowing to but excluding the date of any repayment thereof and shall be payable in Dollars; <u>provided</u> that any Loan that is repaid on the same date on which it is made shall bear interest for one day. Except as provided below, interest shall be payable (i) in respect of each ABR Loan, quarterly in arrears on the last Business Day of each fiscal quarter of the Parent Borrower, (ii) in respect of each SOFR Loan, on the last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three-month intervals after the first day of such Interest Period, and (iii) in respect of each Loan, (A) upon any prepayment in respect thereof, (B) at maturity (whether by acceleration or otherwise), and (C) after such maturity, on demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All computations of interest hereunder shall be made in accordance with <u>Section 5.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Administrative Agent, upon determining the interest rate for any Borrowing of SOFR Loans, shall promptly notify the Parent Borrower and the relevant Lenders thereof. Each such determination shall, absent clearly demonstrable error, be final and conclusive and binding on all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Interest Periods</u>. At the time the Parent Borrower gives a Notice of Borrowing or Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of SOFR Loans in accordance with <u>Section 2.6(a)</u>, the Parent Borrower shall give the Administrative Agent written notice of the Interest Period applicable to such Borrowing, which Interest Period shall, at the option of the Parent Borrower, be a one or three month period with respect to SOFR Loans (or if available to all the Lenders making such SOFR Loans, a twelve month or shorter period).

Notwithstanding anything to the contrary contained above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the initial Interest Period for any Borrowing of SOFR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of Loans of a different type) and each Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding Interest Period expires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if any Interest Period relating to a Borrowing of SOFR Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such Interest Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; <u>provided</u> that if any Interest Period in respect of a SOFR Loan would otherwise expire on a day that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the immediately preceding Business Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Parent Borrower shall not be entitled to elect any Interest Period in respect of any SOFR Loan if such Interest Period would extend beyond the Maturity Date of such Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Increased Costs, Illegality, Etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 2.18</u>, in the event that (x) in the case of clause (i) below, the Administrative Agent and (y) in the case of clauses (ii) and (iii) below, the Required Revolving Credit Lenders shall have reasonably determined (which determination shall, absent clearly demonstrable error, be final and conclusive and binding upon all parties hereto):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on any date for determining Term SOFR or SOFR Average for any Interest Period that (x) deposits in the principal amounts and currencies of the Loans comprising such Borrowing of SOFR Loans are not generally available in the relevant market or (y) by reason of any changes arising on or after the Closing Date affecting the applicable market, adequate and fair means do not exist for ascertaining the interest rate on the basis provided for in the definition of "Term SOFR" or "SOFR Average", as applicable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at any time following the Closing Date, (x) that such Lenders shall incur or suffer any increased costs or reductions attributable to Taxes (other than (A) Indemnified Taxes,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Taxes described in clauses (ii) through (iv) of Excluded Taxes, (C) Connection Income Taxes and (D) Other Taxes) because of any Change in Law or (y) that any Change in Law shall impose, modify or deem applicable any reserve, special deposit or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances or loans by, or any other acquisition of funds by any Lender for any SOFR Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at any time, that the making or continuance of any SOFR Loan has become unlawful by compliance by such Lenders in good faith with any law, governmental rule, regulation, guideline or order (or would conflict with any such governmental rule, regulation, guideline or order not having the force of law even though the failure to comply therewith would not be unlawful);

(such Loans, "**Impacted Loans**"), then, and in any such event, such Required Revolving Credit Lenders (or the Administrative Agent, in the case of <u>clause (i)</u> above) shall within a reasonable time thereafter give notice (in writing) to the Borrower and to the Administrative Agent of such determination (which notice the Administrative Agent shall promptly transmit to each of the other Lenders). Thereafter (x) in the case of <u>clause (i)</u> above, SOFR Loans shall no longer be available until such time as the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice by the Administrative Agent no longer exist (which notice the Administrative Agent agrees to give at such time when such circumstances no longer exist), and any Notice of Borrowing or Notice of Conversion or Continuation given by the Borrower with respect to SOFR Loans that have not yet been incurred shall be deemed rescinded by the Borrower, (y) in the case of <u>clause (ii)</u> above, the Borrower shall pay to such Lenders, promptly after receipt of written demand therefor such additional amounts (in the form of an increased rate of, or a different method of calculating, interest or otherwise as such Required Revolving Credit Lenders in their reasonable discretion shall determine) as shall be required to compensate such Lenders for such actual increased costs or reductions in amounts receivable hereunder (it being agreed that a written notice as to the additional amounts owed to such Lenders, showing in reasonable detail the basis for the calculation thereof, submitted to the Borrower by such Lenders shall, absent clearly demonstrable error, be final and conclusive and binding upon all parties hereto), and (z) in the case of <u>subclause (iii)</u> above, the Borrower shall take one of the actions specified in <u>subclause (x)</u> or <u>(y)</u>, as applicable, of <u>Section 2.10(b)</u> promptly and, in any event, within the time period required by law.

Notwithstanding the foregoing, if the Administrative Agent has made the determination described in <u>Section 2.10(a)(i)(x)</u>, the Administrative Agent, in consultation with the Borrower and the affected Lenders, may establish an alternative interest rate for the Impacted Loans, in which case, such alternative rate of interest shall apply with respect to the Impacted Loans until (1) the Administrative Agent revokes the notice delivered with respect to the Impacted Loans under <u>clause (x)</u> of the first sentence of the immediately preceding paragraph, (2) the Administrative Agent or the affected Lenders notify the Administrative Agent and the Borrower that such alternative interest rate does not adequately and fairly reflect the cost to such Lenders of funding the Impacted Loans, or (3) any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender or its applicable lending office to make, maintain or fund Loans whose interest is determined by reference to such alternative rate of interest or to determine or charge interest rates based upon such rate or any Governmental Authority has imposed material restrictions on the authority of such Lender to do any of the foregoing and provides the Administrative Agent and the Borrower written notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time that any SOFR Loan is affected by the circumstances described in <u>Section 2.10(a)(ii)</u> or <u>(iii)</u>, the Borrower may (and in the case of a Loan affected pursuant to <u>Section 2.10(a)(iii)</u> shall) either (x) if a Notice of Borrowing or Notice of Conversion or Continuation with respect to the affected Loan has been submitted pursuant to <u>Section 2.3</u> or <u>Section 2.6</u> but the affected Loan has not been funded or continued, cancel such requested Borrowing by giving the Administrative Agent written notice thereof on the same date that the Borrower was notified by Lenders pursuant to <u>Section 2.10(a)(ii)</u> or <u>(iii)</u> or (y) if the affected Loan is then outstanding, upon at least three Business Days' notice to the Administrative Agent, require the affected Lender to convert each such Loan into an ABR Loan; <u>provided</u> that if more than one Lender is affected at any time, then all affected Lenders must be treated in the same manner pursuant to this <u>Section 2.10(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, after the Closing Date, any Change in Law relating to capital adequacy or liquidity of any Lender or compliance by any Lender or its parent with any Change in Law relating to capital adequacy or liquidity occurring after the Closing Date, has or would have the effect of reducing the actual rate of return on such Lender's or its parent's or its Affiliate's capital or assets as a consequence of such Lender's commitments or obligations hereunder to a level below that which such Lender or its parent or its Affiliate could have achieved but for such Change in Law (taking into consideration such Lender's or its parent's policies with respect to capital adequacy or liquidity), then from time to time, promptly after written demand by such Lender (with a copy to the Administrative Agent), the Borrower shall pay to such Lender such actual additional amount or amounts as will compensate such Lender or its parent for such actual reduction, it being understood and agreed, however, that a Lender shall not be entitled to such compensation as a result of such Lender's compliance with, or pursuant to any request or directive to comply with, any law, rule or regulation as in effect on the Closing Date or to the extent such Lender is not imposing such charges on, or requesting such compensation from, borrowers (similarly situated to the Parent Borrower hereunder) under comparable syndicated credit facilities similar to the Credit Facilities. Each Lender, upon determining in good faith that any additional amounts will be payable pursuant to this <u>Section 2.10(c)</u>, will give prompt written notice thereof to the Borrower, which notice shall set forth in reasonable detail the basis of the calculation of such additional amounts, although the failure to give any such notice shall not, subject to <u>Section 2.13</u>, release or diminish the Borrower's obligations to pay additional amounts pursuant to this <u>Section 2.10(c)</u> promptly following receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 <u>Change of Lending Office</u>. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of <u>Sections 2.10(a)(ii)</u>, <u>2.10(a)(iii)</u>, <u>2.10(b)</u>, <u>3.5</u> or <u>5.4</u> with respect to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate another lending office for any Loans affected by such event; provided that such designation is made on such terms that such Lender and its lending office suffer no unreimbursed cost or other material economic, legal or regulatory disadvantage, with the object of avoiding the consequence of the event giving rise to the operation of any such Section. Nothing in this <u>Section 2.12</u> shall affect or postpone any of the obligations of the Borrower or the right of any Lender provided in <u>Sections 2.10</u>, <u>3.5</u> or <u>5.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 <u>Notice of Certain Costs</u>. Notwithstanding anything in this Agreement to the contrary, to the extent any notice required by <u>Sections 2.10</u> or <u>3.5</u> is given by any Lender more than 120 days after such Lender has knowledge (or should have had knowledge) of the occurrence of the event giving rise to the additional cost, reduction in amounts, loss, or other additional amounts described in such Sections, such Lender shall not be entitled to compensation under <u>Sections 2.10</u> or <u>3.5</u>, as the case may be, for any such amounts incurred or accruing prior to the 121st day prior to the giving of such notice to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 <u>Extension of Revolving Credit Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Joinder Agreement may, without the consent of any other Lenders, effect technical and corresponding amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provision of this <u>Section 2.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i) Solely in accordance with <u>Section 2.14(g)(iv)</u> below, Parent Borrower may at any time request that all or a portion of the Revolving Credit Commitments of any Class existing at the time of such request (each, an "**Existing Revolving Credit Commitment**" and any related revolving credit loans thereunder, "**Existing Revolving Credit Loans**"; each Existing Revolving Credit Commitment and related Existing Revolving Credit Loans together being referred to as an "**Existing Revolving Credit Class**") be converted to extend the termination date thereof and the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of Loans related to such Existing Revolving Credit Commitments (any such request, an "**Extension Request**", any such Existing Revolving Credit Commitments which have been so extended, "**Extended Revolving Credit Commitments**" and any related Loans, "**Extended Revolving Credit Loans**") and to provide for other terms consistent with this <u>Section 2.14(g)(i)</u>. In order to establish any Extended Revolving Credit Commitments, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Class of Existing Revolving Credit Commitments which such request shall be offered equally to all such Lenders); *provided* that the scheduled final maturity date shall be extended as set forth in <u>Section 2.14(g)(v)</u> and the Borrower shall have made payments to each such Extending Lender as set forth in <u>Section 2.14(g)(v)(B)</u>. Notwithstanding anything to the contrary in this <u>Section 2.14</u> or otherwise, (1) the borrowing and repayment (other than in connection with a permanent repayment and termination of commitments) of Loans with respect to any Original Revolving Credit Commitments shall be made on a pro rata basis with all other Original Revolving Credit Commitments and (2) no Extended Revolving Credit Commitments may be optionally permanently prepaid and terminated prior to the date on which the applicable Existing Revolving Credit Commitments from which they were converted (the "**Specified Existing Revolving Credit Commitments**") is permanently repaid in full and terminated, except in accordance with the last sentence of <u>Section 5.1</u>. No Lender shall have any obligation to agree to have any of its Revolving Credit Loans or Revolving Credit Commitments of any Existing Revolving Credit Class converted into Extended Revolving Credit Loans or Extended Revolving Credit Commitments pursuant to any Extension Request. Any Extended Revolving Credit Commitments of any Extension Series shall constitute a separate Class of revolving credit commitments from the Specified Existing Revolving Credit Commitments and from any other Existing Revolving Credit Commitments (together with any other Extended Revolving Credit Commitments so established on such date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Lender (an "Extending Lender") wishing to have all or a portion of its Revolving Credit Commitments or Extended Revolving Credit Commitment of the Existing Revolving Credit Class or Existing Revolving Credit Classes subject to such Extension Request converted into Extended Revolving Credit Commitments shall notify the Administrative Agent (an "Extension Election") on or prior to the date specified in such Extension Request of the amount of its Revolving Credit Commitments or Extended Revolving Credit Commitment of the Existing Revolving Credit Class or Existing Revolving Credit Classes subject to such Extension Request that it has elected to convert into Extended Revolving Credit Commitments, as applicable. In the event that the aggregate amount of Revolving Credit Commitments or Extended Revolving Credit Commitment of the Existing Revolving Credit Class or Existing Revolving Credit Classes subject to Extension Elections exceeds the amount of Extended Revolving Credit Commitments requested pursuant to the Extension Request, Revolving Credit Commitments or Extended Revolving Credit Commitments of the Existing Revolving Credit Class or Existing Revolving Credit Classes subject to Extension Elections shall be converted to Extended Revolving Credit Commitments on a pro rata basis based on the amount of Revolving Credit Commitments or Extended Revolving Credit Commitment included in each such Extension Election. Notwithstanding the conversion of any Original Revolving Credit Commitment into an Extended Revolving Credit Commitment, such Extended Revolving Credit Commitment shall be treated identically to all other Original Revolving Credit Commitments for purposes of the obligations of a Revolving Credit Lender in respect of Letters of Credit under Section 3, except that the applicable Extension Amendment may provide that the L/C Facility Maturity Date may be extended and the related obligations to issue Letters of Credit may be continued so long as the Letter of Credit Issuers, as applicable, have consented to such extensions in their sole discretion (it being understood that no consent of any other Lender shall be required in connection with any such extension).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Extended Revolving Credit Commitments shall be established pursuant to an amendment (an "**Extension Amendment**") to this Agreement executed by the Credit Parties, the Administrative Agent and the Extending Lenders. No Extension Amendment shall provide for any tranche of Extended Revolving Credit Commitments in an aggregate principal amount that is less than $5,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything to the contrary contained in this Agreement, (A) on any date on which any Existing Revolving Credit Class is converted to extend the related scheduled maturity date(s) in accordance with <u>clause (i)</u> above (an "**Extension Date**"), in the case of the Specified Existing Revolving Credit Commitments of each Extending Lender, the aggregate principal amount of such Specified Existing Revolving Credit Commitments shall be deemed reduced by an amount equal to the aggregate principal amount of Extended Revolving Credit Commitments so converted by such Lender on such date, and such Extended Revolving Credit Commitments shall be established as a separate Class of revolving credit commitments from the Specified Existing Revolving Credit Commitments and from any other Existing Revolving Credit Commitments (together with any other Extended Revolving Credit Commitments so established on such date) and (B) if, on any Extension Date, any Loans of any Extending Lender are outstanding under the applicable Specified Existing Revolving Credit Commitments, such Loans (and any related participations) shall be deemed to be allocated as Extended Revolving Credit Loans (and related participations) and Existing Revolving Credit Loans (and related participations) in the same proportion as such Extending Lender's Specified Existing Revolving Credit Commitments to Extended Revolving Credit Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The occurrence of any extension of Original Revolving Credit Commitments to extend the scheduled maturity date of such Original Revolving Credit Commitments shall be to the date that is the one (1) year anniversary of the Revolving Credit Maturity Date (in effect as of the Closing Date), and the effectiveness of any Extension Election by any Extending Lender in respect of such extension, shall be subject to the satisfaction of the following conditions as of the applicable Extension Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) no Event of Default shall have occurred and be continuing as of such Extension Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Borrower shall have made, upon or promptly following such date, to each such Extending Lender, a fee equal to 0.25% of the aggregate amount of such Lender's Original Revolving Credit Commitments which is extended as of such Extension Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Administrative Agent and the Lenders hereby consent to the consummation of the transactions contemplated by this <u>Section 2.14</u> (including, for the avoidance of doubt, payment of any interest, fees, or premium in respect of any Extended Revolving Credit Commitments on such terms as may be set forth in the relevant Extension Amendment) and hereby waive the requirements of any provision of this Agreement (including, without limitation, any pro rata payment or amendment section) or any other Credit Document that may otherwise prohibit or restrict any such extension or any other transaction contemplated by this <u>Section 2.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 <u>Defaulting Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Adjustments</u>. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Requirements of Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Waivers and Amendments</u>. Such Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Required Lenders and <u>Section 13.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Defaulting Lender Waterfall</u>. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Section 11</u> or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to <u>Section 13.8</u> shall be applied at such time or times as may be determined by the Administrative Agent as follows: *first*, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; *second*, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to such Letter of Credit Issuer hereunder; *third*, to Cash Collateralize such Letter of Credit Issuer's Fronting Exposure with respect to such Defaulting Lender in accordance with <u>Section 3.8</u>; *fourth*, as the Parent Borrower may request (so long as no Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; *fifth*, if so determined by the Administrative Agent and the Parent Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender's potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize such Letter of Credit Issuer's future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with <u>Section 3.8</u>; *sixth*, to the payment of any amounts owing to the Borrower, the Lenders or the Letter of Credit Issuers as a result of any judgment of a court of competent jurisdiction obtained by the Borrower, any Lender or any Letter of Credit Issuer against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and *seventh*, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; <u>provided</u> that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in <u>Section 7</u> were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, and L/C Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations are held by the Lenders pro rata in accordance with the Commitments hereunder without giving effect to <u>Section 2.16(a)(iv)</u>. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this <u>Section 2.16(a)(ii)</u> shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Certain Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) No Defaulting Lender shall be entitled to receive any fee payable under <u>Section 4</u> for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Lender is a Defaulting Lender only to the extent allocable to its applicable percentage of the Stated Amount of Letters of Credit for which it has provided Cash Collateral pursuant to <u>Section 3.8</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) With respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender's participation in L/C Obligations that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to such Letter of Credit Issuer the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Letter of Credit's Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Reallocation of Applicable Percentages to Reduce Fronting Exposure</u>. All or any part of such Defaulting Lender's participation in L/C Obligations shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Revolving Credit Commitment Percentages (calculated without regard to such Defaulting Lender's Commitment) but only to the extent that such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender's Commitment. Subject to <u>Section 13.23,</u> no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender's increased exposure following such reallocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Defaulting Lender Cure</u>. If the Parent Borrower, the Administrative Agent and the Letter of Credit Issuers agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Revolving Credit Loans and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Lenders in accordance with their Revolving Credit Commitment Percentages (without giving effect to <u>Section 2.16(a)(iv)</u>), whereupon such Lender will cease to be a Defaulting Lender; <u>provided</u> that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Parent Borrower while that Lender was a Defaulting Lender; and <u>provided</u>, <u>further</u>, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 <u>Alternate Rate of Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 2.18</u>, if prior to the commencement of any Interest Period for a Term SOFR Borrowing or SOFR Average Borrowing, the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining Term SOFR or SOFR Average, as applicable, for such Interest Period, then on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), such Loan shall be converted by the Administrative Agent to, and shall constitute, an ABR Loan denominated in dollars on such day or, at the Borrower's election prior to such day, be prepaid by the Borrower on such day (it being understood and agreed that if the Borrower does not so prepay such Loan on such day by 12:00 p.m. (New York City time) the Administrative Agent is authorized to effect such conversion of such Loan into an ABR Loan), and, upon the Borrower's receipt of notice from the Administrative Agent that the circumstances giving rise to the aforementioned notice no longer exist, such ABR Loan shall then be converted by the Administrative Agent to, and shall constitute, a SOFR Loan on the day of such notice being given to the Borrower by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 <u>Benchmark Replacement Setting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Benchmark Replacement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything to the contrary herein or in any other Credit Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Credit Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Credit Document and (y) if a Benchmark Replacement is determined in accordance with clause (b) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Credit Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders and the Parent Borrower without any amendment to, or further action or consent of any other party to, this Agreement or any other Credit Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No Hedge Agreement shall be deemed to be a "Credit Document" for purposes of this <u>Section 2.18</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Conforming Changes</u>. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent will have the right, subject to the consent of the Borrower, to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Credit Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Credit Document (other than as provided in the definition of Conforming Changes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notices; Standards for Decisions and Determinations</u>. The Administrative Agent will promptly (and in any event within five (5) Business Days) notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement and (iii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Administrative Agent will promptly notify the Borrower of the removal or reinstatement of any tenor of a Benchmark pursuant to <u>Section 2.18(d)</u>. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, the Borrower or any Lender (or group of Lenders) pursuant to this <u>Section 2.18</u>, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Credit Document, except, in each case, as expressly required pursuant to this <u>Section 2.18</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Benchmark Unavailability Period</u>. Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Loans determined in the applicable Benchmark to be made, converted or continued during any Benchmark Unavailability Period and, failing that, (i) the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to ABR Loans and (ii) any outstanding affected Loans will be deemed to have been converted into ABR Loans at the end of the applicable Interest Period. During a Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of ABR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding anything herein or in any other Credit Document to the contrary, the Administrative Agent and the Parent Borrower shall cooperate in good faith and use commercially reasonable efforts to satisfy any applicable requirements under proposed or final U.S. Treasury Regulations or other Internal Revenue Service guidance such that the use of an alternative rate of interest pursuant to this <u>Section 2.17</u> shall not result in a deemed exchange of any Indebtedness hereunder under Section 1001 of the Code.

Section 3. <u>Letters of Credit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Letters of Credit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to and upon the terms and conditions herein set forth, at any time and from time to time after the Closing Date and prior to the L/C Facility Maturity Date, each Letter of Credit Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this <u>Section 3</u>, to issue from time to time from the Closing Date through the L/C Facility Maturity Date for the account of the Parent Borrower (or, so long as the Parent Borrower is the primary obligor and a signatory to the Letter of Credit Request or remains the primary obligor for any reimbursement obligations pursuant to <u>Section 3.4</u> hereof, for the account of any Subsidiary) standby letters of credit (the "**Letters of Credit**" and each, a "**Letter of Credit**"), which Letters of Credit shall not exceed any Letter of Credit Issuer's Letter of Credit Commitment unless consented to by such Letter of Credit Issuer and in the aggregate shall not exceed the L/C Sublimit, in such form as may be approved by each Letter of Credit Issuer in its reasonable discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, (i) no Letter of Credit shall be issued the Stated Amount of which, when added to the Letters of Credit Outstanding at such time, would exceed the L/C Sublimit then in effect (or with respect to any Letter of Credit Issuer, exceed such Letter of Credit Issuer's Letter of Credit Commitment; <u>provided</u> that if the Parent Borrower determines that, in connection with any actual or anticipated L/C Borrowing, less than the full amount of the L/C Sublimit would be available to the Parent Borrower as a result of the application of this clause (i), then the Letter of Credit Commitments of each Letter of Credit Issuer shall be reallocated as elected by the Borrower in consultation with each Letter of Credit Issuer and with the consent of any such Letter of Credit Issuer which has its Letter of Credit Commitment increased as a result of such reallocation (and the Parent Borrower and the Letter of Credit Issuers agree to take such actions as among themselves to accommodate any such reallocation)); (ii) no Letter of Credit shall be issued the Stated Amount of which would cause the aggregate amount of the Lenders' Revolving Credit Exposures at the time of the issuance thereof to exceed the Total Revolving Credit Commitment then in effect; (iii) each Letter of Credit shall have an expiration date occurring no earlier than one year after the date of issuance thereof (except as set forth in <u>Section 3.2(d)</u>), <u>provided</u> that in no event shall such expiration date occur later than the L/C Facility Maturity Date, in each case, unless otherwise agreed upon by the Administrative Agent, such Letter of Credit Issuer and, unless such Letter of Credit has been Cash Collateralized or backstopped (in the case of a backstop only, on terms reasonably satisfactory to such Letter of Credit Issuer), the Revolving Credit Lenders; (iv) the Letter of Credit shall be denominated in Dollars; (v) no Letter of Credit shall be issued if it would be illegal under any applicable law for the beneficiary of the Letter of Credit to have a Letter of Credit issued in its favor; and (vi) no Letter of Credit shall be issued by any Letter of Credit Issuer after it has received a written notice from any Credit Party or the Administrative Agent or the Required Revolving Credit Lenders stating that a Default or Event of Default has occurred and is continuing until such time as such Letter of Credit Issuer shall have received a written notice of (x) rescission of such notice from the party or parties originally delivering such notice or (y) the waiver of such Default or Event of Default in accordance with the provisions of <u>Section 13.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon at least two Business Days' prior written notice to the Administrative Agent and each Letter of Credit Issuer (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the Parent Borrower shall have the right, on any day, permanently to terminate or reduce the Letter of Credit Commitments in whole or in part; <u>provided</u> that, after giving effect to such termination or reduction, the Letters of Credit Outstanding shall not exceed the L/C Sublimit (or with respect to any Letter of Credit Issuer, the Letters of Credit outstanding with respect to Letters of Credit issued by such Letter of Credit Issuer shall not exceed such Letter of Credit Issuer's Letter of Credit Commitment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Letter of Credit Issuer shall be under any obligation to issue any Letter of Credit if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms enjoin or restrain any Letter of Credit Issuer from issuing such Letter of Credit, or any law applicable to such Letter of Credit Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such Letter of Credit Issuer shall prohibit, or request that such Letter of Credit Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Letter of Credit Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (in each case, for which such Letter of Credit Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such Letter of Credit Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which such Letter of Credit Issuer in good faith deems material to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the issuance of such Letter of Credit would violate one or more policies of such Letter of Credit Issuer applicable to letters of credit generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) except as otherwise agreed by any Letter of Credit Issuer, such Letter of Credit is in an initial Stated Amount less than $10,000; <u>provided</u> that any Letter of Credit Issuer shall only be required to issue standby Letters of Credit denominated in Dollars unless it otherwise agrees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such Letter of Credit is denominated in a currency other than Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such Letter of Credit contains any provisions for automatic reinstatement of the Stated Amount after any drawing thereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a default of any Revolving Credit Lender's obligations to fund under <u>Section 3.3</u> exists or any Revolving Credit Lender is at such time a Defaulting Lender hereunder, unless, in each case, the Parent Borrower have entered into arrangements reasonably satisfactory to such Letter of Credit Issuer to eliminate such Letter of Credit Issuer's risk with respect to such Revolving Credit Lender or such risk has been reallocated in accordance with <u>Section 2.16</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Letter of Credit Issuer shall increase the Stated Amount of any Letter of Credit if such Letter of Credit Issuer would not be permitted at such time to issue such Letter of Credit in its amended form under the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Letter of Credit Issuer shall be under any obligation to issue an amendment to any Letter of Credit if such Letter of Credit Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any Letter of Credit Issuer shall act on behalf of the Revolving Credit Lenders with respect to any Letters of Credit issued by it and the documents associated therewith and such Letter of Credit Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in <u>Section 12</u> with respect to any acts taken or omissions suffered by any Letter of Credit Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term "Administrative Agent" as used in <u>Section 12</u> included any Letter of Credit Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to any Letter of Credit Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Letter of Credit Requests</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the Parent Borrower desires that a Letter of Credit be issued or amended, the Parent Borrower shall give the Administrative Agent and the Letter of Credit Issuers a Letter of Credit Request by no later than 1:00 p.m. (New York City time) at least three (3) Business Days (or such other period as may be agreed upon by the Parent Borrower, the Administrative Agent and each Letter of Credit Issuer) prior to the proposed date of issuance or amendment. Each Letter of Credit Request shall be executed by the Parent Borrower. Such Letter of Credit Request may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the applicable Letter of Credit Issuer, by personal delivery or by any other means acceptable to the applicable Letter of Credit Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of a request for the issuance of a Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably satisfactory to the Letter of Credit Issuers: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the identity of the applicant; and (C) such other matters as the applicable Letter of Credit Issuer may reasonably require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably satisfactory to the applicable Letter of Credit Issuer (I) the Letter of Credit to be amended; (II) the proposed date of issuance (which shall be a Business Day); (III) the nature of the proposed amendment; and (IV) such other matters as the applicable Letter of Credit Issuer may reasonably require. Additionally, the Parent Borrower shall furnish to such Letter of Credit Issuer and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as such Letter of Credit Issuer or the Administrative Agent may reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the Letter of Credit Issuers have received written notice from any Revolving Credit Lender, the Administrative Agent or any Credit Party, at least one Business Day prior to the requested date of issuance or amendment of the Letter of Credit, that one or more applicable conditions contained in <u>Sections 6</u> (solely with respect to any Letter of Credit issued on the Closing Date) and <u>7</u> shall not then be satisfied to the extent required thereby, then, subject to the terms and conditions hereof, the applicable Letter of Credit Issuer shall, on the requested date, issue a Letter of Credit for the account of the Parent Borrower (or, so long as the Parent Borrower is the primary obligor, for the account of a Subsidiary) or issue the applicable amendment, as the case may be, in each case in accordance with each such Letter of Credit Issuer's usual and customary business practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Parent Borrower so requests in any Letter of Credit Request, the applicable Letter of Credit Issuer shall agree to issue a Letter of Credit that has automatic extension provisions (each, an "**Auto-Extension Letter of Credit**"); <u>provided</u> that any such Auto-Extension Letter of Credit must permit such Letter of Credit Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof and the Parent Borrower not later than a day (the "**Non-Extension Notice Date**") in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by such Letter of Credit Issuer, the Parent Borrower shall not be required to make a specific request to such Letter of Credit Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the Letter of Credit Issuers to permit the extension of such Letter of Credit at any time to an expiry date not later than the L/C Facility Maturity Date, unless otherwise agreed upon by the Administrative Agent and such Letter of Credit Issuer; <u>provided</u>, <u>however</u>, that no Letter of Credit Issuer shall permit any such extension if (A) such Letter of Credit Issuer has reasonably determined that it would not be permitted, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of <u>clause (b)</u> of <u>Section 3.1</u> or otherwise), or (B) it has received written notice on or before the day that is seven Business Days before the Non-Extension Notice Date from the Administrative Agent, any Lender or the Parent Borrower that one or more of the applicable conditions specified in <u>Sections 6</u> and <u>7</u> are not then satisfied, and in each such case directing such Letter of Credit Issuer not to permit such extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the applicable Letter of Credit Issuer will also deliver to the Parent Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment. On the first Business Day of each month, each Letter of Credit Issuer shall provide the Administrative Agent a list of all Letters of Credit issued by it that are outstanding at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The making of each Letter of Credit Request shall be deemed to be a representation and warranty by the Parent Borrower that the Letter of Credit may be issued in accordance with, and will not violate the requirements of, <u>Section 3.1(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Letter of Credit Participations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Immediately upon the issuance by any Letter of Credit Issuer of any Letter of Credit, such Letter of Credit Issuer shall be deemed to have sold and transferred to each Revolving Credit Lender (each such Revolving Credit Lender, in its capacity under this <u>Section 3.3</u>, an "**L/C Participant**"), and each such L/C Participant shall be deemed irrevocably and unconditionally to have purchased and received from such Letter of Credit Issuer, without recourse or warranty, an undivided interest and participation (each an "**L/C Participation**"), to the extent of such L/C Participant's Revolving Credit Commitment Percentage in each Letter of Credit, each substitute therefor, each drawing made thereunder and the obligations of the Parent Borrower under this Agreement with respect thereto, and any security therefor or guaranty pertaining thereto; <u>provided</u> that the Letter of Credit Fees will be paid directly to the Administrative Agent for the ratable account of the L/C Participants as provided in <u>Section 4.1(b)</u> and the L/C Participants shall have no right to receive any portion of any Fronting Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In determining whether to pay under any Letter of Credit, the relevant Letter of Credit Issuer shall have no obligation relative to the L/C Participants other than to confirm that any documents required to be delivered under such Letter of Credit have been delivered and that they appear to comply on their face with the requirements of such Letter of Credit. Any action taken or omitted to be taken by the relevant Letter of Credit Issuer under or in connection with any Letter of Credit issued by it, if taken or omitted in the absence of gross negligence or willful misconduct as determined in the final non-appealable judgment of a court of competent jurisdiction, shall not create for the Letter of Credit Issuers any resulting liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that any Letter of Credit Issuer makes any payment under any Letter of Credit issued by it and the Parent Borrower shall not have repaid such amount in full to the respective Letter of Credit Issuer through the Administrative Agent pursuant to <u>Section 3.4(a)</u>, the Administrative Agent shall promptly notify each L/C Participant of such failure, and each L/C Participant shall promptly and unconditionally pay to the Administrative Agent for the account of such Letter of Credit Issuer, the amount of such L/C Participant's Revolving Credit Commitment Percentage of such unreimbursed payment in Dollars and in immediately available funds. If and to the extent such L/C Participant shall not have so made its Revolving Credit Commitment Percentage of the amount of such payment available to the Administrative Agent for the account of such Letter of Credit Issuer, such L/C Participant agrees to pay to the Administrative Agent for the account of such Letter of Credit Issuer, forthwith on demand, such amount, together with interest thereon for each day from such date until the date such amount is paid to the Administrative Agent for the account of such Letter of Credit Issuer at a rate per annum equal to the Overnight Rate from time to time then in effect, plus any administrative, processing or similar fees that are reasonably and customarily charged by such Letter of Credit Issuer in connection with the foregoing. The failure of any L/C Participant to make available to the Administrative Agent for the account of any Letter of Credit Issuer its Revolving Credit Commitment Percentage of any payment under any Letter of Credit shall not relieve any other L/C Participant of its obligation hereunder to make available to the Administrative Agent for the account of such Letter of Credit Issuer its Revolving Credit Commitment Percentage of any payment under such Letter of Credit on the date required, as specified above, but no L/C Participant shall be responsible for the failure of any other L/C Participant to make available to the Administrative Agent such other L/C Participant's Revolving Credit Commitment Percentage of any such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whenever the Administrative Agent receives a payment in respect of an unpaid Reimbursement Obligation as to which the Administrative Agent has received for the account of any Letter of Credit Issuer any payments from the L/C Participants pursuant to <u>clause (c)</u> above, the Administrative Agent shall promptly pay to each L/C Participant that has paid its Revolving Credit Commitment Percentage of such Reimbursement Obligation, in Dollars and in immediately available funds, an amount equal to such L/C Participant's share (based upon the proportionate aggregate amount originally funded by such L/C Participant to the aggregate amount funded by all L/C Participants) of the amount so paid in respect of such Reimbursement Obligation and interest thereon accruing after the purchase of the respective L/C Participations at the Overnight Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations of the L/C Participants to make payments to the Administrative Agent for the account of each Letter of Credit Issuer with respect to Letters of Credit shall be irrevocable and not subject to counterclaim, set-off or other defense or any other qualification or exception whatsoever and shall be made in accordance with the terms and conditions of this Agreement under all circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If any payment received by the Administrative Agent for the account of any Letter of Credit Issuer pursuant to <u>Section 3.3(c)</u> is required to be returned, each Lender shall pay to the Administrative Agent for the account of such Letter of Credit Issuer its Revolving Credit Commitment Percentage thereof on demand of the Administrative Agent, *plus* interest thereon from the date of such demand to the date such amount is returned by such Lender, at a rate per annum equal to the applicable Overnight Rate from time to time in effect. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Agreement to Repay Letter of Credit Drawings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent Borrower hereby agrees to reimburse the Letter of Credit Issuers, by making payment with respect to any drawing under any Letter of Credit in the same currency in which such drawing was made. Any such reimbursement shall be made by the Parent Borrower to the Administrative Agent in immediately available funds for any payment or disbursement made by any Letter of Credit Issuer under any Letter of Credit (each such amount so paid until reimbursed, an "**Unpaid Drawing**") no later than the date that is one Business Day after the date on which the Parent Borrower receives written notice of such payment or disbursement (the "**Reimbursement Date**"), with interest on the amount so paid or disbursed by such Letter of Credit Issuer, to the extent not reimbursed prior to 5:00 p.m. (New York City time) on the Reimbursement Date, from the Reimbursement Date to the date such Letter of Credit Issuer is reimbursed therefor at a rate per annum that shall at all times be (i) with respect to a Letter of Credit denominated in Dollars, the Applicable Margin for ABR Loans that are Revolving Credit Loans *plus* the ABR as in effect from time to time and (ii) [reserved], <u>provided</u> that, notwithstanding anything contained in this Agreement to the contrary, (i) unless the Parent Borrower shall have notified the Administrative Agent and the relevant Letter of Credit Issuer prior to 12:00 noon (New York City time) on the Reimbursement Date that the Parent Borrower intends to reimburse the relevant Letter of Credit Issuer for the amount of such drawing with funds other than the proceeds of Loans, the Parent Borrower shall be deemed to have given a Notice of Borrowing requesting that, with respect to Letters of Credit, the Revolving Credit Lenders make Revolving Credit Loans (which shall be denominated in Dollars and which shall be ABR Loans) on the Reimbursement Date in the amount of such drawing and (ii) the Administrative Agent shall promptly notify each L/C Participant of such drawing and the amount of its Revolving Credit Loan to be made in respect thereof, and each L/C Participant shall be irrevocably obligated to make a Revolving Credit Loan to the Parent Borrower in Dollars in the manner deemed to have been requested in the amount of its Revolving Credit Commitment Percentage of the applicable Unpaid Drawing by 2:00 p.m. (New York City time) on such Reimbursement Date by making the amount of such Revolving Credit Loan available to the Administrative Agent. Such Revolving Credit Loans shall be made without regard to the Minimum Borrowing Amount. The Administrative Agent shall use the proceeds of such Revolving Credit Loans solely for purpose of reimbursing any Letter of Credit Issuer for the related Unpaid Drawing. In the event that the Parent Borrower fails to Cash Collateralize any Letter of Credit that is outstanding on the L/C Facility Maturity Date, the full amount of the Letters of Credit Outstanding in respect of such Letter of Credit shall be deemed to be an Unpaid Drawing subject to the provisions of this <u>Section 3.4</u> except that such Letter of Credit Issuer shall hold the proceeds received from the L/C Participants as contemplated above as cash collateral for such Letter of Credit to reimburse any Unpaid Drawing under such Letter of Credit and shall use such proceeds first, to reimburse itself for any Unpaid Drawings made in respect of such Letter of Credit following the L/C Facility Maturity Date, second, to the extent such Letter of Credit expires undrawn, or is returned for cancellation while any such cash collateral remains, to the repayment of obligations in respect of any Revolving Credit Loans that have not been paid at such time and third, to the Parent Borrower or as otherwise directed by a court of competent jurisdiction. Nothing in this <u>Section 3.4(a)</u> shall affect the Parent Borrower's obligation to repay all outstanding Revolving Credit Loans when due in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligation of the Parent Borrower to reimburse the Letter of Credit Issuers for each drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any lack of validity or enforceability of this Agreement or any of the other Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the existence of any claim, set-off, defense or other right that the Parent Borrower may have at any time against a beneficiary named in a Letter of Credit, any transferee of any Letter of Credit (or any Person for whom any such transferee may be acting), the Administrative Agent, any Letter of Credit Issuer, any Lender or other Person, whether in connection with this Agreement, any Letter of Credit, the transactions contemplated herein or any unrelated transactions (including any underlying transaction between the Parent Borrower and the beneficiary named in any such Letter of Credit);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) waiver by any Letter of Credit Issuer of any requirement that exists for such Letter of Credit Issuer's protection and not the protection of the Parent Borrower (or Subsidiary) or any waiver by such Letter of Credit Issuer which does not in fact materially prejudice the Parent Borrower (or Subsidiary);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any payment made by any Letter of Credit Issuer in respect of an otherwise complying item presented after the date specified as the expiration date of, or the date by which documents must be received under, such Letter of Credit if presentation after such date is authorized by the UCC, the ISP or the UCP, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any payment by any Letter of Credit Issuer under such Letter of Credit against presentation of documents that does not strictly comply with the terms of such Letter of Credit; or any payment made by any Letter of Credit Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under the Bankruptcy Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) honor of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form of a draft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any adverse change in any relevant exchange rates or in the relevant currency markets generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Parent Borrower (or Subsidiary) (other than the defense of payment or performance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parent Borrower shall not be obligated to reimburse any Letter of Credit Issuer for any wrongful payment made by any Letter of Credit Issuer under the Letter of Credit issued by it as a result of acts or omissions constituting willful misconduct or gross negligence on the part of any Letter of Credit Issuer as determined in the final non-appealable judgment of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Increased Costs</u>. If after the Closing Date, the adoption of any applicable law, treaty, rule, or regulation, or any change therein, or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or actual compliance by any Letter of Credit Issuer or any L/C Participant with any request or directive made or adopted after the Closing Date (whether or not having the force of law), by any such authority, central bank or comparable agency shall either (x) impose, modify or make applicable any reserve, deposit, capital adequacy or similar requirement against letters of credit issued by any Letter of Credit Issuer, or any L/C Participant's L/C Participation therein, or (y) impose on any Letter of Credit Issuer or any L/C Participant any other conditions or costs affecting its obligations under this Agreement in respect of Letters of Credit or L/C Participations therein or any Letter of Credit or such L/C Participant's L/C Participation therein, and the result of any of the foregoing is to increase the actual cost to such Letter of Credit Issuer or such L/C Participant of issuing, maintaining or participating in any Letter of Credit, or to reduce the actual amount of any sum received or receivable by such Letter of Credit Issuer or such L/C Participant hereunder (including any increased costs or reductions attributable to Taxes, other than (A) Indemnified Taxes, (B) Taxes described in clauses (ii) through (iv) of Excluded Taxes, (C) Connection Income Taxes and (D) Other Taxes) in respect of Letters of Credit or L/C Participations therein, then, promptly after receipt of written demand to the Parent Borrower by such Letter of Credit Issuer or such L/C Participant, as the case may be (a copy of which notice shall be sent by such Letter of Credit Issuer or such L/C Participant to the Administrative Agent (with respect to a Letter of Credit issued on account of the Parent Borrower (or Subsidiary))), the Parent Borrower shall pay to such Letter of Credit Issuer or such L/C Participant such actual additional amount or amounts as will compensate such Letter of Credit Issuer or such L/C Participant for such increased cost or reduction, it being understood and agreed, however, that no Letter of Credit Issuer or L/C Participant shall be entitled to such compensation as a result of such Person's compliance with, or pursuant to any request or directive to comply with, any such law, rule or regulation as in effect on the Closing Date. A certificate submitted to the Parent Borrower by the relevant Letter of Credit Issuer or an L/C Participant, as the case may be (a copy of which certificate shall be sent by such Letter of Credit Issuer or such L/C Participant to the Administrative Agent), setting forth in reasonable detail the basis for the determination of such actual additional amount or amounts necessary to compensate such Letter of Credit Issuer or such L/C Participant as aforesaid shall be conclusive and binding on the Parent Borrower absent clearly demonstrable error. The obligations of the Parent Borrower under this <u>Section 3.5</u> shall survive the payment in full of the Obligations and the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>New or Successor Letter of Credit Issuer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Letter of Credit Issuer may resign as a Letter of Credit Issuer upon 60 days' prior written notice to the Administrative Agent, the Lenders and the Parent Borrower. The Parent Borrower may replace any Letter of Credit Issuer for any reason upon written notice to the Administrative Agent and such Letter of Credit Issuer. The Parent Borrower may add Letter of Credit Issuers at any time upon notice to the Administrative Agent. If a Letter of Credit Issuer shall resign or be replaced, or if the Parent Borrower shall decide to add a new Letter of Credit Issuer under this Agreement, then the Parent Borrower may appoint from among the Lenders a successor issuer of Letters of Credit or a new Letter of Credit Issuer, as the case may be, or, with the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed), another successor or new issuer of Letters of Credit, whereupon such successor issuer accepting such appointment shall succeed to the rights, powers and duties of the replaced or resigning Letter of Credit Issuer under this Agreement and the other Credit Documents, or such new issuer of Letters of Credit accepting such appointment shall be granted the rights, powers and duties of the Letter of Credit Issuers hereunder, and the term Letter of Credit Issuers shall mean such successor or such new issuer of Letters of Credit effective upon such appointment. At the time such resignation or replacement shall become effective, the Parent Borrower shall pay to the resigning or replaced Letter of Credit Issuer all accrued and unpaid fees applicable to the Letters of Credit pursuant to <u>Sections 4.1(b)</u> and <u>4.1(d)</u>. The acceptance of any appointment as a Letter of Credit Issuer hereunder whether as a successor issuer or new issuer of Letters of Credit in accordance with this Agreement, shall be evidenced by an agreement entered into by such new or successor issuer of Letters of Credit, in a form reasonably satisfactory to the Parent Borrower and the Administrative Agent and, from and after the effective date of such agreement, such new or successor issuer of Letters of Credit shall become a Letter of Credit Issuer hereunder. After the resignation or replacement of a Letter of Credit Issuer hereunder, the resigning or replaced Letter of Credit Issuer shall remain a party hereto and shall continue to have all the rights and obligations of the Letter of Credit Issuers under this Agreement and the other Credit Documents with respect to Letters of Credit issued by it prior to such resignation or replacement, but shall not be required to issue additional Letters of Credit. In connection with any resignation or replacement pursuant to this <u>clause (a)</u> (but, in case of any such resignation, only to the extent that a successor issuer of Letters of Credit shall have been appointed), either (i) the Parent Borrower, the resigning or replaced Letter of Credit Issuer and the successor issuer of Letters of Credit shall arrange to have any outstanding Letters of Credit issued by the resigning or replaced Letter of Credit Issuer replaced with Letters of Credit issued by the successor issuer of Letters of Credit or (ii) the Parent Borrower shall cause the successor issuer of Letters of Credit, if such successor issuer is reasonably satisfactory to the replaced or resigning Letter of Credit Issuer, to issue "back-stop" Letters of Credit naming the resigning or replaced Letter of Credit Issuer as beneficiary for each outstanding Letter of Credit issued by the resigning or replaced Letter of Credit Issuer, which new Letters of Credit shall be denominated in the same currency as, and shall have an amount equal to, the Letters of Credit being back-stopped and the sole requirement for drawing on such new Letters of Credit shall be presentation of a statement either that there has been a drawing on the corresponding back-stopped Letters of Credit or that the back-stopping Letter of Credit will expire within thirty (30) days or less and back-stopped Letters of Credit are still outstanding. After any resigning or replaced Letter of Credit Issuer's resignation or replacement as Letter of Credit Issuer, the provisions of this Agreement relating to the Letter of Credit Issuers shall inure to its benefit as to any actions taken or omitted to be taken by it (A) while it was a Letter of Credit Issuer under this Agreement or (B) at any time with respect to Letters of Credit issued by such Letter of Credit Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent there are, at the time of any resignation or replacement as set forth in <u>clause (a)</u> above, any outstanding Letters of Credit, nothing herein shall be deemed to impact or impair any rights and obligations of any of the parties hereto with respect to such outstanding Letters of Credit (including, without limitation, any obligations related to the payment of Fees or the reimbursement or funding of amounts drawn), except that the Parent Borrower, the resigning or replaced Letter of Credit Issuer and the successor issuer of Letters of Credit shall have the obligations regarding outstanding Letters of Credit described in <u>clause (a)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <u>Role of Letter of Credit Issuer</u>. Each Lender and the Parent Borrower agree that, in paying any drawing under a Letter of Credit, no Letter of Credit Issuer shall have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the Letter of Credit Issuers, the Administrative Agent, any of their respective Affiliates nor any correspondent, participant or assignee of any Letter of Credit Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Required Revolving Credit Lenders; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct as determined in the final non-appealable judgment of a court of competent jurisdiction; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. The Parent Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided that this assumption is not intended to, and shall not, preclude the Parent Borrower's pursuit of such rights and remedies as they may have against the beneficiary or transferee at law or under any other agreement. None of the Letter of Credit Issuers, the Administrative Agent, any of their respective Affiliates nor any correspondent, participant or assignee of the Letter of Credit Issuers shall be liable or responsible for any of the matters described in <u>Section 3.3(b)</u>; provided that anything in such Section to the contrary notwithstanding, the Parent Borrower may have a claim against a Letter of Credit Issuer, and a Letter of Credit Issuer may be liable to the Parent Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Parent Borrower which the Parent Borrower prove were caused by such Letter of Credit Issuer's willful misconduct or gross negligence or such Letter of Credit Issuer's willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of documents strictly complying with the terms and conditions of a Letter of Credit in each case as determined in the final non-appealable judgment of a court of competent jurisdiction. In furtherance and not in limitation of the foregoing, any Letter of Credit Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and no Letter of Credit Issuer shall be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.

Any Letter of Credit Issuer may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication ("SWIFT") message or overnight courier, or any other commercially reasonable means of communicating with a beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Cash Collateral</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Certain Credit Support Events</u>. Upon the written request of the Administrative Agent or any Letter of Credit Issuer, if (1) as of the L/C Facility Maturity Date, any L/C Obligation for any reason remains outstanding or (2) the Parent Borrower shall be required to provide Cash Collateral pursuant to <u>Section 11.12</u>, the Parent Borrower shall immediately (in the case of <u>clause (2)</u> above) or within one Business Day (in all other cases) following any written request by the Administrative Agent or any Letter of Credit Issuer, provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount (determined in the case of Cash Collateral provided pursuant to <u>clause (3)</u> above, after giving effect to <u>Section 2.16(a)(iv)</u> and any Cash Collateral provided by the Defaulting Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Grant of Security Interest</u>. The Parent Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grant to (and subject to the control of) the Administrative Agent, for the benefit of the Administrative Agent, any Letter of Credit Issuer and the Revolving Credit Lenders, and agree to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein as described in <u>Section 3.8(a)</u>, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to <u>Section 3.8(c)</u>. If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent or any Letter of Credit Issuer as herein provided, other than Permitted Liens, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount (including, without limitation, as a result of exchange rate fluctuations), the Parent Borrower will, promptly upon written demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency. Cash Collateral shall be maintained in blocked, interest bearing deposit accounts with the Administrative Agent. The Parent Borrower shall pay on demand therefor from time to time all customary account opening, activity and other administrative fees and charges in connection with the maintenance and disbursement of Cash Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Application</u>. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this <u>Section 3.8</u> or <u>Sections 2.16</u>, <u>5.2</u>, or <u>11.12</u> in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C Obligations, obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to secure other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with <u>Section 13.6(b)(ii)</u>) or there is no longer existing an Event of Default) or (ii) the determination by the Administrative Agent and any Letter of Credit Issuer that there exists excess Cash Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <u>Applicability of ISP and UCP</u>. Unless otherwise expressly agreed by any Letter of Credit Issuer and the Parent Borrower when a Letter of Credit is issued, (i) the rules of the ISP shall be stated therein to apply to each standby Letter of Credit. Notwithstanding the foregoing, no Letter of Credit Issuer shall be responsible to the Parent Borrower for, and no Letter of Credit Issuer's rights and remedies against the Parent Borrower shall be impaired by, any action or inaction of any Letter of Credit Issuer required or permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the applicable law or any order of a jurisdiction where such Letter of Credit Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade (BAFT), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Conflict with Issuer Documents</u>. In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof shall control and any grant of security interest in any Issuer Documents shall be void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Letter of Credit Issued for Subsidiaries</u>. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Parent Borrower shall be obligated to reimburse the Letter of Credit Issuers hereunder for any and all drawings under such Letter of Credit. The Parent Borrower hereby acknowledges that the issuance of Letters of Credit for the account of any Subsidiaries inures to the benefit of the Parent Borrower and that the Parent Borrower's business derives substantial benefits from the businesses of such Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <u>Provisions Related to Extended Revolving Credit Commitments</u>. If the Letter of Credit Sublimit Expiration Date in respect of any tranche of Revolving Credit Commitments occurs prior to the expiry date of any Letter of Credit, then (i) if consented to by the Letter of Credit Issuer which issued such Letter of Credit, if one or more other tranches of Revolving Credit Commitments in respect of which the Letter of Credit Sublimit Expiration Date shall not have so occurred are then in effect, such Letters of Credit for which consent has been obtained shall automatically be deemed to have been issued (including for purposes of the obligations of the Revolving Credit Lenders to purchase participations therein and to make Revolving Credit Loans and payments in respect thereof pursuant to <u>Sections 3.3</u> and <u>3.4</u>) under (and ratably participated in by Lenders pursuant to) the Revolving Credit Commitments in respect of such non-terminating tranches up to an aggregate amount not to exceed the aggregate amount of the unutilized Revolving Credit Commitments thereunder at such time (it being understood that no partial amount of any Letter of Credit may be so reallocated) and (ii) to the extent not reallocated pursuant to immediately preceding clause (i), the Parent Borrower shall Cash Collateralize any such Letter of Credit in accordance with Section 3.8. Upon the maturity date of any tranche of Revolving Credit Commitments, the sublimit for Letters of Credit may be reduced as agreed between the Letter of Credit Issuers and the Parent Borrower, without the consent of any other Person.

Section 4. <u>Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without duplication, the Parent Borrower agrees to pay to the Administrative Agent in Dollars, for the account of each Revolving Credit Lender (in each case pro rata according to the respective Revolving Credit Commitments of all such Lenders), a commitment fee (the "Commitment Fee") for each day from the Closing Date to the Revolving Credit Termination Date. Each Commitment Fee shall be payable (x) quarterly in arrears on the last Business Day of each fiscal quarter of the Parent Borrower (for the quarterly period (or portion thereof) ended on such day for which no payment has been received) and (y) on the Revolving Credit Termination Date (for the period ended on such date for which no payment has been received pursuant to clause (x) above), and shall be computed for each day during such period at a rate per annum equal to the Commitment Fee Rate in effect on such day on the Available Commitment in effect on such day. .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without duplication, the Parent Borrower agrees to pay to the Administrative Agent in Dollars for the account of the Revolving Credit Lenders pro rata on the basis of their respective Letter of Credit Exposures, a fee in respect of each Letter of Credit issued on the Parent Borrower's or any of its Subsidiaries' behalf (the "**Letter of Credit Fee**"), for the period from the date of issuance of such Letter of Credit to the termination date of such Letter of Credit equal to a rate of (i) 4.25% per annum for the period from the date of issuance of such Letter of Credit to the termination date of such Letter of Credit, computed on the average daily Stated Amount of such Letter of Credit less (ii) the Fronting Fee set forth in <u>clause (d)</u> below. Except as provided below, such Letter of Credit Fees shall be due and payable (x) quarterly in arrears on the last Business Day of each fiscal quarter of the Parent Borrower and (y) on the date upon which the Total Revolving Credit Commitment terminates and the Letters of Credit Outstanding shall have been reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without duplication, the Parent Borrower agrees to pay to the Administrative Agent in Dollars, for its own account, administrative agent fees as have been previously agreed in writing or as may be agreed in writing from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without duplication, the Borrower agrees to pay to each Letter of Credit Issuer a fee in Dollars in respect of each Letter of Credit issued by it to the Borrower (the "**Fronting Fee**") for the period from the date of issuance of such Letter of Credit to the termination date of such Letter of Credit, computed at the rate for each day equal to 0.25% per annum on the average daily Stated Amount of such Letter of Credit (or at such other rate per annum as agreed in writing between the Parent Borrower and any Letter of Credit Issuer). Such Fronting Fees shall be due and payable (x) quarterly in arrears on the last Business Day of each fiscal quarter of the Parent Borrower and (y) on the date upon which the Total Revolving Credit Commitment terminates and the Letters of Credit Outstanding shall have been reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Without duplication, the Borrower agrees to pay directly to the Letter of Credit Issuers in Dollars upon each issuance of, drawing under, and/or amendment of, a Letter of Credit issued by any Letter of Credit Issuer such amount as shall at the time of such issuance of, drawing under, and/or amendment be the processing charge that such Letter of Credit Issuer is customarily charging for issuances of, drawings under or amendments of, letters of credit issued by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding the foregoing, no Borrower shall be obligated to pay any amounts to any Defaulting Lender pursuant to this <u>Section 4.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Voluntary Reduction of Revolving Credit Commitments</u>. Upon at least two Business Days' prior written notice to the Administrative Agent at the Administrative Agent's Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the Parent Borrower shall have the right, without premium or penalty, on any day, permanently to terminate or reduce the Revolving Credit Commitments of any Class in whole or in part; <u>provided</u> that (a) any such reduction shall apply proportionately and permanently to reduce the Revolving Credit Commitment of each of the Lenders of any applicable Class, except that (i) notwithstanding the foregoing, in connection with the establishment on any date of any Extended Revolving Credit Commitments pursuant to <u>Section 2.14(g)</u>, the Revolving Credit Commitments of any one or more Lenders providing any such Extended Revolving Credit Commitments on such date shall be reduced in an amount equal to the amount of Revolving Credit Commitments so extended on such date (<u>provided</u> that (x) after giving effect to any such reduction and to the repayment of any Revolving Credit Loans made on such date, the Revolving Credit Exposure of any such Lender does not exceed the Revolving Credit Commitment thereof and (y) for the avoidance of doubt, any such repayment of Revolving Credit Loans contemplated by the preceding clause shall be made in compliance with the requirements of <u>Section 5.3(a)</u> with respect to the ratable allocation of payments hereunder, with such allocation being determined after giving effect to any conversion pursuant to <u>Section 2.14(g)</u> of Revolving Credit Commitments and Revolving Credit Loans into Extended Revolving Credit Commitments and Extended Revolving Credit Loans pursuant to <u>Section 2.14(g)</u> prior to any reduction being made to the Revolving Credit Commitment of any other Lender) and (ii) the Parent Borrower may at its election permanently reduce the Revolving Credit Commitment of a Defaulting Lender to $0 without affecting the Revolving Credit Commitments of any other Lender, (b) any partial reduction pursuant to this <u>Section 4.2</u> (other than any reduction pursuant to the foregoing clause (a)(ii)) shall be in the amount of at least $5,000,000, and (c) after giving effect to such termination or reduction and to any prepayments of the Loans made on the date thereof in accordance with this Agreement, the aggregate amount of the Lenders' Revolving Credit Exposures shall not exceed the Total Revolving Credit Commitment and the aggregate amount of the Lenders' Revolving Credit Exposures in respect of any Class shall not exceed the aggregate Revolving Credit Commitment of such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Mandatory Termination</u>. The Revolving Credit Commitment shall terminate at 5:00 p.m. (New York City time) on the Revolving Credit Maturity Date.

Section 5. <u>Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Voluntary Prepayments</u>. The Borrower shall have the right to prepay Loans, without premium or penalty, in whole or in part from time to time on the following terms and conditions: (1) the Parent Borrower shall give the Administrative Agent at the Administrative Agent's Office written notice of its intent to make such prepayment, the amount of such prepayment and (in the case of SOFR Loans,) the specific Borrowing(s) pursuant to which made, which notice shall be given by the Parent Borrower no later than 12:00 noon (New York City time) (i) in the case of SOFR Loans, three Business Days prior to and, (ii) in the case of ABR Loans, one Business Day prior to, the date of such prepayment and shall promptly be transmitted by the Administrative Agent to each of the Lenders; and (2) each partial prepayment of (i) any Borrowing of SOFR Loans shall be in a minimum amount of $5,000,000 and in multiples of $1,000,000 in excess thereof and (ii) any ABR Loans shall be in a minimum amount of $1,000,000 and in multiples of $100,000 in excess thereof, <u>provided</u> that no partial prepayment of SOFR Loans made pursuant to a single Borrowing shall reduce the outstanding SOFR Loans made pursuant to such Borrowing to an amount less than the applicable Minimum Borrowing Amount for such Loans. At the Parent Borrower's election in connection with any prepayment pursuant to this <u>Section 5.1</u>, such prepayment shall not be applied to any Revolving Credit Loan of a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Mandatory Prepayments</u>. The Borrower shall be required to prepay the Revolving Credit Loans as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Excess Cash Flow Prepayment</u>. Not later than ten Business Days after the date on which financial statements are required to be delivered pursuant to <u>Section 9.1(a)</u> or <u>Section 9.1(b)</u>, as applicable, starting with the first full fiscal quarter of the Parent Borrower ending after the Closing Date, the Parent Borrower shall prepay (or cause to be prepaid), in accordance with <u>clause (d)</u> below, outstanding Revolving Credit Loans in an aggregate principal amount equal to the lesser of (i) as of the day of the prepayment required pursuant to this clause (a) and after giving Pro Forma Effect to such prepayment, an amount that would cause the LTV not to exceed 60.0% and the Fixed Charge Coverage Ratio not to be less than 1.20 to 1.00 and (ii) (A) the amount of Excess Cash Flow for such fiscal quarter *minus* (B) at the election of the Parent Borrower, the principal amount of Revolving Credit Loans voluntarily prepaid pursuant to <u>Section 5.1</u> during such fiscal quarter or after such fiscal quarter and prior to the date of the prepayment required pursuant to this clause (a); <u>provided</u> that, to the extent the Parent Borrower is required to prepay the amount described in clause (ii) of this <u>Section 5.2(a)</u>, the Parent Borrower may elect (in its sole discretion) to have any voluntary prepayments described in sub-clause (B) thereof (to the extent such voluntary prepayments have not already been applied to reduce any prepayments due pursuant to this <u>Section 5.2(a)</u>) carried over to subsequent periods for which a prepayment is required pursuant to this <u>Section 5.2(a)</u>, to reduce any payments which may be due from time to time to the extent the Parent Borrower is required to prepay the amount described in clause (ii) of this <u>Section 5.2(a)</u> (<u>provided</u> that such carried forward amounts have not been applied to reduce any prepayments due pursuant to this <u>Section 5.2(a)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Lease Defect Revolving Obligations</u>. On or prior to the date that is three (3) months after the Closing Date, in an amount equal to the total amount of Lease Defect Revolving Obligations (if any) outstanding at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Sponsor Guaranty</u>. In lieu of making a prepayment of Revolving Credit Loans as set forth in <u>Section 5.2(a)</u>, the Parent Borrower may instead cause one or more Sponsor Guarantors to provide and maintain a guaranty, or amend any existing guaranty, in form and substance reasonably satisfactory to the Administrative Agent, of the Parent Borrower's obligations under <u>Section 5.2(a)</u> in favor of the Administrative Agent for the benefit of the Lenders (any such guaranty, a "**Sponsor Guaranty**") in an amount equal to such obligation, in which case the Mandatory Prepayment Event shall cease to exist. The Parent Borrower shall have the right at any time, without the consent of the Administrative Agent or any Lender, to replace any Sponsor Guarantor with one or more Replacement Sponsor Guarantors who may provide Sponsor Guaranties in replacement of the Sponsor Guaranty provided by the replaced Sponsor Guarantor on a several, and not joint, basis. In addition, in the event (1) any Sponsor Guaranty is outstanding, and the Parent Borrower elects to make voluntary prepayments of the outstanding obligations such that the aggregate prepayments are in excess of the mandatory prepayments required by <u>Section 5.2(a)</u> for the applicable quarter, the Parent Borrower shall be permitted to reduce (or cause to be reduced) the amount guaranteed by such Sponsor Guaranty to such lesser Prepayment Cap and (2) any Sponsor Guaranty is outstanding at any time that the LTV is determined to no longer exceed 60% and the Fixed Charge Coverage Ratio is determined to no longer be less than 1.20 to 1.00, the Parent Borrower shall be permitted to reduce (or cause to be reduced) the amount guaranteed by such Sponsor Guaranty to $0 or otherwise to terminate (or cause to be terminated) such Sponsor Guaranty, in the event of each of the foregoing clauses (1) or (2), without the consent of the Administrative Agent or any Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Repayment of Excess Revolving Credit Exposure</u>. If on any date the aggregate amount of the Lenders' Revolving Credit Exposures in respect of any Class of Revolving Loans for any reason exceeds 100% of the Revolving Credit Commitment of such Class then in effect, the Borrower shall forthwith repay on such date Revolving Loans of such Class in an amount equal to such excess. If after giving effect to the prepayment of all outstanding Revolving Loans of such Class, the Revolving Credit Exposures of such Class exceed the Revolving Credit Commitment of such Class then in effect, the Parent Borrower shall Cash Collateralize the Letters of Credit Outstanding in relation to such Class to the extent of such excess.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Application to Revolving Credit Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to each prepayment of Revolving Credit Loans pursuant to <u>Section 5.2(a)</u> or <u>Section 5.2(b)</u>, each such prepayment shall be applied pro rata among the Revolving Credit Loans then outstanding in accordance with each Lender's Revolving Credit Commitment Percentage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) With respect to each other prepayment of Revolving Credit Loans, the Parent Borrower may designate (i) the Types of Loans that are to be prepaid and the specific Borrowing(s) pursuant to which made and (ii) the Revolving Loans to be prepaid, <u>provided</u> that (y) each prepayment of any Loans made pursuant to a Borrowing shall be applied pro rata among such Loans. In the absence of a designation by the Parent Borrower as described in the preceding sentence, the Administrative Agent shall, subject to the above, make such designation in its reasonable discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything in this <u>Section 5.2(e)</u> to the contrary, no prepayment of Revolving Loans pursuant to <u>Section 5.1</u> shall be applied to the Revolving Loans of any Defaulting Lender unless otherwise agreed in writing by the Parent Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Method and Place of Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise specifically provided herein, all payments under this Agreement shall be made by the Borrower, without set-off, counterclaim or deduction of any kind, to the Administrative Agent for the ratable account of the Lenders entitled thereto or the Letter of Credit Issuers entitled thereto, as the case may be, not later than 12:00 noon (New York City time), in each case, on the date when due and shall be made in immediately available funds at the Administrative Agent's Office or at such other office as the Administrative Agent shall specify for such purpose by notice to the Parent Borrower, it being understood that written or facsimile notice by the Parent Borrower to the Administrative Agent to make a payment from the funds in the Borrower's account at the Administrative Agent's Office shall constitute the making of such payment to the extent of such funds held in such account. All repayments or prepayments of any Loans (whether of principal, interest or otherwise) hereunder and all other payments under each Credit Document shall, unless otherwise specified in such Credit Document, be made in Dollars. The Administrative Agent will thereafter cause to be distributed on the same day (if payment was actually received by the Administrative Agent prior to 12:00 noon (New York City time) or, otherwise, on the next Business Day in the Administrative Agent's sole discretion) like funds relating to the payment of principal or interest or Fees ratably to the Lenders entitled thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any payments under this Agreement that are made later than 12:00 noon (New York City time) may be deemed to have been made on the next succeeding Business Day in the Administrative Agent's sole discretion for purposes of calculating interest thereon. Except as otherwise provided herein, whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest shall be payable during such extension at the applicable rate in effect immediately prior to such extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Net Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any and all payments by or on account of any obligation of any Credit Party hereunder or under any other Credit Document shall to the extent permitted by applicable laws be made free and clear of and without reduction or withholding for any Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If any Credit Party, the Administrative Agent or any other applicable Withholding Agent shall be required by applicable law to withhold or deduct any Taxes from any payment, then (A) such Withholding Agent shall withhold or make such deductions as are reasonably determined by such Withholding Agent to be required by applicable law, (B) such Withholding Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum payable by the applicable Credit Party shall be increased as necessary so that after any required withholding or deductions have been made (including withholding or deductions applicable to additional sums payable under this <u>Section 5.4</u>) each Lender (or, in the case of a payment to the Administrative Agent for its own account, the Administrative Agent) receives an amount equal to the sum it would have received had no such withholding or deductions been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payment of Other Taxes by the Parent Borrower</u>. The Credit Parties shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law or timely reimburse the Administrative Agent or any Lender for the payment of any Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Indemnifications</u>. The Credit Parties shall indemnify the Administrative Agent and each Lender, and shall make payment in respect thereof within 15 days after receipt of written demand therefor, for the full amount of Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this <u>Section 5.4</u>) payable by the Administrative Agent or such Lender, as the case may be, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of any such payment or liability (along with a written statement setting forth in reasonable detail the basis and calculation of such amounts) delivered to the Parent Borrower by a Lender, or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Evidence of Payments</u>. After any payment of Taxes by any Credit Party or the Administrative Agent to a Governmental Authority as provided in this <u>Section 5.4</u>, the Parent Borrower shall deliver to the Administrative Agent or the Administrative Agent shall deliver to the Parent Borrower, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by laws to report such payment or other evidence of such payment reasonably satisfactory to the Parent Borrower or the Administrative Agent, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Status of Lenders and Tax Documentation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Lender shall deliver to the Parent Borrower and to the Administrative Agent, at such time or times reasonably requested by the Parent Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable laws or by the taxing authorities of any jurisdiction and such other reasonably requested information as will permit the Parent Borrower or the Administrative Agent, as the case may be, to determine (A) whether or not any payments made hereunder or under any other Credit Document are subject to Taxes, (B) if applicable, the required rate of withholding or deduction, and (C) such Lender's entitlement to any available exemption from, or reduction of, applicable Taxes in respect of any payments to be made to such Lender by any Credit Party pursuant to any Credit Document or otherwise to establish such Lender's status for withholding tax purposes in the applicable jurisdiction. Any documentation and information required to be delivered by a Lender pursuant to this <u>Section 5.4(e)</u> (including any specific documentation set forth in subsection (ii) below) shall be delivered by such Lender (i) on or prior to the Closing Date (or on or prior to the date it becomes a party to this Agreement), (ii) on or before any date on which such documentation expires or becomes obsolete or invalid, (iii) after the occurrence of any change in the Lender's circumstances requiring a change in the most recent documentation previously delivered by it to the Parent Borrower and the Administrative Agent, and (iv) from time to time thereafter if reasonably requested by the Parent Borrower or the Administrative Agent, and each such Lender shall promptly notify in writing the Parent Borrower and the Administrative Agent if such Lender is no longer legally eligible to provide any documentation previously provided. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in paragraphs (e)(ii)(A), (ii)(B)(1), (ii)(B)(2), (ii)(B)(3), (ii)(B)(4), (ii)(C) of this Section) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Lender that is a "United States person" within the meaning of Section 7701(a)(30) of the Code (a "**U.S. Lender**") shall deliver to the Parent Borrower and the Administrative Agent two executed copies of Internal Revenue Service Form W-9 or such other documentation or information prescribed by applicable laws or reasonably requested by the Parent Borrower or the Administrative Agent as will enable the Parent Borrower or the Administrative Agent, as the case may be, to determine whether or not such Lender is subject to backup withholding or information reporting requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each Non-U.S. Lender that is entitled under the Code or any applicable treaty to an exemption from or reduction of U.S. federal withholding tax with respect to any payments hereunder or under any other Credit Document shall deliver to the Parent Borrower and the Administrative Agent two of whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) executed copies of Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or any applicable successor form) claiming eligibility for benefits of an income tax treaty to which the United States is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) executed copies of Internal Revenue Service Form W-8ECI (or any successor form thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) or Section 871(h) of the Code, (x) a certificate, substantially in the form of <u>Exhibit H-1</u>, <u>H-2</u>, <u>H-3</u> or <u>H-4</u>, as applicable, (a "**Non-Bank Tax Certificate**"), to the effect that such Non-U.S. Lender is not (A) a "bank" within the meaning of Section 881(c)(3)(A) of the Code, (B) a "10 percent shareholder" of the Parent Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (C) a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code and that no payments under any Credit Document are effectively connected with such Non-U.S. Lender's conduct of a United States trade or business and (y) executed copies of Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or any applicable successor form);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) where such Lender is a partnership for U.S. federal income tax purposes or otherwise not a beneficial owner (e.g., where such Lender has sold a participation), Internal Revenue Service Form W-8IMY (or any successor thereto) and all required supporting documentation including, where one or more of the underlying beneficial owner(s) is claiming the benefits of the portfolio interest exemption, a Non-Bank Tax Certificate of such beneficial owner(s); <u>provided</u> that, if the Non-U.S. Lender is a partnership and not a participating Lender, the Non-Bank Tax Certificate(s) may be provided by the Non-U.S. Lender on behalf of the direct or indirect partner(s); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) executed copies of any other form prescribed by applicable laws as a basis for claiming exemption from or a reduction in United States federal withholding tax together with such supplementary documentation as may be prescribed by applicable laws to permit the Parent Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Administrative Agent is a "United States person" (as defined in Section 7701(a)(30) of the Code), it shall provide the Parent Borrower with two duly completed original copies of Internal Revenue Service Form W-9. If the Administrative Agent is not a "United States person" (as defined in Section 7701(a)(30) of the Code), it shall provide an applicable Form W-8 (together with required accompanying documentation) with respect to payments to be received by it on behalf of the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding anything to the contrary in this <u>Section 5.4</u>, no Lender or the Administrative Agent shall be required to deliver any documentation that it is not legally eligible to deliver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Treatment of Certain Refunds</u>. If the Administrative Agent or any Lender determines, in its sole reasonable discretion exercised in good faith, that it has received a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by any Credit Party or with respect to which any Credit Party has paid additional amounts pursuant to this <u>Section 5.4</u>, the Administrative Agent or such Lender (as applicable) shall promptly pay to the Parent Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Credit Parties under this <u>Section 5.4</u> with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Taxes) incurred by the Administrative Agent or such Lender, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); <u>provided</u> that the Parent Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Parent Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. In such event, the Administrative Agent or such Lender, as the case may be, shall, at the Parent Borrower's request, provide the Parent Borrower with a copy of any notice of assessment or other evidence of the requirement to repay such refund received from the relevant taxing authority (<u>provided</u> that the Administrative Agent or such Lender may delete any information therein that it deems confidential). Notwithstanding anything to the contrary in this <u>paragraph (f)</u>, in no event will the Administrative Agent or any Lender be required to pay any amount to an indemnifying party pursuant to this <u>paragraph (f)</u> the payment of which would place the Administrative Agent or any Lender in a less favorable net after-Tax position than the Administrative Agent or any Lender would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This subsection shall not be construed to require the Administrative Agent or any Lender to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to any Credit Party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For the avoidance of doubt, for purposes of this <u>Section 5.4</u>, the term "Lender" includes any Letter of Credit Issuer and the term "applicable law" includes FATCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each party's obligations under this <u>Section 5.4</u> shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under the Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Computations of Interest and Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Interest on SOFR Loans shall be calculated on the basis of a 360-day year for the actual days elapsed. Interest on ABR Loans calculated based on clauses (b) or (c) of the definition of "ABR" shall be calculated on the basis of a 360-day year for the actual days elapsed and calculated based on clause (a) of the definition of "ABR" shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Fees shall each be calculated on the basis of a 360-day year for the actual days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <u>Limit on Rate of Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Payment Shall Exceed Lawful Rate</u>. Notwithstanding any other term of this Agreement, the Parent Borrower shall not be obliged to pay any interest or other amounts under or in connection with this Agreement or otherwise in respect of the Obligations in excess of the amount or rate permitted under or consistent with any applicable law, rule or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payment at Highest Lawful Rate</u>. If the Parent Borrower is not obliged to make a payment that it would otherwise be required to make, as a result of <u>Section 5.6(a)</u>, the Parent Borrower shall make such payment to the maximum extent permitted by or consistent with applicable laws, rules, and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Adjustment if Any Payment Exceeds Lawful Rate</u>. If any provision of this Agreement or any of the other Credit Documents would obligate the Parent Borrower to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate that would be prohibited by any applicable law, rule or regulation, then notwithstanding such provision, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law, such adjustment to be effected, to the extent necessary, by reducing the amount or rate of interest required to be paid by the Parent Borrower to the affected Lender under <u>Section 2.8</u>; <u>provided</u> that to the extent lawful, the interest or other amounts that would have been payable but were not payable as a result of the operation of this Section shall be cumulated and the interest payable to such Lender in respect of other Loans or periods shall be increased (but not above the maximum rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

Notwithstanding the foregoing, and after giving effect to all adjustments contemplated thereby, if any Lender shall have received from the Parent Borrower an amount in excess of the maximum permitted by any applicable law, rule or regulation, then the Parent Borrower shall be entitled, by notice in writing to the Administrative Agent, to obtain reimbursement from that Lender in an amount equal to such excess, and pending such reimbursement, such amount shall be deemed to be an amount payable by that Lender to the Parent Borrower.

Section 6. <u>Conditions Precedent to Initial Borrowing</u>.

Any Borrowing of Revolving Credit Loans or issuance of Letters of Credit, in each case on the Closing Date, under this Agreement is subject to the satisfaction of the following conditions precedent, except as otherwise agreed between the Parent Borrower and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Credit Documents</u>.

The Administrative Agent (or its counsel) shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this Agreement, executed and delivered by a duly Authorized Officer of the Parent Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Guarantee, executed and delivered by a duly Authorized Officer of the Guarantors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Pledge Agreement, executed and delivered by a duly Authorized Officer of the Parent Borrower and each Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Collateral</u>. Except for any items referred to on <u>Schedule 9.18</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all outstanding equity interests constituting Collateral in whatever form that is directly owned by or on behalf of any Credit Party and required to be pledged pursuant to the Security Documents shall have been pledged pursuant thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent received from the Company, the Collateral Agent shall have received the certificates (if any) representing equity interests constituting Collateral, in each case, to the extent required to be delivered under the Security Documents and pledged under the Security Documents to the extent certificated, accompanied by instruments of transfer and undated stock powers endorsed in blank; and

<u>provided</u> that to the extent any security interest in any Collateral is not or cannot be provided and/or perfected on the Closing Date (other than the pledge and perfection of the security interests (i) in the "certificated securities" (within the meaning of 8-102(a)(4) of the Uniform Commercial Code), if any, representing any Collateral and (ii) in other assets with respect to which a lien may be perfected by the filing of a financing statement under or in connection with the Uniform Commercial Code) after the Parent Borrower's use of commercially reasonable efforts to do so or without undue burden or expense, then the provision and/or perfection of a security interest in such Collateral shall not constitute a condition precedent to any Credit Event on the Closing Date but instead shall be required to be delivered and/or perfected after the Closing Date (but, in any event, not later than 90 days after the Closing Date or such longer period as may be agreed by the Administrative Agent in its reasonable discretion and the Parent Borrower acting reasonably, without any requirement for Lender consent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Legal Opinions</u>. The Administrative Agent (or its counsel) shall have received the executed legal opinion, in customary form, of Paul, Weiss, Rifkind, Wharton & Garrison LLP, counsel to the Credit Parties. The Parent Borrower hereby instruct and agree to instruct the other Credit Parties to have such counsel deliver such legal opinions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>[Reserved.]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Closing Certificates</u>. The Administrative Agent (or its counsel) shall have received (x) a certificate of each of the Parent Borrower and each other Guarantor, dated the Closing Date, substantially in the form of <u>Exhibit D</u>, with appropriate insertions, executed by any Authorized Officer and the Secretary or any Assistant Secretary of the Parent Borrower and each other Guarantor, as applicable and (y) a certificate executed by an Authorized Officer of the Parent Borrower certifying as to the accuracy in all material respects of the Specified Representations, substantially in the form of <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Authorization of Proceedings of the Parent Borrower and the Guarantors; Corporate Documents</u>. The Administrative Agent shall have received (i) a copy of the resolutions of the general partner, board of directors, member(s), trustee(s) or other governing bodies, as applicable, of the Parent Borrower and the Guarantors (or a duly authorized committee thereof) authorizing (a) the execution, delivery, and performance of the Credit Documents (and any agreements relating thereto) to which it is a party and (b) in the case of the Parent Borrower, the extensions of credit contemplated hereunder, (ii) the certificate of incorporation and by-laws, certificate of formation and operating agreement or other comparable organizational documents, as applicable, of the Parent Borrower and the Guarantors and (iii) signature and incumbency certificates (or other comparable documents evidencing the same) of the Authorized Officers of the Parent Borrower and the Guarantors executing the respective Credit Documents to which they are a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>Fees</u>. All fees required to be paid on the Closing Date (including pursuant to the Fee Letter) and reasonable out-of-pocket expenses required to be paid on the Closing Date pursuant to the Commitment Letter, to the extent invoiced at least three (3) Business Days prior to the Closing Date (except as otherwise reasonably agreed by the Parent Borrower) shall, upon the initial Credit Event on the Closing Date hereunder, have been, or will be substantially simultaneously, paid (which amounts may, at the option of the Parent Borrower, be offset against the proceeds of any of the Revolving Credit Facility or any First Tier Facility).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <u>Solvency Certificate</u>. The Joint Lead Arrangers shall have received a certificate, dated as of the Closing Date and substantially in the form of <u>Exhibit J</u>, from the Chief Executive Officer, the President, the Chief Financial Officer, the Treasurer, the Vice President-Finance, a Director, a Manager, or any other senior financial officer of the Parent Borrower (or of the Parent Borrower's general partner) to the effect that after giving effect to the Transactions, the Parent Borrower on a consolidated basis with its Subsidiaries is Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 <u>Financial Statements</u>. The Joint Lead Arrangers shall have received the Company Financial Statements that have been filed on or prior to the date of the Commitment Letter (which such receipt has been acknowledged by the Joint Lead Arrangers under the Commitment Letter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 <u>Refinancing</u>. Prior to or substantially simultaneously with the initial Credit Event on the Closing Date hereunder, the Closing Date Refinancing shall be consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 <u>Notice of Revolving Credit Loan Borrowing; Letter of Credit Request</u>. (a) The Administrative Agent (or its counsel) shall have received (a) a Notice of Borrowing with respect to any Revolving Credit Loans to be borrowed on the Closing Date meeting the requirements of <u>Section 2.3</u> and (b) the Administrative Agent and each applicable Letter of Credit Issuer shall have received a Letter of Credit Request with respect to any Letters of Credit to be issued on the Closing Date meeting the requirements of <u>Section 3.2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 <u>Representations and Warranties</u>. On the Closing Date, (a) the Company Representations shall be true and correct to the extent required by the definition thereof and (b) the Specified Representations shall be true and correct in all material respects (except in the case of any Specified Representation that is expressly related to a given date or period, in which case such representation and warranty shall be true and correct in all material respects as of the respective date for the respective period, as the case may be); <u>provided</u> that to the extent any of the Specified Representations are qualified or subject to "material adverse effect", "material adverse change" or similar term or qualification, the definition thereof shall be the definition of Company Material Adverse Effect for purposes of any such representations and warranties made or deemed made on, or as of, the Closing Date (or any date prior thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 <u>Acquisition</u>. Prior to, or substantially concurrently with the initial Credit Event on the Closing Date hereunder, the Plan Acquisition and each Third Party Acquisition with respect to a Third Party Acquired Asset that is not subject to a Permitted Deferral and the Evoque Transaction shall have been consummated in all material respects in accordance with the terms of the Acquisition Agreement, the applicable Third Party Acquisition Agreements and the Evoque Transaction Agreement, as applicable, without giving effect to any modifications, amendments or express waivers by the Parent Borrower (or its Affiliates) thereto that are materially adverse to the Lenders without the consent of the Lenders having (or whose Affiliates have) a majority in aggregate principal amount of the Revolving Credit Commitments as of the Closing Date (the "**Majority Lead Arrangers**"; *provided* that, as of the relevant date of determination (i) the Revolving Credit Facility Administrative Agent, as applicable, shall be included in the determination of Majority Lead Arrangers and (ii) if the aggregate commitments of an Initial Commitment Party and its affiliates have not been reduced below 20% of the aggregate commitments in respect of the Credit Facilities, such Initial Commitment Party shall be included in the determination of Majority Lead Arrangers) (in each case, not to be unreasonably withheld, conditioned or delayed), it being understood and agreed that (a) any change to the definition of "Material Adverse Effect" (as defined in the Acquisition Agreement) shall be deemed materially adverse to the Lenders, (b) any modification or amendment to, or waiver of, the condition to closing set forth in Section 8.1.2 (or equivalent) of each Third Party Acquisition Agreement shall be deemed materially adverse to the Lenders (in the case of a Third Party Acquisition Agreement, solely with respect to such Third Party Acquisition) and (c) any modification, amendment or express waiver or consents by the Parent Borrower (or its Affiliates) that results in an increase or reduction in the purchase price in respect of the Acquisition shall be deemed to not be materially adverse to the Lenders so long as (i) any increase in such purchase price is funded with amounts permitted to be drawn on the Closing Date under the Revolving Credit Facility or by an increase in the Equity Contribution and (ii) any reduction shall be allocated to reduce each of the Revolving Credit Facility and the First Tier Facilities on a pro rata basis (or, at the election of the Parent Borrower, to reduce the Revolving Credit Facility and the First Tier Facilities on a non-pro rata basis as determined by the Parent Borrower in its sole discretion); <u>provided</u> that the Majority Lead Arrangers shall be deemed to have consented to such amendment, waiver or consent unless they shall object thereto within five (5) Business Days (as defined in the Acquisition Agreement) after notice of such proposed amendment, waiver or consent is delivered to the Majority Lead Arrangers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 <u>Patriot Act</u>. The Administrative Agent and the Joint Lead Arrangers shall have received, to the extent requested of the Parent Borrower at least ten (10) Business Days prior to the Closing Date, all documentation and information about the Credit Parties (a)(i) required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act and regulations pertaining to beneficial ownership of legal entity customers (such rules and regulations, the "**KYC Rules**"), at least three (3) Business Days prior to the Closing Date and (ii)(A) set forth on the list of KYC Rules delivered to the Parent Borrower on or prior to October 31, 2023 or (B) in connection with the appointment of any Additional Commitment Party (as defined in the Commitment Letter), delivered to the Parent Borrower by such Additional Commitment Party on or prior to the date that such Additional Commitment Party became party to the Commitment Letter and (b) all other documentation and other information about the Credit Parties that is (i) requested in writing at least fifteen (15) Business Days prior to the Closing Date by the Administrative Agent or the Joint Lead Arrangers and (ii) (A) required by regulatory authorities under the KYC Rules as a result of a change to the KYC Rules occurring after October 31, 2023, (B) required as a result of the occurrence of any change in the Administrative Agent's or any Joint Lead Arranger's, as applicable, circumstances, which change results in additional information being required under the KYC Rules, (C) after the Administrative Agent's or Joint Lead Arrangers' review of any information delivered pursuant to this <u>Section 6.14</u>, reasonably determined to be required under the KYC Rules or (D) readily available and customarily delivered by portfolio company affiliates of the Sponsor in the United States in connection with bank financings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 <u>No Company Material Adverse Effect</u>. Since the date of the Acquisition Agreement, no Company Material Adverse Effect shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 <u>Evoque Transaction</u>. Prior to, or substantially concurrently with the initial Credit Event on the Closing Date hereunder, the Evoque Transaction shall have been consummated in accordance with the terms of the Evoque Transaction Agreement, and the Borrower shall have delivered a certificate, dated as of the Closing Date and substantially in the form of <u>Exhibit A</u>, executed by an Authorized Officer of the Parent Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 <u>Bankruptcy</u>. Prior to or substantially concurrently with the initial Credit Event on the Closing Date hereunder, the Effective Date (as defined in the Chapter 11 Plan) of the Chapter 11 Plan shall have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 <u>Quality of Earnings Report</u>. Prior to, or substantially concurrently with the initial Credit Event on the Closing Date hereunder, the Lead Arrangers shall have received a quality of earnings report in respect of the NOI of the Properties, which quality of earnings report shall be for the most recently completed quarter for the date that is ninety (90) days before the Closing Date.

For purposes of determining compliance with the conditions specified in <u>Section 6</u> on the Closing Date, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

Section 7. <u>Conditions Precedent to All Credit Events after the Closing Date</u>.

After the Closing Date, and subject to, in the case of <u>Section 7.1</u> below, the terms of <u>Section 1.12(c)</u>, to the extent the proceeds of any Loan are being used to finance a Limited Condition Transaction, the agreement of each Lender to make any Loan requested to be made by it on any date (excluding Revolving Credit Loans required to be made by the Revolving Credit Lenders in respect of Unpaid Drawings pursuant to <u>Sections 3.3</u> and <u>3.4</u>) and the obligation of each Letter of Credit Issuer to issue (but, for the avoidance of doubt, excluding any auto-renewal or evergreen extensions thereof) Letters of Credit on any date is subject to the satisfaction (or waiver) of the following conditions precedent contained in <u>Sections 7.1</u> and <u>7.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>No Event of Default; Representations and Warranties</u>. Subject to <u>Section 1.12(c)</u>, at the time of each Credit Event and also after giving effect thereto (other than any Credit Event on the Closing Date or pursuant to any Loan made pursuant to <u>Section 2.14</u> (which shall be subject to the applicable terms of <u>Section 2.14</u>)) (a) no Event of Default shall have occurred and be continuing and (b) all representations and warranties made by any Credit Party contained herein or in the other Credit Documents shall be true and correct in all material respects (provided that any such representations and warranties which are qualified by materiality, material adverse effect or similar language shall be true and correct in all respects) with the same effect as though such representations and warranties had been made on and as of the date of such Credit Event (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects (provided that any such representations and warranties which are qualified by materiality, material adverse effect or similar language shall be true and correct in all respects) as of such earlier date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>LTV and Fixed Charge Coverage Ratio</u>. Immediately after giving effect to the applicable Credit Event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Parent Borrower shall be in compliance on a Pro Forma Basis with a LTV that does not exceed 60%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Fixed Charge Coverage Ratio for the Parent Borrower as of the most recently ended Test Period is no less than 1.20 to 1.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Notice of Borrowing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the making of each Revolving Credit Loan (other than any Revolving Credit Loan made pursuant to <u>Section 3.4(a)</u>), the Administrative Agent shall have received a Notice of Borrowing meeting the requirements of <u>Section 2.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to the issuance of each Letter of Credit, the Administrative Agent and such Letter of Credit Issuer shall have received a Letter of Credit Request meeting the requirements of <u>Section 3.2(a).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Drawstop Event Period</u>. Subject to <u>Section 1.12(c)</u>, at the time of each Credit Event (other than any Credit Event on the Closing Date or pursuant to any Loan made pursuant to <u>Section 2.14</u> (which shall be subject to the applicable terms of <u>Section 2.14</u>)), no Drawstop Event Period shall have occurred and be continuing.

The acceptance of the benefits of each Credit Event shall constitute a representation and warranty by each Credit Party to each of the Lenders that all the applicable conditions specified in <u>Section 7</u> above have been satisfied as of that time.

Section 8. <u>Representations and Warranties</u>.

In order to induce the Lenders to enter into this Agreement and to make the Loans and issue or participate in Letters of Credit as provided for herein, the Parent Borrower makes the following representations and warranties to the Lenders, all of which shall survive the execution and delivery of this Agreement, the making of the Loans and the issuance of the Letters of Credit (it being understood that the following representations and warranties shall be deemed made with respect to any Foreign Subsidiary only to the extent relevant under applicable law); <u>provided</u> that on the Closing Date, the representations and warranties shall be limited to Specified Representations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Corporate Status</u>. Each Credit Party (i) is a duly organized and validly existing corporation, limited liability company or other entity in good standing (if applicable) under the laws of the jurisdiction of its organization and has the corporate, limited liability company or other organizational power and authority to own its property and assets and to transact the business in which it is engaged and (ii) has duly qualified and is authorized to do business and is in good standing (if applicable) in all jurisdictions where it is required to be so qualified, except where the failure to be so qualified would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Corporate Power and Authority</u>. Each Credit Party has the corporate or other organizational power and authority to execute, deliver and carry out the terms and provisions of the Credit Documents to which it is a party and has taken all necessary corporate or other organizational action to authorize the execution, delivery and performance of the Credit Documents to which it is a party. Each Credit Party has duly executed and delivered each Credit Document to which it is a party and each such Credit Document constitutes the legal, valid, and binding obligation of such Credit Party enforceable in accordance with its terms (provided that, with respect to the creation and perfection of security interests with respect to Indebtedness, Capital Stock and Stock Equivalents of Foreign Subsidiaries, only to the extent enforceability of such obligation with respect to which Capital Stock and Stock Equivalents of Foreign Subsidiaries is governed by the Uniform Commercial Code), except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors' rights generally and subject to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>No Violation</u>. Neither the execution, delivery or performance by any Credit Party of the Credit Documents to which it is a party nor compliance with the terms and provisions thereof nor the consummation of the Transactions and the other transactions contemplated hereby or thereby will (i) contravene any applicable provision of any material law, statute, rule, regulation, order, writ, injunction or decree of any court or governmental instrumentality, other than any such contravention that would not reasonably be expected to result in a Material Adverse Effect, (ii) result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of such Credit Party (other than Liens created under the Credit Documents or Permitted Liens) pursuant to, the terms of any material indenture, loan agreement, lease agreement, mortgage, deed of trust, agreement or other material instrument to which such Credit Party is a party or by which it or any of its property or assets is bound (any such term, covenant, condition or provision, a "**Contractual Requirement**") other than any such breach, default or Lien that would not reasonably be expected to result in a Material Adverse Effect or (iii) violate any provision of the certificate of incorporation, by-laws, articles or other organizational documents of such Credit Party (after giving effect to the Transactions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Litigation</u>. There are no actions, suits or proceedings pending or, to the knowledge of the Parent Borrower, threatened in writing against the any Credit Party that would reasonably be expected to be determined adversely and, if so, to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 <u>Margin Regulations</u>. Neither the making of any Loan hereunder nor the use of the proceeds thereof will violate the provisions of Regulation T, U or X of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 <u>Governmental Approvals</u>. The execution, delivery and performance of each Credit Document does not require any consent or approval of, registration or filing with, or other action by, any Governmental Authority, except for (i) such as have been obtained or made and are in full force and effect, (ii) filings, consents, approvals, registrations and recordings in respect of the Liens created pursuant to the Security Documents (and to release existing Liens), and (iii) such licenses, approvals, authorizations, registrations, filings or consents the failure of which to obtain or make would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 <u>Investment Company Act</u>. None of the Parent Borrower or any other Credit Party is required to be registered as an "investment company" under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 <u>True and Complete Disclosure</u>. None of the written factual information and written data (taken as a whole) heretofore furnished by or on behalf of the Parent Borrower, any of the other Credit Parties or any of their respective authorized representatives (at the Parent Borrower's direction) to the Administrative Agent, any Joint Lead Arranger, and/or any Lender on or before the Closing Date (and with respect to any such factual information and data so furnished with respect the Company and its Subsidiaries as of the Closing Date, to the Parent Borrower's knowledge) (including all such written information and data contained in any information memoranda and the Credit Documents) for purposes of or in connection with this Agreement or any transaction contemplated herein contained any untrue statement of any material fact or omitted to state any material fact necessary to make the statements contained therein not materially misleading at such time in light of the circumstances under which such statements were made (after giving effect to all supplements and updates thereto from time to time), it being understood and agreed that for the purposes of this <u>Section 8.8(a)</u>, such factual information and data shall not include pro forma financial information, projections, budgets, estimates (including financial estimates, forecasts, and other forward-looking information) or other forward looking information or information of a general economic or industry specific nature (collectively, "**Forward-Looking Information**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 <u>Financial Condition; Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company Financial Statements, in each case present fairly in all material respects the consolidated financial position of the Company at the respective dates of said information, statements and results of operations for the respective periods covered thereby. The Company Financial Statements have been prepared in accordance with GAAP consistently applied except to the extent provided in the notes to said financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since the Closing Date, there has been no Material Adverse Effect that has occurred and is continuing.

Each Lender and the Administrative Agent hereby acknowledges and agrees that the Parent Borrower and its Subsidiaries may be required to restate historical financial statements as the result of the implementation of changes in GAAP or IFRS, or the respective interpretation thereof, and that such restatements will not result in a Default or an Event of Default under the Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 <u>Compliance with Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Credit Party and Subsidiary of a Credit Party is in compliance with all Requirements of Law applicable to it or its property, including without limitation all applicable laws, binding industry standards, or contractual obligations that relate to privacy, data protection or data transfer issues, or the Processing of Personal Information, data breach disclosure and notification, or marketing (collectively, "**Privacy Laws**"), except where the failure to be so in compliance with Privacy Laws would not reasonably be expected to result in a Material Adverse Effect. To the knowledge of the Parent Borrower, neither the Parent Borrower nor the other Credit Parties have experienced a material Data Security Breach that has not been remedied in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither any Borrower, any Credit Party, nor any Subsidiary of any Credit Party or any Borrower has violated, conspired to violate, or aided and abetted the violation of the Anticorruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither any Borrower, any Credit Party, any Subsidiary of any Credit Party or any Borrower, or any direct shareholder of Sponsor, Borrower is (i) a Sanctioned Person, or (ii) located, organized or resident in a Sanctioned Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the past three years, there have been no formal or informal proceedings, allegations, investigations, or inquiries pending, or, to the knowledge of the Parent Borrower, threatened against any Borrower, any Credit Party or any Subsidiary of a Credit Party or a Borrower concerning material violations of any Sanctions, Anticorruption Laws or AML Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Credit Parties have and have implemented policies and controls reasonably designed to ensure compliance with the Anticorruption Laws, Sanctions and AML Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 <u>Tax Matters</u>. Except as would not reasonably be expected to have a Material Adverse Effect, (a) the Parent Borrower and each of the other Credit Parties has filed all Tax returns required to be filed by it and has timely paid all Taxes payable by it (including in its capacity as withholding agent) that have become due, other than those being contested in good faith and by proper proceedings if it has maintained adequate reserves (in the good faith judgment of management of the Parent Borrower or such Credit Party, as applicable) with respect thereto in accordance with GAAP and (b) the Parent Borrower and each of the other Credit Parties has paid, or has provided adequate reserves (in the good faith judgment of management of the Parent Borrower or such Credit Party, as applicable) in accordance with GAAP for the payment of all Taxes not yet due and payable. There is no current or proposed Tax assessment, deficiency or other claim against the Parent Borrower or any other Credit Party that would reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 <u>Compliance with ERISA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as would not reasonably be expected to have a Material Adverse Effect, no ERISA Event has occurred or is reasonably expected to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as would not reasonably be expected to have a Material Adverse Effect, no Foreign Plan Event has occurred or is reasonably expected to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13 <u>Subsidiaries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Schedule 8.13</u> lists each Subsidiary of the Parent Borrower (and the direct and indirect ownership interest of the Parent Borrower therein, and whether such Subsidiary is a Foreign First-Tier Finance Holdings Subsidiary), in each case, existing on the Closing Date after giving effect to the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each first-tier Subsidiary of the Parent Borrower that is organized under the laws of any jurisdiction other than the United States, any state thereof or the District of Columbia that owns a Borrower (as defined in the US Balance Sheet Loan Agreement) (a "**Foreign First-Tier Finance Holdings Subsidiary**") is (i) a holding company, with no operations beyond the ownership of the equity interests of its subsidiaries and (ii) has not incurred any Indebtedness or granted any Liens to any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 <u>Intellectual Property</u>. Each of the Parent Borrower and the other Credit Parties (or, in connection with a Permitted Securitization Financing, a Securitization Entity) owns or has the right to use all Intellectual Property that is used in or otherwise necessary for the operation of their respective businesses in the United States as currently conducted, except where the failure to own or have a right to use such Intellectual Property would not reasonably be expected to have a Material Adverse Effect. The current operation of their respective businesses by each of the Parent Borrower and the other Credit Parties does not infringe upon, misappropriate or violate the Intellectual Property of any third party, except as would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15 <u>Environmental Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as would not reasonably be expected to have a Material Adverse Effect: (i) each of the Parent Borrower and the other Credit Parties and their respective operations and the operations of any tenants and subtenants of the Credit Parties are in compliance with all applicable Environmental Laws; (ii) none of the Parent Borrower or any other Credit Party has received written notice of any Environmental Claim; (iii) none of the Parent Borrower or any other Credit Party is conducting any investigation, removal, remedial or other corrective action pursuant to any Environmental Law at any location; (iv) none of the Parent Borrower or any other Credit Party has received written notice alleging it is subject to any Environmental Liability; and (v) to the knowledge of the Parent Borrower, no underground or above ground storage tank or related piping, or any impoundment or other disposal area containing Hazardous Materials is located at, on or under any Real Estate currently owned or operated by the Parent Borrower or any of the Credit Parties so as would reasonably be expected to give rise to an Environmental Liability or Environmental Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Parent Borrower or any of the other Credit Parties has treated, stored, transported, Released or arranged for disposal or transport for disposal or treatment of Hazardous Materials at, on, under or from any currently or, to the knowledge of the Parent Borrower, formerly owned or operated property of the Parent Borrower or any of the Credit Parties, nor, to the knowledge of the Parent Borrower, has there been any other Release of Hazardous Materials by any other Person at, on, under or from any such properties, in each case in a manner that would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16 <u>Properties</u>. Each of the Parent Borrower and the other Credit Parties has good and valid record title to, valid leasehold interests in, or rights to use, all tangible properties that are necessary for the operation of their respective businesses as currently conducted and as proposed to be conducted, free and clear of all Liens (other than any Liens permitted by this Agreement) and except where the failure to have such title, interest or rights would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17 <u>Closing Date Solvency</u>. On the Closing Date (after giving effect to the Transactions) immediately following the making of the Loans and after giving effect to the application of the proceeds of such Loans, the Parent Borrower on a consolidated basis with its Subsidiaries will be Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.18 <u>Use of Proceeds</u>. On the Closing Date, the use of proceeds of the Loans will not violate any Anticorruption Laws, AML Laws or Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.19 <u>Sanctions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither any Borrower, any Credit Party, any Subsidiary of any Credit Party or any Borrower, nor to the knowledge of the Parent Borrower, the respective directors or officers of any Borrower or Credit Party is a Sanctioned Person, and no Sanctioned Person owns any direct or indirect equity interest in any Borrower or any Credit Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the funds or other assets of any Borrower, or any Credit Party constitute property of, or are beneficially owned, directly or indirectly, by any Sanctioned Person unless such ownership interest has been blocked in accordance with applicable Requirements of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) None of any Borrower or any Credit Party, nor any of their respective subsidiaries will, directly or indirectly, transfer or use in any way the proceeds of the Loans to fund any activities or business of, with, in, or relating to any Sanctioned Person or Sanctioned Territory or in any other manner in violation of Sanctions, AML Laws or Anticorruption Laws.

Section 9. <u>Affirmative Covenants</u>.

The Parent Borrower hereby covenants and agrees that on the Closing Date and thereafter, until the Revolving Credit Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Information Covenants</u>. The Parent Borrower will furnish to the Administrative Agent (which shall promptly make such information available to the Lenders in accordance with its customary practice):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Annual Financial Statements</u>. On or before the date that is (i) 150 days after the end of the fiscal year of the Parent Borrower ending December 31, 2024 and (ii) 120 days after the end of each fiscal year of the Parent Borrower of the Parent Borrower thereafter, the consolidated balance sheets of the Parent Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated income statements and cash flows for such fiscal year, and, commencing with the financial statements for the fiscal year ended December 31, 2025, setting forth comparative consolidated figures for the preceding fiscal years, all in reasonable detail and prepared in accordance with GAAP (it being agreed that such annual financial statements may be a set of stub financials covering the period commencing on the Closing Date through December 31, 2024), and, in each case, certified by an independent certified public accountants of recognized national standing whose opinion shall not be qualified (<u>provided</u> that, for the avoidance of doubt, an explanatory or emphasis of matter paragraph does not constitute a qualification) as to the scope of audit or as to the status of the Parent Borrower or any of the Credit Parties as a going concern (other than any qualification, that is expressly solely with respect to, or resulting solely from, (i) an upcoming maturity date under any Indebtedness, (ii) any actual or potential inability to satisfy a financial maintenance covenant at such time or on a future date or in a future period or (iii) solely with respect to the scope of audit, any change in accounting principles or practices reflecting changes in GAAP or IFRS that are required or approved by the Borrower's independent registered public accountants).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Quarterly Financial Statements</u>. Commencing with the fiscal quarter ending March 31, 2024 (it being agreed that such quarterly financial statements in respect of the fiscal quarter ending March 31, 2024 may be a set of stub financials covering the period commencing on the Closing Date through the end of such fiscal quarter), (i) on or before the date that is 60 days after the end of the first three fiscal quarters of each fiscal year of the Parent Borrower (or, for the fiscal quarters ending March 31, 2024, June 30, 2024 and September 30, 2024, 90 days after the end of such fiscal quarter of the Parent Borrower) and (ii) solely for the fiscal quarter of the Parent Borrower ending December 31, 2024, on or before the date that is 120 days after December 31, 2024, the unaudited consolidated balance sheets of the Parent Borrower and its Subsidiaries as at the end of such quarterly period and the related consolidated income statements for such quarterly accounting period and for the elapsed portion of the fiscal year ended with the last day of such quarterly period, and the related consolidated statement of cash flows for the elapsed portion of the fiscal year ended with the last day of the applicable quarterly period, and commencing with the quarter ending March 31, 2025, setting forth comparative consolidated figures for the related periods in the prior fiscal year or, in the case of such consolidated balance sheet, for the last day of the related period in the prior fiscal year, all of which shall be certified by an Authorized Officer of the Parent Borrower as fairly presenting in all material respects the financial condition, results of operations and cash flows of the Parent Borrower and its Subsidiaries in accordance with GAAP (except as noted therein), subject to changes resulting from normal year-end adjustments and the absence of footnotes, as required by GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Budgets</u>. Prior to an IPO, within 120 days after the commencement of each fiscal year of the Parent Borrower (or 150 days after the commencement of the fiscal year ending December 31, 2024) a consolidated budget of the Parent Borrower in reasonable detail on a quarterly basis for such fiscal year as customarily prepared by management of the Parent Borrower for its internal use, setting forth the principal assumptions upon which such budget is based; *provided* that delivery of a budget to the Administrative Agent satisfying the requirements of Section 5.1.11(d) of the US Balance Sheet Loan Facility shall be deemed to satisfy the requirements of this Section 9.1(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Officer's Certificates</u>. Not later than five days after the delivery of the financial statements provided for in <u>Sections 9.1(a)</u> and <u>(b)</u>, commencing with the financial statements in respect of the fiscal quarter ending March 31, 2024, a certificate of an Authorized Officer of the Parent Borrower <u>substantially in the form of Exhibit K (i) setting forth a calculation of Consolidated EBITDA for the relevant period with a separate line item and brief description for each add-back and clause in the definition of Consolidated EBITDA and (ii)(a)</u> to the effect that no Default or Event of Default exists or, <u>(b)</u> if any Default or Event of Default does exist, specifying the nature and extent thereof, as the case may be (<u>in each case,</u> which certificate shall set forth the LTV as of the end of the applicable period covered by such financial statements to the extent necessary for purposes of determining the amount of Excess Cash Flow required to be prepaid under Section 5.2(a)). At the time of the delivery of the financial statements provided for in <u>Section 9.1(a)</u>, a certificate of an Authorized Officer of the Parent Borrower setting forth changes to the legal name, jurisdiction of formation, type of entity and organizational number (or equivalent) to the Person organized in a jurisdiction where an organizational identification number is required to be included in a Uniform Commercial Code financing statement, in each case for each Credit Party or confirming that there has been no change in such information since the Closing Date or the date of the most recent certificate delivered pursuant to this <u>clause (d)</u>, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Notice of Default or Litigation</u>. Promptly after an Authorized Officer of the Parent Borrower or any of the other Credit Parties obtains knowledge thereof, notice of (i) the occurrence of any event that constitutes a Default or Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action the Parent Borrower or such Credit Party proposes to take with respect thereto and (ii) any litigation or governmental proceeding pending against the Parent Borrower or any of the other Credit Parties that would reasonably be expected to be determined adversely and, if so determined, to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Environmental Matters</u>. Promptly after an Authorized Officer of the Parent Borrower or any of the other Credit Parties obtains knowledge of any one or more of the following environmental matters, unless such environmental matters would not reasonably be expected to result in a Material Adverse Effect, notice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any pending or threatened Environmental Claim against any Credit Party or any Real Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Environmental Liability of any Credit Party with respect to, arising from or relating to the use, ownership or operation of the Real Estate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the conduct of any investigation, or any removal, remedial or other corrective action in response to the actual or alleged presence or Release or threatened Release or exposure of any Person to of any Hazardous Material on, at, under or from any Real Estate.

All such notices shall describe in reasonable detail the nature of the claim, liability, investigation or removal, remedial or other corrective action in response thereto. The term "**Real Estate**" shall mean land, buildings, facilities and improvements owned or leased by any Credit Party.

Notwithstanding the foregoing, the obligations in <u>clauses (a)</u> and <u>(b)</u> of this <u>Section 9.1</u> may be satisfied with respect to financial information of the Parent Borrower and its Subsidiaries by furnishing (A) the applicable financial statements of any direct or indirect parent of the Parent Borrower or (B) the Parent Borrower's (or any direct or indirect parent thereof), as applicable, Form 10-K or 10-Q, as applicable, filed with the SEC; <u>provided</u> that, with respect to each of subclauses (A) and (B) of this paragraph, to the extent such information relates to a parent of the Parent Borrower, such information is accompanied by consolidating or other information that explains in reasonable detail the differences between the information relating to such parent, on the one hand, and the information relating to the Parent Borrower and its Subsidiaries on a standalone basis, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Other Information</u>. Such other existing information (financial or otherwise) concerning the Parent Borrower and the Credit Parties as the Administrative Agent on its own behalf or on behalf of any Lender (acting through the Administrative Agent) may reasonably request in writing from time to time (but no more frequently than once per calendar year); <u>provided</u> that none of the Borrower nor any Subsidiary will be required to disclose or permit the inspection or discussion of any document, information or other matter (i) that constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective contractors) is prohibited by law, or any binding agreement (iii) that is subject to attorney-client or similar privilege or constitutes attorney work product, (iv) that is otherwise subject to Section 13.16 or the limitations set forth in Section 9.2 or (v) that requires the Parent Borrower or any Credit Party to incur costs in connection with the preparation by a third party of any new report or assessment.

Documents required to be delivered pursuant to <u>clauses (a)</u> and <u>(b)</u> of this <u>Section 9.1</u> may be delivered electronically and if so delivered, shall be deemed to have been delivered on the earliest date on which (i) the Parent Borrower posts such documents, or provides a link thereto on the Parent Borrower's website on the Internet; (ii) such documents are posted on the Parent Borrower's behalf on IntraLinks/IntraAgency or another website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent), or (iii) if applicable, such financial statements and/or other documents are posted on the SEC's website on the internet at www.sec.gov; <u>provided</u> that (A) the Parent Borrower shall, at the request of the Administrative Agent, continue to deliver copies (which delivery may be by electronic transmission) of such documents to the Administrative Agent and (B) the Parent Borrower shall notify (which notification may be by facsimile or electronic transmission) the Administrative Agent of the posting of any such documents on any website described in this paragraph. Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents from the Administrative Agent and maintaining its copies of such documents.

Notwithstanding the foregoing, the obligations in <u>clause (a)</u> of this <u>Section 9.1</u> with respect to the fiscal year ending December 31, 2022 shall be deemed satisfied with respect to financial information of the Parent Borrower and its Subsidiaries by furnishing (A) the financial statements of the Parent Borrower and its Subsidiaries for the period commencing on January 1, 2022 and ending March 25, 2022 (predecessor) and (B) the financial statements of the Parent Borrower and its Subsidiaries for the period commencing on March 25, 2022 and ending December 31, 2022 (successor).

Each Credit Party hereby acknowledges and agrees that, unless the Parent Borrower notifies the Administrative Agent in advance, all financial statements and certificates furnished pursuant to <u>Sections 9.1(a)</u>, <u>(b)</u> and <u>(d)</u> above are hereby deemed to be suitable for distribution, and to be made available, to all Lenders and may be treated by the Administrative Agent and the Lenders as not containing any material nonpublic information; <u>provided</u> that any failure by the Parent Borrower to so notify the Administrative Agent shall not constitute a Default or Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Books, Records, and Inspections</u>. The Parent Borrower will, and will cause each other Credit Party to, permit officers and designated representatives of the Administrative Agent or the Required Lenders to visit and visually inspect any of the properties or assets of the Parent Borrower and any such Credit Party in whomsoever's possession to the extent that it is within such party's control to permit such inspection (and shall use commercially reasonable efforts to cause such inspection to be permitted to the extent that it is not within such party's control to permit such inspection), and to examine the books and records of the Parent Borrower and any such Credit Party and discuss the affairs, finances and accounts of the Parent Borrower and of any such Credit Party with, and be advised as to the same by, its and their officers and independent accountants, all at such reasonable times and intervals and to such reasonable extent as the Administrative Agent or the Required Lenders may desire (and subject, in the case of any such meetings or advice from such independent accountants, to such accountants' customary policies and procedures); <u>provided</u> that, excluding any such visits and inspections during the continuation of an Event of Default, (a) only the Administrative Agent on behalf of the Required Lenders may exercise rights of the Administrative Agent and the Lenders under this <u>Section 9.2</u>, (b) the Administrative Agent shall not exercise such rights more than one time in any calendar year, which visit will be at the Parent Borrower's expense and (c) notwithstanding anything to the contrary in this <u>Section 9.2</u>, none of the Parent Borrower or any of its Subsidiaries will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter that (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by law or any agreement binding on a third-party or (iii) is subject to attorney-client or similar privilege or constitutes attorney work product; <u>provided</u>, <u>further</u>, that, except with respect to subclause (ii) above, when an Event of Default exists, the Administrative Agent (or any of its respective representatives or independent contractors) or any representative of the Required Lenders may do any of the foregoing at the expense of the Parent Borrower at any time during normal business hours and upon reasonable advance notice. The Administrative Agent and the Required Lenders shall give the Parent Borrower the opportunity to participate in any discussions with the Parent Borrower's independent public accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Maintenance of Insurance</u>. The Parent Borrower will, and will cause each Credit Party to, at all times maintain in full force and effect, pursuant to self-insurance arrangements or with insurance companies that the Parent Borrower believes (in the good faith judgment of the management of the Parent Borrower) are financially sound and responsible at the time the relevant coverage is placed or renewed, insurance in at least such amounts (after giving effect to any self-insurance which the Parent Borrower believes (in the good faith judgment of management of the Parent Borrower) is reasonable and prudent in light of the size and nature of its business and the availability of insurance on a cost-effective basis) and against at least such risks (and with such risk retentions) as the Parent Borrower believes (in the good faith judgment of management of the Parent Borrower) is reasonable and prudent in light of the size and nature of its business and the availability of insurance on a cost-effective basis; and will furnish to the Administrative Agent, promptly following written request from the Administrative Agent, information presented in reasonable detail as to the insurance so carried (provided that, for so long as no Event of Default has occurred and is continuing, the Administrative Agent shall be entitled to make such request only once in any calendar year). Each such policy of insurance shall (i) name the Collateral Agent, on behalf of the Secured Parties as an additional insured thereunder as its interests may appear and (ii) in the case of each casualty insurance policy, contain a loss payable clause or endorsement that names the Collateral Agent, on behalf of the Secured Parties as the loss payee thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Payment of Taxes</u>. The Parent Borrower will pay and discharge or cause to be paid and discharged, and will cause each of the other Credit Parties to pay and discharge, all Taxes imposed upon it (including in its capacity as a withholding agent) or upon its income or profits, or upon any properties belonging to it, prior to the date on which material penalties attach thereto, and all lawful claims in respect of any Taxes imposed, assessed or levied that, if unpaid, would reasonably be expected to become a material Lien (other than a Permitted Lien) upon any properties of the Parent Borrower or any of such Credit Parties; <u>provided</u> that neither the Parent Borrower nor any of the other Credit Parties shall be required to pay or discharge any such Tax that is being contested in good faith and by proper proceedings if it has maintained adequate reserves (in the good faith judgment of management of the Parent Borrower) with respect thereto in accordance with GAAP or the failure to pay or discharge would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Preservation of Existence; Consolidated Corporate Franchises</u>. The Parent Borrower will, and will cause each Credit Party to, take all actions necessary (a) to preserve and keep in full force and effect its existence, organizational rights and authority and (b) to maintain its rights, privileges (including its good standing (if applicable)), permits, licenses and franchises necessary in the normal conduct of its business, in each case, except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect; <u>provided</u>, <u>however</u>, that the Parent Borrower and the other Credit Parties may consummate any transaction which is permitted by <u>Sections 10.2</u>, <u>10.3</u> or <u>10.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>Compliance with Statutes, Regulations, Etc</u>. The Parent Borrower will, and will cause any other Borrower, each other Credit Party, and each Subsidiary of any Borrower or Credit Party to, (a) comply with all applicable laws, rules, regulations, and orders applicable to it or its property, including all governmental approvals or authorizations required to conduct its business, and to maintain all such governmental approvals or authorizations in full force and effect, (b) comply with, and use commercially reasonable efforts to ensure compliance by all tenants and subtenants, if any, with, all applicable Environmental Laws, and obtain and comply with and maintain, and use commercially reasonable efforts to ensure that all tenants and subtenants obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws, (c) conduct and complete all investigations, studies, sampling and testing, and all remedial, removal, and other actions regarding Hazardous Materials required under Environmental Laws and promptly comply with all lawful orders and directives of all Governmental Authorities with jurisdiction regarding Environmental Laws, other than such orders and directives which are being timely contested in good faith by proper proceedings, (d) not violate, conspire to violate or aid and abet the violation of any Anticorruption Laws, Sanctions or AML Laws and (e) maintain and implement policies reasonably designed to ensure that no Credit Party violations any Anticorruption Laws, Sanctions or AML Laws, except in each case of (a), (b), and (c) of this <u>Section 9.6</u>, where the failure to do so would not reasonably be expected to result in a Material Adverse Effect.

No payment made pursuant to this Agreement by any Borrower, or any Credit Party shall be derived directly or knowingly indirectly from a Sanctioned Person or from activities in violation of any Anticorruption Laws, Sanctions or AML Laws, or otherwise cause any Lender to violate any Anticorruption Law, Sanctions or AML Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 <u>ERISA</u>. (a) As soon as practicable following any request by the Administrative Agent, the Parent Borrower will furnish to the Administrative Agent copies of any documents described in Sections 101(k) or 101(l) of ERISA that any Credit Party or any of its Subsidiaries may reasonably request with respect to any Multiemployer Plan to which a Credit Party or any of its Subsidiaries is obligated to contribute; <u>provided</u> that if the Credit Parties or any of their Subsidiaries have not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer Plan, then, upon reasonable request of the Administrative Agent, the Credit Parties shall promptly make a request for such documents or notices from such administrator or sponsor and the Parent Borrower shall provide copies of such documents and notices to the Administrative Agent promptly after receipt thereof; provided, further, that the rights granted to the Administrative Agent in this <u>Section 9.7(a)</u> shall be exercised not more than once with respect to the same Multiemployer Plan during any applicable plan year, and (b) the Parent Borrower will notify the Administrative Agent promptly following the occurrence of any ERISA Event or Foreign Plan Event that, alone or together with any other ERISA Events or Foreign Plan Events that have occurred, would reasonably be expected to result in liability of any Credit Party that would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 <u>Maintenance of Tangible Properties</u>. The Parent Borrower will, and will cause each of the other Credit Parties to, keep and maintain all tangible property material to the conduct of its business in good working order and condition, ordinary wear and tear, casualty, and condemnation excepted, except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 <u>Transactions with Affiliates</u>. The Parent Borrower will conduct, and cause each of the other Credit Parties to conduct, all transactions with any of its Affiliates (other than the Parent Borrower and the other Credit Parties) involving aggregate payments or consideration in excess of $100,000,000 for the most recently ended Test Period (calculated on a Pro Forma Basis) at the time of such Affiliate transaction, for any individual transaction or series of related transactions, on terms that are at least substantially as favorable to the Parent Borrower or such Credit Party as it would obtain in a comparable arm's-length transaction with a Person that is not an Affiliate, as determined by the board of directors of the Parent Borrower or such Credit Party in good faith; <u>provided</u> that the foregoing restrictions shall not apply to (a) the payment of fees to the Sponsor for management, consulting and financial services rendered to the Parent Borrower and its Subsidiaries and customary investment banking fees paid to the Sponsor for services rendered to the Parent Borrower and its Subsidiaries in connection with divestitures, acquisitions, financings and other transactions which payments are approved by a majority of the board of directors of the Parent Borrower in good faith, (b) transactions permitted by <u>Section 10.1(c)(ii)</u> or <u>Section 10.4</u>, (c) consummation of the Transactions and the payment of the Transaction Expenses, (d) the issuance of Capital Stock or Stock Equivalents of the Parent Borrower (or any direct or indirect parent thereof) or any of its Subsidiaries not otherwise prohibited by the Credit Documents, (e) any transaction between or among the Parent Borrower and/or one or more of its Subsidiaries or joint venture (regardless of the form of legal entity) in which the Parent Borrower or any of its Subsidiaries has invested (and which Subsidiary or joint venture would not be an Affiliate of the Parent Borrower but for the Parent Borrower's or a Subsidiary's ownership of Capital Stock or Stock Equivalents in such joint venture or Subsidiary) to the extent permitted or not restricted by this Agreement, (f) (i) any collective bargaining agreements, employment agreements or arrangements, severance agreements or compensatory (including profit sharing) arrangements entered into by the Parent Borrower or any of its Subsidiaries with their respective current or former officers, directors, members of management, managers, employees, consultants or independent contractors or those of any Parent Entity, (ii) any subscription agreement or similar agreement pertaining to the repurchase of Capital Stock or Stock Equivalents pursuant to put/call rights or similar rights with current or former officers, directors, members of management, managers, employees, consultants or independent contractors and (iii) transactions pursuant to any employee compensation arrangement, benefit plan, stock option plan or arrangement, any health, disability or similar insurance plan which covers current or former officers, directors, members of management, employees, consultants or independent contractors; (g) payments by the Parent Borrower (and any direct or indirect parent thereof) and any of its Subsidiaries pursuant to the tax sharing agreements among the Parent Borrower (and any such parent) and such Subsidiaries that are permitted under <u>Section 10.4(b)(13)</u>; <u>provided</u> that in each case the amount of such payments in any fiscal year does not exceed the aggregate amount that the Parent Borrower and such Subsidiaries would have been required to pay in respect of such foreign, federal, state and/or local taxes for such fiscal year had the Parent Borrower and such Subsidiaries paid such taxes separately from any such direct or indirect parent company of the Parent Borrower, (h) the payment of customary fees and reasonable out of pocket costs to, and indemnities provided on behalf of, directors, managers, consultants, officers or employees of the Parent Borrower (or any direct or indirect parent thereof) and any of its Subsidiaries in the ordinary course of business to the extent attributable to the ownership, management or operation of the Parent Borrower or such Subsidiaries, including payroll, travel, business entertainment and similar advances to any of the foregoing Persons made in the ordinary course of business (i) transactions undertaken pursuant to membership in a purchasing consortium, (j) transactions pursuant to any agreement or arrangement as in effect as of the Closing Date, or any amendment, modification, supplement or replacement thereto (so long as any such amendment, modification, supplement or replacement is not disadvantageous in any material respect to the Lenders when taken as a whole as compared to the applicable agreement as in effect on the Closing Date as determined by the Parent Borrower in good faith), (k) customary payments by the Parent Borrower (or any direct or indirect parent) and any Subsidiaries to the Sponsor made for any financial advisory, consulting, financing, underwriting or placement services or in respect of other investment banking activities (including in connection with acquisitions or divestitures), (l) Affiliate repurchases of the Loans, Commitments or any other debt security to the extent permitted hereunder and the holding of such Loans, Commitments or other debt security and the payments and other transactions contemplated herein in respect thereof, (m) transactions with any Securitization Entity (including in connection with Permitted Securitization Financings) materially consistent, taken as a whole, with transactions taken customary for a Permitted Securitization Financing (including the payment of fees to, or obligation to reimburse, any Securitization Entity in respect of letters of credit issued to the account of such Securitization Entity for the benefit of the Borrower and its Subsidiaries), or any other customary transactions effected as part of a Permitted Securitization Financing, (n) undertaking or consummating any IPO Reorganization Transactions, (o) transactions under the Credit Documents or any First Tier Facility Agreements, (p) any reorganization or restructuring transactions related to the collapsing, requalification or qualification of the Parent Borrower or any Subsidiary as a REIT (including (i) the termination, creation or modification of a TRS structure, (ii) the liquidation of any REIT and the taking of any steps reasonably necessary thereto (as determined by the Parent Borrower or applicable Subsidiary), and (iii) redemption of any preferred shareholders and conversion of the REIT into a Delaware limited liability company), (q) any other Affiliate transactions permitted under the terms of any First Tier Facility Agreement (including (i) operating leases, (ii) any property management agreement to which the Parent Borrower or any of its Subsidiaries is party, and (iii) the right to cause any Properties to be transferred from a First Tier Facility Borrower to a newly formed, wholly owned Subsidiary of a First Tier Facility Borrower, which, in each case, is not prohibited by any such First Tier Facility Agreement), (r) the entry into and performance of any Lease or service agreement in the ordinary course of business, or the assignment, novation, subcontracting or transfer (whether in whole or in part) of any such Lease or service agreement to any Affiliate and (s) any other ordinary course non-material transactions entered into between the Borrower or any of its Subsidiaries with its Affiliates in accordance with past practices, including, without limitation, in connection with the use of Land or the development, ownership, lease, maintenance or operation of any of the Properties. For purposes of this <u>Section 9.9</u>, any transaction shall be deemed to have satisfied the requirements set forth in this <u>Section 9.9</u> if (x) such transaction is approved by a majority of the Disinterested Directors or (y) a fairness opinion is provided by a nationally recognized appraisal or investment banking firm with respect to such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 <u>End of Fiscal Years</u>. The Parent Borrower will, for financial reporting purposes, cause each of its, and each of the Credit Parties', fiscal years to end on dates consistent with past practice; provided, however, that the Parent Borrower may, upon written notice to the Administrative Agent change the financial reporting convention specified above to (x) align the dates of such fiscal year and for any Subsidiary whose fiscal years end on dates different from those of the Parent Borrower or (y) any other financial reporting convention (including a change of fiscal year) reasonably acceptable (such consent not to be unreasonably withheld or delayed) to the Administrative Agent, in which case the Parent Borrower and the Administrative Agent will, and are hereby authorized by the Lenders to, make any adjustments to this Agreement that are necessary in order to reflect such change in financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 <u>Additional Guarantors and Grantors</u>. Subject to <u>Section 9.14(b)</u> and any applicable limitations set forth in the Security Documents, the Parent Borrower will cause (a) each direct or indirect Wholly-Owned Subsidiary of the Parent Borrower which owns Collateral (other than any Excluded Subsidiary) that is formed or otherwise purchased or acquired after the Closing Date (including pursuant to a Permitted Acquisition), within 60 days from the later of (i) date of such formation, acquisition or cessation, as applicable and (ii) the date of delivery of the Section 9.1 Financials evidencing the obligation to provide a Guarantee pursuant to this <u>Section 9.11</u> (or such longer period as the Administrative Agent may agree in its reasonable discretion), and (b) at the Parent Borrower's sole option, any other Domestic Subsidiary reasonably acceptable to the Administrative Agent, in each case, to execute a supplement to each of the Guarantee and the Pledge Agreement in order to become a Guarantor under the Guarantee and a grantor under such Security Documents or, to the extent reasonably requested by the Collateral Agent, enter into a new Security Document substantially consistent with the analogous existing Security Documents and otherwise in form and substance reasonably satisfactory to the Collateral Agent and take all other action reasonably requested by the Collateral Agent to grant a perfected security interest in its relevant assets to substantially the same extent as created and perfected by the Credit Parties on the Closing Date. For the avoidance of doubt, no Credit Party that is a Domestic Subsidiary shall be required to take any action outside the United States to perfect any security interest in the Collateral (including the execution of any agreement, document or other instrument governed by the law of any jurisdiction other than the United States, any state thereof or the District of Columbia). In addition to the foregoing, if any other Domestic Subsidiary of the Parent Borrower that is a Wholly-Owned Subsidiary and is a Material Subsidiary becomes a guarantor or other obligor with respect to bonds, notices, debentures or similar debt instruments issued by the Parent Borrower, the Parent Borrower shall cause such Subsidiary to guarantee the obligations of the Parent Borrower hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12 <u>Pledge of Additional Stock and Evidence of Indebtedness</u>. Subject to <u>Section 6.2</u> and <u>Section 9.14(b)</u> and any applicable limitations set forth in the Security Documents and other than (x) when in the reasonable determination of the Administrative Agent and the Parent Borrower (as agreed to in writing), the cost or other consequences of doing so would be excessive in view of the benefits to be obtained by the Lenders therefrom or (y) to the extent doing so would result in material adverse tax consequences as reasonably determined by the Parent Borrower in consultation with the Administrative Agent, the Parent Borrower and each other Credit Party will cause (a) all certificates representing Capital Stock and Stock Equivalents which constitute Collateral that are held directly by any Credit Party and (b) any promissory notes executed after the Closing Date evidencing Indebtedness in excess of the greater of (a) $75,000,000 and (b) 1.25% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) at the time such promissory note is delivered to the Parent Borrower or any other Credit Party that is owing to the Parent Borrower or such other Credit Party, in each case to be delivered to the Collateral Agent as security for the Obligations accompanied by undated instruments of transfer executed in blank pursuant to the terms of the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 <u>Use of Proceeds</u>. The Parent Borrower and the Credit Parties will use the proceeds of the Revolving Credit Loans and use the Letters of Credit (a) on the Closing Date, together with the proceeds of other First Tier Facilities established on the Closing Date and cash on hand of the Parent Borrower, solely (i) to finance the Transactions in an amount equal to the amount necessary to fund (A) the Reserves Shortfall and (B) without duplication of the Reserves Shortfall, the Proceeds Shortfall (any Revolving Credit Loans borrowed pursuant to this clause (a)(i) arising as a direct result of the establishment of special reserves for Material Lease Defects, "**Lease Defect Revolving Obligations**"), (ii) to fund (A) upfront fees or original issue discount in respect of any Credit Facilities (and any other First Tier Facilities established on the Closing Date) imposed under the Fee Letter, (B) working capital adjustments and reimbursements for Capital Expenditures pursuant to the Acquisition Agreement and/or the refinancing of any Indebtedness incurred for working capital or Capital Expenditure purposes and (C) purchase price adjustments made pursuant to the Acquisition Agreement and/or the Property Acquisition Agreements and (iii) to issue Letters of Credit which may be used for all purposes not otherwise prohibited under this Agreement including without limitation (x) to replace, backstop or otherwise support or replace Letters of Credit in favor of third parties existing on the Closing Date and (y) to backstop any Reserves Shortfall existing on the Closing Date after giving effect to the Transactions, and (b) at any time and from time to time after the Closing Date, for Capital Expenditures, working capital and any general corporate purpose (including to finance any other transactions not prohibited by the Credit Documents. Neither any Borrower, nor any Credit Party will directly or indirectly, use the proceeds of the Revolving Credit Loans and use the Letters of Credit in in connection with any Sanctioned Person or in a manner that would otherwise cause a violation of any Anticorruption Laws, Sanctions or AML Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.14 <u>Further Assurances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to any applicable limitations set forth in the Security Documents and other than (x) when in the reasonable determination of the Administrative Agent and the Parent Borrower (as agreed to in writing), the cost or other consequences of doing so would be excessive in view of the benefits to be obtained by the Lenders therefrom or (y) to the extent doing so would result in material adverse tax consequences as reasonably determined by the Parent Borrower in consultation with the Administrative Agent, if any assets (other than Excluded Property) of any Credit Party are acquired after the Closing Date, which assets are required to be pledged as Collateral under the Security Documents (other than Capital Stock and Stock Equivalents and assets constituting Collateral under the Security Documents that become subject to the Lien of the applicable Security Document upon acquisition thereof), the Parent Borrower will notify the Collateral Agent, and, if requested by the Collateral Agent, the Parent Borrower will cause such assets to be subjected to a Lien securing the Obligations and will take, and cause the other applicable Credit Parties to take, such actions as shall be necessary or reasonably requested by the Collateral Agent, as soon as commercially reasonable but in no event later than ninety (90) days after such acquisition, unless extended by the Administrative Agent in its sole discretion, to grant and perfect such Liens consistent with the applicable requirements of the Security Documents, including actions described in <u>clause (a)</u> of this <u>Section 9.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.15 <u>[reserved.]</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.16 <u>Lines of Business</u>. The Parent Borrower and the other Credit Parties, taken as a whole, will not fundamentally and substantively alter the character of their business, taken as a whole, from the business conducted by the Parent Borrower and the other Credit Parties, taken as a whole, on the Closing Date and other business activities which are extensions thereof or otherwise incidental, synergistic, reasonably related, or ancillary to any of the foregoing (and non-core incidental businesses acquired to the extent permitted or not prohibited hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.17 <u>Financial Covenants under Other Indebtedness</u>. To the extent the Parent Borrower, under the terms of any facility of the Parent Borrower consisting of Indebtedness described in clause (a) of the definition thereof which would constitute Material Indebtedness, is obligated to comply with any financial maintenance covenant thereunder, such financial covenant shall also apply to the Revolving Credit Facility (a) to the extent the Revolving Credit Facility does not require the Parent Borrower's compliance with any financial maintenance covenant or (b) if, subsequent to the Closing Date, any financial maintenance covenant is then-applicable to the Revolving Credit Facility by operation of this <u>Section 9.17</u>, solely to the extent such new financial maintenance covenant is more restrictive than the then-applicable financial maintenance covenant under the Revolving Credit Facility, and the Parent Borrower shall, with the Administrative Agent, shall amend the Credit Documents such that the Revolving Credit Lenders benefit from such more restrictive financial covenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.18 <u>Post-Closing Actions</u>. The Parent Borrower agrees that it will, or will cause its relevant Subsidiaries to, complete each of the actions described on <u>Schedule 9.18</u> as soon as commercially reasonable and by no later than the date set forth in <u>Schedule 9.18</u> with respect to such action or such later date as the Administrative Agent may reasonably agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.19 <u>Foreign First-Tier Finance Holdings Subsidiaries</u>. The Parent Borrower agrees that each Foreign First-Tier Finance Holdings Subsidiary, whether now existing or formed after the Closing Date, shall (i) be a holding company, with no material assets or operations beyond the ownership of the equity interests of its subsidiaries and (ii) shall not incur any Indebtedness or grant any Liens to any other Person.

Section 10. <u>Negative Covenants</u>.

The Parent Borrower hereby covenants and agrees that on the Closing Date (immediately after the consummation of the Acquisition) and thereafter, until the Revolving Credit Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Limitation on Indebtedness</u>. The Parent Borrower will not, and will not permit any other Credit Party to create, incur, issue, assume, guarantee or otherwise become liable, contingently or otherwise (collectively, "**incur**" and collectively, an "**incurrence**") with respect to any Indebtedness (including Acquired Indebtedness) in an aggregate principal amount at any time in excess of ten percent (10%) of NAV, and the Parent Borrower will not issue any shares of Disqualified Stock and will not permit any other Credit Party to issue any shares of Disqualified Stock; <u>provided</u> that the Parent Borrower may incur Indebtedness (including Acquired Indebtedness incurred in connection with, or in contemplation of, a Permitted Acquisition) or issue shares of Disqualified Stock, and any Credit Party may incur Indebtedness (including Acquired Indebtedness incurred in connection with, or in contemplation of, a Permitted Acquisition), issue shares of Disqualified Stock and issue shares of preferred stock that is, in each case, secured by a Lien on the Collateral that is *pari passu* with the Lien securing the Obligations, secured by a Lien on the Collateral that is junior to the Lien securing the Obligations, or that is unsecured to the extent that the LTV after giving effect to the incurrence of such Indebtedness and the use of proceeds thereof, on a Pro Forma Basis would not exceed 60%.

The foregoing limitations will not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indebtedness arising under the Credit Documents or otherwise permitted pursuant to <u>Section 2.14</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-Recourse Indebtedness, as long as such Non-Recourse Indebtedness is not Indebtedness for borrowed money or a guarantee of Indebtedness for borrowed money, arising or permitted under any First Tier Facility (including any hedging or swap obligations entered into in connection with any First Tier Facility, to the extent constituting Non-Recourse Indebtedness of the Credit Parties (provided that such Non-Recourse Indebtedness is not Indebtedness for borrowed money or a guarantee of Indebtedness for borrowed money));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) Indebtedness (including any unused commitment) outstanding on the Closing Date listed on <u>Schedule 10.1</u> (or, to the extent not listed on such Schedule, where the principal amount of such Indebtedness is less than $50,000,000 in the aggregate) and (ii) intercompany Indebtedness (including any unused commitment) outstanding on the Closing Date listed on <u>Schedule 10.1</u> or owed by a Credit Party to another Credit Party or any Subsidiary thereof; <u>provided</u> that any such Indebtedness owed by a Credit Party to a Subsidiary that is not a Credit Party shall be subordinated in right of payment to the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Indebtedness (including Capitalized Lease Obligations), Disqualified Stock and preferred stock incurred by the Parent Borrower or any other Credit Party, to finance the purchase, lease, construction, installation, maintenance, replacement or improvement of property (real or personal) or equipment that is used or useful in a Similar Business, whether through the direct purchase of assets or the Capital Stock of any Person owning such assets and Indebtedness arising from the conversion of the obligations of the Parent Borrower or any other Credit Party under or pursuant to any "synthetic lease" transactions to on-balance sheet Indebtedness of the Parent Borrower or such Credit Party, in an aggregate principal amount which, when aggregated with the principal amount of all other Indebtedness, Disqualified Stock and preferred stock then outstanding and incurred pursuant to this <u>clause (d)</u> and all Indebtedness incurred to refinance any other Indebtedness, Disqualified Stock and preferred stock incurred pursuant to this <u>clause (d)</u>, does not exceed the greater of (x) $225,000,000 and (y) 4.25% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis at the time of incurrence; <u>provided</u> that Capitalized Lease Obligations incurred by the Parent Borrower or any Credit Party pursuant to this <u>clause (d)</u> in connection with a Permitted Sale Leaseback shall not be subject to the foregoing limitation so long as the proceeds of such Permitted Sale Leaseback are used by the Parent Borrower or such Credit Party to permanently repay other Indebtedness secured by a Lien on the assets subject to such Permitted Sale Leaseback (excluding any Lien ranking junior to the Lien securing the Obligations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Indebtedness incurred by the Parent Borrower or any other Credit Party (including letter of credit obligations consistent with past practice constituting reimbursement obligations with respect to letters of credit issued in the ordinary course of business), in respect of workers' compensation claims, deferred compensation, performance or surety bonds, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement or indemnification type obligations regarding workers' compensation claims, performance or surety bonds, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Indebtedness arising from agreements of the Parent Borrower or any other Credit Party providing for indemnification, adjustment of purchase price, earnout or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or a Subsidiary or other Person, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) shares of preferred stock of a Credit Party issued to the Parent Borrower or another Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Hedging Obligations (excluding Hedging Obligations entered into for speculative purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (i) obligations in respect of customs, self-insurance, performance, bid, appeal, and surety bonds and completion guarantees and similar obligations provided by the Parent Borrower or any other Credit Party or (ii) obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case, in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business and (ii) customer deposits and advance payments received in the ordinary course of business from customers for goods purchased in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (i) Indebtedness of the Parent Borrower or any other Credit Party supported by a letter of credit, in a principal amount not in excess of the amount of such letter of credit so long as such letter of credit is otherwise permitted to be incurred pursuant to this <u>Section 10.1</u> or (ii) obligations in respect of letters of support, guarantees or similar obligations issued, made or incurred for the benefit of any Credit Party to the extent required by law or in connection with any statutory filing or the delivery of audit opinions performed in jurisdictions other than within the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Indebtedness of the Parent Borrower or any of the other Credit Parties consisting of the financing of insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) (1) Indebtedness of the Parent Borrower or any of the other Credit Parties undertaken in connection with cash management and related activities with respect to any Subsidiary or joint venture in the ordinary course of business, including with respect to financial accommodations of the type described in the definition of Cash Management Services and (2) Indebtedness owed on a short-term basis of no longer than 30 days to banks and other financial institutions incurred in the ordinary course of business of the Parent Borrower and such Credit Parties with such banks or financial institutions that arises in connection with ordinary banking arrangements to manage cash balances of the Parent Borrower and the other Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Indebtedness consisting of Indebtedness issued by the Parent Borrower or any of the other Credit Parties to future, current or former officers, directors, managers and employees thereof, their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of the Parent Borrower or any direct or indirect parent company of the Parent Borrower to the extent described in <u>clause (4)</u> of <u>Section 10.4(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Indebtedness in respect of taxes, assessments, governmental charges or levies to the extent that payment therefor shall not at the time be required to be made in accordance with <u>Section 9.4</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Indebtedness in respect of judgments and attachments for the payment of money not constituting an Event of Default under <u>Section 11.5</u> or <u>Section 11.9</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) unsecured Indebtedness that represents accrued (or deferred) and unpaid management fees to the Sponsor; <u>provided</u>, that the payment of such management fees in respect of such Indebtedness is not otherwise prohibited under <u>Section 10.4</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) (i) guarantees incurred in the ordinary course of business in respect of obligations to suppliers, customers, franchisees, lessors, licensees, sub-licensees and distribution partners and (ii) Indebtedness incurred by the Parent Borrower or any other Credit Party as a result of Leases or services agreements entered into by such Credit Party or any Subsidiary thereof in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (s) [reserved]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) to the extent constituting Indebtedness, the payment of fees to, or obligation to reimburse, any Securitization Entity in respect of letters of credit issued to the account of such Securitization Entity for the benefit of the Borrower and its Subsidiaries in the ordinary course and for customary business purposes.

For purposes of determining compliance with this <u>Section 10.1</u>: (i) in the event that an item of Indebtedness, Disqualified Stock or preferred stock (or any portion thereof) meets the criteria of more than one of the categories of permitted Indebtedness, Disqualified Stock or preferred stock described in <u>clauses (a)</u> through <u>(r)</u> above or is entitled to be incurred pursuant to the first paragraph of this <u>Section 10.1</u>, the Parent Borrower, in its sole discretion, will classify and may reclassify such item of Indebtedness, Disqualified Stock or preferred stock (or any portion thereof) and will only be required to include the amount and type of such Indebtedness, Disqualified Stock or preferred stock in one of the above clauses or paragraphs; and (ii) at the time of incurrence, the Parent Borrower will be entitled to divide and classify an item of Indebtedness in more than one of the types of Indebtedness described in this <u>Section 10.1</u>.

Accrual of interest or dividends, the accretion of accreted value, the accretion or amortization of original issue discount and the payment of interest or dividends in the form of additional Indebtedness, Disqualified Stock or preferred stock will not be deemed to be an incurrence of Indebtedness, Disqualified Stock or preferred stock for purposes of this covenant. Any Indebtedness incurred to refinance Indebtedness permitted pursuant to this <u>Section 10.1</u> shall be deemed to include additional Indebtedness, Disqualified Stock or preferred stock incurred to pay premiums (including reasonable tender premiums), defeasance costs, fees, and expenses in connection with such refinancing.

For purposes of determining compliance with any Dollar-denominated restriction on the incurrence of Indebtedness, the principal amount of Indebtedness denominated in another currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; <u>provided</u> that if such Indebtedness is incurred to refinance other Indebtedness denominated in another currency, and such refinancing would cause the applicable Dollar- denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed (i) the principal amount of such Indebtedness being refinanced plus (ii) the aggregate amount of fees, underwriting discounts, premiums, and other costs and expenses and accrued and unpaid interest incurred in connection with such refinancing.

The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated that is in effect on the date of such refinancing.

This Agreement will not treat (1) unsecured Indebtedness as subordinated or junior to secured Indebtedness merely because it is unsecured or (2) senior Indebtedness as subordinated or junior to any other senior Indebtedness merely because it has a junior priority with respect to the same collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Limitation on Fundamental Changes</u>. The Parent Borrower will not, and will not permit any other Credit Party to, enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, all or substantially all its business units, assets or other properties, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) so long as no Event of Default has occurred and is continuing or would result therefrom, any Person may be merged, amalgamated or consolidated with or into the Parent Borrower; <u>provided</u> that (A) the Parent Borrower shall be the continuing or surviving Person or (B) if the Person formed by or surviving any such merger, amalgamation or consolidation is not a Borrower (such other Person, the "**Successor Borrower**"), (1) the Successor Borrower shall be an entity organized or existing under the laws of the United States, any state thereof, the District of Columbia or any territory thereof, (2) the Successor Borrower shall expressly assume all the obligations of the Parent Borrower under this Agreement and the other Credit Documents pursuant to a supplement hereto or thereto or in a form otherwise reasonably satisfactory to the Administrative Agent, (3) each Guarantor, unless it is the other party to such merger, amalgamation or consolidation, shall have, by a supplement to the Guarantee, confirmed that its guarantee thereunder shall apply to any Successor Borrower's obligations under this Agreement, (4) each other Credit Party pledgor, unless it is the other party to such merger, amalgamation or consolidation, shall have, by a supplement to any applicable Security Document, affirmed that its obligations thereunder shall apply to its Guarantee as reaffirmed pursuant to <u>clause (3)</u>, and (5) the Successor Borrower shall have delivered to the Administrative Agent (x) an officer's certificate stating that such merger, amalgamation, or consolidation and such supplements preserve the enforceability of the Guarantee and the perfection and priority of the Liens under the applicable Security Documents and (y) if requested by the Administrative Agent, an opinion of counsel to the effect that such merger, amalgamation, or consolidation does not violate this Agreement or any other Credit Document and that the provisions set forth in the preceding <u>clauses (3)</u> and <u>(4)</u> preserve the enforceability of the Guarantee and the perfection of the Liens created under the applicable Security Documents (it being understood that if the foregoing are satisfied, the Successor Borrower will succeed to, and be substituted for, the Parent Borrower under this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) so long as no Event of Default has occurred and is continuing or would result therefrom, any Person (in each case, other than the Parent Borrower) may be merged, amalgamated or consolidated with or into any one or more Credit Parties (other than the Parent Borrower); <u>provided</u> that (i) in the case of any merger, amalgamation or consolidation involving one or more such Credit Parties, a Credit Party shall be the continuing or surviving Person, (ii) in the case of any merger, amalgamation or consolidation involving one or more Guarantors, a Guarantor shall be the continuing or surviving Person or the Person formed by or surviving any such merger, amalgamation or consolidation and if the surviving Person is not already a Guarantor, such Person shall execute a supplement to the Guarantee and the relevant Security Documents in form and substance reasonably satisfactory to the Administrative Agent in order to become a Guarantor and pledgor, as applicable, thereunder for the benefit of the Secured Parties, and, (iii) the Parent Borrower shall have delivered to the Administrative Agent an officer's certificate stating that such merger, amalgamation or consolidation and any such supplements to any Security Document preserve the enforceability of the Guarantees and the perfection and priority of the Liens under the applicable Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) the Transactions may be consummated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Credit Party (other than the Parent Borrower) may convey, sell, lease, assign, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or dissolution or otherwise) to, or may be merged, amalgamated or consolidated with, any other Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Credit Party may liquidate or dissolve if the Parent Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Parent Borrower and its Subsidiaries and is not materially disadvantageous to the interests of the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Parent Borrower and any of the Credit Parties may consummate a merger, dissolution, liquidation, consolidation, investment or conveyance, sale, lease, assignment or disposition, the purpose of which is to effect an Asset Sale (which for the purposes of this <u>Section 10.2(f)</u> will include any disposition below the dollar threshold set forth in clause (b)(iv) of the definition of "Asset Sale"), other disposition or an Investment permitted or not prohibited hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) undertaking or consummating any IPO Reorganization Transactions or such other transactions related to the restructuring of any Person as reasonably determined by the Parent Borrower and the other Credit Parties to be necessary to allow such Person or any direct or indirect owner thereof to satisfy stock exchange or quotation system listing or trading requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Parent Borrower or any other Credit Party may convey, sell, lease, assign, transfer or otherwise dispose of any or all of its assets or any Equity Interests or other beneficial interests in a Subsidiary of the Parent Borrower or other Credit Party (in each case, upon voluntary liquidation or dissolution or otherwise and including by way of merger or consolidation), or enter into any other transaction otherwise prohibited by this <u>Section 10.2</u>, in each case, to the extent such transaction is permitted pursuant to any First Tier Facility Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (i) any transactions described in clause (q) of <u>Section 9.9</u> or (ii) any other conversion by the Parent Borrower or any Credit Party to a REIT, in each case, shall be permitted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any Credit Party may convert to a limited liability company under the laws of its applicable state of jurisdiction or the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Limitation on Sale of Assets</u>. The Parent Borrower will not, and will not permit any other Credit Party to, consummate an Asset Sale, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Asset Sale (of assets that are not Collateral) is permitted pursuant to the terms of any First Tier Facility Agreement or relates to any deposit of cash payable to or belonging to any Securitization Entity required by, and in accordance with, any Permitted Securitization Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the Parent Borrower or such Credit Party, as the case may be, receives consideration at the time of such Asset Sale at least equal to the Fair Market Value (as determined at the time of contractually agreeing to such Asset Sale) of the assets sold or otherwise disposed of; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except in the case of a Permitted Asset Swap, if the property or assets sold or otherwise disposed of have a Fair Market Value in excess of the greater of (a) $100,000,000 and (b) 1.5% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis at the time of such disposition, at least 75% of the consideration for such Asset Sale, together with all other Asset Sales since the Closing Date (on a cumulative basis) received by the Parent Borrower or such Credit Party, as the case may be, is in the form of cash or Cash Equivalents; <u>provided</u> that the amount of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any liabilities (as reflected on the Parent Borrower's most recent consolidated balance sheet or in the footnotes thereto, or if incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Parent Borrower's consolidated balance sheet or in the footnotes thereto if such incurrence or accrual had taken place on or prior to the date of such consolidated balance sheet, as determined in good faith by the Parent Borrower) of the Parent Borrower, other than liabilities that are by their terms subordinated to the Loans, that are assumed by the transferee of any such assets (or are otherwise extinguished in connection with the transactions relating to such Asset Sale) and for which the Parent Borrower and all such Credit Parties have been released by all applicable creditors in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any securities, notes or other obligations or assets received by the Parent Borrower or such Credit Party from such transferee that are converted by the Parent Borrower or such Credit Party into cash or Cash Equivalents, or by their terms are required to be satisfied for cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received), in each case, within 180 days following the closing of such Asset Sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Indebtedness, other than liabilities that are by their terms subordinated to the Loans, that are of any Credit Party that is no longer a Credit Party as a result of such Asset Sale, to the extent that the Parent Borrower and all other Credit Parties have been validly released from any guarantee of payment of such Indebtedness in connection with such Asset Sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) consideration consisting of Indebtedness of the Parent Borrower (other than Subordinated Indebtedness) received after the Closing Date from Persons who are not the Parent Borrower or any Credit Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any Designated Non-Cash Consideration received by the Parent Borrower or such Credit Party in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-Cash Consideration received pursuant to this <u>clause (E)</u> that is at that time outstanding, not to exceed the greater of $325,000,000 or 6.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis at the time of the receipt of such Designated Non-Cash Consideration, with the Fair Market Value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value,

shall be deemed to be cash for purposes of this <u>clause (ii)</u> of this provision and for no other purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no Event of Default under Section 11.1 or Section 11.5 has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After the Parent Borrower's or any Credit Party's receipt of the Net Cash Proceeds of any Asset Sale, the Parent Borrower or the applicable Credit Party may apply such Net Cash Proceeds in any manner not prohibited by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Limitation on Restricted Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent Borrower will not, directly or indirectly (including, for the avoidance of doubt, through any Subsidiary):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) declare or pay any dividend or make any payment or distribution on account of the Parent Borrower's Equity Interests, including any dividend or distribution payable in connection with any merger or consolidation, other than dividends or distributions by the Parent Borrower payable in Equity Interests (other than Disqualified Stock) of the Parent Borrower or in options, warrants or other rights to purchase such Equity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) purchase, redeem, defease or otherwise acquire or retire for value any Equity Interests of the Parent Borrower or any direct or indirect parent company of the Parent Borrower, including in connection with any merger or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) make, or permit any of the other Credit Parties to make, any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value, in each case, prior to any scheduled repayment, sinking fund payment or maturity, any Junior Debt of the Parent Borrower or any Credit Party (such payments "**Restricted Debt Payments**"), other than (A) Indebtedness permitted under <u>clause (c)(ii)</u> of <u>Section 10.1</u> or (B) the purchase, repurchase or other acquisition of Junior Debt purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of purchase, repurchase or acquisition; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) make, or permit any of the other Credit Parties to make, any loans to any direct or indirect parent company of the Parent Borrower;

(all such payments and other actions set forth in <u>clauses (1)</u> through <u>(4)</u> above (other than any exception thereto) being collectively referred to as "**Restricted Payments**"), unless, at the time of such Restricted Payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to any Restricted Payments, the Borrower shall have paid (A) any amount due and payable under <u>Section 5.2(a)</u> and (B) all installments of any Quarterly Prepayment Amount due and payable as of last Business Day of the most recently completed fiscal quarter of the Borrower in accordance with <u>Section 5.2(b</u>), or shall have provided a Sponsor Guaranty satisfying the requirements of <u>Section 5.2(b)</u> in respect of such Quarterly Prepayment Amounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Default or Event of Default described in <u>Section 11.1</u> or <u>11.5</u> shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The foregoing provisions of <u>Section 10.4(a)</u> will not prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date of declaration thereof or the giving of such irrevocable notice, as applicable, if at the date of declaration or the giving of such notice such payment would have complied with the provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (a) the redemption, repurchase, retirement or other acquisition of any Equity Interests ("**Retired Capital Stock**") or Junior Debt of the Parent Borrower, or any Equity Interests of any direct or indirect parent company of the Parent Borrower, in exchange for, or out of the proceeds of the substantially concurrent sale or issuance (other than to a Credit Party) of, Equity Interests of the Parent Borrower or any direct or indirect Parent Entity or management investment vehicle to the extent contributed to the Parent Borrower (in each case, other than any Disqualified Stock) ("**Refunding Capital Stock**") and (b) if immediately prior to the retirement of Retired Capital Stock, the declaration and payment of dividends thereon was permitted under <u>clause (6)</u> of this <u>Section 10.4(b)</u>, the declaration and payment of dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds of which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of any direct or indirect Parent Entity) in an aggregate amount per year no greater than the aggregate amount of dividends per annum that was declarable and payable on such Retired Capital Stock immediately prior to such retirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the prepayment, redemption, defeasance, repurchase or other acquisition or retirement for value of Junior Debt of the Parent Borrower or another Credit Party made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of the Parent Borrower or such Credit Party, as the case may be, which is incurred in compliance with <u>Section 10.1</u> so long as: (A) the principal amount (or accreted value, if applicable) of such new Indebtedness does not exceed the principal amount of (or accreted value, if applicable), plus any accrued and unpaid interest on the Junior Debt being so redeemed, defeased, repurchased, exchanged, acquired or retired for value, plus the amount of any premium (including reasonable tender premiums), defeasance costs and any reasonable fees and expenses incurred in connection with the issuance of such new Indebtedness, (B) if such Junior Debt is subordinated to the Obligations, such new Indebtedness is subordinated to the Obligations or the applicable Guarantee at least to the same extent as such Junior Debt so purchased, exchanged, redeemed, defeased, repurchased, acquired or retired for value, (C) such new Indebtedness has a final scheduled maturity date equal to or later than the final scheduled maturity date of the Junior Debt being so redeemed, defeased, repurchased, exchanged, acquired or retired, (D) if such Junior Debt so purchased, exchanged, redeemed, repurchased, acquired or retired for value is (i) unsecured then such new Indebtedness shall be unsecured or (ii) secured by a Lien ranking junior to the Liens securing the Obligations then such new Indebtedness shall be unsecured or secured by a Lien ranking junior to the Liens securing the Obligations, and (E) such new Indebtedness has a weighted average life to maturity equal to or greater than the remaining weighted average life to maturity of the Junior Debt being so redeemed, defeased, repurchased, exchanged, acquired or retired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a Restricted Payment to pay for the repurchase, retirement or other acquisition or retirement for value of Equity Interests (other than Disqualified Stock) of the Parent Borrower or any direct or indirect Parent Entity or management investment vehicle held by any future, present or former employee, director, manager or consultant of the Parent Borrower, any of its Subsidiaries or any direct or indirect Parent Entity or management investment vehicle, or their estates, descendants, family, spouse or former spouse pursuant to any management equity plan or stock option or phantom equity plan or any other management or employee benefit plan or agreement, or any stock subscription or shareholder agreement (including, for the avoidance of doubt, any principal and interest payable on any notes issued by the Parent Borrower or any direct or indirect Parent Entity or management investment vehicle in connection with such repurchase, retirement or other acquisition), including any Equity Interests rolled over by management of the Parent Borrower or any direct or indirect Parent Entity or management investment vehicle in connection with the Transactions; <u>provided</u> that, except with respect to non-discretionary purchases, the aggregate Restricted Payments made under this <u>clause (4)</u> subsequent to the Closing Date do not exceed in any calendar year the greater of (a) $75,000,000 and (b) 1.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis (which subsequent to the consummation of an IPO shall increase to the greater of (a) $150,000,000 and (b) 2.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis) (with unused amounts in any calendar year being carried over to succeeding calendar years); <u>provided</u>, <u>further</u>, that such amount in any calendar year may be increased by an amount not to exceed: (A) the cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Parent Borrower and, to the extent contributed to the Parent Borrower, the cash proceeds from the sale of Equity Interests of any direct or indirect Parent Entity or management investment vehicle, in each case to any future, present or former employees, directors, managers or consultants of the Parent Borrower, any of its Subsidiaries or any direct or indirect Parent Entity or management investment vehicle that occurs after the Closing Date, to the extent the cash proceeds from the sale of such Equity Interests have not otherwise been applied to the payment of Restricted Payments by virtue of <u>Section 10.4(a)</u>, plus (B) the cash proceeds of key man life insurance policies received by the Parent Borrower and the Credit Parties after the Closing Date, plus (C) the amount of any cash bonuses otherwise payable to employees, officers, directors, managers, consultants or independent contractors of the Parent Borrower or any other Credit Parties or any direct or indirect parent of the Parent Borrower that are foregone in return for the receipt of Equity Interests, less (D) the amount of any Restricted Payments previously made pursuant to <u>clauses (A)</u> and <u>(B)</u> of this <u>clause (4)</u>; and <u>provided</u>, <u>further</u>, that cancellation of Indebtedness owing to the Parent Borrower or any other Credit Party from any future, present or former employees, directors, managers or consultants of the Parent Borrower, any direct or indirect Parent Entity or management investment vehicle or any Credit Party, or their estates, descendants, family, spouse or former spouse in connection with a repurchase of Equity Interests of the Parent Borrower or any direct or indirect Parent Entity or management investment vehicle will not be deemed to constitute a Restricted Payment for purposes of this <u>Section 10.4</u> or any other provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Parent Borrower or any other Credit Party or any class or series of preferred stock of any Credit Party, in each case, issued in accordance with <u>Section 10.1</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) (A) the declaration and payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) issued by the Parent Borrower after the Closing Date; (B) the declaration and payment of dividends to any direct or indirect parent company of the Parent Borrower, the proceeds of which will be used to fund the payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) of such parent company issued after the Closing Date; <u>provided</u> that the amount of dividends paid pursuant to this <u>clause (B)</u> shall not exceed the aggregate amount of cash actually contributed to the Parent Borrower from the sale of such Designated Preferred Stock; or (C) the declaration and payment of dividends on Refunding Capital Stock in excess of the dividends declarable and payable thereon pursuant to <u>clause (2)</u> of this <u>Section 10.4(b)</u>; <u>provided</u> that, in the case of each of (A), (B), and (C) of this <u>clause (6)</u>, for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock or the declaration of such dividends on Refunding Capital Stock, after giving effect to such issuance or declaration on a pro forma basis, the LTV would not exceed 60%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) (i) payments made or expected to be made by the Parent Borrower or any other Credit Party in respect of withholding or similar taxes payable upon exercise of Equity Interests by any future, present or former employee, director, manager, or consultant and repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants and (ii) payments or other adjustments to outstanding Equity Interests in accordance with any management equity plan, stock option plan or any other similar employee benefit plan, agreement or arrangement in connection with any Restricted Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the declaration and payment of dividends on the Parent Borrower's common stock (or the payment of dividends to any direct or indirect parent company of the Parent Borrower to fund a payment of dividends on such company's common stock), following consummation of an IPO, not to exceed the sum (a) of up to 6.00% per annum of the net cash proceeds received by or contributed to the Parent Borrower in or from such IPO, other than public offerings with respect to the Parent Borrower's common stock registered on Form S-8 and other than any public sale constituting an Excluded Contribution and (b) up to 7.00% of the market capitalization of the Parent Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Restricted Payments in an amount that does not exceed the amount of Excluded Contributions made since the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) other Restricted Payments in an aggregate amount taken together with all other Restricted Payments made pursuant to this clause not to exceed the Available Restricted Debt Payments Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) distributions or payments of Securitization Fees, sales, contributions and other payments of Securitization Assets and purchases of Securitization Assets pursuant to a purchase obligation or any Restricted Payments made in respect of any consideration, payment, dividend, distribution or other transfer in connection with a Permitted Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) any Restricted Payment made in connection with the Transactions (including to holders of Equity Interests of the Parent Borrower (immediately prior to giving effect to the Acquisition) in connection with, or as a result of, the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto), in each case, with respect to the Transactions and the fees and expenses related thereto or used to fund amounts owed to Affiliates (including dividends to any direct or indirect parent company of the Parent Borrower to permit payment by such parent of such amount), to the extent permitted by <u>Section 9.9</u> (other than <u>clause (b)</u> thereof), and Restricted Payments in respect of working capital adjustments or purchase price adjustments pursuant to the Acquisition Agreement, any Property Acquisition, any Permitted Acquisition or other Investment and to satisfy indemnity and other similar obligations under the Acquisition Agreement, any Property Acquisition, any Permitted Acquisitions or other Investments and Restricted Payments made to holders of Equity Interests of the Parent Borrower to reimburse such holders for any deposits funded prior to the Closing Date in respect of the Acquisition Agreement or any Property Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) the declaration and payment of dividends to or the making of loans to, (A) any direct or indirect Parent Entity in amounts required for such Parent Entity to pay franchise and excise Taxes, and other fees and expenses, required to maintain its organizational existence and privilege of doing business, (B) the equity holders of a Parent Entity in an aggregate amount necessary for any such equity holder (or its direct or indirect equity holders) to pay U.S. federal, state or local income Tax liabilities (including estimated Taxes) in respect of income, receipts, gain, loss, deduction and credit of any Borrower or a Subsidiary of any Borrower, calculated by assuming that the items of income, gain, loss, deduction and credit of any Borrower or and of any such Subsidiary were the only such items entering into the computation of Tax liability, and applying the highest marginal effective rate of federal, state and local income Tax to which any of the Parent Borrower's direct or indirect owners are subject, but taking into consideration (i) the character and nature of such income (i.e., whether such income is subject to income Tax at capital gains rates, ordinary income rates or any special rates), (ii) any losses previously allocated to each such equity holder from and after the date hereof that are available to reduce such income Tax liability, and (iii) deductions arising from Tax basis adjustments under Section 734 of the Code or Section 743 of the Code and the Treasury Regulations thereunder, (C) without duplication of the forgoing clauses (A) and (B) of this sub-clause (13), a Parent Entity if such Parent Entity is a REIT and the Borrower's or any Subsidiary's income is includable in the income of such Parent Entity for U.S. federal income tax purposes, in an amount not to exceed the minimum amount reasonably estimated to be required for such Parent Entity to (x) continue to maintain its status as a REIT and (y) avoid any entity-level income or excise tax, including tax under Section 4981 of the Code, assuming that such Parent Entity has no income other than the income of the Parent Borrower or such Subsidiaries (provided, however, there shall not be any implied requirement that the Parent Borrower, any Subsidiary or such Parent Entity utilize the dividend deferral options in Section 857(b)(9) or Section 858(a) of the Code), (such distributions collectively in (A), (B), and (C), the "**Permitted Tax Distributions**") (D) customary salary, bonus, and other benefits payable to, and indemnities provided on behalf of, officers, employees, directors, and managers of any direct or indirect parent company of the Parent Borrower to the extent such salaries, bonuses, and other benefits are attributable to the ownership or operation of the Parent Borrower and its Subsidiaries, including the Parent Borrower's proportionate share of such amount relating to such Parent Entity being a public company, (E) general corporate or other operating (including, without limitation, expenses related to auditing or other accounting matters) and overhead costs and expenses of any direct or indirect Parent Entity to the extent such costs and expenses are attributable to the ownership or operation of the Parent Borrower and its Subsidiaries, including the Parent Borrower's proportionate share of such amount relating to such Parent Entity being a public company, (F) amounts required for any direct or indirect Parent Entity to pay fees and expenses incurred by any direct or indirect Parent Entity related to (i) the maintenance by such parent entity of its corporate or other entity existence and (ii) transactions of such Parent Entity in connection with any acquisition, Investment, recapitalization, Asset Sale, issuance or repayment of Indebtedness, issuance of Equity Interests, refinancing transaction or amendment or modification of any debt instrument (in each case, including any such transaction consummated prior to the Closing Date and any such transaction undertaken but not completed), (G) cash payments in lieu of issuing fractional shares in connection with the exercise of warrants, options or other securities convertible into or exchangeable for Equity Interests of the Parent Borrower or any such direct or indirect Parent Entity, (H) repurchases deemed to occur upon the cashless exercise of stock options and (I) amounts related to the financing of any Investment (provided that such Parent Entity shall, immediately following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests) to be contributed to the Parent Borrower or its Subsidiaries or (2) the merger (to the extent permitted in <u>Section 10.2</u>) of the Person formed or acquired into the Parent Borrower or its Subsidiaries in order consummate such acquisition or Investment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) (i) the repurchase, redemption or other acquisition for value of Equity Interests of the Parent Borrower deemed to occur in connection with paying cash in lieu of fractional shares of such Equity Interests in connection with a share dividend, distribution, share split, reverse share split, merger, consolidation, amalgamation or other business combination of the Parent Borrower, in each case, permitted under this Agreement and (ii) the honoring of any conversion request of a holder of convertible Indebtedness and the making of cash payments in lieu of fractional shares in connection with any such conversion and the making of payments on convertible Indebtedness in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) the prepayment, redemption, defeasance, repurchase or other acquisition or retirement for value of Junior Debt in an aggregate amount pursuant to this <u>clause (15)</u> not to exceed the sum of (a) the greater of (x) $175,000,000 and (y) 3.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis at the time of such prepayment, redemption, defeasance, repurchase, acquisition or retirement and (b) the Available Restricted Payments Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) undertaking or consummating any IPO Reorganization Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) payments or distributions to satisfy dissenters' rights, pursuant to or in connection with a consolidation, amalgamation, merger or transfer of assets that complies with <u>Section 10.2</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) any Restricted Payment made in connection with the Transactions and the fees and expenses related thereto or used to fund amounts owed to Affiliates (including dividends to any direct or indirect parent company of the Parent Borrower to permit payment by such parent of such amount), to the extent permitted by <u>Section 9.9</u> (other than <u>clause (b)</u> thereof) and the redemption of any Equity Interests of DCCO Tukwila Domestic REIT, LLC within five (5) Business Days of the Closing Date.

