# EDGAR Filing Document

**Accession Number:** 0002069692
**File Stem:** 0002069692-25-000016
**Filing Date:** 2025-10
**Character Count:** 794473
**Document Hash:** 1ba8749747d0ea4596dc596f1eeafb25
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002069692-25-000016.hdr.sgml**: 20251009

**ACCESSION NUMBER**: 0002069692-25-000016

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251003

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251009

**DATE AS OF CHANGE**: 20251009

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blue Owl Digital Infrastructure Trust
- **CENTRAL INDEX KEY:** 0002069692
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56758
- **FILM NUMBER:** 251385613

**BUSINESS ADDRESS:**
- **STREET 1:** 150 N. RIVERSIDE PLAZA
- **STREET 2:** 37TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 888-215-2015

**MAIL ADDRESS:**
- **STREET 1:** 150 N. RIVERSIDE PLAZA
- **STREET 2:** 37TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

?xml version='1.0' encoding='ASCII'? osnl-20251003

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

_________________________________________________________

**FORM 8-K**

_________________________________________________________

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): October 3, 2025**

_________________________________________________________

**Blue Owl Digital Infrastructure Trust**

(Exact name of registrant as specified in its charter)

_________________________________________________________

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| | | |
|:---|:---|:---|
| **Maryland** | **000-56758** | **33-5055663** |
| (State or other jurisdiction of<br>incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

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| | |
|:---|:---|
| **150 N Riverside Plaza, 37th Floor**<br>**Chicago, IL** | **60606** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's Telephone Number, Including Area Code: **(888**) **215-2015**

**Not applicable**

(Former name or former address, if changed since last report.)

_________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **None** | **None** | **None** |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

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**Item 3.02. Entry into a Material Definitive Agreement.**

*Advisory Agreement*

On October 3, 2025, Blue Owl Digital Infrastructure Trust, a Maryland statutory trust (the "Company"), Blue Owl Digital Infrastructure Operating Partnership LP, a Delaware limited partnership (the "Operating Partnership"), and Blue Owl Digital Infrastructure Trust Advisors LLC, a Delaware limited liability company (the "Adviser"), entered into an advisory agreement (the "Advisory Agreement"), pursuant to which the Adviser has the authority to source, evaluate, and monitor the Company's investment opportunities and make decisions related to the acquisition, management, financing, and disposition of the Company's assets, in accordance with the Company's investment objectives, guidelines, policies, and limitations, subject to oversight by the Company's board of trustees.

A description of the Advisory Agreement is included under "Item 1. Business—Advisory Agreement" of Pre-Effective Amendment No. 2 to the Company's Registration Statement on Form 10 ("PEA No. 2"), filed with the U.S. Securities and Exchange Commission on August 8, 2025. Such description is incorporated by reference herein. The foregoing description of the Advisory Agreement is qualified in its entirety by reference to the full text of the Advisory Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K (this "Current Report") and incorporated herein by reference.

*Administration Agreement*

On October 3, 2025, the Company and the Adviser, which will serve as the Company's administrator (the Adviser, in its capacity as the administrator, the "Administrator"), entered into an administration agreement (the "Administration Agreement") pursuant to which the Administrator will provide certain office and administrative services to the Company and the Operating Partnership.

A description of the Administration Agreement is included under "Item 1. Business—Administration Agreement" of PEA No. 2. Such description is incorporated by reference herein. The foregoing description of the Administration Agreement is qualified in its entirety by reference to the full text of the Administration Agreement, which is filed as Exhibit 10.2 to this Current Report and incorporated herein by reference.

*Amended and Restated Limited Partnership Agreement*

On October 3, 2025, the Operating Partnership entered into an Amended and Restated Limited Partnership Agreement, by and among the Company, as general partner and as limited partner, each of BODI Trust Carry LP, a Delaware limited partnership, and Blue Owl Digital Infrastructure Trust Carry LLC, a Delaware limited liability company, and the other limited partners party thereto from time to time (the "Operating Partnership Agreement").

A description of the Operating Partnership Agreement is included under "Item 1. Business—Operating Partnership" of PEA No. 2. Such description is incorporated by reference herein. The foregoing description of the Operating Partnership Agreement is qualified in its entirety by reference to the full text of the Operating Partnership Agreement, which is filed as Exhibit 10.3 to this Current Report and incorporated herein by reference.

*Dealer Manager Agreement*

On October 3, 2025, the Company entered into a dealer manager agreement (the "Dealer Manager Agreement") with Blue Owl Securities LLC, as the managing dealer (the "Dealer Manager"), pursuant to which the Dealer Manager will serve as the dealer manager for the Company's continuous private offering.

The foregoing description of the Dealer Manager Agreement is qualified in its entirety by reference to the full text of the Dealer Manager Agreement, which is filed as Exhibit 10.4 to this Current Report and incorporated herein by reference.

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*Transaction Agreement for Initial Portfolio*

On October 8, 2025, the Company entered into a transaction agreement (the "Transaction Agreement") with Blue Owl Digital Infrastructure Fund I LP ("BODI I Main Fund"), a Delaware limited partnership, Blue Owl Digital Infrastructure Fund I-A LP ("BODI I-A"), a Delaware limited partnership, Blue Owl Digital Infrastructure Fund I-B LP, a Delaware limited partnership ("BODI I-B" and, together with BODI I Main Fund and BODI I-A, the "BODI I Funds"), Blue Owl Digital Infrastructure I GP LLC, a Delaware limited liability company, ICONIQ DC Splitter 1-A, L.P., a Delaware limited partnership (the "394 Pacific Holdco"), and IPI STACK Domestic REIT Holdings L.P., a Delaware limited partnership ("STACK USA Holdco").

The Transaction Agreement relates to the acquisition of a portfolio of 11 digital infrastructure real estate assets as further described in the Transaction Agreement (the "Subject Assets") by the Company from the BODI I Funds (the "Transaction"). The BODI I Funds indirectly hold the Subject Assets through STACK USA Holdco and 394 Pacific Holdco. Under the Terms of the Transaction Agreement, the BODI I Funds, through STACK USA Holdco and 394 Pacific Holdco, intend to sell their indirect interests in each of STACK Infrastructure USA, LLC and 394 Pacific DC Portland Domestic REIT, LLC to the Company for a purchase price equal to $3.29 billion, which is the gross enterprise value of the Subject Assets, subject to customary adjustments, including a credit for cash, a reduction for existing indebtedness, a reduction for certain anticipated capital expenditures in respect of existing development contracts, credits or reductions for certain prorated liabilities and income associated with the Subject Assets for the periods before and after the closing, and other transaction costs, resulting in a net purchase price of approximately $1.40 billion (the "Purchase Price").

At or prior to the closing of the Transaction, each of STACK USA Holdco and 394 Pacific Holdco has agreed to distribute in kind the Subject Assets attributable to certain limited partners of the BODI I Funds (the "Rolling Fund I LPs"), in accordance with such limited partners' election, to the applicable BODI I Funds, and such BODI I Funds have agreed to further distribute in kind such Subject Assets attributable to the Rolling Fund I LPs to the applicable Rolling Fund I LPs. Further, each Rolling Fund I LP has agreed to contribute, directly or indirectly, its respective Contributed Assets (as defined in the Transaction Agreement) to the Company or Operating Partnership, as applicable. The ratable value of the Contributed Assets attributable to the Rolling Fund I LPs will be paid to the Rolling Fund I LPs in the form of shares of the Company or units of the Operating Partnership (as elected by each Rolling Fund I LP). The ratable portion of the Purchase Price not attributable to the Rolling Fund I LPs will be paid by the Company in cash to the BODI I Funds.

The Transaction is expected to close in December 2025 and is subject to certain conditions to closing, including, but not limited to all parties' satisfaction of various closing conditions contained in the Transaction Agreement and the delivery of the required documents at closing. There is no assurance that the Company will close the Transaction on the terms described above or at all.

The foregoing description of the Transaction Agreement is qualified in its entirety by reference to the full text of the Transaction Agreement, which is filed as Exhibit 10.5 to this Current Report and incorporated herein by reference.

**Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year** 

*Amended and Restated Declaration of Trust and Bylaws*

Effective on October 3, 2025, the Company executed its Amended and Restated Declaration of Trust (the "Amended and Restated Declaration of Trust"), which amended and restated the Company's Declaration of Trust, dated April 7, 2025.

In connection with the execution of the Amended and Restated Declaration of Trust, effective on October 3, 2025, the Company adopted its bylaws ("Bylaws").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Descriptions of the Amended and Restated Declaration of Trust and Bylaws are included under "Item 5. Trustees and Executive Officers," "Item 11. Description of Registrant's Securities to be Registered—

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Description of our Shares" and "Item 12. Indemnification of Trustees and Officers—Declaration of Trust" of PEA No. 2. Such descriptions are incorporated by reference herein. The foregoing description of each of the Amended and Restated Declaration of Trust and Bylaws is qualified in its entirety by reference to the full text of the Amended and Restated Declaration of Trust and Bylaws, which are filed as Exhibits 3.1 and 3.2, respectively, to this Current Report and incorporated herein by reference.

**Item 8.01. Other Events.**

*Share Repurchase Plan and Distribution Reinvestment Plan* 

On October 3, 2025, the Company adopted a share repurchase plan (the "Share Repurchase Plan"), pursuant to which shareholders may request on a quarterly basis that the Company repurchase all or any portion of their shares, subject to certain limitations as set forth therein.

In addition, on October 3, 2025, the Company adopted a distribution reinvestment plan (the "DRP"), whereby shareholders will have their cash distributions automatically reinvested in additional common shares unless they elect to receive their distributions in cash.

The foregoing description of each of the Share Repurchase Plan and DRP is qualified in its entirety by reference to the full text of the Share Repurchase Plan and the DRP, which are filed as Exhibits 4.1 and 4.2, respectively, to this Current Report and incorporated herein by reference.

**Item 9.01. Financial Statements and Exhibits**

(d) Exhibits

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1 | <u>[Amended and Restated Declaration of Trust, dated as of October 3, 2025](a31amendedandrestateddecla.htm)</u> |
| 3.2 | <u>[Bylaws, dated as of October 3, 2025](a32bylaws.htm)</u>  |
| 4.1 | <u>[Share Repurchase Plan, effective as of October 3, 2025](a41sharerepurchaseplan.htm)</u>  |
| 4.2 | <u>[Distribution Reinvestment Plan, effective as of October 3, 2025](a42distributionreinvestmen.htm)</u>  |
| 10.1 | <u>[Advisory Agreement, dated as of October 3, 2025](a101advisoryagreement.htm)</u> |
| 10.2 | <u>[Administration Agreement, dated as of October 3, 2025](a102administrationagreement.htm)</u> |
| 10.3 | <u>[Amended and Restated Limited Partnership Agreement, dated as of October 3, 2025](a103amendedandrestatedlimi.htm)</u> |
| 10.4 | <u>[Dealer Manager Agreement, dated as of October 3, 2025](a104dealermanageragreement.htm)</u> |
| 10.5 | <u>[Transaction Agreement](a105transactionagreement.htm)[, dated as of October 8, 2025](a105transactionagreement.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XRBL document) |

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| | **Blue Owl Digital Infrastructure Trust**  | **Blue Owl Digital Infrastructure Trust**  | **Blue Owl Digital Infrastructure Trust**  |
| | By: | /s/ Kevin Halleran | /s/ Kevin Halleran |
| | | Name: | Kevin Halleran |
| | | Title: | Chief Financial Officer |
| Date: October 9, 2025 |  |  |  |

---

## Exhibit 3.1

**Exhibit 3.1**

**BLUE OWL DIGITAL INFRASTRUCTURE TRUST**

**AMENDED AND RESTATED DECLARATION OF TRUST**

October 3, 2025

&nbsp;&nbsp;&nbsp;&nbsp;This AMENDED AND RESTATED DECLARATION OF TRUST is made effective as of the date set forth above (the "<u>Effective Date</u>") by the Trustees.

ARTICLE I

FORMATION; CERTIFICATE OF TRUST

&nbsp;&nbsp;&nbsp;&nbsp;The Trust is a statutory trust within the meaning of the Act. The Trust shall not be deemed to be a general partnership, limited partnership, joint venture, joint stock company or corporation, but nothing herein shall preclude the Trust from being treated for tax purposes as a partnership, association, corporation or REIT or being disregarded for tax purposes as an entity separate from its owners under the Code. The sole initial Trustee formed the Trust by filing the Certificate. The Trust intends to elect to be treated as a REIT, as of its first taxable year, for federal, and applicable state and local, income tax purposes, and has the right to change such election at any time subject to any restrictions set forth in this Declaration of Trust. The governing instrument of the Trust shall be this Declaration of Trust, together with the Bylaws.

ARTICLE II

NAME

&nbsp;&nbsp;&nbsp;&nbsp;The name of the Trust is "Blue Owl Digital Infrastructure Trust." The Board may cause the Trust to use any other designation or name for the Trust.

ARTICLE III

PURPOSES AND POWERS

&nbsp;&nbsp;&nbsp;&nbsp;Section 3.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Purposes</u>. The purposes for which the Trust is formed are to engage in any lawful act or activity for which a statutory trust may be formed under the general laws of the State of Maryland as now or hereafter in force, including engaging in business as a REIT.

&nbsp;&nbsp;&nbsp;&nbsp;Section 3.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Powers</u>. The Trust shall have all of the powers granted to a statutory trust by the Act and all other powers that are not inconsistent with law and are appropriate to promote and attain the purposes of the Trust set forth in this Declaration of Trust.

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ARTICLE IV

RESIDENT AGENT; PRINCIPAL OFFICE

&nbsp;&nbsp;&nbsp;&nbsp;The name and address of the resident agent of the Trust in the State of Maryland are as set forth in the Certificate. The address of the Trust's principal office in the State of Maryland is as set forth in the Certificate. The Board or any duly authorized agent of the Trust may change the Trust's resident agent or principal office from time to time. The Trust may have such offices or places of business within or outside the State of Maryland as the Board may from time to time determine.

ARTICLE V

DEFINITIONS

&nbsp;&nbsp;&nbsp;&nbsp;As used in this Declaration of Trust, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Act</u>" means the Maryland Statutory Trust Act, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Actual Owner</u>" means a Person that is required to include in gross income the dividends or distributions received on the relevant Shares.

"<u>Affiliate</u>" means, with respect to any Person, (a) any Person directly or indirectly owning, controlling or holding, with the power to vote, 10% or more of the outstanding voting securities of such other Person; (b) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (c) any Person directly or indirectly controlling, controlled by or under common control with such other Person; (d) any executive officer, director, trustee or general partner of such other Person; and (e) any legal entity for which such Person acts as an executive officer, director, trustee or general partner.

"<u>Affiliated Person</u>" means any Trustee or officer of the Trust who is also an officer, employee or agent of the Sponsor or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Aggregate Share Ownership Limit</u>" means 9.9 percent (in value or number of Shares, whichever is more restrictive) of the aggregate of the outstanding Shares of all classes or series, or such other percentage determined by the Board in accordance with Section 8.1.8.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Beneficial Ownership</u>" means ownership of Shares by a Person, whether the interest in Shares is held directly or indirectly (including by a nominee), and shall include interests that would be treated as owned through the application of Section 544 of the Code, as modified by Sections 856(h)(1)(B) and 856(h)(3) of the Code. The terms "<u>Beneficial Owner</u>," "<u>Beneficially Owns</u>," "<u>Beneficially Own</u>" and "<u>Beneficially Owned</u>" shall have the correlative meanings.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Benefit Plan Investor</u>" means any holder of Shares that is (a) an employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the provisions of Title I of ERISA; (b) a

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Plan; (c) an entity whose underlying assets include (or are deemed to include under ERISA or Section 4975(e) of the Code) assets of a Plan by reason of such Plan's investment in such entity; or (d) any other entity that otherwise constitutes a benefit plan investor for purposes of the Plan Asset Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Board</u>" means the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Business Day</u>" means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in New York are authorized or required by law, regulation or executive order to close.

"<u>Bylaws</u>" means the bylaws adopted in accordance herewith for the regulation and management of the affairs of the Trust.

"<u>Certificate</u>" means the Certificate of Trust filed with the State Department of Assessments and Taxation of Maryland, as amended, restated or corrected from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Charitable Beneficiary</u>" means one or more beneficiaries of the Charitable Trust as designated pursuant to Section 8.2.7.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Charitable Trust</u>" means any trust provided for in Section 8.2.1.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Charitable Trustee</u>" means the Person that is not an Affiliate of the Trust or an Affiliate of any Prohibited Owner that is appointed by the Trust to serve as trustee of the Charitable Trust.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Class D Common Shares</u>" means Class D Common Shares of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Class E Common Shares</u>" means Class E Common Shares of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Class I Common Shares</u>" means Class I Common Shares of the Trust.

"<u>Class S Common Shares</u>" means Class S Common Shares of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Code</u>" means the Internal Revenue Code of 1986, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Common Share Ownership Limit</u>" means 9.9 percent (in value or in number of Common Shares, whichever is more restrictive) of the aggregate of the outstanding Common Shares, or such other percentage determined by the Board in accordance with Section 8.1.8.

"<u>Common Shares</u>" means common shares of beneficial interest, $0.01 par value per Share, of the Trust.

"<u>Constructive Ownership</u>" means ownership of Shares by a Person, whether the interest in Shares is held directly or indirectly (including by a nominee), and shall include interests that would be treated as owned through the application of Section 318(a) of the Code, as modified by Section 856(d)(5) of the Code. The terms "<u>Constructively</u>," "<u>Constructively Own</u>,"

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"<u>Constructively Owns</u>," "<u>Constructively Owned</u>," and "<u>Constructively Owning</u>" shall have the correlative meanings.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Controlling Person</u>" means a Person (other than a Benefit Plan Investor) who has discretionary authority or control with respect to the assets of the Trust or who provides investment advice to the Trust for a fee (direct or indirect) with respect to such assets, and any Affiliate of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Covered Person</u>" means (a) each Trustee, (b) the Sponsor and (c) each officer, employee and agent of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Declaration of Trust</u>" means the governing instrument (as that term is defined in the Act) of the Trust, as it may hereafter be amended or restated.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Distributable Foreign Tax Income</u>" means an amount that is, or is deemed to be, income for purposes of the tax laws of any non-U.S. jurisdiction.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Excepted Holder Limit</u>" means, *provided*, that the affected Excepted Holder agrees to comply with the requirements established by the Board pursuant to Section 8.1.7 and subject to adjustment pursuant to Section 8.1.8, the percentage limit established by the Board pursuant to Section 8.1.7.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Gross Proceeds</u>" means the aggregate purchase price of all Shares sold for the account of the Trust through an offering of Common Shares or Preferred Shares, without deduction for selling commissions, volume discounts, any marketing support and due diligence expense reimbursement or Organization and Offering Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Independent Trustee</u>" means a Trustee who (a) is not an officer or employee of the Trust, any subsidiary of the Trust, or the Sponsor or its Affiliates, (b) the Board affirmatively determines has no material relationship with the Trust and (c) otherwise satisfies the director independence tests provided for in Section 303A.02 of the New York Stock Exchange Listed Company Manual, as may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Individual</u>" means (a) an "individual" within the meaning of Section 542(a)(2) of the Code, as modified by Section 544 of the Code, and (b) any beneficiary of a "qualified trust" (as defined in Section 856(h)(3)(E) of the Code) which qualified trust is eligible for look-through treatment under Section 856(h)(3)(A) of the Code for purposes of determining whether a REIT is closely held under Section 856(a)(6) of the Code, in which case the qualified trust shall not be treated as an Individual.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Initial Date</u>" means the first date on which Shares are beneficially owned by at least 100 Persons.

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&nbsp;&nbsp;&nbsp;&nbsp;"<u>Insignificant Participation Exception</u>" means the exception under the Plan Asset Regulations that provides that an entity's assets will not be deemed to constitute the underlying assets of a Benefit Plan Investor that invests in the entity if at all times less than 25% of the value of each class of equity interests in the entity is held by one or more Benefit Plan Investors (disregarding any investment by a Controlling Person).

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Market Price</u>" on any date means, with respect to any class or series of outstanding Shares, the Closing Price for such Shares on such date. The "<u>Closing Price</u>" on any date shall mean the last sale price for such Shares, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, for such Shares, in either case as reported on the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which such Shares are listed or admitted to trading or, if such Shares are not listed or admitted to trading on any national securities exchange, the last quoted price, or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as reported by the National Association of Securities Dealers, Inc. Automated Quotation System or, if such system is no longer in use, the principal other automated quotation system that may then be in use or, if such Shares are not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in such Shares selected by the Board or, if no trading price is available for such Shares, the NAV of such Shares, as determined by the Board in accordance with the PPM.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>MGCL</u>" means the Maryland General Corporation Law.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>NAV</u>" means net asset value determined in accordance with the valuation guidelines that have been approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Organization and Offering Expenses</u>" means any and all costs and expenses incurred by the Trust in connection with the formation of the Trust and the marketing and distribution of Shares, including total underwriting and brokerage discounts and commissions, expenses for printing, engraving and amending the PPM or supplementing the PPM, mailing and distributing costs, salaries of employees while engaged in sales activity, telephone and other telecommunications costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), charges of transfer agents, registrars, trustees (including the Board), escrow holders, depositories and experts and fees, expenses and taxes related to the filing, registration and qualification of the sale of the Shares under federal and state laws, including taxes and fees and accountants' and attorneys' fees.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Person</u>" means an Individual, corporation, partnership, limited liability company, estate, trust (including a trust qualified under Sections 401(a) or 501(c)(17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other entity and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, and a group to which an Excepted Holder Limit applies.

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&nbsp;&nbsp;&nbsp;&nbsp;"<u>Plan</u>" means, collectively, (a) a plan as defined in and subject to Section 4975(e) of the Code and (b) an employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the provisions of Title I of ERISA.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Plan Asset Regulations</u>" means 29 C.F.R. Section 2510.3-101 *et seq*. issued by the U.S. Department of Labor, as modified by Section 3(42) of ERISA.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Plan Assets</u>" means "plan assets" as defined in the Plan Asset Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>PPM</u>" means the Confidential Private Placement Memorandum of the Trust as of September 2025, as may be amended or supplemented from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Preferred Shares</u>" means preferred shares of beneficial interest of the Trust, $0.01 par value per Share.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Prohibited Owner</u>" means, with respect to any purported Transfer, any Person who, but for the provisions of Article VIII, would Beneficially Own or Constructively Own Shares in violation of Article VIII, and if appropriate in the context, shall also mean any Person who would have been the record owner of Shares that the Prohibited Owner would have so owned.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>REIT</u>" means a real estate investment trust within the meaning of Sections 856-859 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Restriction Termination Date</u>" means the first day after the Initial Date on which the Board determines that it is no longer in the best interests of the Trust to attempt to, or continue to, qualify as a REIT or that compliance with the restrictions and limitations on Beneficial Ownership, Constructive Ownership and Transfers of Shares set forth herein is no longer required in order for the Trust to qualify as a REIT.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Shareholder</u>" means a Beneficial Owner of the Trust.

"<u>Shares</u>" means shares of beneficial interest of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Sponsor</u>" means Blue Owl Digital Infrastructure Trust Advisors LLC, a Delaware limited liability company.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Transfer</u>" means any issuance, sale, transfer, gift, assignment, devise or other disposition, as well as any other event that causes any Person to acquire, or change its level of, Beneficial Ownership or Constructive Ownership, or any agreement to take any such actions or cause any such events, of Shares or the right to vote (other than solely by revocable proxy) or receive dividends or distributions on Shares, including (a) a change in the capital structure of the Trust, (b) a change in the relationship between two or more Persons that causes a change in ownership of Shares by application of Section 544 of the Code, as modified by Section 856(h) of the Code, (c) the granting or exercise of any option or warrant (or any acquisition or disposition of any option or warrant), pledge, security interest, or similar right to acquire Shares, (d) any acquisition or disposition of any securities or rights convertible into or exchangeable for Shares or any interest in Shares or any exercise of any such conversion or exchange right and (e)

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transfers of interests in other entities that result in changes in Beneficial Ownership or Constructive Ownership of Shares; in each case, whether voluntary or involuntary, whether owned of record, Constructively Owned or Beneficially Owned and whether by operation of law or otherwise. The terms "<u>Transfers</u>," "<u>Transferring</u>," "<u>Transferred</u>," "<u>Transferor</u>" and "<u>Transferee</u>" shall have the correlative meanings.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Trust</u>" means Blue Owl Digital Infrastructure Trust.

"<u>Trust Property</u>" means any and all property of the Trust.

"<u>Trustees</u>" means the trustees of the Trust.

"<u>Upfront Sales Load</u>" means any upfront selling commission, dealer manager fee or other similar placement fees paid to the Trust, the Trust's dealer manager or any participating broker-dealer with respect to the Trust's Class S Common Shares, Class D Common Shares, Class I Common Shares or Class E Common Shares, if any.

ARTICLE VI

BOARD OF TRUSTEES

&nbsp;&nbsp;&nbsp;&nbsp;Section 6.1&nbsp;&nbsp;&nbsp;&nbsp;<u>General Powers</u>. Subject only to any limitations expressly set forth in the Act, the Certificate, this Declaration of Trust or the Bylaws, (a) the business and affairs of the Trust shall be managed exclusively by or under the direction of the Board, which shall be appointed and shall serve in accordance with this Declaration of Trust, (b) the Board shall have full, exclusive and absolute power, control and authority over the business and affairs of the Trust and Trust Property, and no Shareholder shall have any right to participate in or exercise control or management power over the business and affairs of the Trust, and (c) the Board shall have the exclusive power to take or authorize any action within the powers of the Trust under the Act, the Certificate, this Declaration of Trust and the Bylaws, including the power to authorize or approve any action that would otherwise require the approval of one or more Shareholders under the Act. This Declaration of Trust shall be construed with the presumption in favor of the grant of power and authority to the Board. The enumeration and definition of particular powers of the Board included in this Declaration of Trust or the Bylaws shall in no way be limited or restricted by reference to or inference from the terms of this or any other provision of this Declaration of Trust or the Bylaws or construed or deemed by inference or otherwise in any manner to exclude or limit the powers conferred upon the Board under the general laws of the State of Maryland or any other law. Any determination regarding any matter within the powers of the Board or any construction of the Certificate, this Declaration of Trust or the Bylaws (including any construction of the Certificate, this Declaration of Trust or the Bylaws regarding the scope of the powers of the Board) made by the Board shall be conclusive.

&nbsp;&nbsp;&nbsp;&nbsp;The Board, without any action by the Shareholders, shall have and may exercise, on behalf of the Trust, without limitation, the power to adopt, amend and repeal the Bylaws, which may contain any provisions not inconsistent with the Act, the Certificate or this Declaration of Trust; the power to elect or appoint officers or other agents of the Trust in the manner provided

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in the Bylaws; to solicit proxies from Shareholders; to authorize the issuance of Shares in one or more classes and series; to authorize the declaration and payment of distributions; to cause the Trust to elect to qualify as a REIT and take such actions as may be necessary or appropriate to maintain such qualification; to cause the Trust to cease to qualify, or attempt to qualify, as a REIT; to determine that compliance with any restriction or limitation on Beneficial Ownership, Constructive Ownership or Transfers set forth in Article VIII is no longer required in order for the Trust to qualify as a REIT; and to do any other act and authorize the Trust to do any other act or enter into any agreement or other document necessary or appropriate to exercise the powers or effectuate the purposes of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;Section 6.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Number, Qualifications, and Independence of Trustees</u>. As of the date of this Declaration of Trust, the number of Trustees shall be seven (7), which number may thereafter be increased or decreased only by the Board pursuant to the Bylaws. No reduction in the number of Trustees shall cause the removal of any Trustee from office prior to the expiration of his or her term.

&nbsp;&nbsp;&nbsp;&nbsp;Each Trustee shall have at least three years of relevant experience demonstrating the knowledge and experience required to successfully acquire and manage the type of assets being acquired by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;Section 6.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Term and Election</u>. Each Trustee shall serve until his or her resignation, removal, death, adjudication of legal incompetence or the election and qualification of his or her successor. If for any reason a Trustee ceases to serve as a Trustee as provided in this Section 6.3, the Board shall elect his or her successor; *provided*, *however*, that if the Trustee is removed for cause as set forth in Section 6.4, the successor to the Trustee shall be elected by the Shareholders in the manner set forth in Article VII.

&nbsp;&nbsp;&nbsp;&nbsp;Section 6.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Resignation and Removal</u>. Any Trustee may resign by delivering his or her notice of resignation to the Board, effective upon execution and delivery of such notice or upon any future date specified in the notice. Any Trustee, or the entire Board, may be removed, at any time, but only for "cause" and then only by the affirmative vote of Shareholders entitled to cast at least two-thirds of the votes entitled to be cast generally in the election of Trustees. For the purpose of this paragraph, "cause" shall mean, with respect to any particular Trustee, conviction of a felony or a final judgment of a court of competent jurisdiction holding that such Trustee caused demonstrable, material harm to the Trust through bad faith or active and deliberate dishonesty.

&nbsp;&nbsp;&nbsp;&nbsp;Section 6.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Determinations by Board</u>. The determination as to any of the following matters by or pursuant to the direction of the Board and consistent with this Declaration of Trust shall be final and conclusive and shall be binding upon the Trust and every Shareholder: the amount of the net income of the Trust for any period and the amount of assets at any time legally available for the payment of dividends, redemption of Shares or the payment of other distributions to the Shareholders; the amount of paid-in surplus, net assets, other surplus, annual or other cash flow, net profit, net assets in excess of capital, undivided profits or excess of profits over losses on sales of assets; the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves or charges and the propriety thereof (whether or not any

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obligation or liability for which such reserves or charges shall have been created shall have been paid or discharged); any interpretation or resolution of any ambiguity with respect to any provision of this Declaration of Trust (including any of the terms, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of any class or series of Shares) or of the Bylaws; the fair value, or any sale, bid or asked price to be applied in determining the fair value, of any asset owned or held by the Trust or of any Shares; the number of outstanding Shares at any time or from time to time; the NAV of the Trust allocable to any class or series of Shares; any matter relating to the acquisition, holding or disposition of any assets by the Trust; any interpretation of the terms and conditions of one or more agreements with any Person, corporation, association, company, trust, partnership (limited or general) or other entity; the compensation of Trustees, officers, employees or agents of the Trust; or any other matter relating to the business and affairs of the Trust or required or permitted by law, this Declaration of Trust or otherwise to be determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;Section 6.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Title</u>. Legal title to all of the Trust Property shall at all times be vested in the Trust as a separate legal entity, except that the Board may cause legal title to any Trust Property to be held by, or in the name of one or more of the Trustees acting for and on behalf of the Trust, or in the name of any Person as nominee acting for and on behalf of the Trust. No Shareholder shall be deemed to have a severable ownership interest in any individual asset of the Trust, or any right of partition or possession thereof, but each Shareholder shall have, except as otherwise provided for herein, a proportionate, undivided beneficial interest in the Trust. The Trust, or at the determination of the Board, one or more of the Trustees or a nominee acting for and on behalf of the Trust, shall be deemed to hold legal title and beneficial ownership of any income earned on securities of the Trust issued by any business entities formed, organized, or existing under the laws of any jurisdiction, including the laws of any foreign country. If title to any part of the Trust Property is vested in one or more Trustees, the right, title and interest of the Trustees in the Trust Property shall vest automatically in each Person who may hereafter become a Trustee upon his or her due election and qualification. Upon the resignation, death or incapacity of a Trustee, he or she shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. To the extent permitted by law, such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

&nbsp;&nbsp;&nbsp;&nbsp;Section 6.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Service Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Advisory, Management and Administrative Services</u>. Subject to such requirements as may be set forth under federal or state law or in the Bylaws, the Board may, at any time and from time to time, contract for exclusive or non-exclusive advisory, management or administrative services for the Trust or for any series or class of Shares, with any corporation, trust, association, or other Person; and any such contract may contain such other terms as the Board may determine, including, payment of fees and authority for the investment adviser to the Trust to supervise and direct the investment of all assets held, and to determine from time to time without prior consultation with the Board what investments shall be purchased, held, sold, or

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exchanged and what portion, if any, of the assets of the Trust shall be held uninvested and to make changes in the Trust's investments; and authority for the investment adviser or the administrator of the Trust to delegate certain or all of its duties under such contracts to qualified investment advisers and administrators, or such other activities as may specifically be delegated to such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Underwriters</u>. The Board may retain underwriters or placement agents to sell Shares and other securities of the Trust. The Board may in its discretion from time to time authorize the Trust to enter into one or more contracts providing for the sale of securities of the Trust, whereby the Trust may either agree to sell such securities to the other party to the contract or appoint such other party its sales agent for such securities. In either case, the contract shall be on such terms and conditions as the Board may in its discretion determine to be not inconsistent with the provisions of this Article or the Bylaws; and such contract may also provide for the repurchase or sale of securities of the Trust by such other party as principal or as agent of the Trust and may provide that such other party may enter into selected dealer agreements with registered securities dealers and brokers and servicing and similar agreements with Persons who are not registered securities dealers to further the purposes of the distribution or repurchase of the securities of the Trust. Every such contract shall comply with such requirements and restrictions as may be set forth under federal or state law or regulation and the Bylaws, and any such contract may contain such other terms as the Board may determine.

&nbsp;&nbsp;&nbsp;&nbsp;Section 6.8&nbsp;&nbsp;&nbsp;&nbsp;<u>ERISA Matters</u>. Notwithstanding any other provision of this Declaration of Trust, the Board is authorized to take any action or refrain from taking any action which in its judgment is necessary or desirable in order to prevent the Trust or any Trust Property from being deemed to constitute Plan Assets of any Benefit Plan Investor.

&nbsp;&nbsp;&nbsp;&nbsp;Section 6.9&nbsp;&nbsp;&nbsp;&nbsp;<u>REIT Qualification</u>. If the Trust elects to qualify for federal income tax purposes as a REIT, the Board shall use its reasonable best efforts to take such actions as are necessary or appropriate to preserve the status of the Trust as a REIT; however, if the Board determines that it is no longer in the best interests of the Trust to attempt to, or continue to, qualify as a REIT, the Board may revoke or otherwise terminate the Trust's REIT election pursuant to Section 856(g) of the Code. The Board, in its sole and absolute discretion, also may (a) determine that compliance with any restriction or limitation on ownership of Shares and transfers of Shares set forth in Article VIII is no longer required for REIT qualification and (b) make any other determination or take any other action pursuant to Article VIII.

ARTICLE VII

SHARES OF BENEFICIAL INTEREST

&nbsp;&nbsp;&nbsp;&nbsp;Section 7.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Authorized Shares</u>. The beneficial interest in the Trust shall be divided into Shares. The Trust has authority to issue an unlimited number of Common Shares, an unlimited number of which are classified as Class S Common Shares, an unlimited number of which are classified as Class D Common Shares, an unlimited number of which are classified as Class I Common Shares and an unlimited number of which are classified as Class E Common Shares, and an unlimited number of Preferred Shares. Subject to the relative rights of any other

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class or series of Common Shares or Preferred Shares designated from time to time, the Common Shares and Preferred Shares shall have all of the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption of Common Shares or Preferred Shares as set forth herein. Subject to the provisions of Article VIII and the terms of any class or series of Shares at the time outstanding, the Board may, by amendment to this Article VII and without any action by the Shareholders, classify or reclassify any unissued Shares from time to time and set or change the number, par value, designations, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of the class or series of Shares. If Shares of one class or series are classified or reclassified into Shares of another class or series pursuant to this Article VII, then, except to the extent that the Trust is authorized to issue an unlimited number of Shares of any such class or series, the number of authorized Shares of the former class or series shall be automatically decreased and the number of authorized Shares of the latter class or series shall be automatically increased, in each case by the number of Shares so classified or reclassified.

&nbsp;&nbsp;&nbsp;&nbsp;Section 7.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Authorization by Board of Share Issuance</u>. The Board may authorize or cause the Trust to issue from time to time Shares of any class or series, whether now or hereafter authorized, or securities or rights convertible into Shares of any class or series, whether now or hereafter authorized, for such consideration, whether in cash, property, past or future services, obligation for future payment or otherwise, or without consideration (including in connection with a Share split or distribution of Shares), determined by the Board, subject to such restrictions or limitations, if any, as may be set forth in the Certificate or this Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;Section 7.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Conversion of Class S Common Shares, Class D Common Shares and Class E Common Shares</u>. At the Board's sole discretion, upon a determination by the Trust's dealer manager, transfer agent or other agent selected by the Board that total Upfront Sales Load and ongoing servicing fees paid with respect to such Shares in a Shareholder's account would exceed a limit agreed upon between such dealer manager and an applicable participating broker-dealer, each applicable Class S Common Share and Class D Common Share held in a Shareholder's account may automatically and without any action on the part of the holder thereof convert into a number of Class I Common Shares (including fractional Shares) with an equivalent NAV as such Class S Common Shares or Class D Common Shares. In addition, each Class S Common Share, Class D Common Share and Class E Common Share held in a Shareholder's account will automatically convert into a number of Class I Common Shares (including any fractional Shares) with an equivalent NAV as such share on the earliest of (a) a listing of Class I Common Shares or (b) the Trust's merger or consolidation with or into another entity or the sale or other disposition of all or substantially all Trust Property.

&nbsp;&nbsp;&nbsp;&nbsp;Section 7.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights Upon Liquidation</u>. In the event of any voluntary or involuntary liquidation, dissolution or winding up, or any distribution of the Trust Property, the aggregate assets of the Trust available for distribution to holders of the Common Shares shall be determined in accordance with applicable law. Immediately before any liquidation, dissolution or winding up, or any distribution of the Trust Property pursuant to a plan of liquidation, dissolution or winding up, Class S Common Shares, Class D Common Shares and Class E

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Common Shares will automatically convert to Class I Common Shares (including fractional shares) with an equivalent NAV as such Class S Common Shares, Class D Common Shares or Class E Common Shares, as the case may be. Following such conversion, the Trust Property available for distribution to holders of the Common Shares, or the proceeds therefrom, shall be distributed to each holder of Class I Common Shares ratably with each other holder of Class I Common Shares, in such proportion as the number of outstanding Class I Common Shares held by such holder bears to the total number of outstanding Class I Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;Section 7.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Voting Rights</u>. Except as may otherwise be specified in the terms of any class or series of Shares or as provided herein, each Share shall entitle the holder thereof to one vote on each matter upon which holders of Shares are entitled to vote. Except to the extent that the Trust directly or indirectly owns Shares in a fiduciary capacity, neither the Trust nor any entity of which the Trust is entitled to exercise a majority of the outstanding voting power may vote on any matter, and Shares held by the Trust or any such entity shall not be counted in determining the total number of votes entitled to be cast on any matter or at any time. Subject to the terms of any class or series of Shares then outstanding limiting or expanding the voting rights of such Shares, Shareholders shall be entitled to vote only on the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the removal of a Trustee for cause and the election of a successor Trustee as provided in Article VI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the amendment of this Declaration of Trust, to the extent provided in Section 10.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the merger, consolidation or conversion of the Trust or the transfer of all or substantially all of its assets, to the extent provided in Article XI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;such others matters as may be provided in the Bylaws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;such other matters that the Board has submitted to the Shareholders for approval or ratification.

Except with respect to the foregoing matters, no action taken by the Shareholders shall in any way bind the Trust or the Board. On any matter submitted to a vote of Shareholders, all Shares issued and outstanding shall, subject to applicable law, be voted as a single class in the aggregate and not by series or class, except with respect to any matter determined by the Board to affect Shareholders of any particular series or class in a material respect differently from the Shareholders of one or more other series or classes. With respect to such matters, Shareholders of each affected series or class shall have the power to vote as a separate series or class, as determined by the Board, and Shareholders that are not so affected shall not be entitled to vote. Unless a different proportion is specified in the Certificate, this Declaration of Trust or the Bylaws (and notwithstanding any different proportion of votes that may be specified in the Act to approve any matter), the affirmative vote of a plurality of the votes cast in the election of a Trustee shall be sufficient to elect any Trustee, and the affirmative vote of a majority of the votes cast at a meeting of Shareholders duly called and at which a quorum is present shall be sufficient to approve any other matter that may properly come before the Shareholders or such series or

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class of Shareholders at such meeting. There shall be no requirement to hold an annual meeting of the shareholders in any year.

&nbsp;&nbsp;&nbsp;&nbsp;Section 7.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividends and Distributions</u>. The Board may from time to time authorize or cause the Trust to pay such dividends or other distributions, including distributions of Distributable Foreign Tax Income as income, in cash or other Trust Property or in securities of the Trust or in any other form as the Board shall determine, and the amount and form of such dividends or other distributions may vary between the classes or series of Shares. The Board shall endeavor to cause the Trust to declare and pay such dividends and distributions as shall be necessary for the Trust to qualify under the Code as a REIT; however, Shareholders shall have no right to any dividend or distribution unless and until authorized by the Board and declared by the Trust, and then only at the time and in the amount and form authorized by the Board. Before payment of any dividends or other distributions, there may be set aside out of any funds of the Trust available for dividends or other distributions such amounts as the Board may from time to time reserve for any Trust purpose, and the Board may modify or abolish any such reserve. Distributions shall be made to the holders of Common Shares, *pro rata*, in proportion to the number of Common Shares held by each of them. Any action by the Board to cause the Trust to declare or pay any dividend or other distribution shall be conclusive evidence of the authorization by the Board of such distribution. The exercise of the powers and rights of the Board pursuant to this Section 7.6 shall be subject to the terms of any class or series of Shares at the time outstanding. The receipt by any Person in whose name any Shares are registered on the records of the Trust or by his or her duly authorized agent shall be a sufficient discharge for all dividends or other distributions payable or deliverable in respect of such Shares and from all liability to see to the application thereof.

&nbsp;&nbsp;&nbsp;&nbsp;Section 7.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Consent Dividends</u>. If the Board determines that consent dividends (within the meaning of Section 565 of the Code) with respect to a taxable year are necessary or appropriate to ensure or maintain the qualification of the Trust as a REIT for U.S. federal income tax purposes; to avoid the imposition of any U.S. federal income or excise tax; or for any other reason, the Board may require the holders of Common Shares and any other Persons to take any and all actions necessary or appropriate under the Code, any regulations promulgated thereunder, any court decision or any administrative interpretations of the U.S. Department of Treasury (including any U.S. Internal Revenue Service forms or other forms) to declare consent dividends sufficient to maintain REIT qualification and avoid U.S. federal income or excise tax or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;Section 7.8&nbsp;&nbsp;&nbsp;&nbsp;<u>General Nature of Shares</u>. All Shares shall be personal property entitling the Shareholder only to those rights provided in the Certificate, this Declaration of Trust and the Bylaws. The rights of all Shareholders and the terms of all Shares are subject to the provisions of the Certificate, this Declaration of Trust and the Bylaws. The Shareholders shall have no interest in Trust Property and shall have no right to compel any partition, division, dividend or distribution of the Trust or Trust Property. The death of a Shareholder shall not terminate the Trust. The Trust is entitled to treat as Shareholders only those Persons in whose names Shares are registered as holders of Shares on the beneficial interest ledger of the Trust. Notwithstanding any other provision in this Declaration of Trust, no determination shall be made by the Board nor

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shall any transaction be entered into by the Trust which would cause any Shares or other beneficial interests in the Trust not to constitute "transferable shares" or "transferable certificates of beneficial interest" under Section 856(a)(2) of the Code. Each Share, whether or not evidenced by a certificate, shall constitute a "security" within the meaning of, and shall be governed by, (a) Article 8 of the Maryland Uniform Commercial Code (including Section 8-102(a)(l5) thereof) as in effect and as it may be amended or superseded from time to time, and (b) Article 8 of the Uniform Commercial Code of any other applicable jurisdiction that now or hereafter substantially includes the 1994 revisions to Article 8 thereof as adopted by the American Law Institute and the National Conference of Commissioners on Uniform State Laws and approved by the American Bar Association on February 14, 1995 or any successor uniform act or law in effect in the State of Maryland from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;Section 7.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Fractional Shares</u>. The Trust may, without the consent or approval of any Shareholder, issue fractional Shares, eliminate any outstanding fraction of a Share by rounding up to a full Share, arrange for the disposition of a fraction of a Share by the Person entitled to it or pay cash for the fair value of a fraction of a Share.

Section 7.10&nbsp;&nbsp;&nbsp;&nbsp;<u>Mandatory Repurchases</u>. The Trust may, at the Board's sole discretion, repurchase all of a Shareholder's Shares, without the consent of such Shareholder, if continued ownership of Shares by such Shareholder may be harmful or injurious to the Trust's business or reputation or the business or reputation of the Board, the Sponsor or any of their Affiliates, or may subject the Trust or any Shareholder to an undue risk of adverse tax or other fiscal or regulatory consequences, including with respect to any applicable sanctions, anti-money laundering or anti-terrorist laws, rules, regulations, directives or special measures.

&nbsp;&nbsp;&nbsp;&nbsp;Section 7.11&nbsp;&nbsp;&nbsp;&nbsp;<u>No Issuance of Share Certificates</u>. Unless otherwise provided by the Board, the Trust shall not issue Share certificates. A Shareholder's investment shall be recorded on the books of the Trust. To transfer his, her or its Shares, a Shareholder shall submit an executed form to the Trust, which form shall be provided by the Trust upon request. Such transfer will also be recorded on the books of the Trust. Upon issuance or Transfer of Shares, the Trust will provide the Shareholder with information concerning his, her or its rights with regard to such Shares, as required by this Declaration of Trust, the Bylaws or applicable law.

ARTICLE VIII

RESTRICTIONS ON OWNERSHIP AND TRANSFER OF SHARES

&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Ownership Limitations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Basic Restrictions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; (1) No Person, other than an Excepted Holder, shall Beneficially Own or Constructively Own Shares in excess of the Aggregate Share Ownership Limit, (2) no Person, other than an Excepted Holder, shall Beneficially Own or Constructively

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Own Common Shares in excess of the Common Share Ownership Limit and (3) no Excepted Holder shall Beneficially Own or Constructively Own Shares in excess of the Excepted Holder Limit applicable to such Excepted Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;No Person shall Beneficially Own or Constructively Own Shares to the extent that such Beneficial Ownership or Constructive Ownership of Shares would result in the Trust being "closely held" within the meaning of Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year), or otherwise failing to qualify as a REIT (including Beneficial Ownership or Constructive Ownership that would result in the Trust owning (actually or Constructively) an interest in a tenant that is described in Section 856(d)(2)(B) of the Code if the income derived by the Trust from such tenant would cause the Trust to fail to satisfy any of the gross income requirements of Section 856(c) of the Code).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Any purported Transfer that, if effective, would result in Shares being beneficially owned by fewer than 100 Persons (determined under the principles of Section 856(a)(5) of the Code) shall be void *ab initio*, and the purported Transferee shall acquire no rights in such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer in Trust</u>. If any Transfer occurs which, if effective, would result in any Person Beneficially Owning or Constructively Owning Shares in violation of Section 8.1.1(a)(i) or (ii), then that number of Shares the Beneficial Ownership or Constructive Ownership of which otherwise would cause such Person to violate Section 8.1.1(a)(i) or (ii) (rounded up to the nearest whole Share) shall be automatically Transferred to a Charitable Trust for the exclusive benefit of a Charitable Beneficiary, as described in Section 8.2, effective as of the close of business on the Business Day prior to the date of such purported Transfer, and such Person shall acquire no rights in such Shares. If the Transfer to the Charitable Trust described in this Section 8.1.1(b) would not be effective for any reason to prevent the violation of Section 8.1.1(a)(i) or (ii), or would not prevent the Trust from failing to qualify as a REIT, then the Transfer of that number of Shares that otherwise would cause any Person to violate Section 8.1.1(a)(i) or (ii) shall be void *ab initio,* and the intended Transferee shall acquire no rights in such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;To the extent that, upon a Transfer pursuant to this Section 8.1.1(b), a violation of any provision of this Article VIII would nonetheless be continuing (for example where the ownership of Shares by a single Charitable Trust would violate the 100-shareholder requirement applicable to REITs), then Shares shall be Transferred to that number of Charitable Trusts, each having a distinct Charitable Trustee and a Charitable Beneficiary or Beneficiaries that are distinct from those of each other Charitable Trust, such that there is no violation of any provision of this Article VIII.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies for Breach</u>. If the Board or its designee (including any duly authorized committee of the Board) shall at any time determine that a Transfer or other event has taken place that results in a violation of Section 8.1.1 or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any Shares that would result in a violation of Section 8.1.1 (whether or not such violation is

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intended), the Board or its designee shall take or cause to be taken such action as it deems necessary or advisable to refuse to give effect to or to prevent such Transfer or other event, including causing the Trust to redeem Shares, refusing to give effect to such Transfer on the books of the Trust or instituting proceedings to enjoin such Transfer or other event; *provided*, *however*, that any Transfers or attempted Transfers or other events in violation of Section 8.1.1 shall automatically result in the Transfer to the Charitable Trust described above, or, where applicable, such Transfer (or other event) shall be void *ab initio* as provided above irrespective of any action (or non-action) by the Board or its designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice of Restricted Transfer</u>. Any Person who acquires or attempts or intends to acquire Beneficial Ownership or Constructive Ownership of Shares that will or may violate Section 8.1.1(a), or any Person who would have owned Shares that resulted in a Transfer to the Charitable Trust pursuant to the provisions of Section 8.1.1(b), shall immediately give written notice to the Trust of such event or, in the case of such a proposed or attempted transaction, give at least 15 days prior written notice, and shall provide to the Trust such other information as the Trust may request in order to determine the effect, if any, of such Transfer on the Trust's qualification as a REIT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Owners Required To Provide Information</u>. From the Initial Date and prior to the Restriction Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;every owner of more than five percent (or such lower percentage as required by the Code or the Treasury Regulations promulgated thereunder or as otherwise required by the Board) of the outstanding Shares, within 30 days after the end of each taxable year, shall give written notice to the Trust stating the name and address of such owner, the number of Shares held of record and other Shares Beneficially Owned and a description of the manner in which such Shares are held; *provided*, that a Shareholder of record who holds outstanding Shares as nominee for an Actual Owner, shall give written notice to the Trust stating the name and address of such Actual Owner and the number of Shares of such Actual Owner with respect to which the Shareholder of record is nominee. Each such owner shall provide to the Trust such additional information as the Trust may request in order to determine the effect, if any, of such Beneficial Ownership on the Trust's qualification as a REIT and to ensure compliance with this Article VIII.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;each Person who is a Beneficial Owner or Constructive Owner of Shares and each Person (including the Shareholder of record) who is holding Shares for a Beneficial Owner or Constructive Owner shall provide to the Trust such information as the Trust may request, in good faith, in order to determine the Trust's qualification as a REIT and to comply with requirements of any taxing authority or governmental authority or to determine such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies Not Limited</u>. Subject to Section 6.1, nothing contained in this Section 8.1 shall limit the authority of the Board to take such other action as it deems necessary or advisable to protect the Trust and the interests of the Shareholders in preserving the Trust's qualification as a REIT.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Ambiguity</u>. In the case of an ambiguity in the application of any of the provisions of this Section 8.1, Section 8.2 or any definition contained in Article V, the Board shall have the power to determine the application of the provisions of this Section 8.1 or Section 8.2 with respect to any situation based on the facts known to it. If Section 8.1 or Section 8.2 requires an action by the Board and this Declaration of Trust fails to provide specific guidance with respect to such action, the Board shall have the power to determine the action to be taken so long as such action is not contrary to the provisions of Section 8.1 or Section 8.2. Absent a decision to the contrary by the Board (which the Board makes in its sole and absolute discretion), if a Person would have (but for the remedies set forth in Section 8.1.2) acquired Beneficial Ownership or Constructive Ownership of Shares in violation of Section 8.1.1, such remedies (as applicable) shall apply first to the Shares which, but for such remedies, would have been Beneficially Owned or Constructively Owned (but not actually owned) by such Person, *pro rata* among the Persons who actually own such Shares based upon the relative number of Shares held by each such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Exceptions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section 8.1.1(a)(ii), the Board may except (prospectively or retroactively) a Person from the Aggregate Share Ownership Limit or the Common Share Ownership Limit, or both, and may establish or increase an Excepted Holder Limit for such Person if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the Board obtains such representations and undertakings from such Person as are reasonably necessary for the Board to ascertain that no individual's Beneficial Ownership or Constructive Ownership of such Shares will violate Section 8.1.1(a)(ii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;such Person does not and represents that it will not own, actually or Constructively, an interest in a tenant of the Trust (or a tenant of any entity owned or controlled by the Trust) that would cause the Trust to own, actually or Constructively, more than a 9.9% interest (as set forth in Section 856(d)(2)(B) of the Code) in such tenant and the Board obtains representations and undertakings from such Person as are reasonably necessary to ascertain this fact (for this purpose, a tenant from whom the Trust (or an entity owned or controlled by the Trust) derives (and is expected to continue to derive) a sufficiently small amount of revenue such that, in the judgment of the Board, rent from such tenant would not adversely affect the Trust's ability to qualify as a REIT, shall not be treated as a tenant of the Trust); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;such Person agrees that any violation or attempted violation of such representations or undertakings (or other action which is contrary to the restrictions contained in Sections 8.1.1 through 8.1.6) will result in the Shares being automatically transferred to a Charitable Trust in accordance with Sections 8.1.1(b) and 8.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Prior to granting any exception pursuant to Section 8.1.7(a), the Board may require a ruling from the Internal Revenue Service, or an opinion of counsel, in either case in form and substance satisfactory to the Board in its sole discretion, as it

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may deem necessary or advisable in order to determine or ensure the Trust's qualification as a REIT. Notwithstanding the receipt of any ruling or opinion, the Board may impose such conditions or restrictions as it deems appropriate in connection with granting such exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section 8.1.1(a)(ii), an underwriter, placement agent or initial purchaser which participates in a public offering or a private placement of Shares (or securities convertible into or exchangeable for Shares) may Beneficially Own or Constructively Own Shares (or securities convertible into or exchangeable for Shares) in excess of the Aggregate Share Ownership Limit or the Common Share Ownership Limit, or both such limits, but only to the extent necessary to facilitate such public offering or private placement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Board may only reduce the Excepted Holder Limit for an Excepted Holder: (i) with the written consent of such Excepted Holder at any time, (ii) unless the terms and conditions of the agreements and undertakings entered into with such Excepted Holder in connection with the establishment of the Excepted Holder Limit for such Excepted Holder provide otherwise, at any time after the Excepted Holder no longer Beneficially Owns or Constructively Owns Shares in excess of the Aggregate Share Ownership Limit or the Common Share Ownership Limit, or (iii) pursuant to the terms and conditions of the agreements and undertakings entered into with such Excepted Holder in connection with the establishment of the Excepted Holder Limit for such Excepted Holder. No Excepted Holder Limit shall be reduced to a percentage that is less than the Aggregate Share Ownership Limit.

&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1.8 <u>Increase or Decrease in Aggregate Share Ownership Limit or Common Share Ownership Limit</u>. The Board may from time to time increase or decrease the Aggregate Share Ownership Limit or the Common Share Ownership Limit for one or more Persons and increase or decrease the Aggregate Share Ownership Limit or the Common Share Ownership Limit for all other Persons. No decreased Aggregate Share Ownership Limit or Common Share Ownership Limit will be effective for any Person whose percentage of ownership of Shares is in excess of such decreased Aggregate Share Ownership Limit or Common Share Ownership Limit, as applicable, until such time as such Person's percentage of ownership of Shares equals or falls below the decreased Aggregate Share Ownership Limit or Common Share Ownership Limit, as applicable; *provided*, *however*, that any further acquisition of Shares by any such Person (other than a Person for whom an exception has been granted pursuant to Section 8.1.7(a) or an Excepted Holder) in excess of the Shares owned by such Person on the date the decreased Aggregate Share Ownership Limit or Common Share Ownership Limit became effective will violate the Aggregate Share Ownership Limit or Common Share Ownership Limit. No increase of the Aggregate Share Ownership Limit or Common Share Ownership Limit may be approved if the new Aggregate Share Ownership Limit or Common Share Ownership Limit would allow five or fewer Persons to Beneficially Own, in the aggregate, more than 49.9% in value of the outstanding Shares or otherwise cause the Trust to fail to qualify as a REIT. Prior to increasing or decreasing the Aggregate Share Ownership Limit or Common Share Ownership Limit pursuant to this Section 8.1.8, the Board may require such opinions of counsel, affidavits, undertakings or agreements, in form and substance satisfactory to the Board, as it may deem necessary or advisable in order to determine or ensure the Trust's qualification as a REIT.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.1.9&nbsp;&nbsp;&nbsp;&nbsp;<u>Legend</u>. Each certificate or notice in lieu of any certificate, if any, for Shares shall bear a legend summarizing the restrictions on ownership and Transfer contained herein. Instead of a legend, the certificate, if any, may state that the Trust will furnish a full statement about certain restrictions on Transferability to a Shareholder on request and without charge.