For purposes of determining compliance with this covenant, in the event that a proposed Restricted Payment meets the criteria of any of <u>clauses (1)</u> through <u>(18)</u> above and/or is entitled to be made pursuant to <u>Section 10.4(a)</u>, the Parent Borrower will be entitled to classify or later reclassify (based on circumstances existing on the date of such reclassification) such Restricted Payment (or portion thereof) among such <u>clauses (1)</u> through <u>(18)</u> and/or <u>Section 10.4(a)</u> in a manner that otherwise complies with this covenant.

Section 11. <u>Events of Default</u>.

Upon the occurrence of any of the following specified events (each an "**Event of Defaul**t"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Payments</u>. Any Borrower shall (a) default in the payment when due of any principal of the Loans or (b) default, and such default shall continue for five or more Business Days, in the payment when due of any interest on the Loans or any Fees or any Unpaid Drawings or of any other amounts owing hereunder or under any other Credit Document; <u>provided</u> that any default in the payment of any Quarterly Prepayment Amount owing pursuant to <u>Section 5.2(b)</u> when and as the same shall become due shall constitute an Event of Default only if (x) such default shall continue unremedied for a period of one full fiscal quarter following such amount becoming due hereunder or (y) a Sponsor Guaranty of such defaulted Quarterly Prepayment Amount shall have not been otherwise provided during such fiscal quarter period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Representations, Etc</u>. Any representation, warranty or statement made or deemed made by any Credit Party herein or in any other Credit Document or any certificate delivered or required to be delivered pursuant hereto or thereto (except those in the Credit Documents that are made or deemed made on the Closing Date that are not the Specified Representations) shall prove to be untrue in any material respect on the date as of which made or deemed made, and, to the extent capable of being cured, such incorrect representation or warranty shall remain incorrect for a period of 30 days after written notice thereof from the Administrative Agent to the Parent Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.3 <u>Covenants</u>. Any Credit Party shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) default in the due performance or observance by it of any term, covenant or agreement contained in <u>Section 9.1(e)(i)</u>, <u>Section 9.5</u> (solely with respect to the Parent Borrower) or <u>Section 10</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) default in the due performance or observance by it of any term, covenant or agreement (other than those referred to in <u>Section 11.1</u> or <u>11.2</u> or <u>clause (a)</u> of this <u>Section 11.3</u>) contained in this Agreement or any Security Document and such default shall continue unremedied for a period of at least 30 days after receipt of written notice by the Parent Borrower from the Administrative Agent or the Required Lenders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 <u>Default Under Other Agreements</u>. (a) The Parent Borrower or any of the other Credit Parties shall (i) fail to make any payment with respect to any Indebtedness (other than the Obligations) in excess of the greater of (x) $225,000,000 and (y) 4.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) in the aggregate ("**Material Indebtedness**"), for the Parent Borrower and such Credit Parties, beyond the period of grace and following all required notices, if any, provided in the instrument or agreement under which such Material Indebtedness was created or (ii) default in the observance or performance of any agreement or condition relating to any such Material Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist (after giving effect to all applicable grace periods and delivery of all required notices) (other than, with respect to Indebtedness consisting of any Hedge Agreements, termination events or equivalent events pursuant to the terms of such Hedge Agreements (it being understood that clause (i) shall apply to any failure to make any payment in excess of the greater of (x) $225,000,000 and (y) 4.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) that is required as a result of any such termination or similar event and that is not otherwise being contested in good faith)), the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Material Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, any such Indebtedness to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Material Indebtedness to be made, prior to its stated maturity; <u>provided</u> that this clause (a) shall not apply to secured Indebtedness that becomes due as a result of the sale, transfer or other disposition (including as a result of a casualty or condemnation event) of the property or assets securing such Material Indebtedness (to the extent such sale, transfer or other disposition is not prohibited under this Agreement), or (b) without limiting the provisions of clause (a) above, any such Material Indebtedness shall be declared to be due and payable, or required to be prepaid other than by a regularly scheduled required prepayment or as a mandatory prepayment (and, with respect to Indebtedness consisting of any Hedge Agreements, other than due to a termination event or equivalent event pursuant to the terms of such Hedge Agreements (it being understood that clause (a)(i) above shall apply to any failure to make any payment in excess of the greater of (x) $225,000,000 and (y) 4.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) that is required as a result of any such termination or equivalent event and that is not otherwise being contested in good faith)), prior to the stated maturity thereof; <u>provided</u> that this clause (b) shall not apply to (x) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness, (y) Indebtedness which is convertible into Qualified Stock and converts to Qualified Stock in accordance with its terms and such conversion is not prohibited hereunder, or (z) any breach or default that is (I) remedied by the Parent Borrower or the applicable Credit Party or (II) waived (including in the form of amendment) by the required holders of the applicable item of Indebtedness, in either case, prior to the acceleration of Loans pursuant to this <u>Section 11</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 <u>Bankruptcy, Etc</u>. Except as otherwise permitted by <u>Section 10.2</u>, the Parent Borrower or any Significant Subsidiary shall commence a voluntary case, proceeding or action concerning itself under Title 11 of the United States Code entitled "Bankruptcy" as now or hereafter in effect, or any successor thereto (collectively, the "**Bankruptcy Code**"); or an involuntary case, proceeding or action is commenced against the Parent Borrower or any Significant Subsidiary and the petition is not controverted within 60 days after commencement of the case, proceeding or action; or an involuntary case, proceeding or action is commenced against the Parent Borrower or any Significant Subsidiary and the petition is not dismissed within 60 days after commencement of the case, proceeding or action; or a custodian (as defined in the Bankruptcy Code), judicial manager, compulsory manager, receiver, receiver manager, trustee, liquidator, administrator, administrative receiver or similar Person is appointed for, or takes charge of, all or substantially all of the property of the Parent Borrower or any Significant Subsidiary; or the Parent Borrower or any Significant Subsidiary commences any other voluntary proceeding or action under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, winding-up, administration or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to the Parent Borrower or any Significant Subsidiary; or there is commenced against the Parent Borrower or any Significant Subsidiary any such proceeding or action that remains undismissed for a period of 60 days; or the Parent Borrower or any Significant Subsidiary is adjudicated bankrupt; or any order of relief or other order approving any such case or proceeding or action is entered; or the Parent Borrower or any Significant Subsidiary suffers any appointment of any custodian receiver, receiver manager, trustee, administrator or the like for it or any substantial part of its property to continue undischarged or unstayed for a period of 60 days; or the Parent Borrower or any Significant Subsidiary makes a general assignment for the benefit of creditors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 <u>ERISA</u>. An ERISA Event or a Foreign Plan Event shall have occurred with respect to a Pension Plan, a Multiemployer Plan or a Foreign Plan and such event or condition, together with all other such events or conditions, if any, would reasonably be expected to result in a Material Adverse Effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 <u>Guarantee</u>. Other than as expressly permitted hereunder, any Guarantee provided by any Credit Party or any material provision thereof shall cease to be in full force or effect (other than pursuant to the terms hereof and thereof) or any such Guarantor thereunder or any other Credit Party shall deny or disaffirm in writing any such Guarantor's obligations under the Guarantee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 <u>Security Documents</u>. Other than as expressly permitted hereunder, the Pledge Agreement or any other Security Document pursuant to which the assets of the Parent Borrower or any other Credit Party are pledged as Collateral or any material provision thereof shall cease to be in full force or effect (other than pursuant to the terms hereof or thereof, solely as a result of acts or omissions of the Collateral Agent or any Lender in respect of certificates, promissory notes or instruments actually delivered to it (including as a result of the Collateral Agent's failure to file a Uniform Commercial Code continuation statement or failure to maintain possession of any Capital Stock or Stock Equivalents that have been previously delivered to it)) or any grantor thereunder or any Credit Party shall deny or disaffirm in writing any grantor's obligations under the Pledge Agreement or any other Security Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 <u>Judgments</u>. One or more final judgments or decrees shall be entered against the Parent Borrower or any of the other Credit Parties involving a liability in excess of the greater of (x) $225,000,000 and (y) 4.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) in the aggregate for all such judgments and decrees for the Parent Borrower and the other Credit Parties (to the extent not covered by insurance or indemnities as to which the applicable insurance company or third party has not denied coverage) and any such judgments or decrees shall not have been satisfied, vacated, discharged or stayed or bonded pending appeal within 60 days after the entry thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.10 <u>Change of Control</u>. A Change of Control shall occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 <u>Remedies Upon Event of Default</u>. If an Event of Default occurs and is continuing (other than in the case of an Event of Default under <u>Section 11.1</u> (with respect to expenses), <u>Section 11.2</u>, <u>Section 11.3</u>, <u>Section 11.4</u>, <u>Section 11.6</u>, <u>Section 11.9</u> and <u>Section 11.10</u>, following the date that is two years after the first public notice or notice of the Administrative Agent and Lenders of such event), the Administrative Agent shall, upon the written request of the Required Lenders, by written notice to the Parent Borrower, without prejudice to the rights of the Administrative Agent or any Lender to enforce its claims against the Parent Borrower except as otherwise specifically provided for in this Agreement: (a) declare the Total Revolving Credit Commitment terminated, whereupon the Revolving Credit Commitment, if any, of each Lender shall forthwith terminate immediately and any Fees theretofore accrued shall forthwith become due and payable without any other notice of any kind, (b) declare the principal of and any accrued interest and fees in respect of all Loans and all Obligations to be, whereupon the same shall become, forthwith due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower to the extent permitted by applicable law; (c) terminate any Letter of Credit that may be terminated in accordance with its terms; and/or (d) direct the applicable Borrower to pay (and each Borrower agrees that upon receipt of such notice, or upon the occurrence of an Event of Default specified in <u>Section 11.5</u> with respect to such Borrower, it will pay) to the Administrative Agent at the Administrative Agent's Office such additional amounts of cash, to be held as security for the Borrower's respective Reimbursement Obligations for Unpaid Drawings that may subsequently occur thereunder, equal to the aggregate Stated Amount of all Letters of Credit issued and then outstanding; <u>provided</u> that, if an Event of Default specified in <u>Section 11 .5</u> shall occur with respect to the Parent Borrower, the result that would occur upon the giving of written notice by the Administrative Agent shall occur automatically without the giving of any such notice. Notwithstanding anything contained herein to the contrary, any time period in this Agreement to cure any actual or alleged default or Event of Default may be extended by a court of competent jurisdiction to the extent such actual or alleged default or Event of Default is the subject of litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 <u>Application of Proceeds</u>. Subject to the terms of any First Lien Intercreditor Agreement and any Second Lien Intercreditor Agreement then in effect, any amount received by the Administrative Agent or the Collateral Agent from any Credit Party (or from proceeds of any Collateral) following any acceleration of the Obligations under this Agreement or any Event of Default with respect to the Parent Borrower under <u>Section 11.4</u> shall be applied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *first*, to the payment of all reasonable and documented costs and expenses incurred by the Administrative Agent or the Collateral Agent in connection with any collection or sale of the Collateral or otherwise in connection with any Credit Document, including all court costs and the reasonable fees and expenses of its agents and legal counsel, the repayment of all advances made by the Administrative Agent or the Collateral Agent hereunder or under any other Credit Document on behalf of any Credit Party and any other reasonable and documented costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Credit Document to the extent reimbursable hereunder or thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *second*, to the Secured Parties, an amount (x) equal to all Obligations owing to them on the date of any distribution and (y) sufficient to Cash Collateralize all Letters of Credit Outstanding on the date of any distribution, and, if such moneys shall be insufficient to pay such amounts in full and Cash Collateralize all Letters of Credit Outstanding, then ratably (without priority of any one over any other) to such Secured Parties in proportion to the unpaid amounts thereof and to Cash Collateralize the Letters of Credit Outstanding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *third*, any surplus then remaining shall be paid to the applicable Credit Parties or their successors or assigns or to whomsoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct;

<u>provided</u> that any amount applied to Cash Collateralize any Letters of Credit Outstanding that has not been applied to reimburse the Borrower for Unpaid Drawings under the applicable Letters of Credit at the time of expiration with no pending drawings of all such Letters of Credit shall be applied by the Administrative Agent in the order specified in <u>clauses (i)</u> through <u>(iii)</u> above. Notwithstanding the foregoing, amounts received from any Guarantor that is not an "eligible contract participant" (as defined in the Commodity Exchange Act) shall not be applied to its Obligations that are Excluded Swap Obligations.

Section 12. <u>The Agents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <u>Appointment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Agreement and the other Credit Documents and irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Credit Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the other Credit Documents, together with such other powers as are reasonably incidental thereto. The provisions of this <u>Section 12</u> (other than <u>Section 12.1(c)</u> with respect to the Joint Lead Arrangers and <u>Sections 12.1</u>, <u>12.9</u>, <u>12.11</u> and <u>12.12</u> with respect to the Parent Borrower) are solely for the benefit of the Agents and the Lenders, and none of the Parent Borrower or any other Credit Party shall have rights as third party beneficiary of any such provision. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Credit Document or otherwise exist against the Administrative Agent. In performing its functions and duties hereunder, each Agent shall act solely as an agent of Lenders and does not assume and shall not be deemed to have assumed any obligation towards or relationship of agency or trust with or for the Parent Borrower or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent, each Lender and the Letter of Credit Issuers hereby irrevocably designate and appoint the Collateral Agent as the agent with respect to the Collateral, and each of the Administrative Agent, each Lender and the Letter of Credit Issuers irrevocably authorizes the Collateral Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Credit Documents and to exercise such powers and perform such duties as are expressly delegated to the Collateral Agent by the terms of this Agreement and the other Credit Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Collateral Agent shall not have any duties or responsibilities except those expressly set forth herein, or any fiduciary relationship with any of the Administrative Agent, the Lenders or the Letter of Credit Issuers, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Credit Document or otherwise exist against the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the Joint Lead Arrangers, each in its capacity as such, shall not have any obligations, duties or responsibilities under this Agreement but shall be entitled to all benefits of this <u>Section 12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <u>Delegation of Duties</u>. The Administrative Agent and the Collateral Agent may each execute any of its duties under this Agreement and the other Credit Documents by or through agents, sub-agents, employees or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Neither the Administrative Agent nor the Collateral Agent shall be responsible for the negligence or misconduct of any agents, subagents or attorneys-in-fact selected by it in the absence of its gross negligence or willful misconduct (as determined in the final non-appealable judgment of a court of competent jurisdiction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <u>Exculpatory Provisions</u>. No Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates shall be (a) liable for any action lawfully taken or omitted to be taken by any of them under or in connection with this Agreement or any other Credit Document (except for its or such Person's own gross negligence or willful misconduct, as determined in the final non-appealable judgment of a court of competent jurisdiction, in connection with its duties expressly set forth herein) or (b) responsible in any manner to any of the Lenders or any participant for any recitals, statements, representations or warranties made by any Credit Party or any officer thereof contained in this Agreement or any other Credit Document or in any certificate, report, statement or other document referred to or provided for in, or received by such Agent under or in connection with, this Agreement or any other Credit Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Credit Document, or the creation, perfection or priority of any Lien or security interest created or purported to be created under the Security Documents, or for any failure of any Credit Party to perform its obligations hereunder or thereunder. No Agent shall be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Credit Document, or to inspect the properties, books or records of any Credit Party or any Affiliate thereof. The Collateral Agent shall not be under any obligation to the Administrative Agent or any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Credit Document, or to inspect the properties, books or records of any Credit Party. Without limiting the generality of the foregoing, (a) no Agent shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that such Agent is instructed in writing to exercise by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in <u>Section 13.1</u>), <u>provided</u> that no Agent shall be required to take any action that, in its opinion or the opinion of its counsel, may expose such Agent to liability or that is contrary to any Credit Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any debtor relief law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any debtor relief law and (b) except as expressly set forth in the Credit Documents, no Agent shall have any duty to disclose, nor shall it be liable for the failure to disclose, any information relating to the Parent Borrower or any of the Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent and/or Collateral Agent or any of its Affiliates in any capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 <u>Reliance by Agents</u>. The Administrative Agent and the Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or instruction believed by it (in good faith) to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Parent Borrower), independent accountants and other experts selected by the Administrative Agent or the Collateral Agent. The Administrative Agent may deem and treat the Lender specified in the Register with respect to any amount owing hereunder as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The Administrative Agent and the Collateral Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Credit Document unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent and the Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Credit Documents in accordance with a request of the Required Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans; provided that the Administrative Agent and the Collateral Agent shall not be required to take any action that, in its opinion or in the opinion of its counsel, may expose it to liability or that is contrary to any Credit Document or applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 <u>Notice of Default</u>. Neither the Administrative Agent nor the Collateral Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the Administrative Agent or the Collateral Agent has received written notice from a Lender or the Parent Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a "notice of default." In the event that the Administrative Agent receives such a notice, it shall give notice thereof to the Lenders and the Collateral Agent. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders; provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders except to the extent that this Agreement requires that such action be taken only with the approval of the Required Lenders or each of the Lenders, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 <u>Non-Reliance on Administrative Agent, Collateral Agent, and Other Lenders</u>. Each Lender expressly acknowledges that neither the Administrative Agent nor the Collateral Agent nor any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any representations or warranties to it and that no act by the Administrative Agent or the Collateral Agent hereinafter taken, including any review of the affairs of any Credit Party, shall be deemed to constitute any representation or warranty by the Administrative Agent or the Collateral Agent to any Lender, or the Letter of Credit Issuers. Each Lender and each Letter of Credit Issuer represents to the Administrative Agent and the Collateral Agent that it has, independently and without reliance upon the Administrative Agent, the Collateral Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Parent Borrower and each other Credit Party and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon the Administrative Agent, the Collateral Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Credit Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Parent Borrower and any other Credit Party. Except for notices, reports, and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, neither the Administrative Agent nor the Collateral Agent shall have any duty or responsibility to provide any Lender with any credit or other information concerning the business, assets, operations, properties, financial condition, prospects or creditworthiness of the Parent Borrower or any other Credit Party that may come into the possession of the Administrative Agent or the Collateral Agent any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 <u>Indemnification</u>. The Lenders agree to severally indemnify each Agent in its capacity as such (to the extent not reimbursed by the Credit Parties and without limiting the obligation of the Credit Parties to do so), ratably according to their respective portions of the Total Credit Exposure in effect on the date on which indemnification is sought (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with their respective portions of the Total Credit Exposure in effect immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, or disbursements of any kind whatsoever that may at any time (including at any time following the payment of the Loans) be imposed on, incurred by or asserted against an Agent in any way relating to or arising out of the Commitments, this Agreement, any of the other Credit Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent or the Collateral Agent under or in connection with any of the foregoing; provided that no Lender shall be liable to an Agent for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Agent's gross negligence or willful misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction; provided, further, that no action taken by the Administrative Agent in accordance with the directions of the Required Lenders (or such other number or percentage of the Lenders as shall be required by the Credit Documents) shall be deemed to constitute gross negligence or willful misconduct for purposes of this <u>Section 12.7</u>. In the case of any investigation, litigation or proceeding giving rise to any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time occur (including at any time following the payment of the Loans), this <u>Section 12.7</u> applies whether any such investigation, litigation or proceeding is brought by any Lender or any other Person. Without limitation of the foregoing, each Lender shall reimburse each Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including attorneys' fees) incurred by such Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice rendered in respect of rights or responsibilities under, this Agreement, any other Credit Document, or any document contemplated by or referred to herein, to the extent that such Agent is not reimbursed for such expenses by or on behalf of the Borrower; <u>provided</u> that such reimbursement by the Lenders shall not affect the Borrower's continuing reimbursement obligations with respect thereto. If any indemnity furnished to any Agent for any purpose shall, in the opinion of such Agent, be insufficient or become impaired, such Agent may call for additional indemnity and cease, or not commence, to do the acts indemnified against until such additional indemnity is furnished; provided, in no event shall this sentence require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement in excess of such Lender's pro rata portion thereof; and provided, further, this sentence shall not be deemed to require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement resulting from such Agent's gross negligence or willful misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction. The agreements in this <u>Section 12.7</u> shall survive the payment of the Loans and all other amounts payable hereunder. The indemnity provided to each Agent under this <u>Section 12.7</u> shall also apply to such Agent's respective Affiliates, directors, officers, members, controlling persons, employees, trustees, investment advisors and agents and successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 <u>Agents in Their Individual Capacities</u>. The agency hereby created shall in no way impair or affect any of the rights and powers of, or impose any duties or obligations upon, any Agent in its individual capacity as a Lender hereunder. Each Agent and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with any Credit Party as though such Agent were not an Agent hereunder and under the other Credit Documents. With respect to the Loans made by it, each Agent shall have the same rights and powers under this Agreement and the other Credit Documents as any Lender and may exercise the same as though it were not an Agent, and the terms Lender and Lenders shall include each Agent in its individual capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.9 <u>Successor Agents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Administrative Agent and the Collateral Agent may at any time give notice of its resignation to the Lenders, the Letter of Credit Issuers and the Parent Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, subject to the consent of the Parent Borrower (not to be unreasonably withheld or delayed) so long as no Event of Default under <u>Sections 11.1</u> or <u>11.5</u> is continuing, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States (other than any Disqualified Lender). If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation (the "**Resignation Effective Date**"), then the retiring Agent may on behalf of the Lenders, appoint a successor Agent meeting the qualifications set forth above (including receipt of the Parent Borrower's consent); <u>provided</u> that if the Administrative Agent or the Collateral Agent shall notify the Parent Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Person serving as the Administrative Agent is a Defaulting Lender pursuant to <u>clause (v)</u> of the definition of Lender Default, the Required Lenders may to the extent permitted by applicable law, subject to the consent of the Parent Borrower (not to be unreasonably withheld or delayed), by notice in writing to the Parent Borrower and such Person remove such Person as the Administrative Agent and, in consultation with the consent of the Parent Borrower, appoint a successor. If no such successor shall have been so appointed by the Required Lenders (with the consent of the Parent Borrower as required above) and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders and the Parent Borrower) (the "**Removal Effective Date**"), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With effect from the Resignation Effective Date or the Removal Effective Date (as applicable), (1) the retiring or removed agent shall be discharged from its duties and obligations hereunder and under the other Credit Documents (except that in the case of any collateral security held by the Collateral Agent on behalf of the Lenders or the Letter of Credit Issuers under any of the Credit Documents, the retiring or removed Collateral Agent shall continue to hold such collateral security as nominee until such time as a successor Collateral Agent is appointed) and (2) all payments, communications and determinations provided to be made by, to or through the retiring or removed Administrative Agent shall instead be made by or to each Lender and each Letter of Credit Issuer directly, until such time as the Required Lenders appoint a successor Agent as provided for above in this paragraph (and otherwise subject to the terms above). Upon the acceptance of a successor's appointment as the Administrative Agent or the Collateral Agent, as the case may be, hereunder, and upon the execution and filing or recording of such financing statements, or amendments thereto, and such other instruments or notices, as may be necessary or desirable, or as the Required Lenders may request, in order to continue the perfection of the Liens granted or purported to be granted by the Security Documents, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) or removed Agent, and the retiring or removed Agent shall be discharged from all of its duties and obligations hereunder or under the other Credit Documents (if not already discharged therefrom as provided above in this <u>Section 12.9</u>). Except as provided above, any resignation or removal of Wells Fargo Bank, National Association as the Administrative Agent pursuant to this <u>Section 12.9</u> shall also constitute the resignation or removal of Wells Fargo Bank, National Association as the Collateral Agent. The fees payable by the Parent Borrower (following the effectiveness of such appointment) to such Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Parent Borrower and such successor. After the retiring or removed Agent's resignation or removal hereunder and under the other Credit Documents, the provisions of this <u>Section 12</u> (including <u>Section 12.7</u>) and <u>Section 13.5</u> shall continue in effect for the benefit of such retiring or removed Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Agent was acting as an Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any resignation by or removal of Wells Fargo Bank, National Association as the Administrative Agent pursuant to this <u>Section 12.9</u> shall also constitute its resignation or removal as a Letter of Credit Issuer; <u>provided</u> that, for the avoidance of doubt, it shall retain all the rights, powers, privileges and duties of the Letter of Credit Issuers hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as Letter of Credit Issuer and all L/C Obligations with respect thereto (including the right to require L/C Participants to make Revolving Credit Loans pro rata based on their Revolving Credit Commitment Percentages of the applicable Unpaid Drawing pursuant to <u>Section 3.4(a)</u>). Upon the acceptance of a successor's appointment as the Administrative Agent hereunder, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Letter of Credit Issuer, (b) the retiring Letter of Credit Issuer shall be discharged from all of their respective duties and obligations hereunder or under the other Credit Documents, and (c) the successor Letter of Credit Issuer shall issue letters of credit in substitution for the Letters of Credit issued by such Affiliate of the Administrative Agent or the Administrative Agent, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring Letter of Credit Issuer to effectively assume the obligations of the retiring Letter of Credit Issuer with respect to such Letters of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 <u>Withholding Tax</u>. To the extent required by any applicable law, the Administrative Agent may withhold from any payment to any Lender under any Credit Document an amount equivalent to any applicable withholding Tax. If the Internal Revenue Service or any authority of the United States or other jurisdiction asserts a claim that the Administrative Agent did not properly withhold Tax from amounts paid to or for the account of any Lender for any reason (including because the appropriate form was not delivered, was not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstances that rendered the exemption from, or reduction of, withholding Tax ineffective) or if the Administrative Agent reasonably determines that a payment was made to a Lender pursuant to this Agreement without deduction of applicable withholding Tax from such payment, such Lender shall indemnify the Administrative Agent (to the extent that the Administrative Agent has not already been reimbursed by any applicable Credit Party and without limiting the obligation of any applicable Credit Party to do so), fully for all amounts paid, directly or indirectly, by the Administrative Agent as Tax or otherwise, including penalties, additions to Tax and interest, together with all reasonable expenses incurred, whether or not such Taxes were correctly or legally imposed or asserted. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement, any other Credit Document or otherwise against any amount due to the Administrative Agent under this <u>Section 12.10</u>. The agreements in <u>Section 12.10</u> shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations. For the avoidance of doubt, for purposes of this <u>Section 12.10</u>, the term "Lender" includes the Letter of Credit Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 <u>Agents Under Security Documents and Guarantee</u>. Each Secured Party hereby further authorizes the Administrative Agent or the Collateral Agent, as applicable, on behalf of and for the benefit of the Secured Parties, to be the agent for and representative of the Secured Parties with respect to the Collateral and the Security Documents. Subject to <u>Section 13.1</u>, without further written consent or authorization from any Secured Party, the Administrative Agent or the Collateral Agent, as applicable, may execute any documents or instruments necessary to (a) release any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent (or any sub-agent thereof) under any Credit Document (i) upon the termination of all Commitments and Letters of Credit (other than Letters of Credit that were Cash Collateralized) and the payment in full of all Obligations (except for contingent indemnification obligations in respect of which a claim has not yet been made, Secured Hedge Obligations and Secured Cash Management Obligations and Obligations under Letters of Credit that have been Cash Collateralized), (ii) that is sold or to be sold or transferred as part of or in connection with any sale or other transfer permitted hereunder (including, for the avoidance of doubt, any sale or transfer of Securitization Assets or other sale or transfer conducted in connection with any Permitted Securitization Financing) or under any other Credit Document to a Person that is not a Credit Party, (iii) if the property subject to such Lien is owned by a Guarantor, upon the release of such Guarantor from its Guarantee otherwise in accordance with the Credit Documents (including in connection with any Permitted Securitization Financing), (iv) as to the extent provided in the Security Documents, (v) that constitutes Excluded Property or Excluded Stock and Stock Equivalents or (vi) if approved, authorized or ratified in writing in accordance with <u>Section 13.1</u>; (b) release any Guarantor from its obligations under the Guarantee if such Person becomes an Excluded Subsidiary; (c) subordinate any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent under any Credit Document to the holder of any Lien permitted under clauses (vi) (solely with respect to <u>Section 10.1(d)</u>), (vii) and (viii) of the definition of Permitted Lien; and (d) enter into subordination or intercreditor agreements with respect to Indebtedness to the extent the Administrative Agent or the Collateral Agent is otherwise contemplated herein as being a party to such intercreditor or subordination agreement, including any First Lien Intercreditor Agreement and any Second Lien Intercreditor Agreement.

The Collateral Agent shall have its own independent right to demand payment of the amounts payable by the Parent Borrower under this <u>Section 12.11</u>, irrespective of any discharge of the Parent Borrower's obligations to pay those amounts to the other Lenders resulting from failure by them to take appropriate steps in insolvency proceedings affecting the Parent Borrower to preserve their entitlement to be paid those amounts.

Any amount due and payable by the Parent Borrower to the Collateral Agent under this <u>Section 12.11</u> shall be decreased to the extent that the other Lenders have received (and are able to retain) payment in full of the corresponding amount under the other provisions of the Credit Documents and any amount due and payable by the Parent Borrower to the Collateral Agent under those provisions shall be decreased to the extent that the Collateral Agent has received (and is able to retain) payment in full of the corresponding amount under this <u>Section 12.11</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 <u>Right to Realize on Collateral and Enforce Guarantee</u>. Anything contained in any of the Credit Documents to the contrary notwithstanding, the Parent Borrower, the Agents, and each Secured Party hereby agree that (i) no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce the Guarantee, it being understood and agreed that all powers, rights, and remedies hereunder may be exercised solely by the Administrative Agent, on behalf of the Secured Parties in accordance with the terms hereof and all powers, rights, and remedies under the Security Documents may be exercised solely by the Collateral Agent, and (ii) in the event of a foreclosure by the Collateral Agent on any of the Collateral pursuant to a public or private sale or other disposition, the Collateral Agent or any Lender may be the purchaser or licensor of any or all of such Collateral at any such sale or other disposition and the Collateral Agent, as agent for and representative of the Secured Parties (but not any Lender or Lenders in its or their respective individual capacities unless Required Lenders shall otherwise agree in writing) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Obligations as a credit on account of the purchase price for any collateral payable by the Collateral Agent at such sale or other disposition. No holder of Secured Hedge Obligations or Secured Cash Management Obligations shall have any rights in connection with the management or release of any Collateral or of the obligations of any Credit Party under this Agreement. No holder of Secured Hedge Obligations or Secured Cash Management Obligations that obtains the benefits of any Guarantee or any Collateral by virtue of the provisions hereof or of any other Credit Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Credit Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its (or its Affiliate's) capacity as a Lender or Agent and, in such case, only to the extent expressly provided in the Credit Documents. Notwithstanding any other provision of this Agreement to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Obligations arising under Secured Hedge Agreements and Secured Cash Management Agreements, unless the Administrative Agent has received written notice of such Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable counterparty to such Secured Hedge Obligations and Secured Cash Management Obligations, as the case may be. Notwithstanding the foregoing, each Lender expressly and irrevocably waives any right to take or institute any actions or proceedings, judicial or otherwise, for any right or remedy or assert any other cause of action against any Credit Party (including the exercise of any right of set-off, rights on account of any banker's lien or similar claim or other rights of self-help), or institute any actions or proceedings or any other cause of action, or otherwise commence any remedial procedures, in each case in its capacity as a Lender, against the Parent Borrower and/or any of their respective Subsidiaries with respect to any Collateral, unless (x) such action is taken, to the extent permitted under the Credit Documents and at the direction of, if applicable, the Required Lenders, Required Revolving Credit Lenders or a Letter of Credit Issuer or (y) taken with the prior written consent of the Required Lenders or, at the direction of the Required Lenders and the Administrative Agent and/or the Collateral Agent, as applicable, in each case, which shall not be withheld in contravention of this <u>Section 12</u>; <u>provided</u>, that, for the avoidance of doubt, this provision may be enforced against any Lender by the Required Lenders, the Agents or the Borrower (or any of their Affiliates) and each Lender and the Agents expressly acknowledge that this provision shall be available as a defense of the Borrower (or any of their Affiliates) in any action, proceeding, cause of action or remedial procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13 <u>Intercreditor Agreements Govern</u>. The Administrative Agent, the Collateral Agent, and each Lender (a) hereby agrees that it will be bound by and will take no actions contrary to the provisions of any intercreditor agreement entered into pursuant to the terms hereof and (b) hereby authorizes and instructs the Administrative Agent and the Collateral Agent to enter into each intercreditor agreement (including any First Lien Intercreditor Agreement or Second Lien Intercreditor Agreement) entered into pursuant to the terms hereof and to subject the Liens securing the Obligations to the provisions thereof. In the event of any conflict or inconsistency between the provisions of each such intercreditor agreement (including any First Lien Intercreditor Agreement or Second Lien Intercreditor Agreement) and this Agreement, the provisions of such intercreditor agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14 <u>Acknowledgements of Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, an "**Erroneous Payment**") were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Erroneous Payment (or a portion thereof) (*provided*, that, without limiting any other rights or remedies (whether at law or in equity), the Administrative Agent may not make any such demand under this clause (a) with respect to an Erroneous Payment unless such demand is made within five Business Days of the date of receipt of such Erroneous Payment by the applicable Lender), such Lender shall promptly, but in no event later than two Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the Overnight Rate from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments received, including without limitation any defense based on "discharge for value" or any similar doctrine. A notice of the Administrative Agent to any Lender under this <u>Section 12.14</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender hereby further agrees that if it receives an Erroneous Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Erroneous Payment (a "**Payment Notice**") or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Erroneous Payment. Each Lender agrees that, in each such case, or if it otherwise becomes aware an Erroneous Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than two Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the Overnight Rate from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in accordance with immediately preceding <u>clauses (a)</u> and <u>(b)</u>, from any Lender that has received such Erroneous Payment (or portion thereof) (or from any payment recipient who received such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an "**Erroneous Payment Return Deficiency**"), upon the Administrative Agent's request to such Lender at any time, (i) such Lender shall be deemed to have assigned its Loans (but not its Commitments) of the relevant Class with respect to which such Erroneous Payment was made (the "**Erroneous Payment Impacted Class**") in an amount equal to the Erroneous Payment Return Deficiency (such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Class, the "**Erroneous Payment Deficiency Assignment**") at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance), and is hereby (together with the Borrower) deemed to execute and deliver an Assignment and Acceptance (or, to the extent applicable, an agreement incorporating an Assignment and Acceptance by reference pursuant to an electronic platform approved by the Administrative Agent as to which the Administrative Agent and such parties are participants) with respect to such Erroneous Payment Deficiency Assignment, and such Lender shall deliver any promissory notes issued under <u>Section 2.5(f)</u> evidencing such Loans to the Borrower or the Administrative Agent, (ii) the Administrative Agent as the assignee Lender shall be deemed to acquire the Erroneous Payment Deficiency Assignment and (iii) upon such deemed acquisition, the Administrative Agent as the assignee Lender shall become a Lender, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender shall cease to be a Lender hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender. For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender and such Commitments shall remain available in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The parties hereto agree that an Erroneous Payment shall not, in and of itself, be deemed to pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Credit Party, except, in each case, to the extent such erroneous Payment is, and solely with respect to the amount of such erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Credit Party for the purpose of paying, prepaying, repaying, discharging or otherwise satisfying any Obligations owed by the Borrower or any other Credit Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything to the contrary herein or in any other Credit Document, this <u>Section 12.14</u> will not create any additional Obligations of the Credit Parties' under the Credit Documents or otherwise increase or alter such Obligations (other than having consented to the assignment referenced in <u>Section 12.14(c)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each party's obligations under this <u>Section 12.14</u> shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Credit Document.

Section 13. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 <u>Amendments, Waivers, and Releases</u>. Except as otherwise expressly set forth in the Credit Documents, neither this Agreement nor any other Credit Document, nor any terms hereof or thereof, may be amended, supplemented or modified except in accordance with the provisions of this <u>Section 13.1</u>. Except as provided to the contrary under <u>Section 2.14</u> or the fourth and fifth and sixth paragraphs hereof, and other than with respect to any amendment, modification or waiver contemplated in the second proviso below, which shall only require the consent of the Lenders expressly set forth therein and not the Required Lenders, the Required Lenders may, or, with the written consent of the Required Lenders, the Administrative Agent and/or the Collateral Agent may, from time to time, (a) enter into with the relevant Credit Party or Credit Parties written amendments, supplements or modifications hereto and to the other Credit Documents for the purpose of adding any provisions to this Agreement or the other Credit Documents or changing in any manner the rights of the Lenders or of the Credit Parties hereunder or thereunder or (b) waive in writing, on such terms and conditions as the Required Lenders or the Administrative Agent and/or the Collateral Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Credit Documents or any Default or Event of Default and its consequences; <u>provided</u>, <u>however</u>, that each such waiver and each such amendment, supplement or modification shall be effective only in the specific instance and for the specific purpose for which given; and provided, further, that no such waiver and no such amendment, supplement or modification shall (x) (i) forgive or reduce any portion of any Loan or extend the final scheduled maturity date of any Loan or reduce the stated rate (it being understood that only the consent of the Required Lenders shall be necessary to waive any obligation of the Parent Borrower to pay interest at the Default Rate or amend <u>Section 2.8(d)</u>), or forgive any portion thereof, or extend the date for the payment, of any principal hereunder (other than as a result of waiving the applicability of any post-default increase in interest rates), or extend the final expiration date of any Letter of Credit beyond the L/C Facility Maturity Date or make any Loan, interest, Fee or other amount payable in any currency other than expressly provided herein, in each case without the written consent of each Lender directly and adversely affected thereby, or reduce or forgive the amount of any Unpaid Drawings or other amounts owed under this Agreement, or extend the payment date of any Unpaid Drawings, interest, fees or any other amounts owed under the Agreement; <u>provided</u> that a waiver of any condition precedent in <u>Section 6</u> or <u>Section 7</u> of this Agreement, the waiver of any Default, Event of Default, default interest, mandatory prepayment or reductions, or any modification, waiver or amendment of any financial covenant definitions or financial ratios or any component thereof or the waiver of any other covenant shall not constitute an increase of any Commitment of a Lender, a reduction or forgiveness in the interest rates or the fees or premiums or a postponement of any date scheduled for the payment of principal, premium or interest or an extension of the final maturity of any Loan or the scheduled termination date of any Commitment, in each case for purposes of this clause (i), or (ii) consent to the assignment or transfer by the Parent Borrower of its rights and obligations under any Credit Document to which it is a party (except as permitted pursuant to <u>Section 10.2</u>), in each case without the written consent of each Lender directly and adversely affected thereby, or (iii) amend, modify or waive any provision of <u>Section 12</u> without the written consent of the then-current Administrative Agent and Collateral Agent in a manner that directly and adversely affects such Person, or (iv) amend, modify or waive any provision of <u>Section 3</u> with respect to any Letter of Credit without the written consent of such Letter of Credit Issuer to the extent such amendment, modification or waiver directly and adversely affects the Letters of Credit Issuer, or (v) release all or substantially all of the Guarantors under the Guarantees (except as expressly permitted by the Guarantees, a First Lien Intercreditor Agreement (if any), the Second Lien Intercreditor Agreement (if any) or this Agreement) or release all or substantially all of the Collateral under the Security Documents (except as expressly permitted by the Security Documents, the First Lien Intercreditor Agreement (if any), the Second Lien Intercreditor Agreement (if any) or this Agreement) without the prior written consent of each Lender, (vi) (x) reduce the percentages specified in the definitions of the term Required Lenders or Required Revolving Credit Lenders or amend, modify or waive any provision of this <u>Section 13.1</u> that has the effect of decreasing the number of Lenders that must approve any amendment, modification or waiver, without the written consent of each Lender, or (y) notwithstanding anything to the contrary in clause (x), (i) extend the final expiration date of any Lender's Commitment or (ii) increase the aggregate amount of the Commitments of any Lender, in each case, without the written consent of such Lender or (vii) amend any provisions of Section 2.5, Section 2.16(a)(ii), Section 11.12 or Section 13.8(a) in a manner that would alter the pro rata sharing of payments required thereby or that would change the provisions of such sections relating to the application of proceeds without the prior written consent of each Lender directly and adversely affected thereby.

Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except (x) that the Commitment of such Lender may not be increased or extended without the consent of such Lender and (y) for any such amendment, waiver or consent that treats such Defaulting Lender disproportionately and adversely from the other Lender of the same Class (other than because of its status as a Defaulting Lender).

Any such waiver and any such amendment, supplement or modification shall apply equally to each of the affected Lenders and shall be binding upon the Borrower, such Lenders, the Administrative Agent and all future holders of the affected Loans. In the case of any waiver, the Borrower, the Lenders and the Administrative Agent shall be restored to their former positions and rights hereunder and under the other Credit Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing, it being understood that no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. In connection with the foregoing provisions, the Administrative Agent may, but shall have no obligations to, with the concurrence of any Lender, execute amendments, modifications, waivers or consents on behalf of such Lender.

Notwithstanding the foregoing, in addition to any credit extensions and related Joinder Agreement(s) effectuated without the consent of Lenders in accordance with <u>Section 2.14</u>, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Parent Borrower (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Credit Documents with the Revolving Credit Loans and the accrued interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders and other definitions related to such new Loans.

Notwithstanding the foregoing, this Agreement may be amended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with the written consent of the Administrative Agent, the Parent Borrower and the Lenders providing the relevant Replacement Revolving Facility to permit the refinancing or replacement of all or any portion of the Revolving Credit Commitment under the applicable Class (a "**Replaced Revolving Facility**") with a replacement revolving facility hereunder (a "**Replacement Revolving Facility**"); <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the aggregate principal amount of such Replacement Revolving Facility shall not exceed the aggregate principal amount of such Replaced Revolving Facility, *plus* the amount of accrued interest and premium thereon, any committed but undrawn amounts and underwriting discounts, fees, commissions and expenses associated therewith,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) no Replacement Revolving Facility shall have a final maturity date (or require commitment reductions) prior to the final maturity date of such Replaced Revolving Facility at the time of such refinancing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Replacement Revolving Facility shall be *pari passu* or junior in right of payment and *pari passu* or junior in right of security with the remaining portion of the relevant Revolving Credit Commitments (<u>provided</u> that if *pari passu* or junior as to payment or Collateral, such Replacement Revolving Facility shall be subject to a First Lien Intercreditor Agreement or a Second Lien Intercreditor Agreement, as applicable), or be unsecured,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) if any such Replacement Revolving Facility is secured, it shall not be secured by any assets other than the Collateral (unless such assets substantially concurrently become part of the Collateral),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) if any such Replacement Revolving Facility is guaranteed, it shall not be guaranteed by any Person other than one or more Credit Parties (unless such Person substantially concurrently becomes a Credit Party),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any such Replacement Revolving Facility shall be subject to the same "ratability" provisions applicable to Extended Revolving Credit Commitments and Extended Revolving Credit Loans provided for in <u>Section 2.14(g)</u>, *mutatis mutandis*, to the same extent as if fully set forth herein,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) such Replacement Revolving Facilities shall have pricing (including interest, fees and premiums) and, subject to preceding <u>clause (F)</u>, optional prepayment and redemption terms as may be agreed to by the Borrower and the lenders providing such Replacement Revolving Facilities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) the other terms and conditions of such Replacement Revolving Facility (excluding pricing, interest, fees, rate floors, premiums, optional prepayment or redemption terms, security and maturity date, subject to preceding <u>clauses (B)</u> through <u>(G)</u>) shall as agreed between the Borrower and the lenders providing such Replacement Revolving Facilities;

<u>provided</u>, <u>further</u>, that, in respect of each of <u>clauses (i)</u> and (<u>ii</u>) above, any Affiliated Institutional Lender (but not Affiliated Lender) may provide any Replacement Revolving Facility.

Each of the parties hereto hereby agrees that, upon the effectiveness of any refinancing amendment, this Agreement shall be amended by the Parent Borrower, the Administrative Agent and the lenders providing the relevant Replacement Revolving Facility, as applicable, to the extent (but only to the extent) necessary to reflect the existence and terms of the Replacement Revolving Facility, as applicable, incurred pursuant thereto (including any amendments necessary to treat the loans and commitments subject thereto as a separate "tranche" and "Class" of Loans and Commitments hereunder). It is understood that any Lender approached to provide all or a portion of any Replacement Revolving Facility may elect or decline, in its sole discretion, to provide such Replacement Revolving Facility.

The Lenders hereby irrevocably agree that the Liens granted to the Collateral Agent by the Credit Parties on any Collateral shall be automatically released (i) in full, upon the termination of this Agreement and the payment of all Obligations hereunder (except for (w) contingent indemnification obligations in respect of which a claim has not yet been made, (x) any Secured Hedge Obligations, (y) Cash Collateralized Letters of Credit pursuant to arrangements reasonably acceptable to such Letter of Credit Issuer and (z) any Secured Cash Management Obligations), (ii) upon the sale or other disposition of such Collateral (including as part of or in connection with any other sale or other disposition permitted hereunder, including for the avoidance of doubt in connection with any Permitted Securitization Financing) to any Person other than another Credit Party, to the extent such sale or other disposition is made in compliance with the terms of this Agreement (and the Collateral Agent may rely conclusively on a certificate to that effect provided to it by any Credit Party upon its reasonable request without further inquiry), (iii) to the extent such Collateral is comprised of property leased to a Credit Party, upon termination or expiration of such lease, (iv) if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders (or such other percentage of the Lenders whose consent may be required in accordance with this <u>Section 13.1</u>), (v) to the extent the property constituting such Collateral is owned by any Guarantor, upon the release of such Guarantor from its obligations under the applicable Guarantee (in accordance with the second following sentence), (vi) as required to effect any sale or other disposition of Collateral in connection with any exercise of remedies of the Collateral Agent pursuant to the Security Documents, and (vii) if such assets constitute Excluded Property or Excluded Stock and Stock Equivalents. Any such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those being released) upon (or obligations (other than those being released) of the Credit Parties in respect of) all interests retained by the Credit Parties, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral except to the extent otherwise released in accordance with the provisions of the Credit Documents. Additionally, the Lenders hereby irrevocably agree that any Subsidiary that is a Guarantor shall be released from the Guarantees upon consummation of any transaction not prohibited hereunder resulting in such Subsidiary constituting an Excluded Subsidiary or otherwise ceasing to constitute a Subsidiary or a Guarantor, including for the avoidance of doubt in connection with any Permitted Securitization Financing; *provided* that a transaction pursuant to which a minority equity interest in a Guarantor is sold will not release such Guarantor from its Guarantee unless (a) such transaction has a bona fide economic purpose and is not entered into primarily for the purpose of releasing such Guarantee and (b) the transaction is made with a third party on arms' length terms. The Lenders hereby authorize the Administrative Agent and the Collateral Agent, as applicable, to execute and deliver any instruments, documents, and agreements necessary or desirable to evidence and confirm the release of any Guarantor or Collateral pursuant to the foregoing provisions of this paragraph, all without the further consent or joinder of any Lender.

Notwithstanding anything herein to the contrary, the Credit Documents may be amended to add syndication or documentation agents and make customary changes and references related thereto with the consent of only the Parent Borrower and the Administrative Agent.

Notwithstanding anything in this Agreement (including, without limitation, this <u>Section 13.1</u>) or any other Credit Document to the contrary, (i) this Agreement and the other Credit Documents may be amended to effect an extension facility pursuant to <u>Section 2.14</u> (and the Administrative Agent and the Parent Borrower may effect such amendments to this Agreement and the other Credit Documents without the consent of any other party as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to effect the terms of any such extension facility); (ii) no Lender consent is required to effect any amendment or supplement to any First Lien Intercreditor Agreement, Second Lien Intercreditor Agreement or other intercreditor agreement, subordination agreement or arrangement permitted under this Agreement that is for the purpose of adding the holders of any Indebtedness as expressly contemplated by the terms of such First Lien Intercreditor Agreement, Second Lien Intercreditor Agreement or such other intercreditor agreement, subordination agreement or arrangement permitted under this Agreement, as applicable (it being understood that any such amendment or supplement may make such other changes to the applicable intercreditor agreement as, in the good faith determination of the Administrative Agent in consultation with the Parent Borrower, are required to effectuate the foregoing; <u>provided</u> that such other changes are not adverse, in any material respect, to the interests of the Lenders taken as a whole); <u>provided</u>, <u>further</u>, that no such agreement shall amend, modify or otherwise directly and adversely affect the rights or duties of the Administrative Agent hereunder or under any other Credit Document without the prior written consent of the Administrative Agent; (iii) any provision of this Agreement or any other Credit Document may be amended by an agreement in writing entered into by the Parent Borrower and the Administrative Agent to (x) cure any ambiguity, omission, mistake, defect or inconsistency (as reasonably determined by the Administrative Agent and the Parent Borrower) and (y) effect administrative changes of a technical or immaterial nature (including to effect changes to the terms and conditions applicable solely to such Letter of Credit Issuer in respect of issuances of Letters of Credit) and such amendment shall be deemed approved by the Lenders if the Lenders shall have received at least five Business Days' prior written notice of such change and the Administrative Agent shall not have received, within five Business Days of the date of such notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object to such amendment; and (iv) guarantees, collateral documents and related documents executed by Credit Parties in connection with this Agreement may be in a form reasonably determined by the Administrative Agent and may be, together with any other Credit Document, entered into, amended, supplemented or waived, without the consent of any other Person, by the applicable Credit Party or Credit Parties and the Administrative Agent or the Collateral Agent in its or their respective sole discretion, to (A) effect the granting, perfection, protection, expansion or enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit of the Secured Parties, (B) as required by local law or advice of counsel to give effect to, or protect any security interest for the benefit of the Secured Parties, in any property or so that the security interests therein comply with applicable requirements of law, or (C) to cure ambiguities, omissions, mistakes or defects (as reasonably determined by the Administrative Agent and the Parent Borrower) or to cause such guarantee, collateral security document or other document to be consistent with this Agreement and the other Credit Documents.

Notwithstanding anything in this Agreement or any Security Document to the contrary, the Administrative Agent may, in its sole discretion, grant extensions of time for the satisfaction of any of the requirements under <u>Sections 9.11</u>, <u>9.12</u> and <u>9.14</u> or any Security Documents in respect of any particular Collateral or any particular Subsidiary if it determines that the satisfaction thereof with respect to such Collateral or such Subsidiary cannot be accomplished without undue expense or unreasonable effort or due to factors beyond the control of the Parent Borrower and the Credit Parties by the time or times at which it would otherwise be required to be satisfied under this Agreement or any Security Document.

Notwithstanding anything to the contrary herein, the Administrative Agent (and, if applicable, the Parent Borrower) may, without the consent of any Lender, enter into amendments or modifications to this Agreement or any of the other Credit Documents or to enter into additional Credit Documents in order to implement any Benchmark Replacement or any Conforming Changes or otherwise effectuate the terms of <u>Sections 2.6(c)</u> and <u>2.18</u> in accordance with the terms of <u>Sections 2.6(c)</u> and <u>2.18</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 <u>Notices</u>. Unless otherwise expressly provided herein, all notices and other communications provided for hereunder or under any other Credit Document shall be in writing (including by facsimile transmission). All such written notices shall be mailed, faxed or delivered to the applicable address, facsimile number or electronic mail address, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Parent Borrower, the Administrative Agent, the Collateral Agent, the Letter of Credit Issuers or the Sponsor, to the address, facsimile number, electronic mail address or telephone numbers specified for such Person on <u>Schedule 13.2</u> or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the other parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the Parent Borrower, the Administrative Agent, the Collateral Agent and the Letter of Credit Issuers.

All such notices and other communications shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the relevant party hereto and (ii) (A) if delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered by mail, three Business Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile, when sent and receipt has been confirmed by telephone; and (D) if delivered by electronic mail, when delivered; <u>provided</u> that notices and other communications to the Administrative Agent or the Lenders pursuant to <u>Sections 2.3</u>, <u>2.6</u>, <u>2.9</u> and <u>5.1</u> shall not be effective until received.

Notwithstanding anything to the contrary herein, in addition to the notice requirements described herein (unless otherwise agreed by Administrative Agent and Parent Borrower in accordance with this paragraph), documents required to be delivered pursuant to the Loan Documents shall be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which Administrative Agent and each Lender have access (including a commercial, third-party website such as www.Edgar.com, www.Syndtrak.com or a website sponsored or hosted by Administrative Agent or the Parent Borrower) *provided* that: (a) the foregoing shall not apply to notices to any Lender pursuant to Article 2; and (b) the Lender has not notified Administrative Agent or Parent Borrower that it cannot or does not want to receive electronic communications. Administrative Agent or Parent Borrower may agree to accept notices and other communications to it hereunder by electronic delivery pursuant to procedures approved by it for all or particular notices or communications. Documents or notices delivered electronically shall be deemed to have been delivered twenty-four (24) hours after the date and time on which Administrative Agent or Parent Borrower posts such documents or the documents become available on a commercial website and Administrative Agent or Parent Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or posted during the normal business hours of the recipient, said posting date and time shall be deemed to have commenced as of 9:00 a.m. on the opening of business on the next Business Day for the recipient. Notwithstanding anything contained herein, Parent Borrower shall provide paper copies of any documents that are available to the Parent Borrower in paper form to Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by Administrative Agent or such Lender. Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to monitor compliance by Parent Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 <u>No Waiver; Cumulative Remedies</u>. No failure to exercise and no delay in exercising, on the part of the Administrative Agent, the Collateral Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Credit Documents shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers, and privileges provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 <u>Survival of Representations and Warranties</u>. All representations and warranties made hereunder, in the other Credit Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 <u>Payment of Expenses; Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent Borrower agrees (i) to pay or reimburse each of the Agents (promptly upon written demand (with reasonably supporting detail if the Parent Borrower shall so request)) for all their reasonable and documented out-of-pocket costs and expenses (without duplication) incurred in connection with the development, preparation, execution and delivery of, and any amendment, supplement, modification to, waiver and/or enforcement this Agreement and the other Credit Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, and in the case of legal fees and expenses limited to the reasonable fees, disbursements and other charges of Cleary Gottlieb Steen & Hamilton LLP (or such other counsel as may be agreed by the Administrative Agent and the Parent Borrower), and, if reasonably necessary, of a single firm of local counsel in each relevant local jurisdiction, other than allocated costs of in-house counsel, and such other counsel retained with the consent of the Parent Borrower (such consent not to be unreasonably withheld or delayed), (ii) to pay or reimburse each Agent for all their reasonable and documented out-of-pocket costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Credit Documents and any such other documents, and in the case of legal fees and expenses limited to the reasonable fees, disbursements and other charges of one firm of counsel to the Administrative Agent and the Collateral Agent, and, to the extent required, one firm or local counsel in each relevant local jurisdiction with the Parent Borrower's consent (such consent not to be unreasonably withheld or delayed) (which may include a single special counsel acting in multiple jurisdictions), and (iii) to pay, indemnify and hold harmless each Lender, each Agent, each Letter of Credit Issuer and their respective Related Parties (without duplication) (the "**Indemnified Persons**") from and against any and all losses, claims, damages liabilities, obligations, demands, actions, judgments, suits, costs, expenses, disbursements or penalties of any nature whatsoever regardless of whether any such Indemnified Person is a party thereto and whether any such proceeding is brought by the Borrower or any other Person, (and the reasonable and documented out-of-pocket fees, expenses, disbursements and other charges of one firm of counsel for all Indemnified Persons, taken as a whole (and, in the case of an actual or perceived conflict of interest where the Indemnified Person affected by such conflict notifies the Borrower of any existence of such conflict and in connection with the investigating or defending any of the foregoing (including the reasonable fees) has retained its own counsel, of another firm of counsel for such affected Indemnified Person), and to the extent required, one firm or local counsel in each relevant jurisdiction (which may include a single special counsel acting in multiple jurisdictions)) of any such Indemnified Person arising out of or relating to any claim, litigation, investigation or other proceeding (including any inquiry of investigation of the foregoing) (regardless of whether such Indemnified Person is a party thereto or whether or not such action, claim, litigation or proceeding was brought by the Parent Borrower, any of its Subsidiaries or any other Person), arising out of, or with respect to the Transactions or to the execution, enforcement, delivery, performance and administration of this Agreement, the other Credit Documents and any such other documents, including any of the foregoing relating to the violation of, noncompliance with or liability under, any Environmental Law or any actual or alleged presence or Release or threatened Release of or exposure of any Person to Hazardous Materials or any Environmental Claim or Environmental Liability relating in any way to the Parent Borrower or any of its Subsidiaries (all the foregoing in this <u>clause (iii)</u>, collectively, the "**Indemnified Liabilities**"); <u>provided</u> that the Parent Borrower shall have no obligation hereunder to any Indemnified Person with respect to Indemnified Liabilities to the extent arising from (i) the gross negligence, bad faith or willful misconduct of such Indemnified Person or any of its Related Parties as determined in a final and non-appealable judgment of a court of competent jurisdiction, (ii) a material breach of the obligations of such Indemnified Person or any of its Related Parties under the terms of this Agreement by such Indemnified Person or any of its Related Parties as determined in a final and non-appealable judgment of a court of competent jurisdiction or (iii) any proceeding between and among Indemnified Persons that does not involve an act or omission by the Parent Borrower or its Subsidiaries; <u>provided</u> the Agents, to the extent acting in their capacity as such, shall remain indemnified in respect of such proceeding, to the extent that neither of the exceptions set forth in <u>clause (i)</u> or <u>(ii)</u> of the immediately preceding proviso applies to such person at such time. The agreements in this <u>Section 13.5</u> shall survive repayment of the Loans and all other amounts payable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Credit Party nor any Indemnified Person shall have any liability for any special, punitive, indirect or consequential damages resulting from this Agreement or any other Credit Document or arising out of its activities in connection herewith or therewith (whether before or after the Closing Date); <u>provided</u> that the foregoing shall not limit the Parent Borrower's indemnification obligations to the Indemnified Persons pursuant to <u>Section 13.5(a)</u> in respect of damages incurred or paid by an Indemnified Person to a third party. No Indemnified Person shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Credit Documents or the transactions contemplated hereby or thereby, except to the extent that such damages have resulted from the willful misconduct, bad faith or gross negligence of any Indemnified Person or any of its Related Parties as determined by a final and non-appealable judgment of a court of competent jurisdiction.

This <u>Section 13.5</u> shall apply with respect to Taxes only to the extent they represent losses, claims, damages, etc., arising from any non-Tax claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 <u>Successors and Assigns; Participations and Assignments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) except as expressly permitted by <u>Section 10.2</u>, the Parent Borrower may not assign or otherwise transfer any of their rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender (and any attempted assignment or transfer by the Parent Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this <u>Section 13.6</u>. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (to the extent provided in <u>clause (c)</u> of this <u>Section 13.6</u>) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Collateral Agent, the Letter of Credit Issuers and the Lenders and each other Person entitled to indemnification under <u>Section 13.5</u>) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Subject to the conditions set forth in <u>clause (b)(ii)</u> below and <u>Section 13.7</u>, any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans (including participations in L/C Obligations) at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed; it being understood that, without limitation, the Parent Borrower shall have the right to withhold its consent to any assignment if, (x) in order for such assignment to comply with applicable law, the Parent Borrower would be required to obtain the consent of, or make any filing or registration with, any Governmental Authority) or (y) such assignment would (or would reasonably be expected to) result in any greater payment by any Credit Party under Section 2.10, 3.5, 5.4 or 13.5) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Parent Borrower; <u>provided</u> that no consent of the Parent Borrower shall be required for (1) an assignment of Revolving Credit Commitments or Revolving Credit Loans to (X) a Revolving Credit Lender, (Y) an Affiliate of a Revolving Credit Lender or (Z) an Approved Fund of a Revolving Credit Lender, or (2) an assignment of Loans or Commitments to any assignee if an Event of Default under <u>Section 11.1</u> or <u>Section 11.5</u> (with respect to the Parent Borrower) has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) solely with respect to Revolving Credit Commitments or Revolving Credit Loans, the Sponsor; <u>provided</u> that no consent of the Sponsor shall be required for

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) an assignment of Revolving Credit Commitments or Revolving Credit Loans to (X) a Revolving Credit Lender, (Y) an Affiliate of a Revolving Credit Lender or (Z) an Approved Fund of a Revolving Credit Lender, (2) an assignment of Revolving Credit Loans or Revolving Credit Commitments to any assignee if an Event of Default under <u>Section 11.1</u> or <u>Section 11.5</u> (with respect to the Parent Borrower) has occurred and is continuing or (3) an assignment of Revolving Credit Loans or Revolving Credit Commitments to any assignee following an IPO by the Parent Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Administrative Agent (not to be unreasonably withheld or delayed) and, in the case of Revolving Credit Commitments or Revolving Credit Loans only, each Letter of Credit Issuer.

Notwithstanding the foregoing, no such assignment shall be made (i) to a natural Person, Disqualified Lender or Defaulting Lender and (ii) with respect to the Revolving Credit Commitments, the Parent Borrower or any of its Subsidiaries or any Affiliated Lender (other than an Affiliated Institutional Lender). For the avoidance of doubt, the Administrative Agent shall bear no responsibility or liability for monitoring and enforcing the list of Persons who are Disqualified Lenders at any time; <u>provided</u> that the Administrative Agent shall not disclose, verbally or in writing, the list of entities that are Disqualified Lenders except that in connection with an assignment, the Administrative Agent may confirm (verbally and in writing), upon the request of any Lender, whether a potential assignee is a Disqualified Lender (so long as such Lender agrees to keep such identity confidential).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Assignments shall be subject to the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender's Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than, with respect to any Revolving Credit Loans, $5,000,000, unless each of the Parent Borrower and the Administrative Agent otherwise consents (which consents shall not be unreasonably withheld or delayed); <u>provided</u> that no such consent of the Parent Borrower shall be required if an Event of Default under <u>Section 11.1</u> or <u>Section 11.5</u> has occurred and is continuing; <u>provided</u>, <u>further</u>, that contemporaneous assignments by a Lender and its Affiliates or Approved Funds shall be aggregated for purposes of meeting the minimum assignment amount requirements stated above (and simultaneous assignments to or by two or more Related Funds shall be treated as one assignment), if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement; <u>provided</u> that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender's rights and obligations in respect of one Class of Commitments or Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance via an electronic settlement system or other method reasonably acceptable to the Administrative Agent, together with a processing and recordation fee in the amount of $4,500 (or, in the case of Defaulting Lenders, $7,500); <u>provided</u> that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment; <u>provided</u>, <u>further</u>, that such recordation fee shall not be payable in the case of assignments by any Affiliate of the Joint Lead Arrangers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative questionnaire in a form approved by the Administrative Agent (the "**Administrative Questionnaire**") and applicable tax forms (as required under <u>Section 5.4(e)</u>).

For the avoidance of doubt, the Administrative Agent bears no responsibility for tracking or monitoring assignments to or participations by any Affiliated Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Subject to acceptance and recording thereof pursuant to <u>clause (b)(iv)</u> of this <u>Section 13.6</u>, from and after the effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of <u>Sections 2.10</u>, <u>3.5</u>, <u>5.4</u> and <u>13.5</u>). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this <u>Section 13.6</u> shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with <u>clause (c)</u> of this <u>Section 13.6</u>. For the avoidance of doubt, in case of an assignment to a new Lender pursuant to this <u>Section 13.6</u>, (i) the Administrative Agent, the new Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the new Lender been an original Lender signatory to this Agreement with the rights and/or obligations acquired or assumed by it as a result of the assignment and to the extent of the assignment the assigning Lender shall each be released from further obligations under the Credit Documents and (ii) the benefit of each Security Document shall be maintained in favor of the new Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Parent Borrower, shall maintain at the Administrative Agent's Office a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount of the Loans (and stated interest amounts) and any payment made by the Letter of Credit Issuers under any Letter of Credit owing to each Lender pursuant to the terms hereof from time to time (the "**Register**"). The entries in the Register shall be conclusive, absent manifest error, and the Parent Borrower, the Administrative Agent, the Collateral Agent, the Letter of Credit Issuers and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register is intended to cause each Loan and other obligation hereunder to be in registered form within the meaning of Section 5f.103-1(c) of the United States Treasury Regulations and within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code. The Register shall be available for inspection by the Parent Borrower, the Collateral Agent, the Letter of Credit Issuers (with respect to Revolving Credit Lenders only), the Administrative Agent and its Affiliates and, with respect to itself, any Lender, at any reasonable time and from time to time upon reasonable prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, the assignee's completed Administrative Questionnaire and applicable tax forms (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in <u>clause (b)</u> of this <u>Section 13.6</u> and any written consent to such assignment required by <u>clause (b)</u> of this <u>Section 13.6</u>, the Administrative Agent shall promptly accept such Assignment and Acceptance and record the information contained therein in the Register. No assignment, whether or not evidenced by a promissory note, shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this <u>clause (b)(v)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) Any Lender may, without the consent of the Parent Borrower, the Administrative Agent or the Letter of Credit Issuers, sell participations to one or more banks or other entities (other than (x) a natural person, (y) the Parent Borrower and its Subsidiaries and (z) any Disqualified Lender; <u>provided</u>, <u>however</u>, that, notwithstanding <u>clause (z)</u> hereof, participations may be sold to Disqualified Lenders unless a list of Disqualified Lenders has been made available to all Lenders who so request) (each, a "**Participant**") in all or a portion of such Lender's rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans owing to it); <u>provided</u> that (A) such Lender's obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and (C) the Parent Borrower, the Administrative Agent, the Letter of Credit Issuers and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. For the avoidance of doubt, the Administrative Agent shall bear no responsibility or liability for monitoring and enforcing the list of Disqualified Lenders or the sales of participations thereto at any time; <u>provided</u> that the Administrative Agent shall not disclose, verbally or in writing, the list of entities that are Disqualified Lenders except that in connection with a participation, the Administrative Agent may confirm (verbally and in writing), upon the request of any Lender, whether a potential participant is a Disqualified Lender (so long as such Lender agrees to keep such identity confidential). Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement or any other Credit Document; <u>provided</u> that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in <u>clause (x)(i)</u> of the first proviso to <u>Section 13.1</u> that affects such Participant. Subject to <u>clause (c)(ii)</u> of this <u>Section 13.6</u>, the Parent Borrower agrees that each Participant shall be entitled to the benefits of <u>Sections 2.10</u>, <u>3.5</u> and 5.4 to the same extent as if it were a Lender (subject to the limitations and requirements of those Sections as though it were a Lender and had acquired its interest by assignment pursuant to <u>clause (b)</u> of this <u>Section 13.6</u>, including the requirements of <u>clause (e)</u> of <u>Section 5.4</u> (it being agreed that any documentation required under <u>Section 5.4(e)</u> shall be provided solely to the participating Lender)). To the extent permitted by law, each Participant also shall be entitled to the benefits of <u>Section 13.8(b)</u> as though it were a Lender; <u>provided</u> such Participant shall be subject to <u>Section 13.8(a)</u> as though it were a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A Participant shall not be entitled to receive any greater payment under <u>Section 2.10</u>, <u>3.5</u> or <u>5.4</u> than the applicable Lender would have been entitled to receive absent the sale of such participation sold to such Participant, unless the sale of the participation to such Participant is made with the Parent Borrower's prior written consent (which consent shall not be unreasonably withheld; provided, that it shall not be unreasonable to withhold consent if such participation would (or would reasonably be expected to) result in any greater payment by any Credit Party under Section 2.10, 3.5, 5.4 or 13.5). Each Lender that sells a participation, or any Granting Lender that grants a Loan to an SPV, shall, acting solely for this purpose as a non-fiduciary agent of the Parent Borrower, maintain a register on which it enters the name and address of each Participant or SPV and the principal amounts (and stated interest amounts) of each Participant's or SPV's interest in the Loans or other obligations under this Agreement (the "**Participant Register**"). The entries in the Participant Register shall be conclusive, absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation or granted Loan for all purposes of this Agreement notwithstanding any notice to the contrary. No Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or SPV, or any information relating to a Participant's or SPV's interest in any commitments, loans, letters of credit or its other obligations under any Credit Document) except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations and Sections 163(f), 871(h)(2) and 881(c)(2) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Lender may, without the consent of the Parent Borrower or the Administrative Agent, at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, or other central bank having jurisdiction over such Lender and this <u>Section 13.6</u> shall not apply to any such pledge or assignment of a security interest; <u>provided</u> that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to <u>Section 13.16</u>, the Parent Borrower authorizes each Lender to disclose to any Participant, secured creditor of such Lender or assignee (each, a "**Transferee**") and any prospective Transferee any and all financial information in such Lender's possession concerning the Parent Borrower and its Affiliates that has been delivered to such Lender by or on behalf of the Parent Borrower and its Affiliates pursuant to this Agreement or that has been delivered to such Lender by or on behalf of the Parent Borrower and its Affiliates in connection with such Lender's credit evaluation of the Parent Borrower and its Affiliates prior to becoming a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The words "execution," "signed," "signature," and words of like import in any Assignment and Acceptance shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>SPV Lender</u>. Notwithstanding anything to the contrary contained herein, any Lender (a "**Granting Lender**") may grant to a special purpose funding vehicle (an "**SPV**"), identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Parent Borrower, the option to provide to the Parent Borrower all or any part of any Loan that such Granting Lender would otherwise be obligated to make the Parent Borrower pursuant to this Agreement; <u>provided</u> that (i) nothing herein shall constitute a commitment by any SPV to make any Loan and (ii) if an SPV elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. The making of a Loan by an SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that no SPV shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPV, it shall not institute against, or join any other Person in instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any state thereof. In addition, notwithstanding anything to the contrary contained in this <u>Section 13.6</u>, any SPV may (i) with notice to, but without the prior written consent of, the Parent Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to the Granting Lender or to any financial institutions (consented to by the Parent Borrower and the Administrative Agent) other than a Disqualified Lender providing liquidity and/or credit support to or for the account of such SPV to support the funding or maintenance of Loans and (ii) subject to <u>Section 13.16</u>, disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPV. This <u>Section 13.6(g)</u> may not be amended without the written consent of the SPV. Notwithstanding anything to the contrary in this Agreement but subject to the following sentence, each SPV shall be entitled to the benefits of <u>Sections 2.10</u>, <u>3.5</u> and <u>5.4</u> to the same extent as if it were a Lender (subject to the limitations and requirements of those Sections as though it were a Lender and had acquired its interest by assignment pursuant to <u>clause (b)</u> of this <u>Section 13.6</u>, including the requirements of <u>clause (e)</u> of <u>Section 5.4</u> (it being agreed that any documentation required under <u>Section 5.4(e)</u> shall be provided solely to the Granting Lender)). Notwithstanding the prior sentence, an SPV shall not be entitled to receive any greater payment under <u>Section 2.10</u>, <u>3.5</u> or <u>5.4</u> than its Granting Lender would have been entitled to receive absent the grant to such SPV, unless such grant to such SPV is made with the Parent Borrower's prior written consent (which consent shall not be unreasonably withheld).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 <u>Replacements of Lenders Under Certain Circumstances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent Borrower shall be permitted (x) to replace any Lender or (y) terminate the Commitment of such Lender or any Letter of Credit Issuer, as the case may be, and (1) in the case of a Lender (other than the Letter of Credit Issuers), repay all Obligations of the Parent Borrower due and owing to such Lender relating to the Loans and participations held by such Lender as of such termination date and (2) in the case of a Letter of Credit Issuer, repay all Obligations of the Parent Borrower owing to such Letter of Credit Issuer relating to the Loans and participations held by such Letter of Credit Issuer as of such termination date or backstop on terms satisfactory to such Letter of Credit Issuer or cause to be cancelled any Letters of Credit issued by it, which Lender or Letter of Credit Issuer, as the case may be, (a) requests reimbursement for amounts owing pursuant to <u>Sections 2.10</u>, <u>3.5</u> or <u>5.4</u>, (b) is affected in the manner described in <u>Section 2.10(a)(iii)</u> and as a result thereof any of the actions described in such Section is required to be taken, or (c) becomes a Defaulting Lender, with a replacement bank or other financial institution; <u>provided</u> that (i) such replacement does not conflict with any Requirements of Law, (ii) no Event of Default under <u>Sections 11.1</u> or <u>11.5</u> shall have occurred and be continuing at the time of such replacement, (iii) the Parent Borrower shall repay (or the replacement bank or institution shall purchase, at par) all Loans and other amounts pursuant to <u>Sections 2.10</u>, <u>3.5</u> or <u>5.4</u>, as the case may be, owing to such replaced Lender immediately prior to the date of replacement, (iv) the replacement bank or institution, if not already a Lender, an Affiliate of the Lender, an Affiliated Lender or Approved Fund, the Sponsor or an Affiliated Institutional Lender, and the terms and conditions of such replacement shall be reasonably satisfactory to the Administrative Agent, (v) the replacement bank or institution, if not already a Lender, shall be subject to the provisions of <u>Section 13.6(b)</u>, (vi) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of <u>Section 13.6</u> (<u>provided</u> that unless otherwise agreed the Parent Borrower shall be obligated to pay the registration and processing fee referred to therein), and (vii) any such replacement shall not be deemed to be a waiver of any rights that the Parent Borrower, the Administrative Agent or any other Lender shall have against the replaced Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Lender (such Lender, a "**Non-Consenting Lender**") has failed to consent to a proposed amendment, waiver, discharge or termination that pursuant to the terms of <u>Section 13.1</u> requires the consent of either (i) all of the Lenders directly and adversely affected or (ii) all of the Lenders, and, in each case, with respect to which the Required Lenders (or at least 50.1% of the directly and adversely affected Lenders) shall have granted their consent, then, the Parent Borrower shall have the right (unless such Non-Consenting Lender grants such consent) to (x) replace such Non-Consenting Lender by requiring such Non-Consenting Lender to assign its Loans, and its Commitments hereunder to one or more assignees reasonably acceptable to the Administrative Agent (to the extent such consent would be required under <u>Section 13.6)</u> or to terminate the Commitment of such Lender or such Letter of Credit Issuer, as the case may be, and (1) in the case of a Lender (other than the Letter of Credit Issuers), repay all Obligations of the Parent Borrower due and owing to such Lender relating to the Loans and participations held by such Lender as of such termination date and (2) in the case of a Letter of Credit Issuer, repay all Obligations of the Parent Borrower owing to such Letter of Credit Issuer relating to the Loans and participations held by such Letter of Credit Issuer as of such termination date or backstop on terms satisfactory to such Letter of Credit Issuer or cause to be cancelled any Letters of Credit issued by it; <u>provided</u> that (a) all Obligations hereunder of the Parent Borrower owing to such Non-Consenting Lender being replaced shall be paid in full to such Non-Consenting Lender concurrently with such assignment, and (b) the replacement Lender shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the principal amount thereof plus accrued and unpaid interest thereon. In connection with any such assignment, the Parent Borrower, the Administrative Agent, such Non-Consenting Lender and the replacement Lender shall otherwise comply with <u>Section 13.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 <u>Adjustments; Set-off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as contemplated in <u>Section 13.6</u> or elsewhere herein, if any Lender (a "**Benefited Lender**") shall at any time receive any payment of all or part of its Loans, or interest thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in <u>Section 11.5</u>, or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of such other Lender's Loans, or interest thereon, such Benefited Lender shall purchase for cash from the other Lenders a participating interest in such portion of each such other Lender's Loan, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the Lenders; <u>provided</u>, <u>however</u>, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After the occurrence and during the continuance of an Event of Default, in addition to any rights and remedies of the Lenders provided by law, each Lender shall have the right, without prior notice to the Credit Parties but with the prior consent of the Administrative Agent, any such notice being expressly waived by the Credit Parties to the extent permitted by applicable law, upon any amount becoming due and payable by the Credit Parties hereunder (whether at the stated maturity, by acceleration or otherwise) to set-off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final) (other than payroll, trust, tax, fiduciary, and petty cash accounts), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof to or for the credit or the account of the Credit Parties. Each Lender agrees promptly to notify the Credit Parties and the Administrative Agent after any such set-off and application made by such Lender; <u>provided</u> that the failure to give such notice shall not affect the validity of such set-off and application.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9 <u>Counterparts</u>. This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts shall be an original, but all of which shall together constitute one and the same instrument. This Agreement may be delivered by facsimile, electronic mail (including pdf) or any electronic signature complying with the U.S. federal ESIGN Act of 2000 or the New York Electronic Signatures and Records Act or other electronic transmission of the relevant signature pages hereof, and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest extent permitted by applicable law. For the avoidance of doubt, the foregoing also applies to any amendment, extension or renewal of this Agreement. Each of the parties hereto represents and warrants to the other parties that it has the corporate capacity and authority to execute this Agreement through electronic mean and that there are no restrictions for doing so in that party's constitutive documents. A set of the copies of this Agreement signed by all the parties shall be lodged with the Parent Borrower and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10 <u>Severability</u>. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 <u>Integration</u>. This Agreement and the other Credit Documents represent the agreement of the Parent Borrower, the Collateral Agent, the Administrative Agent and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Parent Borrower, the Administrative Agent, the Collateral Agent nor any Lender relative to subject matter hereof not expressly set forth or referred to herein or in the other Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 <u>GOVERNING LAW</u>. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, EXCEPT THAT (A) THE INTERPRETATION OF THE DEFINITION OF A COMPANY MATERIAL ADVERSE EFFECT (AND WHETHER OR NOT A COMPANY MATERIAL ADVERSE EFFECT HAS OCCURRED), (B) THE DETERMINATION OF THE ACCURACY OF ANY COMPANY REPRESENTATION AND WHETHER AS A RESULT OF ANY INACCURACY THEREOF EITHER BORROWER OR ANY OF ITS AFFILIATES HAS THE RIGHT TO TERMINATE ITS OR THEIR OBLIGATIONS UNDER THE ACQUISITION AGREEMENT PURSUANT TO SECTION 7.01(C)(I) OF THE ACQUISITION AGREEMENT (OR OTHERWISE DECLINE TO CONSUMMATE THE ACQUISITION PURSUANT TO SECTION 6.02(A) OF THE ACQUISITION AGREEMENT WITHOUT ANY LIABILITY) AND (C) THE DETERMINATION OF WHETHER THE ACQUISITION HAS BEEN CONSUMMATED IN ACCORDANCE WITH THE TERMS OF THE ACQUISITION AGREEMENT AND, IN ANY CASE, CLAIMS OR DISPUTES ARISING OUT OF ANY SUCH INTERPRETATION OR DETERMINATION OR ANY ASPECT THEREOF SHALL, IN EACH CASE, BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF MARYLAND, REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS THEREOF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13 <u>Submission to Jurisdiction; Waivers</u>. Each party hereto irrevocably and unconditionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Credit Documents to which it is a party to the exclusive general jurisdiction of the courts of the State of New York or the courts of the United States for the Southern District of New York, in each case sitting in New York City in the Borough of Manhattan, and appellate courts from any thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consents that any such action or proceeding may be brought in such courts and waives (to the extent permitted by applicable law) any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same or to commence or support any such action or proceeding in any other courts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address set forth on <u>Schedule 13.2</u> at such other address of which the Administrative Agent shall have been notified pursuant to <u>Section 13.2</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) agrees that nothing herein shall affect the right of the Administrative Agent, any Lender or another Secured Party to effect service of process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against the Parent Borrower or any other Credit Party in any other jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this <u>Section 13.13</u> any special, exemplary, punitive or consequential damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.14 <u>Acknowledgments</u>. The Parent Borrower hereby acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has been advised by counsel in the negotiation, execution, and delivery of this Agreement and the other Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the credit facilities provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other Credit Document) are an arm's-length commercial transaction between the Parent Borrower and the other Credit Parties, on the one hand, and the Administrative Agent, the Lenders and the other Agents on the other hand, and the Parent Borrower and the other Credit Parties are capable of evaluating and understanding and understand and accept the terms, risks and conditions of the transactions contemplated hereby and by the other Credit Documents (including any amendment, waiver or other modification hereof or thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in connection with the process leading to such transaction, each of the Administrative Agent and the other Agents, is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary for the Parent Borrower, any other Credit Parties or any of their respective Affiliates, stockholders, creditors or employees, or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) neither the Administrative Agent nor any other Agent has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Parent Borrower or any other Credit Party with respect to any of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Credit Document (irrespective of whether the Administrative Agent or other Agent has advised or is currently advising the Parent Borrower, the other Credit Parties or their respective Affiliates on other matters) and neither the Administrative Agent or other Agent has any obligation to the Parent Borrower, the other Credit Parties or their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Administrative Agent, each other Agent and each Affiliate of the foregoing may be engaged in a broad range of transactions that involve interests that differ from those of the Parent Borrower and its Affiliates, and neither the Administrative Agent nor any other Agent has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) neither the Administrative Agent nor any other Agent has provided and none will provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any other Credit Document) and the Parent Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate. The Parent Borrower hereby agrees that it will not claim that any Agent owes a fiduciary or similar duty to the Credit Parties in connection with the Transactions contemplated hereby and waives and releases, to the fullest extent permitted by law, any claims that it may have against the Administrative Agent or any other Agent with respect to any breach or alleged breach of agency or fiduciary duty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no joint venture is created hereby or by the other Credit Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Parent Borrower, on the one hand, and any Lender, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.15 <u>WAIVERS OF JURY TRIAL</u>. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVE (TO THE EXTENT PERMITTED BY APPLICABLE LAW) THE RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY ANY PARTY RELATED TO OR ARISING OUT OF THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT OR THE PERFORMANCE OF SERVICES HEREUNDER OR THEREUNDER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.16 <u>Confidentiality</u>. The Administrative Agent, each other Agent and each Lender (collectively, the "**Restricted Persons**" and, each a "**Restricted Person**") shall treat confidentially all non-public information provided to any Restricted Person by or on behalf of any Credit Party hereunder in connection with such Restricted Person's evaluation of whether to become a Lender hereunder or obtained by such Restricted Person pursuant to the requirements of this Agreement ("**Confidential Information**") and shall not publish, disclose or otherwise divulge such Confidential Information; <u>provided</u> that nothing herein shall prevent any Restricted Person from disclosing any such Confidential Information (a) pursuant to the order of any court or administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law, rule or regulation or compulsory legal process (in which case such Restricted Person agrees (except with respect to any routine or ordinary course audit or examination conducted by bank accountants or any governmental, bank regulatory or self-regulatory authority exercising examination or regulatory authority), to the extent practicable and not prohibited by applicable law, rule or regulation, to inform the Parent Borrower promptly thereof prior to disclosure), (b) upon the request or demand of any regulatory authority (including any self-regulatory authority) having jurisdiction over such Restricted Person or any of its Affiliates (in which case such Restricted Person agrees (except with respect to any routine or ordinary course audit or examination conducted by bank accountants or any governmental, bank regulatory or self-regulatory authority exercising examination or regulatory authority) to the extent practicable and not prohibited by applicable law, rule or regulation, to inform the Parent Borrower promptly thereof prior to disclosure), (c) to the extent that such Confidential Information becomes publicly available other than by reason of improper disclosure by such Restricted Person or any of its affiliates or any related parties thereto in violation of any confidentiality obligations owing under this <u>Section 13.16</u>, (d) to the extent that such Confidential Information is received by such Restricted Person from a third party that is not, to such Restricted Person's knowledge, subject to confidentiality obligations owing to any Credit Party or any of their respective subsidiaries or affiliates, (e) to the extent that such Confidential Information was already in the possession of the Restricted Persons prior to any duty or other undertaking of confidentiality or is independently developed by the Restricted Persons without the use of such Confidential Information, (f) to such Restricted Person's affiliates and to its and their respective officers, directors, partners, employees, legal counsel, independent auditors, and other experts or agents who need to know such Confidential Information in connection with providing the Loans or action as an Agent hereunder and who are informed of the confidential nature of such Confidential Information and who are subject to customary confidentiality obligations of professional practice or who agree to be bound by the terms of this <u>Section 13.16</u> (or confidentiality provisions at least as restrictive as those set forth in this <u>Section</u> 13.16) (with each such Restricted Person, to the extent within its control, responsible for such person's compliance with this paragraph), (g) to potential or prospective Lenders, hedge providers (or other derivative transaction counterparties) (any such person, a "**Derivative Counterparty**"), participants or assignees, in each case who agree (pursuant to customary syndication practice) to be bound by the terms of this <u>Section 13.16</u> (or confidentiality provisions at least as restrictive as those set forth in this <u>Section 13.16</u>); <u>provided</u> that (i) the disclosure of any such Confidential Information to any Lenders, Derivative Counterparties or prospective Lenders, Derivative Counterparties or participants or prospective participants referred to above shall be made subject to the acknowledgment and acceptance by such Lender, Derivative Counterparty or prospective Lender or participant or prospective participant that such Confidential Information is being disseminated on a confidential basis (on substantially the terms set forth in this <u>Section 13.16</u> or confidentiality provisions at least as restrictive as those set forth in this <u>Section 13.16</u>) in accordance with the standard syndication processes of such Restricted Person or customary market standards for dissemination of such type of information, which shall in any event require "click through" or other affirmative actions on the part of recipient to access such Confidential Information and (ii) no such disclosure shall be made by such Restricted Person to any person that is at such time a Disqualified Lender, (h) for purposes of establishing a "due diligence" defense, or (i) to rating agencies in connection with obtaining ratings for the Parent Borrower and the Credit Facility to the extent such rating agencies are subject to customary confidentiality obligations of professional practice or agree to be bound by the terms of this <u>Section 13.16</u> (or confidentiality provisions at least as restrictive as those set forth in this <u>Section 13.16</u>). Notwithstanding the foregoing, (i) Confidential Information shall not include, with respect to any Person, information available to it or its Affiliates on a non-confidential basis from a source other than the Parent Borrower, its Subsidiaries or its Affiliates, (ii) the Administrative Agent shall not be responsible for compliance with this <u>Section 13.16</u> by any other Restricted Person (other than its officers, directors or employees), (iii) in no event shall any Lender, the Administrative Agent or any other Agent be obligated or required to return any materials furnished by the Parent Borrower or any of its Subsidiaries, and (iv) each Agent and each Lender may disclose the existence of this Agreement and the information about this Agreement to market data collectors, similar services providers to the lending industry, and service providers to the Agents and the Lenders in connection with the administration, settlement and management of this Agreement and the other Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.17 <u>Direct Website Communications</u>. The Borrower may, at its option, provide to the Administrative Agent any information, documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to the Credit Documents, including, without limitation, all notices, requests, financial statements, financial, and other reports, certificates, and other information materials, but excluding any such communication that (A) relates to a request for a new, or a conversion of an existing, borrowing or other extension of credit (including any election of an interest rate or interest period relating thereto), (B) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (C) provides notice of any default or event of default under this Agreement or (D) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any borrowing or other extension of credit thereunder (all such non-excluded communications being referred to herein collectively as "**Communications**"), by transmitting the Communications in an electronic/soft medium in a format reasonably acceptable to the Administrative Agent to the Administrative Agent at an email address provided by the Administrative Agent from time to time; <u>provided</u> that (i) upon written request by the Administrative Agent, or the Parent Borrower shall deliver paper copies of such documents to the Administrative Agent for further distribution to each Lender until a written request to cease delivering paper copies is given by the Administrative Agent and (ii) the Parent Borrower shall notify (which may be by facsimile or electronic mail) the Administrative Agent of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (*i.e.*, soft copies) of such documents. Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents from the Administrative Agent and maintaining its copies of such documents. Nothing in this <u>Section 13.17</u> shall prejudice the right of the Parent Borrower, any other Credit Party, the Administrative Agent, any other Agent or any Lender to give any notice or other communication pursuant to any Credit Document in any other manner specified in such Credit Document.

The Administrative Agent agrees that the receipt of the Communications by the Administrative Agent at its e-mail address set forth above shall constitute effective delivery of the Communications to the Administrative Agent for purposes of the Credit Documents. Each Lender agrees that notice to it (as provided in the next sentence) specifying that the Communications have been posted to the Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Credit Documents. Each Lender agrees (A) to notify the Administrative Agent in writing (including by electronic communication) from time to time of such Lender's e-mail address to which the foregoing notice may be sent by electronic transmission and (B) that the foregoing notice may be sent to such e-mail address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower further agrees that any Agent may make the Communications available to the Lenders by posting the Communications on Intralinks or a substantially similar electronic transmission system (the "**Platform**"), so long as the access to such Platform (i) is limited to the Agents, the Lenders and Transferees or prospective Transferees and (ii) remains subject to the confidentiality requirements set forth in <u>Section 13.16</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE." THE AGENT PARTIES DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF ANY MATERIALS OR INFORMATION PROVIDED BY THE CREDIT PARTIES (THE "**BORROWER MATERIALS**") OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the "**Agent Parties**" and each an "**Agent Party**") have any liability to the Parent Borrower, any Lender, or any other Person for losses, claims, damages, liabilities, or expenses of any kind (whether in tort, contract or otherwise) arising out of the Parent Borrower's or the Administrative Agent's transmission of Borrower Materials through the internet, except to the extent the liability of any Agent Party resulted from such Agent Party's (or any of its Related Parties' (other than any trustee or advisor)) gross negligence, bad faith or willful misconduct or material breach of the Credit Documents as determined in the final non-appealable judgment of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower and each Lender acknowledge that certain of the Lenders may be "public-side" Lenders (Lenders that do not wish to receive material non-public information with respect to the Parent Borrower, the Subsidiaries or their securities) and, if documents or notices required to be delivered pursuant to the Credit Documents or otherwise are being distributed through the Platform, any document or notice that the Parent Borrower have indicated contains only publicly available information with respect to the Parent Borrower may be posted on that portion of the Platform designated for such public-side Lenders. If the Parent Borrower has not indicated whether a document or notice delivered contains only publicly available information, the Administrative Agent shall post such document or notice solely on that portion of the Platform designated for Lenders who wish to receive material nonpublic information with respect to the Parent Borrower, its Subsidiaries and their securities. Notwithstanding the foregoing, the Parent Borrower shall use commercially reasonable efforts to indicate whether any document or notice contains only publicly available information; <u>provided</u>, <u>however</u>, that the following documents shall be deemed to be marked "PUBLIC," unless the Parent Borrower notifies the Administrative Agent promptly that any such document contains material nonpublic information: (1) the Credit Documents, (2) any notification of changes in the terms of the Credit Facility and (3) all financial statements and certificates delivered pursuant to <u>Sections 9.1(a)</u>, <u>(a)</u> and <u>(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.18 <u>USA PATRIOT Act</u>. Each Lender hereby notifies each Credit Party that, pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "**Patriot Act**") and the Beneficial Ownership Regulation, it is required to obtain, verify, and record information that identifies each Credit Party, which information includes the name and address of each Credit Party and other information that will allow such Lender to identify each Credit Party in accordance with the Patriot Act and the Beneficial Ownership Regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.19 [ <u>Reserved</u> ].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.20 <u>Payments Set Aside</u>. To the extent that any payment by or on behalf of the Parent Borrower is made to any Agent or any Lender, or any Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by such Agent or such Lender in its discretion) to be repaid to a trustee, receiver, or any other party, in connection with any proceeding or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share of any amount so recovered from or repaid by any Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the applicable Overnight Rate from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.21 <u>No Fiduciary Duty</u>. Each Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph, the "**Lenders**"), may have economic interests that conflict with those of the Credit Parties, their stockholders and/or their affiliates. Each Credit Party agrees that nothing in the Credit Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and such Credit Party, its stockholders or its affiliates, on the other. The Credit Parties acknowledge and agree that (i) the transactions contemplated by the Credit Documents (including the exercise of rights and remedies hereunder and thereunder) are arm's-length commercial transactions between the Lenders, on the one hand, and the Credit Parties, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in favor of any Credit Party, its stockholders or its affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise any Credit Party, its stockholders or its Affiliates on other matters) or any other obligation to any Credit Party except the obligations expressly set forth in the Credit Documents and (y) each Lender is acting solely as principal and not as the agent or fiduciary of any Credit Party, its management, stockholders or creditors. Each Credit Party acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. Each Credit Party agrees that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to such Credit Party, in connection with such transaction or the process leading thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.22 <u>Nature of Borrower Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary contained elsewhere in this Agreement, it is understood and agreed by the various parties to this Agreement that all of the Parent Borrower's Obligations to repay principal of, interest on, and all other amounts with respect to, all Loans, L/C Obligations and all other Obligations of the Parent Borrower pursuant to this Agreement (including, without limitation, all fees, indemnities, taxes and other Obligations in connection therewith or in connection with the related Commitments) shall be guaranteed pursuant to, and in accordance with the terms of, the Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligations of the Parent Borrower with respect to the Parent Borrower's Obligations are independent of the obligations of any Guarantor under its guaranty of the Parent Borrower's Obligations, and a separate action or actions may be brought and prosecuted against the Parent Borrower, whether or not any such Guarantor is joined in any such action or actions. The Borrower waives, to the fullest extent permitted by law, the benefit of any statute of limitations affecting its liability hereunder or the enforcement thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parent Borrower authorizes the Administrative Agent and the Lenders without notice or demand (except as shall be required by the Credit Documents and applicable statute that cannot be waived), and without affecting or impairing its liability hereunder, from time to time to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) exercise or refrain from exercising any rights against any Guarantor or others or otherwise act or refrain from acting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) apply any sums paid by any other Person, howsoever realized or otherwise received to or for the account of the Parent Borrower to any liability or liabilities of such other Person regardless of what liability or liabilities of such other Person remain unpaid; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) consent to or waive any breach of, or act, omission or default under, this Agreement or any of the instruments or agreements referred to herein, or otherwise, by any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is not necessary for the Administrative Agent or any other Lender to inquire into the capacity or powers of the Parent Borrower or any of its Subsidiaries or the officers, directors, members, partners or agents acting or purporting to act on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Parent Borrower waives any right to require the Administrative Agent or the other Lenders to (i) proceed against any Guarantor or any other party, (ii) proceed against or exhaust any security held from any Guarantor or any other party or (iii) pursue any other remedy in the Administrative Agent's or the Lenders' power whatsoever. The Parent Borrower waives any defense based on or arising out of suretyship or any impairment of security held from the Parent Borrower, any Guarantor or any other party or on or arising out of any defense of any Guarantor or any other party other than payment in full in cash of the Obligations of the Credit Parties, including, without limitation, any defense based on or arising out of the disability of any Guarantor or any other party, or the unenforceability of the Obligations of the Parent Borrower or any part thereof from any cause, in each case other than as a result of the payment in full in cash of the Obligations of the Parent Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All provisions contained in any Credit Document shall be interpreted consistently with this <u>Section 13.22</u> to the extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.23 <u>Acknowledgment and Consent to Bail-In of Affected Financial Institutions</u>. Notwithstanding anything to the contrary in any Credit Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Credit Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.24 <u>Acknowledgment Regarding Any Supported QFCs</u>. To the extent that the Credit Documents provide support, through a guarantee or otherwise, for any Hedge Agreement or any other agreement or instrument that is a QFC (such support, "**QFC Credit Support**" and each such QFC a "**Supported QFC**"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "**U.S. Special Resolution Regimes**") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Credit Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) As used in this <u>Section 13.24</u>, the following terms have the following meanings:

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

"**Covered Entity**" means any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.25 <u>Certain ERISA Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto that at least one of the following is and will be true:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent such Lender and the Borrower, provided that the Borrower shall not unreasonably withhold its consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Credit Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Credit Document or any documents related hereto or thereto).

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

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| | |
|:---|:---|
| PHOENIX DATA CENTER ACQUISITIONS LLC | PHOENIX DATA CENTER ACQUISITIONS LLC |
| as the Parent Borrower | as the Parent Borrower |
| By: |  |
| Name: | Name: |
| Title: | Title: |
| PHOENIX DATA CENTER INTERMEDIATE LLC | PHOENIX DATA CENTER INTERMEDIATE LLC |
| as Holdings | as Holdings |
| By: |  |
|  | Name: |
|  | Title: |

---

[Signature Page to U.S. Revolving Credit Agreement]

---

| | |
|:---|:---|
| WELLS FARGO BANK, NATIONAL ASSOCIATION | WELLS FARGO BANK, NATIONAL ASSOCIATION |
| as Administrative Agent | as Administrative Agent |
| By: |  |
|  | Name: |
|  | Title: |
| WELLS FARGO BANK, NATIONAL ASSOCIATION | WELLS FARGO BANK, NATIONAL ASSOCIATION |
| as Collateral Agent | as Collateral Agent |
| By: |  |
|  | Name: |
|  | Title: |

---

[Signature Page to U.S. Revolving Credit Agreement]

By: 

 Name:

 Title:

[Signature Page to U.S. Revolving Credit Agreement]

## Exhibit 10.14

**

**Exhibit 10.14**

 

***Execution Version***

**<u>SECOND AMENDMENT TO CREDIT AGREEMENT</u>**

This SECOND AMENDMENT TO CREDIT AGREEMENT (this "<u>Second Amendment</u>"), dated as of February 28, 2025, is by and among Phoenix Data Center Acquisitions LLC, a Delaware limited liability company (the "<u>Parent Borrower</u>"), the Guarantors party hereto, Wells Fargo Bank, National Association, as Administrative Agent (in such capacity, the "<u>Administrative Agent</u>"), and the Lenders party hereto. Unless otherwise indicated, all capitalized terms used herein and not otherwise defined herein shall have the respective meanings provided to such terms in the Credit Agreement referred to below.

<u>W I T N E S S E T H</u>:

WHEREAS, Phoenix Data Center Intermediate LLC, a Delaware limited liability company ("<u>Holdings</u>"), Parent Borrower, the guarantors from time to time party thereto, the Administrative Agent and the lenders from time to time party thereto (collectively, the "<u>Lenders</u>" and individually, a "<u>Lender</u>") have entered into that certain U.S. Revolving Credit Agreement, dated as of January 12, 2024, as amended by that certain First Amendment to Credit Agreement, dated as of April 17, 2024 (as further amended, restated, supplemented and/or otherwise modified from time to time prior to the Second Amendment Effective Date referred to below, the "<u>Credit Agreement</u>");

WHEREAS, pursuant to Section 13 of the Credit Agreement, the Parent Borrower has requested (i) that the Lenders increase their Revolving Credit Commitments, so that the aggregate principal amount of the Revolving Credit Commitments is increased to $300,000,000 as of the Second Amendment Effective Date,(ii) that DCCO Tukwila Domestic REIT, LLC be released from its obligations under the Credit Documents to which it is a party and (iii) that certain fees and rates with respect to the Credit Facilities be updated;

WHEREAS, it is intended that (a) the Parent Borrower will obtain the increase to the Revolving Credit Commitments to fund working capital and general corporate purposes (including to finance any other transactions not prohibited by the Credit Documents) and (b) the Parent Borrower will pay fees and expenses incurred in connection therewith; and

WHEREAS, the Administrative Agent and the Parent Borrower have agreed to amend the Credit Agreement to amend the Credit Agreement as set forth in Annex I hereto.

NOW, THEREFORE, in consideration of the premises and the agreements contained herein, the parties hereto agree as follows:

SECTION 1. <u>Amendments</u>. Subject to the terms and conditions set forth herein and the occurrence of the Second Amendment Effective Date, (x) the Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: <u>double- underlined text</u>) as set forth in the pages of the Credit Agreement attached as <u>Annex I</u> hereto, (y) <u>Schedule 1.1(a)</u> to the Credit Agreement shall be replaced with the corresponding schedule attached hereto and (z) <u>Schedule 8.13</u> to the Credit Agreement shall be replaced with the corresponding schedule attached hereto.

SECTION 2. <u>Conditions of Effectiveness of this Second Amendment</u>. This Second Amendment shall become effective as of the first date (the "<u>Second Amendment Effective Date</u>") on which the following conditions have been satisfied or waived in accordance with the terms thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrative Agent shall have received each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) An executed counterpart of this Second Amendment by the Parent Borrower, which executed counterpart shall be an original or pdf copy or delivered by other electronic method;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a certificate of each of the Parent Borrower and each other Guarantor, dated as of the Second Amendment Effective Date, substantially in the form of <u>Exhibit D</u> of the Credit Agreement, with appropriate insertions, executed by any Authorized Officer and the Secretary or any Assistant Secretary of the Parent Borrower and each other Guarantor, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (1) a copy of the resolutions of the general partner, board of directors, member(s), trustee(s) or other governing bodies, as applicable, of the Parent Borrower and the Guarantors (or a duly authorized committee thereof) authorizing the execution, delivery, and performance of the Second Amendment (and any agreements relating thereto to which it is a party), (2) the certificate of incorporation and by-laws, certificate of formation and operating agreement or other comparable organizational documents, as applicable, of the Parent Borrower and the Guarantors and (3) signature and incumbency certificates (or other comparable documents evidencing the same) of the Authorized Officers of the Parent Borrower and the Guarantors executing the respective Credit Documents to which they are a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an executed legal opinion, in customary form, of Paul, Weiss, Rifkind, Wharton & Garrison LLP; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a certificate, dated as of the Second Amendment Effective Date and substantially in the form of <u>Exhibit J</u> of the Credit Agreement, from the Chief Executive Officer, the President, the Chief Financial Officer, the Treasurer, the Vice President-Finance, a Director, a Manager, or any other senior financial officer of the Parent Borrower (or of the Parent Borrower's general partner) to the effect that after giving effect to the Second Amendment and transactions related thereto, the Parent Borrower on a consolidated basis with its Subsidiaries is Solvent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all fees required to be paid on the Second Amendment Effective Date (including pursuant to that certain Fee Letter, dated as of Second Amendment Effective Date), to the extent invoiced at least three (3) Business Days prior to the Second Amendment Effective Date (except as otherwise reasonably agreed by the Parent Borrower) shall, upon the Second Amendment Effective Date hereunder, have been, or will be substantially simultaneously, paid.

SECTION 3. <u>Credit Document.</u> This Second Amendment shall constitute a "Credit Document" for all purposes of the Credit Agreement and the other Credit Documents.

SECTION 4. <u>Representations and Warranties.</u> To induce the Administrative Agent to enter into this Second Amendment, the Parent Borrower makes the following representations and warranties to the Lenders, as of the Second Amendment Effective Date, immediately after giving effect to this Second Amendment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent Borrower represents and warrants to the Lenders and the Administrative Agent that, as of the Second Amendment Effective Date, (i) the representations and warranties contained in <u>Article 8</u> of the Credit Agreement or any other Credit Document (including this Amendment as a Credit Document for such purpose) are true and correct in all material respects on and as of the Second Amendment Effective Date (provided that any such representations and warranties which are qualified by materiality, material adverse effect or similar language shall be true and correct in all respects) with the same effect as though such representations and warranties had been made on and as of the date hereof (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects (provided that any such representations and warranties which are qualified by materiality, material adverse effect or similar language shall be true and correct in all respects) as of such earlier date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Event of Default shall have occurred and be continuing.

SECTION 5. <u>Release of Guarantor</u>. From and after the Second Amendment Effective Date, all duties and obligations of DCCO Tukwila Domestic REIT, LLC under the Guarantee, the Pledge Agreements and all other Credit Documents to which it is a party is and shall be irrevocably terminated. This release will have no effect to other guaranties or obligations of DCCO Tukwila Domestic REIT, LLC to the Lenders, if any, in connection with transactions other than those pursuant to the Credit Agreement.

SECTION 6. <u>Reference to and Effect on the Credit Agreement and the Credit Documents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On and after the Second Amendment Effective Date, each reference in the Credit Agreement to "this Agreement," "hereunder," "hereof" or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement, as amended by this Second Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Credit Agreement and each of the other Credit Documents, as specifically amended by this Second Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. Without limiting the generality of the foregoing, each Credit Party hereby ratifies and confirms in all respects that (i) each of the Credit Agreement, the Collateral Documents and each other Credit Document to which each Credit Party is a party is the legal, valid and binding obligation of such Credit Party, enforceable against such Credit Party in accordance with its terms, (ii) all of the obligations of the Credit Parties under the Credit Agreement, the Collateral Documents and each other Credit Document (in each case, after giving effect to this Second Amendment) to which such Credit Party is a party, (A) constitute "Obligations" and are entitled to all the benefits of the Guarantee set forth in the Credit Agreement, and each such Guarantee is, and continues to be in full force and effect and is hereby reaffirmed in all respects, and (B) are reaffirmed and remain in full force and effect on a continuous basis, in each case as amended by this Second Amendment, and (iii) each Credit Party's prior grant and the validity of security interests pursuant to the Collateral Documents are reaffirmed and remain in full force and effect and all security interests are continuing in full force and effect to secure all of the Obligations as amended by this Second Amendment and are hereby ratified and confirmed in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as expressly set forth herein, the execution of this Second Amendment shall not, (i) operate as a waiver of or otherwise affect any right, power or remedy of the Administrative Agent, the Letter of Credit Issuers or the Lenders, (ii) constitute a waiver of, alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provisions of the Credit Agreement or any other Credit Documents, or (iii) serve to effect a novation of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For each current Interest Period, the Applicable Margin shall be deemed to be (i) from the first day of each such current Interest Period up to but not including the Second Amendment Effective Date, the Applicable Margin shall be deemed to be a percentage per annum equal to (a) for SOFR Loans, that are Revolving Credit Loans, 4.25% and (b) for ABR Loans that are Revolving Credit Loans, 3.25%, and (ii) from the Second Amendment Effective Date to the last day of each such current Interest Period, a percentage per annum equal to (a) for SOFR Loans, that are Revolving Credit Loans, 3.00% and (b) for ABR Loans that are Revolving Credit Loans, 2.00%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Letter of Credit Fee shall be deemed to be (i) for the period from the date of issuance of such Letter of Credit up to but not including the Second Amendment Effective Date, equal to a rate of (a) 4.25% per annum for the period from the date of issuance of such Letter of Credit to the termination date of such Letter of Credit, computed on the average daily Stated Amount of such Letter of Credit less (b) the Fronting Fee, and (ii) for the period from Second Amendment Effective Date to the termination date of such Letter of Credit equal to a rate of (a) 3.00% per annum for the period from the date of issuance of such Letter of Credit to the termination date of such Letter of Credit, computed on the average daily Stated Amount of such Letter of Credit less (b) the Fronting Fee.

SECTION 7. <u>Governing Law</u>. THIS SECOND AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. The provisions of Sections 1.2, 13.5, 13.12, 13.15 and 13.16 of the Credit Agreement shall apply to this Second Amendment, *mutatis mutandis*.

SECTION 8. <u>Counterparts</u>. This Second Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Second Amendment and/or any document to be signed in connection with this Second Amendment and the transactions contemplated hereby shall be deemed to include Electronic Signatures (as defined below), deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signature and Records Act, or any other similar state laws based on the Uniform Electronic Transaction Act. "<u>Electronic Signatures</u>" means any electronic symbol or process attached to, or associated with, any contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record.

SECTION 9. <u>Severability</u>. Wherever possible, each provision of this Second Amendment shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Second Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Second Amendment.

SECTION 10. <u>Section Titles</u>. The Section titles contained in this Second Amendment are and shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto.

SECTION 11. <u>Entire Agreement</u>. This Second Amendment, the Credit Agreement and the other Loan Documents constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties or any of them with respect to the subject matter hereof.

[*Signature Pages to follow*]

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Second Amendment to be duly executed and delivered by the parties hereto as of the date first above written.

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| | |
|:---|:---|
| **PHOENIX DATA CENTER ACQUISITIONS LLC,** | **PHOENIX DATA CENTER ACQUISITIONS LLC,** |
| as Parent Borrower | as Parent Borrower |
| By | /s/ Spencer Mullee |
|  | Name: Spencer Mullee |
|  | Title: President, Chief Executive Officer and Treasurer |

---

---

| | |
|:---|:---|
| **PHOENIX DATA CENTER INTERMEDIATE LLC,** | **PHOENIX DATA CENTER INTERMEDIATE LLC,** |
| as Holdings | as Holdings |
| By | /s/ Spencer Mullee |
|  | Name: Spencer Mullee |
|  | Title: President, Chief Executive Officer and Treasurer |

---

---

| | |
|:---|:---|
| **PHOENIX INFRASTRUCTURE LLC,** | **PHOENIX INFRASTRUCTURE LLC,** |
| as a Guarantor | as a Guarantor |
| By | /s/ Spencer Mullee |
|  | Name: Spencer Mullee |
|  | Title: President, Chief Executive Officer and Treasurer |

---

---

| | |
|:---|:---|
| **PHOENIX DATA CENTER PARENT LLC,** | **PHOENIX DATA CENTER PARENT LLC,** |
| as a Guarantor | as a Guarantor |
| By | /s/ Spencer Mullee |
|  | Name: Spencer Mullee |
|  | Title: President, Chief Executive Officer and Treasurer |

---

Signature Page to Second Amendment to Credit Agreement (Centersquare 2025)

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| | | |
|:---|:---|:---|
| **<u>ADMINISTRATIVE AGENT</u>:** | **<u>ADMINISTRATIVE AGENT</u>:** | **<u>ADMINISTRATIVE AGENT</u>:** |
| **WELLS FARGO BANK, NATIONAL ASSOCIATION,** | **WELLS FARGO BANK, NATIONAL ASSOCIATION,** | **WELLS FARGO BANK, NATIONAL ASSOCIATION,** |
| as Administrative Agent | as Administrative Agent | as Administrative Agent |
| By: | /s/ Kyle Gaillard | /s/ Kyle Gaillard |
|  | Name: | Kyle Gaillard |
|  | Title: | Executive Director |

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Signature page to second amendment to credit agreement (Centersquare)

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| | | |
|:---|:---|:---|
| **<u>LENDERS</u>:** | **<u>LENDERS</u>:** | **<u>LENDERS</u>:** |
| **WELLS FARGO BANK, NATIONAL ASSOCIATION,** | **WELLS FARGO BANK, NATIONAL ASSOCIATION,** | **WELLS FARGO BANK, NATIONAL ASSOCIATION,** |
| as a Lender | as a Lender | as a Lender |
| By: | /s/ Kyle Gaillard | /s/ Kyle Gaillard |
|  | Name: | Kyle Gaillard |
|  | Title: | Executive Director |

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Signature Page to Second Amendment to Credit Agreement (Centersquare)

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| | | |
|:---|:---|:---|
| **THE TORONTO-DOMINION BANK, NEW YORK BRANCH,** | **THE TORONTO-DOMINION BANK, NEW YORK BRANCH,** | **THE TORONTO-DOMINION BANK, NEW YORK BRANCH,** |
| as a Lender | as a Lender | as a Lender |
| By: | /s/ Kristen Posluszny | /s/ Kristen Posluszny |
|  | Name: | Kristen Posluszny |
|  | Title: | Authorized Signatory |

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Signature Page to Second Amendment to Credit Agreement (Centersquare)

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| | | |
|:---|:---|:---|
| **BANK OF MONTERAL**, | **BANK OF MONTERAL**, | **BANK OF MONTERAL**, |
| as a Lender | as a Lender | as a Lender |
| By: | /s/ Rebecca Liu Chabanon | /s/ Rebecca Liu Chabanon |
|  | Name: | Rebecca Liu Chabanon |
|  | Title: | Director |

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Signature Page to Second Amendment to Credit Agreement (Centersquare)

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| | | |
|:---|:---|:---|
| **THE BANK OF NOVA SCOTIA,** | **THE BANK OF NOVA SCOTIA,** | **THE BANK OF NOVA SCOTIA,** |
| **as a Lender** | **as a Lender** | **as a Lender** |
| **By:** | **/s/ Robert Palmer** | **/s/ Robert Palmer** |
|  | **Name:** | **Robert Palmer** |
|  | **Title:** | **Director** |
| **By:** | **/s/ Joshita D Souza** | **/s/ Joshita D Souza** |
|  | **Name:** | **Joshita D Souza** |
|  | **Title:** | **Associate** |

---

Signature Page to Second Amendment to Credit Agreement (Centersquare)

<u>ANNEX I</u>

Amended Credit Agreement

See attached.

***ANNEX I***

***Composite copy reflecting amendments made pursuant to***

***First Amendment to Credit Agreement, dated April 17, 2024 and***

***Second Amendment to Credit Agreement, dated February 28, 2025***

U.S. REVOLVING CREDIT AGREEMENT

dated as of January 12, 2024

among

PHOENIX DATA CENTER ACQUISITIONS LLC

as the Parent Borrower,

PHOENIX DATA CENTER INTERMEDIATE LLC

as Holdings,

The Several Lenders and Letter of Credit Issuers <br> from Time to Time Parties Hereto,

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as the Administrative Agent

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as the Collateral Agent,

WELLS FARGO SECURITIES, LLC

TD SECURITIES (USA) LLC

as Joint Bookrunners and Lead Arrangers,

and

BMO CAPITAL MARKETS CORP.

THE BANK OF NOVA SCOTIA

as Joint Lead Arrangers

**<u>**TABLE OF CONTENTS**</u>**

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| | | |
|:---|:---|:---|
|  |  | **<u>Page</u>** |
| Section 1. | Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | Defined Terms | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | Other Interpretive Provisions | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | Accounting Terms | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | Rounding | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | References to Agreements, Laws, Etc. | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | Exchange Rates | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | Rates | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 | Times of Day | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 | Timing of Payment or Performance | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | Certifications | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | Compliance with Certain Sections | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | Pro Forma and Other Calculations | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | Form Intercreditor Agreements | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | [Reserved] | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | Divisions | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | Designation of Borrowers | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | Borrower Agent | 76 |
| Section 2. | Amount and Terms of Credit | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | Commitments | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | Loans and Borrowings | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | Notice of Borrowing | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | Disbursement of Funds | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | Repayment of Loans; Evidence of Debt | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | Conversions and Continuations | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | Pro Rata Borrowings | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 | Interest | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | Interest Periods | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | Increased Costs, Illegality, Etc. | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | [Reserved] | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | Change of Lending Office | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | Notice of Certain Costs | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | Extension of Revolving Credit Commitments | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | [Reserved] | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | Defaulting Lenders | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | Alternate Rate of Interest | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | Benchmark Replacement Setting | 89 |
| Section 3. | Letters of Credit | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Letters of Credit | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Letter of Credit Requests | 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | Letter of Credit Participations | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | Agreement to Repay Letter of Credit Drawings | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 | Increased Costs | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 | New or Successor Letter of Credit Issuer | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 | Role of Letter of Credit Issuer | 100 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 | Cash Collateral | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 | Applicability of ISP and UCP | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | Conflict with Issuer Documents | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 | Letter of Credit Issued for Subsidiaries | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 | Provisions Related to Extended Revolving Credit Commitments | 102 |
| Section 4. | Fees | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | Fees | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | Voluntary Reduction of Revolving Credit Commitments | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | Mandatory Termination | 104 |
| Section 5. | Payments | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | Voluntary Prepayments | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | Mandatory Prepayments | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | Method and Place of Payment | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 | Net Payments | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 | Computations of Interest and Fees | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 | Limit on Rate of Interest | 110 |
| Section 6. | Conditions Precedent to Initial Borrowing | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | Credit Documents | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 | Collateral | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 | Legal Opinions | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 | [Reserved.] | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 | Closing Certificates | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 | Authorization of Proceedings of the Parent Borrower and the Guarantors; Corporate Documents | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 | Fees | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 | Solvency Certificate | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 | Financial Statements | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 | Refinancing | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 | Notice of Revolving Credit Loan Borrowing; Letter of Credit Request | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 | Representations and Warranties | 113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 | Acquisition | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 | Patriot Act | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 | No Company Material Adverse Effect | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 | Evoque Transaction | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 | Bankruptcy | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 | Quality of Earnings Report | 115 |
| Section 7. | Conditions Precedent to All Credit Events after the Closing Date | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | No Event of Default; Representations and Warranties | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | LTV and Fixed Charge Coverage Ratio | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 | Notice of Borrowing | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 | Drawstop Event Period | 116 |
| Section 8. | Representations and Warranties | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | Corporate Status | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 | Corporate Power and Authority | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 | No Violation | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 | Litigation | 117 |

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-ii-

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 | Margin Regulations | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 | Governmental Approvals | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 | Investment Company Act | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 | True and Complete Disclosure | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 | Financial Condition; Financial Statements | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 | Compliance with Laws | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 | Tax Matters | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 | Compliance with ERISA | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13 | Subsidiaries | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 | Intellectual Property | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15 | Environmental Laws | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16 | Properties | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17 | Closing Date Solvency | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.18 | Use of Proceeds | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.19 | Sanctions | 120 |
| Section 9. | Affirmative Covenants | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | Information Covenants | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | Books, Records, and Inspections | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 | Maintenance of Insurance | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 | Payment of Taxes | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 | Preservation of Existence; Consolidated Corporate Franchises | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 | Compliance with Statutes, Regulations, Etc. | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 | ERISA | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 | Maintenance of Tangible Properties | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 | Transactions with Affiliates | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 | End of Fiscal Years | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 | Additional Guarantors and Grantors | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12 | Pledge of Additional Stock and Evidence of Indebtedness | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 | Use of Proceeds | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.14 | Further Assurances | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.15 | [reserved.] | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.16 | Lines of Business | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.17 | Financial Covenants under Other Indebtedness | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.18 | Post-Closing Actions | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.19 | Foreign First-Tier Finance Holdings Subsidiaries | 130 |
| Section 10. | Negative Covenants | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 | Limitation on Indebtedness | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 | Limitation on Fundamental Changes | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 | Limitation on Sale of Assets | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 | Limitation on Restricted Payments | 136 |
| Section 11. | Events of Default | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 | Payments | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 | Representations, Etc. | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 | Covenants | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 | Default Under Other Agreements | 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 | Bankruptcy, Etc. | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 | ERISA | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 | Guarantee | 144 |

---

-iii-

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 | Security Documents | 145.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 | Judgments | 145.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 | Change of Control | 145.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 | Remedies Upon Event of Default | 145.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 | Application of Proceeds | 146.0 |
| Section 12. | The Agents | 146.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 | Appointment | 146.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 | Delegation of Duties | 147.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 | Exculpatory Provisions | 147.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 | Reliance by Agents | 148.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 | Notice of Default | 148.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 | Non-Reliance on Administrative Agent, Collateral Agent, and Other Lenders | 149.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 | Indemnification | 149.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 | Agents in Their Individual Capacities | 150.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9 | Successor Agents | 150.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 | Withholding Tax | 151.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 | Agents Under Security Documents and Guarantee | 152.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 | Right to Realize on Collateral and Enforce Guarantee | 153.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13 | Intercreditor Agreements Govern | 154.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14 | Acknowledgements of Lenders | 154.0 |
| Section 13. | Miscellaneous | 156.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 | Amendments, Waivers, and Releases | 156.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 | Notices | 160.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 | No Waiver; Cumulative Remedies | 161.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 | Survival of Representations and Warranties | 161.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 | Payment of Expenses; Indemnification | 162.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 | Successors and Assigns; Participations and Assignments | 163.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 | Replacements of Lenders Under Certain Circumstances | 168.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 | Adjustments; Set-off | 169.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9 | Counterparts | 169.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10 | Severability | 170.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 | Integration | 170.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 | GOVERNING LAW | 170.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13 | Submission to Jurisdiction; Waivers | 170.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.14 | Acknowledgments | 171.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.15 | WAIVERS OF JURY TRIAL | 172.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.16 | Confidentiality | 172.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.17 | Direct Website Communications | 173.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.18 | USA PATRIOT Act | 175.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.19 | [Reserved] | 175.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.20 | Payments Set Aside | 175.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.21 | No Fiduciary Duty | 175.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.22 | Nature of Borrower Obligations | 176.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.23 | Acknowledgment and Consent to Bail-In of Affected Financial Institutions | 177.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.24 | Acknowledgment Regarding Any Supported QFCs | 177.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.25 | Certain ERISA Matters | 178.0 |

---

-iv-

---

| | |
|:---|:---|
| <u>SCHEDULES</u> |  |
| Schedule 1.1(a) | Commitments of Lenders |
| Schedule 1.1(c) | Closing Date Liens |
| Schedule 1.1(d) | Closing Date First Tier Property Values |
| Schedule 8.13 | Subsidiaries |
| Schedule 9.18 | Post-Closing Actions |
| Schedule 10.1 | Closing Date Indebtedness |
| Schedule 13.2 | Notice Addresses |
| <u>EXHIBITS</u> |  |
| Exhibit A | Form of Closing Certificate |
| Exhibit B | Form of Guarantee |
| Exhibit C | Form of Pledge Agreement |
| Exhibit D | Form of Credit Party Closing Certificate |
| Exhibit E | Form of Assignment and Acceptance |
| Exhibit F | Form of Promissory Note |
| Exhibit G-1 | Form of First Lien Intercreditor Agreement |
| Exhibit G-2 | Form of Second Lien Intercreditor Agreement |
| Exhibit H-1 | Form of Non-Bank Tax Certificate |
|  | (For Non-U.S. Lenders That Are Not Partnerships |
|  | For U.S. Federal Income Tax Purposes) |
| Exhibit H-2 | Form of Non-Bank Tax Certificate |
|  | (For Non-U.S. Lenders That Are Partnerships |
|  | For U.S. Federal Income Tax Purposes) |
| Exhibit H-3 | Form of Non-Bank Tax Certificate |
|  | (For Non-U.S. Participants That Are Not Partnerships |
|  | For U.S. Federal Income Tax Purposes) |
| Exhibit H-4 | Form of Non-Bank Tax Certificate |
|  | (For Foreign Participants That Are Partnerships |
|  | For U.S. Federal Income Tax Purposes) |
| Exhibit I | Form of Notice of Borrowing or Continuation or Conversion |
| Exhibit J | Form of Solvency Certificate |
| Exhibit K | Form of Compliance Certificate |

---

-v-

**<u>U.S. REVOLVING CREDIT AGREEMENT</u>**

U.S. REVOLVING CREDIT AGREEMENT, dated as of January 12, 2024, among PHOENIX DATA CENTER ACQUISITIONS LLC, a Delaware limited liability corporation (as the "**Parent Borrower**"), PHOENIX DATA CENTER INTERMEDIATE LLC, a Delaware limited liability corporation (as "**Holdings**"), the lending institutions from time to time parties hereto (each a "**Lender**" and, collectively, the "**Lenders**"), the Letter of Credit Issuers from time to time parties hereto, WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Administrative Agent, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Collateral Agent (such terms and each other capitalized term used but not defined in this preamble having the meaning provided in <u>Section 1</u>).

WHEREAS, the Purchaser will acquire certain assets of the Company as set forth in the Acquisition Agreement (the "**Plan Acquisition**") pursuant to, in accordance with and under and in connection with that certain (a) Asset Purchase Agreement, dated as of October 31, 2023, by and among Phoenix Data Center Holdings LLC, a Delaware limited liability company (the "**Purchaser**"), Cyxtera Technologies, Inc., a Delaware corporation (the "**Company**") and certain subsidiaries of the Company (together with all exhibits, annexes, schedules and disclosure letters thereto, collectively, as modified, amended, supplemented or waived, the "**Acquisition Agreement**"); (b) the *Fourth Amended Joint Chapter 11 Plan of Cyxtera Technologies, Inc. and Its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code* (the "**Chapter 11 Plan**") filed in the chapter 11 cases (the "**Chapter 11 Cases**") of Cyxtera Technologies, Inc. and certain of its subsidiaries commenced in the United States Bankruptcy Court for the District of New Jersey (the "**Bankruptcy Court**") in the chapter 11 cases captioned *In re Cyxtera Technologies Inc. et al.*, Ch. 11 Case No. 23-14853 (JKS) (Bankr. D. N.J. July 5, 2023); and (c) the *Revised Findings of Fact, Conclusions of Law, and Order Confirming the Fourth Amended Joint Plan of Reorganization of Cyxtera Technologies, Inc. and it Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code* entered on November 17, 2023 Docket No. 718 (the "**Confirmation Order**") by the Bankruptcy Court confirming the Chapter 11 Plan;

WHEREAS, the Purchaser intends to, directly or indirectly, acquire certain properties owned by third party landlords, in each case, as set forth in the applicable Purchase and Sale Agreement (each, a "**Third Party Acquisition Agreement**", each acquisition, a "**Third Party Acquisition**" and the assets acquired in connection therewith, "**Third Party Acquired Assets**");

WHEREAS, the Purchaser intends to, directly or indirectly, acquire certain properties owned by third party landlords, in each case, as set forth in the applicable Purchase and Sale Agreement (each, an "**Additional Property Acquisition Agreement**" (and collectively, together with each Third Party Acquisition Agreement, the "**Property Acquisition Agreements**") and each acquisition, an "**Additional Property Acquisition**" (and collectively, together with each Third Party Acquisition, the "**Property Acquisitions**"));

WHEREAS, in furtherance of an internal reorganization of certain Subsidiaries of the Sponsor, the Sponsor intends to transfer certain properties and other assets of certain Subsidiaries of Sponsor to certain other Subsidiaries of the Sponsor (collectively, the "<u>Transferred Subsidiaries</u>"), and, immediately following the consummation of such transactions, transfer all of the issued and outstanding membership interests of each Transferred Subsidiary to Phoenix Data Center Parent LLC, in each case, in accordance with and as set forth in that certain Contribution and Transfer Agreement, dated as of the date hereof, by and among Dawn US Holdings, LLC, a Delaware limited liability company, Evoque Dallas Data Centers LLC, a Delaware limited liability company, the SPE Companies named therein, Phoenix Infrastructure LLC, a Delaware limited liability company, and Phoenix Data Center Parent, LLC, a Delaware limited liability company (together with all exhibits, annexes and schedules thereto, collectively, as modified, amended, supplemented or waived, the "**Evoque Transaction Agreement**" and such transfers, the "**Evoque Transaction**", and together with the Plan Acquisition, each Third Party Acquisition and each Additional Property Acquisition other related transactions contemplated in the Acquisition Agreement to occur on the date of or substantially contemporaneously with the foregoing, the "**Acquisitions**")

WHEREAS, in connection with the Acquisitions, the Parent Borrower has requested that the Lenders extend credit in the form of Revolving Credit Loans (exclusive of Letter of Credit usage) in an aggregate principal amount at any time not exceeding the sum of the Revolving Credit Commitments hereunder less the sum of the Lenders' aggregate Letter of Credit Exposure at such time, made available to the Parent Borrower (i) on the Closing Date, together with the proceeds of other First Tier Facilities established on the Closing Date and cash on hand of the Parent Borrower, (A) to finance the Transactions and for general corporate purposes in an amount equal to the amount necessary to fund (1) the Reserves Shortfall (less any Letters of Credit issued on the Closing Date to backstop any Reserves Shortfall) and (2) the Proceeds Shortfall and (B) in any amount needed to fund upfront fees or original issue discount in respect of any Credit Facilities (and any other First Tier Facilities established on the Closing Date) imposed under the Fee Letter, working capital adjustments and reimbursements for Capital Expenditures pursuant to the Acquisition Agreement and/or the refinancing of any Indebtedness incurred for working capital purposes and purchase price adjustments made pursuant to the Acquisition Agreement and/or the Property Acquisition Agreement, and (ii) at any time and from time to time after the Closing Date, for working capital and general corporate purposes (including to finance any other transactions not prohibited by the Credit Documents).

WHEREAS, the Parent Borrower has requested that any Letter of Credit Issuer issues Letters of Credit (i) on the Closing Date in order to (A) backstop any Reserves Shortfall (less any Revolving Loans drawn on the Closing Date to fund such Reserves Shortfall) and (B) backstop or replace letters of credit outstanding on the Closing Date under any facilities no longer available as of the Closing Date to the Parent Borrower, the Company or any of their respective Affiliates (and such existing letters of credit may be deemed Letters of Credit outstanding under the Revolving Credit Facility), and (ii) thereafter at any time and from time to time prior to the L/C Facility Maturity Date, in an aggregate Stated Amount at any time outstanding not in excess of $50,000,000; and

WHEREAS, the Lenders and Letter of Credit Issuers are willing to make available to the Borrower such revolving credit and letter of credit facilities upon the terms and subject to the conditions set forth herein;

NOW, THEREFORE, in consideration of the premises and the covenants and agreements contained herein, the parties hereto hereby agree as follows:

Section 1. <u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Defined Terms</u>. As used herein, the following terms shall have the meanings specified in this Section 1.1 unless the context otherwise requires (it being understood that defined terms in this Agreement shall include in the singular number the plural and in the plural the singular):

"**30-Day SOFR Average**" has the meaning specified in the definition of "SOFR Average".

"**ABR**" shall mean, for any day, a rate per annum equal to the highest of (a) the "U.S. Prime Rate" in effect on such day as quoted in the Wall Street Journal (the "**Prime Rate**"), (b) the NYFRB Rate in effect on such day plus 0.50% and (c) Term SOFR for a one-month interest period in effect on such day plus 1.00%; *provided* that, for the avoidance of doubt, Term SOFR for any day shall be Term SOFR for a one-month interest period on the day that is two (2) Business Days prior to such day, as such rate is published by the Term SOFR Administrator. Any change in the ABR due to a change in the Prime Rate, the NYFRB Rate or Term SOFR shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or Term SOFR, respectively.

"**ABR Loan**" shall mean each Loan bearing interest based on the ABR.

"**Acquired Assets**" shall mean the Acquired Assets (as defined in the Acquisition Agreement).

"**Acquired EBITDA**" shall mean, with respect to any Acquired Entity or Business for any period, the amount for such period of Consolidated EBITDA of such Acquired Entity or Business (determined using such definitions as if references to the Parent Borrower and the Subsidiaries therein were to such Acquired Entity or Business and its Subsidiaries), all as determined on a consolidated basis for such Acquired Entity or Business in accordance with GAAP.

"**Acquired Entity or Business**" shall have the meaning provided in the definition of the term "Consolidated EBITDA".

"**Acquired Indebtedness**" shall mean, with respect to any specified Person, (i) Indebtedness of any other Person existing at the time such other Person is merged, consolidated, or amalgamated with or into or became a Subsidiary of such specified Person, including Indebtedness incurred in connection with, or in contemplation of, such other Person merging, consolidating, or amalgamating with or into or becoming a Subsidiary of such specified Person, and (ii) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.

"**Acquisition**" shall have the meaning provided in the recitals to this Agreement.

"**Acquisition Agreement**" shall have the meaning provided in the recitals to this Agreement.

"**Additional Borrower**" shall mean any Subsidiary that is added as a Borrower pursuant to <u>Section 1.16</u>.

"**Adjusted Total Revolving Credit Commitment**" shall mean, at any time, the Total Revolving Credit Commitment less the aggregate Revolving Credit Commitments of all Defaulting Lenders.

"**Administrative Agent**" shall mean Wells Fargo Bank, National Association, as the administrative agent for the Lenders under this Agreement and the other Credit Documents, or any successor administrative agent pursuant to <u>Section 12.9</u>.

"**Administrative Agent's Office**" shall mean the Administrative Agent's address and, as appropriate, account as set forth on <u>Schedule 13.2</u> or such other address or account as the Administrative Agent may from time to time notify the Parent Borrower and the Lenders.

"**Administrative Questionnaire**" shall have the meaning provided in <u>Section 13.6(b)(ii)(D)</u>.

"**Affected Financial Institution**" shall mean (a) any EEA Financial Institution or (b) any UK Financial Institution

"**Affiliate**" shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with such Person. A Person shall be deemed to control another Person if such Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such other Person, whether through the ownership of voting securities, by contract or otherwise.

"**Affiliated Institutional Lender**" shall mean any Affiliate of the Sponsor that is either a bona fide debt fund or such Affiliate extends credit or buys loans in the ordinary course of business.

"**Affiliated Lender**" shall mean a Lender that is the Sponsor or any Affiliate thereof (other than the Borrower, any other Subsidiary of the Borrower, or any Affiliated Institutional Lender).

"**Agent Party**" and "**Agent Parties**" shall have the meaning provided in <u>Section 13.17(b)</u>.

"**Agents**" shall mean the Administrative Agent, the Collateral Agent and each Joint Lead Arranger.

"**Agreement**" shall mean this Credit Agreement.

"**AML Laws**" shall mean (a) the USA Patriot Act of 2001 (Pub. L. No. 107-56), (b) the U.S. Money Laundering Control Act of 1986, as amended, (c) the Bank Secrecy Act, 31 U.S.C. sections 5301 et seq., (d) Laundering of Monetary Instruments, 18 U.S.C. section 1956, (e) Engaging in Monetary Transactions in Property Derived from Specified Unlawful Activity, 18 U.S.C. section 1957, (f) the Financial Recordkeeping and Reporting of Currency and Foreign Transactions Regulations (Title 31 Part 103 of the US Code of Federal Regulations), or (g) any other applicable money laundering or financial recordkeeping Laws.

"**Anticorruption Laws**" shall mean the U.S. Foreign Corrupt Practices Act, as amended, and any other applicable anti-bribery or anticorruption laws or regulations.

"**Applicable Margin**" shall mean a percentage per annum equal to (a) for SOFR Loans, that are Revolving Credit Loans, 4.25<u>3.00</u>% and (b) for ABR Loans that are Revolving Credit Loans, 3.25<u>2.00</u> %.

Notwithstanding the foregoing, the Applicable Margin in respect of any Class of Extended Revolving Credit Commitments or Revolving Credit Loans made pursuant to any Extended Revolving Credit Commitments shall be the applicable percentages per annum set forth in the relevant Extension Amendment.

"**Appraisal**" shall mean a written statement setting forth an opinion of the market value of the Property that (i) has been independently and impartially prepared in accordance with the requirements of FIRREA and USPAP, by an independent third-party appraiser directly engaged by Administrative Agent holding an MAI designation, who is state licensed or state certified if required under the laws of the State, who meets the requirements of FIRREA and USPAP and who otherwise is reasonably satisfactory to Administrative Agent, (ii) complies with all applicable federal and state laws and regulations dealing with appraisals or valuations of real property, including the minimum appraisal standards for national banks promulgated by the Comptroller of the Currency pursuant to Title XI of the FIRREA, (iii) has been prepared on as "as-is" basis, and (iv) has been prepared not more than twelve (12) months prior to the relevant date.

"**Approved Fund**" shall mean any Fund that is administered or managed by (i) a Lender, (ii) an Affiliate of a Lender, or (iii) an entity or an Affiliate of an entity that administers, advises or manages a Lender.

"**Asset Sale**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sale, conveyance,
 transfer, or other disposition, whether in a single transaction or a series of related transactions,
 of property or assets (including by way of a Sale Leaseback) (each a "**disposition** ")
 of the Parent Borrower or any Credit Party, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the issuance or sale
 of Equity Interests of any Subsidiary of the Parent Borrower or other Credit Party (other
 than preferred stock of any such Subsidiary issued in compliance with <u>Section 10.1</u>),
 whether in a single transaction or a series of related transactions, in each case, other
 than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any disposition of
 Cash Equivalents or Investment Grade Securities or obsolete, worn out, damaged or surplus
 property or property (including leasehold property interests) that is no longer economically
 practical in its business or commercially desirable to maintain or no longer used or useful
 equipment in the ordinary course of business or any disposition of inventory, immaterial
 assets, or goods (or other assets) in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the disposition
 of all or substantially all of the assets of, or the conversion of any equity interests in, the Parent Borrower or any Subsidiary in a manner permitted
 pursuant to <u>Section 10.2</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the incurrence
 of any Permitted Liens or the making of any Restricted Payment that is permitted to be made,
 and is made, pursuant to <u>Section 10.4</u> or of any Investment not otherwise prohibited
 hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any sale or disposition
 of assets (whether tangible or intangible) or issuance or sale of Equity Interests of any
 Subsidiary in any transaction or series of related transactions with an aggregate Fair Market
 Value of less than (A) the greater of $75,000,000 and 1.25% of Consolidated Total Assets
 (as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro
 Forma Basis) at the time of such disposition) individually or (B) the greater of $150,000,000
 and 2.5% of Consolidated Total Assets (as reflected in the most recently delivered Section
 9.1 Financials (calculated on a Pro Forma Basis) at the time of such disposition) in the
 aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any disposition of
 property or assets or issuance of securities by (1) any Credit Party to the Parent Borrower
 or (2) by the Parent Borrower or any other Credit Party to another Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to the extent allowable under Section
 1031 of the Code, or any comparable or successor provision, any exchange of like property
 (excluding any boot thereon) for use in a Similar Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) foreclosures, condemnation,
 casualty or any similar action on assets (including dispositions in connection therewith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) disposition of Securitization
 Assets, or participations therein, in connection with any Permitted Securitization Financing,
 including dispositions (including by capital contribution) of assets to Securitization Entities
 in connection with any Permitted Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any financing transaction
 with respect to property built or acquired by the Parent
 Borrower or any Credit Party after the Closing Date, including Sale Leasebacks and asset
 securitizations permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) (1) any surrender
 or waiver of contractual rights or the settlement, release, or surrender of contractual rights
 or other litigation claims, (2) the termination or collapse of cost sharing agreements with the Parent Borrower or any Credit Party and the settlement
 of any crossing payments in connection therewith, or (3) the settlement, discount, write
 off, forgiveness, or cancellation of any Indebtedness owing by any present or former consultants,
 directors, officers, or employees of the Parent Borrower
 (or any direct or indirect parent company of the Parent
 Borrower) or any Credit Party or any of their successors or assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the disposition
 or discount of inventory, accounts receivable, or notes receivable in the ordinary course
 of business or the conversion of accounts receivable to notes receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the non-exclusive
 licensing, cross-licensing or sub-licensing of Intellectual Property or other general intangibles
 (whether pursuant to franchise agreements or otherwise) in the ordinary course of business
 or in connection with a Permitted Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the unwinding of
 any Hedging Obligations or obligations in respect of Cash Management Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) sales, transfers,
 and other dispositions of (i) Investments in joint ventures to the extent required by, or
 made pursuant to, customary buy/sell arrangements between the joint venture parties set forth
 in joint venture arrangements and similar binding arrangements and (ii) property or assets,
 if the acquisition of such property or assets was financed with Excluded Contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the lapse or abandonment
 of Intellectual Property rights in the ordinary course of business, which in the reasonable
 business judgment of the Parent Borrower are not material to the conduct of the business
 of the Parent Borrower and the Credit Parties taken as
 a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) the issuance of directors'
 qualifying shares and shares issued to foreign nationals as required by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) dispositions of
 property to the extent that (1) such property is exchanged for credit against the purchase
 price of similar replacement property that is purchased within 450 days thereof, (2) the
 proceeds of such Asset Sale are promptly applied to the purchase price of such replacement
 property (which replacement property is actually purchased within 450 days thereof) or (3)
 such dispositions are necessary or advisable (as determined by the Parent Borrower in good
 faith) in order to obtain or increase the likelihood of obtaining the approval of any Governmental
 Authority to consummate or avoid the prohibition or other restriction on the consummation
 of any permitted acquisition of any Person, business or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) lease, assignments,
 subleases, licenses, or sublicenses, in each case in the ordinary course of business and
 which do not materially interfere with the business of the Parent
 Borrower and the Credit Parties, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) dispositions of non-core
 assets acquired in connection with any Permitted Acquisition or Investment permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) sales, transfers and
 other dispositions of accounts receivable (including write-offs, discounts and compromises)
 in connection with the compromise, settlement or collection thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) any swap of assets
 in exchange for services or other assets in the ordinary course of business of comparable
 or greater Fair Market Value or usefulness to the business of the Parent Borrower and the other Credit Parties, as a whole, as determined in good faith by
 the Parent Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) any sale, lease,
 sub-lease or other disposition of property or services in the ordinary course of business
 pursuant to the terms of any Lease or service agreement.

"**Assignment and Acceptance**" shall mean an assignment and acceptance substantially in the form of <u>Exhibit E</u>, or such other form as may be approved by the Administrative Agent and the Parent Borrower.

"**Authorized Officer**" shall mean, with respect to any Person, any individual holding the position of chairman of the board (if an officer), the Chief Executive Officer, President, the Chief Financial Officer, the Treasurer, the Controller, the Vice President-Finance, a Senior Vice President, a Director, a Manager, the Secretary, the Assistant Secretary or any other senior officer or agent with express authority to act on behalf of such Person designated as such by the board of directors or other managing authority of such Person.

"**Auto-Extension Letter of Credit**" shall have the meaning provided in <u>Section 3.2(d)</u>.

"**Available Commitment**" shall mean an amount equal to the excess, if any, of (i) the amount of the Total Revolving Credit Commitment over (ii) the sum of the aggregate principal amount of, without duplication, (a) all Revolving Credit Loans then outstanding and (b) the aggregate Letters of Credit Outstanding at such time.

"**Available Restricted Debt Payments Amount**" shall mean, at any time, (a) the amount of Restricted Debt Payments that may be made at the time of determination pursuant to <u>Section 10.4(b)(15)(a)</u> minus (b) the amount of the Available Restricted Debt Payments Amount utilized by the Parent Borrower to make Restricted Payments pursuant to <u>Section 10.4(b)(10)</u>.

"**Available Restricted Payments Amount**" shall mean, at any time, (a) the amount of Restricted Payments that may be made at the time of determination pursuant to <u>Section 10.4(b)(10)</u> minus (b) the amount of the Available Restricted Payments Amount utilized by the Parent Borrower to make Restricted Debt Payments pursuant to <u>Section 10.4(b)(15)(b)</u>.

"**Available Tenor**" shall mean, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an Interest Period pursuant to this Agreement or (b) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to clause (d) of <u>Section 2.18;</u> provided, that if the then-current Benchmark is based upon SOFR Average, such Benchmark shall be deemed to not have any Available Tenors.

"**Bail-In Action**" shall mean the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

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

"**Bankruptcy Code**" shall have the meaning provided in <u>Section 11.5</u>.

"**Bankruptcy Court**" shall have the meaning provided in the recitals to this Agreement.

"**Benchmark**" shall mean, initially, with respect to any Obligations, interest fees, commissions or other amounts denominated in, or calculated with respect to, Dollars, the Term SOFR Reference Rate or SOFR Average; provided that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate, SOFR Average or the then-current Benchmark for Dollars, then "Benchmark" shall mean the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (a) of Section 2.18.

"**Benchmark Replacement**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) with respect to any Benchmark Transition Event with respect to a Benchmark applicable to Dollar-denominated Loans: the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Daily SOFR; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of: (i) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower giving due consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities and (ii) the related Benchmark Replacement Adjustment; <u>provided</u> that, in the case of clause (ii) above, such adjustment shall not be in the form of an increase to the Applicable Margin.

If the Benchmark Replacement as determined pursuant to clause (a) or (b) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Credit Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) [reserved].

"**Benchmark Replacement Adjustment**" shall mean, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities.

"**Benchmark Replacement Date**" shall mean the earliest to occur of the following events with respect to such then-current Benchmark:

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

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

For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein solely to the extent such event applies to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

"**Benchmark Transition Event**" shall mean the occurrence of one or more of the following events with respect to then-current Benchmark:

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

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

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

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

"**Benchmark Unavailability Period**" shall mean the period (if any) (a) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Credit Document in accordance with <u>Section 2.18</u> and (b) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Credit Document in accordance with <u>Section 2.18</u>.

"**Beneficial Ownership Regulation**" shall mean 31 C.F.R. § 1010.230.

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

"**Benefited Lender**" shall have the meaning provided in <u>Section 13.8(a)</u>.

"**BHC Act Affiliate**" shall have the meaning provided in <u>Section 13.24(b)</u>.

"**Board**" shall mean the Board of Governors of the Federal Reserve System of the United States (or any successor).

"**Bona-Fide Lending Affiliate**" any Affiliate of any Named Competitor that is regularly engaged in the business of commercial real estate lending, including Affiliates of such entities whose investment guidelines permit investments in debt securities.

"**Borrower**" shall mean the Parent Borrower and, if applicable, any Additional Borrowers. As the context requires, the term "Borrower" herein shall refer collectively to the Borrowers collectively or to the applicable Borrower as of such time.

"**Borrower Agent**" shall have the meaning provided in <u>Section 1.17(a)</u>.

"**Borrower Materials**" shall have the meaning provided in <u>Section 13.17(b)</u>.

"**Borrowing**" shall mean Loans of the same Class and Type made, converted, or continued on the same date and, in the case of Term SOFR Borrowings as to which a single Interest Period is in effect.

"**Business Day**" shall mean any day excluding Saturday, Sunday, and any other day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"**Canadian Dollars**" shall mean the lawful currency of Canada.

"**Capital Expenditures**" shall mean, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities and including in all events all amounts expended or capitalized under Capital Leases) by the Parent Borrower and its Subsidiaries during such period that, in conformity with GAAP, are or are required to be included as additions during such period to property, plant, or equipment reflected in the consolidated balance sheet of the Parent Borrower and its Subsidiaries (including Capitalized Software Expenditures, website development costs, website content development costs, customer acquisition costs and incentive payments, conversion costs, and contract acquisition costs).

"**Capital Lease**" shall mean, as applied to any Person, any lease of any property (whether real, personal, or mixed) by that Person as lessee that, in conformity with GAAP, is, or is required to be, accounted for as a capital lease on the balance sheet of that Person, subject to <u>Section 1.12</u>.

"**Capital Stock**" shall mean (i) in the case of a corporation, corporate stock, (ii) in the case of an association or business entity, any and all shares, interests, participations, rights, or other equivalents (however designated) of corporate stock, (iii) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited), and (iv) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person (it being understood and agreed, for the avoidance of doubt, that "cash-settled phantom appreciation programs" in connection with employee benefits that do not require a dividend or distribution shall not constitute Capital Stock).

"**Capitalized Lease Obligation**" shall mean, at the time any determination thereof is to be made, the amount of the liability in respect of a Capital Lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP, subject to <u>Section 1.12</u>.

"**Capitalized Software Expenditures**" shall mean, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities) by the Parent Borrower and its Subsidiaries during such period in respect of purchased software or internally developed software and software enhancements that, in conformity with GAAP, are or are required to be reflected as capitalized costs on the consolidated balance sheet of the Parent Borrower and its Subsidiaries.

"**Cash Collateralize**" shall mean to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more of the Letter of Credit Issuers or the Lenders, as collateral for L/C Obligations or obligations of the Lenders to fund participations in respect of L/C Obligations, cash or deposit account balances or, if the Administrative Agent and the Letter of Credit Issuers shall agree in their sole discretion, other credit support. "**Cash Collateral**" shall have a correlative meaning and shall include the proceeds of such cash collateral and other credit support.

"**Cash Equivalents**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dollars,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (a) Euros, Pounds Sterling, Japanese Yen, Swiss Francs, Canadian Dollars, New Zealand
 Dollars or any national currency of any Participating Member State in the European Union
 or (b) local currencies held from time to time in the ordinary course of business,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) securities issued or
 directly and fully and unconditionally guaranteed or insured by the United States government
 or any country that is a member state of the European Union or any agency or instrumentality
 thereof the securities of which are unconditionally guaranteed as a full faith and credit
 obligation of such government with maturities of 24 months or less from the date of acquisition,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) certificates of deposit, time deposits,
 and eurodollar time deposits with maturities of one year or less from the date of acquisition,
 bankers' acceptances with maturities not exceeding one year, and overnight bank deposits,
 in each case with any commercial bank having capital and surplus of not less than $100,000,000,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) repurchase obligations
 for underlying securities of the types described in <u>clauses (iii)</u>, <u>(iv)</u>, and <u>(ix)</u> entered into with any financial institution meeting the qualifications specified
 in <u>clause (iv)</u> above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) commercial paper rated
 at least P-2 by Moody's or at least A-2 by S&P and in each case maturing within
 24 months after the date of creation thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) marketable short-term
 money market and similar securities having a rating of at least P-2 or A-2 from either Moody's
 or S&P, respectively (or, if at any time neither Moody's nor S&P shall be rating
 such obligations, an equivalent rating from another nationally recognized ratings agency)
 and in each case maturing within 24 months after the date of creation or acquisition thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) readily marketable
 direct obligations issued by any state, commonwealth, or territory of the United States or
 any political subdivision or taxing authority thereof having one of the two highest rating
 categories obtainable from either Moody's or S&P with maturities of 24 months or
 less from the date of acquisition,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indebtedness or preferred
 stock issued by Persons with a rating of "A" or higher from S&P or "A2"
 or higher from Moody's with maturities of 24 months or less from the date of acquisition,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) solely with respect
 to any Foreign Subsidiary: (a) obligations of the national government of the country in which
 such Foreign Subsidiary maintains its chief executive office and principal place of business
 provided such country is a member of the Organization for Economic Cooperation and Development,
 in each case maturing within one year after the date of investment therein, (b) certificates
 of deposit of, bankers acceptances of, or time deposits with, any commercial bank which is
 organized and existing under the laws of the country in which such Foreign Subsidiary maintains
 its chief executive office and principal place of business provided such country is a member
 of the Organization for Economic Cooperation and Development, and whose short-term commercial
 paper rating from S&P is at least "A-2" or the equivalent thereof or from
 Moody's is at least "P-2" or the equivalent thereof (any such bank being
 an "**Approved Foreign Bank** "), and in each case with maturities of not more
 than 24 months from the date of acquisition, and (c) the equivalent of demand deposit accounts
 which are maintained with an Approved Foreign Bank, in each case, customarily used by corporations
 for cash management purposes in any jurisdiction outside the United States to the extent
 reasonably required in connection with any business conducted by such Foreign Subsidiary
 organized in such jurisdiction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) in the case of investments
 by any Foreign Subsidiary or investments made in a country outside the United States, Cash
 Equivalents shall also include investments of the type and maturity described in <u>clauses (i)</u> through <u>(ix)</u> above of foreign obligors, which investments have ratings, described
 in such clauses or equivalent ratings from comparable foreign rating agencies, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) investment funds investing
 90% of their assets in securities of the types described in <u>clauses (i)</u> through <u>(ix)</u> above.

Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in <u>clauses (i)</u> and <u>(ii)</u> above; <u>provided</u> that such amounts are converted into any currency listed in <u>clauses (i)</u> and <u>(ii)</u> as promptly as practicable and in any event within ten Business Days following the receipt of such amounts.

For the avoidance of doubt, any items identified as Cash Equivalents under this definition will be deemed to be Cash Equivalents for all purposes under the Credit Documents regardless of the treatment of such items under GAAP.

"**Cash Management Agreement**" shall mean any agreement or arrangement to provide Cash Management Services.

"**Cash Management Services**" shall mean any one or more of the following types of services or facilities: (i) commercial credit cards, merchant card services, purchase or debit cards, including non-card e-payables services, or electronic funds transfer services, (ii) treasury management services (including controlled disbursement, cash pooling, overdraft automatic clearing house fund transfer services, return items, and interstate depository network services), (iii) any other demand deposit or operating account relationships or other cash management services, including pursuant to any Cash Management Agreements and (iv) and other services related, ancillary or complementary to the foregoing.

"**CFC**" shall mean a "controlled foreign corporation" within the meaning of Section 957 of the Code.

"**Change in Law**" shall mean (i) the adoption of any law, treaty, order, policy, rule, or regulation after the Closing Date, (ii) any change in any law, treaty, order, policy, rule, or regulation or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (iii) compliance by any Lender with any guideline, request, directive, or order issued or made after the Closing Date by any central bank or other governmental or quasi-governmental authority (whether or not having the force of law), including, for avoidance of doubt, any such adoption, change or compliance in respect of (a) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines, or directives thereunder or issued in connection therewith and (b) all requests, rules, guidelines, requirements, or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority), or the United States or foreign regulatory authorities pursuant to Basel III in each case, after the Closing Date.

"**Change of Control**" shall mean and be deemed to have occurred if (i) at any time prior to an IPO, the Permitted Holders shall at any time not own, in the aggregate, directly or indirectly, beneficially and of record, at least 50% of the voting power of the outstanding Voting Stock of the Parent Borrower or (ii) at any time after an IPO, any Person, entity, or "group" (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended), other than the Permitted Holders, shall at any time have acquired direct or indirect beneficial ownership of a percentage of the voting power of the outstanding Voting Stock of the Parent Borrower that exceeds 35% thereof, unless the Permitted Holders have, at such time, the right or the ability by voting power, contract, or otherwise to elect or designate for election at least a majority of the board of directors of the Parent Borrower. For the purpose of <u>clauses (i)</u> and <u>(ii)</u>, at any time when a majority of the outstanding Voting Stock of the Parent Borrower is directly or indirectly owned by a Parent Entity or, if applicable, a Parent Entity acts as the manager, managing member or general partner of the Parent Borrower, references in this definition to "the Parent Borrower" shall be deemed to refer to the ultimate Parent Entity that directly or indirectly owns such Voting Stock or acts as (or, if applicable, is a Parent Entity that directly or indirectly owns a majority of the outstanding Voting Stock of) such manager, managing member or general partner. For purposes of this definition, (x) "beneficial ownership" shall be as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act, (y) the phrase Person or "group" is within the meaning of Section 13(d) or 14(d) of the Exchange Act, but excluding any employee benefit plan of such Person or "group" and its subsidiaries and any Person acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan, and (z) if any Person or "group" includes one or more Permitted Holders, the issued and outstanding Equity Interests of the Parent Borrower or the IPO Entity, as applicable, directly or indirectly owned by the Permitted Holders that are part of such Person or "group" shall not be treated as being owned by such Person or "group" for purposes of determining whether <u>clause (ii)</u> of this definition is triggered.

"**Chapter 11 Cases**" shall have the meaning set forth in the recitals to this Agreement.

"**Chapter 11 Plan**" shall have the meaning set forth in the recitals to this Agreement.

"**Class**" (i) when used in reference to any Loan or Borrowing, shall refer to whether such Loan, or the Loans comprising such Borrowing, are Revolving Credit Loans or Extended Revolving Credit Loans (of the same Extension Series), and (ii) when used in reference to any Commitment, refers to whether such Commitment is a Revolving Credit Commitment or an Extended Revolving Credit Commitment (of the same Extension Series).

"**Closing Date**" shall mean January 12, 2024.

"**Closing Date Refinancing**" shall mean the repayment, redemption, defeasance, discharge, refinancing, replacement or termination of each of the Existing Evoque Debt Facilities (or the giving of irrevocable notice with respect thereto to the applicable holders or agent in respect thereof) (and the guarantees and collateral pledged thereunder will be released), other than (x) contingent obligations not then due and payable and that by their terms survive the termination of the Existing Evoque Debt Facilities and (y) certain existing letters of credit outstanding under the Existing Seller Credit Agreement that on the Closing Date will be grandfathered into, or backstopped by, a new debt facility or cash collateralized in a manner satisfactory to the issuing banks thereof under the applicable Existing Evoque Debt Facility.

"**Code**" shall mean the Internal Revenue Code of 1986, as amended from time to time.

"**Collateral**" shall mean all property pledged or mortgaged or purported to be pledged or mortgaged pursuant to the Security Documents, excluding in all events Excluded Property.

"**Collateral Agent**" shall mean Wells Fargo Bank, National Association as collateral agent under the Security Documents, or any successor collateral agent pursuant to <u>Section 12.9</u>.

"**Commitment Fee**" shall have the meaning provided in <u>Section 4.1(a)</u>.

"**Commitment Fee Rate**" shall mean 0.75<u>(i) at any time 50% or less of the Commitments are drawn, 0.50% per annum, or (ii) at any time more than 50% of the Commitments are drawn, 0.375</u>% per annum.

"**Commitment Letter**" shall mean that certain Commitment Letter, dated as of October 31, 2023, among each of the Joint Bookrunners and Lead Arrangers and their applicable Affiliates and the Parent Borrower, as amended, restated, amended and restated, supplemented or otherwise modified pursuant to any joinder agreements thereto.

"**Commitments**" shall mean, with respect to each Lender (to the extent applicable), such Lender's Revolving Credit Commitment or Extended Revolving Credit Commitment.

"**Commodity Exchange Act**" shall mean the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

"**Communications**" shall have the meaning provided in <u>Section 13.17</u>.

"**Company**" shall have the meaning provided in the recitals to this Agreement.

"**Company Financial Statements**" shall mean the consolidated financial statements of the Company included or incorporated by reference in the "Filed SEC Documents" (as defined the Acquisition Agreement).

"**Company Material Adverse Effect**" shall have the meaning provided to the term "Material Adverse Effect" in the Acquisition Agreement.

"**Company Representations**" shall mean the representations and warranties made by (x) the Company with respect to the Company, the Acquired Assets, and with respect to the Company and its subsidiaries and their respective businesses in the Acquisition Agreement and (y) each third-party landlord with respect to the Third Party Acquired Assets in each Third Party Acquisition Agreement, in each case of clause (x) and (y), as are material to the interests of the Lenders and do not relate to a Property that could be subject to a Permitted Deferral, but only to the extent, (1) with respect to the representations in clause (x) that the Parent Borrower (or one of its Affiliates) has the right (taking into account any applicable cure provisions) to terminate its obligations under the Acquisition Agreement pursuant to Section 8.1(e) of the Acquisition Agreement (or otherwise decline to consummate the Acquisition pursuant to Section 7.2(a) of the Acquisition Agreement without any liability) as a result of a breach of any such representations and warranties in the Acquisition Agreement and (2) with respect to the representations in clause (y), only to the extent that the Parent Borrower (or one of its Affiliates) has the right (taking into account any applicable cure provisions) to terminate its obligations under the applicable Third Party Acquisition Agreement (or otherwise decline to consummate such Third Party Acquisition without any liability) as a result of a breach of any such representations and warranties in such Third Party Acquisition Agreement (assuming such representations were required to be brought down to a "Material Adverse Effect" (as defined in the Acquisition Agreement) standard).

"**Competitor**" shall mean any Named Competitor or any Affiliate of any such Person, including, without limitation, Bona-Fide Lending Affiliates.

"**Confidential Information**" shall have the meaning provided in <u>Section 13.16</u>.

"**Confirmation Order**" shall have the meaning provided in the recitals to this Agreement.