&nbsp;&nbsp;&nbsp;&nbsp;Section 8.2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Transfer of Shares in Trust</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.2.1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Ownership in Trust</u>. Upon any purported Transfer or other event described in Section 8.1.1 that would result in a Transfer of Shares to a Charitable Trust, such Shares shall be deemed to have been Transferred to the Charitable Trustee as trustee of a Charitable Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such Transfer to the Charitable Trustee shall be deemed to be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results in the Transfer to the Charitable Trust pursuant to Section 8.1.1(b). Each Charitable Beneficiary shall be designated by the Trust as provided in Section 8.2.7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.2.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Status of Shares Held by the Charitable Trustee</u>. Shares held by the Charitable Trustee shall be issued and outstanding Shares. The Prohibited Owner shall have no rights in the Shares held by the Charitable Trustee. The Prohibited Owner shall not benefit economically from ownership of any Shares held by the Charitable Trustee, shall have no rights to dividends or other distributions and shall not possess any rights to vote or other rights attributable to the Shares held by the Charitable Trustee. The Prohibited Owner shall have no claim, cause of action, or any other recourse whatsoever against the purported Transferor of such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.2.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Dividend and Voting Rights</u>. The Charitable Trustee shall have all voting rights and rights to dividends or other distributions with respect to Shares held in the Charitable Trust, which rights shall be exercised for the exclusive benefit of the Charitable Beneficiary. Any dividend or other distribution paid prior to the discovery by the Trust that Shares have been Transferred to the Charitable Trustee shall be paid with respect to such Shares to the Charitable Trustee upon demand and any dividend or other distribution authorized but unpaid shall be paid when due to the Charitable Trustee. Any dividends or distributions so paid over to the Charitable Trustee shall be held in trust for the Charitable Beneficiary. The Prohibited Owner shall have no voting rights with respect to Shares held in the Charitable Trust and, subject to Maryland law, effective as of the date that Shares have been Transferred to the Charitable Trustee, the Charitable Trustee shall have the authority (at the Charitable Trustee's sole discretion) (a) to rescind as void any vote cast by a Prohibited Owner prior to the discovery by the Trust that Shares have been Transferred to the Charitable Trustee and (b) to recast such vote in accordance with the desires of the Charitable Trustee acting for the benefit of the Charitable Beneficiary; *provided, however*, that if the Trust has already taken irreversible trust action, then the Charitable Trustee shall not have the authority to rescind and recast such vote. Notwithstanding the provisions of this Article VIII, until the Trust has received notification that Shares have been Transferred into a Charitable Trust, the Trust shall be entitled to rely on its Share Transfer and other Shareholder records for purposes of preparing lists of Shareholders

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entitled to vote at meetings, determining the validity and authority of proxies and otherwise conducting votes of Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.2.4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights Upon Dissolution</u>. Upon any voluntary or involuntary liquidation, dissolution or winding up of the Trust or any distribution of the Trust Property, the Charitable Trustee shall be entitled to receive, ratably with each other holder of Shares of the class or series of Shares that is held in the Charitable Trust, that portion of the Trust Property available for distribution to the holders of Shares of such class or series (determined based upon the ratio that the number of Shares of such class or series of Shares held by the Charitable Trustee bears to the total number of Shares of such class or series of Shares then outstanding). The Charitable Trustee shall distribute any such Trust Property received in respect of the Shares held in the Charitable Trust in any liquidation, dissolution or winding up of, or distribution of the Trust Property, in accordance with Section 8.2.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.2.5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Sale of Shares by Charitable Trustee</u>. Within 20 days of receiving notice from the Trust that Shares have been Transferred to the Charitable Trust, the Charitable Trustee shall sell the Shares held in the Charitable Trust to a Person, designated by the Charitable Trustee, whose ownership of the Shares will not violate the ownership limitations set forth in Section 8.1.1(a). Upon such sale, the interest of the Charitable Beneficiary in the Shares sold shall terminate and the Charitable Trustee shall distribute the net proceeds of the sale to the Prohibited Owner and to the Charitable Beneficiary as provided in this Section 8.2.5. The Prohibited Owner shall receive the lesser of (a) the price paid by the Prohibited Owner for the Shares or, if the event causing the Shares to be held in the Charitable Trust did not involve a purchase of such Shares at Market Price, the Market Price of the Shares on the day of the event causing the Shares to be held in the Charitable Trust and (b) the price per Share received by the Charitable Trustee (net of any commissions and other expenses) from the sale or other disposition of the Shares held in the Charitable Trust. The Charitable Trustee may reduce the amount payable to the Prohibited Owner by the amount of dividends and distributions which have been paid to the Prohibited Owner and are owed by the Prohibited Owner to the Charitable Trustee pursuant to Section 8.2.3. Any net sales proceeds in excess of the amount payable to the Prohibited Owner and any other amounts received by the Charitable Trustee with respect to such Shares shall be immediately paid to the Charitable Beneficiary. If, prior to the discovery by the Trust that Shares have been Transferred to the Charitable Trustee, such Shares are sold by a Prohibited Owner, then (i) such Shares shall be deemed to have been sold on behalf of the Charitable Trust and (ii) to the extent that the Prohibited Owner received an amount for such Shares that exceeds the amount that such Prohibited Owner was entitled to receive pursuant to this Section 8.2.5, such excess shall be paid to the Charitable Trustee upon demand for payment to the Charitable Beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.2.6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Purchase Right in Shares Transferred to the Charitable Trustee</u>. Shares Transferred to the Charitable Trustee shall be deemed to have been offered for sale to the Trust, or its designee, at a price per Share equal to the lesser of (a) the price per Share in the transaction that resulted in such Transfer to the Charitable Trust (or, if the event that resulted in the Transfer to the Charitable Trust did not involve a purchase of such Shares at Market Price, the Market Price of such Shares on the day of the event that resulted in the Transfer of such

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Shares to the Charitable Trust) and (b) the Market Price on the date the Trust, or its designee, accepts such offer. The Trust may reduce the amount payable to the Prohibited Owner by the amount of dividends and distributions which have been paid to the Prohibited Owner and are owed by the Prohibited Owner to the Charitable Trustee pursuant to Section 8.2.3. The Trust may pay the amount of such reduction to the Charitable Trustee for the benefit of the Charitable Beneficiary. The Trust shall have the right to accept such offer until the Charitable Trustee has sold the Shares held in the Charitable Trust pursuant to Section 8.2.5. Upon such a sale to the Trust, the interest of the Charitable Beneficiary in the Shares sold shall terminate and the Charitable Trustee shall distribute the net proceeds of the sale to the Prohibited Owner and any other amounts held by the Charitable Trustee with respect to such Shares to the Charitable Beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section 8.2.7&nbsp;&nbsp;&nbsp;&nbsp;<u>Designation of Charitable Beneficiaries</u>. By written notice to the Charitable Trustee, the Trust shall designate one or more nonprofit organizations to be the Charitable Beneficiary of the interest in the Charitable Trust such that (a) Shares held in the Charitable Trust would not violate the restrictions set forth in Section 8.1.1(a) in the hands of such Charitable Beneficiary and (b) each such organization must be described in Section 501(c)(3) of the Code and contributions to each such organization must be eligible for deduction under each of Sections 170(b)(1)(A), 2055 and 2522 of the Code. Neither the failure of the Trust to make such designation nor the failure of the Trust to appoint the Charitable Trustee before the automatic Transfer provided for in Section 8.1.1 shall make such Transfer ineffective, *provided*, that the Trust thereafter makes such designation and appointment.

&nbsp;&nbsp;&nbsp;&nbsp;Section 8.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Enforcement</u>. The Trust is authorized specifically to seek equitable relief, including injunctive relief, to enforce the provisions of this Article VIII.

&nbsp;&nbsp;&nbsp;&nbsp;Section 8.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Waiver</u>. No delay or failure on the part of the Trust or the Board in exercising any right hereunder shall operate as a waiver of any right of the Trust or the Board, as the case may be, except to the extent specifically waived in writing.

ARTICLE IX

LIABILITY, INDEMNIFICATION AND RELATED-PARTY TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;Section 9.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation of Shareholder Liability</u>. No Shareholder shall be liable for any debt, claim, demand, judgment or obligation of any kind of, against or with respect to the Trust by reason of being a Shareholder, nor shall any Shareholder be subject to any personal liability whatsoever, in tort, contract or otherwise, to any Person in connection with the property or affairs of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;Section 9.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation of Trustee and Officer Liability</u>. To the maximum extent that Maryland law in effect from time to time permits limitation of the liability of trustees and officers of a statutory trust, no Covered Person shall be liable to the Trust or to any Shareholder for money damages. Neither the amendment nor repeal of this Section 9.2, nor the adoption or amendment of any other provision of this Declaration of Trust inconsistent with this Section 9.2,

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shall apply to or affect in any respect the applicability of the preceding sentence with respect to any act or failure to act that occurred prior to such amendment, repeal or adoption.

&nbsp;&nbsp;&nbsp;&nbsp;Section 9.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification</u>. To the maximum extent permitted by Maryland law in effect from time to time, the Trust shall indemnify any Covered Person (including among the foregoing, for all purposes of this Article IX, any individual or entity who, while serving as the Covered Person and, at the request of the Trust, serves or has served any other enterprise in any management or agency capacity) against any claim or liability to which such Covered Person may become subject by reason of such status, except for liability (a) for such Covered Person's gross negligence or intentional misconduct; (b) for any material breach of the Certificate or this Declaration of Trust by such Covered Person; and (c) arising out of an internal dispute among the Sponsor, its Affiliates, and their respective officers, partners, directors, shareholders, members or employees. In addition, the Trust shall, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse, in advance of final disposition of a proceeding, reasonable expenses incurred by a present or former Covered Person or Shareholder made a party to or witness in a proceeding by reason such status, *provided*, that in the case of a Covered Person, the Trust shall have received (i) a written affirmation by the Covered Person of the Covered Person's good faith belief that the Covered Person has met the applicable standard of conduct necessary for indemnification by the Trust pursuant to this Section 9.3 and (ii) a written undertaking by or on behalf of the Covered Person to repay the amount paid or reimbursed by the Trust if it shall ultimately be determined that the applicable standard of conduct was not met. Notwithstanding the foregoing, the Trust shall not be required to indemnify or advance funds to any Person entitled to indemnification hereunder (x) with respect to any action initiated or brought voluntarily by such indemnified Person (and not by way of defense) unless (I) approved or authorized by the Board or (II) incurred to establish or enforce such Person's right to indemnification hereunder, or (y) in connection with any claim with respect to which such Person is found to be liable to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;Any indemnification or payment or reimbursement of the expenses permitted by this Declaration of Trust shall be furnished in accordance with the procedures provided for indemnification or advance or reimbursement of expenses, as the case may be, under Section 2-418 of the MGCL (or any successor provision thereto) for directors of Maryland corporations.

&nbsp;&nbsp;&nbsp;&nbsp;Neither the amendment nor repeal of this Article IX, nor the adoption or amendment of any other provision of this Declaration of Trust inconsistent with this Article, shall apply to or affect in any respect the applicability of this Section 9.3 with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption. The rights to indemnification and advance of expenses provided by this Declaration of Trust shall vest immediately upon a Person or entity becoming a Covered Person or a Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;Section 9.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Transactions between the Trust and its Trustees, Officers, Employees and Agents</u>. Subject to any express restrictions in the Certificate or this Declaration of Trust or adopted by the Board, the Trust may enter into any contract or transaction of any kind, including for the purchase or sale of property or for any type of services, including those in connection with the offer or sale of securities of the Trust, with any Person, including any Covered Person or

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any Person Affiliated with a Covered Person, whether or not any of them has a financial interest in such transaction. The procedures and presumptions set forth in Section 2-419 of the MGCL (or any successor provision thereto) shall be available for and apply to any contract or other transaction between the Trust and any Trustee or between the Trust and any other trust, corporation, firm or other entity in which a Trustee is a trustee or director or has a material financial interest.

&nbsp;&nbsp;&nbsp;&nbsp;Section 9.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Duties of Covered Persons</u>. Any Covered Person may have business interests and engage in business activities similar to, in addition to or in competition with those of or relating to the Trust. Each Trustee shall have the same duties as those of a director on the board of directors of a corporation organized under the MGCL. No Trustee shall have any duties, including fiduciary duties under the common law of trusts, or be subject to any duties or other standard of conduct, other than as set forth in the preceding sentence. Any action or failure to act by the Trustee shall be presumed to be in accordance with the duties described in this Section 9.5, and any Person alleging the contrary shall bear the burden of proof that the action or failure to act was not consistent with such duties. Each Trustee shall, in the performance of his or her duties with respect to the Trust, be entitled to rely on any information, opinion, report or statement, including any financial statement or other financial data, prepared or presented by an officer or employee of the Trust whom the Trustee reasonably believes to be reliable and competent in the matters presented or by a lawyer, certified public accountant or other Person as to a matter which the Trustee reasonably believes to be within the Person's professional or expert competence.

&nbsp;&nbsp;&nbsp;&nbsp;Section 9.6&nbsp;&nbsp;&nbsp;&nbsp;<u>Corporate Opportunities</u>. If any Affiliated Person or the Sponsor or any of its Affiliates acquires knowledge of a potential business opportunity, the Trust renounces, on its behalf and on behalf of its subsidiaries, any potential interest or expectation in, or right to be offered or to participate in, such business opportunity to the maximum extent permitted from time to time by Maryland law. Accordingly, to the maximum extent permitted from time to time by Maryland law (a) no Affiliated Person is required to present, communicate or offer any business opportunity to the Trust or any of its subsidiaries and (b) the Affiliated Person, on his or her own behalf or on behalf of the Sponsor or any of its Affiliates, shall have the right to hold and exploit any business opportunity, or to direct, recommend, offer, sell, assign or otherwise transfer such business opportunity to any Person or entity other than the Trust and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;The taking by an Affiliated Person for himself or herself, or the offering or other transfer to another Person or entity, of any potential business opportunity, whether pursuant to this Declaration of Trust or otherwise, shall not constitute, or be construed or interpreted as, an act or omission of gross negligence or intentional misconduct.

ARTICLE X

AMENDMENT

&nbsp;&nbsp;&nbsp;&nbsp;Section 10.1&nbsp;&nbsp;&nbsp;&nbsp;<u>General</u>. The Trust reserves the right from time to time to make any amendment to the Certificate or this Declaration of Trust now or hereafter authorized by law,

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including any amendment altering the terms or contract rights, as expressly set forth in the Declaration, of any outstanding Shares. The Certificate or this Declaration of Trust may be amended only as provided in this Article X. The merger or consolidation of the Trust with another Person, the dissolution of the Trust or any other transaction between the Trust and another Person in which the Trust does not survive as a separate entity shall not be considered an amendment to this Declaration of Trust for purposes of this Article X.

&nbsp;&nbsp;&nbsp;&nbsp;Section 10.2&nbsp;&nbsp;&nbsp;&nbsp;<u>By Board</u>. Except as expressly provided in the Certificate, Section 10.3 or in the terms of any class or series of Shares, this Declaration of Trust may be amended by the Board, without any action by the Shareholders. Except as may otherwise be expressly provided in the Certificate, the Certificate may be amended only by the Board, without any action or approval by the Shareholders, including amendments for clarity, that cure any ambiguity, or cure, correct or supplement any defective provision contained herein, or add or change any other provisions with respect to matters or questions arising under this Declaration of Trust as the Board may deem necessary or desirable and that the Board determines does not materially and adversely affect the contract rights of outstanding Shares.

&nbsp;&nbsp;&nbsp;&nbsp;Section 10.3&nbsp;&nbsp;&nbsp;&nbsp;<u>By Shareholders</u>. Amendments to this Declaration of Trust that the Board determines would, viewed as a whole, materially and adversely affect the contract rights of outstanding Shares, but excluding amendments of the type specified in (a) Section 7.1 of this Declaration of Trust or (b) Section 2-605 of the MGCL (both of which shall not require approval of any Shareholder), must be approved by the Board and Shareholders entitled to cast a majority of the votes entitled to be cast on the matter.

ARTICLE XI

MERGER, CONSOLIDATION OR SALE OF TRUST PROPERTY

&nbsp;&nbsp;&nbsp;&nbsp;The Trust may (a) merge with or into or convert into another entity, (b) consolidate with one or more other entities into a new entity or (c) transfer all or substantially all of the Trust Property to another Person. Subject to the terms of any series or class of Shares at the time outstanding, any such action must be approved by the Board and, unless such action could be taken by a Maryland corporation without the approval of its Shareholders pursuant to Subtitle 1 of Title 3 of the MGCL, Shareholders entitled to cast a majority of all of the votes entitled to be cast on the matter. Notwithstanding the foregoing, a transfer of all or substantially all of the Trust Property to another Person in connection with a dissolution of the Trust as approved by the Board pursuant to Section 12.2 shall not require the approval of the Shareholders.

ARTICLE XII

DURATION OF TRUST

&nbsp;&nbsp;&nbsp;&nbsp;Section 12.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Duration</u>. The Trust shall continue perpetually unless dissolved pursuant to Section 12.2 or pursuant to any applicable provision of the Act. No Shareholder or other Person shall have any right to petition a court for judicial dissolution of the Trust.

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&nbsp;&nbsp;&nbsp;&nbsp;Section 12.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Dissolution</u>. Subject to the terms of any class or series of Shares at the time outstanding, the Trust may be dissolved with the approval of the Board.

ARTICLE XIII

CONFLICTS OF INTEREST

Section 13.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Sales and Leases to the Trust</u>. The Trust may purchase or lease an asset or assets from the Sponsor, a Trustee or any Affiliate thereof only upon a finding by a majority of Trustees (including a majority of Independent Trustees) not otherwise interested in the transaction that such transaction is fair and reasonable to the Trust and at a price to the Trust no greater than the cost of the asset to such Sponsor, Trustee or Affiliate or, if the price to the Trust is in excess of such cost, that substantial justification for such excess exists and such excess is reasonable. In no event shall the purchase price paid by the Trust for any such asset exceed the asset's current appraised value.

Section 13.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Sales and Leases to the Sponsor, Trustee or Affiliates</u>. The Sponsor, a Trustee or any Affiliate thereof may purchase or lease an asset or assets from the Trust only if a majority of Trustees (including a majority of Independent Trustees) not otherwise interested in the transaction determine that the transaction is fair and reasonable to the Trust.

Section 13.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Transactions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Trust may make loans to the Sponsor, a Trustee or any Affiliate thereof (except loans to wholly owned subsidiaries of the Trust, which, for the avoidance of doubt, do not require approval of the Board or the Independent Trustees) only if a majority of Trustees (including a majority of Independent Trustees) not otherwise interested in the transaction determine that the transaction is fair and reasonable to the Trust. This restriction on loans applies only to advances of cash that are commonly viewed as loans, as determined by the Board, and does not apply to advances of cash for legal expenses or other costs incurred as a result of any legal action for which indemnification is being sought nor does it limit the Trust's ability to advance reimbursable expenses incurred by Trustees or officers or the Sponsor or its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Trust may not borrow money from the Sponsor, a Trustee or any Affiliate thereof, unless approved by a majority of the Trustees (including a majority of the Independent Trustees) not otherwise interested in such transaction as fair, competitive, and commercially reasonable, and on terms no less favorable to the Trust than comparable loans between unaffiliated third parties under the same circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Trust may not engage in any other transaction with the Sponsor, a Trustee or any Affiliate thereof unless a majority of the Trustees (including a majority of the Independent Trustees) not otherwise interested in such transaction approve such transaction as

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fair and reasonable to the Trust and on terms and conditions no less favorable to the Trust than those available from unaffiliated third parties.

&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Trust may not invest in joint ventures with the Sponsor, one or more Trustees or any Affiliate thereof, unless a majority of Trustees (including a majority of Independent Trustees) not otherwise interested in the transaction approve such investment as being fair and reasonable to the Trust and on substantially the same terms and conditions as, or more favorable than, those received by other joint venturers.

ARTICLE XIV

MISCELLANEOUS

&nbsp;&nbsp;&nbsp;&nbsp;Section 14.1&nbsp;&nbsp;&nbsp;&nbsp;<u>Certificate of Trust</u>. In the event of any conflict between the provisions of the Certificate and this Declaration of Trust, the provisions of the Certificate shall control.

&nbsp;&nbsp;&nbsp;&nbsp;Section 14.2&nbsp;&nbsp;&nbsp;&nbsp;<u>Inspection</u>. Any Shareholder shall be entitled to examine the Trust's books and records to the extent permitted by Section 12-305(a) of the Act, but only if, and to the extent, approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;Section 14.3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights of Objecting Shareholders; Derivative Claims</u>. Shareholders shall not be entitled to exercise any appraisal rights or rights analogous to those of an objecting stockholder provided for under Title 3, Subtitle 2 of the MGCL (or any successor provision thereto). A Shareholder shall not be entitled to recover a judgment in favor of the Trust, assert any claim in the name of the Trust or bring any other action that is derivative in nature without the approval of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;Section 14.4&nbsp;&nbsp;&nbsp;&nbsp;<u>Organization and Offering Expenses</u>. The Trust may reimburse the Board or the Sponsor for Organization and Offering Expenses incurred by the Board or the Sponsor in connection with any offering of Shares, on an accountable or nonaccountable basis.

&nbsp;&nbsp;&nbsp;&nbsp;Section 14.5&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. The rights of all parties and the validity, construction and effect of every provision of this Declaration of Trust shall be subject to and construed according to the laws of the State of Maryland, without regard to conflicts of laws provisions thereof.

- Signature Page Follows -

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&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, this Declaration of Trust has been executed by the undersigned officer to be effective as of the date and year first above written.

&nbsp;&nbsp;&nbsp;&nbsp;_<u>/s/Nitin Sathe</u>___________________________

&nbsp;&nbsp;&nbsp;&nbsp;Name: Nitin Sathe

&nbsp;&nbsp;&nbsp;&nbsp;Title: Secretary

## Exhibit 3.2

**Exhibit 3.2**

**<u>BLUE OWL DIGITAL INFRASTRUCTURE TRUST</u>**

**BYLAWS**

**ARTICLE I**

**OFFICES**

&nbsp;&nbsp;&nbsp;&nbsp;Section 1.&nbsp;&nbsp;&nbsp;&nbsp;<u>PRINCIPAL OFFICE</u>. The principal office of Blue Owl Digital Infrastructure Trust (the "<u>Trust</u>") in the State of Maryland shall be located at such place as the Board of Trustees ("<u>Board</u>") may designate.

&nbsp;&nbsp;&nbsp;&nbsp;Section 2.&nbsp;&nbsp;&nbsp;&nbsp;<u>ADDITIONAL OFFICES</u>. The Trust may have additional offices, including a principal executive office, at such places as the Board may from time to time determine or the business of the Trust may require.

**ARTICLE II**

**MEETINGS OF SHAREHOLDERS**

&nbsp;&nbsp;&nbsp;&nbsp;Section 1.&nbsp;&nbsp;&nbsp;&nbsp;<u>PLACE</u>. All meetings of shareholders shall be held at the principal executive office of the Trust or at such other place as shall be set in accordance with these Bylaws and stated in the notice of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;Section 2.&nbsp;&nbsp;&nbsp;&nbsp;<u>ANNUAL MEETING</u>. There shall be no requirement to hold an annual meeting of the shareholders in any year. The Board may cause the Trust to call an annual meeting of shareholders for the transaction of any business within the powers of the Trust, which shall be held on the date and at the time and place set by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;Section 3.&nbsp;&nbsp;&nbsp;&nbsp;<u>SPECIAL MEETINGS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. Each of the chair of the board, chief executive officer, president, the Board or a majority of the Independent Trustees (as defined in the Declaration of Trust of the Trust (the "<u>Declaration of Trust</u>")) may call a special meeting of shareholders. Except as provided in subsection (b)(4) of this Section 3, a special meeting of shareholders shall be held on the date and at the time and place set by the chair of the board, chief executive officer, president, Board or majority of Independent Trustees, whoever has called the meeting. Subject to subsection (b) of this Section 3, a special meeting of shareholders shall also be called by the secretary for the purposes of removing one or more trustees of the Trust (the "<u>Trustees</u>") and, subject to any Trustee qualifications contained in the Declaration of Trust or these Bylaws, filling the resulting vacancy on the Board upon the written request of shareholders entitled to cast not less than a majority of all the votes entitled to be cast on such matter at such meeting (the "<u>Special Meeting Percentage</u>"). Unless requested by the shareholders entitled to cast a majority of all the votes entitled to be cast at such meeting, a special meeting need not be called to

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consider any matter which is substantially the same as a matter voted on at any special meeting of shareholders held during the preceding twelve months.

&nbsp;&nbsp;&nbsp;&nbsp; (b) <u>Shareholder-Requested Special Meetings</u>. (1) Any shareholder of record seeking to have shareholders request a special meeting shall, by sending written notice to the secretary (the "<u>Record Date Request Notice</u>") by registered mail, return receipt requested, request the Board to fix a record date to determine the shareholders entitled to request a special meeting (the "<u>Request Record Date</u>"). The Record Date Request Notice shall set forth the purpose of the meeting and the matters proposed to be acted on at it, shall be signed by one or more shareholders of record as of the date of signature (or their agents duly authorized in a writing accompanying the Record Date Request Notice), shall bear the date of signature of each such shareholder (or such agent) and shall set forth all information relating to each such shareholder, each individual whom the shareholder proposes to nominate for election or reelection as a Trustee and each matter proposed to be acted on at the meeting that would be required to be disclosed in connection with the solicitation of proxies for the election of Trustees or the election of each such individual, as applicable in an election contest (even if an election contest is not involved), or would otherwise be required in connection with such a solicitation, in each case pursuant to Regulation 14A (or any successor provision) under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the "<u>Exchange Act</u>"). Upon receiving the Record Date Request Notice, the Board may fix a Request Record Date. The Request Record Date shall not precede and shall not be more than ten days after the close of business on the date on which the resolution fixing the Request Record Date is adopted by the Board. If the Board, within ten days after the date on which a valid Record Date Request Notice is received, fails to adopt a resolution fixing the Request Record Date, the Request Record Date shall be the close of business on the tenth day after the first date on which a Record Date Request Notice is received by the secretary.

&nbsp;&nbsp;&nbsp;&nbsp;(2) In order for any shareholder to request a special meeting to act on any matter that may properly be considered at a meeting of shareholders, one or more written requests for a special meeting (collectively, the "<u>Special Meeting Request</u>") signed by shareholders of record (or their agents duly authorized in a writing accompanying the request) as of the Request Record Date entitled to cast not less than the Special Meeting Percentage shall be delivered to the secretary. In addition, the Special Meeting Request shall (a) set forth the purpose of the meeting and the matters proposed to be acted on at it (which shall be limited to the removal of one or more Trustees and filling the resulting vacancy on the Board as set forth in the Record Date Request Notice received by the secretary), (b) bear the date of signature of each such shareholder (or such agent) signing the Special Meeting Request, (c) set forth (i) the name and address, as they appear in the Trust's books, of each shareholder signing such Special Meeting Request (or on whose behalf the Special Meeting Request is signed), (ii) the class, series and number of all shares of beneficial interest of the Trust which are owned beneficially or of record by each such shareholder, and (iii) the nominee holder for, and number of, shares of beneficial interest of the Trust owned beneficially but not of record by such shareholder, (d) be sent to the secretary by registered mail, return receipt requested, and (e) be received by the secretary within 60 days after the Request Record Date. Any requesting shareholder (or agent duly authorized in a writing

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accompanying the revocation of the Special Meeting Request) may revoke his, her or its Special Meeting Request at any time by written revocation delivered to the secretary.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The secretary shall inform the requesting shareholders of the reasonably estimated cost of preparing and mailing or delivering the notice of the meeting (including the Trust's proxy materials). The secretary shall not be required to call a special meeting upon shareholder request and such meeting shall not be held unless, in addition to the documents required by paragraph (2) of this Section 3(b), the secretary receives payment of such reasonably estimated cost prior to the preparation and mailing or delivery of such notice of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Any special meeting called by the secretary upon the request of shareholders (a "<u>Shareholder-Requested Meeting</u>") shall be held at such place, date and time as may be designated by the Board; <u>provided</u>, <u>however,</u> that the date of any Shareholder-Requested Meeting shall be not more than 90 days after the record date for such meeting (the "<u>Meeting Record Date</u>"); and <u>provided</u>, <u>further</u>, that if the Board fails to designate, within ten days after the date that a valid Special Meeting Request is actually received by the secretary (the "<u>Delivery Date</u>"), a date and time for a Shareholder-Requested Meeting, then such meeting shall be held at 2:00 p.m., local time, on the 90<sup>th</sup> day after the Meeting Record Date or, if such 90<sup>th</sup> day is not a Business Day (as defined below), on the first preceding Business Day; and <u>provided</u>, <u>further</u>, that if the Board fails to designate a place for a Shareholder-Requested Meeting within ten days after the Delivery Date, then the Shareholder-Requested Meeting shall be held at the principal executive office of the Trust. In fixing a date for a Shareholder-Requested Meeting, the Board may consider such factors as it deems relevant, including the nature of the matters to be considered, the facts and circumstances surrounding the Special Meeting Request and any plan of the Board to call an annual meeting or a special meeting. In the case of any Shareholder-Requested Meeting, if the Board fails to fix a Meeting Record Date that is a date within 30 days after the Delivery Date, then the close of business on the 30<sup>th</sup> day after the Delivery Date shall be the Meeting Record Date. The Board may revoke the notice for any Shareholder-Requested Meeting if the requesting shareholders fail to comply with the provisions of paragraph (3) of this Section 3(b).

&nbsp;&nbsp;&nbsp;&nbsp;(5) If written revocations of the Special Meeting Request have been delivered to the secretary and the result is that shareholders of record (or their agents duly authorized in writing) as of the Request Record Date entitled to cast less than the Special Meeting Percentage have delivered, and not revoked, Special Meeting Requests on the matter to the secretary: (i) if the notice of meeting has not already been delivered, the secretary shall refrain from delivering the notice of the meeting and send to all requesting shareholders who have not revoked such Special Meeting Requests written notice of any revocation of a Special Meeting Request on the matter, or (ii) if the notice of meeting has been delivered and if the secretary first sends to all requesting shareholders who have not revoked Special Meeting Requests on the matter written notice of any revocation of a Special Meeting Request and written notice of the Trust's intention to revoke the notice of the meeting or for the chair of the meeting to adjourn the meeting without action on the matter, (A) the secretary may revoke the notice of the meeting at any time before ten days before the commencement of the meeting or (B) the chair of the meeting may call the meeting to order and adjourn the meeting without acting on the matter. Any Special Meeting Request received

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after a revocation by the secretary of a notice of a meeting shall be considered a Special Meeting Request for a new Shareholder-Requested Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(6) The chair of the Board, chief executive officer, president or Board may appoint regionally or nationally recognized independent inspectors of elections to act as the agent of the Trust for the purpose of promptly performing a ministerial review of the validity of any purported Special Meeting Request received by the secretary. For the purpose of permitting the inspectors to perform such review, no such purported Special Meeting Request shall be deemed to have been received by the secretary until the earlier of (i) five Business Days after actual receipt by the secretary of such purported Special Meeting Request and (ii) such date as the independent inspectors certify to the Trust that the valid Special Meeting Requests received by the secretary represent, as of the Request Record Date, shareholders of record entitled to cast not less than the Special Meeting Percentage. Nothing contained in this paragraph (6) shall in any way be construed to suggest or imply that the Trust or any shareholder shall not be entitled to contest the validity of any Special Meeting Request, whether during or after such five-Business Day period, or to take any other action (including the commencement, prosecution or defense of any litigation with respect thereto, and the seeking of injunctive relief in such litigation).

&nbsp;&nbsp;&nbsp;&nbsp;(7) For purposes of these Bylaws, "<u>Business Day</u>" shall mean any day other than a Saturday, a Sunday or a day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close.

&nbsp;&nbsp;&nbsp;&nbsp;Section 4.&nbsp;&nbsp;&nbsp;&nbsp;<u>NOTICE</u>. Not less than ten nor more than 90 days before each meeting of shareholders, the secretary shall give to each shareholder entitled to vote at such meeting, and to each shareholder not entitled to vote who is entitled to notice of the meeting, notice stating the time and place of the meeting and, in the case of a special meeting or as otherwise may be required by any statute, the purpose for which the meeting is called. Notice may be provided by mail, by presenting it to such shareholder personally, by leaving it at the shareholder's residence or usual place of business, by electronic transmission or by any other means permitted by Maryland law. If mailed, such notice shall be deemed to be given when deposited in the United States mail addressed to the shareholder at the shareholder's address as it appears on the records of the Trust, with postage thereon prepaid. If transmitted electronically, such notice shall be deemed to be given when transmitted to the shareholder by an electronic transmission to any address or number of the shareholder at which the shareholder receives electronic transmissions. The Trust may give a single notice to all shareholders who share an address, which single notice shall be effective as to any shareholder at such address, unless such shareholder objects to receiving such single notice or revokes a prior consent to receiving such single notice. Failure to give notice of any meeting to one or more shareholders, or any irregularity in such notice, shall not affect the validity of any meeting fixed in accordance with this Article II or the validity of any proceedings at any such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;Any business of the Trust may be transacted at an annual meeting of shareholders without being specifically designated in the notice, except such business as is required by any statute to be stated in such notice. No business shall be transacted at a special meeting of shareholders except as specifically designated in the notice. The Trust may postpone or cancel a meeting of

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shareholders by making a Public Announcement (as defined herein) of such postponement or cancellation prior to the meeting. Notice of the date, time and place to which the meeting is postponed shall be given not less than ten days prior to such date and otherwise in the manner set forth in this Section 4. For purposes of these Bylaws, "<u>Public Announcement</u>" means disclosure (A) in a press release reported by the Dow Jones News Service, Associated Press, Business Wire, PR Newswire or other widely circulated news or wire service or (B) in a document publicly filed by the Trust with the Securities and Exchange Commission pursuant to the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;Section 5.&nbsp;&nbsp;&nbsp;&nbsp;<u>ORGANIZATION AND CONDUCT</u>. Every meeting of shareholders shall be conducted by an individual appointed by the Board to be chair of the meeting or, in the absence of such appointment or appointed individual, by one of the following officers present at the meeting in the following order: the chief executive officer, the president, the vice presidents in their order of rank and, within each rank, in their order of seniority, the secretary or, in the absence of such officers, a chair chosen by the shareholders by the vote of a majority of the votes cast by shareholders present in person or by proxy. The secretary or, in the secretary's absence, an individual appointed by the Board or, in the absence of such appointment, an individual appointed by the chair of the meeting, shall act as secretary. If the secretary presides at a meeting of shareholders, an individual appointed by the Board or the chair of the meeting shall record the minutes of the meeting. The order of business and all other matters of procedure at any meeting of shareholders shall be determined by the chair of the meeting. The chair of the meeting may prescribe such rules, regulations and procedures and take such action as, in the discretion of the chair and without any action by the shareholders, are appropriate for the proper conduct of the meeting, including: (a) restricting admission to the time set for the commencement of the meeting; (b) limiting attendance at the meeting to shareholders of record of the Trust, their duly authorized proxies and such other individuals as the chair of the meeting may determine; (c) limiting participation at the meeting on any matter to shareholders of record of the Trust entitled to vote on such matter, their duly authorized proxies and other such individuals as the chair of the meeting may determine; (d) limiting the time allotted to questions or comments; (e) determining when and for how long the polls should be opened and when the polls should be closed and when announcement of the results shall be made; (f) maintaining order and security at the meeting; (g) removing any shareholder or any other individual who refuses to comply with meeting procedures, rules or guidelines as set forth by the chair of the meeting; (h) concluding a meeting or recessing or adjourning the meeting to a later date and time and at a place announced at the meeting; and (i) complying with any state and local laws and regulations concerning safety and security. Unless otherwise determined by the chair of the meeting, meetings of shareholders shall not be required to be held in accordance with the rules of parliamentary procedure.

&nbsp;&nbsp;&nbsp;&nbsp;Section 6.&nbsp;&nbsp;&nbsp;&nbsp;<u>QUORUM</u>. At any meeting of shareholders, the presence in person or by proxy of shareholders entitled to cast one-third of all the votes entitled to be cast at such meeting on any matter shall constitute a quorum (unless the Board, when setting a meeting, determines that a greater percentage (but not more than a majority of all the votes entitled to be cast at such meeting on any matter) shall constitute a quorum for such meeting); but this section shall not affect any requirement under any statute or the Declaration of Trust for the vote necessary for the approval of any matter. If such quorum is not established at any meeting of the shareholders, the chair of the meeting may adjourn the meeting *sine die* or from time to time to a date not more

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than 120 days after the original record date without notice other than announcement at the meeting. At such adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted at the meeting as originally notified.

&nbsp;&nbsp;&nbsp;&nbsp;The shareholders present either in person or by proxy, at a meeting which has been duly called and at which a quorum has been established, may continue to transact business until adjournment, notwithstanding the withdrawal from the meeting of enough shareholders to leave fewer than would be required to establish a quorum.

&nbsp;&nbsp;&nbsp;&nbsp;Section 7.&nbsp;&nbsp;&nbsp;&nbsp;<u>VOTING</u>. A nominee for Trustee shall be elected as a Trustee only if such nominee receives the affirmative vote of a majority of the total votes cast for and against such nominee at a meeting of shareholders duly called and at which a quorum is present. However, Trustees shall be elected by a plurality of votes cast at a meeting of shareholders duly called and at which a quorum is present for which (i) the secretary of the Trust receives notice that a shareholder has nominated an individual for election as a Trustee in compliance with the requirements of advance notice of shareholder nominees for Trustees set forth in Article II, Section 13 of these Bylaws, and (ii) such nomination has not been withdrawn by such shareholder on or before the close of business on the tenth day before the date of such meeting and, as a result of which, the number of nominees is greater than the number of Trustees to be elected. A majority of the votes cast at a meeting of shareholders duly called and at which a quorum is present shall be sufficient to approve any other matter which may properly come before the meeting, unless more than a majority of the votes cast is required by statute or by the Declaration of Trust. Unless otherwise provided by statute or by the Declaration of Trust, each outstanding share of beneficial interest, regardless of class, shall be entitled to one vote on each matter submitted to a vote at a meeting of shareholders. Voting on any question or in any election may be *viva voce* unless the chair of the meeting shall order that voting be by ballot or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;Section 8.&nbsp;&nbsp;&nbsp;&nbsp;<u>PROXIES</u>. A holder of record of shares of beneficial interest of the Trust may cast votes in person or by proxy executed by the shareholder or by the shareholder's duly authorized agent in any manner permitted by law. Such proxy or evidence of authorization of such proxy shall be filed with the secretary of the Trust before or at the meeting. No proxy shall be valid more than eleven months after its date, unless otherwise provided in the proxy.

&nbsp;&nbsp;&nbsp;&nbsp;Section 9.&nbsp;&nbsp;&nbsp;&nbsp;<u>VOTING OF SHARES BY CERTAIN HOLDERS</u>. Shares of beneficial interest of the Trust registered in the name of a corporation, partnership, trust, limited liability company or other entity, if entitled to be voted, may be voted by the president or a vice president, general partner, trustee or managing member thereof, as the case may be, or a proxy appointed by any of the foregoing individuals, unless some other person who has been appointed to vote such shares pursuant to a bylaw, resolution or agreement of the governing body of such corporation or other entity or agreement of the partners of a partnership presents a certified copy of such bylaw, resolution or agreement, in which case such person may vote such shares. Any trustee or fiduciary may vote shares of beneficial interest registered in the name of such person in the capacity of such trustee or fiduciary, either in person or by proxy.

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&nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest of the Trust directly or indirectly owned by it shall not be voted at any meeting and shall not be counted in determining the total number of outstanding shares entitled to be voted at any given time, unless they are held by it in a fiduciary capacity, in which case they may be voted and shall be counted in determining the total number of outstanding shares entitled to be voted at any given time.

&nbsp;&nbsp;&nbsp;&nbsp;The Board may adopt by resolution a procedure by which a shareholder may certify in writing to the Trust that any shares of beneficial interest registered in the name of the shareholder are held for the account of a specified person other than the shareholder. The resolution shall set forth the class of shareholders who may make the certification, the purpose for which the certification may be made, the form of certification and the information to be contained in it; if the certification is with respect to a record date, the time after the record date within which the certification must be received by the Trust; and any other provisions with respect to the procedure which the Board considers necessary or desirable. On receipt by the Trust of such certification, the person specified in the certification shall be regarded as, for the purposes set forth in the certification, the shareholder of record of the specified shares of beneficial interest in place of the shareholder who makes the certification.

&nbsp;&nbsp;&nbsp;&nbsp;Section 10.&nbsp;&nbsp;&nbsp;&nbsp;<u>INSPECTORS</u>. The Board or the chair of the meeting may appoint, before or at the meeting, one or more inspectors for the meeting and any successor to the inspector. Except as otherwise provided by the chair of the meeting, the inspectors, if any, shall (a) determine the number of shares of beneficial interest represented at the meeting in person or by proxy and the validity and effect of proxies, (b) receive and tabulate all votes, ballots or consents, (c) report such tabulation to the chair of the meeting, (d) hear and determine all challenges and questions arising in connection with the right to vote, and (e) do such acts as are proper to fairly conduct the election or vote. Each such report shall be in writing and signed by the inspector or by a majority of them if there is more than one inspector acting at such meeting. If there is more than one inspector, the report of a majority shall be the report of the inspectors. The report of the inspector or inspectors on the number of shares represented at the meeting and the results of the voting shall be *prima facie* evidence thereof.

&nbsp;&nbsp;&nbsp;&nbsp;Section 11.&nbsp;&nbsp;&nbsp;&nbsp;<u>REMOTE COMMUNICATION</u>. Notwithstanding anything to the contrary in these Bylaws, the Board or an authorized officer of the Trust may determine at any time, including after the calling of any meeting of shareholders, that any meeting of shareholders be held solely by means of remote communication or both at a physical location and by means of remote communication. Notwithstanding anything to the contrary in these Bylaws, if it is determined after notice of the meeting has been sent to shareholders that participation by shareholders in the meeting shall or may be conducted by means of remote communication, notice thereof may be provided at any time by Public Announcement. Shareholders and proxy holders entitled to be present and to vote at the meeting that are not physically present at such a meeting but participate by means of remote communication shall be considered present in person for all purposes under these Bylaws and may vote at such a meeting. Subject to any guidelines or procedures that the Board may adopt, any meeting at which shareholders or proxy holders are permitted to participate by means of remote communication shall be conducted in accordance with the following, unless otherwise permitted by applicable law or regulation: (a) the Trust shall

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implement reasonable measures to verify that each person considered present and authorized to vote at the meeting by means of remote communication is a shareholder or proxy holder; (b) the Trust shall implement reasonable measures to provide the shareholders and proxy holders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the shareholders, including an opportunity to read or hear the proceedings of the meeting substantially concurrently with the proceedings; and (c) if any shareholder or proxy holder votes or takes other action at the meeting by means of remote communication, a record of the vote or other action shall be maintained by the Trust.

**&nbsp;&nbsp;&nbsp;&nbsp;**Section 12.&nbsp;&nbsp;&nbsp;&nbsp;<u>SHAREHOLDERS' CONSENT IN LIEU OF MEETING</u>. Any action required or permitted to be taken at any meeting of shareholders may be taken without a meeting (a) if a unanimous consent setting forth the action is given in writing or by electronic transmission by each shareholder entitled to vote on the matter and filed with the minutes of proceedings of the shareholders or (b) if the action is advised, and submitted to the shareholders for approval, by the Board and a consent in writing or by electronic transmission of shareholders entitled to cast not less than the minimum number of votes that would be necessary to authorize or take the action at a meeting of shareholders at which all shareholders entitled to vote were present and voted is delivered to the Trust in accordance with the Maryland Statutory Trust Act. The Trust shall give notice of any action taken by less than unanimous consent to each shareholder not later than ten days after the effective time of such action.

Section 13. <u>ADVANCE NOTICE OF SHAREHOLDER NOMINEES FOR TRUSTEE AND OTHER SHAREHOLDER PROPOSALS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Annual Meetings of Shareholders</u>. (1) Nominations of individuals for election to the Board upon removal of a Trustee for "cause" and the proposal of other business to be considered by the shareholders, solely as expressly permitted to be voted upon by the shareholders pursuant to the Declaration of Trust or these Bylaws, may be made at an annual meeting of shareholders, if held, (i) pursuant to the Trust's notice of meeting, (ii) by or at the direction of the Board or (iii) by any shareholder who was a shareholder of record both at the time of giving of notice by the shareholder as provided for in this Section 13(a) and at the time of the annual meeting (and any postponement or adjournment thereof), who is entitled to vote at the meeting in the election of each individual so nominated or on any such other business and who has complied with this Section 13(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;For any nomination or other business to be properly brought before an annual meeting by a shareholder pursuant to clause (iii) of paragraph (a)(1) of this Section 13, the shareholder must have given timely notice thereof in writing to the secretary and any such other business must otherwise be a proper matter for action by the shareholders. To be timely, a shareholder's notice shall set forth all information required under this Section 13 and shall be delivered to the secretary at the principal executive office of the Trust not earlier than the 150th day prior to the date of such annual meeting and not later than 5:00 p.m., Eastern Time, on the later of the 120th day prior to the date of such annual meeting, as originally convened, or the tenth day following the day on which Public Announcement of the date of such meeting is first

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made. The Public Announcement of a postponement or adjournment of an annual meeting shall not commence a new time period for the giving of a shareholder's notice as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;Such shareholder's notice shall set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as to each individual whom the shareholder proposes to nominate for election or reelection as a Trustee (each, a "<u>Proposed Nominee</u>"), all information relating to the Proposed Nominee that would be required to be disclosed in connection with the solicitation of proxies for the election of the Proposed Nominee as a Trustee in an election contest (even if an election contest is not involved), or would otherwise be required in connection with such solicitation, in each case pursuant to Regulation 14A (or any successor provision) under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as to any other business that the shareholder proposes to bring before the meeting, a description of such business, the shareholder's reasons for proposing such business at the meeting and any material interest in such business of such shareholder, individually or in the aggregate, including any anticipated benefit to the shareholder therefrom; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as to the shareholder giving the notice and any Proposed Nominee,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the class, series and number of all shares of beneficial interest or other securities of the Trust (collectively, the "<u>Trust Securities</u>"), if any, which are owned (beneficially or of record) by such shareholder or Proposed Nominee, the date on which each such Trust Security was acquired and the investment intent of such acquisition, and any short interest (including any opportunity to profit or share in any benefit from any decrease in the price of such Trust Securities) in any Trust Securities of any such person, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the nominee holder for, and number of, any Trust Securities owned beneficially but not of record by such shareholder or Proposed Nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Special Meetings of Shareholders</u>. Only such business shall be conducted at a special meeting of shareholders as shall have been brought before the meeting pursuant to the Trust's notice of meeting. Nominations of individuals for election to the Board upon removal of a Trustee for "cause" may be made at a special meeting of shareholders at which Trustees are to be elected only (i) by or at the direction of the Board, (ii) by a shareholder that has made a Special Meeting Request be called for the purpose of electing Trustees in compliance with Section 3 of this Article II or (iii) provided that the special meeting has been called in accordance with Section 3(a) of this Article II for the purpose of electing Trustees, by any shareholder who is a shareholder of record both at the time of giving of notice provided for in this Section 13 and at the time of the special meeting (and any postponement or adjournment thereof), who is entitled to vote at the meeting in the election of each individual so nominated and who has complied with the notice procedures set forth in this Section 13. If the Trust calls a special meeting of shareholders for the purpose of electing one or more individuals to the Board, any shareholder may nominate an individual or individuals (as the case may be) for election as a

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Trustee as specified in the Trust's notice of meeting, if the shareholder's notice, containing the information required by paragraph (a)(3) of this Section 13 is delivered to the secretary at the principal executive office of the Trust not earlier than the 120th day prior to such special meeting and not later than 5:00 p.m., Eastern Time, on the later of the 90th day prior to such special meeting or the tenth day following the day on which Public Announcement is first made of the date of the special meeting and of the nominees proposed by the Board to be elected at such meeting. The Public Announcement of a postponement or adjournment of a special meeting shall not commence a new time period for the giving of a shareholder's notice as described above.

**ARTICLE III**

**BOARD OF TRUSTEES**

**&nbsp;&nbsp;&nbsp;&nbsp;**Section 1.&nbsp;&nbsp;&nbsp;&nbsp;<u>GENERAL POWERS AND QUALIFICATIONS</u>. The business and affairs of the Trust shall be managed under the direction of the Board except as conferred on or reserved to the shareholders by law, by the Declaration of Trust or by these Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;Section 2.&nbsp;&nbsp;&nbsp;&nbsp;<u>NUMBER, ELECTION, AND TERM OF TRUSTEES</u>. The number of Trustees constituting the entire Board may be changed from time to time by a majority of the entire Board; <u>provided</u>, <u>however</u>, that the number of Trustees shall in no event be fewer than three (3), nor more than fifteen (15). At all times, except for a period of up to 60 days after the death, removal or resignation or other vacancy of an Independent Trustee pending the election of a successor Independent Trustee, a majority of the Board shall be Independent Trustees. Trustees need not be shareholders. Each Trustee shall serve until his or her resignation, removal, death, or adjudication of legal incompetence. A vacancy on the Board for any reason other than removal for "cause" by the shareholders may be filled only by a vote of a majority of the remaining Trustees; <u>provided</u>, that such vacancy of an Independent Trustee may be filled only by a vote of a majority of the remaining Independent Trustees. If a Trustee is removed by Shareholders for "cause" as set forth in the Declaration of Trust, the successor to the Trustee shall be elected by the Shareholders. No reduction in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of his or her term unless the Trustee is specifically removed pursuant to the Declaration of Trust at the time of the decrease.

&nbsp;&nbsp;&nbsp;&nbsp;Section 3.&nbsp;&nbsp;&nbsp;&nbsp;<u>RESIGNATION</u>. A Trustee may resign at any time by giving written notice of his or her resignation to the Board or the chair of the Board or the president or the secretary of the Trust. Any resignation shall take effect immediately upon its receipt or at such later time as specified in the resignation. Acceptance of a resignation shall not be necessary to make it effective unless the resignation states otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;Section 4.&nbsp;&nbsp;&nbsp;&nbsp;<u>PLACE OF MEETINGS</u>. Meetings of the Board may be held at any place that the Board may from time to time determine or that is specified in the notice of the meeting, or by means of remote communication as set forth in Section 14 of this Article III, if so designated by the Board.

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&nbsp;&nbsp;&nbsp;&nbsp;Section 5.&nbsp;&nbsp;&nbsp;&nbsp;<u>REGULAR MEETINGS</u>. The Board may establish regular meetings at any time in its sole discretion. If such a meeting is not held, the meeting may be held at such time and place as shall be specified in a notice given as hereinafter provided for special meetings of the Board. The Board may provide, by notice, the time and place of regular meetings of the Board without other action other than notice.

&nbsp;&nbsp;&nbsp;&nbsp;Section 6.&nbsp;&nbsp;&nbsp;&nbsp;<u>SPECIAL MEETINGS</u>. Special meetings of the Board may be called by two (2) or more Trustees of the Trust or by the chair of the Board or the president.

&nbsp;&nbsp;&nbsp;&nbsp;Section 7.&nbsp;&nbsp;&nbsp;&nbsp;<u>NOTICE OF SPECIAL MEETINGS</u>. Notice of each special meeting of the Board shall be given by the secretary as hereinafter provided. Each notice shall state the time and place of the meeting, or that the meeting is being held by means of remote communication, and shall be delivered to each Trustee, either personally or by telephone or other standard form of telecommunication or electronic transmission, at least twenty-four (24) hours before the time at which the meeting is to be held, or by first-class mail, postage prepaid, addressed to the Trustee at his or her residence or usual place of business, and mailed at least three (3) days before the date on which the meeting is to be held.

&nbsp;&nbsp;&nbsp;&nbsp;Section 8.&nbsp;&nbsp;&nbsp;&nbsp;<u>WAIVER OF NOTICE OF MEETINGS</u>. Notice of any special meeting need not be given to any Trustee who shall, either before or after the meeting, deliver a written waiver or an electronic transmission of a waiver of notice that is filed with the records of the meeting or who shall attend the meeting. The attendance of a Trustee at a special meeting shall constitute waiver of notice of such meeting, except (i) where a Trustee attends a meeting for the express purpose of objection to the transaction of any business on the ground that the meeting has not been properly called or convened or (ii) as specified in writing by such Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;Section 9.&nbsp;&nbsp;&nbsp;&nbsp;<u>QUORUM AND VOTING</u>. A majority of the Board shall constitute a quorum for the transaction of business, <u>provided</u>, that if less than a majority of such Trustees is present at such meeting, a majority of the Trustees present may adjourn the meeting from time to time without further notice, and <u>provided</u>, <u>further</u>, that if, pursuant to applicable law, the Declaration of Trust or these Bylaws, the vote of a majority or other percentage of a specified group of Trustees is required for action, a quorum must also include a majority or such other percentage of such group. Except as otherwise expressly required by statute, the Declaration of Trust or these Bylaws, the action of a majority of the Trustees present at any meeting at which a quorum is present shall be the action of the Board. The Trustees present at a meeting which has been duly called and at which a quorum has been established may continue to transact business until adjournment, notwithstanding the withdrawal from the meeting of enough Trustees to leave fewer than required to establish a quorum. If enough Trustees have withdrawn from a meeting to leave fewer than required to establish a quorum, but the meeting is not adjourned, the action of a majority of that number of Trustees necessary to constitute a quorum at such meeting shall be the action of the Board, unless the concurrence of a greater proportion is required for such action by applicable law, the Declaration of Trust or these Bylaws.

&nbsp;&nbsp;&nbsp;&nbsp;Section 10.&nbsp;&nbsp;&nbsp;&nbsp;<u>CHAIR OF THE BOARD</u>. The Board may designate from among its members a chair of the Board, who shall not, solely by reason of these Bylaws, be an officer of the Trust. The Board may designate the chair of the Board as an executive or non-executive

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chair. The chair of the Board shall preside over the meetings of the Board. The chair of the Board shall perform such other duties as may be assigned to him or her by these Bylaws or the Board.

&nbsp;&nbsp;&nbsp;&nbsp;Section 11.&nbsp;&nbsp;&nbsp;&nbsp;<u>ORGANIZATION</u>. The chair of the Board shall preside at each meeting of the Board. In the absence or inability of the chair of the Board to act, the president (if a Trustee), or, in the president's absence or inability to act, another Trustee chosen by a majority of the Trustees present, shall act as chair of the meeting and preside at the meeting. The secretary (or, in the secretary's absence or inability to act, any person appointed by the chair) shall act as secretary of the meeting and keep the minutes of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;Section 12.&nbsp;&nbsp;&nbsp;&nbsp;<u>COMMITTEES</u>. The Board may designate one (1) or more committees of the Board, including an executive committee, an audit committee, an investments committee, and a nominating committee, each consisting of one (1) or more Trustees; <u>provided</u>, that each committee consists of at least a majority of Independent Trustees. To the extent provided in the resolutions adopted by the Board, and permitted by law, the committee or committees shall have and may exercise the powers of the Board in the management of the business and affairs of the Trust. Any committee or committees shall have the name or names determined from time to time by resolution adopted by the Board. Each committee shall keep regular minutes of its meetings and provide those minutes to the Board when required. The members of a committee present at any meeting, whether or not they constitute a quorum, may appoint a Trustee to act in the place of an absent member.

&nbsp;&nbsp;&nbsp;&nbsp;Section 13.&nbsp;&nbsp;&nbsp;&nbsp;<u>WRITTEN CONSENT OF TRUSTEES IN LIEU OF A MEETING</u>. Any action required or permitted to be taken at any meeting of the Board or any committee of the Board may be taken without a meeting if a majority of the members of the Board or committee, as the case may be, consent thereto in writing or by electronic transmission, and the writing or writings, in paper or electronic form, are filed with the minutes of the proceedings of the Board or committee.

&nbsp;&nbsp;&nbsp;&nbsp;Section 14.&nbsp;&nbsp;&nbsp;&nbsp;<u>REMOTE COMMUNICATION.</u> Meetings of the Board may be conducted by means of remote communication or both at a physical location and by means of remote communication. Members of the Board or any committee of the Board may participate remotely in any Board or committee meeting via communications equipment by means of which all persons participating in the meeting can hear each other at the same time. Participation by such means shall constitute presence in person at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;Section 15.&nbsp;&nbsp;&nbsp;&nbsp;<u>COMPENSATION</u>. Each Trustee shall be entitled to receive compensation, if any, as may from time to time be fixed by the Board, including a fee for each meeting of the Board or any committee thereof, regular or special, he or she attends. Trustees may also be reimbursed by the Trust for all reasonable expenses incurred in traveling to and from the place of a Board or committee meeting.

&nbsp;&nbsp;&nbsp;&nbsp;Section 16.&nbsp;&nbsp;&nbsp;&nbsp;<u>RATIFICATION</u>. The Board or the shareholders may ratify any act or inaction (an "<u>Act</u>") by the Trust or its officers to the extent that the Board or the shareholders could have originally authorized the Act and, if so ratified, such Act shall have the same force and effect as if originally duly authorized, and such ratification shall be binding upon the Trust

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and its shareholders. Any Act questioned in any shareholders' derivative proceeding or any other proceeding on the ground of lack of authority, defective or irregular execution, adverse interest of a Trustee, officer or shareholder, non-disclosure, miscomputation, the application of improper principles or practices of accounting or otherwise, may be ratified, before or after judgment, by the Board or by the shareholders, and such ratification shall constitute a bar to any claim or execution of any judgment in respect of such questioned Act.

&nbsp;&nbsp;&nbsp;&nbsp;Section 17.&nbsp;&nbsp;&nbsp;&nbsp;<u>EMERGENCY PROVISIONS</u>. Notwithstanding any other provision in the Declaration of Trust or these Bylaws, this Section 17 shall apply during the existence of any catastrophe, or other similar emergency condition, as a result of which a quorum of the Board under this Article III cannot readily be obtained (an "<u>Emergency</u>"). During an Emergency, unless otherwise provided by the Board, (i) a meeting of the Board or a committee thereof may be called by any Trustee or officer by any means feasible under the circumstances; (ii) notice of any meeting of the Board during such an Emergency may be given less than 24 hours prior to the meeting to as many Trustees and by such means as may be feasible at the time, including publication, television or radio; and (iii) the number of Trustees necessary to constitute a quorum shall be one-third of the entire Board.

&nbsp;&nbsp;&nbsp;&nbsp;Section 18.&nbsp;&nbsp;&nbsp;&nbsp;<u>GOVERNANCE</u>. The Board may from time to time require all its members (including any individual nominated to serve as a Trustee) to agree in writing as to matters of corporate governance, business ethics and confidentiality while such persons serve as a Trustee, including a consent to the Trust's or the Board's use of a background check with the scope and depth consistent with that previously used by the Trust or Board, such agreement to be on the terms and in a form determined satisfactory by the Board, as amended and supplemented from time to time in the discretion of the Board.

Section 19.&nbsp;&nbsp;&nbsp;&nbsp;<u>RELIANCE</u>. Each Trustee, officer, employee or agent of the Trust shall, in the performance of his or her duties with respect to the Trust, be entitled to rely on any information, opinion, report or statement, including any financial statement or other financial data, prepared or presented by an officer or employee of the Trust whom the Trustee, officer, employee or agent reasonably believes to be reliable and competent in the matters presented, by a lawyer, certified public accountant or other person, as to a matter which the Trustee, officer, employee or agent reasonably believes to be within the person's professional or expert competence, or, with respect to a Trustee, by a committee of the Board on which the Trustee does not serve, as to a matter within its designated authority, if the Trustee reasonably believes the committee to merit confidence.

Section 20.&nbsp;&nbsp;&nbsp;&nbsp;<u>CERTAIN RIGHTS OF TRUSTEES, OFFICERS, EMPLOYEES AND AGENTS</u>. A Trustee, officer, employee or agent shall have no responsibility to devote his or her full time to the affairs of the Trust. Any Trustee, officer, employee or agent, in his or her personal capacity or in a capacity as an affiliate, employee, or agent of any other person, or otherwise, may have business interests and engage in business activities similar to, in addition to or in competition with those of or relating to the Trust.

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**ARTICLE IV**

**OFFICERS**

&nbsp;&nbsp;&nbsp;&nbsp;Section 1.&nbsp;&nbsp;&nbsp;&nbsp;<u>GENERAL PROVISIONS</u>. The Board may, from time to time, appoint and remove officers, employees and other agents of the Trust, to serve at the pleasure of the Board, with such powers and duties as the Board may determine. The officers of the Trust may include a chief executive officer, a president, one or more vice presidents, a chief operating officer, a chief financial officer, a treasurer, a secretary, and such other officers with such powers and duties as the Board shall deem necessary or desirable. The officers of the Trust, if any, shall be appointed by the Board, except that the chief executive officer or president may from time to time appoint one or more vice presidents or other subordinate officers and remove any officer so appointed. The duties of the officers of the Trust shall be as set forth in these Bylaws and as from time to time prescribed by the Board or, in the case of any officer other than the chief executive officer or president, the chief executive officer or president. Each officer shall serve until his or her successor is appointed and qualifies or until his or her death or his or her resignation or removal in the manner hereinafter provided. Any two or more offices except president and vice president may be held by the same person. Appointment of an officer or agent shall not of itself create contract rights between the Trust and such officer or agent. In the absence of any other appointment of such officers, solely for the purpose of executing and attesting any amendment to the Certificate of Trust filed with the State Department of Assessments and Taxation of Maryland, as amended, restated or corrected from time to time (the "<u>Certificate</u>") or any other document required by law to be executed or attested by one or more officers of the Trust, the chair of the Board shall be the chief executive officer and president of the Trust and any individual signing as such at the direction of the Board shall be the secretary of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;Section 2.&nbsp;&nbsp;&nbsp;&nbsp;<u>REMOVAL AND RESIGNATION</u>. Any officer or agent of the Trust may be removed, with or without cause, by the Board, and any subordinate officer or agent of the Trust may be removed, with or without cause, by the chief executive officer or the president of the Trust, but any such removal shall be without prejudice to the contract rights, if any, of the person so removed. Any officer of the Trust may resign at any time by delivering his or her resignation to the Board, or to the chief executive officer, president or secretary, if one is then appointed. Any resignation shall take effect immediately upon its receipt or at such later time specified in the resignation. The acceptance of a resignation shall not be necessary to make it effective unless otherwise stated in the resignation. Such resignation shall be without prejudice to the contract rights, if any, of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;Section 3.&nbsp;&nbsp;&nbsp;&nbsp;<u>CHIEF EXECUTIVE OFFICER</u>. The Board may designate a chief executive officer. The chief executive officer shall have general responsibility for implementation of the policies of the Trust, as determined by the Board, and for the management of the business and affairs of the Trust. He or she may execute any deed, mortgage, bond, contract or other instrument, except in cases where the execution thereof shall be expressly delegated by the Board or by these Bylaws to some other officer or agent of the Trust or shall be required by law to be otherwise executed; and in general shall perform all responsibilities and

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duties incident to the office of chief executive officer and such other responsibilities and duties as may be prescribed by the Board from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;Section 4.&nbsp;&nbsp;&nbsp;&nbsp;<u>CHIEF OPERATING OFFICER</u>. The Board may designate a chief operating officer. The chief operating officer shall have the responsibilities and duties as determined by the Board or the chief executive officer.

&nbsp;&nbsp;&nbsp;&nbsp;Section 5.&nbsp;&nbsp;&nbsp;&nbsp;<u>CHIEF FINANCIAL OFFICER</u>. The Board may designate a chief financial officer. The chief financial officer shall have the responsibilities and duties as determined by the Board or the chief executive officer.

&nbsp;&nbsp;&nbsp;&nbsp;Section 6.&nbsp;&nbsp;&nbsp;&nbsp;<u>PRESIDENT</u>. In the absence of a chief executive officer, the president shall in general supervise and control all of the business and affairs of the Trust. In the absence of a designation of a chief operating officer by the Board, the president shall be the chief operating officer. He or she may execute any deed, mortgage, bond, contract or other instrument, except in cases where the execution thereof shall be expressly delegated by the Board or by these Bylaws to some other officer or agent of the Trust or shall be required by law to be otherwise executed; and in general shall perform all responsibilities and duties incident to the office of president and such other responsibilities and duties as may be prescribed by the Board from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;Section 7.&nbsp;&nbsp;&nbsp;&nbsp;<u>VICE PRESIDENTS</u>. In the absence of the president or in the event of a vacancy in such office, the vice president (or if there be more than one vice president, the vice presidents in the order designated at the time of their election or, in the absence of any designation, then in the order of their election) shall perform the responsibilities and duties of the president and when so acting shall have all the powers of and be subject to all the restrictions upon the president; and shall perform such other responsibilities and duties as from time to time may be assigned to such vice president by the chief executive officer, the president or the Board. The Board may designate one or more vice presidents as executive vice president, senior vice president, or vice president for particular areas of responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;Section 8.&nbsp;&nbsp;&nbsp;&nbsp;<u>SECRETARY</u>. The secretary shall (a) keep the minutes of the proceedings of the shareholders, the Board and committees of the Board, if any, in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these Bylaws or as required by law; (c) be custodian of the trust records and of the seal of the Trust; (d) keep a register of the post office address of each shareholder which shall be furnished to the secretary by such shareholder; (e) have general charge of the share transfer books of the Trust; and (f) in general perform such other responsibilities and duties as from time to time may be assigned to him or her by the chief executive officer, the president or the Board.

&nbsp;&nbsp;&nbsp;&nbsp;Section 9.&nbsp;&nbsp;&nbsp;&nbsp;<u>TREASURER</u>. The treasurer shall have the custody of the funds and Trust Securities, shall keep full and accurate accounts of receipts and disbursements in books belonging to the Trust, shall deposit all moneys and other valuable effects in the name and to the credit of the Trust in such depositories as may be designated by the Board and in general perform such other responsibilities and duties as from time to time may be assigned to him or her by the

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chief executive officer, the president or the Board. In the absence of a designation of a chief financial officer by the Board, the treasurer shall be the chief financial officer of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;The treasurer shall disburse the funds of the Trust as may be ordered by the Board, taking proper vouchers for such disbursements, and shall render to the president and Board, at the regular meetings of the Board, if any, or whenever it may so require, an account of all his or her transactions as treasurer and of the financial condition of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;Section 10.&nbsp;&nbsp;&nbsp;&nbsp;<u>COMPENSATION</u>. The compensation of the officers shall be fixed from time to time by or under the authority of the Board, except that the chief executive officer or president may, from time to time, set the compensation for any vice president or other subordinate officer. No officer shall be prevented from receiving such compensation by reason of the fact that he or she is also a Trustee.

**ARTICLE V**

**CONTRACTS, CHECKS AND DEPOSITS**

&nbsp;&nbsp;&nbsp;&nbsp;Section 1.&nbsp;&nbsp;&nbsp;&nbsp;<u>CONTRACTS</u>. The Board may authorize any officer or agent of the Trust or the Board to enter into any contract or to execute and deliver any instrument in the name of and on behalf of the Trust and such authority may be general or confined to specific instances. Any agreement, deed, mortgage, lease or other document shall be valid and binding upon the Trust when duly authorized or ratified by action of the Board and executed by an authorized person.

&nbsp;&nbsp;&nbsp;&nbsp;Section 2.&nbsp;&nbsp;&nbsp;&nbsp;<u>CHECKS AND DRAFTS</u>. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Trust shall be signed by such officer or agent of the Trust or the Board in such manner as shall from time to time be determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;Section 3.&nbsp;&nbsp;&nbsp;&nbsp;<u>DEPOSITS</u>. All funds of the Trust not otherwise employed shall be deposited or invested from time to time to the credit of the Trust as the Board, the chief executive officer, the president, the chief financial officer, or any other officer or agent of the Trust or the Board designated by the Board may determine.

**ARTICLE VI**

**SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;Section 1.&nbsp;&nbsp;&nbsp;&nbsp;<u>CERTIFICATES</u>. Except as may be otherwise provided by the Board, shareholders are not entitled to certificates evidencing the shares of beneficial interest held by them. If the Trust issues shares of beneficial interest evidenced by certificates, such certificates shall be in such form as prescribed by the Board or a duly authorized officer. There shall be no differences in the rights and obligations of shareholders based on whether or not their shares are evidenced by certificates.

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&nbsp;&nbsp;&nbsp;&nbsp;Section 2.&nbsp;&nbsp;&nbsp;&nbsp;<u>TRANSFERS</u>. All transfers of shares shall be made on the books of the Trust, by the holder of the shares, in person or by his or her attorney, in such manner as the Board or any officer of the Trust may prescribe and, if such shares are certificated, upon surrender of certificates duly endorsed. The issuance of a new certificate upon the transfer of certificated shares is subject to the determination of the Board that such shares shall no longer be evidenced by certificates.

&nbsp;&nbsp;&nbsp;&nbsp;The Trust shall be entitled to treat the holder of record of any share of beneficial interest as the holder in fact thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such share or on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise expressly provided by the laws of the State of Maryland.

&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, transfers of shares of any class or series of beneficial interest will be subject in all respects to the Declaration of Trust and all of the terms and conditions contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;Section 3.&nbsp;&nbsp;&nbsp;&nbsp;<u>REPLACEMENT CERTIFICATE</u>. The Board or any officer or agent of the Trust may direct a new certificate or certificates to be issued in place of any certificate or certificates theretofore issued by the Trust alleged to have been lost, destroyed, stolen or mutilated, upon the making of an affidavit of that fact by the person claiming the certificate to be lost, destroyed, stolen or mutilated; <u>provided</u>, <u>however</u>, that if such shares have ceased to be certificated, no new certificate shall be issued unless requested in writing by such shareholder and the Board has determined that such certificates may be issued. Unless otherwise determined by the Board or an officer or agent of the Trust, the owner of such lost, destroyed, stolen or mutilated certificate or certificates, or his or her legal representative, shall be required, as a condition precedent to the issuance of a new certificate or certificates, to give the Trust a bond in such sums as it may direct as indemnity against any claim that may be made against the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;Section 4.&nbsp;&nbsp;&nbsp;&nbsp;<u>FIXING OF RECORD DATE</u>. The Board may set, in advance, a record date for the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or determining shareholders entitled to receive payment of any dividend or the allotment of any other rights, or in order to make a determination of shareholders for any other proper purpose. Such date, in any case, shall not be prior to the close of business on the day the record date is fixed and shall be not more than 90 days and, in the case of a meeting of shareholders, not less than ten days, before the date on which the meeting or particular action requiring such determination of shareholders of record is to be held or taken.

&nbsp;&nbsp;&nbsp;&nbsp;When a record date for the determination of shareholders entitled to notice of and to vote at any meeting of shareholders has been set as provided in this section, such record date shall continue to apply to the meeting if adjourned or postponed, except if the meeting is adjourned or postponed to a date more than 120 days after the record date originally fixed for the meeting, in which case a new record date for such meeting may be determined as set forth herein.

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&nbsp;&nbsp;&nbsp;&nbsp;Section 5.&nbsp;&nbsp;&nbsp;&nbsp;<u>SHARE LEDGER</u>. The Trust shall maintain at its principal office or at the office of its counsel, accountants or transfer agent, an original or duplicate share ledger containing the name and address of each shareholder and the number of shares of each class held by such shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;Section 6.&nbsp;&nbsp;&nbsp;&nbsp;<u>FRACTIONAL SHARES; ISSUANCE OF UNITS</u>. The Board may authorize the Trust to issue fractional shares or authorize the issuance of scrip, all on such terms and under such conditions as it may determine. Notwithstanding any other provision of the Declaration of Trust or these Bylaws, the Board may issue units consisting of different Trust Securities. Any security issued in a unit shall have the same characteristics as the underlying Trust Securities, except that the Board may provide that for a specified period Trust Securities issued in such unit may be transferred on the books of the Trust only in such unit.

**ARTICLE VII**

**ACCOUNTING YEAR**

&nbsp;&nbsp;&nbsp;&nbsp;The Board shall have the power, from time to time, to fix the fiscal year of the Trust.

**ARTICLE VIII**

**DISTRIBUTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;Section 1.&nbsp;&nbsp;&nbsp;&nbsp;<u>AUTHORIZATION</u>. Dividends and other distributions upon the shares of beneficial interest of the Trust may be authorized by the Board, subject to the provisions of law and the Declaration of Trust. Dividends and other distributions may be paid in cash, property (except as provided below) or shares of beneficial interest of the Trust, subject to the provisions of law and the Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;Section 2.&nbsp;&nbsp;&nbsp;&nbsp;<u>CONTINGENCIES</u>. Before payment of any dividends or other distributions, there may be set aside out of any assets of the Trust available for dividends or other distributions such sum or sums as the Board may from time to time, in its absolute discretion, think proper as a reserve fund for contingencies, for equalizing dividends, for repairing or maintaining any property of the Trust or for such other purpose as the Board shall determine, and the Board may modify or abolish any such reserve.

**ARTICLE IX**

**SEAL**

&nbsp;&nbsp;&nbsp;&nbsp;Section 1. <u>SEAL</u>. The Board may authorize the adoption of a seal by the Trust. The seal, if any, shall contain the name of the Trust and the year of its formation and the words "Formed Maryland." The Board may authorize one or more duplicate seals and provide for the custody thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;Section 2. <u>AFFIXING SEAL</u>. Whenever the Trust is permitted or required to affix its seal to a document, it shall be sufficient to meet the requirements of any law, rule or regulation relating to a seal to place the word "(SEAL)" adjacent to the signature of the person authorized to execute the document on behalf of the Trust.

**ARTICLE X**

**WAIVER OF NOTICE**

&nbsp;&nbsp;&nbsp;&nbsp;Whenever any notice of a meeting is required to be given pursuant to the Declaration of Trust or these Bylaws or pursuant to applicable law, a waiver thereof in writing or by electronic transmission, given by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Neither the business to be transacted at nor the purpose of any meeting need be set forth in the waiver of notice of such meeting, unless specifically required by statute. The attendance of any person at any meeting shall constitute a waiver of notice of such meeting, except where such person attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting has not been lawfully called or convened.

**ARTICLE XI**

**AMENDMENT OF BYLAWS**

&nbsp;&nbsp;&nbsp;&nbsp;The Board shall have the exclusive power to adopt, alter or repeal any provision of these Bylaws and to make new Bylaws.

**ARTICLE XII**

**INVESTMENT POLICY**

**&nbsp;&nbsp;&nbsp;&nbsp;**Subject to the provisions of the Declaration of Trust, the Board may from time to time adopt, amend, revise or terminate any policy or policies with respect to investments by the Trust as it shall deem appropriate in its sole discretion.

**ARTICLE XIII**

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;All references to the Declaration of Trust shall include all amendments and supplements thereto.

***As adopted October 3, 2025***

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## Exhibit 4.1

**Exhibit 4.1**

**BLUE OWL DIGITAL INFRASTRUCTURE TRUST** <br> Class S, D, I and E Share Repurchase Plan <br>Effective as of October 3, 2025

**Definitions**

*Adviser* – shall mean Blue Owl Digital Infrastructure Trust Advisors LLC.

*Class D shares* – shall mean the Company's common shares of beneficial interest classified as Class D.

*Class E shares* – shall mean the Company's common shares of beneficial interest classified as Class E.

*Class I shares* – shall mean the Company's common shares of beneficial interest classified as Class I.

*Class S shares* – shall mean the Company's common shares of beneficial interest classified as Class S.

*Company* – shall mean Blue Owl Digital Infrastructure Trust, a Maryland statutory trust.

*Dealer Manager* – shall mean Blue Owl Securities LLC.

*NAV* – shall mean the net asset value of the Company attributable to its Shareholders or the net asset value of a class of its shares, as the context requires, determined in accordance with the Company's "Net Asset Value Calculation and Valuation Guidelines" as described in the Company's confidential private placement memorandum.

*Operating Partnership* – shall mean Blue Owl Digital Infrastructure Operating Partnership LP.

*Operating Partnership units* – shall mean limited partnership interests in the Operating Partnership.

*Plan* – shall mean this share repurchase plan of the Company.

*Special Limited Partners* – shall mean BODI Trust Carry LP and Blue Owl Digital Infrastructure Trust Carry LLC.

*Shareholders* – shall mean the holders of Class S, Class D, Class I or Class E shares.

*Repurchase Price* – shall mean the repurchase price per share for each class of common shares, which will generally be equal to the NAV per share as of the last calendar day of the first month of the calendar quarter.

**Share Repurchase Plan**

Shareholders may request that the Company repurchase their common shares through their financial advisor or directly with the Company's transfer agent beginning on the first calendar day of the second month of the applicable calendar quarter. If a repurchase request is received prior to the first calendar day of the second month of the applicable calendar quarter, such repurchase request will not be executed and must be resubmitted after the start of the second month of the applicable calendar quarter.

The procedures relating to the repurchase of the Company's common shares are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain broker-dealers require that their clients process repurchases through their broker-dealer, which may impact the time necessary to process such repurchase request, impose

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more restrictive deadlines than described under this Plan, impact the timing of a Shareholder receiving repurchase proceeds and require different paperwork or process than described in this Plan. A Shareholder should contact its broker-dealer first if it wants to request the repurchase of its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Under this Plan, to the extent the Company chooses to repurchase shares in any particular calendar quarter, the Company will only repurchase shares as of the close of the fourth business day of the last month of the applicable calendar quarter (a "Repurchase Date"). To have shares repurchased, a Shareholder's repurchase request and required documentation must be received in good order by 11:59 p.m. (Eastern time) on the third business day of the last month of the applicable calendar quarter. The repurchase price for the applicable quarter will be made available by the tenth business day prior to the third business day of the last month of such quarter. Settlements of share repurchases will generally be made within three business days of the Repurchase Date. Repurchase requests received and processed by the Company's transfer agent will be effected at a repurchase price equal to the Repurchase Price on the applicable Repurchase Date (which will generally be equal to the most recently determined NAV per share as of the Repurchase Date), subject to any Early Repurchase Deduction (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A Shareholder may withdraw his or her repurchase request by completing a repurchase withdrawal form and sending the form to the transfer agent, directly or through the Shareholder's financial intermediary, or by emailing <u>Servicedesk@blueowl.com</u>. Repurchase requests must be cancelled before 11:59 p.m. (Eastern time) on the third business day of the last month of the applicable calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a repurchase request is received after 11:59 p.m. (Eastern time) on the third business day of the last month of the applicable calendar quarter, the repurchase request will not be executed, and if a Shareholder still wishes to have its shares repurchased, the repurchase request must be resubmitted after the start of the second month of the next calendar quarter. Repurchase requests received and processed by the Company's transfer agent on a business day, but after the close of business on that day or on a day that is not a business day, will be deemed received on the next business day. All questions as to the form and validity (including time of receipt) of repurchase requests and notices of withdrawal will be determined by the Company, in its sole discretion, and such determination shall be final and binding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchase requests may be made by mail or by contacting the Shareholder's financial intermediary, both subject to certain conditions described in this Plan. If making a repurchase request by contacting the Shareholder's financial intermediary, the Shareholder's financial intermediary may require the Shareholder to provide certain documentation or information. If making a repurchase request by mail to the transfer agent, the Shareholder must complete and sign a repurchase authorization form, which can be found at the end of this Plan. Written requests should be sent to the transfer agent at the following address:

Blue Owl c/o <br>SS&C GIDS, Inc. <br>PO Box 219398 <br>Kansas City, MO 64121-9349

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Overnight Address: <br>Blue Owl c/o <br>SS&C GIDS, Inc.<br>430 W 7th St. Suite 219398 <br>Kansas City, MO 64105-1407

Toll Free Number: 844-331-3341

<u>Email: blueowl.repurchases@sscinc.com</u> 

Corporate investors and other non-individual entities must have an appropriate certification on file authorizing repurchases. A signature guarantee may be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For processed repurchases, Shareholders may request that repurchase proceeds are to be paid by the instructions on file with the transfer agent. Shareholders should check with their broker-dealer that such payment may be made via check or wire transfer, as further described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A medallion signature guarantee will be required in certain circumstances described below. The medallion signature process protects Shareholders by verifying the authenticity of a signature and limiting unauthorized fraudulent transactions. A medallion signature guarantee may be obtained from a domestic bank or trust company, broker-dealer, clearing agency, savings association or other financial institution that participates in a medallion program recognized by the Securities Transfer Association. The three recognized medallion programs are the Securities Transfer Agents Medallion Program, the Stock Exchanges Medallion Program and the New York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees from financial institutions that are not participating in any of these medallion programs will not be accepted. A notary public cannot provide signature guarantees. The Company reserves the right to amend, waive or discontinue this policy at any time and establish other criteria for verifying the authenticity of any repurchase or transaction request. The Company may require a medallion signature guarantee if, among other reasons: (1) the amount of the repurchase request is over $500,000; (2) a Shareholder wishes to have repurchase proceeds transferred by wire to an account other than the designated bank or brokerage account on file for at least 30 days or sent to an address other than such Shareholder's address of record for the past 30 days; or (3) the Company's transfer agent cannot confirm a Shareholder's identity or suspects fraudulent activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a Shareholder has made multiple purchases of the Company's common shares, any repurchase request will be processed on a first in/first out basis unless otherwise requested in the repurchase request.

***Minimum Account Repurchases***

If any Shareholder fails to maintain the minimum balance of $500 of shares of the Company's common shares, the Company may repurchase all of the shares held by that Shareholder at the repurchase price in effect on the date the Company determines that such Shareholder has failed to meet the minimum balance, less any Early Repurchase Deduction.

Minimum account repurchases will apply even if the failure to meet the minimum balance is caused solely by a decline in the Company's NAV. Minimum account repurchases are subject to Early Repurchase Deduction.

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***Sources of Funds for Repurchases***

The Company may fund repurchase requests from sources other than cash flow from operations, including, without limitation, borrowings, offering proceeds (including from sales of the Company's common shares or Operating Partnership units to the Special Limited Partners), the sale of the Company's assets, and repayments of the Company's real estate debt investments, and the Company has no limits on the amounts it may fund from such sources.

***Repurchase Limitations***

If the Company determines to repurchase some but not all of the shares submitted for repurchase during any calendar quarter, shares submitted for repurchase during such calendar quarter will be repurchased on a pro rata basis. The Company may repurchase fewer shares than have been requested in any particular calendar quarter to be repurchased under this Plan, or none at all, in its discretion at any time. In addition, the aggregate NAV of total repurchases of Class S, Class D, Class I and Class E shares (including repurchases by certain "fund of fund" vehicles and certain non-U.S. investor access funds primarily created to hold shares of the Company but excluding any Early Repurchase Deduction applicable to the repurchased shares) will be limited to no more than 3% of the Company's aggregate NAV per calendar quarter (measured using the average aggregate NAV as of the end of the preceding three months for which NAV is available).

All unsatisfied repurchase requests must be resubmitted after the start of the second month of the applicable calendar quarter, or upon the recommencement of this Plan, as applicable.

Should repurchase requests, in the Company's judgment, place an undue burden on the Company's liquidity, adversely affect the Company's operations or risk having an adverse impact on the Company as a whole, or should the Company otherwise determine that investing its liquid assets in real properties or other investments rather than repurchasing the Company's shares is in the best interests of the Company as a whole, the Company may choose to repurchase fewer shares in any particular calendar quarter than have been requested to be repurchased, or none at all. Further, the Company's board of trustees may make exceptions to, modify or suspend this Plan if, in its reasonable judgment, it deems such action to be in the best interest of the Company and its Shareholders. Material modifications, including any amendment to the 3% quarterly limitations on repurchases, to and suspensions of the Plan will be promptly disclosed to Shareholders' financial advisors. In addition, the Company may determine to suspend this Plan due to regulatory changes, changes in law or if the Company becomes aware of undisclosed material information that it believes should be publicly disclosed before shares are repurchased. Once this Plan is suspended, the Company's board of trustees will be required to consider at least quarterly whether the continued suspension of the Plan is in the best interests of the Company and its Shareholders. The Company's board of trustees must affirmatively authorize the recommencement of this Plan before Shareholder requests will be considered again. The Company's board of trustees cannot terminate this Plan absent a liquidity event which results in Shareholders receiving cash or securities listed on a national securities exchange or where otherwise required by law.

As described in the Company's confidential private placement memorandum, shares held by the Adviser acquired as payment of the Adviser's management fee or held by a Special Limited Partner for its performance participation interest will not be subject to this Plan, the Early Repurchase Deduction or the calculation of NAV. Shareholders who are exchanging a class of the Company's shares for an equivalent aggregate NAV of another class of the Company's shares will not be subject to, and will not be treated as repurchases for the calculation of, the 3% quarterly limitations on repurchases and will not be subject to the Early Repurchase Deduction.

***Early Repurchase Deduction***

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There is no minimum holding period for shares of the Company's common shares and Shareholders can request that the Company repurchase their shares at any time. However, subject to limited exceptions, shares that have not been outstanding for at least two years will be repurchased at 98% of the Repurchase Price (an "Early Repurchase Deduction") on the applicable Repurchase Date. Shareholders who have received shares of the Company's common shares in exchange for their Operating Partnership units may include the period of time such Shareholder held such Operating Partnership units for purposes of calculating the holding period for such common shares. This Early Repurchase Deduction will also generally apply to minimum account repurchases. The Early Repurchase Deduction will not apply to shares acquired through the Company's distribution reinvestment plan. Further, we may waive the Early Repurchase Deduction for Class E shares in our discretion.

The Company may, from time to time, waive the Early Repurchase Deduction in the following circumstances (subject to the conditions described below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• repurchases resulting from death or qualifying disability; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if a Shareholder's shares are repurchased because such Shareholder has failed to maintain the $500 minimum account balance.

As set forth above, the Company may waive the Early Repurchase Deduction in respect of repurchase of shares resulting from the death or qualifying disability (as such term is defined in Section 72(m)(7) of the Code) of a Shareholder who is a natural person, including shares held by such Shareholder through a trust or an IRA or other retirement or profit-sharing plan, after (i) in the case of death, receiving written notice from the estate of the Shareholder, the recipient of the shares through bequest or inheritance, or, in the case of a trust, the trustee of such trust, who shall have the sole ability to request repurchase on behalf of the trust or (ii) in the case of qualified disability, receiving written notice from such Shareholder along with a physician's certification of disability as defined in Section 72(m)(7) of the Code, provided that the condition causing the qualifying disability was not preexisting on the date that the Shareholder became a Shareholder. The Company must receive the written repurchase request within 12 months after the death of the Shareholder or the initial determination of the Shareholder's disability in order for the requesting party to rely on any of the special treatment described above that may be afforded in the event of the death or disability of a Shareholder. In the case of death, such a written request must be accompanied by a certified copy of the official death certificate of the Shareholder. If spouses are joint registered holders of shares, the request to have the shares repurchased may be made if either of the registered holders dies or acquires a qualified disability. If the Shareholder is not a natural person, such as certain trusts or a partnership, corporation or other similar entity, the right to waiver of the Early Repurchase Deduction upon death or disability does not apply.

In addition, the Company may sell shares to (i) certain vehicles that as an investment strategy make secondary investments in the Company (i.e., "fund of fund" vehicles) and (ii) feeder vehicles primarily created to hold the Company's shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such "fund of fund" and feeder vehicles and similar arrangements in certain markets, the Company in its discretion may not apply the Early Repurchase Deduction to certain "fund of fund" or feeder vehicles or their respective underlying investors, often because of administrative or systems limitations. Further, the Company will not apply the Early Repurchase Deduction on repurchases of the Company's common shares submitted by discretionary model portfolio management programs (and similar arrangements) as approved by the Company.

***Items of Note***

When requesting to have shares repurchased, Shareholders should note the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if a Shareholder requests that some but not all of his or her shares be repurchased, such Shareholder should keep his or her balance above $500 to avoid minimum account repurchase, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shareholders will not receive interest on amounts represented by uncashed repurchase checks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• under applicable anti-money laundering regulations and other federal regulations, repurchase requests may be suspended, restricted or canceled and the proceeds may be withheld; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all common shares of the Company requested to be repurchased must be beneficially owned by the Shareholder of record making the request or his or her estate, heir or beneficiary, or the party requesting the repurchase must be authorized to do so by the Shareholder of record of the shares or his or her estate, heir or beneficiary, and such common shares must be fully transferable and not subject to any liens or encumbrances. In certain cases, the Company may ask the requesting party to provide evidence satisfactory to the Company that the shares requested for repurchase are not subject to any liens or encumbrances. If the Company determines that a lien exists against the shares, the Company will not be obligated to repurchase any shares subject to the lien.

IRS regulations require the Company to determine and disclose on Form 1099-B the adjusted cost basis for the Company's shares sold or repurchased. The Company will utilize the first-in-first-out method for determining the adjusted cost basis.

**Mail Instructions**

The Company and its transfer agent will not be responsible for the authenticity of mail instructions or losses, if any, resulting from unauthorized shareholder transactions if they reasonably believe that such instructions were genuine. The Company's transfer agent has established reasonable procedures to confirm that instructions are genuine including requiring the Shareholder to provide certain specific identifying information on file and sending written confirmation to Shareholders of record. Failure by the Shareholder, or its agent to notify the Company's transfer agent in a timely manner, but in no event more than 60 days from receipt of such confirmation, that the instructions were not properly acted upon or any other discrepancy will relieve the Company, the Company's transfer agent and the financial advisor of any liability with respect to the discrepancy.

[REPURCHASE AUTHORIZATION FORM FOLLOWS]

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## Exhibit 4.2

**Exhibit 4.2**

**BLUE OWL DIGITAL INFRASTRUCTURE TRUST**

**Distribution Reinvestment Plan**

Blue Owl Digital Infrastructure Trust, a Maryland statutory trust (the "***Company***"), hereby adopts the following plan (the "***Plan***") with respect to cash distributions declared by its Board of Trustees on the Company's common shares, par value $0.01 per share (the "***Common Shares***"), which are classified as Class S common shares ("***Class S Common Shares***"), Class D common shares ("***Class D Common Shares***"), Class E common shares and Class I common shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Unless a shareholder specifically opts out of participating in the Plan (or, in the case of clients of participating broker-dealers that do not permit automatic enrollment in the Plan, opts to participate in the Plan), all cash distributions hereafter declared by the Company's Board of Trustees shall be reinvested by the Company, in the same class of Common Shares with respect to which the distribution was received, on behalf of each shareholder, and no action shall be required on such shareholder's part to receive such Common Shares. The Plan will be administered by SS&C GIDS, Inc. (the "***Plan Administrator***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Subject to the Board of Trustees' discretion and applicable legal restrictions, the Company intends to authorize and declare distributions on a monthly basis or on such other date or dates (each, a "***Payment Date***") as may be fixed from time to time by the Board of Trustees to shareholders of record at the close of business on the record date(s) established by the Board of Trustees for the cash distribution involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.The Company shall use newly issued Common Shares, in the same class of the Common Shares with respect to which the distribution was received, to implement the Plan. The number of newly issued Common Shares to be issued to a shareholder shall be determined by dividing the total dollar amount of the distribution payable to such shareholder by a price equal to the most recently available NAV per share for such class. Common Shares issued pursuant to the Plan will have the same voting rights as shares of Common Shares issued pursuant to the Company's private offering. There will be no selling commissions or other sales charges on Common Shares issued to a shareholder under the Plan; *provided*, *however*, that Class S Common Shares and Class D Common Shares will be subject to ongoing servicing fees as set forth in the Company's private placement memorandum, as amended or supplemented from time to time (the "***PPM***"). The Company shall pay the Plan Administrator's fees under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.For each shareholder that participates in the DRIP, (each, a "***Participant***"), the Plan Administrator will maintain a record which shall reflect for each calendar month the distributions received by the Plan Administrator on behalf of such Participant. The Plan Administrator will use the aggregate amount of distributions to all Participants for each calendar month to purchase Common Shares for the Participants. Distributions shall be invested by the Plan Administrator in Common Shares, to the extent available, promptly following the Payment Date with respect to such distributions. The purchased Common Shares will be allocated among the Participants based on the portion of the aggregate distributions received by the Plan Administrator on behalf of each Participant, as reflected in the records maintained by the Plan

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Administrator. The ownership of the Common Shares purchased pursuant to the Plan shall be reflected on the books of the Company or its transfer agent. No certificates will be issued to a Participant for Common Shares purchased on behalf of the Participant pursuant to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The Plan Administrator will confirm to each Participant each issuance made pursuant to the Plan on a quarterly basis. Distributions on fractional Common Shares will be credited to each Participant's account. In the event of termination of a Participant's participation in the Plan, the Plan Administrator will adjust for any such undivided fractional interest in cash at the most recently available NAV per share available at the time of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Each Participant is requested to promptly notify the Company in writing if the Participant experiences a material change in his or her financial condition, including the failure to meet the income and net worth standards set forth in the PPM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.The Plan may be terminated by the Company upon notice in writing mailed to each Participant at least ten (10) business days prior to the effectiveness of such termination. For purposes of the Plan, "***business day***" means any day except Saturday, Sunday, or any day commercial banks are closed in New York pursuant to federal or state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.A Participant may terminate participation in the Plan at any time, without penalty, by delivering written notice (which may be electronic) to the Plan Administrator. Such notice must be received by the Plan Administrator ten (10) business days in advance of the first calendar day of the next month in order for a Participant's termination to be effective for such month. Any distributions to be paid to such shareholder on or after such date will be paid in cash on the Payment Date. If a Participant terminates Plan participation, the Company may, at its option, ensure that the terminating Participant's account will reflect the whole number of Common Shares in such Participant's account and provide a check for the cash value of any fractional share in such account. Upon termination of Plan participation for any reason, future distributions will be distributed to the shareholder in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.These terms and conditions may be amended or supplemented by the Company at any time; *provided* that notice of any material amendment is sent to Participants at least ten (10) business days prior to the effective date of that amendment. Any amendment or supplement may include an appointment by the Plan Administrator in its place and stead of a successor agent under the terms and conditions agreed upon by the Company, with full power and authority to perform all or any of the acts to be performed by the Plan Administrator as agreed to by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.The Plan Administrator will at all times act in good faith and use its best efforts within reasonable limits to ensure its full and timely performance of all services to be performed by it under this Plan and to comply with applicable law, but assumes no responsibility and shall not be liable for loss or damage due to errors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.These terms and conditions shall be governed by the laws of the State of New York, without regard to the conflicts of law principles thereof, to the extent such principles would require or permit the application of the laws of another jurisdiction.

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

## Exhibit 10.1

**Exhibit 10.1**

**INVESTMENT ADVISORY AGREEMENT**

**AMONG**

**BLUE OWL DIGITAL INFRASTRUCTURE TRUST, BLUE OWL DIGITAL INFRASTRUCTURE OPERATING PARTNERSHIP LP, AND**

**BLUE OWL DIGITAL INFRASTRUCTURE TRUST ADVISORS LLC**

This Investment Advisory Agreement (this "<u>Agreement</u>") is made as of October 3, 2025 (the "<u>Effective Date</u>"), by and among Blue Owl Digital Infrastructure Trust, a Maryland statutory trust (the "<u>Trust</u>"), Blue Owl Digital Infrastructure Operating Partnership LP, a Delaware limited partnership (the "<u>Operating Partnership</u>" and, together with the Trust, the "<u>Trust Parties</u>"), and Blue Owl Digital Infrastructure Trust Advisors LLC, a Delaware limited liability company (the "<u>Adviser</u>").

WHEREAS, the Trust intends to qualify as a real estate investment trust, and to invest its funds in investments permitted by the terms of Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>");

WHEREAS, the Trust is the general partner of the Operating Partnership and intends to conduct all of its business and make all or substantially all its investments through the Operating Partnership;

WHEREAS, the Adviser is an investment adviser that is registered under the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>"); and

WHEREAS, the Trust and the Operating Partnership desire to retain the Adviser to furnish investment advisory services to the Trust and the Operating Partnership on the terms and conditions hereinafter set forth, and the Adviser desires to be retained to provide such services.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.**<u>Definitions</u>**

Unless otherwise defined in this Agreement, the following terms shall have the meanings specified in this Section 1:

"<u>Administration Agreement</u>" shall have the meaning set forth in <u>Section 3(a)</u>.

"<u>Administrator</u>" shall have the meaning set forth in <u>Section 3(a)</u>.

"<u>Adviser</u>" shall have the meaning set forth in the preamble.

"<u>Advisers Act</u>" shall have the meaning set forth in the recitals.

"<u>Affiliates</u>" shall mean, with respect to any Person, (i) any Person directly or indirectly owning, controlling or holding with the power to vote 10% or more of the outstanding voting securities of such other Person; (ii) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person, including any partnership in which such Person is a general partner; (iv) any executive officer, director, trustee or general partner of such other Person; and (v) any legal entity for which such Person acts an executive officer, director, trustee or general partner.

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"<u>Agreement</u>" shall have the meaning set forth in the preamble.

"<u>Board</u>" shall have the meaning set forth in <u>Section 2(a)</u>.

"<u>Class D Shares</u>" shall have the meaning set forth in the Declaration of Trust.

"<u>Class E Shares</u>" shall have the meaning set forth in the Declaration of Trust.

"<u>Class I Shares</u>" shall have the meaning set forth in the Declaration of Trust.

"<u>Class S Shares</u>" shall have the meaning set forth in the Declaration of Trust.

"<u>Code</u>" shall have the meaning set forth in the recitals.

"<u>Commencement Date</u>" means the initial closing of the Trust's offering.

"<u>Declaration of Trust</u>" shall mean the Declaration of Trust of the Trust, as may be amended from time to time.

"<u>DST Management Fee</u>" shall have the meaning set forth in <u>Section 4(a)</u>.

"<u>DST Properties</u>" means real properties held directly or indirectly by a Delaware statutory trust (i) managed by the Operating Partnership or by certain Affiliates (ii) that sells a certain class of beneficial interests to third-party investors.

"<u>DST Property Consideration</u>" means the consideration received by the Trust, the Operating Partnership or any of their respective Affiliates for the selling of the beneficial interests in a Delaware statutory trust managed by the Operating Partnership or by certain Affiliates that directly or indirectly owns the DST Properties and which sells a certain class of beneficial interests to third-party investors, net of (i) any upfront fees and expense reimbursements payable out of gross proceeds from the sale of such beneficial interests, including certain upfront sales loads, financing fees (if applicable), non-accountable organizational and offering cost reimbursements and non-accountable expense reimbursements, and (ii) the proceeds from any loans, if applicable, secured directly or indirectly by the DST Properties that are used by third-party investors to acquire beneficial interests in Delaware statutory trusts that own one or more DST Properties.

"<u>Effective Date</u>" shall have the meaning set forth in the preamble.

"<u>Indemnified Parties</u>" shall have the meaning set forth in <u>Section 10(a)</u>.

"<u>Investment Team</u>" shall have the meaning set forth in <u>Section 7</u>.

"<u>Management Fee</u>" shall have the meaning set forth in <u>Section 4(a)</u>.

"<u>OP Management Fee</u>" shall have the meaning set forth in <u>Section 4(a)</u>.

"<u>OP Units</u>" shall have the meaning set forth in <u>Section 4(a)</u>.

"<u>Operating Partnership</u>" shall have the meaning set forth in the preamble.

"<u>Organization and Offering Expenses</u>" shall have the meaning set forth in <u>Section 3(b)</u>.

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"<u>Person</u>" means an individual, corporation, partnership, limited liability company, estate, trust (including a trust qualified under Sections 401(a) or 501(c)(17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other legal entity.

"<u>SEC</u>" shall have the meaning set forth in <u>Section 3(b)</u>.

"<u>Shares</u>" shall have the meaning set forth in <u>Section 3(b)</u>.

"<u>Trust</u>" shall have the meaning set forth in the preamble.

"<u>Trust Management Fee</u>" shall have the meaning set forth in <u>Section 4(a)</u>.

"<u>Trust Parties</u>" shall have the meaning set forth in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.**<u>Duties of the Adviser</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The Trust Parties hereby employ the Adviser to act as the investment adviser to the Trust Parties and to manage the investment and reinvestment of the assets of the Trust Parties, subject to the supervision of the Board of Trustees of the Trust (the "<u>Board</u>"), for the period and upon the terms herein set forth, (x) in accordance with the investment objective, policies and restrictions that are set forth in the Trust Parties' private placement memoranda and (y) in accordance with all applicable federal and state laws, rules and regulations, and the Declaration of Trust as may be amended from time to time and by-laws as the same shall be amended from time to time. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement: (i) determine the composition and allocation of the portfolio of the Trust Parties, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identify/source, research, evaluate and negotiate the structure of the investments made by the Trust Parties; (iii) execute, close, service and monitor each Trust Party's investments; (iv) determine the real estate, securities, loans and other assets that the Trust Parties will purchase, retain, or sell; (v) engage and supervise, on the Trust Parties' behalf, agents and service providers to assist in making and managing the Trust Parties' investments; (vi) determine valuations of real estate and real estate-related assets held by the Trust Parties; (vii) perform due diligence on prospective portfolio investments; (viii) recommend the appropriate level of leverage and debt financing; (ix) manage the program whereby beneficial interests in Delaware statutory trusts are sold to third-party investors; and (x) provide the Trust Parties with such other investment advisory, research, and related services as the Trust Parties may, from time to time, reasonably require for the investment of their funds. Subject to the supervision of the Board, the Adviser shall have the power and authority on behalf of the Trust Parties to effectuate its investment decisions for the Trust Parties, including the execution and delivery of all documents relating to each Trust Party's investments and the placing of orders for other purchase or sale transactions on behalf of the Trust Parties. If it is necessary or appropriate for the Adviser to make investments on behalf of a Trust Party through one or more special purpose vehicles, the Adviser shall have authority to create or arrange for the creation of such special purpose vehicles and to make such investments through such special purpose vehicles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The Adviser hereby accepts such employment and agrees during the term hereof to render the services described herein for the compensation provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.The Adviser shall for all purposes herein provided be deemed to be an independent contractor and, except as expressly provided or authorized herein, shall have no authority to act for or represent the Trust Parties in any way or otherwise be deemed an agent of the Trust Parties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Subject to review by, and the overall control of, the Board, the Adviser shall keep and preserve any books and records relevant to the provision of its investment advisory services to the Trust Parties with respect to each Trust Party's portfolio transactions and shall render to the Board such periodic and special reports as the Board may reasonably request or as may be required under applicable federal and state law, and shall make such records available for inspection by the Board and its authorized agents, at any time and from time to time during normal business hours. The Adviser agrees that all records that it maintains for a Trust Party are the property of the Trust Party and will surrender promptly to the Trust Party any such records upon the Trust Party's request and termination of this Agreement pursuant to Section 11, provided that the Adviser may retain a copy of such records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.The Adviser shall be primarily responsible for the execution of any transactions in real estate, securities or loans in a Trust Party's portfolio and the Trust Party's allocation of brokerage commissions and other transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.The Adviser has a fiduciary responsibility and duty to each Trust Party for the safekeeping and use of all the funds and assets of the Trust Party, whether or not in the Adviser's immediate possession or control. The Adviser shall not employ, or permit another to employ, such funds or assets except for the exclusive benefit of each Trust Party. The Adviser shall not, by entry into an agreement with any shareholder of a Trust Party or otherwise, contract away the fiduciary obligation owed to each Trust Party under common law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.**<u>Trust Parties' Responsibilities and Expenses Payable by the Trust Parties</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Except as otherwise provided herein or in the Administration Agreement (the "Administration Agreement"), dated October 3, 2025, between the Trust and the Adviser (the Adviser, in its capacity as the administrator, the "<u>Administrator</u>"), the Adviser shall be solely responsible for the compensation of its investment professionals and employees and all overhead expenses of the Adviser (including rent, office equipment and utilities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Each Trust Party, either directly or through reimbursement to the Adviser, shall bear all other costs and expenses of its operations, administration and transactions not specifically assumed by the Adviser pursuant to this Agreement, including: expenses deemed to be "organization and offering expenses" of the Trust Parties (for purposes of this Agreement, such expenses, exclusive of commissions, the dealer manager fee, any discounts and other similar expenses paid by investors at the time of sale of the common shares of beneficial interest of the Trust (the "<u>Shares</u>"), are hereinafter referred to as "<u>Organization and Offering Expenses</u>"); expenses deemed to be "organization and offering expenses" and "other closing costs" related to the program whereby beneficial interests in Delaware statutory trusts are sold to third-party investors; corporate and organizational expenses relating to offering of Shares, subject to limitations included in this Agreement; the cost of calculating the applicable Trust Party's net asset value, including the cost of any third-party valuation services; the cost of effecting any sales and repurchases of Shares and other securities; costs related to construction, leasing and development of real estate properties; fees and expenses payable under any dealer manager agreements, if any; debt service and other costs of borrowings or other financing arrangements; costs of hedging; expenses, including travel expense, incurred by the Administrator, or members of the investment team, or payable to third parties, in performing due diligence on prospective investments and, if necessary, enforcing the Trust Party's rights; escrow agent, transfer agent and custodial fees and expenses; fees and expenses associated with marketing efforts; federal and state registration fees, any stock exchange listing fees and fees payable to rating agencies; federal, state and local taxes; independent trustees' fees and expenses, including certain travel expenses; costs of preparing financial statements and maintaining books and records and filing reports or other documents with the Securities and Exchange Commission ("<u>SEC</u>") (or other regulatory bodies) and other reporting and compliance

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costs, including registration fees, listing fees and licenses, and the compensation of professionals responsible for the preparation of the foregoing; the costs of any reports, proxy statements or other notices to stockholders (including printing and mailing costs); the costs of any stockholder or trustee meetings and the compensation of personnel responsible for the preparation of the foregoing and related matters; commissions and other compensation payable to brokers or dealers; research and market data; fidelity bond, trustees and officers and errors and omissions liability insurance and other insurance premiums; direct costs and expenses of administration, including printing, mailing, long-distance telephone and staff; fees and expenses associated with independent audits, outside legal and consulting costs; costs of winding up; costs incurred in connection with the formation or maintenance of entities or vehicles to hold each Trust Party's assets for tax or other purposes; extraordinary expenses (such as litigation or indemnification); and costs associated with reporting and compliance obligations under the Advisers Act and applicable federal and state securities laws.

Notwithstanding anything to the contrary contained herein, each Trust Party will bear its allocable portion of the Administrator's overhead in performing its obligations under the Administration Agreement, including its allocable portion of rent, costs of the compensation, benefits and related administrative expenses (including travel expenses) of the Trust Party's officers who provide operational and administrative services hereunder, their respective staffs and other professionals who provide services to the Trust Party (including, in each case, employees of the Adviser or an Affiliate) who assist with the preparation, coordination, and administration of the foregoing or provide other "back office" or "middle office" financial, operational, administrative or other services to the Trust Party.

Notwithstanding anything to the contrary contained herein, each Trust Party shall reimburse the Adviser (or its Affiliates) for an allocable portion of the compensation paid by the Adviser (or its Affiliates) to such individuals (based on a percentage of time such individuals devote, on an estimated basis, to the business affairs of the Trust Party and in acting on behalf of the Trust Party).

Notwithstanding the foregoing, the Adviser shall pay for all Organization and Offering Expenses (including legal, accounting, printing, mailing and filing fees and expenses, due diligence expenses of participating broker-dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials, design and website expenses, fees and expenses of the escrow agent and transfer agent, fees to attend retail seminars sponsored by participating broker-dealers and reimbursements for customary travel, lodging, and meals, but excluding the ongoing shareholder servicing fees) incurred prior to the first anniversary of the Commencement Date. All Organization and Offering Expenses paid by the Adviser pursuant to this Section 3(b) shall be reimbursed by the Trust Parties to the Adviser in sixty (60) equal monthly installments commencing with the first anniversary of the Commencement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.In addition to the compensation paid to the Adviser pursuant to Section 4, each Trust Party shall reimburse the Adviser for all expenses of the Trust Party incurred by the Adviser as well as the actual cost of goods and services used for or by the Trust Party and obtained from entities not affiliated with the Adviser. The Adviser may be reimbursed for the administrative services performed by it on behalf of the Trust Party pursuant to any separate administration or co-administration agreement with the Adviser; provided, however, that the reimbursement shall be an amount equal to the lower of the Adviser's actual cost or the amount the Trust Party would be required to pay third parties for the provision of comparable administrative services in the same geographic location; and provided, further, that such costs are reasonably allocated to the Trust on the basis of assets, revenues, time records or other methods conforming with U.S. generally accepted accounting principles. No reimbursement shall be permitted for services for which the Adviser is entitled to compensation by way of a separate fee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.**<u>Compensation of the Adviser</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The Trust will pay the Adviser a management fee (the "<u>Trust Management Fee</u>") equal to 1.25% of net asset value for the Class S Shares, Class D Shares and Class I Shares per annum payable monthly, before giving effect to any accruals for the Management Fee, shareholder servicing fees, the Performance Allocation (as defined in the Limited Partnership Agreement of the Operating Partnership, as amended from time to time) or any distributions. The Operating Partnership will pay the Adviser a management fee (the "<u>OP Management Fee</u>") equal to 1.25% per annum, payable monthly, of the net asset value of the Operating Partnership units ("<u>OP Units</u>") attributable to Class S OP Units, Class S-1 OP Units, Class D OP Units, Class D-1 OP Units and Class I OP Units held by unitholders other than the Trust, before giving effect to any accruals for the OP Management Fee, investor servicing fees, the Performance Allocation (as defined in the Limited Partnership Agreement of the Operating Partnership, as amended from time to time) or any distributions. The Trust Parties will pay the Adviser a management fee (the "<u>DST Management Fee</u>" and, together with the Trust Management Fee and the OP Management Fee, the "<u>Management Fee</u>") equal to 1.25% per annum, payable monthly, of the aggregate DST Property Consideration for all DST Properties subject to a master lease. The Adviser shall receive the Management Fees as compensation for services rendered hereunder. For the avoidance of doubt, the DST Management Fee may be waived at the Adviser's sole discretion and no Management Fee shall be paid on Class E Shares or Class E OP Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.The Trust Management Fee and the DST Management Fee may be paid, at the Adviser's election, in cash or cash equivalent aggregate NAV amounts of Class E Shares or Class E OP Units. The OP Management Fee may be paid, at the Adviser's election, in cash or cash equivalent aggregate NAV amounts of Class E OP Units. If the Adviser elects to receive any portion of the Management Fee in Class E Shares or Class E OP Units, the Adviser or any subsequent transferee thereof may elect to have the Trust or the Operating Partnership repurchase such Class E Shares or Class E OP Units from the Adviser or such transferee at a later date at the price available in the Trust's share repurchase plan or otherwise at the current NAV. Class E Shares and Class E OP Units (including those subsequently exchanged for Shares) obtained by the Adviser will not be subject to the repurchase limits of the Trust's share repurchase plan or any reduction or penalty for an early repurchase. The Operating Partnership will repurchase any such OP Units for cash unless the Board determines that any such repurchase for cash would be prohibited by applicable law or the Limited Partnership Agreement of the Operating Partnership, in which case such OP Units will be repurchased for the Class E Shares with an equivalent aggregate NAV. The Adviser will have the option of exchanging Class E Shares for an equivalent aggregate NAV amount of other Share classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.If this Agreement is terminated or its term expires without renewal, the Adviser will be entitled to receive a prorated Management Fee through the date of termination. Such pro ration shall take into account the number of days of any partial calendar month or calendar year for which this Agreement was in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.**<u>Covenants of the Adviser</u>**

The Adviser agrees that it will remain registered as an investment adviser under the Advisers Act. The Adviser agrees that its activities will at all times be in compliance in all material respects with all applicable federal and state laws governing its operations and investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.**<u>Expenses</u>**

The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause each Trust Party to pay a member of a national securities exchange, broker or dealer an amount of commission for effecting a real estate or loan transaction in excess of the amount of commission another member of

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such exchange, broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm's risk and skill in effecting a real estate or loan transaction, that such amount of commission is reasonable in relation to the value of the brokerage or research services provided by such member, broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Trust Party's portfolio, and constitutes the best net results for the Trust Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.**<u>Investment Team</u>**

The Adviser shall manage each Trust Party's portfolio through a team of investment professionals (the "<u>Investment Team</u>") dedicated primarily to the Trust Party's business, in cooperation with the Trust's Chief Executive Officer. The Investment Team shall consist of senior personnel of the Adviser, supported by and with access to the investment professionals, analytical capabilities and support personnel of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.**<u>Limitations on the Employment of the Adviser</u>**

The services of the Adviser to the Trust Parties are not exclusive, and the Adviser may engage in any other business or render similar or different services to others, including the direct or indirect sponsorship or management of other investment-based accounts or commingled pools of capital, however structured, having investment objectives similar to those of the Trust Parties, so long as its services to the Trust Parties hereunder are not impaired thereby, and nothing in this Agreement shall limit or restrict the right of any manager, partner, officer or employee of the Adviser to engage in any other business or to devote his or her time and attention in part to any other business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for serving as a director of, or providing consulting services to, one or more of the Trust Party's portfolio investments, subject to applicable law). So long as this Agreement or any extension, renewal or amendment remains in effect, the Adviser shall be the only investment adviser for the Trust Parties. The Adviser assumes no responsibility under this Agreement other than to render the services called for hereunder. It is understood that directors, officers, employees and shareholders of the Trust Parties are or may become interested in the Adviser and its Affiliates, as directors, officers, employees, partners, shareholders, members, managers or otherwise, and that the Adviser and directors, officers, employees, partners, shareholders, members and managers of the Adviser and its Affiliates are or may become similarly interested in the Trust Parties as shareholders or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.**<u>Responsibility of Dual Directors, Officers and Employees</u>**

If any person who is a manager, partner, officer or employee of the Adviser or the Administrator is or becomes a trustee, officer or employee of the Trust Parties and acts as such in any business of the Trust Parties, then such manager, partner, officer or employee of the Adviser or the Administrator shall be deemed to be acting in such capacity solely for the Trust Parties, and not as a manager, partner, officer or employee of the Adviser or the Administrator or under the control or direction of the Adviser or the Administrator, even if paid by the Adviser or the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.**<u>Limitation of Liability of the Adviser; Indemnification</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.The Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including its general partner or managing member) shall not be liable to a Trust Party for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Trust Party, and each Trust Party shall indemnify, defend and protect the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser, including its general partner or managing member and the Administrator each of whom shall be deemed a third-party beneficiary hereof) (collectively, the "<u>Indemnified Parties</u>") and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees

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and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Trust Party or its security holders and an administrative or regulatory proceeding against, or investigation of, the Trust Party) arising out of or otherwise based upon the performance of any of the Adviser's duties or obligations under this Agreement or otherwise as an investment adviser of the Trust Party. Notwithstanding the preceding sentence of this Section 10 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Trust Party or its security holders to which the Indemnified Parties would otherwise be subject by reason of (i) criminal conduct, willful misfeasance, bad faith or gross negligence in the performance of the Adviser's duties; (ii) a material breach of this Agreement by the Adviser; (iii) reckless disregard of the Adviser's duties and obligations under this Agreement; and (iv) an internal dispute among the Adviser, its Affiliates and their respective officers, partners, directors, shareholders, members or employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Notwithstanding Section 10(a) to the contrary, neither Trust Party shall provide for indemnification of an Indemnified Party for any liability or loss suffered by an Indemnified Party, nor shall either Trust Party provide that any of the Indemnified Parties be held harmless for any loss or liability suffered by the Trust Party, unless all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.the Trust Party has determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of the Trust Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.the Trust Party has determined, in good faith, that the Indemnified Party was acting on behalf of or performing services for the Trust Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.the Trust Party has determined, in good faith, that such liability or loss was not the result of (A) negligence or misconduct, in the case that the Indemnified Party is the Adviser or an Affiliate of the Adviser, or (B) gross negligence or willful misconduct, in the case that the Indemnified Party is a trustee of the Trust Party who is not also an officer of the Trust Party or of the Adviser or of an Affiliate of the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.such indemnification or agreement to hold harmless is recoverable only out of the Trust Party's net assets and not from the Trust Party shareholders or OP Unit holders, as applicable.