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

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

"**Consolidated EBITDA**" shall mean, with respect to a Person for any Test Period, Consolidated Net Income for such period, plus, without duplication and to the extent already deducted (and not added back) in arriving at such Consolidated Net Income, the sum of the following amounts for such period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) (a) total interest expense and, to the extent not reflected in such total interest expense, any losses on hedging obligations or other derivative instruments entered into for the purpose of hedging interest rate risk, net of interest income and gains on such hedging obligations or such derivative instruments, and bank and letter of credit fees and costs of surety bonds in connection with financing activities, together with items excluded from the definition of "Consolidated Interest Expense" pursuant to clauses (a) through (k) thereof; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provision for taxes based on income, profits, revenue or capital gains, including federal, foreign and state income, franchise, excise, value added and similar taxes and foreign withholding taxes paid or accrued during such period (including in respect of repatriated funds) including penalties and interest related to such taxes or arising from any tax examinations; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) depreciation and amortization (including amortization of Capitalized Software Expenditures, internal labor costs and deferred financing fees or costs); plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) other non-cash charges (other than any accrual in respect of bonuses) (provided, in each case, that if any non-cash charges represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period); plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the amount of any non-controlling interest consisting of income attributable to non-controlling interests of third parties in any non-wholly-owned Subsidiary deducted (and not added back in such period to Consolidated Net Income) excluding cash distributions in respect thereof; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (A) the amount of management, monitoring, consulting and advisory fees, indemnities and related expenses paid or accrued in such period to (or on behalf of) the Sponsor (including any termination fees payable in connection with the early termination of management and monitoring agreements) to the extent otherwise permitted under Section 9.9(k) of the Credit Agreement and (B) the amount of payments made to option holders of the Borrower or any of its direct or indirect parent companies in connection with, or as a result of, any distribution being made to shareholders of such person or its direct or indirect parent companies, which payments are being made to compensate such option holders as though they were shareholders at the time of, and entitled to share in, such distribution, in each case to the extent permitted in the Credit Documents; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) losses or discounts on sales of receivables and related assets in connection with any Permitted Securitization Financing; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) cash receipts (or any netting arrangements resulting in reduced cash expenditures) not included in the calculation of Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated EBITDA pursuant to paragraph (3) below for any previous period and not added back; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any costs or expenses incurred by the Borrower or any Subsidiary pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement, any severance agreement or any stock subscription or shareholder agreement, to the extent that such costs or expenses are non-cash or otherwise funded with cash proceeds contributed to the capital of the Borrower or Net Cash Proceeds of an issuance of Equity Interests of the Borrower (other than Disqualified Equity Interests or relating to Equity Interests constituting a Cure Amount); plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any net pension or other post-employment benefit costs representing amortization of unrecognized prior service costs, actuarial losses, including amortization of such amounts arising in prior periods, amortization of the unrecognized net obligation (and loss or cost) existing at the date of initial application of FASB Accounting Standards Codification 715, and any other items of a similar nature; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) without duplication, the amount of "run rate" cost savings, operating expense reductions and synergies related to the Transactions or any other Specified Transaction, any restructuring, cost saving initiative or other initiative projected by the Borrower in good faith to be realized as a result of actions that have been taken or initiated or are expected to be taken (in the good faith determination of the Borrower), including any cost savings, expenses and charges (including restructuring and integration charges) in connection with, or incurred by or on behalf of, any joint venture of the Borrower or any of the Subsidiaries (whether accounted for on the financial statements of any such joint venture or the Borrower) (i) with respect to the Transactions, on or prior to the date that is 24 months after the Closing Date (including actions initiated prior to the Closing Date) and (ii) with respect to any other Specified Transaction, any restructuring, cost saving initiative or other initiative, within 24 months after such Specified Transaction, restructuring, cost saving initiative or other initiative (which cost savings shall be added to Consolidated EBITDA until fully realized and calculated on a Pro Forma Basis as though such cost savings had been realized on the first day of the relevant period), net of the amount of actual benefits realized from such actions; provided that (A) such cost savings are reasonably identifiable and factually supportable, (B) no cost savings, operating expense reductions or synergies shall be added pursuant to this clause (2) to the extent duplicative of any expenses or charges relating to such cost savings, operating expense reductions or synergies that are included in clause (1) above (it being understood and agreed that "run rate" shall mean the full recurring benefit that is associated with any action taken) and (C) the share of any such cost savings, expenses and charges with respect to a joint venture that are to be allocated to the Borrower or any of the Subsidiaries shall not exceed the total amount thereof for any such joint venture multiplied by the percentage of income of such venture expected to be included in Consolidated EBITDA for the relevant Test Period; minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) without duplication and to the extent included in arriving at such Consolidated Net Income, the sum of the following amounts for such period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) non-cash gains (excluding any non-cash gain to the extent it represents the reversal of an accrual or reserve for a potential cash item that reduced Consolidated Net Income or Consolidated EBITDA in any prior period), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount of any non-controlling interest consisting of loss attributable to non-controlling interests of third parties in any non-wholly-owned subsidiary added (and not deducted in such period from Consolidated Net Income), in each case, as determined on a consolidated basis for the Borrower and the Subsidiaries in accordance with GAAP; *provided* that,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) there shall be included in determining Consolidated EBITDA for any period, without duplication, the Acquired EBITDA of any Person, property, business or asset acquired by the Borrower or any Subsidiary during such period whether such acquisition occurred before or after the Closing Date to the extent not subsequently sold, transferred or otherwise disposed of (but not including the Acquired EBITDA of any related Person, property, business or assets to the extent not so acquired) (each such Person, property, business or asset acquired, including pursuant to the Transactions or pursuant to a transaction consummated prior to the Closing Date, and not subsequently so disposed of, an "<u>Acquired Entity or Business</u>"), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) there shall be (A) excluded in determining Consolidated EBITDA for any period the Disposed EBITDA of any Person, property, business or asset sold, transferred or otherwise disposed of, closed or classified as discontinued operations by the Borrower or any Subsidiary during such period (but if such operations are classified as discontinued due to the fact that they are subject to an agreement to dispose of such operations, only when and to the extent such operations are actually disposed of) (each such Person, property, business or asset so sold, transferred or otherwise disposed of, closed or classified, a "<u>Sold Entity or Business</u>"), in each case based on the Disposed EBITDA of such Sold Entity or Business for such period (including the portion thereof occurring prior to such sale, transfer, disposition, closure, classification or conversion) determined on a historical Pro Forma Basis and (B) included in determining Consolidated EBITDA for any period in which a Sold Entity or Business is disposed, an adjustment equal to the Pro Forma Disposal Adjustment with respect to such Sold Entity or Business (including the portion thereof occurring prior to such disposal) as specified in the Pro Forma Disposal Adjustment certificate delivered to the Administrative Agent (for further delivery to the Lenders).

"**Consolidated Cash Interest Expense**" shall mean the sum of cash interest expense (including that attributable to Capitalized Lease Obligations), net of cash interest income of such Person and its Subsidiaries with respect to all outstanding Indebtedness of such Person and its Subsidiaries, including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers' acceptance financing and net costs under hedging agreements, but excluding, for the avoidance of doubt, (a) amortization of deferred financing costs, debt issuance costs, commissions, fees and expenses and any other amounts of non-cash interest (including as a result of the effects of acquisition method accounting or pushdown accounting), (b) non-cash interest expense attributable to the movement of the mark-to-market valuation of Indebtedness or obligations under Hedging Obligations or other derivative instruments pursuant to FASB Accounting Standards Codification Topic 815—*Derivatives and Hedging*, (c) any one-time cash costs associated with breakage in respect of hedging agreements for interest rates, (d) commissions, discounts, yield, make-whole premium and other Securitization Fees (including any interest expense) incurred in connection with any Permitted Securitization Facility, (e) any "additional interest" owing pursuant to a registration rights agreement with respect to any securities, (f) any payments with respect to make-whole premiums or other breakage costs of any Indebtedness, including, without limitation, any Indebtedness issued in connection with the Transactions, (g) penalties and interest relating to taxes, (h) accretion or accrual of discounted liabilities not constituting Indebtedness, (i) interest expense attributable to a direct or indirect parent entity resulting from push-down accounting, (j) any expense resulting from the discounting of Indebtedness in connection with the application of recapitalization or purchase accounting, and (k) any interest expense attributable to the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential), with respect thereto and with respect to the Transactions, any acquisition or Investment permitted hereunder, all as calculated on a consolidated basis. For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by such Person to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.

"**Consolidated Interest Expense**" shall mean the sum of (a) cash interest expense (including that attributable to Capitalized Lease Obligations), net of cash interest income of such Person and its Subsidiaries with respect to all outstanding Indebtedness of such Person and its Subsidiaries, including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers' acceptance financing and net costs under hedging agreements <u>plus</u> (b) non-cash interest expense resulting solely from the amortization of original issue discount from the issuance of Indebtedness of such Person and its Subsidiaries (excluding Indebtedness borrowed hereunder and under the US Balance Sheet Loan Facility in connection with the Transactions) at less than par, plus (c) pay-in-kind interest expense of the Borrower and its Subsidiaries, but excluding, for the avoidance of doubt, (a) amortization of deferred financing costs, debt issuance costs, commissions, fees and expenses and any other amounts of non-cash interest other than referred to in clause (b) above, (b) non-cash interest expense attributable to the movement of the mark- to-market valuation of obligations under Hedging Obligations or other derivative instruments pursuant to FASB Accounting Standards Codification Topic 815—*Derivatives and Hedging*, (c) any one-time cash costs associated with breakage in respect of hedging agreements for interest rates, (d) commissions, discounts, yield, make-whole premium and other Securitization Fees (including any interest expense) incurred in connection with any Permitted Securitization Financing, (e) any "additional interest" owing pursuant to a registration rights agreement with respect to any securities, (f) any payments with respect to make-whole premiums or other breakage costs of any Indebtedness, including, without limitation, any Indebtedness issued in connection with the Transactions, (g) penalties and interest relating to taxes, (h) accretion or accrual of discounted liabilities not constituting Indebtedness, (i) interest expense attributable to a direct or indirect parent entity resulting from push-down accounting, (j) any expense resulting from the discounting of Indebtedness in connection with the application of recapitalization or purchase accounting, and (k) any interest expense attributable to the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential), with respect thereto and with respect to the Transactions, any Permitted Acquisition or similar Investment permitted hereunder, all as calculated on a consolidated basis in accordance with GAAP. For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by such Person to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.

"**Consolidated Net Income**" means, with respect to a Person for any Test Period, for any period, (a) the net income (loss) of the Borrower and its Subsidiaries for such Test Period determined on a consolidated basis in accordance with GAAP, excluding (and excluding the effect of) (b) without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) extraordinary, non-recurring or unusual gains or losses (less all fees and expenses relating thereto) or expenses (including any unusual or non-recurring operating expenses directly attributable to the implementation of cost savings initiatives and any accruals or reserves in respect of any extraordinary, non-recurring or unusual items), severance, relocation costs, integration and facilities' opening costs and other business optimization expenses (including related to new product introductions and other strategic or cost savings initiatives), restructuring charges, accruals or reserves (including restructuring and integration costs related to acquisitions and adjustments to existing reserves), whether or not classified as restructuring expense on the consolidated financial statements, signing costs, retention or completion bonuses, other executive recruiting and retention costs, transition costs, costs related to closure/consolidation of facilities and curtailments or modifications to pension and post-retirement employee benefit plans (including any settlement of pension liabilities and charges resulting from changes in estimates, valuations and judgments),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the cumulative effect of a change in accounting principles during such period to the extent included in Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Transaction Expenses,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the net income for such period of any Person that is a Subsidiary of the Borrower and any Person that is not a Subsidiary or that is accounted for by the equity method of accounting; provided that Consolidated Net Income shall be increased by the amount of dividends or distributions or other payments that are actually paid in cash or Permitted Investments (or, if not paid in cash or Permitted Investments, but later converted into cash or Permitted Investments, upon such conversion) by such Person to the Borrower or a Subsidiary thereof during such period, but excluding any such dividends or distributions in any Person that is not a Subsidiary or that is accounted for by the equity method of accounting,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any fees and expenses (including any transaction or retention bonus or similar payment) incurred during such period, or any amortization thereof for such period, in connection with any acquisition, Investment, asset disposition, issuance or repayment of debt, issuance of equity securities, refinancing transaction or amendment or other modification of any debt instrument (in each case, including any such transaction consummated prior to the Closing Date and any such transaction undertaken but not completed) and any charges or non-recurring merger costs incurred during such period as a result of any such transaction, in each case whether or not successful (including, for the avoidance of doubt, the effects of expensing all transaction-related expenses in accordance with FASB Accounting Standards Codification 805 and gains or losses associated with FASB Accounting Standards Codification 460),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any income (loss) for such period attributable to the early extinguishment of Indebtedness, hedging agreements or other derivative instruments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) accruals and reserves that are established or adjusted as a result of the Transactions in accordance with GAAP (including any adjustment of estimated payouts on existing earn-outs) or changes as a result of the adoption or modification of accounting policies during such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all non-cash expenses and costs that result from the issuance of stock-based awards, partnership interest-based awards and similar incentive based compensation awards or arrangements (collectively, "<u>Non-Cash Compensation Expenses</u>"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any income (loss) attributable to deferred compensation plans or trusts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any income (loss) from investments recorded using the equity method of accounting (but including any cash dividends or distributions actually received by the Borrower or any Subsidiary in respect of such investment),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any gain (loss) on asset sales, disposals or abandonments (other than asset sales, disposals or abandonments in the ordinary course of business) or income (loss) from discontinued operations (but if such operations are classified as discontinued due to the fact that they are subject to an agreement to dispose of such operations, only when and to the extent such operations are actually disposed of), in each case, together with any related provisions for taxes on any such gain (or the tax effect of any such loss);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any non-cash gain (loss) attributable to the mark-to-market movement in the valuation of hedging obligations or other derivative instruments pursuant to FASB Accounting Standards Codification 815 Derivatives and Hedging or mark to market movement of other financial instruments pursuant to FASB Accounting Standards Codification 825 Financial Instruments; provided that any cash payments or receipts relating to transactions realized in a given period shall be taken into account in such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) any non-cash gain (loss) related to currency remeasurements of Indebtedness (including the net loss or gain resulting from hedging agreements for currency exchange risk and revaluations of intercompany balances),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any non-cash expenses, accruals or reserves related to adjustments to historical tax exposures (provided, in each case, that the cash payment in respect thereof in such future period shall be subtracted from Consolidated Net Income for the period in which such cash payment was made), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) any impairment charge or asset write-off or write-down (including related to intangible assets (including goodwill), long-lived assets, and investments in debt and equity securities).

There shall be excluded from Consolidated Net Income for any period the effects from applying acquisition method accounting, including applying acquisition method accounting to inventory, property and equipment, loans and leases, software and other intangible assets and deferred revenue (including deferred costs related thereto and deferred rent) required or permitted by GAAP and related authoritative pronouncements (including the effects of such adjustments pushed down to the Borrower and its Subsidiaries), as a result of the Transactions, any acquisition consummated prior to the Closing Date and any Permitted Acquisitions or other Investment or the amortization or write-off of any amounts thereof.

In addition, to the extent not already included in Consolidated Net Income, Consolidated Net Income shall include the amount of proceeds received or, so long as such Person has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer or indemnifying party and only to the extent that such amount is in fact reimbursed within 365 days of the date of the insurable or indemnifiable event (net of any amount so added back in any prior period to the extent not so reimbursed within the applicable 365- day period), due from business interruption insurance or reimbursement of expenses and charges that are covered by indemnification and other reimbursement provisions in connection with any acquisition or other similar Investment or any disposition of any asset permitted hereunder.

"**Consolidated Property Values**" shall mean, on any date of determination, the sum of (i) the aggregate Property Values as of such date and (ii) the aggregate Dollar amount attributed to "Land", "Construction in progress, including land under development" and "Land held for future development" with respect to any Property for which a "Property Value" has not been determined in accordance with the definition thereof, in each case under this clause (ii) as reflected in the most recently delivered Company Financial Statements or Section 9.1 Financials, as applicable.

"**Consolidated Total Assets**" shall mean, as of any date of determination, the amount that would, in conformity with GAAP, be set forth opposite the caption "total assets" (or any like caption) on the most recent consolidated balance sheet of the Parent Borrower and its Subsidiaries at such date.

"**Consolidated Total Net Debt**" shall mean, on any date of determination, (i) the aggregate principal balance of outstanding Indebtedness for borrowed money of the Parent Borrower and its Subsidiaries on such date (measured excluding any guarantee of such Indebtedness incurred by the Parent Borrower or any of its Subsidiaries) minus (ii) cash and Cash Equivalents of the Parent Borrower and its Subsidiaries on such date.

"**Contingent Obligations**" shall mean, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends, or other payment obligations that do not constitute Indebtedness ("**primary obligations**") of any other Person (the "**primary obligor**") in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (a) for the purchase or payment of any such primary obligation or (b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, or (iii) to purchase property, securities, or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof.

"**Contract Consideration**" shall have the meaning provided in the definition of Excess Cash Flow.

"**Contractual Requirement**" shall have the meaning provided in <u>Section 8.3</u>.

"**Covered Entity**" shall have the meaning provided in <u>Section 13.24(b)</u>.

"**Covered Party**" shall have the meaning provided in <u>Section 13.24(a)</u>.

"**Credit Documents**" shall mean this Agreement, each Joinder Agreement, each Extension Amendment, the Guarantees, the Security Documents, and any promissory notes issued by the Borrower pursuant hereto.

"**Credit Event**" shall mean and include the making (but not the conversion or continuation) of a Loan and the issuance of a Letter of Credit.

"**Credit Facilities**" shall mean, collectively, each category of Commitments and each extension of credit hereunder.

"**Credit Facility**" shall mean a category of Commitments and extensions of credit thereunder.

"**Credit Party**" shall mean the Parent Borrower and the Guarantors.

"**Cured Default**" shall have the meaning assigned to such term in <u>Section 1.2(j)</u>.

"**Daily SOFR**" shall mean, with respect to any Interest Period, the Daily SOFR Reference Rate on the day (such day, the "**Determination Date**") that is two (2) Business Days prior to the first day of such Interest Period, as such rate is published by the Daily SOFR Administrator; <u>provided</u>, however, that if as of 5:00 p.m. (New York City time) on any Determination Date the Daily SOFR Reference Rate has not been published by the Daily SOFR Administrator and a Benchmark Replacement Date with respect to the Daily SOFR Reference Rate has not occurred, then Daily SOFR will be the Daily SOFR Reference Rate published by the Daily SOFR Administrator on the Business Day first preceding such Determination Date so long as such Business Day is not more than three (3) Business Days prior to such Determination Date; <u>provided</u>, <u>further</u>, that if Daily SOFR determined as provided above shall ever be less than the Floor, then Daily SOFR shall be deemed to be the Floor.

"**Daily SOFR Administrator**" shall mean the NYFRB (or a successor administrator of the Daily SOFR Reference Rate selected by Administrative Agent in its reasonable discretion).

"**Daily SOFR Borrowing**" shall mean a Borrowing comprised of Loans bearing interest at a rate determined by reference to Daily SOFR.

"**Daily SOFR Loan**" shall mean any Loan at such time as interest thereon accrues at a rate of interest based upon Daily SOFR.

"**Data Security Breach**" shall mean any unauthorized or unlawful unauthorized access to, acquisition of, disclosure, use, loss, alteration, destruction, or compromise of data or information, including Personal Information, in the possession or control of any of the Parent Borrower or the other Credit Parties.

"**Debt Service**" shall mean, for any Person in any period, the *sum* of all (a) cash interest, fees, rent (pursuant to any Capitalized Lease Obligations) and principal paid or payable during such period (including any mandatory prepayments) in respect of all Indebtedness of such Person *less* any net payments received by such Person during such period pursuant to Hedge Agreements in respect of interest rates, (b) any net payments paid by such during such period pursuant to Hedge Agreements in respect of interest rates and (c) any premium, make-whole or penalty payments, in each case, in respect of Indebtedness of the Parent Borrower and paid in cash during such period.

"**Default**" shall mean any event, act, or condition that with notice or lapse of time, or both, would constitute an Event of Default.

"**Default Rate**" shall have the meaning provided in <u>Section 2.8(c)</u>.

"**Default Right**" shall have the meaning provided in <u>Section 13.24(b)</u>.

"**Defaulting Lender**" shall mean any Lender whose acts or failure to act, whether directly or indirectly, cause it to meet any part of the definition of Lender Default.

"**Derivative Counterparty**" shall have the meaning provided in <u>Section 13.16</u>.

"**Designated Non-Cash Consideration**" shall mean the Fair Market Value of non-cash consideration received by the Parent Borrower or a Credit Party in connection with an Asset Sale that is so designated as Designated Non- Cash Consideration pursuant to a certificate of an Authorized Officer of the Parent Borrower, setting forth the basis of such valuation, executed by either a senior vice president or the principal financial officer of the Parent Borrower, less the amount of cash or Cash Equivalents received in connection with a subsequent sale of or collection on or other disposition of such Designated Non-Cash Consideration. A particular item of Designated Non-Cash Consideration will no longer be considered to be outstanding when and to the extent it has been paid, redeemed or otherwise retired or sold or otherwise disposed of in compliance with <u>Section 10.3</u>.

"**Designated Preferred Stock**" shall mean preferred stock of the Parent Borrower or any direct or indirect parent company of the Parent Borrower (in each case other than Disqualified Stock) that is issued for cash (other than to a Subsidiary or an employee stock ownership plan or trust established by the Parent Borrower or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an officer's certificate executed by the principal financial officer of the Parent Borrower or the parent company thereof, as the case may be, on the issuance date thereof, the cash proceeds of which are not applied to satisfy the condition set forth in clause (i) of <u>Section 10.4(a)</u>.

"**Determination Day**" has the meaning specified in the definition of "Term SOFR".

"**Disinterested Directors**" shall mean, with respect to any transaction with an Affiliate, one or more members of the board of directors of the Parent Borrower, or one or more members of the board of directors of a Parent Entity, having no material direct or indirect financial interest in or with respect to such transaction. A member of any such board of directors shall not be deemed to have such a financial interest by reason of such member's holding Capital Stock of the Parent Borrower or any Parent Entity or any options, warrants or other rights in respect of such Capital Stock or by reason of such member receiving any compensation from the Parent Borrower or any Parent Entity, as applicable, on whose board of directors such member serves in respect of such member's role as director.

"**Disposed EBITDA**" shall mean, with respect to any Sold Entity or Business for any period, the amount for such period of Consolidated EBITDA of such Sold Entity or Business (determined as if references to the Parent Borrower and the Subsidiaries in the definition of Consolidated EBITDA were references to such Sold Entity or Business and its respective Subsidiaries), all as determined on a consolidated basis for such Sold Entity or Business, as the case may be.

"**disposition**" shall have the meaning assigned such term in <u>clause (a)</u> of the definition of Asset Sale.

"**Disqualified Lenders**" shall mean such Persons that are not Eligible Assignees.

"**Disqualified Stock**" shall mean, with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms of any security into which it is convertible or for which it is puttable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable (other than solely for Qualified Stock), other than as a result of a change of control, asset sale, condemnation event or similar event, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than solely for Qualified Stock), other than as a result of a change of control, asset sale, condemnation event or similar event, in whole or in part, in each case, prior to the Revolving Credit Maturity Date; <u>provided</u> that if such Capital Stock is issued to any plan for the benefit of employees of the Parent Borrower or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Parent Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee's termination, death, or disability.

"**Distressed Person**" shall have the meaning provided such term in the definition of "Lender-Related Distress Event."

"**Distributable ECF**" shall mean, for any fiscal quarter of the Borrowers, an amount equal to the positive difference, if any, of the Excess Cash Flow for such fiscal quarter *minus* the amount of the mandatory prepayment required to be made with respect to such fiscal quarter pursuant to <u>Section 5.2(a)</u>.

"**Distributed Cash**" shall mean, with respect to any fiscal quarter period of the Parent Borrower, cash and Cash Equivalents actually distributed to the Parent Borrower for such period.

"**Division**" shall have the meaning assigned to such term in <u>Section 1.15</u>.

"**Dollars**" and "**$**" shall mean dollars in lawful currency of the United States.

"**Domestic Subsidiary**" shall mean each Subsidiary of the Parent Borrower that is organized under the laws of the United States, any state thereof, or the District of Columbia.

"**Drawstop Event**" shall mean the date on which an Event of Default shall have occurred.

"**Drawstop Event Period**" shall mean the period beginning on the date of a Drawstop Event, and ending on the date that the Event of Default in relation to such Drawstop Event shall no longer be continuing and the Parent Borrower certifies in writing to the Administrative Agent that such Event of Default is no longer continuing and provides reasonable supporting evidence of the same.

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

"**EEA Member Country**" shall mean any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"**EEA Resolution Authority**" shall mean any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"**Environmental Claims**" shall mean any and all actions, suits, orders, decrees, demand letters, claims, notices of noncompliance or potential responsibility or violation, or proceedings pursuant to any Environmental Law or any permit issued, or any approval given, under any such Environmental Law (hereinafter, "**Claims**"), including, without limitation, (i) any and all Claims by Governmental Authorities for enforcement, investigation, cleanup, removal, response, remedial, or other actions or damages pursuant to any Environmental Law and (ii) any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation, or injunctive relief relating to the presence, Release or threatened Release of Hazardous Materials or arising from alleged injury or threat of injury to health or safety (to the extent relating to human exposure to Hazardous Materials) or the environment (including, without limitation, ambient air, indoor air, surface water, groundwater, soil, land surface and subsurface strata, and natural resources such as wetlands, flora and fauna).

"**Eligibility Requirements**" shall mean, with respect to any Person, that such Person (i) has total commercial real estate loans (in name or under management or advisement) in excess of $500,000,000 (including unpledged, uncalled (or recallable) irrevocable capital commitments that are unconditionally available to be called by such Person as cash capital contributions to such Person subject only to customary conditions such as minimum advance notice), (ii) is regularly engaged in the business of making or owning (or, in the case of a pension advisory firm, asset manager, registered investment advisor or manager or similar fiduciary, regularly engaged in managing investments in) commercial real estate loans (including "B" notes and mezzanine loans to direct or indirect owners of commercial properties, which loans are secured by pledges of direct or indirect ownership interests in the owners of such commercial properties) and (iii) is not a Competitor.

"**Eligible Assignee**" shall mean (1) if an Event of Default has occurred and is continuing, any Person (other than a natural person) and (2) so long as no Event of Default has occurred and is continuing, any Person (other than a natural person) that (a) meets the Eligibility Requirements and is organized under the laws of the United States or any other country that is a member of the Organization for Economic Cooperation and Development (the "OECD") or a political subdivision of any such country (provided such person is acting through a branch or agency located in the country in which it is organized or another country which is also a member of the OECD) or (b) is Controlled by, under common Control with or Controlling any Person set forth in the immediate preceding clause (2)(a); provided, that, with respect to clauses (1) and (2), such Person has never been indicted or convicted of, or pled guilty or no contest to, an offense under the USA PATRIOT Act and is not a Sanctioned Person.

"**Environmental Law**" shall mean any applicable federal, state, foreign, or local statute, law, rule, regulation, ordinance, code, and rule of common law now or hereafter in effect and in each case as amended, and any binding judicial or administrative interpretation thereof, including any binding judicial or administrative order, consent decree, or judgment, relating to pollution or protection of the environment, (including, without limitation, ambient air, indoor air, surface water, groundwater, soil, land surface and subsurface strata and natural resources such as flora, fauna, or wetlands), or protection of human health or safety (to the extent relating to human exposure to Hazardous Materials) and including those relating to the generation, storage, treatment, transport, Release, or threat of Release of Hazardous Materials.

"**Environmental Liability**" shall mean any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, or penalties), resulting from or based upon (a) a violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) the exposure of any Person to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment (including, without limitation, ambient air, indoor air, surface water, groundwater, soil, land surface and subsurface strata, and natural resources such as wetlands, flora and fauna) or (e) any contract, agreement or other consensual arrangement the extent to which liability is assumed or imposed with respect to any of the foregoing.

"**Equity Contribution**" shall mean the direct or indirect equity contribution(s) of the Investors to the Parent Borrower made in connection with the Transactions.

"**Equity Interest**" shall mean Capital Stock and all warrants, options, or other rights to acquire Capital Stock, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock.

"**ERISA**" shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time.

"**ERISA Affiliate**" shall mean any trade or business (whether or not incorporated) that, together with any Credit Party, is treated as a single employer under Section 414 (b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

"**ERISA Event**" shall mean (i) the failure of any Pension Plan to comply with any provisions of ERISA and/or the Code (and applicable regulations under either) or with the terms of such Pension Plan; (ii) the existence with respect to any Pension Plan of a non-exempt Prohibited Transaction which could reasonably be expected to result in liability to a Credit Party; (iii) any Reportable Event with respect to a Pension Plan; (iv) the failure of any Credit Party or ERISA Affiliate to make by its due date a required installment under Section 430(j) of the Code with respect to any Pension Plan or any failure by any Pension Plan to satisfy the minimum funding standards (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Pension Plan, whether or not waived; (v) a determination that any Pension Plan is in "at risk" status (within the meaning of Section 430 of the Code or Section 303 of ERISA); (vi) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Pension Plan; (vii) the termination of, or the appointment of a trustee to administer, any Pension Plan under Section 4042 of ERISA or the incurrence by any Credit Party or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Pension Plan (other than for PBGC premiums due but not delinquent under Section 4007 of ERISA), including but not limited to the imposition of any Lien in favor of the PBGC or any Pension Plan; (viii) the receipt by any Credit Party or any of its ERISA Affiliates from the PBGC or a plan administrator of any notice to terminate any Pension Plan under Section 4041 or 4042 of ERISA; (ix) the failure by any Credit Party or any of its ERISA Affiliates to make any required contribution to a Multiemployer Plan; (x) the incurrence by any Credit Party or any of its ERISA Affiliates of any liability with respect to the withdrawal from any Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a "substantial employer" (within the meaning of Section 4001(a)(2) of ERISA), or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA, or the complete or partial withdrawal (within the meaning of Section 4203 or 4205 of ERISA) from any Multiemployer Plan; (xi) the receipt by any Credit Party or any of its ERISA Affiliates of any notice concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, Insolvent, or terminated (within the meaning of Section 4041A of ERISA); or (xii) the failure by any Credit Party or any of its ERISA Affiliates to pay when due (after expiration of any applicable grace period) any installment payment with respect to Withdrawal Liability under Section 4201 of ERISA.

"**Erroneous Payment**" shall have the meaning provided in <u>Section 12.14(a)</u>.

"**Erroneous Payment Deficiency Assignment**" shall have the meaning provided in <u>Section 12.14(c)</u>.

"**Erroneous Payment Impacted Class**" shall have the meaning provided in <u>Section 12.14(c)</u>.

"**Erroneous Payment Return Deficiency**" shall have the meaning provided in Section 12.14(c).

"**EU Bail-In Legislation Schedule**" shall mean the EU Bail- In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"**Event of Default**" shall have the meaning provided in <u>Section 11</u>.

"**Evoque Transaction**" shall have the meaning provided in the recitals to this Agreement.

"**Evoque Transaction Agreement**" shall have the meaning provided in the recitals to this Agreement.

"**Excess Cash Flow**" shall mean, for any applicable fiscal quarter of the Parent Borrower to occur after the Closing Date, an amount equal to the excess of (a) the Distributed Cash for such period, *less* (b) the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount of Capital
 Expenditures or acquisitions of Intellectual Property accrued or made in cash by the Parent
 Borrower during such period (directly or on behalf of any of its Subsidiaries), except to
 the extent that such Capital Expenditures or acquisitions were financed with the proceeds
 of long-term Indebtedness of the Parent Borrower (unless
 such Indebtedness has been repaid other than with the proceeds of long-term indebtedness)
 other than intercompany loans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount
 of all Debt Service of the Parent Borrower (including
 payments in respect of Capitalized Lease Obligations) made during such period or to be made
 during the upcoming four (4) fiscal quarter period, except to the extent financed with the
 proceeds of other long-term Indebtedness of the Parent Borrower ,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) payments in cash
 by the Parent Borrower (directly or on behalf of any of its
 Subsidiaries) during such period in respect of any purchase price holdbacks, earn-out
 obligations, and long-term liabilities of the Parent Borrower and such Subsidiaries other than Indebtedness,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the aggregate amount of cash consideration
 paid by the Parent Borrower (directly or on behalf of
 any of its Subsidiaries) in connection with Investments (including acquisitions) made during
 such period or made pursuant to <u>Section 10.4</u> to the extent that such Investments were
 not financed with the proceeds received from (1) the issuance or incurrence of long-term
 Indebtedness or (2) the issuance of Capital Stock, in each case, of the Parent Borrower,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the amount of Permitted
 Tax Distributions made by the Borrower during such period, and other dividends or Restricted
 Payments to the extent such dividends and Restricted Payments were financing overhead costs
 incurred by any Parent Entity as a result of its ownership of the Parent Borrower and its
 Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the aggregate amount
 of expenditures actually made by the Parent Borrower (directly or on behalf of any of its Subsidiaries) in cash during such period (including
 expenditures for the payment of financing fees) to the extent that such expenditures are
 not expensed during such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) without duplication
 of amounts deducted from Excess Cash Flow in other periods, (1) the aggregate consideration
 required to be paid in cash by the Parent Borrower (directly
 or on behalf of any of its Subsidiaries) pursuant to binding contracts, commitments, letters
 of intent or purchase orders (the "**Contract Consideration**") entered into
 prior to or during such period and (2) any planned cash expenditures by the
 Parent Borrower (directly or on behalf of any of its Subsidiaries) (the "**Planned Expenditures** "), in the case of each of <u>clauses (1)</u> and <u>(2)</u>, relating
 to Permitted Acquisitions (or Investments similar to those made for Permitted Acquisitions),
 Capital Expenditures, or acquisitions of Intellectual Property or other assets to be consummated
 or made during the period of four consecutive fiscal quarters of the
 Parent Borrower , following the end of such period (except to the extent financed with
 any of the proceeds received from (A) the issuance or incurrence of long-term Indebtedness
 or (B) the issuance of Equity Interests, in each case, of the Parent Borrower); <u>provided</u> that to the extent that the aggregate amount of cash actually utilized to finance such Permitted
 Acquisitions (or Investments similar to those made for Permitted Acquisitions), Capital Expenditures,
 or acquisitions of Intellectual Property or other assets during such following period of
 four consecutive fiscal quarters is <u>less</u> than the Contract Consideration and Planned
 Expenditures, the amount of such shortfall shall be added to the calculation of Excess Cash
 Flow, at the end of such period of four consecutive fiscal quarters,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the amount of taxes (including penalties and interest) paid in cash or tax reserves set aside or
 payable (without duplication) in such period, and any amounts otherwise paid pursuant to clauses (A) through (C) of <u>Section 10.4(b)(13)</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) cash expenditures in respect of Hedge Agreements during such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any amounts used (or placed in reserve) to satisfy ordinary course company expenses
of any of the Parent Borrower and its Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the aggregate amount of cash expenditures of the Parent Borrower not otherwise described
in this clause (b) made during such period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any amounts described in the foregoing clauses (i), (iii) through
(ix) and (xi) which are (A) paid prior to the date any amount in respect of mandatory prepayment hereunder becomes due hereunder or (B)
which are committed to be paid, as of the end of such period or prior to the date any amount in respect of mandatory prepayment hereunder
becomes due hereunder, prior to the earlier of the end of the next successive fiscal quarter of the Parent Borrower (it being understood
that, to the extent such commitment payments are not actually made as committed in such subsequent period, such amount shall be added
back in calculating Excess Cash Flow as of the next time of determination).

For the avoidance of doubt, for purposes of making the mandatory prepayment set forth in <u>Section 5.2(a)</u>, Distributable ECF from any prior fiscal quarter of the Parent Borrower will not be considered "Excess Cash Flow" hereunder when Excess Cash Flow is determined for any subsequent fiscal quarter.

"**Excluded Affiliates**" shall mean (a) Affiliates of the Joint Lead Arrangers that are engaged as principals primarily in private equity, mezzanine financing or venture capital and (b) employees of the Joint Lead Arrangers engaged directly or indirectly in the sale of the Company as representatives of the Company (other than, in each case, such Persons engaged by the Parent Borrower or its Affiliates as part of the Transactions and a limited number of senior employees who are required, in accordance with industry regulations or such Joint Lead Arrangers' (or its Affiliate's) internal policies and procedures, to act in a supervisory capacity and such Joint Lead Arranger's internal legal, compliance, risk management, credit or investment committee members).

"**Excluded Contribution**" shall mean net cash proceeds, the Fair Market Value of marketable securities, or the Fair Market Value of Qualified Proceeds received by the Parent Borrower from (i) contributions to its common equity capital, and (ii) the sale (other than to a Subsidiary of the Parent Borrower or to any management equity plan or stock option plan or any other management or employee benefit plan or agreement of the Parent Borrower) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of the Parent Borrower, in each case designated as Excluded Contributions pursuant to an officer's certificate, delivered to the Administrative Agent, executed by either a senior vice president or the principal financial officer of the Parent Borrower within 180 days after the date such capital contributions are made or the date such Equity Interests are sold, as the case may be, which are not applied to satisfy the condition set forth in clause (i) of <u>Section 10.4(a)</u>; <u>provided</u> that any non-cash assets shall qualify only if acquired by a parent of the Parent Borrower in an arm's-length transaction within the six months prior to such contribution.

"**Excluded Property**" shall have the meaning set forth in the Pledge Agreement.

"**Excluded Stock and Stock Equivalents**" shall mean (i) any Capital Stock or Stock Equivalents with respect to which, in the reasonable judgment of the Borrower (in consultation with the Administrative Agent), the cost or other consequences of pledging such Capital Stock or Stock Equivalents in favor of the Secured Parties under the Security Documents shall be excessive in view of the practical benefits to be obtained by the Lenders therefrom, (ii) solely in the case of any pledge of Capital Stock or Stock Equivalents of any Foreign Subsidiary or any CFC or FSHCO, any Capital Stock or Stock Equivalents of in excess of 65% of the total outstanding voting Capital Stock or Stock Equivalents of such Subsidiary, (iii) any Capital Stock or Stock Equivalents to the extent the pledge thereof would violate any applicable Requirements of Law (including any legally effective requirement to obtain the consent of any Governmental Authority unless such consent has been obtained) (it being understood that any Capital Stock or Stock Equivalents described in this clause (iii) will be automatically released from the Collateral and the Collateral Agent and Administrative Agent will take all actions necessary, consistent with this Agreement and the Security Documents, to release any Liens held in the Collateral that is the subject of such Requirement of Law), (iv) any Capital Stock or Stock Equivalents to the extent (A) that a pledge thereof to secure the Obligations is prohibited by any applicable Contractual Requirement (including any legally effective requirement to obtain the consent of any third party, unless such consent has been obtained) entered into at any time in good faith for a bona fide business purpose (and not for the primary purpose of obtaining a release of Collateral) and for so long as such Contractual Requirement or replacement or renewal thereof is in effect, (B) any Contractual Requirement (including any legally effective requirement to obtain the consent of any third party, unless such consent has been obtained) entered into at any time in good faith for a bona fide business purpose (and not for the primary purpose of obtaining a release of Collateral) prohibits such a pledge without the consent of any other party; <u>provided</u> that this <u>clause (II)</u> shall not apply if (x) such other party is a Credit Party or Wholly-Owned Subsidiary or (y) consent has been obtained to consummate such pledge (it being understood that the foregoing shall not be deemed to obligate the Borrower or any Subsidiary to obtain any such consent) and for so long as such Contractual Requirement or replacement or renewal thereof is in effect, or (C) a pledge thereof to secure the Obligations would give any other party (other than a Credit Party or Wholly- Owned Subsidiary) to any contract, agreement, instrument, or indenture governing such Capital Stock or Stock Equivalents the right to terminate its obligations thereunder (it being understood that any Capital Stock or Stock Equivalents described in this clause (iv) will be automatically released from the Collateral and the Collateral Agent and Administrative Agent will take all actions necessary, consistent with this Agreement and the Security Documents, to release any Liens held in the Collateral that is the subject of such Contractual Requirement), (v) any Capital Stock or Stock Equivalents of any Subsidiary to the extent that the pledge of such Capital Stock or Stock Equivalents would result in materially adverse tax consequences to the Parent Borrower or any Subsidiary or any Parent Entity, as reasonably determined by the Parent Borrower in consultation with the Administrative Agent, (vi) any Capital Stock or Stock Equivalents that are margin stock, (vii) any Capital Stock and Stock Equivalents of any Subsidiary that is not a Material Subsidiary, a captive insurance Subsidiary, an SPV or any special purpose entity, (viii) any Capital Stock and Stock Equivalents of any entity that is not a Subsidiary, (ix) Capital Stock and Stock Equivalents of any Person other than Wholly-Owned Subsidiaries which own Real Estate assets in Land or that own unencumbered Real Estate assets, in each case located in the United States, (x) any Capital Stock and Stock Equivalents of a Subsidiary that is owned directly or indirectly by a CFC, (xi) any Capital Stock or Stock Equivalents of a borrower under a First Tier Facility and (xii) any Capital Stock or Stock Equivalents to the extent a pledge thereof to secure the Obligations is prohibited by a Permitted Securitization Financing, including without limitation any Equity Interests of any Securitization Entity; <u>provided</u> that, notwithstanding the above, except as otherwise mutually agreed between the Administrative Agent and the Parent Borrower, any Capital Stock or Stock Equivalents of any Initial Guarantor pledged or required to be pledged as of the Closing Date shall not constitute Excluded Stock and Stock Equivalents.

"**Excluded Subsidiary**" shall mean (i) each Subsidiary, in each case, for so long as any such Subsidiary does not (on (x) a consolidated basis with its Subsidiaries, if determined on the Closing Date by reference to the Company Financial Statements or (y) a consolidated basis with its Subsidiaries, if determined after the Closing Date by reference to the financial statements delivered to the Administrative Agent pursuant to <u>Section 9.1(a)</u> and <u>(b))</u> constitute a Material Subsidiary, (ii) each Subsidiary that is not a Wholly- Owned Subsidiary on any date such Subsidiary would otherwise be required to become a Guarantor pursuant to the requirements of <u>Section 9.11</u> (for so long as such Subsidiary remains a non-Wholly-Owned Subsidiary), (iii) any First Tier Facility Borrower, (iv) any FSHCO, (v) any Subsidiary of a Subsidiary that is a CFC, (vi) any Foreign Subsidiary (including a CFC), (vii) each Subsidiary that is prohibited by any applicable Contractual Requirement (including any legally effective requirement to obtain the consent of any third party, unless such consent has been obtained) entered into at any time in good faith for a bona fide business purpose (and not for the primary purpose of obtaining a release of any Guarantor) or Requirements of Law (including any legally effective requirement to obtain the consent of any Governmental Authority, unless such consent has been obtained), it being understood that any such Subsidiary described in this clause (vii) will be automatically released from its Guarantees (and the Collateral Agent and Administrative Agent will take all actions necessary, consistent with this Agreement and the Security Documents, to evidence such release) or from guaranteeing or granting Liens to secure the Obligations (and for so long as such restriction or any replacement or renewal thereof is in effect), (viii) each Subsidiary with respect to which, as reasonably determined by the Parent Borrower, the consequence of providing a Guarantee of the Obligations would adversely affect the ability of the Parent Borrower and its Subsidiaries to satisfy applicable Requirements of Law, (ix) each Subsidiary with respect to which, as reasonably determined by the Borrower in consultation with the Administrative Agent, providing such a Guarantee would result in material adverse tax consequences to the Borrower, any of its Subsidiaries or any Parent Entity, (x) any other Subsidiary with respect to which, in the reasonable judgment of the Parent Borrower and the Administrative Agent, as agreed in writing, the cost or other consequences of providing a Guarantee of the Obligations shall be excessive in view of the practical benefits to be obtained by the Lenders therefrom, (xi) any Securitization Entity, (xii) each other Subsidiary acquired pursuant to a Permitted Acquisition or other Investment permitted hereunder and financed with assumed secured Indebtedness permitted hereunder, and each Subsidiary acquired in such Permitted Acquisition or other Investment permitted hereunder that guarantees such Indebtedness, in each case to the extent that, and for so long as, the documentation relating to such Indebtedness to which such Subsidiary is a party prohibits such Subsidiary from guaranteeing the Obligations and such prohibition was not created in contemplation of such Permitted Acquisition or other Investment permitted hereunder, (xiii) each SPV (including any captive insurance Subsidiary or not- for- profit Subsidiary), (xiv) any Subsidiary that is prohibited from providing a Guarantee pursuant to any asset backed securities documentation, any mezzanine financing documentation or any refinancings thereof, (xv) any captive insurance company, and (xvi) any not-for-profit Subsidiary; notwithstanding anything herein to the contrary, at the Parent Borrower's sole election, the Parent Borrower may elect to (i) add any Subsidiary that is otherwise an Excluded Subsidiary as a Credit Party hereunder and/or (ii) take any other actions reasonably required to accomplish the foregoing, including any such action not otherwise required hereunder or any other Credit Document; <u>provided</u> that, notwithstanding the above, except as otherwise mutually agreed between the Administrative Agent and the Parent Borrower, no Initial Guarantors shall constitute an Excluded Subsidiary.

"**Excluded Swap Obligation**" shall mean, with respect to any Swap Obligor, (a) any Swap Obligation if, and to the extent that, all or a portion of the Obligations of such Swap Obligor of, or the grant by such Swap Obligor of a security interest to secure, such Swap Obligation (or any Obligations thereof) is or becomes illegal or unlawful under the Commodity Exchange Act or any rule, regulation, or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) or (b) any other Swap Obligation designated as an "Excluded Swap Obligation" of such Swap Obligor as specified in any agreement between the relevant Swap Obligors and counterparty applicable to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Obligation or security interest is or becomes illegal or unlawful.

"**Excluded Taxes**" shall mean, with respect to the Administrative Agent, any Lender, or any other recipient of any payment to be made by or on account of any obligation of any Credit Party hereunder or under any other Credit Document, (i) Taxes imposed on or measured by its overall net income, net profits, or branch profits (however denominated, and including (for the avoidance of doubt) any backup withholding in respect thereof under Section 3406 of the Code or any similar provision of state, local, or foreign law), and franchise (and similar) Taxes imposed on it (in lieu of net income Taxes), in each case, (x) imposed by a jurisdiction (including any political subdivision thereof) as a result of such recipient being organized in, having its principal office in, or in the case of any Lender, having its applicable lending office in, such jurisdiction, or (y) that are Other Connection Taxes, (ii) with respect to any Revolving Loan, any U.S. federal withholding Tax imposed on any payment by or on account of any obligation of any Credit Party hereunder or under any Credit Document that is required to be imposed on amounts payable to or for the account of a Lender (or other recipient) pursuant to laws in force at the time such Lender acquires an interest in any Credit Document (or designates a new lending office), other than in the case of a Lender that is an assignee pursuant to a request by the Borrower under <u>Section 13.7</u> (or that designates a new lending office pursuant to a request by the Borrower), except to the extent that such Lender (or its assignor, if any) was entitled, immediately prior to the designation of a new lending office (or assignment), to receive additional amounts from the Credit Parties with respect to such withholding Tax pursuant to <u>Section 5.4</u>, (iii) any Taxes attributable to such recipient's failure or inability to comply with <u>Section 5.4(e)</u> or (iv) any Tax imposed under FATCA.

"**Existing Debt Facilities**" shall mean each of the following: (a) that certain Credit Agreement, dated as of December 31, 2018, by and among, inter alios, Infra Colodata Holdings LLC, as holdings, Dawn Acquisitions LLC, as borrower, the lenders from time to time party thereto and Barclays Bank PLC, as administrative agent, as amended by that certain First Amendment to Credit Agreement, dated as of April 28, 2023 (as further amended, restated, supplemented or otherwise modified); and (b) that certain Credit Agreement, dated as of November 1, 2022, among Evoque Dallas Data Centers LLC, as borrower, the lenders from time to time party thereto and Toronto Dominion (Texas) LLC, as administrative agent and collateral agent (as amended, restated, supplemented or otherwise modified).

"**Existing Revolving Credit Class**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Existing Revolving Credit Commitment**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Existing Revolving Credit Loans**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Extended Revolving Credit Commitments**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Extended Revolving Credit Loans**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Extended Revolving Loan Maturity Date**" shall mean the date on which any tranche of Extended Revolving Credit Loans matures.

"**Extending Lender**" shall have the meaning provided in <u>Section 2.14(g)(ii)</u>.

"**Extension Amendment**" shall have the meaning provided in <u>Section 2.14(g)(iii)</u>.

"**Extension Date**" shall have the meaning provided in <u>Section 2.14(g)(iv)</u>.

"**Extension Election**" shall have the meaning provided in <u>Section 2.14(g)(ii)</u>.

"**Extension Request**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Extension Series**" shall mean all Extended Revolving Credit Commitments that are established pursuant to the same Extension Amendment (or any subsequent Extension Amendment to the extent such Extension Amendment expressly provides that the Extended Revolving Credit Commitments provided for therein are intended to be a part of any previously established Extension Series) and that provide for the same interest margins, extension fees, and amortization schedule.

"**Extraordinary Expense**" shall mean an operating expense or capital expense that is not consistent with the budget for the applicable period delivered pursuant to <u>Section 5.1(c)</u> hereof.

"**Fair Market Value**" shall mean with respect to any asset or group of assets on any date of determination, the value of the consideration obtainable in a sale of such asset at such date of determination assuming a sale by a willing seller to a willing purchaser dealing at arm's length and arranged in an orderly manner over a reasonable period of time having regard to the nature and characteristics of such asset, as determined in good faith by the Borrower.

"**FATCA**" shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code as of the date of this Agreement (or any amended or successor version described above), and any intergovernmental agreements (or related legislation or official administrative rules or practices) implementing the foregoing.

"**Federal Funds Effective Rate**" shall mean, for any day, the rate calculated by the NYFRB based on such day's federal funds transactions by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as the federal funds effective date, <u>provided</u> that, if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of calculating such rate.

"**Fee Letter**" shall mean that certain Fee Letter, dated as of October 31, 2023, among each of the Joint Lead Arrangers and the Parent Borrower, as amended, restated, amended and restated, supplemented or otherwise modified pursuant to any joinder agreements thereto.

"**Fees**" shall mean all amounts payable pursuant to, or referred to in, <u>Section 4.1(a)</u>.

"**Financial Incurrence Tests**" shall have the meaning provided in <u>Section 1.12(a)</u>.

"**First Lien Intercreditor Agreement**" shall mean an intercreditor agreement substantially in the form of <u>Exhibit G-1</u> (with such changes to such form as may be reasonably acceptable to the Administrative Agent and the Parent Borrower) among the Administrative Agent, the Collateral Agent, and the representatives for purposes thereof for holders of one or more classes of First Lien Obligations.

"**First Lien Obligations**" shall mean the Obligations and obligations in respect of Indebtedness secured by Liens on the Collateral that rank on an equal priority basis (but without regard to the control of remedies) with Liens on the Collateral securing the Obligations.

"**First Tier Facility**" shall mean any of (i) the US Balance Sheet Loan Facility, (ii) any other facility establishing Non-Recourse Indebtedness of the Parent Borrower or any of its Subsidiaries or (iii) any Indebtedness which refinances any of the foregoing.

"**First Tier Facility Agreement**" shall mean any of (i) the US Balance Sheet Loan Agreement or (ii) any of the other "Credit Documents", "Loan Documents", "Financing Documents" or terms of like import as defined in any of the foregoing, in each case as last in effect.

"**First Tier Facility Borrower**" shall mean, as of any time of determination, any direct or indirect Subsidiary of the Parent Borrower which is a borrower, "credit party", "loan party" or similar obligor under any First Tier Facility.

"**Fixed Amounts**" shall have the meaning provided in <u>Section 1.12(a)</u>.

"**Fixed Charges**" shall mean, with respect to any Person for any period, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consolidated Cash Interest Expense of such Person and its Subsidiaries on a consolidated basis for such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all dividend payments (excluding items eliminated in consolidation) on any series of preferred stock (including any Designated Preferred Stock) or any Refunding Capital Stock of such Person made during such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) regularly scheduled principal amortization payments during such period (excluding any balloon payments and, for the avoidance of doubt, any Excess Cash Flow sweep and mandatory prepayments made in connection with a Mandatory Prepayment Event).

"**Fixed Charge Coverage Ratio**" shall mean, with respect to any Test Period following the Closing Date, the ratio of (i) Consolidated EBITDA of the Parent Borrower for such period to (ii) Fixed Charges made in cash during such period. Notwithstanding anything to the contrary contained herein, for purposes of determining the Fixed Charge Coverage Ratio for any Test Period that includes any of the first three full fiscal quarters ended after the Closing Date, the Consolidated EBITDA of the Parent Borrower and Fixed Charges, as applicable, for such period shall be: (a) for the Test Period consisting of the first full fiscal quarter of the Parent Borrower after the Closing Date, the Consolidated EBITDA of the Parent Borrower and Fixed Charges made in cash for the first full fiscal quarter after the Closing Date, in each case, multiplied by four; (b) for the Test Period consisting of the first two full fiscal quarters of the Parent Borrower after the Closing Date, the Consolidated EBITDA of the Parent Borrower and Fixed Charges made in cash for the first two full fiscal quarters of the Parent Borrower after the Closing Date, in each case, multiplied by two; and (c) for the Test Period consisting of the first three full fiscal quarters of the Parent Borrower after the Closing Date, the Consolidated EBITDA of the Borrower and Fixed Charges made in cash for the first three full fiscal quarters after the Closing Date, in each case, multiplied by 4/3.

"**Floor**" shall mean a rate of interest equal to 0.50<u>0.00</u>%.

"**Foreign Plan**" shall mean each "employee benefit plan" (within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA) that is not subject to U.S. law and is maintained or contributed to by any Credit Party or any of its Subsidiaries.

"**Foreign Plan Event**" shall mean, with respect to any Foreign Plan, (i) the failure by a Credit Party or any of its Subsidiaries to make or, if applicable, accrue in accordance with normal accounting practices, any employer or employee contributions required by applicable law or by the terms of such Foreign Plan; (ii) the failure by a Credit Party or any of its Subsidiaries to register or loss of good standing (if applicable) with applicable regulatory authorities of any such Foreign Plan required to be registered; or (iii) the failure of any Foreign Plan to comply with any provisions of applicable law or regulations or with the terms of such Foreign Plan.

"**Foreign Subsidiary**" shall mean each Subsidiary of the Parent Borrower that is not a Domestic Subsidiary.

"**Forward-Looking Information**" shall have the meaning provided in <u>Section 8.8(a)</u>.

"**Fronting Exposure**" shall mean, at any time there is a Defaulting Lender, with respect to each Letter of Credit Issuer, such Defaulting Lender's Revolving Credit Commitment Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender's participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

"**Fronting Fee**" shall have the meaning provided in <u>Section 4.1(d)</u>.

"**FSHCO**" shall mean any direct or indirect Domestic Subsidiary of the Borrower, substantially all of the assets of which consist of the Capital Stock and/or Indebtedness of one or more (a) Foreign Subsidiaries that are CFCs, (b) other direct or indirect Domestic Subsidiaries of the Borrower that are direct or indirect Subsidiaries of a CFC or (c) other direct or indirect Domestic Subsidiaries of the Borrower that are FSHCOs.

"**Fund**" shall mean any Person (other than a natural Person) that is engaged or advises funds or other investment vehicles that are engaged in making, purchasing, holding, or investing in commercial loans and similar extensions of credit in the ordinary course.

"**GAAP**" shall mean generally accepted accounting principles in the United States, as in effect from time to time; <u>provided</u>, <u>however</u>, that if the Parent Borrower notifies the Administrative Agent that the Parent Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof on the operation of such provision, regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Furthermore, at any time after the Closing Date, the Parent Borrower may elect to apply International Financial Reporting Standards ("**IFRS**") accounting principles in lieu of GAAP and, upon any such election, references herein to GAAP and GAAP concepts shall thereafter be construed to refer to IFRS and corresponding IFRS concepts (except as otherwise provided in this Agreement); <u>provided</u> any such election, once made, shall be irrevocable; <u>provided</u>, <u>further</u>, that any calculation or determination in this Agreement that requires the application of GAAP for periods that include fiscal quarters ended prior to the Parent Borrower's election to apply IFRS shall remain as previously calculated or determined in accordance with GAAP. Notwithstanding any other provision contained herein, the amount of any Indebtedness under GAAP with respect to Capitalized Lease Obligations shall be determined in accordance with the definition of Capitalized Lease Obligations.

"**Governmental Authority**" shall mean any nation, sovereign, or government, any state, province, territory, or other political subdivision thereof, and any entity or authority exercising executive, legislative, judicial, taxing, regulatory, or administrative functions of or pertaining to government, including a central bank or stock exchange (including any supranational body exercising such powers or functions, such as the European Union or the European Central Bank).

"**Granting Lender**" shall have the meaning provided in <u>Section 13.6(g)</u>.

"**Gross Income from Operations**" shall mean, as of any date of determination, the sum of the following: (a) total annualized base rent and recurring revenues in place as of such date of determination, based on executed leases, including, without limitation, (i) booked but not billed Leases ("*BBnB Leases*") with lease commencement dates within twelve (12) months following such date of determination or with free rent periods (provided that free rent shall not be included to the extent it exceeds one month of free rent per year of such Lease's initial term) currently in effect (in each case, as if base rent and recurring revenues were currently being paid under such Leases) and (ii) any contractual rent increases within the twelve (12) months following such date of determination, (b) tenant reimbursements (to the extent provided for pursuant to the applicable Lease) (i) during the twelve (12)-month period immediately preceding such date of determination or (ii) for Leases executed in such twelve (12)-month period, the annualized amount thereof, and (c) percentage and overage rent, ancillary income (e.g., parking, tenant services and signage) and any fee, collection or payment received with respect to such executed Leases, in each case pursuant to this clause (c), (i) during the twelve (12)-month period immediately preceding such date of determination or (ii) for Leases executed in such twelve (12)-month period, the annualized amount thereof (without duplication of any amounts set forth in clauses (a) and (b) above), but excluding (solely for purposes of calculating Net Operating Income) one-time extraordinary income or non-recurring income, and in each case with respect to clauses (a), (b) and (c), excluding amounts paid or payable under any such Lease with respect to which the tenant thereunder (x) is in base rent monetary default in excess of two (2) months, (y) is the subject of a Bankruptcy Action and which tenant has not assumed its Lease or (z) has given written notice that it will vacate within six (6) months of such date of determination, except to the extent a new Lease is signed for such premises.

"**Guarantee**" shall mean (i) the Guarantee made by each Guarantor in favor of the Collateral Agent for the benefit of the Secured Parties, substantially in the form of <u>Exhibit B</u>, and (ii) any other guarantee of the Obligations made by a Credit Party in form and substance reasonably acceptable to the Administrative Agent.

"**guarantee obligations**" shall mean, as to any Person, any obligation of such Person guaranteeing or intended to guarantee any Indebtedness of any primary obligor in any manner, whether directly or indirectly, including any obligation of such Person, whether or not contingent, (i) to purchase any such Indebtedness or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (a) for the purchase or payment of any such Indebtedness or (b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities, or services primarily for the purpose of assuring the owner of any such Indebtedness of the ability of the primary obligor to make payment of such Indebtedness, or (iv) otherwise to assure or hold harmless the owner of such Indebtedness against loss in respect thereof; <u>provided</u>, <u>however</u>, that the term guarantee obligations shall not include endorsements of instruments for deposit or collection in the ordinary course of business or customary and reasonable indemnity obligations or product warranties in effect on the Closing Date or entered into in connection with any acquisition or disposition of assets permitted under this Agreement (other than such obligations with respect to Indebtedness). The amount of any guarantee obligation shall be deemed to be an amount equal to the stated or determinable amount of the Indebtedness in respect of which such guarantee obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith.

"**Guarantors**" shall mean (a) the Initial Guarantors and (b) each Subsidiary of the Parent Borrower that becomes a party to the Guarantee after the Closing Date pursuant to <u>Section 9.11</u> or otherwise; <u>provided</u> that, for the avoidance of doubt, in no event shall any Excluded Subsidiary be required to be a Guarantor.

"**Hazardous Materials**" shall mean (i) any petroleum or petroleum products, radioactive materials, friable asbestos, polychlorinated biphenyls, per- and polyfluoroalkyl substances, and radon gas; (ii) any chemicals, materials, or substances defined as or included in the definition of "hazardous substances," "hazardous waste," "hazardous materials," "extremely hazardous waste," "restricted hazardous waste," "toxic substances," "toxic pollutants," "contaminants," or "pollutants," or words of similar import, under any Environmental Law; and (iii) any other chemical, material, or substance, which is prohibited, limited, or regulated due to its dangerous or deleterious properties or characteristics, by any Environmental Law.

"**Hedge Agreements**" shall mean (i) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (ii) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any "International Foreign Exchange Master Agreement", or any other master agreement (any such master agreement, together with any related schedules, a "**Master Agreement**"), including any such obligations or liabilities under any Master Agreement.

"**Hedging Obligations**" shall mean, with respect to any Person, the obligations of such Person under any Hedge Agreements.

"**Holdings**" shall have the meaning provided in the preamble to this Agreement.

"**IFRS**" shall have the meaning given to such term in the definition of GAAP.

"**Impacted Loans**" shall have the meaning provided in <u>Section 0(a)</u>.

"**incur**" and "**incurrence**" shall have the meaning provided in <u>Section 10.1</u>.

"**Incurrence Based Amounts**" shall have the meaning provided in <u>Section 1.12(a)</u>.

"**Indebtedness**" shall mean, with respect to any Person, (i) any indebtedness (including principal and premium) of such Person, whether or not contingent (a) in respect of borrowed money, (b) evidenced by bonds, notes, debentures, or similar instruments or letters of credit or bankers' acceptances (or, without double counting, reimbursement agreements in respect thereof), (c) representing the balance deferred and unpaid of the purchase price of any property (including Capitalized Lease Obligations), or (d) representing any Hedging Obligations, if and to the extent that any of the foregoing Indebtedness (other than letters of credit and Hedging Obligations) would appear as a net liability upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; <u>provided</u> that Indebtedness of any direct or indirect parent company appearing upon the balance sheet of the Parent Borrower solely by reason of push down accounting under GAAP shall be excluded, (ii) to the extent not otherwise included, any obligation by such Person to be liable for, or to pay, as obligor, guarantor or otherwise, on the obligations of the type referred to in <u>clause (i)</u> of another Person (whether or not such items would appear upon the balance sheet of such obligor or guarantor), other than by endorsement of negotiable instruments for collection in the ordinary course of business, and (iii) to the extent not otherwise included, the obligations of the type referred to in <u>clause (i)</u> of another Person secured by a Lien on any asset owned by such Person, whether or not such Indebtedness is assumed by such Person; <u>provided</u> that notwithstanding the foregoing, Indebtedness shall be deemed not to include (1) Contingent Obligations incurred in the ordinary course of business, (2) obligations under or in respect of Permitted Securitization Financings (including obligations under or in respect of any Permitted Securitization Guarantees), (3) prepaid or deferred revenue arising in the ordinary course of business, (4) purchase price holdbacks arising in the ordinary course of business in respect of a portion of the purchase price of an asset to satisfy warrants or other unperformed obligations of the seller of such asset, (5) any balance that constitutes a trade payable or similar obligation to a trade creditor, accrued in the ordinary course of business, (6) any earn- out obligation until such obligation, within 60 days of becoming due and payable, has not been paid and such obligation is reflected as a liability on the balance sheet of such Person in accordance with GAAP, (7) any obligations attributable to the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto, (8) accrued expenses and royalties, (9) asset retirement obligations and obligations in respect of workers' compensation (including pensions and retiree medical care) that are not overdue by more than 60 days or (10) leases that would not be classified as Capitalized Lease Obligations. The amount of Indebtedness of any Person for purposes of <u>clause (iii)</u> above shall (unless such Indebtedness has been assumed by such Person) be deemed to be equal to the lesser of (x) the aggregate unpaid amount of such Indebtedness and (y) the Fair Market Value of the property encumbered thereby as determined by such Person in good faith.

For all purposes hereof, the Indebtedness of the Parent Borrower and the other Credit Parties, shall exclude all intercompany Indebtedness having a term not exceeding 365 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business consistent with past practice.

"**Indemnified Liabilities**" shall have the meaning provided in <u>Section 13.5</u>.

"**Indemnified Persons**" shall have the meaning provided in <u>Section 13.5</u>.

"**Indemnified Taxes**" shall mean all Taxes imposed on or with respect to any payment by or on account of any obligation of any Credit Party hereunder or under any other Credit Document, other than Excluded Taxes or Other Taxes.

"**Initial Commitment Party**" shall have the meaning assigned to such term in the Commitment Letter.

"**Initial Default**" shall have the meaning assigned to such term in <u>Section 1.2(j)</u>.

"**Initial Guarantors**" shall mean (a) each of Holdings, Phoenix Infrastructure LLC, DCCO Tukwila Domestic REIT, LLC and Phoenix Data Center Parent LLC and (b) each Wholly-Owned Subsidiary of the Parent Borrower existing as of the Closing Date which owns Collateral (other than any Excluded Subsidiary).

"**Insolvent**" shall mean, with respect to any Multiemployer Plan, the condition that such Multiemployer Plan is "insolvent" within the meaning of Section 4245 of ERISA.

"**Intellectual Property**" shall mean intellectual property, including all (i) (a) patents, inventions, processes, developments, technology, and know-how; (b) copyrights (including copyrights in software) and works of authorship in any media, including graphics, advertising materials, labels, package designs, and photographs; (c) trademarks, service marks, trade names, brand names, corporate names, Internet domain names, logos, trade dress, and other source indicators, and the goodwill of any business symbolized thereby; and (d) trade secrets, confidential, proprietary, or non-public information and (ii) all registrations, issuances, applications, renewals, extensions, substitutions, continuations, continuations-in-part, divisionals, re-issues, re-examinations, or similar legal protections related to the foregoing.

"**Interest Period**" shall mean, with respect to any Loan, the interest period applicable thereto, as determined pursuant to <u>Section 2.9</u>.

"**Investment**" shall mean, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees), advances, or capital contributions (excluding accounts receivable, trade credit, advances to customers, commission, travel, and similar advances to officers and employees, in each case made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests, or other securities issued by any other Person and investments that are required by GAAP to be classified on the consolidated balance sheet (excluding the footnotes) of the Parent Borrower in the same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property; <u>provided</u> that Investments shall not include, in the case of the Parent Borrower and the other Credit Parties, intercompany loans (including guarantees), advances, or Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business.

The amount of any Investment outstanding at any time shall be the original cost of such Investment, reduced by any dividend, distribution, interest payment, return of capital, repayment, or other amount received by the Parent Borrower or another Credit Party in respect of such Investment (<u>provided</u> that, with respect to amounts received other than in the form of Cash Equivalents, such amount shall be equal to the Fair Market Value of such consideration).

"**Investment Grade Rating**" shall mean a rating equal to or higher than Baa3 (or the equivalent) by Moody's and BBB- (or the equivalent) by S&P, or an equivalent rating by any other rating agency.

"**Investment Grade Securities**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) securities issued or directly and fully guaranteed or insured by the United States
government or any agency or instrumentality thereof (other than Cash Equivalents),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) debt securities or debt instruments with an Investment Grade Rating, but excluding
any debt securities or instruments constituting loans or advances among the Parent Borrower and its
Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) investments in any fund that invest at least 90% in investments of the type described
in <u>clauses (i)</u> and <u>(ii)</u> which fund may also hold immaterial amounts of cash pending investment or distribution, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) corresponding instruments in countries other than the United States customarily utilized
for high-quality investments.

"**Investors**" shall mean the Sponsor and certain of the Sponsor's Affiliates.

"**IPO**" shall mean the initial underwritten public offering (other than a public offering pursuant to a registration statement on Form S-8) of common Equity Interests in the Parent Borrower or a parent entity of the Parent Borrower.

"**IPO Entity**" shall mean, at any time at and after an IPO, the Parent Borrower or a parent entity of the Borrower, as the case may be, the Equity Interests in which were issued or otherwise sold pursuant to the IPO.

"**IPO Listco**" shall mean a wholly-owned subsidiary of the Parent Borrower formed in contemplation of an IPO to become the IPO Entity. The Parent Borrower shall, promptly following its formation, notify the Administrative Agent of the formation of any IPO Listco.

"**IPO Reorganization Transactions**" shall mean, collectively, the transactions taken in connection with and reasonably related to consummating an IPO, including, without limitation, (a) formation and ownership of IPO Shell Companies, (b) entry into, and performance of, a reorganization or similar agreement among any of the Parent Borrower, its Subsidiaries and/or IPO Shell Companies implementing IPO Reorganization Transactions and other reorganization transactions in connection with an IPO, (c) entry into, and performance of, customary documentation (and amendments to existing documentation) governing the relations between and among the Parent Borrower, the IPO Entity and their respective Subsidiaries, (d) entry into, and performance of, customary underwriting agreements in connection with an IPO and any future follow-on underwritten public offerings of common Equity Interests in the IPO Entity, including the provision by IPO Entity and the Parent Borrower of customary representations, warranties, covenants and indemnification to the underwriters thereunder, (e) the merger of one or more IPO Subsidiaries with one or more direct or indirect holders of Equity Interests in the Parent Borrower with the surviving entity in any such merger holding Equity Interests in the Parent Borrower and the merger of such entities with any IPO Shell Company or IPO Subsidiary, (f) the issuance of Equity Interests of IPO Shell Companies to holders of Equity Interests of the Parent Borrower in connection with any IPO Reorganization Transactions, (g) the contribution, directly or indirectly, of Equity Interests of the Parent Borrower and its Subsidiaries to the IPO Entity or any IPO Shell Company or the acquisition by the IPO Entity or such IPO Shell Company thereof, (h) the entry into an exchange agreement, pursuant to which holders of Equity Interests of the Parent Borrower will be permitted to exchange such interests for certain economic/voting Equity Interests in IPO Listco, (i) the entry into, and performance of, any tax receivables agreements by any IPO Shell Company or IPO Subsidiary and (j) any other transactions and documentation related to the foregoing or necessary or appropriate in view of the board of directors of the Parent Borrower in connection with an IPO, in each case of <u>clauses (a)</u> through <u>(i)</u>, so long as after giving Pro Forma Effect to such agreement and the transactions contemplated thereby, the security interests of the Lenders in the Collateral and the Guarantees of the Obligations, taken as a whole, would not be materially impaired.

"**IPO Shell Company**" shall mean each of IPO Listco and IPO Subsidiary.

"**IPO Subsidiary**" shall mean a wholly-owned subsidiary of IPO Listco formed in contemplation of, and to facilitate, IPO Reorganization Transactions and an IPO. The Parent Borrower shall, promptly following its formation, notify the Administrative Agent of the formation of an IPO Subsidiary.

"**ISDA CDS Definitions**" shall have the meaning provided in <u>Section 13.1</u>.

"**ISP**" shall mean, with respect to any Letter of Credit, the "International Standby Practices 1998" as International Chamber of Commerce Publication No. 590 (or such later version thereof as may be in effect at the time of issuance).

"**Issuer Documents**" shall mean, with respect to any Letter of Credit, the Letter of Credit Request and any other document, agreement, and instrument entered into by any Letter of Credit Issuer and the Borrower (or any other Credit Party) or in favor of any Letter of Credit Issuer and relating to such Letter of Credit.

"**Joinder Agreement**" shall mean an agreement substantially in the form of <u>Exhibit A</u>.

"**Joint Lead Arrangers**" shall mean each of Wells Fargo Bank, National Association and TD Securities (USA) LLC, in each case, in their respective capacities as joint bookrunners and lead arrangers, and BMO Capital Markets Corp. and The Bank of Nova Scotia, in each case, in their respective capacities as joint lead arrangers.

"**Junior Debt**" shall mean any Indebtedness (other than any permitted intercompany Indebtedness owing between and among the Parent Borrower or any other Credit Party) that is Subordinated Indebtedness.

"**KYC Rules**" shall have the meaning provided in <u>Section 6.14</u>.

"**Land**" shall mean any undeveloped land parcel, whether owned or ground-leased.

"**L/C Borrowing**" shall mean an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Borrowing.

"**L/C Facility Maturity Date**" shall mean the date that is three Business Days prior to the Revolving Credit Maturity Date; <u>provided</u> that the L/C Facility Maturity Date may be extended beyond such date with the consent of the applicable Letter of Credit Issuer.

"**L/C Obligations**" shall mean, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit *plus* the aggregate of all Unpaid Drawings, including all L/C Borrowings. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of any rule of law or standard practices to which any Letter of Credit is subject (such as Rules 3.13 and 3.14 of the International Standby Practices (ISP98) and Article 29 of the UCP) or any express term of the Letter of Credit, such Letter of Credit shall be deemed to be "outstanding" in the amount so remaining available to be drawn. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time.

"**L/C Participant**" shall have the meaning provided in <u>Section 3.3(a)</u>.

"**L/C Participation**" shall have the meaning provided in <u>Section 3.3(a)</u>.

"**L/C Sublimit**" shall mean up to $50,000,000 in the aggregate amount of Letters of Credit that may be issued under the Revolving Credit Facility.

"**LCT Election**" shall have the meaning provided in <u>Section 1.12(b)</u>.

"**LCT Test Date**" shall have the meaning provided in <u>Section 1.12(b)</u>.

"**Lease**" shall mean any lease, master service agreement, co-location agreement, hosting services agreement or other similar agreement (including booked-but-not- billed leases), as amended or supplemented, and each guarantee of the performance and observance of the covenants, conditions and agreements to be performed and observed by the other party thereto with respect to such any such agreement.

"**Lender**" shall have the meaning provided in the preamble to this Agreement.

"**Lender Default**" shall mean (i) the refusal or failure of any Lender to make available its portion of any incurrence of Loans, which refusal or failure is not cured within one Business Day after the date of such refusal or failure, unless such Lender notifies the Administrative Agent in writing that such refusal or failure is the result of such Lender's good faith determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in writing) has not been satisfied, (ii) the failure of any Lender to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within one Business Day of the date when due, unless the subject of a good faith dispute, (iii) a Lender has notified, in writing, the Borrower or the Administrative Agent that it does not intend to comply with its funding obligations under this Agreement or has made a public statement to that effect with respect to its funding obligations under this Agreement, or a Lender has publicly announced that it does not intend to comply with its funding obligations under other loan agreements, credit agreements or similar facilities generally, (iv) a Lender has failed to confirm in a manner reasonably satisfactory to the Administrative Agent that it will comply with its funding obligations under this Agreement or (v) a Distressed Person has admitted in writing that it is insolvent or such Distressed Person becomes subject to a Lender-Related Distress Event.

"**Lender-Related Distress Event**" shall mean, with respect to any Lender or any other Person that directly or indirectly controls such Lender (each, a "**Distressed Person**") a voluntary or involuntary case with respect to such Distressed Person under any debt relief law, or a custodian, conservator, receiver, or similar official is appointed for such Distressed Person or any substantial part of such Distressed Person's assets, or such Distressed Person, or any Person that directly or indirectly controls such Distressed Person or is subject to a forced liquidation or such Distressed Person makes a general assignment for the benefit of creditors or is otherwise adjudicated as, or determined by any governmental authority having regulatory authority over such Distressed Person or its assets to be, insolvent or bankrupt; <u>provided</u> that a Lender-Related Distress Event shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any equity interests in any Lender or any Person that directly or indirectly controls such Lender by a governmental authority or an instrumentality thereof.

"**Letter of Credit**" and "**Letters of Credit**" shall mean each standby letter of credit issued pursuant to <u>Section 3.1(a)</u>.

"**Letter of Credit Commitments**" shall mean (a) initially, with respect to the Letter of Credit Issuers specifically identified in clause (a) of the definition of "Letter of Credit Issuers", as of the Closing Date, with respect to (i) Wells Fargo Bank, National Association, in its capacity as Letter of Credit Issuer, 25% of the L/C Sublimit, (ii) The Toronto-Dominion Bank, New York Branch, in its capacity as Letter of Credit Issuer, 25% of the L/C Sublimit, (iii) Bank of Montreal, in its capacity as Letter of Credit Issuer, 25% of the L/C Sublimit and (iv) The Bank of Nova Scotia, in its capacity as Letter of Credit Issuer, 25% of the L/C Sublimit, and (b) after the addition of any other Letter of Credit Issuer as referenced in the definition of "Letter of Credit Issuers", the percentage agreed to between such additional Letter of Credit Issuer and the Parent Borrower (with the Letter of Credit Commitments of each pre-existing Letter of Credit Issuer as elected by the Parent Borrower in consultation with each such pre-existing Letter of Credit Issuer); <u>provided</u>, that upon the request of the Parent Borrower, any Letter of Credit Issuer may agree, in its sole discretion, to increase its Letter of Credit Commitments under this definition, subject to the aggregate Letter of Credit Commitments not exceeding the L/C Sublimit.

"**Letter of Credit Sublimit Expiration Date**" shall mean the day that is three Business Days prior to the scheduled Maturity Date then in effect for the Revolving Credit Facility.

"**Letter of Credit Exposure**" shall mean, with respect to any Lender, at any time, the sum of (i) the amount of the principal amount of any Unpaid Drawings in respect of which such Lender has made (or is required to have made) payments to the Letter of Credit Issuers pursuant to <u>Section 3.4(a)</u> at such time and (ii) such Lender's Revolving Credit Commitment Percentage of the Letters of Credit Outstanding at such time (excluding the portion thereof consisting of Unpaid Drawings in respect of which the Lenders have made (or are required to have made) payments to the Letter of Credit Issuers pursuant to <u>Section 3.4(a)</u>).

"**Letter of Credit Fee**" shall have the meaning provided in <u>Section 4.1(b)</u>.

"**Letter of Credit Issuers**" shall mean (a) each of Wells Fargo Bank, National Association, The Toronto-Dominion Bank, New York Branch, Bank of Montreal and Bank of Nova Scotia and (b) any other Lender that becomes a Letter of Credit Issuer in accordance with <u>Section 3.6</u>, in each case, in its capacity as an issuer of Letters of Credit hereunder, or any replacement or successor issuer of Letters of Credit hereunder. In the event that there is more than one Letter of Credit Issuer at any time, references herein and in the other Credit Documents to the Letter of Credit Issuer shall be deemed to refer to the Letter of Credit Issuer in respect of the applicable Letter of Credit or to all Letter of Credit Issuers, as the context requires.

"**Letter of Credit Request**" shall mean a notice executed and delivered by the Borrower pursuant to <u>Section 3.2</u>, and in a form which is acceptable to the Letter of Credit Issuers in their reasonable discretion.

"**Letters of Credit Outstanding**" shall mean, at any time the sum of, without duplication, (i) the aggregate Stated Amount of all outstanding Letters of Credit and (ii) the aggregate amount of the principal amount of all Unpaid Drawings.

"**Lien**" shall mean with respect to any asset, any mortgage, lien, pledge, hypothecation, charge, security interest, preference, priority, or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in, and any filing of, or agreement to, give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; <u>provided</u> that in no event shall an operating lease or a non-exclusive license, sub-license or cross-license of Intellectual Property be deemed to constitute a Lien.

"**Lien Release**" shall mean the release of liens encumbering the Acquired Assets and the obligations of any Existing Loan Party (as defined below), pursuant to (a) the Confirmation Order, (b) the Chapter 11 Plan, (c) that certain U.K. Deed of Release, dated as of January 12, 2024, by and among Cyxtera UK TRS Limited, Cyxtera Technology UK Limited and Cyxtera Data Centers, Inc. and (d) any other document releasing liens in respect of the Acquired Assets, including liens providing grants of security to the secured parties party to each of (i) that certain First Lien Credit Agreement dated as of May 1, 2017 (as may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "**Existing Seller Credit Agreement**"), among Cyxtera DC Holdings, Inc., Cyxtera DC Parent Holdings, Inc., Cyxtera Communications, LLC, Cyxtera Data Centers, Inc. (collectively, the "**2017 Loan Parties**"), the first lien lenders from time to time party thereto, and Citibank, N.A., as administrative agent and collateral agent, (ii) the Bridge Facility dated as of May 4, 2023, among the 2017 Loan Parties, Cyxtera Canada TRS ULC, Cyxtera Canada, LLC, Cyxtera Communications Canada, ULC, Cyxtera Digital Services, LLC, Cyxtera Technology UK Limited, and Cyxtera UK TRS Limited (collectively with the 2017 Loan Parties, the "**Existing Loan Parties**"), the lenders from time to time party thereto, and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent for such lenders and (iii) the Debtor-in-Possession Financing Credit Agreement dated as of June 7, 2023 by and among the Existing Loan Parties, the lenders from time to time party thereto and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent for such lenders (the "**DIP Facility**").

"**Limited Condition Transaction**" shall mean (a) the consummation of any acquisition, investment, merger or other similar transactions that the Parent Borrower or any other Credit Party is contractually committed to consummate and whose consummation is not conditioned on the availability of, or on obtaining, third party financing, (b) any prepayment, repurchase or redemption of Indebtedness requiring irrevocable notice in advance of such prepayment, repurchase or redemption and/or (c) any Restricted Payment in connection with an acquisition or investment of the type described in clause (a) of this definition requiring declaration in advance thereof.

"**Loan**" shall mean any Revolving Loan or any other loan made by any Lender pursuant to this Agreement.

"**LTV**" shall mean, on any date of determination, the ratio (expressed as a percentage) of (a) Consolidated Total Net Debt to (b) Consolidated Property Values.

"**Majority Lead Arrangers**" shall have the meaning provided in <u>Section 6.13</u>.

"**Mandatory Prepayment Event**" shall have the meaning provided in <u>Section 5.2(b)</u>.

"**Master Agreement**" shall have the meaning provided in the definition of the term "Hedge Agreement."

"**Material Adverse Effect**" shall mean a circumstance or condition affecting the business, assets, operations, properties, or financial condition of the Parent Borrower and its Subsidiaries, taken as a whole, that would, individually or in the aggregate, materially adversely affect (i) the ability of the Parent Borrower and the other Credit Parties, taken as a whole, to perform their payment obligations under this Agreement or any of the other Credit Documents or (ii) the rights and remedies of the Administrative Agent and the Lenders under the Credit Documents.

"**Material Defects**" shall mean (a) any material physical or legal defects (including any material matters disclosed by current engineering, seismic, title and zoning reports) or other material shortfalls in the due diligence of lenders to the First Tier Facilities such that the Properties would (other than in respect of the EU Balance Sheet Loan Facility) not otherwise meet the customary standards for a balance sheet loan secured by (and mezzanine syndication of) a large portfolio of properties similar in size and character to the Properties, (b) any material damage or destruction with respect to the improvements located on the Properties whether or not covered by insurance and/or any material condemnation proceedings that are pending or threatened against the Properties, (c) any material uninsured liability or lack of required license or permit in respect of any of the Properties or (d) in the case of the EU Balance Sheet Loan Facility, any legal limitations that exist in respect of any relevant borrower thereunder that materially limits the ability of such borrower to secure its portion of the EU Balance Sheet Loan Facility (excluding any customarily accepted limitations).

"**Material Indebtedness**" shall have the meaning provided in <u>Section 11.4</u>.

"**Material Lease**" shall mean any Lease, which, either individually or when taken together with any other Lease(s) (including for the avoidance of doubt, any service orders) among the Properties with the same tenant or such tenant's Affiliates, provides the tenant (collectively with its Affiliates) thereunder with access to no less than five (5) or more megawatts of electrical utility power. Notwithstanding the foregoing in no event shall any Facilities Lease (as defined in US Balance Sheet Loan Agreement) constitute a Material Lease.

"**Material Lease Defects**" shall mean any legal defects that would cause any of the Properties to be acquired on the Closing Date constituting leasehold estates not to meet Market Lease Financeability Standards (as defined in the US Balance Sheet Loan Agreement).

"**Material Subsidiary**" shall mean, at any date of determination, each Subsidiary of the Parent Borrower (i) whose total assets at the last day of the Test Period ending on the last day of the most recent fiscal period for which Section 9.1 Financials have been delivered were equal to or greater than 5.0% of the Consolidated Total Assets of the Parent Borrower and its Subsidiaries at such date or (ii) whose revenues during such Test Period were equal to or greater than 5.0% of the consolidated revenues of the Parent Borrower and its Subsidiaries for such period, in each case determined in accordance with GAAP; <u>provided</u> that if, at any time and from time to time after the Closing Date, Subsidiaries that are not Material Subsidiaries (other than Subsidiaries that are Excluded Subsidiaries by virtue of any of <u>clauses (ii)</u> through <u>(xvi)</u> of the definition of "Excluded Subsidiary") have, in the aggregate, (a) total assets at the last day of such Test Period equal to or greater than 10.0% of the Consolidated Total Assets of the Parent Borrower and its Subsidiaries at such date or (b) revenues during such Test Period equal to or greater than 10.0% of the consolidated revenues of the Parent Borrower and its Subsidiaries for such period, in each case determined in accordance with GAAP, then Borrower shall, on the date on which financial statements for such quarter are delivered pursuant to this Agreement, designate in writing to the Administrative Agent one or more of such Subsidiaries as Material Subsidiaries for each fiscal period until this proviso is no longer applicable.

"**Maturity Date**" shall mean the Revolving Credit Maturity Date, or the Extended Revolving Loan Maturity Date, as applicable.

"**Merger Sub**" shall have the meaning provided in the recitals to this Agreement.

"**Minimum Borrowing Amount**" shall mean (i) with respect to a Borrowing of SOFR Loans, $1,000,000 (or, if less, the entire remaining applicable Commitments at the time of such Borrowing) and (ii) with respect to a Borrowing of ABR Loans, $1,000,000 (or, if less, the entire remaining applicable Commitments at the time of such Borrowing).

"**Minimum Collateral Amount**" shall mean, at any time, (i) with respect to Cash Collateral consisting of cash or Cash Equivalents or deposit account balances provided to reduce or eliminate Fronting Exposure during the existence of a Defaulting Lender, an amount equal to 101% of the Fronting Exposure of the Letter of Credit Issuers with respect to Letters of Credit issued and outstanding at such time and (ii) with respect to Cash Collateral consisting of cash or Cash Equivalents or deposit account balances provided in accordance with the provisions of <u>Section 3.8(a)(1)</u> or <u>(a)(2)</u> an amount equal to 101% of the outstanding amount of all L/C Obligations.

"**Moody's**" shall mean Moody's Investors Service, Inc. or any successor by merger or consolidation to its business.

"**Multiemployer Plan**" shall mean a "multiemployer plan" as defined in Section 4001(a)(3) of ERISA to which any Credit Party or ERISA Affiliate makes or is obligated to make contributions, or during the five preceding calendar years, has made or been obligated to make contributions and to which any Credit Party has any outstanding liability.

"**Named Competitor**" shall mean the entities set forth in Annex III of the Commitment Letter (as supplemented, if applicable, from time to time after the date of the Commitment Letter with entities reasonably acceptable to the Administrative Agent).

"**NAV**" shall mean, on any date of determination, (a) Consolidated Property Values minus (b) Consolidated Total Net Debt.

"**Net Cash Proceeds**" shall mean, with respect to any Asset Sale, (i) the gross cash proceeds (including payments from time to time in respect of installment obligations, if applicable, but only as and when received) received by or on behalf of the Parent Borrower or any other Credit Party in respect of such event, as the case may be, less (ii) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount, if any, of all taxes or Permitted Tax Distributions (including in connection with any repatriation of funds) paid or reasonably estimated to be payable by the Parent Borrower or any other Credit Party in connection with such event,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount of any reasonable reserves established in accordance with GAAP against any liabilities (other than any taxes deducted pursuant to <u>clause (a)</u> above) (1) associated with the assets that are the subject of such event and (2) retained by the Parent Borrower or any other Credit Party; <u>provided</u> that the amount of any subsequent reduction of such reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Cash Proceeds of such an event occurring on the date of such reduction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the amount of any Indebtedness (other than the Loans) secured by a Lien on the assets that are the subject of such event to the extent that the instrument creating or evidencing such Indebtedness requires that such Indebtedness be repaid upon consummation of such event,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amount of any proceeds therefrom that the Parent Borrower or any other Credit Party has reinvested in the business of the Parent Borrower or any of the other Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the case of any Asset Sale, any funded escrow established pursuant to the documents evidencing any such sale or disposition to secure any indemnification obligations or adjustments to the purchase price associated with any such sale or disposition; <u>provided</u> that the amount of any subsequent reduction of such escrow (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Cash Proceeds of such Asset Sale occurring on the date of such reduction solely to the extent that the Parent Borrower and/or any other Credit Party receives cash in an amount equal to the amount of such reduction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all fees and out-of-pocket expenses paid by the Parent Borrower or another Credit Party in connection with any of the foregoing (for the avoidance of doubt, including, (1) in the case of the issuance of Indebtedness, any fees, underwriting discounts, premiums, and other costs and expenses incurred in connection with such issuance and (2) attorney's fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, underwriting discounts and commissions, other customary expenses, and brokerage, consultant, accountant, and other customary fees),

in each case, only to the extent not already deducted in arriving at the amount referred to in <u>clause (i)</u> above.

"**Net Operating Income**" or "**NOI**" shall mean, as of any date of determination, an amount equal to (x) Gross Income from Operations minus (y) Operating Expenses.

"**Non-Bank Tax Certificate**" shall have the meaning provided in <u>Section 5.4(e)(ii)(B)(3)</u>.

"**Non-Consenting Lender**" shall have the meaning provided in <u>Section 13.7(b)</u>.

"**Non-Defaulting Lender**" shall mean and include each Lender other than a Defaulting Lender.

"**Non-Extension Notice Date**" shall have the meaning provided in <u>Section 3.2(d)</u>.

"**Non-Recourse Indebtedness**" shall mean, with respect to any Person or group of Persons, Indebtedness for borrowed money (or guarantees of obligations in respect thereof) of which recourse for payment is contractually limited to specific assets of such Person or group of Persons (and/or the Equity Interests in such Person or group of Persons) encumbered by a Lien securing such Indebtedness (and for the avoidance of doubt, including customary exceptions for fraud, misapplication of funds, misrepresentation, waste, environmental indemnities, prohibited transfers, violation of "special purpose entity" covenants, bankruptcy, insolvency, receivership or other similar events and other similar exceptions to recourse liability); <u>provided</u> that in the event any such recourse claim is made with respect thereto, the portion of such Indebtedness in an amount equal to the amount of such recourse claim shall no longer constitute "Non-Recourse Indebtedness" for the period that such portion is subject to such recourse claim.

"**Non-U.S. Lender**" shall mean any Lender that is not a "United States person" as defined by Section 7701(a)(30) of the Code.

"**Notice of Borrowing**" shall have the meaning provided in <u>Section 2.3(a)</u>.

"**Notice of Conversion or Continuation**" shall have the meaning provided in <u>Section 2.6(a)</u>.

"**NYFRB**" shall mean the Federal Reserve Bank of New York.

"**NYFRB Rate**" shall mean, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day; <u>provided</u> that, if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for the purposes of calculating such rate.

"**Obligations**" shall mean all advances to, and debts, liabilities, obligations, covenants, and duties of, any Credit Party arising under any Credit Document or otherwise with respect to any Revolving Credit Commitment, Letter of Credit or Loan or under any Secured Cash Management Agreement or Secured Hedge Agreement (other than with respect to any Credit Party's obligations that constitute Excluded Swap Obligations solely with respect to such Credit Party, as the case may be), in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Credit Party or any Affiliate thereof of any proceeding under any bankruptcy or insolvency law naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. Without limiting the generality of the foregoing, the Obligations of the Credit Parties under the Credit Documents (and any of their Subsidiaries to the extent they have obligations under the Credit Documents) include the obligation (including guarantee obligations) to pay principal, interest, charges, expenses, fees, attorney costs, indemnities, and other amounts payable by any Credit Party under any Credit Document.

"**Operating Expenses**" shall mean all ordinary costs and expenses with respect to the operation, management, maintenance, repair and use of the applicable properties, insurance premiums and real property Taxes for the twelve (12)-month period immediately preceding the date of determination (excluding any Extraordinary Expenses, non-cash items, non-recurring expenses, debt service on the US Balance Sheet Loan Facility, loan placement fees and other amounts due and payable on the US Balance Sheet Loan Facility, tenant improvements costs, leasing commissions, Capital Expenditures (including build-out costs and other development costs) or capital reserves, deposits in any reserves (including in any reserve accounts under the US Balance Sheet Loan Agreement), expenses which are subject to reimbursement by (a) any tenant pursuant to the terms of such tenant's Lease (provided that the applicable tenant is not in default under its Lease beyond all applicable notice and cure periods), (b) insurance policy (unless the applicable insurance policy does not cover the applicable claim or the applicable insurer has denied coverage of the applicable claim) or (c) third party pursuant to the terms of a written agreement (provided that such third party is not in default under such written agreement beyond all applicable notice and cure periods), and income taxes and other taxes in the nature of income taxes); provided that the same shall be adjusted (i) for any changes in Taxes, insurance premiums known as of the time of determination and (ii) to reflect an assumed base property management fee equal to the greater of (x) 3.0% of (a) base rent due under the Leases and (y) the actual property management fee payable pursuant to the Management Agreement (as defined in the US Balance Sheet Loan Agreement) and, in the event any sub-management fee is not paid directly by Manager from its management fees, any incremental amounts paid to any sub-manager under any sub-management agreement.

"**Original Revolving Credit Commitments**" shall mean all Revolving Credit Commitments, Existing Revolving Credit Commitments and Extended Revolving Credit Commitments.

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

"**Other Taxes**" shall mean all present or future stamp, registration, court or documentary Taxes or any other excise, property, intangible, mortgage recording, filing or similar Taxes arising from any payment made hereunder or under any other Credit Document or from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to, this Agreement or any other Credit Document; <u>provided</u> that such term shall not include (i) any Taxes that result from an assignment ("**Assignment Taxes**"), to the extent such Assignment Taxes are imposed as a result of a connection between the Lender and the taxing jurisdiction (other than a connection arising solely from any Credit Documents or any transactions contemplated thereunder), except to the extent that any such action described in this proviso is requested or required by the Borrower or (ii) any Excluded Taxes.

"**Overnight Bank Funding Rate**" shall mean, for any date, the rate comprised of both overnight federal funds and overnight eurodollar borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate (from and after such date as the NYFRB shall commence to published such composite rate).

"**Overnight Rate**" shall mean, for any day, with respect to any amount denominated in Dollars, the greater of (i) the Federal Funds Effective Rate, (ii) an overnight rate determined by the Administrative Agent or the Letter of Credit Issuers, as the case may be, in accordance with banking industry rules on interbank compensation.

"**Parent Borrower**" shall have the meaning provided in the preamble to this Agreement.

"**Parent Entity**" shall mean any Person that is a direct or indirect parent company (which may be organized as, among other things, a partnership) of the Parent Borrower; <u>provided</u> that for purposes of <u>clauses (i)</u>, <u>(ii)</u>, <u>(iii)</u> and <u>(iv)</u> of the definition of Change of Control, references to the Parent Borrower shall be deemed to refer to any such Parent Entity.

"**Participant**" shall have the meaning provided in <u>Section 13.6(c)(i)</u>.

"**Participant Register**" shall have the meaning provided in <u>Section 13.6(c)(ii)</u>.

"**Participating Member State**" shall mean any member state of the European Union that adopts or has adopted the Euro as its lawful currency in accordance with legislation of the European Union relating to economic and monetary union.

"**Patriot Act**" shall have the meaning provided in <u>Section 13.18</u>.

"**Payment Notice**" shall have the meaning provided in <u>Section 12.14(b)</u>.

"**PBGC**" shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

"**Pension Plan**" shall mean any "employee pension benefit plan" (as defined in Section 3(2) of ERISA, but excluding any Multiemployer Plan) that is subject to Title IV of ERISA, Section 302 of ERISA or Section 412 of the Code, sponsored or maintained by any Credit Party or any of their respective ERISA Affiliates, or to which any Credit Party or any of their respective ERISA Affiliates contributes or had any obligation to contribute if liability to a Credit Party remains.

"**Permitted Acquisition**" shall mean (a) any transactions or Investments otherwise made in connection with the Transactions and (b) any Investment by any Credit Party in a Person that is engaged in a Similar Business, if as a result of such Investment such Person, in one transaction or a series of related transactions, is merged, consolidated, or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Parent Borrower or another Credit Party, and, in each case, any Investment held by such Person; <u>provided</u> that such Investment was not acquired by such Person in contemplation of such acquisition, merger, consolidation, or transfer.

"**Permitted Asset Swap**" shall mean the concurrent purchase and sale or exchange of Related Business Assets or a combination of Related Business Assets and cash or Cash Equivalents between the Parent Borrower or another Credit Party and another Person; <u>provided</u> that any cash or Cash Equivalents received must be applied in accordance with <u>Section 10.3</u>.

"**Permitted Deferral**" shall mean the deferral of the mortgage of any Third Party Acquired Asset that (x) individually, does not generate more than 5% of Net Operating Income, (y) in the aggregate with any other Third Party Acquired Asset that is the subject of a Permitted Deferral, does not generate more than 15% of Net Operating Income, and (z) in the aggregate with any other Third Party Acquired Asset that is a fee estate and is the subject of a Permitted Deferral, does not generate more than 10% of Net Operating Income (in each case of (x), (y) and (z), calculating Net Operating Income by taking all Acquired Assets as the "applicable properties" for purposes of the calculation of "Gross Income from Operations" and "Operating Expenses").

"**Permitted Holders**" shall mean each of (i) the Investors and their respective Affiliates (other than any portfolio company of an Investor), (ii) [reserved], (iii) any limited or general partners of, or other investors in, any Investor or any Affiliate thereof, (iv) and any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) of which any of the foregoing are members; <u>provided</u> that, in the case of such group and without giving effect to the existence of such group or any other group, such Investors, their respective Affiliates (other than any portfolio company of an Investor) and members of management, collectively, have beneficial ownership of more than 50% of the total voting power of the Voting Stock of the Parent Borrower or any other direct or indirect Parent Entity, (v) any direct or indirect Parent Entity, for so long as more than 50% of the total voting power of the Voting Stock of such direct or indirect Parent Entity is beneficially owned, directly or indirectly, by one or more of the Persons described in the foregoing clauses (i) through (iv) and (vi) any entity (other than a Parent Entity) through which a Parent Entity described in <u>clause (v)</u> directly or indirectly holds Equity Interests of the Parent Borrower and has no other material operations other than those incidental thereto.

"**Permitted Liens**" shall mean, with respect to any Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pledges or deposits by such Person under workmen's
compensation laws, unemployment insurance laws, or similar legislation, or good faith deposits in connection with bids, tenders, contracts
(other than for the payment of Indebtedness), or leases to which such Person is a
party, or deposits to secure public or statutory obligations of such Person or deposits of cash or U.S. government bonds to secure surety,
stay or appeal bonds to which such Person is a party, or deposits as security for the payment of rent or deposits made to secure obligations
arising from contractual or warranty refunds, in each case, incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liens imposed by law, such as landlords', carriers', warehousemen's, materialmen's,
repairmen's, and mechanics' Liens, in each case, (x) for sums not yet overdue for a period of more than 60 days or, if more
than 60 days overdue, are unfiled and no other action has been taken to enforce such Lien or that are being contested in good faith by
appropriate proceedings or other Liens arising out of judgments or awards against such Person with respect to which such Person shall
then be proceeding with an appeal or other proceedings for review if adequate reserves with respect thereto are maintained on the books
of such Person in accordance with GAAP, or (y) so long as such Liens do not individually or in the aggregate have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Liens for Taxes or other governmental charges, in each case (x) not yet overdue for a period of more than
60 days or which are being contested in good faith by appropriate proceedings diligently conducted, if adequate reserves with respect
thereto are maintained on the books of such Person in accordance with GAAP or are not required to be paid pursuant to <u>Section 9.4</u>,
or for property Taxes on property of the Parent Borrower or one of its Subsidiaries has determined
to abandon if the sole recourse for such Tax or other charge is to such property or (y) so long as such Liens do not individually or in
the aggregate have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Liens in favor of issuers of performance, surety, bid, indemnity, warranty, release, appeal, or similar
bonds or with respect to other regulatory requirements (including those to secure health, safety and environmental obligations of the
Parent Borrower or any Credit Party) or letters of credit or bankers' acceptances issued, and completion guarantees provided for,
in each case pursuant to the request of and for the account of such Person in the ordinary course of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) minor survey exceptions, minor encumbrances, ground leases, easements, or reservations of, or rights of
others for, licenses, rights-of-way, servitudes, sewers, electric lines, drains, telegraph and telephone and cable television lines, gas
and oil pipelines, and other similar purposes, or zoning, building codes, or other restrictions (including, without limitation, minor
defects or irregularities in title and similar encumbrances) as to the use of real properties or Liens incidental to the conduct of the
business of such Person or to the ownership of its properties which were not incurred in connection with Indebtedness and which do not,
in the aggregate, materially adversely affect the value of said properties or materially impair their use in the operation of the business
of such Person, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Liens securing Indebtedness to the extent not prohibited to be incurred under this Agreement (so long
as such Liens are subject to (i) in the case of Liens securing Indebtedness on a pari passu basis with the First Lien Obligations, a First
Lien Intercreditor Agreement; and (ii) in the case of Liens securing Indebtedness on a junior basis to the First Lien Obligations, a Second
Lien Intercreditor Agreement); <u>provided</u> that without any further consent of the Lenders, the Administrative Agent and the Collateral
Agent shall be authorized to execute and deliver on behalf of the Secured Parties any First Lien Intercreditor
Agreement and any Second Lien Intercreditor Agreement contemplated by this <u>clause (f)</u>; <u>provided</u>, <u>further</u>, that in
the case of clause (d) of <u>Section 10.1</u>, such Lien may not extend to any property, equipment or similar assets (or assets affixed
or appurtenant thereto) other than the property, equipment or similar assets being financed or refinanced under clause (d) of <u>Section 10.1</u>, replacements of such property, equipment or assets, and additions and accessions and in the case of multiple financings of
equipment or similar assets provided by any lender, other equipment or similar assets financed by such lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) subject to <u>Section 9.14</u>, Liens existing on the Closing Date; <u>provided</u> that any Lien securing Indebtedness or other obligations in excess of (a) $5,000,000 individually or (b) $50,000,000 in the aggregate (when
taken together with all other Liens securing obligations outstanding in reliance
on this <u>clause (b)</u> that are not listed on <u>Schedule 1.1(c)</u>) shall only be permitted if set forth on <u>Schedule 1.1(c)</u>,
and, in each case, any modifications, replacements, renewals, refinancings, or extensions thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens on property or shares of stock of a Person at the time such Person becomes a
Subsidiary; <u>provided</u> such Liens are not created or incurred in connection with, or in contemplation of, such other Person becoming
a Subsidiary; <u>provided</u>, <u>further</u>, <u>however</u>, that such Liens may not extend to any other property owned by the
Parent Borrower or any other Credit Party (other than, with respect to such Person, any replacements of such property or assets
and additions and accessions thereto, after-acquired property subject to a Lien securing Indebtedness and other obligations incurred prior
to such time and which Indebtedness and other obligations are permitted hereunder that require, pursuant to their terms at such time,
a pledge of after-acquired property of such Person, and the proceeds and the products thereof and customary security deposits in respect
thereof and in the case of multiple financings of equipment or similar assets provided by any lender, other equipment or similar assets
financed by such lender, it being understood that such requirement shall not be permitted to apply to any property to which such requirement
would not have applied but for such acquisition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens on property at the time the Parent Borrower or any other Credit
Party acquired the property, including any acquisition by means of a merger or consolidation with or into the
Parent Borrower or any Credit Party; <u>provided</u> that such Liens are not created or incurred in connection with, or in contemplation
of, such acquisition, merger, consolidation, or designation; <u>provided</u>, <u>further</u>, <u>however</u>, that such Liens may not
extend to any other property owned by the Parent Borrower or any other Credit Party (other than, with
respect to such property, any replacements of such property or assets and additions and accessions thereto, after-acquired property subject
to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and other obligations are permitted
hereunder that require, pursuant to their terms at such time, a pledge of after-acquired property, and the proceeds and the products thereof
and customary security deposits in respect thereof and in the case of multiple financings of equipment or similar assets provided by any
lender, other equipment or similar assets financed by such lender, it being understood that such requirement shall not be permitted to
apply to any property to which such requirement would not have applied but for such acquisition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Liens on specific items of inventory or other goods and proceeds of any Person securing
such Person's obligations in respect of bankers' acceptances issued or created for the account of such Person to facilitate the
purchase, shipment, or storage of such inventory or other goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) leases, subleases, licenses, or sublicenses (including of Intellectual
Property if granted on a non-exclusive basis) granted to others in the ordinary course of business, or if granted to any Securitization
Entity in connection with or in contemplation of a Permitted Securitization Financing (including precautionary Liens granted in respect
of Securitization Assets transferred to Securitization Entities in connection with one or more Permitted Securitization Financings);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Liens arising from Uniform Commercial Code financing statement filings regarding operating
leases or consignments entered into by the Parent Borrower or any other Credit Party in the ordinary
course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Liens in favor of any Borrower or any other Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Liens on equipment or similar assets of the Parent Borrower or any other Credit Party granted in the ordinary course of business to the Parent Borrower or such
Credit Party's client at which such equipment or similar asset is located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Liens on Securitization Assets incurred in connection with a Permitted Securitization
Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Liens to secure any refinancing, refunding, extension, renewal, or replacement (or
successive refinancing, refunding, extensions, renewals, or replacements) as a whole, or in part, of any Indebtedness secured by any Lien
referred to in <u>clauses (f)</u>, <u>(g)</u>, <u>(h</u>) and <u>(i)</u> of this definition of Permitted Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) deposits made or other security provided to secure liabilities to insurance carriers
under insurance or self-insurance arrangements in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Liens securing judgments and attachments for the payment of money not constituting
an Event of Default under <u>Section 11.5</u> or <u>Section 11.9</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Liens in favor of customs and revenue authorities arising as a matter of law to secure
payment of customs duties in connection with the importation of goods in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Liens (a) of a collection bank arising under Section 4-210 of the Uniform Commercial
Code or any comparable or successor provision on items in the course of collection, (b) attaching to cash pooling accounts, commodity
trading accounts or other commodity brokerage accounts incurred in the ordinary course of business, and (c) in favor of banking or other financial
institutions or other electronic payment service providers arising as a matter of law (or customary business provisions) encumbering deposits
(including the right of set-off) and which are within the general parameters customary in the banking or finance industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Liens deemed to exist in connection with Investments in repurchase agreements permitted
under <u>Section 10.1</u>; <u>provided</u> that such Liens do not extend to any assets other than those that are the subject of such repurchase
agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Liens encumbering reasonable customary initial deposits and margin deposits and similar
Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative
purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Liens that are contractual rights of set-off (a) relating to the establishment of depository relations
with banks not given in connection with the issuance of Indebtedness, (b) relating to pooled deposits or sweep accounts of the
Parent Borrower or any of the other Credit Parties to permit satisfaction of overdraft or similar obligations incurred in the ordinary
course of business of the Parent Borrower and the other Credit Parties, or (c) relating to purchase
orders and other agreements entered into by the Parent Borrower or any of the other Credit Parties
in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Liens (a) solely on any cash earnest money deposits made by the
Parent Borrower or any of the other Credit Parties in connection with any letter of intent or purchase agreement permitted under
this Agreement or (b) consisting of an agreement to dispose of any property pursuant to a disposition permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) rights reserved or vested in any Person by the terms of any lease, license, franchise, grant, or permit
held by the Parent Borrower or any of the other Credit Parties or by a statutory provision, to terminate
any such lease, license, franchise, grant, or permit, or to require annual or periodic payments as a condition to the continuance thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) restrictive covenants affecting the use to which real property may be put; <u>provided</u> that the covenants are complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) security given to a public utility or any municipality or governmental
authority when required by such utility or authority in connection with the operations of that Person in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) zoning by-laws and other land use restrictions, including, without
limitation, site plan agreements, development agreements, and contract zoning agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Liens arising out of conditional sale, title retention, consignment,
or similar arrangements for sale of goods entered into by the Parent Borrower or any other Credit
Party in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Liens arising under the Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) Liens on goods purchased in the ordinary course of business,
the purchase price of which is financed by a commercial letter of credit issued for the account of the Parent Borrower or any other Credit
Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) (a) Liens on Equity Interests in, or assets of, joint ventures; <u>provided</u> that
any such Lien is in favor of a creditor of such joint venture and such creditor is not an Affiliate of any partner to such joint venture
and (b) purchase options, call, and similar rights of, and restrictions for the benefit of, a third party with respect to Equity Interests
held by the Parent Borrower or any other Credit Party in joint ventures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) Liens on cash and Cash Equivalents that are earmarked to be
used to satisfy or discharge Indebtedness; <u>provided</u> (a) such cash and/or Cash Equivalents are deposited into an account from which payment is to be
made, directly or indirectly, to the Person or Persons holding the Indebtedness that is to be satisfied or discharged, (b) such
Liens extend solely to the account in which such cash and/or Cash Equivalents are deposited and are solely in favor of the Person or
Persons holding the Indebtedness (or any agent or trustee for such Person or Persons) that is to be satisfied or discharged, and (c)
the satisfaction or discharge of such Indebtedness is expressly permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) with respect to any Foreign Subsidiary, Liens and privileges arising mandatorily by
any Requirements of Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the extent pursuant to a Requirements of Law, Liens on cash or Investments securing
Hedge Agreements in the ordinary course of business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) without duplication of any of the foregoing, any Liens not on Collateral permitted to be incurred pursuant to any First Tier Facility Agreement .

For purposes of this definition, the term "Indebtedness" shall be deemed to include interest on, and fees, expenses and other obligations payable with respect to, such Indebtedness.

"**Permitted Sale Leaseback**" shall mean any Sale Leaseback consummated by the Parent Borrower or any other Credit Party after the Closing Date; <u>provided</u> that any such Sale Leaseback is consummated for fair value as determined at the time of consummation in good faith by (i) the Parent Borrower or such Credit Party or (ii) in the case of any Sale Leaseback (or series of related Sale Leasebacks) the aggregate proceeds of which exceed the greater of (a) $275,000,000 and (b) 5.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) at the time of the incurrence of such Sale Leaseback, the board of directors (or analogous governing body) of the Parent Borrower or such Credit Party (which such determination may take into account any retained interest or other Investment of the Parent Borrower or such Credit Party in connection with, and any other material economic terms of, such Sale Leaseback).

"**Permitted Securitization Documents**" shall mean all documents and agreements evidencing, relating to, contemplated by or otherwise governing a Permitted Securitization Financing, including any hedge or swap agreement, management agreement, back-up management agreement, Servicing Arrangement, other servicing agreement or Permitted Securitization Guarantee entered into in connection therewith.

"**Permitted Securitization Financing**" shall mean (A) one or more transactions pursuant to which (i) Securitization Assets or interests therein are or have been sold, contributed or otherwise transferred to, whether directly or indirectly (including by way of the transfer of the Equity Interests of Securitization Entities or an entity that is not a Credit Party holding solely Securitization Assets), or financed by, one or more Securitization Entities and (ii) such Securitization Entities finance (or refinance) such Securitization Assets or interests therein, whether for the purpose of acquiring such Securitization Assets, providing financing in respect thereof or otherwise, by selling, otherwise transferring or borrowing against Securitization Assets (including bridge, conduit and warehouse financings and "whole-business" securitizations, whether "royalty-only" or securitizing "company-owned store", "distribution or other profit margin" or other assets, in each case, which financings may or may not be syndicated or rated) or (B) one or more transactions pursuant to which Receivables Assets or interests therein are or have been sold or otherwise transferred by the Borrower, a Subsidiary or a Securitization Entity in the form of receivables purchase/sale, factoring agreements or other similar transactions customary with respect to Securitization Assets, in each of the cases set forth in clauses (A) and (B) above, pursuant to Permitted Securitization Documents and <u>provided</u>, that recourse to the Borrower or any Subsidiary (other than the Securitization Entities) in connection with such transactions shall be limited to the extent customary (as determined by the Borrower in good faith) for similar transactions in the applicable jurisdictions (including, to the extent applicable, in a manner consistent with the delivery of a "true sale"/"absolute transfer" and/or "substantive non-consolidation" opinion with respect to any transfer by the Borrower or any Subsidiary (other than a Securitization Entity)); and <u>provided</u>, <u>further</u>, that solely in the case of clause (A) above (x) the related Securitization Entities comply with the limitations on the sale and distribution of their equity interests as set forth herein and (y) any intercompany royalty charged to the Borrower or any of its restricted subsidiaries for the use of the related intellectual property is on market terms (as determined in good faith by the Borrower).

"**Permitted Securitization Guarantee**" shall mean a performance guaranty or other customary Guarantee or indemnification, contribution or other contractual obligations or undertakings provided by the Borrower, a Subsidiary or an Affiliate thereof in connection with a Permitted Securitization Financing; <u>provided</u> that the foregoing shall not materially impair the status of any Securitization Entity as such including the delivery of customary "true sale"/"absolute transfer" and/or "substantive non-consolidation" opinions in respect thereof.

"**Person**" shall mean any individual, partnership, joint venture, firm, corporation, limited liability company, association, trust, or other enterprise or any Governmental Authority.

"**Personal Information**" shall mean (i) all information identifying, or that alone or in combination with other information allows for the identification of, an individual; and (ii) all information that is defined as "personal data" or "personal information" under applicable Requirements of Law.

"**Platform**" shall have the meaning provided in <u>Section 13.17(a)</u>.

"**Pledge Agreement**" shall mean the Pledge Agreement, entered into by the Credit Parties party thereto and the Collateral Agent for the benefit of the Secured Parties, substantially in the form of <u>Exhibit C</u>.

"**Prepayment Cap**" shall have the meaning provided in <u>Section 5.2(b)</u>.

"**primary obligor**" shall have the meaning provided such term in the definition of Contingent Obligations.

"**Prime Rate**" shall mean the "U.S. Prime Rate" in effect on any such day as quoted in The Wall Street Journal.

"**Pro Forma Basis,**" "**Pro Forma Compliance,**" and "**Pro Forma Effect**" shall mean, with respect to compliance with any test, financial ratio, payment or covenant hereunder required by the terms of this Agreement to be made on a Pro Forma Basis or after giving Pro Forma Effect thereto, that all Pro Forma Events and the following transactions in connection therewith that have been made during the applicable period of measurement or subsequent to such period and prior to or simultaneously with the event for which the calculation is made shall be deemed to have occurred as of the first day of the applicable period of measurement in such test, financial ratio or covenant: (a) income statement items (whether positive or negative) attributable to the property or Person subject to such Pro Forma Event, (1) in the case of a sale, transfer, or other disposition of all or substantially all Capital Stock in any Subsidiary of the Parent Borrower or any division, product line, or facility used for operations of the Parent Borrower or any of its Subsidiaries, shall be excluded, and (2) in the case of a Permitted Acquisition or Investment described in the definition of Specified Transaction, shall be included, (b) any retirement of Indebtedness, (c) any incurrence or assumption of Indebtedness by the Parent Borrower or any of the other Credit Parties in connection therewith (it being agreed that if such Indebtedness has a floating or formula rate, such Indebtedness shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate that is or would be in effect with respect to such Indebtedness as at the relevant date of determination) and (d) in connection with any investment or disposition made in connection with a Permitted Securitization Financing (including by way of the transfer of the Equity Interests of the entity holding such Securitization Assets), pro forma effect shall be given to (A) any Securitization Fees as if such Securitization Fees have been received by the Borrower or a Subsidiary over the applicable period in an amount determined in good faith by an Authorized Officer of the Borrower and (B) any repayment of Consolidated Total Net Debt that occurs substantially contemporaneously with such transaction (whether from the proceeds of such Permitted Securitization Financing or from other available amounts).

"**Pro Forma Event**" shall mean any asset sales, mergers or other business combinations, acquisitions, Investments, dispositions or divestitures, operating improvements and expense reductions, restructurings, cost saving initiatives and other similar initiatives and Specified Transaction.

"**Proceeds Shortfall**" shall mean, without duplication of any Reserves Shortfall, any other deficiencies in the amount of proceeds available on the Closing Date from the First Tier Facilities for the Transactions, when compared to the aggregate amount of the commitments of the Joint Lead Arrangers under the Commitment Letter, as a result of LTV sizing, collateral appraisal shortfalls, setting aside of loan reserves or otherwise under the First Tier Facilities.

"**Processing**" shall mean any operation or set of operations performed upon Personal Information, whether or not by automated means, such as collection, recording, organization, structuring, storage, adaptation or alteration, retrieval, consultation, use, disclosure by transmission, dissemination or otherwise making available, combination, restriction, erasure or destruction.

"**Prohibited Transaction**" shall have the meaning assigned to such term in Section 406 of ERISA and Section 4975(c) of the Code.

"**Projections**" shall have the meaning provided in <u>Section 9.1(c)</u>.

"**Property**" shall mean any rights, title and interest of the Parent Borrower or its applicable Subsidiary in and to the following: (a) any real property interests, estates, lands, privileges, servitudes, tenements and rights of any nature, whether owned, leased, sub-leased, licensed or otherwise obtained by or granted to the Parent Borrower or such Subsidiary; (b) any buildings, structures, additions, enlargements, extensions, modifications, repairs, replacements and improvements erected or located on or appurtenant to the real property described in the foregoing clause (a), and all alterations thereto or replacements thereof; (c) any fixtures, attachments, appliances, goods, equipment, machinery, materials and other articles attached to, located on or installed in the real property described in the foregoing clause (a) or to any property described in the foregoing clause (b), or used at or in connection with any of the foregoing and any parts or components which may from time to time be incorporated or installed in or attached thereto; (d) any other real, tangible or intangible personal property owned by such Subsidiary and located within or about or otherwise placed upon the real property described in the foregoing clause (a), together with any accessories, replacements and substitutions thereto or therefor; (e) any associated electrical or other utility connections; and/or (f) any associated onsite, appurtenant or supporting infrastructure, in each case of the foregoing clauses (a) through (f), as may be improved, replaced, substituted, enlarged, modified, changed or expanded from time to time.

"**Property Values**" shall mean, on any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For any Property that constitutes "Property" (as defined in the applicable First Tier Facility Agreement) as of the Closing Date, the value attributable to such Property set forth on Schedule 1.1(d) (inclusive of any "portfolio premium" attributable thereto); *provided* that if the Borrower elects to obtain a new Appraisal with respect to such Property pursuant to clause (c) below, then the Property Value of such Property shall be its newly appraised value pursuant to clause (c) below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For any Property that the Parent Borrower or its Subsidiaries acquire after the Closing Date, (i) if an Appraisal of such Property has been delivered in connection with such acquisition, the appraised value set forth in such Appraisal, and otherwise, the book value thereof (as recorded on the Parent Borrower's or applicable Subsidiary's financial statements); provided that if the Borrower elects to obtain a new Appraisal with respect to such Property pursuant to clause (c) below, then the Property Value of such Property shall be its newly appraised value pursuant to clause (c) below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event the Parent Borrower or its Subsidiaries have (i) made capital expenditures or other investments to improve any Property in an aggregate amount of at least $25,000,000 in the immediately preceding twelve (12) month period or<u>,</u> (ii) entered into a new Lease with respect to any Property that would constitute a Material Lease, <u>or (iii) completed a new Appraisal in the context of adding or updating a Property's inclusion in an asset-backed securitization of assets of the Parent Borrower and its Subsidiaries,</u> then the Parent Borrower may elect to cause a new Appraisal to be performed in respect of such Property <u>or use the Appraisal obtained in connection with such asset-backed securitization</u>, in which case the "Property Value" in respect of such Property from and after the date of such new Appraisal shall be the appraised value therefor set forth in such new Appraisal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For any Property owned by the Parent Borrower or its Subsidiaries and that is (i) not subject to any other financing arrangement <u>(other than an asset-backed securitization of assets of the Parent Borrower and its Subsidiaries)</u> and (ii) is not included under the First Tier Facility Agreement, if an Appraisal of such Property has been delivered to the Revolving Credit Facility Administrative Agent, the appraised value set forth in such Appraisal; provided that if the Borrower elects to obtain a new FIRREA-compliant appraisal with respect to such property pursuant to clause (c) above, then the Property Value of such property shall be its newly appraised value pursuant to clause (c) above.

For the avoidance of doubt, to the extent the Property Value of any Property has been determined pursuant to the foregoing clauses (a), (b) or (c), the value of any capital invested into such Property shall be excluded from subclause (ii) of the definition of "Consolidated Property Values".

"**PTE**" shall mean a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

"**QFC**" shall have the meaning provided in <u>Section 13.24(b)</u>.

"**QFC Credit Support**" shall have the meaning provided in <u>Section 13.24</u>.

"**Qualified Proceeds**" shall mean assets that are used or useful in, or Capital Stock of any Person engaged in, a Similar Business.

"**Qualified Stock**" of any Person shall mean Capital Stock of such Person other than Disqualified Stock of such Person.

"**Quarterly Prepayment Amount**" shall have the meaning provided in <u>Section 5.2(b)</u>.

"**Real Estate**" shall have the meaning provided in <u>Section 9.1(f)</u>.

"**Receivables Assets**" shall mean accounts receivable (including any bills of exchange) and related assets and property from time to time originated, acquired or otherwise owned by the Parent Borrower or any Subsidiary. "**Refunding Capital Stock**" shall have the meaning provided in <u>Section 10.4(b)(2)</u>.

"**Register**" shall have the meaning provided in <u>Section 13.6(b)(iv)</u>.

"**Regulated Bank**" shall mean (a) any swap dealer registered with the U.S. Commodity Futures Trading Commission or security-based swap dealer registered with the U.S. Securities and Exchange Commission, as applicable; or (b) any commercial bank that is (i) a U.S. depository institution the deposits of which are insured by the Federal Deposit Insurance Corporation, (ii) a corporation organized under section 25A of the U.S. Federal Reserve Act of 1913, (iii) a branch, agency or commercial lending company of a foreign bank operating pursuant to approval by and under the supervision of the Board under 12 C.F.R. part 211, (iv) a non-U.S. branch of a foreign bank managed and controlled by a U.S. branch referred to in clause (iii), or (v) any other U.S. or non-U.S. depository institution or any branch, agency or similar office thereof supervised by a bank regulatory authority in any jurisdiction.

"**Regulation T**" shall mean Regulation T of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements.

"**Regulation U**" shall mean Regulation U of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements.

"**Regulation X**" shall mean Regulation X of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements.

"**Reimbursement Date**" shall have the meaning provided in <u>Section 3.4(a)</u>.

"**Reimbursement Obligations**" shall mean the Borrower's obligations to reimburse Unpaid Drawings pursuant to <u>Section 3.4(a)</u>.

"**REIT**" shall mean a domestic trust or corporation that qualifies as a real estate investment trust under the provisions of § 856, et seq. of the Code or any successor provisions.

"**Related Business Assets**" shall mean assets (other than cash or Cash Equivalents) used or useful in a Similar Business; <u>provided</u> that any assets received by the Parent Borrower or another Credit Party in exchange for assets transferred by the Parent Borrower or a Credit Party shall not be deemed to be Related Business Assets if they consist of securities of a Person, unless upon receipt of the securities of such Person, such Person would become a Credit Party.

"**Related Fund**" shall mean, with respect to any Lender that is a Fund, any other Fund that is advised or managed by (a) such Lender, (b) an Affiliate of such Lender or (c) an entity or an Affiliate of such entity that administers, advises or manages such Lender.

"**Related Parties**" shall mean, with respect to any specified Person, such Person's Affiliates and the directors, officers, employees, agents, and members of such Person and any Person that possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of such Person, whether through the ability to exercise voting power, by contract or otherwise.

"**Release**" shall mean any release, spill, emission, discharge, disposal, escaping, leaking, pumping, pouring, dumping, emptying, injection, or leaching of Hazardous Materials into or through the environment.

"**Released**" shall have a correlative meaning.

"**Relevant Governmental Body**" shall mean, with respect to a Benchmark Replacement in respect of Loans denominated in Dollars, the Federal Reserve Board and/or the NYFRB, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto.

"**Removal Effective Date**" shall have the meaning provided in <u>Section 12.9(b)</u>.

"**Replaced Revolving Facility**" shall have the meaning provided in <u>Section 13.1</u>.

"**Replacement Revolving Facility**" shall have the meaning provided in <u>Section 13.1</u>.

"**Replacement Sponsor Guarantor**" shall mean any Affiliate of the Sponsors with a minimum net worth (at the time it provides a Sponsor Guaranty) that is not less than $2,000,000,000; <u>provided</u> that (a) in the event Sponsor Guaranties are provided by more than one Sponsor Guarantor and/or Replacement Sponsor Guarantor, "minimum net worth" as used in this definition shall be calculated on an aggregate basis for all persons providing such Sponsor Guaranties and (b) in the case Sponsor Guaranties are provided by several Sponsor Guarantors and/or Replacement Sponsor Guarantors on a several and not joint basis, the minimum net worth of each Replacement Sponsor Guarantor shall not be less than the product of (i) $2,000,000,000 *multiplied by* (ii) the percentage of the aggregate amount of Sponsor Guaranties guaranteed by such Replacement Sponsor Guarantor.

"**Reportable Event**" shall mean any "reportable event", as defined in Section 4043(c) of ERISA or the regulations issued thereunder, with respect to a Pension Plan (other than a Pension Plan maintained by an ERISA Affiliate that is considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Section 414 of the Code), other than those events as to which notice is waived pursuant to PBGC Reg. § 4043.

"**Representative**" shall mean, with respect to any series of Indebtedness not prohibited by this Agreement to be secured by the Collateral on a <u>pari passu</u> or junior basis with the Obligations, the trustee, the administrative agent, the collateral agent, security agent or similar agent under the indenture or agreement pursuant to which such Indebtedness is issued, incurred or otherwise obtained, as the case may be, and each of their successors in such capacities.

"**Required Lenders**" shall mean, at any date, (a) Non- Defaulting Lenders having or holding a majority of the Adjusted Total Revolving Credit Commitment at such date, at such date or (b) if the Total Revolving Credit Commitment has been terminated or for the purposes of acceleration pursuant to <u>Section 11</u>, Non-Defaulting Lenders having or holding a majority of the outstanding principal amount of the Loans and Letter of Credit Exposure (excluding the Loans and Letter of Credit Exposure of Defaulting Lenders) in the aggregate at such date.

"**Required Revolving Credit Lenders**" shall mean, at any date, Non- Defaulting Lenders holding a majority of the Adjusted Total Revolving Credit Commitment at such date (or, if the Total Revolving Credit Commitment has been terminated at such time, a majority of the Revolving Credit Exposure (excluding Revolving Credit Exposure of Defaulting Lenders) at such time).

"**Requirements of Law**" shall mean, as to any Person, the certificate of incorporation and by-laws or other organizational or governing documents of such Person, and any law, treaty, rule, or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or assets or to which such Person or any of its property or assets is subject.

"**Reserves Shortfall**" shall mean the amount as may be reasonably required by the Majority Lead Arrangers to be established in special reserves as may be reasonably required to remedy or compensate for any Material Defects with respect to the Properties as of the Closing Date in such a manner that there is no material adverse impact on the securitization or syndication of the First Tier Facilities. As of the Closing Date, the Reserves Shortfall is deemed to be $0.

"**Resignation Effective Date**" shall have the meaning provided in <u>Section 12.9(a)</u>.

"**Resolution Authority**" shall mean an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"**Restricted Debt Payments**" shall have the meaning provided in <u>Section 10.4(a)(3)</u>.

"**Restricted Payment**" shall have the meaning provided in <u>Section 10.4(a)</u>.

"**Restricted Person**" and "**Restricted Persons**" shall have the meaning provided in <u>Section 13.16</u>.

"**Retired Capital Stock**" shall have the meaning provided in <u>Section 10.4(b)(2)</u>.

"**Revolving Credit Commitment**" shall mean, as to each Revolving Credit Lender, its obligation to make Revolving Credit Loans to the Borrower pursuant to <u>Section 2.1</u>, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth, and opposite such Lender's name on <u>Schedule 1.1(a)</u> under the caption Revolving Credit Commitment or in the Assignment and Acceptance pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including <u>Section 2.14</u>). The aggregate Revolving Credit Commitments of all Revolving Credit Lenders is $200,000,000<u>300,000,000</u> on the Closing<u>Second Amendment Effective</u> Date.

"**Revolving Credit Commitment Percentage**" shall mean at any time, for each Lender, the percentage obtained by dividing (i) such Lender's Revolving Credit Commitment at such time by (ii) the amount of the Total Revolving Credit Commitment at such time; <u>provided</u> that at any time when the Total Revolving Credit Commitment shall have been terminated, each Lender's Revolving Credit Commitment Percentage shall be the percentage obtained by dividing (a) such Lender's Revolving Credit Exposure at such time by (b) the Revolving Credit Exposure of all Lenders at such time.

"**Revolving Credit Exposure**" shall mean, with respect to any Lender at any time, the sum of (i) the aggregate principal amount of Revolving Credit Loans of such Lender then outstanding and (ii) such Lender's Letter of Credit Exposure at such time.

"**Revolving Credit Facility**" shall mean, at any time, the aggregate amount of the Revolving Credit Lenders' Revolving Credit Commitments at such time.

"**Revolving Credit Lender**" shall mean, at any time, any Lender that has a Revolving Credit Commitment or Extended Revolving Credit Commitment at such time.

"**Revolving Credit Loan**" shall have the meaning provided in <u>Section 2.1</u>.

"**Revolving Credit Maturity Date**" shall mean the date that is the third anniversary of the Closing Date, or, if such date is not a Business Day, the immediately preceding Business Day.

"**Revolving Credit Termination Date**" shall mean the date on which the Revolving Credit Commitments shall have terminated, no Revolving Credit Loans shall be outstanding and the Letters of Credit Outstanding shall have been reduced to zero or Cash Collateralized.

"**Revolving Loan**" shall mean, collectively or individually as the context may require, any (i) Revolving Credit Loan and (ii) Extended Revolving Credit Loan, in each case made pursuant to and in accordance with the terms and conditions of this Agreement.

"**S&P**" shall mean Standard & Poor's Ratings Services or any successor by merger or consolidation to its business.

"**Sale Leaseback**" shall mean any arrangement with any Person providing for the leasing by the Parent Borrower or any other Credit Party of any real or tangible personal property, which property has been or is to be sold or transferred by the Parent Borrower or such Credit Party to such Person in contemplation of such leasing.

"**Sanctioned Person**" shall mean any Person with whom or which dealings are restricted or prohibited under any Sanctions, including as a result of that Person (a) being named on the List of Specially Designated Nationals and Blocked Persons maintained by the U.S. Department of the Treasury's Office of Foreign Assets Control, or any other list of Persons subject to Sanctions, (b) being located, organized, or resident in a Sanctioned Territory, or owned or controlled by the government of, a Sanctioned Territory or the Government of Venezuela, or (c) having any relationship of ownership or control with, a Person described in (a) or (b).

"**Sanctioned Territory**" shall mean any country or territory with which dealings are broadly and comprehensively prohibited by any country- or territory-wide Sanctions, including, as of the date hereof, Cuba, Iran, North Korea, Syria, and the Crimea, Donetsk, Kherson, Luhansk, and Zaporizhzhia regions of Ukraine.

"**Sanctions**" shall mean any law, regulation, or other act with force of law of the United States, Canada, the European Union or any of its members states, or United Nations Security Council resolutions imposing trade and economic sanctions including embargoes, the freezing or blocking of assets of targeted Persons, or other similar restrictions on exports, imports, investment, payments or other transactions, including any laws threatening to impose such trade and economic sanctions on any person for engaging in targeted behavior.

"**SEC**" shall mean the Securities and Exchange Commission or any successor thereto.

<u>"**Second Amendment**" shall mean that certain Second Amendment to Credit Agreement, dated as of February 28, 2025 by and among the Parent Borrower, the Guarantors party thereto. the Administrative Agent and the lenders party thereto.</u>

<u>"**Second Amendment Effective Date**" shall mean February 28, 2025.</u>

"**Second Lien Intercreditor Agreement**" shall mean an intercreditor agreement substantially in the form of <u>Exhibit G-2</u> (with such changes to such form as may be reasonably acceptable to the Administrative Agent and the Parent Borrower) among the Administrative Agent, the Collateral Agent (as representative for the First Lien Obligations), the second lien collateral agent, the representatives for purposes thereof for holders of one or more classes of second lien Indebtedness, the Borrower and each of the Guarantors.

"**Section 2.14 Additional Amendment**" shall have the meaning provided in <u>Section 2.14(g)(iii)</u>.

"**Section 9.1 Financials**" shall mean the financial statements delivered, or required to be delivered, pursuant to <u>Section 9.1(a)</u> or <u>(b)</u> together with the accompanying officer's certificate delivered, or required to be delivered, pursuant to <u>Section 9.1(d)</u>.

"**Secured Cash Management Agreement**" shall mean any Cash Management Agreement that is entered into by and between the Parent Borrower or any of the other Credit Parties and any counterparty thereto, which is specified in writing by the Borrower to the Administrative Agent as constituting a Secured Cash Management Agreement hereunder.

"**Secured Cash Management Obligations**" shall mean Obligations under Secured Cash Management Agreements.

"**Secured Hedge Agreement**" shall mean any Hedge Agreement that is entered into by and between the Parent Borrower or any Credit Party and any counterparty thereto (i) that is a Lender or an Affiliate of a Lender as of the Closing Date with respect to any Hedge Agreement entered into prior to the Closing Date (including if such Hedge Agreement was terminated prior to the Closing Date), or (ii) which is specified in writing by the Borrower to the Administrative Agent as constituting a Secured Hedge Agreement hereunder. For purposes of the preceding sentence, the Borrower may deliver one notice designating all Hedge Agreements entered into pursuant to a specified Master Agreement as "Secured Hedge Agreements".

"**Secured Hedge Obligations**" shall mean Obligations under Secured Hedge Agreements.

"**Secured Parties**" shall mean the Administrative Agent, the Collateral Agent, each Letter of Credit Issuer and each Lender, in each case with respect to the Credit Facilities, each secured counterparty with respect to any Secured Hedge Agreement or Secured Cash Management Agreement, and each sub-agent pursuant to <u>Section 12</u> appointed by the Administrative Agent with respect to matters relating to the Credit Facilities or the Collateral Agent with respect to matters relating to any Security Document.

"**Securitization Assets**" shall mean any of the following assets (or interests therein) from time to time originated, acquired or otherwise owned by or intended to be transferred to (as the context requires in respect of a Permitted Securitization Financing) the Securitization Entities or in which any Securitization Entity has any rights or interests, in each case, without regard to where such assets or interests are located: (a) Receivables Assets, (b) franchise fees, royalties and other similar payments made related to the use of trade names and other Intellectual Property, business support, training and other services, (c) revenues related to distribution and merchandising of the products of, or otherwise related to the services provided by, the Securitization Entities, (d) rents, real estate Taxes and other non-royalty amounts due from franchisees, (e) Intellectual Property rights relating to the generation of any of the types of assets listed in this definition, (f) parcels of or interests in real property, together with all easements, hereditaments and appurtenances thereto, all improvements and appurtenant fixtures and equipment, incidental to the ownership, lease or operation thereof, (g) any Equity Interest of any (i) Securitization Entity, (ii) Subsidiary of a Securitization Entity or (iii) Subsidiary (other than a Credit Party) that holds solely Securitization Assets (other than Equity Interests described separately under this clause (g)) designated as such by the Borrower for the purpose of effecting the transfer of such Securitization Assets by way of transferring such Equity Interests in connection with a Permitted Securitization Financing, and, in each case, any rights under any limited liability company agreement, trust agreement, shareholders' agreement, limited partnership agreement, by-laws, operating agreement, organizational, constituent or formation documents or any other agreement entered into in furtherance of the organization of such entity, (h) any equipment, contractual rights, website domains and associated property and rights necessary for a Securitization Entity to operate in accordance with its stated purposes; (i) any rights and obligations associated with gift card or similar programs, and (j) other assets and property (or proceeds of such assets or property) to the extent customarily included in any securitization of assets described in the preceding clauses (a) through (i) or for which credit may be given in securitization transactions of the relevant type including in respect of bridge, conduit and warehouse financings and "whole-business" securitizations in the applicable jurisdictions (as determined by the Borrower in good faith).

"**Securitization Entity**" shall mean any direct or indirect Subsidiary of the Borrower established or designated by the Borrower as such in connection with a Permitted Securitization Financing (including by way of the transfer of the Equity Interests of the entity holding such Securitization Assets) for the purpose of (i) holding, transferring, borrowing against, servicing, providing financing for or providing a security interest in respect of Securitization Assets or interests therein, (ii) holding Equity Interests in any Securitization Entity or (iii) guaranteeing the obligations of a Securitization Entity, and which in each case is organized in a manner (as determined by the Borrower in good faith) intended to reduce the likelihood that it would be substantively consolidated with the Borrower or any of its Subsidiaries or other subsidiaries (other than any other Securitization Entity) in the event the Borrower or any such Subsidiary or other subsidiary becomes subject to a proceeding under the Bankruptcy Code (or other insolvency law) and (c) any subsidiary of a Securitization Entity; <u>provided</u> that, notwithstanding above, no Initial Guarantor shall be a Securitization Entity.

"**Securitization Fees**" shall mean, without duplication, (x) distributions or payments made directly or by means of discounts with respect to any Securitization Asset or participation interest issued or sold in connection with, and other fees, expenses and charges (including commissions, yield, interest expense and fees and expenses of legal counsel) paid in connection with, any Permitted Securitization Financing and (y) any fees paid to the Borrower or a Subsidiary of the Borrower including, without limitation, any "management fees" (including without limitation "excess" management fees) or any similar fees paid to a Subsidiary or other subsidiary of the Borrower for acting as manager or servicer under any Permitted Securitization Financing.

"**Security Documents**" shall mean, collectively, the Pledge Agreement, any First Lien Intercreditor Agreement, any Second Lien Intercreditor Agreement and each other security agreement or other instrument or document executed and delivered pursuant to <u>Sections 9.11</u>, <u>9.12,</u> or <u>9.14</u> or pursuant to any other such Security Documents to secure the Obligations or to govern the lien priorities of the holders of Liens on the Collateral.

"**Series**" shall have the meaning provided in <u>Section 2.14(a)</u>.

"**Servicing Arrangement**" shall mean each agreement or other arrangement under which the Borrower, a Subsidiary, a Securitization Entity or an Affiliate thereof is engaged to service or manage Securitization Assets (or proceeds thereof) in connection with a Permitted Securitization Financing, which servicing or management activities may include collection services in respect of Receivables Assets, the servicing or management of Securitization Assets and the sale, purchase or other transfer thereof, and the administration of bank accounts.

"**Significant Subsidiary**" shall mean, at any date of determination, (a) any Subsidiary of the Parent Borrower whose gross revenues (when combined with the gross revenues of such Subsidiary's Subsidiaries after eliminating intercompany obligations) for the Test Period most recently ended on or prior to such date were equal to or greater than 10% of the consolidated gross revenues of the Parent Borrower and its Subsidiaries for such period, determined in accordance with GAAP or (b) each other Subsidiary of the Parent Borrower that, when such Subsidiary's total gross revenues (when combined with the total gross revenues of such Subsidiary's Subsidiaries after eliminating intercompany obligations) are aggregated with each other Subsidiary (when combined with the total gross revenues of such Subsidiary's Subsidiaries after eliminating intercompany obligations) that is the subject of an Event of Default described in <u>Section 11.5</u> would constitute a "Significant Subsidiary" under <u>clause (a)</u> above.

"**Similar Business**" shall mean any business conducted or proposed to be conducted by the Parent Borrower and the Credit Parties on the Closing Date or any business that is similar, reasonably related, synergistic, incidental, or ancillary thereto.

"**SOFR**" shall mean a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

"**SOFR Administrator**" shall mean the NYFRB (or a successor administrator of the secured overnight financing rate).

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

"**SOFR Average**" means, for any Interest Period, the rate of interest per annum determined by the Administrative Agent as the compounded average of SOFR over a rolling calendar day period of thirty (30) days ("<u>30- Day SOFR Average</u>") for the day (such day, the "<u>SOFR Average Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period; provided, however, that (x) if as of 5:00 p.m. on any SOFR Average Determination Day, such 30-Day SOFR Average has not been published on the SOFR Administrator's Website and a Benchmark Replacement Date with respect to SOFR Average has not occurred, then SOFR Average will be the 30-Day SOFR Average as published on the SOFR Administrator's Website for the first preceding U.S. Government Securities Business Day for which such 30-Day SOFR Average was published on the SOFR Administrator's Website so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such SOFR Average Determination Day and (y) if SOFR Average determined as provided above (including pursuant to clause (x) of this proviso) would be less than the Floor, then SOFR Average shall be deemed to be the Floor.

"**SOFR Average Determination Day**" has the meaning specified in the definition of "SOFR Average".

"**SOFR Average Loan**" shall mean any Loans bearing interest at a rate determined by reference to SOFR Average.

"**SOFR Loans**" shall mean any Loans bearing interest at a rate determined by reference to Term SOFR or SOFR Average.

"**Sold Entity or Business**" shall have the meaning provided in the definition of the term "Consolidated EBITDA".

"**Solvent**" shall mean, after giving effect to the consummation of the Transactions, (i) the sum of the liabilities (including contingent liabilities) of the Parent Borrower and its Subsidiaries, on a consolidated basis, does not exceed the present fair saleable value of the present assets of the Parent Borrower and its Subsidiaries, on a consolidated basis; (ii) the fair value of the property of the Parent Borrower and its Subsidiaries, on a consolidated basis, is greater than the total amount of liabilities (including contingent liabilities) of the Parent Borrower and its Subsidiaries, on a consolidated basis; (iii) the capital of the Parent Borrower and its Subsidiaries, on a consolidated basis, is not unreasonably small in relation to their business as contemplated on the date hereof; and (iv) the Parent Borrower and its Subsidiaries, on a consolidated basis, have not incurred and do not intend to incur, or believe that they will incur, debts including current obligations beyond their ability to pay such debts as they become due (whether at maturity or otherwise).

"**Specified Existing Revolving Credit Commitment**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Specified Representations**" shall mean the representations and warranties with respect to the Borrower set forth in <u>Sections 8.1(i)</u>, <u>8.2</u> (as related to the entry into and performance of the Credit Documents, the incurrence of the Loans and the provision of the Guarantees, and the granting of the security interests in the Collateral), 8.3<u>(iii)</u>, <u>8.5</u>, <u>8.7</u>, 8.10(b)-(d) (with respect to the use of proceeds of the borrowings under this Agreement on the Closing Date), <u>8.17</u>, 8.18, 8.19(c) and in Section 4(d) of the Pledge Agreement.

"**Specified Transaction**" shall mean, with respect to any period, (i) any Investment (including a Permitted Acquisition), (ii) any asset sale or other disposition, (iii) incurrence or repayment of Indebtedness, (iv) any Restricted Payment, (v) any Subsidiary designation, (vi) any mandatory prepayment pursuant to <u>Section 5.2(a)</u> or <u>Section 5.2(b)</u> or (vii) any other event or action that, in each case, by the terms of this Agreement requires Pro Forma Compliance with a test or covenant hereunder or requires such test or covenant to be calculated on a Pro Forma Basis or give Pro Forma Effect to any such transaction or event.

"**Sponsor**" shall mean, collectively, (i) Brookfield Infrastructure Partners L.P., Brookfield Infrastructure Corporation, Brookfield Corporation, or Brookfield Asset Management Ltd, (ii) any investment funds, partnerships and other co-investment vehicles Controlled, directly or indirectly, by any of the persons in clause (i) and (iii) any entity Controlled, directly or indirectly, by any of the persons in clause (i), as approved by the Administrative Agent (such approval not to be unreasonably withheld, conditioned or delayed).

"**Sponsor Guarantor**" shall mean the Sponsors, <u>provided</u> that such person has a minimum net worth (at the time it provides a Sponsor Guaranty) that is not less than $2,000,000,000; <u>provided</u>, <u>further</u>, that (a) in the event Sponsor Guaranties are provided by more than one Sponsor Guarantor and/or Replacement Sponsor Guarantor, "minimum net worth" as used in this definition shall be calculated on an aggregate basis for all persons providing such Sponsor Guaranties and (b) in the case Sponsor Guaranties are provided by several Sponsor Guarantors and/or Replacement Sponsor Guarantors on a several and not joint basis, the minimum net worth of each Sponsor Guarantor shall not be less than the product of (i) $2,000,000,000 *multiplied by* (ii) the percentage of the aggregate amount of Sponsor Guaranties guaranteed by such Sponsor Guarantor.

"**Sponsor Guaranty**" shall have the meaning provided in <u>Section 5.2(b)</u>.

"**Spot Rate**" for any currency shall mean the rate determined by the Administrative Agent to be the rate quoted by the Administrative Agent as the spot rate for the purchase by the Administrative Agent of such currency with another currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date as of which the foreign exchange computation is made; <u>provided</u> that the Administrative Agent may obtain such spot rate from another financial institution designated by the Administrative Agent if it does not have as of the date of determination a spot buying rate for any such currency.

"**SPV**" shall have the meaning provided in <u>Section 13.6(g)</u>.

"**Stated Amount**" of any Letter of Credit shall mean the maximum amount from time to time available to be drawn thereunder during the remaining life thereof, determined without regard to whether any conditions to drawing could then be met.

"**Stock Equivalents**" shall mean all securities convertible into or exchangeable for Capital Stock and all warrants, options, or other rights to purchase or subscribe for any Capital Stock, whether or not presently convertible, exchangeable, or exercisable.

"**Subordinated Indebtedness**" shall mean Indebtedness of the Borrower or any other Guarantor that is by its express terms subordinated in right of payment to the obligations of the Borrower or such Guarantor, as applicable, under this Agreement or the Guarantee, as applicable.

"**Subsidiary**" of any Person shall mean and include (i) any corporation more than 50% of whose Capital Stock of any class or classes having by the terms thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time Capital Stock of any class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time owned by such Person directly or indirectly through Subsidiaries, or (ii) any limited liability company, partnership, association, joint venture, or other entity of which such Person directly or indirectly through Subsidiaries has more than a 50% equity interest at the time. Unless otherwise expressly provided, all references herein to a Subsidiary shall mean a Subsidiary of the Parent Borrower.

"**Successor Borrower**" shall have the meaning provided in <u>Section 10.2(a)</u>.

"**Supported QFC**" shall have the meaning provided in <u>Section 13.24</u>.

"**Swap Obligation**" shall mean, with respect to any Swap Obligor, any obligation to pay or perform under any agreement, contract, or transaction that constitutes a "swap" within the meaning of section 1(a)(47) of the Commodity Exchange Act.

"**Swap Obligor**" shall mean the Parent Borrower (if applicable) and the Credit Parties.

"**Swiss Franc**" or "**CHF**" mean the lawful currency of Switzerland.

"**Taxes**" shall mean any and all present or future taxes, duties, levies, imposts, assessments, deductions, withholdings (including backup withholding), fees, or other similar charges imposed by any Governmental Authority and any interest, fines, penalties, or additions to tax with respect to the foregoing.

"**Term SOFR**" shall mean, with respect to any interest period, the Term SOFR Reference Rate for a tenor comparable to the applicable interest period on the day (such day, the "**Determination Day**") that is two (2) Business Days prior to the first day of such interest period, as such rate is published by the Term SOFR Administrator; <u>provided</u>, however, that if as of 5:00 p.m. (New York City time) on any Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor published by the Term SOFR Administrator on the Business Day first preceding such Determination Day so long as such Business Day is not more than three (3) Business Days prior to such Determination Day; <u>provided</u>, <u>further</u>, that if Term SOFR determined as provided above shall ever be less than the Floor, then Term SOFR shall be deemed to be the Floor.

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

"**Term SOFR Borrowing**" shall mean a Borrowing comprised of Loans bearing interest at a rate determined by reference to Term SOFR (other than pursuant to clause (c) of the definition of "ABR").

"**Term SOFR Reference Rate**" shall mean, for any day and time, with respect to any Term SOFR Borrowing for any interest period, the rate per annum determined by the Administrative Agent as the forward-looking term rate based on SOFR; <u>provided</u> that, if the Term SOFR Reference Rate as so determined would be less than the Floor, such rate shall be deemed to be the Floor for the purposes of calculating such rate.

"**Test Period**" shall mean, for any determination under this Agreement, the four consecutive fiscal quarters of the Parent Borrower most recently ended on or prior to such date of determination and for which Section 9.1 Financials shall have been delivered (or were required to be delivered) to the Administrative Agent (or, before the first delivery of Section 9.1 Financials, the most recent period of four fiscal quarters at the end of which financial statements are available).

"**Total Credit Exposure**" shall mean the Total Revolving Credit Commitment at such date (or, if the Total Revolving Credit Commitment shall have terminated on such date, the aggregate Revolving Credit Exposure of all Lenders at such date).

"**Total Revolving Credit Commitment**" shall mean the sum of the Revolving Credit Commitments of all the Lenders.

"**Transaction Expenses**" shall mean any fees, premiums and expenses incurred or paid by the Parent Borrower or any of its respective Affiliates in connection with the Transactions, this Agreement, and the other Credit Documents, and the transactions contemplated hereby and thereby.

"**Transactions**" shall mean, collectively, the transactions contemplated by this Agreement, the transactions contemplated by each of the First Tier Facilities, the Acquisition, the Equity Contribution, the Closing Date Refinancing and the consummation of any other transactions in connection with the foregoing (including the payment of the fees and expenses incurred in connection with any of the foregoing (including the Transaction Expenses)).

"**Transferee**" shall have the meaning provided in <u>Section 13.6(e)</u>.

"**TRS**" shall mean a taxable REIT subsidiary.

"**Type**", when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Term SOFR, SOFR Average or the ABR.

"**UCP**" shall mean, with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce ("ICC") Publication No. 600 (or such later version thereof as may be in effect at the time of issuance).

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

"**UK Resolution Authority**" shall mean the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"**Unadjusted Benchmark Replacement**" shall mean the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"**Uniform Commercial Code**" shall mean the Uniform Commercial Code as in effect from time and time in the State of New York or, when the laws of any other jurisdiction govern the perfection or enforcement of any Lien, the Uniform Commercial Code of such jurisdiction.

"**Unpaid Drawing**" shall have the meaning provided in <u>Section 3.4(a)</u>.

"**U.S.**" and "**United States**" shall mean the United States of America.

"**US Balance Sheet Loan Agreement**" shall mean that certain Loan Agreement, dated as of the date hereof, by and among the borrowers listed on Schedule I thereto, Wells Fargo Bank, National Association, as administrative agent, and the lenders from time to time party thereto, providing for a "Loan Amount" (as defined therein) as of the Closing Date of up to $2,300,000,000.

"**US Balance Sheet Loan Facility**" shall mean that certain balance sheet loan facility established pursuant to the US Balance Sheet Loan Agreement and each of the "Loan Documents" as defined thereunder.

"U.S. **Government Securities Business Day**" means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"**U.S. Lender**" shall have the meaning provided in <u>Section 5.4(e)(ii)(A)</u>.

"**U.S. Special Resolution Regimes**" shall have the meaning provided in <u>Section 13.24</u>.

"**Voting Stock**" shall mean, with respect to any Person as of any date, the Capital Stock of such Person that is at the time entitled to vote in the election of the board of directors of such Person.

"**Wholly-Owned Subsidiary**" of any Person shall mean a Subsidiary of such Person, 100% of the outstanding Capital Stock or other ownership interests of which (other than directors' qualifying shares) shall at the time be owned by such Person or by one or more Wholly-Owned Subsidiaries of such Person.

"**Withdrawal Liability**" shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

"**Withholding Agent**" shall mean any Credit Party, the Administrative Agent and any other applicable withholding agent.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Other Interpretive Provisions</u>. With reference to this Agreement and each other Credit Document, unless otherwise specified herein or in such other Credit Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The words "herein", "hereto", "hereof", and "hereunder" and words of similar import when used in any Credit Document shall refer to such Credit Document as a whole and not to any particular provision thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section, Exhibit, and Schedule references are to the Credit Document in which such reference appears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The term "including" is by way of example and not limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The term "documents" includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the computation of periods of time from a specified date to a later specified date, the word "from" means "from and including"; the words "to" and "until" each mean "to but excluding"; and the word "through" means "to and including".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Section headings herein and in the other Credit Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Credit Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All references to "knowledge" or "awareness" of any Credit Party or any Subsidiary thereof means the actual knowledge of an Authorized Officer of such Credit Party or such Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) With respect to any Default or Event of Default, the words "exists," "is continuing" or similar expressions with respect thereto shall mean that such Default or Event of Default has occurred and has not yet been cured or waived. If any Default or Event of Default has occurred hereunder (any such Default or Event of Default, an "**Initial Default**") and is subsequently cured or waived (a "**Cured Default**"), any other Default or Event of Default that resulted from (i) the making or deemed making of any representation or warranty by any Credit Party or (ii) the taking of any action or failure to satisfy any condition precedent to the taking of any action by any Credit Party or any Subsidiary of any Credit Party, in each case which subsequent Default, Event of Default or failure would not have arisen had the Cured Default not been continuing at the time of such representation, warranty, action or failure to satisfy such condition precedent to the taking of any action, shall be deemed to automatically be cured or satisfied, as applicable, upon, and simultaneously with, the cure of the Cured Default, so long as at the time of such representation, warranty, action or failure to satisfy any condition precedent to the taking of any action, no Authorized Officer of the Parent Borrower had knowledge of any such Initial Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Accounting Terms</u>. Except as expressly provided herein, all accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP, applied in a consistent manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Rounding</u>. Any financial ratios required to be maintained by the Parent Borrower pursuant to this Agreement (or required to be satisfied in order for a specific action to be permitted under this Agreement) shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 <u>References to Agreements, Laws, Etc</u>. Unless otherwise expressly provided herein, (a) references to organizational documents, agreements (including the Credit Documents), and other Contractual Requirements shall be deemed to include all subsequent amendments, restatements, amendment and restatements, extensions, supplements, modifications, replacements, refinancings, renewals, or increases, but only to the extent that such amendments, restatements, amendment and restatements, extensions, supplements, modifications, replacements, refinancings, renewals, or increases are permitted by any Credit Document; and (b) references to any Requirements of Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing, or interpreting such Requirements of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 <u>Exchange Rates</u>. Notwithstanding the foregoing, for purposes of any determination under <u>Section 9</u>, <u>Section 10</u> or <u>Section 11</u>, or any determination under any other provision of this Agreement expressly requiring the use of a current exchange rate, all amounts incurred, outstanding, or proposed to be incurred or outstanding in currencies other than Dollars shall be translated into Dollars at the Spot Rate; provided, however, that for purposes of determining compliance with <u>Section 10</u> with respect to the amount of any Indebtedness, Lien, Asset Sale, or Restricted Payment in a currency other than Dollars, no Default or Event of Default shall be deemed to have occurred solely as a result of changes in rates of exchange occurring after the time such Indebtedness or Lien is incurred or after such Asset Sale or Restricted Payment is made; <u>provided</u> that, for the avoidance of doubt, the foregoing provisions of this <u>Section 1.6</u> shall otherwise apply to such Sections, including with respect to determining whether any Indebtedness, Lien, or Investment may be incurred or Asset Sale or Restricted Payment made at any time under such Sections. For purposes of any determination of Consolidated Total Assets, amounts in currencies other than Dollars shall be translated into Dollars at the currency exchange rates used in preparing the most recently delivered Section 9.1 Financials. For purposes of any determination of Consolidated Property Values, amounts in currencies other than Dollars shall be translated into Dollars at the currency exchange rates used in calculating the LTV in the certificate most recently delivered pursuant to <u>Section 9.1(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 <u>Rates</u>. The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the administration, submission, or any other matter related to the rates in the definitions of Term SOFR or SOFR Average or with respect to any comparable or successor rate thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 <u>Times of Day</u>. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 <u>Timing of Payment or Performance</u>. Except as otherwise provided herein, when the payment of any obligation or the performance of any covenant, duty, or obligation is stated to be due or performance required on (or before) a day which is not a Business Day, the date of such payment (other than as described in the definition of Interest Period) or performance shall extend to the immediately succeeding Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 <u>Certifications</u>. All certifications to be made hereunder by an officer or representative of a Credit Party shall be made by such a Person in his or her capacity solely as an officer or a representative of such Credit Party, on such Credit Party's behalf and not in such Person's individual capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 <u>Compliance with Certain Sections</u>. In the event that any Lien, Investment, Indebtedness (whether at the time of incurrence or upon application of all or a portion of the proceeds thereof), disposition, Restricted Payment, Affiliate transaction, Contractual Requirement, or prepayment of Indebtedness meets the criteria of one or more than one of the categories of transactions then permitted pursuant to any clause or subsection of <u>Section 9.9</u> or any clause or subsection of <u>Sections 10.1</u>, <u>10.2</u>, <u>10.3</u> or <u>10.4</u>, then such transaction (or portion thereof) at any time shall be allocated to one or more of such clauses or subsections within the relevant sections as determined by the Parent Borrower in its sole discretion at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 <u>Pro Forma and Other Calculations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary herein, (i) if any incurrence-based financial ratios or tests ("**Financial Incurrence Tests**") would be satisfied in any subsequent fiscal quarter following the utilization of either (x) fixed baskets, exceptions or thresholds (including any related builder or grower component) that do not require compliance with a financial ratio or test ("**Fixed Amounts**") or (y) baskets, exceptions and thresholds that require compliance with a financial ratio or test (any such amounts, "**Incurrence Based Amounts**"), then the reclassification of actions or transactions (or portions thereof), including the reclassification of utilization of any Fixed Amounts as incurred under any available Incurrence Based Amounts, shall be deemed to have automatically occurred even if not elected by the Parent Borrower (unless the Parent Borrower otherwise notifies the Administrative Agent) and (ii) in calculating any Incurrence Based Amounts (including any Financial Incurrence Tests), any (x) amounts incurred under the Revolving Credit Facility (or any other revolving facility), (y) Indebtedness concurrently incurred to fund original issue discount and/or upfront fees and (z) amounts incurred, or transactions entered into or consummated, in reliance on a Fixed Amount in a concurrent transaction, a single transaction or a series of related transactions with the amount incurred, or transaction entered into or consummated, under the applicable Incurrence Based Amount, in each case of the foregoing clauses (x), (y) and (z), shall not be given effect in calculating the applicable Incurrence Based Amount (but giving Pro Forma Effect to all applicable and related transactions (including the use of proceeds of all Indebtedness to be incurred and any repayments, repurchases and redemptions of Indebtedness) and all other pro forma adjustments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) Whenever Pro Forma Effect is to be given to a transaction, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Borrower (and may include, for the avoidance of doubt and without duplication, cost savings, operating expense reductions, operating enhancements, revenue enhancements and synergies resulting from such Pro Forma Event which is being given Pro Forma Effect that have been or are expected to be realized). If any Indebtedness bears a floating rate of interest and is being given Pro Forma Effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account for such entire period, any Hedging Obligation applicable to such Indebtedness with a remaining term of 12 months or longer, and in the case of any Hedging Obligation applicable to such Indebtedness with a remaining term of less than 12 months, taking into account such Hedging Obligation to the extent of its remaining term). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Borrower to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a Pro Forma Basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period (or, if lower, the greater of (i) maximum commitments under such revolving credit facilities as of the date of determination and (ii) the aggregate principal amount of loans outstanding under such a revolving credit facilities on such date). Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Borrower may designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything to the contrary herein, for purposes of determining compliance with any test or covenant contained in this Agreement with respect to any period during which any Pro Forma Event occurs, applicable financial ratio shall each be calculated with respect to such period and such Pro Forma Event on a Pro Forma Basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with any action being taken solely in connection with a Limited Condition Transaction, for purposes of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) determining compliance with any provision of this Agreement which requires the calculation of a financial ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) determining the accuracy of representations and warranties in <u>Section 8</u> and/or whether a Default or Event of Default shall have occurred and be continuing under <u>Section 11</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) testing availability under baskets set forth in this Agreement (including baskets measured as a percentage of Consolidated Total Assets or such other accounting metric);

in each case, at the option of the Borrower (the Borrower's election to exercise such option in connection with any Limited Condition Transaction, an "**LCT Election**"), the date of determination of whether any such action is permitted hereunder, shall be deemed to be the date (i) the definitive agreements for such Limited Condition Transaction are entered into (or, in respect of any transaction described in clause (b) of the definition of a Limited Condition Transaction, delivery of irrevocable notice or similar event) or (ii) in connection with an acquisition to which the City Code on Takeovers (or an analogous law) applies, the date on which a "Rule 2.7 announcement" of a firm intention to make an offer in respect of a target company is made in compliance with the City Code on Takeovers (or a corresponding announcement under such analogous law) (the "**LCT Test Date**"), and if, after giving Pro Forma Effect to the Limited Condition Transaction and the other transactions to be entered into in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) as if they had occurred at the beginning of the most recent Test Period ending prior to the LCT Test Date, the Parent Borrower could have taken such action on the relevant LCT Test Date in compliance with such ratio or basket, such ratio or basket shall be deemed to have been complied with. For the avoidance of doubt, if the Parent Borrower has made an LCT Election and any of the ratios or baskets for which compliance was determined or tested as of the LCT Test Date are exceeded as a result of fluctuations in any such ratio or basket, including due to fluctuations in Consolidated Total Assets of the Parent Borrower or the Person subject to such Limited Condition Transaction, at or prior to the consummation of the relevant transaction or action, such baskets or ratios will not be deemed to have been exceeded as a result of such fluctuations. If the Borrower has made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio or basket availability with respect to the incurrence of Indebtedness or Liens, or the making of Restricted Payments, mergers, the conveyance, lease or other transfer of all or substantially all of the assets of the Parent Borrower, or the prepayment, redemption, purchase, defeasance or other satisfaction of Indebtedness on or following the relevant LCT Test Date and prior to the earlier of (i) the date on which such Limited Condition Transaction is consummated or (ii) the date that the definitive agreement for such Limited Condition Transaction is terminated or expires (or, if applicable, the irrevocable notice or similar event is terminated or expires) without consummation of such Limited Condition Transaction, any such ratio or basket shall be calculated on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have been consummated until such time as the applicable Limited Condition Transaction has actually closed or the definitive agreement with respect thereto has been terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary in this <u>Section 1.12</u> or in any classification under GAAP of any Person, business, assets or operations in respect of which a definitive agreement for the disposition thereof has been entered into as discontinued operations, no Pro Forma Effect shall be given to any discontinued operations (and the earnings or value attributable to any such Person, business, assets or operations shall not be excluded for any purposes hereunder) until such disposition shall have been consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any determination of Consolidated Total Assets shall be made by reference to the last day of the fiscal quarter to which the Section 9.1 Financials pertain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Except as otherwise specifically provided herein, all computations of Consolidated Total Assets, LTV and other financial ratios and financial calculations (and all definitions (including accounting terms) used in determining any of the foregoing) shall be calculated, in each case, with respect to the Parent Borrower and its Subsidiaries on a consolidated basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) At the option of the Parent Borrower, all leases of any Person that are or would be characterized as operating leases in accordance with GAAP before giving effect to FASB Accounting Standards Update ASU 2016-02 (assuming for purposes hereof that they were in existence prior to implementation of FASB Accounting Standards Update ASU 2016-02) shall continue to be accounted for as operating leases (and not as Capital Leases) for purposes of this Agreement (whether or not such operating lease obligations were in effect on such date) regardless of FASB Accounting Standards Update ASU 2016-02 that would otherwise require (on a prospective or retroactive basis or otherwise) such leases to be recharacterized as Capital Leases; <u>provided</u>, however, that, any obligations relating to a lease that was accounted for by the Parent Borrower and/or its Subsidiaries as an operating lease as of the Closing Date and any similar lease entered into after giving effect to FASB Accounting Standards Update ASU 2016-02 shall be accounted for as an operating lease and not a Capitalized Lease Obligation for purposes of determining whether such lease constitutes Indebtedness for all purposes under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 <u>Form Intercreditor Agreements</u>. Notwithstanding anything to the contrary herein, (x) any First Lien Intercreditor Agreement (meeting the requirements of the definition herein) and/or Second Lien Intercreditor Agreement (meeting the requirements of the definition herein), as applicable, shall be deemed to be reasonable and acceptable to the Administrative Agent and the Lenders, and the Administrative Agent and the Lenders shall be deemed to have consented to the use of each such intercreditor agreement (and to the Administrative Agent's execution thereof) in connection with any Indebtedness permitted to be incurred, issued and/or assumed by the Parent Borrower or any other Credit Party pursuant to <u>Section 10.1</u> and (y) any First Lien Intercreditor Agreement and/or Second Lien Intercreditor Agreement, as applicable, the forms of joinder attached thereto, and any intercreditor agreements and forms of joinder substantially in the form of the First Lien Intercreditor Agreement and/or Second Lien Intercreditor Agreement, as applicable, or, as applicable, the forms of joinder attached thereto, in each case without any material changes therefrom, shall be deemed to be reasonable and acceptable to the Administrative Agent, the Collateral Agent and the Lenders, and (i) no acknowledgment or countersignature by the Administrative Agent, the Collateral Agent or the Lenders shall be required to comply with any requirement that an intercreditor agreement be entered into (or joined) in connection with any Indebtedness secured by the Collateral that is not prohibited from being incurred, issued and/or assumed by the Parent Borrower or any other Credit Party under <u>Section 10.1</u>, so long as a Representative authorized by the requisite holders of such Indebtedness executes such intercreditor agreement or joinder in substantially such form without any material changes therefrom and (ii) the Lenders shall be deemed to have consented to the use of any of the foregoing (and the Administrative Agent and/or the Collateral Agent shall be deemed to be authorized and directed to execute all of the foregoing) in connection with any Indebtedness secured by the Collateral that is not prohibited from being incurred, issued and/or assumed by the Borrower or any of its Subsidiaries under <u>Section 10.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 <u>Divisions</u>. Any reference herein to a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company or other Person, or an allocation of assets to a series of a limited liability company or other Person (or the unwinding of such a division or allocation) (any such transaction, a "**Division**"), as if it were a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any Division of a limited liability company or other Person shall constitute a separate Person hereunder (and each Division of any limited liability company or other Person that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 <u>Designation of Borrowers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower Agent may from time to time designate one or more Additional Borrowers for purposes of this Agreement by delivering to the Administrative Agent: (i) written notice (including via email) of its election to become an Additional Borrower duly executed on behalf of such Subsidiary and the applicable Borrower less than fifteen (15) days prior to the proposed effectiveness of such election (or such later date as may be agreed by the Administrative Agent), (ii) all documentation and other information with respect to such Subsidiary as may be reasonably requested by the Administrative Agent or, in the case of any Additional Borrower under any Revolving Credit Facility, any Revolving Credit Lender at least five (5) Business Days prior to the date of such effectiveness (or such later date as may be agreed by the Parent Borrower) that is required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including without limitation the Patriot Act and the Beneficial Ownership Regulation, no later than two (2) Business Days prior to the date of such effectiveness (or such later date as may be agreed by the Administrative Agent); (iii) [reserved], (iv) a certificate of an Authorized Officer of the Borrower Agent stating that, as of the date the Additional Borrower joins this Agreement as such, no Default or Event of Default has occurred and is continuing; (v) promissory notes in respect of such Additional Borrower in favor of any Lender requesting such promissory notes, in form and substance consistent with the form of promissory notes set forth in <u>Exhibit F</u> (modified to reflect such Additional Borrower); and (vi) a customary joinder agreement in form and substance reasonably satisfactory to the Administrative Agent whereby the Additional Borrower becomes party hereto as a Borrower and appoints the Parent Borrower as "Borrower Agent" hereunder and under the other Credit Documents. The Obligations of the Parent Borrower and each Additional Borrower shall be joint and several in nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After such deliveries, the appointment of the Additional Borrower shall be effective upon the effectiveness of an amendment to this Agreement and any applicable Credit Document necessary (in the reasonable judgment of the Administrative Agent) to give effect to the appointment of such Additional Borrower (in form and substance reasonably acceptable to the Administrative Agent, including amendments to disambiguate certain uses of the word "Borrower" and related terms hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 <u>Borrower Agent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Borrower hereby designates the Parent Borrower as its representative and agent (the "**Borrower Agent**") for all purposes under the Credit Documents, including requests for Loans and Letters of Credit, designation of interest rates, delivery or receipt of communications, receipt and payment of Obligations, requests for waivers, amendments or other accommodations, actions under the Credit Documents (including in respect of compliance with covenants) and all other dealings with the Administrative Agent, any Letter of Credit Issuer or any Lender. The Parent Borrower hereby accepts such appointment. The Administrative Agent, the Letter of Credit Issuers and the Lenders shall be entitled to rely upon, and shall be fully protected in relying upon, any notice or communication delivered by the Parent Borrower on behalf of any Borrower. The Administrative Agent and the Lenders may give any notice to or communication with a Borrower or other Credit Party hereunder to the Parent Borrower on behalf of such Borrower or other Credit Party.