Furthermore, the Indemnified Party shall not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.there has been a successful adjudication on the merits of each count involving alleged material securities law violations as to the Indemnified Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnified Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.a court of competent jurisdiction approves a settlement of the claims against the Indemnified Party and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities of the Trust Party were offered or sold as to indemnification for violations of securities laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.The Trust Party may pay or reimburse reasonable legal expenses and other costs incurred by the Indemnified Party in advance of final disposition of a proceeding only if all of the following are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Trust Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.the Indemnified Party provides the Trust Party with written affirmation of such Indemnified Party's good faith belief that the Indemnified Party has met the standard of conduct necessary for indemnification by the Trust Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.the legal proceeding was initiated by a third party who is not a Trust Party shareholder or OP Unit holder, as applicable, or, if by a Trust Party shareholder or OP Unit holder, as applicable, acting in his or her capacity as such, a court of competent jurisdiction approves such advancement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv.the Indemnified Party provides the Trust Party with a written agreement to repay the amount paid or reimbursed by the Trust Party, together with the applicable legal rate of interest thereon, if it is ultimately determined that the Indemnified Party did not comply with the requisite standard of conduct and is not entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.**<u>Effectiveness, Duration and Termination of Agreement</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.This Agreement shall become effective as of the Effective Date. This Agreement may be terminated at any time, without cause or the payment of any penalty, on sixty (60) days' written notice, by the vote of the Trust's independent trustees or, on sixty (60) days' written notice, by the Adviser. The provisions of Section 10 of this Agreement shall remain in full force and effect, and the Indemnified Parties shall remain entitled to the benefits thereof, notwithstanding any termination or expiration of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under Section 4 through the date of termination or expiration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.This Agreement shall continue in effect for two (2) years from the date of the initial closing of the Trust's offering and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (A) the vote of the Board and (B) the vote of a majority of the Trust's independent trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.After the termination of this Agreement, the Adviser shall not be entitled to compensation for further services provided hereunder, except that it shall be entitled to receive from the Trust Parties within thirty (30) days after the effective date of such termination all unpaid reimbursements and all earned but unpaid fees payable to the Adviser prior to termination of this Agreement, including any deferred fees. The Adviser shall promptly upon termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.Deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.Deliver to the Board all assets and documents of the Trust Parties then in custody of the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.Cooperate with the Trust Parties to provide an orderly management transition.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.If the Trust or the Operating Partnership commences a liquidation of its investments during any calendar year, the Trust and the Operating Partnership will pay the Adviser the Management Fee from the proceeds of the liquidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.**<u>Notices</u>**

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.**<u>Amendments</u>**

This Agreement may be amended by mutual consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.**<u>Entire Agreement; Governing Law</u>**

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. This Agreement shall be construed in accordance with the laws of the State of New York.

**[Remainder of page intentionally left blank.]**

\* \* \*

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed on the Effective Date.

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| | |
|:---|:---|
| **BLUE OWL DIGITAL INFRASTRUCTURE TRUST** | **BLUE OWL DIGITAL INFRASTRUCTURE TRUST** |
| By: | /s/Matthew A'Hearn |
|  | Matthew A'Hearn |
|  | Title: Chief Executive Officer |
| **BLUE OWL DIGITAL INFRASTRUCTURE OPERATING PARTNERSHIP LP** | **BLUE OWL DIGITAL INFRASTRUCTURE OPERATING PARTNERSHIP LP** |
| By: | Blue Owl Digital Infrastructure Trust, its General Partner |
| By: | /s/Matthew A'Hearn |
|  | Name: Matthew A'Hearn |
|  | Title: Chief Executive Officer |
| **BLUE OWL DIGITAL INFRASTRUCTURE TRUST ADVISORS LLC** | **BLUE OWL DIGITAL INFRASTRUCTURE TRUST ADVISORS LLC** |
| By: | /s/Neena Reddy |
|  | Name: Neena Reddy |
|  | Title: General Counsel and Chief Legal Officer |

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*[Signature Page to Blue Owl Digital Infrastructure Trust Advisory Agreement]*

## Exhibit 10.2

**Exhibit 10.2**

**ADMINISTRATION AGREEMENT**

**BETWEEN** 

**BLUE OWL DIGITAL INFRASTRUCTURE TRUST** 

**AND** 

**BLUE OWL DIGITAL INFRASTRUCTURE TRUST ADVISORS LLC** 

This Agreement ("<u>Agreement</u>") is made as of October 3, 2025 by and between BLUE OWL DIGITAL INFRASTRUCTURE TRUST, a Maryland statutory trust (the "<u>Company</u>"), and BLUE OWL DIGITAL INFRASTRUCTURE TRUST ADVISORS LLC, a Delaware limited liability company (the "<u>Administrator</u>").

WHEREAS, the Company is a newly organized, perpetually offered company that intends to qualify as a "real estate investment trust" under the U.S. Internal Revenue Code of 1986, as amended (the "<u>Code</u>");

WHEREAS, the Company desires to retain the Administrator to provide administrative services to the Company in the manner and on the terms hereinafter set forth; and

WHEREAS, the Administrator is willing to provide administrative services to the Company on the terms and conditions hereafter set forth.

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Company and the Administrator hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.<u>Duties of the Administrator</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.<u>Employment of Administrator</u>. The Company hereby employs the Administrator to act as administrator of the Company, and to furnish, or arrange for others to furnish, the administrative services, personnel and facilities described below, subject to review by and the overall control of the Board of Trustees of the Company (the "<u>Board</u>"), for the period and on the terms and conditions set forth in this Agreement. The Administrator hereby accepts such employment and agrees during such period to render, or arrange for the rendering of, such services and to assume the obligations herein set forth subject to the reimbursement of costs and expenses provided for below. The Administrator and such others shall for all purposes herein be deemed to be independent contractors and shall, unless otherwise expressly provided or authorized herein, have no authority to act for or represent the Company in any way or otherwise be deemed agents of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.<u>Services</u>. The Administrator shall perform (or oversee, or arrange for, the performance of) the administrative services necessary for the operation of the Company. Without limiting the generality of the foregoing, the Administrator shall provide the Company with office facilities, equipment, clerical, bookkeeping and record-keeping services and such other services as the Administrator, subject to review by the Board, shall from time to time determine to be necessary or useful to perform its obligations under this Agreement. The Administrator shall also, on behalf of the Company, conduct relations with custodians, depositories, transfer agents, dividend disbursing agents, other stockholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. In addition, the Administrator will arrange for such financing on the Company's behalf, based on the recommendation of the Adviser (as defined below). The Administrator shall make reports to the Board of its performance of obligations hereunder and furnish advice and recommendations with respect to such other aspects of the business and affairs of the Company as it shall determine to be desirable; provided that nothing herein shall be construed to require the Administrator to, and the Administrator shall not, in its capacity as Administrator pursuant to this Agreement, provide any advice or recommendation relating to real estate, securities, loans and other assets that the Company should purchase, retain or sell or any other investment advisory services to the Company. The

------

Administrator shall be responsible for the financial and other records that the Company is required to maintain and shall prepare, print and disseminate reports to stockholders, and reports and other materials required to be filed with the Securities and Exchange Commission (the "<u>SEC</u>"). In addition, the Administrator will assist the Company in determining and publishing (as necessary or appropriate) the Company's net asset value, overseeing the preparation and filing of the Company's tax returns, and generally overseeing the payment of the Company's expenses and the performance of administrative and professional services rendered to the Company by others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.<u>Records</u>** 

The Administrator agrees to maintain and keep all books, accounts and other records of the Company that relate to activities performed by the Administrator hereunder and will maintain and keep such books, accounts and records in accordance with applicable law. Consistent with applicable law, the Administrator agrees that all records which it maintains for the Company shall at all times remain the property of the Company, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of this Agreement or otherwise on written request. The Administrator further agrees that all records which it maintains for the Company will be preserved consistent with applicable law unless any such records are earlier surrendered as provided above. Records shall be surrendered in usable machine-readable form. The Administrator shall have the right to retain copies of such records subject to observance of its confidentiality obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.<u>Confidentiality</u>** 

The parties hereto agree that each shall treat confidentially the terms and conditions of this Agreement and all information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto, including nonpublic personal information (regulated pursuant to Regulation S-P of the SEC), shall be used by any other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party, without the prior consent of such providing party. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by any regulatory authority, any authority or legal counsel of the parties hereto, by judicial or administrative process or otherwise by applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.<u>Compensation; Allocation of Costs and Expenses</u>** 

In full consideration of the provision of the services of the Administrator, the Company shall reimburse the Administrator for the costs and expenses incurred by the Administrator in performing its obligations and providing personnel and facilities hereunder, it being understood and agreed that, except as otherwise provided herein or in that certain Investment Advisory Agreement, by and between the Company and the Administrator (the Administrator, in its capacity as adviser pursuant to the Investment Advisory Agreement, the "<u>Adviser</u>"), as amended from time to time (the "<u>Advisory Agreement</u>"), the Administrator shall be solely responsible for the compensation of its employees and all overhead expenses of the Administrator (including rent, office equipment and utilities). The Company, either directly or through reimbursement to the Adviser, shall bear all costs and expenses of its operation, administration and transactions not specifically assumed by the Adviser pursuant to the Advisory Agreement, including: expenses deemed to be organization and offering expenses of the Company (exclusive of commissions, the dealer manager fee, and any discounts and other similar expenses paid by investors at the time of sale of the stock of the Company); corporate and organizational expenses relating to offering of shares of common stock, subject to limitations included in this Agreement; the cost of calculating the Company's net asset value, including the cost of any third-party valuation services; the cost of effecting any sales and repurchases of the Company's common stock and other securities; costs related to construction, leasing and development of real estate properties; fees and expenses payable under any dealer manager agreements, if any; debt service and other costs of borrowings or other financing arrangements; costs of hedging; expenses, including travel expense, incurred by the Administrator, or members of the investment team, or payable to third parties, of performing due diligence on prospective investments and, if necessary, enforcing the Company's rights; escrow agent, transfer agent and custodial fees and expenses; fees and expenses associated with marketing efforts; federal and state registration fees, any stock exchange listing fees and fees payable to rating agencies; federal, state and local taxes; independent

------

trustees' fees and expenses, including certain travel expenses; costs of preparing financial statements and maintaining books and records and filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and compliance costs, including registration fees, listing fees and licenses, and the compensation of professionals responsible for the preparation of the foregoing; the costs of any reports, proxy statements or other notices to stockholders (including printing and mailing costs); the costs of any stockholder or trustee meetings and the compensation of personnel responsible for the preparation of the foregoing and related matters; commissions and other compensation payable to brokers or dealers; research and market data; fidelity bond, trustees and officers errors and omissions liability insurance and other insurance premiums; direct costs and expenses of administration, including printing, mailing, long-distance telephone and staff; fees and expenses associated with independent audits, outside legal and consulting costs; costs of winding up; costs incurred in connection with the formation or maintenance of entities or vehicles to hold the Company's assets for tax or other purposes; extraordinary expenses (such as litigation or indemnification); and costs associated with reporting and compliance obligations under applicable law. Notwithstanding anything to the contrary contained herein, at the request of the Administrator, the Company will bear its allocable portion of the Administrator's overhead in performing its obligations under this Agreement, including its allocable portion of the Administrator's In-House Costs. For the avoidance of doubt, the Adviser shall be solely responsible for any placement or "finder's" fees payable to placement agents engaged by the Company or its affiliates in connection with the offering of securities by the Company.

"<u>In-House Costs</u>" means reasonable costs related to services provided to the Company by employees and other personnel of the Administrator and its affiliates' in-house legal, compliance, finance, operations, accounting, information technology and tax teams, and employees and other personnel of the Administrator and its affiliates who provide "back office" or "middle office" financial, operational, administrative or other services to the Company or its portfolio investments, including assisting with workouts or providing other restructuring services to any portfolio investment, or assisting with the preparation, coordination, administration or provision of any of the foregoing (calculated based on the percentage of time an individual devotes, on an estimated basis, to the business affairs of the Company, such individual's salary, benefits and bonus, travel expenses, and an allocable share of the rent and general office overhead of such individual).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.<u>Limitation of Liability of the Administrator; Indemnification</u>** 

The Administrator (and its officers, members, managers, officers, employees, partners, agents, controlling persons and any other person or entity affiliated with it) shall not be liable to the Company for any action taken or omitted to be taken by the Administrator in connection with the performance of any of its duties or obligations under this Agreement or otherwise as administrator for the Company and the Company shall indemnify, defend and protect the Administrator (and its officers, members, managers, officers, employees, partners, agents, controlling persons and any other person or entity affiliated with the Administrator each of whom shall be deemed a third-party beneficiary hereof) (collectively, the "<u>Indemnified Parties</u>") and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Company or its security holders) arising out of or otherwise based upon the performance of any of the Administrator's duties or obligations under this Agreement or otherwise as administrator for the Company. Notwithstanding the preceding sentence of this Section 5 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Company or its security holders to which the Indemnified Parties would otherwise be subject by reason of (i) willful misfeasance, bad faith or gross negligence in the performance of the Administrator's duties (ii) a material breach by the Administrator of this Agreement; (iii) reckless disregard of the Administrator's duties and obligations under this Agreement or (iv) an internal dispute among the Indemnified Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.<u>Activities of the Administrator</u>** 

The services of the Administrator to the Company are not to be deemed to be exclusive, and the Administrator and each affiliate is free to render services to others. It is understood that trustees, officers, employees and stockholders of the Company are or may become interested in the Administrator and its affiliates, as trustees,

------

officers, members, managers, employees, partners, stockholders or otherwise, and that the Administrator and trustees, officers, members, managers, employees, partners and stockholders of the Administrator and its affiliates are or may become similarly interested in the Company as stockholders or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.<u>Duration and Termination of this Agreement</u>** 

This Agreement shall continue in effect for two years from the date of the initial closing of the Company's offering, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.the vote of the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.the vote of a majority of the Company's independent trustees.

This Agreement may be terminated at any time, without the payment of any penalty, on 60 days' written notice, by the vote of the Board or by the Administrator.

This Agreement may not be assigned by a party without the consent of the other party; provided, however, that the rights and obligations of the Company under this Agreement shall not be deemed to be assigned to a newly formed entity in the event of the merger of the Company into, or conveyance of all of the assets of the Company to, such newly formed entity; provided, further, however, that the sole purpose of that merger or conveyance is to effect a mere change in the Company's legal form into another limited liability entity. The provisions of Section 5 of this Agreement shall remain in full force and effect, and the Indemnified Parties shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.<u>Amendments of this Agreement</u>**

This Agreement may only be amended pursuant to a written instrument by mutual consent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.<u>Governing Law</u>** 

This Agreement shall be construed in accordance with the laws of the State of New York without regard to the principles of conflicts of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.<u>Entire Agreement</u>** 

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.<u>Notices</u>** 

Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

*[Signature Page Follows]*

------

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

---

| | |
|:---|:---|
| **BLUE OWL DIGITAL INFRASTRUCTURE TRUST** | **BLUE OWL DIGITAL INFRASTRUCTURE TRUST** |
| By: | /s/Matthew A'Hearn |
|  | Name: Matthew A'Hearn |
|  | Title: Chief Executive Officer |
| <br>**BLUE OWL DIGITAL INFRASTRUCTURE TRUST ADVISORS LLC** | <br>**BLUE OWL DIGITAL INFRASTRUCTURE TRUST ADVISORS LLC** |
| By: | /s/Neena Reddy |
|  | Name: Neena Reddy |
|  | Title: General Counsel and Chief Legal Officer |

---

*[Signature Page to Blue Owl Digital Infrastructure Trust Administration Agreement]*

## Exhibit 10.3

**Exhibit 10.3**

**AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT**

**OF**

**BLUE OWL DIGITAL INFRASTRUCTURE OPERATING PARTNERSHIP LP**

**A DELAWARE LIMITED PARTNERSHIP**

**OCTOBER 3, 2025**

------

**<u>**TABLE OF CONTENTS**</u>**

**Page**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[1.1.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Definitions](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[1](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[1.2.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Interpretation](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[9](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

<u>[ARTICLE 2 PARTNERSHIP FORMATION AND IDENTIFICATION](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[9](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2.1.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Formation](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[9](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2.2.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Name, Office and Registered Agent](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[9](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2.3.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Partners](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[9](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2.4.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Term and Dissolution](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[9](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2.5.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Filing of Certificate and Perfection of Limited Partnership](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[10](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2.6.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Certificates Representing Partnership Units](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[10](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[2.7](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Withdrawal of Initial Limited Partner](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[10](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

<u>[ARTICLE 3 BUSINESS OF THE PARTNERSHIP](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[10](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

<u>[ARTICLE 4 CAPITAL CONTRIBUTIONS AND ACCOUNTS](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[10](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[4.1.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Capital Contributions](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[10](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[4.2.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Classes of Partnership Units](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[11](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[4.3.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Additional Capital Contributions and Issuances of Additional Partnership Interests](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[11](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[4.4.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Additional Funding](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[13](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[4.5.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Capital Accounts](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[13](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[4.6.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Percentage Interests](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[14](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[4.7.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[No Interest on Contributions](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[14](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[4.8.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Return of Capital Contributions](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[14](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[4.9.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[No Third Party Beneficiary](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[14](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

<u>[ARTICLE 5 PROFITS AND LOSSES; DISTRIBUTIONS](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[14](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.1.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Allocation of Profit and Loss](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[14](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.2.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Distribution of Cash](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[17](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.3.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[REIT Distribution Requirements](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[19](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.4.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[No Right to Distributions in Kind](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[19](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.5.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Limitations on Return of Capital Contributions](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[19](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.6.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Distributions Upon Liquidation](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[19](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.7.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Substantial Economic Effect](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[20](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[5.8.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Reinvestment](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[20](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

<u>[ARTICLE 6 RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[21](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.1.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Management of the Partnership](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[21](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.2.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Delegation of Authority](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[23](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.3.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Indemnification and Exculpation of Indemnitees](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[23](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.4.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Liability and Obligations of the General Partner](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[24](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.5.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Reimbursement of General Partner](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[24](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.6.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Outside Activities](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[25](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.7.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Transactions With Affiliates](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[25](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.8.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Title to Partnership Assets](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[26](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.9.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Repurchases and Exchanges of REIT Shares](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[26](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[6.10.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[No Duplication of Fees or Expenses](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[26](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

i

------

**<u>**TABLE OF CONTENTS**</u>**

(continued)

<u>[ARTICLE 7 CHANGES IN GENERAL PARTNER](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[26](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7.1.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Transfer of the General Partner's Partnership Interest](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[26](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7.2.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Admission of a Substitute or Additional General Partner](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[27](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7.3.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Effect of Bankruptcy, Withdrawal, Death or Dissolution of the sole remaining General Partner](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[28](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[7.4.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Removal of a General Partner](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[28](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

<u>[ARTICLE 8 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[29](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8.1.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Management of the Partnership](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[29](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8.2.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Power of Attorney](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[29](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8.3.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Limitation on Liability of Limited Partners](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[29](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8.4.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Ownership by Limited Partner of Corporate General Partner or Affiliate](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[29](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8.5.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Redemption Right](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[29](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[8.6.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Required Redemption of Limited Partners](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[31](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

<u>[ARTICLE 9 TRANSFERS OF LIMITED PARTNERSHIP INTERESTS](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[31](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[9.1.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Purchase for Investment](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[31](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[9.2.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Restrictions on Transfer of Limited Partnership Interests](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[32](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[9.3.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Admission of Substitute Limited Partner](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[33](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[9.4.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Rights of Assignees of Partnership Interests](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[34](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[9.5.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[34](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[9.6.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Joint Ownership of Interests](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[34](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

<u>[ARTICLE 10 BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[34](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[10.1.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Books and Records](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[34](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[10.2.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Custody of Partnership Funds; Bank Accounts](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[34](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[10.3.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Fiscal and Taxable Year](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[35](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[10.4.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Annual Tax Information and Report](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[35](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[10.5.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Partnership Representative; Tax Elections; Special Basis Adjustments](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[35](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[10.6.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Reports to Limited Partners](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[35](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

<u>[ARTICLE 11 AMENDMENT OF AGREEMENT; MERGER](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[36](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

<u>[ARTICLE 12 GENERAL PROVISIONS](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[36](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[12.1.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Notices](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[36](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[12.2.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Survival of Rights](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[36](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[12.3.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Additional Documents](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[36](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[12.4.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Severability](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[36](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[12.5.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Entire Agreement](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[36](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[12.6.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Pronouns and Plurals](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[36](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[12.7.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Headings](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[37](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[12.8.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Counterparts](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[37](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[12.9.](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)<u>[Governing Law](#i1b1a64b16ed34d6f9d33735c2df708fd_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#i1b1a64b16ed34d6f9d33735c2df708fd_7)[37](#i1b1a64b16ed34d6f9d33735c2df708fd_7)

**<u>EXHIBITS</u>**

EXHIBIT A - Notice of Exercise of Redemption Right

ii

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**AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT <br>OF <br>BLUE OWL DIGITAL INFRASTRUCTURE OPERATING PARTNERSHIP LP**

This Amended and Restated Limited Partnership Agreement (this "<u>Agreement</u>"), dated as of October 3, 2025 of Blue Owl Digital Infrastructure Operating Partnership LP, a Delaware limited partnership (the "<u>Partnership</u>"), is entered into between Blue Owl Digital Infrastructure Trust, a Maryland statutory trust, as general partner (the "<u>General Partner</u>") and as Limited Partner, each of BODI Trust Carry LP, a Delaware limited partnership, and Blue Owl Digital Infrastructure Trust Carry LLC, a Delaware limited liability company (each, a "<u>Special Limited Partner</u>" and together, the "<u>Special Limited Partners</u>"), and the Limited Partners party hereto from time to time.

**RECITALS:**

WHEREAS, the Partnership was formed on April 7, 2025 as a limited partnership under the laws of the State of Delaware and a certificate of limited partnership was filed with the Secretary of State of the State of Delaware (the "<u>Certificate</u>").

WHEREAS, the Partnership was previously governed by that certain Limited Partnership Agreement of the Partnership, dated as of April 7, 2025 (the "<u>Prior Agreement</u>"); and

WHEREAS, the parties to this Agreement desire to amend and restate the Prior Agreement in its entirety as set forth herein.

NOW, THEREFORE, in consideration of the foregoing, of mutual covenants between the parties hereto, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

**Article 1<u><br>DEFINED TERMS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.**<u>Definitions</u>.** The following defined terms used in this Agreement shall have the meanings specified below:

"<u>Act</u>" means the Delaware Revised Uniform Limited Partnership Act, as it may be amended from time to time.

"<u>Additional Funds</u>" has the meaning set forth in Section 4.4.

"<u>Additional Securities</u>" means any additional REIT Shares (other than REIT Shares issued in connection with a redemption pursuant to Section 8.5) or rights, options, warrants or convertible or exchangeable securities containing the right to subscribe for or purchase REIT Shares, as set forth in Section 4.3(a)(iii).

"<u>Administrative Expenses</u>" means (i) all administrative and operating costs and expenses incurred by the Partnership and its Subsidiaries, (ii) those administrative costs and expenses of the General Partner, including any salaries or other payments to trustees, officers or employees of the General Partner, and any accounting and legal expenses of the General Partner, which expenses are expenses of the Partnership and not the General Partner, and (iii) to the extent not included in clause (ii) above, REIT Expenses; <u>provided</u>, <u>however</u>, that Administrative Expenses shall not include any administrative costs and expenses incurred by the General Partner that are attributable to assets that are not owned directly or indirectly by the Partnership.

"<u>Adviser</u>" means the Person appointed, employed or contracted with by the General Partner and the Partnership and responsible for directing or performing the day-to-day business affairs of the General Partner and the Partnership, including any Person to whom the Adviser subcontracts all or substantially all of such functions.

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"<u>Advisory Agreement</u>" means the agreement between the General Partner, the Partnership and the Adviser pursuant to which the Adviser will direct or perform the day-to-day business affairs of the General Partner and the Partnership.

"<u>Affiliate</u>" means, with respect to any Person, (i) any Person directly or indirectly owning, controlling or holding with the power to vote 10% or more of the outstanding voting securities of such other Person; (ii) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such other Person; (iii) any Person directly or indirectly controlling, controlled by or under common control with such other Person, including any partnership in which such Person is a general partner; (iv) any executive officer, director, trustee or general partner of such other Person; and (v) any legal entity for which such Person acts as an executive officer, director, trustee or general partner.

"<u>Aggregate Share Ownership Limit</u>" shall have the meaning set forth in the Declaration of Trust.

"<u>Agreed Value</u>" means the fair market value (net of any liabilities assumed by the Partnership) of a Partner's non-cash Capital Contribution as of the date of contribution as agreed to by such Partner and the General Partner. The Agreed Value of any non-cash Capital Contributions by a Partner as of the date of contribution are set forth on the Partnership's books and records.

"<u>Agreement</u>" means this Limited Partnership Agreement, as amended, modified, supplemented or restated from time to time, as the context requires.

"<u>Applicable Percentage</u>" has the meaning provided in Section 8.5(b).

"<u>Capital Account</u>" has the meaning provided in Section 4.5.

"<u>Capital Contribution</u>" means the total amount of cash, cash equivalents or the Agreed Value of any Property or other asset (other than cash or cash equivalents) contributed or agreed to be contributed, as the context requires, to the Partnership by each Partner pursuant to the terms of this Agreement. Any reference to the Capital Contribution of a Partner shall include the Capital Contribution made by a predecessor holder of the Partnership Interest of such Partner.

"<u>Carrying Value</u>" means, with respect to any asset of the Partnership, the asset's adjusted net basis for federal income tax purposes or, in the case of any asset contributed to the Partnership, the fair market value of such asset at the time of contribution, reduced by any amounts attributable to the inclusion of liabilities in basis pursuant to Section 752 of the Code, except that the Carrying Values of all assets may, at the discretion of the General Partner, be adjusted to equal their respective fair market values (as determined by the General Partner), in accordance with the rules set forth in Regulations Section 1.704-1(b)(2)(iv)(f), as provided for in Section 4.5. In the case of any asset of the Partnership that has a Carrying Value that differs from its adjusted tax basis, the Carrying Value shall be adjusted by the amount of depreciation, depletion and amortization calculated for purposes of the definition of Profit and Loss rather than the amount of depreciation, depletion and amortization determined for federal income tax purposes.

"<u>Cash Amount</u>" means an amount of cash per Partnership Unit equal to the applicable Redemption Price determined by the General Partner.

"<u>Certificate</u>" means any instrument or document that is required under the laws of the State of Delaware, or any other jurisdiction in which the Partnership conducts business, to be signed and sworn to by any of the Partners of the Partnership (either by themselves or pursuant to the power-of-attorney granted to the General Partner in Section 8.2) and filed for recording in the appropriate public offices within the State of Delaware or such other jurisdiction to perfect or maintain the Partnership as a limited partnership, to effect the admission, withdrawal, or substitution of any Partner of the Partnership, or to protect the limited liability of the Limited Partners as limited partners under the laws of the State of Delaware or such other jurisdiction.

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"<u>Class</u>" means a class of REIT Shares or Partnership Units, as the context may require.

"<u>Class D Conversion Rate</u>" means the fraction, the numerator of which is the Net Asset Value Per Unit for each Class D Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit.

"<u>Class D REIT Shares</u>" means the REIT Shares referred to as "Class D" shares in the Memorandum.

"<u>Class D Unit</u>" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class D Unit as provided in this Agreement.

"<u>Class D-1 Conversion Rate</u>" means the fraction, the numerator of which is the Net Asset Value Per Unit for each Class D-1 Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit.

"<u>Class D-1 Unit</u>" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class D-1 Unit as provided in this Agreement.

"<u>Class E Conversion Rate</u>" means the fraction, the numerator of which is the Net Asset Value Per Unit for each Class E Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit.

"<u>Class E REIT Shares</u>" means the REIT Shares referred to as "Class E" shares in the Memorandum.

"<u>Class E Unit</u>" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class E Unit as provided in this Agreement.

"<u>Class I REIT Shares</u>" means the REIT Shares referred to as "Class I" shares in the Memorandum.

"<u>Class I Unit</u>" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class I Unit as provided in this Agreement.

"<u>Class S Conversion Rate</u>" means the fraction, the numerator of which is the Net Asset Value Per Unit for each Class S Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit.

"<u>Class S REIT Shares</u>" means the REIT Shares referred to as "Class S" shares in the Memorandum.

"<u>Class S Unit</u>" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class S Unit as provided in this Agreement.

"<u>Class S-1 Conversion Rate</u>" means the fraction, the numerator of which is the Net Asset Value Per Unit for each Class S-1 Unit and the denominator of which is the Net Asset Value Per Unit for each Class I Unit.

"<u>Class S-1 Unit</u>" means a Partnership Unit entitling the holder thereof to the rights of a holder of a Class S-1 Unit as provided in this Agreement.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended.

"<u>Commission</u>" means the U.S. Securities and Exchange Commission.

"<u>Common Share Ownership Limit</u>" shall have the meaning set forth in the Declaration of Trust.

"<u>Dealer Manager</u>" means Blue Owl Securities LLC or such other Person or entity selected by the board of trustees of the General Partner to act as the dealer manager for a Private Placement.

"<u>Declaration of Trust</u>" means the Declaration of Trust of the General Partner filed with the Maryland State Department of Assessments and Taxation on April 7, 2025, as further amended or supplemented from time to time.

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"<u>DRIP</u>" shall have the meaning set forth in Section 5.8.

"<u>DRIP Participant</u>" shall have the meaning set forth in Section 5.8.

"<u>DST Interests</u>" means beneficial interests sold to third-party investors by the Delaware statutory trust managed and controlled by the Partnership or by certain Affiliates.

"<u>DST Properties</u>" means real properties held directly or indirectly by a Delaware statutory trust (i) managed by the Partnership or by certain Affiliates (ii) that sells a certain class of beneficial interests to third-party investors.

"<u>Event of Bankruptcy</u>" as to any Person means the filing of a petition for relief as to such Person as debtor or bankrupt under the Bankruptcy Code of 1978 or similar provision of law of any jurisdiction (except if such petition is contested by such Person and has been dismissed within 90 days); insolvency or bankruptcy of such Person as finally determined by a court proceeding; filing by such Person of a petition or application to accomplish the same or for the appointment of a receiver or a trustee for such Person or a substantial part of his assets; commencement of any proceedings relating to such Person as a debtor under any other reorganization, arrangement, insolvency, adjustment of debt or liquidation law of any jurisdiction, whether now in existence or hereinafter in effect, either by such Person or by another, provided that if such proceeding is commenced by another, such Person indicates his approval of such proceeding, consents thereto or acquiesces therein, or such proceeding is contested by such Person and has not been finally dismissed within 90 days.

"<u>Excepted Holder Limit</u>" shall have the meaning set forth in the Declaration of Trust.

"<u>FMV Purchase Option</u>" means a fair market value purchase option giving the Partnership the right, but not the obligation, to acquire DST Interests from holders thereof at a later time as set forth in the applicable Memorandum.

"<u>FMV Real Estate Option</u>" means a fair market value purchase option giving the Partnership the right, but not the obligation, to acquire interests in the applicable Delaware Statutory Trust's right, title, and interest in any portion of the DST Properties from holders thereof at a later time as set forth in the applicable Memorandum.

"<u>General Partner</u>" means Blue Owl Digital Infrastructure Trust, a Maryland statutory trust, and any Person who becomes a substitute or additional General Partner as provided herein, and any of their successors as General Partner, in such Person's capacity as a General Partner of the Partnership.

"<u>General Partnership Interest</u>" means any Partnership Interest held by the General Partner, other than any Partnership Interest it holds in its capacity as a Limited Partner.

"<u>Hurdle Amount</u>" for any period during a calendar year means that amount that results in a 5% annualized internal rate of return on the Net Asset Value of the Performance Allocation Units outstanding at the beginning of the then-current calendar year and all Performance Allocation Units issued since the beginning of the then-current calendar year, taking into account the timing and amount of all distributions accrued or paid (without duplication) on all such Performance Allocation Units and all issuances of Performance Allocation Units over the period and calculated in accordance with recognized industry practices. The ending Net Asset Value of the Performance Allocation Units used in calculating the internal rate of return will be calculated before giving effect to any allocation or accrual to the Performance Allocation and any Shareholder Servicing Fee or Investor Servicing Fee, provided that the calculation of the Hurdle Amount for any period will exclude any Performance Allocation Units repurchased during such period, which Performance Allocation Units will be subject to the Performance Allocation upon such repurchase as described in Section 5.2(c).

"<u>Indemnitee</u>" means (i) any Person made a party to a proceeding by reason of its status as the General Partner or a trustee, officer or employee of the General Partner or the Partnership, (ii) the Adviser, (iii) a Special Limited Partner, (iv) the Partnership Representative and (v) such other Persons (including Affiliates of the General

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Partner or the Partnership) as the General Partner may designate from time to time, in its sole and absolute discretion.

"<u>Initial Limited Partner</u>" shall have the meaning set forth in the Prior Agreement.

"<u>Investor Servicing Fee</u>" means a per annum investor servicing fee paid or previously paid to the Dealer Manager by the Partnership or the General Partner with respect to any Partnership Units, or DST Interests which were exchanged for Partnership Units. The Investor Servicing Fee for a Class S-1 Unit shall equal 0.85% per annum of the Net Asset Value Per Unit of each Class S-1 Unit. The Investor Servicing Fee for a Class D-1 Unit shall equal 0.25% per annum of the Net Asset Value Per Unit of each Class D-1 Unit. For the avoidance of doubt, there will be no Investor Servicing Fee for Class I Units or Class E Units. Any Investor Servicing Fee payable with respect to DST Interests shall be set forth in the applicable Memorandum.

"<u>Joint Venture</u>" means any joint venture or partnership arrangement (other than the Partnership) in which the Partnership or any of its Subsidiaries is a co-venturer or partner established to acquire or hold assets of the Partnership.

"<u>Limited Partner</u>" means the General Partner in its capacity as a Limited Partner, and any other Person identified as a Limited Partner on the Partnership's books and records, upon the execution and delivery by such Person of an additional limited partner signature page, and any Person who becomes a Substitute Limited Partner, in such Person's capacity as a Limited Partner in the Partnership.

"<u>Limited Partnership Interest</u>" means the ownership interest of a Limited Partner in the Partnership at any particular time, including the right of such Limited Partner to any and all benefits to which such Limited Partner may be entitled as provided in this Agreement and in the Act, together with the obligations of such Limited Partner to comply with all the provisions of this Agreement and of such Act. A Limited Partnership Interest may be expressed as a number of Partnership Units.

"<u>Loss</u>" has the meaning provided in Section 5.1(e).

"<u>Loss Carryforward Amount</u>" shall initially equal zero and shall cumulatively increase by the absolute value of any negative annual Total Return and decrease by any positive annual Total Return, provided that the Loss Carryforward Amount shall at no time be less than zero and provided further that the calculation of the Loss Carryforward Amount will exclude the Total Return related to any Performance Allocation Units repurchased during such year, which Partnership Units will be subject to the Performance Allocation upon such repurchase as described in Section 5.2(c).

"<u>Memorandum</u>" means (a) a confidential private placement memorandum of the General Partner with respect to the applicable Offering, and (b) a confidential private placement memorandum utilized for the purpose of offering and selling DST Interests, in either case, as such memorandum may be amended or supplemented from time to time.

"<u>Net Asset Value</u>" means (i) for any Partnership Units, the net asset value of such Partnership Units, determined as of the last calendar day of each month as described in the applicable Memorandum and (ii) for any REIT Shares, the net asset value of such REIT Shares, determined as of the last calendar day of each month as described in the applicable Memorandum.

"<u>Net Asset Value Per REIT Share</u>" means, for each Class of REIT Shares, the net asset value per share of such Class of REIT Shares, determined as of the last calendar day of each month as described in the applicable Memorandum.

"<u>Net Asset Value Per Unit</u>" means, for each Class of Partnership Unit, the net asset value per unit of such Class of Partnership Unit, determined as of the last calendar day of each month as described in the applicable Memorandum.

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"<u>Notice of Redemption</u>" means the Notice of Exercise of Redemption Right substantially in the form attached as <u>Exhibit A</u>.

"<u>Offer</u>" has the meaning set forth in Section 7.1(b).

"<u>Offering</u>" means an offer and sale of REIT Shares in a private offering.

"<u>Partner</u>" means any General Partner, Special Limited Partner or Limited Partner.

"<u>Partner Nonrecourse Debt Minimum Gain</u>" means an amount with respect to each Partner's nonrecourse debt (as defined in U.S. Treasury Regulations Section 1.704-2(b)(4)) equal to the Partnership Minimum Gain that would result if such partner nonrecourse debt were treated as a nonrecourse liability (as defined in U.S. Treasury Regulations Section 1.752-1(a)(2)) determined in accordance with U.S. Treasury Regulations Section 1.704-2(i)(3).

"<u>Partnership</u>" means Blue Owl Digital Infrastructure Operating Partnership LP, a Delaware limited partnership.

"<u>Partnership Interest</u>" means an ownership interest in the Partnership held by a Limited Partner, the General Partner or a Special Limited Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions of this Agreement.

"<u>Partnership Minimum Gain</u>" has the meaning specified in U.S. Treasury Regulations Sections 1.704-2(b)(2) and 1.704-2(d).

"<u>Partnership Record Date</u>" means the record date established by the General Partner for the distribution of cash pursuant to Section 5.2, which record date shall be the same as the record date established by the General Partner for a distribution to its shareholders of some or all of its portion of such distribution.

"<u>Partnership Representative</u>" has the meaning for "partnership representative" set forth in Section 6223 of the Code and any "designated individual," if applicable, as defined in the Regulations thereunder (including, in each case, any similar capacity or role under relevant non-U.S., state or local law).

"<u>Partnership Unit</u>" means a fractional, undivided share of the Partnership Interests (other than the General Partnership Interest and the Special Limited Partnership Interests) of all Partners issued hereunder, including Class S Units, Class S-1 Units, Class D Units, Class D-1 Units, Class I Units and Class E Units. The allocation of Partnership Units of each Class among the Partners shall be as set forth on the Partnership's books and records.

"<u>Percentage Interest</u>" means the percentage ownership interest in the Partnership of each Partner, as determined by dividing the Partnership Units owned by a Partner by the total number of Partnership Units then outstanding. The Percentage Interest of each Partner shall be as set forth on the Partnership's books and records.

"<u>Performance Allocation</u>" has the meaning set forth in Section 5.2(c).

"<u>Performance Allocation Units</u>" means, collectively, the Class D Units, Class D-1 Units, Class S Units, Class S-1 Units and Class I Units. Class E units shall not be considered Performance Allocation Units.

"<u>Person</u>" means an individual, corporation, partnership, limited liability company, estate, trust (including a trust qualified under Sections 401(a) or 501(c)(17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other legal entity.

"<u>Prior Agreement</u>" has the meaning set forth in the recitals hereto.

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"<u>Private Placement</u>" means an unregistered sale of REIT Shares, DST Interests, or equity of a subsidiary of the General Partner (including the Partnership) pursuant to an applicable exemption from the registration requirements of the Securities Act and state securities laws.

"<u>Profit</u>" has the meaning provided in Section 5.1(e) hereof.

"<u>Property</u>" means any Real Property, Real Estate Securities or other investment in which the Partnership holds an ownership interest.

"<u>Quarterly Allocation</u>" has the meaning set forth in Section 5.2(c).

"<u>Quarterly Shortfall</u>" has the meaning set forth in Section 5.2(c).

"<u>Quarterly Shortfall Obligation</u>" has the meaning set forth in Section 5.2(c).

"<u>Real Estate Securities</u>" means equity and debt securities of both publicly traded and private companies, including REITs and pass-through entities, that own Real Property or loans secured by real estate, including investments in commercial mortgage-backed securities and derivative instruments, owned by the General Partner or the Partnership directly or indirectly through one or more of its Affiliates.

"<u>Real Property</u>" means land, rights in land (including leasehold interests) and any buildings, structures, improvements, furnishings, fixtures and equipment located on or used in connection with land and rights or interests in land. DST Properties shall also be deemed Real Property for the purposes of this definition.

"<u>Redemption Price</u>" means the Value of the REIT Shares Amount as of the end of the Specified Redemption Date.

"<u>Redemption Right</u>" has the meaning provided in Section 8.5(a).

"<u>Regulations</u>" means the Federal income tax regulations promulgated under the Code.

"<u>Regulatory Allocations</u>" has the meaning set forth in Section 5.1(g).

"<u>REIT</u>" means a real estate investment trust as defined pursuant to Sections 856 through 860 of the Code.

"<u>REIT Expenses</u>" means (i) costs and expenses relating to the formation and continuity of existence and operation of the General Partner and any Subsidiaries thereof (which Subsidiaries shall, for purposes of this defined term, be included within the definition of General Partner), including taxes, fees and assessments associated therewith, any and all costs, expenses or fees payable to any trustee, officer, or employee of the General Partner or service providers to the General Partner (including service providers affiliated with the Adviser), (ii) costs and expenses relating to any offering, issuance and/or registration of securities by the General Partner and all filings, statements, reports, fees and expenses incidental thereto, including, underwriting discounts and selling commissions applicable to any such offering of securities, any Shareholder Servicing Fees, and any costs and expenses associated with any claims made by any holders of such securities or any underwriters or placement agents thereof, (iii) costs and expenses associated with any repurchase or redemption of any securities by the General Partner, (iv) costs and expenses associated with the preparation and filing of any periodic or other reports and communications by the General Partner under federal, state or local laws or regulations, including filings with the Commission, (v) costs and expenses associated with compliance by the General Partner with laws, rules and regulations promulgated by any regulatory body, including the Commission and any securities exchange, (vi) the management fee payable to the Adviser under the Advisory Agreement and other fees and expenses payable to other services providers of the General Partner and (vii) all other operating or administrative costs of the General Partner incurred in the ordinary course of its business on behalf of or in connection with the Partnership.

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"<u>REIT Share</u>" means a common share of the General Partner (or successor entity, as the case may be), including Class S REIT Shares, Class D REIT Shares, Class I REIT Shares and Class E REIT Shares.

"<u>REIT Shares Amount</u>" means a number of REIT Shares having the same Class designation as the Class of Partnership Units; provided that in the event the General Partner issues to all holders of REIT Shares rights, options, warrants or convertible or exchangeable securities entitling the shareholders to subscribe for or purchase REIT Shares, or any other securities or property (collectively, the "rights"), and the rights have not expired at the Specified Redemption Date, then the REIT Shares Amount shall also include the rights issuable to a holder of the REIT Shares Amount of REIT Shares on the record date fixed for purposes of determining the holders of REIT Shares entitled to rights. For the avoidance of doubt, Class S-1 Units correspond to Class S REIT Shares and Class D-1 Units correspond to Class D REIT Shares.

"<u>Related Party</u>" means, with respect to any Person, any other Person whose ownership of shares of the General Partner's capital stock would be attributed to the first such Person under Code Section 544 (as modified by Code Section 856(h)(1)(B)).

"<u>Securities Act</u>" means the Securities Act of 1933, as amended from time to time, or any successor statute thereto. Reference to any provision of the Securities Act shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time.

"<u>Shareholder Servicing Fee</u>" means a per annum shareholder servicing fee paid to the Dealer Manager by the General Partner with respect to any REIT Shares, as set forth in the applicable Memorandum.

"<u>Special Limited Partner</u>" means each of BODI Trust Carry LP, a Delaware limited partnership and Blue Owl Digital Infrastructure Trust Carry LLC, a Delaware limited liability company, each of which shall be a limited partner of the Partnership and recognized as such under applicable Delaware law, but not a "Limited Partner" within the meaning of this Agreement (other than to the extent it owns Partnership Units).

"<u>Special Limited Partnership Interest</u>" means the interest of a Special Limited Partner in the Partnership representing solely its right as the holder of an interest in distributions described in Section 5.2(c) (and any corresponding allocations of income, gain, loss and deduction under this Agreement), and not any interest in Partnership Units it may own from time to time.

"<u>Special Limited Partnership Interest Percentage</u>" means, with respect to a Special Limited Partner, the percentage of such Special Limited Partner's interest in the aggregate Special Limited Partnership Interests, as set forth on <u>Schedule A</u>.

"<u>Specified Redemption Date</u>" means the first business day of the month following the month of the day that is 45 days after the receipt by the General Partner of the Notice of Redemption.

"<u>Subsidiary</u>" means, with respect to any Person, any corporation or other entity of which a majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests is owned, directly or indirectly, by such Person.

"<u>Substitute Limited Partner</u>" means any Person admitted to the Partnership as a Limited Partner pursuant to Section 9.3.

"<u>Survivor</u>" has the meaning set forth in Section 7.1(c).

"<u>Tendered Units</u>" has the meaning provided in Section 8.5(a).

"<u>Tendering Party</u>" has the meaning provided in Section 8.5(a).

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"<u>Total Return</u>" for any period since the end of the prior calendar year shall equal the sum of: (i) all distributions accrued or paid (without duplication) on the Performance Allocation Units outstanding at the end of such period since the beginning of the then-current calendar year *plus* (ii) the change in aggregate Net Asset Value of such Performance Allocation Units since the beginning of such year, before giving effect to (x) changes resulting solely from the proceeds of issuances of Performance Allocation Units, (y) any allocation or accrual to the Performance Allocation and (z) any applicable Shareholder Servicing Fee or Investor Servicing Fee accrued or allocated directly or indirectly with respect to the Performance Allocation Units (including any payments made to the General Partner for payment of such expenses). For the avoidance of doubt, the calculation of Total Return will (i) include any appreciation or depreciation in the Net Asset Value of Performance Allocation Units issued during the then-current calendar year but (ii) exclude the proceeds from the initial issuance of such Performance Allocation Units.

"<u>Transfer</u>" has the meaning set forth in Section 9.2(a).

"<u>Trustee</u>" shall have the meaning set forth in the Declaration of Trust.

"<u>Value</u>" means, for any Class of REIT Shares, the Net Asset Value Per REIT Share for REIT Shares of that Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.**<u>Interpretation</u>.** The definitions in Section 1.1 shall apply equally to both the singular and plural forms of the terms defined. Wherever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine and neuter forms. For all purposes of this Agreement, the term "control" and variations thereof shall mean possession of the authority to direct or cause the direction of the management and policies of the specified entity, through the direct or indirect ownership of equity interests therein, by contract or otherwise. As used in this Agreement, the words "include," "includes" and "including" shall be deemed to be followed by the phrase "without limitation." As used in this Agreement, the terms "herein," "hereof" and "hereunder" shall refer to this Agreement in its entirety. Any references in this Agreement to "Sections" or "Articles" shall, unless otherwise specified, refer to Sections or Articles, respectively, in this Agreement. Any references in this Agreement to an "Exhibit" shall, unless otherwise specified, refer to an Exhibit attached to this Agreement, as such Exhibit may be amended from time to time. Each such Exhibit shall be deemed incorporated in this Agreement in full.

**Article 2<u><br>PARTNERSHIP FORMATION AND IDENTIFICATION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.**<u>Formation</u>.** The Partnership was formed as a limited partnership pursuant to the Act and all other pertinent laws of the State of Delaware, for the purposes and upon the terms and conditions set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.**<u>Name, Office and Registered Agent</u>**. The name of the Partnership is Blue Owl Digital Infrastructure Operating Partnership LP. The specified office and principal place of business of the Partnership shall be 150 N. Riverside Plaza, 37<sup>th</sup> Floor, Chicago, IL 60606. The General Partner may at any time change the location of such office, provided the General Partner gives notice to the Partners of any such change. The name and address of the Partnership's registered agent is United Agent Group Inc., 152 Concord Pike, Suite 201, City of Wilmington, New Castle County, Delaware 19803. The sole duty of the registered agent as such is to forward to the Partnership any notice that is served on him as registered agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.**<u>Partners</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The General Partner of the Partnership is Blue Owl Digital Infrastructure Trust, a Maryland statutory trust. Its principal place of business is the same as that of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Limited Partners are the General Partner (in its capacity as Limited Partner) and any other Persons identified as Limited Partners on the Partnership's books and records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Special Limited Partners are BODI Trust Carry LP, a Delaware limited partnership, and Blue Owl Digital Infrastructure Trust Carry LLC, a Delaware limited liability company. Each Special Limited Partner's principal place of business is the same as that of the Partnership.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.**<u>Term and Dissolution</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Partnership commenced upon the filing for record of the Certificate in the office of the Secretary of State of the State of Delaware on April 7, 2025, and shall continue indefinitely, except that the Partnership shall be dissolved upon the first to occur of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The occurrence of an Event of Bankruptcy as to a General Partner or the dissolution, death, removal or withdrawal of a General Partner unless the business of the Partnership is continued pursuant to Section 7.3(b); provided that if a General Partner is on the date of such occurrence a partnership, the dissolution of such General Partner as a result of the dissolution, death, withdrawal, removal or Event of Bankruptcy of a partner in such partnership shall not be an event of dissolution of the Partnership if the business of such General Partner is continued by the remaining partner or partners, either alone or with additional partners, and such General Partner and such partners comply with any other applicable requirements of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The passage of 90 days after the sale or other disposition of all or substantially all of the assets of the Partnership (provided that if the Partnership receives an installment obligation as consideration for such sale or other disposition, the Partnership shall continue, unless sooner dissolved under the provisions of this Agreement, until such time as such note or notes are paid in full); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The election by the General Partner that the Partnership should be dissolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Upon dissolution of the Partnership (unless the business of the Partnership is continued pursuant to Section 7.3(b)), the General Partner (or its trustee, receiver, successor or legal representative) shall amend or cancel any Certificate(s) and liquidate the Partnership's assets and apply and distribute the proceeds thereof in accordance with Section 5.6. Notwithstanding the foregoing, the liquidating General Partner may either (i) defer liquidation of, or withhold from distribution for a reasonable time, any assets of the Partnership (including those necessary to satisfy the Partnership's debts and obligations), or (ii) distribute the assets to the Partners in kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.**<u>Filing of Certificate and Perfection of Limited Partnership</u>.** The General Partner shall execute, acknowledge, record and file at the expense of the Partnership, any and all amendments to the Certificate(s) and all requisite fictitious name statements and notices in such places and jurisdictions as may be necessary to cause the Partnership to be treated as a limited partnership under, and otherwise to comply with, the laws of each state or other jurisdiction in which the Partnership conducts business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.**<u>Certificates Representing Partnership Units</u>.** At the request of a Limited Partner, the General Partner, at its option, may issue (but in no way is obligated to issue) a certificate specifying the number and Class of Partnership Units owned by the Limited Partner as of the date of such certificate. Any such certificate (i) shall be in form and substance as approved by the General Partner, (ii) shall not be negotiable and (iii) shall bear a legend to the following effect:

This certificate is not negotiable. The Partnership Units represented by this certificate are governed by and transferable only in accordance with the provisions of the Limited Partnership Agreement of Blue Owl Digital Infrastructure Operating Partnership LP, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7&nbsp;&nbsp;&nbsp;&nbsp;**<u>Withdrawal of Initial Limited Partner</u>.** Upon the admission of one or more Limited Partners to the Partnership, the Initial Limited Partner shall (a) withdraw as the Initial Limited Partner of the Partnership and (b) have no further right, interest or obligation of any kind whatsoever as a Partner in the Partnership.

**Article 3<u><br>BUSINESS OF THE PARTNERSHIP</u>**

The purpose and nature of the business to be conducted by the Partnership is (i) to conduct any business that may be lawfully conducted by a limited partnership organized pursuant to the Act, provided, however, that such business shall be limited to and conducted in such a manner as to permit the General Partner at all times to qualify as a REIT, and in a manner such that the General Partner will not be subject to any taxes under Section 857 or 4981 of the Code (to the extent the General Partner determines not being subject to such taxes is desirable), unless the General Partner otherwise ceases to qualify as a REIT, (ii) to enter into any partnership, joint venture or other similar arrangement to engage in any of the foregoing or the ownership of interests in any entity engaged in any of

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the foregoing and (iii) to do anything necessary or incidental to the foregoing. Notwithstanding the foregoing, the Limited Partners agree that the General Partner may terminate its status as a REIT under the Code at any time to the full extent permitted under the Declaration of Trust.

**Article 4<u><br>CAPITAL CONTRIBUTIONS AND ACCOUNTS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.**<u>Capital Contributions</u>.** The General Partner and the Limited Partners have made capital contributions to the Partnership in exchange for the Partnership Interests set forth opposite their names on the Partnership's books and records. The General Partner may keep, or cause to be kept, the Partnership's books and records current through separate revisions that reflect periodic changes to the capital contributions made by the Partners and redemptions and other purchases of Partnership Units by the Partnership, and corresponding changes to the Partnership Interests of the Partners, without preparing an amendment to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.**<u>Classes of Partnership Units</u>**. The General Partner is hereby authorized to cause the Partnership to issue Partnership Units designated as Class S Units, Class S-1 Units, Class D Units, Class D-1 Units, Class I Units and Class E Units. Each such Class shall have the rights and obligations attributed to that Class under this Agreement. The General Partner may supplement this Agreement to permit the issuance of additional Classes of Partnership Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.**<u>Additional Capital Contributions and Issuances of Additional Partnership Interests</u>.** Except as provided in this Section 4.3, Section 4.4 or in any separate agreement with one or more Partners, the Partners shall have no right or obligation to make any additional Capital Contributions or loans to the Partnership. The General Partner may contribute additional capital to the Partnership, from time to time, and receive additional Partnership Interests in respect thereof, in the manner contemplated in this Section 4.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**<u>Issuances of Additional Partnership Interests</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)**<u>General</u>**. The General Partner is hereby authorized to cause the Partnership to issue such additional Partnership Interests in the form of Partnership Units for any Partnership purpose at any time or from time to time to the Partners (including the General Partner) or to other Persons for such consideration and on such terms and conditions as shall be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partners, including but not limited to, Partnership Units issued in connection with the issuance of REIT Shares or other interests in the General Partner, Partnership Units issued to a Special Limited Partner with respect to payments made pursuant to the Performance Allocation, Partnership Units issued to the Adviser as a management fee pursuant to the Advisory Agreement, Partnership Units issued in connection with acquisitions of properties or other assets and Partnership Units issued in connection with the exercise of any FMV Purchase Option or FMV Real Estate Option. Any additional Partnership Interests issued thereby may be issued in one or more classes (including the Classes specified in this Agreement or any other Classes), or one or more series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties, including rights, powers and duties senior to Limited Partnership Interests, all as shall be determined by the General Partner in its sole and absolute discretion and without the approval of any Limited Partner, subject to Delaware law, including (i) the allocations of items of Partnership income, gain, loss, deduction and credit to each such class or series of Partnership Interests; (ii) the right of each such class or series of Partnership Interests to share in Partnership distributions; and (iii) the rights of each such class or series of Partnership Interests upon dissolution and liquidation of the Partnership; provided, however, that no additional Partnership Interests shall be issued to the General Partner unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the additional Partnership Interests are issued in connection with an issuance of Additional Securities by the General Partner in accordance with Section 4.3(a)(iii);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)the additional Partnership Interests are issued in exchange for property owned by the General Partner with a fair market value, as determined by the General Partner, in good faith, equal to the value of the Partnership Interests; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)the additional Partnership Interests are issued to all Partners holding Partnership Units in proportion to their respective Percentage Interests.

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Without limiting the foregoing, the General Partner is expressly authorized to cause the Partnership to issue Partnership Units for less than fair market value, so long as the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)**<u>Adjustment Events</u>**. In the event the General Partner (i) declares or pays a dividend on any Class of its outstanding REIT Shares in REIT Shares or makes a distribution to all holders of any Class of its outstanding REIT Shares in REIT Shares, (ii) subdivides any Class of its outstanding REIT Shares, or (iii) combines any Class of its outstanding REIT Shares into a smaller number of REIT Shares with respect to any Class of REIT Shares, then a corresponding adjustment to the number of outstanding Partnership Units of the applicable Class necessary to maintain the proportionate relationship between the number of outstanding Partnership Units of such Class to the number of outstanding REIT Shares of such Class shall automatically be made. Additionally, in the event that any other entity shall become General Partner pursuant to any merger, consolidation or combination of the General Partner with or into another entity (the "<u>Successor Entity</u>"), the number of outstanding Partnership Units of each Class shall be adjusted by multiplying such number by the number of shares of the Successor Entity into which one REIT Share of such Class is converted pursuant to such merger, consolidation or combination, determined as of the date of such merger, consolidation or combination. Any adjustment to the number of outstanding Partnership Units of any Class shall become effective immediately after the effective date of such event retroactive to the record date, if any, for such event; provided, however, that if the General Partner receives a Notice of Redemption after the record date, but prior to the effective date of such dividend, distribution, subdivision or combination, or such merger, consolidation or combination, the number of outstanding Partnership Units of any Class shall be determined as if the General Partner had received the Notice of Redemption immediately prior to the record date for such dividend, distribution, subdivision or combination or such merger, consolidation or combination. If the General Partner takes any other action affecting the REIT Shares other than actions specifically described above and, in the opinion of the General Partner such action would require an adjustment to the number of Partnership Units to maintain the proportionate relationship between the number of outstanding Partnership Units to the number of outstanding REIT Shares, the General Partner shall have the right to make such adjustment to the number of Partnership Units, to the extent permitted by law, in such manner and at such time as the General Partner, in its sole discretion, may determine to be appropriate under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)**<u>Upon Issuance of Additional Securities</u>**. Upon the issuance by the General Partner of any Additional Securities (including pursuant to the General Partner's distribution reinvestment plan) other than to all holders of REIT Shares, the General Partner shall contribute any net proceeds from the issuance of such Additional Securities and from any exercise of rights contained in such Additional Securities, directly and through the General Partner, to the Partnership in return for, as the General Partner may designate, Partnership Interests or rights, options, warrants or convertible or exchangeable securities of the Partnership having designations, preferences and other rights such that their economic interests are substantially similar to those of the Additional Securities; *provided, however*, that the General Partner is allowed to issue Additional Securities in connection with an acquisition of assets that would not be owned directly or indirectly by the Partnership, but if and only if, such acquisition and issuance of Additional Securities have been approved and determined to be in or not opposed to the best interests of the General Partner and the Partnership; *provided further*, that the General Partner is allowed to use net proceeds from the issuance and sale of such Additional Securities to repurchase REIT Shares pursuant to a share repurchase plan. Without limiting the foregoing, the General Partner is expressly authorized to issue Additional Securities for less than fair market value, and to cause the Partnership to issue to the General Partner corresponding Partnership Interests, so long as the General Partner concludes in good faith that such issuance is in the best interests of the General Partner and the Partnership. Without limiting the foregoing, if the General Partner issues REIT Shares of any Class for a cash purchase price and contributes all of the net proceeds of such issuance to the Partnership as required hereunder, the General Partner shall be issued a number of additional Partnership Units having the same Class designation as the issued REIT Shares equal to the number of such REIT Shares of that Class issued by the General Partner the proceeds of which were so contributed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**<u>Certain Deemed Contributions of Proceeds of Issuance of REIT Shares</u>**. In connection with any and all issuances of REIT Shares, to the extent that the General Partner shall make Capital Contributions to the Partnership of the proceeds therefrom, if the proceeds actually received and contributed by the General Partner in respect of the REIT Shares are less than the gross proceeds of such issuance as a result of any underwriter's discount or other expenses paid or incurred in connection with such issuance, then the General Partner shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount of the gross proceeds of such issuance and the Partnership shall be deemed simultaneously to have paid such offering expenses in accordance with Section 6.5 and in connection with the required issuance of additional Partnership Units to the General Partner for such Capital Contributions pursuant to Section 4.3(a). In connection with any and all issuances

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of REIT Shares pursuant to the General Partner's distribution reinvestment plan, the General Partner shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount of the distributions that have been reinvested in respect of the REIT Shares issued by the General Partner in return for an equal number of Partnership Units having the same Class designation as the issued REIT Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**<u>Fee Limit Conversion to Class I Units</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Each Class S-1 Unit held by a Limited Partner which it received in exchange for DST Interests in connection with the exercise of any FMV Purchase Option or FMV Real Estate Option shall automatically, and without any action on the part of the Limited Partner, convert to Class I Units at the Class S-1 Conversion Rate at the end of the month in which the Dealer Manager, in conjunction with the General Partner's transfer agent, determines that aggregate upfront sales load and Investor Servicing Fees previously paid in connection with the Class S-1 Units and the DST Interests exchanged for such Class S-1 Units in connection with any FMV Purchase Option or FMV Real Estate Option, would exceed, in the aggregate, a limit agreed upon in the applicable selling agreement between the Dealer Manager and the participating broker-dealer that sold such DST Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Each Class D-1 Unit held by a Limited Partner which it received in exchange for DST Interests in connection with the exercise of any FMV Purchase Option or FMV Real Estate Option shall automatically, and without any action on the part of the Limited Partner, convert to Class I Units at the Class D-1 Conversion Rate at the end of the month in which the Dealer Manager, in conjunction with the General Partner's transfer agent, determines that aggregate upfront sales load and Investor Servicing Fees previously paid in connection with the Class D-1 Units and the DST Interests exchanged for such Class D-1 Units in connection with any FMV Purchase Option or FMV Real Estate Option, would exceed, in the aggregate, a limit agreed upon in the applicable selling agreement between the Dealer Manager and the participating broker-dealer that sold such DST Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.**<u>Additional Funding</u>.** If the General Partner determines that it is in the best interests of the Partnership to provide for additional Partnership funds ("<u>Additional Funds</u>") for any Partnership purpose, the General Partner may (i) cause the Partnership to obtain such funds from outside borrowings, (ii) elect to have the General Partner or any of its Affiliates provide such Additional Funds to the Partnership through loans, the purchase of additional Partnership Interests or otherwise (which the General Partner or such Affiliates will have the option, but not the obligation, of providing) or (iii) cause the Partnership to issue additional Partnership Interests and admit additional Limited Partners to the Partnership in accordance with Section 4.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.**<u>Capital Accounts</u>.** A separate capital account (a "<u>Capital Account</u>") shall be established and maintained for each Partner in accordance with Regulations Section 1.704-1(b)(2)(iv) and a Partner shall have a single Capital Account with respect to all Partnership Interests held by such Partner. If (i) a new or existing Partner acquires an additional Partnership Interest in exchange for more than a *de minimis* Capital Contribution, (ii) the Partnership distributes to a Partner more than a *de minimis* amount of Partnership property or money as consideration for a Partnership Interest, (iii) the Partnership is liquidated within the meaning of Regulation Section 1.704-1(b)(2)(ii)(g), or (iv) the Partnership grants a Partnership Interest (other than a *de minimis* interest) as consideration for the provision of services to or for the benefit of the Partnership, the General Partner may revalue the property of the Partnership to its fair market value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) in accordance with Regulations Section 1.704-1(b)(2)(iv)(f). When the Partnership's property is revalued by the General Partner, the Capital Accounts of the Partners shall be adjusted in accordance with Regulations Sections 1.704-1(b)(2)(iv)(f) and (g), which generally require such Capital Accounts to be adjusted to reflect the manner in which the unrealized gain or loss inherent in such property (that has not been reflected in the Capital Accounts previously) would be allocated among the Partners pursuant to Section 5.1 if there were a taxable disposition of such property for its fair market value (as determined by the General Partner, in its sole and absolute discretion, and taking into account Section 7701(g) of the Code) on the date of the revaluation. In furtherance of the foregoing and in accordance with Regulations Section 1.1061-3(c)(3)(ii)(B), the Partnership shall, (i) calculate separate allocations attributable to (A) distribution entitlements that are not commensurate with capital contributed to the Partnership and (B) distribution entitlements that are commensurate with capital contributed to the Partnership (in each case, within the meaning of Regulations Section 1.1061-3(c)(3)(i) and as reasonably determined by the General Partner), and (ii) consistently reflect each such allocation described in clause (i) in its books and records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.**<u>Percentage Interests</u>.** If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner's Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners' Percentage Interests are adjusted pursuant to this Section 4.6, the Profits and Losses for the

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taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.**<u>No Interest on Contributions</u>.** No Partner shall be entitled to interest on its Capital Contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.**<u>Return of Capital Contributions</u>.** No Partner shall be entitled to withdraw any part of its Capital Contribution or its Capital Account or to receive any distribution from the Partnership, except as specifically provided in this Agreement. Except as otherwise provided herein, there shall be no obligation to return to any Partner or withdrawn Partner any part of such Partner's Capital Contribution for so long as the Partnership continues in existence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9.**<u>No Third-Party Beneficiary</u>.** No creditor or other third party having dealings with the Partnership shall have the right to enforce the right or obligation of any Partner to make Capital Contributions or loans or to pursue any other right or remedy hereunder or at law or in equity, it being understood and agreed that the provisions of this Agreement shall be solely for the benefit of, and may be enforced solely by, the parties hereto and their respective successors and assigns. None of the rights or obligations of the Partners herein set forth to make Capital Contributions or loans to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may such rights or obligations be sold, transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the Partnership or of any of the Partners. In addition, it is the intent of the parties hereto that no distribution to any Limited Partner shall be deemed a return of money or other property in violation of the Act. However, if any court of competent jurisdiction holds that, notwithstanding the provisions of this Agreement, any Limited Partner is obligated to return such money or property, such obligation shall be the obligation of such Limited Partner and not of the General Partner. Without limiting the generality of the foregoing, a deficit Capital Account of a Partner shall not be deemed to be a liability of such Partner nor an asset or property of the Partnership.

**Article 5<u><br>PROFITS AND LOSSES; DISTRIBUTIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.**<u>Allocation of Profit and Loss</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**<u>General Partner Gross Income Allocation</u>**. There shall be specially allocated to the General Partner an amount of (i) first, items of Partnership income and (ii) second, items of Partnership gain during each taxable year or other applicable period, before any other allocations are made hereunder, in an amount equal to the excess, if any, of the cumulative reimbursements made to the General Partner under Section 6.5(b) (other than reimbursements which would properly be treated as "guaranteed payments" or which are attributable to the reimbursement of expenses which would properly be either deductible by the Partnership or added to the tax basis of any Partnership asset) over the cumulative allocations of Partnership income and gain to the General Partner under this Section 5.1(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**<u>General Allocations</u>**. The items of Profit and Loss of the Partnership for each taxable year or other applicable period, other than any items allocated under Section 5.1(a), shall be allocated among the Partners in a manner that will, as nearly as possible (after giving effect to the allocations under Section 5.1(a), 5.1(c), 5.1(f), 5.1(g) and 5.2(c)) cause the Capital Account balance of each Partner at the end of such taxable year or other applicable period to equal (i) the amount of the hypothetical distribution that such Partner would receive if the Partnership were liquidated on the last day of such period and all assets of the Partnership, including cash, were sold for cash equal to their Carrying Values, taking into account any adjustments thereto for such period, all liabilities of the Partnership were satisfied in full in cash according to their terms (limited with respect to each nonrecourse liability to the Carrying Value of the assets securing such liability) and the remaining cash proceeds (after satisfaction of such liabilities) were distributed in full pursuant to Section 5.2, minus (ii) the sum of such Partner's share of Partnership Minimum Gain and Partner Nonrecourse Debt Minimum Gain and the amount, if any and without duplication, that the Partner would be obligated to contribute to the capital of the Partnership, all computed as of the date of the hypothetical sale of assets*.* Notwithstanding the foregoing, the General Partner may make such allocations as it deems reasonably necessary to give economic effect to the provisions of this Agreement, taking into account facts and circumstances as the General Partner deems reasonably necessary for this purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**<u>Regulatory Allocations</u>**. Notwithstanding any other provision of this Agreement:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)**<u>Minimum Gain Chargeback</u>**. If there is a net decrease in Partnership Minimum Gain or Partner Nonrecourse Debt Minimum Gain (determined in accordance with the principles of Regulations Sections 1.704-2(d) and 1.704-2(i)) during any Partnership taxable year, the Partners shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to their respective shares of such net decrease during such year, determined pursuant to Regulations Sections 1.704-2(g) and 1.704-2(i)(5). The items to be so allocated shall be determined in accordance with Regulations Section 1.704-2(f). This Section 5.1(c)(i) is intended to comply with the minimum gain chargeback requirements in such Regulations Sections and shall be interpreted consistently therewith; including that no chargeback shall be required to the extent of the exceptions provided in Regulations Sections 1.704-2(f) and 1.704-2(i)(4).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)**<u>Gross Income Allocation</u>**. If one or more Partners has a deficit Capital Account at the end of any taxable year that is in excess of the sum of (i) the amount each such Partner is obligated to restore, if any, pursuant to any provision of this Agreement, and (ii) the amount each such Partner is deemed to be obligated to restore pursuant to the penultimate sentences of Regulations Sections 1.704-2(g)(1) and 1.704-2(i)(5), each such Partner shall be specially allocated items of Partnership income and gain in the amount of such excess as quickly as possible (in proportion to the amount of such deficit); provided that an allocation pursuant to this Section 5.1(c)(iii) shall be made only if and to the extent that a Partner would have a deficit Capital Account in excess of such sum after all other allocations provided for in this Article 5 have been tentatively made as if Section 5.1(c)(ii) and this Section 5.1(c)(iii) were not in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)**<u>Payee Allocation</u>**. If any payment to any person that is treated by the Partnership as the payment of an expense is recharacterized by a taxing authority as a Partnership distribution to the payee as a partner, such payee shall be specially allocated, in the manner determined by the General Partner, an amount of Partnership gross income and gain as quickly as possible equal to the amount of the distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)**<u>Nonrecourse Deductions</u>**. Nonrecourse Deductions shall be allocated pro rata based on the number of Partnership Units held by each Partner. "<u>Partner Nonrecourse Deductions</u>" has the meaning specified in Regulations Section 1.704-2(i)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)**<u>Partner Nonrecourse Deductions</u>**. Partner Nonrecourse Deductions for any taxable period shall be allocated to the Partner who bears the economic risk of loss with respect to the liability to which such Partner Nonrecourse Deductions are attributable in accordance with Regulations Section 1.704-2(j). "<u>Partner Nonrecourse Deductions</u>" has the meaning specified in Regulations Section 1.704-2(i)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)Any special allocations of income or gain pursuant to Section 5.1(c)(ii) or Section 5.1(c)(iii) hereof shall be taken into account in computing subsequent allocations pursuant to Section 5.1(b) and this Section 5.1(c)(vii), so that the net amount of any items so allocated and all other items allocated to each Partner shall, to the extent possible, be equal to the net amount that would have been allocated to each Partner if such allocations pursuant to Section 5.1(c)(ii) or Section 5.1(c)(iii) had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**<u>Allocations Between Transferor and Transferee</u>.** If a Partner transfers any part or all of its Partnership Interest, the distributive shares of the various items of Profit and Loss allocable among the Partners during such taxable year of the Partnership shall be allocated between the transferor and the transferee Partner either (i) as if the Partnership's taxable year had ended on the date of the transfer, or (ii) based on the number of days of such taxable year that each was a Partner without regard to the results of Partnership activities in the respective portions of such taxable year in which the transferor and the transferee were Partners. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate the distributive shares of the various items of Profit and Loss between the transferor and the transferee Partner.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**<u>Definition of Profit and Loss</u>.** "Profit" and "Loss" and any items of income, gain, expense, or loss referred to in this Agreement shall be determined in accordance with the accounting method used by the Partnership for U.S. federal income tax purposes with the following adjustments: (i) all items of income, gain, loss or deduction allocated pursuant to Sections 5.1(c)(i) through (iii) shall not be taken into account in computing such taxable income or loss; (ii) any income of the Partnership that is exempt from U.S. federal income taxation and not otherwise taken into account in computing Profit and Loss shall be added to such taxable income or loss; (iii) if the Carrying Value of any asset differs from its adjusted tax basis for U.S. federal income tax purposes, any depreciation, amortization, gain or loss resulting from a disposition of such asset shall be calculated with reference to such Carrying Value; (iv) upon an adjustment to the Carrying Value of any asset pursuant to the definition of Carrying Value (other than an adjustment in respect of depreciation, amortization or cost recovery deductions), the amount of the adjustment shall be included as gain or loss in computing such taxable income or loss; (v) if the Carrying Value of any asset differs from its adjusted tax basis for U.S. federal income tax purposes, the amount of depreciation, amortization or cost recovery deductions with respect to such asset for purposes of Profit and Loss shall be an amount which bears the same ratio to such Carrying Value as the U.S. federal income tax depreciation, amortization or other cost recovery deductions bears to such adjusted tax basis (provided that if the U.S. federal income tax depreciation, amortization or other cost recovery deduction is zero, the Partners may use any reasonable method for purposes of determining depreciation, amortization or other cost recovery deductions in calculating Profit and Loss); and (vi) except for items in (i) above, any expenditures of the Partnership not deductible in computing taxable income or loss, not properly capitalizable and not otherwise taken into account in computing Profit and Loss pursuant to this definition shall be treated as deductible items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)**<u>Tax Allocations.</u>** All items of income, gain, loss, deduction and credit of the Partnership shall be allocated among the Partners for federal, state and local income tax purposes consistent with the manner that the corresponding constituent items of Profit and Loss shall be allocated among the Partners pursuant to this Agreement in the manner determined by the General Partner, except as may otherwise be provided herein or by the Code or Regulations. Notwithstanding the foregoing, the General Partner may make such allocations as it deems reasonably necessary to give economic effect to the provisions of this Agreement, taking into account facts and circumstances as the General Partner deems reasonably necessary for this purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)**<u>Curative Allocations</u>.** The allocations set forth in Section 5.1(c) of this Agreement (the "<u>Regulatory Allocations</u>") are intended to comply with certain requirements of the Regulations. The General Partner is authorized to offset all Regulatory Allocations either with other Regulatory Allocations or with special allocations of other items of Partnership income, gain, loss or deduction pursuant to this Section 5.1(g). Therefore, notwithstanding any other provision of this Section 5.1 (other than the Regulatory Allocations), the General Partner shall make such offsetting special allocations of Partnership income, gain, loss or deduction in whatever manner it deems appropriate so that, after such offsetting allocations are made, each Partner's Capital Account is, to the extent possible, equal to the Capital Account balance such Partner would have had if the Regulatory Allocations were not part of this Agreement and all Partnership items were allocated pursuant to Sections 5.1(a) and (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)**<u>Special Allocation of Class-Specific Items</u>**. To the extent that any items of income, gain, loss or deduction of the General Partner are allocable to a specific Class or Classes of REIT Shares as provided in the applicable Memorandum, including, without limitation, Shareholder Servicing Fees, such items, or an amount equal thereto, shall be specially allocated to the Class or Classes of Partnership Units corresponding to such Class or Classes of REIT Shares. To the extent any items of expense are attributable to any Investor Servicing Fee, such items, or an amount equal thereto, shall be specially allocated to the Class or Classes of Partnership Units to which such Investor Servicing Fees relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.**<u>Distribution of Cash</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Partnership shall distribute cash on a monthly (or, at the election of the General Partner, more or less frequently) basis, in an amount determined by the General Partner in its sole and absolute discretion, to the Partners who are Partners on the Partnership Record Date with respect to such month (or other distribution period) in accordance with Section 5.2(b). The Partnership shall be deemed to have distributed cash to the General Partner in an amount equal to the amount of distributions by the General Partner that are reinvested in REIT Shares issued by the General Partner pursuant to the General Partner's distribution reinvestment plan, and the General Partner shall be deemed to have made Capital Contributions to the Partnership in the aggregate amount of such distributions in return for an equal number of Partnership Units having the same Class designation as the issued REIT Shares. For the avoidance of doubt, reimbursement payments made to the General Partner pursuant to Section 6.5(b) shall not be treated as distributions made under this Section 5.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Except for distributions pursuant to Section 5.6 in connection with the dissolution and liquidation of the Partnership and subject to the provisions of Sections 5.2(c), 5.2(d), 5.2(e), 5.3 and 5.4, all distributions of cash (including any deemed distributions pursuant to Section 5.2(a)) shall be made to the Partners in

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amounts proportionate to the aggregate Net Asset Value of the Partnership Units held by the respective Partners on the Partnership Record Date, except that the amount distributed per Partnership Unit of any Class may differ from the amount per Partnership Unit of another Class on account of differences in Class-specific expense allocations with respect to REIT Shares as described in the applicable Memorandum or for other reasons as determined by the Board of Trustees of the General Partner. Any such differences shall correspond to differences in the amount of distributions per REIT Share for REIT Shares of different Classes, with the same adjustments being made to the amount of distributions per Partnership Unit for Partnership Units of a particular Class as are made to the distributions per REIT Share by the General Partner with respect to REIT Shares having the same Class designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding the foregoing, so long as the Advisory Agreement has not been terminated (including by means of non-renewal), the Special Limited Partners shall be entitled to a distribution (the "<u>Performance Allocation</u>") with respect to the Performance Allocation Units on or promptly following the end of each quarter and at the other times described below (which shall accrue on a monthly basis) in an amount equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)*First*, if the Total Return for the applicable period exceeds the sum of (i) the Hurdle Amount for that period and (ii) the Loss Carryforward Amount (any such excess, "<u>Excess Profits</u>"), 100% of such Excess Profits until the total amount allocated to the Special Limited Partners equals 12.5% of the sum of (x) the Hurdle Amount for that period and (y) any amount allocated to the Special Limited Partners pursuant to this clause; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)*Second*, to the extent there are remaining Excess Profits, 12.5% of such remaining Excess Profits.

Such distributions shall be divided among the Special Limited Partners in the same proportion as their Special Limited Partnership Interest Percentages.

Any amount by which Total Return falls below the Hurdle Amount and that does not constitute Loss Carryforward Amount will not be carried forward to subsequent periods.

With respect to all Performance Allocation Units that are repurchased at the end of any month in connection with repurchases of REIT Shares pursuant to the General Partner's share repurchase plan, each Special Limited Partner shall be entitled to such Performance Allocation in an amount calculated as described above calculated in respect of the portion of the calendar year for which such Performance Allocation Units were outstanding, and proceeds for any such Performance Allocation Unit repurchase will be reduced by the amount of any such Performance Allocation.

On or promptly following the end of each calendar quarter that is not also the end of a calendar year, each Special Limited Partner will be entitled to a Performance Allocation as described above calculated in respect of the portion of the year to date, less any Performance Allocation received with respect to prior quarters in that year (the "<u>Quarterly Allocation</u>"). The Performance Allocation that each Special Limited Partner is entitled to receive at the end of each calendar year will be reduced by the cumulative amount of Quarterly Allocations that year.

If a Quarterly Allocation is made and at the end of a subsequent calendar quarter in the same calendar year a Special Limited Partner is entitled to less than the previously received Quarterly Allocation(s) (a "<u>Quarterly Shortfall</u>"), then subsequent distributions of any Quarterly Allocations or year-end Performance Allocations in that calendar year will be reduced by an amount equal to such Quarterly Shortfall, until such time as no Quarterly Shortfall remains. If all or any portion of a Quarterly Shortfall remains at the end of a calendar year following the application described in the previous sentence, distributions of any Quarterly Allocations and year-end Performance Allocations in the subsequent four calendar years will be reduced by (i) the remaining Quarterly Shortfall plus (ii) an annual rate of 5% on the remaining Quarterly Shortfall measured from the first day of the calendar year following the year in which the Quarterly Shortfall arose and compounded quarterly (collectively, the "<u>Quarterly Shortfall Obligation</u>") until such time as no Quarterly Shortfall Obligation remains; provided, that each Special Limited Partner (or its affiliate) may make a full or partial cash payment to reduce the Quarterly Shortfall Obligation at any time; provided, further, that if any Quarterly Shortfall Obligation remains following such subsequent four calendar years, then the Special Limited Partner (or its affiliate) will promptly pay the Partnership the remaining Quarterly Shortfall Obligation in cash.

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Distributions on the Performance Allocation may be payable in cash or Class E Units at the election of each Special Limited Partner. If a Special Limited Partner elects to receive such distributions in Partnership Units, the Special Limited Partner will receive the number of Partnership Units that results from dividing the Performance Allocation by the Net Asset Value Per Unit of the applicable Class of Partnership Units at the time of such distribution. If a Special Limited Partner elects to receive such distributions in Partnership Units, the Special Limited Partner may request the Partnership to redeem such Partnership Units from the Special Limited Partner at any time thereafter pursuant to Section 8.5.

The measurement of the change in Net Asset Value Per Unit for the purpose of calculating the Total Return is subject to adjustment by the Board of Trustees of the General Partner to account for any dividend, split, recapitalization or any other similar change in the Partnership's capital structure or any distributions that the Board of Trustees of the General Partner deems to be a return of capital if such changes are not already reflected in the Partnership's net assets.

Except as noted above with respect to Quarterly Allocations, a Special Limited Partner will not be obligated to return any portion of the Performance Allocation paid due to the subsequent performance of the Partnership.

In the event the Advisory Agreement is terminated (including by means of non-renewal), each Special Limited Partner will be allocated any accrued Performance Allocation with respect to all Performance Allocation Units as of the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)To the extent the Partnership (or any entity in which the Partnership has an ownership interest) is required by law to withhold or to make tax payments or incurs any taxes or governmental charges (including interest and penalties thereon) on behalf of or with respect to any Partner (including pursuant to Section 1446 of the Code) or by reason of such Partner's participation in the Partnership, or that are otherwise attributable to such Partner ("<u>Tax Advances</u>"), the General Partner may withhold such amounts and make such tax payments as so required. All Tax Advances made on behalf of a Partner shall, at the option of the General Partner, (i) be promptly paid to the Partnership by the Partner on whose behalf such Tax Advances were made or (ii) be repaid by reducing the amount of the current or next succeeding distribution or distributions which would otherwise have been made to such Partner or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of liquidation otherwise payable to such Partner. Whenever the General Partner selects the option set forth in clause (ii) of the immediately preceding sentence for repayment of a Tax Advance by a Partner, for all other purposes of this Agreement such Partner shall be treated as having received all distributions unreduced by the amount of such Tax Advance. Each Partner hereby agrees to indemnify and hold harmless the Partnership and the General Partner and any member or officer of the General Partner from and against any liability with respect to Tax Advances required on behalf of or with respect to such Partner. Each Partner shall furnish the General Partner with such information, forms and certifications as it may require and as are necessary to comply with the regulations governing the obligations of withholding tax agents, as well as such information, forms and certifications as are necessary with respect to any withholding taxes imposed by countries other than the United States and represents and warrants that the information and forms furnished by it shall be true and accurate in all respects. The amount of any taxes paid by or withheld from receipts of the Partnership (or any investment in which the Partnership invests that is treated as a flow-through entity for U.S. federal income tax purposes) allocable to a Partner from an investment shall be deemed to have been distributed to each Partner to the extent that the payment or withholding of such taxes reduced distribution proceeds otherwise distributable to such Partner as provided herein. A Partner's obligations pursuant to this Section 5.2(d) shall survive the resignation, withdrawal, termination or removal of such Partner from the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)In no event may a Partner receive a distribution of cash with respect to a Partnership Unit if such Partner is entitled to receive a cash distribution as the holder of record of a REIT Share for which all or part of such Partnership Unit has been or will be exchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.**<u>REIT Distribution Requirements</u>.** The General Partner shall use its commercially reasonable efforts to cause the Partnership to distribute amounts sufficient to enable the General Partner to make distributions that will allow the General Partner to (i) meet its distribution requirement for qualification as a REIT as set forth in Section 857 of the Code and (ii) avoid any federal income or excise tax liability imposed by the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.**<u>No Right to Distributions in Kind</u>.** No Partner, other than a Special Limited Partner, shall be entitled to demand property other than cash in connection with any distributions by the Partnership.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.**<u>Limitations on Return of Capital Contributions</u>.** Notwithstanding any of the provisions of this Article 5, no Partner shall have the right to receive and the General Partner shall not have the right to make, a distribution that includes a return of all or part of a Partner's Capital Contributions, unless after giving effect to the return of a Capital Contribution, the sum of all Partnership liabilities, other than the liabilities to a Partner for the return of his Capital Contribution, does not exceed the fair market value of the Partnership's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.**<u>Distributions Upon Liquidation</u>.** Immediately before liquidation of the Partnership, Class S Units will automatically convert to Class I Units at the Class S Conversion Rate, Class S-1 Units will automatically convert to Class I Units at the Class S-1 Conversion Rate, Class D Units will automatically convert to Class I Units at the Class D Conversion Rate, Class D-1 Units will automatically convert to Class I Units at the Class D-1 Conversion Rate and Class E Units will automatically convert to Class I Units at the Class E Conversion Rate. Upon liquidation of the Partnership, after payment of, or adequate provision for, debts, obligations and establishment of reserves of the Partnership, including any Partner loans, and after payment of any accrued Performance Allocation to the Special Limited Partners and any preferred return owed to any other Partnership Units, any remaining assets of the Partnership shall be distributed to each holder of Class I Units, ratably with each other holder of Class I Units, which will include all converted Class S Units, Class S-1 Units, Class D Units, Class D-1 Units and Class E Units, in such proportion as the number of outstanding Class I Units held by such holder bears to the total number of outstanding Class I Units then outstanding.

Notwithstanding any other provision of this Agreement, the amount by which the value, as determined in good faith by the General Partner, of any property other than cash to be distributed in kind to the Partners exceeds or is less than the Carrying Value of such property shall, to the extent not otherwise recognized by the Partnership, be taken into account in computing Profit and Loss of the Partnership for purposes of crediting or charging the Capital Accounts of, and distributing proceeds to, the Partners, pursuant to this Agreement. To the extent deemed advisable by the General Partner, appropriate arrangements (including the use of a liquidating trust) may be made to assure that adequate funds are available to pay any contingent debts or obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.**<u>Substantial Economic Effect</u>.** It is the intent of the Partners that the allocations of Profit and Loss under this Agreement have substantial economic effect (or be consistent with the Partners' interests in the Partnership in the case of the allocation of losses attributable to nonrecourse debt) within the meaning of Section 704(b) of the Code and the Regulations promulgated pursuant thereto. To the greatest extent possible, Article 5 and other relevant provisions of this Agreement shall be interpreted in a manner consistent with such intent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8.**<u>Reinvestment</u>.** Subject to legal, tax, regulatory or other similar considerations, unless the Limited Partner otherwise elects, each Limited Partner holding Partnership Units agrees to participate in the reinvestment program of distributions to the holders of Partnership Units (the "<u>DRIP</u>" and any participating Limited Partner, a "<u>DRIP Participant</u>"). The following provisions shall apply to the DRIP and any Limited Partner's participation therein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to Section 5.8(b)(v), the General Partner shall, on behalf of each DRIP Participant, reinvest all distributions to be made to such DRIP Participant with respect to its Partnership Units in exchange for such DRIP Participant being issued additional Partnership Units of the same Class of Partnership Units held by such DRIP Participant. Partnership Units issued pursuant to the DRIP shall be purchased at the applicable Net Asset Value Per Unit on the date that the distribution is payable (calculated as of the most recent month end).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In connection with this Section 5.8, each Limited Partner agrees and acknowledges as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Partnership has designated the General Partner to administer the DRIP and act as agent for the DRIP Participants. The General Partner shall credit distributions to DRIP Participants on the basis of whole or fractional Partnership Units, and shall reinvest such distributions in additional Partnership Units of the same Class of Partnership Units held by such DRIP Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)A DRIP Participant shall remain in the DRIP until such DRIP Participant withdraws from the DRIP in accordance with Section 5.8(b)(v) or the General Partner terminates or suspends the DRIP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)A DRIP Participant shall be deemed to have made a Capital Contribution, and Partnership Units shall be purchased, on the date that the distribution is payable (at the then-current Net Asset Value Per Unit, calculated as of the most recent month end). No interest shall be paid on cash distributions pending reinvestment under the terms of the DRIP.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)No DRIP Participant shall have any authorization or power to direct the time or price at which Partnership Units shall be purchased. The total amount to be invested shall depend on the amount of any distributions paid on the number of Partnership Units owned by the DRIP Participant, as well as any withholding taxes paid on behalf of such DRIP Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)DRIP Participants may elect to withdraw from the DRIP with respect to the Partnership Units held in their account in the DRIP by providing 10 days' prior written notice of such election to withdraw in a form acceptable to the General Partner and such election to withdraw shall be effective until rescinded by providing written notice of an election to reinstate participation in the DRIP in a form acceptable to the General Partner. Such written notice of such election to withdraw or be reinstated, as the case may be, must be received by the General Partner prior to the last day of the month in order for a DRIP Participant's termination to be effective for such month (i.e., a timely termination notice will be effective as of the last day of a month in which it is timely received and will not affect participation in the DRIP for any prior month). Any transfer of Partnership Units by a DRIP Participant to a non-DRIP Participant will terminate participation in the DRIP with respect to the transferred Partnership Units. If a DRIP Participant requests that the Partnership repurchase all or any portion of the DRIP Participant's Partnership Units, the DRIP Participant's participation in the DRIP with respect to the DRIP Participant's Partnership Units for which repurchase was requested but that were not repurchased will be terminated. If a DRIP Participant terminates DRIP participation, the Partnership may, at its option, ensure that the terminating DRIP Participant's account will reflect the whole number of Partnership Units in such DRIP Participant's account and provide a check or other instrument of payment for the cash value of any fractional share in such account. Upon termination of DRIP participation for any reason, future distributions will be distributed to such Partner in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)This Section 5.8 shall not apply to any distributions to the General Partner made pursuant to Section 5.2(a).

**Article 6<u><br>RIGHTS, OBLIGATIONS AND POWERS OF THE GENERAL PARTNER</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.**<u>Management of the Partnership</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as otherwise expressly provided in this Agreement, the General Partner shall have full, complete and exclusive discretion to manage and control the business of the Partnership for the purposes herein stated, and shall make all decisions affecting the business and assets of the Partnership. Subject to the restrictions specifically contained in this Agreement and without limiting any powers of the Adviser pursuant to the Advisory Agreement, the powers of the General Partner shall include the authority to take the following actions on behalf of the Partnership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)to acquire, purchase, own, operate, lease and dispose of any Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)to construct buildings and make other improvements on the properties owned or leased by the Partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)to authorize, issue, sell, redeem or otherwise purchase any Partnership Interests or any securities (including secured and unsecured debt obligations of the Partnership, debt obligations of the Partnership convertible into any class or series of Partnership Interests, or options, rights, warrants or appreciation rights relating to any Partnership Interests) of the Partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)to borrow or lend money for the Partnership, issue or receive evidences of indebtedness in connection therewith, refinance, increase the amount of, modify, amend or change the terms of, or extend the time for the payment of, any such indebtedness, and secure such indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)to pay, either directly or by reimbursement, for all operating costs and general administrative expenses of the Partnership to third parties or to the General Partner or its Affiliates as set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)to guarantee or become a co-maker of indebtedness of the General Partner or any Subsidiary thereof, refinance, increase the amount of, modify, amend or change the terms of, or extend

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the time for the payment of, any such guarantee or indebtedness, and secure such guarantee or indebtedness by mortgage, deed of trust, pledge or other lien on the Partnership's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)to use assets of the Partnership (including cash on hand) for any purpose consistent with this Agreement, including payment, either directly or by reimbursement, of all operating costs and general administrative expenses of the General Partner, the Partnership or any Subsidiary of either, to third parties or to the General Partner as set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)to lease all or any portion of any of the Partnership's assets, whether or not any portion of the Partnership's assets so leased are to be occupied by the lessee, or, in turn, subleased in whole or in part to others, for such consideration and on such terms as the General Partner may determine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)to prosecute, defend, arbitrate, or compromise any and all claims or liabilities in favor of or against the Partnership, on such terms and in such manner as the General Partner may reasonably determine, and similarly to prosecute, settle or defend litigation with respect to the Partners, the Partnership, or the Partnership's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)to file applications, communicate, and otherwise deal with any and all governmental agencies having jurisdiction over, or in any way affecting, the Partnership's assets or any other aspect of the Partnership business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)to maintain such insurance coverage for public liability, fire and casualty, and any and all other insurance for the protection of the Partnership, for the conservation of Partnership assets, or for any other purpose convenient or beneficial to the Partnership, in such amounts and such types, as the General Partner shall determine from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)to determine whether or not to apply any insurance proceeds for any property to the restoration of such property or to distribute the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)to establish one or more divisions of the Partnership, to hire and dismiss employees of the Partnership or any division of the Partnership, and to retain legal counsel, accountants, consultants, real estate brokers, and such other persons, as the General Partner may deem necessary or appropriate in connection with the Partnership business and to pay therefor such remuneration as the General Partner may deem reasonable and proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)to retain other services of any kind or nature in connection with the Partnership business, and to pay therefor such remuneration as the General Partner may deem reasonable and proper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)to negotiate and conclude agreements on behalf of the Partnership with respect to any of the rights, powers and authority conferred upon the General Partner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)to maintain accurate accounting records and to file all federal, state and local income tax returns on behalf of the Partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)to distribute Partnership cash or other Partnership assets in accordance with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)to form or acquire an interest in, and contribute property to, any further limited or general partnerships, joint ventures or other relationships that the General Partner deems desirable (including the acquisition of interests in, and the contributions of property to, its Subsidiaries and any other Person in which it has an equity interest from time to time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)to establish Partnership reserves for working capital, capital expenditures, contingent liabilities, or any other valid Partnership purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)to merge, consolidate or combine the Partnership with or into another Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi)to do any and all acts and things necessary or prudent to ensure that the Partnership will not be classified as a "publicly traded partnership" for purposes of Section 7704 of the Code; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii)to take such other action, execute, acknowledge, swear to or deliver such other documents and instruments, and perform any and all other acts that the General Partner deems necessary or appropriate for the formation, continuation and conduct of the business and affairs of the Partnership (including all actions consistent with allowing the General Partner at all times to qualify as a REIT unless the General Partner voluntarily terminates its REIT status) and to possess and enjoy all of the rights and powers of a general partner as provided by the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Except as otherwise provided herein, to the extent the duties of the General Partner require expenditures of funds to be paid to third parties, the General Partner shall not have any obligations hereunder except to use Partnership funds, to the extent they are reasonably available, for the performance of such duties, and nothing herein contained shall be deemed to authorize or require the General Partner, in its capacity as such, to expend its individual funds for payment to third parties or to undertake any individual liability or obligation on behalf of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.**<u>Delegation of Authority</u>**. The General Partner may delegate any or all of its powers, rights and obligations hereunder to any Person, and may appoint, employ, contract or otherwise deal with any Person for the transaction of the business of the Partnership, which Person (which may include the Adviser) may, under supervision of the General Partner, perform any acts or services for the Partnership as the General Partner may approve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.**<u>Indemnification and Exculpation of Indemnitees</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)To the fullest extent permitted by law, the Partnership shall indemnify and hereby agrees to indemnify and hold harmless an Indemnitee from and against any and all losses, claims, damages, liabilities, joint or several, costs and expenses (including reasonable legal fees and expenses), judgments, fines, settlements, penalties and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, of any nature whatsoever, known or unknown, liquidated or unliquidated, that are incurred by any Indemnitee and that relate to the operations of the Partnership as set forth in this Agreement in which any Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, unless it is established that: (i) the act or omission of the Indemnitee was material to the matter giving rise to the proceeding and constituted willful misconduct, gross negligence or a material breach of this Agreement; (ii) the Indemnitee actually received an improper personal benefit in money, property or services; (iii) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful or (iv) such losses, claims, damages or liabilities arose out of an internal dispute among the General Partner, its Affiliates and their respective officers, partners, directors, shareholders, members or employees. The termination of any proceeding by settlement, judgment, order or upon a plea of nolo contendere or its equivalent shall not, of itself, create a presumption that an Indemnitee did not act in good faith and in a manner that the Indemnitee believed to be in or not opposed to the best interests of the Partnership or that the Indemnitee's conduct constituted fraud, willful misconduct, gross negligence, a material breach of this Agreement, a breach of its fiduciary duty or, with respect to any criminal action or proceeding, an Indemnitee had no reasonable cause to believe his conduct was unlawful. Any indemnification pursuant to this Section 6.3 shall be made only out of the assets of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Partnership shall reimburse an Indemnitee for reasonable expenses incurred by an Indemnitee who is a party to a proceeding in advance of the final disposition of the proceeding upon receipt by the Partnership of (i) a written affirmation by the Indemnitee of the Indemnitee's good faith belief that the standard of conduct necessary for indemnification by the Partnership as authorized in this Section 6.3 has been met, and (ii) a written undertaking by or on behalf of the Indemnitee to repay the amount if it shall ultimately be determined that the standard of conduct has not been met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The indemnification provided by this Section 6.3 shall be in addition to any other rights to which an Indemnitee or any other Person may be entitled under any agreement, pursuant to any vote of the Partners, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Partnership may purchase and maintain insurance, on behalf of the Indemnitees and such other Persons as the General Partner shall determine, against any liability that may be asserted against or expenses that may be incurred by such Person in connection with the Partnership's activities, regardless of whether the Partnership would have the power to indemnify such Person against such liability under the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)For purposes of this Section 6.3, the Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by it of its duties to the Partnership also imposes duties on, or otherwise involves services by, it to the plan or participants or beneficiaries of

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the plan; excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of this Section 6.3; and actions taken or omitted by the Indemnitee with respect to an employee benefit plan in the performance of its duties for a purpose reasonably believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is not opposed to the best interests of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)In no event may an Indemnitee subject the Limited Partners to personal liability by reason of the indemnification provisions set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)An Indemnitee shall not be denied indemnification in whole or in part under this Section 6.3 because the Indemnitee had an interest in the transaction with respect to which the indemnification applies if the transaction was otherwise permitted by the terms of this Agreement and the Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The provisions of this Section 6.3 are for the benefit of the Indemnitees, their heirs, successors, assigns and administrators and shall not be deemed to create any rights for the benefit of any other Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.**<u>Liability and Obligations of the General Partner</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Notwithstanding anything to the contrary set forth in this Agreement, the General Partner shall not be liable for monetary damages to the Partnership or any Partners for losses sustained or liabilities incurred as a result of errors in judgment or of any act or omission not amounting to willful misconduct or gross negligence. The General Partner shall not be in breach of any duty that the General Partner may owe to the Limited Partners or the Partnership or any other Persons under this Agreement or of any duty stated or implied by law or equity provided the General Partner, acting in good faith, abides by the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Limited Partners expressly acknowledge that the General Partner is acting on behalf of the Partnership, itself and its shareholders collectively, and that neither the General Partner nor its Board of Trustees is under any obligation to consider the separate interests of the Limited Partners (including the tax consequences to Limited Partners or the tax consequences of some, but not all, of the Limited Partners) in deciding whether to cause the Partnership to take (or decline to take) any actions. In the event of a conflict between the interests of its shareholders on one hand and the Limited Partners on the other, the General Partner shall endeavor in good faith to resolve the conflict in a manner not adverse to either its shareholders or the Limited Partners; provided, however, that for so long as the General Partner directly owns a controlling interest in the Partnership, any such conflict that the General Partner, in its sole and absolute discretion, determines cannot be resolved in a manner not adverse to either its shareholders or the Limited Partner shall be resolved in favor of the equityholders. The General Partner shall not be liable for monetary damages for losses sustained, liabilities incurred, or benefits not derived by Limited Partners in connection with such decisions, provided that the General Partner has acted in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Subject to its obligations and duties as General Partner set forth in Section 6.1 hereof, the General Partner may exercise any of the powers granted to it under this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents. The General Partner shall not be responsible for any misconduct or negligence on the part of any such agent appointed by it in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Notwithstanding any other provisions of this Agreement or the Act, any action of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership, undertaken in the good faith belief that such action or omission is necessary or advisable in order (i) to protect the ability of the General Partner to continue to qualify as a REIT, (ii) to prevent the General Partner from incurring any taxes under Section 857, Section 4981, or any other provision of the Code, or (iii) to ensure that the Partnership will not be classified as a "publicly traded partnership" under section 7704 of the Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Any amendment, modification or repeal of this Section 6.4 or any provision hereof shall be prospective only and shall not in any way affect the limitations on the General Partner's liability to the Partnership and the Limited Partners under this Section 6.4 as in effect immediately prior to such amendment, modification or repeal with respect to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when claims relating to such matters may arise or be asserted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5.**<u>Reimbursement of General Partner</u>**.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as provided in this Section 6.5 and elsewhere in this Agreement (including the provisions of Articles 5 and 6 regarding distributions, payments, and allocations to which it may be entitled), the General Partner shall not be compensated for its services as general partner of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The General Partner shall be reimbursed on a monthly basis, or such other basis as the General Partner may determine in its sole and absolute discretion, for all Administrative Expenses incurred by the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6.**<u>Outside Activities</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to Section 6.8 hereof, the Declaration of Trust and any agreements entered into by the General Partner or its Affiliates with the Partnership or any of its Subsidiaries, each Special Limited Partner, any officer, director, employee, agent, trustee, Affiliate or equityholder thereof shall be entitled to and may have, directly or indirectly, business interests and engage in business activities in addition to those relating to the Partnership, including business interests and activities substantially similar or identical to those of the Partnership. Neither the Partnership nor any of the Limited Partners shall have any rights by virtue of this Agreement in any such business ventures, interests or activities. None of the Limited Partners nor any other Person shall have any rights by virtue of this Agreement or the partnership relationship established hereby in any such business ventures, interests or activities, and the General Partner and Special Limited Partners shall have no obligation pursuant to this Agreement to communicate or offer any opportunities or interest in any such business ventures, interests and activities to the Partnership or any Limited Partner, even if such opportunity is of a character which, if presented to the Partnership or any Limited Partner, could be taken by such Person, even if it may raise a conflict of interest with the Limited Partners or the Partnership. The General Partner will not be liable for breach of any fiduciary or other duty by reason of the fact that such party pursues or acquires for, or directs such opportunity or interest to another Person or does not communicate or offer such opportunity or interest to the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)No Limited Partner shall, by reason of being a Limited Partner in the Partnership, have any right to participate in any manner in any profits or income earned or derived by or accruing to the General Partner and its respective Affiliates, or the respective members, partners, officers, directors, trustees, employees, shareholders, agents or representatives thereof from the conduct of any business other than the business of the Partnership or from any transaction in instruments effected by the General Partner and its Affiliates or the respective members, partners, shareholders, officers, directors, trustees, employees or agents thereof for any account other than that of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.**<u>Transactions With Affiliates</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Any Affiliate of the General Partner or the Adviser may be employed or retained by the Partnership and may otherwise deal with the Partnership (whether as a buyer, lessor, lessee, manager, furnisher of goods or services, broker, agent, lender or otherwise) and may receive from the Partnership any compensation, price, or other payment therefor which the General Partner determines to be fair and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Partnership may lend or contribute to its Subsidiaries or other Persons in which it has an equity investment, and such Persons may borrow funds from the Partnership, on terms and conditions established in the sole and absolute discretion of the General Partner. The foregoing authority shall not create any right or benefit in favor of any Subsidiary or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Partnership may transfer assets to joint ventures, other partnerships, corporations or other business entities in which it is or thereby becomes a participant, and in which any of its Affiliates may or may not be a participant, in the General Partner's sole discretion and upon such terms and subject to such conditions as the General Partner deems are consistent with this Agreement, applicable law, the Declaration of Trust and the REIT status of the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The General Partner or any of its Affiliates may sell, transfer or convey any property to, or purchase any property from, the Partnership, directly or indirectly, in the General Partner's sole discretion and upon such terms and subject to such conditions as the General Partner deems are consistent with this Agreement, applicable law, the Declaration of Trust and the REIT status of the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.**<u>Title to Partnership Assets</u>.** Title to Partnership assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held in the name of the Partnership, the General Partner or one or more nominees, as the General Partner may determine, including Affiliates of the General Partner. The General Partner

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hereby declares and warrants that any Partnership assets for which legal title is held in the name of the General Partner or any nominee or Affiliate of the General Partner shall be held by the General Partner for the use and benefit of the Partnership in accordance with the provisions of this Agreement; provided, however, that the General Partner shall use its best efforts to cause beneficial and record title to such assets to be vested in the Partnership as soon as reasonably practicable. All Partnership assets shall be recorded as the property of the Partnership in its books and records, irrespective of the name in which legal title to such Partnership assets is held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9.**<u>Repurchases and Exchanges of REIT Shares</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Repurchases</u>. If the General Partner repurchases any REIT Shares (other than REIT Shares repurchased with proceeds received from the issuance of other REIT Shares), then the General Partner shall cause the Partnership to purchase from the General Partner a number of Partnership Units having the same Class designation as the redeemed REIT Shares for that Class of Partnership Units on the same terms that the General Partner repurchased such REIT Shares (including any applicable discount to Net Asset Value).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Exchanges</u>. If the General Partner exchanges any REIT Shares of any Class ("<u>Exchanged REIT Shares</u>") for, or converts any REIT Shares of any Class to, REIT Shares of a different Class ("<u>Received REIT Shares</u>"), then the General Partner shall, and shall cause the Partnership to, exchange or convert a number of Partnership Units having the same Class designation as the Exchanged REIT Shares, for Partnership Units having the same Class designation as the Received REIT Shares on the same terms that the General Partner exchanged or converted the Exchanged REIT Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10.**<u>No Duplication of Fees or Expenses</u>.** The Partnership may not incur or be responsible for any fee or expense (in connection with an Offering or otherwise) that would be duplicative of fees and expenses paid by the General Partner.

**Article 7<u><br>CHANGES IN GENERAL PARTNER</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.**<u>Transfer of the General Partner's Partnership Interest</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The General Partner shall not transfer all or any portion of its General Partnership Interest or withdraw as General Partner except as provided in, or in connection with a transaction contemplated by, Section 7.1(b), (c) or (d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Except as otherwise provided in Section 6.4(b) or Section 7.1(c) or (d) hereof, the General Partner shall not engage in any merger, consolidation or other combination with or into another Person or sale of all or substantially all of its assets, (other than in connection with a change in the General Partner's state of incorporation or organizational form) in each case which results in a change of control of the General Partner (a "<u>Transaction</u>"), unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the consent of Limited Partners holding more than 50% of the Percentage Interests of the Limited Partners is obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)as a result of such Transaction all Limited Partners will receive for each Partnership Unit of each Class an amount of cash, securities, or other property equal to the greatest amount of cash, securities or other property paid in the Transaction to a holder of one REIT Share having the same Class designation as that Partnership Unit in consideration of such REIT Share; provided that if, in connection with the Transaction, a purchase, tender or exchange offer ("<u>Offer</u>") shall have been made to and accepted by the holders of more than 50% of the outstanding REIT Shares, each holder of Partnership Units shall be given the option to exchange its Partnership Units for the greatest amount of cash, securities, or other property which a Limited Partner holding Partnership Units would have received had it (1) exercised its Redemption Right and (2) sold, tendered or exchanged pursuant to the Offer the REIT Shares received upon exercise of the Redemption Right immediately prior to the expiration of the Offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the General Partner is the surviving entity in the Transaction and either (A) the holders of REIT Shares do not receive cash, securities, or other property in the Transaction or (B) all Limited Partners receive in exchange for their Partnership Units of each Class, an amount of cash, securities, or other property (expressed as an amount per REIT Share) that is no less than the greatest amount of cash, securities, or other property (expressed as an amount per REIT Share) received in the

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Transaction by any holder of REIT Shares having the same Class designation as the Partnership Units being exchanged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding Section 7.1(b), the General Partner may merge with or into or consolidate with another entity if immediately after such merger or consolidation (i) substantially all of the assets of the successor or surviving entity (the "<u>Survivor</u>"), other than Partnership Units held by the General Partner, are contributed, directly or indirectly, to the Partnership as a Capital Contribution in exchange for Partnership Units with a fair market value equal to the value of the assets so contributed as determined by the Survivor in good faith and (ii) the Survivor expressly agrees to assume all obligations of the General Partner, as appropriate, hereunder. Upon such contribution and assumption, the Survivor shall have the right and duty to amend this Agreement as set forth in this Section 7.1(c). The Survivor shall in good faith arrive at a new method for the calculation of the Cash Amount and the REIT Shares Amount after any such merger or consolidation so as to approximate the existing method for such calculation as closely as reasonably possible. Such calculation shall take into account, among other things, the kind and amount of securities, cash and other property that was receivable upon such merger or consolidation by a holder of REIT Shares of each Class or options, warrants or other rights relating thereto, and which a holder of Partnership Units of any Class could have acquired had such Partnership Units been exchanged immediately prior to such merger or consolidation. Such amendment to this Agreement shall provide for adjustment to such method of calculation, which shall be as nearly equivalent as may be practicable to the adjustments provided for in Section 4.3(a)(ii). The Survivor also shall in good faith modify the definition of REIT Shares and make such amendments to Section 8.5 so as to approximate the existing rights and obligations set forth in Section 8.5 as closely as reasonably possible. The above provisions of this Section 7.1(c) shall similarly apply to successive mergers or consolidations permitted hereunder.

In respect of any transaction described in the preceding paragraph, the General Partner is required to use its commercially reasonable efforts to structure such transaction to avoid causing the Limited Partners to recognize a gain for federal income tax purposes by virtue of the occurrence of or their participation in such transaction, provided such efforts are consistent with the exercise of the Board of Trustees' fiduciary duties to the shareholders of the General Partner under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Notwithstanding Section 7.1(b), a General Partner may transfer all or any portion of its General Partnership Interest to (A) a wholly-owned Subsidiary of such General Partner or (B) the owner of all of the ownership interests of such General Partner, and following a transfer of all of its General Partnership Interest, may withdraw as General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.**<u>Admission of a Substitute or Additional General Partner</u>**. A Person shall be admitted as a substitute or additional General Partner of the Partnership only if the following terms and conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Person to be admitted as a substitute or additional General Partner shall have accepted and agreed to be bound by all the terms and provisions of this Agreement by executing a counterpart thereof and such other documents or instruments as may be required or appropriate in order to effect the admission of such Person as a General Partner, and a certificate evidencing the admission of such Person as a General Partner shall have been filed for recordation and all other actions required by Section 2.5 in connection with such admission shall have been performed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)if the Person to be admitted as a substitute or additional General Partner is a corporation, partnership or other entity it shall have provided the Partnership with evidence satisfactory to counsel for the Partnership of such Person's authority to become a General Partner and to be bound by the terms and provisions of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)counsel for the Partnership shall have rendered an opinion (relying on such opinions from other counsel and the state or any other jurisdiction as may be necessary) that (x) the admission of the person to be admitted as a substitute or additional General Partner is in conformity with the Act and (y) none of the actions taken in connection with the admission of such Person as a substitute or additional General Partner will cause (i) the Partnership to be classified other than as a partnership for federal tax purposes, or (ii) the loss of any Limited Partner's limited liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3.**<u>Effect of Bankruptcy, Withdrawal, Death or Dissolution of the sole remaining General Partner</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Upon the occurrence of an Event of Bankruptcy as to the sole remaining General Partner (and its removal pursuant to Section 7.4(a)) or the death, withdrawal, removal or dissolution of the sole remaining General Partner (except that, if the sole remaining General Partner is on the date of such occurrence a partnership,

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the withdrawal, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Partnership shall be dissolved and terminated unless the Partnership is continued pursuant to Section 7.3(b). The merger of the General Partner with or into any entity that is admitted as a substitute or successor General Partner pursuant to Section 7.2 shall not be deemed to be the withdrawal, dissolution or removal of the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Following the occurrence of an Event of Bankruptcy as to the sole remaining General Partner (and its removal pursuant to Section 7.4(a) hereof) or the death, withdrawal, removal or dissolution of the sole remaining General Partner (except that, if the sole remaining General Partner is, on the date of such occurrence, a partnership, the withdrawal of, death, dissolution, Event of Bankruptcy as to, or removal of a partner in, such partnership shall be deemed not to be a dissolution of such General Partner if the business of such General Partner is continued by the remaining partner or partners), the Limited Partners, within 90 days after such occurrence, may elect to continue the business of the Partnership by selecting, subject to Section 7.2 and any other provisions of this Agreement, a substitute General Partner by consent of the Limited Partners holding a majority of the Percentage Interests of all Limited Partners. If the Limited Partners elect to continue the business of the Partnership and admit a substitute General Partner, the relationship with the Partners and of any Person who has acquired an interest of a Partner in the Partnership shall be governed by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.**<u>Removal of a General Partner</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Upon the occurrence of an Event of Bankruptcy as to, or the dissolution of, a General Partner, such General Partner shall be deemed to be removed automatically; provided, however, that if a General Partner is on the date of such occurrence a partnership, the withdrawal, death or dissolution of, Event of Bankruptcy as to, or removal of, a partner in, such partnership shall be deemed not to be a dissolution of the General Partner if the business of such General Partner is continued by the remaining partner or partners. The Limited Partners may not remove the General Partner, with or without cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If a General Partner has been removed pursuant to this Section 7.4 and the Partnership is continued pursuant to Section 7.3, such General Partner shall promptly transfer and assign its General Partnership Interest in the Partnership to the substitute General Partner approved by the Limited Partners in accordance with Section 7.3(b) and otherwise admitted to the Partnership in accordance with Section 7.2. At the time of assignment, the removed General Partner shall be entitled to receive from the substitute General Partner the fair market value of the General Partnership Interest of such removed General Partner as reduced by any damages caused to the Partnership by such General Partner. Such fair market value shall be determined by an appraiser mutually agreed upon by the General Partner and the Limited Partners holding a majority of the Percentage Interests of all Limited Partners within 10 days following the removal of the General Partner. If the parties are unable to agree upon an appraiser, the removed General Partner and the Limited Partners holding a majority of the Percentage Interests of all Limited Partners each shall select an appraiser. Each such appraiser shall complete an appraisal of the fair market value of the removed General Partner's General Partnership Interest within 30 days of the General Partner's removal, and the fair market value of the removed General Partner's General Partnership Interest shall be the average of the two appraisals; provided, however, that if the higher appraisal exceeds the lower appraisal by more than 20% of the amount of the lower appraisal, the two appraisers, no later than 40 days after the removal of the General Partner, shall select a third appraiser who shall complete an appraisal of the fair market value of the removed General Partner's General Partnership Interest no later than 60 days after the removal of the General Partner. In such case, the fair market value of the removed General Partner's General Partnership Interest shall be the average of the two appraisals closest in value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The General Partnership Interest of a removed General Partner, during the time after default until transfer under Section 7.4(b), shall be converted to that of a special Limited Partner; provided, however, such removed General Partner shall not have any rights to participate in the management and affairs of the Partnership, and shall not be entitled to any portion of the income, expense, profit, gain or loss allocations or cash distributions allocable or payable, as the case may be, to the Limited Partners. Instead, such removed General Partner shall receive and be entitled only to retain distributions or allocations of such items that it would have been entitled to receive in its capacity as General Partner, until the transfer is effective pursuant to Section 7.4(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)All Partners shall have given and hereby do give such consents, shall take such actions and shall execute such documents as shall be legally necessary**,** desirable and sufficient to effect all the foregoing provisions of this Section.