Section 2. <u>Amount and Terms of Credit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Commitments</u>. Subject to and upon the terms and conditions herein set forth, each Revolving Credit Lender severally agrees to make Revolving Credit Loans denominated in Dollars to the Borrower (on a joint and several basis) from its applicable lending office (each, a "**Revolving Credit Loan**") (a) on the Closing Date, in an aggregate principal amount equal to the amount necessary to fund (i) (x) the Reserves Shortfall and (y) the Proceeds Shortfall, *plus* (ii) any amount needed to fund (x) upfront fees or original issue discount in respect of any Credit Facilities imposed under the Fee Letter, (y) working capital adjustments pursuant to the Acquisition Agreement and/or the refinancing of any Indebtedness incurred for working capital or capital expenditure purposes and (z) purchase price adjustments and prorations made pursuant to the Acquisition Agreement and/or the Property Acquisition Agreements, which for the avoidance of doubt may not exceed the amount of such Revolving Credit Lender's Revolving Credit Commitment, and (b) from and after the Closing Date, in an aggregate principal amount not to exceed at any time outstanding the amount of such Revolving Credit Lender's Revolving Credit Commitment, for any working capital or general corporate purposes; <u>provided</u> that any of the foregoing such Revolving Credit Loans (A) shall be made on the Closing Date (with respect to Revolving Credit Loans described in clause (a) of this <u>Section 2.01</u>) and at any time and from time to time on and after the Closing Date (with respect to Revolving Credit Loans described in clause (b) of this <u>Section 2.01</u>) and prior to the Revolving Credit Maturity Date, (B) may, at the option of the Borrower be incurred and maintained as, and/or converted into, ABR Loans or, SOFR Loans that are Revolving Credit Loans; <u>provided</u> that all Revolving Credit Loans made by each of the Lenders pursuant to the same Borrowing shall, unless otherwise specifically provided herein, consist entirely of Revolving Credit Loans of the same Type, (C) may be repaid (without premium or penalty) and reborrowed in accordance with the provisions hereof, (D) shall not, for any Lender at any time, after giving effect thereto and to the application of the proceeds thereof, result in such Revolving Credit Lender's Revolving Credit Exposure in respect of any Class of Revolving Loans at such time exceeding such Revolving Credit Lender's Revolving Credit Commitment in respect of such Class of Revolving Loan at such time and (E) shall not, after giving effect thereto and to the application of the proceeds thereof, result at any time in the aggregate amount of the Revolving Credit Lenders' Revolving Credit Exposures at such time exceeding the Total Revolving Credit Commitment then in effect or the aggregate amount of the Revolving Credit Lenders' Revolving Credit Exposures of any Class of Revolving Loans at such time exceeding the aggregate Revolving Credit Commitment with respect to such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Loans and Borrowings.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Type of Loans</u>. Subject to Section 2.17, each Borrowing shall be comprised entirely
of SOFR Loans or ABR Loans. Each Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate of such
Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan
in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Minimum Amount of Each Borrowing; Maximum Number of Borrowings</u>. The aggregate
principal amount of each Borrowing of Revolving Credit Loans shall be in a minimum amount of at least the Minimum Borrowing Amount for
such Type of Loans and in a multiple of $100,000 in excess thereof (except that (i) Revolving Credit Loans to reimburse such Letter of
Credit Issuer with respect to any Unpaid Drawing shall be made in the amounts required by Section 3.3 or Section
3.4, as applicable and (ii) a Borrowing of Revolving Credit Loans may be in an aggregate amount that is equal to the entire unused balance
of the Revolving Credit Commitments). More than one Borrowing may be incurred on any date; provided that at no time shall there be outstanding
more than fifteen (15) Borrowings of SOFR Loans, that are Revolving Credit Loans and six (6) Borrowings of SOFR Loans for each additional
Class of Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Notice of Borrowing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the Borrower desires to incur Revolving Credit Loans (other than borrowings to repay Unpaid Drawings), then the Borrower shall give the Administrative Agent at the Administrative Agent's Office, (i) [reserved], (ii) prior to 1:00 p.m. (New York City Time) at least three Business Days' prior written notice of each Borrowing of SOFR Loans that are Revolving Credit Loans (or, in the case of a Borrowing of Revolving Credit Loans to be made on the Closing Date, one Business Day's notice; <u>provided</u> that the Borrower shall give the Administrative Agent such notice prior to 2:00 p.m. (New York City time) on such date) and (iii) prior to 11:00 a.m. (New York City time) on the day of such Borrowing prior written notice of each Borrowing of Revolving Credit Loans that are ABR Loans. Each such notice (a "**Notice of Borrowing**", substantially in the form of <u>Exhibit I</u>), except as otherwise expressly provided in <u>Section 2.10</u>, shall specify (A) the aggregate principal amount of the Revolving Credit Loans to be made pursuant to such Borrowing, (B) the currency of the Revolving Credit Loans to be borrowed, (C) the date of Borrowing (which shall be a Business Day) and (D) whether the respective Borrowing shall consist of ABR Loans or SOFR Loans, that are Revolving Credit Loans and, if SOFR Loans, that are Revolving Credit Loans, the Interest Period to be initially applicable thereto. If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be for ABR Loans. If no Interest Period is specified with respect to any requested SOFR Loans, then the Borrower shall be deemed to have selected an Interest Period of one month's duration. The Administrative Agent shall promptly give each Revolving Credit Lender written notice of each proposed Borrowing of Revolving Credit Loans, of such Lender's Revolving Credit Commitment Percentage thereof, of the identity of the Borrower, and of the other matters covered by the related Notice of Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Borrowings to reimburse Unpaid Drawings shall be made upon the notice specified in <u>Section 3.4(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without in any way limiting the obligation of the Parent Borrower to confirm in writing any notice it shall give hereunder by telephone (which obligation is absolute), the Administrative Agent may act prior to receipt of written confirmation without liability upon the basis of such telephonic notice believed by the Administrative Agent in good faith to be from an Authorized Officer of the Parent Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Disbursement of Funds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No later than 2:00 p.m. (New York City time) on the date specified in each Notice of Borrowing, each Lender shall make available its pro rata portion, if any, of each Borrowing requested to be made on such date in the manner provided below; <u>provided</u> that on the Closing Date, such funds may be made available at such earlier time as may be agreed among the Lenders, the Borrower, and the Administrative Agent for the purpose of consummating the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender shall make available all amounts it is to fund to the Borrower under any Borrowing for its applicable Commitments, and in immediately available funds, to the Administrative Agent at the Administrative Agent's Office and the Administrative Agent will make available to the Borrower, by depositing to an account designated by the Parent Borrower to the Administrative Agent the aggregate of the amounts so made available in Dollars. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Borrowing that such Lender does not intend to make available to the Administrative Agent its portion of the Borrowing or Borrowings to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such date of Borrowing, and the Administrative Agent, in reliance upon such assumption, may (in its sole discretion and without any obligation to do so) make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender and the Administrative Agent has made available such amount to the Borrower, the Administrative Agent shall be entitled to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor the Administrative Agent shall promptly notify the Parent Borrower and the Borrower shall immediately pay such corresponding amount to the Administrative Agent in Dollars. The Administrative Agent shall also be entitled to recover from such Lender or the Borrower interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to (i) if paid by such Lender, the Overnight Rate or (ii) if paid by the Borrower, the then-applicable rate of interest or fees, calculated in accordance with <u>Section 2.8</u>, for the respective Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this <u>Section 2.4</u> shall be deemed to relieve any Lender from its obligation to fulfill its commitments hereunder or to prejudice any rights that the Borrower may have against any Lender as a result of any default by such Lender hereunder (it being understood, however, that no Lender shall be responsible for the failure of any other Lender to fulfill its commitments hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Repayment of Loans; Evidence of Debt</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall repay to the Administrative Agent for the benefit of the Revolving Credit Lenders, on the Revolving Credit Maturity Date, the then outstanding Revolving Credit Loans in the currency in which such Revolving Credit Loans are denominated. The Borrower shall repay to the Administrative Agent for the benefit of the Revolving Credit Lenders, on each Extended Revolving Loan Maturity Date, the then outstanding amount of Extended Revolving Credit Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the Indebtedness of the Borrower to the appropriate lending office of such Lender resulting from each Loan made by such lending office of such Lender from time to time, including the amounts of principal and interest payable and paid to such lending office of such Lender from time to time under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall maintain the Register pursuant to <u>Section 13.6(b)</u>, and a subaccount for each Lender, in which Register and subaccounts (taken together) shall be recorded (i) the amount of each Loan made hereunder, whether such Loan is a Revolving Credit Loan or Extended Revolving Credit Loan, the Type of each Loan made, the name of the Borrower and the Interest Period, if any, applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder from the Borrower and each Lender's share thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The entries made in the Register and accounts and subaccounts maintained pursuant to <u>clauses (c)</u> and <u>(d)</u> of this <u>Section 2.5</u> shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; <u>provided</u>, <u>however</u>, that, in the event of any inconsistency between the Register and any such account or subaccount, the Register shall govern; <u>provided</u>, <u>further</u>, that the failure of any Lender or the Administrative Agent to maintain such account, such Register or subaccount, as applicable, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loans made to the Borrower by such Lender in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Borrower hereby agrees that, upon request of any Lender at any time and from time to time after the Borrower has made an initial borrowing hereunder, the Borrower shall provide to such Lender, at the Borrower's own expense, a promissory note, substantially in the form of <u>Exhibit F</u>, as applicable, evidencing the Revolving Loans owing to such Lender. Thereafter, unless otherwise agreed to by the applicable Lender, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to <u>Section 13.6</u>) be represented by one or more promissory notes in such form payable to the payee named therein or its registered assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Conversions and Continuations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the penultimate sentence of this <u>clause (a)</u>, (x) the Borrower shall have the option on any Business Day to convert all or a portion equal to at least $5,000,000 of the outstanding principal amount of Revolving Credit Loans of one Type into a Borrowing or Borrowings of another Type and (y) the Borrower shall have the option on any Business Day to continue the outstanding principal amount of any SOFR Loans as SOFR Loans for an additional Interest Period; <u>provided</u> that (i) no partial conversion of SOFR Loans shall reduce the outstanding principal amount of SOFR Loans made pursuant to a single Borrowing to less than the Minimum Borrowing Amount, (ii) ABR Loans may not be converted into SOFR Loans if an Event of Default is in existence on the date of the conversion and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such conversion, (iii) [reserved], (iv) [reserved], (v) SOFR Loans may not be continued as SOFR Loans for an additional Interest Period if an Event of Default is in existence on the date of the proposed continuation and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuation, (vi) [reserved] and (vii) Borrowings resulting from conversions pursuant to this <u>Section 2.6</u> shall be limited in number as provided in <u>Section 2.2</u>. Each such conversion or continuation shall be effected by the Borrower by giving the Administrative Agent prior written notice at the Administrative Agent's Office prior to 1:00 p.m. (New York City time) at least (i) three Business Days prior, in the case of a continuation of or conversion to SOFR Loans (other than in the case of a notice delivered on the Closing Date, which shall be deemed to be effective on the Closing Date), or (ii) 1:00 p.m. (New York City time) on the proposed day of a conversion into ABR Loans (each, a "**Notice of Conversion or Continuation**" substantially in the form of <u>Exhibit I</u>) specifying the Loans to be so converted or continued, the Type of Loans to be converted or continued into and, if such Loans are to be converted into or continued as SOFR Loans, the Interest Period to be initially applicable thereto. If no Interest Period is specified in any such notice with respect to any conversion to or continuation as a SOFR Loan, the Borrower shall be deemed to have selected an Interest Period of one month's duration. The Administrative Agent shall give each applicable Lender notice as promptly as practicable of any such proposed conversion or continuation affecting any of its Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Event of Default is in existence at the time of any proposed continuation of any SOFR Loans and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuation, such SOFR Loans shall be automatically converted on the last day of the current Interest Period into ABR Loans. If upon the expiration of any Interest Period in respect of SOFR Loans, the Borrower has failed to elect a new Interest Period to be applicable thereto as provided in <u>clause (a)</u>, the Borrower shall be deemed to have elected to convert such Borrowing of SOFR Loans into a Borrowing of ABR Loans, effective as of the expiration date of such current Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with the use or administration of Term SOFR or SOFR Average, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Credit Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Credit Document (other than as provided in the definition of Conforming Changes). The Administrative Agent will promptly notify the Borrower and the Lenders of the effectiveness of any Conforming Changes in connection with the use or administration of Term SOFR or SOFR Average.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Pro Rata Borrowings</u>. Each Borrowing of Revolving Credit Loans under this Agreement shall be made by the Lenders *pro rata* on the basis of their then-applicable Revolving Credit Commitment Percentages. It is understood that (a) no Lender shall be responsible for any default by any other Lender in its obligation to make Loans hereunder and that each Lender severally but not jointly shall be obligated to make the Loans provided to be made by it hereunder, regardless of the failure of any other Lender to fulfill its commitments hereunder and (b) other than as expressly provided herein with respect to a Defaulting Lender, failure by a Lender to perform any of its obligations under any of the Credit Documents shall not release any Person from performance of its obligation, under any Credit Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The unpaid principal amount of each ABR Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin for ABR Loans *plus* the ABR, in each case, in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The unpaid principal amount of each Term SOFR Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin for SOFR Loans *plus* Term SOFR for the applicable Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The unpaid principal amount of each SOFR Average Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin for SOFR Loans *plus* SOFR Average over the applicable Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If an Event of Default pursuant to <u>Section 11.1</u> or <u>11.5</u> has occurred and is continuing (but after giving effect to any grace period set forth therein), if all or a portion of (i) the principal amount of any Loan or (ii) any interest payable thereon or any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum (the "**Default Rate**") that is (x) in the case of overdue principal, the rate that would otherwise be applicable thereto *plus* 2.00% or (y) in the case of any other overdue amount, including overdue interest, to the extent permitted by applicable law, the rate described in <u>Section 2.8(a)</u> for the applicable Class *plus* 2.00% from the date of such non-payment to the date on which such amount is paid in full (after as well as before judgment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Interest on each Loan shall accrue from and including the date of any Borrowing to but excluding the date of any repayment thereof and shall be payable in Dollars; <u>provided</u> that any Loan that is repaid on the same date on which it is made shall bear interest for one day. Except as provided below, interest shall be payable (i) in respect of each ABR Loan, quarterly in arrears on the last Business Day of each fiscal quarter of the Parent Borrower, (ii) in respect of each SOFR Loan, on the last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three-month intervals after the first day of such Interest Period, and (iii) in respect of each Loan, (A) upon any prepayment in respect thereof, (B) at maturity (whether by acceleration or otherwise), and (C) after such maturity, on demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All computations of interest hereunder shall be made in accordance with <u>Section 5.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Administrative Agent, upon determining the interest rate for any Borrowing of SOFR Loans, shall promptly notify the Parent Borrower and the relevant Lenders thereof. Each such determination shall, absent clearly demonstrable error, be final and conclusive and binding on all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Interest Periods</u>. At the time the Parent Borrower gives a Notice of Borrowing or Notice of Conversion or Continuation in respect of the making of, or conversion into or continuation as, a Borrowing of SOFR Loans in accordance with <u>Section 2.6(a)</u>, the Parent Borrower shall give the Administrative Agent written notice of the Interest Period applicable to such Borrowing, which Interest Period shall, at the option of the Parent Borrower, be a one or three month period with respect to SOFR Loans (or if available to all the Lenders making such SOFR Loans, a twelve month or shorter period).

Notwithstanding anything to the contrary contained above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the initial Interest Period for any Borrowing of SOFR Loans shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of Loans of a different type) and each Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding Interest Period expires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if any Interest Period relating to a Borrowing of SOFR Loans begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such Interest Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; <u>provided</u> that if any Interest Period in respect of a SOFR Loan would otherwise expire on a day that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the immediately preceding Business Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Parent Borrower shall not be entitled to elect any Interest Period in respect of any SOFR Loan if such Interest Period would extend beyond the Maturity Date of such Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Increased Costs, Illegality, Etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 2.18</u>, in the event that (x) in the case of clause (i) below, the Administrative Agent and (y) in the case of clauses (ii) and (iii) below, the Required Revolving Credit Lenders shall have reasonably determined (which determination shall, absent clearly demonstrable error, be final and conclusive and binding upon all parties hereto):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on any date for determining Term SOFR or SOFR Average for any Interest Period that (x) deposits in the principal amounts and currencies of the Loans comprising such Borrowing of SOFR Loans are not generally available in the relevant market or (y) by reason of any changes arising on or after the Closing Date affecting the applicable market, adequate and fair means do not exist for ascertaining the interest rate on the basis provided for in the definition of "Term SOFR" or "SOFR Average", as applicable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at any time following the Closing Date, (x) that such Lenders shall incur or suffer any increased costs or reductions attributable to Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (ii) through (iv) of Excluded Taxes, (C) Connection Income Taxes and (D) Other Taxes) because of any Change in Law or (y) that any Change in Law shall impose, modify or deem applicable any reserve, special deposit or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances or loans by, or any other acquisition of funds by any Lender for any SOFR Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at any time, that the making or continuance of any SOFR Loan has become unlawful by compliance by such Lenders in good faith with any law, governmental rule, regulation, guideline or order (or would conflict with any such governmental rule, regulation, guideline or order not having the force of law even though the failure to comply therewith would not be unlawful);

(such Loans, "**Impacted Loans**"), then, and in any such event, such Required Revolving Credit Lenders (or the Administrative Agent, in the case of <u>clause (i)</u> above) shall within a reasonable time thereafter give notice (in writing) to the Borrower and to the Administrative Agent of such determination (which notice the Administrative Agent shall promptly transmit to each of the other Lenders). Thereafter (x) in the case of <u>clause (i)</u> above, SOFR Loans shall no longer be available until such time as the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice by the Administrative Agent no longer exist (which notice the Administrative Agent agrees to give at such time when such circumstances no longer exist), and any Notice of Borrowing or Notice of Conversion or Continuation given by the Borrower with respect to SOFR Loans that have not yet been incurred shall be deemed rescinded by the Borrower, (y) in the case of <u>clause (ii)</u> above, the Borrower shall pay to such Lenders, promptly after receipt of written demand therefor such additional amounts (in the form of an increased rate of, or a different method of calculating, interest or otherwise as such Required Revolving Credit Lenders in their reasonable discretion shall determine) as shall be required to compensate such Lenders for such actual increased costs or reductions in amounts receivable hereunder (it being agreed that a written notice as to the additional amounts owed to such Lenders, showing in reasonable detail the basis for the calculation thereof, submitted to the Borrower by such Lenders shall, absent clearly demonstrable error, be final and conclusive and binding upon all parties hereto), and (z) in the case of <u>subclause (iii)</u> above, the Borrower shall take one of the actions specified in <u>subclause (x)</u> or <u>(y)</u>, as applicable, of <u>Section 2.10(b)</u> promptly and, in any event, within the time period required by law.

Notwithstanding the foregoing, if the Administrative Agent has made the determination described in <u>Section 2.10(a)(i)(x)</u>, the Administrative Agent, in consultation with the Borrower and the affected Lenders, may establish an alternative interest rate for the Impacted Loans, in which case, such alternative rate of interest shall apply with respect to the Impacted Loans until (1) the Administrative Agent revokes the notice delivered with respect to the Impacted Loans under <u>clause (x)</u> of the first sentence of the immediately preceding paragraph, (2) the Administrative Agent or the affected Lenders notify the Administrative Agent and the Borrower that such alternative interest rate does not adequately and fairly reflect the cost to such Lenders of funding the Impacted Loans, or (3) any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender or its applicable lending office to make, maintain or fund Loans whose interest is determined by reference to such alternative rate of interest or to determine or charge interest rates based upon such rate or any Governmental Authority has imposed material restrictions on the authority of such Lender to do any of the foregoing and provides the Administrative Agent and the Borrower written notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time that any SOFR Loan is affected by the circumstances described in <u>Section 2.10(a)(ii)</u> or <u>(iii)</u>, the Borrower may (and in the case of a Loan affected pursuant to <u>Section 2.10(a)(iii)</u> shall) either (x) if a Notice of Borrowing or Notice of Conversion or Continuation with respect to the affected Loan has been submitted pursuant to <u>Section 2.3</u> or <u>Section 2.6</u> but the affected Loan has not been funded or continued, cancel such requested Borrowing by giving the Administrative Agent written notice thereof on the same date that the Borrower was notified by Lenders pursuant to <u>Section 2.10(a)(ii)</u> or <u>(iii)</u> or (y) if the affected Loan is then outstanding, upon at least three Business Days' notice to the Administrative Agent, require the affected Lender to convert each such Loan into an ABR Loan; <u>provided</u> that if more than one Lender is affected at any time, then all affected Lenders must be treated in the same manner pursuant to this <u>Section 2.10(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, after the Closing Date, any Change in Law relating to capital adequacy or liquidity of any Lender or compliance by any Lender or its parent with any Change in Law relating to capital adequacy or liquidity occurring after the Closing Date, has or would have the effect of reducing the actual rate of return on such Lender's or its parent's or its Affiliate's capital or assets as a consequence of such Lender's commitments or obligations hereunder to a level below that which such Lender or its parent or its Affiliate could have achieved but for such Change in Law (taking into consideration such Lender's or its parent's policies with respect to capital adequacy or liquidity), then from time to time, promptly after written demand by such Lender (with a copy to the Administrative Agent), the Borrower shall pay to such Lender such actual additional amount or amounts as will compensate such Lender or its parent for such actual reduction, it being understood and agreed, however, that a Lender shall not be entitled to such compensation as a result of such Lender's compliance with, or pursuant to any request or directive to comply with, any law, rule or regulation as in effect on the Closing Date or to the extent such Lender is not imposing such charges on, or requesting such compensation from, borrowers (similarly situated to the Parent Borrower hereunder) under comparable syndicated credit facilities similar to the Credit Facilities. Each Lender, upon determining in good faith that any additional amounts will be payable pursuant to this <u>Section 2.10(c)</u>, will give prompt written notice thereof to the Borrower, which notice shall set forth in reasonable detail the basis of the calculation of such additional amounts, although the failure to give any such notice shall not, subject to <u>Section 2.13</u>, release or diminish the Borrower's obligations to pay additional amounts pursuant to this <u>Section 2.10(c)</u> promptly following receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 <u>Change of Lending Office</u>. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of <u>Sections 2.10(a)(ii)</u>, <u>2.10(a)(iii)</u>, <u>2.10(b)</u>, <u>3.5</u> or <u>5.4</u> with respect to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate another lending office for any Loans affected by such event; provided that such designation is made on such terms that such Lender and its lending office suffer no unreimbursed cost or other material economic, legal or regulatory disadvantage, with the object of avoiding the consequence of the event giving rise to the operation of any such Section. Nothing in this <u>Section 2.12</u> shall affect or postpone any of the obligations of the Borrower or the right of any Lender provided in <u>Sections 2.10</u>, <u>3.5</u> or <u>5.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 <u>Notice of Certain Costs</u>. Notwithstanding anything in this Agreement to the contrary, to the extent any notice required by <u>Sections 2.10</u> or <u>3.5</u> is given by any Lender more than 120 days after such Lender has knowledge (or should have had knowledge) of the occurrence of the event giving rise to the additional cost, reduction in amounts, loss, or other additional amounts described in such Sections, such Lender shall not be entitled to compensation under <u>Sections 2.10</u> or <u>3.5</u>, as the case may be, for any such amounts incurred or accruing prior to the 121st day prior to the giving of such notice to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 <u>Extension of Revolving Credit Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Joinder Agreement may, without the consent of any other Lenders, effect technical and corresponding amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provision of this <u>Section 2.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i) Solely in accordance with <u>Section 2.14(g)(iv)</u> below, Parent Borrower may at any time request that all or a portion of the Revolving Credit Commitments of any Class existing at the time of such request (each, an "**Existing Revolving Credit Commitment**" and any related revolving credit loans thereunder, "**Existing Revolving Credit Loans**"; each Existing Revolving Credit Commitment and related Existing Revolving Credit Loans together being referred to as an "**Existing Revolving Credit Class**") be converted to extend the termination date thereof and the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of Loans related to such Existing Revolving Credit Commitments (any such request, an "**Extension Request**", any such Existing Revolving Credit Commitments which have been so extended, "**Extended Revolving Credit Commitments**" and any related Loans, "**Extended Revolving Credit Loans**") and to provide for other terms consistent with this <u>Section 2.14(g)(i)</u>. In order to establish any Extended Revolving Credit Commitments, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Class of Existing Revolving Credit Commitments which such request shall be offered equally to all such Lenders); *provided* that the scheduled final maturity date shall be extended as set forth in <u>Section 2.14(g)(v)</u> and the Borrower shall have made payments to each such Extending Lender as set forth in <u>Section 2.14(g)(v)(B)</u>. Notwithstanding anything to the contrary in this <u>Section 2.14</u> or otherwise, (1) the borrowing and repayment (other than in connection with a permanent repayment and termination of commitments) of Loans with respect to any Original Revolving Credit Commitments shall be made on a pro rata basis with all other Original Revolving Credit Commitments and (2) no Extended Revolving Credit Commitments may be optionally permanently prepaid and terminated prior to the date on which the applicable Existing Revolving Credit Commitments from which they were converted (the "**Specified Existing Revolving Credit Commitments**") is permanently repaid in full and terminated, except in accordance with the last sentence of <u>Section 5.1</u>. No Lender shall have any obligation to agree to have any of its Revolving Credit Loans or Revolving Credit Commitments of any Existing Revolving Credit Class converted into Extended Revolving Credit Loans or Extended Revolving Credit Commitments pursuant to any Extension Request. Any Extended Revolving Credit Commitments of any Extension Series shall constitute a separate Class of revolving credit commitments from the Specified Existing Revolving Credit Commitments and from any other Existing Revolving Credit Commitments (together with any other Extended Revolving Credit Commitments so established on such date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Lender (an "Extending Lender") wishing to have all or a portion of its Revolving Credit Commitments or Extended Revolving Credit Commitment of the Existing Revolving Credit Class or Existing Revolving Credit Classes subject to such Extension Request converted into Extended Revolving Credit Commitments shall notify the Administrative Agent (an "Extension Election") on or prior to the date specified in such Extension Request of the amount of its Revolving Credit Commitments or Extended Revolving Credit Commitment of the Existing Revolving Credit Class or Existing Revolving Credit Classes subject to such Extension Request that it has elected to convert into Extended Revolving Credit Commitments, as applicable. In the event that the aggregate amount of Revolving Credit Commitments or Extended Revolving Credit Commitment of the Existing Revolving Credit Class or Existing Revolving Credit Classes subject to Extension Elections exceeds the amount of Extended Revolving Credit Commitments requested pursuant to the Extension Request, Revolving Credit Commitments or Extended Revolving Credit Commitments of the Existing Revolving Credit Class or Existing Revolving Credit Classes subject to Extension Elections shall be converted to Extended Revolving Credit Commitments on a pro rata basis based on the amount of Revolving Credit Commitments or Extended Revolving Credit Commitment included in each such Extension Election. Notwithstanding the conversion of any Original Revolving Credit Commitment into an Extended Revolving Credit Commitment, such Extended Revolving Credit Commitment shall be treated identically to all other Original Revolving Credit Commitments for purposes of the obligations of a Revolving Credit Lender in respect of Letters of Credit under Section 3, except that the applicable Extension Amendment may provide that the L/C Facility Maturity Date may be extended and the related obligations to issue Letters of Credit may be continued so long as the Letter of Credit Issuers, as applicable, have consented to such extensions in their sole discretion (it being understood that no consent of any other Lender shall be required in connection with any such extension).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Extended Revolving Credit Commitments shall be established pursuant to an amendment (an "**Extension Amendment**") to this Agreement executed by the Credit Parties, the Administrative Agent and the Extending Lenders. No Extension Amendment shall provide for any tranche of Extended Revolving Credit Commitments in an aggregate principal amount that is less than $5,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything to the contrary contained in this Agreement, (A) on any date on which any Existing Revolving Credit Class is converted to extend the related scheduled maturity date(s) in accordance with <u>clause (i)</u> above (an "**Extension Date**"), in the case of the Specified Existing Revolving Credit Commitments of each Extending Lender, the aggregate principal amount of such Specified Existing Revolving Credit Commitments shall be deemed reduced by an amount equal to the aggregate principal amount of Extended Revolving Credit Commitments so converted by such Lender on such date, and such Extended Revolving Credit Commitments shall be established as a separate Class of revolving credit commitments from the Specified Existing Revolving Credit Commitments and from any other Existing Revolving Credit Commitments (together with any other Extended Revolving Credit Commitments so established on such date) and (B) if, on any Extension Date, any Loans of any Extending Lender are outstanding under the applicable Specified Existing Revolving Credit Commitments, such Loans (and any related participations) shall be deemed to be allocated as Extended Revolving Credit Loans (and related participations) and Existing Revolving Credit Loans (and related participations) in the same proportion as such Extending Lender's Specified Existing Revolving Credit Commitments to Extended Revolving Credit Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The occurrence of any extension of Original Revolving Credit Commitments to extend the scheduled maturity date of such Original Revolving Credit Commitments shall be to the date that is the one (1) year anniversary of the Revolving Credit Maturity Date (in effect as of the Closing Date), and the effectiveness of any Extension Election by any Extending Lender in respect of such extension, shall be subject to the satisfaction of the following conditions as of the applicable Extension Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) no Event of Default shall have occurred and be continuing as of such Extension Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Borrower shall have made, upon or promptly following such date, to each such Extending Lender, a fee equal to 0.25% of the aggregate amount of such Lender's Original Revolving Credit Commitments which is extended as of such Extension Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Administrative Agent and the Lenders hereby consent to the consummation of the transactions contemplated by this <u>Section 2.14</u> (including, for the avoidance of doubt, payment of any interest, fees, or premium in respect of any Extended Revolving Credit Commitments on such terms as may be set forth in the relevant Extension Amendment) and hereby waive the requirements of any provision of this Agreement (including, without limitation, any pro rata payment or amendment section) or any other Credit Document that may otherwise prohibit or restrict any such extension or any other transaction contemplated by this <u>Section 2.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 <u>Defaulting Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Adjustments</u>. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Requirements of Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Waivers and Amendments</u>. Such Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Required Lenders and <u>Section 13.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Defaulting Lender Waterfall</u>. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Section 11</u> or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to <u>Section 13.8</u> shall be applied at such time or times as may be determined by the Administrative Agent as follows: *first*, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; *second*, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to such Letter of Credit Issuer hereunder; *third*, to Cash Collateralize such Letter of Credit Issuer's Fronting Exposure with respect to such Defaulting Lender in accordance with <u>Section 3.8</u>; *fourth*, as the Parent Borrower may request (so long as no Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; *fifth*, if so determined by the Administrative Agent and the Parent Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender's potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize such Letter of Credit Issuer's future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with <u>Section 3.8</u>; *sixth*, to the payment of any amounts owing to the Borrower, the Lenders or the Letter of Credit Issuers as a result of any judgment of a court of competent jurisdiction obtained by the Borrower, any Lender or any Letter of Credit Issuer against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and *seventh*, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; <u>provided</u> that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in <u>Section 7</u> were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, and L/C Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations are held by the Lenders pro rata in accordance with the Commitments hereunder without giving effect to <u>Section 2.16(a)(iv)</u>. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this <u>Section 2.16(a)(ii)</u> shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Certain Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) No Defaulting Lender shall be entitled to receive any fee payable under <u>Section 4</u> for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Lender is a Defaulting Lender only to the extent allocable to its applicable percentage of the Stated Amount of Letters of Credit for which it has provided Cash Collateral pursuant to <u>Section 3.8</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) With respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender's participation in L/C Obligations that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to such Letter of Credit Issuer the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Letter of Credit's Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Reallocation of Applicable Percentages to Reduce Fronting Exposure</u>. All or any part of such Defaulting Lender's participation in L/C Obligations shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Revolving Credit Commitment Percentages (calculated without regard to such Defaulting Lender's Commitment) but only to the extent that such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender's Commitment. Subject to <u>Section 13.23,</u> no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender's increased exposure following such reallocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Defaulting Lender Cure</u>. If the Parent Borrower, the Administrative Agent and the Letter of Credit Issuers agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Revolving Credit Loans and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Lenders in accordance with their Revolving Credit Commitment Percentages (without giving effect to <u>Section 2.16(a)(iv)</u>), whereupon such Lender will cease to be a Defaulting Lender; <u>provided</u> that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Parent Borrower while that Lender was a Defaulting Lender; and <u>provided</u>, <u>further</u>, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 <u>Alternate Rate of Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 2.18</u>, if prior to the commencement of any Interest Period for a Term SOFR Borrowing or SOFR Average Borrowing, the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining Term SOFR or SOFR Average, as applicable, for such Interest Period, then on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), such Loan shall be converted by the Administrative Agent to, and shall constitute, an ABR Loan denominated in dollars on such day or, at the Borrower's election prior to such day, be prepaid by the Borrower on such day (it being understood and agreed that if the Borrower does not so prepay such Loan on such day by 12:00 p.m. (New York City time) the Administrative Agent is authorized to effect such conversion of such Loan into an ABR Loan), and, upon the Borrower's receipt of notice from the Administrative Agent that the circumstances giving rise to the aforementioned notice no longer exist, such ABR Loan shall then be converted by the Administrative Agent to, and shall constitute, a SOFR Loan on the day of such notice being given to the Borrower by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 <u>Benchmark Replacement Setting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Benchmark Replacement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything to the contrary herein or in any other Credit Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Credit Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Credit Document and (y) if a Benchmark Replacement is determined in accordance with clause (b) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Credit Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders and the Parent Borrower without any amendment to, or further action or consent of any other party to, this Agreement or any other Credit Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No Hedge Agreement shall be deemed to be a "Credit Document" for purposes of this <u>Section 2.18</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Conforming Changes</u>. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent will have the right, subject to the consent of the Borrower, to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Credit Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Credit Document (other than as provided in the definition of Conforming Changes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notices; Standards for Decisions and Determinations</u>. The Administrative Agent will promptly (and in any event within five (5) Business Days) notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement and (iii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Administrative Agent will promptly notify the Borrower of the removal or reinstatement of any tenor of a Benchmark pursuant to <u>Section 2.18(d)</u>. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, the Borrower or any Lender (or group of Lenders) pursuant to this <u>Section 2.18</u>, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Credit Document, except, in each case, as expressly required pursuant to this <u>Section 2.18</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Benchmark Unavailability Period</u>. Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Loans determined in the applicable Benchmark to be made, converted or continued during any Benchmark Unavailability Period and, failing that, (i) the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to ABR Loans and (ii) any outstanding affected Loans will be deemed to have been converted into ABR Loans at the end of the applicable Interest Period. During a Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of ABR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding anything herein or in any other Credit Document to the contrary, the Administrative Agent and the Parent Borrower shall cooperate in good faith and use commercially reasonable efforts to satisfy any applicable requirements under proposed or final U.S. Treasury Regulations or other Internal Revenue Service guidance such that the use of an alternative rate of interest pursuant to this <u>Section 2.17</u> shall not result in a deemed exchange of any Indebtedness hereunder under Section 1001 of the Code.

Section 3. <u>Letters of Credit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Letters of Credit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to and upon the terms and conditions herein set forth, at any time and from time to time after the Closing Date and prior to the L/C Facility Maturity Date, each Letter of Credit Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this <u>Section 3</u>, to issue from time to time from the Closing Date through the L/C Facility Maturity Date for the account of the Parent Borrower (or, so long as the Parent Borrower is the primary obligor and a signatory to the Letter of Credit Request or remains the primary obligor for any reimbursement obligations pursuant to <u>Section 3.4</u> hereof, for the account of any Subsidiary) standby letters of credit (the "**Letters of Credit**" and each, a "**Letter of Credit**"), which Letters of Credit shall not exceed any Letter of Credit Issuer's Letter of Credit Commitment unless consented to by such Letter of Credit Issuer and in the aggregate shall not exceed the L/C Sublimit, in such form as may be approved by each Letter of Credit Issuer in its reasonable discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, (i) no Letter of Credit shall be issued the Stated Amount of which, when added to the Letters of Credit Outstanding at such time, would exceed the L/C Sublimit then in effect (or with respect to any Letter of Credit Issuer, exceed such Letter of Credit Issuer's Letter of Credit Commitment; <u>provided</u> that if the Parent Borrower determines that, in connection with any actual or anticipated L/C Borrowing, less than the full amount of the L/C Sublimit would be available to the Parent Borrower as a result of the application of this clause (i), then the Letter of Credit Commitments of each Letter of Credit Issuer shall be reallocated as elected by the Borrower in consultation with each Letter of Credit Issuer and with the consent of any such Letter of Credit Issuer which has its Letter of Credit Commitment increased as a result of such reallocation (and the Parent Borrower and the Letter of Credit Issuers agree to take such actions as among themselves to accommodate any such reallocation)); (ii) no Letter of Credit shall be issued the Stated Amount of which would cause the aggregate amount of the Lenders' Revolving Credit Exposures at the time of the issuance thereof to exceed the Total Revolving Credit Commitment then in effect; (iii) each Letter of Credit shall have an expiration date occurring no earlier than one year after the date of issuance thereof (except as set forth in <u>Section 3.2(d)</u>), <u>provided</u> that in no event shall such expiration date occur later than the L/C Facility Maturity Date, in each case, unless otherwise agreed upon by the Administrative Agent, such Letter of Credit Issuer and, unless such Letter of Credit has been Cash Collateralized or backstopped (in the case of a backstop only, on terms reasonably satisfactory to such Letter of Credit Issuer), the Revolving Credit Lenders; (iv) the Letter of Credit shall be denominated in Dollars; (v) no Letter of Credit shall be issued if it would be illegal under any applicable law for the beneficiary of the Letter of Credit to have a Letter of Credit issued in its favor; and (vi) no Letter of Credit shall be issued by any Letter of Credit Issuer after it has received a written notice from any Credit Party or the Administrative Agent or the Required Revolving Credit Lenders stating that a Default or Event of Default has occurred and is continuing until such time as such Letter of Credit Issuer shall have received a written notice of (x) rescission of such notice from the party or parties originally delivering such notice or (y) the waiver of such Default or Event of Default in accordance with the provisions of <u>Section 13.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon at least two Business Days' prior written notice to the Administrative Agent and each Letter of Credit Issuer (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the Parent Borrower shall have the right, on any day, permanently to terminate or reduce the Letter of Credit Commitments in whole or in part; <u>provided</u> that, after giving effect to such termination or reduction, the Letters of Credit Outstanding shall not exceed the L/C Sublimit (or with respect to any Letter of Credit Issuer, the Letters of Credit outstanding with respect to Letters of Credit issued by such Letter of Credit Issuer shall not exceed such Letter of Credit Issuer's Letter of Credit Commitment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Letter of Credit Issuer shall be under any obligation to issue any Letter of Credit if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms enjoin or restrain any Letter of Credit Issuer from issuing such Letter of Credit, or any law applicable to such Letter of Credit Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such Letter of Credit Issuer shall prohibit, or request that such Letter of Credit Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Letter of Credit Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (in each case, for which such Letter of Credit Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such Letter of Credit Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which such Letter of Credit Issuer in good faith deems material to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the issuance of such Letter of Credit would violate one or more policies of such Letter of Credit Issuer applicable to letters of credit generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) except as otherwise agreed by any Letter of Credit Issuer, such Letter of Credit is in an initial Stated Amount less than $10,000;<u>provided</u> that any Letter of Credit Issuer shall only be required to issue standby Letters of Credit denominated in Dollars unless it otherwise agrees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such Letter of Credit is denominated in a currency other than Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such Letter of Credit contains any provisions for automatic reinstatement of the Stated Amount after any drawing thereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a default of any Revolving Credit Lender's obligations to fund under <u>Section 3.3</u> exists or any Revolving Credit Lender is at such time a Defaulting Lender hereunder, unless, in each case, the Parent Borrower have entered into arrangements reasonably satisfactory to such Letter of Credit Issuer to eliminate such Letter of Credit Issuer's risk with respect to such Revolving Credit Lender or such risk has been reallocated in accordance with <u>Section 2.16</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Letter of Credit Issuer shall increase the Stated Amount of any Letter of Credit if such Letter of Credit Issuer would not be permitted at such time to issue such Letter of Credit in its amended form under the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Letter of Credit Issuer shall be under any obligation to issue an amendment to any Letter of Credit if such Letter of Credit Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any Letter of Credit Issuer shall act on behalf of the Revolving Credit Lenders with respect to any Letters of Credit issued by it and the documents associated therewith and such Letter of Credit Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in <u>Section 12</u> with respect to any acts taken or omissions suffered by any Letter of Credit Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term "Administrative Agent" as used in <u>Section 12</u> included any Letter of Credit Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to any Letter of Credit Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Letter of Credit Requests</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the Parent Borrower desires that a Letter of Credit be issued or amended, the Parent Borrower shall give the Administrative Agent and the Letter of Credit Issuers a Letter of Credit Request by no later than 1:00 p.m. (New York City time) at least three (3) Business Days (or such other period as may be agreed upon by the Parent Borrower, the Administrative Agent and each Letter of Credit Issuer) prior to the proposed date of issuance or amendment. Each Letter of Credit Request shall be executed by the Parent Borrower. Such Letter of Credit Request may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the applicable Letter of Credit Issuer, by personal delivery or by any other means acceptable to the applicable Letter of Credit Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of a request for the issuance of a Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably satisfactory to the Letter of Credit Issuers: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the identity of the applicant; and (C) such other matters as the applicable Letter of Credit Issuer may reasonably require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably satisfactory to the applicable Letter of Credit Issuer (I) the Letter of Credit to be amended; (II) the proposed date of issuance (which shall be a Business Day); (III) the nature of the proposed amendment; and (IV) such other matters as the applicable Letter of Credit Issuer may reasonably require. Additionally, the Parent Borrower shall furnish to such Letter of Credit Issuer and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as such Letter of Credit Issuer or the Administrative Agent may reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the Letter of Credit Issuers have received written notice from any Revolving Credit Lender, the Administrative Agent or any Credit Party, at least one Business Day prior to the requested date of issuance or amendment of the Letter of Credit, that one or more applicable conditions contained in <u>Sections 6</u> (solely with respect to any Letter of Credit issued on the Closing Date) and <u>7</u> shall not then be satisfied to the extent required thereby, then, subject to the terms and conditions hereof, the applicable Letter of Credit Issuer shall, on the requested date, issue a Letter of Credit for the account of the Parent Borrower (or, so long as the Parent Borrower is the primary obligor, for the account of a Subsidiary) or issue the applicable amendment, as the case may be, in each case in accordance with each such Letter of Credit Issuer's usual and customary business practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Parent Borrower so requests in any Letter of Credit Request, the applicable Letter of Credit Issuer shall agree to issue a Letter of Credit that has automatic extension provisions (each, an "**Auto-Extension Letter of Credit**"); <u>provided</u> that any such Auto-Extension Letter of Credit must permit such Letter of Credit Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof and the Parent Borrower not later than a day (the "**Non-Extension Notice Date**") in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by such Letter of Credit Issuer, the Parent Borrower shall not be required to make a specific request to such Letter of Credit Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the Letter of Credit Issuers to permit the extension of such Letter of Credit at any time to an expiry date not later than the L/C Facility Maturity Date, unless otherwise agreed upon by the Administrative Agent and such Letter of Credit Issuer; <u>provided</u>, <u>however</u>, that no Letter of Credit Issuer shall permit any such extension if (A) such Letter of Credit Issuer has reasonably determined that it would not be permitted, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of <u>clause (b)</u> of <u>Section 3.1</u> or otherwise), or (B) it has received written notice on or before the day that is seven Business Days before the Non-Extension Notice Date from the Administrative Agent, any Lender or the Parent Borrower that one or more of the applicable conditions specified in <u>Sections 6</u> and <u>7</u> are not then satisfied, and in each such case directing such Letter of Credit Issuer not to permit such extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the applicable Letter of Credit Issuer will also deliver to the Parent Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment. On the first Business Day of each month, each Letter of Credit Issuer shall provide the Administrative Agent a list of all Letters of Credit issued by it that are outstanding at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The making of each Letter of Credit Request shall be deemed to be a representation and warranty by the Parent Borrower that the Letter of Credit may be issued in accordance with, and will not violate the requirements of, <u>Section 3.1(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Letter of Credit Participations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Immediately upon the issuance by any Letter of Credit Issuer of any Letter of Credit, such Letter of Credit Issuer shall be deemed to have sold and transferred to each Revolving Credit Lender (each such Revolving Credit Lender, in its capacity under this <u>Section 3.3</u>, an "**L/C Participant**"), and each such L/C Participant shall be deemed irrevocably and unconditionally to have purchased and received from such Letter of Credit Issuer, without recourse or warranty, an undivided interest and participation (each an "**L/C Participation**"), to the extent of such L/C Participant's Revolving Credit Commitment Percentage in each Letter of Credit, each substitute therefor, each drawing made thereunder and the obligations of the Parent Borrower under this Agreement with respect thereto, and any security therefor or guaranty pertaining thereto; <u>provided</u> that the Letter of Credit Fees will be paid directly to the Administrative Agent for the ratable account of the L/C Participants as provided in <u>Section 4.1(b)</u> and the L/C Participants shall have no right to receive any portion of any Fronting Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In determining whether to pay under any Letter of Credit, the relevant Letter of Credit Issuer shall have no obligation relative to the L/C Participants other than to confirm that any documents required to be delivered under such Letter of Credit have been delivered and that they appear to comply on their face with the requirements of such Letter of Credit. Any action taken or omitted to be taken by the relevant Letter of Credit Issuer under or in connection with any Letter of Credit issued by it, if taken or omitted in the absence of gross negligence or willful misconduct as determined in the final non-appealable judgment of a court of competent jurisdiction, shall not create for the Letter of Credit Issuers any resulting liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that any Letter of Credit Issuer makes any payment under any Letter of Credit issued by it and the Parent Borrower shall not have repaid such amount in full to the respective Letter of Credit Issuer through the Administrative Agent pursuant to <u>Section 3.4(a)</u>, the Administrative Agent shall promptly notify each L/C Participant of such failure, and each L/C Participant shall promptly and unconditionally pay to the Administrative Agent for the account of such Letter of Credit Issuer, the amount of such L/C Participant's Revolving Credit Commitment Percentage of such unreimbursed payment in Dollars and in immediately available funds. If and to the extent such L/C Participant shall not have so made its Revolving Credit Commitment Percentage of the amount of such payment available to the Administrative Agent for the account of such Letter of Credit Issuer, such L/C Participant agrees to pay to the Administrative Agent for the account of such Letter of Credit Issuer, forthwith on demand, such amount, together with interest thereon for each day from such date until the date such amount is paid to the Administrative Agent for the account of such Letter of Credit Issuer at a rate per annum equal to the Overnight Rate from time to time then in effect, plus any administrative, processing or similar fees that are reasonably and customarily charged by such Letter of Credit Issuer in connection with the foregoing. The failure of any L/C Participant to make available to the Administrative Agent for the account of any Letter of Credit Issuer its Revolving Credit Commitment Percentage of any payment under any Letter of Credit shall not relieve any other L/C Participant of its obligation hereunder to make available to the Administrative Agent for the account of such Letter of Credit Issuer its Revolving Credit Commitment Percentage of any payment under such Letter of Credit on the date required, as specified above, but no L/C Participant shall be responsible for the failure of any other L/C Participant to make available to the Administrative Agent such other L/C Participant's Revolving Credit Commitment Percentage of any such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whenever the Administrative Agent receives a payment in respect of an unpaid Reimbursement Obligation as to which the Administrative Agent has received for the account of any Letter of Credit Issuer any payments from the L/C Participants pursuant to <u>clause (c)</u> above, the Administrative Agent shall promptly pay to each L/C Participant that has paid its Revolving Credit Commitment Percentage of such Reimbursement Obligation, in Dollars and in immediately available funds, an amount equal to such L/C Participant's share (based upon the proportionate aggregate amount originally funded by such L/C Participant to the aggregate amount funded by all L/C Participants) of the amount so paid in respect of such Reimbursement Obligation and interest thereon accruing after the purchase of the respective L/C Participations at the Overnight Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations of the L/C Participants to make payments to the Administrative Agent for the account of each Letter of Credit Issuer with respect to Letters of Credit shall be irrevocable and not subject to counterclaim, set-off or other defense or any other qualification or exception whatsoever and shall be made in accordance with the terms and conditions of this Agreement under all circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If any payment received by the Administrative Agent for the account of any Letter of Credit Issuer pursuant to <u>Section 3.3(c)</u> is required to be returned, each Lender shall pay to the Administrative Agent for the account of such Letter of Credit Issuer its Revolving Credit Commitment Percentage thereof on demand of the Administrative Agent, *plus* interest thereon from the date of such demand to the date such amount is returned by such Lender, at a rate per annum equal to the applicable Overnight Rate from time to time in effect. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Agreement to Repay Letter of Credit Drawings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent Borrower hereby agrees to reimburse the Letter of Credit Issuers, by making payment with respect to any drawing under any Letter of Credit in the same currency in which such drawing was made. Any such reimbursement shall be made by the Parent Borrower to the Administrative Agent in immediately available funds for any payment or disbursement made by any Letter of Credit Issuer under any Letter of Credit (each such amount so paid until reimbursed, an "**Unpaid Drawing**") no later than the date that is one Business Day after the date on which the Parent Borrower receives written notice of such payment or disbursement (the "**Reimbursement Date**"), with interest on the amount so paid or disbursed by such Letter of Credit Issuer, to the extent not reimbursed prior to 5:00 p.m. (New York City time) on the Reimbursement Date, from the Reimbursement Date to the date such Letter of Credit Issuer is reimbursed therefor at a rate per annum that shall at all times be (i) with respect to a Letter of Credit denominated in Dollars, the Applicable Margin for ABR Loans that are Revolving Credit Loans *plus* the ABR as in effect from time to time and (ii) [reserved], <u>provided</u> that, notwithstanding anything contained in this Agreement to the contrary, (i) unless the Parent Borrower shall have notified the Administrative Agent and the relevant Letter of Credit Issuer prior to 12:00 noon (New York City time) on the Reimbursement Date that the Parent Borrower intends to reimburse the relevant Letter of Credit Issuer for the amount of such drawing with funds other than the proceeds of Loans, the Parent Borrower shall be deemed to have given a Notice of Borrowing requesting that, with respect to Letters of Credit, the Revolving Credit Lenders make Revolving Credit Loans (which shall be denominated in Dollars and which shall be ABR Loans) on the Reimbursement Date in the amount of such drawing and (ii) the Administrative Agent shall promptly notify each L/C Participant of such drawing and the amount of its Revolving Credit Loan to be made in respect thereof, and each L/C Participant shall be irrevocably obligated to make a Revolving Credit Loan to the Parent Borrower in Dollars in the manner deemed to have been requested in the amount of its Revolving Credit Commitment Percentage of the applicable Unpaid Drawing by 2:00 p.m. (New York City time) on such Reimbursement Date by making the amount of such Revolving Credit Loan available to the Administrative Agent. Such Revolving Credit Loans shall be made without regard to the Minimum Borrowing Amount. The Administrative Agent shall use the proceeds of such Revolving Credit Loans solely for purpose of reimbursing any Letter of Credit Issuer for the related Unpaid Drawing. In the event that the Parent Borrower fails to Cash Collateralize any Letter of Credit that is outstanding on the L/C Facility Maturity Date, the full amount of the Letters of Credit Outstanding in respect of such Letter of Credit shall be deemed to be an Unpaid Drawing subject to the provisions of this <u>Section 3.4</u> except that such Letter of Credit Issuer shall hold the proceeds received from the L/C Participants as contemplated above as cash collateral for such Letter of Credit to reimburse any Unpaid Drawing under such Letter of Credit and shall use such proceeds first, to reimburse itself for any Unpaid Drawings made in respect of such Letter of Credit following the L/C Facility Maturity Date, second, to the extent such Letter of Credit expires undrawn, or is returned for cancellation while any such cash collateral remains, to the repayment of obligations in respect of any Revolving Credit Loans that have not been paid at such time and third, to the Parent Borrower or as otherwise directed by a court of competent jurisdiction. Nothing in this <u>Section 3.4(a)</u> shall affect the Parent Borrower's obligation to repay all outstanding Revolving Credit Loans when due in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligation of the Parent Borrower to reimburse the Letter of Credit Issuers for each drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) any lack of validity or enforceability of this Agreement or any of the other Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the existence of any claim, set-off, defense or other right that the Parent Borrower may have at any time against a beneficiary named in a Letter of Credit, any transferee of any Letter of Credit (or any Person for whom any such transferee may be acting), the Administrative Agent, any Letter of Credit Issuer, any Lender or other Person, whether in connection with this Agreement, any Letter of Credit, the transactions contemplated herein or any unrelated transactions (including any underlying transaction between the Parent Borrower and the beneficiary named in any such Letter of Credit);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) waiver by any Letter of Credit Issuer of any requirement that exists for such Letter of Credit Issuer's protection and not the protection of the Parent Borrower (or Subsidiary) or any waiver by such Letter of Credit Issuer which does not in fact materially prejudice the Parent Borrower (or Subsidiary);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any payment made by any Letter of Credit Issuer in respect of an otherwise complying item presented after the date specified as the expiration date of, or the date by which documents must be received under, such Letter of Credit if presentation after such date is authorized by the UCC, the ISP or the UCP, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any payment by any Letter of Credit Issuer under such Letter of Credit against presentation of documents that does not strictly comply with the terms of such Letter of Credit; or any payment made by any Letter of Credit Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under the Bankruptcy Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) honor of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form of a draft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any adverse change in any relevant exchange rates or in the relevant currency markets generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Parent Borrower (or Subsidiary) (other than the defense of payment or performance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parent Borrower shall not be obligated to reimburse any Letter of Credit Issuer for any wrongful payment made by any Letter of Credit Issuer under the Letter of Credit issued by it as a result of acts or omissions constituting willful misconduct or gross negligence on the part of any Letter of Credit Issuer as determined in the final non-appealable judgment of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Increased Costs</u>. If after the Closing Date, the adoption of any applicable law, treaty, rule, or regulation, or any change therein, or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or actual compliance by any Letter of Credit Issuer or any L/C Participant with any request or directive made or adopted after the Closing Date (whether or not having the force of law), by any such authority, central bank or comparable agency shall either (x) impose, modify or make applicable any reserve, deposit, capital adequacy or similar requirement against letters of credit issued by any Letter of Credit Issuer, or any L/C Participant's L/C Participation therein, or (y) impose on any Letter of Credit Issuer or any L/C Participant any other conditions or costs affecting its obligations under this Agreement in respect of Letters of Credit or L/C Participations therein or any Letter of Credit or such L/C Participant's L/C Participation therein, and the result of any of the foregoing is to increase the actual cost to such Letter of Credit Issuer or such L/C Participant of issuing, maintaining or participating in any Letter of Credit, or to reduce the actual amount of any sum received or receivable by such Letter of Credit Issuer or such L/C Participant hereunder (including any increased costs or reductions attributable to Taxes, other than (A) Indemnified Taxes, (B) Taxes described in clauses (ii) through (iv) of Excluded Taxes, (C) Connection Income Taxes and (D) Other Taxes) in respect of Letters of Credit or L/C Participations therein, then, promptly after receipt of written demand to the Parent Borrower by such Letter of Credit Issuer or such L/C Participant, as the case may be (a copy of which notice shall be sent by such Letter of Credit Issuer or such L/C Participant to the Administrative Agent (with respect to a Letter of Credit issued on account of the Parent Borrower (or Subsidiary))), the Parent Borrower shall pay to such Letter of Credit Issuer or such L/C Participant such actual additional amount or amounts as will compensate such Letter of Credit Issuer or such L/C Participant for such increased cost or reduction, it being understood and agreed, however, that no Letter of Credit Issuer or L/C Participant shall be entitled to such compensation as a result of such Person's compliance with, or pursuant to any request or directive to comply with, any such law, rule or regulation as in effect on the Closing Date. A certificate submitted to the Parent Borrower by the relevant Letter of Credit Issuer or an L/C Participant, as the case may be (a copy of which certificate shall be sent by such Letter of Credit Issuer or such L/C Participant to the Administrative Agent), setting forth in reasonable detail the basis for the determination of such actual additional amount or amounts necessary to compensate such Letter of Credit Issuer or such L/C Participant as aforesaid shall be conclusive and binding on the Parent Borrower absent clearly demonstrable error. The obligations of the Parent Borrower under this <u>Section 3.5</u> shall survive the payment in full of the Obligations and the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>New or Successor Letter of Credit Issuer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Letter of Credit Issuer may resign as a Letter of Credit Issuer upon 60 days' prior written notice to the Administrative Agent, the Lenders and the Parent Borrower. The Parent Borrower may replace any Letter of Credit Issuer for any reason upon written notice to the Administrative Agent and such Letter of Credit Issuer. The Parent Borrower may add Letter of Credit Issuers at any time upon notice to the Administrative Agent. If a Letter of Credit Issuer shall resign or be replaced, or if the Parent Borrower shall decide to add a new Letter of Credit Issuer under this Agreement, then the Parent Borrower may appoint from among the Lenders a successor issuer of Letters of Credit or a new Letter of Credit Issuer, as the case may be, or, with the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed), another successor or new issuer of Letters of Credit, whereupon such successor issuer accepting such appointment shall succeed to the rights, powers and duties of the replaced or resigning Letter of Credit Issuer under this Agreement and the other Credit Documents, or such new issuer of Letters of Credit accepting such appointment shall be granted the rights, powers and duties of the Letter of Credit Issuers hereunder, and the term Letter of Credit Issuers shall mean such successor or such new issuer of Letters of Credit effective upon such appointment. At the time such resignation or replacement shall become effective, the Parent Borrower shall pay to the resigning or replaced Letter of Credit Issuer all accrued and unpaid fees applicable to the Letters of Credit pursuant to <u>Sections 4.1(b)</u> and <u>4.1(d)</u>. The acceptance of any appointment as a Letter of Credit Issuer hereunder whether as a successor issuer or new issuer of Letters of Credit in accordance with this Agreement, shall be evidenced by an agreement entered into by such new or successor issuer of Letters of Credit, in a form reasonably satisfactory to the Parent Borrower and the Administrative Agent and, from and after the effective date of such agreement, such new or successor issuer of Letters of Credit shall become a Letter of Credit Issuer hereunder. After the resignation or replacement of a Letter of Credit Issuer hereunder, the resigning or replaced Letter of Credit Issuer shall remain a party hereto and shall continue to have all the rights and obligations of the Letter of Credit Issuers under this Agreement and the other Credit Documents with respect to Letters of Credit issued by it prior to such resignation or replacement, but shall not be required to issue additional Letters of Credit. In connection with any resignation or replacement pursuant to this <u>clause (a)</u> (but, in case of any such resignation, only to the extent that a successor issuer of Letters of Credit shall have been appointed), either (i) the Parent Borrower, the resigning or replaced Letter of Credit Issuer and the successor issuer of Letters of Credit shall arrange to have any outstanding Letters of Credit issued by the resigning or replaced Letter of Credit Issuer replaced with Letters of Credit issued by the successor issuer of Letters of Credit or (ii) the Parent Borrower shall cause the successor issuer of Letters of Credit, if such successor issuer is reasonably satisfactory to the replaced or resigning Letter of Credit Issuer, to issue "back-stop" Letters of Credit naming the resigning or replaced Letter of Credit Issuer as beneficiary for each outstanding Letter of Credit issued by the resigning or replaced Letter of Credit Issuer, which new Letters of Credit shall be denominated in the same currency as, and shall have an amount equal to, the Letters of Credit being back-stopped and the sole requirement for drawing on such new Letters of Credit shall be presentation of a statement either that there has been a drawing on the corresponding back-stopped Letters of Credit or that the back-stopping Letter of Credit will expire within thirty (30) days or less and back-stopped Letters of Credit are still outstanding. After any resigning or replaced Letter of Credit Issuer's resignation or replacement as Letter of Credit Issuer, the provisions of this Agreement relating to the Letter of Credit Issuers shall inure to its benefit as to any actions taken or omitted to be taken by it (A) while it was a Letter of Credit Issuer under this Agreement or (B) at any time with respect to Letters of Credit issued by such Letter of Credit Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) To the extent there are, at the time of any resignation or replacement as set forth in <u>clause (a)</u> above, any outstanding Letters of Credit, nothing herein shall be deemed to impact or impair any rights and obligations of any of the parties hereto with respect to such outstanding Letters of Credit (including, without limitation, any obligations related to the payment of Fees or the reimbursement or funding of amounts drawn), except that the Parent Borrower, the resigning or replaced Letter of Credit Issuer and the successor issuer of Letters of Credit shall have the obligations regarding outstanding Letters of Credit described in <u>clause (a)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <u>Role of Letter of Credit Issuer</u>. Each Lender and the Parent Borrower agree that, in paying any drawing under a Letter of Credit, no Letter of Credit Issuer shall have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the Letter of Credit Issuers, the Administrative Agent, any of their respective Affiliates nor any correspondent, participant or assignee of any Letter of Credit Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Required Revolving Credit Lenders; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct as determined in the final non-appealable judgment of a court of competent jurisdiction; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. The Parent Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided that this assumption is not intended to, and shall not, preclude the Parent Borrower's pursuit of such rights and remedies as they may have against the beneficiary or transferee at law or under any other agreement. None of the Letter of Credit Issuers, the Administrative Agent, any of their respective Affiliates nor any correspondent, participant or assignee of the Letter of Credit Issuers shall be liable or responsible for any of the matters described in <u>Section 3.3(b)</u>; provided that anything in such Section to the contrary notwithstanding, the Parent Borrower may have a claim against a Letter of Credit Issuer, and a Letter of Credit Issuer may be liable to the Parent Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Parent Borrower which the Parent Borrower prove were caused by such Letter of Credit Issuer's willful misconduct or gross negligence or such Letter of Credit Issuer's willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of documents strictly complying with the terms and conditions of a Letter of Credit in each case as determined in the final non- appealable judgment of a court of competent jurisdiction. In furtherance and not in limitation of the foregoing, any Letter of Credit Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and no Letter of Credit Issuer shall be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.

Any Letter of Credit Issuer may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication ("SWIFT") message or overnight courier, or any other commercially reasonable means of communicating with a beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Cash Collateral</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Certain Credit Support Events</u>. Upon the written request of the Administrative Agent or any Letter of Credit Issuer, if (1) as of the L/C Facility Maturity Date, any L/C Obligation for any reason remains outstanding or (2) the Parent Borrower shall be required to provide Cash Collateral pursuant to <u>Section 11.12</u>, the Parent Borrower shall immediately (in the case of <u>clause (2)</u> above) or within one Business Day (in all other cases) following any written request by the Administrative Agent or any Letter of Credit Issuer, provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount (determined in the case of Cash Collateral provided pursuant to <u>clause (3)</u> above, after giving effect to <u>Section 2.16(a)(iv)</u> and any Cash Collateral provided by the Defaulting Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Grant of Security Interest</u>. The Parent Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grant to (and subject to the control of) the Administrative Agent, for the benefit of the Administrative Agent, any Letter of Credit Issuer and the Revolving Credit Lenders, and agree to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein as described in <u>Section 3.8(a)</u>, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to <u>Section 3.8(c)</u>. If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent or any Letter of Credit Issuer as herein provided, other than Permitted Liens, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount (including, without limitation, as a result of exchange rate fluctuations), the Parent Borrower will, promptly upon written demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency. Cash Collateral shall be maintained in blocked, interest bearing deposit accounts with the Administrative Agent. The Parent Borrower shall pay on demand therefor from time to time all customary account opening, activity and other administrative fees and charges in connection with the maintenance and disbursement of Cash Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Application</u>. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this <u>Section 3.8</u> or <u>Sections 2.16</u>, <u>5.2</u>, or <u>11.12</u> in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C Obligations, obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to secure other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with <u>Section 13.6(b)(ii)</u>) or there is no longer existing an Event of Default) or (ii) the determination by the Administrative Agent and any Letter of Credit Issuer that there exists excess Cash Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <u>Applicability of ISP and UCP</u>. Unless otherwise expressly agreed by any Letter of Credit Issuer and the Parent Borrower when a Letter of Credit is issued, (i) the rules of the ISP shall be stated therein to apply to each standby Letter of Credit. Notwithstanding the foregoing, no Letter of Credit Issuer shall be responsible to the Parent Borrower for, and no Letter of Credit Issuer's rights and remedies against the Parent Borrower shall be impaired by, any action or inaction of any Letter of Credit Issuer required or permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the applicable law or any order of a jurisdiction where such Letter of Credit Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade (BAFT), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Conflict with Issuer Documents</u>. In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof shall control and any grant of security interest in any Issuer Documents shall be void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Letter of Credit Issued for Subsidiaries</u>. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Parent Borrower shall be obligated to reimburse the Letter of Credit Issuers hereunder for any and all drawings under such Letter of Credit. The Parent Borrower hereby acknowledges that the issuance of Letters of Credit for the account of any Subsidiaries inures to the benefit of the Parent Borrower and that the Parent Borrower's business derives substantial benefits from the businesses of such Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <u>Provisions Related to Extended Revolving Credit Commitments</u>. If the Letter of Credit Sublimit Expiration Date in respect of any tranche of Revolving Credit Commitments occurs prior to the expiry date of any Letter of Credit, then (i) if consented to by the Letter of Credit Issuer which issued such Letter of Credit, if one or more other tranches of Revolving Credit Commitments in respect of which the Letter of Credit Sublimit Expiration Date shall not have so occurred are then in effect, such Letters of Credit for which consent has been obtained shall automatically be deemed to have been issued (including for purposes of the obligations of the Revolving Credit Lenders to purchase participations therein and to make Revolving Credit Loans and payments in respect thereof pursuant to <u>Sections 3.3</u> and <u>3.4</u>) under (and ratably participated in by Lenders pursuant to) the Revolving Credit Commitments in respect of such non-terminating tranches up to an aggregate amount not to exceed the aggregate amount of the unutilized Revolving Credit Commitments thereunder at such time (it being understood that no partial amount of any Letter of Credit may be so reallocated) and (ii) to the extent not reallocated pursuant to immediately preceding clause (i), the Parent Borrower shall Cash Collateralize any such Letter of Credit in accordance with Section 3.8. Upon the maturity date of any tranche of Revolving Credit Commitments, the sublimit for Letters of Credit may be reduced as agreed between the Letter of Credit Issuers and the Parent Borrower, without the consent of any other Person.

Section 4. <u>Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without duplication, the Parent Borrower agrees to pay to the Administrative Agent in Dollars, for the account of each Revolving Credit Lender (in each case pro rata according to the respective Revolving Credit Commitments of all such Lenders), a commitment fee (the "Commitment Fee") for each day from the Closing Date to the Revolving Credit Termination Date. Each Commitment Fee shall be payable (x) quarterly in arrears on the last Business Day of each fiscal quarter of the Parent Borrower (for the quarterly period (or portion thereof) ended on such day for which no payment has been received) and (y) on the Revolving Credit Termination Date (for the period ended on such date for which no payment has been received pursuant to clause (x) above), and shall be computed for each day during such period at a rate per annum equal to the Commitment Fee Rate in effect on such day on the Available Commitment in effect on such day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without duplication, the Parent Borrower agrees to pay to the Administrative Agent in Dollars for the account of the Revolving Credit Lenders pro rata on the basis of their respective Letter of Credit Exposures, a fee in respect of each Letter of Credit issued on the Parent Borrower's or any of its Subsidiaries' behalf (the "**Letter of Credit Fee**"), for the period from the date of issuance of such Letter of Credit to the termination date of such Letter of Credit equal to a rate of (i) 4.25<u>3.00</u>% per annum for the period from the date of issuance of such Letter of Credit to the termination date of such Letter of Credit, computed on the average daily Stated Amount of such Letter of Credit less (ii) the Fronting Fee set forth in <u>clause (d)</u> below. Except as provided below, such Letter of Credit Fees shall be due and payable (x) quarterly in arrears on the last Business Day of each fiscal quarter of the Parent Borrower and (y) on the date upon which the Total Revolving Credit Commitment terminates and the Letters of Credit Outstanding shall have been reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without duplication, the Parent Borrower agrees to pay to the Administrative Agent in Dollars, for its own account, administrative agent fees as have been previously agreed in writing or as may be agreed in writing from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without duplication, the Borrower agrees to pay to each Letter of Credit Issuer a fee in Dollars in respect of each Letter of Credit issued by it to the Borrower (the "**Fronting Fee**") for the period from the date of issuance of such Letter of Credit to the termination date of such Letter of Credit, computed at the rate for each day equal to 0.25% per annum on the average daily Stated Amount of such Letter of Credit (or at such other rate per annum as agreed in writing between the Parent Borrower and any Letter of Credit Issuer). Such Fronting Fees shall be due and payable (x) quarterly in arrears on the last Business Day of each fiscal quarter of the Parent Borrower and (y) on the date upon which the Total Revolving Credit Commitment terminates and the Letters of Credit Outstanding shall have been reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Without duplication, the Borrower agrees to pay directly to the Letter of Credit Issuers in Dollars upon each issuance of, drawing under, and/or amendment of, a Letter of Credit issued by any Letter of Credit Issuer such amount as shall at the time of such issuance of, drawing under, and/or amendment be the processing charge that such Letter of Credit Issuer is customarily charging for issuances of, drawings under or amendments of, letters of credit issued by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding the foregoing, no Borrower shall be obligated to pay any amounts to any Defaulting Lender pursuant to this <u>Section 4.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Voluntary Reduction of Revolving Credit Commitments</u>. Upon at least two Business Days' prior written notice to the Administrative Agent at the Administrative Agent's Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the Parent Borrower shall have the right, without premium or penalty, on any day, permanently to terminate or reduce the Revolving Credit Commitments of any Class in whole or in part; <u>provided</u> that (a) any such reduction shall apply proportionately and permanently to reduce the Revolving Credit Commitment of each of the Lenders of any applicable Class, except that (i) notwithstanding the foregoing, in connection with the establishment on any date of any Extended Revolving Credit Commitments pursuant to <u>Section 2.14(g)</u>, the Revolving Credit Commitments of any one or more Lenders providing any such Extended Revolving Credit Commitments on such date shall be reduced in an amount equal to the amount of Revolving Credit Commitments so extended on such date (<u>provided</u> that (x) after giving effect to any such reduction and to the repayment of any Revolving Credit Loans made on such date, the Revolving Credit Exposure of any such Lender does not exceed the Revolving Credit Commitment thereof and (y) for the avoidance of doubt, any such repayment of Revolving Credit Loans contemplated by the preceding clause shall be made in compliance with the requirements of <u>Section 5.3(a)</u> with respect to the ratable allocation of payments hereunder, with such allocation being determined after giving effect to any conversion pursuant to <u>Section 2.14(g)</u> of Revolving Credit Commitments and Revolving Credit Loans into Extended Revolving Credit Commitments and Extended Revolving Credit Loans pursuant to <u>Section 2.14(g)</u> prior to any reduction being made to the Revolving Credit Commitment of any other Lender) and (ii) the Parent Borrower may at its election permanently reduce the Revolving Credit Commitment of a Defaulting Lender to $0 without affecting the Revolving Credit Commitments of any other Lender, (b) any partial reduction pursuant to this <u>Section 4.2</u> (other than any reduction pursuant to the foregoing clause (a)(ii)) shall be in the amount of at least $5,000,000, and (c) after giving effect to such termination or reduction and to any prepayments of the Loans made on the date thereof in accordance with this Agreement, the aggregate amount of the Lenders' Revolving Credit Exposures shall not exceed the Total Revolving Credit Commitment and the aggregate amount of the Lenders' Revolving Credit Exposures in respect of any Class shall not exceed the aggregate Revolving Credit Commitment of such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Mandatory Termination</u>. The Revolving Credit Commitment shall terminate at 5:00 p.m. (New York City time) on the Revolving Credit Maturity Date.

Section 5. <u>Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Voluntary Prepayments</u>. The Borrower shall have the right to prepay Loans, without premium or penalty, in whole or in part from time to time on the following terms and conditions: (1) the Parent Borrower shall give the Administrative Agent at the Administrative Agent's Office written notice of its intent to make such prepayment, the amount of such prepayment and (in the case of SOFR Loans,) the specific Borrowing(s) pursuant to which made, which notice shall be given by the Parent Borrower no later than 12:00 noon (New York City time) (i) in the case of SOFR Loans, three Business Days prior to and, (ii) in the case of ABR Loans, one Business Day prior to, the date of such prepayment and shall promptly be transmitted by the Administrative Agent to each of the Lenders; and (2) each partial prepayment of (i) any Borrowing of SOFR Loans shall be in a minimum amount of $5,000,000 and in multiples of $1,000,000 in excess thereof and (ii) any ABR Loans shall be in a minimum amount of $1,000,000 and in multiples of $100,000 in excess thereof, <u>provided</u> that no partial prepayment of SOFR Loans made pursuant to a single Borrowing shall reduce the outstanding SOFR Loans made pursuant to such Borrowing to an amount less than the applicable Minimum Borrowing Amount for such Loans. At the Parent Borrower's election in connection with any prepayment pursuant to this <u>Section 5.1</u>, such prepayment shall not be applied to any Revolving Credit Loan of a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Mandatory Prepayments</u>. The Borrower shall be required to prepay the Revolving Credit Loans as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Excess Cash Flow Prepayment</u>. Not later than ten Business Days after the date on which financial statements are required to be delivered pursuant to <u>Section 9.1(a)</u> or <u>Section 9.1(b)</u>, as applicable, starting with the first full fiscal quarter of the Parent Borrower ending after the Closing Date, the Parent Borrower shall prepay (or cause to be prepaid), in accordance with <u>clause (d)</u> below, outstanding Revolving Credit Loans in an aggregate principal amount equal to the lesser of (i) as of the day of the prepayment required pursuant to this clause (a) and after giving Pro Forma Effect to such prepayment, an amount that would cause the LTV not to exceed 60.0% and the Fixed Charge Coverage Ratio not to be less than 1.20 to 1.00 and (ii) (A) the amount of Excess Cash Flow for such fiscal quarter *minus* (B) at the election of the Parent Borrower, the principal amount of Revolving Credit Loans voluntarily prepaid pursuant to <u>Section 5.1</u> during such fiscal quarter or after such fiscal quarter and prior to the date of the prepayment required pursuant to this clause (a); <u>provided</u> that, to the extent the Parent Borrower is required to prepay the amount described in clause (ii) of this <u>Section 5.2(a)</u>, the Parent Borrower may elect (in its sole discretion) to have any voluntary prepayments described in sub-clause (B) thereof (to the extent such voluntary prepayments have not already been applied to reduce any prepayments due pursuant to this <u>Section 5.2(a)</u>) carried over to subsequent periods for which a prepayment is required pursuant to this <u>Section 5.2(a)</u>, to reduce any payments which may be due from time to time to the extent the Parent Borrower is required to prepay the amount described in clause (ii) of this <u>Section 5.2(a)</u> (<u>provided</u> that such carried forward amounts have not been applied to reduce any prepayments due pursuant to this <u>Section 5.2(a)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Lease Defect Revolving Obligations</u>. On or prior to the date that is three (3) months after the Closing Date, in an amount equal to the total amount of Lease Defect Revolving Obligations (if any) outstanding at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Sponsor Guaranty</u>. In lieu of making a prepayment of Revolving Credit Loans as set forth in <u>Section 5.2(a)</u>, the Parent Borrower may instead cause one or more Sponsor Guarantors to provide and maintain a guaranty, or amend any existing guaranty, in form and substance reasonably satisfactory to the Administrative Agent, of the Parent Borrower's obligations under <u>Section 5.2(a)</u> in favor of the Administrative Agent for the benefit of the Lenders (any such guaranty, a "**Sponsor Guaranty**") in an amount equal to such obligation, in which case the Mandatory Prepayment Event shall cease to exist. The Parent Borrower shall have the right at any time, without the consent of the Administrative Agent or any Lender, to replace any Sponsor Guarantor with one or more Replacement Sponsor Guarantors who may provide Sponsor Guaranties in replacement of the Sponsor Guaranty provided by the replaced Sponsor Guarantor on a several, and not joint, basis. In addition, in the event (1) any Sponsor Guaranty is outstanding, and the Parent Borrower elects to make voluntary prepayments of the outstanding obligations such that the aggregate prepayments are in excess of the mandatory prepayments required by <u>Section 5.2(a)</u> for the applicable quarter, the Parent Borrower shall be permitted to reduce (or cause to be reduced) the amount guaranteed by such Sponsor Guaranty to such lesser Prepayment Cap and (2) any Sponsor Guaranty is outstanding at any time that the LTV is determined to no longer exceed 60% and the Fixed Charge Coverage Ratio is determined to no longer be less than 1.20 to 1.00, the Parent Borrower shall be permitted to reduce (or cause to be reduced) the amount guaranteed by such Sponsor Guaranty to $0 or otherwise to terminate (or cause to be terminated) such Sponsor Guaranty, in the event of each of the foregoing clauses (1) or (2), without the consent of the Administrative Agent or any Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Repayment of Excess Revolving Credit Exposure</u>. If on any date the aggregate amount of the Lenders' Revolving Credit Exposures in respect of any Class of Revolving Loans for any reason exceeds 100% of the Revolving Credit Commitment of such Class then in effect, the Borrower shall forthwith repay on such date Revolving Loans of such Class in an amount equal to such excess. If after giving effect to the prepayment of all outstanding Revolving Loans of such Class, the Revolving Credit Exposures of such Class exceed the Revolving Credit Commitment of such Class then in effect, the Parent Borrower shall Cash Collateralize the Letters of Credit Outstanding in relation to such Class to the extent of such excess.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Application to Revolving Credit Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to each prepayment of Revolving Credit Loans pursuant to <u>Section 5.2(a)</u> or <u>Section 5.2(b)</u>, each such prepayment shall be applied pro rata among the Revolving Credit Loans then outstanding in accordance with each Lender's Revolving Credit Commitment Percentage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) With respect to each other prepayment of Revolving Credit Loans, the Parent Borrower may designate (i) the Types of Loans that are to be prepaid and the specific Borrowing(s) pursuant to which made and (ii) the Revolving Loans to be prepaid, <u>provided</u> that (y) each prepayment of any Loans made pursuant to a Borrowing shall be applied pro rata among such Loans. In the absence of a designation by the Parent Borrower as described in the preceding sentence, the Administrative Agent shall, subject to the above, make such designation in its reasonable discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything in this <u>Section 5.2(e)</u> to the contrary, no prepayment of Revolving Loans pursuant to <u>Section 5.1</u> shall be applied to the Revolving Loans of any Defaulting Lender unless otherwise agreed in writing by the Parent Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Method and Place of Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise specifically provided herein, all payments under this Agreement shall be made by the Borrower, without set-off, counterclaim or deduction of any kind, to the Administrative Agent for the ratable account of the Lenders entitled thereto or the Letter of Credit Issuers entitled thereto, as the case may be, not later than 12:00 noon (New York City time), in each case, on the date when due and shall be made in immediately available funds at the Administrative Agent's Office or at such other office as the Administrative Agent shall specify for such purpose by notice to the Parent Borrower, it being understood that written or facsimile notice by the Parent Borrower to the Administrative Agent to make a payment from the funds in the Borrower's account at the Administrative Agent's Office shall constitute the making of such payment to the extent of such funds held in such account. All repayments or prepayments of any Loans (whether of principal, interest or otherwise) hereunder and all other payments under each Credit Document shall, unless otherwise specified in such Credit Document, be made in Dollars. The Administrative Agent will thereafter cause to be distributed on the same day (if payment was actually received by the Administrative Agent prior to 12:00 noon (New York City time) or, otherwise, on the next Business Day in the Administrative Agent's sole discretion) like funds relating to the payment of principal or interest or Fees ratably to the Lenders entitled thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any payments under this Agreement that are made later than 12:00 noon (New York City time) may be deemed to have been made on the next succeeding Business Day in the Administrative Agent's sole discretion for purposes of calculating interest thereon. Except as otherwise provided herein, whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest shall be payable during such extension at the applicable rate in effect immediately prior to such extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Net Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any and all payments by or on account of any obligation of any Credit Party hereunder or under any other Credit Document shall to the extent permitted by applicable laws be made free and clear of and without reduction or withholding for any Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If any Credit Party, the Administrative Agent or any other applicable Withholding Agent shall be required by applicable law to withhold or deduct any Taxes from any payment, then (A) such Withholding Agent shall withhold or make such deductions as are reasonably determined by such Withholding Agent to be required by applicable law, (B) such Withholding Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum payable by the applicable Credit Party shall be increased as necessary so that after any required withholding or deductions have been made (including withholding or deductions applicable to additional sums payable under this <u>Section 5.4</u>) each Lender (or, in the case of a payment to the Administrative Agent for its own account, the Administrative Agent) receives an amount equal to the sum it would have received had no such withholding or deductions been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payment of Other Taxes by the Parent Borrower</u>. The Credit Parties shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law or timely reimburse the Administrative Agent or any Lender for the payment of any Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Indemnifications</u>. The Credit Parties shall indemnify the Administrative Agent and each Lender, and shall make payment in respect thereof within 15 days after receipt of written demand therefor, for the full amount of Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this <u>Section 5.4</u>) payable by the Administrative Agent or such Lender, as the case may be, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of any such payment or liability (along with a written statement setting forth in reasonable detail the basis and calculation of such amounts) delivered to the Parent Borrower by a Lender, or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Evidence of Payments</u>. After any payment of Taxes by any Credit Party or the Administrative Agent to a Governmental Authority as provided in this <u>Section 5.4</u>, the Parent Borrower shall deliver to the Administrative Agent or the Administrative Agent shall deliver to the Parent Borrower, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by laws to report such payment or other evidence of such payment reasonably satisfactory to the Parent Borrower or the Administrative Agent, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Status of Lenders and Tax Documentation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Lender shall deliver to the Parent Borrower and to the Administrative Agent, at such time or times reasonably requested by the Parent Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable laws or by the taxing authorities of any jurisdiction and such other reasonably requested information as will permit the Parent Borrower or the Administrative Agent, as the case may be, to determine (A) whether or not any payments made hereunder or under any other Credit Document are subject to Taxes, (B) if applicable, the required rate of withholding or deduction, and (C) such Lender's entitlement to any available exemption from, or reduction of, applicable Taxes in respect of any payments to be made to such Lender by any Credit Party pursuant to any Credit Document or otherwise to establish such Lender's status for withholding tax purposes in the applicable jurisdiction. Any documentation and information required to be delivered by a Lender pursuant to this <u>Section 5.4(e)</u> (including any specific documentation set forth in subsection (ii) below) shall be delivered by such Lender (i) on or prior to the Closing Date (or on or prior to the date it becomes a party to this Agreement), (ii) on or before any date on which such documentation expires or becomes obsolete or invalid, (iii) after the occurrence of any change in the Lender's circumstances requiring a change in the most recent documentation previously delivered by it to the Parent Borrower and the Administrative Agent, and (iv) from time to time thereafter if reasonably requested by the Parent Borrower or the Administrative Agent, and each such Lender shall promptly notify in writing the Parent Borrower and the Administrative Agent if such Lender is no longer legally eligible to provide any documentation previously provided. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in paragraphs (e)(ii)(A), (ii)(B)(1), (ii)(B)(2), (ii)(B)(3), (ii)(B)(4), (ii)(C) of this Section) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Lender that is a "United States person" within the meaning of Section 7701(a)(30) of the Code (a "**U.S. Lender**") shall deliver to the Parent Borrower and the Administrative Agent two executed copies of Internal Revenue Service Form W-9 or such other documentation or information prescribed by applicable laws or reasonably requested by the Parent Borrower or the Administrative Agent as will enable the Parent Borrower or the Administrative Agent, as the case may be, to determine whether or not such Lender is subject to backup withholding or information reporting requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each Non-U.S. Lender that is entitled under the Code or any applicable treaty to an exemption from or reduction of U.S. federal withholding tax with respect to any payments hereunder or under any other Credit Document shall deliver to the Parent Borrower and the Administrative Agent two of whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) executed copies of Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or any applicable successor form) claiming eligibility for benefits of an income tax treaty to which the United States is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) executed copies of Internal Revenue Service Form W-8ECI (or any successor form thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) or Section 871(h) of the Code, (x) a certificate, substantially in the form of <u>Exhibit H-1</u>, <u>H-2</u>, <u>H-3</u> or <u>H-4</u>, as applicable, (a "**Non-Bank Tax Certificate**"), to the effect that such Non-U.S. Lender is not (A) a "bank" within the meaning of Section 881(c)(3)(A) of the Code, (B) a "10 percent shareholder" of the Parent Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (C) a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code and that no payments under any Credit Document are effectively connected with such Non-U.S. Lender's conduct of a United States trade or business and (y) executed copies of Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or any applicable successor form);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) where such Lender is a partnership for U.S. federal income tax purposes or otherwise not a beneficial owner (e.g., where such Lender has sold a participation), Internal Revenue Service Form W-8IMY (or any successor thereto) and all required supporting documentation including, where one or more of the underlying beneficial owner(s) is claiming the benefits of the portfolio interest exemption, a Non-Bank Tax Certificate of such beneficial owner(s); <u>provided</u> that, if the Non-U.S. Lender is a partnership and not a participating Lender, the Non-Bank Tax Certificate(s) may be provided by the Non-U.S. Lender on behalf of the direct or indirect partner(s); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) executed copies of any other form prescribed by applicable laws as a basis for claiming exemption from or a reduction in United States federal withholding tax together with such supplementary documentation as may be prescribed by applicable laws to permit the Parent Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Administrative Agent is a "United States person" (as defined in Section 7701(a)(30) of the Code), it shall provide the Parent Borrower with two duly completed original copies of Internal Revenue Service Form W-9. If the Administrative Agent is not a "United States person" (as defined in Section 7701(a)(30) of the Code), it shall provide an applicable Form W-8 (together with required accompanying documentation) with respect to payments to be received by it on behalf of the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding anything to the contrary in this <u>Section 5.4</u>, no Lender or the Administrative Agent shall be required to deliver any documentation that it is not legally eligible to deliver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Treatment of Certain Refunds</u>. If the Administrative Agent or any Lender determines, in its sole reasonable discretion exercised in good faith, that it has received a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by any Credit Party or with respect to which any Credit Party has paid additional amounts pursuant to this <u>Section 5.4</u>, the Administrative Agent or such Lender (as applicable) shall promptly pay to the Parent Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Credit Parties under this <u>Section 5.4</u> with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Taxes) incurred by the Administrative Agent or such Lender, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); <u>provided</u> that the Parent Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Parent Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. In such event, the Administrative Agent or such Lender, as the case may be, shall, at the Parent Borrower's request, provide the Parent Borrower with a copy of any notice of assessment or other evidence of the requirement to repay such refund received from the relevant taxing authority (<u>provided</u> that the Administrative Agent or such Lender may delete any information therein that it deems confidential). Notwithstanding anything to the contrary in this <u>paragraph (f)</u>, in no event will the Administrative Agent or any Lender be required to pay any amount to an indemnifying party pursuant to this <u>paragraph (f)</u> the payment of which would place the Administrative Agent or any Lender in a less favorable net after-Tax position than the Administrative Agent or any Lender would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This subsection shall not be construed to require the Administrative Agent or any Lender to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to any Credit Party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For the avoidance of doubt, for purposes of this <u>Section 5.4</u>, the term "Lender" includes any Letter of Credit Issuer and the term "applicable law" includes FATCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each party's obligations under this <u>Section 5.4</u> shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under the Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Computations of Interest and Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Interest on SOFR Loans shall be calculated on the basis of a 360-day year for the actual days elapsed. Interest on ABR Loans calculated based on clauses (b) or (c) of the definition of "ABR" shall be calculated on the basis of a 360-day year for the actual days elapsed and calculated based on clause (a) of the definition of "ABR" shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Fees shall each be calculated on the basis of a 360-day year for the actual days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <u>Limit on Rate of Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Payment Shall Exceed Lawful Rate</u>. Notwithstanding any other term of this Agreement, the Parent Borrower shall not be obliged to pay any interest or other amounts under or in connection with this Agreement or otherwise in respect of the Obligations in excess of the amount or rate permitted under or consistent with any applicable law, rule or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payment at Highest Lawful Rate</u>. If the Parent Borrower is not obliged to make a payment that it would otherwise be required to make, as a result of <u>Section 5.6(a)</u>, the Parent Borrower shall make such payment to the maximum extent permitted by or consistent with applicable laws, rules, and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Adjustment if Any Payment Exceeds Lawful Rate</u>. If any provision of this Agreement or any of the other Credit Documents would obligate the Parent Borrower to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate that would be prohibited by any applicable law, rule or regulation, then notwithstanding such provision, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law, such adjustment to be effected, to the extent necessary, by reducing the amount or rate of interest required to be paid by the Parent Borrower to the affected Lender under <u>Section 2.8</u>; <u>provided</u> that to the extent lawful, the interest or other amounts that would have been payable but were not payable as a result of the operation of this Section shall be cumulated and the interest payable to such Lender in respect of other Loans or periods shall be increased (but not above the maximum rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

Notwithstanding the foregoing, and after giving effect to all adjustments contemplated thereby, if any Lender shall have received from the Parent Borrower an amount in excess of the maximum permitted by any applicable law, rule or regulation, then the Parent Borrower shall be entitled, by notice in writing to the Administrative Agent, to obtain reimbursement from that Lender in an amount equal to such excess, and pending such reimbursement, such amount shall be deemed to be an amount payable by that Lender to the Parent Borrower.

Section 6. <u>Conditions Precedent to Initial Borrowing</u>.

Any Borrowing of Revolving Credit Loans or issuance of Letters of Credit, in each case on the Closing Date, under this Agreement is subject to the satisfaction of the following conditions precedent, except as otherwise agreed between the Parent Borrower and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Credit Documents</u>.

The Administrative Agent (or its counsel) shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this Agreement, executed and delivered by a duly Authorized Officer of the Parent Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Guarantee, executed and delivered by a duly Authorized Officer of the
Guarantors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Pledge Agreement, executed and delivered by a duly Authorized Officer of the Parent Borrower and each Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Collateral</u>. Except for any items referred to on <u>Schedule 9.18</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all outstanding equity interests constituting Collateral in whatever form that is directly owned by or on behalf of any Credit Party and required to be pledged pursuant to the Security Documents shall have been pledged pursuant thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent received from the Company, the Collateral Agent shall have received the certificates (if any) representing equity interests constituting Collateral, in each case, to the extent required to be delivered under the Security Documents and pledged under the Security Documents to the extent certificated, accompanied by instruments of transfer and undated stock powers endorsed in blank; and

<u>provided</u> that to the extent any security interest in any Collateral is not or cannot be provided and/or perfected on the Closing Date (other than the pledge and perfection of the security interests (i) in the "certificated securities" (within the meaning of 8-102(a)(4) of the Uniform Commercial Code), if any, representing any Collateral and (ii) in other assets with respect to which a lien may be perfected by the filing of a financing statement under or in connection with the Uniform Commercial Code) after the Parent Borrower's use of commercially reasonable efforts to do so or without undue burden or expense, then the provision and/or perfection of a security interest in such Collateral shall not constitute a condition precedent to any Credit Event on the Closing Date but instead shall be required to be delivered and/or perfected after the Closing Date (but, in any event, not later than 90 days after the Closing Date or such longer period as may be agreed by the Administrative Agent in its reasonable discretion and the Parent Borrower acting reasonably, without any requirement for Lender consent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Legal Opinions</u>. The Administrative Agent (or its counsel) shall have received the executed legal opinion, in customary form, of Paul, Weiss, Rifkind, Wharton & Garrison LLP, counsel to the Credit Parties. The Parent Borrower hereby instruct and agree to instruct the other Credit Parties to have such counsel deliver such legal opinions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>[Reserved.]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Closing Certificates</u>. The Administrative Agent (or its counsel) shall have received (x) a certificate of each of the Parent Borrower and each other Guarantor, dated the Closing Date, substantially in the form of <u>Exhibit D</u>, with appropriate insertions, executed by any Authorized Officer and the Secretary or any Assistant Secretary of the Parent Borrower and each other Guarantor, as applicable and (y) a certificate executed by an Authorized Officer of the Parent Borrower certifying as to the accuracy in all material respects of the Specified Representations, substantially in the form of <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Authorization of Proceedings of the Parent Borrower and the Guarantors; Corporate Documents</u>. The Administrative Agent shall have received (i) a copy of the resolutions of the general partner, board of directors, member(s), trustee(s) or other governing bodies, as applicable, of the Parent Borrower and the Guarantors (or a duly authorized committee thereof) authorizing (a) the execution, delivery, and performance of the Credit Documents (and any agreements relating thereto) to which it is a party and (b) in the case of the Parent Borrower, the extensions of credit contemplated hereunder, (ii) the certificate of incorporation and by-laws, certificate of formation and operating agreement or other comparable organizational documents, as applicable, of the Parent Borrower and the Guarantors and (iii) signature and incumbency certificates (or other comparable documents evidencing the same) of the Authorized Officers of the Parent Borrower and the Guarantors executing the respective Credit Documents to which they are a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>Fees</u>. All fees required to be paid on the Closing Date (including pursuant to the Fee Letter) and reasonable out-of-pocket expenses required to be paid on the Closing Date pursuant to the Commitment Letter, to the extent invoiced at least three (3) Business Days prior to the Closing Date (except as otherwise reasonably agreed by the Parent Borrower) shall, upon the initial Credit Event on the Closing Date hereunder, have been, or will be substantially simultaneously, paid (which amounts may, at the option of the Parent Borrower, be offset against the proceeds of any of the Revolving Credit Facility or any First Tier Facility).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <u>Solvency Certificate</u>. The Joint Lead Arrangers shall have received a certificate, dated as of the Closing Date and substantially in the form of <u>Exhibit J</u>, from the Chief Executive Officer, the President, the Chief Financial Officer, the Treasurer, the Vice President-Finance, a Director, a Manager, or any other senior financial officer of the Parent Borrower (or of the Parent Borrower's general partner) to the effect that after giving effect to the Transactions, the Parent Borrower on a consolidated basis with its Subsidiaries is Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 <u>Financial Statements</u>. The Joint Lead Arrangers shall have received the Company Financial Statements that have been filed on or prior to the date of the Commitment Letter (which such receipt has been acknowledged by the Joint Lead Arrangers under the Commitment Letter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 <u>Refinancing</u>. Prior to or substantially simultaneously with the initial Credit Event on the Closing Date hereunder, the Closing Date Refinancing shall be consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 <u>Notice of Revolving Credit Loan Borrowing; Letter of Credit Request</u>. (a) The Administrative Agent (or its counsel) shall have received (a) a Notice of Borrowing with respect to any Revolving Credit Loans to be borrowed on the Closing Date meeting the requirements of <u>Section 2.3</u> and (b) the Administrative Agent and each applicable Letter of Credit Issuer shall have received a Letter of Credit Request with respect to any Letters of Credit to be issued on the Closing Date meeting the requirements of <u>Section 3.2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 <u>Representations and Warranties</u>. On the Closing Date, (a) the Company Representations shall be true and correct to the extent required by the definition thereof and (b) the Specified Representations shall be true and correct in all material respects (except in the case of any Specified Representation that is expressly related to a given date or period, in which case such representation and warranty shall be true and correct in all material respects as of the respective date for the respective period, as the case may be); <u>provided</u> that to the extent any of the Specified Representations are qualified or subject to "material adverse effect", "material adverse change" or similar term or qualification, the definition thereof shall be the definition of Company Material Adverse Effect for purposes of any such representations and warranties made or deemed made on, or as of, the Closing Date (or any date prior thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 <u>Acquisition</u>. Prior to, or substantially concurrently with the initial Credit Event on the Closing Date hereunder, the Plan Acquisition and each Third Party Acquisition with respect to a Third Party Acquired Asset that is not subject to a Permitted Deferral and the Evoque Transaction shall have been consummated in all material respects in accordance with the terms of the Acquisition Agreement, the applicable Third Party Acquisition Agreements and the Evoque Transaction Agreement, as applicable, without giving effect to any modifications, amendments or express waivers by the Parent Borrower (or its Affiliates) thereto that are materially adverse to the Lenders without the consent of the Lenders having (or whose Affiliates have) a majority in aggregate principal amount of the Revolving Credit Commitments as of the Closing Date (the "**Majority Lead Arrangers**"; *provided* that, as of the relevant date of determination (i) the Revolving Credit Facility Administrative Agent, as applicable, shall be included in the determination of Majority Lead Arrangers and (ii) if the aggregate commitments of an Initial Commitment Party and its affiliates have not been reduced below 20% of the aggregate commitments in respect of the Credit Facilities, such Initial Commitment Party shall be included in the determination of Majority Lead Arrangers) (in each case, not to be unreasonably withheld, conditioned or delayed), it being understood and agreed that (a) any change to the definition of "Material Adverse Effect" (as defined in the Acquisition Agreement) shall be deemed materially adverse to the Lenders, (b) any modification or amendment to, or waiver of, the condition to closing set forth in Section 8.1.2 (or equivalent) of each Third Party Acquisition Agreement shall be deemed materially adverse to the Lenders (in the case of a Third Party Acquisition Agreement, solely with respect to such Third Party Acquisition) and (c) any modification, amendment or express waiver or consents by the Parent Borrower (or its Affiliates) that results in an increase or reduction in the purchase price in respect of the Acquisition shall be deemed to not be materially adverse to the Lenders so long as (i) any increase in such purchase price is funded with amounts permitted to be drawn on the Closing Date under the Revolving Credit Facility or by an increase in the Equity Contribution and (ii) any reduction shall be allocated to reduce each of the Revolving Credit Facility and the First Tier Facilities on a pro rata basis (or, at the election of the Parent Borrower, to reduce the Revolving Credit Facility and the First Tier Facilities on a non-pro rata basis as determined by the Parent Borrower in its sole discretion); <u>provided</u> that the Majority Lead Arrangers shall be deemed to have consented to such amendment, waiver or consent unless they shall object thereto within five (5) Business Days (as defined in the Acquisition Agreement) after notice of such proposed amendment, waiver or consent is delivered to the Majority Lead Arrangers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 <u>Patriot Act</u>. The Administrative Agent and the Joint Lead Arrangers shall have received, to the extent requested of the Parent Borrower at least ten (10) Business Days prior to the Closing Date, all documentation and information about the Credit Parties (a)(i) required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act and regulations pertaining to beneficial ownership of legal entity customers (such rules and regulations, the "**KYC Rules**"), at least three (3) Business Days prior to the Closing Date and (ii)(A) set forth on the list of KYC Rules delivered to the Parent Borrower on or prior to October 31, 2023 or (B) in connection with the appointment of any Additional Commitment Party (as defined in the Commitment Letter), delivered to the Parent Borrower by such Additional Commitment Party on or prior to the date that such Additional Commitment Party became party to the Commitment Letter and (b) all other documentation and other information about the Credit Parties that is (i) requested in writing at least fifteen (15) Business Days prior to the Closing Date by the Administrative Agent or the Joint Lead Arrangers and (ii) (A) required by regulatory authorities under the KYC Rules as a result of a change to the KYC Rules occurring after October 31, 2023, (B) required as a result of the occurrence of any change in the Administrative Agent's or any Joint Lead Arranger's, as applicable, circumstances, which change results in additional information being required under the KYC Rules, (C) after the Administrative Agent's or Joint Lead Arrangers' review of any information delivered pursuant to this <u>Section 6.14</u>, reasonably determined to be required under the KYC Rules or (D) readily available and customarily delivered by portfolio company affiliates of the Sponsor in the United States in connection with bank financings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 <u>No Company Material Adverse Effect</u>. Since the date of the Acquisition Agreement, no Company Material Adverse Effect shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 <u>Evoque Transaction</u>. Prior to, or substantially concurrently with the initial Credit Event on the Closing Date hereunder, the Evoque Transaction shall have been consummated in accordance with the terms of the Evoque Transaction Agreement, and the Borrower shall have delivered a certificate, dated as of the Closing Date and substantially in the form of <u>Exhibit A</u>, executed by an Authorized Officer of the Parent Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 <u>Bankruptcy</u>. Prior to or substantially concurrently with the initial Credit Event on the Closing Date hereunder, the Effective Date (as defined in the Chapter 11 Plan) of the Chapter 11 Plan shall have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 <u>Quality of Earnings Report</u>. Prior to, or substantially concurrently with the initial Credit Event on the Closing Date hereunder, the Lead Arrangers shall have received a quality of earnings report in respect of the NOI of the Properties, which quality of earnings report shall be for the most recently completed quarter for the date that is ninety (90) days before the Closing Date.

For purposes of determining compliance with the conditions specified in <u>Section 6</u> on the Closing Date, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

Section 7. <u>Conditions Precedent to All Credit Events after the Closing Date</u>.

After the Closing Date, and subject to, in the case of <u>Section 7.1</u> below, the terms of <u>Section 1.12(c)</u>, to the extent the proceeds of any Loan are being used to finance a Limited Condition Transaction, the agreement of each Lender to make any Loan requested to be made by it on any date (excluding Revolving Credit Loans required to be made by the Revolving Credit Lenders in respect of Unpaid Drawings pursuant to <u>Sections 3.3</u> and <u>3.4</u>) and the obligation of each Letter of Credit Issuer to issue (but, for the avoidance of doubt, excluding any auto- renewal or evergreen extensions thereof) Letters of Credit on any date is subject to the satisfaction (or waiver) of the following conditions precedent contained in <u>Sections 7.1</u> and <u>7.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>No Event of Default; Representations and Warranties</u>. Subject to <u>Section 1.12(c)</u>, at the time of each Credit Event and also after giving effect thereto (other than any Credit Event on the Closing Date or pursuant to any Loan made pursuant to <u>Section 2.14</u> (which shall be subject to the applicable terms of <u>Section 2.14</u>)) (a) no Event of Default shall have occurred and be continuing and (b) all representations and warranties made by any Credit Party contained herein or in the other Credit Documents shall be true and correct in all material respects (provided that any such representations and warranties which are qualified by materiality, material adverse effect or similar language shall be true and correct in all respects) with the same effect as though such representations and warranties had been made on and as of the date of such Credit Event (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects (provided that any such representations and warranties which are qualified by materiality, material adverse effect or similar language shall be true and correct in all respects) as of such earlier date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>LTV and Fixed Charge Coverage Ratio</u>. Immediately after giving effect to the applicable Credit Event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Parent Borrower shall be in compliance on a Pro Forma Basis with a LTV that does not exceed 60%; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Fixed Charge Coverage Ratio for the Parent Borrower as of the most recently ended Test Period is no less than 1.20 to 1.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Notice of Borrowing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the making of each Revolving Credit Loan (other than any Revolving Credit Loan made pursuant to <u>Section 3.4(a)</u>), the Administrative Agent shall have received a Notice of Borrowing meeting the requirements of <u>Section 2.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to the issuance of each Letter of Credit, the Administrative Agent and such Letter of Credit Issuer shall have received a Letter of Credit Request meeting the requirements of <u>Section 3.2(a).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Drawstop Event Period</u>. Subject to <u>Section 1.12(c)</u>, at the time of each Credit Event (other than any Credit Event on the Closing Date or pursuant to any Loan made pursuant to <u>Section 2.14</u> (which shall be subject to the applicable terms of <u>Section 2.14</u>)), no Drawstop Event Period shall have occurred and be continuing.

The acceptance of the benefits of each Credit Event shall constitute a representation and warranty by each Credit Party to each of the Lenders that all the applicable conditions specified in <u>Section 7</u> above have been satisfied as of that time.

Section 8. <u>Representations and Warranties</u>.

In order to induce the Lenders to enter into this Agreement and to make the Loans and issue or participate in Letters of Credit as provided for herein, the Parent Borrower makes the following representations and warranties to the Lenders, all of which shall survive the execution and delivery of this Agreement, the making of the Loans and the issuance of the Letters of Credit (it being understood that the following representations and warranties shall be deemed made with respect to any Foreign Subsidiary only to the extent relevant under applicable law); <u>provided</u> that on the Closing Date, the representations and warranties shall be limited to Specified Representations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Corporate Status</u>. Each Credit Party (i) is a duly organized and validly existing corporation, limited liability company or other entity in good standing (if applicable) under the laws of the jurisdiction of its organization and has the corporate, limited liability company or other organizational power and authority to own its property and assets and to transact the business in which it is engaged and (ii) has duly qualified and is authorized to do business and is in good standing (if applicable) in all jurisdictions where it is required to be so qualified, except where the failure to be so qualified would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Corporate Power and Authority</u>. Each Credit Party has the corporate or other organizational power and authority to execute, deliver and carry out the terms and provisions of the Credit Documents to which it is a party and has taken all necessary corporate or other organizational action to authorize the execution, delivery and performance of the Credit Documents to which it is a party. Each Credit Party has duly executed and delivered each Credit Document to which it is a party and each such Credit Document constitutes the legal, valid, and binding obligation of such Credit Party enforceable in accordance with its terms (provided that, with respect to the creation and perfection of security interests with respect to Indebtedness, Capital Stock and Stock Equivalents of Foreign Subsidiaries, only to the extent enforceability of such obligation with respect to which Capital Stock and Stock Equivalents of Foreign Subsidiaries is governed by the Uniform Commercial Code), except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors' rights generally and subject to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>No Violation</u>. Neither the execution, delivery or performance by any Credit Party of the Credit Documents to which it is a party nor compliance with the terms and provisions thereof nor the consummation of the Transactions and the other transactions contemplated hereby or thereby will (i) contravene any applicable provision of any material law, statute, rule, regulation, order, writ, injunction or decree of any court or governmental instrumentality, other than any such contravention that would not reasonably be expected to result in a Material Adverse Effect, (ii) result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of such Credit Party (other than Liens created under the Credit Documents or Permitted Liens) pursuant to, the terms of any material indenture, loan agreement, lease agreement, mortgage, deed of trust, agreement or other material instrument to which such Credit Party is a party or by which it or any of its property or assets is bound (any such term, covenant, condition or provision, a "**Contractual Requirement**") other than any such breach, default or Lien that would not reasonably be expected to result in a Material Adverse Effect or (iii) violate any provision of the certificate of incorporation, by-laws, articles or other organizational documents of such Credit Party (after giving effect to the Transactions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Litigation</u>. There are no actions, suits or proceedings pending or, to the knowledge of the Parent Borrower, threatened in writing against the any Credit Party that would reasonably be expected to be determined adversely and, if so, to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 <u>Margin Regulations</u>. Neither the making of any Loan hereunder nor the use of the proceeds thereof will violate the provisions of Regulation T, U or X of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 <u>Governmental Approvals</u>. The execution, delivery and performance of each Credit Document does not require any consent or approval of, registration or filing with, or other action by, any Governmental Authority, except for (i) such as have been obtained or made and are in full force and effect, (ii) filings, consents, approvals, registrations and recordings in respect of the Liens created pursuant to the Security Documents (and to release existing Liens), and (iii) such licenses, approvals, authorizations, registrations, filings or consents the failure of which to obtain or make would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 <u>Investment Company Act</u>. None of the Parent Borrower or any other Credit Party is required to be registered as an "investment company" under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 <u>True and Complete Disclosure</u>. None of the written factual information and written data (taken as a whole) heretofore furnished by or on behalf of the Parent Borrower, any of the other Credit Parties or any of their respective authorized representatives (at the Parent Borrower's direction) to the Administrative Agent, any Joint Lead Arranger, and/or any Lender on or before the Closing Date (and with respect to any such factual information and data so furnished with respect the Company and its Subsidiaries as of the Closing Date, to the Parent Borrower's knowledge) (including all such written information and data contained in any information memoranda and the Credit Documents) for purposes of or in connection with this Agreement or any transaction contemplated herein contained any untrue statement of any material fact or omitted to state any material fact necessary to make the statements contained therein not materially misleading at such time in light of the circumstances under which such statements were made (after giving effect to all supplements and updates thereto from time to time), it being understood and agreed that for the purposes of this <u>Section 8.8(a)</u>, such factual information and data shall not include pro forma financial information, projections, budgets, estimates (including financial estimates, forecasts, and other forward-looking information) or other forward looking information or information of a general economic or industry specific nature (collectively, "**Forward-Looking Information**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 <u>Financial Condition; Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company Financial Statements, in each case present fairly in all material respects the consolidated financial position of the Company at the respective dates of said information, statements and results of operations for the respective periods covered thereby. The Company Financial Statements have been prepared in accordance with GAAP consistently applied except to the extent provided in the notes to said financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since the Closing Date, there has been no Material Adverse Effect that has occurred and
is continuing.

Each Lender and the Administrative Agent hereby acknowledges and agrees that the Parent Borrower and its Subsidiaries may be required to restate historical financial statements as the result of the implementation of changes in GAAP or IFRS, or the respective interpretation thereof, and that such restatements will not result in a Default or an Event of Default under the Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 <u>Compliance with Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Credit Party and Subsidiary of a Credit Party is in compliance with all Requirements of Law applicable to it or its property, including without limitation all applicable laws, binding industry standards, or contractual obligations that relate to privacy, data protection or data transfer issues, or the Processing of Personal Information, data breach disclosure and notification, or marketing (collectively, "**Privacy Laws**"), except where the failure to be so in compliance with Privacy Laws would not reasonably be expected to result in a Material Adverse Effect. To the knowledge of the Parent Borrower, neither the Parent Borrower nor the other Credit Parties have experienced a material Data Security Breach that has not been remedied in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither any Borrower, any Credit Party, nor any Subsidiary of any Credit Party or any Borrower has violated, conspired to violate, or aided and abetted the violation of the Anticorruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither any Borrower, any Credit Party, any Subsidiary of any Credit Party or any Borrower, or any direct shareholder of Sponsor, Borrower is (i) a Sanctioned Person, or (ii) located, organized or resident in a Sanctioned Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the past three years, there have been no formal or informal proceedings, allegations, investigations, or inquiries pending, or, to the knowledge of the Parent Borrower, threatened against any Borrower, any Credit Party or any Subsidiary of a Credit Party or a Borrower concerning material violations of any Sanctions, Anticorruption Laws or AML Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Credit Parties have and have implemented policies and controls reasonably designed to ensure compliance with the Anticorruption Laws, Sanctions and AML Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 <u>Tax Matters</u>. Except as would not reasonably be expected to have a Material Adverse Effect, (a) the Parent Borrower and each of the other Credit Parties has filed all Tax returns required to be filed by it and has timely paid all Taxes payable by it (including in its capacity as withholding agent) that have become due, other than those being contested in good faith and by proper proceedings if it has maintained adequate reserves (in the good faith judgment of management of the Parent Borrower or such Credit Party, as applicable) with respect thereto in accordance with GAAP and (b) the Parent Borrower and each of the other Credit Parties has paid, or has provided adequate reserves (in the good faith judgment of management of the Parent Borrower or such Credit Party, as applicable) in accordance with GAAP for the payment of all Taxes not yet due and payable. There is no current or proposed Tax assessment, deficiency or other claim against the Parent Borrower or any other Credit Party that would reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 <u>Compliance with ERISA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as would not reasonably be expected to have a Material Adverse Effect, no ERISA Event has occurred or is reasonably expected to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as would not reasonably be expected to have a Material Adverse Effect, no Foreign Plan Event has occurred or is reasonably expected to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13 <u>Subsidiaries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Schedule 8.13</u> lists each Subsidiary of the Parent Borrower (and the direct and indirect ownership interest of the Parent Borrower therein, and whether such Subsidiary is a Foreign First-Tier Finance Holdings Subsidiary), in each case, existing on the Closing<u>Second Amendment Effective</u> Date after giving effect to the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each first-tier Subsidiary of the Parent Borrower that is organized under the laws of any jurisdiction other than the United States, any state thereof or the District of Columbia that owns a Borrower (as defined in the US Balance Sheet Loan Agreement) (a "**Foreign First-Tier Finance Holdings Subsidiary**") is (i) a holding company, with no operations beyond the ownership of the equity interests of its subsidiaries and (ii) has not incurred any Indebtedness or granted any Liens to any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 <u>Intellectual Property</u>. Each of the Parent Borrower and the other Credit Parties (or, in connection with a Permitted Securitization Financing, a Securitization Entity) owns or has the right to use all Intellectual Property that is used in or otherwise necessary for the operation of their respective businesses in the United States as currently conducted, except where the failure to own or have a right to use such Intellectual Property would not reasonably be expected to have a Material Adverse Effect. The current operation of their respective businesses by each of the Parent Borrower and the other Credit Parties does not infringe upon, misappropriate or violate the Intellectual Property of any third party, except as would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15 <u>Environmental Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as would not reasonably be expected to have a Material Adverse Effect: (i) each of the Parent Borrower and the other Credit Parties and their respective operations and the operations of any tenants and subtenants of the Credit Parties are in compliance with all applicable Environmental Laws; (ii) none of the Parent Borrower or any other Credit Party has received written notice of any Environmental Claim; (iii) none of the Parent Borrower or any other Credit Party is conducting any investigation, removal, remedial or other corrective action pursuant to any Environmental Law at any location; (iv) none of the Parent Borrower or any other Credit Party has received written notice alleging it is subject to any Environmental Liability; and (v) to the knowledge of the Parent Borrower, no underground or above ground storage tank or related piping, or any impoundment or other disposal area containing Hazardous Materials is located at, on or under any Real Estate currently owned or operated by the Parent Borrower or any of the Credit Parties so as would reasonably be expected to give rise to an Environmental Liability or Environmental Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Parent Borrower or any of the other Credit Parties has treated, stored, transported, Released or arranged for disposal or transport for disposal or treatment of Hazardous Materials at, on, under or from any currently or, to the knowledge of the Parent Borrower, formerly owned or operated property of the Parent Borrower or any of the Credit Parties, nor, to the knowledge of the Parent Borrower, has there been any other Release of Hazardous Materials by any other Person at, on, under or from any such properties, in each case in a manner that would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16 <u>Properties</u>. Each of the Parent Borrower and the other Credit Parties has good and valid record title to, valid leasehold interests in, or rights to use, all tangible properties that are necessary for the operation of their respective businesses as currently conducted and as proposed to be conducted, free and clear of all Liens (other than any Liens permitted by this Agreement) and except where the failure to have such title, interest or rights would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17 <u>Closing Date Solvency</u>. On the Closing Date (after giving effect to the Transactions) immediately following the making of the Loans and after giving effect to the application of the proceeds of such Loans, the Parent Borrower on a consolidated basis with its Subsidiaries will be Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.18 <u>Use of Proceeds</u>. On the Closing Date, the use of proceeds of the Loans will not violate any Anticorruption Laws, AML Laws or Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.19 <u>Sanctions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither any Borrower, any Credit Party, any Subsidiary of any Credit Party or any Borrower, nor to the knowledge of the Parent Borrower, the respective directors or officers of any Borrower or Credit Party is a Sanctioned Person, and no Sanctioned Person owns any direct or indirect equity interest in any Borrower or any Credit Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the funds or other assets of any Borrower, or any Credit Party constitute property of, or are beneficially owned, directly or indirectly, by any Sanctioned Person unless such ownership interest has been blocked in accordance with applicable Requirements of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) None of any Borrower or any Credit Party, nor any of their respective subsidiaries will, directly or indirectly, transfer or use in any way the proceeds of the Loans to fund any activities or business of, with, in, or relating to any Sanctioned Person or Sanctioned Territory or in any other manner in violation of Sanctions, AML Laws or Anticorruption Laws.

Section 9. <u>Affirmative Covenants</u>.

The Parent Borrower hereby covenants and agrees that on the Closing Date and thereafter, until the Revolving Credit Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Information Covenants</u>. The Parent Borrower will furnish to the Administrative Agent (which shall promptly make such information available to the Lenders in accordance with its customary practice):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Annual Financial Statements</u>. On or before the date that is (i) 150 days after the end of the fiscal year of the Parent Borrower ending December 31, 2024 and (ii) 120 days after the end of each fiscal year of the Parent Borrower of the Parent Borrower thereafter, the consolidated balance sheets of the Parent Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated income statements and cash flows for such fiscal year, and, commencing with the financial statements for the fiscal year ended December 31, 2025, setting forth comparative consolidated figures for the preceding fiscal years, all in reasonable detail and prepared in accordance with GAAP (it being agreed that such annual financial statements may be a set of stub financials covering the period commencing on the Closing Date through December 31, 2024), and, in each case, certified by an independent certified public accountants of recognized national standing whose opinion shall not be qualified (<u>provided</u> that, for the avoidance of doubt, an explanatory or emphasis of matter paragraph does not constitute a qualification) as to the scope of audit or as to the status of the Parent Borrower or any of the Credit Parties as a going concern (other than any qualification, that is expressly solely with respect to, or resulting solely from, (i) an upcoming maturity date under any Indebtedness, (ii) any actual or potential inability to satisfy a financial maintenance covenant at such time or on a future date or in a future period or (iii) solely with respect to the scope of audit, any change in accounting principles or practices reflecting changes in GAAP or IFRS that are required or approved by the Borrower's independent registered public accountants).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Quarterly Financial Statements</u>. Commencing with the fiscal quarter ending March 31, 2024 (it being agreed that such quarterly financial statements in respect of the fiscal quarter ending March 31, 2024 may be a set of stub financials covering the period commencing on the Closing Date through the end of such fiscal quarter), (i) on or before the date that is 60 days after the end of the first three fiscal quarters of each fiscal year of the Parent Borrower (or, for the fiscal quarters ending March 31, 2024, June 30, 2024 and September 30, 2024, 90 days after the end of such fiscal quarter of the Parent Borrower) and (ii) solely for the fiscal quarter of the Parent Borrower ending December 31, 2024, on or before the date that is 120 days after December 31, 2024, the unaudited consolidated balance sheets of the Parent Borrower and its Subsidiaries as at the end of such quarterly period and the related consolidated income statements for such quarterly accounting period and for the elapsed portion of the fiscal year ended with the last day of such quarterly period, and the related consolidated statement of cash flows for the elapsed portion of the fiscal year ended with the last day of the applicable quarterly period, and commencing with the quarter ending March 31, 2025, setting forth comparative consolidated figures for the related periods in the prior fiscal year or, in the case of such consolidated balance sheet, for the last day of the related period in the prior fiscal year, all of which shall be certified by an Authorized Officer of the Parent Borrower as fairly presenting in all material respects the financial condition, results of operations and cash flows of the Parent Borrower and its Subsidiaries in accordance with GAAP (except as noted therein), subject to changes resulting from normal year-end adjustments and the absence of footnotes, as required by GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Budgets</u>. Prior to an IPO, within 120 days after the commencement of each fiscal year of the Parent Borrower (or 150 days after the commencement of the fiscal year ending December 31, 2024) a consolidated budget of the Parent Borrower in reasonable detail on a quarterly basis for such fiscal year as customarily prepared by management of the Parent Borrower for its internal use, setting forth the principal assumptions upon which such budget is based; *provided* that delivery of a budget to the Administrative Agent satisfying the requirements of Section 5.1.11(d) of the US Balance Sheet Loan Facility shall be deemed to satisfy the requirements of this Section 9.1(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Officer's Certificates</u>. Not later than five days after the delivery of the financial statements provided for in <u>Sections 9.1(a)</u> and <u>(b)</u>, commencing with the financial statements in respect of the fiscal quarter ending March 31, 2024, a certificate of an Authorized Officer of the Parent Borrower substantially in the form of <u>Exhibit K</u> (i) setting forth a calculation of Consolidated EBITDA for the relevant period with a separate line item and brief description for each add-back and clause in the definition of Consolidated EBITDA and (ii)(a) to the effect that no Default or Event of Default exists or, (b) if any Default or Event of Default does exist, specifying the nature and extent thereof, as the case may be (in each case, which certificate shall set forth the LTV as of the end of the applicable period covered by such financial statements to the extent necessary for purposes of determining the amount of Excess Cash Flow required to be prepaid under Section 5.2(a)). At the time of the delivery of the financial statements provided for in <u>Section 9.1(a)</u>, a certificate of an Authorized Officer of the Parent Borrower setting forth changes to the legal name, jurisdiction of formation, type of entity and organizational number (or equivalent) to the Person organized in a jurisdiction where an organizational identification number is required to be included in a Uniform Commercial Code financing statement, in each case for each Credit Party or confirming that there has been no change in such information since the Closing Date or the date of the most recent certificate delivered pursuant to this <u>clause (d)</u>, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Notice of Default or Litigation</u>. Promptly after an Authorized Officer of the Parent Borrower or any of the other Credit Parties obtains knowledge thereof, notice of (i) the occurrence of any event that constitutes a Default or Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action the Parent Borrower or such Credit Party proposes to take with respect thereto and (ii) any litigation or governmental proceeding pending against the Parent Borrower or any of the other Credit Parties that would reasonably be expected to be determined adversely and, if so determined, to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Environmental Matters</u>. Promptly after an Authorized Officer of the Parent Borrower or any of the other Credit Parties obtains knowledge of any one or more of the following environmental matters, unless such environmental matters would not reasonably be expected to result in a Material Adverse Effect, notice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any pending or threatened Environmental Claim against any Credit Party or any Real Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Environmental Liability of any Credit Party with respect to, arising from or relating to the use, ownership or operation of the Real Estate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the conduct of any investigation, or any removal, remedial or other corrective action in response to the actual or alleged presence or Release or threatened Release or exposure of any Person to of any Hazardous Material on, at, under or from any Real Estate.

All such notices shall describe in reasonable detail the nature of the claim, liability, investigation or removal, remedial or other corrective action in response thereto. The term "**Real Estate**" shall mean land, buildings, facilities and improvements owned or leased by any Credit Party.

Notwithstanding the foregoing, the obligations in <u>clauses (a)</u> and <u>(b)</u> of this <u>Section 9.1</u> may be satisfied with respect to financial information of the Parent Borrower and its Subsidiaries by furnishing (A) the applicable financial statements of any direct or indirect parent of the Parent Borrower or (B) the Parent Borrower's (or any direct or indirect parent thereof), as applicable, Form 10-K or 10-Q, as applicable, filed with the SEC; <u>provided</u> that, with respect to each of subclauses (A) and (B) of this paragraph, to the extent such information relates to a parent of the Parent Borrower, such information is accompanied by consolidating or other information that explains in reasonable detail the differences between the information relating to such parent, on the one hand, and the information relating to the Parent Borrower and its Subsidiaries on a standalone basis, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Other Information</u>. Such other existing information (financial or otherwise) concerning the Parent Borrower and the Credit Parties as the Administrative Agent on its own behalf or on behalf of any Lender (acting through the Administrative Agent) may reasonably request in writing from time to time (but no more frequently than once per calendar year); <u>provided</u> that none of the Borrower nor any Subsidiary will be required to disclose or permit the inspection or discussion of any document, information or other matter (i) that constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective contractors) is prohibited by law, or any binding agreement (iii) that is subject to attorney-client or similar privilege or constitutes attorney work product, (iv) that is otherwise subject to Section 13.16 or the limitations set forth in Section 9.2 or (v) that requires the Parent Borrower or any Credit Party to incur costs in connection with the preparation by a third party of any new report or assessment.

Documents required to be delivered pursuant to <u>clauses (a)</u> and <u>(b)</u> of this <u>Section 9.1</u> may be delivered electronically and if so delivered, shall be deemed to have been delivered on the earliest date on which (i) the Parent Borrower posts such documents, or provides a link thereto on the Parent Borrower's website on the Internet; (ii) such documents are posted on the Parent Borrower's behalf on IntraLinks/IntraAgency or another website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third- party website or whether sponsored by the Administrative Agent), or (iii) if applicable, such financial statements and/or other documents are posted on the SEC's website on the internet at www.sec.gov; <u>provided</u> that (A) the Parent Borrower shall, at the request of the Administrative Agent, continue to deliver copies (which delivery may be by electronic transmission) of such documents to the Administrative Agent and (B) the Parent Borrower shall notify (which notification may be by facsimile or electronic transmission) the Administrative Agent of the posting of any such documents on any website described in this paragraph. Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents from the Administrative Agent and maintaining its copies of such documents.

Notwithstanding the foregoing, the obligations in <u>clause (a)</u> of this <u>Section 9.1</u> with respect to the fiscal year ending December 31, 2022 shall be deemed satisfied with respect to financial information of the Parent Borrower and its Subsidiaries by furnishing (A) the financial statements of the Parent Borrower and its Subsidiaries for the period commencing on January 1, 2022 and ending March 25, 2022 (predecessor) and (B) the financial statements of the Parent Borrower and its Subsidiaries for the period commencing on March 25, 2022 and ending December 31, 2022 (successor).

Each Credit Party hereby acknowledges and agrees that, unless the Parent Borrower notifies the Administrative Agent in advance, all financial statements and certificates furnished pursuant to <u>Sections 9.1(a)</u>, <u>(b)</u> and <u>(d)</u> above are hereby deemed to be suitable for distribution, and to be made available, to all Lenders and may be treated by the Administrative Agent and the Lenders as not containing any material nonpublic information; <u>provided</u> that any failure by the Parent Borrower to so notify the Administrative Agent shall not constitute a Default or Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Books, Records, and Inspections</u>. The Parent Borrower will, and will cause each other Credit Party to, permit officers and designated representatives of the Administrative Agent or the Required Lenders to visit and visually inspect any of the properties or assets of the Parent Borrower and any such Credit Party in whomsoever's possession to the extent that it is within such party's control to permit such inspection (and shall use commercially reasonable efforts to cause such inspection to be permitted to the extent that it is not within such party's control to permit such inspection), and to examine the books and records of the Parent Borrower and any such Credit Party and discuss the affairs, finances and accounts of the Parent Borrower and of any such Credit Party with, and be advised as to the same by, its and their officers and independent accountants, all at such reasonable times and intervals and to such reasonable extent as the Administrative Agent or the Required Lenders may desire (and subject, in the case of any such meetings or advice from such independent accountants, to such accountants' customary policies and procedures); <u>provided</u> that, excluding any such visits and inspections during the continuation of an Event of Default, (a) only the Administrative Agent on behalf of the Required Lenders may exercise rights of the Administrative Agent and the Lenders under this <u>Section 9.2</u>, (b) the Administrative Agent shall not exercise such rights more than one time in any calendar year, which visit will be at the Parent Borrower's expense and (c) notwithstanding anything to the contrary in this <u>Section 9.2</u>, none of the Parent Borrower or any of its Subsidiaries will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter that (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by law or any agreement binding on a third-party or (iii) is subject to attorney- client or similar privilege or constitutes attorney work product; <u>provided</u>, <u>further</u>, that, except with respect to subclause (ii) above, when an Event of Default exists, the Administrative Agent (or any of its respective representatives or independent contractors) or any representative of the Required Lenders may do any of the foregoing at the expense of the Parent Borrower at any time during normal business hours and upon reasonable advance notice. The Administrative Agent and the Required Lenders shall give the Parent Borrower the opportunity to participate in any discussions with the Parent Borrower's independent public accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Maintenance of Insurance</u>. The Parent Borrower will, and will cause each Credit Party to, at all times maintain in full force and effect, pursuant to self-insurance arrangements or with insurance companies that the Parent Borrower believes (in the good faith judgment of the management of the Parent Borrower) are financially sound and responsible at the time the relevant coverage is placed or renewed, insurance in at least such amounts (after giving effect to any self-insurance which the Parent Borrower believes (in the good faith judgment of management of the Parent Borrower) is reasonable and prudent in light of the size and nature of its business and the availability of insurance on a cost-effective basis) and against at least such risks (and with such risk retentions) as the Parent Borrower believes (in the good faith judgment of management of the Parent Borrower) is reasonable and prudent in light of the size and nature of its business and the availability of insurance on a cost-effective basis; and will furnish to the Administrative Agent, promptly following written request from the Administrative Agent, information presented in reasonable detail as to the insurance so carried (provided that, for so long as no Event of Default has occurred and is continuing, the Administrative Agent shall be entitled to make such request only once in any calendar year). Each such policy of insurance shall (i) name the Collateral Agent, on behalf of the Secured Parties as an additional insured thereunder as its interests may appear and (ii) in the case of each casualty insurance policy, contain a loss payable clause or endorsement that names the Collateral Agent, on behalf of the Secured Parties as the loss payee thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Payment of Taxes</u>. The Parent Borrower will pay and discharge or cause to be paid and discharged, and will cause each of the other Credit Parties to pay and discharge, all Taxes imposed upon it (including in its capacity as a withholding agent) or upon its income or profits, or upon any properties belonging to it, prior to the date on which material penalties attach thereto, and all lawful claims in respect of any Taxes imposed, assessed or levied that, if unpaid, would reasonably be expected to become a material Lien (other than a Permitted Lien) upon any properties of the Parent Borrower or any of such Credit Parties; <u>provided</u> that neither the Parent Borrower nor any of the other Credit Parties shall be required to pay or discharge any such Tax that is being contested in good faith and by proper proceedings if it has maintained adequate reserves (in the good faith judgment of management of the Parent Borrower) with respect thereto in accordance with GAAP or the failure to pay or discharge would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Preservation of Existence; Consolidated Corporate Franchises</u>. The Parent Borrower will, and will cause each Credit Party to, take all actions necessary (a) to preserve and keep in full force and effect its existence, organizational rights and authority and (b) to maintain its rights, privileges (including its good standing (if applicable)), permits, licenses and franchises necessary in the normal conduct of its business, in each case, except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect; <u>provided</u>, <u>however</u>, that the Parent Borrower and the other Credit Parties may consummate any transaction which is permitted by <u>Sections 10.2</u>, <u>10.3</u> or <u>10.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>Compliance with Statutes, Regulations, Etc</u>. The Parent Borrower will, and will cause any other Borrower, each other Credit Party, and each Subsidiary of any Borrower or Credit Party to, (a) comply with all applicable laws, rules, regulations, and orders applicable to it or its property, including all governmental approvals or authorizations required to conduct its business, and to maintain all such governmental approvals or authorizations in full force and effect, (b) comply with, and use commercially reasonable efforts to ensure compliance by all tenants and subtenants, if any, with, all applicable Environmental Laws, and obtain and comply with and maintain, and use commercially reasonable efforts to ensure that all tenants and subtenants obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws, (c) conduct and complete all investigations, studies, sampling and testing, and all remedial, removal, and other actions regarding Hazardous Materials required under Environmental Laws and promptly comply with all lawful orders and directives of all Governmental Authorities with jurisdiction regarding Environmental Laws, other than such orders and directives which are being timely contested in good faith by proper proceedings, (d) not violate, conspire to violate or aid and abet the violation of any Anticorruption Laws, Sanctions or AML Laws and (e) maintain and implement policies reasonably designed to ensure that no Credit Party violations any Anticorruption Laws, Sanctions or AML Laws, except in each case of (a), (b), and (c) of this <u>Section 9.6</u>, where the failure to do so would not reasonably be expected to result in a Material Adverse Effect.

No payment made pursuant to this Agreement by any Borrower, or any Credit Party shall be derived directly or knowingly indirectly from a Sanctioned Person or from activities in violation of any Anticorruption Laws, Sanctions or AML Laws, or otherwise cause any Lender to violate any Anticorruption Law, Sanctions or AML Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 <u>ERISA</u>. (a) As soon as practicable following any request by the Administrative Agent, the Parent Borrower will furnish to the Administrative Agent copies of any documents described in Sections 101(k) or 101(l) of ERISA that any Credit Party or any of its Subsidiaries may reasonably request with respect to any Multiemployer Plan to which a Credit Party or any of its Subsidiaries is obligated to contribute; <u>provided</u> that if the Credit Parties or any of their Subsidiaries have not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer Plan, then, upon reasonable request of the Administrative Agent, the Credit Parties shall promptly make a request for such documents or notices from such administrator or sponsor and the Parent Borrower shall provide copies of such documents and notices to the Administrative Agent promptly after receipt thereof; provided, further, that the rights granted to the Administrative Agent in this <u>Section 9.7(a)</u> shall be exercised not more than once with respect to the same Multiemployer Plan during any applicable plan year, and (b) the Parent Borrower will notify the Administrative Agent promptly following the occurrence of any ERISA Event or Foreign Plan Event that, alone or together with any other ERISA Events or Foreign Plan Events that have occurred, would reasonably be expected to result in liability of any Credit Party that would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 <u>Maintenance of Tangible Properties</u>. The Parent Borrower will, and will cause each of the other Credit Parties to, keep and maintain all tangible property material to the conduct of its business in good working order and condition, ordinary wear and tear, casualty, and condemnation excepted, except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 <u>Transactions with Affiliates</u>. The Parent Borrower will conduct, and cause each of the other Credit Parties to conduct, all transactions with any of its Affiliates (other than the Parent Borrower and the other Credit Parties) involving aggregate payments or consideration in excess of $100,000,000 for the most recently ended Test Period (calculated on a Pro Forma Basis) at the time of such Affiliate transaction, for any individual transaction or series of related transactions, on terms that are at least substantially as favorable to the Parent Borrower or such Credit Party as it would obtain in a comparable arm's-length transaction with a Person that is not an Affiliate, as determined by the board of directors of the Parent Borrower or such Credit Party in good faith; <u>provided</u> that the foregoing restrictions shall not apply to (a) the payment of fees to the Sponsor for management, consulting and financial services rendered to the Parent Borrower and its Subsidiaries and customary investment banking fees paid to the Sponsor for services rendered to the Parent Borrower and its Subsidiaries in connection with divestitures, acquisitions, financings and other transactions which payments are approved by a majority of the board of directors of the Parent Borrower in good faith, (b) transactions permitted by <u>Section 10.1(c)(ii)</u> or <u>Section 10.4</u>, (c) consummation of the Transactions and the payment of the Transaction Expenses, (d) the issuance of Capital Stock or Stock Equivalents of the Parent Borrower (or any direct or indirect parent thereof) or any of its Subsidiaries not otherwise prohibited by the Credit Documents, (e) any transaction between or among the Parent Borrower and/or one or more of its Subsidiaries or joint venture (regardless of the form of legal entity) in which the Parent Borrower or any of its Subsidiaries has invested (and which Subsidiary or joint venture would not be an Affiliate of the Parent Borrower but for the Parent Borrower's or a Subsidiary's ownership of Capital Stock or Stock Equivalents in such joint venture or Subsidiary) to the extent permitted or not restricted by this Agreement, (f) (i) any collective bargaining agreements, employment agreements or arrangements, severance agreements or compensatory (including profit sharing) arrangements entered into by the Parent Borrower or any of its Subsidiaries with their respective current or former officers, directors, members of management, managers, employees, consultants or independent contractors or those of any Parent Entity, (ii) any subscription agreement or similar agreement pertaining to the repurchase of Capital Stock or Stock Equivalents pursuant to put/call rights or similar rights with current or former officers, directors, members of management, managers, employees, consultants or independent contractors and (iii) transactions pursuant to any employee compensation arrangement, benefit plan, stock option plan or arrangement, any health, disability or similar insurance plan which covers current or former officers, directors, members of management, employees, consultants or independent contractors; (g) payments by the Parent Borrower (and any direct or indirect parent thereof) and any of its Subsidiaries pursuant to the tax sharing agreements among the Parent Borrower (and any such parent) and such Subsidiaries that are permitted under <u>Section 10.4(b)(13)</u>; <u>provided</u> that in each case the amount of such payments in any fiscal year does not exceed the aggregate amount that the Parent Borrower and such Subsidiaries would have been required to pay in respect of such foreign, federal, state and/or local taxes for such fiscal year had the Parent Borrower and such Subsidiaries paid such taxes separately from any such direct or indirect parent company of the Parent Borrower, (h) the payment of customary fees and reasonable out of pocket costs to, and indemnities provided on behalf of, directors, managers, consultants, officers or employees of the Parent Borrower (or any direct or indirect parent thereof) and any of its Subsidiaries in the ordinary course of business to the extent attributable to the ownership, management or operation of the Parent Borrower or such Subsidiaries, including payroll, travel, business entertainment and similar advances to any of the foregoing Persons made in the ordinary course of business (i) transactions undertaken pursuant to membership in a purchasing consortium, (j) transactions pursuant to any agreement or arrangement as in effect as of the Closing Date, or any amendment, modification, supplement or replacement thereto (so long as any such amendment, modification, supplement or replacement is not disadvantageous in any material respect to the Lenders when taken as a whole as compared to the applicable agreement as in effect on the Closing Date as determined by the Parent Borrower in good faith), (k) customary payments by the Parent Borrower (or any direct or indirect parent) and any Subsidiaries to the Sponsor made for any financial advisory, consulting, financing, underwriting or placement services or in respect of other investment banking activities (including in connection with acquisitions or divestitures), (l) Affiliate repurchases of the Loans, Commitments or any other debt security to the extent permitted hereunder and the holding of such Loans, Commitments or other debt security and the payments and other transactions contemplated herein in respect thereof, (m) transactions with any Securitization Entity (including in connection with Permitted Securitization Financings) materially consistent, taken as a whole, with transactions taken customary for a Permitted Securitization Financing (including the payment of fees to, or obligation to reimburse, any Securitization Entity in respect of letters of credit issued to the account of such Securitization Entity for the benefit of the Borrower and its Subsidiaries), or any other customary transactions effected as part of a Permitted Securitization Financing, (n) undertaking or consummating any IPO Reorganization Transactions, (o) transactions under the Credit Documents or any First Tier Facility Agreements, (p) any reorganization or restructuring transactions related to the collapsing, requalification or qualification of the Parent Borrower or any Subsidiary as a REIT (including (i) the termination, creation or modification of a TRS structure, (ii) the liquidation of any REIT and the taking of any steps reasonably necessary thereto (as determined by the Parent Borrower or applicable Subsidiary), and (iii) redemption of any preferred shareholders and conversion of the REIT into a Delaware limited liability company), (q) any other Affiliate transactions permitted under the terms of any First Tier Facility Agreement (including (i) operating leases, (ii) any property management agreement to which the Parent Borrower or any of its Subsidiaries is party, and (iii) the right to cause any Properties to be transferred from a First Tier Facility Borrower to a newly formed, wholly owned Subsidiary of a First Tier Facility Borrower, which, in each case, is not prohibited by any such First Tier Facility Agreement), (r) the entry into and performance of any Lease or service agreement in the ordinary course of business, or the assignment, novation, subcontracting or transfer (whether in whole or in part) of any such Lease or service agreement to any Affiliate and (s) any other ordinary course non-material transactions entered into between the Borrower or any of its Subsidiaries with its Affiliates in accordance with past practices, including, without limitation, in connection with the use of Land or the development, ownership, lease, maintenance or operation of any of the Properties. For purposes of this <u>Section 9.9</u>, any transaction shall be deemed to have satisfied the requirements set forth in this <u>Section 9.9</u> if (x) such transaction is approved by a majority of the Disinterested Directors or (y) a fairness opinion is provided by a nationally recognized appraisal or investment banking firm with respect to such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 <u>End of Fiscal Years</u>. The Parent Borrower will, for financial reporting purposes, cause each of its, and each of the Credit Parties', fiscal years to end on dates consistent with past practice; provided, however, that the Parent Borrower may, upon written notice to the Administrative Agent change the financial reporting convention specified above to (x) align the dates of such fiscal year and for any Subsidiary whose fiscal years end on dates different from those of the Parent Borrower or (y) any other financial reporting convention (including a change of fiscal year) reasonably acceptable (such consent not to be unreasonably withheld or delayed) to the Administrative Agent, in which case the Parent Borrower and the Administrative Agent will, and are hereby authorized by the Lenders to, make any adjustments to this Agreement that are necessary in order to reflect such change in financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 <u>Additional Guarantors and Grantors</u>. Subject to <u>Section 9.14(b)</u> and any applicable limitations set forth in the Security Documents, the Parent Borrower will cause (a) each direct or indirect Wholly-Owned Subsidiary of the Parent Borrower which owns Collateral (other than any Excluded Subsidiary) that is formed or otherwise purchased or acquired after the Closing Date (including pursuant to a Permitted Acquisition), within 60 days from the later of (i) date of such formation, acquisition or cessation, as applicable and (ii) the date of delivery of the Section 9.1 Financials evidencing the obligation to provide a Guarantee pursuant to this <u>Section 9.11</u> (or such longer period as the Administrative Agent may agree in its reasonable discretion), and (b) at the Parent Borrower's sole option, any other Domestic Subsidiary reasonably acceptable to the Administrative Agent, in each case, to execute a supplement to each of the Guarantee and the Pledge Agreement in order to become a Guarantor under the Guarantee and a grantor under such Security Documents or, to the extent reasonably requested by the Collateral Agent, enter into a new Security Document substantially consistent with the analogous existing Security Documents and otherwise in form and substance reasonably satisfactory to the Collateral Agent and take all other action reasonably requested by the Collateral Agent to grant a perfected security interest in its relevant assets to substantially the same extent as created and perfected by the Credit Parties on the Closing Date. For the avoidance of doubt, no Credit Party that is a Domestic Subsidiary shall be required to take any action outside the United States to perfect any security interest in the Collateral (including the execution of any agreement, document or other instrument governed by the law of any jurisdiction other than the United States, any state thereof or the District of Columbia). In addition to the foregoing, if any other Domestic Subsidiary of the Parent Borrower that is a Wholly-Owned Subsidiary and is a Material Subsidiary becomes a guarantor or other obligor with respect to bonds, notices, debentures or similar debt instruments issued by the Parent Borrower, the Parent Borrower shall cause such Subsidiary to guarantee the obligations of the Parent Borrower hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12 <u>Pledge of Additional Stock and Evidence of Indebtedness</u>. Subject to <u>Section 6.2</u> and <u>Section 9.14(b)</u> and any applicable limitations set forth in the Security Documents and other than (x) when in the reasonable determination of the Administrative Agent and the Parent Borrower (as agreed to in writing), the cost or other consequences of doing so would be excessive in view of the benefits to be obtained by the Lenders therefrom or (y) to the extent doing so would result in material adverse tax consequences as reasonably determined by the Parent Borrower in consultation with the Administrative Agent, the Parent Borrower and each other Credit Party will cause (a) all certificates representing Capital Stock and Stock Equivalents which constitute Collateral that are held directly by any Credit Party and (b) any promissory notes executed after the Closing Date evidencing Indebtedness in excess of the greater of (a) $75,000,000 and (b) 1.25% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) at the time such promissory note is delivered to the Parent Borrower or any other Credit Party that is owing to the Parent Borrower or such other Credit Party, in each case to be delivered to the Collateral Agent as security for the Obligations accompanied by undated instruments of transfer executed in blank pursuant to the terms of the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 <u>Use of Proceeds</u>. The Parent Borrower and the Credit Parties will use the proceeds of the Revolving Credit Loans and use the Letters of Credit (a) on the Closing Date, together with the proceeds of other First Tier Facilities established on the Closing Date and cash on hand of the Parent Borrower, solely (i) to finance the Transactions in an amount equal to the amount necessary to fund (A) the Reserves Shortfall and (B) without duplication of the Reserves Shortfall, the Proceeds Shortfall (any Revolving Credit Loans borrowed pursuant to this clause (a)(i) arising as a direct result of the establishment of special reserves for Material Lease Defects, "**Lease Defect Revolving Obligations**"), (ii) to fund (A) upfront fees or original issue discount in respect of any Credit Facilities (and any other First Tier Facilities established on the Closing Date) imposed under the Fee Letter, (B) working capital adjustments and reimbursements for Capital Expenditures pursuant to the Acquisition Agreement and/or the refinancing of any Indebtedness incurred for working capital or Capital Expenditure purposes and (C) purchase price adjustments made pursuant to the Acquisition Agreement and/or the Property Acquisition Agreements and (iii) to issue Letters of Credit which may be used for all purposes not otherwise prohibited under this Agreement including without limitation (x) to replace, backstop or otherwise support or replace Letters of Credit in favor of third parties existing on the Closing Date and (y) to backstop any Reserves Shortfall existing on the Closing Date after giving effect to the Transactions, and (b) at any time and from time to time after the Closing Date, for Capital Expenditures, working capital and any general corporate purpose (including to finance any other transactions not prohibited by the Credit Documents. Neither any Borrower, nor any Credit Party will directly or indirectly, use the proceeds of the Revolving Credit Loans and use the Letters of Credit in in connection with any Sanctioned Person or in a manner that would otherwise cause a violation of any Anticorruption Laws, Sanctions or AML Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.14 <u>Further Assurances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to any applicable limitations set forth in the Security Documents and other than (x) when in the reasonable determination of the Administrative Agent and the Parent Borrower (as agreed to in writing), the cost or other consequences of doing so would be excessive in view of the benefits to be obtained by the Lenders therefrom or (y) to the extent doing so would result in material adverse tax consequences as reasonably determined by the Parent Borrower in consultation with the Administrative Agent, if any assets (other than Excluded Property) of any Credit Party are acquired after the Closing Date, which assets are required to be pledged as Collateral under the Security Documents (other than Capital Stock and Stock Equivalents and assets constituting Collateral under the Security Documents that become subject to the Lien of the applicable Security Document upon acquisition thereof), the Parent Borrower will notify the Collateral Agent, and, if requested by the Collateral Agent, the Parent Borrower will cause such assets to be subjected to a Lien securing the Obligations and will take, and cause the other applicable Credit Parties to take, such actions as shall be necessary or reasonably requested by the Collateral Agent, as soon as commercially reasonable but in no event later than ninety (90) days after such acquisition, unless extended by the Administrative Agent in its sole discretion, to grant and perfect such Liens consistent with the applicable requirements of the Security Documents, including actions described in <u>clause (a)</u> of this <u>Section 9.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.15 <u>[reserved.]</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.16 <u>Lines of Business</u>. The Parent Borrower and the other Credit Parties, taken as a whole, will not fundamentally and substantively alter the character of their business, taken as a whole, from the business conducted by the Parent Borrower and the other Credit Parties, taken as a whole, on the Closing Date and other business activities which are extensions thereof or otherwise incidental, synergistic, reasonably related, or ancillary to any of the foregoing (and non-core incidental businesses acquired to the extent permitted or not prohibited hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.17 <u>Financial Covenants under Other Indebtedness</u>. To the extent the Parent Borrower, under the terms of any facility of the Parent Borrower consisting of Indebtedness described in clause (a) of the definition thereof which would constitute Material Indebtedness, is obligated to comply with any financial maintenance covenant thereunder, such financial covenant shall also apply to the Revolving Credit Facility (a) to the extent the Revolving Credit Facility does not require the Parent Borrower's compliance with any financial maintenance covenant or (b) if, subsequent to the Closing Date, any financial maintenance covenant is then-applicable to the Revolving Credit Facility by operation of this <u>Section 9.17</u>, solely to the extent such new financial maintenance covenant is more restrictive than the then-applicable financial maintenance covenant under the Revolving Credit Facility, and the Parent Borrower shall, with the Administrative Agent, shall amend the Credit Documents such that the Revolving Credit Lenders benefit from such more restrictive financial covenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.18 <u>Post-Closing Actions</u>. The Parent Borrower agrees that it will, or will cause its relevant Subsidiaries to, complete each of the actions described on <u>Schedule 9.18</u> as soon as commercially reasonable and by no later than the date set forth in <u>Schedule 9.18</u> with respect to such action or such later date as the Administrative Agent may reasonably agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.19 <u>Foreign First-Tier Finance Holdings Subsidiaries</u>. The Parent Borrower agrees that each Foreign First-Tier Finance Holdings Subsidiary, whether now existing or formed after the Closing Date, shall (i) be a holding company, with no material assets or operations beyond the ownership of the equity interests of its subsidiaries and (ii) shall not incur any Indebtedness or grant any Liens to any other Person.

Section 10. <u>Negative Covenants</u>.

The Parent Borrower hereby covenants and agrees that on the Closing Date (immediately after the consummation of the Acquisition) and thereafter, until the Revolving Credit Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Limitation on Indebtedness</u>. The Parent Borrower will not, and will not permit any other Credit Party to create, incur, issue, assume, guarantee or otherwise become liable, contingently or otherwise (collectively, "**incur**" and collectively, an "**incurrence**") with respect to any Indebtedness (including Acquired Indebtedness) in an aggregate principal amount at any time in excess of ten percent (10%) of NAV, and the Parent Borrower will not issue any shares of Disqualified Stock and will not permit any other Credit Party to issue any shares of Disqualified Stock; <u>provided</u> that the Parent Borrower may incur Indebtedness (including Acquired Indebtedness incurred in connection with, or in contemplation of, a Permitted Acquisition) or issue shares of Disqualified Stock, and any Credit Party may incur Indebtedness (including Acquired Indebtedness incurred in connection with, or in contemplation of, a Permitted Acquisition), issue shares of Disqualified Stock and issue shares of preferred stock that is, in each case, secured by a Lien on the Collateral that is *pari passu* with the Lien securing the Obligations, secured by a Lien on the Collateral that is junior to the Lien securing the Obligations, or that is unsecured to the extent that the LTV after giving effect to the incurrence of such Indebtedness and the use of proceeds thereof, on a Pro Forma Basis would not exceed 60%.

The foregoing limitations will not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indebtedness arising under the Credit Documents or otherwise permitted pursuant to <u>Section 2.14</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-Recourse Indebtedness, as long as such Non-Recourse Indebtedness is not Indebtedness for borrowed money or a guarantee of Indebtedness for borrowed money, arising or permitted under any First Tier Facility (including any hedging or swap obligations entered into in connection with any First Tier Facility, to the extent constituting Non-Recourse Indebtedness of the Credit Parties (provided that such Non-Recourse Indebtedness is not Indebtedness for borrowed money or a guarantee of Indebtedness for borrowed money));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) Indebtedness (including any unused commitment) outstanding on the Closing Date listed on <u>Schedule 10.1</u> (or, to the extent not listed on such Schedule, where the principal amount of such Indebtedness is less than $50,000,000 in the aggregate) and (ii) intercompany Indebtedness (including any unused commitment) outstanding on the Closing Date listed on <u>Schedule 10.1</u> or owed by a Credit Party to another Credit Party or any Subsidiary thereof; <u>provided</u> that any such Indebtedness owed by a Credit Party to a Subsidiary that is not a Credit Party shall be subordinated in right of payment to the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Indebtedness (including Capitalized Lease Obligations), Disqualified Stock and preferred stock incurred by the Parent Borrower or any other Credit Party, to finance the purchase, lease, construction, installation, maintenance, replacement or improvement of property (real or personal) or equipment that is used or useful in a Similar Business, whether through the direct purchase of assets or the Capital Stock of any Person owning such assets and Indebtedness arising from the conversion of the obligations of the Parent Borrower or any other Credit Party under or pursuant to any "synthetic lease" transactions to on-balance sheet Indebtedness of the Parent Borrower or such Credit Party, in an aggregate principal amount which, when aggregated with the principal amount of all other Indebtedness, Disqualified Stock and preferred stock then outstanding and incurred pursuant to this <u>clause (d)</u> and all Indebtedness incurred to refinance any other Indebtedness, Disqualified Stock and preferred stock incurred pursuant to this <u>clause (d)</u>, does not exceed the greater of (x) $225,000,000 and (y) 4.25% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis at the time of incurrence; <u>provided</u> that Capitalized Lease Obligations incurred by the Parent Borrower or any Credit Party pursuant to this <u>clause (d)</u> in connection with a Permitted Sale Leaseback shall not be subject to the foregoing limitation so long as the proceeds of such Permitted Sale Leaseback are used by the Parent Borrower or such Credit Party to permanently repay other Indebtedness secured by a Lien on the assets subject to such Permitted Sale Leaseback (excluding any Lien ranking junior to the Lien securing the Obligations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Indebtedness incurred by the Parent Borrower or any other Credit Party (including letter of credit obligations consistent with past practice constituting reimbursement obligations with respect to letters of credit issued in the ordinary course of business), in respect of workers' compensation claims, deferred compensation, performance or surety bonds, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement or indemnification type obligations regarding workers' compensation claims, performance or surety bonds, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Indebtedness arising from agreements of the Parent Borrower or any other Credit Party providing for indemnification, adjustment of purchase price, earnout or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or a Subsidiary or other Person, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) shares of preferred stock of a Credit Party issued to the Parent Borrower or another Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Hedging Obligations (excluding Hedging Obligations entered into for speculative purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (i) obligations in respect of customs, self-insurance, performance, bid, appeal, and surety bonds and completion guarantees and similar obligations provided by the Parent Borrower or any other Credit Party or (ii) obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case, in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business and (ii) customer deposits and advance payments received in the ordinary course of business from customers for goods purchased in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (i) Indebtedness of the Parent Borrower or any other Credit Party supported by a letter of credit, in a principal amount not in excess of the amount of such letter of credit so long as such letter of credit is otherwise permitted to be incurred pursuant to this <u>Section 10.1</u> or (ii) obligations in respect of letters of support, guarantees or similar obligations issued, made or incurred for the benefit of any Credit Party to the extent required by law or in connection with any statutory filing or the delivery of audit opinions performed in jurisdictions other than within the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Indebtedness of the Parent Borrower or any of the other Credit Parties consisting of the financing of insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) (1) Indebtedness of the Parent Borrower or any of the other Credit Parties undertaken in connection with cash management and related activities with respect to any Subsidiary or joint venture in the ordinary course of business, including with respect to financial accommodations of the type described in the definition of Cash Management Services and (2) Indebtedness owed on a short-term basis of no longer than 30 days to banks and other financial institutions incurred in the ordinary course of business of the Parent Borrower and such Credit Parties with such banks or financial institutions that arises in connection with ordinary banking arrangements to manage cash balances of the Parent Borrower and the other Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Indebtedness consisting of Indebtedness issued by the Parent Borrower or any of the other Credit Parties to future, current or former officers, directors, managers and employees thereof, their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of the Parent Borrower or any direct or indirect parent company of the Parent Borrower to the extent described in <u>clause (4)</u> of <u>Section 10.4(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Indebtedness in respect of taxes, assessments, governmental charges or levies to the extent that payment therefor shall not at the time be required to be made in accordance with <u>Section 9.4</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Indebtedness in respect of judgments and attachments for the payment of money not constituting an Event of Default under <u>Section 11.5</u> or <u>Section 11.9</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) unsecured Indebtedness that represents accrued (or deferred) and unpaid management fees to the Sponsor; <u>provided</u>, that the payment of such management fees in respect of such Indebtedness is not otherwise prohibited under <u>Section 10.4</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) (i) guarantees incurred in the ordinary course of business in respect of obligations to suppliers, customers, franchisees, lessors, licensees, sub-licensees and distribution partners and (ii) Indebtedness incurred by the Parent Borrower or any other Credit Party as a result of Leases or services agreements entered into by such Credit Party or any Subsidiary thereof in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (s) [reserved]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) to the extent constituting Indebtedness, the payment of fees to, or obligation to reimburse, any Securitization Entity in respect of letters of credit issued to the account of such Securitization Entity for the benefit of the Borrower and its Subsidiaries in the ordinary course and for customary business purposes.

For purposes of determining compliance with this <u>Section 10.1</u>: (i) in the event that an item of Indebtedness, Disqualified Stock or preferred stock (or any portion thereof) meets the criteria of more than one of the categories of permitted Indebtedness, Disqualified Stock or preferred stock described in <u>clauses (a)</u> through <u>(r)</u> above or is entitled to be incurred pursuant to the first paragraph of this <u>Section 10.1</u>, the Parent Borrower, in its sole discretion, will classify and may reclassify such item of Indebtedness, Disqualified Stock or preferred stock (or any portion thereof) and will only be required to include the amount and type of such Indebtedness, Disqualified Stock or preferred stock in one of the above clauses or paragraphs; and (ii) at the time of incurrence, the Parent Borrower will be entitled to divide and classify an item of Indebtedness in more than one of the types of Indebtedness described in this <u>Section 10.1</u>.

Accrual of interest or dividends, the accretion of accreted value, the accretion or amortization of original issue discount and the payment of interest or dividends in the form of additional Indebtedness, Disqualified Stock or preferred stock will not be deemed to be an incurrence of Indebtedness, Disqualified Stock or preferred stock for purposes of this covenant. Any Indebtedness incurred to refinance Indebtedness permitted pursuant to this <u>Section 10.1</u> shall be deemed to include additional Indebtedness, Disqualified Stock or preferred stock incurred to pay premiums (including reasonable tender premiums), defeasance costs, fees, and expenses in connection with such refinancing.

For purposes of determining compliance with any Dollar-denominated restriction on the incurrence of Indebtedness, the principal amount of Indebtedness denominated in another currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; <u>provided</u> that if such Indebtedness is incurred to refinance other Indebtedness denominated in another currency, and such refinancing would cause the applicable Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed (i) the principal amount of such Indebtedness being refinanced plus (ii) the aggregate amount of fees, underwriting discounts, premiums, and other costs and expenses and accrued and unpaid interest incurred in connection with such refinancing.

The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated that is in effect on the date of such refinancing.