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**Article 8<u><br>RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.**<u>Management of the Partnership</u>.** The Limited Partners shall not participate in the management or control of Partnership business nor shall they transact any business for the Partnership, nor shall they have the power to sign for or bind the Partnership, such powers being vested solely and exclusively in the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.**<u>Power of Attorney</u>.** Each Limited Partner hereby irrevocably appoints the General Partner its true and lawful attorney-in-fact, who may act for each Limited Partner and in its name, place and stead, and for its use and benefit, to sign, acknowledge, swear to, deliver, file or record, at the appropriate public offices, any and all documents, certificates, and instruments as may be deemed necessary or desirable by the General Partner to carry out fully the provisions of this Agreement and the Act in accordance with their terms, which power of attorney is coupled with an interest and shall survive the death, dissolution or legal incapacity of the Limited Partner, or the transfer by the Limited Partner of any part or all of its Partnership Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.**<u>Limitation on Liability of Limited Partners</u>.** No Limited Partner shall be liable for any debts, liabilities, contracts or obligations of the Partnership. A Limited Partner shall be liable to the Partnership only to make payments of its Capital Contribution, if any, as and when due hereunder. After its Capital Contribution is fully paid, no Limited Partner shall, except as otherwise required by the Act, be required to make any further Capital Contributions or other payments or lend any funds to the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4.**<u>Ownership by Limited Partner of Corporate General Partner or Affiliate</u>.** No Limited Partner shall at any time, either directly or indirectly, own any stock or other interest in the General Partner or in any Affiliate thereof, if such ownership by itself or in conjunction with other stock or other interests owned by other Limited Partners would, in the opinion of counsel for the Partnership, jeopardize the classification of the Partnership as a partnership for federal tax purposes. The General Partner shall be entitled to make such reasonable inquiry of the Limited Partners as is required to establish compliance by the Limited Partners with the provisions of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5.**<u>Redemption Right</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to this Section 8.5 and the provisions of any agreements between the Partnership and one or more Limited Partners with respect to Partnership Units held by them, each Limited Partner other than the General Partner, after holding any Partnership Units for at least one year (or such shorter period as consented to by the General Partner in its sole discretion), shall have the right (subject to the terms and conditions set forth herein) to require the Partnership to redeem (a "<u>Redemption</u>") all or a portion of such Partnership Units (the "<u>Tendered Units</u>") in exchange (a "<u>Redemption Right</u>") for REIT Shares issuable on, or the Cash Amount payable on, the Specified Redemption Date, as determined by the General Partner in its sole discretion. Any Redemption Right shall be exercised pursuant to a Notice of Redemption delivered to the Partnership (with a copy to the General Partner) by the Limited Partner exercising the Redemption Right (the "<u>Tendering Party</u>"). In either case, the Limited Partner shall be entitled to withdraw the Notice of Redemption if (i) it provides notice to the Partnership that it wishes to withdraw the request and (ii) the Partnership receives the notice no less than two business days prior to the Specified Redemption Date. Notwithstanding the foregoing, the General Partner may convert any Class E Units of a Limited Partner to Class I Units in its sole discretion, in which case such Class E Units will be converted for an amount of Class I Units with an aggregate Net Asset Value equivalent to the aggregate Net Asset Value of such Class E Units. Notwithstanding the foregoing, each Special Limited Partner and the Adviser shall have the right to require such Partnership to redeem all or a portion of their Class E Units pursuant to this Section 8.5 at any time irrespective of the period the Partnership Units have been held by the Special Limited Partner or the Adviser. The Partnership shall redeem any such Class E Units of a Special Limited Partner or the Adviser for Class E REIT Shares or the Cash Amount (at the Adviser's or Special Limited Partner's election) unless the Board of Trustees of the General Partner determines that any such redemption for cash would be prohibited by applicable law or this Agreement, in which case such Class E Units will be redeemed for an amount of Class E REIT Shares with an aggregate Net Asset Value equivalent to the aggregate Net Asset Value of such Class E Units. For the avoidance of doubt, Partnership Units received through the DRIP will not be subject to the one-year holding period set forth in this Section 8.5(a).

No limited partner, other than a Special Limited Partner or the Adviser, may deliver more than two Notices of Redemption during each calendar year. A Limited Partner other than a Special Limited Partner or the Adviser may not exercise the Redemption Right for less than 1,000 Partnership Units or, if such Limited Partner holds less than 1,000 Partnership Units, all of the Partnership Units held by such Partner. The Tendering Party shall have no

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right, with respect to any Partnership Units so redeemed, to receive any distribution paid with respect to Partnership Units if the record date for such distribution is on or after the Specified Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the General Partner (or, if applicable, the Adviser or a Special Limited Partner) elects to redeem Tendered Units for REIT Shares rather than cash, then the Partnership shall direct the General Partner to issue and deliver the applicable REIT Shares to the Tendering Party pursuant to the terms set forth in this Section 8.5(b), in which case, (i) the General Partner, acting as a distinct legal entity, shall assume directly the obligation with respect thereto and shall satisfy the Tendering Party's exercise of its Redemption Right, and (ii) such transaction shall be treated, for federal income tax purposes, as a transfer by the Tendering Party of such Tendered Units to the General Partner in exchange for REIT Shares. The percentage of the Tendered Units tendered for Redemption by the Tendering Party for which the General Partner (or, if applicable, the Adviser or a Special Limited Partner) elects to issue REIT Shares (rather than cash) is referred to as the "<u>Applicable Percentage</u>." In making such election to acquire Tendered Units, the Partnership shall act in a fair, equitable and reasonable manner that neither prefers one group or class of Limited Partners over another nor discriminates against a group or class of Limited Partners. If the Partnership elects to redeem any number of Tendered Units for REIT Shares rather than cash, on the Specified Redemption Date, the Tendering Party shall sell such number of the Tendered Units to the General Partner in exchange for a number of REIT Shares equal to the product of the REIT Shares Amount and the Applicable Percentage. The product of the Applicable Percentage and the REIT Shares Amount (including the REIT Shares Amount applicable to Tendered Units which were issued in exchange for DST Interests in connection with the exercise of any FMV Purchase Option or FMV Real Estate Option), if applicable, shall be delivered by the General Partner as duly authorized, validly issued, fully paid and non-assessable REIT Shares free of any pledge, lien, encumbrance or restriction, other than the Aggregate Share Ownership Limit (as calculated in accordance with the Declaration of Trust) and other restrictions provided in the Declaration of Trust, the bylaws of the General Partner, and the Securities Act. Notwithstanding the provisions of Section 8.5(a) and this Section 8.5(b), the Tendering Parties shall have no rights under this Agreement that would otherwise be prohibited under the Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In connection with an exercise of Redemption Rights pursuant to this Section 8.5, unless waived by the General Partner, the Tendering Party shall submit the following to the General Partner, in addition to the Notice of Redemption:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)A written affidavit, dated the same date as the Notice of Redemption, (a) disclosing the actual and constructive ownership, as determined for purposes of Code Sections 856(a)(6) and 856(h), of REIT Shares by (i) such Tendering Party and (ii) any Related Party and (b) representing that, after giving effect to the Redemption, neither the Tendering Party nor any Related Party will own REIT Shares in excess of the Aggregate Share Ownership Limit (or, if applicable the Excepted Holder Limit);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)A written representation that neither the Tendering Party nor any Related Party has any intention to acquire any additional REIT Shares prior to the closing of the Redemption on the Specified Redemption Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)An undertaking to certify, at and as a condition to the closing of the Redemption on the Specified Redemption Date, that either (a) the actual and constructive ownership of REIT Shares by the Tendering Party and any Related Party remain unchanged from that disclosed in the affidavit required by Section 8.5(c)(1) or (b) after giving effect to the Redemption, neither the Tendering Party nor any Related Party shall own REIT Shares in violation of the Aggregate Share Ownership Limit (or, if applicable, the Excepted Holder Limit); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Any other documents, representations and certifications as the General Partner may reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Any Cash Amount to be paid to a Tendering Party pursuant to this Section 8.5 shall be paid on the Specified Redemption Date; provided, however, that the General Partner may elect to cause the Specified Redemption Date to be delayed for up to an additional 180 days to the extent required for the General Partner to cause additional REIT Shares to be issued to provide financing to be used to make such payment of the Cash Amount. Notwithstanding the foregoing, the General Partner agrees to use its best efforts to cause the closing of the acquisition of Tendered Units hereunder to occur as quickly as reasonably possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Notwithstanding any other provision of this Agreement, the General Partner shall place appropriate restrictions on the ability of the Limited Partners to exercise their Redemption Rights to prevent, among other things, (a) any person from owning shares in excess of the Common Share Ownership Limit, the Aggregate Share Ownership Limit and the Excepted Holder Limit, (b) the General Partner's common stock from being owned

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by less than 100 persons, the General Partner from being "closely held" within the meaning of section 856(h) of the Code, and as and if deemed necessary to ensure that the Partnership does not constitute a "publicly traded partnership" under section 7704 of the Code. If and when the General Partner determines that imposing such restrictions is necessary, the General Partner shall give prompt written notice thereof (a "<u>Restriction Notice</u>") to each of the Limited Partners holding Partnership Units, which notice shall be accompanied by a copy of an opinion of counsel to the Partnership which states that, in the opinion of such counsel, restrictions are necessary in order to avoid having the Partnership be treated as a "publicly traded partnership" under section 7704 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)A redemption fee may be charged (other than to the Adviser, a Special Limited Partner or their Affiliates) in connection with an exercise of Redemption Rights pursuant to this Section 8.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6.**<u>Required Redemption of Limited Partners</u>**.

The General Partner, in its sole discretion, may require a Limited Partner to surrender all or any portion of its Partnership Units and withdraw from the Partnership to the extent such redemption is in the best interest of the Partnership, as determined by the General Partner in good faith at any time for any reason or no reason with or without prior notice to such Limited Partner. A notice of mandatory redemption pursuant to this Section 8.6 shall have the same effect as a request for redemption by a Limited Partner given pursuant to Section 8.5; provided that the mandatory redemption of all or any portion of such Limited Partner's Partnership Units shall be effective on the date determined by the General Partner and indicated in such notice.

**Article 9<u><br>TRANSFERS OF LIMITED PARTNERSHIP INTERESTS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.**<u>Purchase for Investment</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Limited Partner hereby represents and warrants to the General Partner and to the Partnership that the acquisition of his Partnership Interest is made as a principal for his account for investment purposes only and not with a view to the resale or distribution of such Partnership Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each Limited Partner agrees that he will not sell, assign or otherwise transfer his Partnership Interest or any fraction thereof, whether voluntarily or by operation of law or at judicial sale or otherwise, to any Person who does not make the representations and warranties to the General Partner set forth in Section 9.1(a) above and similarly agree not to sell, assign or transfer such Partnership Interest or fraction thereof to any Person who does not similarly represent, warrant and agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.**<u>Restrictions on Transfer of Limited Partnership Interests</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to the provisions of Section 9.2(b) and (c), no Limited Partner may offer, sell, assign, hypothecate, pledge or otherwise transfer all or any portion of his Limited Partnership Interest, or any of such Limited Partner's economic rights as a Limited Partner, whether voluntarily or by operation of law or at judicial sale or otherwise (collectively, a "<u>Transfer</u>") without the consent of the General Partner, which consent may be granted or withheld in its sole and absolute discretion; provided that a Special Limited Partner may transfer all or any portion of its Limited Partnership Interest, or any of its economic rights as a Limited Partner, to any of its Affiliates without the consent of the General Partner. Any such purported transfer undertaken without such consent shall be considered to be null and void *ab initio* and shall not be given effect. The General Partner may require, as a condition of any Transfer to which it consents, that the transferor assume all costs incurred by the Partnership in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)No Limited Partner may withdraw from the Partnership other than as a result of a permitted Transfer (i.e., a Transfer consented to as contemplated by clause (a) above or clause (c) below or a Transfer pursuant to Section 9.5 below) of all of its Partnership Interest pursuant to this Article 9 or pursuant to a redemption of all of its Partnership Units pursuant to Section 8.5. Upon the permitted Transfer or redemption of all of a Limited Partner's Partnership Interest, such Limited Partner shall cease to be a Limited Partner.

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person(s), of which trust such Limited Partner or any such person(s) is a trustee, (ii) a corporation controlled by a Person or Persons named in (i) above, or (iii) if the Limited Partner is an entity, its beneficial owners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)No Limited Partner may effect a Transfer of its Limited Partnership Interest, in whole or in part, without the consent of the General Partner, which may be withheld in its sole and absolute discretion, if, in the opinion of legal counsel for the Partnership, such proposed Transfer would require the registration of the Limited Partnership Interest under the Securities Act or would otherwise violate any applicable federal or state securities or blue sky law (including investment suitability standards).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)No Transfer by a Limited Partner of its Partnership Interest, in whole or in part, may be made to any Person without the consent of the General Partner, which may be withheld in its sole and absolute discretion, if (i) in the opinion of legal counsel for the Partnership, the transfer would result in the Partnership being treated as an association taxable as a corporation (other than a qualified REIT subsidiary within the meaning of Section 856(i) of the Code and the General Partner determines such treatment would be in the best interest of the Partnership), (ii) in the opinion of legal counsel for the Partnership, it would adversely affect the ability of the General Partner to continue to qualify as a REIT or subject the General Partner to any additional taxes under Section 857 or Section 4981 of the Code or (iii) such transfer is effectuated through an "established securities market" or a "secondary market (or the substantial equivalent thereof)" within the meaning of Section 7704 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)No transfer by a Limited Partner of any Partnership Interest may be made to a lender to the Partnership or any Person who is related (within the meaning of Regulations Section 1.752-4(b)) to any lender to the Partnership whose loan constitutes a nonrecourse liability (within the meaning of Regulations Section 1.752-1(a)(2)), without the consent of the General Partner, which may be withheld in its sole and absolute discretion, provided that as a condition to such consent the lender may be required to enter into an arrangement with the Partnership and the General Partner to exchange or redeem for the Cash Amount any Partnership Units in which a security interest is held simultaneously with the time at which such lender would be deemed to be a Partner in the Partnership for purposes of allocating liabilities to such lender under Section 752 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Any Transfer in contravention of any of the provisions of this Article 9 shall be void and ineffectual and shall not be binding upon, or recognized by, the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Prior to the consummation of any Transfer under this Article 9, the transferor and/or the transferee shall deliver to the General Partner such opinions, certificates and other documents as the General Partner shall request in connection with such Transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.**<u>Admission of Substitute Limited Partner</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to the other provisions of this Article 9, an assignee of the Limited Partnership Interest of a Limited Partner (which shall be understood to include any purchaser, transferee, donee, or other recipient of any disposition of such Limited Partnership Interest) shall be deemed admitted as a Limited Partner of the Partnership only with the consent of the General Partner and upon the satisfactory completion of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The assignee shall have accepted and agreed to be bound by the terms and provisions of this Agreement by executing a counterpart or an amendment thereof and such other documents or instruments as the General Partner may require in order to effect the admission of such Person as a Limited Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)To the extent required, an amended Certificate evidencing the admission of such Person as a Limited Partner shall have been signed, acknowledged and filed for record in accordance with the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The assignee shall have delivered a letter containing the representation set forth in Section 9.1(a) hereof and the agreement set forth in Section 9.1(b) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)If the assignee is a corporation, partnership, trust or other entity, the assignee shall have provided the General Partner with evidence satisfactory to counsel for the Partnership of the assignee's authority to become a Limited Partner under the terms and provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)The assignee shall have executed a power of attorney containing the terms and provisions set forth in Section 8.2 hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)The assignee shall have paid all legal fees and other expenses of the Partnership and the General Partner and filing and publication costs in connection with its substitution as a Limited Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)The assignee has obtained the prior written consent of the General Partner to its admission as a Substitute Limited Partner, which consent may be given or denied in the exercise of the General Partner's sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)For the purpose of allocating Profits and Losses and distributing cash received by the Partnership, a Substitute Limited Partner shall be treated as having become, and appearing in the records of the Partnership as, a Partner upon the filing of the Certificate described in Section 9.3(a)(ii) hereof or, if no such filing is required, the later of the date specified in the transfer documents or the date on which the General Partner has received all necessary instruments of transfer and substitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The General Partner shall cooperate with the Person seeking to become a Substitute Limited Partner by preparing the documentation required by this Section and making all official filings and publications. The Partnership shall take all such action as promptly as practicable after the satisfaction of the conditions in this Article 9 to the admission of such Person as a Limited Partner of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4.**<u>Rights of Assignees of Partnership Interests</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to the provisions of Sections 9.1 and 9.2 hereof, except as required by operation of law, the Partnership shall not be obligated for any purposes whatsoever to recognize the assignment by any Limited Partner of its Partnership Interest until the Partnership has received notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any Person who is the assignee of all or any portion of a Limited Partner's Limited Partnership Interest, but does not become a Substitute Limited Partner and desires to make a further assignment of such Limited Partnership Interest, shall be subject to all the provisions of this Article 9 to the same extent and in the same manner as any Limited Partner desiring to make an assignment of its Limited Partnership Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5.**<u>Effect of Bankruptcy, Death, Incompetence or Termination of a Limited Partner</u>.** The occurrence of an Event of Bankruptcy as to a Limited Partner, the death of a Limited Partner or a final adjudication that a Limited Partner is incompetent (which term shall include, but not be limited to, insanity) shall not cause the termination or dissolution of the Partnership, and the business of the Partnership shall continue if an order for relief in a bankruptcy proceeding is entered against a Limited Partner, the trustee or receiver of his estate or, if he dies, his executor, administrator or trustee, or, if he is finally adjudicated incompetent, his committee, guardian or conservator, shall have the rights of such Limited Partner for the purpose of settling or managing his estate property and such power as the bankrupt, deceased or incompetent Limited Partner possessed to assign all or any part of his Partnership Interest and to join with the assignee in satisfying conditions precedent to the admission of the assignee as a Substitute Limited Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6.**<u>Joint Ownership of Interests</u>.** A Partnership Interest may be acquired by two individuals as joint tenants with right of survivorship, provided that such individuals either are married or are related and share the same home as tenants in common. The written consent or vote of both owners of any such jointly held Partnership Interest shall be required to constitute the action of the owners of such Partnership Interest; provided, however, that the written consent of only one joint owner will be required if the Partnership has been provided with evidence satisfactory to the counsel for the Partnership that the actions of a single joint owner can bind both owners under the applicable laws of the state of residence of such joint owners. Upon the death of one owner of a Partnership Interest held in a joint tenancy with a right of survivorship, the Partnership Interest shall become owned solely by the survivor as a Limited Partner and not as an assignee. The Partnership need not recognize the death of one of the owners of a jointly-held Partnership Interest until it shall have received notice of such death. Upon notice to the General Partner from either owner, the General Partner shall cause the Partnership Interest to be divided into two equal Partnership Interests, which shall thereafter be owned separately by each of the former owners.

**Article 10<u><br>BOOKS AND RECORDS; ACCOUNTING; TAX MATTERS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.**<u>Books and Records</u>.** At all times during the continuance of the Partnership, the Partners shall keep or cause to be kept at the Partnership's specified office true and complete books of account in accordance with generally accepted accounting principles, including: (a) a current list of the full name and last known business address of each Partner, (b) a copy of the Certificate of Limited Partnership and all Certificates of amendment

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thereto, (c) copies of the Partnership's U.S. federal, state and local and non-U.S. income tax returns and reports, (d) copies of this Agreement and amendments thereto and any financial statements of the Partnership for the three most recent years and (e) all documents and information required under the Act. Any Partner or its duly authorized representative, upon paying the costs of collection, duplication and mailing, shall be entitled to inspect or copy such records during ordinary business hours.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.**<u>Custody of Partnership Funds; Bank Accounts</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All funds of the Partnership not otherwise invested shall be deposited in one or more accounts maintained in such banking or brokerage institutions as the General Partner shall determine, and withdrawals shall be made only on such signature or signatures as the General Partner may, from time to time, determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)All deposits and other funds not needed in the operation of the business of the Partnership may be invested in any manner determined by the General Partner in its sole discretion. The funds of the Partnership shall not be commingled with the funds of any other Person except for such commingling as may necessarily result from an investment permitted by this Section 10.2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.**<u>Fiscal and Taxable Year</u>.** The fiscal and taxable year of the Partnership shall be the calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4.**<u>Annual Tax Information and Report</u>.** Within 90 days after the end of each taxable year of the Partnership (subject to reasonable delays), the General Partner shall furnish (electronically or physically) to each Person who was a Limited Partner at any time during such year the tax information necessary to file such Limited Partner's tax returns as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5.**<u>Partnership Representative; Tax Elections; Special Basis Adjustments</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The General Partner shall be or shall appoint in its sole discretion, the Partnership Representative of the Partnership. In respect of an income tax audit of any tax return of the Partnership, the filing of any amended return or claim for refund in connection with any item of income, gain, loss, deduction or credit reflected on any tax return of the Partnership, or any administrative or judicial proceedings arising out of or in connection with any such audit, amended return, claim for refund or denial of such claim, (A) the Partnership Representative shall be authorized to act for, and its decision shall be final and binding upon, the Partnership and all Partners, (B) all expenses incurred by the Partnership Representative in connection therewith (including attorneys', accountants' and other advisors' fees) shall be expenses of, and payable by, the Partnership and (C) no Partner shall have the right to participate in the audit of any Partnership tax return or any administrative or judicial proceedings conducted by the Partnership or the Partnership Representative arising out of or in connection with any such audit. The Partnership Representative shall keep the General Partner reasonably informed as to the progress of and any settlement of any tax examinations, audits or proceedings. The Partnership Representative shall use commercially reasonable efforts to allocate the burden of any material taxes (and any interest, penalties and expenses related thereto) that are payable by the Partnership as a result of any adjustments arising from an audit or other tax proceeding involving the Partnership to the Partners or former Partners to which such taxes, interest, penalties and related expenses are attributable. The Partnership may, at the direction of the Partnership Representative, make the election described in Section 6226(a) of the Code with respect to any partnership adjustments for each taxable year and, if an election described in Section 6226(a) of the Code is not made with respect to any partnership adjustments and the Partnership pays an imputed underpayment pursuant to Section 6225 of the Code, the Partnership Representative shall use reasonable efforts to cause the Partnership to treat the portion of such imputed underpayment attributable to a Partner as an advance pursuant to Section 5.2(d). Notwithstanding this Section 10.5(a), the Partnership Representative is authorized to take any action permitted under Section 6223 of the Code or under any other corresponding provision of state, local or non-U.S. law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Except as otherwise provided in this Agreement, all elections required or permitted to be made (or revoked) by the Partnership under the Code or any applicable state, local or non-U.S. tax law shall be made by the General Partner in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)In the event of a transfer of all or any part of the Partnership Interest of any Partner, the Partnership, at the option of the General Partner, may elect pursuant to Section 754 of the Code to adjust the basis of the Partnership's assets. Notwithstanding anything contained in Article 5, any adjustments made pursuant to Section 754 of the Code shall affect only the successor in interest to the transferring Partner and in no event shall be taken into account in establishing, maintaining or computing Capital Accounts for the other Partners for any purpose under this Agreement. Each Partner will furnish the Partnership with all information necessary to give effect to such election.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6.**<u>Reports to Limited Partners</u>.** As soon as practicable after the close of each fiscal year, but in no event later than the date on which the General Partner mails its annual report to holders of the REIT Shares, the General Partner shall cause to be delivered (electronically or physically) to each Limited Partner an annual report containing financial statements of the Partnership, or of the General Partner if such statements are prepared solely on a consolidated basis with the General Partner, for such fiscal year, presented in accordance with generally accepted accounting principles. The annual financial statements described in the preceding sentence shall be audited by accountants selected by the General Partner.

**Article 11<u><br>AMENDMENT OF AGREEMENT; MERGER</u>**

The General Partner's consent shall be required for any amendment to this Agreement. The General Partner, without the consent of the Limited Partners, may amend this Agreement in any respect or merge or consolidate the Partnership with or into any other partnership or business entity (as defined in Section 17-211 of the Act) in a transaction pursuant to Section 7.1(b), (c) or (d) hereof; provided, however, that the following amendments and any other merger or consolidation of the Partnership shall require the consent of Limited Partners holding more than 50% of the Percentage Interests of the Limited Partners:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any amendment affecting the operation of the Redemption Right (except as provided in Section 8.5(d), 7.1(b) or 7.1(c)) in a manner adverse to the Limited Partners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any amendment that would adversely affect the rights of the Limited Partners to receive the distributions payable to them hereunder, other than with respect to the issuance of additional Partnership Units pursuant to Section 4.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any amendment that would alter the Partnership's allocations of Profit and Loss to the Limited Partners, other than with respect to the issuance of additional Partnership Units pursuant to Section 4.3; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)any amendment that would impose on the Limited Partners any obligation to make additional Capital Contributions to the Partnership.

**Article 12<u><br>GENERAL PROVISIONS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.**<u>Notices</u>.** All communications required or permitted under this Agreement shall be in writing and shall be deemed to have been given when delivered personally or upon deposit in the United States mail, registered, postage prepaid return receipt requested, to the Partners at the addresses set forth on the Partnership's books and records; provided, however, that any Partner may specify a different address by notifying the General Partner in writing of such different address. Notices to the Partnership shall be delivered at or mailed to its specified office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2.**<u>Survival of Rights</u>.** Subject to the provisions hereof limiting transfers, this Agreement shall be binding upon and inure to the benefit of the Partners and the Partnership and their respective legal representatives, successors, transferees and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3.**<u>Additional Documents</u>.** Each Partner agrees to perform all further acts and execute, swear to, acknowledge and deliver all further documents which may be reasonable, necessary, appropriate or desirable to carry out the provisions of this Agreement or the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4.**<u>Severability</u>.** If any provision of this Agreement shall be declared illegal, invalid, or unenforceable in any jurisdiction, then such provision shall be deemed to be severable from this Agreement (to the extent permitted by law) and in any event such illegality, invalidity or unenforceability shall not affect the remainder hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5.**<u>Entire Agreement</u>.** This Agreement and exhibits attached hereto constitute the entire Agreement of the Partners and supersede all prior written agreements and prior and contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6.**<u>Pronouns and Plurals</u>.** When the context in which words are used in the Agreement indicates that such is the intent, words in the singular number shall include the plural and the masculine gender shall include the neuter or female gender as the context may require.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7.**<u>Headings</u>.** The Article headings or sections in this Agreement are for convenience only and shall not be used in construing the scope of this Agreement or any particular Article.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8.**<u>Counterparts</u>.** This Agreement may be executed in several counterparts, each of which shall be deemed to be an original copy and all of which together shall constitute one and the same instrument binding on all parties hereto, notwithstanding that all parties shall not have signed the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9.**<u>Governing Law</u>.** This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

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IN WITNESS WHEREOF, the parties hereto have hereunder affixed their signatures to this Amended and Restated Agreement of Limited Partnership, all as of the date first set forth above.

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| | |
|:---|:---|
| **GENERAL PARTNER:** | **GENERAL PARTNER:** |
| **BLUE OWL DIGITAL INFRASTRUCTURE TRUST** | **BLUE OWL DIGITAL INFRASTRUCTURE TRUST** |
| By: | /s/Matthew A'Hearn |
|  | Name: Matthew A'Hearn |
|  | Title: Chief Executive Officer |
| **SPECIAL LIMITED PARTNERS:** | **SPECIAL LIMITED PARTNERS:** |
| **BLUE OWL DIGITAL INFRASTRUCTURE TRUST CARRY LLC** | **BLUE OWL DIGITAL INFRASTRUCTURE TRUST CARRY LLC** |
| By: | /s/Neena Reddy |
|  | Name: Neena Reddy |
|  | Title: Authorized Signatory |
| <br>**BODI TRUST CARRY LP** | <br>**BODI TRUST CARRY LP** |
| By: | /s/Neena Reddy |
|  | Name: Neena Reddy |
|  | Title: Authorized Signatory |
| <br>**LIMITED PARTNERS:** | <br>**LIMITED PARTNERS:** |
| By: Blue Owl Digital Infrastructure Trust, as attorney-in-fact for the Persons whose names are set forth in the books and records of the Partnership as Limited Partners | By: Blue Owl Digital Infrastructure Trust, as attorney-in-fact for the Persons whose names are set forth in the books and records of the Partnership as Limited Partners |
| By: | /s/Matthew A'Hearn |
|  | Name: Matthew A'Hearn |
|  | Title: Chief Executive Officer |

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**Schedule A**

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| | |
|:---|:---|
| **Special Limited Partner** | **Special Limited Partnership Interest Percentage** |
| **BODI Trust Carry LP** | **85%** |
| **Blue Owl Digital Infrastructure Trust Carry LLC** | **15%** |

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**EXHIBIT A**

**<u>NOTICE OF EXERCISE OF REDEMPTION RIGHT</u>**

(i)In accordance with Section 8.5 of the Limited Partnership Agreement (the "<u>Agreement</u>") of Blue Owl Digital Infrastructure Operating Partnership LP, the undersigned hereby irrevocably (i) presents for redemption Partnership Units in Blue Owl Digital Infrastructure Operating Partnership LP in accordance with the terms of the Agreement and the Redemption Right referred to in Section 8.5 thereof, (ii) surrenders such Partnership Units and all right, title and interest therein, and (iii) directs that the Cash Amount or REIT Shares Amount (as defined in the Agreement) as determined by the General Partner deliverable upon exercise of the Redemption Right be delivered to the address specified below, and if REIT Shares (as defined in the Agreements) are to be delivered, such REIT Shares be registered or placed in the name(s) and at the address(es) specified below.

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| | |
|:---|:---|
| <br>Dated: | |
| | (Name of Limited Partner) |
| | (Signature of Limited Partner) |
| | (Mailing Address) |
| | (City) (State) (Zip Code) |
| | Signature Guaranteed by: |

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| |
|:---|
| If REIT Shares are to be issued, issue to: |
| Name: |
| Social Security or |
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## Exhibit 10.4

**Exhibit 10.4**

BLUE OWL DIGITAL INFRASTRUCTURE TRUST

**DEALER MANAGER AGREEMENT**

October 3, 2025

Blue Owl Digital Infrastructure Trust

150 N. Riverside Plaza, 37th Floor

Chicago, IL 60606

Ladies and Gentlemen:

Blue Owl Digital Infrastructure Trust, a Maryland statutory Trust (the "<u>Trust</u>"), that intends to satisfy the requirements of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>") for qualification and taxation of the Trust as a real estate investment trust ("<u>REIT</u>"), is conducting a private placement offering (the "<u>Offering</u>") in accordance with Rule 506(b) of Regulation D under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), of Class S, Class D and Class I common shares of beneficial interest (the "<u>Shares</u>"). Blue Owl Securities LLC, as the managing dealer (the "<u>Dealer Manager</u>"), and the broker-dealers participating in the offering (the "<u>Participating Broker-Dealers</u>") will solicit subscriptions pursuant to which investors will invest in Shares, from time to time. Such solicitations will be made by the Dealer Manager and any Participating Broker-Dealer on a "best efforts" basis. Investments will be solicited (i) in the United States only to U.S. persons who are "accredited investors" within the meaning of Regulation D under the Securities Act and (ii) outside the United States in accordance with Regulation S under the Securities Act and pursuant to the laws, rules, and regulations applicable to the offer and sale of Shares in the applicable non-U.S. jurisdiction. Terms not otherwise defined herein shall have the same meaning as in the Private Placement Memorandum, as that term is defined in Section 1.1 below.

The Trust expects to enter into an investment advisory agreement (the "<u>Investment Advisory Agreement</u>"), with the Blue Owl Digital Infrastructure Trust Advisors LLC, a Delaware limited liability company registered as an investment adviser (the "<u>Adviser</u>") under the Investment Advisers Act of 1940, as amended, and the rules and regulations thereunder (collectively, the "<u>Advisers Act</u>").

The Trust and the Adviser hereby enter into this agreement (this "<u>Agreement</u>") with the Dealer Manager, as follows:

1.<u>Representations and Warranties of the Trust and the Adviser</u>.

The Trust and the Adviser hereby represent and warrant to the Dealer Manager and each Participating Broker-Dealer with whom the Dealer Manager has entered into or will enter into a Participating Broker-Dealer Agreement (the "<u>Participating Broker-Dealer Agreement</u>") in substantially the form attached as <u>Exhibit A</u> to this Agreement (or such other form as shall be approved in writing by the Trust) that, as of the date hereof and at all times during the Offering (provided that, to the extent such representations and warranties are given only as of a specified date or dates, the Trust and the Adviser only make such representations and warranties as of such date or dates):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.The Shares have not been registered under the Securities Act, the securities laws of any state or the securities laws of any other jurisdiction, but will be offered and sold in reliance on an exemption from the registration requirements of the Securities Act and any other applicable laws pursuant to the confidential private placement memorandum dated as of September 2025 and amended or supplemented from time to time (the "<u>Private Placement Memorandum</u>"). The Shares are being offered and sold (i) in the United States under the exemption provided by Section 4(a)(2) of the Securities Act and Rule 506(b) of Regulation D promulgated thereunder and other exemptions of similar import in the laws of the states and jurisdictions where the Offering will be made, to U.S. persons who are "accredited investors" within the meaning of Regulation D under the Securities Act, and (ii) outside the United States in accordance with Regulation S under the Securities Act. As of the date hereof, no jurisdiction in which the Shares have been or will be offered or sold has issued any notification with respect to the suspension of the qualification of the Shares for sale in such jurisdiction and no proceedings for that purpose have been instituted or are

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pending or, to the knowledge of the Trust, threatened. The Trust is in compliance in all material respects with all federal and state securities laws, rules and regulations applicable to it and its activities, including, without limitation, with respect to the Offering and the sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.The Private Placement Memorandum does not, and any amendments thereto will not, contain an untrue statement of material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading; *provided, however,* that the Trust and the Adviser make no warranty or representation with respect to any statement contained in the Private Placement Memorandum, or any amendments or supplements thereto, made in reliance upon and in conformity with information furnished in writing to the Trust by the Dealer Manager or any Participating Broker-Dealer expressly for use in the Private Placement Memorandum or any amendments or supplements thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.The Investment Advisory Agreement will be duly authorized, executed and delivered by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.The Trust is a statutory trust duly organized, validly existing and in good standing under the laws of the State of Maryland, and is in good standing with the State Department of Assessments and Taxation of Maryland, with full power and authority to conduct its business as described in the Private Placement Memorandum and to enter into this Agreement and to perform the transactions contemplated hereby; this Agreement has been duly authorized, executed and delivered by the Trust and, assuming due authorization, execution and delivery by the Adviser and the Dealer Manager, is a legal, valid and binding agreement of the Trust enforceable against the Trust in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting creditors' rights generally, and by general equitable principles, and except to the extent that the enforceability of the indemnity and contribution provisions contained in Section 5 of this Agreement may be limited under applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.The Trust has qualified to do business and is in good standing in every jurisdiction in which the conduct of its business, as described in the Private Placement Memorandum, requires such qualification, except where the failure to do so would not have a material adverse effect on the condition, financial or otherwise, results of operations or cash flows of the Trust (a "<u>Trust Material Adverse Effect</u>"). The Adviser has qualified to do business and is in good standing in every jurisdiction in which the conduct of its business, as described in the Private Placement Memorandum, requires such qualification, except where the failure to do so would not have a material adverse effect on the condition, financial or otherwise, results of operations or cash flows of the Adviser or would materially and adversely affect the regulatory status of the Adviser such that the Adviser would be prevented from carrying out its obligations under the Investment Advisory Agreement (an "<u>Adviser Material Adverse Effect</u>" and each of an Adviser Material Adverse Effect and a Trust Material Adverse Effect, as applicable to the Trust or the Adviser, a "<u>Material Adverse Effect</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6.The Adviser is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware with full power and authority to conduct its business as described in the Private Placement Memorandum and to enter into this Agreement and to perform the transactions contemplated hereby; this Agreement has been duly authorized, executed and delivered by the Adviser and, assuming due authorization, execution and delivery by the Trust and the Dealer Manager, is a legal, valid and binding agreement of the Adviser enforceable against the Adviser in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium, or similar laws affecting creditors' rights generally, and by general equitable principles, and except to the extent that the enforceability of the indemnity and contribution provisions contained in Section 5 of this Agreement may be limited under applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.The Shares conform in all material respects to the description of the Shares contained in the Private Placement Memorandum. As of the date hereof, the Trust has authorized an unlimited number of Shares. As of the date hereof, all the issued and outstanding Shares are fully paid and non-assessable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8.The Trust is not in violation of its certificate of trust, its declaration of trust, or its bylaws and the execution and delivery of this Agreement, the issuance, sale and delivery of the Shares, the consummation of the transactions herein contemplated and compliance with the terms of this Agreement by the Trust will not violate the terms of or constitute a default under: (a) its certificate of trust, declaration of trust or bylaws; or (b) any indenture, mortgage, deed of trust, lease or other material agreement to which the Trust is a party; or (c) any law, rule or regulation applicable to the Trust; or (d) any writ, injunction or decree of any government, governmental instrumentality or court, domestic or foreign, having jurisdiction over the Trust except, in the cases of clauses (b), (c) and (d), for such violations or defaults that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9.The Adviser is not in violation of its certificate of formation or its limited liability company agreement and the execution and delivery of this Agreement, the consummation of the transactions herein contemplated and compliance with the terms of this Agreement by the Adviser will not violate the terms of or constitute a default under: (a) its certificate of formation or limited liability company agreement; or (b) any indenture, mortgage, deed of trust, lease or other material agreement to which the Adviser is a party; or (c) any law, rule or regulation applicable to the Adviser; or (d) any writ, injunction or decree of any government, governmental instrumentality or court, domestic or foreign, having jurisdiction over the Adviser except, in the cases of clauses (b), (c) and (d), for such violations or defaults that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10.The Trust intends to conduct its business so as not to be an "investment company" as that term is defined in the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, and it will exercise reasonable diligence to ensure that it does not become an "investment company" within the meaning of the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11.The terms of the Investment Advisory Agreement, including compensation terms, will comply in all material respects with all applicable provisions of the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12.The approval of the Investment Advisory Agreement by the board of trustees of the Trust has been made in accordance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13.Except as have been obtained or waived, no material consent, approval, authorization or other order of any governmental authority is required in connection with the execution or delivery by the Trust of this Agreement or the issuance and sale by the Trust of the Shares, except; (a) any necessary qualification under the securities or blue sky laws of the jurisdictions in which the Shares are being offered by the Dealer Manager and the Participating Broker-Dealers; and (b) any necessary qualification or notice under the conduct rules set forth in the Financial Industry Regulatory Authority, Inc. ("<u>FINRA</u>") rulebook (the "<u>FINRA Rules</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14.There are no actions, suits or proceedings pending or, to the knowledge of the Trust or the Adviser, respectively, threatened against either the Trust or the Adviser, respectively, at law or in equity or before or by any federal or state commission, regulatory body, or administrative agency or other governmental body, domestic or foreign, which would have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15.The issuance and sale of the Shares have been duly authorized by the Trust, and, when issued and duly delivered against payment therefor as contemplated by the Private Placement Memorandum and the Subscription Agreement substantially in the form attached as an Appendix to the Private Placement Memorandum (the "<u>Subscription Agreement</u>"), the Shares will be validly issued, fully paid and non-assessable, free and clear of any pledge, lien, encumbrance, security interest or other claim, and the issuance and sale of the Shares by the Trust are not subject to preemptive or other similar rights arising by operation of law, under the declaration of trust or bylaws of the Trust or under any agreement to which the Trust is a party or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16.When applicable, the financial statements of the Trust to be included in a registration statement on Form 10 (the "<u>Form 10</u>") and included or to be included in the Trust's periodic reports filed pursuant to the U.S. Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), together with the related notes, will present fairly, in all material respects, the financial position of the Trust, as of the date specified, in conformity with generally accepted accounting principles applied on a consistent basis and in conformity with Regulation S-X of the U.S. Securities and Exchange Commission (the "<u>SEC</u>"), except as described in the notes thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17.When applicable, the independent accounting firm that will have audited and certified any financial statements included in the Form 10 or to be included in the Trust's Annual Report on Form 10-K or any amendments thereto, shall be, as of the applicable dates thereof, and shall have been during the periods covered by their report included therein, independent registered public accountants as required by the Securities Act and the rules and regulations of the Public Company Accounting Oversight Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18.Since the respective dates as of which information is given in the Private Placement Memorandum or any amendments or supplements thereto, there has not been any event or development which could reasonably be seen as having a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19.All of the Trust's material contracts or other documents are accurately described in all material respects in the Private Placement Memorandum. The agreements to which either the Trust or the Adviser is a party which are described in Private Placement Memorandum are valid and enforceable in all material respects by the Trust or the Adviser except as enforceability may be limited by bankruptcy, reorganization, moratorium or similar laws affecting the enforceability of creditors' rights generally and rules of law governing specific performance, injunctive relief and other equitable remedies, and, to the best of the Trust's and the Adviser's knowledge, no party thereto is in breach or default under any of such agreements except where such breach or default would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20.The Trust has, and, to the knowledge of the Trust, all of the Trust's trustees or officers in their capacities as such have, complied in all material respects with any applicable provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21.Neither the Trust nor, to the knowledge of the Trust, any trustee, officer, employee or affiliate of the Trust, is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22.When applicable, the Trust expects to implement and maintain controls and other procedures that will be designed to ensure that information required to be disclosed by the Trust in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms, and is accumulated and communicated to the Trust's management, including its chief executive officer and chief financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure; and the Trust will make and keep books, records and accounts which, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Trust; and the Trust expects to implement and maintain a system of internal accounting controls sufficient to provide reasonable assurances that: (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences; and, to the Trust's knowledge, neither the Trust nor the Adviser, nor any employee or agent thereof, has made any payment of funds of the Trust or the Adviser, as the case may be, or received or retained any funds, and no funds of the Trust have been set aside to be used for any payment, in each case in material violation of any law, rule or regulation applicable to the Trust or the Adviser.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23.No relationship, direct or indirect, exists between or among the Trust on the one hand, and the directors, trustees, officers and security holders of the Trust, the Adviser or their respective affiliates, on the other hand, which is required to be described in the Private Placement Memorandum and which is not so described.

2.<u>Covenants of the Trust and the Adviser</u>.

Each of the Trust and the Adviser hereby covenants and agrees, with respect to itself and for the benefit of the Dealer Manager, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.The Trust will promptly advise the Dealer Manager of the receipt of any comments of, or requests for additional or supplemental information from, the SEC and of any proposed amendment or supplement to the Private Placement Memorandum. Prior to amending or supplementing the Private Placement Memorandum the Trust shall furnish to the Dealer Manager for its review, a reasonable period of time prior to the proposed use thereof, a copy of each such proposed amendment or supplement. The Trust will file and amend a Form D in accordance with the rules and regulations of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.In addition to and apart from the Private Placement Memorandum, the Trust intends to furnish to all appropriate regulatory agencies and use printed sales literature or other materials in connection with the Offering prepared by the Trust, the Adviser or the Dealer Manager ("<u>Sales Literature</u>"). Such printed Sales Literature may include a brochure describing the Trust, as well as articles and publications about investment strategies applicable to the Trust. Such Sales Literature prepared by the Trust, the Adviser or the Dealer Manager, provided that the use of such Sales Literature has been approved for use by the Trust in writing by all applicable regulatory agencies, are referred to hereinafter as the "<u>Authorized Sales Materials</u>." If FINRA or any governmental agency (including, without limitation, any state securities regulator or commissioner, or any similar agency with respect to a non-U.S. jurisdiction) or other self-regulatory organization prohibits the use of any Sales Literature, the Trust shall promptly provide written notice of such fact to the Dealer Manager and the Adviser, and such notice shall specifically identify the prohibited Sales Literature. If the Trust uses Sales Literature in connection with the Offering prepared by the Trust, the Adviser or the Dealer Manager that is intended for "broker-dealer use only" or "advisor use only," the Dealer Manager shall use such materials in accordance with Section 4.4 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.The Trust will, at no expense to the Dealer Manager, furnish to the Dealer Manager and Participating Broker-Dealers designated by the Dealer Manager, as many copies as the Dealer Manager may reasonably request in connection with the sale of Shares of (a) the Private Placement Memorandum, including all amendments and exhibits thereto, and (b) the Authorized Sales Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4.The Trust will use its commercially reasonable efforts to (a) qualify the Shares for sale under, or to establish the exemption of the sale of the Shares from qualification or registration under, the applicable state securities ("<u>blue sky</u>" laws), or the applicable laws of any non-U.S. jurisdiction, designated in Exhibit B hereto (the "<u>Qualified Jurisdictions</u>") and (b) maintain such qualifications or exemptions in effect throughout the Offering. In connection therewith, the Trust will prepare and file all such reports as may be required by the securities regulatory authorities in the Qualified Jurisdictions in which the Shares have been sold, provided that the Dealer Manager shall have provided the Trust with any information required for such filings or reports that is in the Dealer Manager's possession. The Trust will notify the Dealer Manager promptly following each date of (i) the effectiveness of qualification or exemption of Shares in any additional jurisdiction in which the sale of Shares has been authorized by appropriate state regulatory authorities; and (ii) a change in the status of the qualification or exemption of the Shares in any jurisdiction in any respect. The Trust will furnish to the Dealer Manager a copy of such papers filed by the Trust in connection with any such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5.If at any time when a Private Placement Memorandum is delivered to a potential investor any event occurs as a result of which, in the opinion of the Trust, the Private Placement Memorandum would include an untrue statement of a material fact or omit to state any material fact necessary to make the statements

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therein, in light of the circumstances under which they are made, not misleading, the Trust will promptly notify the Dealer Manager thereof (unless the information shall have been received from the Dealer Manager) and the Dealer Manager and the Participating Broker-Dealers shall suspend the Offering in accordance with Section 4.4 hereof until such time as the Trust, in its sole discretion (a) instructs the Dealer Manager to resume the Offering and (b) has prepared any required supplement to the Private Placement Memorandum as shall be necessary to correct such statement or omission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.The Trust is conducting the Offering as a private placement and shall not take any action that (i) causes the Offering to lose any exemption from registration with the SEC provided by Section 4(a)(2) of the Securities Act or any regulations promulgated thereunder or (ii) causes the Offering to lose its exemption from registration provided by Rule 506(b) of Regulation D under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.The Trust will apply the proceeds from the sale of the Shares as stated in the Private Placement Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8.The Trust will engage and maintain, at its expense, a registrar and transfer agent for the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9.The Trust will operate in a manner so as to enable the Trust to qualify to be taxed as a REIT under the Code, for each taxable year during which it elects to be treated as a REIT under the Code; provided, however, that at the discretion of the Trust's board of trustees, it may elect to not be so treated.

3.<u>Payment of Expenses and Fees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.The Trust agrees to pay all costs and expenses incident to the Offering, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated, including expenses, fees and taxes in connection with: (a) the preparation of the Private Placement Memorandum (including without limitation financial statements, exhibits, schedules and consents) and any amendments or supplements thereto, and the printing and furnishing of copies of each thereof to the Dealer Manager and to Participating Broker-Dealers (including costs of mailing and shipment); (b) the preparation, issuance and delivery of certificates, if any, for the Shares, including any share or other transfer taxes or duties payable upon the sale of the Shares; (c) all fees and expenses of the Trust's legal counsel and the independent registered public accounting firm; (d) filings required under the federal securities laws (including, for the avoidance of doubt, Form D filings) or under state law, (e) the qualification of the Shares for sale under state laws in the states, or the non-U.S. laws in non-U.S. jurisdictions, including the Qualified Jurisdictions, that the Trust shall designate as appropriate and the determination of their eligibility for investment under state or non-U.S. law as aforesaid and the printing and furnishing of copies of any blue sky surveys or legal investment surveys to the Dealer Manager; (f) filing for review by FINRA of all necessary documents and information relating to the Offering and the Shares, as well as review of any Authorized Sales Materials (including the reasonable legal fees and filing fees and other disbursements of counsel relating thereto); (g) the fees and expenses of any transfer agent or registrar for the Shares and miscellaneous expenses referred to in the Private Placement Memorandum; (h) all costs and expenses incident to the travel and accommodation of the Trust's or Adviser's employees with respect to the Offering; and (i) the performance of the Trust's other obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.In addition, the Trust shall reimburse the Dealer Manager or Participating Broker-Dealers for reasonable out-of-pocket due diligence expenses incurred by the Dealer Manager or such Participating Broker-Dealer. Such due diligence expenses may include reasonable travel, lodging, meals and other reasonable out-of-pocket expenses incurred by the Dealer Manager or any Participating Broker-Dealer and their personnel when visiting the Trust's offices to verify information relating to the Trust. The Dealer Manager or any Participating Broker-Dealer shall provide to the Trust a detailed and itemized invoice for any such due diligence expenses.

4.<u>Obligations and Compensation of Dealer Manager</u>. The Dealer Manager hereby represents and warrants to, and covenants and agrees with the Trust and the Adviser (provided that, to the extent representations and warranties

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of the Trust and the Adviser are given only as of a specified date or dates, the Dealer Manager only makes such representations and warranties as of such date or dates), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.The Trust hereby appoints the Dealer Manager as its non-exclusive agent and distributor during the Offering to solicit subscriptions for the Shares upon the other terms and conditions set forth in the Private Placement Memorandum and the Subscription Agreement, and the Dealer Manager agrees to use its best efforts to procure subscribers for the Shares during the Offering. It is expressly understood between the Dealer Manager and the Adviser that the Dealer Manager may cooperate with respect to the offering and sale of the Shares with other broker-dealers who are registered as broker-dealers with the SEC, members of FINRA and duly licensed by the appropriate regulatory agency of each jurisdiction in which they will conduct offers and sales of the Shares, or with broker-dealers exempt from all such registration requirements. Such other Participating Broker-Dealers may be retained by the Dealer Manager as brokers on terms and conditions identical or similar to this Agreement and shall receive such rates of compensation as are agreed to between the Dealer Manager and the respective other Participating Broker-Dealers and as are in accordance with the terms hereof. During the Offering, offers and sales of Shares pursuant to the terms of any Participating Broker-Dealer Agreement that are made to "benefit plan investors" (within the meaning of Section 3(12) of the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>") or other investors who are or whose assets are subject to Title I of ERISA or Section 4975 of the Code must be properly and clearly identified to the Trust. At the Trust's request, the Dealer Manager will provide to the Trust a list of all investors and broker-dealers with whom the Dealer Manager has initiated oral or written discussions regarding the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.The Dealer Manager represents to the Trust that (i) it is a member of FINRA in good standing, (ii) it and its employees and representatives are properly registered and licensed as required by any applicable law, rule, or regulation to act under this Agreement, and (iii) it has established and implemented anti-money laundering compliance programs (the "<u>AML Program</u>") in accordance with applicable law, including applicable FINRA Rules, SEC rules and regulations ("<u>Commission Rules</u>") and the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT Act) of 2001, as amended by the USA Patriot Improvement and Reauthorization Act of 2005 (the "<u>USA PATRIOT Act</u>"), specifically including, but not limited to, Section 352 of the International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001 (the "<u>Money Laundering Abatement Act</u>" and together with the USA PATRIOT Act, the "<u>AML Rules</u>") reasonably expected to detect and cause the reporting of suspicious transactions in connection with the offering and sale of the Shares. In addition, the Dealer Manager represents that it has established and implemented a program for compliance with all applicable regulations and programs ("<u>OFAC Program</u>") administered by the U.S. Department of the Treasury's Office of Foreign Assets Control ("<u>OFAC</u>") and will continue to maintain its OFAC Program during the term of this Agreement.

As of the date of this Agreement, the Dealer Manager is in compliance with all applicable AML Rules and OFAC requirements, specifically including, but not limited to, any Customer Identification Program requirements under Section 326 of the USA PATRIOT Act, and the Dealer Manager hereby agrees, upon request of the Trust, to provide an annual certification to the Trust that, as of the date of such certification (i) its AML Program and its OFAC Program are consistent with the AML Rules and OFAC Program requirements applicable to it, (ii) it has continued to implement its AML Program and its OFAC Program as applicable to it, and (iii) it is currently in compliance with all applicable AML Rules and OFAC Program requirements, specifically including, but not limited to, the Customer Identification Program requirements under Section 326 of the USA PATRIOT Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.With respect to its participation and the participation by each Participating Broker-Dealer in the Offering (including, without limitation, any resales and transfers of Shares), the Dealer Manager agrees, and, by virtue of entering into the Participating Broker-Dealer Agreement, each Participating Broker-Dealer shall have agreed, to comply and shall comply with all the applicable requirements under the Securities Act, Exchange Act, FINRA Rules, Regulation Best Interest under the Exchange Act, and any other applicable foreign, state or local securities or other laws or rules of any applicable self-regulatory agency in offering

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and selling the Shares. The Dealer Manager agrees, and each Participating Broker-Dealer shall have agreed, to comply and shall comply with any applicable requirements with respect to its and each Participating Broker-Dealer's participation in any resales or transfers of the Shares. In addition, the Dealer Manager agrees, and each Participating Broker-Dealer shall have agreed, that should it or they assist with the resale or transfer of the Shares, it and each Participating Broker-Dealer will fully comply with all applicable FINRA Rules or Commission Rules or any other applicable Federal or state laws, including Regulation D under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.The Dealer Manager shall cause the Shares to be offered and sold only in each jurisdiction designated in Exhibit B hereto as "Qualified Jurisdictions," and in such additional jurisdictions as may be added thereto in which the Offering has been authorized by appropriate state or non-U.S. regulatory authorities. No Shares shall be offered or sold for the account of the Trust in any other jurisdictions. The Dealer Manager shall use and distribute in conjunction with the Offering only the Private Placement Memorandum and the Authorized Sales Materials. The Authorized Sales Materials may only be furnished to prospective investors if accompanied or preceded by the Private Placement Memorandum. The Dealer Manager represents and warrants to the Trust that it will not (i) use any Sales Literature not authorized and approved by the Trust; (ii) use any "broker-dealer use only" or "advisor use only" materials with members of the public in connection with offers or sales or the Shares; or (iii) offer or sell Shares by means of any form of general solicitation or general advertisement, including but not limited to (A) any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio and (B) any seminar or meeting whose attendees have been invited by any general solicitation or general advertising. The Dealer Manager agrees to comply with all applicable requirements under the Securities Act, the Exchange Act, and any other foreign, state or local securities or other laws or rules of any other applicable self-regulatory organization in offering and selling Shares. The Dealer Manager agrees, and will cause the Participating Broker-Dealers to each agree, to suspend or terminate offering and sale of the Shares upon request of the Trust at any time and to resume offering and sale of the Shares upon subsequent request of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.The Dealer Manager has not taken and shall not take any action that (i) causes the Offering to lose any exemption from registration with the SEC provided by Section 4(a)(2) of the Securities Act or any regulations promulgated thereunder or (ii) causes the Offering to lose its exemption from registration provided by Rule 506(b) of Regulation D under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.In consideration for the services rendered by the Dealer Manager, the Trust agrees that it will pay to the Dealer Manager:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.1.Subject to the special circumstances described in or otherwise provided in this Agreement and provided in the "Plan of Distribution" section of the Private Placement Memorandum, which may be amended and restated from time to time, subject to the limitations set forth in Section 4.6.2 below, the Trust will pay to the Dealer Manager a servicing fee with respect to sales of Class S Shares and Class D Shares (the "<u>Servicing Fee</u>") and the Dealer Manager may permit Participating Broker-Dealers to charge transaction or other fees, including upfront placement fees or brokerage commissions, all as described in <u>Schedule 1</u> to this Agreement. The Trust will pay the Servicing Fee to the Dealer Manager monthly in arrears. The Dealer Manager will reallow all or a portion of the Servicing Fee to any Participating Broker-Dealers who sold the Class S Shares or Class D Shares giving rise to a portion of such Servicing Fee to the extent the Participating Broker-Dealer Agreement with such Participating Broker-Dealer provides for such a reallowance and such Participating Broker-Dealer is in compliance with the terms of such Participating Broker-Dealer Agreement related to such reallowance. Notwithstanding the foregoing, subject to the terms of the Private Placement Memorandum, at such time as the Participating Broker-Dealer who sold the Class S Shares or Class D Shares giving rise to a portion of the Servicing Fee is no longer the broker-dealer of record with respect to such Class S Shares or Class D Shares or the Participating Broker-Dealer no longer satisfies any or all of the conditions in its Participating Broker-Dealer Agreement for the

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receipt of the Servicing Fee, then the Participating Broker-Dealer's entitlement to the Servicing Fees related to such Class S Shares or Class D Shares, as applicable, shall cease in, and the Participating Broker-Dealer shall not receive the Servicing Fee for, that month or any portion thereof (i.e., Servicing Fees are payable with respect to an entire month without any proration). Participating Broker-Dealer transfers will be made effective as of the start of the first business day of a month.

Thereafter, such Servicing Fees may be reallowed to the then-current broker-dealer of record of the Class S Shares or Class D Shares, as applicable, if any such broker-dealer of record has been designated (the "<u>Servicing Dealer</u>"), to the extent such Servicing Dealer has entered into a Participating Broker-Dealer Agreement or similar agreement with the Dealer Manager ("<u>Servicing Agreement</u>"), such Participating Broker-Dealer Agreement or Servicing Agreement with the Servicing Dealer provides for such reallowance and the Servicing Dealer is in compliance with the terms of such agreement related to such reallowance. In this regard, all determinations will be made by the Dealer Manager in good faith in its sole discretion. The Participating Broker-Dealer is not entitled to any Servicing Fee with respect to Class I Shares. The Dealer Manager will also reallow some or all of the Servicing Fee to other broker-dealers who provide services with respect to the Shares (who shall be considered additional Servicing Dealers) pursuant to a Servicing Agreement with the Dealer Manager to the extent such Servicing Agreement provides for such reallowance and such additional Servicing Dealer is in compliance with the terms of such agreement related to such reallowance, in accordance with the terms of such Servicing Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.2.The Dealer Manager shall cease receiving the Servicing Fee with respect to any Class S Share or Class D Share held in a shareholder's account at the end of the month in which the Dealer Manager, in conjunction with the transfer agent, determines that total transaction or other fees, including any upfront placement fees or brokerage commissions charged by the Participating Broker-Dealers, and Servicing Fees paid with respect to the Shares held by such shareholder within such account would exceed, in the aggregate, any agreed-upon amount of the gross proceeds from the sale of such Shares (including the gross proceeds of any Shares issued under our distribution reinvestment plan with respect thereto). At the end of such month, each such Class S Share or Class D Share shall automatically and without any action on the part of the holder thereof convert into a number of Class I Shares (including any fractional shares), each with an equivalent aggregate net asset value per share as such Share. In addition, the Dealer Manager will cease receiving the Servicing Fee on Class S Shares and Class D Shares in connection with the Offering upon the earlier to occur of the following: (i) a liquidity event, or (ii) the date following the completion of the Offering on which, in the aggregate, underwriting compensation from all sources in connection with such Offering, including any upfront placement fees or brokerage commissions charged by Participating Broker-Dealers, the Servicing Fee and other underwriting compensation, reaches any agreed-upon amount of the gross proceeds from Shares sold in the Offering, as determined in good faith by the Dealer Manager in its sole discretion. For purposes of this Agreement, the portion of the Servicing Fee accruing with respect to Class S Shares and Class D Shares issued by the Trust during the term of the Offering, and not issued pursuant to a prior offering, shall be underwriting compensation with respect to the Offering and not with respect to any other offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.The Trust will not be liable or responsible to any Participating Broker-Dealer for direct payment of Servicing Fees or other underwriting compensation to such Participating Broker-Dealer, it being the sole and exclusive responsibility of the Dealer Manager for payment of all such Servicing Fees or other underwriting compensation to Participating Broker-Dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.The Dealer Manager represents and warrants to the Trust and the Adviser that the information regarding the Offering in the Private Placement Memorandum and all other information furnished to the Trust by the Dealer Manager in writing expressly for use in the Private Placement Memorandum or any amendment or supplement thereto, does not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9.Neither the Dealer Manager nor any of its directors, executive officers, general partners, managing members or other officers participating in the Offering, nor any of the directors, executive officers or other officers participating in the Offering of any such general partner or managing member, nor any other officers, employees or associated persons of the Dealer Manager or any such general partner or managing member that have been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the offer and sale of Shares (each, a "<u>Dealer Manager Covered Person</u>" and, together, "<u>Dealer Manager Covered Persons</u>"), is subject to any of the "Bad Actor" disqualifications ("<u>Disqualification Events</u>") set forth in Rule 506(d) of Regulation D under the Securities Act applicable to the Dealer Manager, or which would require disclosure to prospective purchasers of securities in the Offering pursuant to Rule 506(e), except for a Disqualification Event contemplated by Rule 506(d)(2) of the Securities Act, a description of which has been furnished in writing to the Trust prior to the date hereof. The "Bad Actor" disqualifications include, among other things: (1) criminal convictions and court injunctions and restraining orders issued in connection with the purchase or sale of a security or false filings with the SEC; (2) final orders from the Commodities Futures Trading Commission, federal banking agencies and certain other regulators that bar a person from associating with a regulated entity or engaging in the business of securities, insurance or banking or that are based on certain fraudulent conduct; (3) SEC disciplinary orders relating to investment advisers, brokers, dealers and their associated persons; (4) SEC cease-and-desist orders relating to violations of certain anti-fraud provisions and registration requirements of the federal securities laws; (5) suspensions or expulsions from membership in a self-regulatory organization ("<u>SRO</u>") or from association with an SRO member; and (6) U.S. Postal Service false representation orders. To the extent permitted by applicable law and without disclosing any non-public personal information regarding any Dealer Manager Covered Person, the Dealer Manager will promptly notify the Trust if it becomes aware of a Dealer Manager Covered Person who is or becomes the subject of a Disqualifying Event or determines that the Trust's exemption under Rule 506 is no longer available as a result of any Disqualifying Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10.In its agreements with Participating Broker-Dealers, the Dealer Manager will require each Participating Broker-Dealer to represent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10.1.It has exercised reasonable care, in accordance with section (e) of Rule 506, in making a factual inquiry into whether any Disqualifying Event exists with respect to the Participating Broker-Dealer or any of its Dealer Manager Covered Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10.2.It shall make periodic factual inquiry as to the occurrence or existence of any Disqualifying Events with respect to itself and its Dealer Manager Covered Persons, and shall conduct such factual inquiry with reasonable care in accordance with subsection (d)(2)(iv) of Rule 506;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10.3.To the extent permitted by applicable law, it will promptly notify the Trust if it is or becomes subject to a Disqualifying Event or if it becomes aware that any of its Dealer Manager Covered Persons is or becomes the subject of a Disqualifying Event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10.4.If a Disqualifying Event occurs with respect to any of its Dealer Manager Covered Persons, the Trust shall have the right to terminate the Participating Broker-Dealer Agreement with effect from the date of the occurrence of the Disqualifying Event.

5.<u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.For the purposes of this Section 5, an entity's "<u>Indemnified Parties</u>" shall include such entity's officers, directors, trustees, employees, members, partners, agents and representatives, and each person, if any, who controls such entity within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.The Trust and the Adviser, severally and not jointly, will indemnify, defend (subject to Section 5.5) and hold harmless the Participating Broker-Dealers and the Dealer Manager, and their respective Indemnified Parties, from and against any losses, claims (including the reasonable cost of investigation), damages or liabilities (collectively, "<u>Losses</u>"), joint or several, to which such Participating Broker-Dealers or the Dealer Manager, or their respective Indemnified Parties, may become subject, under the Securities Act or the Exchange Act, or otherwise, insofar as such Losses (or actions in respect thereof) arise out of or are based upon (a) in whole or in part, any material inaccuracy in a representation or warranty contained herein by either the Trust or the Adviser, any material breach of a covenant contained herein by either the Trust or the Adviser, or any material failure by either the Trust or the Adviser to perform its obligations hereunder or to comply with state or federal securities laws applicable to the Offering, (b) any untrue statement or alleged untrue statement of a material fact contained (i) in the Private Placement Memorandum or (ii) in any Authorized Sales Materials, or (c) the omission or alleged omission to state a material fact required to be stated in the Private Placement Memorandum as necessary to make the statements therein not misleading, and the Trust and the Adviser will reimburse each Participating Broker-Dealer or Dealer Manager, and their respective Indemnified Parties, for any legal or other expenses reasonably incurred by such Participating Broker-Dealer or Dealer Manager, and their respective Indemnified Parties, in connection with investigating or defending such Loss or action; *provided, however*, that the Trust or the Adviser will not be liable in any such case to the extent that any such Loss arises out of, or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with written information furnished either (x) to the Trust or the Adviser by the Dealer Manager or (y) to the Trust, the Adviser or Dealer Manager by or on behalf of any Participating Broker-Dealer expressly for use in the Private Placement Memorandum. This indemnity agreement will be in addition to any liability which either the Trust or the Adviser may otherwise have.

Notwithstanding the foregoing, the indemnification and agreement to hold harmless provided in this Section 5.2 is further limited to the extent that no such indemnification by the Trust or the Adviser of a Participating Broker-Dealer or the Dealer Manager, or their respective Indemnified Parties, shall be permitted under this Agreement for, or arising out of, an alleged violation of federal or state securities laws by the Trust or the Adviser, unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the particular indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the particular indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against the particular indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which the securities were offered or sold as to indemnification for violations of securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.The Dealer Manager will indemnify, defend and hold harmless the Trust and the Adviser, and their respective Indemnified Parties, from and against any Losses to which the Trust, the Adviser or their respective Indemnified Parties may become subject, under the Securities Act or the Exchange Act, or otherwise, insofar as such Losses arise out of or are based upon (a) in whole or in part, any material inaccuracy in a representation or warranty contained herein by the Dealer Manager, any material breach of a covenant contained herein by the Dealer Manager or any material failure by the Dealer Manager to perform its obligations hereunder or other material violation by the Dealer Manager under this Agreement, (b) any untrue statement or any alleged untrue statement of a material fact contained (i) in the Private Placement Memorandum or any supplement thereto or (ii) in any Authorized Sales Materials, (c) the omission or alleged omission to state a material fact required to be stated in the Private Placement Memorandum as necessary to make the statements therein not misleading; *provided, however*, that in each case described in clauses (b) and (c), to the extent, but only to the extent, that such untrue statement or omission was made in reliance upon and in conformity with written information furnished to the Trust or the Adviser by the Dealer Manager specifically for use with reference to the Dealer Manager in the preparation of the Private Placement Memorandum, (d) any use of Sales Literature by the Dealer Manager not authorized or approved by the Trust or any use of "broker-dealer use only" or "advisor use only" materials with members of the public concerning the Shares by the Dealer Manager, (e) any untrue

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statement made by the Dealer Manager or its representatives or agents or omission to state a fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading in connection with the offer and sale of the Shares, (f) any failure by the Dealer Manager to comply with applicable laws governing money laundering abatement and anti-terrorist financing efforts, including applicable FINRA Rules, Commission Rules and the USA PATRIOT Act, or (g) any other failure by the Dealer Manager to comply with applicable FINRA Rule or Commission Rules. The Dealer Manager will reimburse the aforesaid parties in connection with investigation or defense of such Loss or action. This indemnity agreement will be in addition to any liability which the Dealer Manager may otherwise have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.Each Participating Broker-Dealer severally will indemnify, defend and hold harmless the Trust, the Adviser, the Dealer Manager, and each of their respective Indemnified Parties, from and against any Losses to which the Trust, the Adviser, the Dealer Manager, or any of their respective Indemnified Parties, may become subject, under the Securities Act or otherwise, insofar as such losses, claims (including the reasonable cost of investigation), damages or liabilities (or actions in respect thereof) arise out of or are based upon (a) in whole or in part, any material inaccuracy in a representation or warranty by the Participating Broker-Dealer, any material breach of a covenant by the Participating Broker-Dealer or any material failure by the Participating Broker-Dealer to perform its obligations hereunder or under the Participating Broker-Dealer Agreement, any other material violation by the Participating Broker-Dealer under this Agreement or under the Participating Broker-Dealer Agreement, (b) any untrue statement or alleged untrue statement of a material fact contained (i) in the Private Placement Memorandum or any supplement thereto or (ii) in any Authorized Sales Materials, (c) the omission or alleged omission to state a material fact required to be stated in the Private Placement Memorandum or necessary to make statements therein not misleading; *provided, however*, that in each case described in clauses (b) and (c), to the extent, but only to the extent, that such untrue statement or omission was made in reliance upon and in conformity with written information furnished to the Trust or the Adviser or the Dealer Manager by the Participating Broker-Dealer specifically for use with reference to the Participating Broker-Dealer in the Private Placement Memorandum, (d) any use of Sales Literature by the Participating Broker-Dealer not authorized or approved by the Trust or use of "broker-dealer use only" or "advisor use only" materials with members of the public concerning the Shares by such Participating Broker-Dealer or Participating Broker-Dealer's representatives or agents, (e) any untrue statement made by such Participating Broker-Dealer or its representatives or agents or omission to state a fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading in connection with the offer and sale of the Shares, (f) any failure by the Participating Broker-Dealer to comply with the Participating Broker-Dealer Agreement, (g) any failure of the Participating Broker-Dealer to comply with applicable laws governing money laundering abatement and anti-terrorist financing efforts, including applicable FINRA Rules, Commission Rules and the USA PATRIOT Act, or (h) any other failure by the Participating Broker-Dealer to comply with applicable FINRA Rules or Commission Rules or any other applicable Federal or state laws, including its failure to ensure the appropriate FINRA licensing credentials for its representatives. Each Participating Broker-Dealer will reimburse the aforesaid parties in connection with investigation or defense of such Loss or action. This indemnity agreement will be in addition to any liability which the Participating Broker-Dealer may otherwise have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.Promptly after receipt by an indemnified party under this Section 5 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 5, notify in writing the indemnifying party of the commencement thereof but failure to so notify the indemnifying party will not relieve the indemnifying party from any liability which the indemnifying party may have hereunder or otherwise, except to the extent that such failure materially prejudices the indemnifying party's rights. In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled, to the extent it may wish, jointly with any other indemnifying party similarly notified, to participate in the defense thereof, with separate counsel. Such participation shall not relieve such indemnifying party of the obligation to reimburse the indemnified party for reasonable legal and other expenses (subject to Section 5.6) incurred by such indemnified party in defending itself, except for such

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expenses incurred after the indemnifying party has deposited funds sufficient to effect the settlement, with prejudice, of the claim in respect of which indemnity is sought. Alternatively, at its sole option, the indemnifying party, jointly with any other indemnifying parties similarly notified, may assume the defense thereof. In any action or proceeding the defense of which the indemnifying party assumes, the indemnified party will have the right to participate in such litigation and to retain its own counsel at such indemnified party's own expense. Any such indemnifying party shall not be liable to any such indemnified party on account of any settlement of any claim or action effected without the prior written consent of such indemnifying party, which consent will not be unreasonably withheld or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.An indemnifying party under Section 5 of this Agreement shall be obligated to reimburse an indemnified party for reasonable legal and other expenses as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.1.In the case of the Trust and the Adviser indemnifying the Dealer Manager, the advancement of funds of the Trust to the Dealer Manager for legal expenses and other costs incurred as a result of any legal action for which indemnification is being sought shall be permissible only if all of the following conditions are satisfied: (i) the legal action relates to acts or omissions with respect to the performance of duties or services on behalf of the Trust; (ii) the legal action is initiated by a third party who is not a shareholder of the Trust or the legal action is initiated by a shareholder of the Trust acting in his or her capacity as such and a court of competent jurisdiction specifically approves such advancement; and (iii) the Dealer Manager undertakes to repay the advanced funds to the Trust, together with the applicable legal rate of interest thereon, in cases which the Dealer Manager is found not to be entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.2.In any case of indemnification other than that described in Section 5.6.1 above, the indemnifying party shall pay all reasonable legal fees and expenses of the indemnified party in the defense of such claims or actions; *provided*, *however*, that the indemnifying party shall not be obligated to pay legal expenses and fees to more than one law firm in connection with the defense of similar claims arising out of the same alleged acts or omissions giving rise to such claims notwithstanding that such actions or claims are alleged or brought by one or more parties against more than one indemnified party (including other Participating Broker-Dealers that sign other Participating Broker-Dealer Agreements or similar agreements). If such claims or actions are alleged or brought against more than one indemnified party, then the indemnifying party shall only be obliged to reimburse the reasonable expenses and fees of the one law firm that has been selected by a majority of the indemnified parties against which such action is finally brought; and if a majority of such indemnified parties is unable to agree on which law firm for which expenses or fees will be reimbursable by the indemnifying party, then payment shall be made to the first law firm of record representing an indemnified party against the action or claim. Such law firm shall be paid only to the extent of services performed by such law firm and no reimbursement shall be payable to such law firm on account of legal services performed by another law firm. Notwithstanding the foregoing, to the extent such law firm is not located in the same jurisdiction as any legal proceeding subject to such indemnity, the indemnifying party shall also cover reasonable local counsel fees of one other law firm in each jurisdiction where the litigation is pending, it being understood that the responsibilities of such local counsel shall be minimal and not overlap with that of the lead law firm, and that such responsibilities shall consist primarily of matters such lead law firm is unable to undertake on a cost-efficient basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.The indemnity agreements contained in this Section 5 shall remain operative and in full force and effect regardless of: (a) any investigation made by or on behalf of any Participating Broker-Dealer, or any person controlling any Participating Broker-Dealer, or by or on behalf of the Trust, the Adviser, the Dealer Manager or any officer, trustee or director thereof; (b) delivery of any Shares and payment therefor; and (c) any termination of this Agreement or any Participating Broker-Dealer Agreement. A successor of any Participating Broker-Dealer or of any of the parties to this Agreement, as the case may be, shall be entitled to the benefits of the indemnity agreements contained in this Section 5.

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6.<u>Survival of Provisions</u>.

The respective agreements, representations and warranties of the Trust, the Adviser and the Dealer Manager set forth in this Agreement shall remain operative and in full force and effect until the date the Adviser determines to stop accepting subscriptions (the "<u>Termination Date</u>") regardless of: (a) any investigation made by or on behalf of the Dealer Manager or any Participating Broker-Dealer or any person controlling the Dealer Manager or any Participating Broker-Dealer or by or on behalf of the Trust, the Adviser or any person controlling the Trust; (b) the delivery of payment for the Shares; and (c) the delivery of signed Subscription Agreements. Following the termination of this Agreement, this Agreement will become void and there will be no liability of any party to any other party hereto, except for obligations under Sections 5, 6, 7, 9, 10, 11 and 15, all of which will survive the termination of this Agreement.

7.<u>Applicable Law; Venue</u>.

THE PARTIES TO THIS AGREEMENT, ACTING FOR THEMSELVES AND FOR THEIR RESPECTIVE SUCCESSORS AND ASSIGNS, WITHOUT REGARD TO DOMICILE, CITIZENSHIP OR RESIDENCE, EXPRESSLY AND IRREVOCABLY SUBMIT TO, AS THE EXCLUSIVE FORUM FOR THE DETERMINATION OF ALL DISPUTES ARISING UNDER OR IN CONNECTION WITH THIS AGREEMENT, THE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT THAT IS LOCATED IN THE STATE OF NEW YORK, COUNTY OF NEW YORK. EACH OF THE PARTIES WAIVES ANY CLAIMS OF INCONVENIENT FORUM OR VENUE.

This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement, directly or indirectly, shall be governed by the laws of the State of New York applicable to contracts formed and to be formed entirely within the State of New York, without regard to the conflicts of laws principles and rules thereof, to the extent such principles would require or permit the application of the laws of another jurisdiction.

8.<u>Counterparts</u>.

This Agreement may be executed, by facsimile, electronic transmission or otherwise, in any number of counterparts. Each counterpart, when executed and delivered, shall be an original contract, but all counterparts, when taken together, shall constitute one and the same Agreement.

9.<u>Entire Agreement</u>.

This Agreement and the Exhibits attached hereto constitute the entire agreement among the parties and supersede any prior understanding, whether written or oral, prior to the date hereof with respect to the Offering.

10.<u>Successors and Amendment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.This Agreement shall inure to the benefit of and be binding upon the Dealer Manager, the Trust, the Adviser and their respective successors and permitted assigns and shall inure to the benefit of the Participating Broker-Dealers to the extent set forth in Sections 1 and 5 hereof. Nothing in this Agreement is intended or shall be construed to give to any other person any right, remedy or claim, except as otherwise specifically provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.This Agreement may be amended only by the written agreement of the Dealer Manager, the Trust and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.Neither the Trust or Adviser, nor the Dealer Manager may assign or transfer any of such party's rights or obligations under this Agreement without the prior written consent of the Dealer Manager, on the one hand, or the Trust and the Adviser, acting together, on the other hand.

11.<u>Term and Termination</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1.This Agreement may be terminated by the Dealer Manager, on the one hand, or the Trust and the Adviser acting together, on the other, in the event that (a) the Trust or the Adviser, on the one hand, or the Dealer Manager, on the other, shall have materially failed to comply with any of the material provisions of this Agreement or (b) the Trust or the Adviser, on the one hand, or the Dealer Manager, on the other, materially breaches any of its representations and warranties contained in this Agreement and, in the case of the Trust or the Adviser, such breach or breaches, individually or in the aggregate, would have a Material Adverse Effect; *provided*, *however*, that no party may terminate this Agreement under this sentence unless such failure(s) or breach(es) under clause (a) or (b) above is or are not cured within thirty (30) days after such party has delivered notice of intent to terminate under this Section 11.1. In any case, this Agreement shall expire at the close of business on the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.Notwithstanding Section 11.1, this Agreement may be terminated at any time, without the payment of any penalty, by vote of a majority of the Trust's trustees, on not more than sixty (60) days' written notice to the Dealer Manager and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3.The Dealer Manager, upon the expiration or termination of this Agreement, shall (i) promptly deposit any and all funds, if any, in its possession which were received from investors for the sale of Shares into the appropriate account designated by the Trust, (ii) promptly deliver to the Trust all records and documents in its possession which relate to the Offering and are not designated as dealer copies, (iii) provide a list of all purchasers and broker-dealers with whom the Dealer Manager has initiated oral or written discussions regarding the Offering, and (iv) notify Participating Broker-Dealers of such termination. The Dealer Manager, at its sole expense, may make and retain copies of all such records and documents but shall keep all such information confidential. The Dealer Manager shall use its best efforts to cooperate with the Trust to accomplish an orderly transfer of management of the Offering to a party designated by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4.In addition to any other obligations of the Trust that survive the expiration or termination of this Agreement, the Trust shall pay to the Dealer Manager all compensation to which the Dealer Manager is or becomes entitled under Section 4 at such time as such compensation becomes payable.

12.<u>Reserved</u>.

13.<u>Submission of Orders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1.Each person desiring to purchase Shares in the Offering will be required to complete and execute a Subscription Agreement substantially in the form attached as an Appendix to the Private Placement Memorandum and to deliver to the Participating Broker-Dealer or Dealer Manager, as the case may be (the "<u>Processing Broker-Dealer</u>"), such completed Subscription Agreement, together with a check, draft, wire or money order (hereinafter referred to as a "<u>Subscription Payment</u>") for the purchase price of the Shares, which must be at least the minimum purchase amount set forth in the Private Placement Memorandum. The Dealer Manager shall ensure that any Participating Broker-Dealer shall only offer to sell and accept Subscription Agreements and Subscription Payments for Shares in accordance with the offering terms and conditions as set forth in the Private Placement Memorandum. Persons who purchase Shares shall make their Subscription Payments payable to "UMB Bank, N.A., as Escrow Agent for Blue Owl Digital Infrastructure Trust."

The Trust will sell the Shares on a continuous basis at prices and in accordance with the offering terms and conditions set forth in and subject to any adjustment described or otherwise provided in the Private Placement Memorandum. Each person desiring to purchase Shares in the Offering must submit subscriptions for a certain dollar amount, rather than a number of Shares and, as a result, may receive fractional Shares.

The Processing Broker-Dealer receiving a Subscription Agreement and Subscription Payment not conforming to the foregoing instructions, or for a sale of Shares not meeting the offering terms and conditions set forth in the Private Placement Memorandum, shall return such Subscription Agreement and

------

Subscription Payment directly to such subscriber not later than the end of the second business day following receipt by the Processing Broker-Dealer of such materials. Subscription Agreements and Subscription Payments received by the Processing Broker-Dealer which conform to the foregoing instructions shall be transmitted for deposit pursuant to one of the methods described in this Section 13. Transmittal of received investor funds will be made in accordance with the following procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.If the Processing Broker-Dealer conducts its internal supervisory review at the same location at which Subscription Agreements and Subscription Payments are received from subscribers, then, by noon of the next business day following receipt by the Processing Broker-Dealer, the Processing Broker-Dealer will transmit the Subscription Agreements and Subscription Payment for deposit to the Escrow Agent, or after the Trust commences investment operations, to the Trust or its designated agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3.If the Processing Broker-Dealer conducts its internal supervisory review at a different location (the "<u>Final Review Office</u>"), Subscription Agreements and Subscription Payments will be transmitted by the Processing Broker-Dealer to the Final Review Office by noon of the next business day following receipt by the Processing Broker-Dealer. The Final Review Office will in turn by noon of the next business day following receipt by the Final Review Office, transmit such Subscription Agreements and Subscription Payment for deposit to the Escrow Agent, or after the Trust commences investment operations, to the Trust or its designated agent.

Notwithstanding the foregoing, with respect to any Shares to be purchased by a custodial account, the Processing Broker-Dealer shall cause the custodian of such account to deliver a completed Subscription Agreement and Subscription Payment for such account directly for deposit to the Escrow Agent, or after the Trust commences investment operations, to the Trust or its designated agent. The Processing Broker-Dealer shall furnish to the Escrow Agent, the Trust or its designated agent, as applicable, with each delivery of Subscription Payments a list of the subscribers showing the name, U.S. address, tax identification number, state of residence, number of Shares subscribed for and the amount of money paid. The Dealer Manager understands that the Trust reserves the unconditional right to reject any Subscription Agreement, in whole or in part, for any or no reason.

14.<u>Suitability of Investors; Compliance with Privacy Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1.The Dealer Manager will offer Shares, and in its agreements with Participating Broker-Dealers will require that the Participating Broker-Dealers offer Shares, only to those persons who meet the suitability standards set forth in the Private Placement Memorandum or in any suitability letter or memorandum sent by the Trust (including, for the avoidance of doubt, only from investors each of which, together with any other investor for which such investor is acting as a trustee or other fiduciary, the Dealer Manager or Participating Broker-Dealer making such offering of Shares, shall reasonably believe (a) is an "accredited investor" with respect to the Shares within the meaning of Regulation D under the Securities Act; or (b) is not a United States person within the meaning of Rule 902 under the Securities Act) and will only make offers to persons in the jurisdictions in which it is advised in writing that the Shares are qualified for sale or that such qualification is not required. Notwithstanding the qualification of the Shares for sale in any respective jurisdiction (or the exemption therefrom), the Dealer Manager represents, warrants and covenants that it will not offer Shares and will not permit any of its registered representatives to offer Shares in any jurisdiction unless both the Dealer Manager and such registered representative are duly licensed to transact securities business in such jurisdiction. In offering Shares, the Dealer Manager will comply, and in its agreements with Participating Broker-Dealers, the Dealer Manager will require that the Participating Broker-Dealers comply, with the provisions of the FINRA Rules, as well as all other applicable rules and regulations relating to suitability of investors.

The Dealer Manager further represents, warrants and covenants that neither the Dealer Manager, nor any person associated with the Dealer Manager, shall offer or sell Shares in any jurisdiction except to investors who satisfy the investor suitability standards and minimum investment requirements under the most restrictive of the following: (a) applicable provisions described in the Private Placement Memorandum,

------

including status as an "accredited investor" as defined in Regulation D under the Securities Act, minimum income and net worth standards; (b) applicable laws of the jurisdiction of which such investor is a resident; or (c) applicable FINRA Rules. The Dealer Manager agrees to ensure that, in recommending the purchase, sale or exchange of Shares to an investor, the Dealer Manager, or a person associated with the Dealer Manager, shall have reasonable grounds to believe, on the basis of information obtained from the investor (and thereafter maintained in the manner and for the period required by the SEC, any state securities commission, any applicable non-U.S. jurisdiction, FINRA or the Trust) concerning his or her age, investment objectives, other investments, financial situation and needs and any other information known to the Dealer Manager, or person associated with the Dealer Manager, that (i) the investor can reasonably benefit from an investment in the Shares based on the investor's overall investment objectives and portfolio structure, (ii) the investor is able to bear the economic risk of the investment based on the investor's overall financial situation and (iii) the investor has an apparent understanding of (A) the fundamental risks of the investment, (B) the risk that the investor may lose his or her entire investment in the Shares, (C) the lack of liquidity of the Shares, (D) the background and qualifications of the Adviser or the persons responsible for directing and managing the Trust and (E) the tax consequences of an investment in the Shares. In the case of sales to fiduciary accounts, the suitability standards must be met by the person who directly or indirectly supplied the funds for the purchase of the Shares or by the beneficiary of such fiduciary account; and the purchaser of Shares has a substantive pre-existing relationship with the Dealer Manager pursuant to Regulation D under the Securities Act. The Dealer Manager further represents, warrants and covenants that the Dealer Manager, or a person associated with the Dealer Manager, will make every reasonable effort to determine the suitability and appropriateness of an investment in Shares of each proposed investor by reviewing documents and records disclosing the basis upon which the determination as to suitability was reached as to each purchaser of Shares pursuant to a subscription solicited by the Dealer Manager, whether such documents and records relate to accounts which have been closed, accounts which are currently maintained or accounts hereafter established. The Dealer Manager agrees to retain its records in compliance with applicable law and make available a record of the information obtained to determine that an investor meets the suitability standards imposed on the offer or sale of Shares at the time of the initial purchase of Shares to (i) the Trust and (ii) representatives of the SEC, FINRA and applicable state or non-U.S. securities administrators upon the Dealer Manager's receipt of an appropriate document subpoena or other appropriate request for documents from any such agency for a period of at least six years following the Termination Date. In addition, at the Trust's reasonable written request, which shall be no later than the six-year anniversary of the Termination Date, and at the Trust's sole expense, the Dealer Manger agrees to retain such records for a reasonable period of time beyond the six-year anniversary of the Termination Date. The Dealer Manager shall not purchase any Shares for a discretionary account without obtaining the prior written approval of the Dealer Manager's customer and his or her signature on a Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2.The Dealer Manager agrees, and in its agreements with Participating Broker-Dealers the Dealer Manager will require that the Participating Broker-Dealers agree, (a) to abide by and comply with (i) the privacy standards and requirements of the Gramm-Leach-Bliley Act of 1999 ("<u>GLB Act</u>") and Regulation S-P, (ii) the privacy standards and requirements of any other applicable Federal or state law and (iii) its own internal privacy policies and procedures, each as may be amended from time to time; (b) to refrain from the use or disclosure of non-public personal information (as defined under the GLB Act) of all customers who have opted out of such disclosures except as necessary to service the customers or as otherwise necessary or required by applicable law; and (c) to determine which customers have opted out of the disclosure of non-public personal information by periodically reviewing and, if necessary, retrieving a list of such customers (the "<u>List</u>") as provided by each to identify customers that have exercised their opt-out rights.

If the Dealer Manager uses or discloses non-public personal information of any customer for purposes other than servicing the customer, or as otherwise required by applicable law, the Dealer Manager will consult the List to determine whether the affected customer has exercised his or her opt-out rights. The Dealer Manager understands that it is prohibited from using or disclosing any non-public personal information of any customer that is identified on the List as having opted out of such disclosures.

------

15.<u>Notices</u>.

Any notice, approval, request, authorization, direction or other communication under this Agreement shall be deemed given (a) when delivered personally, (b) on the first business day after delivery to a national overnight courier service, (c) upon receipt when delivered via email or (d) on the fifth business day after deposited in the U.S. mail, properly addressed and stamped with the required postage, registered or certified mail, return receipt requested, in each case to the intended recipient at the address set forth below:

---

| | |
|:---|:---|
| If to the Trust: | Blue Owl Digital Infrastructure Trust |
|  | 150 N. Riverside Plaza, 37th Floor |
|  | Chicago, IL 60606 |
|  | Attention: Kevin Halleran |
|  | E-mail: legal@blueowl.com |
| If to the Adviser: | Blue Owl Digital Infrastructure Trust Advisors LLC |
|  | 150 N. Riverside Plaza, 37th Floor |
|  | Chicago, IL 60606 |
|  | Attention: Neena Reddy |
|  | E-mail: legal@blueowl.com |
| If to the Dealer Manager: | Blue Owl Securities LLC |
|  | 399 Park Avenue, 38th floor |
|  | New York, NY 10022 |
|  | Attention: Sean Connor |
|  | E-mail: legal@blueowl.com |

---

Any party may change its address specified above by giving the other party notice of such change in accordance with this Section 15.

16.<u>No Partnership</u>.

Nothing in this Agreement shall be construed or interpreted to constitute the Dealer Manager as an employee, agent or representative of, or in association with or in partnership with, the Trust; instead, this Agreement shall only constitute the Dealer Manager as a dealer authorized to sell the Shares according to the terms set forth in the Private Placement Memorandum as amended and supplemented and in this Agreement.

17.<u>Severability</u>.

The invalidity or unenforceability of any provision of this Agreement shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision was omitted.

[*The remainder of the page is intentionally left blank.*]

------

If the foregoing correctly sets forth our understanding, please indicate your acceptance thereof in the space provided below for that purpose, whereupon this letter and your acceptance shall constitute a binding agreement between us as of the date first above written.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| "TRUST" | "TRUST" |
| BLUE OWL DIGITAL INFRASTRUCTURE TRUST | BLUE OWL DIGITAL INFRASTRUCTURE TRUST |
| By: | /s/ Matthew A'Hearn |
|  | Name: Matthew A'Hearn |
|  | Title: Chief Executive Officer |
| "ADVISER" | "ADVISER" |
| BLUE OWL DIGITAL INFRASTRUCTURE TRUST ADVISORS LLC | BLUE OWL DIGITAL INFRASTRUCTURE TRUST ADVISORS LLC |
| By: | /s/ Neena Reddy |
|  | Name: Neena Reddy |
|  | Title: Authorized Officer |

---

Accepted and agreed as of the date first above written:

---

| | |
|:---|:---|
| "DEALER MANAGER" | "DEALER MANAGER" |
| BLUE OWL SECURITIES LLC | BLUE OWL SECURITIES LLC |
| By: | /s/Sean Connor |
|  | Name: Sean Connor |
|  | Title: President and Chief Executive Officer |

---

------

**<u>Schedule 1</u>**

**Compensation** 

&nbsp;&nbsp;&nbsp;&nbsp;I.&nbsp;&nbsp;&nbsp;&nbsp;<u>Up-Front Sales Loads</u>

Although no Upfront Sales Loads will be paid to the Company or Dealer Manager with respect to Class S Shares, Class D Shares or Class I Shares, if subscribers purchase Class S Shares or Class D Shares through certain financial intermediaries, those financial intermediaries may directly charge subscribers transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that the Participating Broker-Dealer limit such charges to 3.5% of the transaction price for each Class S Share and 1.50% of the transaction price for each Class D Share.

&nbsp;&nbsp;&nbsp;&nbsp;II.&nbsp;&nbsp;&nbsp;&nbsp;<u>Servicing Fee</u>

The Trust will pay to the Dealer Manager a Servicing Fee (i) with respect to outstanding Class S Shares equal to 0.85% per annum of the aggregate net asset value of the Trust's outstanding Class S Shares and (ii) with respect to outstanding Class D Shares equal to 0.25% per annum of the aggregate net asset value of the Trust's outstanding Class D Shares. The Servicing Fees will be paid monthly in arrears. The Dealer Manager will reallow all or a portion of the Servicing Fee with respect to the Class S Shares and Class D Shares to a Participating Broker-Dealer subject to the terms and conditions included in the applicable Participating Broker-Dealer Agreement. The Trust will not pay the Dealer Manager a Servicing Fee with respect to Class I Shares.

------

**<u>EXHIBIT A</u>**

**FORM OF PARTICIPATING BROKER-DEALER AGREEMENT** 

------

**<u>EXHIBIT B</u>**

**QUALIFIED JURISDICTIONS** 

**AS OF OCTOBER 3, 2025**

**United States of America**

## Exhibit 10.5

**Exhibit 10.5**

<br>**Transaction Agreement**<br>*by and among*<br>**Blue Owl Digital Infrastructure Fund I LP,** <br>**Blue Owl Digital Infrastructure Fund I-A LP,** <br>**Blue Owl Digital Infrastructure Fund I-B LP,** <br>**Blue Owl Digital Infrastructure I GP LLC,**<br>**ICONIQ DC Splitter 1-A, L.P.,**<br>**IPI STACK Domestic REIT Holdings L.P.,**<br>**Blue Owl Digital Infrastructure Operating Partnership LP**<br>*and*<br>**Blue Owl Digital Infrastructure Trust**<br>*Dated as of October 8, 2025*<br>

------

**Page**

<u>[Section 1.1](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Pre-Closing Actions](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[2](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 1.2](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Transfers of Subject Assets; Purchase and Sale](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[2](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 1.3](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Purchase Price Adjustments.](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[3](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 1.4](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Prorations.](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[6](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 1.5](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Capital Contributions to ODIT](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[9](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 1.6](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Closing](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[9](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 1.7](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Pre-Closing Notices](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[10](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 1.8](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Withholding](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[10](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[ARTICLE II](#ided2caaa1b654166a41d8c3cd2e303c8_7)[](#ided2caaa1b654166a41d8c3cd2e303c8_7)[REPRESENTATIONS AND WARRANTIES OF THE BODI I FUNDS](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>

<u>[Section 2.1](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Legal Status](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[10](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 2.2](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Authority and Enforceability](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[11](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 2.3](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Non-Contravention](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[11](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 2.4](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Title; Ownership](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[11](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 2.5](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Capitalization](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[12](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 2.6](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Intermediate Holding Vehicles](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[12](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 2.7](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Future Investment Obligations](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[12](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 2.8](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Litigation](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[12](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 2.9](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[No Brokers](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[13](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 2.10](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Financial Statements; Indebtedness](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[13](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 2.11](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Tax Matters](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[13](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 2.12](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[OFAC](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[15](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 2.13](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Solvency](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[16](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 2.14](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Operative Documents; Equityholder Agreements](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[16](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 2.15](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Affiliate Arrangements](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[16](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 2.16](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Absence of Events of Default](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[16](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 2.17](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Leases](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[17](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 2.18](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Employees](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[17](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 2.19](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Compliance with Operative Documents and Laws](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[17](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[ARTICLE III](#ided2caaa1b654166a41d8c3cd2e303c8_7)[](#ided2caaa1b654166a41d8c3cd2e303c8_7)[REPRESENTATIONS AND WARRANTIES OF THE BODI FUND I GP](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>

<u>[Section 3.1](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Legal Status](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[17](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 3.2](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Authority and Enforceability](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[17](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 3.3](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Non-Contravention](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[17](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 3.4](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Knowledge of Representations and Warranties](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[18](#ided2caaa1b654166a41d8c3cd2e303c8_7)

i

------

<u>[ARTICLE IV](#ided2caaa1b654166a41d8c3cd2e303c8_7)[](#ided2caaa1b654166a41d8c3cd2e303c8_7)[REPRESENTATIONS AND WARRANTIES OF ODIT](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>

<u>[Section 4.1](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Legal Status](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[18](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 4.2](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Authority and Enforceability](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[18](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 4.3](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Non-Contravention.](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[18](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 4.4](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Certain REIT Matters](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[18](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[ARTICLE V](#ided2caaa1b654166a41d8c3cd2e303c8_7)[](#ided2caaa1b654166a41d8c3cd2e303c8_7)[CERTAIN COVENANTS AND AGREEMENTS](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>

<u>[Section 5.1](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Confidentiality](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[19](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 5.2](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Further Assurances; Approvals](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[19](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 5.3](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Acknowledgment and Disclaimer](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[20](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 5.4](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Amendments and Supplements to Certain Schedules](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[21](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 5.5](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Additional Covenants](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[21](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[ARTICLE VI](#ided2caaa1b654166a41d8c3cd2e303c8_7)[](#ided2caaa1b654166a41d8c3cd2e303c8_7)[TAX MATTERS](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>

<u>[Section 6.1](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Transfer Taxes](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[23](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 6.2](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Certain Covenants](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[23](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[ARTICLE VII](#ided2caaa1b654166a41d8c3cd2e303c8_7)[](#ided2caaa1b654166a41d8c3cd2e303c8_7)[CONDITIONS TO CLOSE](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>

<u>[Section 7.1](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Conditions to the Parties' Obligations to Effect the Closing](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[26](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 7.2](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Conditions to the Obligations of the Transferors to Effect the Closing](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[27](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 7.3](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Conditions to the ODIT Parties' Obligations to Effect the Closing](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[27](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[ARTICLE VIII](#ided2caaa1b654166a41d8c3cd2e303c8_7)[](#ided2caaa1b654166a41d8c3cd2e303c8_7)[CLOSING DATE DELIVERIES](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>

<u>[Section 8.1](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Documents to be Delivered by the Transferors at the Closing](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[28](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 8.2](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Documents to be Delivered by ODIT at the Closing](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[29](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[ARTICLE IX](#ided2caaa1b654166a41d8c3cd2e303c8_7)[](#ided2caaa1b654166a41d8c3cd2e303c8_7)[INDEMNIFICATION](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>

<u>[Section 9.1](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Survival](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[29](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 9.2](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Obligation to Indemnify](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[30](#ided2caaa1b654166a41d8c3cd2e303c8_7)

ii

------

<u>[Section 9.3](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Certain Limitations](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[30](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 9.4](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Claim Procedures Against the Selling Entities.](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[31](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 9.5](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Third Party Claim Procedure](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[31](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 9.6](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Treatment of Indemnity Payment](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[32](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 9.7](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Exclusive Remedies](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[33](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[ARTICLE X](#ided2caaa1b654166a41d8c3cd2e303c8_7)[](#ided2caaa1b654166a41d8c3cd2e303c8_7)[DEFINITIONS](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>

<u>[Section 10.1](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Certain Terms](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[34](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 10.2](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Construction](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[44](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[ARTICLE XI](#ided2caaa1b654166a41d8c3cd2e303c8_7)[](#ided2caaa1b654166a41d8c3cd2e303c8_7)[TERMINATION](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>

<u>[Section 11.1](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Termination](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[44](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 11.2](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Effect of Termination](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[45](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[ARTICLE XII](#ided2caaa1b654166a41d8c3cd2e303c8_7)[](#ided2caaa1b654166a41d8c3cd2e303c8_7)[MISCELLANEOUS](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>

<u>[Section 12.1](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Notices](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[46](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 12.2](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Amendment; Waivers, etc.](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[47](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 12.3](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Expenses](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[47](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 12.4](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Governing Law](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[48](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 12.5](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Jurisdiction; Venue; Service of Process; Waiver of Jury Trial](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[48](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 12.6](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Successors and Assigns](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[49](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 12.7](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Entire Agreement](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[49](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 12.8](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Severability](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[49](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 12.9](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Counterparts](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[49](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 12.10](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[No Third Party Beneficiaries](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[49](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 12.11](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Intentionally Omitted](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[49](#ided2caaa1b654166a41d8c3cd2e303c8_7)

<u>[Section 12.12](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)<u>[Waiver of Conflicts](#ided2caaa1b654166a41d8c3cd2e303c8_7)</u>[&nbsp;&nbsp;&nbsp;&nbsp;](#ided2caaa1b654166a41d8c3cd2e303c8_7)[49](#ided2caaa1b654166a41d8c3cd2e303c8_7)

**<u>EXHIBITS</u>**

Exhibit I &nbsp;&nbsp;&nbsp;&nbsp;Form of BODI Fund I LPA Amendments

iii

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**TRANSACTION AGREEMENT**

This TRANSACTION AGREEMENT (as may be amended, restated or otherwise modified from time to time pursuant to its terms, this "<u>Agreement</u>"), dated as of October 8, 2025 (the "<u>Signing Date</u>"), is entered into by and among: (i) Blue Owl Digital Infrastructure Fund I LP ("<u>BODI I Main Fund</u>"); (ii) Blue Owl Digital Infrastructure Fund I-A LP ("<u>BODI I-A</u>"); (iii) Blue Owl Digital Infrastructure Fund I-B LP ("<u>BODI I-B</u>" and, together with BODI I Main Fund and BODI I-A, the "<u>BODI I Funds</u>"); (iv) Blue Owl Digital Infrastructure I GP LLC, a Delaware limited liability company (the "<u>BODI Fund I GP</u>"); (v) ICONIQ DC Splitter 1-A, L.P., a Delaware limited partnership (the "<u>394 Pacific Holdco</u>"); (vi) IPI STACK Domestic REIT Holdings L.P., a Delaware limited partnership ("<u>STACK USA Holdco</u>"); (vii) Blue Owl Digital Infrastructure Operating Partnership LP, a Delaware limited partnership ("<u>ODIT OP</u>"); and Blue Owl Digital Infrastructure Trust, a Maryland real estate investment trust ("<u>ODIT</u>" and, together with each of the foregoing Persons, the "<u>Parties</u>"). All capitalized terms used herein shall have the meanings ascribed to such terms in <u>Article X</u> or as otherwise defined herein.

**R E C I T A L S**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;The BODI I Funds, as of the Signing Date, own (i) through STACK USA Holdco, the securities of STACK Infrastructure USA, LLC ("<u>STACK USA</u>") set forth opposite such Person's name on <u>Schedule 1-A</u> (the "<u>STACK USA Subject Assets</u>"), and (ii) through 394 Pacific Holdco, the securities of 394 Pacific DC Portland Domestic REIT, LLC ("<u>394 Pacific</u>") set forth opposite such Person's name on <u>Schedule 1-A</u> (the "<u>394 Pacific Subject Assets</u>" and, together with the STACK USA Subject Assets, the "<u>Subject Assets</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;STACK USA Holdco directly owns, as of the Signing Date, all of the STACK USA Subject Assets set forth opposite the BODI I Funds' names on <u>Schedule 1-A</u> under the column entitled "STACK USA Subject Assets Owned as of the Signing Date".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;394 Pacific Holdco directly owns, as of the Signing Date, all of the 394 Pacific Subject Assets set forth opposite the BODI I Funds' names on <u>Schedule 1-A</u> under the column entitled "394 Pacific Subject Assets Owned as of the Signing Date".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;<u>Pre-Closing Restructuring</u>. Pursuant to the Restructuring Agreement, at or prior to the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.STACK USA Holdco shall distribute in kind the portion of STACK USA Subject Assets attributable to the Rolling Fund I LPs to the applicable BODI I Funds and such BODI I Funds shall further distribute in kind such STACK USA Subject Assets attributable to the Rolling Fund I LPs to the applicable Rolling Fund I LPs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.394 Pacific Holdco shall distribute in kind the portion of 394 Pacific Subject Assets attributable to the Rolling Fund I LPs to the applicable BODI I Funds and such BODI I Funds shall further distribute in kind such 394 Pacific Subject Assets attributable to the Rolling Fund I LPs to the applicable Rolling Fund I LPs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Each Rolling Fund I LP shall contribute, directly or indirectly, its respective Contributed Assets to ODIT or ODIT OP, as applicable.

NOW, THEREFORE, in consideration of the foregoing premises, the mutual representations, warranties, covenants and agreements hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree, as follows:

Article I<br>TRANSFERS OF SUBJECT ASSETS; PURCHASE AND SALE

Section 1.1<u>Pre-Closing Actions</u>. Upon the terms and subject to the conditions set forth in this Agreement, the Parties agree to take the following actions prior to the Closing (as defined below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Delivery of Transaction Election Forms</u>. The BODI Fund I GP has or shall distribute, whether by electronic mail or otherwise, to each BODI Fund I LP a Transaction Election Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Treatment of Late or Non-Conforming Transaction Election Forms</u>. Each BODI Fund I LP shall be required to validly complete, execute and deliver prior to the Election Deadline a Transaction Election Form, electing to be a Rolling Fund I LP or a Selling Fund I LP. Pursuant to such Transaction Election Form, among other things, each Rolling Fund I LP shall agree to adhere to and be bound by the applicable ODIT Governing Agreements. Unless otherwise specifically agreed to by the BODI Fund I GP, any BODI Fund I LP who fails to validly complete, execute and deliver to the BODI Fund I GP a Transaction Election Form by the Election Deadline or delivers a non-conforming Transaction Election Form shall be deemed to have elected to sell all of its Subject Assets. Any changes or other deviations to a Transaction Election Form that are not approved in writing by the BODI Fund I GP (in its sole discretion) shall cause such Transaction Election Form to be deemed improperly completed or non-conforming and such BODI Fund I LP, shall be deemed to have made the applicable elections as set out in the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Treatment of Rollover Elections</u>. If the Amendment is not approved by the requisite limited partners of BODI I Fund, then each Rolling Fund I LP shall be deemed to have elected the Sale Option and shall be treated as a Selling Fund I LP for all purposes of this Agreement.

Section 1.2<u>Transfers of Subject Assets; Purchase and Sale</u>. On the terms and subject to the conditions set forth in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Prior to the Closing, each of the actions described in Recital D (collectively, the "<u>Pre-Closing Restructuring</u>") shall be consummated (except for the action described in item 3 of Recital D, which shall be consummated simultaneously with the Closing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)at the Closing, each Selling Entity shall sell, convey, assign, transfer and deliver directly to ODIT, and ODIT shall acquire and accept directly from the applicable Selling Entity, such Selling Entity's right, title and interest in and to its Sold Assets, free and clear of all Liens (other than Permitted Liens) for cash in an amount determined in accordance with this <u>Article I</u> (the "<u>Seller Sales</u>" and, together with the Pre-Closing Restructuring, the "<u>Closing Transfers</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)at the Closing, ODIT shall directly or indirectly (i) deliver to each Selling Entity, by wire transfer of immediately available funds to such accounts designated in writing by

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each Selling Entity at least two (2) Business Days prior to the Closing, an amount of cash equal to (A) such Selling Entity's Estimated Transferor Closing Consideration, <u>less</u> (B) the applicable portion of unpaid Transaction Expenses and/or Seller Expenses to be borne by the applicable Selling Entity (but paid by ODIT in accordance with the following clause (ii)) pursuant to this Agreement and (ii) pay on behalf of the applicable Selling Entity, by wire transfer of immediately available funds to the accounts or accounts designated by the respective payee in writing no later than two (2) Business Days prior to the Closing (all of which shall be set forth on a schedule that sets forth (A) the amounts required to pay in full all Seller Expenses and any unpaid Transaction Expenses owed to such Person and (B) the wire transfer instructions for the payment of such Seller Expenses or unpaid Transaction Expenses, as applicable, to such Person (the "<u>Expenses Schedule</u>")), to each Person entitled to any unpaid Transaction Expenses and/or Seller Expenses, the amount of unpaid Transaction Expenses and/or Seller Expenses payable to such Person by such Selling Entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)assuming the consummation of the Pre-Closing Restructuring in accordance with the terms of this Agreement, the Parties agree that ODIT or ODIT OP, as applicable, shall issue, directly or indirectly, to each Rolling Fund I LP (if any) ODIT Shares or ODIT OP Units attributable to the portion of the Subject Assets indirectly owned by such Rolling Fund I LP that such Rolling Fund I LP is rolling, directly or indirectly, into ODIT or ODIT OP (which portion shall be as specified in the Transaction Election Form of such BODI Fund I LP), (B) ODIT or ODIT OP shall admit such Rolling Fund I LP as a shareholder of ODIT or a limited partner of ODIT OP, as applicable, and (C) such Rolling Fund I LP will be deemed to have made a capital contribution to ODIT or ODIT OP with a value, and with respect to ODIT OP will have an initial capital account in ODIT OP, equal to the product of (x) the Adjusted Per Unit Price <u>multiplied</u> by (y) the number of Sold Assets indirectly owned by such Rolling Fund I LP that such Rolling Fund I LP is rolling into ODIT or ODIT OP.

Section 1.3<u>Purchase Price Adjustments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Prior to the Closing Date, the Transferors shall prepare and deliver to ODIT a written statement (the "<u>Preliminary Closing Statement</u>") that includes and sets forth (i) a good-faith estimate of (A) Cash (the "<u>Estimated Cash</u>"), (B) outstanding Indebtedness (excluding Indebtedness described in clause (iv) of the definition of Indebtedness herein) (the "<u>Estimated Indebtedness</u>") and (C) the Capital Expenditure Amount (the "<u>Estimated Capital Expenditure Amount</u>"), each determined as of the Measurement Time with respect to the Acquired REITs, based on the books and records of the Acquired REITs and other information available at the Closing, and prepared on a basis consistent with the Applicable Accounting Principles and (ii) using the amounts referred to in the preceding clause (i), a calculation of the Estimated Purchase Price derived therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Within ninety (90) days after the Closing Date, ODIT shall cause to be prepared and delivered to the BODI Fund I GP a written statement (the "<u>Final Closing Statement</u>") that sets forth (i) a good faith calculation in reasonable detail of the actual (A) Cash ("<u>Closing Cash</u>"), (B) outstanding Indebtedness (excluding Indebtedness described in clause (iv) of the definition of Indebtedness herein) ("<u>Closing Indebtedness</u>") and (C) the Capital Expenditure Amount, ("<u>Closing Capital Expenditure Amount</u>"), in each case together with reasonable supporting documentation and determined as of the Measurement Time with respect to the Acquired REITs and (ii) using the amounts referred to in the preceding clause (i), a calculation of the Final Purchase Price derived therefrom. The Final Closing Statement (x) shall be prepared on a basis consistent with the Applicable Accounting Principles and (y) shall be based exclusively on the facts and circumstances as they exist prior to the Closing and shall exclude the effects of any event, act, change in circumstances or similar development arising or occurring on or after the Closing Date. To the extent any actions following the Closing with respect to the accounting books and records of the Acquired REITs on which the Final Closing

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Statement and the foregoing calculations are to be based are not consistent with the Acquired REITs' past practices, such changes shall not be taken into account in preparing the Final Closing Statement or calculating amounts reflected thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Final Closing Statement shall become final and binding on the sixtieth (60<sup>th</sup>) day following delivery thereof, unless prior to the end of such period, the BODI Fund I GP delivers to ODIT a written notice of disagreement (a "<u>Notice of Disagreement</u>") specifying the nature and amount of any dispute as to the Closing Cash, Closing Capital Expenditure Amount and/or Closing Indebtedness, as set forth in the Final Closing Statement. The Transferors shall be deemed to have agreed with all items and amounts of Closing Cash, Closing Capital Expenditure Amount and/or Closing Indebtedness not specifically referenced in the Notice of Disagreement, and such items and amounts shall not be subject to review in accordance with <u>Section 1.3(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)During the thirty (30) day period following delivery of a Notice of Disagreement by the BODI Fund I GP to ODIT, the Parties in good faith shall seek to resolve in writing any differences that they may have with respect to the calculation of the Closing Cash, Closing Capital Expenditure Amount and/or Closing Indebtedness as specified therein. Any disputed items resolved in writing between ODIT and the BODI Fund I GP within such 30-day period shall be final and binding on ODIT and the Transferors with respect to such items, and if ODIT and the BODI Fund I GP agree in writing on the resolution of each disputed item specified by the BODI Fund I GP in the Notice of Disagreement and the amount of the Closing Cash, Closing Capital Expenditure Amount and Closing Indebtedness, the amounts so determined shall be final and binding on the Parties for all purposes hereunder. If ODIT and the BODI Fund I GP have not resolved all such differences by the end of such thirty (30) day period, ODIT and the BODI Fund I GP shall submit, in writing, to an independent public accounting firm jointly retained by ODIT and the BODI Fund I GP (the "<u>Independent Accounting Firm</u>"), their briefs detailing their views as to the correct nature and amount of each item remaining in dispute and the amounts of the Closing Cash, Closing Capital Expenditure Amount and/or Closing Indebtedness, and the Independent Accounting Firm shall make a written determination as to each such disputed item and the amount of the Closing Cash, Closing Capital Expenditure Amount and/or Closing Indebtedness. The Independent Accounting Firm shall be an independent public accounting firm with an active practice area focused on post-mergers and acquisitions purchase price dispute resolution reasonably acceptable to and agreed in writing by ODIT and the BODI Fund I GP. ODIT and the BODI Fund I GP shall use their commercially reasonable efforts to cause the Independent Accounting Firm to render a written decision resolving the matters submitted to it within thirty (30) days following the submission thereof. All communications with the Independent Accounting Firm shall include at least one representative of ODIT and the BODI Fund I GP, and no Party shall be permitted to communicate with the Independent Accounting Firm other than as expressly set forth herein. The Independent Accounting Firm shall consider only those items and amounts in ODIT's and the BODI Fund I GP's respective calculations of the Closing Cash, Closing Capital Expenditure Amount and/or Closing Indebtedness that are identified as being items and amounts to which ODIT and the BODI Fund I GP have been unable to agree. The scope of the disputes to be resolved by the Independent Accounting Firm shall be limited to correcting mathematical errors and determining whether the items and amounts in dispute were determined in accordance with the Applicable Accounting Principles and the Independent Accounting Firm shall not be permitted to make any other determination, including any determination as to whether any estimates on the Preliminary Closing Statement are correct, adequate or sufficient. In resolving any disputed item, the Independent Accounting Firm may not assign a value to any item greater than the greatest value or less than the smallest value for such item set forth on the Preliminary Closing Statement or the Final Closing Statement, as applicable. The Independent Accounting Firm's determination of the Closing Cash, Closing Capital Expenditure Amount and Closing Indebtedness shall be based solely on written materials submitted by ODIT and the BODI Fund I GP (*i.e.*, not on independent review). The determination of the Independent Accounting Firm

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shall be conclusive and binding upon the Parties hereto and shall not be subject to appeal or further review. Judgment may be entered upon the written determination of the Independent Accounting Firm in any court having jurisdiction as identified in this Agreement. In acting under this Agreement, the Independent Accounting Firm shall function solely as an expert and not as an arbitrator; <u>provided</u> that the Independent Accounting Firm shall have the power to conclusively resolve differences in disputed items as specified in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The costs of any dispute resolution pursuant to this <u>Section 1.3</u>, including the fees and expenses of the Independent Accounting Firm and of any enforcement of the determination thereof, shall be borne by ODIT, on the one hand, and the Transferors, on the other hand, in inverse proportion as they may prevail on the matters resolved by the Independent Accounting Firm, which proportionate allocation shall be calculated on an aggregate basis based on the relative dollar values of the amounts in dispute and shall be determined by the Independent Accounting Firm at the time the determination of such firm is rendered on the merits of the matters submitted. The fees and disbursements of the representatives of each Party incurred in connection with the preparation or review of the Final Closing Statement and preparation or review of any Notice of Disagreement, as applicable, shall be borne by such Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)ODIT and the BODI Fund I GP will, and will cause the Acquired REITs (in the case of ODIT, during the period from and after the date of delivery of the Final Closing Statement through the resolution of any adjustment to the Final Purchase Price contemplated by this <u>Section 1.3</u>) to, afford the other Parties and their representatives reasonable access, during normal business hours and upon reasonable prior notice, to the personnel, properties, books and records of the Acquired REITs and their subsidiaries and to any other information reasonably requested for purposes of preparing and reviewing the calculations contemplated by this <u>Section 1.3</u>. Each Party shall authorize its accountants to disclose work papers generated by such accountants in connection with preparing and reviewing the calculations specified in this <u>Section 1.3</u>; <u>provided</u>, that such accountants shall not be obligated to make any work papers available except in accordance with such accountants' disclosure procedures and then only after the non-client party has signed an agreement relating to access to such work papers in form and substance acceptable to such accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Final Purchase Price shall be determined by adjusting the Estimated Purchase Price upwards or downwards, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)For the purposes of this Agreement, the "<u>Net Adjustment Amount</u>" means an amount, with respect to the Acquired REITs, which may be positive or negative, equal to (A) the Closing Cash as finally determined pursuant to this <u>Section 1.3</u> minus the Estimated Cash, minus (B) the Closing Indebtedness as finally determined pursuant to this <u>Section 1.3</u> minus the Estimated Indebtedness minus (C) the Closing Capital Expenditure Amount as finally determined pursuant to this <u>Section 1.3</u> minus the Estimated Capital Expenditure Amount, in each case, with respect to the Acquired REITs; <u>provided</u>, that if the absolute value of such positive or negative Net Adjustment Amount is less than $1,000,000, then clauses (ii) and (iii) of this Section 1.3(g) shall not apply and the Final Purchase Price shall be deemed to equal the Estimated Purchase Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If the Net Adjustment Amount with respect to the Acquired REITs is positive then the Estimated Purchase Price with respect to the Acquired REITs shall be adjusted upwards in an amount equal to such Net Adjustment Amount, and (A) ODIT shall pay to each applicable Selling Entity such Selling Entity's Seller Pro Rata Share of such portion of the Net Adjustment Amount attributable to the Sold Assets and (B) ODIT shall issue to each Rolling Fund I LP a number of ODIT Shares or ODIT OP Units, as applicable, equal to (I) such portion of the Net Adjustment Amount attributable to such

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Rolling Fund I LP's Contributed Assets divided by (II) the applicable ODIT Share Value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)If the Net Adjustment Amount with respect to the Acquired REITs is negative (in which case the "Net Adjustment Amount" for purposes of this clause (iii) shall be deemed to be equal to the absolute value of such amount), then the Estimated Purchase Price with respect to the Acquired REITs shall be adjusted downwards in an amount equal to such Net Adjustment Amount, and (A) each applicable Selling Entity shall pay to ODIT such Selling Entity's Seller Pro Rata Share of such portion of the Net Adjustment Amount attributable to the Sold Assets and (B) each Rolling Fund I LP shall forfeit for no additional consideration a number of ODIT Shares or ODIT OP Units, as applicable, equal to (I) such portion of the Net Adjustment Amount attributable to such Rolling Fund I LP's Contributed Assets divided by (II) the applicable ODIT Share Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Payments in respect of <u>Section 1.3(g)</u> shall be made within ten (10) Business Days after the date on which the Net Adjustment Amount is finally determined pursuant to this <u>Section 1.3</u> by wire transfer of immediately available funds to such account or accounts as may be designated in writing by the Party entitled to such payment at least ten (10) Business Days prior to such payment date. Amounts to be paid pursuant to <u>Section 1.3(g)</u> shall bear interest from the Closing Date to the date of such payment at a rate equal to the rate of interest from time to time announced publicly by *The Wall Street Journal* as its prime rate, calculated on the basis of a year of 365 days and the number of days elapsed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)For the avoidance of doubt, this <u>Section 1.3</u> is not intended to be used to permit the introduction of different judgments, accounting methodologies (including with respect to accruals and reserves), policies, principals, practices, procedures or classifications for purposes of calculating amounts referred to in this <u>Section 1.3</u>, or to adjust for any inconsistencies between the Applicable Accounting Principles, on the one hand, and GAAP, on the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)For the avoidance of doubt, the BODI Fund I GP may, in its discretion, elect to reserve a portion of the Estimated Transferor Closing Consideration paid to the Selling Entities at Closing for the purpose of satisfying any future obligation of the Selling Entities to pay ODIT in respect of a negative Net Adjustment Amount pursuant to <u>Section 1.3(g)(iii)</u>.