This Agreement will not treat (1) unsecured Indebtedness as subordinated or junior to secured Indebtedness merely because it is unsecured or (2) senior Indebtedness as subordinated or junior to any other senior Indebtedness merely because it has a junior priority with respect to the same collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Limitation on Fundamental Changes</u>. The Parent Borrower will not, and will not permit any other Credit Party to, enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, all or substantially all its business units, assets or other properties, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) so long as no Event of Default has occurred and is continuing or would result therefrom, any Person may be merged, amalgamated or consolidated with or into the Parent Borrower; <u>provided</u> that (A) the Parent Borrower shall be the continuing or surviving Person or (B) if the Person formed by or surviving any such merger, amalgamation or consolidation is not a Borrower (such other Person, the "**Successor Borrower**"), (1) the Successor Borrower shall be an entity organized or existing under the laws of the United States, any state thereof, the District of Columbia or any territory thereof, (2) the Successor Borrower shall expressly assume all the obligations of the Parent Borrower under this Agreement and the other Credit Documents pursuant to a supplement hereto or thereto or in a form otherwise reasonably satisfactory to the Administrative Agent, (3) each Guarantor, unless it is the other party to such merger, amalgamation or consolidation, shall have, by a supplement to the Guarantee, confirmed that its guarantee thereunder shall apply to any Successor Borrower's obligations under this Agreement, (4) each other Credit Party pledgor, unless it is the other party to such merger, amalgamation or consolidation, shall have, by a supplement to any applicable Security Document, affirmed that its obligations thereunder shall apply to its Guarantee as reaffirmed pursuant to <u>clause (3)</u>, and (5) the Successor Borrower shall have delivered to the Administrative Agent (x) an officer's certificate stating that such merger, amalgamation, or consolidation and such supplements preserve the enforceability of the Guarantee and the perfection and priority of the Liens under the applicable Security Documents and (y) if requested by the Administrative Agent, an opinion of counsel to the effect that such merger, amalgamation, or consolidation does not violate this Agreement or any other Credit Document and that the provisions set forth in the preceding <u>clauses (3)</u> and <u>(4)</u> preserve the enforceability of the Guarantee and the perfection of the Liens created under the applicable Security Documents (it being understood that if the foregoing are satisfied, the Successor Borrower will succeed to, and be substituted for, the Parent Borrower under this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) so long as no Event of Default has occurred and is continuing or would result therefrom, any Person (in each case, other than the Parent Borrower) may be merged, amalgamated or consolidated with or into any one or more Credit Parties (other than the Parent Borrower); <u>provided</u> that (i) in the case of any merger, amalgamation or consolidation involving one or more such Credit Parties, a Credit Party shall be the continuing or surviving Person, (ii) in the case of any merger, amalgamation or consolidation involving one or more Guarantors, a Guarantor shall be the continuing or surviving Person or the Person formed by or surviving any such merger, amalgamation or consolidation and if the surviving Person is not already a Guarantor, such Person shall execute a supplement to the Guarantee and the relevant Security Documents in form and substance reasonably satisfactory to the Administrative Agent in order to become a Guarantor and pledgor, as applicable, thereunder for the benefit of the Secured Parties, and, (iii) the Parent Borrower shall have delivered to the Administrative Agent an officer's certificate stating that such merger, amalgamation or consolidation and any such supplements to any Security Document preserve the enforceability of the Guarantees and the perfection and priority of the Liens under the applicable Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) the Transactions may be consummated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Credit Party (other than the Parent Borrower) may convey, sell, lease, assign, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or dissolution or otherwise) to, or may be merged, amalgamated or consolidated with, any other Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Credit Party may liquidate or dissolve if the Parent Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Parent Borrower and its Subsidiaries and is not materially disadvantageous to the interests of the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Parent Borrower and any of the Credit Parties may consummate a merger, dissolution, liquidation, consolidation, investment or conveyance, sale, lease, assignment or disposition, the purpose of which is to effect an Asset Sale (which for the purposes of this <u>Section 10.2(f)</u> will include any disposition below the dollar threshold set forth in clause (b)(iv) of the definition of "Asset Sale"), other disposition or an Investment permitted or not prohibited hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) undertaking or consummating any IPO Reorganization Transactions or such other transactions related to the restructuring of any Person as reasonably determined by the Parent Borrower and the other Credit Parties to be necessary to allow such Person or any direct or indirect owner thereof to satisfy stock exchange or quotation system listing or trading requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Parent Borrower or any other Credit Party may convey, sell, lease, assign, transfer or otherwise dispose of any or all of its assets or any Equity Interests or other beneficial interests in a Subsidiary of the Parent Borrower or other Credit Party (in each case, upon voluntary liquidation or dissolution or otherwise and including by way of merger or consolidation), or enter into any other transaction otherwise prohibited by this <u>Section 10.2</u>, in each case, to the extent such transaction is permitted pursuant to any First Tier Facility Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (i) any transactions described in clause (q) of <u>Section 9.9</u> or (ii) any other conversion by the Parent Borrower or any Credit Party to a REIT, in each case, shall be permitted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any Credit Party may convert to a limited liability company under the laws of its applicable state of jurisdiction or the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Limitation on Sale of Assets</u>. The Parent Borrower will not, and will not permit any other Credit Party to, consummate an Asset Sale, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Asset Sale (of assets that are not Collateral) is permitted pursuant to the terms of any First Tier Facility Agreement or relates to any deposit of cash payable to or belonging to any Securitization Entity required by, and in accordance with, any Permitted Securitization Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the Parent Borrower or such Credit Party, as the case may be, receives consideration at the time of such Asset Sale at least equal to the Fair Market Value (as determined at the time of contractually agreeing to such Asset Sale) of the assets sold or otherwise disposed of; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except in the case of a Permitted Asset Swap, if the property or assets sold or otherwise disposed of have a Fair Market Value in excess of the greater of (a) $100,000,000 and (b) 1.5% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis at the time of such disposition, at least 75% of the consideration for such Asset Sale, together with all other Asset Sales since the Closing Date (on a cumulative basis) received by the Parent Borrower or such Credit Party, as the case may be, is in the form of cash or Cash Equivalents; <u>provided</u> that the amount of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any liabilities (as reflected on the Parent Borrower's most recent consolidated balance sheet or in the footnotes thereto, or if incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Parent Borrower's consolidated balance sheet or in the footnotes thereto if such incurrence or accrual had taken place on or prior to the date of such consolidated balance sheet, as determined in good faith by the Parent Borrower) of the Parent Borrower, other than liabilities that are by their terms subordinated to the Loans, that are assumed by the transferee of any such assets (or are otherwise extinguished in connection with the transactions relating to such Asset Sale) and for which the Parent Borrower and all such Credit Parties have been released by all applicable creditors in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any securities, notes or other obligations or assets received by the Parent Borrower or such Credit Party from such transferee that are converted by the Parent Borrower or such Credit Party into cash or Cash Equivalents, or by their terms are required to be satisfied for cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received), in each case, within 180 days following the closing of such Asset Sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Indebtedness, other than liabilities that are by their terms subordinated to the Loans, that are of any Credit Party that is no longer a Credit Party as a result of such Asset Sale, to the extent that the Parent Borrower and all other Credit Parties have been validly released from any guarantee of payment of such Indebtedness in connection with such Asset Sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) consideration consisting of Indebtedness of the Parent Borrower (other than Subordinated Indebtedness) received after the Closing Date from Persons who are not the Parent Borrower or any Credit Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any Designated Non-Cash Consideration received by the Parent Borrower or such Credit Party in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-Cash Consideration received pursuant to this <u>clause (E)</u> that is at that time outstanding, not to exceed the greater of $325,000,000 or 6.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis at the time of the receipt of such Designated Non-Cash Consideration, with the Fair Market Value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value,

shall be deemed to be cash for purposes of this <u>clause (ii)</u> of this provision and for no other purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no Event of Default under Section 11.1 or Section 11.5 has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After the Parent Borrower's or any Credit Party's receipt of the Net Cash Proceeds of any Asset Sale, the Parent Borrower or the applicable Credit Party may apply such Net Cash Proceeds in any manner not prohibited by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Limitation on Restricted Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent Borrower will not, directly or indirectly (including, for the avoidance of doubt, through any Subsidiary):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) declare or pay any dividend or make any payment or distribution on account of the Parent Borrower's Equity Interests, including any dividend or distribution payable in connection with any merger or consolidation, other than dividends or distributions by the Parent Borrower payable in Equity Interests (other than Disqualified Stock) of the Parent Borrower or in options, warrants or other rights to purchase such Equity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) purchase, redeem, defease or otherwise acquire or retire for value any Equity Interests of the Parent Borrower or any direct or indirect parent company of the Parent Borrower, including in connection with any merger or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) make, or permit any of the other Credit Parties to make, any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value, in each case, prior to any scheduled repayment, sinking fund payment or maturity, any Junior Debt of the Parent Borrower or any Credit Party (such payments "**Restricted Debt Payments**"), other than (A) Indebtedness permitted under <u>clause (c)(ii)</u> of <u>Section 10.1</u> or (B) the purchase, repurchase or other acquisition of Junior Debt purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of purchase, repurchase or acquisition; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) make, or permit any of the other Credit Parties to make, any loans to any direct or indirect parent company of the Parent Borrower;

(all such payments and other actions set forth in <u>clauses (1)</u> through <u>(4)</u> above (other than any exception thereto) being collectively referred to as "**Restricted Payments**"), unless, at the time of such Restricted Payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to any Restricted Payments, the Borrower shall have paid (A) any amount due and payable under <u>Section 5.2(a)</u> and (B) all installments of any Quarterly Prepayment Amount due and payable as of last Business Day of the most recently completed fiscal quarter of the Borrower in accordance with <u>Section 5.2(b</u>), or shall have provided a Sponsor Guaranty satisfying the requirements of <u>Section 5.2(b)</u> in respect of such Quarterly Prepayment Amounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Default or Event of Default described in <u>Section 11.1</u> or <u>11.5</u> shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The foregoing provisions of <u>Section 10.4(a)</u> will not prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date of declaration thereof or the giving of such irrevocable notice, as applicable, if at the date of declaration or the giving of such notice such payment would have complied with the provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (a) the redemption, repurchase, retirement or other acquisition of any Equity Interests ("**Retired Capital Stock**") or Junior Debt of the Parent Borrower, or any Equity Interests of any direct or indirect parent company of the Parent Borrower, in exchange for, or out of the proceeds of the substantially concurrent sale or issuance (other than to a Credit Party) of, Equity Interests of the Parent Borrower or any direct or indirect Parent Entity or management investment vehicle to the extent contributed to the Parent Borrower (in each case, other than any Disqualified Stock) ("**Refunding Capital Stock**") and (b) if immediately prior to the retirement of Retired Capital Stock, the declaration and payment of dividends thereon was permitted under <u>clause (6)</u> of this <u>Section 10.4(b)</u>, the declaration and payment of dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds of which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of any direct or indirect Parent Entity) in an aggregate amount per year no greater than the aggregate amount of dividends per annum that was declarable and payable on such Retired Capital Stock immediately prior to such retirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the prepayment, redemption, defeasance, repurchase or other acquisition or retirement for value of Junior Debt of the Parent Borrower or another Credit Party made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of the Parent Borrower or such Credit Party, as the case may be, which is incurred in compliance with <u>Section 10.1</u> so long as: (A) the principal amount (or accreted value, if applicable) of such new Indebtedness does not exceed the principal amount of (or accreted value, if applicable), plus any accrued and unpaid interest on the Junior Debt being so redeemed, defeased, repurchased, exchanged, acquired or retired for value, plus the amount of any premium (including reasonable tender premiums), defeasance costs and any reasonable fees and expenses incurred in connection with the issuance of such new Indebtedness, (B) if such Junior Debt is subordinated to the Obligations, such new Indebtedness is subordinated to the Obligations or the applicable Guarantee at least to the same extent as such Junior Debt so purchased, exchanged, redeemed, defeased, repurchased, acquired or retired for value, (C) such new Indebtedness has a final scheduled maturity date equal to or later than the final scheduled maturity date of the Junior Debt being so redeemed, defeased, repurchased, exchanged, acquired or retired, (D) if such Junior Debt so purchased, exchanged, redeemed, repurchased, acquired or retired for value is (i) unsecured then such new Indebtedness shall be unsecured or (ii) secured by a Lien ranking junior to the Liens securing the Obligations then such new Indebtedness shall be unsecured or secured by a Lien ranking junior to the Liens securing the Obligations, and (E) such new Indebtedness has a weighted average life to maturity equal to or greater than the remaining weighted average life to maturity of the Junior Debt being so redeemed, defeased, repurchased, exchanged, acquired or retired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a Restricted Payment to pay for the repurchase, retirement or other acquisition or retirement for value of Equity Interests (other than Disqualified Stock) of the Parent Borrower or any direct or indirect Parent Entity or management investment vehicle held by any future, present or former employee, director, manager or consultant of the Parent Borrower, any of its Subsidiaries or any direct or indirect Parent Entity or management investment vehicle, or their estates, descendants, family, spouse or former spouse pursuant to any management equity plan or stock option or phantom equity plan or any other management or employee benefit plan or agreement, or any stock subscription or shareholder agreement (including, for the avoidance of doubt, any principal and interest payable on any notes issued by the Parent Borrower or any direct or indirect Parent Entity or management investment vehicle in connection with such repurchase, retirement or other acquisition), including any Equity Interests rolled over by management of the Parent Borrower or any direct or indirect Parent Entity or management investment vehicle in connection with the Transactions; <u>provided</u> that, except with respect to non-discretionary purchases, the aggregate Restricted Payments made under this <u>clause (4)</u> subsequent to the Closing Date do not exceed in any calendar year the greater of (a) $75,000,000 and (b) 1.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis (which subsequent to the consummation of an IPO shall increase to the greater of (a) $150,000,000 and (b) 2.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis) (with unused amounts in any calendar year being carried over to succeeding calendar years); <u>provided</u>, <u>further</u>, that such amount in any calendar year may be increased by an amount not to exceed: (A) the cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Parent Borrower and, to the extent contributed to the Parent Borrower, the cash proceeds from the sale of Equity Interests of any direct or indirect Parent Entity or management investment vehicle, in each case to any future, present or former employees, directors, managers or consultants of the Parent Borrower, any of its Subsidiaries or any direct or indirect Parent Entity or management investment vehicle that occurs after the Closing Date, to the extent the cash proceeds from the sale of such Equity Interests have not otherwise been applied to the payment of Restricted Payments by virtue of <u>Section 10.4(a)</u>, plus (B) the cash proceeds of key man life insurance policies received by the Parent Borrower and the Credit Parties after the Closing Date, plus (C) the amount of any cash bonuses otherwise payable to employees, officers, directors, managers, consultants or independent contractors of the Parent Borrower or any other Credit Parties or any direct or indirect parent of the Parent Borrower that are foregone in return for the receipt of Equity Interests, less (D) the amount of any Restricted Payments previously made pursuant to <u>clauses (A)</u> and <u>(B)</u> of this <u>clause (4)</u>; and <u>provided</u>, <u>further</u>, that cancellation of Indebtedness owing to the Parent Borrower or any other Credit Party from any future, present or former employees, directors, managers or consultants of the Parent Borrower, any direct or indirect Parent Entity or management investment vehicle or any Credit Party, or their estates, descendants, family, spouse or former spouse in connection with a repurchase of Equity Interests of the Parent Borrower or any direct or indirect Parent Entity or management investment vehicle will not be deemed to constitute a Restricted Payment for purposes of this <u>Section 10.4</u> or any other provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Parent Borrower or any other Credit Party or any class or series of preferred stock of any Credit Party, in each case, issued in accordance with <u>Section 10.1</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) (A) the declaration and payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) issued by the Parent Borrower after the Closing Date; (B) the declaration and payment of dividends to any direct or indirect parent company of the Parent Borrower, the proceeds of which will be used to fund the payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) of such parent company issued after the Closing Date; <u>provided</u> that the amount of dividends paid pursuant to this <u>clause (B)</u> shall not exceed the aggregate amount of cash actually contributed to the Parent Borrower from the sale of such Designated Preferred Stock; or (C) the declaration and payment of dividends on Refunding Capital Stock in excess of the dividends declarable and payable thereon pursuant to <u>clause (2)</u> of this <u>Section 10.4(b)</u>; <u>provided</u> that, in the case of each of (A), (B), and (C) of this <u>clause (6)</u>, for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock or the declaration of such dividends on Refunding Capital Stock, after giving effect to such issuance or declaration on a pro forma basis, the LTV would not exceed 60%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) (i) payments made or expected to be made by the Parent Borrower or any other Credit Party in respect of withholding or similar taxes payable upon exercise of Equity Interests by any future, present or former employee, director, manager, or consultant and repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants and (ii) payments or other adjustments to outstanding Equity Interests in accordance with any management equity plan, stock option plan or any other similar employee benefit plan, agreement or arrangement in connection with any Restricted Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the declaration and payment of dividends on the Parent Borrower's common stock (or the payment of dividends to any direct or indirect parent company of the Parent Borrower to fund a payment of dividends on such company's common stock), following consummation of an IPO, not to exceed the sum (a) of up to 6.00% per annum of the net cash proceeds received by or contributed to the Parent Borrower in or from such IPO, other than public offerings with respect to the Parent Borrower's common stock registered on Form S-8 and other than any public sale constituting an Excluded Contribution and (b) up to 7.00% of the market capitalization of the Parent Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Restricted Payments in an amount that does not exceed the amount of Excluded Contributions made since the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) other Restricted Payments in an aggregate amount taken together with all other Restricted Payments made pursuant to this clause not to exceed the Available Restricted Debt Payments Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) distributions or payments of Securitization Fees, sales, contributions and other payments of Securitization Assets and purchases of Securitization Assets pursuant to a purchase obligation or any Restricted Payments made in respect of any consideration, payment, dividend, distribution or other transfer in connection with a Permitted Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) any Restricted Payment made in connection with the Transactions (including to holders of Equity Interests of the Parent Borrower (immediately prior to giving effect to the Acquisition) in connection with, or as a result of, the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto), in each case, with respect to the Transactions and the fees and expenses related thereto or used to fund amounts owed to Affiliates (including dividends to any direct or indirect parent company of the Parent Borrower to permit payment by such parent of such amount), to the extent permitted by <u>Section 9.9</u> (other than <u>clause (b)</u> thereof), and Restricted Payments in respect of working capital adjustments or purchase price adjustments pursuant to the Acquisition Agreement, any Property Acquisition, any Permitted Acquisition or other Investment and to satisfy indemnity and other similar obligations under the Acquisition Agreement, any Property Acquisition, any Permitted Acquisitions or other Investments and Restricted Payments made to holders of Equity Interests of the Parent Borrower to reimburse such holders for any deposits funded prior to the Closing Date in respect of the Acquisition Agreement or any Property Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) the declaration and payment of dividends to or the making of loans to, (A) any direct or indirect Parent Entity in amounts required for such Parent Entity to pay franchise and excise Taxes, and other fees and expenses, required to maintain its organizational existence and privilege of doing business, (B) the equity holders of a Parent Entity in an aggregate amount necessary for any such equity holder (or its direct or indirect equity holders) to pay U.S. federal, state or local income Tax liabilities (including estimated Taxes) in respect of income, receipts, gain, loss, deduction and credit of any Borrower or a Subsidiary of any Borrower, calculated by assuming that the items of income, gain, loss, deduction and credit of any Borrower or and of any such Subsidiary were the only such items entering into the computation of Tax liability, and applying the highest marginal effective rate of federal, state and local income Tax to which any of the Parent Borrower's direct or indirect owners are subject, but taking into consideration (i) the character and nature of such income (i.e., whether such income is subject to income Tax at capital gains rates, ordinary income rates or any special rates), (ii) any losses previously allocated to each such equity holder from and after the date hereof that are available to reduce such income Tax liability, and (iii) deductions arising from Tax basis adjustments under Section 734 of the Code or Section 743 of the Code and the Treasury Regulations thereunder, (C) without duplication of the forgoing clauses (A) and (B) of this sub- clause (13), a Parent Entity if such Parent Entity is a REIT and the Borrower's or any Subsidiary's income is includable in the income of such Parent Entity for U.S. federal income tax purposes, in an amount not to exceed the minimum amount reasonably estimated to be required for such Parent Entity to (x) continue to maintain its status as a REIT and (y) avoid any entity-level income or excise tax, including tax under Section 4981 of the Code, assuming that such Parent Entity has no income other than the income of the Parent Borrower or such Subsidiaries (provided, however, there shall not be any implied requirement that the Parent Borrower, any Subsidiary or such Parent Entity utilize the dividend deferral options in Section 857(b)(9) or Section 858(a) of the Code), (such distributions collectively in (A), (B), and (C), the "**Permitted Tax Distributions**") (D) customary salary, bonus, and other benefits payable to, and indemnities provided on behalf of, officers, employees, directors, and managers of any direct or indirect parent company of the Parent Borrower to the extent such salaries, bonuses, and other benefits are attributable to the ownership or operation of the Parent Borrower and its Subsidiaries, including the Parent Borrower's proportionate share of such amount relating to such Parent Entity being a public company, (E) general corporate or other operating (including, without limitation, expenses related to auditing or other accounting matters) and overhead costs and expenses of any direct or indirect Parent Entity to the extent such costs and expenses are attributable to the ownership or operation of the Parent Borrower and its Subsidiaries, including the Parent Borrower's proportionate share of such amount relating to such Parent Entity being a public company, (F) amounts required for any direct or indirect Parent Entity to pay fees and expenses incurred by any direct or indirect Parent Entity related to (i) the maintenance by such parent entity of its corporate or other entity existence and (ii) transactions of such Parent Entity in connection with any acquisition, Investment, recapitalization, Asset Sale, issuance or repayment of Indebtedness, issuance of Equity Interests, refinancing transaction or amendment or modification of any debt instrument (in each case, including any such transaction consummated prior to the Closing Date and any such transaction undertaken but not completed), (G) cash payments in lieu of issuing fractional shares in connection with the exercise of warrants, options or other securities convertible into or exchangeable for Equity Interests of the Parent Borrower or any such direct or indirect Parent Entity, (H) repurchases deemed to occur upon the cashless exercise of stock options and (I) amounts related to the financing of any Investment (provided that such Parent Entity shall, immediately following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests) to be contributed to the Parent Borrower or its Subsidiaries or (2) the merger (to the extent permitted in <u>Section 10.2</u>) of the Person formed or acquired into the Parent Borrower or its Subsidiaries in order consummate such acquisition or Investment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) (i) the repurchase, redemption or other acquisition for value of Equity Interests of the Parent Borrower deemed to occur in connection with paying cash in lieu of fractional shares of such Equity Interests in connection with a share dividend, distribution, share split, reverse share split, merger, consolidation, amalgamation or other business combination of the Parent Borrower, in each case, permitted under this Agreement and (ii) the honoring of any conversion request of a holder of convertible Indebtedness and the making of cash payments in lieu of fractional shares in connection with any such conversion and the making of payments on convertible Indebtedness in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) the prepayment, redemption, defeasance, repurchase or other acquisition or retirement for value of Junior Debt in an aggregate amount pursuant to this <u>clause (15)</u> not to exceed the sum of (a) the greater of (x) $175,000,000 and (y) 3.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis at the time of such prepayment, redemption, defeasance, repurchase, acquisition or retirement and (b) the Available Restricted Payments Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) undertaking or consummating any IPO Reorganization Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) payments or distributions to satisfy dissenters' rights, pursuant to or in connection with a consolidation, amalgamation, merger or transfer of assets that complies with <u>Section 10.2</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) any Restricted Payment made in connection with the Transactions and the fees and expenses related thereto or used to fund amounts owed to Affiliates (including dividends to any direct or indirect parent company of the Parent Borrower to permit payment by such parent of such amount), to the extent permitted by <u>Section 9.9</u> (other than <u>clause (b)</u> thereof) and the redemption of any Equity Interests of DCCO Tukwila Domestic REIT, LLC within five (5) Business Days of the Closing Date.

For purposes of determining compliance with this covenant, in the event that a proposed Restricted Payment meets the criteria of any of <u>clauses (1)</u> through <u>(18)</u> above and/or is entitled to be made pursuant to <u>Section 10.4(a)</u>, the Parent Borrower will be entitled to classify or later reclassify (based on circumstances existing on the date of such reclassification) such Restricted Payment (or portion thereof) among such <u>clauses (1)</u> through <u>(18)</u> and/or <u>Section 10.4(a)</u> in a manner that otherwise complies with this covenant.

Section 11. <u>Events of Default</u>.

Upon the occurrence of any of the following specified events (each an "**Event of Defaul**t"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Payments</u>. Any Borrower shall (a) default in the payment when due of any principal of the Loans or (b) default, and such default shall continue for five or more Business Days, in the payment when due of any interest on the Loans or any Fees or any Unpaid Drawings or of any other amounts owing hereunder or under any other Credit Document; <u>provided</u> that any default in the payment of any Quarterly Prepayment Amount owing pursuant to <u>Section 5.2(b)</u> when and as the same shall become due shall constitute an Event of Default only if (x) such default shall continue unremedied for a period of one full fiscal quarter following such amount becoming due hereunder or (y) a Sponsor Guaranty of such defaulted Quarterly Prepayment Amount shall have not been otherwise provided during such fiscal quarter period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Representations, Etc</u>. Any representation, warranty or statement made or deemed made by any Credit Party herein or in any other Credit Document or any certificate delivered or required to be delivered pursuant hereto or thereto (except those in the Credit Documents that are made or deemed made on the Closing Date that are not the Specified Representations) shall prove to be untrue in any material respect on the date as of which made or deemed made, and, to the extent capable of being cured, such incorrect representation or warranty shall remain incorrect for a period of 30 days after written notice thereof from the Administrative Agent to the Parent Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.3 <u>Covenants</u>. Any Credit Party shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) default in the due performance or observance by it of any term, covenant or agreement contained in <u>Section 9.1(e)(i)</u>, <u>Section 9.5</u> (solely with respect to the Parent Borrower) or <u>Section 10</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) default in the due performance or observance by it of any term, covenant or agreement (other than those referred to in <u>Section 11.1</u> or <u>11.2</u> or <u>clause (a)</u> of this <u>Section 11.3</u>) contained in this Agreement or any Security Document and such default shall continue unremedied for a period of at least 30 days after receipt of written notice by the Parent Borrower from the Administrative Agent or the Required Lenders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 <u>Default Under Other Agreements</u>. (a) The Parent Borrower or any of the other Credit Parties shall (i) fail to make any payment with respect to any Indebtedness (other than the Obligations) in excess of the greater of (x) $225,000,000 and (y) 4.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) in the aggregate ("**Material Indebtedness**"), for the Parent Borrower and such Credit Parties, beyond the period of grace and following all required notices, if any, provided in the instrument or agreement under which such Material Indebtedness was created or (ii) default in the observance or performance of any agreement or condition relating to any such Material Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist (after giving effect to all applicable grace periods and delivery of all required notices) (other than, with respect to Indebtedness consisting of any Hedge Agreements, termination events or equivalent events pursuant to the terms of such Hedge Agreements (it being understood that clause (i) shall apply to any failure to make any payment in excess of the greater of (x) $225,000,000 and (y) 4.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) that is required as a result of any such termination or similar event and that is not otherwise being contested in good faith)), the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Material Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, any such Indebtedness to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Material Indebtedness to be made, prior to its stated maturity; <u>provided</u> that this clause (a) shall not apply to secured Indebtedness that becomes due as a result of the sale, transfer or other disposition (including as a result of a casualty or condemnation event) of the property or assets securing such Material Indebtedness (to the extent such sale, transfer or other disposition is not prohibited under this Agreement), or (b) without limiting the provisions of clause (a) above, any such Material Indebtedness shall be declared to be due and payable, or required to be prepaid other than by a regularly scheduled required prepayment or as a mandatory prepayment (and, with respect to Indebtedness consisting of any Hedge Agreements, other than due to a termination event or equivalent event pursuant to the terms of such Hedge Agreements (it being understood that clause (a)(i) above shall apply to any failure to make any payment in excess of the greater of (x) $225,000,000 and (y) 4.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) that is required as a result of any such termination or equivalent event and that is not otherwise being contested in good faith)), prior to the stated maturity thereof; <u>provided</u> that this clause (b) shall not apply to (x) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness, (y) Indebtedness which is convertible into Qualified Stock and converts to Qualified Stock in accordance with its terms and such conversion is not prohibited hereunder, or (z) any breach or default that is (I) remedied by the Parent Borrower or the applicable Credit Party or (II) waived (including in the form of amendment) by the required holders of the applicable item of Indebtedness, in either case, prior to the acceleration of Loans pursuant to this <u>Section 11</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 <u>Bankruptcy, Etc</u>. Except as otherwise permitted by <u>Section 10.2</u>, the Parent Borrower or any Significant Subsidiary shall commence a voluntary case, proceeding or action concerning itself under Title 11 of the United States Code entitled "Bankruptcy" as now or hereafter in effect, or any successor thereto (collectively, the "**Bankruptcy Code**"); or an involuntary case, proceeding or action is commenced against the Parent Borrower or any Significant Subsidiary and the petition is not controverted within 60 days after commencement of the case, proceeding or action; or an involuntary case, proceeding or action is commenced against the Parent Borrower or any Significant Subsidiary and the petition is not dismissed within 60 days after commencement of the case, proceeding or action; or a custodian (as defined in the Bankruptcy Code), judicial manager, compulsory manager, receiver, receiver manager, trustee, liquidator, administrator, administrative receiver or similar Person is appointed for, or takes charge of, all or substantially all of the property of the Parent Borrower or any Significant Subsidiary; or the Parent Borrower or any Significant Subsidiary commences any other voluntary proceeding or action under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, winding-up, administration or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to the Parent Borrower or any Significant Subsidiary; or there is commenced against the Parent Borrower or any Significant Subsidiary any such proceeding or action that remains undismissed for a period of 60 days; or the Parent Borrower or any Significant Subsidiary is adjudicated bankrupt; or any order of relief or other order approving any such case or proceeding or action is entered; or the Parent Borrower or any Significant Subsidiary suffers any appointment of any custodian receiver, receiver manager, trustee, administrator or the like for it or any substantial part of its property to continue undischarged or unstayed for a period of 60 days; or the Parent Borrower or any Significant Subsidiary makes a general assignment for the benefit of creditors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 <u>ERISA</u>. An ERISA Event or a Foreign Plan Event shall have occurred with respect to a Pension Plan, a Multiemployer Plan or a Foreign Plan and such event or condition, together with all other such events or conditions, if any, would reasonably be expected to result in a Material Adverse Effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 <u>Guarantee</u>. Other than as expressly permitted hereunder, any Guarantee provided by any Credit Party or any material provision thereof shall cease to be in full force or effect (other than pursuant to the terms hereof and thereof) or any such Guarantor thereunder or any other Credit Party shall deny or disaffirm in writing any such Guarantor's obligations under the Guarantee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 <u>Security Documents</u>. Other than as expressly permitted hereunder, the Pledge Agreement or any other Security Document pursuant to which the assets of the Parent Borrower or any other Credit Party are pledged as Collateral or any material provision thereof shall cease to be in full force or effect (other than pursuant to the terms hereof or thereof, solely as a result of acts or omissions of the Collateral Agent or any Lender in respect of certificates, promissory notes or instruments actually delivered to it (including as a result of the Collateral Agent's failure to file a Uniform Commercial Code continuation statement or failure to maintain possession of any Capital Stock or Stock Equivalents that have been previously delivered to it)) or any grantor thereunder or any Credit Party shall deny or disaffirm in writing any grantor's obligations under the Pledge Agreement or any other Security Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 <u>Judgments</u>. One or more final judgments or decrees shall be entered against the Parent Borrower or any of the other Credit Parties involving a liability in excess of the greater of (x) $225,000,000 and (y) 4.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) in the aggregate for all such judgments and decrees for the Parent Borrower and the other Credit Parties (to the extent not covered by insurance or indemnities as to which the applicable insurance company or third party has not denied coverage) and any such judgments or decrees shall not have been satisfied, vacated, discharged or stayed or bonded pending appeal within 60 days after the entry thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.10 <u>Change of Control</u>. A Change of Control shall occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 <u>Remedies Upon Event of Default</u>. If an Event of Default occurs and is continuing (other than in the case of an Event of Default under <u>Section 11.1</u> (with respect to expenses), <u>Section 11.2</u>, <u>Section 11.3</u>, <u>Section 11.4</u>, <u>Section 11.6</u>, <u>Section 11.9</u> and <u>Section 11.10</u>, following the date that is two years after the first public notice or notice of the Administrative Agent and Lenders of such event), the Administrative Agent shall, upon the written request of the Required Lenders, by written notice to the Parent Borrower, without prejudice to the rights of the Administrative Agent or any Lender to enforce its claims against the Parent Borrower except as otherwise specifically provided for in this Agreement: (a) declare the Total Revolving Credit Commitment terminated, whereupon the Revolving Credit Commitment, if any, of each Lender shall forthwith terminate immediately and any Fees theretofore accrued shall forthwith become due and payable without any other notice of any kind, (b) declare the principal of and any accrued interest and fees in respect of all Loans and all Obligations to be, whereupon the same shall become, forthwith due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower to the extent permitted by applicable law; (c) terminate any Letter of Credit that may be terminated in accordance with its terms; and/or (d) direct the applicable Borrower to pay (and each Borrower agrees that upon receipt of such notice, or upon the occurrence of an Event of Default specified in <u>Section 11.5</u> with respect to such Borrower, it will pay) to the Administrative Agent at the Administrative Agent's Office such additional amounts of cash, to be held as security for the Borrower's respective Reimbursement Obligations for Unpaid Drawings that may subsequently occur thereunder, equal to the aggregate Stated Amount of all Letters of Credit issued and then outstanding; <u>provided</u> that, if an Event of Default specified in <u>Section 11.5</u> shall occur with respect to the Parent Borrower, the result that would occur upon the giving of written notice by the Administrative Agent shall occur automatically without the giving of any such notice. Notwithstanding anything contained herein to the contrary, any time period in this Agreement to cure any actual or alleged default or Event of Default may be extended by a court of competent jurisdiction to the extent such actual or alleged default or Event of Default is the subject of litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 <u>Application of Proceeds</u>. Subject to the terms of any First Lien Intercreditor Agreement and any Second Lien Intercreditor Agreement then in effect, any amount received by the Administrative Agent or the Collateral Agent from any Credit Party (or from proceeds of any Collateral) following any acceleration of the Obligations under this Agreement or any Event of Default with respect to the Parent Borrower under <u>Section 11.4</u> shall be applied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *first*, to the payment of all reasonable and documented costs and expenses incurred by the Administrative Agent or the Collateral Agent in connection with any collection or sale of the Collateral or otherwise in connection with any Credit Document, including all court costs and the reasonable fees and expenses of its agents and legal counsel, the repayment of all advances made by the Administrative Agent or the Collateral Agent hereunder or under any other Credit Document on behalf of any Credit Party and any other reasonable and documented costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Credit Document to the extent reimbursable hereunder or thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *second*, to the Secured Parties, an amount (x) equal to all Obligations owing to them on the date of any distribution and (y) sufficient to Cash Collateralize all Letters of Credit Outstanding on the date of any distribution, and, if such moneys shall be insufficient to pay such amounts in full and Cash Collateralize all Letters of Credit Outstanding, then ratably (without priority of any one over any other) to such Secured Parties in proportion to the unpaid amounts thereof and to Cash Collateralize the Letters of Credit Outstanding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *third*, any surplus then remaining shall be paid to the applicable Credit Parties or their successors or assigns or to whomsoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct;

<u>provided</u> that any amount applied to Cash Collateralize any Letters of Credit Outstanding that has not been applied to reimburse the Borrower for Unpaid Drawings under the applicable Letters of Credit at the time of expiration with no pending drawings of all such Letters of Credit shall be applied by the Administrative Agent in the order specified in <u>clauses (i)</u> through <u>(iii)</u> above. Notwithstanding the foregoing, amounts received from any Guarantor that is not an "eligible contract participant" (as defined in the Commodity Exchange Act) shall not be applied to its Obligations that are Excluded Swap Obligations.

Section 12. <u>The Agents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <u>Appointment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Agreement and the other Credit Documents and irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Credit Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the other Credit Documents, together with such other powers as are reasonably incidental thereto. The provisions of this <u>Section 12</u> (other than <u>Section 12.1(c)</u> with respect to the Joint Lead Arrangers and <u>Sections 12.1</u>, <u>12.9</u>, <u>12.11</u> and <u>12.12</u> with respect to the Parent Borrower) are solely for the benefit of the Agents and the Lenders, and none of the Parent Borrower or any other Credit Party shall have rights as third party beneficiary of any such provision. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Credit Document or otherwise exist against the Administrative Agent. In performing its functions and duties hereunder, each Agent shall act solely as an agent of Lenders and does not assume and shall not be deemed to have assumed any obligation towards or relationship of agency or trust with or for the Parent Borrower or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent, each Lender and the Letter of Credit Issuers hereby irrevocably designate and appoint the Collateral Agent as the agent with respect to the Collateral, and each of the Administrative Agent, each Lender and the Letter of Credit Issuers irrevocably authorizes the Collateral Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Credit Documents and to exercise such powers and perform such duties as are expressly delegated to the Collateral Agent by the terms of this Agreement and the other Credit Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Collateral Agent shall not have any duties or responsibilities except those expressly set forth herein, or any fiduciary relationship with any of the Administrative Agent, the Lenders or the Letter of Credit Issuers, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Credit Document or otherwise exist against the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the Joint Lead Arrangers, each in its capacity as such, shall not have any obligations, duties or responsibilities under this Agreement but shall be entitled to all benefits of this <u>Section 12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <u>Delegation of Duties</u>. The Administrative Agent and the Collateral Agent may each execute any of its duties under this Agreement and the other Credit Documents by or through agents, sub-agents, employees or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Neither the Administrative Agent nor the Collateral Agent shall be responsible for the negligence or misconduct of any agents, subagents or attorneys-in-fact selected by it in the absence of its gross negligence or willful misconduct (as determined in the final non-appealable judgment of a court of competent jurisdiction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <u>Exculpatory Provisions</u>. No Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates shall be (a) liable for any action lawfully taken or omitted to be taken by any of them under or in connection with this Agreement or any other Credit Document (except for its or such Person's own gross negligence or willful misconduct, as determined in the final non-appealable judgment of a court of competent jurisdiction, in connection with its duties expressly set forth herein) or (b) responsible in any manner to any of the Lenders or any participant for any recitals, statements, representations or warranties made by any Credit Party or any officer thereof contained in this Agreement or any other Credit Document or in any certificate, report, statement or other document referred to or provided for in, or received by such Agent under or in connection with, this Agreement or any other Credit Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Credit Document, or the creation, perfection or priority of any Lien or security interest created or purported to be created under the Security Documents, or for any failure of any Credit Party to perform its obligations hereunder or thereunder. No Agent shall be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Credit Document, or to inspect the properties, books or records of any Credit Party or any Affiliate thereof. The Collateral Agent shall not be under any obligation to the Administrative Agent or any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Credit Document, or to inspect the properties, books or records of any Credit Party. Without limiting the generality of the foregoing, (a) no Agent shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that such Agent is instructed in writing to exercise by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in <u>Section 13.1</u>), <u>provided</u> that no Agent shall be required to take any action that, in its opinion or the opinion of its counsel, may expose such Agent to liability or that is contrary to any Credit Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any debtor relief law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any debtor relief law and (b) except as expressly set forth in the Credit Documents, no Agent shall have any duty to disclose, nor shall it be liable for the failure to disclose, any information relating to the Parent Borrower or any of the Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent and/or Collateral Agent or any of its Affiliates in any capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 <u>Reliance by Agents</u>. The Administrative Agent and the Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or instruction believed by it (in good faith) to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Parent Borrower), independent accountants and other experts selected by the Administrative Agent or the Collateral Agent. The Administrative Agent may deem and treat the Lender specified in the Register with respect to any amount owing hereunder as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The Administrative Agent and the Collateral Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Credit Document unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent and the Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Credit Documents in accordance with a request of the Required Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans; provided that the Administrative Agent and the Collateral Agent shall not be required to take any action that, in its opinion or in the opinion of its counsel, may expose it to liability or that is contrary to any Credit Document or applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 <u>Notice of Default</u>. Neither the Administrative Agent nor the Collateral Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the Administrative Agent or the Collateral Agent has received written notice from a Lender or the Parent Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a "notice of default." In the event that the Administrative Agent receives such a notice, it shall give notice thereof to the Lenders and the Collateral Agent. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders; provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders except to the extent that this Agreement requires that such action be taken only with the approval of the Required Lenders or each of the Lenders, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 <u>Non-Reliance on Administrative Agent, Collateral Agent, and Other Lenders</u>. Each Lender expressly acknowledges that neither the Administrative Agent nor the Collateral Agent nor any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any representations or warranties to it and that no act by the Administrative Agent or the Collateral Agent hereinafter taken, including any review of the affairs of any Credit Party, shall be deemed to constitute any representation or warranty by the Administrative Agent or the Collateral Agent to any Lender, or the Letter of Credit Issuers. Each Lender and each Letter of Credit Issuer represents to the Administrative Agent and the Collateral Agent that it has, independently and without reliance upon the Administrative Agent, the Collateral Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Parent Borrower and each other Credit Party and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon the Administrative Agent, the Collateral Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Credit Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Parent Borrower and any other Credit Party. Except for notices, reports, and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, neither the Administrative Agent nor the Collateral Agent shall have any duty or responsibility to provide any Lender with any credit or other information concerning the business, assets, operations, properties, financial condition, prospects or creditworthiness of the Parent Borrower or any other Credit Party that may come into the possession of the Administrative Agent or the Collateral Agent any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 <u>Indemnification</u>. The Lenders agree to severally indemnify each Agent in its capacity as such (to the extent not reimbursed by the Credit Parties and without limiting the obligation of the Credit Parties to do so), ratably according to their respective portions of the Total Credit Exposure in effect on the date on which indemnification is sought (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with their respective portions of the Total Credit Exposure in effect immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, or disbursements of any kind whatsoever that may at any time (including at any time following the payment of the Loans) be imposed on, incurred by or asserted against an Agent in any way relating to or arising out of the Commitments, this Agreement, any of the other Credit Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent or the Collateral Agent under or in connection with any of the foregoing; provided that no Lender shall be liable to an Agent for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Agent's gross negligence or willful misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction; provided, further, that no action taken by the Administrative Agent in accordance with the directions of the Required Lenders (or such other number or percentage of the Lenders as shall be required by the Credit Documents) shall be deemed to constitute gross negligence or willful misconduct for purposes of this <u>Section 12.7</u>. In the case of any investigation, litigation or proceeding giving rise to any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time occur (including at any time following the payment of the Loans), this <u>Section 12.7</u> applies whether any such investigation, litigation or proceeding is brought by any Lender or any other Person. Without limitation of the foregoing, each Lender shall reimburse each Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including attorneys' fees) incurred by such Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice rendered in respect of rights or responsibilities under, this Agreement, any other Credit Document, or any document contemplated by or referred to herein, to the extent that such Agent is not reimbursed for such expenses by or on behalf of the Borrower; <u>provided</u> that such reimbursement by the Lenders shall not affect the Borrower's continuing reimbursement obligations with respect thereto. If any indemnity furnished to any Agent for any purpose shall, in the opinion of such Agent, be insufficient or become impaired, such Agent may call for additional indemnity and cease, or not commence, to do the acts indemnified against until such additional indemnity is furnished; provided, in no event shall this sentence require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement in excess of such Lender's pro rata portion thereof; and provided, further, this sentence shall not be deemed to require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement resulting from such Agent's gross negligence or willful misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction. The agreements in this <u>Section 12.7</u> shall survive the payment of the Loans and all other amounts payable hereunder. The indemnity provided to each Agent under this <u>Section 12.7</u> shall also apply to such Agent's respective Affiliates, directors, officers, members, controlling persons, employees, trustees, investment advisors and agents and successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 <u>Agents in Their Individual Capacities</u>. The agency hereby created shall in no way impair or affect any of the rights and powers of, or impose any duties or obligations upon, any Agent in its individual capacity as a Lender hereunder. Each Agent and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with any Credit Party as though such Agent were not an Agent hereunder and under the other Credit Documents. With respect to the Loans made by it, each Agent shall have the same rights and powers under this Agreement and the other Credit Documents as any Lender and may exercise the same as though it were not an Agent, and the terms Lender and Lenders shall include each Agent in its individual capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.9 <u>Successor Agents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Administrative Agent and the Collateral Agent may at any time give notice of its resignation to the Lenders, the Letter of Credit Issuers and the Parent Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, subject to the consent of the Parent Borrower (not to be unreasonably withheld or delayed) so long as no Event of Default under <u>Sections 11.1</u> or <u>11.5</u> is continuing, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States (other than any Disqualified Lender). If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation (the "**Resignation Effective Date**"), then the retiring Agent may on behalf of the Lenders, appoint a successor Agent meeting the qualifications set forth above (including receipt of the Parent Borrower's consent); <u>provided</u> that if the Administrative Agent or the Collateral Agent shall notify the Parent Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Person serving as the Administrative Agent is a Defaulting Lender pursuant to <u>clause (v)</u> of the definition of Lender Default, the Required Lenders may to the extent permitted by applicable law, subject to the consent of the Parent Borrower (not to be unreasonably withheld or delayed), by notice in writing to the Parent Borrower and such Person remove such Person as the Administrative Agent and, in consultation with the consent of the Parent Borrower, appoint a successor. If no such successor shall have been so appointed by the Required Lenders (with the consent of the Parent Borrower as required above) and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders and the Parent Borrower) (the "**Removal Effective Date**"), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With effect from the Resignation Effective Date or the Removal Effective Date (as applicable), (1) the retiring or removed agent shall be discharged from its duties and obligations hereunder and under the other Credit Documents (except that in the case of any collateral security held by the Collateral Agent on behalf of the Lenders or the Letter of Credit Issuers under any of the Credit Documents, the retiring or removed Collateral Agent shall continue to hold such collateral security as nominee until such time as a successor Collateral Agent is appointed) and (2) all payments, communications and determinations provided to be made by, to or through the retiring or removed Administrative Agent shall instead be made by or to each Lender and each Letter of Credit Issuer directly, until such time as the Required Lenders appoint a successor Agent as provided for above in this paragraph (and otherwise subject to the terms above). Upon the acceptance of a successor's appointment as the Administrative Agent or the Collateral Agent, as the case may be, hereunder, and upon the execution and filing or recording of such financing statements, or amendments thereto, and such other instruments or notices, as may be necessary or desirable, or as the Required Lenders may request, in order to continue the perfection of the Liens granted or purported to be granted by the Security Documents, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) or removed Agent, and the retiring or removed Agent shall be discharged from all of its duties and obligations hereunder or under the other Credit Documents (if not already discharged therefrom as provided above in this <u>Section 12.9</u>). Except as provided above, any resignation or removal of Wells Fargo Bank, National Association as the Administrative Agent pursuant to this <u>Section 12.9</u> shall also constitute the resignation or removal of Wells Fargo Bank, National Association as the Collateral Agent. The fees payable by the Parent Borrower (following the effectiveness of such appointment) to such Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Parent Borrower and such successor. After the retiring or removed Agent's resignation or removal hereunder and under the other Credit Documents, the provisions of this <u>Section 12</u> (including <u>Section 12.7</u>) and <u>Section 13.5</u> shall continue in effect for the benefit of such retiring or removed Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Agent was acting as an Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any resignation by or removal of Wells Fargo Bank, National Association as the Administrative Agent pursuant to this <u>Section 12.9</u> shall also constitute its resignation or removal as a Letter of Credit Issuer; <u>provided</u> that, for the avoidance of doubt, it shall retain all the rights, powers, privileges and duties of the Letter of Credit Issuers hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as Letter of Credit Issuer and all L/C Obligations with respect thereto (including the right to require L/C Participants to make Revolving Credit Loans pro rata based on their Revolving Credit Commitment Percentages of the applicable Unpaid Drawing pursuant to <u>Section 3.4(a)</u>). Upon the acceptance of a successor's appointment as the Administrative Agent hereunder, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Letter of Credit Issuer, (b) the retiring Letter of Credit Issuer shall be discharged from all of their respective duties and obligations hereunder or under the other Credit Documents, and (c) the successor Letter of Credit Issuer shall issue letters of credit in substitution for the Letters of Credit issued by such Affiliate of the Administrative Agent or the Administrative Agent, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring Letter of Credit Issuer to effectively assume the obligations of the retiring Letter of Credit Issuer with respect to such Letters of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 <u>Withholding Tax</u>. To the extent required by any applicable law, the Administrative Agent may withhold from any payment to any Lender under any Credit Document an amount equivalent to any applicable withholding Tax. If the Internal Revenue Service or any authority of the United States or other jurisdiction asserts a claim that the Administrative Agent did not properly withhold Tax from amounts paid to or for the account of any Lender for any reason (including because the appropriate form was not delivered, was not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstances that rendered the exemption from, or reduction of, withholding Tax ineffective) or if the Administrative Agent reasonably determines that a payment was made to a Lender pursuant to this Agreement without deduction of applicable withholding Tax from such payment, such Lender shall indemnify the Administrative Agent (to the extent that the Administrative Agent has not already been reimbursed by any applicable Credit Party and without limiting the obligation of any applicable Credit Party to do so), fully for all amounts paid, directly or indirectly, by the Administrative Agent as Tax or otherwise, including penalties, additions to Tax and interest, together with all reasonable expenses incurred, whether or not such Taxes were correctly or legally imposed or asserted. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement, any other Credit Document or otherwise against any amount due to the Administrative Agent under this <u>Section 12.10</u>. The agreements in <u>Section 12.10</u> shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations. For the avoidance of doubt, for purposes of this <u>Section 12.10</u>, the term "Lender" includes the Letter of Credit Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 <u>Agents Under Security Documents and Guarantee</u>. Each Secured Party hereby further authorizes the Administrative Agent or the Collateral Agent, as applicable, on behalf of and for the benefit of the Secured Parties, to be the agent for and representative of the Secured Parties with respect to the Collateral and the Security Documents. Subject to <u>Section 13.1</u>, without further written consent or authorization from any Secured Party, the Administrative Agent or the Collateral Agent, as applicable, may execute any documents or instruments necessary to (a) release any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent (or any sub-agent thereof) under any Credit Document (i) upon the termination of all Commitments and Letters of Credit (other than Letters of Credit that were Cash Collateralized) and the payment in full of all Obligations (except for contingent indemnification obligations in respect of which a claim has not yet been made, Secured Hedge Obligations and Secured Cash Management Obligations and Obligations under Letters of Credit that have been Cash Collateralized), (ii) that is sold or to be sold or transferred as part of or in connection with any sale or other transfer permitted hereunder (including, for the avoidance of doubt, any sale or transfer of Securitization Assets or other sale or transfer conducted in connection with any Permitted Securitization Financing) or under any other Credit Document to a Person that is not a Credit Party, (iii) if the property subject to such Lien is owned by a Guarantor, upon the release of such Guarantor from its Guarantee otherwise in accordance with the Credit Documents (including in connection with any Permitted Securitization Financing), (iv) as to the extent provided in the Security Documents, (v) that constitutes Excluded Property or Excluded Stock and Stock Equivalents or (vi) if approved, authorized or ratified in writing in accordance with <u>Section 13.1</u>; (b) release any Guarantor from its obligations under the Guarantee if such Person becomes an Excluded Subsidiary; (c) subordinate any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent under any Credit Document to the holder of any Lien permitted under clauses (vi) (solely with respect to <u>Section 10.1(d)</u>), (vii) and (viii) of the definition of Permitted Lien; and (d) enter into subordination or intercreditor agreements with respect to Indebtedness to the extent the Administrative Agent or the Collateral Agent is otherwise contemplated herein as being a party to such intercreditor or subordination agreement, including any First Lien Intercreditor Agreement and any Second Lien Intercreditor Agreement.

The Collateral Agent shall have its own independent right to demand payment of the amounts payable by the Parent Borrower under this <u>Section 12.11</u>, irrespective of any discharge of the Parent Borrower's obligations to pay those amounts to the other Lenders resulting from failure by them to take appropriate steps in insolvency proceedings affecting the Parent Borrower to preserve their entitlement to be paid those amounts.

Any amount due and payable by the Parent Borrower to the Collateral Agent under this <u>Section 12.11</u> shall be decreased to the extent that the other Lenders have received (and are able to retain) payment in full of the corresponding amount under the other provisions of the Credit Documents and any amount due and payable by the Parent Borrower to the Collateral Agent under those provisions shall be decreased to the extent that the Collateral Agent has received (and is able to retain) payment in full of the corresponding amount under this <u>Section 12.11</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 <u>Right to Realize on Collateral and Enforce Guarantee</u>. Anything contained in any of the Credit Documents to the contrary notwithstanding, the Parent Borrower, the Agents, and each Secured Party hereby agree that (i) no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce the Guarantee, it being understood and agreed that all powers, rights, and remedies hereunder may be exercised solely by the Administrative Agent, on behalf of the Secured Parties in accordance with the terms hereof and all powers, rights, and remedies under the Security Documents may be exercised solely by the Collateral Agent, and (ii) in the event of a foreclosure by the Collateral Agent on any of the Collateral pursuant to a public or private sale or other disposition, the Collateral Agent or any Lender may be the purchaser or licensor of any or all of such Collateral at any such sale or other disposition and the Collateral Agent, as agent for and representative of the Secured Parties (but not any Lender or Lenders in its or their respective individual capacities unless Required Lenders shall otherwise agree in writing) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Obligations as a credit on account of the purchase price for any collateral payable by the Collateral Agent at such sale or other disposition. No holder of Secured Hedge Obligations or Secured Cash Management Obligations shall have any rights in connection with the management or release of any Collateral or of the obligations of any Credit Party under this Agreement. No holder of Secured Hedge Obligations or Secured Cash Management Obligations that obtains the benefits of any Guarantee or any Collateral by virtue of the provisions hereof or of any other Credit Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Credit Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its (or its Affiliate's) capacity as a Lender or Agent and, in such case, only to the extent expressly provided in the Credit Documents. Notwithstanding any other provision of this Agreement to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Obligations arising under Secured Hedge Agreements and Secured Cash Management Agreements, unless the Administrative Agent has received written notice of such Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable counterparty to such Secured Hedge Obligations and Secured Cash Management Obligations, as the case may be. Notwithstanding the foregoing, each Lender expressly and irrevocably waives any right to take or institute any actions or proceedings, judicial or otherwise, for any right or remedy or assert any other cause of action against any Credit Party (including the exercise of any right of set-off, rights on account of any banker's lien or similar claim or other rights of self-help), or institute any actions or proceedings or any other cause of action, or otherwise commence any remedial procedures, in each case in its capacity as a Lender, against the Parent Borrower and/or any of their respective Subsidiaries with respect to any Collateral, unless (x) such action is taken, to the extent permitted under the Credit Documents and at the direction of, if applicable, the Required Lenders, Required Revolving Credit Lenders or a Letter of Credit Issuer or (y) taken with the prior written consent of the Required Lenders or, at the direction of the Required Lenders and the Administrative Agent and/or the Collateral Agent, as applicable, in each case, which shall not be withheld in contravention of this <u>Section 12</u>; <u>provided</u>, that, for the avoidance of doubt, this provision may be enforced against any Lender by the Required Lenders, the Agents or the Borrower (or any of their Affiliates) and each Lender and the Agents expressly acknowledge that this provision shall be available as a defense of the Borrower (or any of their Affiliates) in any action, proceeding, cause of action or remedial procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13 <u>Intercreditor Agreements Govern</u>. The Administrative Agent, the Collateral Agent, and each Lender (a) hereby agrees that it will be bound by and will take no actions contrary to the provisions of any intercreditor agreement entered into pursuant to the terms hereof and (b) hereby authorizes and instructs the Administrative Agent and the Collateral Agent to enter into each intercreditor agreement (including any First Lien Intercreditor Agreement or Second Lien Intercreditor Agreement) entered into pursuant to the terms hereof and to subject the Liens securing the Obligations to the provisions thereof. In the event of any conflict or inconsistency between the provisions of each such intercreditor agreement (including any First Lien Intercreditor Agreement or Second Lien Intercreditor Agreement) and this Agreement, the provisions of such intercreditor agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14 <u>Acknowledgements of Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, an "**Erroneous Payment**") were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Erroneous Payment (or a portion thereof) (*provided*, that, without limiting any other rights or remedies (whether at law or in equity), the Administrative Agent may not make any such demand under this clause (a) with respect to an Erroneous Payment unless such demand is made within five Business Days of the date of receipt of such Erroneous Payment by the applicable Lender), such Lender shall promptly, but in no event later than two Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the Overnight Rate from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments received, including without limitation any defense based on "discharge for value" or any similar doctrine. A notice of the Administrative Agent to any Lender under this <u>Section 12.14</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender hereby further agrees that if it receives an Erroneous Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Erroneous Payment (a "**Payment Notice**") or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Erroneous Payment. Each Lender agrees that, in each such case, or if it otherwise becomes aware an Erroneous Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than two Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the Overnight Rate from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in accordance with immediately preceding <u>clauses (a)</u> and <u>(b)</u>, from any Lender that has received such Erroneous Payment (or portion thereof) (or from any payment recipient who received such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an "**Erroneous Payment Return Deficiency**"), upon the Administrative Agent's request to such Lender at any time, (i) such Lender shall be deemed to have assigned its Loans (but not its Commitments) of the relevant Class with respect to which such Erroneous Payment was made (the "**Erroneous Payment Impacted Class**") in an amount equal to the Erroneous Payment Return Deficiency (such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Class, the "**Erroneous Payment Deficiency Assignment**") at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance), and is hereby (together with the Borrower) deemed to execute and deliver an Assignment and Acceptance (or, to the extent applicable, an agreement incorporating an Assignment and Acceptance by reference pursuant to an electronic platform approved by the Administrative Agent as to which the Administrative Agent and such parties are participants) with respect to such Erroneous Payment Deficiency Assignment, and such Lender shall deliver any promissory notes issued under <u>Section 2.5(f)</u> evidencing such Loans to the Borrower or the Administrative Agent, (ii) the Administrative Agent as the assignee Lender shall be deemed to acquire the Erroneous Payment Deficiency Assignment and (iii) upon such deemed acquisition, the Administrative Agent as the assignee Lender shall become a Lender, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender shall cease to be a Lender hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender. For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender and such Commitments shall remain available in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The parties hereto agree that an Erroneous Payment shall not, in and of itself, be deemed to pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Credit Party, except, in each case, to the extent such erroneous Payment is, and solely with respect to the amount of such erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Credit Party for the purpose of paying, prepaying, repaying, discharging or otherwise satisfying any Obligations owed by the Borrower or any other Credit Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything to the contrary herein or in any other Credit Document, this <u>Section 12.14</u> will not create any additional Obligations of the Credit Parties' under the Credit Documents or otherwise increase or alter such Obligations (other than having consented to the assignment referenced in <u>Section 12.14(c)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each party's obligations under this <u>Section 12.14</u> shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Credit Document.

Section 13. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 <u>Amendments, Waivers, and Releases</u>. Except as otherwise expressly set forth in the Credit Documents, neither this Agreement nor any other Credit Document, nor any terms hereof or thereof, may be amended, supplemented or modified except in accordance with the provisions of this <u>Section 13.1</u>. Except as provided to the contrary under <u>Section 2.14</u> or the fourth and fifth and sixth paragraphs hereof, and other than with respect to any amendment, modification or waiver contemplated in the second proviso below, which shall only require the consent of the Lenders expressly set forth therein and not the Required Lenders, the Required Lenders may, or, with the written consent of the Required Lenders, the Administrative Agent and/or the Collateral Agent may, from time to time, (a) enter into with the relevant Credit Party or Credit Parties written amendments, supplements or modifications hereto and to the other Credit Documents for the purpose of adding any provisions to this Agreement or the other Credit Documents or changing in any manner the rights of the Lenders or of the Credit Parties hereunder or thereunder or (b) waive in writing, on such terms and conditions as the Required Lenders or the Administrative Agent and/or the Collateral Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Credit Documents or any Default or Event of Default and its consequences; <u>provided</u>, <u>however</u>, that each such waiver and each such amendment, supplement or modification shall be effective only in the specific instance and for the specific purpose for which given; and provided, further, that no such waiver and no such amendment, supplement or modification shall (x) (i) forgive or reduce any portion of any Loan or extend the final scheduled maturity date of any Loan or reduce the stated rate (it being understood that only the consent of the Required Lenders shall be necessary to waive any obligation of the Parent Borrower to pay interest at the Default Rate or amend <u>Section 2.8(d)</u>), or forgive any portion thereof, or extend the date for the payment, of any principal hereunder (other than as a result of waiving the applicability of any post-default increase in interest rates), or extend the final expiration date of any Letter of Credit beyond the L/C Facility Maturity Date or make any Loan, interest, Fee or other amount payable in any currency other than expressly provided herein, in each case without the written consent of each Lender directly and adversely affected thereby, or reduce or forgive the amount of any Unpaid Drawings or other amounts owed under this Agreement, or extend the payment date of any Unpaid Drawings, interest, fees or any other amounts owed under the Agreement; <u>provided</u> that a waiver of any condition precedent in <u>Section 6</u> or <u>Section 7</u> of this Agreement, the waiver of any Default, Event of Default, default interest, mandatory prepayment or reductions, or any modification, waiver or amendment of any financial covenant definitions or financial ratios or any component thereof or the waiver of any other covenant shall not constitute an increase of any Commitment of a Lender, a reduction or forgiveness in the interest rates or the fees or premiums or a postponement of any date scheduled for the payment of principal, premium or interest or an extension of the final maturity of any Loan or the scheduled termination date of any Commitment, in each case for purposes of this clause (i), or (ii) consent to the assignment or transfer by the Parent Borrower of its rights and obligations under any Credit Document to which it is a party (except as permitted pursuant to <u>Section 10.2</u>), in each case without the written consent of each Lender directly and adversely affected thereby, or (iii) amend, modify or waive any provision of <u>Section 12</u> without the written consent of the then-current Administrative Agent and Collateral Agent in a manner that directly and adversely affects such Person, or (iv) amend, modify or waive any provision of <u>Section 3</u> with respect to any Letter of Credit without the written consent of such Letter of Credit Issuer to the extent such amendment, modification or waiver directly and adversely affects the Letters of Credit Issuer, or (v) release all or substantially all of the Guarantors under the Guarantees (except as expressly permitted by the Guarantees, a First Lien Intercreditor Agreement (if any), the Second Lien Intercreditor Agreement (if any) or this Agreement) or release all or substantially all of the Collateral under the Security Documents (except as expressly permitted by the Security Documents, the First Lien Intercreditor Agreement (if any), the Second Lien Intercreditor Agreement (if any) or this Agreement) without the prior written consent of each Lender, (vi) (x) reduce the percentages specified in the definitions of the term Required Lenders or Required Revolving Credit Lenders or amend, modify or waive any provision of this <u>Section 13.1</u> that has the effect of decreasing the number of Lenders that must approve any amendment, modification or waiver, without the written consent of each Lender, or (y) notwithstanding anything to the contrary in clause (x), (i) extend the final expiration date of any Lender's Commitment or (ii) increase the aggregate amount of the Commitments of any Lender, in each case, without the written consent of such Lender or (vii) amend any provisions of Section 2.5, Section 2.16(a)(ii), Section 11.12 or Section 13.8(a) in a manner that would alter the pro rata sharing of payments required thereby or that would change the provisions of such sections relating to the application of proceeds without the prior written consent of each Lender directly and adversely affected thereby.

Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except (x) that the Commitment of such Lender may not be increased or extended without the consent of such Lender and (y) for any such amendment, waiver or consent that treats such Defaulting Lender disproportionately and adversely from the other Lender of the same Class (other than because of its status as a Defaulting Lender).

Any such waiver and any such amendment, supplement or modification shall apply equally to each of the affected Lenders and shall be binding upon the Borrower, such Lenders, the Administrative Agent and all future holders of the affected Loans. In the case of any waiver, the Borrower, the Lenders and the Administrative Agent shall be restored to their former positions and rights hereunder and under the other Credit Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing, it being understood that no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. In connection with the foregoing provisions, the Administrative Agent may, but shall have no obligations to, with the concurrence of any Lender, execute amendments, modifications, waivers or consents on behalf of such Lender.

Notwithstanding the foregoing, in addition to any credit extensions and related Joinder Agreement(s) effectuated without the consent of Lenders in accordance with <u>Section 2.14</u>, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Parent Borrower (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Credit Documents with the Revolving Credit Loans and the accrued interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders and other definitions related to such new Loans.

Notwithstanding the foregoing, this Agreement may be amended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with the written consent of the Administrative Agent, the Parent Borrower and the Lenders providing the relevant Replacement Revolving Facility to permit the refinancing or replacement of all or any portion of the Revolving Credit Commitment under the applicable Class (a "**Replaced Revolving Facility**") with a replacement revolving facility hereunder (a "**Replacement Revolving Facility**"); <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the aggregate principal amount of such Replacement Revolving Facility shall not exceed the aggregate principal amount of such Replaced Revolving Facility, *plus* the amount of accrued interest and premium thereon, any committed but undrawn amounts and underwriting discounts, fees, commissions and expenses associated therewith,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) no Replacement Revolving Facility shall have a final maturity date (or require commitment reductions) prior to the final maturity date of such Replaced Revolving Facility at the time of such refinancing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Replacement Revolving Facility shall be *pari passu* or junior in right of payment and *pari passu* or junior in right of security with the remaining portion of the relevant Revolving Credit Commitments (<u>provided</u> that if *pari passu* or junior as to payment or Collateral, such Replacement Revolving Facility shall be subject to a First Lien Intercreditor Agreement or a Second Lien Intercreditor Agreement, as applicable), or be unsecured,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) if any such Replacement Revolving Facility is secured, it shall not be secured by any assets other than the Collateral (unless such assets substantially concurrently become part of the Collateral),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) if any such Replacement Revolving Facility is guaranteed, it shall not be guaranteed by any Person other than one or more Credit Parties (unless such Person substantially concurrently becomes a Credit Party),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any such Replacement Revolving Facility shall be subject to the same "ratability" provisions applicable to Extended Revolving Credit Commitments and Extended Revolving Credit Loans provided for in <u>Section 2.14(g)</u>, *mutatis mutandis*, to the same extent as if fully set forth herein,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) such Replacement Revolving Facilities shall have pricing (including interest, fees and premiums) and, subject to preceding <u>clause (F)</u>, optional prepayment and redemption terms as may be agreed to by the Borrower and the lenders providing such Replacement Revolving Facilities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) the other terms and conditions of such Replacement Revolving Facility (excluding pricing, interest, fees, rate floors, premiums, optional prepayment or redemption terms, security and maturity date, subject to preceding <u>clauses (B)</u> through <u>(G)</u>) shall as agreed between the Borrower and the lenders providing such Replacement Revolving Facilities;

<u>provided</u>, <u>further</u>, that, in respect of each of <u>clauses (i)</u> and (<u>ii</u>) above, any Affiliated Institutional Lender (but not Affiliated Lender) may provide any Replacement Revolving Facility.

Each of the parties hereto hereby agrees that, upon the effectiveness of any refinancing amendment, this Agreement shall be amended by the Parent Borrower, the Administrative Agent and the lenders providing the relevant Replacement Revolving Facility, as applicable, to the extent (but only to the extent) necessary to reflect the existence and terms of the Replacement Revolving Facility, as applicable, incurred pursuant thereto (including any amendments necessary to treat the loans and commitments subject thereto as a separate "tranche" and "Class" of Loans and Commitments hereunder). It is understood that any Lender approached to provide all or a portion of any Replacement Revolving Facility may elect or decline, in its sole discretion, to provide such Replacement Revolving Facility.

The Lenders hereby irrevocably agree that the Liens granted to the Collateral Agent by the Credit Parties on any Collateral shall be automatically released (i) in full, upon the termination of this Agreement and the payment of all Obligations hereunder (except for (w) contingent indemnification obligations in respect of which a claim has not yet been made, (x) any Secured Hedge Obligations, (y) Cash Collateralized Letters of Credit pursuant to arrangements reasonably acceptable to such Letter of Credit Issuer and (z) any Secured Cash Management Obligations), (ii) upon the sale or other disposition of such Collateral (including as part of or in connection with any other sale or other disposition permitted hereunder, including for the avoidance of doubt in connection with any Permitted Securitization Financing) to any Person other than another Credit Party, to the extent such sale or other disposition is made in compliance with the terms of this Agreement (and the Collateral Agent may rely conclusively on a certificate to that effect provided to it by any Credit Party upon its reasonable request without further inquiry), (iii) to the extent such Collateral is comprised of property leased to a Credit Party, upon termination or expiration of such lease, (iv) if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders (or such other percentage of the Lenders whose consent may be required in accordance with this <u>Section 13.1</u>), (v) to the extent the property constituting such Collateral is owned by any Guarantor, upon the release of such Guarantor from its obligations under the applicable Guarantee (in accordance with the second following sentence), (vi) as required to effect any sale or other disposition of Collateral in connection with any exercise of remedies of the Collateral Agent pursuant to the Security Documents, and (vii) if such assets constitute Excluded Property or Excluded Stock and Stock Equivalents. Any such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those being released) upon (or obligations (other than those being released) of the Credit Parties in respect of) all interests retained by the Credit Parties, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral except to the extent otherwise released in accordance with the provisions of the Credit Documents. Additionally, the Lenders hereby irrevocably agree that any Subsidiary that is a Guarantor shall be released from the Guarantees upon consummation of any transaction not prohibited hereunder resulting in such Subsidiary constituting an Excluded Subsidiary or otherwise ceasing to constitute a Subsidiary or a Guarantor, including for the avoidance of doubt in connection with any Permitted Securitization Financing; *provided* that a transaction pursuant to which a minority equity interest in a Guarantor is sold will not release such Guarantor from its Guarantee unless (a) such transaction has a bona fide economic purpose and is not entered into primarily for the purpose of releasing such Guarantee and (b) the transaction is made with a third party on arms' length terms. The Lenders hereby authorize the Administrative Agent and the Collateral Agent, as applicable, to execute and deliver any instruments, documents, and agreements necessary or desirable to evidence and confirm the release of any Guarantor or Collateral pursuant to the foregoing provisions of this paragraph, all without the further consent or joinder of any Lender.

Notwithstanding anything herein to the contrary, the Credit Documents may be amended to add syndication or documentation agents and make customary changes and references related thereto with the consent of only the Parent Borrower and the Administrative Agent.

Notwithstanding anything in this Agreement (including, without limitation, this <u>Section 13.1</u>) or any other Credit Document to the contrary, (i) this Agreement and the other Credit Documents may be amended to effect an extension facility pursuant to <u>Section 2.14</u> (and the Administrative Agent and the Parent Borrower may effect such amendments to this Agreement and the other Credit Documents without the consent of any other party as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to effect the terms of any such extension facility); (ii) no Lender consent is required to effect any amendment or supplement to any First Lien Intercreditor Agreement, Second Lien Intercreditor Agreement or other intercreditor agreement, subordination agreement or arrangement permitted under this Agreement that is for the purpose of adding the holders of any Indebtedness as expressly contemplated by the terms of such First Lien Intercreditor Agreement, Second Lien Intercreditor Agreement or such other intercreditor agreement, subordination agreement or arrangement permitted under this Agreement, as applicable (it being understood that any such amendment or supplement may make such other changes to the applicable intercreditor agreement as, in the good faith determination of the Administrative Agent in consultation with the Parent Borrower, are required to effectuate the foregoing; <u>provided</u> that such other changes are not adverse, in any material respect, to the interests of the Lenders taken as a whole); <u>provided</u>, <u>further</u>, that no such agreement shall amend, modify or otherwise directly and adversely affect the rights or duties of the Administrative Agent hereunder or under any other Credit Document without the prior written consent of the Administrative Agent; (iii) any provision of this Agreement or any other Credit Document may be amended by an agreement in writing entered into by the Parent Borrower and the Administrative Agent to (x) cure any ambiguity, omission, mistake, defect or inconsistency (as reasonably determined by the Administrative Agent and the Parent Borrower) and (y) effect administrative changes of a technical or immaterial nature (including to effect changes to the terms and conditions applicable solely to such Letter of Credit Issuer in respect of issuances of Letters of Credit) and such amendment shall be deemed approved by the Lenders if the Lenders shall have received at least five Business Days' prior written notice of such change and the Administrative Agent shall not have received, within five Business Days of the date of such notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object to such amendment; and (iv) guarantees, collateral documents and related documents executed by Credit Parties in connection with this Agreement may be in a form reasonably determined by the Administrative Agent and may be, together with any other Credit Document, entered into, amended, supplemented or waived, without the consent of any other Person, by the applicable Credit Party or Credit Parties and the Administrative Agent or the Collateral Agent in its or their respective sole discretion, to (A) effect the granting, perfection, protection, expansion or enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit of the Secured Parties, (B) as required by local law or advice of counsel to give effect to, or protect any security interest for the benefit of the Secured Parties, in any property or so that the security interests therein comply with applicable requirements of law, or (C) to cure ambiguities, omissions, mistakes or defects (as reasonably determined by the Administrative Agent and the Parent Borrower) or to cause such guarantee, collateral security document or other document to be consistent with this Agreement and the other Credit Documents.

Notwithstanding anything in this Agreement or any Security Document to the contrary, the Administrative Agent may, in its sole discretion, grant extensions of time for the satisfaction of any of the requirements under <u>Sections 9.11</u>, <u>9.12</u> and <u>9.14</u> or any Security Documents in respect of any particular Collateral or any particular Subsidiary if it determines that the satisfaction thereof with respect to such Collateral or such Subsidiary cannot be accomplished without undue expense or unreasonable effort or due to factors beyond the control of the Parent Borrower and the Credit Parties by the time or times at which it would otherwise be required to be satisfied under this Agreement or any Security Document.

Notwithstanding anything to the contrary herein, the Administrative Agent (and, if applicable, the Parent Borrower) may, without the consent of any Lender, enter into amendments or modifications to this Agreement or any of the other Credit Documents or to enter into additional Credit Documents in order to implement any Benchmark Replacement or any Conforming Changes or otherwise effectuate the terms of <u>Sections 2.6(c)</u> and <u>2.18</u> in accordance with the terms of <u>Sections 2.6(c)</u> and <u>2.18</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 <u>Notices</u>. Unless otherwise expressly provided herein, all notices and other communications provided for hereunder or under any other Credit Document shall be in writing (including by facsimile transmission). All such written notices shall be mailed, faxed or delivered to the applicable address, facsimile number or electronic mail address, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Parent Borrower, the Administrative Agent, the Collateral Agent, the Letter of Credit Issuers or the Sponsor, to the address, facsimile number, electronic mail address or telephone numbers specified for such Person on <u>Schedule 13.2</u> or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the other parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the Parent Borrower, the Administrative Agent, the Collateral Agent and the Letter of Credit Issuers.

All such notices and other communications shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the relevant party hereto and (ii) (A) if delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered by mail, three Business Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile, when sent and receipt has been confirmed by telephone; and (D) if delivered by electronic mail, when delivered; <u>provided</u> that notices and other communications to the Administrative Agent or the Lenders pursuant to <u>Sections 2.3</u>, <u>2.6</u>, <u>2.9</u> and <u>5.1</u> shall not be effective until received.

Notwithstanding anything to the contrary herein, in addition to the notice requirements described herein (unless otherwise agreed by Administrative Agent and Parent Borrower in accordance with this paragraph), documents required to be delivered pursuant to the Loan Documents shall be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which Administrative Agent and each Lender have access (including a commercial, third-party website such as www.Edgar.com, www.Syndtrak.com or a website sponsored or hosted by Administrative Agent or the Parent Borrower) *provided* that: (a) the foregoing shall not apply to notices to any Lender pursuant to Article 2; and (b) the Lender has not notified Administrative Agent or Parent Borrower that it cannot or does not want to receive electronic communications. Administrative Agent or Parent Borrower may agree to accept notices and other communications to it hereunder by electronic delivery pursuant to procedures approved by it for all or particular notices or communications. Documents or notices delivered electronically shall be deemed to have been delivered twenty-four (24) hours after the date and time on which Administrative Agent or Parent Borrower posts such documents or the documents become available on a commercial website and Administrative Agent or Parent Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or posted during the normal business hours of the recipient, said posting date and time shall be deemed to have commenced as of 9:00 a.m. on the opening of business on the next Business Day for the recipient. Notwithstanding anything contained herein, Parent Borrower shall provide paper copies of any documents that are available to the Parent Borrower in paper form to Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by Administrative Agent or such Lender. Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to monitor compliance by Parent Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 <u>No Waiver; Cumulative Remedies</u>. No failure to exercise and no delay in exercising, on the part of the Administrative Agent, the Collateral Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Credit Documents shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers, and privileges provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 <u>Survival of Representations and Warranties</u>. All representations and warranties made hereunder, in the other Credit Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.5 <u>Payment of Expenses; Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent Borrower agrees (i) to pay or reimburse each of the Agents (promptly upon written demand (with reasonably supporting detail if the Parent Borrower shall so request)) for all their reasonable and documented out-of-pocket costs and expenses (without duplication) incurred in connection with the development, preparation, execution and delivery of, and any amendment, supplement, modification to, waiver and/or enforcement this Agreement and the other Credit Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, and in the case of legal fees and expenses limited to the reasonable fees, disbursements and other charges of Cleary Gottlieb Steen & Hamilton LLP (or such other counsel as may be agreed by the Administrative Agent and the Parent Borrower), and, if reasonably necessary, of a single firm of local counsel in each relevant local jurisdiction, other than allocated costs of in- house counsel, and such other counsel retained with the consent of the Parent Borrower (such consent not to be unreasonably withheld or delayed), (ii) to pay or reimburse each Agent for all their reasonable and documented out-of-pocket costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Credit Documents and any such other documents, and in the case of legal fees and expenses limited to the reasonable fees, disbursements and other charges of one firm of counsel to the Administrative Agent and the Collateral Agent, and, to the extent required, one firm or local counsel in each relevant local jurisdiction with the Parent Borrower's consent (such consent not to be unreasonably withheld or delayed) (which may include a single special counsel acting in multiple jurisdictions), and (iii) to pay, indemnify and hold harmless each Lender, each Agent, each Letter of Credit Issuer and their respective Related Parties (without duplication) (the "**Indemnified Persons**") from and against any and all losses, claims, damages liabilities, obligations, demands, actions, judgments, suits, costs, expenses, disbursements or penalties of any nature whatsoever regardless of whether any such Indemnified Person is a party thereto and whether any such proceeding is brought by the Borrower or any other Person, (and the reasonable and documented out-of-pocket fees, expenses, disbursements and other charges of one firm of counsel for all Indemnified Persons, taken as a whole (and, in the case of an actual or perceived conflict of interest where the Indemnified Person affected by such conflict notifies the Borrower of any existence of such conflict and in connection with the investigating or defending any of the foregoing (including the reasonable fees) has retained its own counsel, of another firm of counsel for such affected Indemnified Person), and to the extent required, one firm or local counsel in each relevant jurisdiction (which may include a single special counsel acting in multiple jurisdictions)) of any such Indemnified Person arising out of or relating to any claim, litigation, investigation or other proceeding (including any inquiry of investigation of the foregoing) (regardless of whether such Indemnified Person is a party thereto or whether or not such action, claim, litigation or proceeding was brought by the Parent Borrower, any of its Subsidiaries or any other Person), arising out of, or with respect to the Transactions or to the execution, enforcement, delivery, performance and administration of this Agreement, the other Credit Documents and any such other documents, including any of the foregoing relating to the violation of, noncompliance with or liability under, any Environmental Law or any actual or alleged presence or Release or threatened Release of or exposure of any Person to Hazardous Materials or any Environmental Claim or Environmental Liability relating in any way to the Parent Borrower or any of its Subsidiaries (all the foregoing in this <u>clause (iii)</u>, collectively, the "**Indemnified Liabilities**"); <u>provided</u> that the Parent Borrower shall have no obligation hereunder to any Indemnified Person with respect to Indemnified Liabilities to the extent arising from (i) the gross negligence, bad faith or willful misconduct of such Indemnified Person or any of its Related Parties as determined in a final and non-appealable judgment of a court of competent jurisdiction, (ii) a material breach of the obligations of such Indemnified Person or any of its Related Parties under the terms of this Agreement by such Indemnified Person or any of its Related Parties as determined in a final and non-appealable judgment of a court of competent jurisdiction or (iii) any proceeding between and among Indemnified Persons that does not involve an act or omission by the Parent Borrower or its Subsidiaries; <u>provided</u> the Agents, to the extent acting in their capacity as such, shall remain indemnified in respect of such proceeding, to the extent that neither of the exceptions set forth in <u>clause (i)</u> or <u>(ii)</u> of the immediately preceding proviso applies to such person at such time. The agreements in this <u>Section 13.5</u> shall survive repayment of the Loans and all other amounts payable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Credit Party nor any Indemnified Person shall have any liability for any special, punitive, indirect or consequential damages resulting from this Agreement or any other Credit Document or arising out of its activities in connection herewith or therewith (whether before or after the Closing Date); <u>provided</u> that the foregoing shall not limit the Parent Borrower's indemnification obligations to the Indemnified Persons pursuant to <u>Section 13.5(a)</u> in respect of damages incurred or paid by an Indemnified Person to a third party. No Indemnified Person shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Credit Documents or the transactions contemplated hereby or thereby, except to the extent that such damages have resulted from the willful misconduct, bad faith or gross negligence of any Indemnified Person or any of its Related Parties as determined by a final and non-appealable judgment of a court of competent jurisdiction.

This <u>Section 13.5</u> shall apply with respect to Taxes only to the extent they represent losses, claims, damages, etc., arising from any non-Tax claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 <u>Successors and Assigns; Participations and Assignments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) except as expressly permitted by <u>Section 10.2</u>, the Parent Borrower may not assign or otherwise transfer any of their rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender (and any attempted assignment or transfer by the Parent Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this <u>Section 13.6</u>. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (to the extent provided in <u>clause (c)</u> of this <u>Section 13.6</u>) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Collateral Agent, the Letter of Credit Issuers and the Lenders and each other Person entitled to indemnification under <u>Section 13.5</u>) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Subject to the conditions set forth in <u>clause (b)(ii)</u> below and <u>Section 13.7</u>, any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans (including participations in L/C Obligations) at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed; it being understood that, without limitation, the Parent Borrower shall have the right to withhold its consent to any assignment if, (x) in order for such assignment to comply with applicable law, the Parent Borrower would be required to obtain the consent of, or make any filing or registration with, any Governmental Authority) or (y) such assignment would (or would reasonably be expected to) result in any greater payment by any Credit Party under Section 2.10, 3.5, 5.4 or 13.5) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Parent Borrower; <u>provided</u> that no consent of the Parent Borrower shall be required for (1) an assignment of Revolving Credit Commitments or Revolving Credit Loans to (X) a Revolving Credit Lender, (Y) an Affiliate of a Revolving Credit Lender or (Z) an Approved Fund of a Revolving Credit Lender, or (2) an assignment of Loans or Commitments to any assignee if an Event of Default under <u>Section 11.1</u> or <u>Section 11.5</u> (with respect to the Parent Borrower) has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) solely with respect to Revolving Credit Commitments or Revolving Credit Loans, the Sponsor; <u>provided</u> that no consent of the Sponsor shall be required for (1) an assignment of Revolving Credit Commitments or Revolving Credit Loans to (X) a Revolving Credit Lender, (Y) an Affiliate of a Revolving Credit Lender or (Z) an Approved Fund of a Revolving Credit Lender, (2) an assignment of Revolving Credit Loans or Revolving Credit Commitments to any assignee if an Event of Default under <u>Section 11.1</u> or <u>Section 11.5</u> (with respect to the Parent Borrower) has occurred and is continuing or (3) an assignment of Revolving Credit Loans or Revolving Credit Commitments to any assignee following an IPO by the Parent Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Administrative Agent (not to be unreasonably withheld or delayed) and, in the case of Revolving Credit Commitments or Revolving Credit Loans only, each Letter of Credit Issuer.

Notwithstanding the foregoing, no such assignment shall be made (i) to a natural Person, Disqualified Lender or Defaulting Lender and (ii) with respect to the Revolving Credit Commitments, the Parent Borrower or any of its Subsidiaries or any Affiliated Lender (other than an Affiliated Institutional Lender). For the avoidance of doubt, the Administrative Agent shall bear no responsibility or liability for monitoring and enforcing the list of Persons who are Disqualified Lenders at any time; <u>provided</u> that the Administrative Agent shall not disclose, verbally or in writing, the list of entities that are Disqualified Lenders except that in connection with an assignment, the Administrative Agent may confirm (verbally and in writing), upon the request of any Lender, whether a potential assignee is a Disqualified Lender (so long as such Lender agrees to keep such identity confidential).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Assignments shall be subject to the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender's Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than, with respect to any Revolving Credit Loans, $5,000,000, unless each of the Parent Borrower and the Administrative Agent otherwise consents (which consents shall not be unreasonably withheld or delayed); <u>provided</u> that no such consent of the Parent Borrower shall be required if an Event of Default under <u>Section 11.1</u> or <u>Section 11.5</u> has occurred and is continuing; <u>provided</u>, <u>further</u>, that contemporaneous assignments by a Lender and its Affiliates or Approved Funds shall be aggregated for purposes of meeting the minimum assignment amount requirements stated above (and simultaneous assignments to or by two or more Related Funds shall be treated as one assignment), if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement; <u>provided</u> that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender's rights and obligations in respect of one Class of Commitments or Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance via an electronic settlement system or other method reasonably acceptable to the Administrative Agent, together with a processing and recordation fee in the amount of $4,500 (or, in the case of Defaulting Lenders, $7,500); <u>provided</u> that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment; <u>provided</u>, <u>further</u>, that such recordation fee shall not be payable in the case of assignments by any Affiliate of the Joint Lead Arrangers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative questionnaire in a form approved by the Administrative Agent (the "**Administrative Questionnaire**") and applicable tax forms (as required under <u>Section 5.4(e)</u>).

For the avoidance of doubt, the Administrative Agent bears no responsibility for tracking or monitoring assignments to or participations by any Affiliated Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Subject to acceptance and recording thereof pursuant to <u>clause (b)(iv)</u> of this <u>Section 13.6</u>, from and after the effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of <u>Sections 2.10</u>, <u>3.5</u>, <u>5.4</u> and <u>13.5</u>). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this <u>Section 13.6</u> shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with <u>clause (c)</u> of this <u>Section 13.6</u>. For the avoidance of doubt, in case of an assignment to a new Lender pursuant to this <u>Section 13.6</u>, (i) the Administrative Agent, the new Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the new Lender been an original Lender signatory to this Agreement with the rights and/or obligations acquired or assumed by it as a result of the assignment and to the extent of the assignment the assigning Lender shall each be released from further obligations under the Credit Documents and (ii) the benefit of each Security Document shall be maintained in favor of the new Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Parent Borrower, shall maintain at the Administrative Agent's Office a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount of the Loans (and stated interest amounts) and any payment made by the Letter of Credit Issuers under any Letter of Credit owing to each Lender pursuant to the terms hereof from time to time (the "**Register**"). The entries in the Register shall be conclusive, absent manifest error, and the Parent Borrower, the Administrative Agent, the Collateral Agent, the Letter of Credit Issuers and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register is intended to cause each Loan and other obligation hereunder to be in registered form within the meaning of Section 5f.103-1(c) of the United States Treasury Regulations and within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code. The Register shall be available for inspection by the Parent Borrower, the Collateral Agent, the Letter of Credit Issuers (with respect to Revolving Credit Lenders only), the Administrative Agent and its Affiliates and, with respect to itself, any Lender, at any reasonable time and from time to time upon reasonable prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, the assignee's completed Administrative Questionnaire and applicable tax forms (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in <u>clause (b)</u> of this <u>Section 13.6</u> and any written consent to such assignment required by <u>clause (b)</u> of this <u>Section 13.6</u>, the Administrative Agent shall promptly accept such Assignment and Acceptance and record the information contained therein in the Register. No assignment, whether or not evidenced by a promissory note, shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this <u>clause (b)(v)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) Any Lender may, without the consent of the Parent Borrower, the Administrative Agent or the Letter of Credit Issuers, sell participations to one or more banks or other entities (other than (x) a natural person, (y) the Parent Borrower and its Subsidiaries and (z) any Disqualified Lender; <u>provided</u>, <u>however</u>, that, notwithstanding <u>clause (z)</u> hereof, participations may be sold to Disqualified Lenders unless a list of Disqualified Lenders has been made available to all Lenders who so request) (each, a "**Participant**") in all or a portion of such Lender's rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans owing to it); <u>provided</u> that (A) such Lender's obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and (C) the Parent Borrower, the Administrative Agent, the Letter of Credit Issuers and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. For the avoidance of doubt, the Administrative Agent shall bear no responsibility or liability for monitoring and enforcing the list of Disqualified Lenders or the sales of participations thereto at any time; <u>provided</u> that the Administrative Agent shall not disclose, verbally or in writing, the list of entities that are Disqualified Lenders except that in connection with a participation, the Administrative Agent may confirm (verbally and in writing), upon the request of any Lender, whether a potential participant is a Disqualified Lender (so long as such Lender agrees to keep such identity confidential). Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement or any other Credit Document; <u>provided</u> that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in <u>clause (x)(i)</u> of the first proviso to <u>Section 13.1</u> that affects such Participant. Subject to <u>clause (c)(ii)</u> of this <u>Section 13.6</u>, the Parent Borrower agrees that each Participant shall be entitled to the benefits of <u>Sections 2.10</u>, <u>3.5</u> and 5.4 to the same extent as if it were a Lender (subject to the limitations and requirements of those Sections as though it were a Lender and had acquired its interest by assignment pursuant to <u>clause (b)</u> of this <u>Section 13.6</u>, including the requirements of <u>clause (e)</u> of <u>Section 5.4</u> (it being agreed that any documentation required under <u>Section 5.4(e)</u> shall be provided solely to the participating Lender)). To the extent permitted by law, each Participant also shall be entitled to the benefits of <u>Section 13.8(b)</u> as though it were a Lender; <u>provided</u> such Participant shall be subject to <u>Section 13.8(a)</u> as though it were a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A Participant shall not be entitled to receive any greater payment under <u>Section 2.10</u>, <u>3.5</u> or <u>5.4</u> than the applicable Lender would have been entitled to receive absent the sale of such participation sold to such Participant, unless the sale of the participation to such Participant is made with the Parent Borrower's prior written consent (which consent shall not be unreasonably withheld; provided, that it shall not be unreasonable to withhold consent if such participation would (or would reasonably be expected to) result in any greater payment by any Credit Party under Section 2.10, 3.5, 5.4 or 13.5). Each Lender that sells a participation, or any Granting Lender that grants a Loan to an SPV, shall, acting solely for this purpose as a non-fiduciary agent of the Parent Borrower, maintain a register on which it enters the name and address of each Participant or SPV and the principal amounts (and stated interest amounts) of each Participant's or SPV's interest in the Loans or other obligations under this Agreement (the "**Participant Register**"). The entries in the Participant Register shall be conclusive, absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation or granted Loan for all purposes of this Agreement notwithstanding any notice to the contrary. No Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or SPV, or any information relating to a Participant's or SPV's interest in any commitments, loans, letters of credit or its other obligations under any Credit Document) except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations and Sections 163(f), 871(h)(2) and 881(c)(2) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Lender may, without the consent of the Parent Borrower or the Administrative Agent, at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, or other central bank having jurisdiction over such Lender and this <u>Section 13.6</u> shall not apply to any such pledge or assignment of a security interest; <u>provided</u> that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to <u>Section 13.16</u>, the Parent Borrower authorizes each Lender to disclose to any Participant, secured creditor of such Lender or assignee (each, a "**Transferee**") and any prospective Transferee any and all financial information in such Lender's possession concerning the Parent Borrower and its Affiliates that has been delivered to such Lender by or on behalf of the Parent Borrower and its Affiliates pursuant to this Agreement or that has been delivered to such Lender by or on behalf of the Parent Borrower and its Affiliates in connection with such Lender's credit evaluation of the Parent Borrower and its Affiliates prior to becoming a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The words "execution," "signed," "signature," and words of like import in any Assignment and Acceptance shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>SPV Lender</u>. Notwithstanding anything to the contrary contained herein, any Lender (a "**Granting Lender**") may grant to a special purpose funding vehicle (an "**SPV**"), identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Parent Borrower, the option to provide to the Parent Borrower all or any part of any Loan that such Granting Lender would otherwise be obligated to make the Parent Borrower pursuant to this Agreement; <u>provided</u> that (i) nothing herein shall constitute a commitment by any SPV to make any Loan and (ii) if an SPV elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. The making of a Loan by an SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that no SPV shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPV, it shall not institute against, or join any other Person in instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any state thereof. In addition, notwithstanding anything to the contrary contained in this <u>Section 13.6</u>, any SPV may (i) with notice to, but without the prior written consent of, the Parent Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to the Granting Lender or to any financial institutions (consented to by the Parent Borrower and the Administrative Agent) other than a Disqualified Lender providing liquidity and/or credit support to or for the account of such SPV to support the funding or maintenance of Loans and (ii) subject to <u>Section 13.16</u>, disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPV. This <u>Section 13.6(g)</u> may not be amended without the written consent of the SPV. Notwithstanding anything to the contrary in this Agreement but subject to the following sentence, each SPV shall be entitled to the benefits of <u>Sections 2.10</u>, <u>3.5</u> and <u>5.4</u> to the same extent as if it were a Lender (subject to the limitations and requirements of those Sections as though it were a Lender and had acquired its interest by assignment pursuant to <u>clause (b)</u> of this <u>Section 13.6</u>, including the requirements of <u>clause (e)</u> of <u>Section 5.4</u> (it being agreed that any documentation required under <u>Section 5.4(e)</u> shall be provided solely to the Granting Lender)). Notwithstanding the prior sentence, an SPV shall not be entitled to receive any greater payment under <u>Section 2.10</u>, <u>3.5</u> or <u>5.4</u> than its Granting Lender would have been entitled to receive absent the grant to such SPV, unless such grant to such SPV is made with the Parent Borrower's prior written consent (which consent shall not be unreasonably withheld).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 <u>Replacements of Lenders Under Certain Circumstances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent Borrower shall be permitted (x) to replace any Lender or (y) terminate the Commitment of such Lender or any Letter of Credit Issuer, as the case may be, and (1) in the case of a Lender (other than the Letter of Credit Issuers), repay all Obligations of the Parent Borrower due and owing to such Lender relating to the Loans and participations held by such Lender as of such termination date and (2) in the case of a Letter of Credit Issuer, repay all Obligations of the Parent Borrower owing to such Letter of Credit Issuer relating to the Loans and participations held by such Letter of Credit Issuer as of such termination date or backstop on terms satisfactory to such Letter of Credit Issuer or cause to be cancelled any Letters of Credit issued by it, which Lender or Letter of Credit Issuer, as the case may be, (a) requests reimbursement for amounts owing pursuant to <u>Sections 2.10</u>, <u>3.5</u> or <u>5.4</u>, (b) is affected in the manner described in <u>Section 2.10(a)(iii)</u> and as a result thereof any of the actions described in such Section is required to be taken, or (c) becomes a Defaulting Lender, with a replacement bank or other financial institution; <u>provided</u> that (i) such replacement does not conflict with any Requirements of Law, (ii) no Event of Default under <u>Sections 11.1</u> or <u>11.5</u> shall have occurred and be continuing at the time of such replacement, (iii) the Parent Borrower shall repay (or the replacement bank or institution shall purchase, at par) all Loans and other amounts pursuant to <u>Sections 2.10</u>, <u>3.5</u> or <u>5.4</u>, as the case may be, owing to such replaced Lender immediately prior to the date of replacement, (iv) the replacement bank or institution, if not already a Lender, an Affiliate of the Lender, an Affiliated Lender or Approved Fund, the Sponsor or an Affiliated Institutional Lender, and the terms and conditions of such replacement shall be reasonably satisfactory to the Administrative Agent, (v) the replacement bank or institution, if not already a Lender, shall be subject to the provisions of <u>Section 13.6(b)</u>, (vi) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of <u>Section 13.6</u> (<u>provided</u> that unless otherwise agreed the Parent Borrower shall be obligated to pay the registration and processing fee referred to therein), and (vii) any such replacement shall not be deemed to be a waiver of any rights that the Parent Borrower, the Administrative Agent or any other Lender shall have against the replaced Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Lender (such Lender, a "**Non-Consenting Lender**") has failed to consent to a proposed amendment, waiver, discharge or termination that pursuant to the terms of <u>Section 13.1</u> requires the consent of either (i) all of the Lenders directly and adversely affected or (ii) all of the Lenders, and, in each case, with respect to which the Required Lenders (or at least 50.1% of the directly and adversely affected Lenders) shall have granted their consent, then, the Parent Borrower shall have the right (unless such Non-Consenting Lender grants such consent) to (x) replace such Non-Consenting Lender by requiring such Non-Consenting Lender to assign its Loans, and its Commitments hereunder to one or more assignees reasonably acceptable to the Administrative Agent (to the extent such consent would be required under <u>Section 13.6)</u> or to terminate the Commitment of such Lender or such Letter of Credit Issuer, as the case may be, and (1) in the case of a Lender (other than the Letter of Credit Issuers), repay all Obligations of the Parent Borrower due and owing to such Lender relating to the Loans and participations held by such Lender as of such termination date and (2) in the case of a Letter of Credit Issuer, repay all Obligations of the Parent Borrower owing to such Letter of Credit Issuer relating to the Loans and participations held by such Letter of Credit Issuer as of such termination date or backstop on terms satisfactory to such Letter of Credit Issuer or cause to be cancelled any Letters of Credit issued by it; <u>provided</u> that (a) all Obligations hereunder of the Parent Borrower owing to such Non-Consenting Lender being replaced shall be paid in full to such Non-Consenting Lender concurrently with such assignment, and (b) the replacement Lender shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the principal amount thereof plus accrued and unpaid interest thereon. In connection with any such assignment, the Parent Borrower, the Administrative Agent, such Non-Consenting Lender and the replacement Lender shall otherwise comply with <u>Section 13.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 <u>Adjustments; Set-off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as contemplated in <u>Section 13.6</u> or elsewhere herein, if any Lender (a "**Benefited Lender**") shall at any time receive any payment of all or part of its Loans, or interest thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in <u>Section 11.5</u>, or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of such other Lender's Loans, or interest thereon, such Benefited Lender shall purchase for cash from the other Lenders a participating interest in such portion of each such other Lender's Loan, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the Lenders; <u>provided</u>, <u>however</u>, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After the occurrence and during the continuance of an Event of Default, in addition to any rights and remedies of the Lenders provided by law, each Lender shall have the right, without prior notice to the Credit Parties but with the prior consent of the Administrative Agent, any such notice being expressly waived by the Credit Parties to the extent permitted by applicable law, upon any amount becoming due and payable by the Credit Parties hereunder (whether at the stated maturity, by acceleration or otherwise) to set-off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final) (other than payroll, trust, tax, fiduciary, and petty cash accounts), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof to or for the credit or the account of the Credit Parties. Each Lender agrees promptly to notify the Credit Parties and the Administrative Agent after any such set-off and application made by such Lender; <u>provided</u> that the failure to give such notice shall not affect the validity of such set-off and application.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9 <u>Counterparts</u>. This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts shall be an original, but all of which shall together constitute one and the same instrument. This Agreement may be delivered by facsimile, electronic mail (including pdf) or any electronic signature complying with the U.S. federal ESIGN Act of 2000 or the New York Electronic Signatures and Records Act or other electronic transmission of the relevant signature pages hereof, and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest extent permitted by applicable law. For the avoidance of doubt, the foregoing also applies to any amendment, extension or renewal of this Agreement. Each of the parties hereto represents and warrants to the other parties that it has the corporate capacity and authority to execute this Agreement through electronic mean and that there are no restrictions for doing so in that party's constitutive documents. A set of the copies of this Agreement signed by all the parties shall be lodged with the Parent Borrower and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10 <u>Severability</u>. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 <u>Integration</u>. This Agreement and the other Credit Documents represent the agreement of the Parent Borrower, the Collateral Agent, the Administrative Agent and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Parent Borrower, the Administrative Agent, the Collateral Agent nor any Lender relative to subject matter hereof not expressly set forth or referred to herein or in the other Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 <u>GOVERNING LAW</u>. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, EXCEPT THAT (A) THE INTERPRETATION OF THE DEFINITION OF A COMPANY MATERIAL ADVERSE EFFECT (AND WHETHER OR NOT A COMPANY MATERIAL ADVERSE EFFECT HAS OCCURRED), (B) THE DETERMINATION OF THE ACCURACY OF ANY COMPANY REPRESENTATION AND WHETHER AS A RESULT OF ANY INACCURACY THEREOF EITHER BORROWER OR ANY OF ITS AFFILIATES HAS THE RIGHT TO TERMINATE ITS OR THEIR OBLIGATIONS UNDER THE ACQUISITION AGREEMENT PURSUANT TO SECTION 7.01(C)(I) OF THE ACQUISITION AGREEMENT (OR OTHERWISE DECLINE TO CONSUMMATE THE ACQUISITION PURSUANT TO SECTION 6.02(A) OF THE ACQUISITION AGREEMENT WITHOUT ANY LIABILITY) AND (C) THE DETERMINATION OF WHETHER THE ACQUISITION HAS BEEN CONSUMMATED IN ACCORDANCE WITH THE TERMS OF THE ACQUISITION AGREEMENT AND, IN ANY CASE, CLAIMS OR DISPUTES ARISING OUT OF ANY SUCH INTERPRETATION OR DETERMINATION OR ANY ASPECT THEREOF SHALL, IN EACH CASE, BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF MARYLAND, REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS THEREOF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.13 <u>Submission to Jurisdiction; Waivers</u>. Each party hereto irrevocably and unconditionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Credit Documents to which it is a party to the exclusive general jurisdiction of the courts of the State of New York or the courts of the United States for the Southern District of New York, in each case sitting in New York City in the Borough of Manhattan, and appellate courts from any thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consents that any such action or proceeding may be brought in such courts and waives (to the extent permitted by applicable law) any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same or to commence or support any such action or proceeding in any other courts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address set forth on <u>Schedule 13.2</u> at such other address of which the Administrative Agent shall have been notified pursuant to <u>Section 13.2</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) agrees that nothing herein shall affect the right of the Administrative Agent, any Lender or another Secured Party to effect service of process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against the Parent Borrower or any other Credit Party in any other jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this <u>Section 13.13</u> any special, exemplary, punitive or consequential damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.14 <u>Acknowledgments</u>. The Parent Borrower hereby acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has been advised by counsel in the negotiation, execution, and delivery of this Agreement and the other Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the credit facilities provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other Credit Document) are an arm's-length commercial transaction between the Parent Borrower and the other Credit Parties, on the one hand, and the Administrative Agent, the Lenders and the other Agents on the other hand, and the Parent Borrower and the other Credit Parties are capable of evaluating and understanding and understand and accept the terms, risks and conditions of the transactions contemplated hereby and by the other Credit Documents (including any amendment, waiver or other modification hereof or thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in connection with the process leading to such transaction, each of the Administrative Agent and the other Agents, is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary for the Parent Borrower, any other Credit Parties or any of their respective Affiliates, stockholders, creditors or employees, or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) neither the Administrative Agent nor any other Agent has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Parent Borrower or any other Credit Party with respect to any of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Credit Document (irrespective of whether the Administrative Agent or other Agent has advised or is currently advising the Parent Borrower, the other Credit Parties or their respective Affiliates on other matters) and neither the Administrative Agent or other Agent has any obligation to the Parent Borrower, the other Credit Parties or their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Administrative Agent, each other Agent and each Affiliate of the foregoing may be engaged in a broad range of transactions that involve interests that differ from those of the Parent Borrower and its Affiliates, and neither the Administrative Agent nor any other Agent has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) neither the Administrative Agent nor any other Agent has provided and none will provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any other Credit Document) and the Parent Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate. The Parent Borrower hereby agrees that it will not claim that any Agent owes a fiduciary or similar duty to the Credit Parties in connection with the Transactions contemplated hereby and waives and releases, to the fullest extent permitted by law, any claims that it may have against the Administrative Agent or any other Agent with respect to any breach or alleged breach of agency or fiduciary duty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no joint venture is created hereby or by the other Credit Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Parent Borrower, on the one hand, and any Lender, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.15 <u>WAIVERS OF JURY TRIAL</u>. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVE (TO THE EXTENT PERMITTED BY APPLICABLE LAW) THE RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY ANY PARTY RELATED TO OR ARISING OUT OF THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT OR THE PERFORMANCE OF SERVICES HEREUNDER OR THEREUNDER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.16 <u>Confidentiality</u>. The Administrative Agent, each other Agent and each Lender (collectively, the "**Restricted Persons**" and, each a "**Restricted Person**") shall treat confidentially all non-public information provided to any Restricted Person by or on behalf of any Credit Party hereunder in connection with such Restricted Person's evaluation of whether to become a Lender hereunder or obtained by such Restricted Person pursuant to the requirements of this Agreement ("**Confidential Information**") and shall not publish, disclose or otherwise divulge such Confidential Information; <u>provided</u> that nothing herein shall prevent any Restricted Person from disclosing any such Confidential Information (a) pursuant to the order of any court or administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law, rule or regulation or compulsory legal process (in which case such Restricted Person agrees (except with respect to any routine or ordinary course audit or examination conducted by bank accountants or any governmental, bank regulatory or self-regulatory authority exercising examination or regulatory authority), to the extent practicable and not prohibited by applicable law, rule or regulation, to inform the Parent Borrower promptly thereof prior to disclosure), (b) upon the request or demand of any regulatory authority (including any self-regulatory authority) having jurisdiction over such Restricted Person or any of its Affiliates (in which case such Restricted Person agrees (except with respect to any routine or ordinary course audit or examination conducted by bank accountants or any governmental, bank regulatory or self-regulatory authority exercising examination or regulatory authority) to the extent practicable and not prohibited by applicable law, rule or regulation, to inform the Parent Borrower promptly thereof prior to disclosure), (c) to the extent that such Confidential Information becomes publicly available other than by reason of improper disclosure by such Restricted Person or any of its affiliates or any related parties thereto in violation of any confidentiality obligations owing under this <u>Section 13.16</u>, (d) to the extent that such Confidential Information is received by such Restricted Person from a third party that is not, to such Restricted Person's knowledge, subject to confidentiality obligations owing to any Credit Party or any of their respective subsidiaries or affiliates, (e) to the extent that such Confidential Information was already in the possession of the Restricted Persons prior to any duty or other undertaking of confidentiality or is independently developed by the Restricted Persons without the use of such Confidential Information, (f) to such Restricted Person's affiliates and to its and their respective officers, directors, partners, employees, legal counsel, independent auditors, and other experts or agents who need to know such Confidential Information in connection with providing the Loans or action as an Agent hereunder and who are informed of the confidential nature of such Confidential Information and who are subject to customary confidentiality obligations of professional practice or who agree to be bound by the terms of this <u>Section 13.16</u> (or confidentiality provisions at least as restrictive as those set forth in this <u>Section</u> <u>13.16</u>) (with each such Restricted Person, to the extent within its control, responsible for such person's compliance with this paragraph), (g) to potential or prospective Lenders, hedge providers (or other derivative transaction counterparties) (any such person, a "**Derivative Counterparty**"), participants or assignees, in each case who agree (pursuant to customary syndication practice) to be bound by the terms of this <u>Section 13.16</u> (or confidentiality provisions at least as restrictive as those set forth in this <u>Section 13.16</u>); <u>provided</u> that (i) the disclosure of any such Confidential Information to any Lenders, Derivative Counterparties or prospective Lenders, Derivative Counterparties or participants or prospective participants referred to above shall be made subject to the acknowledgment and acceptance by such Lender, Derivative Counterparty or prospective Lender or participant or prospective participant that such Confidential Information is being disseminated on a confidential basis (on substantially the terms set forth in this <u>Section 13.16</u> or confidentiality provisions at least as restrictive as those set forth in this <u>Section 13.16</u>) in accordance with the standard syndication processes of such Restricted Person or customary market standards for dissemination of such type of information, which shall in any event require "click through" or other affirmative actions on the part of recipient to access such Confidential Information and (ii) no such disclosure shall be made by such Restricted Person to any person that is at such time a Disqualified Lender, (h) for purposes of establishing a "due diligence" defense, or (i) to rating agencies in connection with obtaining ratings for the Parent Borrower and the Credit Facility to the extent such rating agencies are subject to customary confidentiality obligations of professional practice or agree to be bound by the terms of this <u>Section 13.16</u> (or confidentiality provisions at least as restrictive as those set forth in this <u>Section 13.16</u>). Notwithstanding the foregoing, (i) Confidential Information shall not include, with respect to any Person, information available to it or its Affiliates on a non-confidential basis from a source other than the Parent Borrower, its Subsidiaries or its Affiliates, (ii) the Administrative Agent shall not be responsible for compliance with this <u>Section 13.16</u> by any other Restricted Person (other than its officers, directors or employees), (iii) in no event shall any Lender, the Administrative Agent or any other Agent be obligated or required to return any materials furnished by the Parent Borrower or any of its Subsidiaries, and (iv) each Agent and each Lender may disclose the existence of this Agreement and the information about this Agreement to market data collectors, similar services providers to the lending industry, and service providers to the Agents and the Lenders in connection with the administration, settlement and management of this Agreement and the other Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.17 <u>Direct Website Communications</u>. The Borrower may, at its option, provide to the Administrative Agent any information, documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to the Credit Documents, including, without limitation, all notices, requests, financial statements, financial, and other reports, certificates, and other information materials, but excluding any such communication that (A) relates to a request for a new, or a conversion of an existing, borrowing or other extension of credit (including any election of an interest rate or interest period relating thereto), (B) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (C) provides notice of any default or event of default under this Agreement or (D) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any borrowing or other extension of credit thereunder (all such non-excluded communications being referred to herein collectively as "**Communications**"), by transmitting the Communications in an electronic/soft medium in a format reasonably acceptable to the Administrative Agent to the Administrative Agent at an email address provided by the Administrative Agent from time to time; <u>provided</u> that (i) upon written request by the Administrative Agent, or the Parent Borrower shall deliver paper copies of such documents to the Administrative Agent for further distribution to each Lender until a written request to cease delivering paper copies is given by the Administrative Agent and (ii) the Parent Borrower shall notify (which may be by facsimile or electronic mail) the Administrative Agent of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (*i.e.*, soft copies) of such documents. Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents from the Administrative Agent and maintaining its copies of such documents. Nothing in this <u>Section 13.17</u> shall prejudice the right of the Parent Borrower, any other Credit Party, the Administrative Agent, any other Agent or any Lender to give any notice or other communication pursuant to any Credit Document in any other manner specified in such Credit Document.

The Administrative Agent agrees that the receipt of the Communications by the Administrative Agent at its e-mail address set forth above shall constitute effective delivery of the Communications to the Administrative Agent for purposes of the Credit Documents. Each Lender agrees that notice to it (as provided in the next sentence) specifying that the Communications have been posted to the Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Credit Documents. Each Lender agrees (A) to notify the Administrative Agent in writing (including by electronic communication) from time to time of such Lender's e-mail address to which the foregoing notice may be sent by electronic transmission and (B) that the foregoing notice may be sent to such e-mail address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower further agrees that any Agent may make the Communications available to the Lenders by posting the Communications on Intralinks or a substantially similar electronic transmission system (the "**Platform**"), so long as the access to such Platform (i) is limited to the Agents, the Lenders and Transferees or prospective Transferees and (ii) remains subject to the confidentiality requirements set forth in <u>Section 13.16</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE." THE AGENT PARTIES DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF ANY MATERIALS OR INFORMATION PROVIDED BY THE CREDIT PARTIES (THE "**BORROWER MATERIALS**") OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the "**Agent Parties**" and each an "**Agent Party**") have any liability to the Parent Borrower, any Lender, or any other Person for losses, claims, damages, liabilities, or expenses of any kind (whether in tort, contract or otherwise) arising out of the Parent Borrower's or the Administrative Agent's transmission of Borrower Materials through the internet, except to the extent the liability of any Agent Party resulted from such Agent Party's (or any of its Related Parties' (other than any trustee or advisor)) gross negligence, bad faith or willful misconduct or material breach of the Credit Documents as determined in the final non-appealable judgment of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower and each Lender acknowledge that certain of the Lenders may be "public-side" Lenders (Lenders that do not wish to receive material non-public information with respect to the Parent Borrower, the Subsidiaries or their securities) and, if documents or notices required to be delivered pursuant to the Credit Documents or otherwise are being distributed through the Platform, any document or notice that the Parent Borrower have indicated contains only publicly available information with respect to the Parent Borrower may be posted on that portion of the Platform designated for such public-side Lenders. If the Parent Borrower has not indicated whether a document or notice delivered contains only publicly available information, the Administrative Agent shall post such document or notice solely on that portion of the Platform designated for Lenders who wish to receive material nonpublic information with respect to the Parent Borrower, its Subsidiaries and their securities. Notwithstanding the foregoing, the Parent Borrower shall use commercially reasonable efforts to indicate whether any document or notice contains only publicly available information; <u>provided</u>, <u>however</u>, that the following documents shall be deemed to be marked "PUBLIC," unless the Parent Borrower notifies the Administrative Agent promptly that any such document contains material nonpublic information: (1) the Credit Documents, (2) any notification of changes in the terms of the Credit Facility and (3) all financial statements and certificates delivered pursuant to <u>Sections 9.1(a)</u>, <u>(a)</u> and <u>(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.18 <u>USA PATRIOT Act</u>. Each Lender hereby notifies each Credit Party that, pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "**Patriot Act**") and the Beneficial Ownership Regulation, it is required to obtain, verify, and record information that identifies each Credit Party, which information includes the name and address of each Credit Party and other information that will allow such Lender to identify each Credit Party in accordance with the Patriot Act and the Beneficial Ownership Regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.19 [<u>Reserved</u>].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.20 <u>Payments Set Aside</u>. To the extent that any payment by or on behalf of the Parent Borrower is made to any Agent or any Lender, or any Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by such Agent or such Lender in its discretion) to be repaid to a trustee, receiver, or any other party, in connection with any proceeding or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share of any amount so recovered from or repaid by any Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the applicable Overnight Rate from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.21 <u>No Fiduciary Duty</u>. Each Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph, the "**Lenders**"), may have economic interests that conflict with those of the Credit Parties, their stockholders and/or their affiliates. Each Credit Party agrees that nothing in the Credit Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and such Credit Party, its stockholders or its affiliates, on the other. The Credit Parties acknowledge and agree that (i) the transactions contemplated by the Credit Documents (including the exercise of rights and remedies hereunder and thereunder) are arm's-length commercial transactions between the Lenders, on the one hand, and the Credit Parties, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in favor of any Credit Party, its stockholders or its affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise any Credit Party, its stockholders or its Affiliates on other matters) or any other obligation to any Credit Party except the obligations expressly set forth in the Credit Documents and (y) each Lender is acting solely as principal and not as the agent or fiduciary of any Credit Party, its management, stockholders or creditors. Each Credit Party acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. Each Credit Party agrees that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to such Credit Party, in connection with such transaction or the process leading thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.22 <u>Nature of Borrower Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary contained elsewhere in this Agreement, it is understood and agreed by the various parties to this Agreement that all of the Parent Borrower's Obligations to repay principal of, interest on, and all other amounts with respect to, all Loans, L/C Obligations and all other Obligations of the Parent Borrower pursuant to this Agreement (including, without limitation, all fees, indemnities, taxes and other Obligations in connection therewith or in connection with the related Commitments) shall be guaranteed pursuant to, and in accordance with the terms of, the Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligations of the Parent Borrower with respect to the Parent Borrower's Obligations are independent of the obligations of any Guarantor under its guaranty of the Parent Borrower's Obligations, and a separate action or actions may be brought and prosecuted against the Parent Borrower, whether or not any such Guarantor is joined in any such action or actions. The Borrower waives, to the fullest extent permitted by law, the benefit of any statute of limitations affecting its liability hereunder or the enforcement thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parent Borrower authorizes the Administrative Agent and the Lenders without notice or demand (except as shall be required by the Credit Documents and applicable statute that cannot be waived), and without affecting or impairing its liability hereunder, from time to time to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) exercise or refrain from exercising any rights against any Guarantor or others or otherwise act or refrain from acting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) apply any sums paid by any other Person, howsoever realized or otherwise received to or for the account of the Parent Borrower to any liability or liabilities of such other Person regardless of what liability or liabilities of such other Person remain unpaid; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) consent to or waive any breach of, or act, omission or default under, this Agreement or any of the instruments or agreements referred to herein, or otherwise, by any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is not necessary for the Administrative Agent or any other Lender to inquire into the capacity or powers of the Parent Borrower or any of its Subsidiaries or the officers, directors, members, partners or agents acting or purporting to act on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Parent Borrower waives any right to require the Administrative Agent or the other Lenders to (i) proceed against any Guarantor or any other party, (ii) proceed against or exhaust any security held from any Guarantor or any other party or (iii) pursue any other remedy in the Administrative Agent's or the Lenders' power whatsoever. The Parent Borrower waives any defense based on or arising out of suretyship or any impairment of security held from the Parent Borrower, any Guarantor or any other party or on or arising out of any defense of any Guarantor or any other party other than payment in full in cash of the Obligations of the Credit Parties, including, without limitation, any defense based on or arising out of the disability of any Guarantor or any other party, or the unenforceability of the Obligations of the Parent Borrower or any part thereof from any cause, in each case other than as a result of the payment in full in cash of the Obligations of the Parent Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All provisions contained in any Credit Document shall be interpreted consistently with this <u>Section 13.22</u> to the extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.23 <u>Acknowledgment and Consent to Bail-In of Affected Financial Institutions</u>. Notwithstanding anything to the contrary in any Credit Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Credit Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.24 <u>Acknowledgment Regarding Any Supported QFCs</u>. To the extent that the Credit Documents provide support, through a guarantee or otherwise, for any Hedge Agreement or any other agreement or instrument that is a QFC (such support, "**QFC Credit Support**" and each such QFC a "**Supported QFC**"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "**U.S. Special Resolution Regimes**") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Credit Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As used in this <u>Section 13.24</u>, the following terms have the following meanings:

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

"**Covered Entity**" means any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.25 <u>Certain ERISA Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto that at least one of the following is and will be true:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent such Lender and the Borrower, provided that the Borrower shall not unreasonably withhold its consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Credit Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Credit Document or any documents related hereto or thereto).

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

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| | |
|:---|:---|
| PHOENIX DATA CENTER ACQUISITIONS LLC | PHOENIX DATA CENTER ACQUISITIONS LLC |
| as the Parent Borrower | as the Parent Borrower |
| By: |  |
|  | Name: |
|  | Title: |
| PHOENIX DATA CENTER INTERMEDIATE LLC | PHOENIX DATA CENTER INTERMEDIATE LLC |
| as Holdings | as Holdings |
| By: |  |
|  | Name: |
|  | Title: |

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[Signature Page to U.S. Revolving Credit Agreement]

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| | |
|:---|:---|
| WELLS FARGO BANK, NATIONAL ASSOCIATION | WELLS FARGO BANK, NATIONAL ASSOCIATION |
| as Administrative Agent | as Administrative Agent |
| By: |  |
|  | Name: |
|  | Title: |
| WELLS FARGO BANK, NATIONAL ASSOCIATION | WELLS FARGO BANK, NATIONAL ASSOCIATION |
| as Collateral Agent | as Collateral Agent |
| By: |  |
|  | Name: |
|  | Title: |

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[Signature Page to U.S. Revolving Credit Agreement]

By: 

 Name:

 Title:

[Signature Page to U.S. Revolving Credit Agreement]

## Exhibit 10.15

**Exhibit 10.15**

***Execution Version***

**<u>THIRD AMENDMENT TO CREDIT AGREEMENT</u>**

This THIRD AMENDMENT TO CREDIT AGREEMENT (this "<u>Third Amendment</u>"), dated as of December 22, 2025, is by and among Phoenix Data Center Acquisitions LLC, a Delaware limited liability company (the "<u>Parent Borrower</u>"), the Guarantors party hereto, Wells Fargo Bank, National Association, as Administrative Agent (in such capacity, the "<u>Administrative Agent</u>"), and the Lenders party hereto. Unless otherwise indicated, all capitalized terms used herein and not otherwise defined herein shall have the respective meanings provided to such terms in the Credit Agreement referred to below.

<u>W</u> <u>I</u> <u>T</u> <u>N</u> <u>E</u> <u>S</u> <u>S</u> <u>E</u> <u>T</u> <u>H</u>:

WHEREAS, Phoenix Data Center Intermediate LLC, a Delaware limited liability company ("<u>Holdings</u>"), Parent Borrower, the guarantors from time to time party thereto, the Administrative Agent and the lenders from time to time party thereto (collectively, the "<u>Lenders</u>" and individually, a "<u>Lender</u>") have entered into that certain U.S. Revolving Credit Agreement, dated as of January 12, 2024, as amended by that certain First Amendment to Credit Agreement, dated as of April 17, 2024 and that certain Second Amendment to Credit Agreement, dated as of February 28, 2025 (as further amended, restated, supplemented and/or otherwise modified from time to time prior to the Third Amendment Effective Date referred to below, the "<u>Credit Agreement</u>");

WHEREAS, pursuant to Section 13.1 of the Credit Agreement, the Parent Borrower has requested that (i) the Lenders increase their Revolving Credit Commitments, so that the aggregate principal amount of the Revolving Credit Commitments is increased to $800,000,000 as of the Third Amendment Effective Date, (ii) the Revolving Credit Maturity Date to the Credit Facilities be extended and (iii) that certain additional terms with respect to the Credit Facilities be updated;

WHEREAS, it is intended that the Parent Borrower will (a) obtain the increase to the Revolving Credit Commitments to fund working capital and general corporate purposes (including to finance any other transactions not prohibited by the Credit Documents) and (b) pay fees and expenses incurred in connection therewith; and

WHEREAS, the Administrative Agent, the Lenders and the Parent Borrower have agreed to amend the Credit Agreement as set forth in Annex I hereto.

NOW, THEREFORE, in consideration of the premises and the agreements contained herein, the parties hereto agree as follows:

SECTION 1. <u>Amendments</u>. Subject to the terms and conditions set forth herein and the occurrence of the Third Amendment Effective Date, (x) the Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: <u>double-underlined text</u>) as set forth in the pages of the Credit Agreement attached as <u>Annex I</u> hereto and (y) <u>Exhibit I,</u> <u>Schedule 1.1(a)</u>, <u>Schedule 8.13</u> and <u>Schedule 13.2</u> to the Credit Agreement shall be replaced with the corresponding exhibit and schedules attached hereto.

SECTION 2. <u>Conditions of Effectiveness of this Third Amendment</u>. This Third Amendment shall become effective as of the first date (the "<u>Third Amendment Effective Date</u>") on which the following conditions have been satisfied or waived in accordance with the terms thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrative Agent shall have received each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) An executed counterpart of this Third Amendment by the Parent Borrower, which executed counterpart shall be an original or pdf copy or delivered by other electronic method;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a certificate of each of the Parent Borrower and each other Guarantor, dated as of the Third Amendment Effective Date, substantially in the form of <u>Exhibit D</u> of the Credit Agreement, with appropriate insertions, executed by any Authorized Officer and the Secretary or any Assistant Secretary of the Parent Borrower and each other Guarantor, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (1) a copy of the resolutions of the general partner, board of directors, member(s), trustee(s) or other governing bodies, as applicable, of the Parent Borrower and the Guarantors (or a duly authorized committee thereof) authorizing the execution, delivery, and performance of the Third Amendment (and any agreements relating thereto to which it is a party), (2) the certificate of incorporation and by-laws, certificate of formation and operating agreement or other comparable organizational documents, as applicable, of the Parent Borrower and the Guarantors and (3) signature and incumbency certificates (or other comparable documents evidencing the same) of the Authorized Officers of the Parent Borrower and the Guarantors executing the respective Credit Documents to which they are a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an executed legal opinion, in customary form, of Paul, Weiss, Rifkind, Wharton & Garrison LLP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a certificate, dated as of the Third Amendment Effective Date and substantially in the form of <u>Exhibit J</u> of the Credit Agreement, from the Chief Executive Officer, the President, the Chief Financial Officer, the Treasurer, the Vice President-Finance, a Director, a Manager, or any other senior financial officer of the Parent Borrower (or of the Parent Borrower's general partner) to the effect that after giving effect to the Third Amendment and transactions related thereto, the Parent Borrower on a consolidated basis with its Subsidiaries is Solvent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a promissory note in the form of <u>Exhibit F</u> to the Credit Agreement executed by the Borrower in favor of each Lender that has requested a promissory note at least three (3) Business Days in advance of the Third Amendment Effective Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all fees required to be paid on the Third Amendment Effective Date, to the extent invoiced at least three (3) Business Days prior to the Third Amendment Effective Date (except as otherwise reasonably agreed by the Parent Borrower) shall, upon the Third Amendment Effective Date hereunder, have been, or will be substantially simultaneously, paid.

SECTION 3. <u>Credit Document.</u> This Third Amendment shall constitute a "Credit Document" for all purposes of the Credit Agreement and the other Credit Documents.

SECTION 4. <u>Representations and Warranties.</u> To induce the Administrative Agent and the Lenders to enter into this Third Amendment, the Parent Borrower makes the following representations and warranties to the Administrative Agent and the Lenders, as of the Third Amendment Effective Date, immediately after giving effect to this Third Amendment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as of the Third Amendment Effective Date, the representations and warranties contained in <u>Article 8</u> of the Credit Agreement or any other Credit Document (including this Third Amendment as a Credit Document for such purpose) are true and correct in all material respects on and as of the Third Amendment Effective Date (provided that any such representations and warranties which are qualified by materiality, material adverse effect or similar language shall be true and correct in all respects) with the same effect as though such representations and warranties had been made on and as of the date hereof (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects (provided that any such representations and warranties which are qualified by materiality, material adverse effect or similar language shall be true and correct in all respects) as of such earlier date); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Event of Default shall have occurred and be continuing.

SECTION 5. <u>Extension of Commitments</u>. Subject to the terms and conditions set forth herein, each Lender, by its execution and delivery of a counterpart of this Third Amendment, has agreed to provide Revolving Credit Commitments on the Third Amendment Effective Date on the terms contemplated hereunder.

SECTION 6. <u>Reference to and Effect on the Credit Agreement and the Credit Documents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On and after the Third Amendment Effective Date, each reference in the Credit Agreement to "this Agreement," "hereunder," "hereof" or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement, as amended by this Third Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Credit Agreement and each of the other Credit Documents, as specifically amended by this Third Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. Without limiting the generality of the foregoing, each Credit Party hereby ratifies and confirms in all respects that (i) each of the Credit Agreement, the Collateral Documents and each other Credit Document to which each Credit Party is a party is the legal, valid and binding obligation of such Credit Party, enforceable against such Credit Party in accordance with its terms, (ii) all of the obligations of the Credit Parties under the Credit Agreement, the Collateral Documents and each other Credit Document (in each case, after giving effect to this Third Amendment) to which such Credit Party is a party, (A) constitute "Obligations" and are entitled to all the benefits of the Guarantee set forth in the Credit Agreement, and each such Guarantee is, and continues to be in full force and effect and is hereby reaffirmed in all respects, and (B) are reaffirmed and remain in full force and effect on a continuous basis, in each case as amended by this Third Amendment, and (iii) each Credit Party's prior grant and the validity of security interests pursuant to the Collateral Documents are reaffirmed and remain in full force and effect and all security interests are continuing in full force and effect to secure all of the Obligations as amended by this Third Amendment and are hereby ratified and confirmed in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as expressly set forth herein, the execution of this Third Amendment shall not, (i) operate as a waiver of or otherwise affect any right, power or remedy of the Administrative Agent, the Letter of Credit Issuers or the Lenders, (ii) constitute a waiver of, alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provisions of the Credit Agreement or any other Credit Documents, or (iii) serve to effect a novation of the Obligations.

SECTION 7. <u>Governing Law</u>. THIS THIRD AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. The provisions of Sections 1.2, 13.5, 13.12, 13.15 and 13.16 of the Credit Agreement shall apply to this Third Amendment, *mutatis mutandis*.

SECTION 8. <u>Counterparts</u>. This Third Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Third Amendment and/or any document to be signed in connection with this Third Amendment and the transactions contemplated hereby shall be deemed to include Electronic Signatures (as defined below), deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signature and Records Act, or any other similar state laws based on the Uniform Electronic Transaction Act. "<u>Electronic Signatures</u>" means any electronic symbol or process attached to, or associated with, any contract or other record and adopted by a person with the intent to sign, authenticate or accept such contract or record.

SECTION 9. <u>Severability</u>. Wherever possible, each provision of this Third Amendment shall be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Third Amendment shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Third Amendment.

SECTION 10. <u>Section Titles</u>. The Section titles contained in this Third Amendment are and shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto.

SECTION 11. <u>Entire Agreement</u>. This Third Amendment, the Credit Agreement and the other Credit Documents constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal, among the parties or any of them with respect to the subject matter hereof.

[*Signature Pages to follow*]

IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Third Amendment to be duly executed and delivered by the parties hereto as of the date first above written.

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| | | |
|:---|:---|:---|
| **PHOENIX DATA CENTER ACQUISITIONS LLC,** | **PHOENIX DATA CENTER ACQUISITIONS LLC,** | **PHOENIX DATA CENTER ACQUISITIONS LLC,** |
| as Parent Borrower | as Parent Borrower | as Parent Borrower |
| By: | /s/ Spencer Mullee | /s/ Spencer Mullee |
|  | Name: | Spencer Mullee |
|  | Title: | President, Chief Executive Officer and Treasurer |
| **PHOENIX DATA CENTER INTERMEDIATE LLC,** | **PHOENIX DATA CENTER INTERMEDIATE LLC,** | **PHOENIX DATA CENTER INTERMEDIATE LLC,** |
| as Holdings | as Holdings | as Holdings |
| By: | /s/ Spencer Mullee | /s/ Spencer Mullee |
|  | Name: | Spencer Mullee |
|  | Title: | President, Chief Executive Officer and Treasurer |
| **PHOENIX INFRASTRUCTURE LLC,** | **PHOENIX INFRASTRUCTURE LLC,** | **PHOENIX INFRASTRUCTURE LLC,** |
| as a Guarantor | as a Guarantor | as a Guarantor |
| By: | /s/ Spencer Mullee | /s/ Spencer Mullee |
|  | Name: | Spencer Mullee |
|  | Title: | President, Chief Executive Officer and Treasurer |
| **PHOENIX DATA CENTER PARENT LLC,** | **PHOENIX DATA CENTER PARENT LLC,** | **PHOENIX DATA CENTER PARENT LLC,** |
| as a Guarantor | as a Guarantor | as a Guarantor |
| By: | /s/ Spencer Mullee | /s/ Spencer Mullee |
|  | Name: | Spencer Mullee |
|  | Title: | President, Chief Executive Officer and Treasurer |

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Signature Page to Third Amendment to Credit Agreement (Centersquare)

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| | |
|:---|:---|
| **<u>ADMINISTRATIVE AGENT</u>:** | **<u>ADMINISTRATIVE AGENT</u>:** |
| **WELLS FARGO BANK, NATIONAL ASSOCIATION,** | **WELLS FARGO BANK, NATIONAL ASSOCIATION,** |
| as Administrative Agent | as Administrative Agent |
| By: | /s/ Kyle Gaillard |
| Name: | Kyle Gaillard |
| Title: | Executive Director |

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Signature Page to Third Amendment to Credit Agreement (Centersquare)

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| | |
|:---|:---|
| **<u>LENDERS</u>:** | **<u>LENDERS</u>:** |
| **WELLS FARGO BANK, NATIONAL ASSOCIATION,** | **WELLS FARGO BANK, NATIONAL ASSOCIATION,** |
| as a Lender | as a Lender |
| By: | /s/ Kyle Gaillard |
| Name: | Kyle Gaillard |
| Title: | Executive Director |

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[*Signature continue on the following page*]

Signature Page to Third Amendment to Credit Agreement (Centersquare)

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| | |
|:---|:---|
| **THE BANK OF NOVA SCOTIA,** | **THE BANK OF NOVA SCOTIA,** |
| as a Lender | as a Lender |
| By | /s/ Robert Palmer |
| Name: | Robert Palmer |
| Title: | Director |
| By | /s/ Joshita D'Souza |
| Name: | Joshita D'Souza |
| Title: | Associate Director |

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[*Signatures continue on the following page*]

Signature Page to Third Amendment to Credit Agreement (Centersquare)

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| | |
|:---|:---|
| **BANK OF MONTREAL,** | **BANK OF MONTREAL,** |
| as a Lender | as a Lender |
| By | /s/ Rebecca Liu Chabanon |
| Name: | Rebecca Liu Chabanon |
| Title: | Director |

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[*Signatures continue on the following page*]

Signature Page to Third Amendment to Credit Agreement (Centersquare)

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| | |
|:---|:---|
| **THE TORONTO-DOMINION BANK, NEW YORK BRANCH,** | **THE TORONTO-DOMINION BANK, NEW YORK BRANCH,** |
| as a Lender | as a Lender |
| By: | /s/ Tim Brogan |
| Name: | Tim Brogan |
| Title: | Authorized Signatory |

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Signature Page to Third Amendment to Credit Agreement (Centersquare)

<u>ANNEX I</u>

Amended Credit Agreement

See attached.

***ANNEX I***

***Composite copy reflecting amendments made pursuant to <br> First Amendment to Credit Agreement, dated April 17, 2024 and<u>,</u> <br> Second Amendment to Credit Agreement, dated February 28, 2025 <u>and <br> Third Amendment to Credit Agreement, dated December 22, 2025</u>***

U.S. REVOLVING CREDIT AGREEMENT

dated as of January 12, 2024

<u>as amended as of April 17, 2024</u>

<u>as further amended February 28, 2025</u>

<u>as further amended as of December 22, 2025</u>

among

PHOENIX DATA CENTER ACQUISITIONS LLC

as the Parent Borrower,

PHOENIX DATA CENTER INTERMEDIATE LLC

as Holdings,

The Several Lenders and Letter of Credit Issuers

from Time to Time Parties Hereto,

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as the Administrative Agent

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as the Collateral Agent,

WELLS FARGO SECURITIES, LLC

TD SECURITIES (USA) LLC

as Joint Bookrunners and Lead Arrangers,

and

BMO CAPITAL MARKETS CORP.

THE BANK OF NOVA SCOTIA

as Joint Lead Arrangers

**<u>**TABLE OF CONTENTS**</u>**

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| | | |
|:---|:---|:---|
|  |  | **<u>Page</u>** |
| Section 1. | Definitions | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | Defined Terms | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | Other Interpretive Provisions | 67<u>73</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | Accounting Terms | 68<u>74</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | Rounding | 68<u>74</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | References to Agreements, Laws, Etc. | 68<u>74</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | Exchange Rates<u>; Currency Equivalents</u> | 68<u>74</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | Rates | 68<u>75</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 | Times of Day | 69<u>75</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 | Timing of Payment or Performance | 69<u>75</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | Certifications | 69<u>75</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | Compliance with Certain Sections | 69<u>75</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | Pro Forma and Other Calculations | 69<u>76</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | Form Intercreditor Agreements | 71<u>78</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | [Reserved] | 72<u>79</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | Divisions | 72<u>79</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | Designation of Borrowers | 72<u>79</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | Borrower Agent | 73<u>80</u> |
| Section 2. | Amount and Terms of Credit | 73<u>80</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | Commitments | 73<u>80</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | Loans and Borrowings | 74<u>80</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | Notice of Borrowing | 74<u>81</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 | Disbursement of Funds | 75<u>82</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | Repayment of Loans; Evidence of Debt | 75<u>82</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 | Conversions and Continuations | 76<u>83</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 | Pro Rata Borrowings | 77<u>84</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 | Interest | 77<u>84</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | Interest Periods | 78<u>86</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | Increased Costs, Illegality, Etc. | 79<u>86</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | [Reserved] | 80<u>88</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | Change of Lending Office | 81<u>88</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | Notice of Certain Costs | 81<u>88</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | Extension of Revolving Credit Commitments | 81<u>89</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | [Reserved] | 83<u>91</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | Defaulting Lenders | 83<u>91</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | Alternate Rate of Interest | 85<u>93</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | Benchmark Replacement Setting | 85<u>93</u> |
| Section 3. | Letters of Credit | 87<u>95</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 | Letters of Credit | 87<u>95</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 | Letter of Credit Requests | 89<u>97</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 | Letter of Credit Participations | 90<u>98</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 | Agreement to Repay Letter of Credit Drawings | 92<u>100</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 | Increased Costs | 93<u>102</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 | New or Successor Letter of Credit Issuer | 94<u>103</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 | Role of Letter of Credit Issuer | 95<u>104</u> |

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-i-

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 | Cash Collateral | 96<u>104</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 | Applicability of ISP and UCP | 97<u>105</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | Conflict with Issuer Documents | 97<u>105</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 | Letter of Credit Issued for Subsidiaries | 97<u>106</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 | Provisions Related to Extended Revolving Credit Commitments | 97<u>106</u> |
| Section 4. | Fees | 97<u>106</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | Fees | 97<u>106</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | Voluntary Reduction of Revolving Credit Commitments | 98<u>108</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | Mandatory Termination | 99<u>108</u> |
| Section 5. | Payments | 99<u>108</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | Voluntary Prepayments | 99<u>108</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | Mandatory Prepayments | 99<u>109</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | Method and Place of Payment | 101<u>110</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 | Net Payments | 101<u>111</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 | Computations of Interest and Fees | 105<u>114</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 | Limit on Rate of Interest | 105<u>115</u> |
| Section 6. | Conditions Precedent to Initial Borrowing | 106<u>115</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | Credit Documents | 106<u>115</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 | Collateral | 106<u>116</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 | Legal Opinions | 107<u>116</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 | [Reserved.] | 107<u>116</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 | Closing Certificates | 107<u>116</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 | Authorization of Proceedings of the Parent Borrower and the Guarantors;Corporate Documents | 107<u>116</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 | Fees | 107<u>117</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 | Solvency Certificate | 107<u>117</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 | Financial Statements | 107<u>117</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 | Refinancing | 108<u>117</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 | Notice of Revolving Credit Loan Borrowing; Letter of Credit Request | 108<u>117</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 | Representations and Warranties | 108<u>117</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 | Acquisition | 108<u>118</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 | Patriot Act | 109<u>118</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 | No Company Material Adverse Effect | 109<u>118</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 | Evoque Transaction | 109<u>119</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 | Bankruptcy | 109<u>119</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 | Quality of Earnings Report | 109<u>119</u> |
| Section 7. | Conditions Precedent to All Credit Events after the Closing Date | 109<u>119</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | No Event of Default; Representations and Warranties | 110<u>119</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | LTV and Fixed Charge Coverage Ratio | 110<u>120</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 | Notice of Borrowing | 110<u>120</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 | Drawstop Event Period | 110<u>120</u> |
| Section 8. | Representations and Warranties | 110<u>120</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 | Corporate Status | 111<u>120</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 | Corporate Power and Authority | 111<u>120</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 | No Violation | 111<u>121</u> |

---

-ii-

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 | Litigation | 111<u>121</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 | Margin Regulations | 111<u>121</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 | Governmental Approvals | 111<u>121</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 | Investment Company Act | 112<u>121</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 | True and Complete Disclosure | 112<u>121</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 | Financial Condition; Financial Statements | 112<u>122</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 | Compliance with Laws | 112<u>122</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 | Tax Matters | 113<u>122</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 | Compliance with ERISA | 113<u>123</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13 | Subsidiaries | 113<u>123</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 | Intellectual Property | 113<u>123</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15 | Environmental Laws | 114<u>123</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16 | Properties | 114<u>124</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17 | Closing Date Solvency | 114<u>124</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.18 | Use of Proceeds | 114<u>124</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.19 | Sanctions | 114<u>124</u> |
| Section 9. | Affirmative Covenants | 115<u>125</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 | Information Covenants | 115<u>125</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 | Books, Records, and Inspections | 118<u>128</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 | Maintenance of Insurance | 118<u>128</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 | Payment of Taxes | 119<u>128</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 | Preservation of Existence; Consolidated Corporate Franchises | 119<u>129</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 | Compliance with Statutes, Regulations, Etc. | 119<u>129</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 | ERISA | 119<u>129</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 | Maintenance of Tangible Properties | 120<u>129</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 | Transactions with Affiliates | 120<u>130</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 | End of Fiscal Years | 121<u>131</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 | Additional Guarantors and Grantors | 122<u>131</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12 | Pledge of Additional Stock and Evidence of Indebtedness | 122<u>132</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 | Use of Proceeds | 122<u>132</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.14 | Further Assurances | 123<u>133</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.15 | [reserved.] | 123<u>133</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.16 | Lines of Business | 123<u>133</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.17 | Financial Covenants under Other Indebtedness | 123<u>133</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.18 | Post-Closing Actions | 124<u>134</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.19 | Foreign First-Tier Finance Holdings Subsidiaries | 124<u>134</u> |
| Section 10. | Negative Covenants | 124<u>134</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 | Limitation on Indebtedness | 124<u>134</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 | Limitation on Fundamental Changes | 127<u>138</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 | Limitation on Sale of Assets | 129<u>139</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 | Limitation on Restricted Payments | 130<u>141</u> |
| Section 11. | Events of Default | 137<u>147</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 | Payments | 137<u>147</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 | Representations, Etc. | 137<u>147</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 | Covenants | 137<u>147</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 | Default Under Other Agreements | 137<u>148</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 | Bankruptcy, Etc. | 138<u>148</u> |

---

-iii-

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 | ERISA | 139<u>149</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 | Guarantee | 139<u>149</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 | Security Documents | 139<u>149</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 | Judgments | 139<u>149</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 | Change of Control | 139<u>149</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 | Remedies Upon Event of Default | 139<u>149</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 | Application of Proceeds | 140<u>150</u> |
| Section 12. | The Agents | 140<u>151</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 | Appointment | 140<u>151</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 | Delegation of Duties | 141<u>151</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 | Exculpatory Provisions | 141<u>152</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 | Reliance by Agents | 142<u>152</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 | Notice of Default | 142<u>153</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 | Non-Reliance on Administrative Agent, Collateral Agent, and Other Lenders | 142<u>153</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 | Indemnification | 143<u>154</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 | Agents in Their Individual Capacities | 144<u>154</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9 | Successor Agents | 144<u>154</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 | Withholding Tax | 145<u>156</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 | Agents Under Security Documents and Guarantee | 146<u>156</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 | Right to Realize on Collateral and Enforce Guarantee | 147<u>157</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13 | Intercreditor Agreements Govern | 147<u>158</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14 | Acknowledgements of Lenders | 148<u>158</u> |
| Section 13. | Miscellaneous | 149<u>160</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 | Amendments, Waivers, and Releases | 149<u>160</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 | Notices | 154<u>165</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 | No Waiver; Cumulative Remedies | 155<u>166</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 | Survival of Representations and Warranties | 155<u>166</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 | Payment of Expenses; Indemnification | 155<u>166</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 | Successors and Assigns; Participations and Assignments | 156<u>167</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 | Replacements of Lenders Under Certain Circumstances | 162<u>173</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 | Adjustments; Set-off | 162<u>173</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9 | Counterparts | 163<u>174</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10 | Severability | 163<u>174</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 | Integration | 163<u>174</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 | GOVERNING LAW | 164<u>175</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13 | Submission to Jurisdiction; Waivers | 164<u>175</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.14 | Acknowledgments | 164<u>175</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.15 | WAIVERS OF JURY TRIAL | 165<u>176</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.16 | Confidentiality | 166<u>177</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.17 | Direct Website Communications | 167<u>178</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.18 | USA PATRIOT Act | 168<u>179</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.19 | [Reserved] | 168<u>180</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.20 | Payments Set Aside | 168<u>180</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.21 | No Fiduciary Duty | 169<u>180</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.22 | Nature of Borrower Obligations | 169<u>180</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.23 | Acknowledgment and Consent to Bail-In of Affected Financial Institutions | 170<u>181</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.24 | Acknowledgment Regarding Any Supported QFCs | 171<u>182</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.25 | Certain ERISA Matters | 171<u>183</u> |

---

-iv-

---

| | |
|:---|:---|
| <u>SCHEDULES</u> |  |
| Schedule 1.1(a) | Commitments of Lenders |
| Schedule 1.1(c) | Closing Date Liens |
| Schedule 1.1(d) | Closing Date First Tier Property Values |
| Schedule 8.13 | Subsidiaries |
| Schedule 9.18 | Post-Closing Actions |
| Schedule 10.1 | Closing Date Indebtedness |
| Schedule 13.2 | Notice Addresses |
| <u>EXHIBITS</u> |  |
| Exhibit A | Form of Closing Certificate |
| Exhibit B | Form of Guarantee |
| Exhibit C | Form of Pledge Agreement |
| Exhibit D | Form of Credit Party Closing Certificate |
| Exhibit E | Form of Assignment and Acceptance |
| Exhibit F | Form of Promissory Note |
| Exhibit G-1 | Form of First Lien Intercreditor Agreement |
| Exhibit G-2 | Form of Second Lien Intercreditor Agreement |
| Exhibit H-1 | Form of Non-Bank Tax Certificate<br> (For Non-U.S. Lenders That Are Not Partnerships<br> For U.S. Federal Income Tax Purposes) |
| Exhibit H-2 | Form of Non-Bank Tax Certificate<br> (For Non-U.S. Lenders That Are Partnerships<br> For U.S. Federal Income Tax Purposes) |
| Exhibit H-3 | Form of Non-Bank Tax Certificate<br> (For Non-U.S. Participants That Are Not Partnerships<br> For U.S. Federal Income Tax Purposes) |
| Exhibit H-4 | Form of Non-Bank Tax Certificate<br> (For Foreign Participants That Are Partnerships<br> For U.S. Federal Income Tax Purposes) |
| Exhibit I | Form of Notice of Borrowing or Continuation or Conversion |
| Exhibit J | Form of Solvency Certificate |
| Exhibit K | Form of Compliance Certificate |

---

-v-

**<u>U.S. REVOLVING CREDIT AGREEMENT</u>**

U.S. REVOLVING CREDIT AGREEMENT, dated as of January 12, 2024, among PHOENIX DATA CENTER ACQUISITIONS LLC, a Delaware limited liability corporation (as the "**Parent Borrower**"), PHOENIX DATA CENTER INTERMEDIATE LLC, a Delaware limited liability corporation (as "**Holdings**"), the lending institutions from time to time parties hereto (each a "**Lender**" and, collectively, the "**Lenders**"), the Letter of Credit Issuers from time to time parties hereto, WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Administrative Agent, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Collateral Agent (such terms and each other capitalized term used but not defined in this preamble having the meaning provided in <u>Section 1</u>).

WHEREAS, the Purchaser will acquire certain assets of the Company as set forth in the Acquisition Agreement (the "**Plan Acquisition**") pursuant to, in accordance with and under and in connection with that certain (a) Asset Purchase Agreement, dated as of October 31, 2023, by and among Phoenix Data Center Holdings LLC, a Delaware limited liability company (the "**Purchaser**"), Cyxtera Technologies, Inc., a Delaware corporation (the "**Company**") and certain subsidiaries of the Company (together with all exhibits, annexes, schedules and disclosure letters thereto, collectively, as modified, amended, supplemented or waived, the "**Acquisition Agreement**"); (b) the *Fourth Amended Joint Chapter 11 Plan of Cyxtera Technologies, Inc. and Its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code* (the "**Chapter 11 Plan**") filed in the chapter 11 cases (the "**Chapter 11 Cases**") of Cyxtera Technologies, Inc. and certain of its subsidiaries commenced in the United States Bankruptcy Court for the District of New Jersey (the "**Bankruptcy Court**") in the chapter 11 cases captioned *In re Cyxtera Technologies Inc. et al.*, Ch. 11 Case No. 23-14853 (JKS) (Bankr. D. N.J. July 5, 2023); and (c) the *Revised Findings of Fact, Conclusions of Law, and Order Confirming the Fourth Amended Joint Plan of Reorganization of Cyxtera Technologies, Inc. and it Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code* entered on November 17, 2023 Docket No. 718 (the "**Confirmation Order**") by the Bankruptcy Court confirming the Chapter 11 Plan;

WHEREAS, the Purchaser intends to, directly or indirectly, acquire certain properties owned by third party landlords, in each case, as set forth in the applicable Purchase and Sale Agreement (each, a "**Third Party Acquisition Agreement**", each acquisition, a "**Third Party Acquisition**" and the assets acquired in connection therewith, "**Third Party Acquired Assets**");

WHEREAS, the Purchaser intends to, directly or indirectly, acquire certain properties owned by third party landlords, in each case, as set forth in the applicable Purchase and Sale Agreement (each, an "**Additional Property Acquisition Agreement**" (and collectively, together with each Third Party Acquisition Agreement, the "**Property Acquisition Agreements**") and each acquisition, an "**Additional Property Acquisition**" (and collectively, together with each Third Party Acquisition, the "**Property Acquisitions**"));

WHEREAS, in furtherance of an internal reorganization of certain Subsidiaries of the Sponsor, the Sponsor intends to transfer certain properties and other assets of certain Subsidiaries of Sponsor to certain other Subsidiaries of the Sponsor (collectively, the "<u>Transferred Subsidiaries</u>"), and, immediately following the consummation of such transactions, transfer all of the issued and outstanding membership interests of each Transferred Subsidiary to Phoenix Data Center Parent LLC, in each case, in accordance with and as set forth in that certain Contribution and Transfer Agreement, dated as of the date hereof, by and among Dawn US Holdings, LLC, a Delaware limited liability company, Evoque Dallas Data Centers LLC, a Delaware limited liability company, the SPE Companies named therein, Phoenix Infrastructure LLC, a Delaware limited liability company, and Phoenix Data Center Parent, LLC, a Delaware limited liability company (together with all exhibits, annexes and schedules thereto, collectively, as modified, amended, supplemented or waived, the "**Evoque Transaction Agreement**" and such transfers, the "**Evoque Transaction**", and together with the Plan Acquisition, each Third Party Acquisition and each Additional Property Acquisition other related transactions contemplated in the Acquisition Agreement to occur on the date of or substantially contemporaneously with the foregoing, the "**Acquisitions**")

WHEREAS, in connection with the Acquisitions, the Parent Borrower has requested that the Lenders extend credit in the form of Revolving Credit Loans (exclusive of Letter of Credit usage) in an aggregate principal amount at any time not exceeding the sum of the Revolving Credit Commitments hereunder less the sum of the Lenders' aggregate Letter of Credit Exposure at such time, made available to the Parent Borrower (i) on the Closing Date, together with the proceeds of other First Tier Facilities established on the Closing Date and cash on hand of the Parent Borrower, (A) to finance the Transactions and for general corporate purposes in an amount equal to the amount necessary to fund (1) the Reserves Shortfall (less any Letters of Credit issued on the Closing Date to backstop any Reserves Shortfall) and (2) the Proceeds Shortfall and (B) in any amount needed to fund upfront fees or original issue discount in respect of any Credit Facilities (and any other First Tier Facilities established on the Closing Date) imposed under the Fee Letter, working capital adjustments and reimbursements for Capital Expenditures pursuant to the Acquisition Agreement and/or the refinancing of any Indebtedness incurred for working capital purposes and purchase price adjustments made pursuant to the Acquisition Agreement and/or the Property Acquisition Agreement, and (ii) at any time and from time to time after the Closing Date, for working capital and general corporate purposes (including to finance any other transactions not prohibited by the Credit Documents).

WHEREAS, the Parent Borrower has requested that any Letter of Credit Issuer issues Letters of Credit (i) on the Closing Date in order to (A) backstop any Reserves Shortfall (less any Revolving Loans drawn on the Closing Date to fund such Reserves Shortfall) and (B) backstop or replace letters of credit outstanding on the Closing Date under any facilities no longer available as of the Closing Date to the Parent Borrower, the Company or any of their respective Affiliates (and such existing letters of credit may be deemed Letters of Credit outstanding under the Revolving Credit Facility), and (ii) thereafter at any time and from time to time prior to the L/C Facility Maturity Date, in an aggregate Stated Amount at any time outstanding not in excess of $50,000,000; and

WHEREAS, the Lenders and Letter of Credit Issuers are willing to make available to the Borrower such revolving credit and letter of credit facilities upon the terms and subject to the conditions set forth herein;

NOW, THEREFORE, in consideration of the premises and the covenants and agreements contained herein, the parties hereto hereby agree as follows:

Section 1. <u>Definitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Defined Terms</u>. As used herein, the following terms shall have the meanings specified in this Section 1.1 unless the context otherwise requires (it being understood that defined terms in this Agreement shall include in the singular number the plural and in the plural the singular):

"**30-Day SOFR Average**" has the meaning specified in the definition of "SOFR Average".

"**ABR**" shall mean, for any day, a rate per annum equal to the highest of (a) the "U.S. Prime Rate" in effect on such day as quoted in the Wall Street Journal (the "**Prime Rate**"), (b) the NYFRB Rate in effect on such day plus 0.50% and (c) Term SOFR for a one-month interest period in effect on such day plus 1.00%; *provided* that, for the avoidance of doubt, Term SOFR for any day shall be Term SOFR for a one-month interest period on the day that is two (2) Business Days prior to such day, as such rate is published by the Term SOFR Administrator. Any change in the ABR due to a change in the Prime Rate, the NYFRB Rate or Term SOFR shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or Term SOFR, respectively.

"**ABR Loan**" shall mean each Loan bearing interest based on the ABR.

"**Acquired Assets**" shall mean the Acquired Assets (as defined in the Acquisition Agreement).

"**Acquired EBITDA**" shall mean, with respect to any Acquired Entity or Business for any period, the amount for such period of Consolidated EBITDA of such Acquired Entity or Business (determined using such definitions as if references to the Parent Borrower and the Subsidiaries therein were to such Acquired Entity or Business and its Subsidiaries), all as determined on a consolidated basis for such Acquired Entity or Business in accordance with GAAP.

"**Acquired Entity or Business**" shall have the meaning provided in the definition of the term "Consolidated EBITDA".

"**Acquired Indebtedness**" shall mean, with respect to any specified Person, (i) Indebtedness of any other Person existing at the time such other Person is merged, consolidated, or amalgamated with or into or became a Subsidiary of such specified Person, including Indebtedness incurred in connection with, or in contemplation of, such other Person merging, consolidating, or amalgamating with or into or becoming a Subsidiary of such specified Person, and (ii) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.

"**Acquisition**" shall have the meaning provided in the recitals to this Agreement.

"**Acquisition Agreement**" shall have the meaning provided in the recitals to this Agreement.

"**Additional Borrower**" shall mean any Subsidiary that is added as a Borrower pursuant to <u>Section 1.16</u>.

<u>"**Adjusted Term CORRA**" shall mean for purposes of any calculation, the rate per annum equal to (a) Term CORRA for such calculation plus (b) the Term CORRA Adjustment; provided that if Adjusted Term CORRA as so determined shall ever be less than the Floor, then Adjusted Term CORRA shall be deemed to be the Floor.</u>

<u>"**Adjusted Term CORRA Borrowing**" shall mean a Borrowing comprised of Loans bearing interest at a rate determined by reference to Adjusted Term CORRA.</u>

"**Adjusted Total Revolving Credit Commitment**" shall mean, at any time, the Total Revolving Credit Commitment less the aggregate Revolving Credit Commitments of all Defaulting Lenders.

"**Administrative Agent**" shall mean Wells Fargo Bank, National Association, as the administrative agent for the Lenders under this Agreement and the other Credit Documents, or any successor administrative agent pursuant to <u>Section 12.9</u>.

"**Administrative Agent's Office**" shall mean the Administrative Agent's address and, as appropriate, account as set forth on <u>Schedule 13.2</u> or such other address or account as the Administrative Agent may from time to time notify the Parent Borrower and the Lenders.

"**Administrative Questionnaire**" shall have the meaning provided in <u>Section 13.6(b)(ii)(D)</u>.

"**Affected Financial Institution**" shall mean (a) any EEA Financial Institution or (b) any UK Financial Institution

"**Affiliate**" shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with such Person. A Person shall be deemed to control another Person if such Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such other Person, whether through the ownership of voting securities, by contract or otherwise.

"**Affiliated Institutional Lender**" shall mean any Affiliate of the Sponsor that is either a bona fide debt fund or such Affiliate extends credit or buys loans in the ordinary course of business.

"**Affiliated Lender**" shall mean a Lender that is the Sponsor or any Affiliate thereof (other than the Borrower, any other Subsidiary of the Borrower, or any Affiliated Institutional Lender).

"**Agent Party**" and "**Agent Parties**" shall have the meaning provided in <u>Section 13.17(b)</u>.

"**Agents**" shall mean the Administrative Agent, the Collateral Agent and each Joint Lead Arranger.

"**Agreement**" shall mean this Credit Agreement.

<u>"**Alternative Currency**" means each of (a) Canadian Dollars and (b) such other currency as requested by Borrowers and consented to by Agent and each applicable Lender.</u>

<u>"**Alternative Currency Equivalent**" means, subject to Section 1.6, for any amount, at the time of determination thereof, with respect to any amount expressed in Dollars, the equivalent of such amount thereof in the applicable Alternative Currency as determined by the Administrative Agent in its sole discretion by reference to the most recent Spot Rate (as determined as of the most recent Revaluation Date) for the purchase of such Alternative Currency with Dollars.</u>

"**AML Laws**" shall mean (a) the USA Patriot Act of 2001 (Pub. L. No. 107-56), (b) the U.S. Money Laundering Control Act of 1986, as amended, (c) the Bank Secrecy Act, 31 U.S.C. sections 5301 et seq., (d) Laundering of Monetary Instruments, 18 U.S.C. section 1956, (e) Engaging in Monetary Transactions in Property Derived from Specified Unlawful Activity, 18 U.S.C. section 1957, (f) the Financial Recordkeeping and Reporting of Currency and Foreign Transactions Regulations (Title 31 Part 103 of the US Code of Federal Regulations), or (g) any other applicable money laundering or financial recordkeeping Laws.

"**Anticorruption Laws**" shall mean the U.S. Foreign Corrupt Practices Act, as amended, and any other applicable anti-bribery or anticorruption laws or regulations.

"**Applicable Margin**" shall mean a percentage per annum equal to (a) for SOFR Loans, <u>and CORRA Loans</u> that are Revolving Credit Loans, 3.00% and (b) for ABR Loans that are Revolving Credit Loans, 2.00%.

Notwithstanding the foregoing, the Applicable Margin in respect of any Class of Extended Revolving Credit Commitments or Revolving Credit Loans made pursuant to any Extended Revolving Credit Commitments shall be the applicable percentages per annum set forth in the relevant Extension Amendment.

"**Appraisal**" shall mean a written statement setting forth an opinion of the market value of the Property that (i) has been independently and impartially prepared in accordance with the requirements of FIRREA and USPAP, by an independent third-party appraiser directly engaged by Administrative Agent holding an MAI designation, who is state licensed or state certified if required under the laws of the State, who meets the requirements of FIRREA and USPAP and who otherwise is reasonably satisfactory to Administrative Agent, (ii) complies with all applicable federal and state laws and regulations dealing with appraisals or valuations of real property, including the minimum appraisal standards for national banks promulgated by the Comptroller of the Currency pursuant to Title XI of the FIRREA, (iii) has been prepared on as "as-is" basis, and (iv) has been prepared not more than twelve (12) months prior to the relevant date.

"**Approved Fund**" shall mean any Fund that is administered or managed by (i) a Lender, (ii) an Affiliate of a Lender, or (iii) an entity or an Affiliate of an entity that administers, advises or manages a Lender.

"**Asset Sale**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the sale, conveyance, transfer, or other disposition, whether in a single transaction
or a series of related transactions, of property or assets (including by way of a Sale Leaseback) (each a "**disposition** ")
of the Parent Borrower or any Credit Party, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the issuance or sale of Equity Interests of any Subsidiary of the Parent Borrower
or other Credit Party (other than preferred stock of any such Subsidiary issued in compliance with <u>Section 10.1</u>), whether in a
single transaction or a series of related transactions, in each case, other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any disposition of Cash Equivalents or Investment Grade Securities or obsolete, worn
out, damaged or surplus property or property (including leasehold property interests) that is no longer economically practical in its
business or commercially desirable to maintain or no longer used or useful equipment in the ordinary course of business or any disposition
of inventory, immaterial assets, or goods (or other assets) in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the disposition of all or substantially all of the assets of, or the conversion of
any equity interests in, the Parent Borrower or any Subsidiary in a manner permitted pursuant to <u>Section 10.2</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the incurrence of any Permitted Liens or the making of any Restricted Payment that
is permitted to be made, and is made, pursuant to <u>Section 10.4</u> or of any Investment not otherwise prohibited hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any sale or disposition of assets (whether tangible or intangible) or issuance or sale of Equity Interests
of any Subsidiary in any transaction or series of related transactions with an aggregate Fair Market Value of less than (A) the greater
of $75,000,000 <u>73,300,000</u> and 1.25% of Consolidated Total Assets (as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma
Basis) at the time of such disposition) individually or (B) the greater of $150,000,000 <u>146,600,000</u> and 2.5% of Consolidated Total Assets (as reflected in the most recently
delivered Section 9.1 Financials (calculated on a Pro Forma Basis) at the time of such disposition) in the aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any disposition of property or assets or issuance of
securities by (1) any Credit Party to the Parent Borrower or (2) by the Parent Borrower or any other Credit Party to another Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to the extent allowable under Section 1031 of the Code, or any comparable or successor
provision, any exchange of like property (excluding any boot thereon) for use in a Similar Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) foreclosures, condemnation, casualty or any similar action on
assets (including dispositions in connection therewith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) disposition of Securitization Assets, or participations therein,
in connection with any Permitted Securitization Financing, including dispositions (including by capital contribution) of assets to Securitization
Entities in connection with any Permitted Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any financing transaction with respect to property built or acquired by the Parent Borrower or any Credit Party after the Closing Date, including Sale Leasebacks and asset securitizations permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) (1) any surrender or waiver of contractual rights or the settlement, release, or surrender
of contractual rights or other litigation claims, (2) the termination or collapse of cost sharing agreements with the Parent Borrower or any Credit Party and the settlement of any crossing payments in connection therewith, or (3) the settlement, discount,
write off, forgiveness, or cancellation of any Indebtedness owing by any present or former consultants, directors, officers, or employees
of the Parent Borrower (or any direct or indirect parent company of the Parent Borrower) or any Credit Party or any of their successors or assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the disposition or discount of inventory, accounts receivable, or notes receivable
in the ordinary course of business or the conversion of accounts receivable to notes receivable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the non-exclusive licensing, cross-licensing or sub-licensing
of Intellectual Property or other general intangibles (whether pursuant to franchise agreements or otherwise) in the ordinary course
of business or in connection with a Permitted Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the unwinding of any Hedging Obligations or obligations in respect
of Cash Management Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) sales, transfers, and other dispositions of (i) Investments
in joint ventures to the extent required by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set
forth in joint venture arrangements and similar binding arrangements and (ii) property or assets, if the acquisition of such property
or assets was financed with Excluded Contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the lapse or abandonment of Intellectual Property rights in
the ordinary course of business, which in the reasonable business judgment of the Parent Borrower are not material to the conduct of
the business of the Parent Borrower and the Credit Parties taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) the issuance of directors' qualifying shares and shares
issued to foreign nationals as required by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) dispositions of property to the extent that (1) such property
is exchanged for credit against the purchase price of similar replacement property that is purchased within 450 days thereof, (2) the
proceeds of such Asset Sale are promptly applied to the purchase price of such replacement property (which replacement property is actually
purchased within 450 days thereof) or (3) such dispositions are necessary or advisable (as determined by the Parent Borrower in good
faith) in order to obtain or increase the likelihood of obtaining the approval of any Governmental Authority to consummate or avoid the
prohibition or other restriction on the consummation of any permitted acquisition of any Person, business or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) lease, assignments, subleases, licenses, or sublicenses, in
each case in the ordinary course of business and which do not materially interfere with the business of the
Parent Borrower and the Credit Parties, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) dispositions of non-core assets acquired in connection with
any Permitted Acquisition or Investment permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) sales, transfers and other dispositions of accounts receivable
(including write-offs, discounts and compromises) in connection with the compromise, settlement or collection thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) any swap of assets in exchange for services or other assets
in the ordinary course of business of comparable or greater Fair Market Value or usefulness to the business of the Parent Borrower and the other Credit Parties, as a whole, as determined in good faith by the Parent Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) any sale, lease, sub-lease or other disposition of property
or services in the ordinary course of business pursuant to the terms of any Lease or service agreement.

"**Assignment and Acceptance**" shall mean an assignment and acceptance substantially in the form of <u>Exhibit E</u>, or such other form as may be approved by the Administrative Agent and the Parent Borrower.

"**Authorized Officer**" shall mean, with respect to any Person, any individual holding the position of chairman of the board (if an officer), the Chief Executive Officer, President, the Chief Financial Officer, the Treasurer, the Controller, the Vice President-Finance, a Senior Vice President, a Director, a Manager, the Secretary, the Assistant Secretary or any other senior officer or agent with express authority to act on behalf of such Person designated as such by the board of directors or other managing authority of such Person.

"**Auto-Extension Letter of Credit**" shall have the meaning provided in <u>Section 3.2(d)</u>.

<u>"**Automatic Continuation**" shall have the meaning provided in Section 2.6(b).</u>

"**Available Commitment**" shall mean an amount equal to the excess, if any, of (i) the amount of the Total Revolving Credit Commitment over (ii) the sum of the aggregate principal amount of, without duplication, (a) all Revolving Credit Loans then outstanding and (b) the aggregate Letters of Credit Outstanding at such time.

"**Available Restricted Debt Payments Amount**" shall mean, at any time, (a) the amount of Restricted Debt Payments that may be made at the time of determination pursuant to <u>Section 10.4(b)(15)(a)</u> minus (b) the amount of the Available Restricted Debt Payments Amount utilized by the Parent Borrower to make Restricted Payments pursuant to <u>Section 10.4(b)(10)</u>.

"**Available Restricted Payments Amount**" shall mean, at any time, (a) the amount of Restricted Payments that may be made at the time of determination pursuant to <u>Section 10.4(b)(10)</u> minus (b) the amount of the Available Restricted Payments Amount utilized by the Parent Borrower to make Restricted Debt Payments pursuant to <u>Section 10.4(b)(15)(b)</u>.

"**Available Tenor**" shall mean, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an Interest Period pursuant to this Agreement or (b) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to clause (d) of Section 2.18; provided, that if the then-current Benchmark is based upon SOFR Average, such Benchmark shall be deemed to not have any Available Tenors.

"**Bail-In Action**" shall mean the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

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

"**Bankruptcy Code**" shall have the meaning provided in <u>Section 11.5</u>.

"**Bankruptcy Court**" shall have the meaning provided in the recitals to this Agreement.

"**Benchmark**" shall mean, initially, with respect to any <u>(a)</u> Obligations, interest fees, commissions or other amounts denominated in, or calculated with respect to, Dollars, the Term SOFR Reference Rate or SOFR Average; provided that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference Rate, SOFR Average or the then-current Benchmark for Dollars, then "Benchmark" shall mean the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (a) of Section 2.18. <u>and (b) Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, Canadian Dollars, the Term CORRA Reference Rate; provided that if a Benchmark Transition Event has occurred with respect to the Term CORRA Reference Rate or then-current Benchmark for Canadian Dollars, then "Benchmark" means, with respect to such Obligations, interest, fees, commissions or other amounts, the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (a) of Section 2.18.</u>

"**Benchmark Replacement**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) with respect to any Benchmark Transition Event with respect to a Benchmark applicable to Dollar-denominated Loans: the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Daily SOFR; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the sum of: (i) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower giving due consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities and (ii) the related Benchmark Replacement Adjustment; <u>provided</u> that, in the case of clause (ii) above, such adjustment shall not be in the form of an increase to the Applicable Margin.

If the Benchmark Replacement as determined pursuant to clause (a) or (b) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Credit Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(II) with respect to any Benchmark Transition Event with respect to a Benchmark applicable to Canadia Dollar-denominated Loans: the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>Daily Simple CORRA; and</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> <u>the sum of: (i) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower giving due consideration to (A) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (B) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities and (ii) the related Benchmark Replacement Adjustment; provided that, in the case of clause (ii) above, such adjustment shall not be in the form of an increase to the Applicable Margin.</u>

<u>If the Benchmark Replacement as determined pursuant to clause (a) or (b) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Credit Documents.</u>

"**Benchmark Replacement Adjustment**" shall mean, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities.

"**Benchmark Replacement Date**" shall mean the earliest to occur of the following events with respect to such then-current Benchmark:

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

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

For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein solely to the extent such event applies to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

"**Benchmark Transition Event**" shall mean the occurrence of one or more of the following events with respect to then-current Benchmark:

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

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

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

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

"**Benchmark Unavailability Period**" shall mean the period (if any) (a) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Credit Document in accordance with <u>Section 2.18</u> and (b) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Credit Document in accordance with <u>Section 2.18</u>.

"**Beneficial Ownership Regulation**" shall mean 31 C.F.R. § 1010.230.

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

"**Benefited Lender**" shall have the meaning provided in <u>Section 13.8(a)</u>.

"**BHC Act Affiliate**" shall have the meaning provided in <u>Section 13.24(b)</u>.

"**Board**" shall mean the Board of Governors of the Federal Reserve System of the United States (or any successor).

"**Bona-Fide Lending Affiliate**" any Affiliate of any Named Competitor that is regularly engaged in the business of commercial real estate lending, including Affiliates of such entities whose investment guidelines permit investments in debt securities.

"**Borrower**" shall mean the Parent Borrower and, if applicable, any Additional Borrowers. As the context requires, the term "Borrower" herein shall refer collectively to the Borrowers collectively or to the applicable Borrower as of such time.

"**Borrower Agent**" shall have the meaning provided in <u>Section 1.17(a)</u>.

"**Borrower Materials**" shall have the meaning provided in <u>Section 13.17(b)</u>.

"**Borrowing**" shall mean Loans of the same Class and Type made, converted, or continued on the same date and, in the case of Term SOFR Borrowings as to which a single Interest Period is in effect.

"**Business Day**" shall mean<u>, for any borrowing, interest, fees or other amounts denominated in, or calculated with respect to (a) Dollars</u> any day excluding Saturday, Sunday, and any other day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities<u>, and (b) Canadian Dollars, any day excluding Saturday, Sunday or a day on which banks are closed for general business in Toronto, Ontario</u>.

"**Canadian Dollars**" shall mean the lawful currency of Canada.

"**Capital Expenditures**" shall mean, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities and including in all events all amounts expended or capitalized under Capital Leases) by the Parent Borrower and its Subsidiaries during such period that, in conformity with GAAP, are or are required to be included as additions during such period to property, plant, or equipment reflected in the consolidated balance sheet of the Parent Borrower and its Subsidiaries (including Capitalized Software Expenditures, website development costs, website content development costs, customer acquisition costs and incentive payments, conversion costs, and contract acquisition costs).

"**Capital Lease**" shall mean, as applied to any Person, any lease of any property (whether real, personal, or mixed) by that Person as lessee that, in conformity with GAAP, is, or is required to be, accounted for as a capital lease on the balance sheet of that Person, subject to <u>Section 1.12</u>.

"**Capital Stock**" shall mean (i) in the case of a corporation, corporate stock, (ii) in the case of an association or business entity, any and all shares, interests, participations, rights, or other equivalents (however designated) of corporate stock, (iii) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited), and (iv) any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person (it being understood and agreed, for the avoidance of doubt, that "cash-settled phantom appreciation programs" in connection with employee benefits that do not require a dividend or distribution shall not constitute Capital Stock).

"**Capitalized Lease Obligation**" shall mean, at the time any determination thereof is to be made, the amount of the liability in respect of a Capital Lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP, subject to <u>Section 1.12</u>.

"**Capitalized Software Expenditures**" shall mean, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities) by the Parent Borrower and its Subsidiaries during such period in respect of purchased software or internally developed software and software enhancements that, in conformity with GAAP, are or are required to be reflected as capitalized costs on the consolidated balance sheet of the Parent Borrower and its Subsidiaries.

"**Cash Collateralize**" shall mean to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or more of the Letter of Credit Issuers or the Lenders, as collateral for L/C Obligations or obligations of the Lenders to fund participations in respect of L/C Obligations, cash or deposit account balances or, if the Administrative Agent and the Letter of Credit Issuers shall agree in their sole discretion, other credit support. "**Cash Collateral**" shall have a correlative meaning and shall include the proceeds of such cash collateral and other credit support.

"**Cash Equivalents**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dollars,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (a) Euros, Pounds Sterling, Japanese Yen, Swiss Francs, Canadian Dollars, New Zealand Dollars or any national currency of any Participating Member State in the European Union
or (b) local currencies held from time to time in the ordinary course of business,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) securities issued or directly and fully and unconditionally guaranteed or insured
by the United States government or any country that is a member state of the European Union or any agency or instrumentality thereof the
securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with maturities of 24 months
or less from the date of acquisition,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) certificates of deposit, time deposits, and eurodollar time deposits with maturities
of one year or less from the date of acquisition, bankers' acceptances with maturities not exceeding one year, and overnight bank
deposits, in each case with any commercial bank having capital and surplus of not less than $100,000,000,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) repurchase obligations for underlying securities of
the types described in <u>clauses (iii)</u>, <u>(iv)</u>, and <u>(ix)</u> entered into with any financial institution meeting the qualifications
specified in <u>clause (iv)</u> above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) commercial paper rated at least P-2 by Moody's or at least A-2 by S&P and
in each case maturing within 24 months after the date of creation thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) marketable short-term money market and similar securities having a rating of at least
P-2 or A-2 from either Moody's or S&P, respectively (or, if at any time neither Moody's nor S&P shall be rating such
obligations, an equivalent rating from another nationally recognized ratings agency) and in each case maturing within 24 months after
the date of creation or acquisition thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) readily marketable direct obligations issued by any state, commonwealth, or territory
of the United States or any political subdivision or taxing authority thereof having one of the two highest rating categories obtainable
from either Moody's or S&P with maturities of 24 months or less from the date of acquisition,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indebtedness or preferred stock issued by Persons with a rating of "A"
or higher from S&P or "A2" or higher from Moody's with maturities of 24 months or less from the date of acquisition,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) solely with respect to any Foreign Subsidiary: (a) obligations of the national government of the country
in which such Foreign Subsidiary maintains its chief executive office and principal place of business provided such country is a member
of the Organization for Economic Cooperation and Development, in each case maturing within one year after the date of investment therein,
(b) certificates of deposit of, bankers acceptances of, or time deposits with, any commercial bank which is organized and existing under
the laws of the country in which such Foreign Subsidiary maintains its chief executive office and principal place of business provided
such country is a member of the Organization for Economic Cooperation and Development, and whose short-term commercial paper rating from
S&P is at least "A-2" or the equivalent thereof or from Moody's is at least "P-2" or the equivalent
thereof (any such bank being an "**Approved Foreign Bank** "), and in each case with maturities of not more than 24 months
from the date of acquisition, and (c) the equivalent of demand deposit
accounts which are maintained with an Approved Foreign Bank, in each case, customarily used by corporations for cash management purposes
in any jurisdiction outside the United States to the extent reasonably required in connection with any business conducted by such Foreign
Subsidiary organized in such jurisdiction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) in the case of investments by any Foreign Subsidiary or investments made in a country
outside the United States, Cash Equivalents shall also include investments of the type and maturity described in <u>clauses (i)</u> through <u>(ix)</u> above of foreign obligors, which investments have ratings, described in such clauses or equivalent ratings from comparable
foreign rating agencies, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) investment funds investing 90% of their assets in securities of the types described
in <u>clauses (i)</u> through <u>(ix)</u> above.

Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in <u>clauses (i)</u> and <u>(ii)</u> above; <u>provided</u> that such amounts are converted into any currency listed in <u>clauses (i)</u> and <u>(ii)</u> as promptly as practicable and in any event within ten Business Days following the receipt of such amounts.

For the avoidance of doubt, any items identified as Cash Equivalents under this definition will be deemed to be Cash Equivalents for all purposes under the Credit Documents regardless of the treatment of such items under GAAP.

"**Cash Management Agreement**" shall mean any agreement or arrangement to provide Cash Management Services.

"**Cash Management Services**" shall mean any one or more of the following types of services or facilities: (i) commercial credit cards, merchant card services, purchase or debit cards, including non-card e-payables services, or electronic funds transfer services, (ii) treasury management services (including controlled disbursement, cash pooling, overdraft automatic clearing house fund transfer services, return items, and interstate depository network services), (iii) any other demand deposit or operating account relationships or other cash management services, including pursuant to any Cash Management Agreements and (iv) and other services related, ancillary or complementary to the foregoing.

"**CFC**" shall mean a "controlled foreign corporation" within the meaning of Section 957 of the Code.

"**Change in Law**" shall mean (i) the adoption of any law, treaty, order, policy, rule, or regulation after the Closing Date, (ii) any change in any law, treaty, order, policy, rule, or regulation or in the interpretation or application thereof by any Governmental Authority after the Closing Date or (iii) compliance by any Lender with any guideline, request, directive, or order issued or made after the Closing Date by any central bank or other governmental or quasi-governmental authority (whether or not having the force of law), including, for avoidance of doubt, any such adoption, change or compliance in respect of (a) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines, or directives thereunder or issued in connection therewith and (b) all requests, rules, guidelines, requirements, or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority), or the United States or foreign regulatory authorities pursuant to Basel III in each case, after the Closing Date.

"**Change of Control**" shall mean and be deemed to have occurred if (i) at any time prior to an IPO, the Permitted Holders shall at any time not own, in the aggregate, directly or indirectly, beneficially and of record, at least 50% of the voting power of the outstanding Voting Stock of the Parent Borrower or (ii) at any time <u>on and</u> after an IPO, any Person, entity, or "group" (within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended), other than the Permitted Holders, shall at any time have acquired direct or indirect beneficial ownership of a percentage of the voting power of the outstanding Voting Stock of the Parent Borrower that exceeds 35% thereof, unless the Permitted Holders have, at such time, the right or the ability by voting power, contract, or otherwise to elect or designate for election at least a majority of the board of directors of the Parent Borrower. For the purpose of <u>clauses (i)</u> and <u>(ii)</u>, at any time when a majority of the outstanding Voting Stock of the Parent Borrower is directly or indirectly owned by a Parent Entity or, if applicable, a Parent Entity acts as the manager, managing member or general partner of the Parent Borrower, references in this definition to "the Parent Borrower" shall be deemed to refer to the ultimate Parent Entity that directly or indirectly owns such Voting Stock or acts as (or, if applicable, is a Parent Entity that directly or indirectly owns a majority of the outstanding Voting Stock of) such manager, managing member or general partner. For purposes of this definition, (x) "beneficial ownership" shall be as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act, (y) the phrase Person or "group" is within the meaning of Section 13(d) or 14(d) of the Exchange Act, but excluding any employee benefit plan of such Person or "group" and its subsidiaries and any Person acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan, and (z) if any Person or "group" includes one or more Permitted Holders, the issued and outstanding Equity Interests of the Parent Borrower or the IPO Entity, as applicable, directly or indirectly owned by the Permitted Holders that are part of such Person or "group" shall not be treated as being owned by such Person or "group" for purposes of determining whether <u>clause (ii)</u> of this definition is triggered.

"**Chapter 11 Cases**" shall have the meaning set forth in the recitals to this Agreement.

"**Chapter 11 Plan**" shall have the meaning set forth in the recitals to this Agreement.

"**Class**" (i) when used in reference to any Loan or Borrowing, shall refer to whether such Loan, or the Loans comprising such Borrowing, are Revolving Credit Loans or Extended Revolving Credit Loans (of the same Extension Series), and (ii) when used in reference to any Commitment, refers to whether such Commitment is a Revolving Credit Commitment or an Extended Revolving Credit Commitment (of the same Extension Series).

"**Closing Date**" shall mean January 12, 2024.

"**Closing Date Refinancing**" shall mean the repayment, redemption, defeasance, discharge, refinancing, replacement or termination of each of the Existing Evoque Debt Facilities (or the giving of irrevocable notice with respect thereto to the applicable holders or agent in respect thereof) (and the guarantees and collateral pledged thereunder will be released), other than (x) contingent obligations not then due and payable and that by their terms survive the termination of the Existing Evoque Debt Facilities and (y) certain existing letters of credit outstanding under the Existing Seller Credit Agreement that on the Closing Date will be grandfathered into, or backstopped by, a new debt facility or cash collateralized in a manner satisfactory to the issuing banks thereof under the applicable Existing Evoque Debt Facility.

"**Code**" shall mean the Internal Revenue Code of 1986, as amended from time to time.

"**Collateral**" shall mean all property pledged or mortgaged or purported to be pledged or mortgaged pursuant to the Security Documents, excluding in all events Excluded Property.

"**Collateral Agent**" shall mean Wells Fargo Bank, National Association as collateral agent under the Security Documents, or any successor collateral agent pursuant to <u>Section 12.9</u>.

"**Commitment Fee**" shall have the meaning provided in <u>Section 4.1(a)</u>.

"**Commitment Fee Rate**" shall mean (i) at any time 50% or less of the Commitments are drawn, 0.50% per annum, or (ii) at any time more than 50% of the Commitments are drawn, 0.375% per annum.

"**Commitment Letter**" shall mean that certain Commitment Letter, dated as of October 31, 2023, among each of the Joint Bookrunners and Lead Arrangers and their applicable Affiliates and the Parent Borrower, as amended, restated, amended and restated, supplemented or otherwise modified pursuant to any joinder agreements thereto.

"**Commitments**" shall mean, with respect to each Lender (to the extent applicable), such Lender's Revolving Credit Commitment or Extended Revolving Credit Commitment.

"**Commodity Exchange Act**" shall mean the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

"**Communications**" shall have the meaning provided in <u>Section 13.17</u>.

"**Company**" shall have the meaning provided in the recitals to this Agreement.

"**Company Financial Statements**" shall mean the consolidated financial statements of the Company included or incorporated by reference in the "Filed SEC Documents" (as defined the Acquisition Agreement).

"**Company Material Adverse Effect**" shall have the meaning provided to the term "Material Adverse Effect" in the Acquisition Agreement.

"**Company Representations**" shall mean the representations and warranties made by (x) the Company with respect to the Company, the Acquired Assets, and with respect to the Company and its subsidiaries and their respective businesses in the Acquisition Agreement and (y) each third-party landlord with respect to the Third Party Acquired Assets in each Third Party Acquisition Agreement, in each case of clause (x) and (y), as are material to the interests of the Lenders and do not relate to a Property that could be subject to a Permitted Deferral, but only to the extent, (1) with respect to the representations in clause (x) that the Parent Borrower (or one of its Affiliates) has the right (taking into account any applicable cure provisions) to terminate its obligations under the Acquisition Agreement pursuant to Section 8.1(e) of the Acquisition Agreement (or otherwise decline to consummate the Acquisition pursuant to Section 7.2(a) of the Acquisition Agreement without any liability) as a result of a breach of any such representations and warranties in the Acquisition Agreement and (2) with respect to the representations in clause (y), only to the extent that the Parent Borrower (or one of its Affiliates) has the right (taking into account any applicable cure provisions) to terminate its obligations under the applicable Third Party Acquisition Agreement (or otherwise decline to consummate such Third Party Acquisition without any liability) as a result of a breach of any such representations and warranties in such Third Party Acquisition Agreement (assuming such representations were required to be brought down to a "Material Adverse Effect" (as defined in the Acquisition Agreement) standard).

"**Competitor**" shall mean any Named Competitor or any Affiliate of any such Person, including, without limitation, Bona-Fide Lending Affiliates.

"**Confidential Information**" shall have the meaning provided in <u>Section 13.16</u>.

"**Confirmation Order**" shall have the meaning provided in the recitals to this Agreement.

"**Conforming Changes**" shall mean, with respect to either the use or administration of Term SOFR or<u>,</u> SOFR Average <u>or Adjusted Term CORRA</u> or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "ABR", the definition of "Business Day", the definition of "Determination Day<u>Date</u>", the definition of "Interest Period" or any similar or analogous definition (or the addition of a concept of "interest period"), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback periods and other technical, administrative or operational matters) that the Administrative Agent decides (in consultation with the Borrower) may be appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides (in consultation with the Borrower) that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of any such rate exists, in such other manner of administration as the Administrative Agent decides (in consultation with the Borrower) is reasonably necessary in connection with the administration of this Agreement and the other Credit Documents).

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

"**Consolidated EBITDA**" shall mean, with respect to a Person for any Test Period, Consolidated Net Income for such period, plus, without duplication and to the extent already deducted (and not added back) in arriving at such Consolidated Net Income, the sum of the following amounts for such period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) (a) total interest expense and, to the extent not reflected in such total interest expense, any losses on hedging obligations or other derivative instruments entered into for the purpose of hedging interest rate risk, net of interest income and gains on such hedging obligations or such derivative instruments, and bank and letter of credit fees and costs of surety bonds in connection with financing activities, together with items excluded from the definition of "Consolidated Interest Expense" pursuant to clauses (a) through (k) thereof; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provision for taxes based on income, profits, revenue or capital gains, including federal, foreign and state income, franchise, excise, value added and similar taxes and foreign withholding taxes paid or accrued during such period (including in respect of repatriated funds) including penalties and interest related to such taxes or arising from any tax examinations; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) depreciation and amortization (including amortization of Capitalized Software Expenditures, internal labor costs and deferred financing fees or costs); plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) other non-cash charges (other than any accrual in respect of bonuses) (provided, in each case, that if any non-cash charges represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period); plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the amount of any non-controlling interest consisting of income attributable to non-controlling interests of third parties in any non-wholly-owned Subsidiary deducted (and not added back in such period to Consolidated Net Income) excluding cash distributions in respect thereof; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) (A) the amount of management, monitoring, consulting and advisory fees, indemnities and related expenses paid or accrued in such period to (or on behalf of) the Sponsor (including any termination fees payable in connection with the early termination of management and monitoring agreements) to the extent otherwise permitted under Section 9.9(k) of the Credit Agreement and (B) the amount of payments made to option holders of the Borrower or any of its direct or indirect parent companies in connection with, or as a result of, any distribution being made to shareholders of such person or its direct or indirect parent companies, which payments are being made to compensate such option holders as though they were shareholders at the time of, and entitled to share in, such distribution, in each case to the extent permitted in the Credit Documents; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) losses or discounts on sales of receivables and related assets in connection with any Permitted Securitization Financing; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) cash receipts (or any netting arrangements resulting in reduced cash expenditures) not included in the calculation of Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated EBITDA pursuant to paragraph (3) below for any previous period and not added back; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any costs or expenses incurred by the Borrower or any Subsidiary pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement, any severance agreement or any stock subscription or shareholder agreement, to the extent that such costs or expenses are non-cash or otherwise funded with cash proceeds contributed to the capital of the Borrower or Net Cash Proceeds of an issuance of Equity Interests of the Borrower (other than Disqualified Equity Interests or relating to Equity Interests constituting a Cure Amount); plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any net pension or other post-employment benefit costs representing amortization of unrecognized prior service costs, actuarial losses, including amortization of such amounts arising in prior periods, amortization of the unrecognized net obligation (and loss or cost) existing at the date of initial application of FASB Accounting Standards Codification 715, and any other items of a similar nature; plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) without duplication, the amount of "run rate" cost savings, operating expense reductions and synergies related to the Transactions or any other Specified Transaction, any restructuring, cost saving initiative or other initiative projected by the Borrower in good faith to be realized as a result of actions that have been taken or initiated or are expected to be taken (in the good faith determination of the Borrower), including any cost savings, expenses and charges (including restructuring and integration charges) in connection with, or incurred by or on behalf of, any joint venture of the Borrower or any of the Subsidiaries (whether accounted for on the financial statements of any such joint venture or the Borrower) (i) with respect to the Transactions, on or prior to the date that is 24 months after the Closing Date (including actions initiated prior to the Closing Date) and (ii) with respect to any other Specified Transaction, any restructuring, cost saving initiative or other initiative, within 24 months after such Specified Transaction, restructuring, cost saving initiative or other initiative (which cost savings shall be added to Consolidated EBITDA until fully realized and calculated on a Pro Forma Basis as though such cost savings had been realized on the first day of the relevant period), net of the amount of actual benefits realized from such actions; provided that (A) such cost savings are reasonably identifiable and factually supportable, (B) no cost savings, operating expense reductions or synergies shall be added pursuant to this clause (2) to the extent duplicative of any expenses or charges relating to such cost savings, operating expense reductions or synergies that are included in clause (1) above (it being understood and agreed that "run rate" shall mean the full recurring benefit that is associated with any action taken) and (C) the share of any such cost savings, expenses and charges with respect to a joint venture that are to be allocated to the Borrower or any of the Subsidiaries shall not exceed the total amount thereof for any such joint venture multiplied by the percentage of income of such venture expected to be included in Consolidated EBITDA for the relevant Test Period; minus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) without duplication and to the extent included in arriving at such Consolidated Net Income, the sum of the following amounts for such period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) non-cash gains (excluding any non-cash gain to the extent it represents the reversal of an accrual or reserve for a potential cash item that reduced Consolidated Net Income or Consolidated EBITDA in any prior period), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the amount of any non-controlling interest consisting of loss attributable to non-controlling interests of third parties in any non-wholly-owned subsidiary added (and not deducted in such period from Consolidated Net Income), in each case, as determined on a consolidated basis for the Borrower and the Subsidiaries in accordance with GAAP; *provided* that,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) there shall be included in determining Consolidated EBITDA for any period, without duplication, the Acquired EBITDA of any Person, property, business or asset acquired by the Borrower or any Subsidiary during such period whether such acquisition occurred before or after the Closing Date to the extent not subsequently sold, transferred or otherwise disposed of (but not including the Acquired EBITDA of any related Person, property, business or assets to the extent not so acquired) (each such Person, property, business or asset acquired, including pursuant to the Transactions or pursuant to a transaction consummated prior to the Closing Date, and not subsequently so disposed of, an "<u>Acquired Entity or Business</u>"), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) there shall be (A) excluded in determining Consolidated EBITDA for any period the Disposed EBITDA of any Person, property, business or asset sold, transferred or otherwise disposed of, closed or classified as discontinued operations by the Borrower or any Subsidiary during such period (but if such operations are classified as discontinued due to the fact that they are subject to an agreement to dispose of such operations, only when and to the extent such operations are actually disposed of) (each such Person, property, business or asset so sold, transferred or otherwise disposed of, closed or classified, a "<u>Sold Entity or Business</u>"), in each case based on the Disposed EBITDA of such Sold Entity or Business for such period (including the portion thereof occurring prior to such sale, transfer, disposition, closure, classification or conversion) determined on a historical Pro Forma Basis and (B) included in determining Consolidated EBITDA for any period in which a Sold Entity or Business is disposed, an adjustment equal to the Pro Forma Disposal Adjustment with respect to such Sold Entity or Business (including the portion thereof occurring prior to such disposal) as specified in the Pro Forma Disposal Adjustment certificate delivered to the Administrative Agent (for further delivery to the Lenders).

"**Consolidated Cash Interest Expense**" shall mean the sum of cash interest expense (including that attributable to Capitalized Lease Obligations), net of cash interest income of such Person and its Subsidiaries with respect to all outstanding Indebtedness of such Person and its Subsidiaries, including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers' acceptance financing and net costs under hedging agreements, but excluding, for the avoidance of doubt, (a) amortization of deferred financing costs, debt issuance costs, commissions, fees and expenses and any other amounts of non-cash interest (including as a result of the effects of acquisition method accounting or pushdown accounting), (b) non-cash interest expense attributable to the movement of the mark-to-market valuation of Indebtedness or obligations under Hedging Obligations or other derivative instruments pursuant to FASB Accounting Standards Codification Topic 815—*Derivatives and Hedging*, (c) any one-time cash costs associated with breakage in respect of hedging agreements for interest rates, (d) commissions, discounts, yield, make-whole premium and other Securitization Fees (including any interest expense) incurred in connection with any Permitted Securitization Facility, (e) any "additional interest" owing pursuant to a registration rights agreement with respect to any securities, (f) any payments with respect to make-whole premiums or other breakage costs of any Indebtedness, including, without limitation, any Indebtedness issued in connection with the Transactions, (g) penalties and interest relating to taxes, (h) accretion or accrual of discounted liabilities not constituting Indebtedness, (i) interest expense attributable to a direct or indirect parent entity resulting from push-down accounting, (j) any expense resulting from the discounting of Indebtedness in connection with the application of recapitalization or purchase accounting, and (k) any interest expense attributable to the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential), with respect thereto and with respect to the Transactions, any acquisition or Investment permitted hereunder, all as calculated on a consolidated basis. For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by such Person to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.

"**Consolidated Interest Expense**" shall mean the sum of (a) cash interest expense (including that attributable to Capitalized Lease Obligations), net of cash interest income of such Person and its Subsidiaries with respect to all outstanding Indebtedness of such Person and its Subsidiaries, including all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers' acceptance financing and net costs under hedging agreements <u>plus</u> (b) non-cash interest expense resulting solely from the amortization of original issue discount from the issuance of Indebtedness of such Person and its Subsidiaries (excluding Indebtedness borrowed hereunder and under the US Balance Sheet Loan Facility in connection with the Transactions) at less than par, plus (c) pay-in-kind interest expense of the Borrower and its Subsidiaries, but excluding, for the avoidance of doubt, (a) amortization of deferred financing costs, debt issuance costs, commissions, fees and expenses and any other amounts of non-cash interest other than referred to in clause (b) above, (b) non-cash interest expense attributable to the movement of the mark-to-market valuation of obligations under Hedging Obligations or other derivative instruments pursuant to FASB Accounting Standards Codification Topic 815—*Derivatives and Hedging*, (c) any one-time cash costs associated with breakage in respect of hedging agreements for interest rates, (d) commissions, discounts, yield, make-whole premium and other Securitization Fees (including any interest expense) incurred in connection with any Permitted Securitization Financing, (e) any "additional interest" owing pursuant to a registration rights agreement with respect to any securities, (f) any payments with respect to make-whole premiums or other breakage costs of any Indebtedness, including, without limitation, any Indebtedness issued in connection with the Transactions, (g) penalties and interest relating to taxes, (h) accretion or accrual of discounted liabilities not constituting Indebtedness, (i) interest expense attributable to a direct or indirect parent entity resulting from push-down accounting, (j) any expense resulting from the discounting of Indebtedness in connection with the application of recapitalization or purchase accounting, and (k) any interest expense attributable to the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential), with respect thereto and with respect to the Transactions, any Permitted Acquisition or similar Investment permitted hereunder, all as calculated on a consolidated basis in accordance with GAAP. For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by such Person to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.

"**Consolidated Net Income**" means, with respect to a Person for any Test Period, for any period, (a) the net income (loss) of the Borrower and its Subsidiaries for such Test Period determined on a consolidated basis in accordance with GAAP, excluding (and excluding the effect of) (b) without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) extraordinary, non-recurring or unusual gains or losses (less all fees and expenses relating thereto) or expenses (including any unusual or non-recurring operating expenses directly attributable to the implementation of cost savings initiatives and any accruals or reserves in respect of any extraordinary, non-recurring or unusual items), severance, relocation costs, integration and facilities' opening costs and other business optimization expenses (including related to new product introductions and other strategic or cost savings initiatives), restructuring charges, accruals or reserves (including restructuring and integration costs related to acquisitions and adjustments to existing reserves), whether or not classified as restructuring expense on the consolidated financial statements, signing costs, retention or completion bonuses, other executive recruiting and retention costs, transition costs, costs related to closure/consolidation of facilities and curtailments or modifications to pension and post-retirement employee benefit plans (including any settlement of pension liabilities and charges resulting from changes in estimates, valuations and judgments),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the cumulative effect of a change in accounting principles during such period to the extent included in Consolidated Net Income,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) Transaction Expenses,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the net income for such period of any Person that is a Subsidiary of the Borrower and any Person that is not a Subsidiary or that is accounted for by the equity method of accounting; provided that Consolidated Net Income shall be increased by the amount of dividends or distributions or other payments that are actually paid in cash or Permitted Investments (or, if not paid in cash or Permitted Investments, but later converted into cash or Permitted Investments, upon such conversion) by such Person to the Borrower or a Subsidiary thereof during such period, but excluding any such dividends or distributions in any Person that is not a Subsidiary or that is accounted for by the equity method of accounting,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any fees and expenses (including any transaction or retention bonus or similar payment) incurred during such period, or any amortization thereof for such period, in connection with any acquisition, Investment, asset disposition, issuance or repayment of debt, issuance of equity securities, refinancing transaction or amendment or other modification of any debt instrument (in each case, including any such transaction consummated prior to the Closing Date and any such transaction undertaken but not completed)<u>,</u> and any charges or non-recurring merger costs incurred during such period as a result of any such transaction, in each case whether or not successful (including, for the avoidance of doubt, the effects of expensing all transaction-related expenses in accordance with FASB Accounting Standards Codification 805 and gains or losses associated with FASB Accounting Standards Codification 460),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any income (loss) for such period attributable to the early extinguishment of Indebtedness, hedging agreements or other derivative instruments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) accruals and reserves that are established or adjusted as a result of the Transactions in accordance with GAAP (including any adjustment of estimated payouts on existing earn-outs) or changes as a result of the adoption or modification of accounting policies during such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all non-cash expenses and costs that result from the issuance of stock-based awards, partnership interest-based awards and similar incentive based compensation awards or arrangements (collectively, "<u>Non-Cash Compensation Expenses</u>"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any income (loss) attributable to deferred compensation plans or trusts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any income (loss) from investments recorded using the equity method of accounting (but including any cash dividends or distributions actually received by the Borrower or any Subsidiary in respect of such investment),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) any gain (loss) on asset sales, disposals or abandonments (other than asset sales, disposals or abandonments in the ordinary course of business) or income (loss) from discontinued operations (but if such operations are classified as discontinued due to the fact that they are subject to an agreement to dispose of such operations, only when and to the extent such operations are actually disposed of), in each case, together with any related provisions for taxes on any such gain (or the tax effect of any such loss);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any non-cash gain (loss) attributable to the mark-to-market movement in the valuation of hedging obligations or other derivative instruments pursuant to FASB Accounting Standards Codification 815 Derivatives and Hedging or mark to market movement of other financial instruments pursuant to FASB Accounting Standards Codification 825 Financial Instruments; provided that any cash payments or receipts relating to transactions realized in a given period shall be taken into account in such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) any non-cash gain (loss) related to currency remeasurements of Indebtedness (including the net loss or gain resulting from hedging agreements for currency exchange risk and revaluations of intercompany balances),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) any non-cash expenses, accruals or reserves related to adjustments to historical tax exposures (provided, in each case, that the cash payment in respect thereof in such future period shall be subtracted from Consolidated Net Income for the period in which such cash payment was made), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) any impairment charge or asset write-off or write-down (including related to intangible assets (including goodwill), long-lived assets, and investments in debt and equity securities).

There shall be excluded from Consolidated Net Income for any period the effects from applying acquisition method accounting, including applying acquisition method accounting to inventory, property and equipment, loans and leases, software and other intangible assets and deferred revenue (including deferred costs related thereto and deferred rent) required or permitted by GAAP and related authoritative pronouncements (including the effects of such adjustments pushed down to the Borrower and its Subsidiaries), as a result of the Transactions, any acquisition consummated prior to the Closing Date and any Permitted Acquisitions or other Investment or the amortization or write-off of any amounts thereof.

In addition, to the extent not already included in Consolidated Net Income, Consolidated Net Income shall include the amount of proceeds received or, so long as such Person has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer or indemnifying party and only to the extent that such amount is in fact reimbursed within 365 days of the date of the insurable or indemnifiable event (net of any amount so added back in any prior period to the extent not so reimbursed within the applicable 365-day period), due from business interruption insurance or reimbursement of expenses and charges that are covered by indemnification and other reimbursement provisions in connection with any acquisition or other similar Investment or any disposition of any asset permitted hereunder.

"**Consolidated Property Values**" shall mean, on any date of determination, the sum of (i) the aggregate Property Values as of such date and (ii) the aggregate Dollar amount attributed to "Land", "Construction in progress, including land under development" and "Land held for future development" with respect to any Property for which a "Property Value" has not been determined in accordance with the definition thereof, in each case under this clause (ii) as reflected in the most recently delivered Company Financial Statements or Section 9.1 Financials, as applicable.

"**Consolidated Total Assets**" shall mean, as of any date of determination, the amount that would, in conformity with GAAP, be set forth opposite the caption "total assets" (or any like caption) on the most recent consolidated balance sheet of the Parent Borrower and its Subsidiaries at such date.

"**Consolidated Total Net Debt**" shall mean, on any date of determination, (i) the aggregate principal balance of outstanding Indebtedness for borrowed money of the Parent Borrower and its Subsidiaries on such date (measured excluding any guarantee of such Indebtedness incurred by the Parent Borrower or any of its Subsidiaries) minus (ii) cash and Cash Equivalents of the Parent Borrower and its Subsidiaries on such date.

"**Contingent Obligations**" shall mean, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends, or other payment obligations that do not constitute Indebtedness ("**primary obligations**") of any other Person (the "**primary obligor**") in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent, (i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (a) for the purchase or payment of any such primary obligation or (b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, or (iii) to purchase property, securities, or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof.

"**Contract Consideration**" shall have the meaning provided in the definition of Excess Cash Flow.

"**Contractual Requirement**" shall have the meaning provided in <u>Section 8.3</u>.

<u>"**CORRA**" shall mean a rate equal to the Canadian Overnight Repo Rate Average, as administered and published by the CORRA Administrator.</u>

<u>"**CORRA Determination Date**" shall have the meaning specified in the definition of "Daily Simple CORRA."</u>

<u>"**CORRA Rate Date**" shall have the meaning specified in the definition of "Daily Simple CORRA."</u>

<u>"**CORRA Administrator**" shall mean the Bank of Canada (or any successor administrator of the Term CORRA Reference Rate).</u>

<u>"**CORRA Loan**" shall mean a Loan that bears interest at a rate determined by reference to Adjusted Term CORRA.</u>

"**Covered Entity**" shall have the meaning provided in <u>Section 13.24(b)</u>.

"**Covered Party**" shall have the meaning provided in <u>Section 13.24(a)</u>.

"**Credit Documents**" shall mean this Agreement, each Joinder Agreement, each Extension Amendment, the Guarantees, the Security Documents, and any promissory notes issued by the Borrower pursuant hereto.

"**Credit Event**" shall mean and include the making (but not the conversion or continuation) of a Loan and the issuance of a Letter of Credit.

"**Credit Facilities**" shall mean, collectively, each category of Commitments and each extension of credit hereunder.

"**Credit Facility**" shall mean a category of Commitments and extensions of credit thereunder.

"**Credit Party**" shall mean the Parent Borrower and the Guarantors.

"**Cured Default**" shall have the meaning assigned to such term in <u>Section 1.2(j)</u>.

<u>"**Daily Simple CORRA**": For any day (a "CORRA Rate Date"), a rate per annum equal to the greater of (a) the sum of (x) CORRA for the day (such day, a "CORRA Determination Date") that is five (5) Business Days prior to (i) if such CORRA Rate Day is a Business Day, such CORRA Rate Day or (II) if such CORRA Rate Date is not a Business Day, the Business Day immediately preceding such CORRA Rate Day, in each case, as such CORRA is published by the CORRA Administrator on the CORRA Administrator's Website, plus (y) the Daily Simple CORRA Adjustment and (b) the Floor. If by 5:00 p.m. Toronto time on the first (1st) Business Day immediately following any CORRA Determination Date, CORRA in respect of such CORRA Determination Date has not been published on the CORRA Administrator's Website and a Benchmark Replacement Date with respect to Daily Simple CORRA has not occurred, then CORRA for such CORRA Determination Date will be CORRA as published in respect of the first preceding Business Day for which such CORRA was published on the CORRA Administrator's Website; provided further that CORRA as determined pursuant to this proviso shall be utilized for purposes of calculation of Daily Simple CORRA for no more than three (3) consecutive CORRA Rate Days; provided that in no event shall Daily Simple CORRA determined pursuant to this sentence be less than the Floor. Any change in Daily Simple CORRA due to a change in CORRA shall be effective from and including the effective date of such change in CORRA without notice to Borrower.</u>

<u>"**Daily Simple CORRA Adjustment**" shall mean a percentage equal to 0.32138 (32.138 basis points) per annum.</u>

<u>"**Daily Simple CORRA Borrowing**" shall mean a Borrowing comprised of Loans bearing interest at a rate determined by reference to Daily Simple CORRA.</u>

<u>"**Daily Simple CORRA Loan**" shall mean any Loan at such time as interest thereon accrues at a rate of interest based upon Daily Simple CORRA.</u>

"**Daily SOFR**" shall mean, with respect to any Interest Period, the Daily SOFR Reference Rate on the day (such day, the "**Determination Date**") that is two (2) Business Days prior to the first day of such Interest Period, as such rate is published by the Daily SOFR Administrator; <u>provided</u>, however, that if as of 5:00 p.m. (New York City time) on any Determination Date the Daily SOFR Reference Rate has not been published by the Daily SOFR Administrator and a Benchmark Replacement Date with respect to the Daily SOFR Reference Rate has not occurred, then Daily SOFR will be the Daily SOFR Reference Rate published by the Daily SOFR Administrator on the Business Day first preceding such Determination Date so long as such Business Day is not more than three (3) Business Days prior to such Determination Date; <u>provided</u>, <u>further</u>, that if Daily SOFR determined as provided above shall ever be less than the Floor, then Daily SOFR shall be deemed to be the Floor.

"**Daily SOFR Administrator**" shall mean the NYFRB (or a successor administrator of the Daily SOFR Reference Rate selected by Administrative Agent in its reasonable discretion).

"**Daily SOFR Borrowing**" shall mean a Borrowing comprised of Loans bearing interest at a rate determined by reference to Daily SOFR.

"**Daily SOFR Loan**" shall mean any Loan at such time as interest thereon accrues at a rate of interest based upon Daily SOFR.

"**Data Security Breach**" shall mean any unauthorized or unlawful unauthorized access to, acquisition of, disclosure, use, loss, alteration, destruction, or compromise of data or information, including Personal Information, in the possession or control of any of the Parent Borrower or the other Credit Parties.

"**Debt Service**" shall mean, for any Person in any period, the *sum* of all (a) cash interest, fees, rent (pursuant to any Capitalized Lease Obligations) and principal paid or payable during such period (including any mandatory prepayments) in respect of all Indebtedness of such Person *less* any net payments received by such Person during such period pursuant to Hedge Agreements in respect of interest rates, (b) any net payments paid by such during such period pursuant to Hedge Agreements in respect of interest rates and (c) any premium, make-whole or penalty payments, in each case, in respect of Indebtedness of the Parent Borrower and paid in cash during such period.

"**Default**" shall mean any event, act, or condition that with notice or lapse of time, or both, would constitute an Event of Default.

"**Default Rate**" shall have the meaning provided in <u>Section 2.8(c)</u>.

"**Default Right**" shall have the meaning provided in <u>Section 13.24(b)</u>.

"**Defaulting Lender**" shall mean any Lender whose acts or failure to act, whether directly or indirectly, cause it to meet any part of the definition of Lender Default.

"**Derivative Counterparty**" shall have the meaning provided in <u>Section 13.16</u>.

"**Designated Non-Cash Consideration**" shall mean the Fair Market Value of non-cash consideration received by the Parent Borrower or a Credit Party in connection with an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to a certificate of an Authorized Officer of the Parent Borrower, setting forth the basis of such valuation, executed by either a senior vice president or the principal financial officer of the Parent Borrower, less the amount of cash or Cash Equivalents received in connection with a subsequent sale of or collection on or other disposition of such Designated Non-Cash Consideration. A particular item of Designated Non-Cash Consideration will no longer be considered to be outstanding when and to the extent it has been paid, redeemed or otherwise retired or sold or otherwise disposed of in compliance with <u>Section 10.3</u>.

"**Designated Preferred Stock**" shall mean preferred stock of the Parent Borrower or any direct or indirect parent company of the Parent Borrower (in each case other than Disqualified Stock) that is issued for cash (other than to a Subsidiary or an employee stock ownership plan or trust established by the Parent Borrower or any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an officer's certificate executed by the principal financial officer of the Parent Borrower or the parent company thereof, as the case may be, on the issuance date thereof, the cash proceeds of which are not applied to satisfy the condition set forth in clause (i) of <u>Section 10.4(a)</u>.

"**Determination Day<u>Date</u>**" has the meaning specified in the definition of "Term SOFR".

"**Disinterested Directors**" shall mean, with respect to any transaction with an Affiliate, one or more members of the board of directors of the Parent Borrower, or one or more members of the board of directors of a Parent Entity, having no material direct or indirect financial interest in or with respect to such transaction. A member of any such board of directors shall not be deemed to have such a financial interest by reason of such member's holding Capital Stock of the Parent Borrower or any Parent Entity or any options, warrants or other rights in respect of such Capital Stock or by reason of such member receiving any compensation from the Parent Borrower or any Parent Entity, as applicable, on whose board of directors such member serves in respect of such member's role as director.

"**Disposed EBITDA**" shall mean, with respect to any Sold Entity or Business for any period, the amount for such period of Consolidated EBITDA of such Sold Entity or Business (determined as if references to the Parent Borrower and the Subsidiaries in the definition of Consolidated EBITDA were references to such Sold Entity or Business and its respective Subsidiaries), all as determined on a consolidated basis for such Sold Entity or Business, as the case may be.

"**disposition**" shall have the meaning assigned such term in <u>clause (a)</u> of the definition of Asset Sale.

"**Disqualified Lenders**" shall mean such Persons that are not Eligible Assignees.

"**Disqualified Stock**" shall mean, with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms of any security into which it is convertible or for which it is puttable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable (other than solely for Qualified Stock), other than as a result of a change of control, asset sale, condemnation event or similar event, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than solely for Qualified Stock), other than as a result of a change of control, asset sale, condemnation event or similar event, in whole or in part, in each case, prior to the Revolving Credit Maturity Date; <u>provided</u> that if such Capital Stock is issued to any plan for the benefit of employees of the Parent Borrower or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Parent Borrower or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee's termination, death, or disability.

"**Distressed Person**" shall have the meaning provided such term in the definition of "Lender-Related Distress Event."

"**Distributable ECF**" shall mean, for any fiscal quarter of the Borrowers, an amount equal to the positive difference, if any, of the Excess Cash Flow for such fiscal quarter *minus* the amount of the mandatory prepayment required to be made with respect to such fiscal quarter pursuant to <u>Section 5.2(a)</u>.

"**Distributed Cash**" shall mean, with respect to any fiscal quarter period of the Parent Borrower, cash and Cash Equivalents actually distributed to the Parent Borrower for such period.

"**Division**" shall have the meaning assigned to such term in <u>Section 1.15</u>.

<u>"**Dollar Equivalent**" means, subject to Section 1.6, for any amount, at the time of determination thereof, (a) if such amount is expressed in Dollars, such amount and (b) if such amount is expressed in an Alternative Currency, the equivalent of such amount in Dollars as determined by the Administrative Agent at such time in its sole discretion by reference to the most recent Spot Rate for such Alternative Currency (as determined as of the most recent Revaluation Date) for the purchase of Dollars with such Alternative Currency.</u>

"**Dollars**" and "**$**" shall mean dollars in lawful currency of the United States.

"**Domestic Subsidiary**" shall mean each Subsidiary of the Parent Borrower that is organized under the laws of the United States, any state thereof, or the District of Columbia.

"**Drawstop Event**" shall mean the date on which an Event of Default shall have occurred.

"**Drawstop Event Period**" shall mean the period beginning on the date of a Drawstop Event, and ending on the date that the Event of Default in relation to such Drawstop Event shall no longer be continuing and the Parent Borrower certifies in writing to the Administrative Agent that such Event of Default is no longer continuing and provides reasonable supporting evidence of the same.

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

"**EEA Member Country**" shall mean any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"**EEA Resolution Authority**" shall mean any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"**Environmental Claims**" shall mean any and all actions, suits, orders, decrees, demand letters, claims, notices of noncompliance or potential responsibility or violation, or proceedings pursuant to any Environmental Law or any permit issued, or any approval given, under any such Environmental Law (hereinafter, "**Claims**"), including, without limitation, (i) any and all Claims by Governmental Authorities for enforcement, investigation, cleanup, removal, response, remedial, or other actions or damages pursuant to any Environmental Law and (ii) any and all Claims by any third party seeking damages, contribution, indemnification, cost recovery, compensation, or injunctive relief relating to the presence, Release or threatened Release of Hazardous Materials or arising from alleged injury or threat of injury to health or safety (to the extent relating to human exposure to Hazardous Materials) or the environment (including, without limitation, ambient air, indoor air, surface water, groundwater, soil, land surface and subsurface strata, and natural resources such as wetlands, flora and fauna).

"**Eligibility Requirements**" shall mean, with respect to any Person, that such Person (i) has total commercial real estate loans (in name or under management or advisement) in excess of $500,000,000 (including unpledged, uncalled (or recallable) irrevocable capital commitments that are unconditionally available to be called by such Person as cash capital contributions to such Person subject only to customary conditions such as minimum advance notice), (ii) is regularly engaged in the business of making or owning (or, in the case of a pension advisory firm, asset manager, registered investment advisor or manager or similar fiduciary, regularly engaged in managing investments in) commercial real estate loans (including "B" notes and mezzanine loans to direct or indirect owners of commercial properties, which loans are secured by pledges of direct or indirect ownership interests in the owners of such commercial properties) and (iii) is not a Competitor.

"**Eligible Assignee**" shall mean (1) if an Event of Default has occurred and is continuing, any Person (other than a natural person) and (2) so long as no Event of Default has occurred and is continuing, any Person (other than a natural person) that (a) meets the Eligibility Requirements and is organized under the laws of the United States or any other country that is a member of the Organization for Economic Cooperation and Development (the "OECD") or a political subdivision of any such country (provided such person is acting through a branch or agency located in the country in which it is organized or another country which is also a member of the OECD) or (b) is Controlled by, under common Control with or Controlling any Person set forth in the immediate preceding clause (2)(a); provided, that, with respect to clauses (1) and (2), such Person has never been indicted or convicted of, or pled guilty or no contest to, an offense under the USA PATRIOT Act and is not a Sanctioned Person.

"**Environmental Law**" shall mean any applicable federal, state, foreign, or local statute, law, rule, regulation, ordinance, code, and rule of common law now or hereafter in effect and in each case as amended, and any binding judicial or administrative interpretation thereof, including any binding judicial or administrative order, consent decree, or judgment, relating to pollution or protection of the environment, (including, without limitation, ambient air, indoor air, surface water, groundwater, soil, land surface and subsurface strata and natural resources such as flora, fauna, or wetlands), or protection of human health or safety (to the extent relating to human exposure to Hazardous Materials) and including those relating to the generation, storage, treatment, transport, Release, or threat of Release of Hazardous Materials.

"**Environmental Liability**" shall mean any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, or penalties), resulting from or based upon (a) a violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) the exposure of any Person to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment (including, without limitation, ambient air, indoor air, surface water, groundwater, soil, land surface and subsurface strata, and natural resources such as wetlands, flora and fauna) or (e) any contract, agreement or other consensual arrangement the extent to which liability is assumed or imposed with respect to any of the foregoing.

"**Equity Contribution**" shall mean the direct or indirect equity contribution(s) of the Investors to the Parent Borrower made in connection with the Transactions.

"**Equity Interest**" shall mean Capital Stock and all warrants, options, or other rights to acquire Capital Stock, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock.

"**ERISA**" shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time.

"**ERISA Affiliate**" shall mean any trade or business (whether or not incorporated) that, together with any Credit Party, is treated as a single employer under Section 414 (b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code).

"**ERISA Event**" shall mean (i) the failure of any Pension Plan to comply with any provisions of ERISA and/or the Code (and applicable regulations under either) or with the terms of such Pension Plan; (ii) the existence with respect to any Pension Plan of a non-exempt Prohibited Transaction which could reasonably be expected to result in liability to a Credit Party; (iii) any Reportable Event with respect to a Pension Plan; (iv) the failure of any Credit Party or ERISA Affiliate to make by its due date a required installment under Section 430(j) of the Code with respect to any Pension Plan or any failure by any Pension Plan to satisfy the minimum funding standards (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Pension Plan, whether or not waived; (v) a determination that any Pension Plan is in "at risk" status (within the meaning of Section 430 of the Code or Section 303 of ERISA); (vi) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Pension Plan; (vii) the termination of, or the appointment of a trustee to administer, any Pension Plan under Section 4042 of ERISA or the incurrence by any Credit Party or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Pension Plan (other than for PBGC premiums due but not delinquent under Section 4007 of ERISA), including but not limited to the imposition of any Lien in favor of the PBGC or any Pension Plan; (viii) the receipt by any Credit Party or any of its ERISA Affiliates from the PBGC or a plan administrator of any notice to terminate any Pension Plan under Section 4041 or 4042 of ERISA; (ix) the failure by any Credit Party or any of its ERISA Affiliates to make any required contribution to a Multiemployer Plan; (x) the incurrence by any Credit Party or any of its ERISA Affiliates of any liability with respect to the withdrawal from any Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a "substantial employer" (within the meaning of Section 4001(a)(2) of ERISA), or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA, or the complete or partial withdrawal (within the meaning of Section 4203 or 4205 of ERISA) from any Multiemployer Plan; (xi) the receipt by any Credit Party or any of its ERISA Affiliates of any notice concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, Insolvent, or terminated (within the meaning of Section 4041A of ERISA); or (xii) the failure by any Credit Party or any of its ERISA Affiliates to pay when due (after expiration of any applicable grace period) any installment payment with respect to Withdrawal Liability under Section 4201 of ERISA.

"**Erroneous Payment**" shall have the meaning provided in <u>Section 12.14(a)</u>.

"**Erroneous Payment Deficiency Assignment**" shall have the meaning provided in <u>Section 12.14(c)</u>.

"**Erroneous Payment Impacted Class**" shall have the meaning provided in <u>Section 12.14(c)</u>.

"**Erroneous Payment Return Deficiency**" shall have the meaning provided in Section 12.14(c).

"**EU Bail-In Legislation Schedule**" shall mean the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"**Event of Default**" shall have the meaning provided in <u>Section 11</u>.

"**Evoque Transaction**" shall have the meaning provided in the recitals to this Agreement.

"**Evoque Transaction Agreement**" shall have the meaning provided in the recitals to this Agreement.

"**Excess Cash Flow**" shall mean, for any applicable fiscal quarter of the Parent Borrower to occur after the Closing Date, an amount equal to the excess of (a) the Distributed Cash for such period, *less* (b) the sum, without duplication, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the amount of Capital Expenditures or acquisitions of Intellectual Property accrued
or made in cash by the Parent Borrower during such period (directly or on behalf of any of its Subsidiaries), except to the extent that
such Capital Expenditures or acquisitions were financed with the proceeds of long-term Indebtedness of the
Parent Borrower (unless such Indebtedness has been repaid other than with the proceeds of long-term indebtedness) other than intercompany
loans,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of all Debt Service of the Parent
Borrower (including payments in respect of Capitalized Lease Obligations) made during such period or to be made during the upcoming
four (4) fiscal quarter period, except to the extent financed with the proceeds of other long-term Indebtedness of the
Parent Borrower ,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) payments in cash by the Parent Borrower (directly or
on behalf of any of its Subsidiaries) during such period in respect of any purchase price holdbacks, earn-out obligations, and
long-term liabilities of the Parent Borrower and such Subsidiaries other than Indebtedness,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the aggregate amount of cash consideration paid by the
Parent Borrower (directly or on behalf of any of its Subsidiaries) in connection with Investments (including acquisitions) made
during such period or made pursuant to <u>Section 10.4</u> to the extent that such Investments were not financed with the proceeds received
from (1) the issuance or incurrence of long-term Indebtedness or (2) the issuance of Capital Stock, in each case, of the Parent Borrower,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the amount of Permitted Tax Distributions made by the Borrower during such period,
and other dividends or Restricted Payments to the extent such dividends and Restricted Payments were financing overhead costs incurred
by any Parent Entity as a result of its ownership of the Parent Borrower and its Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the aggregate amount of expenditures actually made by the
Parent Borrower (directly or on behalf of any of its Subsidiaries) in cash during such period (including expenditures for the payment
of financing fees) to the extent that such expenditures are not expensed during such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) without duplication of amounts deducted from Excess Cash Flow in other
periods, (1) the aggregate consideration required to be paid in cash by the Parent Borrower (directly
or on behalf of any of its Subsidiaries) pursuant to binding contracts, commitments, letters of intent or purchase orders (the "**Contract Consideration**") entered into prior to or during such period and (2) any planned cash expenditures by the
Parent Borrower (directly or on behalf of any of its Subsidiaries) (the "**Planned Expenditures** "), in the case
of each of <u>clauses (1)</u> and <u>(2)</u>, relating to Permitted Acquisitions (or Investments similar to those made for Permitted
Acquisitions), Capital Expenditures, or acquisitions of Intellectual Property or other assets to be consummated or made during the period
of four consecutive fiscal quarters of the Parent Borrower , following the end of such period (except
to the extent financed with any of the proceeds received from (A) the issuance or incurrence of long-term Indebtedness or (B) the issuance
of Equity Interests, in each case, of the Parent Borrower); <u>provided</u> that to the extent that the aggregate amount of cash actually
utilized to finance such Permitted Acquisitions (or Investments similar to those made for Permitted Acquisitions), Capital Expenditures, or acquisitions of
Intellectual Property or other assets during such following period of four consecutive fiscal quarters is <u>less</u> than the Contract
Consideration and Planned Expenditures, the amount of such shortfall shall be added to the calculation of Excess Cash Flow, at the end
of such period of four consecutive fiscal quarters,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the amount of taxes (including penalties and interest) paid in cash
or tax reserves set aside or payable (without duplication) in such period, and any amounts otherwise paid pursuant to clauses (A) through
(C) of <u>Section 10.4(b)(13)</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) cash expenditures in respect of Hedge Agreements during such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) any amounts used (or placed in reserve) to satisfy ordinary course company expenses
of any of the Parent Borrower and its Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the aggregate amount of cash expenditures of the Parent Borrower not otherwise described
in this clause (b) made during such period, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any amounts described in the foregoing clauses (i), (iii) through
(ix) and (xi) which are (A) paid prior to the date any amount in respect of mandatory prepayment hereunder becomes due hereunder or (B)
which are committed to be paid, as of the end of such period or prior to the date any amount in respect of mandatory prepayment hereunder
becomes due hereunder, prior to the earlier of the end of the next successive fiscal quarter of the Parent Borrower (it being understood
that, to the extent such commitment payments are not actually made as committed in such subsequent period, such amount shall be added
back in calculating Excess Cash Flow as of the next time of determination).

For the avoidance of doubt, for purposes of making the mandatory prepayment set forth in <u>Section 5.2(a)</u>, Distributable ECF from any prior fiscal quarter of the Parent Borrower will not be considered "Excess Cash Flow" hereunder when Excess Cash Flow is determined for any subsequent fiscal quarter.

"**Excluded Affiliates**" shall mean (a) Affiliates of the Joint Lead Arrangers that are engaged as principals primarily in private equity, mezzanine financing or venture capital and (b) employees of the Joint Lead Arrangers engaged directly or indirectly in the sale of the Company as representatives of the Company (other than, in each case, such Persons engaged by the Parent Borrower or its Affiliates as part of the Transactions and a limited number of senior employees who are required, in accordance with industry regulations or such Joint Lead Arrangers' (or its Affiliate's) internal policies and procedures, to act in a supervisory capacity and such Joint Lead Arranger's internal legal, compliance, risk management, credit or investment committee members).

"**Excluded Contribution**" shall mean net cash proceeds, the Fair Market Value of marketable securities, or the Fair Market Value of Qualified Proceeds received by the Parent Borrower from (i) contributions to its common equity capital, and (ii) the sale (other than to a Subsidiary of the Parent Borrower or to any management equity plan or stock option plan or any other management or employee benefit plan or agreement of the Parent Borrower) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of the Parent Borrower, in each case designated as Excluded Contributions pursuant to an officer's certificate, delivered to the Administrative Agent, executed by either a senior vice president or the principal financial officer of the Parent Borrower within 180 days after the date such capital contributions are made or the date such Equity Interests are sold, as the case may be, which are not applied to satisfy the condition set forth in clause (i) of <u>Section 10.4(a)</u>; <u>provided</u> that any non-cash assets shall qualify only if acquired by a parent of the Parent Borrower in an arm's-length transaction within the six months prior to such contribution.

"**Excluded Property**" shall have the meaning set forth in the Pledge Agreement.

"**Excluded Stock and Stock Equivalents**" shall mean (i) any Capital Stock or Stock Equivalents with respect to which, in the reasonable judgment of the Borrower (in consultation with the Administrative Agent), the cost or other consequences of pledging such Capital Stock or Stock Equivalents in favor of the Secured Parties under the Security Documents shall be excessive in view of the practical benefits to be obtained by the Lenders therefrom, (ii) solely in the case of any pledge of Capital Stock or Stock Equivalents of any Foreign Subsidiary or any CFC or FSHCO, any Capital Stock or Stock Equivalents of in excess of 65% of the total outstanding voting Capital Stock or Stock Equivalents of such Subsidiary, (iii) any Capital Stock or Stock Equivalents to the extent the pledge thereof would violate any applicable Requirements of Law (including any legally effective requirement to obtain the consent of any Governmental Authority unless such consent has been obtained) (it being understood that any Capital Stock or Stock Equivalents described in this clause (iii) will be automatically released from the Collateral and the Collateral Agent and Administrative Agent will take all actions necessary, consistent with this Agreement and the Security Documents, to release any Liens held in the Collateral that is the subject of such Requirement of Law), (iv) any Capital Stock or Stock Equivalents to the extent (A) that a pledge thereof to secure the Obligations is prohibited by any applicable Contractual Requirement (including any legally effective requirement to obtain the consent of any third party, unless such consent has been obtained) entered into at any time in good faith for a bona fide business purpose (and not for the primary purpose of obtaining a release of Collateral) and for so long as such Contractual Requirement or replacement or renewal thereof is in effect, (B) any Contractual Requirement (including any legally effective requirement to obtain the consent of any third party, unless such consent has been obtained) entered into at any time in good faith for a bona fide business purpose (and not for the primary purpose of obtaining a release of Collateral) prohibits such a pledge without the consent of any other party; <u>provided</u> that this <u>clause (II)</u> shall not apply if (x) such other party is a Credit Party or Wholly-Owned Subsidiary or (y) consent has been obtained to consummate such pledge (it being understood that the foregoing shall not be deemed to obligate the Borrower or any Subsidiary to obtain any such consent) and for so long as such Contractual Requirement or replacement or renewal thereof is in effect, or (C) a pledge thereof to secure the Obligations would give any other party (other than a Credit Party or Wholly-Owned Subsidiary) to any contract, agreement, instrument, or indenture governing such Capital Stock or Stock Equivalents the right to terminate its obligations thereunder (it being understood that any Capital Stock or Stock Equivalents described in this clause (iv) will be automatically released from the Collateral and the Collateral Agent and Administrative Agent will take all actions necessary, consistent with this Agreement and the Security Documents, to release any Liens held in the Collateral that is the subject of such Contractual Requirement), (v) any Capital Stock or Stock Equivalents of any Subsidiary to the extent that the pledge of such Capital Stock or Stock Equivalents would result in materially adverse tax consequences to the Parent Borrower or any Subsidiary or any Parent Entity, as reasonably determined by the Parent Borrower in consultation with the Administrative Agent, (vi) any Capital Stock or Stock Equivalents that are margin stock, (vii) any Capital Stock and Stock Equivalents of any Subsidiary that is not a Material Subsidiary, a captive insurance Subsidiary, an SPV or any special purpose entity, (viii) any Capital Stock and Stock Equivalents of any entity that is not a Subsidiary, (ix) Capital Stock and Stock Equivalents of any Person other than Wholly-Owned Subsidiaries which own Real Estate assets in Land or that own unencumbered Real Estate assets, in each case located in the United States, (x) any Capital Stock and Stock Equivalents of a Subsidiary that is owned directly or indirectly by a CFC, (xi) any Capital Stock or Stock Equivalents of a borrower under a First Tier Facility and (xii) any Capital Stock or Stock Equivalents to the extent a pledge thereof to secure the Obligations is prohibited by a Permitted Securitization Financing, including without limitation any Equity Interests of any Securitization Entity; <u>provided</u> that, notwithstanding the above, except as otherwise mutually agreed between the Administrative Agent and the Parent Borrower, any Capital Stock or Stock Equivalents of any Initial Guarantor pledged or required to be pledged as of the Closing Date shall not constitute Excluded Stock and Stock Equivalents.

"**Excluded Subsidiary**" shall mean (i) each Subsidiary, in each case, for so long as any such Subsidiary does not (on (x) a consolidated basis with its Subsidiaries, if determined on the Closing Date by reference to the Company Financial Statements or (y) a consolidated basis with its Subsidiaries, if determined after the Closing Date by reference to the financial statements delivered to the Administrative Agent pursuant to <u>Section 9.1(a)</u> and <u>(b))</u> constitute a Material Subsidiary, (ii) each Subsidiary that is not a Wholly-Owned Subsidiary on any date such Subsidiary would otherwise be required to become a Guarantor pursuant to the requirements of <u>Section 9.11</u> (for so long as such Subsidiary remains a non-Wholly-Owned Subsidiary), (iii) any First Tier Facility Borrower, (iv) any FSHCO, (v) any Subsidiary of a Subsidiary that is a CFC, (vi) any Foreign Subsidiary (including a CFC), (vii) each Subsidiary that is prohibited by any applicable Contractual Requirement (including any legally effective requirement to obtain the consent of any third party, unless such consent has been obtained) entered into at any time in good faith for a bona fide business purpose (and not for the primary purpose of obtaining a release of any Guarantor) or Requirements of Law (including any legally effective requirement to obtain the consent of any Governmental Authority, unless such consent has been obtained), it being understood that any such Subsidiary described in this clause (vii) will be automatically released from its Guarantees (and the Collateral Agent and Administrative Agent will take all actions necessary, consistent with this Agreement and the Security Documents, to evidence such release) or from guaranteeing or granting Liens to secure the Obligations (and for so long as such restriction or any replacement or renewal thereof is in effect), (viii) each Subsidiary with respect to which, as reasonably determined by the Parent Borrower, the consequence of providing a Guarantee of the Obligations would adversely affect the ability of the Parent Borrower and its Subsidiaries to satisfy applicable Requirements of Law, (ix) each Subsidiary with respect to which, as reasonably determined by the Borrower in consultation with the Administrative Agent, providing such a Guarantee would result in material adverse tax consequences to the Borrower, any of its Subsidiaries or any Parent Entity, (x) any other Subsidiary with respect to which, in the reasonable judgment of the Parent Borrower and the Administrative Agent, as agreed in writing, the cost or other consequences of providing a Guarantee of the Obligations shall be excessive in view of the practical benefits to be obtained by the Lenders therefrom, (xi) any Securitization Entity, (xii) each other Subsidiary acquired pursuant to a Permitted Acquisition or other Investment permitted hereunder and financed with assumed secured Indebtedness permitted hereunder, and each Subsidiary acquired in such Permitted Acquisition or other Investment permitted hereunder that guarantees such Indebtedness, in each case to the extent that, and for so long as, the documentation relating to such Indebtedness to which such Subsidiary is a party prohibits such Subsidiary from guaranteeing the Obligations and such prohibition was not created in contemplation of such Permitted Acquisition or other Investment permitted hereunder, (xiii) each SPV (including any captive insurance Subsidiary or not-for-profit Subsidiary), (xiv) any Subsidiary that is prohibited from providing a Guarantee pursuant to any asset backed securities documentation, any mezzanine financing documentation or any refinancings thereof, (xv) any captive insurance company, and (xvi) any not-for-profit Subsidiary; notwithstanding anything herein to the contrary, at the Parent Borrower's sole election, the Parent Borrower may elect to (i) add any Subsidiary that is otherwise an Excluded Subsidiary as a Credit Party hereunder and/or (ii) take any other actions reasonably required to accomplish the foregoing, including any such action not otherwise required hereunder or any other Credit Document; <u>provided</u> that, notwithstanding the above, except as otherwise mutually agreed between the Administrative Agent and the Parent Borrower, no Initial Guarantors shall constitute an Excluded Subsidiary.

"**Excluded Swap Obligation**" shall mean, with respect to any Swap Obligor, (a) any Swap Obligation if, and to the extent that, all or a portion of the Obligations of such Swap Obligor of, or the grant by such Swap Obligor of a security interest to secure, such Swap Obligation (or any Obligations thereof) is or becomes illegal or unlawful under the Commodity Exchange Act or any rule, regulation, or order of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) or (b) any other Swap Obligation designated as an "Excluded Swap Obligation" of such Swap Obligor as specified in any agreement between the relevant Swap Obligors and counterparty applicable to such Swap Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such Swap Obligation that is attributable to swaps for which such Obligation or security interest is or becomes illegal or unlawful.

"**Excluded Taxes**" shall mean, with respect to the Administrative Agent, any Lender, or any other recipient of any payment to be made by or on account of any obligation of any Credit Party hereunder or under any other Credit Document, (i) Taxes imposed on or measured by its overall net income, net profits, or branch profits (however denominated, and including (for the avoidance of doubt) any backup withholding in respect thereof under Section 3406 of the Code or any similar provision of state, local, or foreign law), and franchise (and similar) Taxes imposed on it (in lieu of net income Taxes), in each case, (x) imposed by a jurisdiction (including any political subdivision thereof) as a result of such recipient being organized in, having its principal office in, or in the case of any Lender, having its applicable lending office in, such jurisdiction, or (y) that are Other Connection Taxes, (ii) with respect to any Revolving Loan, any U.S. federal withholding Tax imposed on any payment by or on account of any obligation of any Credit Party hereunder or under any Credit Document that is required to be imposed on amounts payable to or for the account of a Lender (or other recipient) pursuant to laws in force at the time such Lender acquires an interest in any Credit Document (or designates a new lending office), other than in the case of a Lender that is an assignee pursuant to a request by the Borrower under <u>Section 13.7</u> (or that designates a new lending office pursuant to a request by the Borrower), except to the extent that such Lender (or its assignor, if any) was entitled, immediately prior to the designation of a new lending office (or assignment), to receive additional amounts from the Credit Parties with respect to such withholding Tax pursuant to <u>Section 5.4</u>, (iii) any Taxes attributable to such recipient's failure or inability to comply with <u>Section 5.4(e)</u> or (iv) any Tax imposed under FATCA.

"**Existing Debt Facilities**" shall mean each of the following: (a) that certain Credit Agreement, dated as of December 31, 2018, by and among, inter alios, Infra Colodata Holdings LLC, as holdings, Dawn Acquisitions LLC, as borrower, the lenders from time to time party thereto and Barclays Bank PLC, as administrative agent, as amended by that certain First Amendment to Credit Agreement, dated as of April 28, 2023 (as further amended, restated, supplemented or otherwise modified); and (b) that certain Credit Agreement, dated as of November 1, 2022, among Evoque Dallas Data Centers LLC, as borrower, the lenders from time to time party thereto and Toronto Dominion (Texas) LLC, as administrative agent and collateral agent (as amended, restated, supplemented or otherwise modified).

"**Existing Revolving Credit Class**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Existing Revolving Credit Commitment**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Existing Revolving Credit Loans**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Extended Revolving Credit Commitments**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Extended Revolving Credit Loans**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Extended Revolving Loan Maturity Date**" shall mean the date on which any tranche of Extended Revolving Credit Loans matures.

"**Extending Lender**" shall have the meaning provided in <u>Section 2.14(g)(ii)</u>.

"**Extension Amendment**" shall have the meaning provided in <u>Section 2.14(g)(iii)</u>.

"**Extension Date**" shall have the meaning provided in <u>Section 2.14(g)(iv)</u>.

"**Extension Election**" shall have the meaning provided in <u>Section 2.14(g)(ii)</u>.

"**Extension Request**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Extension Series**" shall mean all Extended Revolving Credit Commitments that are established pursuant to the same Extension Amendment (or any subsequent Extension Amendment to the extent such Extension Amendment expressly provides that the Extended Revolving Credit Commitments provided for therein are intended to be a part of any previously established Extension Series) and that provide for the same interest margins, extension fees, and amortization schedule.

"**Extraordinary Expense**" shall mean an operating expense or capital expense that is not consistent with the budget for the applicable period delivered pursuant to <u>Section 5.1(c)</u> hereof.

"**Fair Market Value**" shall mean with respect to any asset or group of assets on any date of determination, the value of the consideration obtainable in a sale of such asset at such date of determination assuming a sale by a willing seller to a willing purchaser dealing at arm's length and arranged in an orderly manner over a reasonable period of time having regard to the nature and characteristics of such asset, as determined in good faith by the Borrower.

"**FATCA**" shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code as of the date of this Agreement (or any amended or successor version described above), and any intergovernmental agreements (or related legislation or official administrative rules or practices) implementing the foregoing.

" **Federal Funds Effective Rate**" shall mean, for any day, the rate calculated by the NYFRB based on such day's federal funds transactions by depositary institutions, as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as the federal funds effective date, <u>provided</u> that, if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of calculating such rate.

"**Fee Letter**" shall mean that certain Fee Letter, dated as of October 31, 2023<u>December 22, 2025</u>, among each of the Joint Lead Arrangers and the Parent Borrower, as amended, restated, amended and restated, supplemented or otherwise modified pursuant to any joinder agreements thereto.

"**Fees**" shall mean all amounts payable pursuant to, or referred to in, <u>Section 4.1(a)</u>.

"**Financial Incurrence Tests**" shall have the meaning provided in <u>Section 1.12(a)</u>.

" **First Lien Intercreditor Agreement**" shall mean an intercreditor agreement substantially in the form of <u>Exhibit G-1</u> (with such changes to such form as may be reasonably acceptable to the Administrative Agent and the Parent Borrower) among the Administrative Agent, the Collateral Agent, and the representatives for purposes thereof for holders of one or more classes of First Lien Obligations.

"**First Lien Obligations**" shall mean the Obligations and obligations in respect of Indebtedness secured by Liens on the Collateral that rank on an equal priority basis (but without regard to the control of remedies) with Liens on the Collateral securing the Obligations.

"**First Tier Facility**" shall mean any of (i) the US Balance Sheet Loan Facility, (ii) any other facility establishing Non-Recourse Indebtedness of the Parent Borrower or any of its Subsidiaries or (iii) any Indebtedness which refinances any of the foregoing.

"**First Tier Facility Agreement**" shall mean any of (i) the US Balance Sheet Loan Agreement or (ii) any of the other "Credit Documents", "Loan Documents", "Financing Documents" or terms of like import as defined in any of the foregoing, in each case as last in effect.

"**First Tier Facility Borrower**" shall mean, as of any time of determination, any direct or indirect Subsidiary of the Parent Borrower which is a borrower, "credit party", "loan party" or similar obligor under any First Tier Facility.

"**Fixed Amounts**" shall have the meaning provided in <u>Section 1.12(a)</u>.

"**Fixed Charges**" shall mean, with respect to any Person for any period, the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Consolidated Cash Interest Expense of such Person and its Subsidiaries on a consolidated basis for such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all dividend payments (excluding items eliminated in consolidation) on any series of preferred stock (including any Designated Preferred Stock) or any Refunding Capital Stock of such Person made during such period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) regularly scheduled principal amortization payments during such period (excluding any balloon payments and, for the avoidance of doubt, any Excess Cash Flow sweep and mandatory prepayments made in connection with a Mandatory Prepayment Event).

"**Fixed Charge Coverage Ratio**" shall mean, with respect to any Test Period following the Closing Date, the ratio of (i) Consolidated EBITDA of the Parent Borrower for such period to (ii) Fixed Charges made in cash during such period. Notwithstanding anything to the contrary contained herein, for purposes of determining the Fixed Charge Coverage Ratio for any Test Period that includes any of the first three full fiscal quarters ended after the Closing Date, the Consolidated EBITDA of the Parent Borrower and Fixed Charges, as applicable, for such period shall be: (a) for the Test Period consisting of the first full fiscal quarter of the Parent Borrower after the Closing Date, the Consolidated EBITDA of the Parent Borrower and Fixed Charges made in cash for the first full fiscal quarter after the Closing Date, in each case, multiplied by four; (b) for the Test Period consisting of the first two full fiscal quarters of the Parent Borrower after the Closing Date, the Consolidated EBITDA of the Parent Borrower and Fixed Charges made in cash for the first two full fiscal quarters of the Parent Borrower after the Closing Date, in each case, multiplied by two; and (c) for the Test Period consisting of the first three full fiscal quarters of the Parent Borrower after the Closing Date, the Consolidated EBITDA of the Borrower and Fixed Charges made in cash for the first three full fiscal quarters after the Closing Date, in each case, multiplied by 4/3.

"**Floor**" shall mean a rate of interest equal to 0.00%.

<u>"**Foreign Currency**" shall mean any currency other than Dollars.</u>

"**Foreign Plan**" shall mean each "employee benefit plan" (within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA) that is not subject to U.S. law and is maintained or contributed to by any Credit Party or any of its Subsidiaries.

"**Foreign Plan Event**" shall mean, with respect to any Foreign Plan, (i) the failure by a Credit Party or any of its Subsidiaries to make or, if applicable, accrue in accordance with normal accounting practices, any employer or employee contributions required by applicable law or by the terms of such Foreign Plan; (ii) the failure by a Credit Party or any of its Subsidiaries to register or loss of good standing (if applicable) with applicable regulatory authorities of any such Foreign Plan required to be registered; or (iii) the failure of any Foreign Plan to comply with any provisions of applicable law or regulations or with the terms of such Foreign Plan.

"**Foreign Subsidiary**" shall mean each Subsidiary of the Parent Borrower that is not a Domestic Subsidiary.

"**Forward-Looking Information**" shall have the meaning provided in <u>Section 8.8(a)</u>.

"**Fronting Exposure**" shall mean, at any time there is a Defaulting Lender, with respect to each Letter of Credit Issuer, such Defaulting Lender's Revolving Credit Commitment Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender's participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

"**Fronting Fee**" shall have the meaning provided in <u>Section 4.1(d)</u>.

"**FSHCO**" shall mean any direct or indirect Domestic Subsidiary of the Borrower, substantially all of the assets of which consist of the Capital Stock and/or Indebtedness of one or more (a) Foreign Subsidiaries that are CFCs, (b) other direct or indirect Domestic Subsidiaries of the Borrower that are direct or indirect Subsidiaries of a CFC or (c) other direct or indirect Domestic Subsidiaries of the Borrower that are FSHCOs.

"**Fund**" shall mean any Person (other than a natural Person) that is engaged or advises funds or other investment vehicles that are engaged in making, purchasing, holding, or investing in commercial loans and similar extensions of credit in the ordinary course.

"**GAAP**" shall mean generally accepted accounting principles in the United States, as in effect from time to time; <u>provided</u>, <u>however</u>, that if the Parent Borrower notifies the Administrative Agent that the Parent Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or in the application thereof on the operation of such provision, regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Furthermore, at any time after the Closing Date, the Parent Borrower may elect to apply International Financial Reporting Standards ("**IFRS**") accounting principles in lieu of GAAP and, upon any such election, references herein to GAAP and GAAP concepts shall thereafter be construed to refer to IFRS and corresponding IFRS concepts (except as otherwise provided in this Agreement); <u>provided</u> any such election, once made, shall be irrevocable; <u>provided</u>, <u>further</u>, that any calculation or determination in this Agreement that requires the application of GAAP for periods that include fiscal quarters ended prior to the Parent Borrower's election to apply IFRS shall remain as previously calculated or determined in accordance with GAAP. Notwithstanding any other provision contained herein, the amount of any Indebtedness under GAAP with respect to Capitalized Lease Obligations shall be determined in accordance with the definition of Capitalized Lease Obligations.

"**Governmental Authority**" shall mean any nation, sovereign, or government, any state, province, territory, or other political subdivision thereof, and any entity or authority exercising executive, legislative, judicial, taxing, regulatory, or administrative functions of or pertaining to government, including a central bank or stock exchange (including any supranational body exercising such powers or functions, such as the European Union or the European Central Bank).

"**Granting Lender**" shall have the meaning provided in <u>Section 13.6(g)</u>.

"**Gross Income from Operations**" shall mean, as of any date of determination, the sum of the following: (a) total annualized base rent and recurring revenues in place as of such date of determination, based on executed leases, including, without limitation, (i) booked but not billed Leases ("*BBnB Leases*") with lease commencement dates within twelve (12) months following such date of determination or with free rent periods (provided that free rent shall not be included to the extent it exceeds one month of free rent per year of such Lease's initial term) currently in effect (in each case, as if base rent and recurring revenues were currently being paid under such Leases) and (ii) any contractual rent increases within the twelve (12) months following such date of determination, (b) tenant reimbursements (to the extent provided for pursuant to the applicable Lease) (i) during the twelve (12)-month period immediately preceding such date of determination or (ii) for Leases executed in such twelve (12)-month period, the annualized amount thereof, and (c) percentage and overage rent, ancillary income (e.g., parking, tenant services and signage) and any fee, collection or payment received with respect to such executed Leases, in each case pursuant to this clause (c), (i) during the twelve (12)-month period immediately preceding such date of determination or (ii) for Leases executed in such twelve (12)-month period, the annualized amount thereof (without duplication of any amounts set forth in clauses (a) and (b) above), but excluding (solely for purposes of calculating Net Operating Income) one-time extraordinary income or non-recurring income , and in each case with respect to clauses (a), (b) and (c), excluding amounts paid or payable under any such Lease with respect to which the tenant thereunder (x) is in base rent monetary default in excess of two (2) months, (y) is the subject of a Bankruptcy Action and which tenant has not assumed its Lease or (z) has given written notice that it will vacate within six (6) months of such date of determination, except to the extent a new Lease is signed for such premises.

"**Guarantee**" shall mean (i) the Guarantee made by each Guarantor in favor of the Collateral Agent for the benefit of the Secured Parties, substantially in the form of <u>Exhibit B</u>, and (ii) any other guarantee of the Obligations made by a Credit Party in form and substance reasonably acceptable to the Administrative Agent.

"**guarantee obligations**" shall mean, as to any Person, any obligation of such Person guaranteeing or intended to guarantee any Indebtedness of any primary obligor in any manner, whether directly or indirectly, including any obligation of such Person, whether or not contingent, (i) to purchase any such Indebtedness or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (a) for the purchase or payment of any such Indebtedness or (b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities, or services primarily for the purpose of assuring the owner of any such Indebtedness of the ability of the primary obligor to make payment of such Indebtedness, or (iv) otherwise to assure or hold harmless the owner of such Indebtedness against loss in respect thereof; <u>provided</u>, <u>however</u>, that the term guarantee obligations shall not include endorsements of instruments for deposit or collection in the ordinary course of business or customary and reasonable indemnity obligations or product warranties in effect on the Closing Date or entered into in connection with any acquisition or disposition of assets permitted under this Agreement (other than such obligations with respect to Indebtedness). The amount of any guarantee obligation shall be deemed to be an amount equal to the stated or determinable amount of the Indebtedness in respect of which such guarantee obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as determined by such Person in good faith.

"**Guarantors**" shall mean (a) the Initial Guarantors and (b) each Subsidiary of the Parent Borrower that becomes a party to the Guarantee after the Closing Date pursuant to <u>Section 9.11</u> or otherwise; <u>provided</u> that, for the avoidance of doubt, in no event shall any Excluded Subsidiary be required to be a Guarantor.

"**Hazardous Materials**" shall mean (i) any petroleum or petroleum products, radioactive materials, friable asbestos, polychlorinated biphenyls, per- and polyfluoroalkyl substances, and radon gas; (ii) any chemicals, materials, or substances defined as or included in the definition of "hazardous substances," "hazardous waste," "hazardous materials," "extremely hazardous waste," "restricted hazardous waste," "toxic substances," "toxic pollutants," "contaminants," or "pollutants," or words of similar import, under any Environmental Law; and (iii) any other chemical, material, or substance, which is prohibited, limited, or regulated due to its dangerous or deleterious properties or characteristics, by any Environmental Law.

"**Hedge Agreements**" shall mean (i) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (ii) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any "International Foreign Exchange Master Agreement", or any other master agreement (any such master agreement, together with any related schedules, a "**Master Agreement**"), including any such obligations or liabilities under any Master Agreement.

"**Hedging Obligations**" shall mean, with respect to any Person, the obligations of such Person under any Hedge Agreements.

"**Holdings**" shall have the meaning provided in the preamble to this Agreement.

"**IFRS**" shall have the meaning given to such term in the definition of GAAP.

"**Impacted Loans**" shall have the meaning provided in <u>Section 0(a)</u>.

"**incur**" and "**incurrence**" shall have the meaning provided in <u>Section 10.1</u>.

"**Incurrence Based Amounts**" shall have the meaning provided in <u>Section 1.12(a)</u>.

"**Indebtedness**" shall mean, with respect to any Person, (i) any indebtedness (including principal and premium) of such Person, whether or not contingent (a) in respect of borrowed money, (b) evidenced by bonds, notes, debentures, or similar instruments or letters of credit or bankers' acceptances (or, without double counting, reimbursement agreements in respect thereof), (c) representing the balance deferred and unpaid of the purchase price of any property (including Capitalized Lease Obligations), or (d) representing any Hedging Obligations, if and to the extent that any of the foregoing Indebtedness (other than letters of credit and Hedging Obligations) would appear as a net liability upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; <u>provided</u> that Indebtedness of any direct or indirect parent company appearing upon the balance sheet of the Parent Borrower solely by reason of push down accounting under GAAP shall be excluded, (ii) to the extent not otherwise included, any obligation by such Person to be liable for, or to pay, as obligor, guarantor or otherwise, on the obligations of the type referred to in <u>clause (i)</u> of another Person (whether or not such items would appear upon the balance sheet of such obligor or guarantor), other than by endorsement of negotiable instruments for collection in the ordinary course of business, and (iii) to the extent not otherwise included, the obligations of the type referred to in <u>clause (i)</u> of another Person secured by a Lien on any asset owned by such Person, whether or not such Indebtedness is assumed by such Person; <u>provided</u> that notwithstanding the foregoing, Indebtedness shall be deemed not to include (1) Contingent Obligations incurred in the ordinary course of business, (2) obligations under or in respect of Permitted Securitization Financings (including obligations under or in respect of any Permitted Securitization Guarantees), (3) prepaid or deferred revenue arising in the ordinary course of business, (4) purchase price holdbacks arising in the ordinary course of business in respect of a portion of the purchase price of an asset to satisfy warrants or other unperformed obligations of the seller of such asset, (5) any balance that constitutes a trade payable or similar obligation to a trade creditor, accrued in the ordinary course of business, (6) any earn-out obligation until such obligation, within 60 days of becoming due and payable, has not been paid and such obligation is reflected as a liability on the balance sheet of such Person in accordance with GAAP, (7) any obligations attributable to the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto, (8) accrued expenses and royalties, (9) asset retirement obligations and obligations in respect of workers' compensation (including pensions and retiree medical care) that are not overdue by more than 60 days or (10) leases that would not be classified as Capitalized Lease Obligations. The amount of Indebtedness of any Person for purposes of <u>clause (iii)</u> above shall (unless such Indebtedness has been assumed by such Person) be deemed to be equal to the lesser of (x) the aggregate unpaid amount of such Indebtedness and (y) the Fair Market Value of the property encumbered thereby as determined by such Person in good faith.

For all purposes hereof, the Indebtedness of the Parent Borrower and the other Credit Parties, shall exclude all intercompany Indebtedness having a term not exceeding 365 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business consistent with past practice.

"**Indemnified Liabilities**" shall have the meaning provided in <u>Section 13.5</u>.

"**Indemnified Persons**" shall have the meaning provided in <u>Section 13.5</u>.

"**Indemnified Taxes**" shall mean all Taxes imposed on or with respect to any payment by or on account of any obligation of any Credit Party hereunder or under any other Credit Document, other than Excluded Taxes or Other Taxes.

"**Initial Commitment Party**" shall have the meaning assigned to such term in the Commitment Letter.

"**Initial Default**" shall have the meaning assigned to such term in <u>Section 1.2(j)</u>.

"**Initial Guarantors**" shall mean (a) each of Holdings, Phoenix Infrastructure LLC, DCCO Tukwila Domestic REIT, LLC and Phoenix Data Center Parent LLC and (b) each Wholly-Owned Subsidiary of the Parent Borrower existing as of the Closing Date which owns Collateral (other than any Excluded Subsidiary).

"**Insolvent**" shall mean, with respect to any Multiemployer Plan, the condition that such Multiemployer Plan is "insolvent" within the meaning of Section 4245 of ERISA.

"**Intellectual Property**" shall mean intellectual property, including all (i) (a) patents, inventions, processes, developments, technology, and know-how; (b) copyrights (including copyrights in software) and works of authorship in any media, including graphics, advertising materials, labels, package designs, and photographs; (c) trademarks, service marks, trade names, brand names, corporate names, Internet domain names, logos, trade dress, and other source indicators, and the goodwill of any business symbolized thereby; and (d) trade secrets, confidential, proprietary, or non-public information and (ii) all registrations, issuances, applications, renewals, extensions, substitutions, continuations, continuations-in-part, divisionals, re-issues, re-examinations, or similar legal protections related to the foregoing.

"**Interest Period**" shall mean, with respect to any Loan, the interest period applicable thereto, as determined pursuant to <u>Section 2.9</u>.

"**Investment**" shall mean, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees), advances, or capital contributions (excluding accounts receivable, trade credit, advances to customers, commission, travel, and similar advances to officers and employees, in each case made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests, or other securities issued by any other Person and investments that are required by GAAP to be classified on the consolidated balance sheet (excluding the footnotes) of the Parent Borrower in the same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property; <u>provided</u> that Investments shall not include, in the case of the Parent Borrower and the other Credit Parties, intercompany loans (including guarantees), advances, or Indebtedness having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business.

The amount of any Investment outstanding at any time shall be the original cost of such Investment, reduced by any dividend, distribution, interest payment, return of capital, repayment, or other amount received by the Parent Borrower or another Credit Party in respect of such Investment (<u>provided</u> that, with respect to amounts received other than in the form of Cash Equivalents, such amount shall be equal to the Fair Market Value of such consideration).

"**Investment Grade Rating**" shall mean a rating equal to or higher than Baa3 (or the equivalent) by Moody's and BBB- (or the equivalent) by S&P, or an equivalent rating by any other rating agency.

"**Investment Grade Securities**" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) securities issued or directly and fully guaranteed or insured by the United States
government or any agency or instrumentality thereof (other than Cash Equivalents),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) debt securities or debt instruments with an Investment Grade Rating, but excluding
any debt securities or instruments constituting loans or advances among the Parent Borrower and its
Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) investments in any fund that invest at least 90% in investments of the type described
in <u>clauses (i)</u> and <u>(ii)</u> which fund may also hold immaterial amounts of cash pending investment or distribution, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) corresponding instruments in countries other than the United States customarily utilized
for high-quality investments.

"**Investors**" shall mean the Sponsor and certain of the Sponsor's Affiliates.

"**IPO**" shall mean the initial underwritten public offering (other than a public offering pursuant to a registration statement on Form S-8) of common Equity Interests in the Parent Borrower or a parent entity of the Parent Borrower.

"**IPO Entity**" shall mean, at any time at and after an IPO, the Parent Borrower or a parent entity of the Borrower, as the case may be, the Equity Interests in which were issued or otherwise sold pursuant to the IPO.

"**IPO Listco**" shall mean a wholly-owned subsidiary of the Parent Borrower formed in contemplation of an IPO to become the IPO Entity. The Parent Borrower shall, promptly following its formation, notify the Administrative Agent of the formation of any IPO Listco.

"**IPO Reorganization Transactions**" shall mean, collectively, the transactions taken in connection with and reasonably related to consummating an IPO, including, without limitation, (a) formation and ownership of IPO Shell Companies, (b) entry into, and performance of, a reorganization or similar agreement among any of the Parent Borrower, its Subsidiaries and/or IPO Shell Companies implementing IPO Reorganization Transactions and other reorganization transactions in connection with an IPO, (c) entry into, and performance of, customary documentation (and amendments to existing documentation) governing the relations between and among the Parent Borrower, the IPO Entity and their respective Subsidiaries, (d) entry into, and performance of, customary underwriting agreements in connection with an IPO and any future follow-on underwritten public offerings of common Equity Interests in the IPO Entity, including the provision by IPO Entity and the Parent Borrower of customary representations, warranties, covenants and indemnification to the underwriters thereunder, (e) the merger of one or more IPO Subsidiaries with one or more direct or indirect holders of Equity Interests in the Parent Borrower with the surviving entity in any such merger holding Equity Interests in the Parent Borrower and the merger of such entities with any IPO Shell Company or IPO Subsidiary, (f) the issuance of Equity Interests of IPO Shell Companies to holders of Equity Interests of the Parent Borrower in connection with any IPO Reorganization Transactions, (g) the contribution, directly or indirectly, of Equity Interests of the Parent Borrower and its Subsidiaries to the IPO Entity or any IPO Shell Company or the acquisition by the IPO Entity or such IPO Shell Company thereof, (h) the entry into an exchange agreement, pursuant to which holders of Equity Interests of the Parent Borrower will be permitted to exchange such interests for certain economic/voting Equity Interests in IPO Listco, (i) the entry into, and performance of, any tax receivables agreements by any IPO Shell Company or IPO Subsidiary and (j) any other transactions and documentation related to the foregoing or necessary or appropriate in view of the board of directors of the Parent Borrower in connection with an IPO , in each case of <u>clauses (a)</u> through <u>(i)</u>, so long as after giving Pro Forma Effect to such agreement and the transactions contemplated thereby, the security interests of the Lenders in the Collateral and the Guarantees of the Obligations, taken as a whole, would not be materially impaired.

"**IPO Shell Company**" shall mean each of IPO Listco and IPO Subsidiary.

"**IPO Subsidiary**" shall mean a wholly-owned subsidiary of IPO Listco formed in contemplation of, and to facilitate, IPO Reorganization Transactions and an IPO. The Parent Borrower shall, promptly following its formation, notify the Administrative Agent of the formation of an IPO Subsidiary.

"**ISDA CDS Definitions**" shall have the meaning provided in <u>Section 13.1</u>.

" **ISP**" shall mean, with respect to any Letter of Credit, the "International Standby Practices 1998" as International Chamber of Commerce Publication No. 590 (or such later version thereof as may be in effect at the time of issuance).

"**Issuer Documents**" shall mean, with respect to any Letter of Credit, the Letter of Credit Request and any other document, agreement, and instrument entered into by any Letter of Credit Issuer and the Borrower (or any other Credit Party) or in favor of any Letter of Credit Issuer and relating to such Letter of Credit.

"**Joinder Agreement**" shall mean an agreement substantially in the form of <u>Exhibit A</u>.

"**Joint Lead Arrangers**" shall mean each of Wells Fargo Bank, National Association and TD Securities (USA) LLC, in each case, in their respective capacities as joint bookrunners and lead arrangers, and BMO Capital Markets Corp. and The Bank of Nova Scotia, in each case, in their respective capacities as joint lead arrangers.

"**Junior Debt**" shall mean any Indebtedness (other than any permitted intercompany Indebtedness owing between and among the Parent Borrower or any other Credit Party) that is Subordinated Indebtedness.

"**KYC Rules**" shall have the meaning provided in <u>Section 6.14</u>.

"**Land**" shall mean any undeveloped land parcel, whether owned or ground-leased.

"**L/C Borrowing**" shall mean an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed on the date when made or refinanced as a Borrowing.

"**L/C Facility Maturity Date**" shall mean the date that is three Business Days prior to the Revolving Credit Maturity Date; <u>provided</u> that the L/C Facility Maturity Date may be extended beyond such date with the consent of the applicable Letter of Credit Issuer.

"**L/C Obligations**" shall mean, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit *plus* the aggregate of all Unpaid Drawings, including all L/C Borrowings. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of any rule of law or standard practices to which any Letter of Credit is subject (such as Rules 3.13 and 3.14 of the International Standby Practices (ISP98) and Article 29 of the UCP) or any express term of the Letter of Credit, such Letter of Credit shall be deemed to be "outstanding" in the amount so remaining available to be drawn. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time.

"**L/C Participant**" shall have the meaning provided in <u>Section 3.3(a)</u>.

"**L/C Participation**" shall have the meaning provided in <u>Section 3.3(a)</u>.

"**L/C Sublimit**" shall mean up to $50,000,000 in the aggregate amount of Letters of Credit that may be issued under the Revolving Credit Facility.

"**LCT Election**" shall have the meaning provided in <u>Section 1.12(b)</u>.

"**LCT Test Date**" shall have the meaning provided in <u>Section 1.12(b)</u>.

"**Lease**" shall mean any lease, master service agreement, co-location agreement, hosting services agreement or other similar agreement (including booked-but-not-billed leases), as amended or supplemented, and each guarantee of the performance and observance of the covenants, conditions and agreements to be performed and observed by the other party thereto with respect to such any such agreement.

"**Lender**" shall have the meaning provided in the preamble to this Agreement.

"**Lender Default**" shall mean (i) the refusal or failure of any Lender to make available its portion of any incurrence of Loans, which refusal or failure is not cured within one Business Day after the date of such refusal or failure, unless such Lender notifies the Administrative Agent in writing that such refusal or failure is the result of such Lender's good faith determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in writing) has not been satisfied, (ii) the failure of any Lender to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within one Business Day of the date when due, unless the subject of a good faith dispute, (iii) a Lender has notified, in writing, the Borrower or the Administrative Agent that it does not intend to comply with its funding obligations under this Agreement or has made a public statement to that effect with respect to its funding obligations under this Agreement, or a Lender has publicly announced that it does not intend to comply with its funding obligations under other loan agreements, credit agreements or similar facilities generally, (iv) a Lender has failed to confirm in a manner reasonably satisfactory to the Administrative Agent that it will comply with its funding obligations under this Agreement or (v) a Distressed Person has admitted in writing that it is insolvent or such Distressed Person becomes subject to a Lender-Related Distress Event.

"**Lender-Related Distress Event**" shall mean, with respect to any Lender or any other Person that directly or indirectly controls such Lender (each, a "**Distressed Person**") a voluntary or involuntary case with respect to such Distressed Person under any debt relief law, or a custodian, conservator, receiver, or similar official is appointed for such Distressed Person or any substantial part of such Distressed Person's assets, or such Distressed Person, or any Person that directly or indirectly controls such Distressed Person or is subject to a forced liquidation or such Distressed Person makes a general assignment for the benefit of creditors or is otherwise adjudicated as, or determined by any governmental authority having regulatory authority over such Distressed Person or its assets to be, insolvent or bankrupt; <u>provided</u> that a Lender-Related Distress Event shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any equity interests in any Lender or any Person that directly or indirectly controls such Lender by a governmental authority or an instrumentality thereof.

" **Letter of Credit**" and "**Letters of Credit**" shall mean each standby letter of credit issued pursuant to <u>Section 3.1(a)</u>.

"**Letter of Credit Commitments**" shall mean (a) initially, with respect to the Letter of Credit Issuers specifically identified in clause (a) of the definition of "Letter of Credit Issuers", as of the Closing Date, with respect to (i) Wells Fargo Bank, National Association, in its capacity as Letter of Credit Issuer, 25% of the L/C Sublimit, (ii) The Toronto-Dominion Bank, New York Branch, in its capacity as Letter of Credit Issuer, 25% of the L/C Sublimit, (iii) Bank of Montreal, in its capacity as Letter of Credit Issuer, 25% of the L/C Sublimit and (iv) The Bank of Nova Scotia, in its capacity as Letter of Credit Issuer, 25% of the L/C Sublimit, and (b) after the addition of any other Letter of Credit Issuer as referenced in the definition of "Letter of Credit Issuers", the percentage agreed to between such additional Letter of Credit Issuer and the Parent Borrower (with the Letter of Credit Commitments of each pre-existing Letter of Credit Issuer as elected by the Parent Borrower in consultation with each such pre-existing Letter of Credit Issuer); <u>provided</u>, that upon the request of the Parent Borrower, any Letter of Credit Issuer may agree, in its sole discretion, to increase its Letter of Credit Commitments under this definition, subject to the aggregate Letter of Credit Commitments not exceeding the L/C Sublimit.

"**Letter of Credit Sublimit Expiration Date**" shall mean the day that is three Business Days prior to the scheduled Maturity Date then in effect for the Revolving Credit Facility.

"**Letter of Credit Exposure**" shall mean, with respect to any Lender, at any time, the sum of (i) the amount of the principal amount of any Unpaid Drawings in respect of which such Lender has made (or is required to have made) payments to the Letter of Credit Issuers pursuant to <u>Section 3.4(a)</u> at such time and (ii) such Lender's Revolving Credit Commitment Percentage of the Letters of Credit Outstanding at such time (excluding the portion thereof consisting of Unpaid Drawings in respect of which the Lenders have made (or are required to have made) payments to the Letter of Credit Issuers pursuant to <u>Section 3.4(a)</u>).

"**Letter of Credit Fee**" shall have the meaning provided in <u>Section 4.1(b)</u>.

"**Letter of Credit Issuers**" shall mean (a) each of Wells Fargo Bank, National Association, The Toronto-Dominion Bank, New York Branch, Bank of Montreal and Bank of Nova Scotia and (b) any other Lender that becomes a Letter of Credit Issuer in accordance with <u>Section 3.6</u>, in each case, in its capacity as an issuer of Letters of Credit hereunder, or any replacement or successor issuer of Letters of Credit hereunder. In the event that there is more than one Letter of Credit Issuer at any time, references herein and in the other Credit Documents to the Letter of Credit Issuer shall be deemed to refer to the Letter of Credit Issuer in respect of the applicable Letter of Credit or to all Letter of Credit Issuers, as the context requires.

" **Letter of Credit Request**" shall mean a notice executed and delivered by the Borrower pursuant to <u>Section 3.2</u>, and in a form which is acceptable to the Letter of Credit Issuers in their reasonable discretion.

"**Letters of Credit Outstanding**" shall mean, at any time the sum of, without duplication, (i) the aggregate Stated Amount of all outstanding Letters of Credit and (ii) the aggregate amount of the principal amount of all Unpaid Drawings.

"**Lien**" shall mean with respect to any asset, any mortgage, lien, pledge, hypothecation, charge, security interest, preference, priority, or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in, and any filing of, or agreement to, give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; <u>provided</u> that in no event shall an operating lease or a non-exclusive license, sub-license or cross-license of Intellectual Property be deemed to constitute a Lien.

"**Lien Release**" shall mean the release of liens encumbering the Acquired Assets and the obligations of any Existing Loan Party (as defined below), pursuant to (a) the Confirmation Order, (b) the Chapter 11 Plan, (c) that certain U.K. Deed of Release, dated as of January 12, 2024, by and among Cyxtera UK TRS Limited, Cyxtera Technology UK Limited and Cyxtera Data Centers, Inc. and (d) any other document releasing liens in respect of the Acquired Assets, including liens providing grants of security to the secured parties party to each of (i) that certain First Lien Credit Agreement dated as of May 1, 2017 (as may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, the "**Existing Seller Credit Agreement**"), among Cyxtera DC Holdings, Inc., Cyxtera DC Parent Holdings, Inc., Cyxtera Communications, LLC, Cyxtera Data Centers, Inc. (collectively, the "**2017 Loan Parties**"), the first lien lenders from time to time party thereto, and Citibank, N.A., as administrative agent and collateral agent, (ii) the Bridge Facility dated as of May 4, 2023, among the 2017 Loan Parties, Cyxtera Canada TRS ULC, Cyxtera Canada, LLC, Cyxtera Communications Canada, ULC, Cyxtera Digital Services, LLC, Cyxtera Technology UK Limited, and Cyxtera UK TRS Limited (collectively with the 2017 Loan Parties, the "**Existing Loan Parties**"), the lenders from time to time party thereto, and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent for such lenders and (iii) the Debtor-in-Possession Financing Credit Agreement dated as of June 7, 2023 by and among the Existing Loan Parties, the lenders from time to time party thereto and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent for such lenders (the "**DIP Facility**").

"**Limited Condition Transaction**" shall mean (a) the consummation of any acquisition, investment, merger or other similar transactions that the Parent Borrower or any other Credit Party is contractually committed to consummate and whose consummation is not conditioned on the availability of, or on obtaining, third party financing, (b) any prepayment, repurchase or redemption of Indebtedness requiring irrevocable notice in advance of such prepayment, repurchase or redemption<u>,</u> and/or (c) any Restricted Payment in connection with an acquisition or investment of the type described in clause (a) of this definition requiring declaration in advance thereof.

"**Loan**" shall mean any Revolving Loan or any other loan made by any Lender pursuant to this Agreement.

"**LTV**" shall mean, on any date of determination, the ratio (expressed as a percentage) of (a) Consolidated Total Net Debt to (b) Consolidated Property Values.

"**Majority Lead Arrangers**" shall have the meaning provided in <u>Section 6.13</u>. "**Mandatory Prepayment Event**" shall have the meaning provided in <u>Section 5.2(b)</u>.

"**Master Agreement**" shall have the meaning provided in the definition of the term "Hedge Agreement."

"**Material Adverse Effect**" shall mean a circumstance or condition affecting the business, assets, operations, properties, or financial condition of the Parent Borrower and its Subsidiaries, taken as a whole, that would, individually or in the aggregate, materially adversely affect (i) the ability of the Parent Borrower and the other Credit Parties, taken as a whole, to perform their payment obligations under this Agreement or any of the other Credit Documents or (ii) the rights and remedies of the Administrative Agent and the Lenders under the Credit Documents.

"**Material Defects**" shall mean (a) any material physical or legal defects (including any material matters disclosed by current engineering, seismic, title and zoning reports) or other material shortfalls in the due diligence of lenders to the First Tier Facilities such that the Properties would (other than in respect of the EU Balance Sheet Loan Facility) not otherwise meet the customary standards for a balance sheet loan secured by (and mezzanine syndication of) a large portfolio of properties similar in size and character to the Properties, (b) any material damage or destruction with respect to the improvements located on the Properties whether or not covered by insurance and/or any material condemnation proceedings that are pending or threatened against the Properties, (c) any material uninsured liability or lack of required license or permit in respect of any of the Properties or (d) in the case of the EU Balance Sheet Loan Facility, any legal limitations that exist in respect of any relevant borrower thereunder that materially limits the ability of such borrower to secure its portion of the EU Balance Sheet Loan Facility (excluding any customarily accepted limitations).

"**Material Indebtedness**" shall have the meaning provided in <u>Section 11.4</u>.

"**Material Lease**" shall mean any Lease, which, either individually or when taken together with any other Lease(s) (including for the avoidance of doubt, any service orders) among the Properties with the same tenant or such tenant's Affiliates, provides the tenant (collectively with its Affiliates) thereunder with access to no less than five (5) or more megawatts of electrical utility power. Notwithstanding the foregoing in no event shall any Facilities Lease (as defined in US Balance Sheet Loan Agreement) constitute a Material Lease.

"**Material Lease Defects**" shall mean any legal defects that would cause any of the Properties to be acquired on the Closing Date constituting leasehold estates not to meet Market Lease Financeability Standards (as defined in the US Balance Sheet Loan Agreement).

"**Material Subsidiary**" shall mean, at any date of determination, each Subsidiary of the Parent Borrower (i) whose total assets at the last day of the Test Period ending on the last day of the most recent fiscal period for which Section 9.1 Financials have been delivered were equal to or greater than 5.0% of the Consolidated Total Assets of the Parent Borrower and its Subsidiaries at such date or (ii) whose revenues during such Test Period were equal to or greater than 5.0% of the consolidated revenues of the Parent Borrower and its Subsidiaries for such period, in each case determined in accordance with GAAP; <u>provided</u> that if, at any time and from time to time after the Closing Date, Subsidiaries that are not Material Subsidiaries (other than Subsidiaries that are Excluded Subsidiaries by virtue of any of <u>clauses (ii)</u> through <u>(xvi)</u> of the definition of "Excluded Subsidiary") have, in the aggregate, (a) total assets at the last day of such Test Period equal to or greater than 10.0% of the Consolidated Total Assets of the Parent Borrower and its Subsidiaries at such date or (b) revenues during such Test Period equal to or greater than 10.0% of the consolidated revenues of the Parent Borrower and its Subsidiaries for such period, in each case determined in accordance with GAAP, then Borrower shall, on the date on which financial statements for such quarter are delivered pursuant to this Agreement, designate in writing to the Administrative Agent one or more of such Subsidiaries as Material Subsidiaries for each fiscal period until this proviso is no longer applicable.

"**Maturity Date**" shall mean the Revolving Credit Maturity Date, or the Extended Revolving Loan Maturity Date, as applicable.

"**Merger Sub**" shall have the meaning provided in the recitals to this Agreement.

"**Minimum Borrowing Amount**" shall mean (i) with respect to a Borrowing of SOFR Loans, $1,000,000 (or, if less, the entire remaining applicable Commitments at the time of such Borrowing) and<u>,</u> (ii) with respect to a Borrowing of ABR Loans, $1,000,000 (or, if less, the entire remaining applicable Commitments at the time of such Borrowing) <u>and (iii) with respect to the Borrowing of CORRA Loans, $1,000,000 (or, if less, the entire remaining applicable Commitments at the time of such Borrowing)</u>.

"**Minimum Collateral Amount**" shall mean, at any time, (i) with respect to Cash Collateral consisting of cash or Cash Equivalents or deposit account balances provided to reduce or eliminate Fronting Exposure during the existence of a Defaulting Lender, an amount equal to 101% of the Fronting Exposure of the Letter of Credit Issuers with respect to Letters of Credit issued and outstanding at such time and (ii) with respect to Cash Collateral consisting of cash or Cash Equivalents or deposit account balances provided in accordance with the provisions of <u>Section 3.8(a)(1)</u> or <u>(a)(2)</u> an amount equal to 101% of the outstanding amount of all L/C Obligations.

"**Moody's**" shall mean Moody's Investors Service, Inc. or any successor by merger or consolidation to its business.

"**Multiemployer Plan**" shall mean a "multiemployer plan" as defined in Section 4001(a)(3) of ERISA to which any Credit Party or ERISA Affiliate makes or is obligated to make contributions, or during the five preceding calendar years, has made or been obligated to make contributions and to which any Credit Party has any outstanding liability.

"**Named Competitor**" shall mean the entities set forth in Annex III of the Commitment Letter (as supplemented, if applicable, from time to time after the date of the Commitment Letter with entities reasonably acceptable to the Administrative Agent).

"**NAV**" shall mean, on any date of determination, (a) Consolidated Property Values minus (b) Consolidated Total Net Debt.

"**Net Cash Proceeds**" shall mean, with respect to any Asset Sale, (i) the gross cash proceeds (including payments from time to time in respect of installment obligations, if applicable, but only as and when received) received by or on behalf of the Parent Borrower or any other Credit Party in respect of such event, as the case may be, less (ii) the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount, if any, of all taxes or Permitted Tax Distributions (including in connection with any repatriation of funds) paid or reasonably estimated to be payable by the Parent Borrower or any other Credit Party in connection with such event,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount of any reasonable reserves established in accordance with GAAP against any liabilities (other than any taxes deducted pursuant to <u>clause (a)</u> above) (1) associated with the assets that are the subject of such event and (2) retained by the Parent Borrower or any other Credit Party; <u>provided</u> that the amount of any subsequent reduction of such reserve (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Cash Proceeds of such an event occurring on the date of such reduction,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the amount of any Indebtedness (other than the Loans) secured by a Lien on the assets that are the subject of such event to the extent that the instrument creating or evidencing such Indebtedness requires that such Indebtedness be repaid upon consummation of such event,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amount of any proceeds therefrom that the Parent Borrower or any other Credit Party has reinvested in the business of the Parent Borrower or any of the other Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the case of any Asset Sale, any funded escrow established pursuant to the documents evidencing any such sale or disposition to secure any indemnification obligations or adjustments to the purchase price associated with any such sale or disposition; <u>provided</u> that the amount of any subsequent reduction of such escrow (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Cash Proceeds of such Asset Sale occurring on the date of such reduction solely to the extent that the Parent Borrower and/or any other Credit Party receives cash in an amount equal to the amount of such reduction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all fees and out-of-pocket expenses paid by the Parent Borrower or another Credit Party in connection with any of the foregoing (for the avoidance of doubt, including, (1) in the case of the issuance of Indebtedness, any fees, underwriting discounts, premiums, and other costs and expenses incurred in connection with such issuance and (2) attorney's fees, investment banking fees, survey costs, title insurance premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, underwriting discounts and commissions, other customary expenses, and brokerage, consultant, accountant, and other customary fees), in each case, only to the extent not already deducted in arriving at the amount referred to in <u>clause (i)</u> above.

"**Net Operating Income**" or "**NOI**" shall mean, as of any date of determination, an amount equal to (x) Gross Income from Operations minus (y) Operating Expenses.

"**Non-Bank Tax Certificate**" shall have the meaning provided in <u>Section 5.4(e)(ii)(B)(3)</u>. "**Non-Consenting Lender**" shall have the meaning provided in <u>Section 13.7(b)</u>. "**Non-Defaulting Lender**" shall mean and include each Lender other than a Defaulting Lender. "**Non-Extension Notice Date**" shall have the meaning provided in <u>Section 3.2(d)</u>.

"**Non-Recourse Indebtedness**" shall mean, with respect to any Person or group of Persons, Indebtedness for borrowed money (or guarantees of obligations in respect thereof) of which recourse for payment is contractually limited to specific assets of such Person or group of Persons (and/or the Equity Interests in such Person or group of Persons) encumbered by a Lien securing such Indebtedness (and for the avoidance of doubt, including customary exceptions for fraud, misapplication of funds, misrepresentation, waste, environmental indemnities, prohibited transfers, violation of "special purpose entity" covenants, bankruptcy, insolvency, receivership or other similar events and other similar exceptions to recourse liability); <u>provided</u> that in the event any such recourse claim is made with respect thereto, the portion of such Indebtedness in an amount equal to the amount of such recourse claim shall no longer constitute "Non-Recourse Indebtedness" for the period that such portion is subject to such recourse claim.

"**Non-U.S. Lender**" shall mean any Lender that is not a "United States person" as defined by Section 7701(a)(30) of the Code.

"**Notice of Borrowing**" shall have the meaning provided in <u>Section 2.3(a)</u>.

"**Notice of Conversion or Continuation**" shall have the meaning provided in <u>Section 2.6(a)</u>.

"**NYFRB**" shall mean the Federal Reserve Bank of New York.

" **NYFRB Rate**" shall mean, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day; <u>provided</u> that, if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for the purposes of calculating such rate.

"**Obligations**" shall mean all advances to, and debts, liabilities, obligations, covenants, and duties of, any Credit Party arising under any Credit Document or otherwise with respect to any Revolving Credit Commitment, Letter of Credit or Loan or under any Secured Cash Management Agreement or Secured Hedge Agreement (other than with respect to any Credit Party's obligations that constitute Excluded Swap Obligations solely with respect to such Credit Party, as the case may be), in each case whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Credit Party or any Affiliate thereof of any proceeding under any bankruptcy or insolvency law naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. Without limiting the generality of the foregoing, the Obligations of the Credit Parties under the Credit Documents (and any of their Subsidiaries to the extent they have obligations under the Credit Documents) include the obligation (including guarantee obligations) to pay principal, interest, charges, expenses, fees, attorney costs, indemnities, and other amounts payable by any Credit Party under any Credit Document.

"**Operating Expenses**" shall mean all ordinary costs and expenses with respect to the operation, management, maintenance, repair and use of the applicable properties, insurance premiums and real property Taxes for the twelve (12)-month period immediately preceding the date of determination (excluding any Extraordinary Expenses, non-cash items, non-recurring expenses, debt service on the US Balance Sheet Loan Facility, loan placement fees and other amounts due and payable on the US Balance Sheet Loan Facility, tenant improvements costs, leasing commissions, Capital Expenditures (including build-out costs and other development costs) or capital reserves, deposits in any reserves (including in any reserve accounts under the US Balance Sheet Loan Agreement), expenses which are subject to reimbursement by (a) any tenant pursuant to the terms of such tenant's Lease (provided that the applicable tenant is not in default under its Lease beyond all applicable notice and cure periods), (b) insurance policy (unless the applicable insurance policy does not cover the applicable claim or the applicable insurer has denied coverage of the applicable claim) or (c) third party pursuant to the terms of a written agreement (provided that such third party is not in default under such written agreement beyond all applicable notice and cure periods), and income taxes and other taxes in the nature of income taxes); provided that the same shall be adjusted (i) for any changes in Taxes, insurance premiums known as of the time of determination and (ii) to reflect an assumed base property management fee equal to the greater of (x) 3.0% of (a) base rent due under the Leases and (y) the actual property management fee payable pursuant to the Management Agreement (as defined in the US Balance Sheet Loan Agreement) and, in the event any sub-management fee is not paid directly by Manager from its management fees, any incremental amounts paid to any sub-manager under any sub-management agreement.

"**Original Revolving Credit Commitments**" shall mean all Revolving Credit Commitments, Existing Revolving Credit Commitments and Extended Revolving Credit Commitments.

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

"**Other Taxes**" shall mean all present or future stamp, registration, court or documentary Taxes or any other excise, property, intangible, mortgage recording, filing or similar Taxes arising from any payment made hereunder or under any other Credit Document or from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to, this Agreement or any other Credit Document; <u>provided</u> that such term shall not include (i) any Taxes that result from an assignment ("**Assignment Taxes**"), to the extent such Assignment Taxes are imposed as a result of a connection between the Lender and the taxing jurisdiction (other than a connection arising solely from any Credit Documents or any transactions contemplated thereunder), except to the extent that any such action described in this proviso is requested or required by the Borrower or (ii) any Excluded Taxes.

"**Overnight Bank Funding Rate**" shall mean, for any date, the rate comprised of both overnight federal funds and overnight eurodollar borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate (from and after such date as the NYFRB shall commence to published such composite rate).

"**Overnight Rate**" shall mean, for any day, with respect to any amount denominated in <u>(a)</u> Dollars, the greater of (i) the Federal Funds Effective Rate, <u>and (ii) an overnight rate determined by the Administrative Agent or the Letter of Credit Issuers, as the case may be, in accordance with banking industry rules on interbank compensation or (b) Canadian Dollars, the greater of (i) CORRA, and</u> (ii) an overnight rate determined by the Administrative Agent or the Letter of Credit Issuers, as the case may be, in accordance with banking industry rules on interbank compensation.

"**Parent Borrower**" shall have the meaning provided in the preamble to this Agreement.

"**Parent Entity**" shall mean any Person that is a direct or indirect parent company (which may be organized as, among other things, a partnership) of the Parent Borrower; <u>provided</u> that for purposes of <u>clauses (i)</u>, <u>(ii)</u>, <u>(iii)</u> and <u>(iv)</u> of the definition of Change of Control, references to the Parent Borrower shall be deemed to refer to any such Parent Entity.

"**Participant**" shall have the meaning provided in <u>Section 13.6(c)(i)</u>.

"**Participant Register**" shall have the meaning provided in <u>Section 13.6(c)(ii)</u>.

"**Participating Member State**" shall mean any member state of the European Union that adopts or has adopted the Euro as its lawful currency in accordance with legislation of the European Union relating to economic and monetary union.

"**Patriot Act**" shall have the meaning provided in <u>Section 13.18</u>.

"**Payment Notice**" shall have the meaning provided in <u>Section 12.14(b)</u>.

"**PBGC**" shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

"**Pension Plan**" shall mean any "employee pension benefit plan" (as defined in Section 3(2) of ERISA, but excluding any Multiemployer Plan) that is subject to Title IV of ERISA, Section 302 of ERISA or Section 412 of the Code, sponsored or maintained by any Credit Party or any of their respective ERISA Affiliates, or to which any Credit Party or any of their respective ERISA Affiliates contributes or had any obligation to contribute if liability to a Credit Party remains.

<u>**"Periodic Term CORRA Determination Date"** has the meaning specified in the definition of "Term CORRA".</u>

"**Permitted Acquisition**" shall mean (a) any transactions or Investments otherwise made in connection with the Transactions and (b) any Investment by any Credit Party in a Person that is engaged in a Similar Business, if as a result of such Investment such Person, in one transaction or a series of related transactions, is merged, consolidated, or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Parent Borrower or another Credit Party, and, in each case, any Investment held by such Person; <u>provided</u> that such Investment was not acquired by such Person in contemplation of such acquisition, merger, consolidation, or transfer.

" **Permitted Asset Swap**" shall mean the concurrent purchase and sale or exchange of Related Business Assets or a combination of Related Business Assets and cash or Cash Equivalents between the Parent Borrower or another Credit Party and another Person; <u>provided</u> that any cash or Cash Equivalents received must be applied in accordance with <u>Section 10.3</u>.

"**Permitted Deferral**" shall mean the deferral of the mortgage of any Third Party Acquired Asset that (x) individually, does not generate more than 5% of Net Operating Income, (y) in the aggregate with any other Third Party Acquired Asset that is the subject of a Permitted Deferral, does not generate more than 15% of Net Operating Income, and (z) in the aggregate with any other Third Party Acquired Asset that is a fee estate and is the subject of a Permitted Deferral, does not generate more than 10% of Net Operating Income (in each case of (x), (y) and (z), calculating Net Operating Income by taking all Acquired Assets as the "applicable properties" for purposes of the calculation of "Gross Income from Operations" and "Operating Expenses").

" **Permitted Holders**" shall mean each of (i) the Investors and their respective Affiliates (other than any portfolio company of an Investor), (ii) [reserved], (iii) any limited or general partners of, or other investors in, any Investor or any Affiliate thereof, (iv) and any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision) of which any of the foregoing are members; <u>provided</u> that, in the case of such group and without giving effect to the existence of such group or any other group, such Investors, their respective Affiliates (other than any portfolio company of an Investor) and members of management, collectively, have beneficial ownership of more than 50% of the total voting power of the Voting Stock of the Parent Borrower or any other direct or indirect Parent Entity, (v) any direct or indirect Parent Entity, for so long as more than 50% of the total voting power of the Voting Stock of such direct or indirect Parent Entity is beneficially owned, directly or indirectly, by one or more of the Persons described in the foregoing clauses (i) through (iv) and (vi) any entity (other than a Parent Entity) through which a Parent Entity described in <u>clause (v)</u> directly or indirectly holds Equity Interests of the Parent Borrower and has no other material operations other than those incidental thereto.

"**Permitted Liens**" shall mean, with respect to any Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pledges or deposits by such Person under workmen's compensation laws,
unemployment insurance laws, or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for
the payment of Indebtedness), or leases to which such Person is a party, or deposits to secure public or statutory obligations of such
Person or deposits of cash or U.S. government bonds to secure surety, stay or appeal bonds to which such Person is a party, or deposits
as security for the payment of rent or deposits made to secure obligations arising from contractual or warranty refunds, in each case,
incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Liens imposed by law, such as landlords', carriers', warehousemen's,
materialmen's, repairmen's, and mechanics' Liens, in each case, (x) for sums not yet overdue for a period of more than
60 days or, if more than 60 days overdue, are unfiled and no other action has been taken to enforce such Lien or that are being contested
in good faith by appropriate proceedings or
other Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an
appeal or other proceedings for review if adequate reserves with respect thereto are maintained on the books of such Person in accordance
with GAAP, or (y) so long as such Liens do not individually or in the aggregate have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Liens for Taxes or other governmental charges, in each case (x) not yet overdue for
a period of more than 60 days or which are being contested in good faith by appropriate proceedings diligently conducted, if adequate
reserves with respect thereto are maintained on the books of such Person in accordance with GAAP or are not required to be paid pursuant
to <u>Section 9.4</u>, or for property Taxes on property of the Parent Borrower or one of its Subsidiaries
has determined to abandon if the sole recourse for such Tax or other charge is to such property or (y) so long as such Liens do not individually
or in the aggregate have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Liens in favor of issuers of performance, surety, bid, indemnity, warranty, release,
appeal, or similar bonds or with respect to other regulatory requirements (including those to secure health, safety and environmental
obligations of the Parent Borrower or any Credit Party) or letters of credit or bankers' acceptances issued, and completion guarantees
provided for, in each case pursuant to the request of and for the account of such Person in the ordinary course of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) minor survey exceptions, minor encumbrances, ground leases, easements, or reservations
of, or rights of others for, licenses, rights-of-way, servitudes, sewers, electric lines, drains, telegraph and telephone and cable television
lines, gas and oil pipelines, and other similar purposes, or zoning, building codes, or other restrictions (including, without limitation,
minor defects or irregularities in title and similar encumbrances) as to the use of real properties or Liens incidental to the conduct
of the business of such Person or to the ownership of its properties which were not incurred in connection with Indebtedness and which
do not, in the aggregate, materially adversely affect the value of said properties or materially impair their use in the operation of
the business of such Person, taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Liens securing Indebtedness to the extent not prohibited to be incurred under this Agreement (so long
as such Liens are subject to (i) in the case of Liens securing Indebtedness on a pari passu basis with the First Lien Obligations, a First
Lien Intercreditor Agreement; and (ii) in the case of Liens securing Indebtedness on a junior basis to the First Lien Obligations, a Second
Lien Intercreditor Agreement); <u>provided</u> that without any further consent of the Lenders, the Administrative Agent and the Collateral
Agent shall be authorized to execute and deliver on behalf of the Secured Parties any First Lien Intercreditor Agreement and any Second
Lien Intercreditor Agreement contemplated by this <u>clause (f)</u>; <u>provided</u>, <u>further</u>, that in the case of clause (d) of <u>Section 10.1</u>, such Lien may not extend to any property, equipment or similar assets (or assets affixed or appurtenant thereto)
other than the property, equipment or similar assets being financed or refinanced under clause (d) of <u>Section 10.1</u>, replacements
of such property, equipment or assets, and additions and accessions and in the case of multiple financings of equipment or similar assets
provided by any lender, other equipment or similar assets financed by such lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) subject to <u>Section 9.14</u>, Liens existing on the Closing Date; <u>provided</u> that any Lien securing Indebtedness or other obligations in excess of (a) $5,000,000 individually or (b) $50,000,000 in the aggregate
(when taken together with all other Liens securing obligations outstanding in reliance on this <u>clause (b)</u> that are not listed on <u>Schedule 1.1(c)</u>) shall only be permitted if set forth on <u>Schedule 1.1(c)</u>, and, in each case, any modifications, replacements,
renewals, refinancings, or extensions thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Liens on property or shares of stock of a Person at the time such Person becomes a
Subsidiary; <u>provided</u> such Liens are not created or incurred in connection with, or in contemplation of, such other Person becoming
a Subsidiary; <u>provided</u>, <u>further</u>, <u>however</u>, that such Liens may not extend to any other property owned by the
Parent Borrower or any other Credit Party (other than, with respect to such Person, any replacements of such property or assets
and additions and accessions thereto, after-acquired property subject to a Lien securing Indebtedness and other obligations incurred prior
to such time and which Indebtedness and other obligations are permitted hereunder that require, pursuant to their terms at such time,
a pledge of after-acquired property of such Person, and the proceeds and the products thereof and customary security deposits in respect
thereof and in the case of multiple financings of equipment or similar assets provided by any lender, other equipment or similar assets
financed by such lender, it being understood that such requirement shall not be permitted to apply to any property to which such requirement
would not have applied but for such acquisition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Liens on property at the time the Parent Borrower or any other Credit
Party acquired the property, including any acquisition by means of a merger or consolidation with or into the
Parent Borrower or any Credit Party; <u>provided</u> that such Liens are not created or incurred in connection with, or in contemplation
of, such acquisition, merger, consolidation, or designation; <u>provided</u>, <u>further</u>, <u>however</u>, that such Liens may not
extend to any other property owned by the Parent Borrower or any other Credit Party (other than, with
respect to such property, any replacements of such property or assets and additions and accessions thereto, after-acquired property subject
to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and other obligations are permitted
hereunder that require, pursuant to their terms at such time, a pledge of after-acquired property, and the proceeds and the products thereof
and customary security deposits in respect thereof and in the case of multiple financings of equipment or similar assets provided by any
lender, other equipment or similar assets financed by such lender, it being understood that such requirement shall not be permitted to
apply to any property to which such requirement would not have applied but for such acquisition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Liens on specific items of inventory or other goods and proceeds of any Person securing
such Person's obligations in respect of bankers' acceptances issued or created for the account of such Person to facilitate
the purchase, shipment, or storage of such inventory or other goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) leases, subleases, licenses, or sublicenses (including of Intellectual Property if
granted on a non-exclusive basis) granted to others in the ordinary course of business, or if granted to any Securitization Entity in
connection with or in contemplation of a Permitted Securitization Financing (including precautionary Liens granted in respect of Securitization
Assets transferred to Securitization Entities in connection with one or more Permitted Securitization Financings);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Liens arising from Uniform Commercial Code financing statement filings regarding operating
leases or consignments entered into by the Parent Borrower or any other Credit Party in the ordinary
course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Liens in favor of any Borrower or any other Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Liens on equipment or similar assets of the Parent Borrower or any other Credit Party granted in the ordinary course of business to the Parent Borrower or such
Credit Party's client at which such equipment or similar asset is located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Liens on Securitization Assets incurred in connection with a Permitted Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Liens to secure any refinancing, refunding, extension, renewal, or replacement (or successive refinancing,
refunding, extensions, renewals, or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in <u>clauses (f)</u>, <u>(g)</u>, <u>(h</u>) and <u>(i)</u> of this definition of Permitted Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) deposits made or other security provided to secure liabilities to insurance carriers
under insurance or self-insurance arrangements in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Liens securing judgments and attachments for the payment of money not constituting an Event of Default
under <u>Section 11.5</u> or <u>Section 11.9</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Liens in favor of customs and revenue authorities arising as a matter of law to secure
payment of customs duties in connection with the importation of goods in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Liens (a) of a collection bank arising under Section 4-210 of the Uniform Commercial Code or any comparable
or successor provision on items in the course of collection, (b) attaching to cash pooling accounts, commodity trading accounts or other
commodity brokerage accounts incurred in the ordinary course of business, and (c) in favor of banking or other
financial institutions or other electronic payment service providers arising as a matter of law (or customary business provisions) encumbering
deposits (including the right of set-off) and which are within the general parameters customary in the banking or finance industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Liens deemed to exist in connection with Investments in repurchase agreements permitted
under <u>Section 10.1</u>; <u>provided</u> that such Liens do not extend to any assets other than those that are the subject of such repurchase
agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Liens encumbering reasonable customary initial deposits and margin deposits and similar
Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative
purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Liens that are contractual rights of set-off (a) relating to the establishment of
depository relations with banks not given in connection with the issuance of Indebtedness, (b) relating to pooled deposits or sweep accounts
of the Parent Borrower or any of the other Credit Parties to permit satisfaction of overdraft or similar
obligations incurred in the ordinary course of business of the Parent Borrower and the other Credit
Parties, or (c) relating to purchase orders and other agreements entered into by the
Parent Borrower or any of the other Credit Parties in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Liens (a) solely on any cash earnest money deposits made by the
Parent Borrower or any of the other Credit Parties in connection with any letter of intent or purchase agreement permitted under
this Agreement or (b) consisting of an agreement to dispose of any property pursuant to a disposition permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) rights reserved or vested in any Person by the terms of any lease, license, franchise, grant, or permit
held by the Parent Borrower or any of the other Credit Parties or by a statutory provision, to terminate
any such lease, license, franchise, grant, or permit, or to require annual or periodic payments as a condition to the continuance thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) restrictive covenants affecting the use to which real property may be put; <u>provided</u> that the covenants are complied with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) security given to a public utility or any municipality
or governmental authority when required by such utility or authority in connection with the operations of that Person in the ordinary
course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) zoning by-laws and other land use restrictions, including,
without limitation, site plan agreements, development agreements, and contract zoning agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) Liens arising out of conditional sale, title retention,
consignment, or similar arrangements for sale of goods entered into by the Parent Borrower or any
other Credit Party in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) Liens arising under the Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) Liens on goods purchased in the ordinary course of business,
the purchase price of which is financed by a commercial letter of credit issued for the account of the Parent Borrower or any other Credit
Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) (a) Liens on Equity Interests in, or assets of, joint ventures; <u>provided</u> that
any such Lien is in favor of a creditor of such joint venture and such creditor is not an Affiliate of any partner to such joint venture
and (b) purchase options, call, and similar rights of, and restrictions for the benefit of, a third party with respect to Equity Interests
held by the Parent Borrower or any other Credit Party in joint ventures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) Liens on cash and Cash Equivalents that are earmarked
to be used to satisfy or discharge Indebtedness; <u>provided</u> (a) such cash and/or Cash Equivalents are deposited into an account
from which payment is to be made, directly or indirectly, to the Person or Persons holding the Indebtedness that is to be satisfied or
discharged, (b) such Liens extend solely to the account in which such cash and/or Cash Equivalents are deposited and are solely in favor
of the Person or Persons holding the Indebtedness (or any agent or trustee for such Person or Persons) that is to be satisfied or discharged,
and (c) the satisfaction or discharge of such Indebtedness is expressly permitted hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) with respect to any Foreign Subsidiary, Liens and privileges arising mandatorily by
any Requirements of Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the extent pursuant to a Requirements of Law, Liens on cash or Investments securing
Hedge Agreements in the ordinary course of business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) without duplication of any of the foregoing, any Liens not on Collateral permitted to be incurred pursuant to any First Tier Facility Agreement .

For purposes of this definition, the term "Indebtedness" shall be deemed to include interest on, and fees, expenses and other obligations payable with respect to, such Indebtedness.

"**Permitted Sale Leaseback**" shall mean any Sale Leaseback consummated by the Parent Borrower or any other Credit Party after the Closing Date; <u>provided</u> that any such Sale Leaseback is consummated for fair value as determined at the time of consummation in good faith by (i) the Parent Borrower or such Credit Party or (ii) in the case of any Sale Leaseback (or series of related Sale Leasebacks) the aggregate proceeds of which exceed the greater of (a) $275,000,000<u>293,300,000</u> and (b) 5.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) at the time of the incurrence of such Sale Leaseback, the board of directors (or analogous governing body) of the Parent Borrower or such Credit Party (which such determination may take into account any retained interest or other Investment of the Parent Borrower or such Credit Party in connection with, and any other material economic terms of, such Sale Leaseback).

"**Permitted Securitization Documents**" shall mean all documents and agreements evidencing, relating to, contemplated by or otherwise governing a Permitted Securitization Financing, including any hedge or swap agreement, management agreement, back-up management agreement, Servicing Arrangement, other servicing agreement or Permitted Securitization Guarantee entered into in connection therewith.

"**Permitted Securitization Financing**" shall mean (A) one or more transactions pursuant to which (i) Securitization Assets or interests therein are or have been sold, contributed or otherwise transferred to, whether directly or indirectly (including by way of the transfer of the Equity Interests of Securitization Entities or an entity that is not a Credit Party holding solely Securitization Assets), or financed by, one or more Securitization Entities and (ii) such Securitization Entities finance (or refinance) such Securitization Assets or interests therein, whether for the purpose of acquiring such Securitization Assets, providing financing in respect thereof or otherwise, by selling, otherwise transferring or borrowing against Securitization Assets (including bridge, conduit and warehouse financings and "whole-business" securitizations, whether "royalty-only" or securitizing "company-owned store", "distribution or other profit margin" or other assets, in each case, which financings may or may not be syndicated or rated) or (B) one or more transactions pursuant to which Receivables Assets or interests therein are or have been sold or otherwise transferred by the Borrower, a Subsidiary or a Securitization Entity in the form of receivables purchase/sale, factoring agreements or other similar transactions customary with respect to Securitization Assets, in each of the cases set forth in clauses (A) and (B) above, pursuant to Permitted Securitization Documents and <u>provided</u>, that recourse to the Borrower or any Subsidiary (other than the Securitization Entities) in connection with such transactions shall be limited to the extent customary (as determined by the Borrower in good faith) for similar transactions in the applicable jurisdictions (including, to the extent applicable, in a manner consistent with the delivery of a "true sale"/"absolute transfer" and/or "substantive non-consolidation" opinion with respect to any transfer by the Borrower or any Subsidiary (other than a Securitization Entity)); and <u>provided</u>, <u>further</u>, that solely in the case of clause (A) above (x) the related Securitization Entities comply with the limitations on the sale and distribution of their equity interests as set forth herein and (y) any intercompany royalty charged to the Borrower or any of its restricted subsidiaries for the use of the related intellectual property is on market terms (as determined in good faith by the Borrower).

"**Permitted Securitization Guarantee**" shall mean a performance guaranty or other customary Guarantee or indemnification, contribution or other contractual obligations or undertakings provided by the Borrower, a Subsidiary or an Affiliate thereof in connection with a Permitted Securitization Financing; <u>provided</u> that the foregoing shall not materially impair the status of any Securitization Entity as such including the delivery of customary "true sale"/"absolute transfer" and/or "substantive non-consolidation" opinions in respect thereof.

"**Person**" shall mean any individual, partnership, joint venture, firm, corporation, limited liability company, association, trust, or other enterprise or any Governmental Authority.

"**Personal Information**" shall mean (i) all information identifying, or that alone or in combination with other information allows for the identification of, an individual; and (ii) all information that is defined as "personal data" or "personal information" under applicable Requirements of Law.

"**Platform**" shall have the meaning provided in <u>Section 13.17(a)</u>.

"**Pledge Agreement**" shall mean the Pledge Agreement, entered into by the Credit Parties party thereto and the Collateral Agent for the benefit of the Secured Parties, substantially in the form of <u>Exhibit C</u>.

"**Prepayment Cap**" shall have the meaning provided in <u>Section 5.2(b)</u>.

"**primary obligor**" shall have the meaning provided such term in the definition of Contingent Obligations.

"**Prime Rate**" shall mean the "U.S. Prime Rate" in effect on any such day as quoted in The Wall Street Journal.

"**Pro Forma Basis,**" "**Pro Forma Compliance,**" and "**Pro Forma Effect**" shall mean, with respect to compliance with any test, financial ratio, payment or covenant hereunder required by the terms of this Agreement to be made on a Pro Forma Basis or after giving Pro Forma Effect thereto, that all Pro Forma Events and the following transactions in connection therewith that have been made during the applicable period of measurement or subsequent to such period and prior to or simultaneously with the event for which the calculation is made shall be deemed to have occurred as of the first day of the applicable period of measurement in such test, financial ratio or covenant: (a) income statement items (whether positive or negative) attributable to the property or Person subject to such Pro Forma Event, (1) in the case of a sale, transfer, or other disposition of all or substantially all Capital Stock in any Subsidiary of the Parent Borrower or any division, product line, or facility used for operations of the Parent Borrower or any of its Subsidiaries, shall be excluded, and (2) in the case of a Permitted Acquisition or Investment described in the definition of Specified Transaction, shall be included, (b) any retirement of Indebtedness, (c) any incurrence or assumption of Indebtedness by the Parent Borrower or any of the other Credit Parties in connection therewith (it being agreed that if such Indebtedness has a floating or formula rate, such Indebtedness shall have an implied rate of interest for the applicable period for purposes of this definition determined by utilizing the rate that is or would be in effect with respect to such Indebtedness as at the relevant date of determination) and (d) in connection with any investment or disposition made in connection with a Permitted Securitization Financing (including by way of the transfer of the Equity Interests of the entity holding such Securitization Assets), pro forma effect shall be given to (A) any Securitization Fees as if such Securitization Fees have been received by the Borrower or a Subsidiary over the applicable period in an amount determined in good faith by an Authorized Officer of the Borrower and (B) any repayment of Consolidated Total Net Debt that occurs substantially contemporaneously with such transaction (whether from the proceeds of such Permitted Securitization Financing or from other available amounts).

"**Pro Forma Event**" shall mean any asset sales, mergers or other business combinations, acquisitions, Investments, dispositions or divestitures, operating improvements and expense reductions, restructurings, cost saving initiatives and other similar initiatives and Specified Transaction.

"**Proceeds Shortfall**" shall mean, without duplication of any Reserves Shortfall, any other deficiencies in the amount of proceeds available on the Closing Date from the First Tier Facilities for the Transactions, when compared to the aggregate amount of the commitments of the Joint Lead Arrangers under the Commitment Letter, as a result of LTV sizing, collateral appraisal shortfalls, setting aside of loan reserves or otherwise under the First Tier Facilities.

"**Processing**" shall mean any operation or set of operations performed upon Personal Information, whether or not by automated means, such as collection, recording, organization, structuring, storage, adaptation or alteration, retrieval, consultation, use, disclosure by transmission, dissemination or otherwise making available, combination, restriction, erasure or destruction.

"**Prohibited Transaction**" shall have the meaning assigned to such term in Section 406 of ERISA and Section 4975(c) of the Code.

"**Projections**" shall have the meaning provided in <u>Section 9.1(c)</u>.

"**Property**" shall mean any rights, title and interest of the Parent Borrower or its applicable Subsidiary in and to the following: (a) any real property interests, estates, lands, privileges, servitudes, tenements and rights of any nature, whether owned, leased, sub-leased, licensed or otherwise obtained by or granted to the Parent Borrower or such Subsidiary; (b) any buildings, structures, additions, enlargements, extensions, modifications, repairs, replacements and improvements erected or located on or appurtenant to the real property described in the foregoing clause (a), and all alterations thereto or replacements thereof; (c) any fixtures, attachments, appliances, goods, equipment, machinery, materials and other articles attached to, located on or installed in the real property described in the foregoing clause (a) or to any property described in the foregoing clause (b), or used at or in connection with any of the foregoing and any parts or components which may from time to time be incorporated or installed in or attached thereto; (d) any other real, tangible or intangible personal property owned by such Subsidiary and located within or about or otherwise placed upon the real property described in the foregoing clause (a), together with any accessories, replacements and substitutions thereto or therefor; (e) any associated electrical or other utility connections; and/or (f) any associated onsite, appurtenant or supporting infrastructure, in each case of the foregoing clauses (a) through (f), as may be improved, replaced, substituted, enlarged, modified, changed or expanded from time to time.

"**Property Values**" shall mean, on any date of determination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For any Property that constitutes "Property" (as defined in the applicable First Tier Facility Agreement) as of the Closing Date, the value attributable to such Property set forth on Schedule 1.1(d) (inclusive of any "portfolio premium" attributable thereto); *provided* that if the Borrower elects to obtain a new Appraisal with respect to such Property pursuant to clause (c) below, then the Property Value of such Property shall be its newly appraised value pursuant to clause (c) below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For any Property that the Parent Borrower or its Subsidiaries acquire after the Closing Date, (i) if an Appraisal of such Property has been delivered in connection with such acquisition, the appraised value set forth in such Appraisal, and otherwise, the book value thereof (as recorded on the Parent Borrower's or applicable Subsidiary's financial statements); provided that if the Borrower elects to obtain a new Appraisal with respect to such Property pursuant to clause (c) below, then the Property Value of such Property shall be its newly appraised value pursuant to clause (c) below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event the Parent Borrower or its Subsidiaries have (i) made capital expenditures or other investments to improve any Property in an aggregate amount of at least $25,000,000 in the immediately preceding twelve (12) month period, (ii) entered into a new Lease with respect to any Property that would constitute a Material Lease, or (iii) completed a new Appraisal in the context of adding or updating a Property's inclusion in an asset-backed securitization of assets of the Parent Borrower and its Subsidiaries, then the Parent Borrower may elect to cause a new Appraisal to be performed in respect of such Property or use the Appraisal obtained in connection with such asset-backed securitization, in which case the "Property Value" in respect of such Property from and after the date of such new Appraisal shall be the appraised value therefor set forth in such new Appraisal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For any Property owned by the Parent Borrower or its Subsidiaries and that is (i) not subject to any other financing arrangement (other than an asset-backed securitization of assets of the Parent Borrower and its Subsidiaries) and (ii) is not included under the First Tier Facility Agreement, if an Appraisal of such Property has been delivered to the Revolving Credit Facility Administrative Agent, the appraised value set forth in such Appraisal; provided that if the Borrower elects to obtain a new FIRREA-compliant appraisal with respect to such property pursuant to clause (c) above, then the Property Value of such property shall be its newly appraised value pursuant to clause (c) above.

For the avoidance of doubt, to the extent the Property Value of any Property has been determined pursuant to the foregoing clauses (a), (b) or (c), the value of any capital invested into such Property shall be excluded from subclause (ii) of the definition of "Consolidated Property Values".

"**PTE**" shall mean a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

"**QFC**" shall have the meaning provided in <u>Section 13.24(b)</u>.

"**QFC Credit Support**" shall have the meaning provided in <u>Section 13.24</u>.

"**Qualified Proceeds**" shall mean assets that are used or useful in, or Capital Stock of any Person engaged in, a Similar Business.

"**Qualified Stock**" of any Person shall mean Capital Stock of such Person other than Disqualified Stock of such Person.

"**Quarterly Prepayment Amount**" shall have the meaning provided in <u>Section 5.2(b)</u>.

"**Real Estate**" shall have the meaning provided in <u>Section 9.1(f)</u>.

"**Receivables Assets**" shall mean accounts receivable (including any bills of exchange) and related assets and property from time to time originated, acquired or otherwise owned by the Parent Borrower or any Subsidiary. "**Refunding Capital Stock**" shall have the meaning provided in <u>Section 10.4(b)(2)</u>.

"**Register**" shall have the meaning provided in <u>Section 13.6(b)(iv)</u>.

"**Regulated Bank**" shall mean (a) any swap dealer registered with the U.S. Commodity Futures Trading Commission or security-based swap dealer registered with the U.S. Securities and Exchange Commission, as applicable; or (b) any commercial bank that is (i) a U.S. depository institution the deposits of which are insured by the Federal Deposit Insurance Corporation, (ii) a corporation organized under section 25A of the U.S. Federal Reserve Act of 1913, (iii) a branch, agency or commercial lending company of a foreign bank operating pursuant to approval by and under the supervision of the Board under 12 C.F.R. part 211, (iv) a non-U.S. branch of a foreign bank managed and controlled by a U.S. branch referred to in clause (iii), or (v) any other U.S. or non-U.S. depository institution or any branch, agency or similar office thereof supervised by a bank regulatory authority in any jurisdiction.

"**Regulation T**" shall mean Regulation T of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements.

"**Regulation U**" shall mean Regulation U of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements.

"**Regulation X**" shall mean Regulation X of the Board as from time to time in effect and any successor to all or a portion thereof establishing margin requirements.

"**Reimbursement Date**" shall have the meaning provided in <u>Section 3.4(a)</u>.

"**Reimbursement Obligations**" shall mean the Borrower's obligations to reimburse Unpaid Drawings pursuant to <u>Section 3.4(a)</u>.

"**REIT**" shall mean a domestic trust or corporation that qualifies as a real estate investment trust under the provisions of § 856, et seq. of the Code or any successor provisions.

" **Related Business Assets**" shall mean assets (other than cash or Cash Equivalents) used or useful in a Similar Business; <u>provided</u> that any assets received by the Parent Borrower or another Credit Party in exchange for assets transferred by the Parent Borrower or a Credit Party shall not be deemed to be Related Business Assets if they consist of securities of a Person, unless upon receipt of the securities of such Person, such Person would become a Credit Party.

"**Related Fund**" shall mean, with respect to any Lender that is a Fund, any other Fund that is advised or managed by (a) such Lender, (b) an Affiliate of such Lender or (c) an entity or an Affiliate of such entity that administers, advises or manages such Lender.

"**Related Parties**" shall mean, with respect to any specified Person, such Person's Affiliates and the directors, officers, employees, agents, and members of such Person and any Person that possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of such Person, whether through the ability to exercise voting power, by contract or otherwise.

"**Release**" shall mean any release, spill, emission, discharge, disposal, escaping, leaking, pumping, pouring, dumping, emptying, injection, or leaching of Hazardous Materials into or through the environment. "**Released**" shall have a correlative meaning.

"**Relevant Governmental Body**" shall mean, with respect to a Benchmark Replacement in respect of Loans denominated in Dollars, the Federal Reserve Board and/or the NYFRB, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto.

"**Removal Effective Date**" shall have the meaning provided in <u>Section 12.9(b)</u>.

"**Replaced Revolving Facility**" shall have the meaning provided in <u>Section 13.1</u>.

"**Replacement Revolving Facility**" shall have the meaning provided in <u>Section 13.1</u>.

"**Replacement Sponsor Guarantor**" shall mean any Affiliate of the Sponsors with a minimum net worth (at the time it provides a Sponsor Guaranty) that is not less than $2,000,000,000; <u>provided</u> that

(a) in the event Sponsor Guaranties are provided by more than one Sponsor Guarantor and/or Replacement Sponsor Guarantor, "minimum net worth" as used in this definition shall be calculated on an aggregate basis for all persons providing such Sponsor Guaranties and (b) in the case Sponsor Guaranties are provided by several Sponsor Guarantors and/or Replacement Sponsor Guarantors on a several and not joint basis, the minimum net worth of each Replacement Sponsor Guarantor shall not be less than the product of (i) $2,000,000,000 *multiplied by* (ii) the percentage of the aggregate amount of Sponsor Guaranties guaranteed by such Replacement Sponsor Guarantor.

"**Reportable Event**" shall mean any "reportable event", as defined in Section 4043(c) of ERISA or the regulations issued thereunder, with respect to a Pension Plan (other than a Pension Plan maintained by an ERISA Affiliate that is considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Section 414 of the Code), other than those events as to which notice is waived pursuant to PBGC Reg. § 4043.

"**Representative**" shall mean, with respect to any series of Indebtedness not prohibited by this Agreement to be secured by the Collateral on a <u>pari passu</u> or junior basis with the Obligations, the trustee, the administrative agent, the collateral agent, security agent or similar agent under the indenture or agreement pursuant to which such Indebtedness is issued, incurred or otherwise obtained, as the case may be, and each of their successors in such capacities.

"**Required Lenders**" shall mean, at any date, (a) Non-Defaulting Lenders having or holding a majority of the Adjusted Total Revolving Credit Commitment at such date, at such date or (b) if the Total Revolving Credit Commitment has been terminated or for the purposes of acceleration pursuant to <u>Section 11</u>, Non-Defaulting Lenders having or holding a majority of the outstanding principal amount of the Loans and Letter of Credit Exposure (excluding the Loans and Letter of Credit Exposure of Defaulting Lenders) in the aggregate at such date.

"**Required Revolving Credit Lenders**" shall mean, at any date, Non-Defaulting Lenders holding a majority of the Adjusted Total Revolving Credit Commitment at such date (or, if the Total Revolving Credit Commitment has been terminated at such time, a majority of the Revolving Credit Exposure (excluding Revolving Credit Exposure of Defaulting Lenders) at such time).

"**Requirements of Law**" shall mean, as to any Person, the certificate of incorporation and by-laws or other organizational or governing documents of such Person, and any law, treaty, rule, or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or assets or to which such Person or any of its property or assets is subject.

"**Reserves Shortfall**" shall mean the amount as may be reasonably required by the Majority Lead Arrangers to be established in special reserves as may be reasonably required to remedy or compensate for any Material Defects with respect to the Properties as of the Closing Date in such a manner that there is no material adverse impact on the securitization or syndication of the First Tier Facilities. As of the Closing Date, the Reserves Shortfall is deemed to be $0.

"**Resignation Effective Date**" shall have the meaning provided in <u>Section 12.9(a)</u>.

"**Resolution Authority**" shall mean an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"**Restricted Debt Payments**" shall have the meaning provided in <u>Section 10.4(a)(3)</u>. "**Restricted Payment**" shall have the meaning provided in <u>Section 10.4(a)</u>.

"**Restricted Person**" and "**Restricted Persons**" shall have the meaning provided in <u>Section 13.16</u>.

"**Retired Capital Stock**" shall have the meaning provided in <u>Section 10.4(b)(2)</u>.

<u>"**Revaluation Date**" means, subject to Section 1.6,</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>with respect to any Loan denominated in an Alternative Currency, each of the following: (i)</u> <u>the date of the borrowing of such Loan (including any borrowing or deemed borrowing in respect of any unreimbursed portion of any payment by the applicable Letter of Credit Issuer under any Letter of Credit denominated in an Alternative Currency) but only as to the amounts so borrowed on such date, (ii) each date of a continuation of such Loan pursuant to the terms of this Agreement, but only as to the amounts so continued on such date, and (iii) such additional dates as the Administrative Agent shall determine, and</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>with respect to any Letter of Credit denominated in an Alternative Currency, each of the following: (i) each date of issuance of such Letter of Credit, but only as to the stated amount of the Letter of Credit so issued on such date and (ii) such additional dates as the Administrative Agent shall determine.</u> 

"**Revolving Credit Commitment**" shall mean, as to each Revolving Credit Lender, its obligation to make Revolving Credit Loans to the Borrower pursuant to <u>Section 2.1</u>, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth, and opposite such Lender's name on <u>Schedule 1.1(a)</u> under the caption Revolving Credit Commitment or in the Assignment and Acceptance pursuant to<u>under</u> which such Lender becomes a party hereto <u>pursuant to Section 13.6</u>, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement (including <u>Section 2.14</u>). The aggregate Revolving Credit Commitments of all Revolving Credit Lenders is $300,000,000<u>800,000,000</u> on the Second<u>Third</u> Amendment Effective Date.

"**Revolving Credit Commitment Percentage**" shall mean at any time, for each Lender, the percentage obtained by dividing (i) such Lender's Revolving Credit Commitment at such time by (ii) the amount of the Total Revolving Credit Commitment at such time; <u>provided</u> that at any time when the Total Revolving Credit Commitment shall have been terminated, each Lender's Revolving Credit Commitment Percentage shall be the percentage obtained by dividing (a) such Lender's Revolving Credit Exposure at such time by (b) the Revolving Credit Exposure of all Lenders at such time.

"**Revolving Credit Exposure**" shall mean, with respect to any Lender at any time, the sum of

(i) the aggregate principal amount of Revolving Credit Loans of such Lender then outstanding and (ii) such Lender's Letter of Credit Exposure at such time.

"**Revolving Credit Facility**" shall mean, at any time, the aggregate amount of the Revolving Credit Lenders' Revolving Credit Commitments at such time.

"**Revolving Credit Lender**" shall mean, at any time, any Lender that has a Revolving Credit Commitment or Extended Revolving Credit Commitment at such time.

"**Revolving Credit Loan**" shall have the meaning provided in <u>Section 2.1</u>.

"**Revolving Credit Maturity Date**" shall mean the date that is the third<u>first</u> anniversary of the Closing<u>Third Amendment Effective</u> Date, or, if such date is not a Business Day, the immediately preceding Business Day.

"**Revolving Credit Termination Date**" shall mean the date on which the Revolving Credit Commitments shall have terminated, no Revolving Credit Loans shall be outstanding and the Letters of Credit Outstanding shall have been reduced to zero or Cash Collateralized.

"**Revolving Loan**" shall mean, collectively or individually as the context may require, any (i) Revolving Credit Loan and (ii) Extended Revolving Credit Loan, in each case made pursuant to and in accordance with the terms and conditions of this Agreement.

"**S&P**" shall mean Standard & Poor's Ratings Services or any successor by merger or consolidation to its business.

"**Sale Leaseback**" shall mean any arrangement with any Person providing for the leasing by the Parent Borrower or any other Credit Party of any real or tangible personal property, which property has been or is to be sold or transferred by the Parent Borrower or such Credit Party to such Person in contemplation of such leasing.

"**Sanctioned Person**" shall mean any Person with whom or which dealings are restricted or prohibited under any Sanctions, including as a result of that Person (a) being named on the List of Specially Designated Nationals and Blocked Persons maintained by the U.S. Department of the Treasury's Office of Foreign Assets Control, or any other list of Persons subject to Sanctions, (b) being located, organized, or resident in a Sanctioned Territory, or owned or controlled by the government of, a Sanctioned Territory or the Government of Venezuela, or (c) having any relationship of ownership or control with, a Person described in (a) or (b).

"**Sanctioned Territory**" shall mean any country or territory with which dealings are broadly and comprehensively prohibited by any country- or territory-wide Sanctions, including, as of the date hereof, Cuba, Iran, North Korea, Syria, and the Crimea, Donetsk, Kherson, Luhansk, and Zaporizhzhia regions of Ukraine.

"**Sanctions**" shall mean any law, regulation, or other act with force of law of the United States, Canada, the European Union or any of its members states, or United Nations Security Council resolutions imposing trade and economic sanctions including embargoes, the freezing or blocking of assets of targeted Persons, or other similar restrictions on exports, imports, investment, payments or other transactions, including any laws threatening to impose such trade and economic sanctions on any person for engaging in targeted behavior.

"**SEC**" shall mean the Securities and Exchange Commission or any successor thereto.

"**Second Amendment**" shall mean that certain Second Amendment to Credit Agreement, dated as of February 28, 2025 by and among the Parent Borrower, the Guarantors party thereto. the Administrative Agent and the lenders party thereto.

"**Second Amendment Effective Date**" shall mean February 28, 2025.

" **Second Lien Intercreditor Agreement**" shall mean an intercreditor agreement substantially in the form of <u>Exhibit G-2</u> (with such changes to such form as may be reasonably acceptable to the Administrative Agent and the Parent Borrower) among the Administrative Agent, the Collateral Agent (as representative for the First Lien Obligations), the second lien collateral agent, the representatives for purposes thereof for holders of one or more classes of second lien Indebtedness, the Borrower and each of the Guarantors.

"**Section 2.14 Additional Amendment**" shall have the meaning provided in <u>Section 2.14(g)(iii)</u>.

"**Section 9.1 Financials**" shall mean the financial statements delivered, or required to be delivered, pursuant to <u>Section 9.1(a)</u> or <u>(b)</u> together with the accompanying officer's certificate delivered, or required to be delivered, pursuant to <u>Section 9.1(d)</u>.

"**Secured Cash Management Agreement**" shall mean any Cash Management Agreement that is entered into by and between the Parent Borrower or any of the other Credit Parties and any counterparty thereto, which is specified in writing by the Borrower to the Administrative Agent as constituting a Secured Cash Management Agreement hereunder.

"**Secured Cash Management Obligations**" shall mean Obligations under Secured Cash Management Agreements.

"**Secured Hedge Agreement**" shall mean any Hedge Agreement that is entered into by and between the Parent Borrower or any Credit Party and any counterparty thereto (i) that is a Lender or an Affiliate of a Lender as of the Closing Date with respect to any Hedge Agreement entered into prior to the Closing Date (including if such Hedge Agreement was terminated prior to the Closing Date), or (ii) which is specified in writing by the Borrower to the Administrative Agent as constituting a Secured Hedge Agreement hereunder. For purposes of the preceding sentence, the Borrower may deliver one notice designating all Hedge Agreements entered into pursuant to a specified Master Agreement as "Secured Hedge Agreements".

"**Secured Hedge Obligations**" shall mean Obligations under Secured Hedge Agreements.

"**Secured Parties**" shall mean the Administrative Agent, the Collateral Agent, each Letter of Credit Issuer and each Lender, in each case with respect to the Credit Facilities, each secured counterparty with respect to any Secured Hedge Agreement or Secured Cash Management Agreement, and each sub-agent pursuant to <u>Section 12</u> appointed by the Administrative Agent with respect to matters relating to the Credit Facilities or the Collateral Agent with respect to matters relating to any Security Document.

"**Securitization Assets**" shall mean any of the following assets (or interests therein) from time to time originated, acquired or otherwise owned by or intended to be transferred to (as the context requires in respect of a Permitted Securitization Financing) the Securitization Entities or in which any Securitization Entity has any rights or interests, in each case, without regard to where such assets or interests are located: (a) Receivables Assets, (b) franchise fees, royalties and other similar payments made related to the use of trade names and other Intellectual Property, business support, training and other services, (c) revenues related to distribution and merchandising of the products of, or otherwise related to the services provided by, the Securitization Entities, (d) rents, real estate Taxes and other non-royalty amounts due from franchisees, (e) Intellectual Property rights relating to the generation of any of the types of assets listed in this definition, (f) parcels of or interests in real property, together with all easements, hereditaments and appurtenances thereto, all improvements and appurtenant fixtures and equipment, incidental to the ownership, lease or operation thereof, (g) any Equity Interest of any (i) Securitization Entity, (ii) Subsidiary of a Securitization Entity or (iii) Subsidiary (other than a Credit Party) that holds solely Securitization Assets (other than Equity Interests described separately under this clause (g)) designated as such by the Borrower for the purpose of effecting the transfer of such Securitization Assets by way of transferring such Equity Interests in connection with a Permitted Securitization Financing, and, in each case, any rights under any limited liability company agreement, trust agreement, shareholders' agreement, limited partnership agreement, by-laws, operating agreement, organizational, constituent or formation documents or any other agreement entered into in furtherance of the organization of such entity, (h) any equipment, contractual rights, website domains and associated property and rights necessary for a Securitization Entity to operate in accordance with its stated purposes; (i) any rights and obligations associated with gift card or similar programs, and (j) other assets and property (or proceeds of such assets or property) to the extent customarily included in any securitization of assets described in the preceding clauses (a) through (i) or for which credit may be given in securitization transactions of the relevant type including in respect of bridge, conduit and warehouse financings and "whole-business" securitizations in the applicable jurisdictions (as determined by the Borrower in good faith).

"**Securitization Entity**" shall mean any direct or indirect Subsidiary of the Borrower established or designated by the Borrower as such in connection with a Permitted Securitization Financing (including by way of the transfer of the Equity Interests of the entity holding such Securitization Assets) for the purpose of (i) holding, transferring, borrowing against, servicing, providing financing for or providing a security interest in respect of Securitization Assets or interests therein, (ii) holding Equity Interests in any Securitization Entity or (iii) guaranteeing the obligations of a Securitization Entity, and which in each case is organized in a manner (as determined by the Borrower in good faith) intended to reduce the likelihood that it would be substantively consolidated with the Borrower or any of its Subsidiaries or other subsidiaries (other than any other Securitization Entity) in the event the Borrower or any such Subsidiary or other subsidiary becomes subject to a proceeding under the Bankruptcy Code (or other insolvency law) and (c) any subsidiary of a Securitization Entity; <u>provided</u> that, notwithstanding above, no Initial Guarantor shall be a Securitization Entity.

"**Securitization Fees**" shall mean, without duplication, (x) distributions or payments made directly or by means of discounts with respect to any Securitization Asset or participation interest issued or sold in connection with, and other fees, expenses and charges (including commissions, yield, interest expense and fees and expenses of legal counsel) paid in connection with, any Permitted Securitization Financing and (y) any fees paid to the Borrower or a Subsidiary of the Borrower including, without limitation, any "management fees" (including without limitation "excess" management fees) or any similar fees paid to a Subsidiary or other subsidiary of the Borrower for acting as manager or servicer under any Permitted Securitization Financing.

"**Security Documents**" shall mean, collectively, the Pledge Agreement, any First Lien Intercreditor Agreement, any Second Lien Intercreditor Agreement and each other security agreement or other instrument or document executed and delivered pursuant to <u>Sections 9.11</u>, <u>9.12,</u> or <u>9.14</u> or pursuant to any other such Security Documents to secure the Obligations or to govern the lien priorities of the holders of Liens on the Collateral.

"**Series**" shall have the meaning provided in <u>Section 2.14(a)</u>.

"**Servicing Arrangement**" shall mean each agreement or other arrangement under which the Borrower, a Subsidiary, a Securitization Entity or an Affiliate thereof is engaged to service or manage Securitization Assets (or proceeds thereof) in connection with a Permitted Securitization Financing, which servicing or management activities may include collection services in respect of Receivables Assets, the servicing or management of Securitization Assets and the sale, purchase or other transfer thereof, and the administration of bank accounts.

"**Significant Subsidiary**" shall mean, at any date of determination, (a) any Subsidiary of the Parent Borrower whose gross revenues (when combined with the gross revenues of such Subsidiary's Subsidiaries after eliminating intercompany obligations) for the Test Period most recently ended on or prior to such date were equal to or greater than 10% of the consolidated gross revenues of the Parent Borrower and its Subsidiaries for such period, determined in accordance with GAAP or (b) each other Subsidiary of the Parent Borrower that, when such Subsidiary's total gross revenues (when combined with the total gross revenues of such Subsidiary's Subsidiaries after eliminating intercompany obligations) are aggregated with each other Subsidiary (when combined with the total gross revenues of such Subsidiary's Subsidiaries after eliminating intercompany obligations) that is the subject of an Event of Default described in <u>Section 11.5</u> would constitute a "Significant Subsidiary" under <u>clause (a)</u> above.

"**Similar Business**" shall mean any business conducted or proposed to be conducted by the Parent Borrower and the Credit Parties on the Closing Date or any business that is similar, reasonably related, synergistic, incidental, or ancillary thereto.

"**SOFR**" shall mean a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

"**SOFR Administrator**" shall mean the NYFRB (or a successor administrator of the secured overnight financing rate).

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

"**SOFR Average**" means, for any Interest Period, the rate of interest per annum determined by the Administrative Agent as the compounded average of SOFR over a rolling calendar day period of thirty (30) days (" <u>30-Day SOFR Average</u>") for the day (such day, the "<u>SOFR Average Determination</u> <u>Day</u><u>Date</u>") that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period; provided, however, that (x) if as of 5:00 p.m. on any SOFR Average Determination Day<u>Date</u>, such 30-Day SOFR Average has not been published on the SOFR Administrator's Website and a Benchmark Replacement Date with respect to SOFR Average has not occurred, then SOFR Average will be the 30-Day SOFR Average as published on the SOFR Administrator's Website for the first preceding U.S. Government Securities Business Day for which such 30-Day SOFR Average was published on the SOFR Administrator's Website so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such SOFR Average Determination Day<u>Date</u> and (y) if SOFR Average determined as provided above (including pursuant to clause (x) of this proviso) would be less than the Floor, then SOFR Average shall be deemed to be the Floor.

"**SOFR Average Determination Day<u>Date</u>**" has the meaning specified in the definition of "SOFR Average".

" **SOFR Average Loan**" shall mean any Loans bearing interest at a rate determined by reference to SOFR Average.

" **SOFR Loans**" shall mean any Loans bearing interest at a rate determined by reference to Term SOFR or SOFR Average.

"**Sold Entity or Business**" shall have the meaning provided in the definition of the term "Consolidated EBITDA".

"**Solvent**" shall mean, after giving effect to the consummation of the Transactions, (i) the sum of the liabilities (including contingent liabilities) of the Parent Borrower and its Subsidiaries, on a consolidated basis, does not exceed the present fair saleable value of the present assets of the Parent Borrower and its Subsidiaries, on a consolidated basis; (ii) the fair value of the property of the Parent Borrower and its Subsidiaries, on a consolidated basis, is greater than the total amount of liabilities (including contingent liabilities) of the Parent Borrower and its Subsidiaries, on a consolidated basis; (iii) the capital of the Parent Borrower and its Subsidiaries, on a consolidated basis, is not unreasonably small in relation to their business as contemplated on the date hereof; and (iv) the Parent Borrower and its Subsidiaries, on a consolidated basis, have not incurred and do not intend to incur, or believe that they will incur, debts including current obligations beyond their ability to pay such debts as they become due (whether at maturity or otherwise).

"**Specified Existing Revolving Credit Commitment**" shall have the meaning provided in <u>Section 2.14(g)(i)</u>.

"**Specified Representations**" shall mean the representations and warranties with respect to the Borrower set forth in <u>Sections 8.1(i)</u>, <u>8.2</u> (as related to the entry into and performance of the Credit Documents, the incurrence of the Loans and the provision of the Guarantees, and the granting of the security interests in the Collateral), 8.3<u>(iii)</u>, <u>8.5</u>, <u>8.7</u>, 8.10(b)-(d) (with respect to the use of proceeds of the borrowings under this Agreement on the Closing Date), <u>8.17</u>, 8.18, 8.19(c) and in Section 4(d) of the Pledge Agreement.

"**Specified Transaction**" shall mean, with respect to any period, (i) any Investment (including a Permitted Acquisition), (ii) any asset sale or other disposition, (iii) incurrence or repayment of Indebtedness, (iv) any Restricted Payment, (v) any Subsidiary designation, (vi) any mandatory prepayment pursuant to <u>Section 5.2(a)</u> or <u>Section 5.2(b) ,</u> <u>or (vii) any other event or action that, in each case, by the terms of this Agreement requires Pro Forma Compliance with a test or covenant hereunder or requires such test or covenant to be calculated on a Pro Forma Basis or give Pro Forma Effect to any such transaction or event.</u>

"**Sponsor**" shall mean, collectively, (i) Brookfield Infrastructure Partners L.P., Brookfield Infrastructure Corporation, Brookfield Corporation, or Brookfield Asset Management Ltd, (ii) any investment funds, partnerships and other co-investment vehicles Controlled, directly or indirectly, by any of the persons in clause (i) and (iii) any entity Controlled, directly or indirectly, by any of the persons in clause (i), as approved by the Administrative Agent (such approval not to be unreasonably withheld, conditioned or delayed).

" **Sponsor Guarantor**" shall mean the Sponsors, <u>provided</u> that such person has a minimum net worth (at the time it provides a Sponsor Guaranty) that is not less than $2,000,000,000; <u>provided</u>, <u>further</u>, that (a) in the event Sponsor Guaranties are provided by more than one Sponsor Guarantor and/or Replacement Sponsor Guarantor, "minimum net worth" as used in this definition shall be calculated on an aggregate basis for all persons providing such Sponsor Guaranties and (b) in the case Sponsor Guaranties are provided by several Sponsor Guarantors and/or Replacement Sponsor Guarantors on a several and not joint basis, the minimum net worth of each Sponsor Guarantor shall not be less than the product of (i) $2,000,000,000 *multiplied by* (ii) the percentage of the aggregate amount of Sponsor Guaranties guaranteed by such Sponsor Guarantor.

"**Sponsor Guaranty**" shall have the meaning provided in <u>Section 5.2(</u><u>b</u><u>c</u><u>)</u>.

"**Spot Rate**" <u>means, subject to Section 1.6,</u> for any<u>a</u> currency shall mean<u>,</u> the rate determined<u>provided (either by publication or otherwise provided or made available to the Administrative Agent) by Thomson Reuters Corp . (or equivalent service chosen</u> by the Administrative Agent to be the rate quoted by the Administrative Agent<u>in its reasonable discretion)</u> as the spot rate for the purchase by the Administrative Agent of such currency with another currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date as of which the foreign exchange computation is made; <u>provided</u> that the Administrative Agent may obtain such spot rate from another financial institution designated<u>at a time selected</u> by the Administrative Agent if it does not have as of the date of determination a spot buying rate for any such currency.<u>in accordance with the procedures generally used by the Administrative Agent for syndicated credit facilities in which it acts as administrative agent.</u>

"**SPV**" shall have the meaning provided in <u>Section 13.6(g)</u>.

" **Stated Amount**" of any Letter of Credit shall mean the maximum amount from time to time available to be drawn thereunder during the remaining life thereof, determined without regard to whether any conditions to drawing could then be met.

"**Stock Equivalents**" shall mean all securities convertible into or exchangeable for Capital Stock and all warrants, options, or other rights to purchase or subscribe for any Capital Stock, whether or not presently convertible, exchangeable, or exercisable.

"**Subordinated Indebtedness**" shall mean Indebtedness of the Borrower or any other Guarantor that is by its express terms subordinated in right of payment to the obligations of the Borrower or such Guarantor, as applicable, under this Agreement or the Guarantee, as applicable.

"**Subsidiary**" of any Person shall mean and include (i) any corporation more than 50% of whose Capital Stock of any class or classes having by the terms thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time Capital Stock of any class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time owned by such Person directly or indirectly through Subsidiaries, or (ii) any limited liability company, partnership, association, joint venture, or other entity of which such Person directly or indirectly through Subsidiaries has more than a 50% equity interest at the time. Unless otherwise expressly provided, all references herein to a Subsidiary shall mean a Subsidiary of the Parent Borrower.

"**Successor Borrower**" shall have the meaning provided in <u>Section 10.2(a)</u>.

"**Supported QFC**" shall have the meaning provided in <u>Section 13.24</u>.

"**Swap Obligation**" shall mean, with respect to any Swap Obligor, any obligation to pay or perform under any agreement, contract, or transaction that constitutes a "swap" within the meaning of section 1(a)(47) of the Commodity Exchange Act.

"**Swap Obligor**" shall mean the Parent Borrower (if applicable) and the Credit Parties.

"**Swiss Franc**" or "**CHF**" mean the lawful currency of Switzerland.

"**Taxes**" shall mean any and all present or future taxes, duties, levies, imposts, assessments, deductions, withholdings (including backup withholding), fees, or other similar charges imposed by any Governmental Authority and any interest, fines, penalties, or additions to tax with respect to the foregoing.

<u>"**Term CORRA**" shall mean, for any calculation with respect to a CORRA Loan, the Term CORRA Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "Periodic Term CORRA Determination Date") that is two (2) Business Days prior to the first day of such Interest Period, as such rate is published by the Term CORRA Administrator; provided, however, that if as of 5:00 p.m. Toronto time on any Periodic Term CORRA Determination Date the Term CORRA Reference Rate for the applicable tenor has not been published by the Term CORRA Administrator and a Benchmark Replacement Date with respect to the Term CORRA Reference Rate has not occurred, then Term CORRA will be the Term CORRA Reference Rate for such tenor as published by the Term CORRA Administrator on the first preceding Business Day for which such Term CORRA Reference Rate for such tenor was published by the Term CORRA Administrator so long as such first preceding Business Day is not more than three (3) Business Days prior to such Periodic Term CORRA Determination Date.</u>

<u>"**Term CORRA Adjustment**" means a percentage equal to (i) 0.29547% per annum for a one month Interest Period or (ii) 0.32138% per annum for a three month Interest Period.</u>

<u>"**Term CORRA Reference Rate**" means the forward-looking term rate based on CORRA.</u>

"**Term SOFR**" shall mean, with respect to any interest period, the Term SOFR Reference Rate for a tenor comparable to the applicable interest period on the day (such day, the "**Determination Day<u>Date</u>**") that is two (2) Business Days prior to the first day of such interest period, as such rate is published by the Term SOFR Administrator; <u>provided</u>, however, that if as of 5:00 p.m. (New York City time) on any Determination Day<u>Date</u> the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor published by the Term SOFR Administrator on the Business Day first preceding such Determination Day<u>Date</u> so long as such Business Day is not more than three (3) Business Days prior to such Determination Day<u>Date</u>; <u>provided</u>, <u>further</u>, that if Term SOFR determined as provided above shall ever be less than the Floor, then Term SOFR shall be deemed to be the Floor.

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

"**Term SOFR Borrowing**" shall mean a Borrowing comprised of Loans bearing interest at a rate determined by reference to Term SOFR (other than pursuant to clause (c) of the definition of "ABR").

"**Term SOFR Reference Rate**" shall mean, for any day and time, with respect to any Term SOFR Borrowing for any interest period, the rate per annum determined by the Administrative Agent as the forward-looking term rate based on SOFR; <u>provided</u> that, if the Term SOFR Reference Rate as so determined would be less than the Floor, such rate shall be deemed to be the Floor for the purposes of calculating such rate.

"**Test Period**" shall mean, for any determination under this Agreement, the four consecutive fiscal quarters of the Parent Borrower most recently ended on or prior to such date of determination and for which Section 9.1 Financials shall have been delivered (or were required to be delivered) to the Administrative Agent (or, before the first delivery of Section 9.1 Financials, the most recent period of four fiscal quarters at the end of which financial statements are available).

<u>"**Third Amendment**" shall mean that certain Third Amendment to Credit Agreement, dated as of December 22, 2025 by and among the Parent Borrower, the Guarantors party thereto. the Administrative Agent and the lenders party thereto.</u>

<u>"**Third Amendment Effective Date**" shall mean December 22, 2025.</u>

"**Total Credit Exposure**" shall mean the Total Revolving Credit Commitment at such date (or, if the Total Revolving Credit Commitment shall have terminated on such date, the aggregate Revolving Credit Exposure of all Lenders at such date).

"**Total Revolving Credit Commitment**" shall mean the sum of the Revolving Credit Commitments of all the Lenders.

"**Transaction Expenses**" shall mean any fees, premiums and expenses incurred or paid by the Parent Borrower or any of its respective Affiliates in connection with the Transactions, this Agreement, and the other Credit Documents, and the transactions contemplated hereby and thereby.

"**Transactions**" shall mean, collectively, the transactions contemplated by this Agreement, the transactions contemplated by each of the First Tier Facilities, the Acquisition, the Equity Contribution, the Closing Date Refinancing and the consummation of any other transactions in connection with the foregoing (including the payment of the fees and expenses incurred in connection with any of the foregoing (including the Transaction Expenses)).

"**Transferee**" shall have the meaning provided in <u>Section 13.6(e)</u>.

"**TRS**" shall mean a taxable REIT subsidiary.

"**Type**", when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Term SOFR, SOFR Average or the ABR.

"**UCP**" shall mean, with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce ("ICC") Publication No. 600 (or such later version thereof as may be in effect at the time of issuance).

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

" **UK Resolution Authority**" shall mean the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"**Unadjusted Benchmark Replacement**" shall mean the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

" **Uniform Commercial Code**" shall mean the Uniform Commercial Code as in effect from time and time in the State of New York or, when the laws of any other jurisdiction govern the perfection or enforcement of any Lien, the Uniform Commercial Code of such jurisdiction.

"**Unpaid Drawing**" shall have the meaning provided in <u>Section 3.4(a)</u>.

"**U.S.**" and "**United States**" shall mean the United States of America.

"**US Balance Sheet Loan Agreement**" shall mean that certain Loan Agreement, dated as of the date hereof, by and among the borrowers listed on Schedule I thereto, Wells Fargo Bank, National Association, as administrative agent, and the lenders from time to time party thereto, providing for a "Loan Amount" (as defined therein) as of the Closing Date of up to $2,300,000,000.

" **US Balance Sheet Loan Facility**" shall mean that certain balance sheet loan facility established pursuant to the US Balance Sheet Loan Agreement and each of the "Loan Documents" as defined thereunder.

"**U.S. Government Securities Business Day**" means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"**U.S. Lender**" shall have the meaning provided in <u>Section 5.4(e)(ii)(A)</u>.

"**U.S. Special Resolution Regimes**" shall have the meaning provided in <u>Section 13.24</u>.

"**Voting Stock**" shall mean, with respect to any Person as of any date, the Capital Stock of such Person that is at the time entitled to vote in the election of the board of directors of such Person.

"**Wholly-Owned Subsidiary**" of any Person shall mean a Subsidiary of such Person, 100% of the outstanding Capital Stock or other ownership interests of which (other than directors' qualifying shares) shall at the time be owned by such Person or by one or more Wholly-Owned Subsidiaries of such Person.

"**Withdrawal Liability**" shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

"**Withholding Agent**" shall mean any Credit Party, the Administrative Agent and any other applicable withholding agent.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Other Interpretive Provisions</u>. With reference to this Agreement and each other Credit Document, unless otherwise specified herein or in such other Credit Document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The words "herein", "hereto", "hereof", and "hereunder" and words of similar import when used in any Credit Document shall refer to such Credit Document as a whole and not to any particular provision thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Section, Exhibit, and Schedule references are to the Credit Document in which such reference appears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) The term "including" is by way of example and not limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The term "documents" includes any and all instruments, documents, agreements, certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the computation of periods of time from a specified date to a later specified date, the word "from" means "from and including"; the words "to" and "until" each mean "to but excluding"; and the word "through" means "to and including".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Section headings herein and in the other Credit Documents are included for convenience of reference only and shall not affect the interpretation of this Agreement or any other Credit Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All references to "knowledge" or "awareness" of any Credit Party or any Subsidiary thereof means the actual knowledge of an Authorized Officer of such Credit Party or such Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) With respect to any Default or Event of Default, the words "exists," "is continuing" or similar expressions with respect thereto shall mean that such Default or Event of Default has occurred and has not yet been cured or waived. If any Default or Event of Default has occurred hereunder (any such Default or Event of Default, an "**Initial Default**") and is subsequently cured or waived (a "**Cured Default**"), any other Default or Event of Default that resulted from (i) the making or deemed making of any representation or warranty by any Credit Party or (ii) the taking of any action or failure to satisfy any condition precedent to the taking of any action by any Credit Party or any Subsidiary of any Credit Party, in each case which subsequent Default, Event of Default or failure would not have arisen had the Cured Default not been continuing at the time of such representation, warranty, action or failure to satisfy such condition precedent to the taking of any action, shall be deemed to automatically be cured or satisfied, as applicable, upon, and simultaneously with, the cure of the Cured Default, so long as at the time of such representation, warranty, action or failure to satisfy any condition precedent to the taking of any action, no Authorized Officer of the Parent Borrower had knowledge of any such Initial Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Accounting Terms</u>. Except as expressly provided herein, all accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP, applied in a consistent manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Rounding</u>. Any financial ratios required to be maintained by the Parent Borrower pursuant to this Agreement (or required to be satisfied in order for a specific action to be permitted under this Agreement) shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 <u>References to Agreements, Laws, Etc</u>. Unless otherwise expressly provided herein, (a) references to organizational documents, agreements (including the Credit Documents), and other Contractual Requirements shall be deemed to include all subsequent amendments, restatements, amendment and restatements, extensions, supplements, modifications, replacements, refinancings, renewals, or increases, but only to the extent that such amendments, restatements, amendment and restatements, extensions, supplements, modifications, replacements, refinancings, renewals, or increases are permitted by any Credit Document; and (b) references to any Requirements of Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing, or interpreting such Requirements of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 <u>Exchange Rates</u> <u>; Currency Equivalents.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>a)</u> <u>The Administrative Agent shall determine the Dollar Equivalent amount of each extension of credit denominated in Alternative Currencies. Such Dollar Equivalent shall become effective as of such Revaluation Date and shall be the Dollar Equivalent of such amounts until the next Revaluation Date to occur. Except for purposes of financial statements delivered by the Borrower hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the applicable amount of any Currency (other than Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent amount as so determined by the Administrative Agent.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Wherever in this Agreement in connection with a borrowing, conversion, continuation or prepayment of Loan or the issuance, amendment or extension of a Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such borrowing, Loan or Letter of Credit is denominated in an Alternative Currency, such amount shall be the relevant Alternative Currency Equivalent of such Dollar amount (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded upward), as determined by the Administrative Agent.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Notwithstanding the foregoing provisions of this Section 1.6 or any other provision of this Agreement, each Letter of Credit Issuer may compute the Dollar Equivalent of the maximum amount of each applicable Letter of Credit issued by such Letter of Credit Issuer by reference to exchange rates determined using any reasonable method customarily employed by such Letter of Credit Issuer for such purpose.</u>. Notwithstanding the foregoing, for purposes of any determination under <u>Section 9</u>, <u>Section 10</u> or <u>Section 11</u>, or any determination under any other provision of this Agreement expressly requiring the use of a current exchange rate, all amounts incurred, outstanding, or proposed to be incurred or outstanding in currencies other than Dollars shall be translated into Dollars at the Spot Rate; provided, however, that for purposes of determining compliance with <u>Section 10</u> with respect to the amount of any Indebtedness, Lien, Asset Sale, or Restricted Payment in a currency other than Dollars, no Default or Event of Default shall be deemed to have occurred solely as a result of changes in rates of exchange occurring after the time such Indebtedness or Lien is incurred or after such Asset Sale or Restricted Payment is made; <u>provided</u> that, for the avoidance of doubt, the foregoing provisions of this <u>Section 1.6</u> shall otherwise apply to such Sections, including with respect to determining whether any Indebtedness, Lien, or Investment may be incurred or Asset Sale or Restricted Payment made at any time under such Sections. For purposes of any determination of Consolidated Total Assets, amounts in currencies other than Dollars shall be translated into Dollars at the currency exchange rates used in preparing the most recently delivered Section 9.1 Financials. For purposes of any determination of Consolidated Property Values, amounts in currencies other than Dollars shall be translated into Dollars at the currency exchange rates used in calculating the LTV in the certificate most recently delivered pursuant to <u>Section 9.1(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 <u>Rates</u>. The Administrative Agent does not warrant, nor accept responsibility, nor shall the Administrative Agent have any liability with respect to the administration, submission, or any other matter related to the rates in the definitions of Term SOFR or<u>,</u> SOFR Average<u>, Term CORRA Reference Rate, Adjusted Term CORRA, Term CORRA</u> or with respect to any comparable or successor rate<u>s</u> thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 <u>Times of Day</u>. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 <u>Timing of Payment or Performance</u>. Except as otherwise provided herein, when the payment of any obligation or the performance of any covenant, duty, or obligation is stated to be due or performance required on (or before) a day which is not a Business Day, the date of such payment (other than as described in the definition of Interest Period) or performance shall extend to the immediately succeeding Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 <u>Certifications</u>. All certifications to be made hereunder by an officer or representative of a Credit Party shall be made by such a Person in his or her capacity solely as an officer or a representative of such Credit Party, on such Credit Party's behalf and not in such Person's individual capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 <u>Compliance with Certain Sections</u>. In the event that any Lien, Investment, Indebtedness (whether at the time of incurrence or upon application of all or a portion of the proceeds thereof), disposition, Restricted Payment, Affiliate transaction, Contractual Requirement, or prepayment of Indebtedness meets the criteria of one or more than one of the categories of transactions then permitted pursuant to any clause or subsection of <u>Section 9.9</u> or any clause or subsection of <u>Sections 10.1</u>, <u>10.2</u>, <u>10.3</u> or <u>10.4</u>, then such transaction (or portion thereof) at any time shall be allocated to one or more of such clauses or subsections within the relevant sections as determined by the Parent Borrower in its sole discretion at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 <u>Pro Forma and Other Calculations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary herein, (i) if any incurrence-based financial ratios or tests ("**Financial Incurrence Tests**") would be satisfied in any subsequent fiscal quarter following the utilization of either (x) fixed baskets, exceptions or thresholds (including any related builder or grower component) that do not require compliance with a financial ratio or test ()"**Fixed Amounts**") or (y) baskets, exceptions and thresholds that require compliance with a financial ratio or test (any such amounts, "**Incurrence Based Amounts**"), then the reclassification of actions or transactions (or portions thereof), including the reclassification of utilization of any Fixed Amounts as incurred under any available Incurrence Based Amounts, shall be deemed to have automatically occurred even if not elected by the Parent Borrower (unless the Parent Borrower otherwise notifies the Administrative Agent) and (ii) in calculating any Incurrence Based Amounts (including any Financial Incurrence Tests), any (x) amounts incurred under the Revolving Credit Facility (or any other revolving facility), (y) Indebtedness concurrently incurred to fund original issue discount and/or upfront fees and (z) amounts incurred, or transactions entered into or consummated, in reliance on a Fixed Amount in a concurrent transaction, a single transaction or a series of related transactions with the amount incurred, or transaction entered into or consummated, under the applicable Incurrence Based Amount, in each case of the foregoing clauses (x), (y) and (z), shall not be given effect in calculating the applicable Incurrence Based Amount (but giving Pro Forma Effect to all applicable and related transactions (including the use of proceeds of all Indebtedness to be incurred and any repayments, repurchases and redemptions of Indebtedness) and all other pro forma adjustments).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Whenever Pro Forma Effect is to be given to a transaction, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Borrower (and may include, for the avoidance of doubt and without duplication, cost savings, operating expense reductions, operating enhancements, revenue enhancements and synergies resulting from such Pro Forma Event which is being given Pro Forma Effect that have been or are expected to be realized). If any Indebtedness bears a floating rate of interest and is being given Pro Forma Effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account for such entire period, any Hedging Obligation applicable to such Indebtedness with a remaining term of 12 months or longer, and in the case of any Hedging Obligation applicable to such Indebtedness with a remaining term of less than 12 months, taking into account such Hedging Obligation to the extent of its remaining term). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Borrower to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a Pro Forma Basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period (or, if lower, the greater of (i) maximum commitments under such revolving credit facilities as of the date of determination and (ii) the aggregate principal amount of loans outstanding under such a revolving credit facilities on such date). Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Borrower may designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding anything to the contrary herein, for purposes of determining compliance with any test or covenant contained in this Agreement with respect to any period during which any Pro Forma Event occurs, applicable financial ratio shall each be calculated with respect to such period and such Pro Forma Event on a Pro Forma Basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with any action being taken solely in connection with a Limited Condition Transaction, for purposes of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) determining compliance with any provision of this Agreement which requires the calculation of a financial ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) determining the accuracy of representations and warranties in <u>Section 8</u> and/or whether a Default or Event of Default shall have occurred and be continuing under <u>Section 11</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) testing availability under baskets set forth in this Agreement (including baskets measured as a percentage of Consolidated Total Assets or such other accounting metric);

in each case, at the option of the Borrower (the Borrower's election to exercise such option in connection with any Limited Condition Transaction, an "**LCT Election**"), the date of determination of whether any such action is permitted hereunder, shall be deemed to be the date (i) the definitive agreements for such Limited Condition Transaction are entered into (or, in respect of any transaction described in clause (b) of the definition of a Limited Condition Transaction, delivery of irrevocable notice or similar event) or (ii) in connection with an acquisition to which the City Code on Takeovers (or an analogous law) applies, the date on which a "Rule 2.7 announcement" of a firm intention to make an offer in respect of a target company is made in compliance with the City Code on Takeovers (or a corresponding announcement under such analogous law) (the "**LCT Test Date**"), and if, after giving Pro Forma Effect to the Limited Condition Transaction and the other transactions to be entered into in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) as if they had occurred at the beginning of the most recent Test Period ending prior to the LCT Test Date, the Parent Borrower could have taken such action on the relevant LCT Test Date in compliance with such ratio or basket, such ratio or basket shall be deemed to have been complied with. For the avoidance of doubt, if the Parent Borrower has made an LCT Election and any of the ratios or baskets for which compliance was determined or tested as of the LCT Test Date are exceeded as a result of fluctuations in any such ratio or basket, including due to fluctuations in Consolidated Total Assets of the Parent Borrower or the Person subject to such Limited Condition Transaction, at or prior to the consummation of the relevant transaction or action, such baskets or ratios will not be deemed to have been exceeded as a result of such fluctuations. If the Borrower has made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio or basket availability with respect to the incurrence of Indebtedness or Liens, or the making of Restricted Payments, mergers, the conveyance, lease or other transfer of all or substantially all of the assets of the Parent Borrower, or the prepayment, redemption, purchase, defeasance or other satisfaction of Indebtedness on or following the relevant LCT Test Date and prior to the earlier of (i) the date on which such Limited Condition Transaction is consummated or (ii) the date that the definitive agreement for such Limited Condition Transaction is terminated or expires (or, if applicable, the irrevocable notice or similar event is terminated or expires) without consummation of such Limited Condition Transaction, any such ratio or basket shall be calculated on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions in connection therewith (including any incurrence of Indebtedness and the use of proceeds thereof) have been consummated until such time as the applicable Limited Condition Transaction has actually closed or the definitive agreement with respect thereto has been terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary in this <u>Section 1.12</u> or in any classification under GAAP of any Person, business, assets or operations in respect of which a definitive agreement for the disposition thereof has been entered into as discontinued operations, no Pro Forma Effect shall be given to any discontinued operations (and the earnings or value attributable to any such Person, business, assets or operations shall not be excluded for any purposes hereunder) until such disposition shall have been consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any determination of Consolidated Total Assets shall be made by reference to the last day of the fiscal quarter to which the Section 9.1 Financials pertain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Except as otherwise specifically provided herein, all computations of Consolidated Total Assets, LTV and other financial ratios and financial calculations (and all definitions (including accounting terms) used in determining any of the foregoing) shall be calculated, in each case, with respect to the Parent Borrower and its Subsidiaries on a consolidated basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) At the option of the Parent Borrower, all leases of any Person that are or would be characterized as operating leases in accordance with GAAP before giving effect to FASB Accounting Standards Update ASU 2016-02 (assuming for purposes hereof that they were in existence prior to implementation of FASB Accounting Standards Update ASU 2016-02) shall continue to be accounted for as operating leases (and not as Capital Leases) for purposes of this Agreement (whether or not such operating lease obligations were in effect on such date) regardless of FASB Accounting Standards Update ASU 2016-02 that would otherwise require (on a prospective or retroactive basis or otherwise) such leases to be recharacterized as Capital Leases; <u>provided</u>, however, that, any obligations relating to a lease that was accounted for by the Parent Borrower and/or its Subsidiaries as an operating lease as of the Closing Date and any similar lease entered into after giving effect to FASB Accounting Standards Update ASU 2016-02 shall be accounted for as an operating lease and not a Capitalized Lease Obligation for purposes of determining whether such lease constitutes Indebtedness for all purposes under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 <u>Form Intercreditor Agreements</u>. Notwithstanding anything to the contrary herein, (x) any First Lien Intercreditor Agreement (meeting the requirements of the definition herein) and/or Second Lien Intercreditor Agreement (meeting the requirements of the definition herein), as applicable, shall be deemed to be reasonable and acceptable to the Administrative Agent and the Lenders, and the Administrative Agent and the Lenders shall be deemed to have consented to the use of each such intercreditor agreement (and to the Administrative Agent's execution thereof) in connection with any Indebtedness permitted to be incurred, issued and/or assumed by the Parent Borrower or any other Credit Party pursuant to <u>Section 10.1</u> and (y) any First Lien Intercreditor Agreement and/or Second Lien Intercreditor Agreement, as applicable, the forms of joinder attached thereto, and any intercreditor agreements and forms of joinder substantially in the form of the First Lien Intercreditor Agreement and/or Second Lien Intercreditor Agreement, as applicable, or, as applicable, the forms of joinder attached thereto, in each case without any material changes therefrom, shall be deemed to be reasonable and acceptable to the Administrative Agent, the Collateral Agent and the Lenders, and (i) no acknowledgment or countersignature by the Administrative Agent, the Collateral Agent or the Lenders shall be required to comply with any requirement that an intercreditor agreement be entered into (or joined) in connection with any Indebtedness secured by the Collateral that is not prohibited from being incurred, issued and/or assumed by the Parent Borrower or any other Credit Party under <u>Section 10.1</u>, so long as a Representative authorized by the requisite holders of such Indebtedness executes such intercreditor agreement or joinder in substantially such form without any material changes therefrom and (ii) the Lenders shall be deemed to have consented to the use of any of the foregoing (and the Administrative Agent and/or the Collateral Agent shall be deemed to be authorized and directed to execute all of the foregoing) in connection with any Indebtedness secured by the Collateral that is not prohibited from being incurred, issued and/or assumed by the Borrower or any of its Subsidiaries under <u>Section 10.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 <u>Divisions</u>. Any reference herein to a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company or other Person, or an allocation of assets to a series of a limited liability company or other Person (or the unwinding of such a division or allocation) (any such transaction, a "**Division**"), as if it were a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any Division of a limited liability company or other Person shall constitute a separate Person hereunder (and each Division of any limited liability company or other Person that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 <u>Designation of Borrowers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower Agent may from time to time designate one or more Additional Borrowers for purposes of this Agreement by delivering to the Administrative Agent: (i) written notice (including via email) of its election to become an Additional Borrower duly executed on behalf of such Subsidiary and the applicable Borrower less than fifteen (15) days prior to the proposed effectiveness of such election (or such later date as may be agreed by the Administrative Agent), (ii) all documentation and other information with respect to such Subsidiary as may be reasonably requested by the Administrative Agent or, in the case of any Additional Borrower under any Revolving Credit Facility, any Revolving Credit Lender at least five (5) Business Days prior to the date of such effectiveness (or such later date as may be agreed by the Parent Borrower) that is required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including without limitation the Patriot Act and the Beneficial Ownership Regulation, no later than two (2) Business Days prior to the date of such effectiveness (or such later date as may be agreed by the Administrative Agent); (iii) [reserved], (iv) a certificate of an Authorized Officer of the Borrower Agent stating that, as of the date the Additional Borrower joins this Agreement as such, no Default or Event of Default has occurred and is continuing; (v) promissory notes in respect of such Additional Borrower in favor of any Lender requesting such promissory notes, in form and substance consistent with the form of promissory notes set forth in <u>Exhibit F</u> (modified to reflect such Additional Borrower); and (vi) a customary joinder agreement in form and substance reasonably satisfactory to the Administrative Agent whereby the Additional Borrower becomes party hereto as a Borrower and appoints the Parent Borrower as "Borrower Agent" hereunder and under the other Credit Documents. The Obligations of the Parent Borrower and each Additional Borrower shall be joint and several in nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After such deliveries, the appointment of the Additional Borrower shall be effective upon the effectiveness of an amendment to this Agreement and any applicable Credit Document necessary (in the reasonable judgment of the Administrative Agent) to give effect to the appointment of such Additional Borrower (in form and substance reasonably acceptable to the Administrative Agent, including amendments to disambiguate certain uses of the word "Borrower" and related terms hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.17 <u>Borrower Agent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Borrower hereby designates the Parent Borrower as its representative and agent (the "**Borrower Agent**") for all purposes under the Credit Documents, including requests for Loans and Letters of Credit, designation of interest rates, delivery or receipt of communications, receipt and payment of Obligations, requests for waivers, amendments or other accommodations, actions under the Credit Documents (including in respect of compliance with covenants) and all other dealings with the Administrative Agent, any Letter of Credit Issuer or any Lender. The Parent Borrower hereby accepts such appointment. The Administrative Agent, the Letter of Credit Issuers and the Lenders shall be entitled to rely upon, and shall be fully protected in relying upon, any notice or communication delivered by the Parent Borrower on behalf of any Borrower. The Administrative Agent and the Lenders may give any notice to or communication with a Borrower or other Credit Party hereunder to the Parent Borrower on behalf of such Borrower or other Credit Party.

Section 2. <u>Amount and Terms of Credit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Commitments</u>. Subject to and upon the terms and conditions herein set forth, each Revolving Credit Lender severally agrees to make Revolving Credit Loans denominated in Dollars <u>or in Canadian Dollars</u> to the Borrower (on a joint and several basis) from its applicable lending office (each, a "**Revolving Credit Loan**") (a) on the Closing Date, in an aggregate principal amount equal to the amount necessary to fund (i) (x) the Reserves Shortfall and (y) the Proceeds Shortfall, *plus* (ii) any amount needed to fund (x) upfront fees or original issue discount in respect of any Credit Facilities imposed under the Fee Letter, (y) working capital adjustments pursuant to the Acquisition Agreement and/or the refinancing of any Indebtedness incurred for working capital or capital expenditure purposes and (z) purchase price adjustments and prorations made pursuant to the Acquisition Agreement and/or the Property Acquisition Agreements, which for the avoidance of doubt may not exceed the amount of such Revolving Credit Lender's Revolving Credit Commitment, and (b) from and after the Closing Date, in an aggregate principal amount not to exceed at any time outstanding the amount of such Revolving Credit Lender's Revolving Credit Commitment, for any working capital or general corporate purposes; <u>provided</u> that any of the foregoing such Revolving Credit Loans (A) shall be made on the Closing Date (with respect to Revolving Credit Loans described in clause (a) of this <u>Section 2.01</u>) and at any time and from time to time on and after the Closing Date (with respect to Revolving Credit Loans described in clause (b) of this <u>Section 2.01</u>) and prior to the Revolving Credit Maturity Date, (B) may, at the option of the Borrower be incurred and maintained as, and/or converted into, ABR Loans or, SOFR Loans <u>or CORRA Loans</u> that are Revolving Credit Loans; <u>provided</u> that all Revolving Credit Loans made by each of the Lenders pursuant to the same Borrowing shall, unless otherwise specifically provided herein, consist entirely of Revolving Credit Loans of the same Type, (C) may be repaid (without premium or penalty) and reborrowed in accordance with the provisions hereof, (D) shall not, for any Lender at any time, after giving effect thereto and to the application of the proceeds thereof, result in such Revolving Credit Lender's Revolving Credit Exposure in respect of any Class of Revolving Loans at such time exceeding such Revolving Credit Lender's Revolving Credit Commitment in respect of such Class of Revolving Loan at such time and (E) shall not, after giving effect thereto and to the application of the proceeds thereof, result at any time in the aggregate amount of the Revolving Credit Lenders' Revolving Credit Exposures at such time exceeding the Total Revolving Credit Commitment then in effect or the aggregate amount of the Revolving Credit Lenders' Revolving Credit Exposures of any Class of Revolving Loans at such time exceeding the aggregate Revolving Credit Commitment with respect to such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.2 <u>Loans and Borrowings.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) <u>Type of Loans</u>. Subject to Section 2.17, each Borrowing shall be comprised entirely of SOFR Loans or ABR Loans<u>, each denominated in Dollars, or CORRA Loans, denominated in Canadian Dollars</u>. Each Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) <u>Minimum Amount of Each Borrowing; Maximum Number of Borrowings</u>. The aggregate principal amount of each Borrowing of Revolving Credit Loans shall be in a minimum amount of at least the Minimum Borrowing Amount for such Type of Loans and in a multiple of $100,000 in excess thereof (except that (i) Revolving Credit Loans to reimburse such Letter of Credit Issuer with respect to any Unpaid Drawing shall be made in the amounts required by Section 3.3 or Section 3.4, as applicable and (ii) a Borrowing of Revolving Credit Loans may be in an aggregate amount that is equal to the entire unused balance of the Revolving Credit Commitments). More than one Borrowing may be incurred on any date; provided that at no time shall there be outstanding more than fifteen (15) Borrowings of SOFR Loans <u>or CORRA Loans</u>, that are Revolving Credit Loans and six (6) Borrowings of SOFR Loans <u>or CORRA Loans</u> for each additional Class of Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.3 <u>Notice of Borrowing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the Borrower desires to incur Revolving Credit Loans (other than borrowings to repay Unpaid Drawings), then the Borrower shall give the Administrative Agent at the Administrative Agent's Office, (i) [reserved],<u>prior to 1:00 p.m. (New York City Time) at least three Business Days' prior written notice of each Borrowing of CORRA Loans that are Revolving Credit Loans and</u> (ii) prior to 1:00 p.m. (New York City Time) at least three Business Days' prior written notice of each Borrowing of SOFR Loans that are Revolving Credit Loans (or, in the case of a Borrowing of Revolving Credit Loans to be made on the Closing Date, one Business Day's notice; <u>provided</u> that the Borrower shall give the Administrative Agent such notice prior to 2:00 p.m. (New York City time) on such date) and (iii) prior to 11:00 a.m. (New York City time) on the day of such Borrowing prior written notice of each Borrowing of Revolving Credit Loans that are ABR Loans. Each such notice (a "**Notice of Borrowing**", substantially in the form of <u>Exhibit I</u>), except as otherwise expressly provided in <u>Section 2.10</u>, shall specify (A) the aggregate principal amount of the Revolving Credit Loans to be made pursuant to such Borrowing, (B) the currency of the Revolving Credit Loans to be borrowed, (C) the date of Borrowing (which shall be a Business Day) and (D) whether the respective Borrowing shall consist of ABR Loans or<u>,</u> SOFR Loans <u>or CORRA Loans</u>, that are Revolving Credit Loans and, if SOFR Loans <u>or CORRA Loans</u>, that are Revolving Credit Loans, the Interest Period to be initially applicable thereto. If no election as to the Type of Borrowing is specified, then the requested Borrowing shall be for ABR Loans. If no Interest Period is specified with respect to any requested SOFR Loans <u>or CORRA Loans</u>, then the Borrower shall be deemed to have selected an Interest Period of one month's duration. The Administrative Agent shall promptly give each Revolving Credit Lender written notice of each proposed Borrowing of Revolving Credit Loans, of such Lender's Revolving Credit Commitment Percentage thereof, of the identity of the Borrower, and of the other matters covered by the related Notice of Borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Borrowings to reimburse Unpaid Drawings shall be made upon the notice specified in <u>Section 3.4(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without in any way limiting the obligation of the Parent Borrower to confirm in writing any notice it shall give hereunder by telephone (which obligation is absolute), the Administrative Agent may act prior to receipt of written confirmation without liability upon the basis of such telephonic notice believed by the Administrative Agent in good faith to be from an Authorized Officer of the Parent Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Disbursement of Funds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No later than 2:00 p.m. (New York City time) on the date specified in each Notice of Borrowing, each Lender shall make available its pro rata portion, if any, of each Borrowing requested to be made on such date in the manner provided below; <u>provided</u> that on the Closing Date, such funds may be made available at such earlier time as may be agreed among the Lenders, the Borrower, and the Administrative Agent for the purpose of consummating the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender shall make available all amounts it is to fund to the Borrower under any Borrowing for its applicable Commitments, and in immediately available funds, to the Administrative Agent at the Administrative Agent's Office and the Administrative Agent will make available to the Borrower, by depositing to an account designated by the Parent Borrower to the Administrative Agent the aggregate of the amounts so made available in Dollars. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Borrowing that such Lender does not intend to make available to the Administrative Agent its portion of the Borrowing or Borrowings to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such date of Borrowing, and the Administrative Agent, in reliance upon such assumption, may (in its sole discretion and without any obligation to do so) make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender and the Administrative Agent has made available such amount to the Borrower, the Administrative Agent shall be entitled to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent's demand therefor the Administrative Agent shall promptly notify the Parent Borrower and the Borrower shall immediately pay such corresponding amount to the Administrative Agent in Dollars. The Administrative Agent shall also be entitled to recover from such Lender or the Borrower interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to (i) if paid by such Lender, the Overnight Rate or (ii) if paid by the Borrower, the then-applicable rate of interest or fees, calculated in accordance with <u>Section 2.8</u>, for the respective Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this <u>Section 2.4</u> shall be deemed to relieve any Lender from its obligation to fulfill its commitments hereunder or to prejudice any rights that the Borrower may have against any Lender as a result of any default by such Lender hereunder (it being understood, however, that no Lender shall be responsible for the failure of any other Lender to fulfill its commitments hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.5 <u>Repayment of Loans; Evidence of Debt</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall repay to the Administrative Agent for the benefit of the Revolving Credit Lenders, on the Revolving Credit Maturity Date, the then outstanding Revolving Credit Loans in the currency in which such Revolving Credit Loans are denominated. The Borrower shall repay to the Administrative Agent for the benefit of the Revolving Credit Lenders, on each Extended Revolving Loan Maturity Date, the then outstanding amount of Extended Revolving Credit Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the Indebtedness of the Borrower to the appropriate lending office of such Lender resulting from each Loan made by such lending office of such Lender from time to time, including the amounts of principal and interest payable and paid to such lending office of such Lender from time to time under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent shall maintain the Register pursuant to <u>Section 13.6(b)</u>, and a subaccount for each Lender, in which Register and subaccounts (taken together) shall be recorded (i) the amount of each Loan made hereunder, whether such Loan is a Revolving Credit Loan or Extended Revolving Credit Loan, the Type of each Loan made, the name of the Borrower and the Interest Period, if any, applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder from the Borrower and each Lender's share thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The entries made in the Register and accounts and subaccounts maintained pursuant to <u>clauses (c)</u> and <u>(d)</u> of this <u>Section 2.5</u> shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; <u>provided</u>, <u>however</u>, that, in the event of any inconsistency between the Register and any such account or subaccount, the Register shall govern; <u>provided</u>, <u>further</u>, that the failure of any Lender or the Administrative Agent to maintain such account, such Register or subaccount, as applicable, or any error therein, shall not in any manner affect the obligation of the Borrower to repay (with applicable interest) the Loans made to the Borrower by such Lender in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Borrower hereby agrees that, upon request of any Lender at any time and from time to time after the Borrower has made an initial borrowing hereunder, the Borrower shall provide to such Lender, at the Borrower's own expense, a promissory note, substantially in the form of <u>Exhibit F</u>, as applicable, evidencing the Revolving Loans owing to such Lender. Thereafter, unless otherwise agreed to by the applicable Lender, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to <u>Section 13.6</u>) be represented by one or more promissory notes in such form payable to the payee named therein or its registered assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Conversions and Continuations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the penultimate sentence of this <u>clause (a)</u>, (x) the Borrower shall have the option on any Business Day to convert all or a portion equal to at least $5,000,000 of the outstanding principal amount of Revolving Credit Loans of one Type into a Borrowing or Borrowings of another Type and<u>,</u> (y) the Borrower shall have the option on any Business Day to continue the outstanding principal amount of any SOFR Loans as SOFR Loans for an additional Interest Period <u>and (z) the Borrower shall have the option on any Business Day to continue the outstanding principal amount of any CORRA Loans as CORRA Loans for an additional Interest Period</u>; <u>provided</u> that (i) no partial conversion of SOFR Loans <u>or CORRA Loans</u> shall reduce the outstanding principal amount of <u>such</u> SOFR <u>Loans or CORRA</u> Loans made pursuant to a single Borrowing to less than the Minimum Borrowing Amount, (ii) ABR Loans may not be converted into SOFR Loans if an Event of Default is in existence on the date of the conversion and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such conversion, (iii) [reserved], (iv) [reserved]<u>CORRA Loans may not be continued as CORRA Loans for an additional Interest Period if an Event of Default is in existence on the date of the proposed continuation and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuation</u>, (v) SOFR Loans may not be continued as SOFR Loans for an additional Interest Period if an Event of Default is in existence on the date of the proposed continuation and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuation, (vi) [reserved] <u>Loans denominated in Dollars shall not be converted into Loans denominated in a Foreign Currency or vice versa</u> and (vii) Borrowings resulting from conversions pursuant to this <u>Section 2.6</u> shall be limited in number as provided in <u>Section 2.2</u>. Each such conversion or continuation shall be effected by the Borrower by giving the Administrative Agent prior written notice at the Administrative Agent's Office prior to 1:00 p.m. (New York City time) at least (i) three Business Days prior, in the case of a continuation of or conversion to SOFR Loans <u>or CORRA Loans</u> (other than in the case of a notice delivered on the Closing Date, which shall be deemed to be effective on the Closing Date), or (ii) 1:00 p.m. (New York City time) on the proposed day of a conversion into ABR Loans (each, a "**Notice of Conversion or Continuation**" substantially in the form of <u>Exhibit I</u>) specifying the Loans to be so converted or continued, the Type of Loans to be converted or continued into and, if such Loans are to be converted into or continued as SOFR Loans, the Interest Period to be initially applicable thereto. If no Interest Period is specified in any such notice with respect to any conversion to or continuation as a SOFR Loan <u>or as a CORRA Loan</u>, the Borrower shall be deemed to have selected an Interest Period of one month's duration. The Administrative Agent shall give each applicable Lender notice as promptly as practicable of any such proposed conversion or continuation affecting any of its Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Event of Default is in existence at the time of any proposed continuation of any SOFR Loans and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuation, such SOFR Loans shall be automatically converted on the last day of the current Interest Period into ABR Loans. If upon the expiration of any Interest Period in respect of SOFR Loans <u>or CORRA Loans</u>, the Borrower has failed to elect a new Interest Period to be applicable thereto as provided in <u>clause (a)</u><u>deliver a timely Notice of Conversion or Continuation</u>, the Borrower shall be deemed to have elected to convert<u>continue</u> such Borrowing of SOFR Loans into a<u>as SOFR Loans and such</u> Borrowing of ABR<u>CORRA</u> Loans <u>as CORRA Loans with an Interest Period equal in duration to the immediately preceding Interest Period</u>, effective as of the expiration date of such current Interest Period <u>(an "**Automatic Continuation**")</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with the use or administration of Term SOFR or SOFR Average <u>or Adjusted Term CORRA</u>, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Credit Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Credit Document (other than as provided in the definition of Conforming Changes). The Administrative Agent will promptly notify the Borrower and the Lenders of the effectiveness of any Conforming Changes in connection with the use or administration of Term SOFR or SOFR Average <u>or Adjusted Term CORRA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Pro Rata Borrowings</u>. Each Borrowing of Revolving Credit Loans under this Agreement shall be made by the Lenders *pro rata* on the basis of their then-applicable Revolving Credit Commitment Percentages. It is understood that (a) no Lender shall be responsible for any default by any other Lender in its obligation to make Loans hereunder and that each Lender severally but not jointly shall be obligated to make the Loans provided to be made by it hereunder, regardless of the failure of any other Lender to fulfill its commitments hereunder and (b) other than as expressly provided herein with respect to a Defaulting Lender, failure by a Lender to perform any of its obligations under any of the Credit Documents shall not release any Person from performance of its obligation, under any Credit Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.8 <u>Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The unpaid principal amount of each ABR Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin for ABR Loans *plus* the ABR, in each case, in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The unpaid principal amount of each Term SOFR Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin for SOFR Loans *plus* Term SOFR for the applicable Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The unpaid principal amount of each SOFR Average Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin for SOFR Loans *plus* SOFR Average over the applicable Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> <u>The unpaid principal amount of each Adjusted Term CORRA Loan shall bear interest from the date of the Borrowing thereof until maturity thereof (whether by acceleration or otherwise) at a rate per annum that shall at all times be the Applicable Margin for CORRA Loans *plus* Adjusted Term CORRA for the applicable Interest Period.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e)</u> <u>For the purposes of the Interest Act (Canada), (a) whenever a rate of interest or fee rate hereunder is calculated on the basis of a year (the "deemed year") that contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest or fee rate shall be expressed as a yearly rate by multiplying such rate of interest or fee rate by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year, (b) the principle of deemed reinvestment of interest shall not apply to any interest calculation hereunder and (c) the rates of interest stipulated herein are intended to be nominal rates and not effective rates or yields. This Section 2.8(e) shall apply solely with respect to CORRA Loans.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If an Event of Default pursuant to <u>Section 11.1</u> or <u>11.5</u> has occurred and is continuing (but after giving effect to any grace period set forth therein), if all or a portion of (i) the principal amount of any Loan or (ii) any interest payable thereon or any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum (the "**Default Rate**") that is (x) in the case of overdue principal, the rate that would otherwise be applicable thereto *plus* 2.00% or (y) in the case of any other overdue amount, including overdue interest, to the extent permitted by applicable law, the rate described in <u>Section 2.8(a)</u> for the applicable Class *plus* 2.00% from the date of such non-payment to the date on which such amount is paid in full (after as well as before judgment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Interest on each Loan shall accrue from and including the date of any Borrowing to but excluding the date of any repayment thereof and shall be payable in Dollars <u>or Canadian Dollars, as applicable</u>; <u>provided</u> that any Loan that is repaid on the same date on which it is made shall bear interest for one day. Except as provided below, interest shall be payable (i) in respect of each ABR Loan, quarterly in arrears on the last Business Day of each fiscal quarter of the Parent Borrower, (ii) in respect of each SOFR Loan <u>and each CORRA Loan</u>, on the last day of each Interest Period applicable thereto and, in the case of an Interest Period in excess of three months, on each date occurring at three-month intervals after the first day of such Interest Period, and (iii) in respect of each Loan, (A) upon any prepayment in respect thereof, (B) at maturity (whether by acceleration or otherwise), and (C) after such maturity, on demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) All computations of interest hereunder shall be made in accordance with <u>Section 5.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Administrative Agent, upon determining the interest rate for any Borrowing of SOFR Loans <u>or CORRA Loans</u>, shall promptly notify the Parent Borrower and the relevant Lenders thereof. Each such determination shall, absent clearly demonstrable error, be final and conclusive and binding on all parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Interest Periods</u>. At the time the Parent Borrower gives a Notice of Borrowing or Notice of Conversion or Continuation <u>or at the time of any Automatic Continuation</u> in respect of the making of, or conversion into or continuation as, a Borrowing of SOFR Loans <u>or CORRA Loans</u> in accordance with <u>Section 2.6(a) or 2.6(b)</u>, the Parent Borrower shall give <u>(or shall be deemed to have given in the case of any Automatic Continuation)</u> the Administrative Agent written notice of the Interest Period applicable to such Borrowing, which Interest Period shall, at the option of the Parent Borrower, be a one or<u>,</u> three month period<u>or (except</u> with respect to SOFR<u>any</u> Loans <u>bearing interest based on Adjusted Term CORRA)</u> (or if available to all the Lenders making such SOFR Loans, a <u>six month,</u> twelve month or shorter period).

Notwithstanding anything to the contrary contained above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the initial Interest Period for any Borrowing of SOFR Loans <u>and CORRA Loans</u> shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of Loans of a different type) and each Interest Period occurring thereafter in respect of such Borrowing shall commence on the day on which the next preceding Interest Period expires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if any Interest Period relating to a Borrowing of SOFR Loans <u>and CORRA Loans</u> begins on the last Business Day of a calendar month or begins on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period, such Interest Period shall end on the last Business Day of the calendar month at the end of such Interest Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if any Interest Period would otherwise expire on a day that is not a Business Day, such Interest Period shall expire on the next succeeding Business Day; <u>provided</u> that if any Interest Period in respect of a SOFR Loan <u>or a CORRA Loan</u> would otherwise expire on a day that is not a Business Day but is a day of the month after which no further Business Day occurs in such month, such Interest Period shall expire on the immediately preceding Business Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Parent Borrower shall not be entitled to elect any Interest Period in respect of any SOFR Loan <u>or CORRA Loan</u> if such Interest Period would extend beyond the Maturity Date of such Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Increased Costs, Illegality, Etc</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 2.18</u>, in the event that (x) in the case of clause (i) below, the Administrative Agent and (y) in the case of clauses (ii) and (iii) below, the Required Revolving Credit Lenders shall have reasonably determined (which determination shall, absent clearly demonstrable error, be final and conclusive and binding upon all parties hereto):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) on any date for determining Term SOFR or<u>,</u> SOFR Average <u>or Adjusted Term CORRA</u> for any Interest Period that (x) deposits in the principal amounts and currencies of the Loans comprising such Borrowing of SOFR Loans <u>or CORRA Loans</u> are not generally available in the relevant market or (y) by reason of any changes arising on or after the Closing Date affecting the applicable market, adequate and fair means do not exist for ascertaining the interest rate on the basis provided for in the definition of "Term SOFR" or<u>,</u> "SOFR Average" <u>or "Adjusted Term CORRA"</u>, as applicable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at any time following the Closing Date, (x) that such Lenders shall incur or suffer any increased costs or reductions attributable to Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (ii) through (iv) of Excluded Taxes, (C) Connection Income Taxes and (D) Other Taxes) because of any Change in Law or (y) that any Change in Law shall impose, modify or deem applicable any reserve, special deposit or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances or loans by, or any other acquisition of funds by any Lender for any SOFR Loan <u>or any CORRA Loan</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at any time, that the making or continuance of any SOFR Loan <u>or CORRA Loan</u> has become unlawful by compliance by such Lenders in good faith with any law, governmental rule, regulation, guideline or order (or would conflict with any such governmental rule, regulation, guideline or order not having the force of law even though the failure to comply therewith would not be unlawful);

(such Loans, "**Impacted Loans**"), then, and in any such event, such Required Revolving Credit Lenders (or the Administrative Agent, in the case of <u>clause (i)</u> above) shall within a reasonable time thereafter give notice (in writing) to the Borrower and to the Administrative Agent of such determination (which notice the Administrative Agent shall promptly transmit to each of the other Lenders). Thereafter (x) in the case of <u>clause (i)</u> above, SOFR Loans <u>and CORRA Loans</u> shall no longer be available until such time as the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice by the Administrative Agent no longer exist (which notice the Administrative Agent agrees to give at such time when such circumstances no longer exist), and any Notice of Borrowing or Notice of Conversion or Continuation given by the Borrower with respect to SOFR <u>Loans or CORRA</u> Loans that have not yet been incurred shall be deemed rescinded by the Borrower, (y) in the case of <u>clause (ii)</u> above, the Borrower shall pay to such Lenders, promptly after receipt of written demand therefor such additional amounts (in the form of an increased rate of, or a different method of calculating, interest or otherwise as such Required Revolving Credit Lenders in their reasonable discretion shall determine) as shall be required to compensate such Lenders for such actual increased costs or reductions in amounts receivable hereunder (it being agreed that a written notice as to the additional amounts owed to such Lenders, showing in reasonable detail the basis for the calculation thereof, submitted to the Borrower by such Lenders shall, absent clearly demonstrable error, be final and conclusive and binding upon all parties hereto), and (z) in the case of <u>subclause (iii)</u> above, the Borrower shall take one of the actions specified in <u>subclause (x)</u> or <u>(y)</u>, as applicable, of <u>Section 2.10(b)</u> promptly and, in any event, within the time period required by law.

Notwithstanding the foregoing, if the Administrative Agent has made the determination described in <u>Section 2.10(a)(i)(x)</u>, the Administrative Agent, in consultation with the Borrower and the affected Lenders, may establish an alternative interest rate for the Impacted Loans, in which case, such alternative rate of interest shall apply with respect to the Impacted Loans until (1) the Administrative Agent revokes the notice delivered with respect to the Impacted Loans under <u>clause (x)</u> of the first sentence of the immediately preceding paragraph, (2) the Administrative Agent or the affected Lenders notify the Administrative Agent and the Borrower that such alternative interest rate does not adequately and fairly reflect the cost to such Lenders of funding the Impacted Loans, or (3) any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender or its applicable lending office to make, maintain or fund Loans whose interest is determined by reference to such alternative rate of interest or to determine or charge interest rates based upon such rate or any Governmental Authority has imposed material restrictions on the authority of such Lender to do any of the foregoing and provides the Administrative Agent and the Borrower written notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time that any SOFR Loan <u>or CORRA Loan</u> is affected by the circumstances described in <u>Section 2.10(a)(ii)</u> or <u>(iii)</u>, the Borrower may (and in the case of a Loan affected pursuant to <u>Section 2.10(a)(iii)</u> shall) either (x) if a Notice of Borrowing or Notice of Conversion or Continuation with respect to the affected Loan has been submitted pursuant to <u>Section 2.3</u> or <u>Section 2.6</u> but the affected Loan has not been funded or continued, cancel such requested Borrowing by giving the Administrative Agent written notice thereof on the same date that the Borrower was notified by Lenders pursuant to <u>Section 2.10(a)(ii)</u> or <u>(iii)</u> or (y) if the affected Loan is then outstanding, upon at least three Business Days' notice to the Administrative Agent, require the affected Lender to convert each such Loan into an ABR Loan; <u>provided</u> that if more than one Lender is affected at any time, then all affected Lenders must be treated in the same manner pursuant to this <u>Section 2.10(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, after the Closing Date, any Change in Law relating to capital adequacy or liquidity of any Lender or compliance by any Lender or its parent with any Change in Law relating to capital adequacy or liquidity occurring after the Closing Date, has or would have the effect of reducing the actual rate of return on such Lender's or its parent's or its Affiliate's capital or assets as a consequence of such Lender's commitments or obligations hereunder to a level below that which such Lender or its parent or its Affiliate could have achieved but for such Change in Law (taking into consideration such Lender's or its parent's policies with respect to capital adequacy or liquidity), then from time to time, promptly after written demand by such Lender (with a copy to the Administrative Agent), the Borrower shall pay to such Lender such actual additional amount or amounts as will compensate such Lender or its parent for such actual reduction, it being understood and agreed, however, that a Lender shall not be entitled to such compensation as a result of such Lender's compliance with, or pursuant to any request or directive to comply with, any law, rule or regulation as in effect on the Closing Date or to the extent such Lender is not imposing such charges on, or requesting such compensation from, borrowers (similarly situated to the Parent Borrower hereunder) under comparable syndicated credit facilities similar to the Credit Facilities. Each Lender, upon determining in good faith that any additional amounts will be payable pursuant to this <u>Section 2.10(c)</u>, will give prompt written notice thereof to the Borrower, which notice shall set forth in reasonable detail the basis of the calculation of such additional amounts, although the failure to give any such notice shall not, subject to <u>Section 2.13</u>, release or diminish the Borrower's obligations to pay additional amounts pursuant to this <u>Section 2.10(c)</u> promptly following receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) [reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.11 <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 <u>Change of Lending Office</u>. Each Lender agrees that, upon the occurrence of any event giving rise to the operation of <u>Sections 2.10(a)(ii)</u>, <u>2.10(a)(iii)</u>, <u>2.10(b)</u>, <u>3.5</u> or <u>5.4</u> with respect to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate another lending office for any Loans affected by such event; provided that such designation is made on such terms that such Lender and its lending office suffer no unreimbursed cost or other material economic, legal or regulatory disadvantage, with the object of avoiding the consequence of the event giving rise to the operation of any such Section. Nothing in this <u>Section 2.12</u> shall affect or postpone any of the obligations of the Borrower or the right of any Lender provided in <u>Sections 2.10</u>, <u>3.5</u> or <u>5.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 <u>Notice of Certain Costs</u>. Notwithstanding anything in this Agreement to the contrary, to the extent any notice required by <u>Sections 2.10</u> or <u>3.5</u> is given by any Lender more than 120 days after such Lender has knowledge (or should have had knowledge) of the occurrence of the event giving rise to the additional cost, reduction in amounts, loss, or other additional amounts described in such Sections, such Lender shall not be entitled to compensation under <u>Sections 2.10</u> or <u>3.5</u>, as the case may be, for any such amounts incurred or accruing prior to the 121st day prior to the giving of such notice to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 <u>Extension of Revolving Credit Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each Joinder Agreement may, without the consent of any other Lenders, effect technical and corresponding amendments to this Agreement and the other Credit Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provision of this <u>Section 2.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i) Solely in accordance with <u>Section 2.14(g)(iv)</u> below, Parent Borrower may at any time request that all or a portion of the Revolving Credit Commitments of any Class existing at the time of such request (each, an "**Existing Revolving Credit Commitment**" and any related revolving credit loans thereunder, "**Existing Revolving Credit Loans**"; each Existing Revolving Credit Commitment and related Existing Revolving Credit Loans together being referred to as an "**Existing Revolving Credit Class**") be converted to extend the termination date thereof and the scheduled maturity date(s) of any payment of principal with respect to all or a portion of any principal amount of Loans related to such Existing Revolving Credit Commitments (any such request, an "**Extension Request**", any such Existing Revolving Credit Commitments which have been so extended, "**Extended Revolving Credit Commitments**" and any related Loans, "**Extended Revolving Credit Loans**") and to provide for other terms consistent with this <u>Section 2.14(g)(i)</u>. In order to establish any Extended Revolving Credit Commitments, the Borrower shall provide a notice to the Administrative Agent (who shall provide a copy of such notice to each of the Lenders of the applicable Class of Existing Revolving Credit Commitments which such request shall be offered equally to all such Lenders); *provided* that the scheduled final maturity date shall be extended as set forth in <u>Section 2.14(g)(v)</u> and the Borrower shall have made payments to each such Extending Lender as set forth in <u>Section 2.14(g)(v)(B)</u>. Notwithstanding anything to the contrary in this <u>Section 2.14</u> or otherwise, (1) the borrowing and repayment (other than in connection with a permanent repayment and termination of commitments) of Loans with respect to any Original Revolving Credit Commitments shall be made on a pro rata basis with all other Original Revolving Credit Commitments and (2) no Extended Revolving Credit Commitments may be optionally permanently prepaid and terminated prior to the date on which the applicable Existing Revolving Credit Commitments from which they were converted (the "**Specified Existing Revolving Credit Commitments**") is permanently repaid in full and terminated, except in accordance with the last sentence of <u>Section 5.1</u>. No<u>Parent Borrower may deliver up to three (3) Extension Requests. The extension pursuant to the first two (2) Extension Requests shall be at the sole discretion of Parent Borrower. The extension pursuant to the third Extension Request shall be at the sole discretion of the Lenders, and no</u> Lender shall have any obligation to agree to have any of its Revolving Credit Loans or Revolving Credit Commitments of any Existing Revolving Credit Class converted into Extended Revolving Credit Loans or Extended Revolving Credit Commitments pursuant to any<u>the third</u> Extension Request. Any Extended Revolving Credit Commitments of any Extension Series shall constitute a separate Class of revolving credit commitments from the Specified Existing Revolving Credit Commitments and from any other Existing Revolving Credit Commitments (together with any other Extended Revolving Credit Commitments so established on such date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Lender (an "Extending Lender") wishing to have all or a portion of its Revolving Credit Commitments or Extended Revolving Credit Commitment of the Existing Revolving Credit Class or Existing Revolving Credit Classes subject to such Extension Request converted into Extended Revolving Credit Commitments shall notify the Administrative Agent (an "Extension Election") on or prior to the date specified in such Extension Request of the amount of its Revolving Credit Commitments or Extended Revolving Credit Commitment of the Existing Revolving Credit Class or Existing Revolving Credit Classes subject to such Extension Request that it has elected to convert into Extended Revolving Credit Commitments, as applicable. In the event that the aggregate amount of Revolving Credit Commitments or Extended Revolving Credit Commitment of the Existing Revolving Credit Class or Existing Revolving Credit Classes subject to Extension Elections exceeds the amount of Extended Revolving Credit Commitments requested pursuant to the Extension Request, Revolving Credit Commitments or Extended Revolving Credit Commitments of the Existing Revolving Credit Class or Existing Revolving Credit Classes subject to Extension Elections shall be converted to Extended Revolving Credit Commitments on a pro rata basis based on the amount of Revolving Credit Commitments or Extended Revolving Credit Commitment included in each such Extension Election. Notwithstanding the conversion of any Original Revolving Credit Commitment into an Extended Revolving Credit Commitment, such Extended Revolving Credit Commitment shall be treated identically to all other Original Revolving Credit Commitments for purposes of the obligations of a Revolving Credit Lender in respect of Letters of Credit under Section 3, except that the applicable Extension Amendment may provide that the L/C Facility Maturity Date may be extended and the related obligations to issue Letters of Credit may be continued so long as the Letter of Credit Issuers, as applicable, have consented to such extensions in their sole discretion (it being understood that no consent of any other Lender shall be required in connection with any such extension).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Extended Revolving Credit Commitments shall be established pursuant to an amendment (an "**Extension Amendment**") to this Agreement executed by the Credit Parties, the Administrative Agent and the Extending Lenders. No Extension Amendment shall provide for any tranche of Extended Revolving Credit Commitments in an aggregate principal amount that is less than $5,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything to the contrary contained in this Agreement, (A) on any date on which any Existing Revolving Credit Class is converted to extend the related scheduled maturity date(s) in accordance with <u>clause (i)</u> above (an "**Extension Date**"), in the case of the Specified Existing Revolving Credit Commitments of each Extending Lender, the aggregate principal amount of such Specified Existing Revolving Credit Commitments shall be deemed reduced by an amount equal to the aggregate principal amount of Extended Revolving Credit Commitments so converted by such Lender on such date, and such Extended Revolving Credit Commitments shall be established as a separate Class of revolving credit commitments from the Specified Existing Revolving Credit Commitments and from any other Existing Revolving Credit Commitments (together with any other Extended Revolving Credit Commitments so established on such date) and (B) if, on any Extension Date, any Loans of any Extending Lender are outstanding under the applicable Specified Existing Revolving Credit Commitments, such Loans (and any related participations) shall be deemed to be allocated as Extended Revolving Credit Loans (and related participations) and Existing Revolving Credit Loans (and related participations) in the same proportion as such Extending Lender's Specified Existing Revolving Credit Commitments to Extended Revolving Credit Commitments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The occurrence of any extension of Original Revolving Credit Commitments to extend the scheduled maturity date of such Original Revolving Credit Commitments shall be to the date that is the one (1) year anniversary of the Revolving Credit<u>then-current</u> Maturity Date (in effect as of the Closing Date), and the effectiveness of any Extension Election by any Extending Lender in respect of such extension, shall be subject to the satisfaction of the following conditions as of the applicable Extension Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) no Event of Default shall have occurred and be continuing as of such Extension Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Borrower shall have made, upon or promptly following such date, to each such Extending Lender, a fee equal to 0.25% of the aggregate amount of such Lender's Original Revolving Credit Commitments which is extended as of such Extension Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Administrative Agent and the Lenders hereby consent to the consummation of the transactions contemplated by this <u>Section 2.14</u> (including, for the avoidance of doubt, payment of any interest, fees, or premium in respect of any Extended Revolving Credit Commitments on such terms as may be set forth in the relevant Extension Amendment) and hereby waive the requirements of any provision of this Agreement (including, without limitation, any pro rata payment or amendment section) or any other Credit Document that may otherwise prohibit or restrict any such extension or any other transaction contemplated by this <u>Section 2.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15 <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.16 <u>Defaulting Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Adjustments</u>. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable Requirements of Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Waivers and Amendments</u>. Such Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Required Lenders and <u>Section 13.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Defaulting Lender Waterfall</u>. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>Section 11</u> or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to <u>Section 13.8</u> shall be applied at such time or times as may be determined by the Administrative Agent as follows: *first*, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; *second*, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to such Letter of Credit Issuer hereunder; *third*, to Cash Collateralize such Letter of Credit Issuer's Fronting Exposure with respect to such Defaulting Lender in accordance with <u>Section 3.8</u>; *fourth*, as the Parent Borrower may request (so long as no Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; *fifth*, if so determined by the Administrative Agent and the Parent Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender's potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize such Letter of Credit Issuer's future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with <u>Section 3.8</u>; *sixth*, to the payment of any amounts owing to the Borrower, the Lenders or the Letter of Credit Issuers as a result of any judgment of a court of competent jurisdiction obtained by the Borrower, any Lender or any Letter of Credit Issuer against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and *seventh*, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; <u>provided</u> that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in <u>Section 7</u> were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, and L/C Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations are held by the Lenders pro rata in accordance with the Commitments hereunder without giving effect to <u>Section 2.16(a)(iv)</u>. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this <u>Section 2.16(a)(ii)</u> shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) <u>Certain Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) No Defaulting Lender shall be entitled to receive any fee payable under <u>Section 4</u> for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during which that Lender is a Defaulting Lender only to the extent allocable to its applicable percentage of the Stated Amount of Letters of Credit for which it has provided Cash Collateral pursuant to <u>Section 3.8</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) With respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender's participation in L/C Obligations that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to such Letter of Credit Issuer the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Letter of Credit's Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Reallocation of Applicable Percentages to Reduce Fronting Exposure</u>. All or any part of such Defaulting Lender's participation in L/C Obligations shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Revolving Credit Commitment Percentages (calculated without regard to such Defaulting Lender's Commitment) but only to the extent that such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender's Commitment. Subject to <u>Section 13.23,</u> no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender's increased exposure following such reallocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Defaulting Lender Cure</u>. If the Parent Borrower, the Administrative Agent and the Letter of Credit Issuers agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Revolving Credit Loans and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Lenders in accordance with their Revolving Credit Commitment Percentages (without giving effect to <u>Section 2.16(a)(iv)</u>), whereupon such Lender will cease to be a Defaulting Lender; <u>provided</u> that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Parent Borrower while that Lender was a Defaulting Lender; and <u>provided</u>, <u>further</u>, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 <u>Alternate Rate of Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 2.18</u>, if prior to the commencement of any Interest Period for a Term SOFR Borrowing or<u>,</u> SOFR Average <u>Borrowing or Adjusted Term CORRA</u> Borrowing, the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining Term SOFR or<u>,</u> SOFR Average <u>or Adjusted Term CORRA</u>, as applicable, for such Interest Period, then on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), such Loan shall be converted by the Administrative Agent to, and shall constitute, an ABR Loan denominated in dollars on such day or, at the Borrower's election prior to such day, be prepaid by the Borrower on such day (it being understood and agreed that if the Borrower does not so prepay such Loan on such day by 12:00 p.m. (New York City time) the Administrative Agent is authorized to effect such conversion of such Loan into an ABR Loan), and, upon the Borrower's receipt of notice from the Administrative Agent that the circumstances giving rise to the aforementioned notice no longer exist, such ABR Loan shall then be converted by the Administrative Agent to, and shall constitute, a SOFR Loan <u>or CORRA Loan (as applicable)</u> on the day of such notice being given to the Borrower by the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 <u>Benchmark Replacement Setting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) <u>Benchmark Replacement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding anything to the contrary herein or in any other Credit Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (a) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Credit Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Credit Document and (y) if a Benchmark Replacement is determined in accordance with clause (b) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Credit Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders and the Parent Borrower without any amendment to, or further action or consent of any other party to, this Agreement or any other Credit Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No Hedge Agreement shall be deemed to be a "Credit Document" for purposes of this <u>Section 2.18</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Conforming Changes</u>. In connection with the use, administration, adoption or implementation of a Benchmark Replacement, the Administrative Agent will have the right, subject to the consent of the Borrower, to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Credit Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Credit Document (other than as provided in the definition of Conforming Changes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Notices; Standards for Decisions and Determinations</u>. The Administrative Agent will promptly (and in any event within five (5) Business Days) notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement and (iii) the effectiveness of any Conforming Changes in connection with the use, administration, adoption or implementation of a Benchmark Replacement. The Administrative Agent will promptly notify the Borrower of the removal or reinstatement of any tenor of a Benchmark pursuant to <u>Section 2.18(d)</u>. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, the Borrower or any Lender (or group of Lenders) pursuant to this <u>Section 2.18</u>, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Credit Document, except, in each case, as expressly required pursuant to this <u>Section 2.18</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Benchmark Unavailability Period</u>. Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Loans determined in the applicable Benchmark to be made, converted or continued during any Benchmark Unavailability Period and, failing that, (i) the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to ABR Loans and (ii) any outstanding affected Loans will be deemed to have been converted into ABR Loans at the end of the applicable Interest Period. During a Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of ABR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) [Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding anything herein or in any other Credit Document to the contrary, the Administrative Agent and the Parent Borrower shall cooperate in good faith and use commercially reasonable efforts to satisfy any applicable requirements under proposed or final U.S. Treasury Regulations or other Internal Revenue Service guidance such that the use of an alternative rate of interest pursuant to this <u>Section 2.17</u> shall not result in a deemed exchange of any Indebtedness hereunder under Section 1001 of the Code.

Section 3. <u>Letters of Credit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Letters of Credit</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to and upon the terms and conditions herein set forth, at any time and from time to time after the Closing Date and prior to the L/C Facility Maturity Date, each Letter of Credit Issuer agrees, in reliance upon the agreements of the Revolving Credit Lenders set forth in this <u>Section 3</u>, to issue from time to time from the Closing Date through the L/C Facility Maturity Date for the account of the Parent Borrower (or, so long as the Parent Borrower is the primary obligor and a signatory to the Letter of Credit Request or remains the primary obligor for any reimbursement obligations pursuant to <u>Section 3.4</u> hereof, for the account of any Subsidiary) standby letters of credit (the "**Letters of Credit**" and each, a "**Letter of Credit**"), which Letters of Credit shall not exceed any Letter of Credit Issuer's Letter of Credit Commitment unless consented to by such Letter of Credit Issuer and in the aggregate shall not exceed the L/C Sublimit, in such form as may be approved by each Letter of Credit Issuer in its reasonable discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, (i) no Letter of Credit shall be issued the Stated Amount of which, when added to the Letters of Credit Outstanding at such time, would exceed the L/C Sublimit then in effect (or with respect to any Letter of Credit Issuer, exceed such Letter of Credit Issuer's Letter of Credit Commitment; <u>provided</u> that if the Parent Borrower determines that, in connection with any actual or anticipated L/C Borrowing, less than the full amount of the L/C Sublimit would be available to the Parent Borrower as a result of the application of this clause (i), then the Letter of Credit Commitments of each Letter of Credit Issuer shall be reallocated as elected by the Borrower in consultation with each Letter of Credit Issuer and with the consent of any such Letter of Credit Issuer which has its Letter of Credit Commitment increased as a result of such reallocation (and the Parent Borrower and the Letter of Credit Issuers agree to take such actions as among themselves to accommodate any such reallocation)); (ii) no Letter of Credit shall be issued the Stated Amount of which would cause the aggregate amount of the Lenders' Revolving Credit Exposures at the time of the issuance thereof to exceed the Total Revolving Credit Commitment then in effect; (iii) each Letter of Credit shall have an expiration date occurring no earlier than one year after the date of issuance thereof (except as set forth in <u>Section 3.2(d)</u>), <u>provided</u> that in no event shall such expiration date occur later than the L/C Facility Maturity Date, in each case, unless otherwise agreed upon by the Administrative Agent, such Letter of Credit Issuer and, unless such Letter of Credit has been Cash Collateralized or backstopped (in the case of a backstop only, on terms reasonably satisfactory to such Letter of Credit Issuer), the Revolving Credit Lenders; (iv) the Letter of Credit shall be denominated in Dollars; (v) no Letter of Credit shall be issued if it would be illegal under any applicable law for the beneficiary of the Letter of Credit to have a Letter of Credit issued in its favor; and (vi) no Letter of Credit shall be issued by any Letter of Credit Issuer after it has received a written notice from any Credit Party or the Administrative Agent or the Required Revolving Credit Lenders stating that a Default or Event of Default has occurred and is continuing until such time as such Letter of Credit Issuer shall have received a written notice of (x) rescission of such notice from the party or parties originally delivering such notice or (y) the waiver of such Default or Event of Default in accordance with the provisions of <u>Section 13.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon at least two Business Days' prior written notice to the Administrative Agent and each Letter of Credit Issuer (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the Parent Borrower shall have the right, on any day, permanently to terminate or reduce the Letter of Credit Commitments in whole or in part; <u>provided</u> that, after giving effect to such termination or reduction, the Letters of Credit Outstanding shall not exceed the L/C Sublimit (or with respect to any Letter of Credit Issuer, the Letters of Credit outstanding with respect to Letters of Credit issued by such Letter of Credit Issuer shall not exceed such Letter of Credit Issuer's Letter of Credit Commitment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) No Letter of Credit Issuer shall be under any obligation to issue any Letter of Credit if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms enjoin or restrain any Letter of Credit Issuer from issuing such Letter of Credit, or any law applicable to such Letter of Credit Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such Letter of Credit Issuer shall prohibit, or request that such Letter of Credit Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Letter of Credit Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (in each case, for which such Letter of Credit Issuer is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon such Letter of Credit Issuer any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which such Letter of Credit Issuer in good faith deems material to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the issuance of such Letter of Credit would violate one or more policies of such Letter of Credit Issuer applicable to letters of credit generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) except as otherwise agreed by any Letter of Credit Issuer, such Letter of Credit is in an initial Stated Amount less than $10,000; <u>provided</u> that any Letter of Credit Issuer shall only be required to issue standby Letters of Credit denominated in Dollars unless it otherwise agrees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) such Letter of Credit is denominated in a currency other than Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such Letter of Credit contains any provisions for automatic reinstatement of the Stated Amount after any drawing thereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a default of any Revolving Credit Lender's obligations to fund under <u>Section 3.3</u> exists or any Revolving Credit Lender is at such time a Defaulting Lender hereunder, unless, in each case, the Parent Borrower have entered into arrangements reasonably satisfactory to such Letter of Credit Issuer to eliminate such Letter of Credit Issuer's risk with respect to such Revolving Credit Lender or such risk has been reallocated in accordance with <u>Section 2.16</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Letter of Credit Issuer shall increase the Stated Amount of any Letter of Credit if such Letter of Credit Issuer would not be permitted at such time to issue such Letter of Credit in its amended form under the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Letter of Credit Issuer shall be under any obligation to issue an amendment to any Letter of Credit if such Letter of Credit Issuer would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any Letter of Credit Issuer shall act on behalf of the Revolving Credit Lenders with respect to any Letters of Credit issued by it and the documents associated therewith and such Letter of Credit Issuer shall have all of the benefits and immunities (A) provided to the Administrative Agent in <u>Section 12</u> with respect to any acts taken or omissions suffered by any Letter of Credit Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term "Administrative Agent" as used in <u>Section 12</u> included any Letter of Credit Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to any Letter of Credit Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Letter of Credit Requests</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whenever the Parent Borrower desires that a Letter of Credit be issued or amended, the Parent Borrower shall give the Administrative Agent and the Letter of Credit Issuers a Letter of Credit Request by no later than 1:00 p.m. (New York City time) at least three (3) Business Days (or such other period as may be agreed upon by the Parent Borrower, the Administrative Agent and each Letter of Credit Issuer) prior to the proposed date of issuance or amendment. Each Letter of Credit Request shall be executed by the Parent Borrower. Such Letter of Credit Request may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the applicable Letter of Credit Issuer, by personal delivery or by any other means acceptable to the applicable Letter of Credit Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of a request for the issuance of a Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably satisfactory to the Letter of Credit Issuers: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the identity of the applicant; and (C) such other matters as the applicable Letter of Credit Issuer may reasonably require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Request shall specify in form and detail reasonably satisfactory to the applicable Letter of Credit Issuer (I) the Letter of Credit to be amended; (II) the proposed date of issuance (which shall be a Business Day); (III) the nature of the proposed amendment; and (IV) such other matters as the applicable Letter of Credit Issuer may reasonably require. Additionally, the Parent Borrower shall furnish to such Letter of Credit Issuer and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as such Letter of Credit Issuer or the Administrative Agent may reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the Letter of Credit Issuers have received written notice from any Revolving Credit Lender, the Administrative Agent or any Credit Party, at least one Business Day prior to the requested date of issuance or amendment of the Letter of Credit, that one or more applicable conditions contained in <u>Sections 6</u> (solely with respect to any Letter of Credit issued on the Closing Date) and <u>7</u> shall not then be satisfied to the extent required thereby, then, subject to the terms and conditions hereof, the applicable Letter of Credit Issuer shall, on the requested date, issue a Letter of Credit for the account of the Parent Borrower (or, so long as the Parent Borrower is the primary obligor, for the account of a Subsidiary) or issue the applicable amendment, as the case may be, in each case in accordance with each such Letter of Credit Issuer's usual and customary business practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Parent Borrower so requests in any Letter of Credit Request, the applicable Letter of Credit Issuer shall agree to issue a Letter of Credit that has automatic extension provisions (each, an "**Auto-Extension Letter of Credit**"); <u>provided</u> that any such Auto-Extension Letter of Credit must permit such Letter of Credit Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof and the Parent Borrower not later than a day (the "**Non-Extension Notice Date**") in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by such Letter of Credit Issuer, the Parent Borrower shall not be required to make a specific request to such Letter of Credit Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the Letter of Credit Issuers to permit the extension of such Letter of Credit at any time to an expiry date not later than the L/C Facility Maturity Date, unless otherwise agreed upon by the Administrative Agent and such Letter of Credit Issuer; <u>provided</u>, <u>however</u>, that no Letter of Credit Issuer shall permit any such extension if (A) such Letter of Credit Issuer has reasonably determined that it would not be permitted, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of <u>clause (b)</u> of <u>Section 3.1</u> or otherwise), or (B) it has received written notice on or before the day that is seven Business Days before the Non-Extension Notice Date from the Administrative Agent, any Lender or the Parent Borrower that one or more of the applicable conditions specified in <u>Sections 6</u> and <u>7</u> are not then satisfied, and in each such case directing such Letter of Credit Issuer not to permit such extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the applicable Letter of Credit Issuer will also deliver to the Parent Borrower and the Administrative Agent a true and complete copy of such Letter of Credit or amendment. On the first Business Day of each month, each Letter of Credit Issuer shall provide the Administrative Agent a list of all Letters of Credit issued by it that are outstanding at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The making of each Letter of Credit Request shall be deemed to be a representation and warranty by the Parent Borrower that the Letter of Credit may be issued in accordance with, and will not violate the requirements of, <u>Section 3.1(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Letter of Credit Participations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Immediately upon the issuance by any Letter of Credit Issuer of any Letter of Credit, such Letter of Credit Issuer shall be deemed to have sold and transferred to each Revolving Credit Lender (each such Revolving Credit Lender, in its capacity under this <u>Section 3.3</u>, an "**L/C Participant**"), and each such L/C Participant shall be deemed irrevocably and unconditionally to have purchased and received from such Letter of Credit Issuer, without recourse or warranty, an undivided interest and participation (each an "**L/C Participation**"), to the extent of such L/C Participant's Revolving Credit Commitment Percentage in each Letter of Credit, each substitute therefor, each drawing made thereunder and the obligations of the Parent Borrower under this Agreement with respect thereto, and any security therefor or guaranty pertaining thereto; <u>provided</u> that the Letter of Credit Fees will be paid directly to the Administrative Agent for the ratable account of the L/C Participants as provided in <u>Section 4.1(b)</u> and the L/C Participants shall have no right to receive any portion of any Fronting Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In determining whether to pay under any Letter of Credit, the relevant Letter of Credit Issuer shall have no obligation relative to the L/C Participants other than to confirm that any documents required to be delivered under such Letter of Credit have been delivered and that they appear to comply on their face with the requirements of such Letter of Credit. Any action taken or omitted to be taken by the relevant Letter of Credit Issuer under or in connection with any Letter of Credit issued by it, if taken or omitted in the absence of gross negligence or willful misconduct as determined in the final non-appealable judgment of a court of competent jurisdiction, shall not create for the Letter of Credit Issuers any resulting liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that any Letter of Credit Issuer makes any payment under any Letter of Credit issued by it and the Parent Borrower shall not have repaid such amount in full to the respective Letter of Credit Issuer through the Administrative Agent pursuant to <u>Section 3.4(a)</u>, the Administrative Agent shall promptly notify each L/C Participant of such failure, and each L/C Participant shall promptly and unconditionally pay to the Administrative Agent for the account of such Letter of Credit Issuer, the amount of such L/C Participant's Revolving Credit Commitment Percentage of such unreimbursed payment in Dollars and in immediately available funds. If and to the extent such L/C Participant shall not have so made its Revolving Credit Commitment Percentage of the amount of such payment available to the Administrative Agent for the account of such Letter of Credit Issuer, such L/C Participant agrees to pay to the Administrative Agent for the account of such Letter of Credit Issuer, forthwith on demand, such amount, together with interest thereon for each day from such date until the date such amount is paid to the Administrative Agent for the account of such Letter of Credit Issuer at a rate per annum equal to the Overnight Rate from time to time then in effect, plus any administrative, processing or similar fees that are reasonably and customarily charged by such Letter of Credit Issuer in connection with the foregoing. The failure of any L/C Participant to make available to the Administrative Agent for the account of any Letter of Credit Issuer its Revolving Credit Commitment Percentage of any payment under any Letter of Credit shall not relieve any other L/C Participant of its obligation hereunder to make available to the Administrative Agent for the account of such Letter of Credit Issuer its Revolving Credit Commitment Percentage of any payment under such Letter of Credit on the date required, as specified above, but no L/C Participant shall be responsible for the failure of any other L/C Participant to make available to the Administrative Agent such other L/C Participant's Revolving Credit Commitment Percentage of any such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Whenever the Administrative Agent receives a payment in respect of an unpaid Reimbursement Obligation as to which the Administrative Agent has received for the account of any Letter of Credit Issuer any payments from the L/C Participants pursuant to <u>clause (c)</u> above, the Administrative Agent shall promptly pay to each L/C Participant that has paid its Revolving Credit Commitment Percentage of such Reimbursement Obligation, in Dollars and in immediately available funds, an amount equal to such L/C Participant's share (based upon the proportionate aggregate amount originally funded by such L/C Participant to the aggregate amount funded by all L/C Participants) of the amount so paid in respect of such Reimbursement Obligation and interest thereon accruing after the purchase of the respective L/C Participations at the Overnight Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The obligations of the L/C Participants to make payments to the Administrative Agent for the account of each Letter of Credit Issuer with respect to Letters of Credit shall be irrevocable and not subject to counterclaim, set-off or other defense or any other qualification or exception whatsoever and shall be made in accordance with the terms and conditions of this Agreement under all circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If any payment received by the Administrative Agent for the account of any Letter of Credit Issuer pursuant to <u>Section 3.3(c)</u> is required to be returned, each Lender shall pay to the Administrative Agent for the account of such Letter of Credit Issuer its Revolving Credit Commitment Percentage thereof on demand of the Administrative Agent, *plus* interest thereon from the date of such demand to the date such amount is returned by such Lender, at a rate per annum equal to the applicable Overnight Rate from time to time in effect. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Agreement to Repay Letter of Credit Drawings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent Borrower hereby agrees to reimburse the Letter of Credit Issuers, by making payment with respect to any drawing under any Letter of Credit in the same currency in which such drawing was made. Any such reimbursement shall be made by the Parent Borrower to the Administrative Agent in immediately available funds for any payment or disbursement made by any Letter of Credit Issuer under any Letter of Credit (each such amount so paid until reimbursed, an "**Unpaid Drawing**") no later than the date that is one Business Day after the date on which the Parent Borrower receives written notice of such payment or disbursement (the "**Reimbursement Date**"), with interest on the amount so paid or disbursed by such Letter of Credit Issuer, to the extent not reimbursed prior to 5:00 p.m. (New York City time) on the Reimbursement Date, from the Reimbursement Date to the date such Letter of Credit Issuer is reimbursed therefor at a rate per annum that shall at all times be (i) with respect to a Letter of Credit denominated in Dollars, the Applicable Margin for ABR Loans that are Revolving Credit Loans *plus* the ABR as in effect from time to time and (ii) [reserved], <u>provided</u> that, notwithstanding anything contained in this Agreement to the contrary, (i) unless the Parent Borrower shall have notified the Administrative Agent and the relevant Letter of Credit Issuer prior to 12:00 noon (New York City time) on the Reimbursement Date that the Parent Borrower intends to reimburse the relevant Letter of Credit Issuer for the amount of such drawing with funds other than the proceeds of Loans, the Parent Borrower shall be deemed to have given a Notice of Borrowing requesting that, with respect to Letters of Credit, the Revolving Credit Lenders make Revolving Credit Loans (which shall be denominated in Dollars and which shall be ABR Loans) on the Reimbursement Date in the amount of such drawing and (ii) the Administrative Agent shall promptly notify each L/C Participant of such drawing and the amount of its Revolving Credit Loan to be made in respect thereof, and each L/C Participant shall be irrevocably obligated to make a Revolving Credit Loan to the Parent Borrower in Dollars in the manner deemed to have been requested in the amount of its Revolving Credit Commitment Percentage of the applicable Unpaid Drawing by 2:00 p.m. (New York City time) on such Reimbursement Date by making the amount of such Revolving Credit Loan available to the Administrative Agent. Such Revolving Credit Loans shall be made without regard to the Minimum Borrowing Amount. The Administrative Agent shall use the proceeds of such Revolving Credit Loans solely for purpose of reimbursing any Letter of Credit Issuer for the related Unpaid Drawing. In the event that the Parent Borrower fails to Cash Collateralize any Letter of Credit that is outstanding on the L/C Facility Maturity Date, the full amount of the Letters of Credit Outstanding in respect of such Letter of Credit shall be deemed to be an Unpaid Drawing subject to the provisions of this <u>Section 3.4</u> except that such Letter of Credit Issuer shall hold the proceeds received from the L/C Participants as contemplated above as cash collateral for such Letter of Credit to reimburse any Unpaid Drawing under such Letter of Credit and shall use such proceeds first, to reimburse itself for any Unpaid Drawings made in respect of such Letter of Credit following the L/C Facility Maturity Date, second, to the extent such Letter of Credit expires undrawn, or is returned for cancellation while any such cash collateral remains, to the repayment of obligations in respect of any Revolving Credit Loans that have not been paid at such time and third, to the Parent Borrower or as otherwise directed by a court of competent jurisdiction. Nothing in this <u>Section 3.4(a)</u> shall affect the Parent Borrower's obligation to repay all outstanding Revolving Credit Loans when due in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligation of the Parent Borrower to reimburse the Letter of Credit Issuers for each drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any lack of validity or enforceability of this Agreement or any of the other Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the existence of any claim, set-off, defense or other right that the Parent Borrower may have at any time against a beneficiary named in a Letter of Credit, any transferee of any Letter of Credit (or any Person for whom any such transferee may be acting), the Administrative Agent, any Letter of Credit Issuer, any Lender or other Person, whether in connection with this Agreement, any Letter of Credit, the transactions contemplated herein or any unrelated transactions (including any underlying transaction between the Parent Borrower and the beneficiary named in any such Letter of Credit);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) waiver by any Letter of Credit Issuer of any requirement that exists for such Letter of Credit Issuer's protection and not the protection of the Parent Borrower (or Subsidiary) or any waiver by such Letter of Credit Issuer which does not in fact materially prejudice the Parent Borrower (or Subsidiary);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any payment made by any Letter of Credit Issuer in respect of an otherwise complying item presented after the date specified as the expiration date of, or the date by which documents must be received under, such Letter of Credit if presentation after such date is authorized by the UCC, the ISP or the UCP, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any payment by any Letter of Credit Issuer under such Letter of Credit against presentation of documents that does not strictly comply with the terms of such Letter of Credit; or any payment made by any Letter of Credit Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under the Bankruptcy Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) honor of a demand for payment presented electronically even if such Letter of Credit requires that demand be in the form of a draft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any adverse change in any relevant exchange rates or in the relevant currency markets generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Parent Borrower (or Subsidiary) (other than the defense of payment or performance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parent Borrower shall not be obligated to reimburse any Letter of Credit Issuer for any wrongful payment made by any Letter of Credit Issuer under the Letter of Credit issued by it as a result of acts or omissions constituting willful misconduct or gross negligence on the part of any Letter of Credit Issuer as determined in the final non-appealable judgment of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Increased Costs</u>. If after the Closing Date, the adoption of any applicable law, treaty, rule, or regulation, or any change therein, or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or actual compliance by any Letter of Credit Issuer or any L/C Participant with any request or directive made or adopted after the Closing Date (whether or not having the force of law), by any such authority, central bank or comparable agency shall either (x) impose, modify or make applicable any reserve, deposit, capital adequacy or similar requirement against letters of credit issued by any Letter of Credit Issuer, or any L/C Participant's L/C Participation therein, or (y) impose on any Letter of Credit Issuer or any L/C Participant any other conditions or costs affecting its obligations under this Agreement in respect of Letters of Credit or L/C Participations therein or any Letter of Credit or such L/C Participant's L/C Participation therein, and the result of any of the foregoing is to increase the actual cost to such Letter of Credit Issuer or such L/C Participant of issuing, maintaining or participating in any Letter of Credit, or to reduce the actual amount of any sum received or receivable by such Letter of Credit Issuer or such L/C Participant hereunder (including any increased costs or reductions attributable to Taxes, other than (A) Indemnified Taxes, (B) Taxes described in clauses (ii) through (iv) of Excluded Taxes, (C) Connection Income Taxes and (D) Other Taxes) in respect of Letters of Credit or L/C Participations therein, then, promptly after receipt of written demand to the Parent Borrower by such Letter of Credit Issuer or such L/C Participant, as the case may be (a copy of which notice shall be sent by such Letter of Credit Issuer or such L/C Participant to the Administrative Agent (with respect to a Letter of Credit issued on account of the Parent Borrower (or Subsidiary))), the Parent Borrower shall pay to such Letter of Credit Issuer or such L/C Participant such actual additional amount or amounts as will compensate such Letter of Credit Issuer or such L/C Participant for such increased cost or reduction, it being understood and agreed, however, that no Letter of Credit Issuer or L/C Participant shall be entitled to such compensation as a result of such Person's compliance with, or pursuant to any request or directive to comply with, any such law, rule or regulation as in effect on the Closing Date. A certificate submitted to the Parent Borrower by the relevant Letter of Credit Issuer or an L/C Participant, as the case may be (a copy of which certificate shall be sent by such Letter of Credit Issuer or such L/C Participant to the Administrative Agent), setting forth in reasonable detail the basis for the determination of such actual additional amount or amounts necessary to compensate such Letter of Credit Issuer or such L/C Participant as aforesaid shall be conclusive and binding on the Parent Borrower absent clearly demonstrable error. The obligations of the Parent Borrower under this <u>Section 3.5</u> shall survive the payment in full of the Obligations and the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>New or Successor Letter of Credit Issuer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Letter of Credit Issuer may resign as a Letter of Credit Issuer upon 60 days' prior written notice to the Administrative Agent, the Lenders and the Parent Borrower. The Parent Borrower may replace any Letter of Credit Issuer for any reason upon written notice to the Administrative Agent and such Letter of Credit Issuer. The Parent Borrower may add Letter of Credit Issuers at any time upon notice to the Administrative Agent. If a Letter of Credit Issuer shall resign or be replaced, or if the Parent Borrower shall decide to add a new Letter of Credit Issuer under this Agreement, then the Parent Borrower may appoint from among the Lenders a successor issuer of Letters of Credit or a new Letter of Credit Issuer, as the case may be, or, with the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed), another successor or new issuer of Letters of Credit, whereupon such successor issuer accepting such appointment shall succeed to the rights, powers and duties of the replaced or resigning Letter of Credit Issuer under this Agreement and the other Credit Documents, or such new issuer of Letters of Credit accepting such appointment shall be granted the rights, powers and duties of the Letter of Credit Issuers hereunder, and the term Letter of Credit Issuers shall mean such successor or such new issuer of Letters of Credit effective upon such appointment. At the time such resignation or replacement shall become effective, the Parent Borrower shall pay to the resigning or replaced Letter of Credit Issuer all accrued and unpaid fees applicable to the Letters of Credit pursuant to <u>Sections 4.1(b)</u> and <u>4.1(d)</u>. The acceptance of any appointment as a Letter of Credit Issuer hereunder whether as a successor issuer or new issuer of Letters of Credit in accordance with this Agreement, shall be evidenced by an agreement entered into by such new or successor issuer of Letters of Credit, in a form reasonably satisfactory to the Parent Borrower and the Administrative Agent and, from and after the effective date of such agreement, such new or successor issuer of Letters of Credit shall become a Letter of Credit Issuer hereunder. After the resignation or replacement of a Letter of Credit Issuer hereunder, the resigning or replaced Letter of Credit Issuer shall remain a party hereto and shall continue to have all the rights and obligations of the Letter of Credit Issuers under this Agreement and the other Credit Documents with respect to Letters of Credit issued by it prior to such resignation or replacement, but shall not be required to issue additional Letters of Credit. In connection with any resignation or replacement pursuant to this <u>clause (a)</u> (but, in case of any such resignation, only to the extent that a successor issuer of Letters of Credit shall have been appointed), either (i) the Parent Borrower, the resigning or replaced Letter of Credit Issuer and the successor issuer of Letters of Credit shall arrange to have any outstanding Letters of Credit issued by the resigning or replaced Letter of Credit Issuer replaced with Letters of Credit issued by the successor issuer of Letters of Credit or (ii) the Parent Borrower shall cause the successor issuer of Letters of Credit, if such successor issuer is reasonably satisfactory to the replaced or resigning Letter of Credit Issuer, to issue "back-stop" Letters of Credit naming the resigning or replaced Letter of Credit Issuer as beneficiary for each outstanding Letter of Credit issued by the resigning or replaced Letter of Credit Issuer, which new Letters of Credit shall be denominated in the same currency as, and shall have an amount equal to, the Letters of Credit being back-stopped and the sole requirement for drawing on such new Letters of Credit shall be presentation of a statement either that there has been a drawing on the corresponding back-stopped Letters of Credit or that the back-stopping Letter of Credit will expire within thirty (30) days or less and back-stopped Letters of Credit are still outstanding. After any resigning or replaced Letter of Credit Issuer's resignation or replacement as Letter of Credit Issuer, the provisions of this Agreement relating to the Letter of Credit Issuers shall inure to its benefit as to any actions taken or omitted to be taken by it (A) while it was a Letter of Credit Issuer under this Agreement or (B) at any time with respect to Letters of Credit issued by such Letter of Credit Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent there are, at the time of any resignation or replacement as set forth in <u>clause (a)</u> above, any outstanding Letters of Credit, nothing herein shall be deemed to impact or impair any rights and obligations of any of the parties hereto with respect to such outstanding Letters of Credit (including, without limitation, any obligations related to the payment of Fees or the reimbursement or funding of amounts drawn), except that the Parent Borrower, the resigning or replaced Letter of Credit Issuer and the successor issuer of Letters of Credit shall have the obligations regarding outstanding Letters of Credit described in <u>clause (a)</u> above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <u>Role of Letter of Credit Issuer</u>. Each Lender and the Parent Borrower agree that, in paying any drawing under a Letter of Credit, no Letter of Credit Issuer shall have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the Letter of Credit Issuers, the Administrative Agent, any of their respective Affiliates nor any correspondent, participant or assignee of any Letter of Credit Issuer shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Required Revolving Credit Lenders; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct as determined in the final non-appealable judgment of a court of competent jurisdiction; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document. The Parent Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided that this assumption is not intended to, and shall not, preclude the Parent Borrower's pursuit of such rights and remedies as they may have against the beneficiary or transferee at law or under any other agreement. None of the Letter of Credit Issuers, the Administrative Agent, any of their respective Affiliates nor any correspondent, participant or assignee of the Letter of Credit Issuers shall be liable or responsible for any of the matters described in <u>Section 3.3(b)</u> ; provided that anything in such Section to the contrary notwithstanding, the Parent Borrower may have a claim against a Letter of Credit Issuer, and a Letter of Credit Issuer may be liable to the Parent Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Parent Borrower which the Parent Borrower prove were caused by such Letter of Credit Issuer's willful misconduct or gross negligence or such Letter of Credit Issuer's willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of documents strictly complying with the terms and conditions of a Letter of Credit in each case as determined in the final non-appealable judgment of a court of competent jurisdiction. In furtherance and not in limitation of the foregoing, any Letter of Credit Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and no Letter of Credit Issuer shall be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.

Any Letter of Credit Issuer may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication ("SWIFT") message or overnight courier, or any other commercially reasonable means of communicating with a beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Cash Collateral</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Certain Credit Support Events</u>. Upon the written request of the Administrative Agent or any Letter of Credit Issuer, if (1) as of the L/C Facility Maturity Date, any L/C Obligation for any reason remains outstanding or (2) the Parent Borrower shall be required to provide Cash Collateral pursuant to <u>Section 11.12</u>, the Parent Borrower shall immediately (in the case of <u>clause (2)</u> above) or within one Business Day (in all other cases) following any written request by the Administrative Agent or any Letter of Credit Issuer, provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount (determined in the case of Cash Collateral provided pursuant to <u>clause (3)</u> above, after giving effect to <u>Section 2.16(a)(iv)</u> and any Cash Collateral provided by the Defaulting Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Grant of Security Interest</u>. The Parent Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grant to (and subject to the control of) the Administrative Agent, for the benefit of the Administrative Agent, any Letter of Credit Issuer and the Revolving Credit Lenders, and agree to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein as described in <u>Section 3.8(a)</u>, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to <u>Section 3.8(c)</u>. If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent or any Letter of Credit Issuer as herein provided, other than Permitted Liens, or that the total amount of such Cash Collateral is less than the Minimum Collateral Amount (including, without limitation, as a result of exchange rate fluctuations), the Parent Borrower will, promptly upon written demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency. Cash Collateral shall be maintained in blocked, interest bearing deposit accounts with the Administrative Agent. The Parent Borrower shall pay on demand therefor from time to time all customary account opening, activity and other administrative fees and charges in connection with the maintenance and disbursement of Cash Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Application</u>. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this <u>Section 3.8</u> or <u>Sections 2.16</u>, <u>5.2</u>, or <u>11.12</u> in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C Obligations, obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to secure other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with <u>Section 13.6(b)(ii)</u>) or there is no longer existing an Event of Default) or (ii) the determination by the Administrative Agent and any Letter of Credit Issuer that there exists excess Cash Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <u>Applicability of ISP and UCP</u>. Unless otherwise expressly agreed by any Letter of Credit Issuer and the Parent Borrower when a Letter of Credit is issued, (i) the rules of the ISP shall be stated therein to apply to each standby Letter of Credit. Notwithstanding the foregoing, no Letter of Credit Issuer shall be responsible to the Parent Borrower for, and no Letter of Credit Issuer's rights and remedies against the Parent Borrower shall be impaired by, any action or inaction of any Letter of Credit Issuer required or permitted under any law, order, or practice that is required or permitted to be applied to any Letter of Credit or this Agreement, including the applicable law or any order of a jurisdiction where such Letter of Credit Issuer or the beneficiary is located, the practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade (BAFT), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Conflict with Issuer Documents</u>. In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof shall control and any grant of security interest in any Issuer Documents shall be void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Letter of Credit Issued for Subsidiaries</u>. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Parent Borrower shall be obligated to reimburse the Letter of Credit Issuers hereunder for any and all drawings under such Letter of Credit. The Parent Borrower hereby acknowledges that the issuance of Letters of Credit for the account of any Subsidiaries inures to the benefit of the Parent Borrower and that the Parent Borrower's business derives substantial benefits from the businesses of such Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <u>Provisions Related to Extended Revolving Credit Commitments</u>. If the Letter of Credit Sublimit Expiration Date in respect of any tranche of Revolving Credit Commitments occurs prior to the expiry date of any Letter of Credit, then (i) if consented to by the Letter of Credit Issuer which issued such Letter of Credit, if one or more other tranches of Revolving Credit Commitments in respect of which the Letter of Credit Sublimit Expiration Date shall not have so occurred are then in effect, such Letters of Credit for which consent has been obtained shall automatically be deemed to have been issued (including for purposes of the obligations of the Revolving Credit Lenders to purchase participations therein and to make Revolving Credit Loans and payments in respect thereof pursuant to <u>Sections 3.3</u> and <u>3.4</u>) under (and ratably participated in by Lenders pursuant to) the Revolving Credit Commitments in respect of such non-terminating tranches up to an aggregate amount not to exceed the aggregate amount of the unutilized Revolving Credit Commitments thereunder at such time (it being understood that no partial amount of any Letter of Credit may be so reallocated) and (ii) to the extent not reallocated pursuant to immediately preceding clause (i), the Parent Borrower shall Cash Collateralize any such Letter of Credit in accordance with Section 3.8. Upon the maturity date of any tranche of Revolving Credit Commitments, the sublimit for Letters of Credit may be reduced as agreed between the Letter of Credit Issuers and the Parent Borrower, without the consent of any other Person.

Section 4. <u>Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without duplication, the Parent Borrower agrees to pay to the Administrative Agent in Dollars, for the account of each Revolving Credit Lender (in each case pro rata according to the respective Revolving Credit Commitments of all such Lenders), a commitment fee (the "Commitment Fee") for each day from the Closing Date to the Revolving Credit Termination Date. Each Commitment Fee shall be payable (x) quarterly in arrears on the last Business Day of each fiscal quarter of the Parent Borrower (for the quarterly period (or portion thereof) ended on such day for which no payment has been received) and (y) on the Revolving Credit Termination Date (for the period ended on such date for which no payment has been received pursuant to clause (x) above), and shall be computed for each day during such period at a rate per annum equal to the Commitment Fee Rate in effect on such day on the Available Commitment in effect on such day. .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without duplication, the Parent Borrower agrees to pay to the Administrative Agent in Dollars for the account of the Revolving Credit Lenders pro rata on the basis of their respective Letter of Credit Exposures, a fee in respect of each Letter of Credit issued on the Parent Borrower's or any of its Subsidiaries' behalf (the "**Letter of Credit Fee**"), for the period from the date of issuance of such Letter of Credit to the termination date of such Letter of Credit equal to a rate of (i) 3.00% per annum for the period from the date of issuance of such Letter of Credit to the termination date of such Letter of Credit, computed on the average daily Stated Amount of such Letter of Credit less (ii) the Fronting Fee set forth in <u>clause (d)</u> below. Except as provided below, such Letter of Credit Fees shall be due and payable (x) quarterly in arrears on the last Business Day of each fiscal quarter of the Parent Borrower and (y) on the date upon which the Total Revolving Credit Commitment terminates and the Letters of Credit Outstanding shall have been reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without duplication, the Parent Borrower agrees to pay to the Administrative Agent in Dollars, for its own account, administrative agent fees as have been previously agreed in writing or as may be agreed in writing from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without duplication, the Borrower agrees to pay to each Letter of Credit Issuer a fee in Dollars in respect of each Letter of Credit issued by it to the Borrower (the "**Fronting Fee**") for the period from the date of issuance of such Letter of Credit to the termination date of such Letter of Credit, computed at the rate for each day equal to 0.25% per annum on the average daily Stated Amount of such Letter of Credit (or at such other rate per annum as agreed in writing between the Parent Borrower and any Letter of Credit Issuer). Such Fronting Fees shall be due and payable (x) quarterly in arrears on the last Business Day of each fiscal quarter of the Parent Borrower and (y) on the date upon which the Total Revolving Credit Commitment terminates and the Letters of Credit Outstanding shall have been reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Without duplication, the Borrower agrees to pay directly to the Letter of Credit Issuers in Dollars upon each issuance of, drawing under, and/or amendment of, a Letter of Credit issued by any Letter of Credit Issuer such amount as shall at the time of such issuance of, drawing under, and/or amendment be the processing charge that such Letter of Credit Issuer is customarily charging for issuances of, drawings under or amendments of, letters of credit issued by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding the foregoing, no Borrower shall be obligated to pay any amounts to any Defaulting Lender pursuant to this <u>Section 4.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Voluntary Reduction of Revolving Credit Commitments</u>. Upon at least two Business Days' prior written notice to the Administrative Agent at the Administrative Agent's Office (which notice the Administrative Agent shall promptly transmit to each of the Lenders), the Parent Borrower shall have the right, without premium or penalty, on any day, permanently to terminate or reduce the Revolving Credit Commitments of any Class in whole or in part; <u>provided</u> that (a) any such reduction shall apply proportionately and permanently to reduce the Revolving Credit Commitment of each of the Lenders of any applicable Class, except that (i) notwithstanding the foregoing, in connection with the establishment on any date of any Extended Revolving Credit Commitments pursuant to <u>Section 2.14(g)</u>, the Revolving Credit Commitments of any one or more Lenders providing any such Extended Revolving Credit Commitments on such date shall be reduced in an amount equal to the amount of Revolving Credit Commitments so extended on such date (<u>provided</u> that (x) after giving effect to any such reduction and to the repayment of any Revolving Credit Loans made on such date, the Revolving Credit Exposure of any such Lender does not exceed the Revolving Credit Commitment thereof and (y) for the avoidance of doubt, any such repayment of Revolving Credit Loans contemplated by the preceding clause shall be made in compliance with the requirements of <u>Section 5.3(a)</u> with respect to the ratable allocation of payments hereunder, with such allocation being determined after giving effect to any conversion pursuant to <u>Section 2.14(g)</u> of Revolving Credit Commitments and Revolving Credit Loans into Extended Revolving Credit Commitments and Extended Revolving Credit Loans pursuant to <u>Section 2.14(g)</u> prior to any reduction being made to the Revolving Credit Commitment of any other Lender) and (ii) the Parent Borrower may at its election permanently reduce the Revolving Credit Commitment of a Defaulting Lender to $0 without affecting the Revolving Credit Commitments of any other Lender, (b) any partial reduction pursuant to this <u>Section 4.2</u> (other than any reduction pursuant to the foregoing clause (a)(ii)) shall be in the amount of at least $5,000,000, and (c) after giving effect to such termination or reduction and to any prepayments of the Loans made on the date thereof in accordance with this Agreement, the aggregate amount of the Lenders' Revolving Credit Exposures shall not exceed the Total Revolving Credit Commitment and the aggregate amount of the Lenders' Revolving Credit Exposures in respect of any Class shall not exceed the aggregate Revolving Credit Commitment of such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Mandatory Termination</u>. The Revolving Credit Commitment shall terminate at 5:00 p.m. (New York City time) on the Revolving Credit Maturity Date.

Section 5. <u>Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Voluntary Prepayments</u>. The Borrower shall have the right to prepay Loans, without premium or penalty, in whole or in part from time to time on the following terms and conditions: (1) the Parent Borrower shall give the Administrative Agent at the Administrative Agent's Office written notice of its intent to make such prepayment, the amount of such prepayment and (in the case of SOFR Loans,) the specific Borrowing(s) pursuant to which made, which notice shall be given by the Parent Borrower no later than 12:00 noon (New York City time) (i) in the case of SOFR Loans, three Business Days prior to and, (ii) in the case of ABR Loans, one Business Day prior <u>to, and (iii) in the case of CORRA Loans, three Business Days prior</u> to, the date of such prepayment and shall promptly be transmitted by the Administrative Agent to each of the Lenders; and (2) each partial prepayment of (i) any Borrowing of SOFR Loans shall be in a minimum amount of $5,000,000 and in multiples of $1,000,000 in excess thereof and<u>,</u> (ii) any ABR Loans shall be in a minimum amount of $1,000,000 and in multiples of $100,000 in excess thereof <u>and (iii) any CORRA Loans shall be in a minimum amount of $1,000,000 and in multiples of $100,000</u>, <u>provided</u> that no partial prepayment of SOFR Loans <u>or CORRA Loans</u> made pursuant to a single Borrowing shall reduce the outstanding SOFR Loans <u>or CORRA Loans</u> made pursuant to such Borrowing to an amount less than the applicable Minimum Borrowing Amount for such Loans. At the Parent Borrower's election in connection with any prepayment pursuant to this <u>Section 5.1</u>, such prepayment shall not be applied to any Revolving Credit Loan of a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Mandatory Prepayments</u>. The Borrower shall be required to prepay the Revolving Credit Loans as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Excess Cash Flow Prepayment</u>. Not later than ten Business Days after the date on which financial statements are required to be delivered pursuant to <u>Section 9.1(a)</u> or <u>Section 9.1(b)</u>, as applicable, starting with the first full fiscal quarter of the Parent Borrower ending after the Closing Date, the Parent Borrower shall prepay (or cause to be prepaid), in accordance with <u>clause (d)</u> below, outstanding Revolving Credit Loans in an aggregate principal amount equal to the lesser of (i) as of the day of the prepayment required pursuant to this clause (a) and after giving Pro Forma Effect to such prepayment, an amount that would cause the LTV not to exceed 60.0% and the Fixed Charge Coverage Ratio not to be less than 1.20 to 1.00<u>75%</u> and (ii) (A) the amount of Excess Cash Flow for such fiscal quarter *minus* (B) at the election of the Parent Borrower, the principal amount of Revolving Credit Loans voluntarily prepaid pursuant to <u>Section 5.1</u> during such fiscal quarter or after such fiscal quarter and prior to the date of the prepayment required pursuant to this clause (a); <u>provided</u> that, to the extent the Parent Borrower is required to prepay the amount described in clause (ii) of this <u>Section 5.2(a)</u>, the Parent Borrower may elect (in its sole discretion) to have any voluntary prepayments described in sub-clause (B) thereof (to the extent such voluntary prepayments have not already been applied to reduce any prepayments due pursuant to this <u>Section 5.2(a)</u>) carried over to subsequent periods for which a prepayment is required pursuant to this <u>Section 5.2(a)</u>, to reduce any payments which may be due from time to time to the extent the Parent Borrower is required to prepay the amount described in clause (ii) of this <u>Section 5.2(a)</u> (<u>provided</u> that such carried forward amounts have not been applied to reduce any prepayments due pursuant to this <u>Section 5.2(a)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Lease Defect Revolving Obligations</u>. On or prior to the date that is three (3) months after the Closing Date, in an amount equal to the total amount of Lease Defect Revolving Obligations (if any) outstanding at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Sponsor Guaranty</u>. In lieu of making a prepayment of Revolving Credit Loans as set forth in <u>Section 5.2(a)</u>, the Parent Borrower may instead cause one or more Sponsor Guarantors to provide and maintain a guaranty, or amend any existing guaranty, in form and substance reasonably satisfactory to the Administrative Agent, of the Parent Borrower's obligations under <u>Section 5.2(a)</u> in favor of the Administrative Agent for the benefit of the Lenders (any such guaranty, a "**Sponsor Guaranty**") in an amount equal to such obligation, in which case the Mandatory Prepayment Event shall cease to exist. The Parent Borrower shall have the right at any time, without the consent of the Administrative Agent or any Lender, to replace any Sponsor Guarantor with one or more Replacement Sponsor Guarantors who may provide Sponsor Guaranties in replacement of the Sponsor Guaranty provided by the replaced Sponsor Guarantor on a several, and not joint, basis. In addition, in the event (1) any Sponsor Guaranty is outstanding, and the Parent Borrower elects to make voluntary prepayments of the outstanding obligations such that the aggregate prepayments are in excess of the mandatory prepayments required by <u>Section 5.2(a)</u> for the applicable quarter, the Parent Borrower shall be permitted to reduce (or cause to be reduced) the amount guaranteed by such Sponsor Guaranty to such lesser Prepayment Cap and (2) any Sponsor Guaranty is outstanding at any time that the LTV is determined to no longer exceed 60% and the Fixed Charge Coverage Ratio is determined to no longer be less than 1.20 to 1.00<u>75%</u>, the Parent Borrower shall be permitted to reduce (or cause to be reduced) the amount guaranteed by such Sponsor Guaranty to $0 or otherwise to terminate (or cause to be terminated) such Sponsor Guaranty, in the event of each of the foregoing clauses (1) or (2), without the consent of the Administrative Agent or any Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Repayment of Excess Revolving Credit Exposure</u>. If on any date the aggregate amount of the Lenders' Revolving Credit Exposures in respect of any Class of Revolving Loans for any reason exceeds 100% of the Revolving Credit Commitment of such Class then in effect, the Borrower shall forthwith repay on such date Revolving Loans of such Class in an amount equal to such excess. If after giving effect to the prepayment of all outstanding Revolving Loans of such Class, the Revolving Credit Exposures of such Class exceed the Revolving Credit Commitment of such Class then in effect, the Parent Borrower shall Cash Collateralize the Letters of Credit Outstanding in relation to such Class to the extent of such excess.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) <u>Application to Revolving Credit Loans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to each prepayment of Revolving Credit Loans pursuant to <u>Section 5.2(a)</u> or <u>Section 5.2(b)</u>, each such prepayment shall be applied pro rata among the Revolving Credit Loans then outstanding in accordance with each Lender's Revolving Credit Commitment Percentage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) With respect to each other prepayment of Revolving Credit Loans, the Parent Borrower may designate (i) the Types of Loans that are to be prepaid and the specific Borrowing(s) pursuant to which made and (ii) the Revolving Loans to be prepaid, <u>provided</u> that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) each prepayment of any Loans made pursuant to a Borrowing shall be applied pro rata among such Loans. In the absence of a designation by the Parent Borrower as described in the preceding sentence, the Administrative Agent shall, subject to the above, make such designation in its reasonable discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding anything in this <u>Section 5.2(e)</u> to the contrary, no prepayment of Revolving Loans pursuant to <u>Section 5.1</u> shall be applied to the Revolving Loans of any Defaulting Lender unless otherwise agreed in writing by the Parent Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Method and Place of Payment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise specifically provided herein, all payments under this Agreement shall be made by the Borrower, without set-off, counterclaim or deduction of any kind, to the Administrative Agent for the ratable account of the Lenders entitled thereto or the Letter of Credit Issuers entitled thereto, as the case may be, not later than 12:00 noon (New York City time), in each case, on the date when due and shall be made in immediately available funds at the Administrative Agent's Office or at such other office as the Administrative Agent shall specify for such purpose by notice to the Parent Borrower, it being understood that written or facsimile notice by the Parent Borrower to the Administrative Agent to make a payment from the funds in the Borrower's account at the Administrative Agent's Office shall constitute the making of such payment to the extent of such funds held in such account. All repayments or prepayments of any Loans (whether of principal, interest or otherwise) hereunder and all other payments under each Credit Document shall, unless otherwise specified in such Credit Document, be made in Dollars. The Administrative Agent will thereafter cause to be distributed on the same day (if payment was actually received by the Administrative Agent prior to 12:00 noon (New York City time) or, otherwise, on the next Business Day in the Administrative Agent's sole discretion) like funds relating to the payment of principal or interest or Fees ratably to the Lenders entitled thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any payments under this Agreement that are made later than 12:00 noon (New York City time) may be deemed to have been made on the next succeeding Business Day in the Administrative Agent's sole discretion for purposes of calculating interest thereon. Except as otherwise provided herein, whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest shall be payable during such extension at the applicable rate in effect immediately prior to such extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Net Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) <u>Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any and all payments by or on account of any obligation of any Credit Party hereunder or under any other Credit Document shall to the extent permitted by applicable laws be made free and clear of and without reduction or withholding for any Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If any Credit Party, the Administrative Agent or any other applicable Withholding Agent shall be required by applicable law to withhold or deduct any Taxes from any payment, then (A) such Withholding Agent shall withhold or make such deductions as are reasonably determined by such Withholding Agent to be required by applicable law, (B) such Withholding Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority, and (C) to the extent that the withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum payable by the applicable Credit Party shall be increased as necessary so that after any required withholding or deductions have been made (including withholding or deductions applicable to additional sums payable under this <u>Section 5.4</u>) each Lender (or, in the case of a payment to the Administrative Agent for its own account, the Administrative Agent) receives an amount equal to the sum it would have received had no such withholding or deductions been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payment of Other Taxes by the Parent Borrower</u>. The Credit Parties shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law or timely reimburse the Administrative Agent or any Lender for the payment of any Other Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Indemnifications</u>. The Credit Parties shall indemnify the Administrative Agent and each Lender, and shall make payment in respect thereof within 15 days after receipt of written demand therefor, for the full amount of Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this <u>Section 5.4</u>) payable by the Administrative Agent or such Lender, as the case may be, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of any such payment or liability (along with a written statement setting forth in reasonable detail the basis and calculation of such amounts) delivered to the Parent Borrower by a Lender, or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Evidence of Payments</u>. After any payment of Taxes by any Credit Party or the Administrative Agent to a Governmental Authority as provided in this <u>Section 5.4</u>, the Parent Borrower shall deliver to the Administrative Agent or the Administrative Agent shall deliver to the Parent Borrower, as the case may be, the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by laws to report such payment or other evidence of such payment reasonably satisfactory to the Parent Borrower or the Administrative Agent, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) <u>Status of Lenders and Tax Documentation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Lender shall deliver to the Parent Borrower and to the Administrative Agent, at such time or times reasonably requested by the Parent Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable laws or by the taxing authorities of any jurisdiction and such other reasonably requested information as will permit the Parent Borrower or the Administrative Agent, as the case may be, to determine (A) whether or not any payments made hereunder or under any other Credit Document are subject to Taxes, (B) if applicable, the required rate of withholding or deduction, and (C) such Lender's entitlement to any available exemption from, or reduction of, applicable Taxes in respect of any payments to be made to such Lender by any Credit Party pursuant to any Credit Document or otherwise to establish such Lender's status for withholding tax purposes in the applicable jurisdiction. Any documentation and information required to be delivered by a Lender pursuant to this <u>Section 5.4(e)</u> (including any specific documentation set forth in subsection (ii) below) shall be delivered by such Lender (i) on or prior to the Closing Date (or on or prior to the date it becomes a party to this Agreement), (ii) on or before any date on which such documentation expires or becomes obsolete or invalid, (iii) after the occurrence of any change in the Lender's circumstances requiring a change in the most recent documentation previously delivered by it to the Parent Borrower and the Administrative Agent, and (iv) from time to time thereafter if reasonably requested by the Parent Borrower or the Administrative Agent, and each such Lender shall promptly notify in writing the Parent Borrower and the Administrative Agent if such Lender is no longer legally eligible to provide any documentation previously provided. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in paragraphs (e)(ii)(A), (ii)(B)(1), (ii)(B)(2), (ii)(B)(3), (ii)(B)(4), (ii)(C) of this Section) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) Without limiting the generality of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Lender that is a "United States person" within the meaning of Section 7701(a)(30) of the Code (a "**U.S. Lender**") shall deliver to the Parent Borrower and the Administrative Agent two executed copies of Internal Revenue Service Form W-9 or such other documentation or information prescribed by applicable laws or reasonably requested by the Parent Borrower or the Administrative Agent as will enable the Parent Borrower or the Administrative Agent, as the case may be, to determine whether or not such Lender is subject to backup withholding or information reporting requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each Non-U.S. Lender that is entitled under the Code or any applicable treaty to an exemption from or reduction of U.S. federal withholding tax with respect to any payments hereunder or under any other Credit Document shall deliver to the Parent Borrower and the Administrative Agent two of whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) executed copies of Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or any applicable successor form) claiming eligibility for benefits of an income tax treaty to which the United States is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) executed copies of Internal Revenue Service Form W-8ECI (or any successor form thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) or Section 871(h) of the Code, (x) a certificate, substantially in the form of <u>Exhibit H-1</u>, <u>H-2</u>, <u>H-3</u> or <u>H-4</u>, as applicable, (a "**Non-Bank Tax Certificate**"), to the effect that such Non-U.S. Lender is not (A) a "bank" within the meaning of Section 881(c)(3)(A) of the Code, (B) a "10 percent shareholder" of the Parent Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (C) a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code and that no payments under any Credit Document are effectively connected with such Non-U.S. Lender's conduct of a United States trade or business and (y) executed copies of Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or any applicable successor form);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) where such Lender is a partnership for U.S. federal income tax purposes or otherwise not a beneficial owner (e.g., where such Lender has sold a participation), Internal Revenue Service Form W-8IMY (or any successor thereto) and all required supporting documentation including, where one or more of the underlying beneficial owner(s) is claiming the benefits of the portfolio interest exemption, a Non-Bank Tax Certificate of such beneficial owner(s); <u>provided</u> that, if the Non-U.S. Lender is a partnership and not a participating Lender, the Non-Bank Tax Certificate(s) may be provided by the Non-U.S. Lender on behalf of the direct or indirect partner(s); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) executed copies of any other form prescribed by applicable laws as a basis for claiming exemption from or a reduction in United States federal withholding tax together with such supplementary documentation as may be prescribed by applicable laws to permit the Parent Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Administrative Agent is a "United States person" (as defined in Section 7701(a)(30) of the Code), it shall provide the Parent Borrower with two duly completed original copies of Internal Revenue Service Form W-9. If the Administrative Agent is not a "United States person" (as defined in Section 7701(a)(30) of the Code), it shall provide an applicable Form W-8 (together with required accompanying documentation) with respect to payments to be received by it on behalf of the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding anything to the contrary in this <u>Section 5.4</u>, no Lender or the Administrative Agent shall be required to deliver any documentation that it is not legally eligible to deliver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Treatment of Certain Refunds</u>. If the Administrative Agent or any Lender determines, in its sole reasonable discretion exercised in good faith, that it has received a refund of any Indemnified Taxes or Other Taxes as to which it has been indemnified by any Credit Party or with respect to which any Credit Party has paid additional amounts pursuant to this <u>Section 5.4</u>, the Administrative Agent or such Lender (as applicable) shall promptly pay to the Parent Borrower an amount equal to such refund (but only to the extent of indemnity payments made, or additional amounts paid, by the Credit Parties under this <u>Section 5.4</u> with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses (including any Taxes) incurred by the Administrative Agent or such Lender, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); <u>provided</u> that the Parent Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Parent Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. In such event, the Administrative Agent or such Lender, as the case may be, shall, at the Parent Borrower's request, provide the Parent Borrower with a copy of any notice of assessment or other evidence of the requirement to repay such refund received from the relevant taxing authority (<u>provided</u> that the Administrative Agent or such Lender may delete any information therein that it deems confidential). Notwithstanding anything to the contrary in this <u>paragraph (f)</u>, in no event will the Administrative Agent or any Lender be required to pay any amount to an indemnifying party pursuant to this <u>paragraph (f)</u> the payment of which would place the Administrative Agent or any Lender in a less favorable net after-Tax position than the Administrative Agent or any Lender would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This subsection shall not be construed to require the Administrative Agent or any Lender to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to any Credit Party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For the avoidance of doubt, for purposes of this <u>Section 5.4</u>, the term "Lender" includes any Letter of Credit Issuer and the term "applicable law" includes FATCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Each party's obligations under this <u>Section 5.4</u> shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under the Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Computations of Interest and Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Interest on SOFR Loans <u>and CORRA Loans</u> shall be calculated on the basis of a 360-day year for the actual days elapsed. Interest on ABR Loans calculated based on clauses (b) or (c) of the definition of "ABR" shall be calculated on the basis of a 360-day year for the actual days elapsed and calculated based on clause (a) of the definition of "ABR" shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed. <u>All computations of interest for loans denominated in any other Foreign Currency where the practice in the relevant foreign market is to compute interest on the basis of a year of 365 or 366 days, as the case may be, shall, in each case, be computed on the basis of a year of 365 or 366 days, as the case may be, in each case for the actual number of days elapsed.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Fees shall each be calculated on the basis of a 360-day year for the actual days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <u>Limit on Rate of Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Payment Shall Exceed Lawful Rate</u>. Notwithstanding any other term of this Agreement, the Parent Borrower shall not be obliged to pay any interest or other amounts under or in connection with this Agreement or otherwise in respect of the Obligations in excess of the amount or rate permitted under or consistent with any applicable law, rule or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Payment at Highest Lawful Rate</u>. If the Parent Borrower is not obliged to make a payment that it would otherwise be required to make, as a result of <u>Section 5.6(a)</u>, the Parent Borrower shall make such payment to the maximum extent permitted by or consistent with applicable laws, rules, and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Adjustment if Any Payment Exceeds Lawful Rate</u>. If any provision of this Agreement or any of the other Credit Documents would obligate the Parent Borrower to make any payment of interest or other amount payable to any Lender in an amount or calculated at a rate that would be prohibited by any applicable law, rule or regulation, then notwithstanding such provision, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law, such adjustment to be effected, to the extent necessary, by reducing the amount or rate of interest required to be paid by the Parent Borrower to the affected Lender under <u>Section 2.8</u>; <u>provided</u> that to the extent lawful, the interest or other amounts that would have been payable but were not payable as a result of the operation of this Section shall be cumulated and the interest payable to such Lender in respect of other Loans or periods shall be increased (but not above the maximum rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender.

Notwithstanding the foregoing, and after giving effect to all adjustments contemplated thereby, if any Lender shall have received from the Parent Borrower an amount in excess of the maximum permitted by any applicable law, rule or regulation, then the Parent Borrower shall be entitled, by notice in writing to the Administrative Agent, to obtain reimbursement from that Lender in an amount equal to such excess, and pending such reimbursement, such amount shall be deemed to be an amount payable by that Lender to the Parent Borrower.

Section 6. <u>Conditions Precedent to Initial Borrowing</u>.

Any Borrowing of Revolving Credit Loans or issuance of Letters of Credit, in each case on the Closing Date, under this Agreement is subject to the satisfaction of the following conditions precedent, except as otherwise agreed between the Parent Borrower and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Credit Documents</u>.

The Administrative Agent (or its counsel) shall have received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) this Agreement, executed and delivered by a duly Authorized Officer of the Parent Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Guarantee, executed and delivered by a duly Authorized Officer of the Guarantors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Pledge Agreement, executed and delivered by a duly Authorized Officer of the Parent Borrower and each Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.2 <u>Collateral</u>. Except for any items referred to on <u>Schedule 9.18</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all outstanding equity interests constituting Collateral in whatever form that is directly owned by or on behalf of any Credit Party and required to be pledged pursuant to the Security Documents shall have been pledged pursuant thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the extent received from the Company, the Collateral Agent shall have received the certificates (if any) representing equity interests constituting Collateral, in each case, to the extent required to be delivered under the Security Documents and pledged under the Security Documents to the extent certificated, accompanied by instruments of transfer and undated stock powers endorsed in blank; and

<u>provided</u> that to the extent any security interest in any Collateral is not or cannot be provided and/or perfected on the Closing Date (other than the pledge and perfection of the security interests (i) in the "certificated securities" (within the meaning of 8-102(a)(4) of the Uniform Commercial Code), if any, representing any Collateral and (ii) in other assets with respect to which a lien may be perfected by the filing of a financing statement under or in connection with the Uniform Commercial Code) after the Parent Borrower's use of commercially reasonable efforts to do so or without undue burden or expense, then the provision and/or perfection of a security interest in such Collateral shall not constitute a condition precedent to any Credit Event on the Closing Date but instead shall be required to be delivered and/or perfected after the Closing Date (but, in any event, not later than 90 days after the Closing Date or such longer period as may be agreed by the Administrative Agent in its reasonable discretion and the Parent Borrower acting reasonably, without any requirement for Lender consent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Legal Opinions</u>. The Administrative Agent (or its counsel) shall have received the executed legal opinion, in customary form, of Paul, Weiss, Rifkind, Wharton & Garrison LLP, counsel to the Credit Parties. The Parent Borrower hereby instruct and agree to instruct the other Credit Parties to have such counsel deliver such legal opinions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.4 <u>[Reserved.]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Closing Certificates</u>. The Administrative Agent (or its counsel) shall have received (x) a certificate of each of the Parent Borrower and each other Guarantor, dated the Closing Date, substantially in the form of <u>Exhibit D</u>, with appropriate insertions, executed by any Authorized Officer and the Secretary or any Assistant Secretary of the Parent Borrower and each other Guarantor, as applicable and (y) a certificate executed by an Authorized Officer of the Parent Borrower certifying as to the accuracy in all material respects of the Specified Representations, substantially in the form of <u>Exhibit A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Authorization of Proceedings of the Parent Borrower and the Guarantors; Corporate Documents</u>. The Administrative Agent shall have received (i) a copy of the resolutions of the general partner, board of directors, member(s), trustee(s) or other governing bodies, as applicable, of the Parent Borrower and the Guarantors (or a duly authorized committee thereof) authorizing (a) the execution, delivery, and performance of the Credit Documents (and any agreements relating thereto) to which it is a party and (b) in the case of the Parent Borrower, the extensions of credit contemplated hereunder, (ii) the certificate of incorporation and by-laws, certificate of formation and operating agreement or other comparable organizational documents, as applicable, of the Parent Borrower and the Guarantors and (iii) signature and incumbency certificates (or other comparable documents evidencing the same) of the Authorized Officers of the Parent Borrower and the Guarantors executing the respective Credit Documents to which they are a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>Fees</u>. All fees required to be paid on the Closing Date (including pursuant to the Fee Letter) and reasonable out-of-pocket expenses required to be paid on the Closing Date pursuant to the Commitment Letter, to the extent invoiced at least three (3) Business Days prior to the Closing Date (except as otherwise reasonably agreed by the Parent Borrower) shall, upon the initial Credit Event on the Closing Date hereunder, have been, or will be substantially simultaneously, paid (which amounts may, at the option of the Parent Borrower, be offset against the proceeds of any of the Revolving Credit Facility or any First Tier Facility).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <u>Solvency Certificate</u>. The Joint Lead Arrangers shall have received a certificate, dated as of the Closing Date and substantially in the form of <u>Exhibit J</u>, from the Chief Executive Officer, the President, the Chief Financial Officer, the Treasurer, the Vice President-Finance, a Director, a Manager, or any other senior financial officer of the Parent Borrower (or of the Parent Borrower's general partner) to the effect that after giving effect to the Transactions, the Parent Borrower on a consolidated basis with its Subsidiaries is Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 <u>Financial Statements</u>. The Joint Lead Arrangers shall have received the Company Financial Statements that have been filed on or prior to the date of the Commitment Letter (which such receipt has been acknowledged by the Joint Lead Arrangers under the Commitment Letter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 <u>Refinancing</u>. Prior to or substantially simultaneously with the initial Credit Event on the Closing Date hereunder, the Closing Date Refinancing shall be consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 <u>Notice of Revolving Credit Loan Borrowing; Letter of Credit Request</u>. (a) The Administrative Agent (or its counsel) shall have received (a) a Notice of Borrowing with respect to any Revolving Credit Loans to be borrowed on the Closing Date meeting the requirements of <u>Section 2.3</u> and (b) the Administrative Agent and each applicable Letter of Credit Issuer shall have received a Letter of Credit Request with respect to any Letters of Credit to be issued on the Closing Date meeting the requirements of <u>Section 3.2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 <u>Representations and Warranties</u>. On the Closing Date, (a) the Company Representations shall be true and correct to the extent required by the definition thereof and (b) the Specified Representations shall be true and correct in all material respects (except in the case of any Specified Representation that is expressly related to a given date or period, in which case such representation and warranty shall be true and correct in all material respects as of the respective date for the respective period, as the case may be); <u>provided</u> that to the extent any of the Specified Representations are qualified or subject to "material adverse effect", "material adverse change" or similar term or qualification, the definition thereof shall be the definition of Company Material Adverse Effect for purposes of any such representations and warranties made or deemed made on, or as of, the Closing Date (or any date prior thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 <u>Acquisition</u>. Prior to, or substantially concurrently with the initial Credit Event on the Closing Date hereunder, the Plan Acquisition and each Third Party Acquisition with respect to a Third Party Acquired Asset that is not subject to a Permitted Deferral and the Evoque Transaction shall have been consummated in all material respects in accordance with the terms of the Acquisition Agreement, the applicable Third Party Acquisition Agreements and the Evoque Transaction Agreement, as applicable, without giving effect to any modifications, amendments or express waivers by the Parent Borrower (or its Affiliates) thereto that are materially adverse to the Lenders without the consent of the Lenders having (or whose Affiliates have) a majority in aggregate principal amount of the Revolving Credit Commitments as of the Closing Date (the "**Majority Lead Arrangers**"; *provided* that, as of the relevant date of determination (i) the Revolving Credit Facility Administrative Agent, as applicable, shall be included in the determination of Majority Lead Arrangers and (ii) if the aggregate commitments of an Initial Commitment Party and its affiliates have not been reduced below 20% of the aggregate commitments in respect of the Credit Facilities, such Initial Commitment Party shall be included in the determination of Majority Lead Arrangers) (in each case, not to be unreasonably withheld, conditioned or delayed), it being understood and agreed that (a) any change to the definition of "Material Adverse Effect" (as defined in the Acquisition Agreement) shall be deemed materially adverse to the Lenders, (b) any modification or amendment to, or waiver of, the condition to closing set forth in Section 8.1.2 (or equivalent) of each Third Party Acquisition Agreement shall be deemed materially adverse to the Lenders (in the case of a Third Party Acquisition Agreement, solely with respect to such Third Party Acquisition) and (c) any modification, amendment or express waiver or consents by the Parent Borrower (or its Affiliates) that results in an increase or reduction in the purchase price in respect of the Acquisition shall be deemed to not be materially adverse to the Lenders so long as (i) any increase in such purchase price is funded with amounts permitted to be drawn on the Closing Date under the Revolving Credit Facility or by an increase in the Equity Contribution and (ii) any reduction shall be allocated to reduce each of the Revolving Credit Facility and the First Tier Facilities on a pro rata basis (or, at the election of the Parent Borrower, to reduce the Revolving Credit Facility and the First Tier Facilities on a non-pro rata basis as determined by the Parent Borrower in its sole discretion); <u>provided</u> that the Majority Lead Arrangers shall be deemed to have consented to such amendment, waiver or consent unless they shall object thereto within five (5) Business Days (as defined in the Acquisition Agreement) after notice of such proposed amendment, waiver or consent is delivered to the Majority Lead Arrangers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 <u>Patriot Act</u>. The Administrative Agent and the Joint Lead Arrangers shall have received, to the extent requested of the Parent Borrower at least ten (10) Business Days prior to the Closing Date, all documentation and information about the Credit Parties (a)(i) required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act and regulations pertaining to beneficial ownership of legal entity customers (such rules and regulations, the "**KYC Rules**"), at least three (3) Business Days prior to the Closing Date and (ii)(A) set forth on the list of KYC Rules delivered to the Parent Borrower on or prior to October 31, 2023 or (B) in connection with the appointment of any Additional Commitment Party (as defined in the Commitment Letter), delivered to the Parent Borrower by such Additional Commitment Party on or prior to the date that such Additional Commitment Party became party to the Commitment Letter and (b) all other documentation and other information about the Credit Parties that is (i) requested in writing at least fifteen (15) Business Days prior to the Closing Date by the Administrative Agent or the Joint Lead Arrangers and (ii) (A) required by regulatory authorities under the KYC Rules as a result of a change to the KYC Rules occurring after October 31, 2023, (B) required as a result of the occurrence of any change in the Administrative Agent's or any Joint Lead Arranger's, as applicable, circumstances, which change results in additional information being required under the KYC Rules, (C) after the Administrative Agent's or Joint Lead Arrangers' review of any information delivered pursuant to this <u>Section</u> <u>6.14</u><u>6.14</u>, reasonably determined to be required under the KYC Rules or (D) readily available and customarily delivered by portfolio company affiliates of the Sponsor in the United States in connection with bank financings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 <u>No Company Material Adverse Effect</u>. Since the date of the Acquisition Agreement, no Company Material Adverse Effect shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 <u>Evoque Transaction</u>. Prior to, or substantially concurrently with the initial Credit Event on the Closing Date hereunder, the Evoque Transaction shall have been consummated in accordance with the terms of the Evoque Transaction Agreement, and the Borrower shall have delivered a certificate, dated as of the Closing Date and substantially in the form of <u>Exhibit A</u>, executed by an Authorized Officer of the Parent Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 <u>Bankruptcy</u>. Prior to or substantially concurrently with the initial Credit Event on the Closing Date hereunder, the Effective Date (as defined in the Chapter 11 Plan) of the Chapter 11 Plan shall have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 <u>Quality of Earnings Report</u>. Prior to, or substantially concurrently with the initial Credit Event on the Closing Date hereunder, the Lead Arrangers shall have received a quality of earnings report in respect of the NOI of the Properties, which quality of earnings report shall be for the most recently completed quarter for the date that is ninety (90) days before the Closing Date.

For purposes of determining compliance with the conditions specified in <u>Section 6</u> on the Closing Date, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

Section 7. <u>Conditions Precedent to All Credit Events after the Closing Date</u>.

After the Closing Date, and subject to, in the case of <u>Section 7.1</u> below, the terms of <u>Section 1.12(c)</u>, to the extent the proceeds of any Loan are being used to finance a Limited Condition Transaction, the agreement of each Lender to make any Loan requested to be made by it on any date (excluding Revolving Credit Loans required to be made by the Revolving Credit Lenders in respect of Unpaid Drawings pursuant to <u>Sections 3.3</u> and <u>3.4</u>) and the obligation of each Letter of Credit Issuer to issue (but, for the avoidance of doubt, excluding any auto-renewal or evergreen extensions thereof) Letters of Credit on any date is subject to the satisfaction (or waiver) of the following conditions precedent contained in <u>Sections 7.1</u> and <u>7.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>No Event of Default; Representations and Warranties</u>. Subject to <u>Section 1.12(c)</u>, at the time of each Credit Event and also after giving effect thereto (other than any Credit Event on the Closing Date or pursuant to any Loan made pursuant to <u>Section 2.14</u> (which shall be subject to the applicable terms of <u>Section 2.14</u>)) (a) no Event of Default shall have occurred and be continuing and (b) all representations and warranties made by any Credit Party contained herein or in the other Credit Documents shall be true and correct in all material respects (provided that any such representations and warranties which are qualified by materiality, material adverse effect or similar language shall be true and correct in all respects) with the same effect as though such representations and warranties had been made on and as of the date of such Credit Event (except where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects (provided that any such representations and warranties which are qualified by materiality, material adverse effect or similar language shall be true and correct in all respects) as of such earlier date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 LTV <u>and Fixed Charge Coverage Ratio</u>. Immediately after giving effect to the applicable Credit Event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>,</u> the Parent Borrower shall be in compliance on a Pro Forma Basis with a LTV that does not exceed 60<u>75</u>%; and<u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Fixed Charge Coverage Ratio for the Parent Borrower as of the most recently ended Test Period is no less than 1.20 to 1.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Notice of Borrowing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the making of each Revolving Credit Loan (other than any Revolving Credit Loan made pursuant to <u>Section 3.4(a)</u>), the Administrative Agent shall have received a Notice of Borrowing meeting the requirements of <u>Section 2.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to the issuance of each Letter of Credit, the Administrative Agent and such Letter of Credit Issuer shall have received a Letter of Credit Request meeting the requirements of <u>Section 3.2(a).</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Drawstop Event Period</u>. Subject to <u>Section 1.12(c)</u>, at the time of each Credit Event (other than any Credit Event on the Closing Date or pursuant to any Loan made pursuant to <u>Section 2.14</u> (which shall be subject to the applicable terms of <u>Section 2.14</u>)), no Drawstop Event Period shall have occurred and be continuing.

The acceptance of the benefits of each Credit Event shall constitute a representation and warranty by each Credit Party to each of the Lenders that all the applicable conditions specified in <u>Section 7</u> above have been satisfied as of that time.

Section 8. <u>Representations and Warranties</u>.

In order to induce the Lenders to enter into this Agreement and to make the Loans and issue or participate in Letters of Credit as provided for herein, the Parent Borrower makes the following representations and warranties to the Lenders, all of which shall survive the execution and delivery of this Agreement, the making of the Loans and the issuance of the Letters of Credit (it being understood that the following representations and warranties shall be deemed made with respect to any Foreign Subsidiary only to the extent relevant under applicable law); <u>provided</u> that on the Closing Date, the representations and warranties shall be limited to Specified Representations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Corporate Status</u>. Each Credit Party (i) is a duly organized and validly existing corporation, limited liability company or other entity in good standing (if applicable) under the laws of the jurisdiction of its organization and has the corporate, limited liability company or other organizational power and authority to own its property and assets and to transact the business in which it is engaged and (ii) has duly qualified and is authorized to do business and is in good standing (if applicable) in all jurisdictions where it is required to be so qualified, except where the failure to be so qualified would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Corporate Power and Authority</u>. Each Credit Party has the corporate or other organizational power and authority to execute, deliver and carry out the terms and provisions of the Credit Documents to which it is a party and has taken all necessary corporate or other organizational action to authorize the execution, delivery and performance of the Credit Documents to which it is a party. Each Credit Party has duly executed and delivered each Credit Document to which it is a party and each such Credit Document constitutes the legal, valid, and binding obligation of such Credit Party enforceable in accordance with its terms (provided that, with respect to the creation and perfection of security interests with respect to Indebtedness, Capital Stock and Stock Equivalents of Foreign Subsidiaries, only to the extent enforceability of such obligation with respect to which Capital Stock and Stock Equivalents of Foreign Subsidiaries is governed by the Uniform Commercial Code), except as the enforceability thereof may be limited by bankruptcy, insolvency or similar laws affecting creditors' rights generally and subject to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>No Violation</u>. Neither the execution, delivery or performance by any Credit Party of the Credit Documents to which it is a party nor compliance with the terms and provisions thereof nor the consummation of the Transactions and the other transactions contemplated hereby or thereby will (i) contravene any applicable provision of any material law, statute, rule, regulation, order, writ, injunction or decree of any court or governmental instrumentality, other than any such contravention that would not reasonably be expected to result in a Material Adverse Effect, (ii) result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of such Credit Party (other than Liens created under the Credit Documents or Permitted Liens) pursuant to, the terms of any material indenture, loan agreement, lease agreement, mortgage, deed of trust, agreement or other material instrument to which such Credit Party is a party or by which it or any of its property or assets is bound (any such term, covenant, condition or provision, a "**Contractual Requirement**") other than any such breach, default or Lien that would not reasonably be expected to result in a Material Adverse Effect or (iii) violate any provision of the certificate of incorporation, by-laws, articles or other organizational documents of such Credit Party (after giving effect to the Transactions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Litigation</u>. There are no actions, suits or proceedings pending or, to the knowledge of the Parent Borrower, threatened in writing against the any Credit Party that would reasonably be expected to be determined adversely and, if so, to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 <u>Margin Regulations</u>. Neither the making of any Loan hereunder nor the use of the proceeds thereof will violate the provisions of Regulation T, U or X of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 <u>Governmental Approvals</u>. The execution, delivery and performance of each Credit Document does not require any consent or approval of, registration or filing with, or other action by, any Governmental Authority, except for (i) such as have been obtained or made and are in full force and effect, (ii) filings, consents, approvals, registrations and recordings in respect of the Liens created pursuant to the Security Documents (and to release existing Liens), and (iii) such licenses, approvals, authorizations, registrations, filings or consents the failure of which to obtain or make would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 <u>Investment Company Act</u>. None of the Parent Borrower or any other Credit Party is required to be registered as an "investment company" under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 <u>True and Complete Disclosure</u>. None of the written factual information and written data (taken as a whole) heretofore furnished by or on behalf of the Parent Borrower, any of the other Credit Parties or any of their respective authorized representatives (at the Parent Borrower's direction) to the Administrative Agent, any Joint Lead Arranger, and/or any Lender on or before the Closing Date (and with respect to any such factual information and data so furnished with respect the Company and its Subsidiaries as of the Closing Date, to the Parent Borrower's knowledge) (including all such written information and data contained in any information memoranda and the Credit Documents) for purposes of or in connection with this Agreement or any transaction contemplated herein contained any untrue statement of any material fact or omitted to state any material fact necessary to make the statements contained therein not materially misleading at such time in light of the circumstances under which such statements were made (after giving effect to all supplements and updates thereto from time to time), it being understood and agreed that for the purposes of this <u>Section 8.8(a)</u>, such factual information and data shall not include pro forma financial information, projections, budgets, estimates (including financial estimates, forecasts, and other forward-looking information) or other forward looking information or information of a general economic or industry specific nature (collectively, "**Forward-Looking Information**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 <u>Financial Condition; Financial Statements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company Financial Statements, in each case present fairly in all material respects the consolidated financial position of the Company at the respective dates of said information, statements and results of operations for the respective periods covered thereby. The Company Financial Statements have been prepared in accordance with GAAP consistently applied except to the extent provided in the notes to said financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Since the Closing Date, there has been no Material Adverse Effect that has occurred and is continuing.

Each Lender and the Administrative Agent hereby acknowledges and agrees that the Parent Borrower and its Subsidiaries may be required to restate historical financial statements as the result of the implementation of changes in GAAP or IFRS, or the respective interpretation thereof, and that such restatements will not result in a Default or an Event of Default under the Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 <u>Compliance with Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Credit Party and Subsidiary of a Credit Party is in compliance with all Requirements of Law applicable to it or its property, including without limitation all applicable laws, binding industry standards, or contractual obligations that relate to privacy, data protection or data transfer issues, or the Processing of Personal Information, data breach disclosure and notification, or marketing (collectively, "**Privacy Laws**"), except where the failure to be so in compliance with Privacy Laws would not reasonably be expected to result in a Material Adverse Effect. To the knowledge of the Parent Borrower, neither the Parent Borrower nor the other Credit Parties have experienced a material Data Security Breach that has not been remedied in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither any Borrower, any Credit Party, nor any Subsidiary of any Credit Party or any Borrower has violated, conspired to violate, or aided and abetted the violation of the Anticorruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither any Borrower, any Credit Party, any Subsidiary of any Credit Party or any Borrower, or any direct shareholder of Sponsor, Borrower is (i) a Sanctioned Person, or (ii) located, organized or resident in a Sanctioned Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the past three years, there have been no formal or informal proceedings, allegations, investigations, or inquiries pending, or, to the knowledge of the Parent Borrower, threatened against any Borrower, any Credit Party or any Subsidiary of a Credit Party or a Borrower concerning material violations of any Sanctions, Anticorruption Laws or AML Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Credit Parties have and have implemented policies and controls reasonably designed to ensure compliance with the Anticorruption Laws, Sanctions and AML Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 <u>Tax Matters</u>. Except as would not reasonably be expected to have a Material Adverse Effect, (a) the Parent Borrower and each of the other Credit Parties has filed all Tax returns required to be filed by it and has timely paid all Taxes payable by it (including in its capacity as withholding agent) that have become due, other than those being contested in good faith and by proper proceedings if it has maintained adequate reserves (in the good faith judgment of management of the Parent Borrower or such Credit Party, as applicable) with respect thereto in accordance with GAAP and (b) the Parent Borrower and each of the other Credit Parties has paid, or has provided adequate reserves (in the good faith judgment of management of the Parent Borrower or such Credit Party, as applicable) in accordance with GAAP for the payment of all Taxes not yet due and payable. There is no current or proposed Tax assessment, deficiency or other claim against the Parent Borrower or any other Credit Party that would reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 <u>Compliance with ERISA</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as would not reasonably be expected to have a Material Adverse Effect, no ERISA Event has occurred or is reasonably expected to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as would not reasonably be expected to have a Material Adverse Effect, no Foreign Plan Event has occurred or is reasonably expected to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13 <u>Subsidiaries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Schedule 8.13</u> lists each Subsidiary of the Parent Borrower (and the direct and indirect ownership interest of the Parent Borrower therein, and whether such Subsidiary is a Foreign First-Tier Finance Holdings Subsidiary), in each case, existing on the Second<u>Third</u> Amendment Effective Date after giving effect to the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each first-tier Subsidiary of the Parent Borrower that is organized under the laws of any jurisdiction other than the United States, any state thereof or the District of Columbia that owns a Borrower (as defined in the US Balance Sheet Loan Agreement) (a "**Foreign First-Tier Finance Holdings Subsidiary**") is (i) a holding company, with no operations beyond the ownership of the equity interests of its subsidiaries and (ii) has not incurred any Indebtedness or granted any Liens to any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 <u>Intellectual Property</u>. Each of the Parent Borrower and the other Credit Parties (or, in connection with a Permitted Securitization Financing, a Securitization Entity) owns or has the right to use all Intellectual Property that is used in or otherwise necessary for the operation of their respective businesses in the United States as currently conducted, except where the failure to own or have a right to use such Intellectual Property would not reasonably be expected to have a Material Adverse Effect. The current operation of their respective businesses by each of the Parent Borrower and the other Credit Parties does not infringe upon, misappropriate or violate the Intellectual Property of any third party, except as would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.15 <u>Environmental Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as would not reasonably be expected to have a Material Adverse Effect: (i) each of the Parent Borrower and the other Credit Parties and their respective operations and the operations of any tenants and subtenants of the Credit Parties are in compliance with all applicable Environmental Laws; (ii) none of the Parent Borrower or any other Credit Party has received written notice of any Environmental Claim; (iii) none of the Parent Borrower or any other Credit Party is conducting any investigation, removal, remedial or other corrective action pursuant to any Environmental Law at any location; (iv) none of the Parent Borrower or any other Credit Party has received written notice alleging it is subject to any Environmental Liability; and (v) to the knowledge of the Parent Borrower, no underground or above ground storage tank or related piping, or any impoundment or other disposal area containing Hazardous Materials is located at, on or under any Real Estate currently owned or operated by the Parent Borrower or any of the Credit Parties so as would reasonably be expected to give rise to an Environmental Liability or Environmental Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Parent Borrower or any of the other Credit Parties has treated, stored, transported, Released or arranged for disposal or transport for disposal or treatment of Hazardous Materials at, on, under or from any currently or, to the knowledge of the Parent Borrower, formerly owned or operated property of the Parent Borrower or any of the Credit Parties, nor, to the knowledge of the Parent Borrower, has there been any other Release of Hazardous Materials by any other Person at, on, under or from any such properties, in each case in a manner that would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16 <u>Properties</u>. Each of the Parent Borrower and the other Credit Parties has good and valid record title to, valid leasehold interests in, or rights to use, all tangible properties that are necessary for the operation of their respective businesses as currently conducted and as proposed to be conducted, free and clear of all Liens (other than any Liens permitted by this Agreement) and except where the failure to have such title, interest or rights would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.17 <u>Closing Date Solvency</u>. On the Closing Date (after giving effect to the Transactions) immediately following the making of the Loans and after giving effect to the application of the proceeds of such Loans, the Parent Borrower on a consolidated basis with its Subsidiaries will be Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.18 <u>Use of Proceeds</u>. On the Closing Date, the use of proceeds of the Loans will not violate any Anticorruption Laws, AML Laws or Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.19 <u>Sanctions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither any Borrower, any Credit Party, any Subsidiary of any Credit Party or any Borrower, nor to the knowledge of the Parent Borrower, the respective directors or officers of any Borrower or Credit Party is a Sanctioned Person, and no Sanctioned Person owns any direct or indirect equity interest in any Borrower or any Credit Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the funds or other assets of any Borrower, or any Credit Party constitute property of, or are beneficially owned, directly or indirectly, by any Sanctioned Person unless such ownership interest has been blocked in accordance with applicable Requirements of Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) None of any Borrower or any Credit Party, nor any of their respective subsidiaries will, directly or indirectly, transfer or use in any way the proceeds of the Loans to fund any activities or business of, with, in, or relating to any Sanctioned Person or Sanctioned Territory or in any other manner in violation of Sanctions, AML Laws or Anticorruption Laws.

Section 9. <u>Affirmative Covenants</u>.

The Parent Borrower hereby covenants and agrees that on the Closing Date and thereafter, until the Revolving Credit Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Information Covenants</u>. The Parent Borrower will furnish to the Administrative Agent (which shall promptly make such information available to the Lenders in accordance with its customary practice):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Annual Financial Statements</u>. On or before the date that is (i) 150 days after the end of the fiscal year of the Parent Borrower ending December 31, 2024 and (ii) 120 days after the end of each fiscal year of the Parent Borrower of the Parent Borrower thereafter, the consolidated balance sheets of the Parent Borrower and its Subsidiaries as at the end of such fiscal year, and the related consolidated income statements and cash flows for such fiscal year, and, commencing with the financial statements for the fiscal year ended December 31, 2025, setting forth comparative consolidated figures for the preceding fiscal years, all in reasonable detail and prepared in accordance with GAAP (it being agreed that such annual financial statements may be a set of stub financials covering the period commencing on the Closing Date through December 31, 2024), and, in each case, certified by an independent certified public accountants of recognized national standing whose opinion shall not be qualified (<u>provided</u> that, for the avoidance of doubt, an explanatory or emphasis of matter paragraph does not constitute a qualification) as to the scope of audit or as to the status of the Parent Borrower or any of the Credit Parties as a going concern (other than any qualification, that is expressly solely with respect to, or resulting solely from, (i) an upcoming maturity date under any Indebtedness, (ii) any actual or potential inability to satisfy a financial maintenance covenant at such time or on a future date or in a future period or (iii) solely with respect to the scope of audit, any change in accounting principles or practices reflecting changes in GAAP or IFRS that are required or approved by the Borrower's independent registered public accountants).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Quarterly Financial Statements</u>. Commencing with the fiscal quarter ending March 31, 2024 (it being agreed that such quarterly financial statements in respect of the fiscal quarter ending March 31, 2024 may be a set of stub financials covering the period commencing on the Closing Date through the end of such fiscal quarter), (i) on or before the date that is 60 days after the end of the first three fiscal quarters of each fiscal year of the Parent Borrower (or, for the fiscal quarters ending March 31, 2024, June 30, 2024 and September 30, 2024, 90 days after the end of such fiscal quarter of the Parent Borrower) and (ii) solely for the fiscal quarter of the Parent Borrower ending December 31, 2024, on or before the date that is 120 days after December 31, 2024, the unaudited consolidated balance sheets of the Parent Borrower and its Subsidiaries as at the end of such quarterly period and the related consolidated income statements for such quarterly accounting period and for the elapsed portion of the fiscal year ended with the last day of such quarterly period, and the related consolidated statement of cash flows for the elapsed portion of the fiscal year ended with the last day of the applicable quarterly period, and commencing with the quarter ending March 31, 2025, setting forth comparative consolidated figures for the related periods in the prior fiscal year or, in the case of such consolidated balance sheet, for the last day of the related period in the prior fiscal year, all of which shall be certified by an Authorized Officer of the Parent Borrower as fairly presenting in all material respects the financial condition, results of operations and cash flows of the Parent Borrower and its Subsidiaries in accordance with GAAP (except as noted therein), subject to changes resulting from normal year-end adjustments and the absence of footnotes, as required by GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Budgets</u>. Prior to an IPO, within 120 days after the commencement of each fiscal year of the Parent Borrower (or 150 days after the commencement of the fiscal year ending December 31, 2024) a consolidated budget of the Parent Borrower in reasonable detail on a quarterly basis for such fiscal year as customarily prepared by management of the Parent Borrower for its internal use, setting forth the principal assumptions upon which such budget is based; *provided* that delivery of a budget to the Administrative Agent satisfying the requirements of Section 5.1.11(d) of the US Balance Sheet Loan Facility shall be deemed to satisfy the requirements of this Section 9.1(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Officer's Certificates</u>. Not later than five days after the delivery of the financial statements provided for in <u>Sections 9.1(a)</u> and <u>(b)</u>, commencing with the financial statements in respect of the fiscal quarter ending March 31, 2024, a certificate of an Authorized Officer of the Parent Borrower substantially in the form of <u>Exhibit K</u> (i) setting forth a calculation of Consolidated EBITDA for the relevant period with a separate line item and brief description for each add-back and clause in the definition of Consolidated EBITDA and (ii)(a) to the effect that no Default or Event of Default exists or, (b) if any Default or Event of Default does exist, specifying the nature and extent thereof, as the case may be (in each case, which certificate shall set forth the LTV as of the end of the applicable period covered by such financial statements to the extent necessary for purposes of determining the amount of Excess Cash Flow required to be prepaid under Section 5.2(a)). At the time of the delivery of the financial statements provided for in <u>Section 9.1(a)</u>, a certificate of an Authorized Officer of the Parent Borrower setting forth changes to the legal name, jurisdiction of formation, type of entity and organizational number (or equivalent) to the Person organized in a jurisdiction where an organizational identification number is required to be included in a Uniform Commercial Code financing statement, in each case for each Credit Party or confirming that there has been no change in such information since the Closing Date or the date of the most recent certificate delivered pursuant to this <u>clause (d)</u>, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Notice of Default or Litigation</u>. Promptly after an Authorized Officer of the Parent Borrower or any of the other Credit Parties obtains knowledge thereof, notice of (i) the occurrence of any event that constitutes a Default or Event of Default, which notice shall specify the nature thereof, the period of existence thereof and what action the Parent Borrower or such Credit Party proposes to take with respect thereto and (ii) any litigation or governmental proceeding pending against the Parent Borrower or any of the other Credit Parties that would reasonably be expected to be determined adversely and, if so determined, to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Environmental Matters</u>. Promptly after an Authorized Officer of the Parent Borrower or any of the other Credit Parties obtains knowledge of any one or more of the following environmental matters, unless such environmental matters would not reasonably be expected to result in a Material Adverse Effect, notice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any pending or threatened Environmental Claim against any Credit Party or any Real Estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Environmental Liability of any Credit Party with respect to, arising from or relating to the use, ownership or operation of the Real Estate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the conduct of any investigation, or any removal, remedial or other corrective action in response to the actual or alleged presence or Release or threatened Release or exposure of any Person to of any Hazardous Material on, at, under or from any Real Estate.

All such notices shall describe in reasonable detail the nature of the claim, liability, investigation or removal, remedial or other corrective action in response thereto. The term "**Real Estate**" shall mean land, buildings, facilities and improvements owned or leased by any Credit Party.

Notwithstanding the foregoing, the obligations in <u>clauses (a)</u> and <u>(b)</u> of this <u>Section 9.1</u> may be satisfied with respect to financial information of the Parent Borrower and its Subsidiaries by furnishing (A) the applicable financial statements of any direct or indirect parent of the Parent Borrower or (B) the Parent Borrower's (or any direct or indirect parent thereof), as applicable, Form 10-K or 10-Q, as applicable, filed with the SEC; <u>provided</u> that, with respect to each of subclauses (A) and (B) of this paragraph, to the extent such information relates to a parent of the Parent Borrower, such information is accompanied by consolidating or other information that explains in reasonable detail the differences between the information relating to such parent, on the one hand, and the information relating to the Parent Borrower and its Subsidiaries on a standalone basis, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Other Information</u>. Such other existing information (financial or otherwise) concerning the Parent Borrower and the Credit Parties as the Administrative Agent on its own behalf or on behalf of any Lender (acting through the Administrative Agent) may reasonably request in writing from time to time (but no more frequently than once per calendar year); <u>provided</u> that none of the Borrower nor any Subsidiary will be required to disclose or permit the inspection or discussion of any document, information or other matter (i) that constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective contractors) is prohibited by law, or any binding agreement (iii) that is subject to attorney-client or similar privilege or constitutes attorney work product, (iv) that is otherwise subject to Section 13.16 or the limitations set forth in Section 9.2 or (v) that requires the Parent Borrower or any Credit Party to incur costs in connection with the preparation by a third party of any new report or assessment.

Documents required to be delivered pursuant to <u>clauses (a)</u> and <u>(b)</u> of this <u>Section 9.1</u> may be delivered electronically and if so delivered, shall be deemed to have been delivered on the earliest date on which (i) the Parent Borrower posts such documents, or provides a link thereto on the Parent Borrower's website on the Internet; (ii) such documents are posted on the Parent Borrower's behalf on IntraLinks/IntraAgency or another website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative Agent), or (iii) if applicable, such financial statements and/or other documents are posted on the SEC's website on the internet at www.sec.gov; <u>provided</u> that (A) the Parent Borrower shall, at the request of the Administrative Agent, continue to deliver copies (which delivery may be by electronic transmission) of such documents to the Administrative Agent and (B) the Parent Borrower shall notify (which notification may be by facsimile or electronic transmission) the Administrative Agent of the posting of any such documents on any website described in this paragraph. Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents from the Administrative Agent and maintaining its copies of such documents.

Notwithstanding the foregoing, the obligations in <u>clause (a)</u> of this <u>Section 9.1</u> with respect to the fiscal year ending December 31, 2022 shall be deemed satisfied with respect to financial information of the Parent Borrower and its Subsidiaries by furnishing (A) the financial statements of the Parent Borrower and its Subsidiaries for the period commencing on January 1, 2022 and ending March 25, 2022 (predecessor) and (B) the financial statements of the Parent Borrower and its Subsidiaries for the period commencing on March 25, 2022 and ending December 31, 2022 (successor).

Each Credit Party hereby acknowledges and agrees that, unless the Parent Borrower notifies the Administrative Agent in advance, all financial statements and certificates furnished pursuant to <u>Sections 9.1(a)</u>, <u>(b)</u> and <u>(d)</u> above are hereby deemed to be suitable for distribution, and to be made available, to all Lenders and may be treated by the Administrative Agent and the Lenders as not containing any material nonpublic information; <u>provided</u> that any failure by the Parent Borrower to so notify the Administrative Agent shall not constitute a Default or Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Books, Records, and Inspections</u>. The Parent Borrower will, and will cause each other Credit Party to, permit officers and designated representatives of the Administrative Agent or the Required Lenders to visit and visually inspect any of the properties or assets of the Parent Borrower and any such Credit Party in whomsoever's possession to the extent that it is within such party's control to permit such inspection (and shall use commercially reasonable efforts to cause such inspection to be permitted to the extent that it is not within such party's control to permit such inspection), and to examine the books and records of the Parent Borrower and any such Credit Party and discuss the affairs, finances and accounts of the Parent Borrower and of any such Credit Party with, and be advised as to the same by, its and their officers and independent accountants, all at such reasonable times and intervals and to such reasonable extent as the Administrative Agent or the Required Lenders may desire (and subject, in the case of any such meetings or advice from such independent accountants, to such accountants' customary policies and procedures); <u>provided</u> that, excluding any such visits and inspections during the continuation of an Event of Default, (a) only the Administrative Agent on behalf of the Required Lenders may exercise rights of the Administrative Agent and the Lenders under this <u>Section 9.2</u>, (b) the Administrative Agent shall not exercise such rights more than one time in any calendar year, which visit will be at the Parent Borrower's expense and (c) notwithstanding anything to the contrary in this <u>Section 9.2</u>, none of the Parent Borrower or any of its Subsidiaries will be required to disclose, permit the inspection, examination or making copies or abstracts of, or discussion of, any document, information or other matter that (i) constitutes non-financial trade secrets or non-financial proprietary information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by law or any agreement binding on a third-party or (iii) is subject to attorney-client or similar privilege or constitutes attorney work product; <u>provided</u>, <u>further</u>, that, except with respect to subclause (ii) above, when an Event of Default exists, the Administrative Agent (or any of its respective representatives or independent contractors) or any representative of the Required Lenders may do any of the foregoing at the expense of the Parent Borrower at any time during normal business hours and upon reasonable advance notice. The Administrative Agent and the Required Lenders shall give the Parent Borrower the opportunity to participate in any discussions with the Parent Borrower's independent public accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Maintenance of Insurance</u>. The Parent Borrower will, and will cause each Credit Party to, at all times maintain in full force and effect, pursuant to self-insurance arrangements or with insurance companies that the Parent Borrower believes (in the good faith judgment of the management of the Parent Borrower) are financially sound and responsible at the time the relevant coverage is placed or renewed, insurance in at least such amounts (after giving effect to any self-insurance which the Parent Borrower believes (in the good faith judgment of management of the Parent Borrower) is reasonable and prudent in light of the size and nature of its business and the availability of insurance on a cost-effective basis) and against at least such risks (and with such risk retentions) as the Parent Borrower believes (in the good faith judgment of management of the Parent Borrower) is reasonable and prudent in light of the size and nature of its business and the availability of insurance on a cost-effective basis; and will furnish to the Administrative Agent, promptly following written request from the Administrative Agent, information presented in reasonable detail as to the insurance so carried (provided that, for so long as no Event of Default has occurred and is continuing, the Administrative Agent shall be entitled to make such request only once in any calendar year). Each such policy of insurance shall (i) name the Collateral Agent, on behalf of the Secured Parties as an additional insured thereunder as its interests may appear and (ii) in the case of each casualty insurance policy, contain a loss payable clause or endorsement that names the Collateral Agent, on behalf of the Secured Parties as the loss payee thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Payment of Taxes</u>. The Parent Borrower will pay and discharge or cause to be paid and discharged, and will cause each of the other Credit Parties to pay and discharge, all Taxes imposed upon it (including in its capacity as a withholding agent) or upon its income or profits, or upon any properties belonging to it, prior to the date on which material penalties attach thereto, and all lawful claims in respect of any Taxes imposed, assessed or levied that, if unpaid, would reasonably be expected to become a material Lien (other than a Permitted Lien) upon any properties of the Parent Borrower or any of such Credit Parties; <u>provided</u> that neither the Parent Borrower nor any of the other Credit Parties shall be required to pay or discharge any such Tax that is being contested in good faith and by proper proceedings if it has maintained adequate reserves (in the good faith judgment of management of the Parent Borrower) with respect thereto in accordance with GAAP or the failure to pay or discharge would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>Preservation of Existence; Consolidated Corporate Franchises</u>. The Parent Borrower will, and will cause each Credit Party to, take all actions necessary (a) to preserve and keep in full force and effect its existence, organizational rights and authority and (b) to maintain its rights, privileges (including its good standing (if applicable)), permits, licenses and franchises necessary in the normal conduct of its business, in each case, except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect; <u>provided</u>, <u>however</u>, that the Parent Borrower and the other Credit Parties may consummate any transaction which is permitted by <u>Sections 10.2</u>, <u>10.3</u> or <u>10.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>Compliance with Statutes, Regulations, Etc</u>. The Parent Borrower will, and will cause any other Borrower, each other Credit Party, and each Subsidiary of any Borrower or Credit Party to, (a) comply with all applicable laws, rules, regulations, and orders applicable to it or its property, including all governmental approvals or authorizations required to conduct its business, and to maintain all such governmental approvals or authorizations in full force and effect, (b) comply with, and use commercially reasonable efforts to ensure compliance by all tenants and subtenants, if any, with, all applicable Environmental Laws, and obtain and comply with and maintain, and use commercially reasonable efforts to ensure that all tenants and subtenants obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or permits required by applicable Environmental Laws, (b) conduct and complete all investigations, studies, sampling and testing, and all remedial, removal, and other actions regarding Hazardous Materials required under Environmental Laws and promptly comply with all lawful orders and directives of all Governmental Authorities with jurisdiction regarding Environmental Laws, other than such orders and directives which are being timely contested in good faith by proper proceedings, (d) not violate, conspire to violate or aid and abet the violation of any Anticorruption Laws, Sanctions or AML Laws and (e) maintain and implement policies reasonably designed to ensure that no Credit Party violations any Anticorruption Laws, Sanctions or AML Laws, except in each case of (a), (b), and (c) of this <u>Section 9.6</u>, where the failure to do so would not reasonably be expected to result in a Material Adverse Effect.

No payment made pursuant to this Agreement by any Borrower, or any Credit Party shall be derived directly or knowingly indirectly from a Sanctioned Person or from activities in violation of any Anticorruption Laws, Sanctions or AML Laws, or otherwise cause any Lender to violate any Anticorruption Law, Sanctions or AML Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 <u>ERISA</u>. (a) As soon as practicable following any request by the Administrative Agent, the Parent Borrower will furnish to the Administrative Agent copies of any documents described in Sections 101(k) or 101(l) of ERISA that any Credit Party or any of its Subsidiaries may reasonably request with respect to any Multiemployer Plan to which a Credit Party or any of its Subsidiaries is obligated to contribute; <u>provided</u> that if the Credit Parties or any of their Subsidiaries have not requested such documents or notices from the administrator or sponsor of the applicable Multiemployer Plan, then, upon reasonable request of the Administrative Agent, the Credit Parties shall promptly make a request for such documents or notices from such administrator or sponsor and the Parent Borrower shall provide copies of such documents and notices to the Administrative Agent promptly after receipt thereof; provided, further, that the rights granted to the Administrative Agent in this <u>Section 9.7(a)</u> shall be exercised not more than once with respect to the same Multiemployer Plan during any applicable plan year, and (b) the Parent Borrower will notify the Administrative Agent promptly following the occurrence of any ERISA Event or Foreign Plan Event that, alone or together with any other ERISA Events or Foreign Plan Events that have occurred, would reasonably be expected to result in liability of any Credit Party that would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 <u>Maintenance of Tangible Properties</u>. The Parent Borrower will, and will cause each of the other Credit Parties to, keep and maintain all tangible property material to the conduct of its business in good working order and condition, ordinary wear and tear, casualty, and condemnation excepted, except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 <u>Transactions with Affiliates</u>. The Parent Borrower will conduct, and cause each of the other Credit Parties to conduct, all transactions with any of its Affiliates (other than the Parent Borrower and the other Credit Parties) involving aggregate payments or consideration in excess of $100,000,000 for the most recently ended Test Period (calculated on a Pro Forma Basis) at the time of such Affiliate transaction, for any individual transaction or series of related transactions, on terms that are at least substantially as favorable to the Parent Borrower or such Credit Party as it would obtain in a comparable arm's-length transaction with a Person that is not an Affiliate, as determined by the board of directors of the Parent Borrower or such Credit Party in good faith; <u>provided</u> that the foregoing restrictions shall not apply to (a) the payment of fees to the Sponsor for management, consulting and financial services rendered to the Parent Borrower and its Subsidiaries and customary investment banking fees paid to the Sponsor for services rendered to the Parent Borrower and its Subsidiaries in connection with divestitures, acquisitions, financings and other transactions which payments are approved by a majority of the board of directors of the Parent Borrower in good faith, (b) transactions permitted by <u>Section 10.1(c)(ii)</u> or <u>Section 10.4</u>, (c) consummation of the Transactions and the payment of the Transaction Expenses, (d) the issuance of Capital Stock or Stock Equivalents of the Parent Borrower (or any direct or indirect parent thereof) or any of its Subsidiaries not otherwise prohibited by the Credit Documents, (e) any transaction between or among the Parent Borrower and/or one or more of its Subsidiaries or joint venture (regardless of the form of legal entity) in which the Parent Borrower or any of its Subsidiaries has invested (and which Subsidiary or joint venture would not be an Affiliate of the Parent Borrower but for the Parent Borrower's or a Subsidiary's ownership of Capital Stock or Stock Equivalents in such joint venture or Subsidiary) to the extent permitted or not restricted by this Agreement, (f) (i) any collective bargaining agreements, employment agreements or arrangements, severance agreements or compensatory (including profit sharing) arrangements entered into by the Parent Borrower or any of its Subsidiaries with their respective current or former officers, directors, members of management, managers, employees, consultants or independent contractors or those of any Parent Entity, (ii) any subscription agreement or similar agreement pertaining to the repurchase of Capital Stock or Stock Equivalents pursuant to put/call rights or similar rights with current or former officers, directors, members of management, managers, employees, consultants or independent contractors and (iii) transactions pursuant to any employee compensation arrangement, benefit plan, stock option plan or arrangement, any health, disability or similar insurance plan which covers current or former officers, directors, members of management, employees, consultants or independent contractors; (g) payments by the Parent Borrower (and any direct or indirect parent thereof) and any of its Subsidiaries pursuant to the tax sharing agreements among the Parent Borrower (and any such parent) and such Subsidiaries that are permitted under <u>Section 10.4(b)(13)</u>; <u>provided</u> that in each case the amount of such payments in any fiscal year does not exceed the aggregate amount that the Parent Borrower and such Subsidiaries would have been required to pay in respect of such foreign, federal, state and/or local taxes for such fiscal year had the Parent Borrower and such Subsidiaries paid such taxes separately from any such direct or indirect parent company of the Parent Borrower, (h) the payment of customary fees and reasonable out of pocket costs to, and indemnities provided on behalf of, directors, managers, consultants, officers or employees of the Parent Borrower (or any direct or indirect parent thereof) and any of its Subsidiaries in the ordinary course of business to the extent attributable to the ownership, management or operation of the Parent Borrower or such Subsidiaries, including payroll, travel, business entertainment and similar advances to any of the foregoing Persons made in the ordinary course of business (i) transactions undertaken pursuant to membership in a purchasing consortium, (j) transactions pursuant to any agreement or arrangement as in effect as of the Closing Date, or any amendment, modification, supplement or replacement thereto (so long as any such amendment, modification, supplement or replacement is not disadvantageous in any material respect to the Lenders when taken as a whole as compared to the applicable agreement as in effect on the Closing Date as determined by the Parent Borrower in good faith), (k) customary payments by the Parent Borrower (or any direct or indirect parent) and any Subsidiaries to the Sponsor made for any financial advisory, consulting, financing, underwriting or placement services or in respect of other investment banking activities (including in connection with acquisitions or divestitures), (l) Affiliate repurchases of the Loans, Commitments or any other debt security to the extent permitted hereunder and the holding of such Loans, Commitments or other debt security and the payments and other transactions contemplated herein in respect thereof, (m) transactions with any Securitization Entity (including in connection with Permitted Securitization Financings) materially consistent, taken as a whole, with transactions taken customary for a Permitted Securitization Financing (including the payment of fees to, or obligation to reimburse, any Securitization Entity in respect of letters of credit issued to the account of such Securitization Entity for the benefit of the Borrower and its Subsidiaries), or any other customary transactions effected as part of a Permitted Securitization Financing, (n) undertaking or consummating any IPO Reorganization Transactions, (o) transactions under the Credit Documents or any First Tier Facility Agreements, (p) any reorganization or restructuring transactions related to the collapsing, requalification or qualification of the Parent Borrower or any Subsidiary as a REIT (including (i) the termination, creation or modification of a TRS structure, (ii) the liquidation of any REIT and the taking of any steps reasonably necessary thereto (as determined by the Parent Borrower or applicable Subsidiary), and (iii) redemption of any preferred shareholders and conversion of the REIT into a Delaware limited liability company), (q) any other Affiliate transactions permitted under the terms of any First Tier Facility Agreement (including (i) operating leases, (ii) any property management agreement to which the Parent Borrower or any of its Subsidiaries is party, and (iii) the right to cause any Properties to be transferred from a First Tier Facility Borrower to a newly formed, wholly owned Subsidiary of a First Tier Facility Borrower, which, in each case, is not prohibited by any such First Tier Facility Agreement), (r) the entry into and performance of any Lease or service agreement in the ordinary course of business, or the assignment, novation, subcontracting or transfer (whether in whole or in part) of any such Lease or service agreement to any Affiliate and (s) any other ordinary course non-material transactions entered into between the Borrower or any of its Subsidiaries with its Affiliates in accordance with past practices, including, without limitation, in connection with the use of Land or the development, ownership, lease, maintenance or operation of any of the Properties. For purposes of this <u>Section 9.9</u>, any transaction shall be deemed to have satisfied the requirements set forth in this <u>Section 9.9</u> if (x) such transaction is approved by a majority of the Disinterested Directors or (y) a fairness opinion is provided by a nationally recognized appraisal or investment banking firm with respect to such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 <u>End of Fiscal Years</u>. The Parent Borrower will, for financial reporting purposes, cause each of its, and each of the Credit Parties', fiscal years to end on dates consistent with past practice; provided, however, that the Parent Borrower may, upon written notice to the Administrative Agent change the financial reporting convention specified above to (x) align the dates of such fiscal year and for any Subsidiary whose fiscal years end on dates different from those of the Parent Borrower or (y) any other financial reporting convention (including a change of fiscal year) reasonably acceptable (such consent not to be unreasonably withheld or delayed) to the Administrative Agent, in which case the Parent Borrower and the Administrative Agent will, and are hereby authorized by the Lenders to, make any adjustments to this Agreement that are necessary in order to reflect such change in financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 <u>Additional Guarantors and Grantors</u>. Subject to <u>Section 9.14(b)</u> and any applicable limitations set forth in the Security Documents, the Parent Borrower will cause (a) each direct or indirect Wholly-Owned Subsidiary of the Parent Borrower which owns Collateral (other than any Excluded Subsidiary) that is formed or otherwise purchased or acquired after the Closing Date (including pursuant to a Permitted Acquisition), within 60 days from the later of (i) date of such formation, acquisition or cessation, as applicable and (ii) the date of delivery of the Section 9.1 Financials evidencing the obligation to provide a Guarantee pursuant to this <u>Section 9.11</u> (or such longer period as the Administrative Agent may agree in its reasonable discretion), and (b) at the Parent Borrower's sole option, any other Domestic Subsidiary reasonably acceptable to the Administrative Agent, in each case, to execute a supplement to each of the Guarantee and the Pledge Agreement in order to become a Guarantor under the Guarantee and a grantor under such Security Documents or, to the extent reasonably requested by the Collateral Agent, enter into a new Security Document substantially consistent with the analogous existing Security Documents and otherwise in form and substance reasonably satisfactory to the Collateral Agent and take all other action reasonably requested by the Collateral Agent to grant a perfected security interest in its relevant assets to substantially the same extent as created and perfected by the Credit Parties on the Closing Date. For the avoidance of doubt, no Credit Party that is a Domestic Subsidiary shall be required to take any action outside the United States to perfect any security interest in the Collateral (including the execution of any agreement, document or other instrument governed by the law of any jurisdiction other than the United States, any state thereof or the District of Columbia). In addition to the foregoing, if any other Domestic Subsidiary of the Parent Borrower that is a Wholly-Owned Subsidiary and is a Material Subsidiary becomes a guarantor or other obligor with respect to bonds, notices, debentures or similar debt instruments issued by the Parent Borrower, the Parent Borrower shall cause such Subsidiary to guarantee the obligations of the Parent Borrower hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.12 <u>Pledge of Additional Stock and Evidence of Indebtedness</u>. Subject to <u>Section 6.2</u> and <u>Section 9.14(b)</u> and any applicable limitations set forth in the Security Documents and other than (x) when in the reasonable determination of the Administrative Agent and the Parent Borrower (as agreed to in writing), the cost or other consequences of doing so would be excessive in view of the benefits to be obtained by the Lenders therefrom or (y) to the extent doing so would result in material adverse tax consequences as reasonably determined by the Parent Borrower in consultation with the Administrative Agent, the Parent Borrower and each other Credit Party will cause (a) all certificates representing Capital Stock and Stock Equivalents which constitute Collateral that are held directly by any Credit Party and (b) any promissory notes executed after the Closing Date evidencing Indebtedness in excess of the greater of

(a) $75,000,000<u>73,300,000</u> and (b) 1.25% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) at the time such promissory note is delivered to the Parent Borrower or any other Credit Party that is owing to the Parent Borrower or such other Credit Party, in each case to be delivered to the Collateral Agent as security for the Obligations accompanied by undated instruments of transfer executed in blank pursuant to the terms of the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 <u>Use of Proceeds</u>. The Parent Borrower and the Credit Parties will use the proceeds of the Revolving Credit Loans and use the Letters of Credit (a) on the Closing Date, together with the proceeds of other First Tier Facilities established on the Closing Date and cash on hand of the Parent Borrower, solely (i) to finance the Transactions in an amount equal to the amount necessary to fund (A) the Reserves Shortfall and (B) without duplication of the Reserves Shortfall, the Proceeds Shortfall (any Revolving Credit Loans borrowed pursuant to this clause (a)(i) arising as a direct result of the establishment of special reserves for Material Lease Defects, "**Lease Defect Revolving Obligations**"), (ii) to fund (A) upfront fees or original issue discount in respect of any Credit Facilities (and any other First Tier Facilities established on the Closing Date) imposed under the Fee Letter, (B) working capital adjustments and reimbursements for Capital Expenditures pursuant to the Acquisition Agreement and/or the refinancing of any Indebtedness incurred for working capital or Capital Expenditure purposes and (C) purchase price adjustments made pursuant to the Acquisition Agreement and/or the Property Acquisition Agreements and (iii) to issue Letters of Credit which may be used for all purposes not otherwise prohibited under this Agreement including without limitation (x) to replace, backstop or otherwise support or replace Letters of Credit in favor of third parties existing on the Closing Date and (y) to backstop any Reserves Shortfall existing on the Closing Date after giving effect to the Transactions, and (jj) at any time and from time to time after the Closing Date, for Capital Expenditures, working capital and any general corporate purpose (including to finance any other transactions not prohibited by the Credit Documents. Neither any Borrower, nor any Credit Party will directly or indirectly, use the proceeds of the Revolving Credit Loans and use the Letters of Credit in in connection with any Sanctioned Person or in a manner that would otherwise cause a violation of any Anticorruption Laws, Sanctions or AML Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.14 <u>Further Assurances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to any applicable limitations set forth in the Security Documents and other than (x) when in the reasonable determination of the Administrative Agent and the Parent Borrower (as agreed to in writing), the cost or other consequences of doing so would be excessive in view of the benefits to be obtained by the Lenders therefrom or (y) to the extent doing so would result in material adverse tax consequences as reasonably determined by the Parent Borrower in consultation with the Administrative Agent, if any assets (other than Excluded Property) of any Credit Party are acquired after the Closing Date, which assets are required to be pledged as Collateral under the Security Documents (other than Capital Stock and Stock Equivalents and assets constituting Collateral under the Security Documents that become subject to the Lien of the applicable Security Document upon acquisition thereof), the Parent Borrower will notify the Collateral Agent, and, if requested by the Collateral Agent, the Parent Borrower will cause such assets to be subjected to a Lien securing the Obligations and will take, and cause the other applicable Credit Parties to take, such actions as shall be necessary or reasonably requested by the Collateral Agent, as soon as commercially reasonable but in no event later than ninety (90) days after such acquisition, unless extended by the Administrative Agent in its sole discretion, to grant and perfect such Liens consistent with the applicable requirements of the Security Documents, including actions described in <u>clause (a)</u> of this <u>Section 9.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.15 <u>[reserved.]</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.16 <u>Lines of Business</u>. The Parent Borrower and the other Credit Parties, taken as a whole, will not fundamentally and substantively alter the character of their business, taken as a whole, from the business conducted by the Parent Borrower and the other Credit Parties, taken as a whole, on the Closing Date and other business activities which are extensions thereof or otherwise incidental, synergistic, reasonably related, or ancillary to any of the foregoing (and non-core incidental businesses acquired to the extent permitted or not prohibited hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.17 <u>Financial Covenants under Other Indebtedness</u>. To the extent the Parent Borrower, under the terms of any facility of the Parent Borrower consisting of Indebtedness described in clause (a) of the definition thereof which would constitute Material Indebtedness, is obligated to comply with any financial maintenance covenant thereunder, such financial covenant shall also apply to the Revolving Credit Facility (a) to the extent the Revolving Credit Facility does not require the Parent Borrower's compliance with any financial maintenance covenant or (b) if, subsequent to the Closing Date, any financial maintenance covenant is then-applicable to the Revolving Credit Facility by operation of this <u>Section 9.17</u>, solely to the extent such new financial maintenance covenant is more restrictive than the then-applicable financial maintenance covenant under the Revolving Credit Facility, and the Parent Borrower shall, with the Administrative Agent, shall amend the Credit Documents such that the Revolving Credit Lenders benefit from such more restrictive financial covenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.18 <u>Post-Closing Actions</u>. The Parent Borrower agrees that it will, or will cause its relevant Subsidiaries to, complete each of the actions described on <u>Schedule 9.18</u> as soon as commercially reasonable and by no later than the date set forth in <u>Schedule 9.18</u> with respect to such action or such later date as the Administrative Agent may reasonably agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.19 <u>Foreign First-Tier Finance Holdings Subsidiaries</u>. The Parent Borrower agrees that each Foreign First-Tier Finance Holdings Subsidiary, whether now existing or formed after the Closing Date, shall (i) be a holding company, with no material assets or operations beyond the ownership of the equity interests of its subsidiaries and (ii) shall not incur any Indebtedness or grant any Liens to any other Person.

Section 10. <u>Negative Covenants</u>.

The Parent Borrower hereby covenants and agrees that on the Closing Date (immediately after the consummation of the Acquisition) and thereafter, until the Revolving Credit Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Limitation on Indebtedness</u>. The Parent Borrower will not, and will not permit any other Credit Party to create, incur, issue, assume, guarantee or otherwise become liable, contingently or otherwise (collectively, "**incur**" and collectively, an "**incurrence**") with respect to any Indebtedness (including Acquired Indebtedness) in an aggregate principal amount at any time in excess of ten percent (10%) of NAV, and the Parent Borrower will not issue any shares of Disqualified Stock and will not permit any other Credit Party to issue any shares of Disqualified Stock; <u>provided</u> that the Parent Borrower may incur Indebtedness (including Acquired Indebtedness incurred in connection with, or in contemplation of, a Permitted Acquisition) or issue shares of Disqualified Stock, and any Credit Party may incur Indebtedness (including Acquired Indebtedness incurred in connection with, or in contemplation of, a Permitted Acquisition), issue shares of Disqualified Stock and issue shares of preferred stock that is, in each case, secured by a Lien on the Collateral that is *pari passu* with the Lien securing the Obligations, secured by a Lien on the Collateral that is junior to the Lien securing the Obligations, or that is unsecured to the extent that the LTV after giving effect to the incurrence of such Indebtedness and the use of proceeds thereof, on a Pro Forma Basis would not exceed 60<u>75</u>%.

The foregoing limitations will not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indebtedness arising under the Credit Documents or otherwise permitted pursuant to <u>Section 2.14</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-Recourse Indebtedness, as long as such Non-Recourse Indebtedness is not Indebtedness for borrowed money or a guarantee of Indebtedness for borrowed money, arising or permitted under any First Tier Facility (including any hedging or swap obligations entered into in connection with any First Tier Facility, to the extent constituting Non-Recourse Indebtedness of the Credit Parties (provided that such Non-Recourse Indebtedness is not Indebtedness for borrowed money or a guarantee of Indebtedness for borrowed money));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) Indebtedness (including any unused commitment) outstanding on the Closing Date listed on <u>Schedule 10.1</u> (or, to the extent not listed on such Schedule, where the principal amount of such Indebtedness is less than $50,000,000 in the aggregate) and (ii) intercompany Indebtedness (including any unused commitment) outstanding on the Closing Date listed on <u>Schedule 10.1</u> or owed by a Credit Party to another Credit Party or any Subsidiary thereof;

<u>provided</u> that any such Indebtedness owed by a Credit Party to a Subsidiary that is not a Credit Party shall be subordinated in right of payment to the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Indebtedness (including Capitalized Lease Obligations), Disqualified Stock and preferred stock incurred by the Parent Borrower or any other Credit Party, to finance the purchase, lease, construction, installation, maintenance, replacement or improvement of property (real or personal) or equipment that is used or useful in a Similar Business, whether through the direct purchase of assets or the Capital Stock of any Person owning such assets and Indebtedness arising from the conversion of the obligations of the Parent Borrower or any other Credit Party under or pursuant to any "synthetic lease" transactions to on-balance sheet Indebtedness of the Parent Borrower or such Credit Party, in an aggregate principal amount which, when aggregated with the principal amount of all other Indebtedness, Disqualified Stock and preferred stock then outstanding and incurred pursuant to this <u>clause (d)</u> and all Indebtedness incurred to refinance any other Indebtedness, Disqualified Stock and preferred stock incurred pursuant to this <u>clause (d)</u>, does not exceed the greater of (x) $225,000,000<u>249,300,000</u> and (y) 4.25% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis at the time of incurrence; <u>provided</u> that Capitalized Lease Obligations incurred by the Parent Borrower or any Credit Party pursuant to this <u>clause (d)</u> in connection with a Permitted Sale Leaseback shall not be subject to the foregoing limitation so long as the proceeds of such Permitted Sale Leaseback are used by the Parent Borrower or such Credit Party to permanently repay other Indebtedness secured by a Lien on the assets subject to such Permitted Sale Leaseback (excluding any Lien ranking junior to the Lien securing the Obligations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Indebtedness incurred by the Parent Borrower or any other Credit Party (including letter of credit obligations consistent with past practice constituting reimbursement obligations with respect to letters of credit issued in the ordinary course of business), in respect of workers' compensation claims, deferred compensation, performance or surety bonds, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement or indemnification type obligations regarding workers' compensation claims, performance or surety bonds, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Indebtedness arising from agreements of the Parent Borrower or any other Credit Party providing for indemnification, adjustment of purchase price, earnout or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or a Subsidiary or other Person, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) shares of preferred stock of a Credit Party issued to the Parent Borrower or another Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Hedging Obligations (excluding Hedging Obligations entered into for speculative purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (i) obligations in respect of customs, self-insurance, performance, bid, appeal, and surety bonds and completion guarantees and similar obligations provided by the Parent Borrower or any other Credit Party or (ii) obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case, in the ordinary course of business or consistent with past practice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) (i) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business and (ii) customer deposits and advance payments received in the ordinary course of business from customers for goods purchased in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (i) Indebtedness of the Parent Borrower or any other Credit Party supported by a letter of credit, in a principal amount not in excess of the amount of such letter of credit so long as such letter of credit is otherwise permitted to be incurred pursuant to this <u>Section 10.1</u> or (ii) obligations in respect of letters of support, guarantees or similar obligations issued, made or incurred for the benefit of any Credit Party to the extent required by law or in connection with any statutory filing or the delivery of audit opinions performed in jurisdictions other than within the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Indebtedness of the Parent Borrower or any of the other Credit Parties consisting of the financing of insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) (1) Indebtedness of the Parent Borrower or any of the other Credit Parties undertaken in connection with cash management and related activities with respect to any Subsidiary or joint venture in the ordinary course of business, including with respect to financial accommodations of the type described in the definition of Cash Management Services and (2) Indebtedness owed on a short-term basis of no longer than 30 days to banks and other financial institutions incurred in the ordinary course of business of the Parent Borrower and such Credit Parties with such banks or financial institutions that arises in connection with ordinary banking arrangements to manage cash balances of the Parent Borrower and the other Credit Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Indebtedness consisting of Indebtedness issued by the Parent Borrower or any of the other Credit Parties to future, current or former officers, directors, managers and employees thereof, their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of the Parent Borrower or any direct or indirect parent company of the Parent Borrower to the extent described in <u>clause (4)</u> of <u>Section 10.4(b)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Indebtedness in respect of taxes, assessments, governmental charges or levies to the extent that payment therefor shall not at the time be required to be made in accordance with <u>Section 9.4</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Indebtedness in respect of judgments and attachments for the payment of money not constituting an Event of Default under <u>Section 11.5</u> or <u>Section 11.9</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) unsecured Indebtedness that represents accrued (or deferred) and unpaid management fees to the Sponsor; <u>provided</u>, that the payment of such management fees in respect of such Indebtedness is not otherwise prohibited under <u>Section 10.4</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) (i) guarantees incurred in the ordinary course of business in respect of obligations to suppliers, customers, franchisees, lessors, licensees, sub-licensees and distribution partners and (ii) Indebtedness incurred by the Parent Borrower or any other Credit Party as a result of Leases or services agreements entered into by such Credit Party or any Subsidiary thereof in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) [reserved]; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) to the extent constituting Indebtedness, the payment of fees to, or obligation to reimburse, any Securitization Entity in respect of letters of credit issued to the account of such Securitization Entity for the benefit of the Borrower and its Subsidiaries in the ordinary course and for customary business purposes.

For purposes of determining compliance with this <u>Section 10.1</u>: (i) in the event that an item of Indebtedness, Disqualified Stock or preferred stock (or any portion thereof) meets the criteria of more than one of the categories of permitted Indebtedness, Disqualified Stock or preferred stock described in <u>clauses (a)</u> through <u>(r)</u> above or is entitled to be incurred pursuant to the first paragraph of this <u>Section 10.1</u>, the Parent Borrower, in its sole discretion, will classify and may reclassify such item of Indebtedness, Disqualified Stock or preferred stock (or any portion thereof) and will only be required to include the amount and type of such Indebtedness, Disqualified Stock or preferred stock in one of the above clauses or paragraphs; and (ii) at the time of incurrence, the Parent Borrower will be entitled to divide and classify an item of Indebtedness in more than one of the types of Indebtedness described in this <u>Section 10.1</u>.

Accrual of interest or dividends, the accretion of accreted value, the accretion or amortization of original issue discount and the payment of interest or dividends in the form of additional Indebtedness, Disqualified Stock or preferred stock will not be deemed to be an incurrence of Indebtedness, Disqualified Stock or preferred stock for purposes of this covenant. Any Indebtedness incurred to refinance Indebtedness permitted pursuant to this <u>Section 10.1</u> shall be deemed to include additional Indebtedness, Disqualified Stock or preferred stock incurred to pay premiums (including reasonable tender premiums), defeasance costs, fees, and expenses in connection with such refinancing.

For purposes of determining compliance with any Dollar-denominated restriction on the incurrence of Indebtedness, the principal amount of Indebtedness denominated in another currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; <u>provided</u> that if such Indebtedness is incurred to refinance other Indebtedness denominated in another currency, and such refinancing would cause the applicable Dollar- denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed (i) the principal amount of such Indebtedness being refinanced plus (ii) the aggregate amount of fees, underwriting discounts, premiums, and other costs and expenses and accrued and unpaid interest incurred in connection with such refinancing.

The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated that is in effect on the date of such refinancing.

This Agreement will not treat (1) unsecured Indebtedness as subordinated or junior to secured Indebtedness merely because it is unsecured or (2) senior Indebtedness as subordinated or junior to any other senior Indebtedness merely because it has a junior priority with respect to the same collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Limitation on Fundamental Changes</u>. The Parent Borrower will not, and will not permit any other Credit Party to, enter into any merger, consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of, all or substantially all its business units, assets or other properties, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) so long as no Event of Default has occurred and is continuing or would result therefrom, any Person may be merged, amalgamated or consolidated with or into the Parent Borrower; <u>provided</u> that (A) the Parent Borrower shall be the continuing or surviving Person or (B) if the Person formed by or surviving any such merger, amalgamation or consolidation is not a Borrower (such other Person, the "**Successor Borrower**"), (1) the Successor Borrower shall be an entity organized or existing under the laws of the United States, any state thereof, the District of Columbia or any territory thereof, (2) the Successor Borrower shall expressly assume all the obligations of the Parent Borrower under this Agreement and the other Credit Documents pursuant to a supplement hereto or thereto or in a form otherwise reasonably satisfactory to the Administrative Agent, (3) each Guarantor, unless it is the other party to such merger, amalgamation or consolidation, shall have, by a supplement to the Guarantee, confirmed that its guarantee thereunder shall apply to any Successor Borrower's obligations under this Agreement, (4) each other Credit Party pledgor, unless it is the other party to such merger, amalgamation or consolidation, shall have, by a supplement to any applicable Security Document, affirmed that its obligations thereunder shall apply to its Guarantee as reaffirmed pursuant to <u>clause (3)</u>, and (5) the Successor Borrower shall have delivered to the Administrative Agent (x) an officer's certificate stating that such merger, amalgamation, or consolidation and such supplements preserve the enforceability of the Guarantee and the perfection and priority of the Liens under the applicable Security Documents and (y) if requested by the Administrative Agent, an opinion of counsel to the effect that such merger, amalgamation, or consolidation does not violate this Agreement or any other Credit Document and that the provisions set forth in the preceding <u>clauses (3)</u> and <u>(4)</u> preserve the enforceability of the Guarantee and the perfection of the Liens created under the applicable Security Documents (it being understood that if the foregoing are satisfied, the Successor Borrower will succeed to, and be substituted for, the Parent Borrower under this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) so long as no Event of Default has occurred and is continuing or would result therefrom, any Person (in each case, other than the Parent Borrower) may be merged, amalgamated or consolidated with or into any one or more Credit Parties (other than the Parent Borrower); <u>provided</u> that (i) in the case of any merger, amalgamation or consolidation involving one or more such Credit Parties, a Credit Party shall be the continuing or surviving Person, (ii) in the case of any merger, amalgamation or consolidation involving one or more Guarantors, a Guarantor shall be the continuing or surviving Person or the Person formed by or surviving any such merger, amalgamation or consolidation and if the surviving Person is not already a Guarantor, such Person shall execute a supplement to the Guarantee and the relevant Security Documents in form and substance reasonably satisfactory to the Administrative Agent in order to become a Guarantor and pledgor, as applicable, thereunder for the benefit of the Secured Parties, and, (iii) the Parent Borrower shall have delivered to the Administrative Agent an officer's certificate stating that such merger, amalgamation or consolidation and any such supplements to any Security Document preserve the enforceability of the Guarantees and the perfection and priority of the Liens under the applicable Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) the Transactions may be consummated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Credit Party (other than the Parent Borrower) may convey, sell, lease, assign, transfer or otherwise dispose of any or all of its assets (upon voluntary liquidation or dissolution or otherwise) to, or may be merged, amalgamated or consolidated with, any other Credit Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Credit Party may liquidate or dissolve if the Parent Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Parent Borrower and its Subsidiaries and is not materially disadvantageous to the interests of the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Parent Borrower and any of the Credit Parties may consummate a merger, dissolution, liquidation, consolidation, investment or conveyance, sale, lease, assignment or disposition, the purpose of which is to effect an Asset Sale (which for the purposes of this <u>Section 10.2(f)</u> will include any disposition below the dollar threshold set forth in clause (b)(iv) of the definition of "Asset Sale"), other disposition or an Investment permitted or not prohibited hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) undertaking or consummating any IPO Reorganization Transactions or such other transactions related to the restructuring of any Person as reasonably determined by the Parent Borrower and the other Credit Parties to be necessary to allow such Person or any direct or indirect owner thereof to satisfy stock exchange or quotation system listing or trading requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Parent Borrower or any other Credit Party may convey, sell, lease, assign, transfer or otherwise dispose of any or all of its assets or any Equity Interests or other beneficial interests in a Subsidiary of the Parent Borrower or other Credit Party (in each case, upon voluntary liquidation or dissolution or otherwise and including by way of merger or consolidation), or enter into any other transaction otherwise prohibited by this <u>Section 10.2</u>, in each case, to the extent such transaction is permitted pursuant to any First Tier Facility Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (i) any transactions described in clause (q) of <u>Section 9.9</u> or (ii) any other conversion by the Parent Borrower or any Credit Party to a REIT, in each case, shall be permitted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any Credit Party may convert to a limited liability company under the laws of its applicable state of jurisdiction or the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Limitation on Sale of Assets</u>. The Parent Borrower will not, and will not permit any other Credit Party to, consummate an Asset Sale, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Asset Sale (of assets that are not Collateral) is permitted pursuant to the terms of any First Tier Facility Agreement or relates to any deposit of cash payable to or belonging to any Securitization Entity required by, and in accordance with, any Permitted Securitization Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the Parent Borrower or such Credit Party, as the case may be, receives consideration at the time of such Asset Sale at least equal to the Fair Market Value (as determined at the time of contractually agreeing to such Asset Sale) of the assets sold or otherwise disposed of; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except in the case of a Permitted Asset Swap, if the property or assets sold or otherwise disposed of have a Fair Market Value in excess of the greater of (a) $100,000,000<u>88,000,000</u> and (b) 1.5% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis at the time of such disposition, at least 75% of the consideration for such Asset Sale, together with all other Asset Sales since the Closing Date (on a cumulative basis) received by the Parent Borrower or such Credit Party, as the case may be, is in the form of cash or Cash Equivalents; <u>provided</u> that the amount of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any liabilities (as reflected on the Parent Borrower's most recent consolidated balance sheet or in the footnotes thereto, or if incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Parent Borrower's consolidated balance sheet or in the footnotes thereto if such incurrence or accrual had taken place on or prior to the date of such consolidated balance sheet, as determined in good faith by the Parent Borrower) of the Parent Borrower, other than liabilities that are by their terms subordinated to the Loans, that are assumed by the transferee of any such assets (or are otherwise extinguished in connection with the transactions relating to such Asset Sale) and for which the Parent Borrower and all such Credit Parties have been released by all applicable creditors in writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) any securities, notes or other obligations or assets received by the Parent Borrower or such Credit Party from such transferee that are converted by the Parent Borrower or such Credit Party into cash or Cash Equivalents, or by their terms are required to be satisfied for cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received), in each case, within 180 days following the closing of such Asset Sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Indebtedness, other than liabilities that are by their terms subordinated to the Loans, that are of any Credit Party that is no longer a Credit Party as a result of such Asset Sale, to the extent that the Parent Borrower and all other Credit Parties have been validly released from any guarantee of payment of such Indebtedness in connection with such Asset Sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) consideration consisting of Indebtedness of the Parent Borrower (other than Subordinated Indebtedness) received after the Closing Date from Persons who are not the Parent Borrower or any Credit Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any Designated Non-Cash Consideration received by the Parent Borrower or such Credit Party in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-Cash Consideration received pursuant to this <u>clause (E)</u> that is at that time outstanding, not to exceed the greater of $325,000,000<u>352,000,000</u> or 6.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis at the time of the receipt of such Designated Non-Cash Consideration, with the Fair Market Value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value,

shall be deemed to be cash for purposes of this <u>clause (ii)</u> of this provision and for no other purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no Event of Default under Section 11.1 or Section 11.5 has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After the Parent Borrower's or any Credit Party's receipt of the Net Cash Proceeds of any Asset Sale, the Parent Borrower or the applicable Credit Party may apply such Net Cash Proceeds in any manner not prohibited by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Limitation on Restricted Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent Borrower will not, directly or indirectly (including, for the avoidance of doubt, through any Subsidiary):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) declare or pay any dividend or make any payment or distribution on account of the Parent Borrower's Equity Interests, including any dividend or distribution payable in connection with any merger or consolidation, other than dividends or distributions by the Parent Borrower payable in Equity Interests (other than Disqualified Stock) of the Parent Borrower or in options, warrants or other rights to purchase such Equity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) purchase, redeem, defease or otherwise acquire or retire for value any Equity Interests of the Parent Borrower or any direct or indirect parent company of the Parent Borrower, including in connection with any merger or consolidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) make, or permit any of the other Credit Parties to make, any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value, in each case, prior to any scheduled repayment, sinking fund payment or maturity, any Junior Debt of the Parent Borrower or any Credit Party (such payments "**Restricted Debt Payments"), other than (A) Indebtedness permitted under <u>clause (c)(ii)</u> of <u>Section 10.1</u> or (B) the purchase, repurchase or other acquisition of Junior Debt purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of purchase, repurchase or acquisition; or**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) make, or permit any of the other Credit Parties to make, any loans to any direct or indirect parent company of the Parent Borrower;

(all such payments and other actions set forth in <u>clauses (1)</u> through <u>(4)</u> above (other than any exception thereto) being collectively referred to as "**Restricted Payments**"), unless, at the time of such Restricted Payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to any Restricted Payments, the Borrower shall have paid (A) any amount due and payable under <u>Section 5.2(a)</u> and (B) all installments of any Quarterly Prepayment Amount due and payable as of last Business Day of the most recently completed fiscal quarter of the Borrower in accordance with <u>Section 5.2(b</u>), or shall have provided a Sponsor Guaranty satisfying the requirements of <u>Section 5.2(b)</u> in respect of such Quarterly Prepayment Amounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no Default or Event of Default described in <u>Section 11.1</u> or <u>11.5</u> shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The foregoing provisions of <u>Section 10.4(a)</u> will not prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date of declaration thereof or the giving of such irrevocable notice, as applicable, if at the date of declaration or the giving of such notice such payment would have complied with the provisions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) (a) the redemption, repurchase, retirement or other acquisition of any Equity Interests ("**Retired Capital Stock**") or Junior Debt of the Parent Borrower, or any Equity Interests of any direct or indirect parent company of the Parent Borrower, in exchange for, or out of the proceeds of the substantially concurrent sale or issuance (other than to a Credit Party) of, Equity Interests of the Parent Borrower or any direct or indirect Parent Entity or management investment vehicle to the extent contributed to the Parent Borrower (in each case, other than any Disqualified Stock) ("**Refunding Capital Stock**") and (b) if immediately prior to the retirement of Retired Capital Stock, the declaration and payment of dividends thereon was permitted under <u>clause (6)</u> of this <u>Section 10.4(b)</u>, the declaration and payment of dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds of which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of any direct or indirect Parent Entity) in an aggregate amount per year no greater than the aggregate amount of dividends per annum that was declarable and payable on such Retired Capital Stock immediately prior to such retirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the prepayment, redemption, defeasance, repurchase or other acquisition or retirement for value of Junior Debt of the Parent Borrower or another Credit Party made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of the Parent Borrower or such Credit Party, as the case may be, which is incurred in compliance with <u>Section 10.1</u> so long as: (A) the principal amount (or accreted value, if applicable) of such new Indebtedness does not exceed the principal amount of (or accreted value, if applicable), plus any accrued and unpaid interest on the Junior Debt being so redeemed, defeased, repurchased, exchanged, acquired or retired for value, plus the amount of any premium (including reasonable tender premiums), defeasance costs and any reasonable fees and expenses incurred in connection with the issuance of such new Indebtedness, (B) if such Junior Debt is subordinated to the Obligations, such new Indebtedness is subordinated to the Obligations or the applicable Guarantee at least to the same extent as such Junior Debt so purchased, exchanged, redeemed, defeased, repurchased, acquired or retired for value, (C) such new Indebtedness has a final scheduled maturity date equal to or later than the final scheduled maturity date of the Junior Debt being so redeemed, defeased, repurchased, exchanged, acquired or retired, (D) if such Junior Debt so purchased, exchanged, redeemed, repurchased, acquired or retired for value is (i) unsecured then such new Indebtedness shall be unsecured or (ii) secured by a Lien ranking junior to the Liens securing the Obligations then such new Indebtedness shall be unsecured or secured by a Lien ranking junior to the Liens securing the Obligations, and (E) such new Indebtedness has a weighted average life to maturity equal to or greater than the remaining weighted average life to maturity of the Junior Debt being so redeemed, defeased, repurchased, exchanged, acquired or retired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a Restricted Payment to pay for the repurchase, retirement or other acquisition or retirement for value of Equity Interests (other than Disqualified Stock) of the Parent Borrower or any direct or indirect Parent Entity or management investment vehicle held by any future, present or former employee, director, manager or consultant of the Parent Borrower, any of its Subsidiaries or any direct or indirect Parent Entity or management investment vehicle, or their estates, descendants, family, spouse or former spouse pursuant to any management equity plan or stock option or phantom equity plan or any other management or employee benefit plan or agreement, or any stock subscription or shareholder agreement (including, for the avoidance of doubt, any principal and interest payable on any notes issued by the Parent Borrower or any direct or indirect Parent Entity or management investment vehicle in connection with such repurchase, retirement or other acquisition), including any Equity Interests rolled over by management of the Parent Borrower or any direct or indirect Parent Entity or management investment vehicle in connection with the Transactions; <u>provided</u> that, except with respect to non-discretionary purchases, the aggregate Restricted Payments made under this <u>clause (4)</u> subsequent to the Closing Date do not exceed in any calendar year the greater of (a) $75,000,000<u>58,700,000</u> and (b) 1.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis (which subsequent to the consummation of an IPO shall increase to the greater of (a) $150,000,000<u>117,000,000</u> and (b) 2.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis) (with unused amounts in any calendar year being carried over to succeeding calendar years); <u>provided</u>, <u>further</u>, that such amount in any calendar year may be increased by an amount not to exceed: (A) the cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Parent Borrower and, to the extent contributed to the Parent Borrower, the cash proceeds from the sale of Equity Interests of any direct or indirect Parent Entity or management investment vehicle, in each case to any future, present or former employees, directors, managers or consultants of the Parent Borrower, any of its Subsidiaries or any direct or indirect Parent Entity or management investment vehicle that occurs after the Closing Date, to the extent the cash proceeds from the sale of such Equity Interests have not otherwise been applied to the payment of Restricted Payments by virtue of <u>Section 10.4(a)</u>, plus (B) the cash proceeds of key man life insurance policies received by the Parent Borrower and the Credit Parties after the Closing Date, plus (C) the amount of any cash bonuses otherwise payable to employees, officers, directors, managers, consultants or independent contractors of the Parent Borrower or any other Credit Parties or any direct or indirect parent of the Parent Borrower that are foregone in return for the receipt of Equity Interests, less (D) the amount of any Restricted Payments previously made pursuant to <u>clauses (A)</u> and <u>(B)</u> of this <u>clause (4)</u>; and <u>provided</u>, <u>further</u>, that cancellation of Indebtedness owing to the Parent Borrower or any other Credit Party from any future, present or former employees, directors, managers or consultants of the Parent Borrower, any direct or indirect Parent Entity or management investment vehicle or any Credit Party, or their estates, descendants, family, spouse or former spouse in connection with a repurchase of Equity Interests of the Parent Borrower or any direct or indirect Parent Entity or management investment vehicle will not be deemed to constitute a Restricted Payment for purposes of this <u>Section 10.4</u> or any other provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Parent Borrower or any other Credit Party or any class or series of preferred stock of any Credit Party, in each case, issued in accordance with <u>Section 10.1</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) (A) the declaration and payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) issued by the Parent Borrower after the Closing Date; (B) the declaration and payment of dividends to any direct or indirect parent company of the Parent Borrower, the proceeds of which will be used to fund the payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) of such parent company issued after the Closing Date; <u>provided</u> that the amount of dividends paid pursuant to this <u>clause (B)</u> shall not exceed the aggregate amount of cash actually contributed to the Parent Borrower from the sale of such Designated Preferred Stock; or (C) the declaration and payment of dividends on Refunding Capital Stock in excess of the dividends declarable and payable thereon pursuant to <u>clause (2)</u> of this <u>Section 10.4(b)</u>; <u>provided</u> that, in the case of each of (A), (B), and (C) of this <u>clause (6)</u>, for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock or the declaration of such dividends on Refunding Capital Stock, after giving effect to such issuance or declaration on a pro forma basis, the LTV would not exceed 60<u>75</u>%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) (i) payments made or expected to be made by the Parent Borrower or any other Credit Party in respect of withholding or similar taxes payable upon exercise of Equity Interests by any future, present or former employee, director, manager, or consultant and repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants and (ii) payments or other adjustments to outstanding Equity Interests in accordance with any management equity plan, stock option plan or any other similar employee benefit plan, agreement or arrangement in connection with any Restricted Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the declaration and payment of dividends on the Parent Borrower's common stock (or the payment of dividends to any direct or indirect parent company of the Parent Borrower to fund a payment of dividends on such company's common stock), following consummation of an IPO, not to exceed the sum (a) of up to 6.00% per annum of the net cash proceeds received by or contributed to the Parent Borrower in or from such IPO, other than public offerings with respect to the Parent Borrower's common stock registered on Form S-8 and other than any public sale constituting an Excluded Contribution and (b) up to 7.00% of the market capitalization of the Parent Borrower;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Restricted Payments in an amount that does not exceed the amount of Excluded Contributions made since the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) other Restricted Payments in an aggregate amount taken together with all other Restricted Payments made pursuant to this clause not to exceed the Available Restricted Debt Payments Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) distributions or payments of Securitization Fees, sales, contributions and other payments of Securitization Assets and purchases of Securitization Assets pursuant to a purchase obligation or any Restricted Payments made in respect of any consideration, payment, dividend, distribution or other transfer in connection with a Permitted Securitization Financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) any Restricted Payment made in connection with the Transactions (including to holders of Equity Interests of the Parent Borrower (immediately prior to giving effect to the Acquisition) in connection with, or as a result of, the exercise of appraisal rights and the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto), in each case, with respect to the Transactions and the fees and expenses related thereto or used to fund amounts owed to Affiliates (including dividends to any direct or indirect parent company of the Parent Borrower to permit payment by such parent of such amount), to the extent permitted by <u>Section 9.9</u> (other than <u>clause (b)</u> thereof), and Restricted Payments in respect of working capital adjustments or purchase price adjustments pursuant to the Acquisition Agreement, any Property Acquisition, any Permitted Acquisition or other Investment and to satisfy indemnity and other similar obligations under the Acquisition Agreement, any Property Acquisition, any Permitted Acquisitions or other Investments and Restricted Payments made to holders of Equity Interests of the Parent Borrower to reimburse such holders for any deposits funded prior to the Closing Date in respect of the Acquisition Agreement or any Property Acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) the declaration and payment of dividends to or the making of loans to, (A) any direct or indirect Parent Entity in amounts required for such Parent Entity to pay franchise and excise Taxes, and other fees and expenses, required to maintain its organizational existence and privilege of doing business, (B) the equity holders of a Parent Entity in an aggregate amount necessary for any such equity holder (or its direct or indirect equity holders) to pay U.S. federal, state or local income Tax liabilities (including estimated Taxes) in respect of income, receipts, gain, loss, deduction and credit of any Borrower or a Subsidiary of any Borrower, calculated by assuming that the items of income, gain, loss, deduction and credit of any Borrower or and of any such Subsidiary were the only such items entering into the computation of Tax liability, and applying the highest marginal effective rate of federal, state and local income Tax to which any of the Parent Borrower's direct or indirect owners are subject, but taking into consideration (i) the character and nature of such income (i.e., whether such income is subject to income Tax at capital gains rates, ordinary income rates or any special rates), (ii) any losses previously allocated to each such equity holder from and after the date hereof that are available to reduce such income Tax liability, and (iii) deductions arising from Tax basis adjustments under Section 734 of the Code or Section 743 of the Code and the Treasury Regulations thereunder, (C) without duplication of the forgoing clauses (A) and (B) of this sub-clause (13), a Parent Entity if such Parent Entity is a REIT and the Borrower's or any Subsidiary's income is includable in the income of such Parent Entity for U.S. federal income tax purposes, in an amount not to exceed the minimum amount reasonably estimated to be required for such Parent Entity to (x) continue to maintain its status as a REIT and (y) avoid any entity-level income or excise tax, including tax under Section 4981 of the Code, assuming that such Parent Entity has no income other than the income of the Parent Borrower or such Subsidiaries (provided, however, there shall not be any implied requirement that the Parent Borrower, any Subsidiary or such Parent Entity utilize the dividend deferral options in Section 857(b)(9) or Section 858(a) of the Code), (such distributions collectively in (A), (B), and (C), the "**Permitted Tax Distributions**") (D) customary salary, bonus, and other benefits payable to, and indemnities provided on behalf of, officers, employees, directors, and managers of any direct or indirect parent company of the Parent Borrower to the extent such salaries, bonuses, and other benefits are attributable to the ownership or operation of the Parent Borrower and its Subsidiaries, including the Parent Borrower's proportionate share of such amount relating to such Parent Entity being a public company, (E) general corporate or other operating (including, without limitation, expenses related to auditing or other accounting matters) and overhead costs and expenses of any direct or indirect Parent Entity to the extent such costs and expenses are attributable to the ownership or operation of the Parent Borrower and its Subsidiaries, including the Parent Borrower's proportionate share of such amount relating to such Parent Entity being a public company, (F) amounts required for any direct or indirect Parent Entity to pay fees and expenses incurred by any direct or indirect Parent Entity related to (i) the maintenance by such parent entity of its corporate or other entity existence and (ii) transactions of such Parent Entity in connection with any acquisition, Investment, recapitalization, Asset Sale, issuance or repayment of Indebtedness, issuance of Equity Interests, refinancing transaction or amendment or modification of any debt instrument (in each case, including any such transaction consummated prior to the Closing Date and any such transaction undertaken but not completed), (G) cash payments in lieu of issuing fractional shares in connection with the exercise of warrants, options or other securities convertible into or exchangeable for Equity Interests of the Parent Borrower or any such direct or indirect Parent Entity, (H) repurchases deemed to occur upon the cashless exercise of stock options and (I) amounts related to the financing of any Investment (provided that such Parent Entity shall, immediately following the closing thereof, cause (1) all property acquired (whether assets or Equity Interests) to be contributed to the Parent Borrower or its Subsidiaries or (2) the merger (to the extent permitted in <u>Section 10.2</u>) of the Person formed or acquired into the Parent Borrower or its Subsidiaries in order consummate such acquisition or Investment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) (i) the repurchase, redemption or other acquisition for value of Equity Interests of the Parent Borrower deemed to occur in connection with paying cash in lieu of fractional shares of such Equity Interests in connection with a share dividend, distribution, share split, reverse share split, merger, consolidation, amalgamation or other business combination of the Parent Borrower, in each case, permitted under this Agreement and (ii) the honoring of any conversion request of a holder of convertible Indebtedness and the making of cash payments in lieu of fractional shares in connection with any such conversion and the making of payments on convertible Indebtedness in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) the prepayment, redemption, defeasance, repurchase or other acquisition or retirement for value of Junior Debt in an aggregate amount pursuant to this <u>clause (15)</u> not to exceed the sum of (a) the greater of (x) $175,000,000<u>176,000,000</u> and (y) 3.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials, calculated on a Pro Forma Basis at the time of such prepayment, redemption, defeasance, repurchase, acquisition or retirement and (b) the Available Restricted Payments Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) undertaking or consummating any IPO Reorganization Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) payments or distributions to satisfy dissenters' rights, pursuant to or in connection with a consolidation, amalgamation, merger or transfer of assets that complies with <u>Section 10.2</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) any Restricted Payment made in connection with the Transactions and the fees and expenses related thereto or used to fund amounts owed to Affiliates (including dividends to any direct or indirect parent company of the Parent Borrower to permit payment by such parent of such amount), to the extent permitted by <u>Section 9.9</u> (other than <u>clause (b)</u> thereof) and the redemption of any Equity Interests of DCCO Tukwila Domestic REIT, LLC within five (5) Business Days of the Closing Date.

For purposes of determining compliance with this covenant, in the event that a proposed Restricted Payment meets the criteria of any of <u>clauses (1)</u> through <u>(18)</u> above and/or is entitled to be made pursuant to <u>Section 10.4(a)</u>, the Parent Borrower will be entitled to classify or later reclassify (based on circumstances existing on the date of such reclassification) such Restricted Payment (or portion thereof) among such <u>clauses (1)</u> through <u>(18)</u> and/or <u>Section 10.4(a)</u> in a manner that otherwise complies with this covenant.

Section 11. <u>Events of Default</u>.

Upon the occurrence of any of the following specified events (each an "**Event of Defaul**t"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Payments</u>. Any Borrower shall (a) default in the payment when due of any principal of the Loans or (b) default, and such default shall continue for five or more Business Days, in the payment when due of any interest on the Loans or any Fees or any Unpaid Drawings or of any other amounts owing hereunder or under any other Credit Document; <u>provided</u> that any default in the payment of any Quarterly Prepayment Amount owing pursuant to <u>Section 5.2(b)</u> when and as the same shall become due shall constitute an Event of Default only if (x) such default shall continue unremedied for a period of one full fiscal quarter following such amount becoming due hereunder or (y) a Sponsor Guaranty of such defaulted Quarterly Prepayment Amount shall have not been otherwise provided during such fiscal quarter period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Representations, Etc</u>. Any representation, warranty or statement made or deemed made by any Credit Party herein or in any other Credit Document or any certificate delivered or required to be delivered pursuant hereto or thereto (except those in the Credit Documents that are made or deemed made on the Closing Date that are not the Specified Representations) shall prove to be untrue in any material respect on the date as of which made or deemed made, and, to the extent capable of being cured, such incorrect representation or warranty shall remain incorrect for a period of 30 days after written notice thereof from the Administrative Agent to the Parent Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.3 <u>Covenants</u>. Any Credit Party shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) default in the due performance or observance by it of any term, covenant or agreement contained in <u>Section 9.1(e)(i)</u>, <u>Section 9.5</u> (solely with respect to the Parent Borrower) or <u>Section 10</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) default in the due performance or observance by it of any term, covenant or agreement (other than those referred to in <u>Section 11.1</u> or <u>11.2</u> or <u>clause (a)</u> of this <u>Section 11.3</u>) contained in this Agreement or any Security Document and such default shall continue unremedied for a period of at least 30 days after receipt of written notice by the Parent Borrower from the Administrative Agent or the Required Lenders; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 <u>Default Under Other Agreements</u>. (a) The Parent Borrower or any of the other Credit Parties shall (i) fail to make any payment with respect to any Indebtedness (other than the Obligations) in excess of the greater of (x) $225,000,000<u>234,600,000</u> and (y) 4.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) in the aggregate ("**Material Indebtedness**"), for the Parent Borrower and such Credit Parties, beyond the period of grace and following all required notices, if any, provided in the instrument or agreement under which such Material Indebtedness was created or (ii) default in the observance or performance of any agreement or condition relating to any such Material Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist (after giving effect to all applicable grace periods and delivery of all required notices) (other than, with respect to Indebtedness consisting of any Hedge Agreements, termination events or equivalent events pursuant to the terms of such Hedge Agreements (it being understood that clause (i) shall apply to any failure to make any payment in excess of the greater of (x) $225,000,000<u>234,600,000</u> and (y) 4.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) that is required as a result of any such termination or similar event and that is not otherwise being contested in good faith)), the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Material Indebtedness (or a trustee or agent on behalf of such holder or holders) to cause, any such Indebtedness to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Material Indebtedness to be made, prior to its stated maturity; <u>provided</u> that this clause (a) shall not apply to secured Indebtedness that becomes due as a result of the sale, transfer or other disposition (including as a result of a casualty or condemnation event) of the property or assets securing such Material Indebtedness (to the extent such sale, transfer or other disposition is not prohibited under this Agreement), or (b) without limiting the provisions of clause (a) above, any such Material Indebtedness shall be declared to be due and payable, or required to be prepaid other than by a regularly scheduled required prepayment or as a mandatory prepayment (and, with respect to Indebtedness consisting of any Hedge Agreements, other than due to a termination event or equivalent event pursuant to the terms of such Hedge Agreements (it being understood that clause (a)(i) above shall apply to any failure to make any payment in excess of the greater of (x) $225,000,000<u>234,600,000</u> and (y) 4.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) that is required as a result of any such termination or equivalent event and that is not otherwise being contested in good faith)), prior to the stated maturity thereof; <u>provided</u> that this clause (b) shall not apply to (x) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness, if such sale or transfer is permitted hereunder and under the documents providing for such Indebtedness, (y) Indebtedness which is convertible into Qualified Stock and converts to Qualified Stock in accordance with its terms and such conversion is not prohibited hereunder, or (z) any breach or default that is (I) remedied by the Parent Borrower or the applicable Credit Party or (II) waived (including in the form of amendment) by the required holders of the applicable item of Indebtedness, in either case, prior to the acceleration of Loans pursuant to this <u>Section 11</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 <u>Bankruptcy, Etc</u>. Except as otherwise permitted by <u>Section 10.2</u>, the Parent Borrower or any Significant Subsidiary shall commence a voluntary case, proceeding or action concerning itself under Title 11 of the United States Code entitled "Bankruptcy" as now or hereafter in effect, or any successor thereto (collectively, the "**Bankruptcy Code**"); or an involuntary case, proceeding or action is commenced against the Parent Borrower or any Significant Subsidiary and the petition is not controverted within 60 days after commencement of the case, proceeding or action; or an involuntary case, proceeding or action is commenced against the Parent Borrower or any Significant Subsidiary and the petition is not dismissed within 60 days after commencement of the case, proceeding or action; or a custodian (as defined in the Bankruptcy Code), judicial manager, compulsory manager, receiver, receiver manager, trustee, liquidator, administrator, administrative receiver or similar Person is appointed for, or takes charge of, all or substantially all of the property of the Parent Borrower or any Significant Subsidiary; or the Parent Borrower or any Significant Subsidiary commences any other voluntary proceeding or action under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency, winding-up, administration or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to the Parent Borrower or any Significant Subsidiary; or there is commenced against the Parent Borrower or any Significant Subsidiary any such proceeding or action that remains undismissed for a period of 60 days; or the Parent Borrower or any Significant Subsidiary is adjudicated bankrupt; or any order of relief or other order approving any such case or proceeding or action is entered; or the Parent Borrower or any Significant Subsidiary suffers any appointment of any custodian receiver, receiver manager, trustee, administrator or the like for it or any substantial part of its property to continue undischarged or unstayed for a period of 60 days; or the Parent Borrower or any Significant Subsidiary makes a general assignment for the benefit of creditors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 <u>ERISA</u>. An ERISA Event or a Foreign Plan Event shall have occurred with respect to a Pension Plan, a Multiemployer Plan or a Foreign Plan and such event or condition, together with all other such events or conditions, if any, would reasonably be expected to result in a Material Adverse Effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 <u>Guarantee</u>. Other than as expressly permitted hereunder, any Guarantee provided by any Credit Party or any material provision thereof shall cease to be in full force or effect (other than pursuant to the terms hereof and thereof) or any such Guarantor thereunder or any other Credit Party shall deny or disaffirm in writing any such Guarantor's obligations under the Guarantee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 <u>Security Documents</u>. Other than as expressly permitted hereunder, the Pledge Agreement or any other Security Document pursuant to which the assets of the Parent Borrower or any other Credit Party are pledged as Collateral or any material provision thereof shall cease to be in full force or effect (other than pursuant to the terms hereof or thereof, solely as a result of acts or omissions of the Collateral Agent or any Lender in respect of certificates, promissory notes or instruments actually delivered to it (including as a result of the Collateral Agent's failure to file a Uniform Commercial Code continuation statement or failure to maintain possession of any Capital Stock or Stock Equivalents that have been previously delivered to it)) or any grantor thereunder or any Credit Party shall deny or disaffirm in writing any grantor's obligations under the Pledge Agreement or any other Security Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 <u>Judgments</u>. One or more final judgments or decrees shall be entered against the Parent Borrower or any of the other Credit Parties involving a liability in excess of the greater of (x) $225,000,000<u>234,600,000</u> and (y) 4.0% of Consolidated Total Assets as reflected in the most recently delivered Section 9.1 Financials (calculated on a Pro Forma Basis) in the aggregate for all such judgments and decrees for the Parent Borrower and the other Credit Parties (to the extent not covered by insurance or indemnities as to which the applicable insurance company or third party has not denied coverage) and any such judgments or decrees shall not have been satisfied, vacated, discharged or stayed or bonded pending appeal within 60 days after the entry thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.10 <u>Change of Control</u>. A Change of Control shall occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 <u>Remedies Upon Event of Default</u>. If an Event of Default occurs and is continuing (other than in the case of an Event of Default under <u>Section 11.1</u> (with respect to expenses), <u>Section 11.2</u>, <u>Section 11.3</u>, <u>Section 11.4</u>, <u>Section 11.6</u>, <u>Section 11.9</u> and <u>Section 11.10</u>, following the date that is two years after the first public notice or notice of the Administrative Agent and Lenders of such event), the Administrative Agent shall, upon the written request of the Required Lenders, by written notice to the Parent Borrower, without prejudice to the rights of the Administrative Agent or any Lender to enforce its claims against the Parent Borrower except as otherwise specifically provided for in this Agreement: (a) declare the Total Revolving Credit Commitment terminated, whereupon the Revolving Credit Commitment, if any, of each Lender shall forthwith terminate immediately and any Fees theretofore accrued shall forthwith become due and payable without any other notice of any kind, (b) declare the principal of and any accrued interest and fees in respect of all Loans and all Obligations to be, whereupon the same shall become, forthwith due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower to the extent permitted by applicable law; (c) terminate any Letter of Credit that may be terminated in accordance with its terms; and/or (d) direct the applicable Borrower to pay (and each Borrower agrees that upon receipt of such notice, or upon the occurrence of an Event of Default specified in <u>Section 11.5</u> with respect to such Borrower, it will pay) to the Administrative Agent at the Administrative Agent's Office such additional amounts of cash, to be held as security for the Borrower's respective Reimbursement Obligations for Unpaid Drawings that may subsequently occur thereunder, equal to the aggregate Stated Amount of all Letters of Credit issued and then outstanding; <u>provided</u> that, if an Event of Default specified in <u>Section 11.5</u> shall occur with respect to the Parent Borrower, the result that would occur upon the giving of written notice by the Administrative Agent shall occur automatically without the giving of any such notice. Notwithstanding anything contained herein to the contrary, any time period in this Agreement to cure any actual or alleged default or Event of Default may be extended by a court of competent jurisdiction to the extent such actual or alleged default or Event of Default is the subject of litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 <u>Application of Proceeds</u>. Subject to the terms of any First Lien Intercreditor Agreement and any Second Lien Intercreditor Agreement then in effect, any amount received by the Administrative Agent or the Collateral Agent from any Credit Party (or from proceeds of any Collateral) following any acceleration of the Obligations under this Agreement or any Event of Default with respect to the Parent Borrower under <u>Section 11.4</u> shall be applied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *first*, to the payment of all reasonable and documented costs and expenses incurred by the Administrative Agent or the Collateral Agent in connection with any collection or sale of the Collateral or otherwise in connection with any Credit Document, including all court costs and the reasonable fees and expenses of its agents and legal counsel, the repayment of all advances made by the Administrative Agent or the Collateral Agent hereunder or under any other Credit Document on behalf of any Credit Party and any other reasonable and documented costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other Credit Document to the extent reimbursable hereunder or thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *second*, to the Secured Parties, an amount (x) equal to all Obligations owing to them on the date of any distribution and (y) sufficient to Cash Collateralize all Letters of Credit Outstanding on the date of any distribution, and, if such moneys shall be insufficient to pay such amounts in full and Cash Collateralize all Letters of Credit Outstanding, then ratably (without priority of any one over any other) to such Secured Parties in proportion to the unpaid amounts thereof and to Cash Collateralize the Letters of Credit Outstanding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *third*, any surplus then remaining shall be paid to the applicable Credit Parties or their successors or assigns or to whomsoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct;

<u>provided</u> that any amount applied to Cash Collateralize any Letters of Credit Outstanding that has not been applied to reimburse the Borrower for Unpaid Drawings under the applicable Letters of Credit at the time of expiration with no pending drawings of all such Letters of Credit shall be applied by the Administrative Agent in the order specified in <u>clauses (i)</u> through <u>(iii)</u> above. Notwithstanding the foregoing, amounts received from any Guarantor that is not an "eligible contract participant" (as defined in the Commodity Exchange Act) shall not be applied to its Obligations that are Excluded Swap Obligations.

Section 12. <u>The Agents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <u>Appointment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Agreement and the other Credit Documents and irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Credit Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the other Credit Documents, together with such other powers as are reasonably incidental thereto. The provisions of this <u>Section 12</u> (other than <u>Section 12.1(c)</u> with respect to the Joint Lead Arrangers and <u>Sections 12.1</u>, <u>12.9</u>, <u>12.11</u> and <u>12.12</u> with respect to the Parent Borrower) are solely for the benefit of the Agents and the Lenders, and none of the Parent Borrower or any other Credit Party shall have rights as third party beneficiary of any such provision. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Credit Document or otherwise exist against the Administrative Agent. In performing its functions and duties hereunder, each Agent shall act solely as an agent of Lenders and does not assume and shall not be deemed to have assumed any obligation towards or relationship of agency or trust with or for the Parent Borrower or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrative Agent, each Lender and the Letter of Credit Issuers hereby irrevocably designate and appoint the Collateral Agent as the agent with respect to the Collateral, and each of the Administrative Agent, each Lender and the Letter of Credit Issuers irrevocably authorizes the Collateral Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Credit Documents and to exercise such powers and perform such duties as are expressly delegated to the Collateral Agent by the terms of this Agreement and the other Credit Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Collateral Agent shall not have any duties or responsibilities except those expressly set forth herein, or any fiduciary relationship with any of the Administrative Agent, the Lenders or the Letter of Credit Issuers, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Credit Document or otherwise exist against the Collateral Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the Joint Lead Arrangers, each in its capacity as such, shall not have any obligations, duties or responsibilities under this Agreement but shall be entitled to all benefits of this <u>Section 12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <u>Delegation of Duties</u>. The Administrative Agent and the Collateral Agent may each execute any of its duties under this Agreement and the other Credit Documents by or through agents, sub-agents, employees or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Neither the Administrative Agent nor the Collateral Agent shall be responsible for the negligence or misconduct of any agents, subagents or attorneys-in-fact selected by it in the absence of its gross negligence or willful misconduct (as determined in the final non-appealable judgment of a court of competent jurisdiction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <u>Exculpatory Provisions</u>. No Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or Affiliates shall be (a) liable for any action lawfully taken or omitted to be taken by any of them under or in connection with this Agreement or any other Credit Document (except for its or such Person's own gross negligence or willful misconduct, as determined in the final non-appealable judgment of a court of competent jurisdiction, in connection with its duties expressly set forth herein) or (b) responsible in any manner to any of the Lenders or any participant for any recitals, statements, representations or warranties made by any Credit Party or any officer thereof contained in this Agreement or any other Credit Document or in any certificate, report, statement or other document referred to or provided for in, or received by such Agent under or in connection with, this Agreement or any other Credit Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Credit Document, or the creation, perfection or priority of any Lien or security interest created or purported to be created under the Security Documents, or for any failure of any Credit Party to perform its obligations hereunder or thereunder. No Agent shall be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Credit Document, or to inspect the properties, books or records of any Credit Party or any Affiliate thereof. The Collateral Agent shall not be under any obligation to the Administrative Agent or any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Credit Document, or to inspect the properties, books or records of any Credit Party. Without limiting the generality of the foregoing, (a) no Agent shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that such Agent is instructed in writing to exercise by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in <u>Section 13.1</u>), <u>provided</u> that no Agent shall be required to take any action that, in its opinion or the opinion of its counsel, may expose such Agent to liability or that is contrary to any Credit Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any debtor relief law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any debtor relief law and (b) except as expressly set forth in the Credit Documents, no Agent shall have any duty to disclose, nor shall it be liable for the failure to disclose, any information relating to the Parent Borrower or any of the Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent and/or Collateral Agent or any of its Affiliates in any capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 <u>Reliance by Agents</u>. The Administrative Agent and the Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or instruction believed by it (in good faith) to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Parent Borrower), independent accountants and other experts selected by the Administrative Agent or the Collateral Agent. The Administrative Agent may deem and treat the Lender specified in the Register with respect to any amount owing hereunder as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The Administrative Agent and the Collateral Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Credit Document unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent and the Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Credit Documents in accordance with a request of the Required Lenders, and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans; provided that the Administrative Agent and the Collateral Agent shall not be required to take any action that, in its opinion or in the opinion of its counsel, may expose it to liability or that is contrary to any Credit Document or applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 <u>Notice of Default</u>. Neither the Administrative Agent nor the Collateral Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder unless the Administrative Agent or the Collateral Agent has received written notice from a Lender or the Parent Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a "notice of default." In the event that the Administrative Agent receives such a notice, it shall give notice thereof to the Lenders and the Collateral Agent. The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders; provided that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders except to the extent that this Agreement requires that such action be taken only with the approval of the Required Lenders or each of the Lenders, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 <u>Non-Reliance on Administrative Agent, Collateral Agent, and Other Lenders</u>. Each Lender expressly acknowledges that neither the Administrative Agent nor the Collateral Agent nor any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates has made any representations or warranties to it and that no act by the Administrative Agent or the Collateral Agent hereinafter taken, including any review of the affairs of any Credit Party, shall be deemed to constitute any representation or warranty by the Administrative Agent or the Collateral Agent to any Lender, or the Letter of Credit Issuers. Each Lender and each Letter of Credit Issuer represents to the Administrative Agent and the Collateral Agent that it has, independently and without reliance upon the Administrative Agent, the Collateral Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Parent Borrower and each other Credit Party and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon the Administrative Agent, the Collateral Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Credit Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Parent Borrower and any other Credit Party. Except for notices, reports, and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, neither the Administrative Agent nor the Collateral Agent shall have any duty or responsibility to provide any Lender with any credit or other information concerning the business, assets, operations, properties, financial condition, prospects or creditworthiness of the Parent Borrower or any other Credit Party that may come into the possession of the Administrative Agent or the Collateral Agent any of their respective officers, directors, employees, agents, attorneys-in-fact or Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 <u>Indemnification</u>. The Lenders agree to severally indemnify each Agent in its capacity as such (to the extent not reimbursed by the Credit Parties and without limiting the obligation of the Credit Parties to do so), ratably according to their respective portions of the Total Credit Exposure in effect on the date on which indemnification is sought (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with their respective portions of the Total Credit Exposure in effect immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, or disbursements of any kind whatsoever that may at any time (including at any time following the payment of the Loans) be imposed on, incurred by or asserted against an Agent in any way relating to or arising out of the Commitments, this Agreement, any of the other Credit Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent or the Collateral Agent under or in connection with any of the foregoing; provided that no Lender shall be liable to an Agent for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Agent's gross negligence or willful misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction; provided, further, that no action taken by the Administrative Agent in accordance with the directions of the Required Lenders (or such other number or percentage of the Lenders as shall be required by the Credit Documents) shall be deemed to constitute gross negligence or willful misconduct for purposes of this <u>Section 12.7</u>. In the case of any investigation, litigation or proceeding giving rise to any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time occur (including at any time following the payment of the Loans), this <u>Section 12.7</u> applies whether any such investigation, litigation or proceeding is brought by any Lender or any other Person. Without limitation of the foregoing, each Lender shall reimburse each Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including attorneys' fees) incurred by such Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice rendered in respect of rights or responsibilities under, this Agreement, any other Credit Document, or any document contemplated by or referred to herein, to the extent that such Agent is not reimbursed for such expenses by or on behalf of the Borrower; <u>provided</u> that such reimbursement by the Lenders shall not affect the Borrower's continuing reimbursement obligations with respect thereto. If any indemnity furnished to any Agent for any purpose shall, in the opinion of such Agent, be insufficient or become impaired, such Agent may call for additional indemnity and cease, or not commence, to do the acts indemnified against until such additional indemnity is furnished; provided, in no event shall this sentence require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement in excess of such Lender's pro rata portion thereof; and provided, further, this sentence shall not be deemed to require any Lender to indemnify any Agent against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement resulting from such Agent's gross negligence or willful misconduct as determined by a final non-appealable judgment of a court of competent jurisdiction. The agreements in this <u>Section 12.7</u> shall survive the payment of the Loans and all other amounts payable hereunder. The indemnity provided to each Agent under this <u>Section 12.7</u> shall also apply to such Agent's respective Affiliates, directors, officers, members, controlling persons, employees, trustees, investment advisors and agents and successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 <u>Agents in Their Individual Capacities</u>. The agency hereby created shall in no way impair or affect any of the rights and powers of, or impose any duties or obligations upon, any Agent in its individual capacity as a Lender hereunder. Each Agent and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with any Credit Party as though such Agent were not an Agent hereunder and under the other Credit Documents. With respect to the Loans made by it, each Agent shall have the same rights and powers under this Agreement and the other Credit Documents as any Lender and may exercise the same as though it were not an Agent, and the terms Lender and Lenders shall include each Agent in its individual capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.9 <u>Successor Agents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Administrative Agent and the Collateral Agent may at any time give notice of its resignation to the Lenders, the Letter of Credit Issuers and the Parent Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, subject to the consent of the Parent Borrower (not to be unreasonably withheld or delayed) so long as no Event of Default under <u>Sections 11.1</u> or <u>11.5</u> is continuing, to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States (other than any Disqualified Lender). If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation (the "**Resignation Effective Date**"), then the retiring Agent may on behalf of the Lenders, appoint a successor Agent meeting the qualifications set forth above (including receipt of the Parent Borrower's consent); <u>provided</u> that if the Administrative Agent or the Collateral Agent shall notify the Parent Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Person serving as the Administrative Agent is a Defaulting Lender pursuant to <u>clause (v)</u> of the definition of Lender Default, the Required Lenders may to the extent permitted by applicable law, subject to the consent of the Parent Borrower (not to be unreasonably withheld or delayed), by notice in writing to the Parent Borrower and such Person remove such Person as the Administrative Agent and, in consultation with the consent of the Parent Borrower, appoint a successor. If no such successor shall have been so appointed by the Required Lenders (with the consent of the Parent Borrower as required above) and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders and the Parent Borrower) (the "**Removal Effective Date**"), then such removal shall nonetheless become effective in accordance with such notice on the Removal Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With effect from the Resignation Effective Date or the Removal Effective Date (as applicable), (1) the retiring or removed agent shall be discharged from its duties and obligations hereunder and under the other Credit Documents (except that in the case of any collateral security held by the Collateral Agent on behalf of the Lenders or the Letter of Credit Issuers under any of the Credit Documents, the retiring or removed Collateral Agent shall continue to hold such collateral security as nominee until such time as a successor Collateral Agent is appointed) and (2) all payments, communications and determinations provided to be made by, to or through the retiring or removed Administrative Agent shall instead be made by or to each Lender and each Letter of Credit Issuer directly, until such time as the Required Lenders appoint a successor Agent as provided for above in this paragraph (and otherwise subject to the terms above). Upon the acceptance of a successor's appointment as the Administrative Agent or the Collateral Agent, as the case may be, hereunder, and upon the execution and filing or recording of such financing statements, or amendments thereto, and such other instruments or notices, as may be necessary or desirable, or as the Required Lenders may request, in order to continue the perfection of the Liens granted or purported to be granted by the Security Documents, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) or removed Agent, and the retiring or removed Agent shall be discharged from all of its duties and obligations hereunder or under the other Credit Documents (if not already discharged therefrom as provided above in this <u>Section 12.9</u>). Except as provided above, any resignation or removal of Wells Fargo Bank, National Association as the Administrative Agent pursuant to this <u>Section 12.9</u> shall also constitute the resignation or removal of Wells Fargo Bank, National Association as the Collateral Agent. The fees payable by the Parent Borrower (following the effectiveness of such appointment) to such Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Parent Borrower and such successor. After the retiring or removed Agent's resignation or removal hereunder and under the other Credit Documents, the provisions of this <u>Section 12</u> (including <u>Section 12.7</u>) and <u>Section 13.5</u> shall continue in effect for the benefit of such retiring or removed Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Agent was acting as an Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any resignation by or removal of Wells Fargo Bank, National Association as the Administrative Agent pursuant to this <u>Section 12.9</u> shall also constitute its resignation or removal as a Letter of Credit Issuer; <u>provided</u> that, for the avoidance of doubt, it shall retain all the rights, powers, privileges and duties of the Letter of Credit Issuers hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as Letter of Credit Issuer and all L/C Obligations with respect thereto (including the right to require L/C Participants to make Revolving Credit Loans pro rata based on their Revolving Credit Commitment Percentages of the applicable Unpaid Drawing pursuant to <u>Section 3.4(a)</u>). Upon the acceptance of a successor's appointment as the Administrative Agent hereunder, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Letter of Credit Issuer, (b) the retiring Letter of Credit Issuer shall be discharged from all of their respective duties and obligations hereunder or under the other Credit Documents, and (c) the successor Letter of Credit Issuer shall issue letters of credit in substitution for the Letters of Credit issued by such Affiliate of the Administrative Agent or the Administrative Agent, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring Letter of Credit Issuer to effectively assume the obligations of the retiring Letter of Credit Issuer with respect to such Letters of Credit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 <u>Withholding Tax</u>. To the extent required by any applicable law, the Administrative Agent may withhold from any payment to any Lender under any Credit Document an amount equivalent to any applicable withholding Tax. If the Internal Revenue Service or any authority of the United States or other jurisdiction asserts a claim that the Administrative Agent did not properly withhold Tax from amounts paid to or for the account of any Lender for any reason (including because the appropriate form was not delivered, was not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstances that rendered the exemption from, or reduction of, withholding Tax ineffective) or if the Administrative Agent reasonably determines that a payment was made to a Lender pursuant to this Agreement without deduction of applicable withholding Tax from such payment, such Lender shall indemnify the Administrative Agent (to the extent that the Administrative Agent has not already been reimbursed by any applicable Credit Party and without limiting the obligation of any applicable Credit Party to do so), fully for all amounts paid, directly or indirectly, by the Administrative Agent as Tax or otherwise, including penalties, additions to Tax and interest, together with all reasonable expenses incurred, whether or not such Taxes were correctly or legally imposed or asserted. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement, any other Credit Document or otherwise against any amount due to the Administrative Agent under this <u>Section 12.10</u>. The agreements in <u>Section 12.10</u> shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations. For the avoidance of doubt, for purposes of this <u>Section 12.10</u>, the term "Lender" includes the Letter of Credit Issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 <u>Agents Under Security Documents and Guarantee</u>. Each Secured Party hereby further authorizes the Administrative Agent or the Collateral Agent, as applicable, on behalf of and for the benefit of the Secured Parties, to be the agent for and representative of the Secured Parties with respect to the Collateral and the Security Documents. Subject to <u>Section 13.1</u>, without further written consent or authorization from any Secured Party, the Administrative Agent or the Collateral Agent, as applicable, may execute any documents or instruments necessary to (a) release any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent (or any sub-agent thereof) under any Credit Document (i) upon the termination of all Commitments and Letters of Credit (other than Letters of Credit that were Cash Collateralized) and the payment in full of all Obligations (except for contingent indemnification obligations in respect of which a claim has not yet been made, Secured Hedge Obligations and Secured Cash Management Obligations and Obligations under Letters of Credit that have been Cash Collateralized), (ii) that is sold or to be sold or transferred as part of or in connection with any sale or other transfer permitted hereunder (including, for the avoidance of doubt, any sale or transfer of Securitization Assets or other sale or transfer conducted in connection with any Permitted Securitization Financing) or under any other Credit Document to a Person that is not a Credit Party, (iii) if the property subject to such Lien is owned by a Guarantor, upon the release of such Guarantor from its Guarantee otherwise in accordance with the Credit Documents (including in connection with any Permitted Securitization Financing), (iv) as to the extent provided in the Security Documents, (v) that constitutes Excluded Property or Excluded Stock and Stock Equivalents or (vi) if approved, authorized or ratified in writing in accordance with <u>Section 13.1</u>; (b) release any Guarantor from its obligations under the Guarantee if such Person becomes an Excluded Subsidiary; (c) subordinate any Lien on any property granted to or held by the Administrative Agent or the Collateral Agent under any Credit Document to the holder of any Lien permitted under clauses (vi) (solely with respect to <u>Section 10.1(d)</u>), (vii) and (viii) of the definition of Permitted Lien; and (d) enter into subordination or intercreditor agreements with respect to Indebtedness to the extent the Administrative Agent or the Collateral Agent is otherwise contemplated herein as being a party to such intercreditor or subordination agreement, including any First Lien Intercreditor Agreement and any Second Lien Intercreditor Agreement.

The Collateral Agent shall have its own independent right to demand payment of the amounts payable by the Parent Borrower under this <u>Section 12.11</u>, irrespective of any discharge of the Parent Borrower's obligations to pay those amounts to the other Lenders resulting from failure by them to take appropriate steps in insolvency proceedings affecting the Parent Borrower to preserve their entitlement to be paid those amounts.

Any amount due and payable by the Parent Borrower to the Collateral Agent under this <u>Section 12.11</u> shall be decreased to the extent that the other Lenders have received (and are able to retain) payment in full of the corresponding amount under the other provisions of the Credit Documents and any amount due and payable by the Parent Borrower to the Collateral Agent under those provisions shall be decreased to the extent that the Collateral Agent has received (and is able to retain) payment in full of the corresponding amount under this <u>Section 12.11</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 <u>Right to Realize on Collateral and Enforce Guarantee</u>. Anything contained in any of the Credit Documents to the contrary notwithstanding, the Parent Borrower, the Agents, and each Secured Party hereby agree that (i) no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce the Guarantee, it being understood and agreed that all powers, rights, and remedies hereunder may be exercised solely by the Administrative Agent, on behalf of the Secured Parties in accordance with the terms hereof and all powers, rights, and remedies under the Security Documents may be exercised solely by the Collateral Agent, and (ii) in the event of a foreclosure by the Collateral Agent on any of the Collateral pursuant to a public or private sale or other disposition, the Collateral Agent or any Lender may be the purchaser or licensor of any or all of such Collateral at any such sale or other disposition and the Collateral Agent, as agent for and representative of the Secured Parties (but not any Lender or Lenders in its or their respective individual capacities unless Required Lenders shall otherwise agree in writing) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Obligations as a credit on account of the purchase price for any collateral payable by the Collateral Agent at such sale or other disposition. No holder of Secured Hedge Obligations or Secured Cash Management Obligations shall have any rights in connection with the management or release of any Collateral or of the obligations of any Credit Party under this Agreement. No holder of Secured Hedge Obligations or Secured Cash Management Obligations that obtains the benefits of any Guarantee or any Collateral by virtue of the provisions hereof or of any other Credit Document shall have any right to notice of any action or to consent to, direct or object to any action hereunder or under any other Credit Document or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its (or its Affiliate's) capacity as a Lender or Agent and, in such case, only to the extent expressly provided in the Credit Documents. Notwithstanding any other provision of this Agreement to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements have been made with respect to, Obligations arising under Secured Hedge Agreements and Secured Cash Management Agreements, unless the Administrative Agent has received written notice of such Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable counterparty to such Secured Hedge Obligations and Secured Cash Management Obligations, as the case may be. Notwithstanding the foregoing, each Lender expressly and irrevocably waives any right to take or institute any actions or proceedings, judicial or otherwise, for any right or remedy or assert any other cause of action against any Credit Party (including the exercise of any right of set-off, rights on account of any banker's lien or similar claim or other rights of self-help), or institute any actions or proceedings or any other cause of action, or otherwise commence any remedial procedures, in each case in its capacity as a Lender, against the Parent Borrower and/or any of their respective Subsidiaries with respect to any Collateral, unless (x) such action is taken, to the extent permitted under the Credit Documents and at the direction of, if applicable, the Required Lenders, Required Revolving Credit Lenders or a Letter of Credit Issuer or (y) taken with the prior written consent of the Required Lenders or, at the direction of the Required Lenders and the Administrative Agent and/or the Collateral Agent, as applicable, in each case, which shall not be withheld in contravention of this <u>Section 12</u>; <u>provided</u>, that, for the avoidance of doubt, this provision may be enforced against any Lender by the Required Lenders, the Agents or the Borrower (or any of their Affiliates) and each Lender and the Agents expressly acknowledge that this provision shall be available as a defense of the Borrower (or any of their Affiliates) in any action, proceeding, cause of action or remedial procedure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13 <u>Intercreditor Agreements Govern</u>. The Administrative Agent, the Collateral Agent, and each Lender (a) hereby agrees that it will be bound by and will take no actions contrary to the provisions of any intercreditor agreement entered into pursuant to the terms hereof and (b) hereby authorizes and instructs the Administrative Agent and the Collateral Agent to enter into each intercreditor agreement (including any First Lien Intercreditor Agreement or Second Lien Intercreditor Agreement) entered into pursuant to the terms hereof and to subject the Liens securing the Obligations to the provisions thereof. In the event of any conflict or inconsistency between the provisions of each such intercreditor agreement (including any First Lien Intercreditor Agreement or Second Lien Intercreditor Agreement) and this Agreement, the provisions of such intercreditor agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.14 <u>Acknowledgements of Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, an "**Erroneous Payment**") were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Erroneous Payment (or a portion thereof) (*provided*, that, without limiting any other rights or remedies (whether at law or in equity), the Administrative Agent may not make any such demand under this clause (a) with respect to an Erroneous Payment unless such demand is made within five Business Days of the date of receipt of such Erroneous Payment by the applicable Lender), such Lender shall promptly, but in no event later than two Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the Overnight Rate from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments received, including without limitation any defense based on "discharge for value" or any similar doctrine. A notice of the Administrative Agent to any Lender under this <u>Section 12.14</u> shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender hereby further agrees that if it receives an Erroneous Payment from the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Erroneous Payment (a "**Payment Notice**") or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Erroneous Payment. Each Lender agrees that, in each such case, or if it otherwise becomes aware an Erroneous Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than two Business Days thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the Overnight Rate from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor by the Administrative Agent in accordance with immediately preceding <u>clauses (a)</u> and <u>(b)</u>, from any Lender that has received such Erroneous Payment (or portion thereof) (or from any payment recipient who received such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an "**Erroneous Payment Return Deficiency**"), upon the Administrative Agent's request to such Lender at any time, (i) such Lender shall be deemed to have assigned its Loans (but not its Commitments) of the relevant Class with respect to which such Erroneous Payment was made (the "**Erroneous Payment Impacted Class**") in an amount equal to the Erroneous Payment Return Deficiency (such assignment of the Loans (but not Commitments) of the Erroneous Payment Impacted Class, the "**Erroneous Payment Deficiency Assignment**") at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance), and is hereby (together with the Borrower) deemed to execute and deliver an Assignment and Acceptance (or, to the extent applicable, an agreement incorporating an Assignment and Acceptance by reference pursuant to an electronic platform approved by the Administrative Agent as to which the Administrative Agent and such parties are participants) with respect to such Erroneous Payment Deficiency Assignment, and such Lender shall deliver any promissory notes issued under <u>Section 2.5(f)</u> evidencing such Loans to the Borrower or the Administrative Agent, (ii) the Administrative Agent as the assignee Lender shall be deemed to acquire the Erroneous Payment Deficiency Assignment and (iii) upon such deemed acquisition, the Administrative Agent as the assignee Lender shall become a Lender, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender shall cease to be a Lender hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender. For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender and such Commitments shall remain available in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The parties hereto agree that an Erroneous Payment shall not, in and of itself, be deemed to pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or any other Credit Party, except, in each case, to the extent such erroneous Payment is, and solely with respect to the amount of such erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower or any other Credit Party for the purpose of paying, prepaying, repaying, discharging or otherwise satisfying any Obligations owed by the Borrower or any other Credit Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything to the contrary herein or in any other Credit Document, this <u>Section 12.14</u> will not create any additional Obligations of the Credit Parties' under the Credit Documents or otherwise increase or alter such Obligations (other than having consented to the assignment referenced in <u>Section 12.14(c)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each party's obligations under this <u>Section 12.14</u> shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Credit Document.

Section 13. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 <u>Amendments, Waivers, and Releases</u>. Except as otherwise expressly set forth in the Credit Documents, neither this Agreement nor any other Credit Document, nor any terms hereof or thereof, may be amended, supplemented or modified except in accordance with the provisions of this <u>Section 13.1</u>. Except as provided to the contrary under <u>Section 2.14</u> or the fourth and fifth and sixth paragraphs hereof, and other than with respect to any amendment, modification or waiver contemplated in the second proviso below, which shall only require the consent of the Lenders expressly set forth therein and not the Required Lenders, the Required Lenders may, or, with the written consent of the Required Lenders, the Administrative Agent and/or the Collateral Agent may, from time to time, (a) enter into with the relevant Credit Party or Credit Parties written amendments, supplements or modifications hereto and to the other Credit Documents for the purpose of adding any provisions to this Agreement or the other Credit Documents or changing in any manner the rights of the Lenders or of the Credit Parties hereunder or thereunder or (b) waive in writing, on such terms and conditions as the Required Lenders or the Administrative Agent and/or the Collateral Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Credit Documents or any Default or Event of Default and its consequences; <u>provided</u>, <u>however</u>, that each such waiver and each such amendment, supplement or modification shall be effective only in the specific instance and for the specific purpose for which given; and provided, further, that no such waiver and no such amendment, supplement or modification shall (x) (i) forgive or reduce any portion of any Loan or extend the final scheduled maturity date of any Loan or reduce the stated rate (it being understood that only the consent of the Required Lenders shall be necessary to waive any obligation of the Parent Borrower to pay interest at the Default Rate or amend <u>Section 2.8(d)</u>), or forgive any portion thereof, or extend the date for the payment, of any principal hereunder (other than as a result of waiving the applicability of any post-default increase in interest rates), or extend the final expiration date of any Letter of Credit beyond the L/C Facility Maturity Date or make any Loan, interest, Fee or other amount payable in any currency other than expressly provided herein, in each case without the written consent of each Lender directly and adversely affected thereby, or reduce or forgive the amount of any Unpaid Drawings or other amounts owed under this Agreement, or extend the payment date of any Unpaid Drawings, interest, fees or any other amounts owed under the Agreement; <u>provided</u> that a waiver of any condition precedent in <u>Section 6</u> or <u>Section 7</u> of this Agreement, the waiver of any Default, Event of Default, default interest, mandatory prepayment or reductions, or any modification, waiver or amendment of any financial covenant definitions or financial ratios or any component thereof or the waiver of any other covenant shall not constitute an increase of any Commitment of a Lender, a reduction or forgiveness in the interest rates or the fees or premiums or a postponement of any date scheduled for the payment of principal, premium or interest or an extension of the final maturity of any Loan or the scheduled termination date of any Commitment, in each case for purposes of this clause (i), or (ii) consent to the assignment or transfer by the Parent Borrower of its rights and obligations under any Credit Document to which it is a party (except as permitted pursuant to <u>Section 10.2</u>), in each case without the written consent of each Lender directly and adversely affected thereby, or (iii) amend, modify or waive any provision of <u>Section 12</u> without the written consent of the then-current Administrative Agent and Collateral Agent in a manner that directly and adversely affects such Person, or (iv) amend, modify or waive any provision of <u>Section 3</u> with respect to any Letter of Credit without the written consent of such Letter of Credit Issuer to the extent such amendment, modification or waiver directly and adversely affects the Letters of Credit Issuer, or (v) release all or substantially all of the Guarantors under the Guarantees (except as expressly permitted by the Guarantees, a First Lien Intercreditor Agreement (if any), the Second Lien Intercreditor Agreement (if any) or this Agreement) or release all or substantially all of the Collateral under the Security Documents (except as expressly permitted by the Security Documents, the First Lien Intercreditor Agreement (if any), the Second Lien Intercreditor Agreement (if any) or this Agreement) without the prior written consent of each Lender, (vi) (x) reduce the percentages specified in the definitions of the term Required Lenders or Required Revolving Credit Lenders or amend, modify or waive any provision of this <u>Section 13.1</u> that has the effect of decreasing the number of Lenders that must approve any amendment, modification or waiver, without the written consent of each Lender, or (y) notwithstanding anything to the contrary in clause (x), (i) extend the final expiration date of any Lender's Commitment or (ii) increase the aggregate amount of the Commitments of any Lender, in each case, without the written consent of such Lender or (vii) amend any provisions of Section 2.5, Section 2.16(a)(ii), Section 11.12 or Section 13.8(a) in a manner that would alter the pro rata sharing of payments required thereby or that would change the provisions of such sections relating to the application of proceeds without the prior written consent of each Lender directly and adversely affected thereby.

Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except (x) that the Commitment of such Lender may not be increased or extended without the consent of such Lender and (y) for any such amendment, waiver or consent that treats such Defaulting Lender disproportionately and adversely from the other Lender of the same Class (other than because of its status as a Defaulting Lender).

Any such waiver and any such amendment, supplement or modification shall apply equally to each of the affected Lenders and shall be binding upon the Borrower, such Lenders, the Administrative Agent and all future holders of the affected Loans. In the case of any waiver, the Borrower, the Lenders and the Administrative Agent shall be restored to their former positions and rights hereunder and under the other Credit Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing, it being understood that no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. In connection with the foregoing provisions, the Administrative Agent may, but shall have no obligations to, with the concurrence of any Lender, execute amendments, modifications, waivers or consents on behalf of such Lender.

Notwithstanding the foregoing, in addition to any credit extensions and related Joinder Agreement(s) effectuated without the consent of Lenders in accordance with <u>Section 2.14</u>, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the Administrative Agent and the Parent Borrower (a) to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Credit Documents with the Revolving Credit Loans and the accrued interest and fees in respect thereof and (b) to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders and other definitions related to such new Loans.

Notwithstanding the foregoing, this Agreement may be amended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with the written consent of the Administrative Agent, the Parent Borrower and the Lenders providing the relevant Replacement Revolving Facility to permit the refinancing or replacement of all or any portion of the Revolving Credit Commitment under the applicable Class (a "**Replaced Revolving Facility**") with a replacement revolving facility hereunder (a "**Replacement Revolving Facility**"); <u>provided</u> that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the aggregate principal amount of such Replacement Revolving Facility shall not exceed the aggregate principal amount of such Replaced Revolving Facility, *plus* the amount of accrued interest and premium thereon, any committed but undrawn amounts and underwriting discounts, fees, commissions and expenses associated therewith,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) no Replacement Revolving Facility shall have a final maturity date (or require commitment reductions) prior to the final maturity date of such Replaced Revolving Facility at the time of such refinancing,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Replacement Revolving Facility shall be *pari passu* or junior in right of payment and *pari passu* or junior in right of security with the remaining portion of the relevant Revolving Credit Commitments (<u>provided</u> that if *pari passu* or junior as to payment or Collateral, such Replacement Revolving Facility shall be subject to a First Lien Intercreditor Agreement or a Second Lien Intercreditor Agreement, as applicable), or be unsecured,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) if any such Replacement Revolving Facility is secured, it shall not be secured by any assets other than the Collateral (unless such assets substantially concurrently become part of the Collateral),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) if any such Replacement Revolving Facility is guaranteed, it shall not be guaranteed by any Person other than one or more Credit Parties (unless such Person substantially concurrently becomes a Credit Party),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) any such Replacement Revolving Facility shall be subject to the same "ratability" provisions applicable to Extended Revolving Credit Commitments and Extended Revolving Credit Loans provided for in <u>Section 2.14(g)</u>, *mutatis mutandis*, to the same extent as if fully set forth herein,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) such Replacement Revolving Facilities shall have pricing (including interest, fees and premiums) and, subject to preceding <u>clause (F)</u>, optional prepayment and redemption terms as may be agreed to by the Borrower and the lenders providing such Replacement Revolving Facilities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) the other terms and conditions of such Replacement Revolving Facility (excluding pricing, interest, fees, rate floors, premiums, optional prepayment or redemption terms, security and maturity date, subject to preceding <u>clauses (B)</u> through

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(G)</u>) shall as agreed between the Borrower and the lenders providing such Replacement Revolving Facilities;

<u>provided</u>, <u>further</u>, that, in respect of each of <u>clauses (i)</u> and (<u>ii</u>) above, any Affiliated Institutional Lender (but not Affiliated Lender) may provide any Replacement Revolving Facility.

Each of the parties hereto hereby agrees that, upon the effectiveness of any refinancing amendment, this Agreement shall be amended by the Parent Borrower, the Administrative Agent and the lenders providing the relevant Replacement Revolving Facility, as applicable, to the extent (but only to the extent) necessary to reflect the existence and terms of the Replacement Revolving Facility, as applicable, incurred pursuant thereto (including any amendments necessary to treat the loans and commitments subject thereto as a separate "tranche" and "Class" of Loans and Commitments hereunder). It is understood that any Lender approached to provide all or a portion of any Replacement Revolving Facility may elect or decline, in its sole discretion, to provide such Replacement Revolving Facility.

The Lenders hereby irrevocably agree that the Liens granted to the Collateral Agent by the Credit Parties on any Collateral shall be automatically released (i) in full, upon the termination of this Agreement and the payment of all Obligations hereunder (except for (w) contingent indemnification obligations in respect of which a claim has not yet been made, (x) any Secured Hedge Obligations, (y) Cash Collateralized Letters of Credit pursuant to arrangements reasonably acceptable to such Letter of Credit Issuer and (z) any Secured Cash Management Obligations), (ii) upon the sale or other disposition of such Collateral (including as part of or in connection with any other sale or other disposition permitted hereunder, including for the avoidance of doubt in connection with any Permitted Securitization Financing) to any Person other than another Credit Party, to the extent such sale or other disposition is made in compliance with the terms of this Agreement (and the Collateral Agent may rely conclusively on a certificate to that effect provided to it by any Credit Party upon its reasonable request without further inquiry), (iii) to the extent such Collateral is comprised of property leased to a Credit Party, upon termination or expiration of such lease, (iv) if the release of such Lien is approved, authorized or ratified in writing by the Required Lenders (or such other percentage of the Lenders whose consent may be required in accordance with this <u>Section 13.1</u>), (v) to the extent the property constituting such Collateral is owned by any Guarantor, upon the release of such Guarantor from its obligations under the applicable Guarantee (in accordance with the second following sentence), (vi) as required to effect any sale or other disposition of Collateral in connection with any exercise of remedies of the Collateral Agent pursuant to the Security Documents, and (vii) if such assets constitute Excluded Property or Excluded Stock and Stock Equivalents. Any such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those being released) upon (or obligations (other than those being released) of the Credit Parties in respect of) all interests retained by the Credit Parties, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral except to the extent otherwise released in accordance with the provisions of the Credit Documents. Additionally, the Lenders hereby irrevocably agree that any Subsidiary that is a Guarantor shall be released from the Guarantees upon consummation of any transaction not prohibited hereunder resulting in such Subsidiary constituting an Excluded Subsidiary or otherwise ceasing to constitute a Subsidiary or a Guarantor, including for the avoidance of doubt in connection with any Permitted Securitization Financing; *provided* that a transaction pursuant to which a minority equity interest in a Guarantor is sold will not release such Guarantor from its Guarantee unless (a) such transaction has a bona fide economic purpose and is not entered into primarily for the purpose of releasing such Guarantee and (b) the transaction is made with a third party on arms' length terms. The Lenders hereby authorize the Administrative Agent and the Collateral Agent, as applicable, to execute and deliver any instruments, documents, and agreements necessary or desirable to evidence and confirm the release of any Guarantor or Collateral pursuant to the foregoing provisions of this paragraph, all without the further consent or joinder of any Lender.

Notwithstanding anything herein to the contrary, the Credit Documents may be amended to add syndication or documentation agents and make customary changes and references related thereto with the consent of only the Parent Borrower and the Administrative Agent.

Notwithstanding anything in this Agreement (including, without limitation, this <u>Section 13.1</u>) or any other Credit Document to the contrary, (i) this Agreement and the other Credit Documents may be amended to effect an extension facility pursuant to <u>Section 2.14</u> (and the Administrative Agent and the Parent Borrower may effect such amendments to this Agreement and the other Credit Documents without the consent of any other party as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent and the Parent Borrower, to effect the terms of any such extension facility); (ii) no Lender consent is required to effect any amendment or supplement to any First Lien Intercreditor Agreement, Second Lien Intercreditor Agreement or other intercreditor agreement, subordination agreement or arrangement permitted under this Agreement that is for the purpose of adding the holders of any Indebtedness as expressly contemplated by the terms of such First Lien Intercreditor Agreement, Second Lien Intercreditor Agreement or such other intercreditor agreement, subordination agreement or arrangement permitted under this Agreement, as applicable (it being understood that any such amendment or supplement may make such other changes to the applicable intercreditor agreement as, in the good faith determination of the Administrative Agent in consultation with the Parent Borrower, are required to effectuate the foregoing; <u>provided</u> that such other changes are not adverse, in any material respect, to the interests of the Lenders taken as a whole); <u>provided</u>, <u>further</u>, that no such agreement shall amend, modify or otherwise directly and adversely affect the rights or duties of the Administrative Agent hereunder or under any other Credit Document without the prior written consent of the Administrative Agent; (iii) any provision of this Agreement or any other Credit Document may be amended by an agreement in writing entered into by the Parent Borrower and the Administrative Agent to (x) cure any ambiguity, omission, mistake, defect or inconsistency (as reasonably determined by the Administrative Agent and the Parent Borrower)<u>,</u> and (y) effect administrative changes of a technical or immaterial nature (including to effect changes to the terms and conditions applicable solely to such Letter of Credit Issuer in respect of issuances of Letters of Credit) and such amendment shall be deemed approved by the Lenders if the Lenders shall have received at least five Business Days' prior written notice of such change and the Administrative Agent shall not have received, within five Business Days of the date of such notice to the Lenders, a written notice from the Required Lenders stating that the Required Lenders object to such amendment; and (iv) guarantees, collateral documents and related documents executed by Credit Parties in connection with this Agreement may be in a form reasonably determined by the Administrative Agent and may be, together with any other Credit Document, entered into, amended, supplemented or waived, without the consent of any other Person, by the applicable Credit Party or Credit Parties and the Administrative Agent or the Collateral Agent in its or their respective sole discretion, to (A) effect the granting, perfection, protection, expansion or enhancement of any security interest in any Collateral or additional property to become Collateral for the benefit of the Secured Parties, (B) as required by local law or advice of counsel to give effect to, or protect any security interest for the benefit of the Secured Parties, in any property or so that the security interests therein comply with applicable requirements of law, or (C) to cure ambiguities, omissions, mistakes or defects (as reasonably determined by the Administrative Agent and the Parent Borrower) or to cause such guarantee, collateral security document or other document to be consistent with this Agreement and the other Credit Documents.

Notwithstanding anything in this Agreement or any Security Document to the contrary, the Administrative Agent may, in its sole discretion, grant extensions of time for the satisfaction of any of the requirements under <u>Sections 9.11</u>, <u>9.12</u> and <u>9.14</u> or any Security Documents in respect of any particular Collateral or any particular Subsidiary if it determines that the satisfaction thereof with respect to such Collateral or such Subsidiary cannot be accomplished without undue expense or unreasonable effort or due to factors beyond the control of the Parent Borrower and the Credit Parties by the time or times at which it would otherwise be required to be satisfied under this Agreement or any Security Document.

Notwithstanding anything to the contrary herein, the Administrative Agent (and, if applicable, the Parent Borrower) may, without the consent of any Lender, enter into amendments or modifications to this Agreement or any of the other Credit Documents or to enter into additional Credit Documents in order to implement any Benchmark Replacement or any Conforming Changes or otherwise effectuate the terms of <u>Sections 2.6(c)</u> and <u>2.18</u> in accordance with the terms of <u>Sections 2.6(c)</u> and <u>2.18</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 <u>Notices</u>. Unless otherwise expressly provided herein, all notices and other communications provided for hereunder or under any other Credit Document shall be in writing (including by facsimile transmission). All such written notices shall be mailed, faxed or delivered to the applicable address, facsimile number or electronic mail address, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if to the Parent Borrower, the Administrative Agent, the Collateral Agent, the Letter of Credit Issuers or the Sponsor, to the address, facsimile number, electronic mail address or telephone numbers specified for such Person on <u>Schedule 13.2</u> or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the other parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if to any other Lender, to the address, facsimile number, electronic mail address or telephone number specified in its Administrative Questionnaire or to such other address, facsimile number, electronic mail address or telephone number as shall be designated by such party in a notice to the Parent Borrower, the Administrative Agent, the Collateral Agent and the Letter of Credit Issuers.

All such notices and other communications shall be deemed to be given or made upon the earlier to occur of (i) actual receipt by the relevant party hereto and (ii) (A) if delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered by mail, three Business Days after deposit in the mails, postage prepaid; (C) if delivered by facsimile, when sent and receipt has been confirmed by telephone; and (D) if delivered by electronic mail, when delivered; <u>provided</u> that notices and other communications to the Administrative Agent or the Lenders pursuant to <u>Sections 2.3</u>, <u>2.6</u>, <u>2.9</u> and <u>5.1</u> shall not be effective until received.

Notwithstanding anything to the contrary herein, in addition to the notice requirements described herein (unless otherwise agreed by Administrative Agent and Parent Borrower in accordance with this paragraph), documents required to be delivered pursuant to the Loan Documents shall be delivered by electronic communication and delivery, including, the Internet, e-mail or intranet websites to which Administrative Agent and each Lender have access (including a commercial, third-party website such as www.Edgar.com, www.Syndtrak.com or a website sponsored or hosted by Administrative Agent or the Parent Borrower) *provided* that: (a) the foregoing shall not apply to notices to any Lender pursuant to Article 2; and (b) the Lender has not notified Administrative Agent or Parent Borrower that it cannot or does not want to receive electronic communications. Administrative Agent or Parent Borrower may agree to accept notices and other communications to it hereunder by electronic delivery pursuant to procedures approved by it for all or particular notices or communications. Documents or notices delivered electronically shall be deemed to have been delivered twenty-four (24) hours after the date and time on which Administrative Agent or Parent Borrower posts such documents or the documents become available on a commercial website and Administrative Agent or Parent Borrower notifies each Lender of said posting and provides a link thereto provided if such notice or other communication is not sent or posted during the normal business hours of the recipient, said posting date and time shall be deemed to have commenced as of 9:00 a.m. on the opening of business on the next Business Day for the recipient. Notwithstanding anything contained herein, Parent Borrower shall provide paper copies of any documents that are available to the Parent Borrower in paper form to Administrative Agent or to any Lender that requests such paper copies until a written request to cease delivering paper copies is given by Administrative Agent or such Lender. Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents delivered electronically, and in any event shall have no responsibility to monitor compliance by Parent Borrower with any such request for delivery. Each Lender shall be solely responsible for requesting delivery to it of paper copies and maintaining its paper or electronic documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 <u>No Waiver; Cumulative Remedies</u>. No failure to exercise and no delay in exercising, on the part of the Administrative Agent, the Collateral Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Credit Documents shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers, and privileges provided by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 <u>Survival of Representations and Warranties</u>. All representations and warranties made hereunder, in the other Credit Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.5 <u>Payment of Expenses; Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent Borrower agrees (i) to pay or reimburse each of the Agents (promptly upon written demand (with reasonably supporting detail if the Parent Borrower shall so request)) for all their reasonable and documented out-of-pocket costs and expenses (without duplication) incurred in connection with the development, preparation, execution and delivery of, and any amendment, supplement, modification to, waiver and/or enforcement this Agreement and the other Credit Documents and any other documents prepared in connection herewith or therewith, and the consummation and administration of the transactions contemplated hereby and thereby, and in the case of legal fees and expenses limited to the reasonable fees, disbursements and other charges of Cleary Gottlieb Steen & Hamilton LLP (or such other counsel as may be agreed by the Administrative Agent and the Parent Borrower), and, if reasonably necessary, of a single firm of local counsel in each relevant local jurisdiction, other than allocated costs of in-house counsel, and such other counsel retained with the consent of the Parent Borrower (such consent not to be unreasonably withheld or delayed), (ii) to pay or reimburse each Agent for all their reasonable and documented out-of-pocket costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Credit Documents and any such other documents, and in the case of legal fees and expenses limited to the reasonable fees, disbursements and other charges of one firm of counsel to the Administrative Agent and the Collateral Agent, and, to the extent required, one firm or local counsel in each relevant local jurisdiction with the Parent Borrower's consent (such consent not to be unreasonably withheld or delayed) (which may include a single special counsel acting in multiple jurisdictions), and (iii) to pay, indemnify and hold harmless each Lender, each Agent, each Letter of Credit Issuer and their respective Related Parties (without duplication) (the "**Indemnified Persons**") from and against any and all losses, claims, damages liabilities, obligations, demands, actions, judgments, suits, costs, expenses, disbursements or penalties of any nature whatsoever regardless of whether any such Indemnified Person is a party thereto and whether any such proceeding is brought by the Borrower or any other Person, (and the reasonable and documented out-of-pocket fees, expenses, disbursements and other charges of one firm of counsel for all Indemnified Persons, taken as a whole (and, in the case of an actual or perceived conflict of interest where the Indemnified Person affected by such conflict notifies the Borrower of any existence of such conflict and in connection with the investigating or defending any of the foregoing (including the reasonable fees) has retained its own counsel, of another firm of counsel for such affected Indemnified Person), and to the extent required, one firm or local counsel in each relevant jurisdiction (which may include a single special counsel acting in multiple jurisdictions)) of any such Indemnified Person arising out of or relating to any claim, litigation, investigation or other proceeding (including any inquiry of investigation of the foregoing) (regardless of whether such Indemnified Person is a party thereto or whether or not such action, claim, litigation or proceeding was brought by the Parent Borrower, any of its Subsidiaries or any other Person), arising out of, or with respect to the Transactions or to the execution, enforcement, delivery, performance and administration of this Agreement, the other Credit Documents and any such other documents, including any of the foregoing relating to the violation of, noncompliance with or liability under, any Environmental Law or any actual or alleged presence or Release or threatened Release of or exposure of any Person to Hazardous Materials or any Environmental Claim or Environmental Liability relating in any way to the Parent Borrower or any of its Subsidiaries (all the foregoing in this <u>clause (iii)</u>, collectively, the "**Indemnified Liabilities**"); <u>provided</u> that the Parent Borrower shall have no obligation hereunder to any Indemnified Person with respect to Indemnified Liabilities to the extent arising from (i) the gross negligence, bad faith or willful misconduct of such Indemnified Person or any of its Related Parties as determined in a final and non-appealable judgment of a court of competent jurisdiction, (ii) a material breach of the obligations of such Indemnified Person or any of its Related Parties under the terms of this Agreement by such Indemnified Person or any of its Related Parties as determined in a final and non-appealable judgment of a court of competent jurisdiction or (iii) any proceeding between and among Indemnified Persons that does not involve an act or omission by the Parent Borrower or its Subsidiaries; <u>provided</u> the Agents, to the extent acting in their capacity as such, shall remain indemnified in respect of such proceeding, to the extent that neither of the exceptions set forth in <u>clause (i)</u> or <u>(ii)</u> of the immediately preceding proviso applies to such person at such time. The agreements in this <u>Section 13.5</u> shall survive repayment of the Loans and all other amounts payable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Credit Party nor any Indemnified Person shall have any liability for any special, punitive, indirect or consequential damages resulting from this Agreement or any other Credit Document or arising out of its activities in connection herewith or therewith (whether before or after the Closing Date); <u>provided</u> that the foregoing shall not limit the Parent Borrower's indemnification obligations to the Indemnified Persons pursuant to <u>Section 13.5(a)</u> in respect of damages incurred or paid by an Indemnified Person to a third party. No Indemnified Person shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Credit Documents or the transactions contemplated hereby or thereby, except to the extent that such damages have resulted from the willful misconduct, bad faith or gross negligence of any Indemnified Person or any of its Related Parties as determined by a final and non-appealable judgment of a court of competent jurisdiction.

This <u>Section 13.5</u> shall apply with respect to Taxes only to the extent they represent losses, claims, damages, etc., arising from any non-Tax claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 <u>Successors and Assigns; Participations and Assignments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) except as expressly permitted by <u>Section 10.2</u>, the Parent Borrower may not assign or otherwise transfer any of their rights or obligations hereunder without the prior written consent of the Administrative Agent and each Lender (and any attempted assignment or transfer by the Parent Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this <u>Section 13.6</u>. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (to the extent provided in <u>clause (c)</u> of this <u>Section 13.6</u>) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Collateral Agent, the Letter of Credit Issuers and the Lenders and each other Person entitled to indemnification under <u>Section 13.5</u>) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Subject to the conditions set forth in <u>clause (b)(ii)</u> below and <u>Section 13.7</u>, any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans (including participations in L/C Obligations) at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed; it being understood that, without limitation, the Parent Borrower shall have the right to withhold its consent to any assignment if, (x) in order for such assignment to comply with applicable law, the Parent Borrower would be required to obtain the consent of, or make any filing or registration with, any Governmental Authority) or (y) such assignment would (or would reasonably be expected to) result in any greater payment by any Credit Party under Section 2.10, 3.5, 5.4 or 13.5) of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Parent Borrower; <u>provided</u> that no consent of the Parent Borrower shall be required for (1) an assignment of Revolving Credit Commitments or Revolving Credit Loans to (X) a Revolving Credit Lender, (Y) an Affiliate of a Revolving Credit Lender or (Z) an Approved Fund of a Revolving Credit Lender, or (2) an assignment of Loans or Commitments to any assignee if an Event of Default under <u>Section 11.1</u> or <u>Section 11.5</u> (with respect to the Parent Borrower) has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) solely with respect to Revolving Credit Commitments or Revolving Credit Loans, the Sponsor; <u>provided</u> that no consent of the Sponsor shall be required for (1) an assignment of Revolving Credit Commitments or Revolving Credit Loans to (X) a Revolving Credit Lender, (Y) an Affiliate of a Revolving Credit Lender or (Z) an Approved Fund of a Revolving Credit Lender, (2) an assignment of Revolving Credit Loans or Revolving Credit Commitments to any assignee if an Event of Default under <u>Section 11.1</u> or <u>Section 11.5</u> (with respect to the Parent Borrower) has occurred and is continuing or (3) an assignment of Revolving Credit Loans or Revolving Credit Commitments to any assignee following an IPO by the Parent Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Administrative Agent (not to be unreasonably withheld or delayed) and, in the case of Revolving Credit Commitments or Revolving Credit Loans only, each Letter of Credit Issuer.

Notwithstanding the foregoing, no such assignment shall be made (i) to a natural Person, Disqualified Lender or Defaulting Lender and (ii) with respect to the Revolving Credit Commitments, the Parent Borrower or any of its Subsidiaries or any Affiliated Lender (other than an Affiliated Institutional Lender). For the avoidance of doubt, the Administrative Agent shall bear no responsibility or liability for monitoring and enforcing the list of Persons who are Disqualified Lenders at any time; <u>provided</u> that the Administrative Agent shall not disclose, verbally or in writing, the list of entities that are Disqualified Lenders except that in connection with an assignment, the Administrative Agent may confirm (verbally and in writing), upon the request of any Lender, whether a potential assignee is a Disqualified Lender (so long as such Lender agrees to keep such identity confidential).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Assignments shall be subject to the following additional conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender's Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than, with respect to any Revolving Credit Loans, $5,000,000, unless each of the Parent Borrower and the Administrative Agent otherwise consents (which consents shall not be unreasonably withheld or delayed); <u>provided</u> that no such consent of the Parent Borrower shall be required if an Event of Default under <u>Section 11.1</u> or <u>Section 11.5</u> has occurred and is continuing; <u>provided</u>, <u>further</u>, that contemporaneous assignments by a Lender and its Affiliates or Approved Funds shall be aggregated for purposes of meeting the minimum assignment amount requirements stated above (and simultaneous assignments to or by two or more Related Funds shall be treated as one assignment), if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement; <u>provided</u> that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender's rights and obligations in respect of one Class of Commitments or Loans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance via an electronic settlement system or other method reasonably acceptable to the Administrative Agent, together with a processing and recordation fee in the amount of $4,500 (or, in the case of Defaulting Lenders, $7,500); <u>provided</u> that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment; <u>provided</u>, <u>further</u>, that such recordation fee shall not be payable in the case of assignments by any Affiliate of the Joint Lead Arrangers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative questionnaire in a form approved by the Administrative Agent (the "**Administrative Questionnaire**") and applicable tax forms (as required under <u>Section 5.4(e)</u>).

For the avoidance of doubt, the Administrative Agent bears no responsibility for tracking or monitoring assignments to or participations by any Affiliated Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Subject to acceptance and recording thereof pursuant to <u>clause (b)(iv)</u> of this <u>Section 13.6</u>, from and after the effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of <u>Sections 2.10</u>, <u>3.5</u>, <u>5.4</u> and <u>13.5</u>). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this <u>Section 13.6</u> shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with <u>clause (c)</u> of this <u>Section 13.6</u>. For the avoidance of doubt, in case of an assignment to a new Lender pursuant to this <u>Section 13.6</u>, (i) the Administrative Agent, the new Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the new Lender been an original Lender signatory to this Agreement with the rights and/or obligations acquired or assumed by it as a result of the assignment and to the extent of the assignment the assigning Lender shall each be released from further obligations under the Credit Documents and (ii) the benefit of each Security Document shall be maintained in favor of the new Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Parent Borrower, shall maintain at the Administrative Agent's Office a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount of the Loans (and stated interest amounts) and any payment made by the Letter of Credit Issuers under any Letter of Credit owing to each Lender pursuant to the terms hereof from time to time (the "**Register**"). The entries in the Register shall be conclusive, absent manifest error, and the Parent Borrower, the Administrative Agent, the Collateral Agent, the Letter of Credit Issuers and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register is intended to cause each Loan and other obligation hereunder to be in registered form within the meaning of Section 5f.103-1(c) of the United States Treasury Regulations and within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Code. The Register shall be available for inspection by the Parent Borrower, the Collateral Agent, the Letter of Credit Issuers (with respect to Revolving Credit Lenders only), the Administrative Agent and its Affiliates and, with respect to itself, any Lender, at any reasonable time and from time to time upon reasonable prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, the assignee's completed Administrative Questionnaire and applicable tax forms (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in <u>clause (b)</u> of this <u>Section 13.6</u> and any written consent to such assignment required by <u>clause (b)</u> of this <u>Section 13.6</u>, the Administrative Agent shall promptly accept such Assignment and Acceptance and record the information contained therein in the Register. No assignment, whether or not evidenced by a promissory note, shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this <u>clause (b)(v)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) Any Lender may, without the consent of the Parent Borrower, the Administrative Agent or the Letter of Credit Issuers, sell participations to one or more banks or other entities (other than (x) a natural person, (y) the Parent Borrower and its Subsidiaries and (z) any Disqualified Lender; <u>provided</u>, <u>however</u>, that, notwithstanding <u>clause (z)</u> hereof, participations may be sold to Disqualified Lenders unless a list of Disqualified Lenders has been made available to all Lenders who so request) (each, a "**Participant**") in all or a portion of such Lender's rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans owing to it); <u>provided</u> that (A) such Lender's obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and (C) the Parent Borrower, the Administrative Agent, the Letter of Credit Issuers and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. For the avoidance of doubt, the Administrative Agent shall bear no responsibility or liability for monitoring and enforcing the list of Disqualified Lenders or the sales of participations thereto at any time; <u>provided</u> that the Administrative Agent shall not disclose, verbally or in writing, the list of entities that are Disqualified Lenders except that in connection with a participation, the Administrative Agent may confirm (verbally and in writing), upon the request of any Lender, whether a potential participant is a Disqualified Lender (so long as such Lender agrees to keep such identity confidential). Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement or any other Credit Document; <u>provided</u> that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in <u>clause (x)(i)</u> of the first proviso to <u>Section 13.1</u> that affects such Participant. Subject to <u>clause (c)(ii)</u> of this <u>Section 13.6</u>, the Parent Borrower agrees that each Participant shall be entitled to the benefits of <u>Sections 2.10</u>, <u>3.5</u> and 5.4 to the same extent as if it were a Lender (subject to the limitations and requirements of those Sections as though it were a Lender and had acquired its interest by assignment pursuant to <u>clause (b)</u> of this <u>Section 13.6</u>, including the requirements of <u>clause (e)</u> of <u>Section 5.4</u> (it being agreed that any documentation required under <u>Section 5.4(e)</u> shall be provided solely to the participating Lender)). To the extent permitted by law, each Participant also shall be entitled to the benefits of <u>Section 13.8(b)</u> as though it were a Lender; <u>provided</u> such Participant shall be subject to <u>Section 13.8(a)</u> as though it were a Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A Participant shall not be entitled to receive any greater payment under <u>Section 2.10</u>, <u>3.5</u> or <u>5.4</u> than the applicable Lender would have been entitled to receive absent the sale of such participation sold to such Participant, unless the sale of the participation to such Participant is made with the Parent Borrower's prior written consent (which consent shall not be unreasonably withheld; provided, that it shall not be unreasonable to withhold consent if such participation would (or would reasonably be expected to) result in any greater payment by any Credit Party under Section 2.10, 3.5, 5.4 or 13.5). Each Lender that sells a participation, or any Granting Lender that grants a Loan to an SPV, shall, acting solely for this purpose as a non-fiduciary agent of the Parent Borrower, maintain a register on which it enters the name and address of each Participant or SPV and the principal amounts (and stated interest amounts) of each Participant's or SPV's interest in the Loans or other obligations under this Agreement (the "**Participant Register**"). The entries in the Participant Register shall be conclusive, absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation or granted Loan for all purposes of this Agreement notwithstanding any notice to the contrary. No Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or SPV, or any information relating to a Participant's or SPV's interest in any commitments, loans, letters of credit or its other obligations under any Credit Document) except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations and Sections 163(f), 871(h)(2) and 881(c)(2) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Lender may, without the consent of the Parent Borrower or the Administrative Agent, at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, or other central bank having jurisdiction over such Lender and this <u>Section 13.6</u> shall not apply to any such pledge or assignment of a security interest; <u>provided</u> that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to <u>Section 13.16</u>, the Parent Borrower authorizes each Lender to disclose to any Participant, secured creditor of such Lender or assignee (each, a "**Transferee**") and any prospective Transferee any and all financial information in such Lender's possession concerning the Parent Borrower and its Affiliates that has been delivered to such Lender by or on behalf of the Parent Borrower and its Affiliates pursuant to this Agreement or that has been delivered to such Lender by or on behalf of the Parent Borrower and its Affiliates in connection with such Lender's credit evaluation of the Parent Borrower and its Affiliates prior to becoming a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The words "execution," "signed," "signature," and words of like import in any Assignment and Acceptance shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>SPV Lender</u>. Notwithstanding anything to the contrary contained herein, any Lender (a "**Granting Lender**") may grant to a special purpose funding vehicle (an "**SPV**"), identified as such in writing from time to time by the Granting Lender to the Administrative Agent and the Parent Borrower, the option to provide to the Parent Borrower all or any part of any Loan that such Granting Lender would otherwise be obligated to make the Parent Borrower pursuant to this Agreement; <u>provided</u> that (i) nothing herein shall constitute a commitment by any SPV to make any Loan and (ii) if an SPV elects not to exercise such option or otherwise fails to provide all or any part of such Loan, the Granting Lender shall be obligated to make such Loan pursuant to the terms hereof. The making of a Loan by an SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by such Granting Lender. Each party hereto hereby agrees that no SPV shall be liable for any indemnity or similar payment obligation under this Agreement (all liability for which shall remain with the Granting Lender). In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPV, it shall not institute against, or join any other Person in instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any state thereof. In addition, notwithstanding anything to the contrary contained in this <u>Section 13.6</u>, any SPV may (i) with notice to, but without the prior written consent of, the Parent Borrower and the Administrative Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to the Granting Lender or to any financial institutions (consented to by the Parent Borrower and the Administrative Agent) other than a Disqualified Lender providing liquidity and/or credit support to or for the account of such SPV to support the funding or maintenance of Loans and (ii) subject to <u>Section 13.16</u>, disclose on a confidential basis any non-public information relating to its Loans to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancement to such SPV. This <u>Section 13.6(g)</u> may not be amended without the written consent of the SPV. Notwithstanding anything to the contrary in this Agreement but subject to the following sentence, each SPV shall be entitled to the benefits of <u>Sections 2.10</u>, <u>3.5</u> and <u>5.4</u> to the same extent as if it were a Lender (subject to the limitations and requirements of those Sections as though it were a Lender and had acquired its interest by assignment pursuant to <u>clause (b)</u> of this <u>Section 13.6</u>, including the requirements of <u>clause (e)</u> of <u>Section 5.4</u> (it being agreed that any documentation required under <u>Section 5.4(e)</u> shall be provided solely to the Granting Lender)). Notwithstanding the prior sentence, an SPV shall not be entitled to receive any greater payment under <u>Section 2.10</u>, <u>3.5</u> or <u>5.4</u> than its Granting Lender would have been entitled to receive absent the grant to such SPV, unless such grant to such SPV is made with the Parent Borrower's prior written consent (which consent shall not be unreasonably withheld).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 <u>Replacements of Lenders Under Certain Circumstances</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parent Borrower shall be permitted (x) to replace any Lender or (y) terminate the Commitment of such Lender or any Letter of Credit Issuer, as the case may be, and (1) in the case of a Lender (other than the Letter of Credit Issuers), repay all Obligations of the Parent Borrower due and owing to such Lender relating to the Loans and participations held by such Lender as of such termination date and (2) in the case of a Letter of Credit Issuer, repay all Obligations of the Parent Borrower owing to such Letter of Credit Issuer relating to the Loans and participations held by such Letter of Credit Issuer as of such termination date or backstop on terms satisfactory to such Letter of Credit Issuer or cause to be cancelled any Letters of Credit issued by it, which Lender or Letter of Credit Issuer, as the case may be, (a) requests reimbursement for amounts owing pursuant to <u>Sections 2.10</u>, <u>3.5</u> or <u>5.4</u>, (b) is affected in the manner described in <u>Section 2.10(a)(iii)</u> and as a result thereof any of the actions described in such Section is required to be taken, or (c) becomes a Defaulting Lender, with a replacement bank or other financial institution; <u>provided</u> that (i) such replacement does not conflict with any Requirements of Law, (ii) no Event of Default under <u>Sections 11.1</u> or <u>11.5</u> shall have occurred and be continuing at the time of such replacement, (iii) the Parent Borrower shall repay (or the replacement bank or institution shall purchase, at par) all Loans and other amounts pursuant to <u>Sections 2.10</u>, <u>3.5</u> or <u>5.4</u>, as the case may be, owing to such replaced Lender immediately prior to the date of replacement, (iv) the replacement bank or institution, if not already a Lender, an Affiliate of the Lender, an Affiliated Lender or Approved Fund, the Sponsor or an Affiliated Institutional Lender, and the terms and conditions of such replacement shall be reasonably satisfactory to the Administrative Agent, (v) the replacement bank or institution, if not already a Lender, shall be subject to the provisions of <u>Section 13.6(b)</u>, (vi) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of <u>Section 13.6</u> (<u>provided</u> that unless otherwise agreed the Parent Borrower shall be obligated to pay the registration and processing fee referred to therein), and (vii) any such replacement shall not be deemed to be a waiver of any rights that the Parent Borrower, the Administrative Agent or any other Lender shall have against the replaced Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any Lender (such Lender, a "**Non-Consenting Lender**") has failed to consent to a proposed amendment, waiver, discharge or termination that pursuant to the terms of <u>Section 13.1</u> requires the consent of either (i) all of the Lenders directly and adversely affected or (ii) all of the Lenders, and, in each case, with respect to which the Required Lenders (or at least 50.1% of the directly and adversely affected Lenders) shall have granted their consent, then, the Parent Borrower shall have the right (unless such Non-Consenting Lender grants such consent) to (x) replace such Non-Consenting Lender by requiring such Non-Consenting Lender to assign its Loans, and its Commitments hereunder to one or more assignees reasonably acceptable to the Administrative Agent (to the extent such consent would be required under <u>Section 13.6)</u> or to terminate the Commitment of such Lender or such Letter of Credit Issuer, as the case may be, and (1) in the case of a Lender (other than the Letter of Credit Issuers), repay all Obligations of the Parent Borrower due and owing to such Lender relating to the Loans and participations held by such Lender as of such termination date and (2) in the case of a Letter of Credit Issuer, repay all Obligations of the Parent Borrower owing to such Letter of Credit Issuer relating to the Loans and participations held by such Letter of Credit Issuer as of such termination date or backstop on terms satisfactory to such Letter of Credit Issuer or cause to be cancelled any Letters of Credit issued by it; <u>provided</u> that (a) all Obligations hereunder of the Parent Borrower owing to such Non-Consenting Lender being replaced shall be paid in full to such Non-Consenting Lender concurrently with such assignment, and (b) the replacement Lender shall purchase the foregoing by paying to such Non-Consenting Lender a price equal to the principal amount thereof plus accrued and unpaid interest thereon. In connection with any such assignment, the Parent Borrower, the Administrative Agent, such Non-Consenting Lender and the replacement Lender shall otherwise comply with <u>Section 13.6</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 <u>Adjustments; Set-off</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as contemplated in <u>Section 13.6</u> or elsewhere herein, if any Lender (a "**Benefited Lender**") shall at any time receive any payment of all or part of its Loans, or interest thereon, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in <u>Section 11.5</u>, or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of such other Lender's Loans, or interest thereon, such Benefited Lender shall purchase for cash from the other Lenders a participating interest in such portion of each such other Lender's Loan, or shall provide such other Lenders with the benefits of any such collateral, or the proceeds thereof, as shall be necessary to cause such Benefited Lender to share the excess payment or benefits of such collateral or proceeds ratably with each of the Lenders; <u>provided</u>, <u>however</u>, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefited Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After the occurrence and during the continuance of an Event of Default, in addition to any rights and remedies of the Lenders provided by law, each Lender shall have the right, without prior notice to the Credit Parties but with the prior consent of the Administrative Agent, any such notice being expressly waived by the Credit Parties to the extent permitted by applicable law, upon any amount becoming due and payable by the Credit Parties hereunder (whether at the stated maturity, by acceleration or otherwise) to set-off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final) (other than payroll, trust, tax, fiduciary, and petty cash accounts), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender or any branch or agency thereof to or for the credit or the account of the Credit Parties. Each Lender agrees promptly to notify the Credit Parties and the Administrative Agent after any such set-off and application made by such Lender; <u>provided</u> that the failure to give such notice shall not affect the validity of such set-off and application.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9 <u>Counterparts</u>. This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts shall be an original, but all of which shall together constitute one and the same instrument. This Agreement may be delivered by facsimile, electronic mail (including pdf) or any electronic signature complying with the U.S. federal ESIGN Act of 2000 or the New York Electronic Signatures and Records Act or other electronic transmission of the relevant signature pages hereof, and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest extent permitted by applicable law. For the avoidance of doubt, the foregoing also applies to any amendment, extension or renewal of this Agreement. Each of the parties hereto represents and warrants to the other parties that it has the corporate capacity and authority to execute this Agreement through electronic mean and that there are no restrictions for doing so in that party's constitutive documents. A set of the copies of this Agreement signed by all the parties shall be lodged with the Parent Borrower and the Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10 <u>Severability</u>. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 <u>Integration</u>. This Agreement and the other Credit Documents represent the agreement of the Parent Borrower, the Collateral Agent, the Administrative Agent and the Lenders with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by the Parent Borrower, the Administrative Agent, the Collateral Agent nor any Lender relative to subject matter hereof not expressly set forth or referred to herein or in the other Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 <u>GOVERNING LAW</u>. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, EXCEPT THAT (A) THE INTERPRETATION OF THE DEFINITION OF A COMPANY MATERIAL ADVERSE EFFECT (AND WHETHER OR NOT A COMPANY MATERIAL ADVERSE EFFECT HAS OCCURRED), (B) THE DETERMINATION OF THE ACCURACY OF ANY COMPANY REPRESENTATION AND WHETHER AS A RESULT OF ANY INACCURACY THEREOF EITHER BORROWER OR ANY OF ITS AFFILIATES HAS THE RIGHT TO TERMINATE ITS OR THEIR OBLIGATIONS UNDER THE ACQUISITION AGREEMENT PURSUANT TO SECTION 7.01(C)(I) OF THE ACQUISITION AGREEMENT (OR OTHERWISE DECLINE TO CONSUMMATE THE ACQUISITION PURSUANT TO SECTION 6.02(A) OF THE ACQUISITION AGREEMENT WITHOUT ANY LIABILITY) AND (C) THE DETERMINATION OF WHETHER THE ACQUISITION HAS BEEN CONSUMMATED IN ACCORDANCE WITH THE TERMS OF THE ACQUISITION AGREEMENT AND, IN ANY CASE, CLAIMS OR DISPUTES ARISING OUT OF ANY SUCH INTERPRETATION OR DETERMINATION OR ANY ASPECT THEREOF SHALL, IN EACH CASE, BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF MARYLAND, REGARDLESS OF THE LAWS THAT MIGHT OTHERWISE GOVERN UNDER APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS THEREOF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.13 <u>Submission to Jurisdiction; Waivers</u>. Each party hereto irrevocably and unconditionally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Credit Documents to which it is a party to the exclusive general jurisdiction of the courts of the State of New York or the courts of the United States for the Southern District of New York, in each case sitting in New York City in the Borough of Manhattan, and appellate courts from any thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consents that any such action or proceeding may be brought in such courts and waives (to the extent permitted by applicable law) any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same or to commence or support any such action or proceeding in any other courts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person at its address set forth on <u>Schedule 13.2</u> at such other address of which the Administrative Agent shall have been notified pursuant to <u>Section 13.2</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) agrees that nothing herein shall affect the right of the Administrative Agent, any Lender or another Secured Party to effect service of process in any other manner permitted by law or to commence legal proceedings or otherwise proceed against the Parent Borrower or any other Credit Party in any other jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this <u>Section 13.13</u> any special, exemplary, punitive or consequential damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.14 <u>Acknowledgments</u>. The Parent Borrower hereby acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has been advised by counsel in the negotiation, execution, and delivery of this Agreement and the other Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) the credit facilities provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other Credit Document) are an arm's-length commercial transaction between the Parent Borrower and the other Credit Parties, on the one hand, and the Administrative Agent, the Lenders and the other Agents on the other hand, and the Parent Borrower and the other Credit Parties are capable of evaluating and understanding and understand and accept the terms, risks and conditions of the transactions contemplated hereby and by the other Credit Documents (including any amendment, waiver or other modification hereof or thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in connection with the process leading to such transaction, each of the Administrative Agent and the other Agents, is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary for the Parent Borrower, any other Credit Parties or any of their respective Affiliates, stockholders, creditors or employees, or any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) neither the Administrative Agent nor any other Agent has assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Parent Borrower or any other Credit Party with respect to any of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Credit Document (irrespective of whether the Administrative Agent or other Agent has advised or is currently advising the Parent Borrower, the other Credit Parties or their respective Affiliates on other matters) and neither the Administrative Agent or other Agent has any obligation to the Parent Borrower, the other Credit Parties or their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Credit Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Administrative Agent, each other Agent and each Affiliate of the foregoing may be engaged in a broad range of transactions that involve interests that differ from those of the Parent Borrower and its Affiliates, and neither the Administrative Agent nor any other Agent has any obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) neither the Administrative Agent nor any other Agent has provided and none will provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any other Credit Document) and the Parent Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate. The Parent Borrower hereby agrees that it will not claim that any Agent owes a fiduciary or similar duty to the Credit Parties in connection with the Transactions contemplated hereby and waives and releases, to the fullest extent permitted by law, any claims that it may have against the Administrative Agent or any other Agent with respect to any breach or alleged breach of agency or fiduciary duty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no joint venture is created hereby or by the other Credit Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Parent Borrower, on the one hand, and any Lender, on the other hand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.15 <u>WAIVERS OF JURY TRIAL</u>. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVE (TO THE EXTENT PERMITTED BY APPLICABLE LAW) THE RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY ANY PARTY RELATED TO OR ARISING OUT OF THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT OR THE PERFORMANCE OF SERVICES HEREUNDER OR THEREUNDER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.16 <u>Confidentiality</u>. The Administrative Agent, each other Agent and each Lender (collectively, the "**Restricted Persons**" and, each a "**Restricted Person**") shall treat confidentially all non-public information provided to any Restricted Person by or on behalf of any Credit Party hereunder in connection with such Restricted Person's evaluation of whether to become a Lender hereunder or obtained by such Restricted Person pursuant to the requirements of this Agreement ()"**Confidential Information**") and shall not publish, disclose or otherwise divulge such Confidential Information; <u>provided</u> that nothing herein shall prevent any Restricted Person from disclosing any such Confidential Information (a) pursuant to the order of any court or administrative agency or in any pending legal, judicial or administrative proceeding, or otherwise as required by applicable law, rule or regulation or compulsory legal process (in which case such Restricted Person agrees (except with respect to any routine or ordinary course audit or examination conducted by bank accountants or any governmental, bank regulatory or self-regulatory authority exercising examination or regulatory authority), to the extent practicable and not prohibited by applicable law, rule or regulation, to inform the Parent Borrower promptly thereof prior to disclosure), (b) upon the request or demand of any regulatory authority (including any self-regulatory authority) having jurisdiction over such Restricted Person or any of its Affiliates (in which case such Restricted Person agrees (except with respect to any routine or ordinary course audit or examination conducted by bank accountants or any governmental, bank regulatory or self-regulatory authority exercising examination or regulatory authority) to the extent practicable and not prohibited by applicable law, rule or regulation, to inform the Parent Borrower promptly thereof prior to disclosure), (c) to the extent that such Confidential Information becomes publicly available other than by reason of improper disclosure by such Restricted Person or any of its affiliates or any related parties thereto in violation of any confidentiality obligations owing under this <u>Section 13.16</u>, (d) to the extent that such Confidential Information is received by such Restricted Person from a third party that is not, to such Restricted Person's knowledge, subject to confidentiality obligations owing to any Credit Party or any of their respective subsidiaries or affiliates, (e) to the extent that such Confidential Information was already in the possession of the Restricted Persons prior to any duty or other undertaking of confidentiality or is independently developed by the Restricted Persons without the use of such Confidential Information, (f) to such Restricted Person's affiliates and to its and their respective officers, directors, partners, employees, legal counsel, independent auditors, and other experts or agents who need to know such Confidential Information in connection with providing the Loans or action as an Agent hereunder and who are informed of the confidential nature of such Confidential Information and who are subject to customary confidentiality obligations of professional practice or who agree to be bound by the terms of this <u>Section 13.16</u> (or confidentiality provisions at least as restrictive as those set forth in this <u>Section</u> 13.16) (with each such Restricted Person, to the extent within its control, responsible for such person's compliance with this paragraph), (g) to potential or prospective Lenders, hedge providers (or other derivative transaction counterparties) (any such person, a "**Derivative Counterparty**"), participants or assignees, in each case who agree (pursuant to customary syndication practice) to be bound by the terms of this <u>Section 13.16</u> (or confidentiality provisions at least as restrictive as those set forth in this <u>Section 13.16</u>); <u>provided</u> that (i) the disclosure of any such Confidential Information to any Lenders, Derivative Counterparties or prospective Lenders, Derivative Counterparties or participants or prospective participants referred to above shall be made subject to the acknowledgment and acceptance by such Lender, Derivative Counterparty or prospective Lender or participant or prospective participant that such Confidential Information is being disseminated on a confidential basis (on substantially the terms set forth in this <u>Section 13.16</u> or confidentiality provisions at least as restrictive as those set forth in this <u>Section 13.16</u>) in accordance with the standard syndication processes of such Restricted Person or customary market standards for dissemination of such type of information, which shall in any event require "click through" or other affirmative actions on the part of recipient to access such Confidential Information and (ii) no such disclosure shall be made by such Restricted Person to any person that is at such time a Disqualified Lender, (h) for purposes of establishing a "due diligence" defense, or (i) to rating agencies in connection with obtaining ratings for the Parent Borrower and the Credit Facility to the extent such rating agencies are subject to customary confidentiality obligations of professional practice or agree to be bound by the terms of this <u>Section 13.16</u> (or confidentiality provisions at least as restrictive as those set forth in this <u>Section 13.16</u>). Notwithstanding the foregoing, (i) Confidential Information shall not include, with respect to any Person, information available to it or its Affiliates on a non-confidential basis from a source other than the Parent Borrower, its Subsidiaries or its Affiliates, (ii) the Administrative Agent shall not be responsible for compliance with this <u>Section 13.16</u> by any other Restricted Person (other than its officers, directors or employees), (iii) in no event shall any Lender, the Administrative Agent or any other Agent be obligated or required to return any materials furnished by the Parent Borrower or any of its Subsidiaries, and (iv) each Agent and each Lender may disclose the existence of this Agreement and the information about this Agreement to market data collectors, similar services providers to the lending industry, and service providers to the Agents and the Lenders in connection with the administration, settlement and management of this Agreement and the other Credit Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.17 <u>Direct Website Communications</u>. The Borrower may, at its option, provide to the Administrative Agent any information, documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to the Credit Documents, including, without limitation, all notices, requests, financial statements, financial, and other reports, certificates, and other information materials, but excluding any such communication that (A) relates to a request for a new, or a conversion of an existing, borrowing or other extension of credit (including any election of an interest rate or interest period relating thereto), (B) relates to the payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (C) provides notice of any default or event of default under this Agreement or (D) is required to be delivered to satisfy any condition precedent to the effectiveness of this Agreement and/or any borrowing or other extension of credit thereunder (all such non-excluded communications being referred to herein collectively as "**Communications**"), by transmitting the Communications in an electronic/soft medium in a format reasonably acceptable to the Administrative Agent to the Administrative Agent at an email address provided by the Administrative Agent from time to time; <u>provided</u> that (i) upon written request by the Administrative Agent, or the Parent Borrower shall deliver paper copies of such documents to the Administrative Agent for further distribution to each Lender until a written request to cease delivering paper copies is given by the Administrative Agent and (ii) the Parent Borrower shall notify (which may be by facsimile or electronic mail) the Administrative Agent of the posting of any such documents and provide to the Administrative Agent by electronic mail electronic versions (*i.e.*, soft copies) of such documents. Each Lender shall be solely responsible for timely accessing posted documents or requesting delivery of paper copies of such documents from the Administrative Agent and maintaining its copies of such documents. Nothing in this <u>Section 13.17</u> shall prejudice the right of the Parent Borrower, any other Credit Party, the Administrative Agent, any other Agent or any Lender to give any notice or other communication pursuant to any Credit Document in any other manner specified in such Credit Document.

The Administrative Agent agrees that the receipt of the Communications by the Administrative Agent at its e-mail address set forth above shall constitute effective delivery of the Communications to the Administrative Agent for purposes of the Credit Documents. Each Lender agrees that notice to it (as provided in the next sentence) specifying that the Communications have been posted to the Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Credit Documents. Each Lender agrees (A) to notify the Administrative Agent in writing (including by electronic communication) from time to time of such Lender's e-mail address to which the foregoing notice may be sent by electronic transmission and (B) that the foregoing notice may be sent to such e-mail address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower further agrees that any Agent may make the Communications available to the Lenders by posting the Communications on Intralinks or a substantially similar electronic transmission system (the "**Platform**"), so long as the access to such Platform (i) is limited to the Agents, the Lenders and Transferees or prospective Transferees and (ii) remains subject to the confidentiality requirements set forth in <u>Section 13.16</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) THE PLATFORM IS PROVIDED "AS IS" AND "AS AVAILABLE." THE AGENT PARTIES DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF ANY MATERIALS OR INFORMATION PROVIDED BY THE CREDIT PARTIES (THE "**BORROWER MATERIALS**") OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of its Related Parties (collectively, the "**Agent Parties**" and each an "**Agent Party**") have any liability to the Parent Borrower, any Lender, or any other Person for losses, claims, damages, liabilities, or expenses of any kind (whether in tort, contract or otherwise) arising out of the Parent Borrower's or the Administrative Agent's transmission of Borrower Materials through the internet, except to the extent the liability of any Agent Party resulted from such Agent Party's (or any of its Related Parties' (other than any trustee or advisor)) gross negligence, bad faith or willful misconduct or material breach of the Credit Documents as determined in the final non-appealable judgment of a court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower and each Lender acknowledge that certain of the Lenders may be "public-side" Lenders (Lenders that do not wish to receive material non-public information with respect to the Parent Borrower, the Subsidiaries or their securities) and, if documents or notices required to be delivered pursuant to the Credit Documents or otherwise are being distributed through the Platform, any document or notice that the Parent Borrower have indicated contains only publicly available information with respect to the Parent Borrower may be posted on that portion of the Platform designated for such public-side Lenders. If the Parent Borrower has not indicated whether a document or notice delivered contains only publicly available information, the Administrative Agent shall post such document or notice solely on that portion of the Platform designated for Lenders who wish to receive material nonpublic information with respect to the Parent Borrower, its Subsidiaries and their securities.

Notwithstanding the foregoing, the Parent Borrower shall use commercially reasonable efforts to indicate whether any document or notice contains only publicly available information; <u>provided</u>, <u>however</u>, that the following documents shall be deemed to be marked "PUBLIC," unless the Parent Borrower notifies the Administrative Agent promptly that any such document contains material nonpublic information: (1) the Credit Documents, (2) any notification of changes in the terms of the Credit Facility and (3) all financial statements and certificates delivered pursuant to <u>Sections 9.1(a)</u>, <u>(a)</u> and <u>(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.18 <u>USA PATRIOT Act</u>. Each Lender hereby notifies each Credit Party that, pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "**Patriot Act**") and the Beneficial Ownership Regulation, it is required to obtain, verify, and record information that identifies each Credit Party, which information includes the name and address of each Credit Party and other information that will allow such Lender to identify each Credit Party in accordance with the Patriot Act and the Beneficial Ownership Regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.19 [<u>Reserved</u>].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.20 <u>Payments Set Aside</u>. To the extent that any payment by or on behalf of the Parent Borrower is made to any Agent or any Lender, or any Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by such Agent or such Lender in its discretion) to be repaid to a trustee, receiver, or any other party, in connection with any proceeding or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share of any amount so recovered from or repaid by any Agent, plus interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the applicable Overnight Rate from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.21 <u>No Fiduciary Duty</u>. Each Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph, the "**Lenders**"), may have economic interests that conflict with those of the Credit Parties, their stockholders and/or their affiliates. Each Credit Party agrees that nothing in the Credit Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and such Credit Party, its stockholders or its affiliates, on the other. The Credit Parties acknowledge and agree that (i) the transactions contemplated by the Credit Documents (including the exercise of rights and remedies hereunder and thereunder) are arm's-length commercial transactions between the Lenders, on the one hand, and the Credit Parties, on the other, and (ii) in connection therewith and with the process leading thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in favor of any Credit Party, its stockholders or its affiliates with respect to the transactions contemplated hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise any Credit Party, its stockholders or its Affiliates on other matters) or any other obligation to any Credit Party except the obligations expressly set forth in the Credit Documents and (y) each Lender is acting solely as principal and not as the agent or fiduciary of any Credit Party, its management, stockholders or creditors. Each Credit Party acknowledges and agrees that it has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and the process leading thereto. Each Credit Party agrees that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to such Credit Party, in connection with such transaction or the process leading thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.22 <u>Nature of Borrower Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary contained elsewhere in this Agreement, it is understood and agreed by the various parties to this Agreement that all of the Parent Borrower's Obligations to repay principal of, interest on, and all other amounts with respect to, all Loans, L/C Obligations and all other Obligations of the Parent Borrower pursuant to this Agreement (including, without limitation, all fees, indemnities, taxes and other Obligations in connection therewith or in connection with the related Commitments) shall be guaranteed pursuant to, and in accordance with the terms of, the Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligations of the Parent Borrower with respect to the Parent Borrower's Obligations are independent of the obligations of any Guarantor under its guaranty of the Parent Borrower's Obligations, and a separate action or actions may be brought and prosecuted against the Parent Borrower, whether or not any such Guarantor is joined in any such action or actions. The Borrower waives, to the fullest extent permitted by law, the benefit of any statute of limitations affecting its liability hereunder or the enforcement thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parent Borrower authorizes the Administrative Agent and the Lenders without notice or demand (except as shall be required by the Credit Documents and applicable statute that cannot be waived), and without affecting or impairing its liability hereunder, from time to time to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) exercise or refrain from exercising any rights against any Guarantor or others or otherwise act or refrain from acting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) apply any sums paid by any other Person, howsoever realized or otherwise received to or for the account of the Parent Borrower to any liability or liabilities of such other Person regardless of what liability or liabilities of such other Person remain unpaid; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) consent to or waive any breach of, or act, omission or default under, this Agreement or any of the instruments or agreements referred to herein, or otherwise, by any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is not necessary for the Administrative Agent or any other Lender to inquire into the capacity or powers of the Parent Borrower or any of its Subsidiaries or the officers, directors, members, partners or agents acting or purporting to act on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Parent Borrower waives any right to require the Administrative Agent or the other Lenders to (i) proceed against any Guarantor or any other party, (ii) proceed against or exhaust any security held from any Guarantor or any other party or (iii) pursue any other remedy in the Administrative Agent's or the Lenders' power whatsoever. The Parent Borrower waives any defense based on or arising out of suretyship or any impairment of security held from the Parent Borrower, any Guarantor or any other party or on or arising out of any defense of any Guarantor or any other party other than payment in full in cash of the Obligations of the Credit Parties, including, without limitation, any defense based on or arising out of the disability of any Guarantor or any other party, or the unenforceability of the Obligations of the Parent Borrower or any part thereof from any cause, in each case other than as a result of the payment in full in cash of the Obligations of the Parent Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All provisions contained in any Credit Document shall be interpreted consistently with this <u>Section 13.22</u> to the extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.23 <u>Acknowledgment and Consent to Bail-In of Affected Financial Institutions</u>. Notwithstanding anything to the contrary in any Credit Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Credit Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.24 <u>Acknowledgment Regarding Any Supported QFCs</u>. To the extent that the Credit Documents provide support, through a guarantee or otherwise, for any Hedge Agreement or any other agreement or instrument that is a QFC (such support, "**QFC Credit Support**" and each such QFC a "**Supported QFC**"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "**U.S. Special Resolution Regimes**") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Credit Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) As used in this <u>Section 13.24</u>, the following terms have the following meanings:

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

"**Covered Entity**" means any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.25 <u>Certain ERISA Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto that at least one of the following is and will be true:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent such Lender and the Borrower, provided that the Borrower shall not unreasonably withhold its consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Credit Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Credit Document or any documents related hereto or thereto).

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IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above written.

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| | |
|:---|:---|
| PHOENIX DATA CENTER ACQUISITIONS LLC | PHOENIX DATA CENTER ACQUISITIONS LLC |
| as the Parent Borrower | as the Parent Borrower |
| By: |  |
|  | Name: |
|  | Title: |
| PHOENIX DATA CENTER INTERMEDIATE LLC | PHOENIX DATA CENTER INTERMEDIATE LLC |
| as Holdings | as Holdings |
| By: |  |
|  | Name: |
|  | Title: |

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[Signature Page to U.S. Revolving Credit Agreement]

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| | |
|:---|:---|
| WELLS FARGO BANK, NATIONAL ASSOCIATION | WELLS FARGO BANK, NATIONAL ASSOCIATION |
| as Administrative Agent | as Administrative Agent |
| By: |  |
|  | Name: |
|  | Title: |
| WELLS FARGO BANK, NATIONAL ASSOCIATION | WELLS FARGO BANK, NATIONAL ASSOCIATION |
| as Collateral Agent | as Collateral Agent |
| By: |  |
|  | Name: |
|  | Title: |

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[Signature Page to U.S. Revolving Credit Agreement]

By: 

 Name:

 Title:

[Signature Page to U.S. Revolving Credit Agreement]