Section 1.4<u>Prorations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to the terms of this <u>Section 1.4</u>, the Transferors and ODIT agree to prorate, as of the Measurement Time, the following items and/or category of expense as follows (collectively, the "<u>Proration Items</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)real property and personal property Taxes allocable to the Owned Real Property or the operation of the Owned Real Property for the tax year (the "<u>Current Tax Year</u>") in which the Closing occurs, regardless of the year for which such Taxes are assessed (with Transferors being responsible for a pro rata share of such Taxes based upon the number of days in the Current Tax Year occurring before the Closing Date and ODIT being responsible for a pro rata share of such Taxes based upon the number of days in the Current Tax Year occurring from and after the Closing Date). Transferors shall be responsible for all of such Taxes for any tax year prior to the Current Tax Year. However, in no event shall the Transferors be charged with or be responsible for any increase in the Taxes on the Owned Real Property or the other assets of the Acquired REITs or any of their respective subsidiaries resulting from the Transactions or from any improvements made or Leases entered into on or after the Closing. If any assessments on the Owned Real Property are payable in installments, then the installment for the current

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period shall be prorated (with the Acquired REITs and their subsidiaries (after giving effect to the Transactions) being obligated to pay any installments due after the Closing Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)fixed monthly rentals, additional rentals, licensee fees and other sums and charges actually paid by any Tenant under any Lease (collectively, "<u>Occupancy Payments</u>") and any other Ancillary Revenue actually paid by any of the users of the Owned Real Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)all payments and receipts under any Contract to which any Acquired REIT or any of its subsidiaries is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)all interest payments and other payments required to be paid by the borrower with respect to the Existing Indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)all other items of operating income or operating expense with respect to any Acquired REIT or any of its subsidiaries or any other amounts as are otherwise customarily prorated or apportioned between a seller and a buyer in comparable transactions in the state in which the applicable property is located (including, without limitation, utility bills and insurance premiums); <u>provided</u>, <u>however</u>, that there will be no proration with respect to any real or personal property Taxes (other than as provided in subclause (i) above), Taxes or other non-cash income or expenses of the Acquired REITs and their respective subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Transferors shall be charged and credited for the amounts of all of the Proration Items relating to the period up to and including the Measurement Time, and ODIT shall be charged and credited for all of the Proration Items relating to the period after the Measurement Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Transferors shall receive a credit at Closing for all escrows, reserves, impounds and any other amounts (in each case to the extent refundable to borrower or allocable to the period after the Measurement Time) held as of the Closing Date by or for the benefit of any lender in connection with the Existing Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)ODIT shall receive a credit against the Final Purchase Price at Closing for all Occupancy Payments previously paid to or collected by the Transferors and attributable to any period following Closing. If, as of the Closing, any Tenant under a Lease is in arrears in the payment of any portion of an Occupancy Payment due prior to the Closing Date (such amounts, the "<u>Delinquent Occupancy Payments</u>"), such amounts shall not be prorated, but then (i) for the six (6) month period following Closing, ODIT agrees that each Acquired REIT and/or the applicable subsidiary will use commercially reasonable efforts to collect such amounts, provided that no Acquired REIT or subsidiary of an Acquired REIT shall be required to litigate or declare a default under any Lease or commence any legal proceeding in connection therewith and ODIT shall cause each Acquired REIT to keep the BODI Fund I GP reasonably informed of its collection efforts; (ii) if an Acquired REIT is successful in any such collection effort, then prior to turning over such amounts to the Transferors in accordance with clause (iv) of this <u>Section 1.4</u>, such Acquired REIT or the applicable subsidiary shall be entitled to offset the costs and expenses actually incurred by such Acquired REIT and/or the applicable subsidiary in connection with such collection effort from the amounts due and owing the Transferors; (iii) each Acquired REIT or the applicable subsidiary shall not waive or forgive any Delinquent Occupancy Payments in writing, in whole or in part, without the BODI Fund I GP's prior written consent, which may be granted or withheld in the BODI Fund I GP's sole and absolute discretion; and (iv) any Occupancy Payments received by an Acquired REIT or any subsidiary of an Acquired REIT from a Tenant after the Closing shall be applied as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)first, to Occupancy Payments next due after the Closing Date occurs, which amount shall be retained by the Acquired REITs (after giving effect to the Transactions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)second, to payment of Occupancy Payments due for the month in which the Closing Date occurs, which amount shall be apportioned between the Acquired REITs (after giving effect to the Transactions) and Transferors as of the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)thereafter, to Delinquent Occupancy Payments which were due and payable prior to Closing but not collected prior to Closing, and which shall be paid to Transferors.

Notwithstanding anything set forth herein to the contrary, in no event shall Transferors have any right to attempt to collect or otherwise pursue any Delinquent Occupancy Payments from Tenants from and after the Closing Date (unless and until such time as the Leases for such Tenants are no longer in full force and effect).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)All unapplied security deposits paid or deposited by or on behalf of any Tenant to any Acquired REIT or any subsidiary (or any other Person holding the same on behalf of the foregoing) pursuant to any Lease (together with any interest which has accrued thereon as required by the terms of such Lease) shall remain with such Acquired REIT or such subsidiary, as applicable, following the Closing Date, but ODIT shall not receive a credit against the Final Purchase Price therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)ODIT shall receive a credit at Closing for any outstanding Leasing Costs due and owing to the Tenants under the current term of the Leases (but excluding any Leasing Costs payable in connection with an extension, expansion or renewal option first exercised after the Signing Date or any Leasing Costs in connection with new Leases or amendments to Leases executed from and after the Signing Date). Notwithstanding the foregoing, to the extent the Capital Expenditure Amount accounts for any Leasing Costs due and owing to the Tenants, then no such credit shall be paid to ODIT under this clause (f) (i.e., to avoid a duplication).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)The Transferors and ODIT acknowledge and agree that, with respect to any of the foregoing prorations, adjustments and credits for which the precise figures necessary to make a determination are not available as of the Closing Date, such prorations, adjustments and credits (such amounts, collectively, the "<u>Estimated Proration Amount</u>") are being made as of the Closing Date on the basis of the good faith estimates of the BODI Fund I GP and ODIT (using currently available information) and final prorations, adjustments and credits shall be made promptly after precise figures are determined or available, with final prorations, adjustments and credits to be made no later than six (6) months after the Closing Date (or as soon thereafter as the precise figures are available).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)All prorations, adjustments and credits to be made pursuant to this <u>Section 1.4</u> shall be made without duplication or double-counting.

Section 1.5<u>Capital Contributions to ODIT</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>New Investors</u>. On or prior to Closing, ODIT will cause the New Investors to make capital contributions to ODIT in an aggregate amount sufficient to allow ODIT to acquire for cash the Subject Assets held by each of the Selling Entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Rolling Fund I LPs</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)At the Closing, each Rolling Fund I LP (if any) will be entitled to receive, in exchange for such Rolling Fund I LP's deemed capital contribution of Contributed Assets, directly or indirectly, to ODIT or ODIT OP, as applicable, a number of ODIT Shares or ODIT OP Units with an aggregate value equal to such Rolling Fund I LP's Estimated Rollover Contribution Value. The number of ODIT Shares or ODIT OP Units, as applicable, to be issued to each Rolling Fund I LP at Closing shall be equal to (i) such Rolling Fund I LP's Estimated Rollover Contribution Value, divided by (ii) the applicable ODIT Share Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Following the determination of the Final Purchase Price, the amount of ODIT Shares or ODIT OP Units held by each Rolling Fund I LP shall be adjusted in accordance with <u>Section 1.3(g)</u>.

Section 1.6<u>Closing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Date, Time and Location of Closing</u>. Subject to <u>Section 1.7</u>, the closing (the "<u>Closing</u>") shall take place via an electronic exchange of documents (the date of the Closing, subject to the extension rights contained herein, the "<u>Closing Date</u>") on the earlier of (i) a date mutually agreed by ODIT and the BODI Fund I GP or (ii) the date that is three (3) Business Days following the satisfaction or waiver by ODIT and the BODI Fund I GP, as applicable, of all the conditions precedent set forth in <u>Article VII</u> (other than any such conditions which by their terms are to be satisfied only at the Closing, but subject to the satisfaction of such conditions), subject to the periods specified in <u>Section 1.7</u> and <u>Section 5.4</u>, as applicable. ODIT and the BODI Fund I GP shall each have the right, exercisable by written notice to the other, to extend the Closing Date from time to time up to one hundred eighty (180) days but no later than the End Date, or to such other date as ODIT and the BODI Fund I GP may mutually agree in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Deliveries of the Transferors</u>. At or prior to the Closing, each of the Transferors shall deliver to ODIT, all of the documents, certificates and instruments required to be delivered or caused to be delivered to ODIT by each such Transferor pursuant to <u>Section 8.1</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Deliveries of ODIT</u>. At or prior to the Closing, ODIT shall deliver to the Transferors all of the documents, certificates and instruments required to be delivered or caused to be delivered to the Transferors by ODIT pursuant to <u>Section 8.2</u> hereof.

Section 1.7<u>Pre-Closing Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Elections</u>. Promptly following the final Election Deadline, BODI Fund I GP shall notify ODIT of the elections made by each BODI Fund I LP pursuant to its Transaction Election Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Transferor Closing Consideration</u>. Notwithstanding the foregoing, BODI Fund I GP shall provide ODIT with a written statement setting forth (i) the Estimated Transferor Closing Consideration for each Selling Entity (together with a detailed calculation of each of the components comprising such Estimated Transferor Closing Consideration), and (ii) the Estimated Aggregate Closing Consideration resulting therefrom.

Section 1.8<u>Withholding</u>. Each Party (and its respective Affiliates and agents) shall be entitled to deduct or withhold from any payments payable to the other Parties hereto pursuant to this Agreement any amounts as are required to be deducted or withheld under the Code, the rules and regulations promulgated thereunder, any provision of state, local or non-U.S. tax law or any other applicable law. Further, such payments may also be subject to reduction as set forth in <u>Section 12.3</u> (Expenses). To the extent that amounts are so deducted or withheld with respect to Taxes, such amounts shall be paid or remitted to the appropriate Governmental Authority and, to the extent paid or remitted to the appropriate Governmental Authority, shall be treated for all

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purposes of this Agreement as having been paid to the Party on whose behalf such deduction or withholding was made. Any Party that determines it is required to deduct or withhold on account of Taxes (except as a result of a Selling Entity's failure to provide a certificate pursuant to <u>Section 8.1(b)</u>) shall use commercially reasonable efforts to notify the other Parties as promptly as possible in advance of the Closing of such obligation and the Parties agree to cooperate reasonably to reduce or eliminate any such Taxes. Notwithstanding the foregoing, no amounts shall be withheld pursuant to Section 1445 or 1446 of the Code or the Treasury Regulations thereunder, in respect of a Selling Entity that has complied with <u>Section 8.1(b)</u>.

Article II<br>REPRESENTATIONS AND WARRANTIES OF THE BODI I FUNDS

Except as set forth on the Schedules to this Agreement, as such Schedules may be updated pursuant to <u>Section 5.4</u>, each BODI I Fund, severally and not jointly, represents and warrants to ODIT as of the Signing Date (in each case, except to the extent a representation or warranty is qualified by reference to a particular date, in which case, as of such date), as follows:

Section 2.1<u>Legal Status</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Such BODI I Fund is duly organized, validly existing, and in good standing under the Laws of its jurisdiction of organization, incorporation or formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each of the Acquired REITs and their respective subsidiaries (i) is duly organized, validly existing, and in good standing under the Laws of its jurisdiction of organization, incorporation or formation and (ii) has requisite corporate or other legal entity power and authority to own, lease and operate its properties and assets and to carry on its business as it is currently conducted.

Section 2.2<u>Authority and Enforceability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Such BODI I Fund has all requisite power and authority to execute and deliver this Agreement, to perform its obligations hereunder, to transfer the Transferred Assets owned by it in accordance with the terms of this Agreement and to otherwise consummate the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Subject to the waiver of any conflicts of interest relating to the Transactions by the Limited Partner Advisory Committee, the execution, delivery and performance by such BODI I Fund of this Agreement and the consummation by such BODI I Fund of the Transactions have been duly and validly authorized by all necessary limited partnership action (including, if necessary, limited partner and advisory board approval) on the part of such BODI I Fund. This Agreement has been duly authorized, executed and delivered by such BODI I Fund and, assuming due authorization, execution and delivery of this Agreement by each other Party, constitutes a legal, valid and binding obligation of such BODI I Fund, enforceable against such BODI I Fund in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization and moratorium Laws and other Laws of general application affecting enforcement of creditors' rights generally.

Section 2.3<u>Non-Contravention</u>. Except as disclosed on <u>Schedule 2.3</u>, the execution, delivery and performance by such BODI I Fund of this Agreement and the consummation by such BODI I Fund of the Transactions do not and will not at the Closing (a) conflict with the Organizational Documents of such BODI I Fund in any material respect, (b) result in a material violation by such BODI I Fund of any applicable Law, (c) to the Knowledge of such BODI I Fund, conflict with the Operative Documents of an Acquired REIT or any of its subsidiaries in any material respect, (d) result in any material breach of, or constitute a material default under, or give rise to a material right to payment under or any rights of third parties under, any Material Agreement to which such BODI I Fund is a party or, to the Knowledge of the BODI I Fund, any

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Material Agreement to which an Acquired REIT or any of its subsidiaries is a party or (e) require any consent of any Governmental Authority under any provision of Law applicable to such BODI I Fund, except for any such consent which, if failed to be obtained, would not reasonably be expected to prevent, materially delay or materially impede the performance by such BODI I Fund of its obligations under this Agreement or the consummation of the Transactions.

Section 2.4<u>Title; Ownership</u>. All of the Transferred Assets to be directly or indirectly contributed or distributed by such BODI I Fund as contemplated by this Agreement and the Restructuring Agreement are owned as of the Signing Date (and will be owned as of immediately prior to the consummation of the Pre-Closing Restructuring) legally and beneficially and of record by such BODI I Fund (through either STACK USA Holdco or 394 Pacific Holdco), free and clear of any Lien, other than a Permitted Lien. The contribution to ODIT of such Transferred Assets pursuant to this Agreement and the Restructuring Agreement will transfer to ODIT good, valid and marketable title to such Transferred Assets, free and clear of any and all Liens, except for Permitted Liens. At the Closing, the Transferred Assets set forth opposite such BODI I Fund's name on <u>Schedule 1-B</u> under the columns titled "Sold Assets" and "Rollover Assets" will have been transferred or distributed, directly or indirectly, to ODIT or ODIT OP, as applicable, in accordance with the terms and conditions of this Agreement and the Restructuring Agreement.

Section 2.5<u>Capitalization</u>. To the Knowledge of such BODI I Fund, (a) <u>Schedule 2.5(a)</u> sets forth the outstanding equity capitalization of each Acquired REIT as of the Signing Date and (b) except as set forth on <u>Schedule 2.5(b)</u>, there has been no material change to such equity capitalization between the Signing Date and the Closing.

Section 2.6<u>Intermediate Holding Vehicles</u>. No Intermediate Holding Vehicle of such BODI I Fund (a) has any material assets or liabilities other than those related to the holding of an Acquired REIT, (b) has engaged in any trade or business other than as related to the holding of an Acquired REIT or (c) has any material indebtedness for borrowed money. <u>Schedule 2.6</u> sets forth each Intermediate Holding Vehicle of such BODI I Fund as of the Signing Date.

Section 2.7<u>Future Investment Obligations</u>. Such BODI I Fund does not have any existing contractual obligation, directly or indirectly, to (a) make any capital contributions to (or purchase any securities of) an Acquired REIT (or any of its subsidiaries) or (b) make any loans or otherwise extend credit to (or forgive any indebtedness of) an Acquired REIT (or any of its subsidiaries).

Section 2.8<u>Litigation and Compliance with Laws</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)There is no Litigation pending or, to the Knowledge of such BODI I Fund, threatened against such BODI I Fund or the BODI Fund I GP that, if resolved in a manner adverse to such BODI I Fund or the BODI Fund I GP, could reasonably be expected to result in a delay in the performance of such BODI I Fund or the BODI Fund I GP of its obligations under this Agreement or in an inability to consummate the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)To the Knowledge of such BODI I Fund, there is no Litigation pending or threatened against any Acquired REIT (or any of its subsidiaries) or any investigations by a Governmental Authority into any Acquired REIT or any of its subsidiaries that, in each case, if resolved in a manner adverse to any Acquired REIT (or its applicable subsidiary), would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)There is no Litigation pending or, to the Knowledge of such BODI I Fund, threatened, against such BODI I Fund or the BODI Fund I GP relating to such BODI I Fund's or the BODI Fund I GP's (as applicable) interest in any Acquired REIT that, if resolved in a manner adverse to such BODI I Fund or the BODI Fund I GP (as applicable) would reasonably be expected to have a material adverse impact on such BODI I Fund or the BODI Fund I GP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)To the Knowledge of such BODI I Fund, (i) each Acquired REIT and its subsidiaries currently is, and, for the last three (3) years, has been, in compliance in all material respects with all applicable Laws, and (ii) the Transactions will not result in a material violation by any Acquired REIT (or any of its subsidiaries) of any applicable Law.

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Section 2.9<u>No Brokers</u>. Except for the Financial Advisor, the fees and expenses of which will constitute Seller Expenses, no Person is entitled to any broker's, finder's or similar fee or commission from any Party or Intermediate Holding Vehicle with respect to the Transactions.

Section 2.10<u>Financial Statements; Indebtedness</u>. (i) Such BODI I Fund has delivered or otherwise made available to ODIT true, complete and correct copies of (A) with respect to each Acquired REIT, the most recently available unaudited consolidated quarterly financial report for such Acquired REIT and its subsidiaries (as of the Signing Date and the Closing Date), and (B) with respect to STACK USA, the most recently available audited annual financial statements for STACK USA and its subsidiaries (as of the Signing Date and the Closing Date), which, in each case of clauses (A) and (B), contain (or shall contain) a balance sheet of, and related statements of income and cash flows for, the relevant Persons as of the applicable times and for the applicable periods covered thereby and (ii) to the Knowledge of such BODI I Fund, such financial reports (A) were prepared in accordance with GAAP and (B) fairly present the financial position of the applicable Persons in all material respects as of the times and for the periods referred to therein, subject in the case of the unaudited quarterly financial report to (x) the absence of footnote disclosures and other presentation items and (y) changes resulting from normal and recurring year-end adjustments required by GAAP. To the Knowledge of such BODI I Fund, <u>Schedule 2.10</u> sets forth all indebtedness for borrowed money of the Acquired REIT (and its subsidiaries) as of the Signing Date that had an outstanding principal balance as of the Signing Date in excess of $1,000,000.

Section 2.11<u>Tax Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)There are no Liens for Taxes (other than Liens for Taxes not yet delinquent) upon any of the assets of either Acquired REIT (or any of their subsidiaries).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Neither Acquired REIT (nor any of their respective subsidiaries) has been a party to any "listed transaction" as defined in Treasury Regulations Section 1.6011-4(b)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Each Acquired REIT (A) has elected to be taxed as a corporation for U.S. federal income tax purposes, effective as of the applicable REIT Election Date, (B) is eligible to be properly treated as a REIT commencing with (i) with respect to STACK USA, its taxable year ending December 31, 2018, and (ii), with respect to 394 Pacific, its taxable year ending December 31, 2016, (C) since the applicable REIT Election Date, has been organized and operated as a REIT, and will continue to be operated and organized as a REIT through the Closing Date, and (D) has not taken or omitted to take any action that could reasonably be expected to result in a challenge by the U.S. Internal Revenue Service (the "<u>IRS</u>") or any other Governmental Authority as to its status as a REIT and, there is no such challenge pending or threatened. Neither Acquired REIT has any earnings and profits attributed to itself or any other corporation accumulated in any non-REIT year within the meaning of Section 857 of the Code. Neither Acquired REIT is a successor (within the meaning of Treasury Regulations Section 1.856-8(c)(2)) to any entity whose election to be taxed as a REIT has been terminated or revoked.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)All income and other material Taxes of the Acquired REITs and their respective subsidiaries required to be paid by or on behalf of the Acquired REITs and their respective subsidiaries (whether or not shown on any Tax Return) have been paid in full on a timely basis, except any Taxes which are being contested in good faith through appropriate proceedings and for which appropriate reserves have been established on financial reports of such Acquired REIT referenced in <u>Section 2.10(i)</u> above. The Acquired REITs and their respective subsidiaries have withheld and paid over all material Taxes required to have been withheld and paid over, and complied with all information reporting and backup withholding

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requirements, including maintenance of required records with respect thereto, in connection with amounts paid or owing to any employee, creditor, independent contractor, or other third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Neither Acquired REIT nor any of their respective subsidiaries is a party to any action or proceeding for assessment or collection of a material amount of Taxes, nor has such event been asserted or threatened in writing against the Acquired REITs and their respective subsidiaries or any of their assets. No waiver or extension of any statute of limitations is in effect with respect to Taxes or Tax Returns of the Acquired REITs and their respective subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Neither Acquired REIT has incurred any liability for excise Taxes under Code Sections 857(b), 860(c) or 4981, including without limitation any excise Tax arising from a prohibited transaction described in Code Section 857(b)(6) or any Tax arising from "redetermined rents, redetermined deductions and excess interest" described in Code Section 857(b)(7). Neither Acquired REIT holds any asset the disposition of which would be subject to rules similar to Code Section 1374 (or otherwise result in any "built-in gains" Tax under Section 337(d) of the Code and the applicable Treasury Regulations thereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Each Acquired REIT's dividends paid deduction, within the meaning of Section 561 of the Code, for any taxable year that ends prior to the taxable year in which the Closing occurs, taking into account any dividends subject to Sections 857(b)(9) or 858 of the Code, is not less than the sum of (x) such Acquired REIT's taxable income, as defined in Section 857(b)(2) of the Code, determined without regard to any dividends paid deduction for such taxable year, and (y) such Acquired REIT's net capital gain for such taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Neither Acquired REIT nor any of their respective subsidiaries is a party to, nor is bound by nor does it have any obligations under, any Tax sharing or similar agreement or arrangement with respect to Taxes (other than any such agreement or obligation entered into in the ordinary course and the principal purpose of which is not the allocation or sharing of Taxes). No closing agreements, private letter rulings, Tax holidays, technical advice memoranda or similar agreements or rulings related to Taxes have been entered into, issued by or requested from any taxing authority with or in respect of either Acquired REIT (or any of their respective subsidiaries).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Neither Acquired REIT nor their respective subsidiaries has received a written claim by any Governmental Authority in a jurisdiction where the Acquired REITs and their respective subsidiaries do not file Tax Returns that it is or may be required to file such Tax Return or is or may be subject to taxation in such jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Each of the Acquired REITs is classified as a domestically controlled qualified investment entity (within the meaning of Section 897(h)(4)(B) of the Code) and will retain such classification until the Closing absent any change in applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)Neither of the Acquired REITs nor any of their respective subsidiaries has any liability for the Taxes of any Person (including any predecessors) (other than their subsidiaries) under Treasury Regulations Section 1.1502-6 (or any similar provision of U.S. state or local, or non-U.S. law), as a transferee or successor, by contract (other than customary agreements entered into in the ordinary course of business for which Tax is not the principal subject matter), or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)Neither of the Acquired REITs has owned (nor will own before Closing) at the close of any calendar quarter, directly or indirectly, securities (within the meaning of Sections 856(c)(4) and Section 856(m) of the Code) of any single issuer (other than a REIT, taxable REIT subsidiary (a "<u>TRS</u>"), or a disregarded entity) in an amount (i) representing more than five percent (5%) of the value of such Acquired REIT's total assets, (ii) representing more

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than ten percent (10%) of the value of the outstanding securities of such issuer, or (iii) representing more than ten percent (10%) of the voting power of the outstanding securities of such issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)Neither of the Acquired REITs has owned (nor will own before Closing) at the close of any calendar quarter, directly or indirectly, securities (within the meaning of Sections 856(c)(4) and Section 856(m) of the Code) of any TRS in an amount representing more than twenty percent (20%) of the value of such Acquired REIT's total assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)For each TRS held by an Acquired REIT: (i) such TRS qualified for taxation as a corporation under the Code no later than the date on which the applicable Acquired REIT first acquired an interest in such subsidiary; (ii) if necessary, such TRS has elected to be taxed as a corporation under the Code effective no later than the effective date of its TRS election; and (iii) each such TRS has made a valid and timely joint election with the applicable Acquired REIT to treat such entity as a TRS of such Acquired REIT under section 856(l) as of a date that is not later than the last day of the calendar quarter in which such Acquired REIT first acquired a direct or indirect equity interest in such entity. No TRS with respect to the Acquired REITs has directly or indirectly, through the ownership of any other entity, operated or managed a hospital, nursing facility, assisted living facility, congregate care facility, qualified continuing care facility or other healthcare facility (within the meaning of Section 856(l) of the Code) or a lodging facility. For purposes of this representation, the term "lodging facility" means a hotel, motel, or other establishment more than one-half of the dwelling units in which are used on a transient basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)<u>Schedule 2.11</u> sets forth the tax classification of, and jurisdiction of formation of each Acquired REIT and each of their respective subsidiaries (including whether any subsidiary is a TRS).

Section 2.12<u>OFAC</u>. Neither such BODI I Fund nor, to the Knowledge of such BODI I Fund, based solely on the representations made in applicable subscription agreements, any of the beneficial owners, directors, officers or employees of such BODI I Fund, currently appears on the Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control of the United States Department of Treasury, or is an individual residing in, or an entity formed in or controlled by anyone in, any U.S.-embargoed destination, including Cuba, Iran, Syria, North Korea, Crimea, the so-called Luhansk People's Republic, and the so-called Donetsk People's Republic. To the Knowledge of such BODI I Fund, none of the monies used to fund any of the BODI I Fund's investments in any Acquired REIT have been derived from any illegal activities, including money laundering activities. None of the proceeds paid by ODIT and attributable to such BODI I Fund will be used by such BODI I Fund to knowingly finance any illegal activities.

Section 2.13<u>Solvency</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Such BODI I Fund is not Insolvent and no insolvency proceeding has been commenced, or, to the Knowledge of such BODI I Fund, threatened, against such BODI I Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)To the Knowledge of such BODI I Fund, each Acquired REIT is not Insolvent and no insolvency proceeding is pending, or has been threatened, against each Acquired REIT or any subsidiary thereof.

(c)For these purposes, "<u>Insolvent</u>" shall mean, with respect to any BODI I Fund or any Acquired REIT, as of any date of determination, (i) the amount of the "present fair saleable value" of the assets of such BODI I Fund or such Acquired REIT (as applicable), as of such date, is less than the amount of all "liabilities of such BODI I Fund or such Acquired REIT (as applicable), contingent or otherwise," as of such date, as such quoted terms are generally

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determined in accordance with applicable federal laws governing determinations of the insolvency of debtors, (ii) the present fair saleable value of the assets of such BODI I Fund or such Acquired REIT (as applicable), as of such date, is expected to be less than the amount that will be required to pay the liability of such Person on its indebtedness as its indebtedness becomes absolute and matured, (iii) such BODI I Fund or such Acquired REIT (as applicable) is expected to have, as of such date, an unreasonably small amount of capital with which to conduct its business or (iv) such BODI I Fund or such Acquired REIT (as applicable) is expected to be unable to pay its indebtedness as it matures.

Section 2.14<u>Operative Documents; Equityholder Agreements</u>. <u>Schedule 2.14</u> sets forth (a) each Operative Document of each Acquired REIT and (b) to the Knowledge of such BODI I Fund, each other agreement among the equityholders of each Acquired REIT.

Section 2.15<u>Affiliate Arrangements</u>. There are no agreements between such BODI I Fund and/or such BODI Fund I GP (or any partner, officer, director, employee or Affiliate of such BODI I Fund or such BODI Fund I GP), on the one hand, and any Acquired REIT (or any of its subsidiaries), on the other hand, except for the Operative Documents of the Acquired REIT, or as otherwise set forth on <u>Schedule 2.15</u>.

Section 2.16<u>Absence of Events of Default</u>. There are no uncured "events of default" under any Acquired REIT's or its subsidiaries' respective credit facilities. To the Knowledge of such BODI I Fund, no event occurred that, with the giving of notice or passage of time or both would reasonably be expected to become an "event of default" with respect to any material financing arrangement of any Acquired REIT or its subsidiaries.

Section 2.17<u>Leases</u>. BODI Fund I has delivered to ODIT true, correct and complete copies of the Leases. To BODI Fund I's Knowledge, (a) all of the Leases are in full force and effect and (b) neither the landlord nor the tenant is in default under any of the Leases.

Section 2.18<u>Employees</u>. BODI Fund I has delivered to ODIT a list of any employees that are employed by any Acquired REIT and/or any subsidiary as of the date hereof.

Section 2.19<u>Compliance with Operative Documents and Laws</u>. Neither such BODI I Fund nor, to the Knowledge of such BODI I Fund, the BODI Fund I GP is in breach or default of any of its material obligations under (a) the Operative Documents of any Acquired REIT or (b) the Organizational Documents of such BODI I Fund.

Article III<br>REPRESENTATIONS AND WARRANTIES OF THE BODI FUND I GP

Except as set forth on the Schedules to this Agreement, the BODI Fund I GP hereby represents and warrants to ODIT as of the Signing Date (in each case, except to the extent a representation or warranty is qualified by reference to a particular date, in which case, as of such date), as follows:

Section 3.1<u>Legal Status</u>. The BODI Fund I GP is duly organized, validly existing, and in good standing under the Laws of its jurisdiction of organization, incorporation or formation.

Section 3.2<u>Authority and Enforceability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The BODI Fund I GP has all requisite power and authority to (i) execute and deliver this Agreement, to perform its obligations hereunder and to otherwise consummate the Transactions and (ii) to carry on its business as it is currently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The execution, delivery and performance by the BODI Fund I GP of this Agreement and the consummation by the BODI Fund I GP of the Transactions have been duly and validly authorized by all necessary limited liability company action on the part of the BODI Fund I GP. This Agreement has been duly authorized, executed and delivered by the BODI

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Fund I GP and, assuming due authorization, execution and delivery of this Agreement by each other Party, constitutes a legal, valid and binding obligation of the BODI Fund I GP, enforceable against the BODI Fund I GP in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization and moratorium Laws and other Laws of general application affecting enforcement of creditors' rights generally.

Section 3.3<u>Non-Contravention</u>. The execution, delivery and performance by the BODI Fund I GP of this Agreement and the consummation by the BODI Fund I GP of the Transactions do not and will not at the Closing (a) violate the Organizational Documents of the BODI Fund I GP, (b) result in a violation of any material law applicable to any BODI I Fund or (c) require any consent or approval of any Governmental Authority under any provision of Law applicable to the BODI Fund I GP, except in each case of the foregoing clauses (a)-(c), as would not reasonably be expected to be material to ODIT or any BODI I Fund (as applicable), taken as a whole.

Section 3.4<u>Knowledge of Representations and Warranties</u>. To the Knowledge of the BODI Fund I GP, none of the representations and warranties of each BODI I Fund set forth in <u>Article II</u> are inaccurate in any material respect as of the dates given.

Article IV<br>REPRESENTATIONS AND WARRANTIES OF ODIT

ODIT hereby represents and warrants to each Transferor, as of the Signing Date, as follows:

Section 4.1<u>Legal Status</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)ODIT is duly organized, validly existing and in good standing under the Laws of its jurisdiction of organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)ODIT is a newly formed limited partnership and, except for ODIT's organization and capitalization and actions in connection with this Agreement and the Transactions to be consummated hereunder, ODIT has not engaged in any operations as of the Signing Date.

Section 4.2<u>Authority and Enforceability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)ODIT has all requisite power and authority to execute and deliver this Agreement, to perform its obligations hereunder and to otherwise consummate the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The execution, delivery and performance by ODIT of this Agreement have been duly and validly authorized by all necessary organizational action on the part of ODIT. This Agreement has been duly executed and delivered by ODIT and, assuming due authorization, execution and delivery of this Agreement by the other Parties, constitutes a legal, valid and binding obligation of ODIT, enforceable against ODIT in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization and moratorium Laws and other Laws of general application affecting enforcement of creditors' rights generally.

Section 4.3<u>Non-Contravention</u>. The execution, delivery and performance by ODIT of this Agreement and the consummation by ODIT of the Transactions do not and will not at the Closing (i) result in a material violation by ODIT of any applicable Law or (ii) conflict with or violate the Organizational Documents of ODIT in any material respect.

Section 4.4<u>Certain REIT Matters</u>. ODIT's ownership of the Subject Assets will not cause (a) any amounts received or accrued by the Acquired REITs during the applicable Acquired REIT's taxable year that includes the Closing Date to fail to be treated as "rents from real property" within the meaning of Section 856(d) of the Code by reason of Section

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856(d)(2)(B) of the Code, or (b) any Acquired REIT to be "closely held" within the meaning of Section 856(a)(6) of the Code.

Article V<br>CERTAIN COVENANTS AND AGREEMENTS

Section 5.1<u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Confidential Treatment</u>. Each Party hereto agrees that the terms and provisions of this Agreement, as well as the Amendment, are confidential and agrees to use commercially reasonable efforts to cause each of its partners, agents and representatives to treat this Agreement and the Amendment and their respective terms and provisions as confidential except as otherwise required by applicable Law. Nothing in this <u>Section 5.1</u> shall limit the ability of any BODI I Fund and/or ODIT or any of their respective Affiliates to make any disclosure to their Tax advisors or to the IRS or any taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Permitted Exceptions</u>. Notwithstanding anything herein to the contrary, (i) from and after the Signing Date, the BODI I Fund, the BODI Fund I GP and ODIT may make disclosures concerning this Agreement and the Amendment to their respective Affiliates, and their respective current investors, partners, officers, directors, employees, agents, accountants, attorneys and other parties who have a need to know (including by way of normal course investor reporting in connection with the Transaction), in (A) the case of the BODI I Fund and the BODI Fund I GP, to the extent permitted under the terms of and subject to any conditions (including with respect to confidential treatment thereof) of the BODI Fund I LPA and any "Side Letters" (as defined in the BODI Fund I LPA) (as in effect on any date of determination) and (B) in the case of ODIT, to the extent that such disclosees are subject to a duty of confidentiality to keep such disclosure confidential, and (ii) following the Closing, subject to <u>Section 5.1(c)</u>, the BODI Fund I GP and/or ODIT shall agree on the contents of and issue a general press release or public announcement announcing the consummation of the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Public Announcements and Press Release</u>. Notwithstanding the foregoing, for the avoidance of doubt, prior to issuing any press release or public announcement containing any information relating to the Transactions (but excluding any change of control and other applicable regulatory filings with respect to the Transactions), the BODI Fund I GP and ODIT will agree in writing to the contents of any press release or public announcement.

Section 5.2<u>Further Assurances; Approvals</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Each Party will use its commercially reasonable efforts to satisfy the conditions to Closing and to cause the Closing to occur on or prior to the End Date. Each Party shall, at any time and from time to time on and after the Closing Date, upon the reasonable request of any other Party and without further consideration, use its commercially reasonable efforts to take or cause to be taken such actions and to execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, such instruments, documents, transfers and conveyances as may be reasonably required to fulfill its obligations under this Agreement and to effectuate the purposes of this Agreement, including for the conveying, transferring, assigning and delivering of the Transferred Assets to ODIT. For purposes of clarification, such commercially reasonable efforts under this <u>Section 5.2</u> shall not include any requirement for the Transferors to pay any consent fee or other similar payment to any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)ODIT shall, upon the request of the applicable Transferor and without further consideration, promptly provide such information about ODIT's current and prospective beneficial owners as such Transferor may reasonably request in connection with such Transferor making any required filings under applicable Law or otherwise seeking the approval of any Governmental Authority to the Transactions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Parties shall use their respective reasonable best efforts to respond, and assist each other Party to respond, as promptly as practicable to any inquiries received from any Governmental Authority for additional information or documentation and to all inquiries and requests received from any Governmental Authority, to the extent reasonably needed to cause the Transactions to be consummated as contemplated herein.

Section 5.3<u>Acknowledgment and Disclaimer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)ODIT understands and agrees that, except as specifically set forth in <u>Articles II</u> and <u>III</u> of this Agreement, none of the Transferors, the BODI Fund I GP, any of their respective Affiliates or any of their respective officers, directors, managers, employees, agents or representatives are making any representations or warranties, whether implied or express, with respect to themselves, their investors, the Transferred Assets, any Acquired REIT, any due diligence materials provided to any limited partner or member of the Transferors, any financial estimates or projections, or the Transactions, and ODIT confirms, on behalf of itself and its limited partners, that it has not relied on, and shall have no recourse (including under <u>Article X</u>) against any of the Transferors, the BODI Fund I GP, any of their respective Affiliates or any of their respective officers, directors, managers, employees, agents or representatives in respect of, any other statements, materials, representations or warranties other than those specifically set forth in <u>Articles II</u> and <u>III</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each Party has conducted its own independent evaluation and made its own analysis as it has deemed necessary, prudent or advisable based on the information made available to it by such other Parties in order for such Party to make its own determination and decision to acquire or sell (as applicable) the Transferred Assets, to enter into this Agreement and consummate the Transactions. It is understood and agreed by ODIT, on behalf of itself and its limited partners, that any financial estimates or projections contained or referred to in this Agreement, the Transferors' financial reports, valuation reports, summaries or any other document which otherwise has been prepared by any of the Transferors, the BODI Fund I GP or any of their respective Affiliates (including any Acquired REIT) and their respective agents or representatives and made available to ODIT or their respective agents and representatives, are not and shall not be deemed to be representations or warranties of the Transferors, the BODI Fund I GP or any of their respective Affiliates (including any Acquired REIT), or any of their respective agents and representatives (except to the extent specifically set forth in a representation or warranty in <u>Articles II</u> and <u>III</u> of this Agreement). Each Party further acknowledges and agrees that there are uncertainties inherent in attempting to make such estimates and projections, and that, except to the extent specifically set forth in a representation or warranty in <u>Articles II</u> and <u>III</u> of this Agreement (and subject to <u>Section 9.7</u>) no such Party shall have a claim against anyone with respect thereto. Notwithstanding the foregoing or anything to the contrary in this Agreement, (i) nothing in this <u>Section 5.3</u> shall in any way limit any of the representations or warranties set forth in this Agreement, and (ii) the provisions of this <u>Section 5.3</u> shall not, and shall not be deemed or construed to, waive, limit or release any claims relating to any Fraud.

Section 5.4<u>Amendments and Supplements to Certain Schedules</u>. Without the consent of any Party, the BODI I Funds shall be permitted to supplement, amend or otherwise modify the Schedules to this Agreement no fewer than three (3) Business Days prior to the Closing to reflect any events, actions, omissions or other facts arising or otherwise occurring after the Signing Date which are responsive to the underlying representation and warranty by delivery to ODIT of an updated version thereof, and upon the delivery of such updated Schedules, such updated Schedules shall be deemed to be modified for purposes of any claim by ODIT for

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indemnification with respect to a breach of the corresponding representations or warranties as of the Closing (but not for purposes of <u>Section 7.3(b)</u>).

Section 5.5<u>Additional Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)From the Signing Date through the Closing Date (or, if earlier, the termination of this Agreement pursuant to its terms), without the prior written consent of ODIT, the ODIT Parties, the BODI I Funds, the BODI Fund I GP and each Transferor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)will use commercially reasonable efforts to obtain necessary waivers and consents relating to the sale, contribution or transfer, as applicable, of each Transferred Asset to ODIT hereunder, as the BODI I Funds, the BODI Fund I GP, or such Transferor, on the one hand, and ODIT, on the other hand, shall mutually determine is appropriate, it being understood and agreed, for purposes of clarification, that such reasonable efforts shall not include any requirement for any Transferor to pay any consent fee or other similar payment to any third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)will use commercially reasonably efforts to operate the Owned Real Property in the ordinary course of business with the Transferors' past practice in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)will use commercially reasonable efforts to preserve the business of the Transferors as it relates to the Owned Real Property in all material respects (including with respect to its relationships with tenants and vendors);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)will maintain insurance with respect to the Owned Real Property that is substantially similar in all material respects to the insurance maintained by Transferors as of the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)will not amend or modify any governing or organizational document of any member of the Acquired REITs and/or any of their subsidiaries (other than as contemplated by the Pre-Closing Restructuring);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)will not cause or permit any member of the Acquired REITs and/or any of their subsidiaries to incur, assume, guarantee or otherwise become liable for (whether directly, contingently or otherwise) any material Indebtedness (other than Indebtedness existing as of the date hereof, including refinancings of any such existing Indebtedness, and trade accounts payable and accrued commercial liabilities incurred in the ordinary course of any Acquired REIT's business and in a manner consistent with past practice);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)will not enter into any new Material Lease or terminate or materially amend or modify any existing Material Lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)will not enter into any new Material Agreement or terminate or materially amend or modify any existing Material Agreement, in each case, which will be binding on any member of the Acquired REITs and/or any of their subsidiaries after Closing without the prior written consent of ODIT;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)will not issue any new equity interests in any member of any Acquired REIT and/or any of their subsidiaries or grant any option or issue any warrant to purchase or subscribe for any such equity interests (other than as contemplated by the Pre-Closing Restructuring); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)will not sell, transfer or otherwise dispose of any Owned Real Property or any material personal property owned by the Transferors in respect of such

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Owned Real Property (unless replaced by personal property of similar utility and/or value) (other than as contemplated by the Pre-Closing Restructuring) or acquire or agree to acquire any other material real property or material personal property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)During the Interim Period, ODIT, on behalf of each ODIT Indemnified Party, shall use commercially reasonable efforts to bind the RWI Policy as promptly as practicable following the Signing Date. BODI Fund I GP agrees to use commercially reasonable efforts to cooperate with ODIT's efforts to obtain the RWI Policy (including following the Signing Date to remove any conditional exclusions therefrom). Following the binding of the RWI Policy, ODIT (i) shall deliver a copy of such RWI Policy to the BODI Fund I GP and (ii) agrees that it will not, without the BODI Fund I GP's prior written consent, amend, terminate, cancel, modify, waive or supplement, in whole or in part, the RWI Policy in a manner that would (A) allow the R&W Insurer or any other Person to subrogate or otherwise make or bring any action (other than with respect to Fraud by such Person) against any Transferor or any of its Affiliates, successors and assigns, or any of their respective officers, directors, members, partners, owners, equityholders or managers based upon, arising out of, or related to this Agreement or the negotiation, execution or performance of the Transactions or (B) reasonably be likely to result in any of the foregoing having any liability (other than with respect to Fraud by such Person) in connection with this Agreement or the Transactions. For the avoidance of doubt, obtaining the RWI Policy shall not be a condition to any party's obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)During the Interim Period, the Selling Entities shall use commercially reasonable efforts to maintain and operate the Acquired REITs in accordance with their Organizational Documents, this Agreement and in the ordinary course of business in all material respects. Unless otherwise agreed to in writing by ODIT and except as otherwise permitted by this Agreement, during the Interim Period, the Selling Entities will not approve or take any action causing an Acquired REIT (or, as applicable, its respective subsidiaries) to: (a) enter into any agreement or arrangement that materially limits or otherwise restricts the Acquired REIT from engaging or competing in any line of business in which it is currently engaged or currently contemplates to be engaged or in any geographic area; (b) authorize, issue, sell, transfer, grant, pledge or otherwise dispose of or grant or suffer to exist any lien, restriction or claim of any kind or nature whatsoever on any limited liability company interests, capital stock, notes, bonds or other securities of the Acquired REIT; (c) with respect to any Acquired REIT, adopt a plan of complete or partial liquidation, dissolution, merger, consolidation or recapitalization, or merge or consolidate with, purchase substantially all the assets of, or otherwise acquire or combine with, any Person; (d) reorganize or sell or dispose of any of its material assets other than transfers in connection with the replacement or worn or obsolete property in the ordinary course of business and consistent with past practice; (e) redeem, repurchase or otherwise reacquire, split, combine or reclassify any equity interest in the Acquired REIT; (f) declare, set aside, make or pay any dividend or other distribution payable in equity interests of the Acquired REIT; (g) make, change or revoke any material Tax election; (h) change any material accounting period or method with respect to Taxes; (i) file or amend any material Tax Return; (j) enter into any closing agreement with the IRS or any other Governmental Authority which would impose any obligations following the Closing; (k) settle or compromise any proceeding with respect to any material Tax liability, audit, claim or assessment relating to the Acquired REIT or any of its subsidiaries; (l) surrender any right to claim a refund of Taxes; (m) request any ruling with respect to Taxes; (n) consent to any extension or waiver of the limitation period applicable to any Taxes of the Acquired REIT; or (o) take any other similar action relating to the filing or the payment of any material Tax. Notwithstanding anything in this <u>Section 5.5</u> to the contrary, prior to the Closing, the Selling Entities and the Acquired REITs shall take, and shall cause each subsidiary of an Acquired REIT to take, any actions, or forbear from taking any actions, as necessary to ensure that the Acquired REITs will be classified as REITs for the taxable year that includes the Closing Date or to avoid incurring U.S. federal income Taxes under Sections 857(b) or 4981 of the Code,

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and shall take, and shall cause each subsidiary of an Acquired REIT to take, any action which is consistent with such REIT qualification for such taxable year, provided that prior to taking any such action inconsistent with the restrictions set forth in this <u>Section 5.5(c)</u>, the Selling Entities shall consult with ODIT as to the requirement to take such action.

Article VI<br>TAX MATTERS

Section 6.1<u>Transfer Taxes</u>. All Transfer Taxes that may be imposed as a result of the Transactions shall be borne fifty percent (50%) by the BODI I Funds and fifty percent (50%) by ODIT. The Parties agree to reasonably cooperate to sign and deliver such certificates or forms as may be necessary or appropriate to establish a reasonably available exemption from (or otherwise reduce) any Transfer Taxes. The Party required by applicable Law will prepare and file all necessary Tax Returns and other documentation with respect to all such Transfer Taxes, and, if required by applicable Law, the other Parties will join in the execution of any such Tax Returns and other documentation. Each Party shall timely pay when due all Transfer Taxes for which such Party is responsible pursuant to the first sentence of this <u>Section 6.1</u>. If any Party pays any Transfer Taxes that should be borne by another Person pursuant to this Agreement, such other Person will promptly reimburse the paying Party for such amount within ten (10) Business Days of that request.

Section 6.2<u>Certain Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>ODIT's Operation of the Acquired REITs after Closing.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)To the extent that the representations set forth in Section 2.11(c) are true and correct as of the Closing Date, ODIT hereby covenants to take such actions as are reasonably necessary to maintain each Acquired REIT's status as a REIT through the REIT Maintenance Date so that: (A) the gross income of each Acquired REIT meets the tests provided in Code Sections 856(c)(2) and (3); (B) the assets of each Acquired REIT meet the tests provided in Code Section 856(c)(4); (C) each Acquired REIT meets the management and operations tests of Code Sections 856(a)(1)-(4); (D) each Acquired REIT is beneficially owned by 100 or more persons as required under Code Section 856(a)(5); (E) each Acquired REIT duly elects to be taxed as a REIT on its U.S. federal income Tax Returns for the relevant taxable years, and does not revoke such election, in each case through and including the REIT Maintenance Date; and (F) each Acquired REIT does not take any action, or omit any action, in each case that would cause such Acquired REIT to fail to qualify as a REIT. ODIT shall not dissolve or liquidate any Acquired REIT or otherwise convert any Acquired REIT into an entity not treated as a corporation for U.S. federal income tax purposes prior to the REIT Maintenance Date. ODIT shall not cause any Acquired REIT to transfer or dispose of any portion of any Owned Real Property in a transaction that is treated in whole or in part as a disposition of such portion of the Owned Real Property for federal income tax purposes prior to the REIT Maintenance Date. ODIT may sell or otherwise dispose of an Acquired REIT at any time, before or after the REIT Maintenance Date, provided that any transferee of such Acquired REIT is subject to the limitations set forth in this Agreement relating to REIT qualification of the Acquired REITs (including this <u>Section 6.2(a)</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Selling Entities have provided ODIT with evidence of an executed IRS Form 8832 (Entity Classification Election) by each Acquired REIT and proof of timely mailing, under which each Acquired REIT elected to be classified as a corporation for federal income tax purposes as of the applicable REIT Election Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Tax Contests.</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Taxable Period Terminating Prior to Closing Date.</u> BODI Fund I GP shall retain the right to control any proceeding with respect to any Taxes for any taxable period which terminates prior to the Closing Date, provided that the commencement or settlement of any such proceeding shall require the consent of ODIT to the extent that it impacts any taxable period which terminates after the Closing Date (such consent not to be unreasonably withheld, conditioned or delayed). Notwithstanding the foregoing, ODIT shall have the right to control and settle any proceeding that relates to the qualification as a REIT of the Acquired REITs for any taxable period which terminates prior to or includes the Closing Date, provided that the settlement of any such proceeding shall require the consent of the BODI Fund I GP (such consent not to be unreasonably withheld, conditioned or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Taxable Period Including the Closing Date.</u> ODIT shall have the right to control any proceeding to contest any Taxes for any taxable period which includes the Closing Date, subject to the prior written consent of BODI Fund I GP (such consent not to be unreasonably withheld, conditioned or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<u>Taxable Period Commencing After the Closing Date.</u> ODIT shall have the right to commence, continue and settle any proceedings to contest Taxes for any taxable period which commences after the Closing Date, and shall be entitled to any refunds or abatements of Taxes awarded in such proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)To the extent there is any conflict between the terms of this <u>Section 6.2(b)</u> and <u>Section 9.5</u>, the terms of this <u>Section 6.2(b)</u> shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Tax Returns.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Acquired REIT Tax Returns.</u> ODIT and each Acquired REIT shall prepare and timely file (or cause to be prepared and filed) all Tax Returns required to be filed by each Acquired REIT after the Closing Date with respect to each Pre-Closing Tax Period (including the taxable year including the Closing Date). ODIT shall provide each Acquired REIT's U.S. federal income Tax Return for Pre-Closing Tax Periods (including the taxable year that includes the Closing Date and in each case to the extent not yet filed as of the Closing Date) to BODI Fund I GP at least twenty (20) Business Days before its due date (taking into account any extensions) for BODI Fund I GP's review, comment and approval (such approval not to be unreasonably withheld, conditioned or delayed), which shall be provided at least ten (10) Business Days prior to the due date of such Tax Return. After the Closing Date, the Acquired REITs shall not designate any payment, distribution or dividend made by the Acquired REITs on or prior to the Closing Date as a "capital gain dividend" within the meaning of Code Section 857(b)(3)(C) or otherwise treat such prior distributions as attributable to gain from the sale of a "United States real property interest" under Section 897(h)(1) of the Code, in each case except to the extent related to a sale of real property by the Acquired REIT prior to the Closing. ODIT shall not amend any U.S. federal income Tax Return of either Acquired REIT for any Pre-Closing Tax Period without the prior written consent of the BODI Fund I GP (such consent not to be unreasonably withheld, conditioned or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<u>Tax Cooperation.</u> The Parties shall furnish or cause to be furnished to each other, upon request, as promptly as practicable, such information and assistance relating to the Acquired REITs, their respective assets or businesses as is reasonably necessary for the filing of all Tax Returns, the making of any election related to Taxes, and the preparation for, or the prosecution or defense of, any Tax contest with respect to any Tax period starting before the Closing Date. The Parties shall cooperate with each other in the conduct of any audit or other proceeding related to Taxes and all other Tax

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matters relating to the Acquired REITs or their respective assets or businesses and each shall execute and deliver such powers of attorney and other documents as are necessary to carry out the intent of this <u>Article VI</u>. The Parties agree that they shall use commercially reasonable efforts to preserve and keep, or cause to be preserved and kept, all original books and records in respect of the Acquired REITs relating to any Taxes with respect to taxable years or periods (in whole or in part) ending on or before the Closing Date and in the possession of Parties or their Affiliates in accordance with the applicable statute of limitations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<u>Straddle Periods.</u> To the extent relevant, in the case of any taxable period that includes (but does not end on) the Closing Date (a "<u>Straddle Period</u>"), the amount of any Taxes of the Acquired REITs based upon or measured by net income or gain which relate to the Pre-Closing Tax Period will be determined based on an interim closing of the books as of the close of business on the Closing Date (and for such purpose, the taxable period of any partnership or other pass-through entity in which any Acquired REIT holds a beneficial interest will be deemed to terminate at such time); provided that exemptions, allowances or deductions that are calculated on an annual basis (including, but not limited to, depreciation and amortization deductions) shall be allocated between the portion of the Straddle Period ending on the Closing Date, on the one hand, and the portion of the Straddle Period beginning after the Closing Date, on the other hand, in proportion to the number of days in such Straddle Period included in the portion ending on the Closing Date and the number of days in such Straddle Period included in the portion beginning after the Closing. The amount of Taxes other than Taxes based upon or measured by net income or gain or Taxes included as Proration Items for a Straddle Period which relate to the Pre-Closing Tax Period will be deemed to be the amount of such Tax for the entire taxable period multiplied by a fraction, the numerator of which is the number of days in the portion of the taxable period ending on the Closing Date and the denominator of which is the number of days in such Straddle Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)<u>Survival.</u> The provisions of this <u>Section 6.2</u> shall survive the Closing until sixty (60) days after the expiration of any applicable statute of limitations (including extensions thereof) with respect to the assessment of the relevant Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Reporting of Transaction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Except as required by a "determination" (as defined in Section 1313(a) of the Code), the Parties agree that, for U.S. federal (and applicable state and local) income Tax purposes, (i) the Seller Sales will be treated as a purchase and sale of the Sold Assets, (ii) any contribution of Subject Assets by a Rolling Fund I LP to ODIT will be treated as a taxable exchange, and (iii) any contribution of Subject Assets by a Rolling Fund I LP to ODIT OP will be treated as a contribution of property to a partnership in exchange for an interest in the partnership as described in Section 721(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)ODIT shall not make or permit to be made an election under Section 338 of the Code (or similar provision under state or local law) with respect to the purchase of the Sold Assets by ODIT hereunder.

Article VII<br>CONDITIONS TO CLOSE

Section 7.1<u>Conditions to the Parties' Obligations to Effect the Closing</u>. The obligations of the Parties to consummate the Transactions shall be subject to the fulfillment (or

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written waiver by (x) ODIT, on behalf of itself and the other ODIT Parties and (y) the BODI Fund I GP, on behalf of itself and each other Party) at or prior to the Closing of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Consummation of the Transactions shall not have been restrained, enjoined or otherwise prohibited or made illegal by any applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)All antitrust or regulatory filings, notices or approvals under any laws or regulations required to permit the consummation of the Transactions shall have been made, given, or, as applicable, received, and any waiting periods (and any extension thereof) applicable to the Transactions shall have expired or shall have been terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)No Litigation shall be pending against any Party or any of its Affiliates that in any manner challenges or seeks to, or would reasonably be expected to, prevent, enjoin, alter or materially delay the Transactions.

Section 7.2<u>Conditions to the Obligations of the Transferors to Effect the Closing</u>. The obligations of the Transferors to consummate the Transactions shall be subject to the fulfillment (or written waiver by the BODI Fund I GP) at or prior to the Closing of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The ODIT Parties shall have performed in all material respects their agreements and obligations contained in this Agreement required to be performed by them at or before the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)(i) The Fundamental Representations of the ODIT Parties shall be true and correct in all respects (other than for de minimis inaccuracies) as of the Closing Date, as though such Fundamental Representations had been made on and as of the Closing Date (unless any such Fundamental Representation is made only as of a specified date, in which event such Fundamental Representation shall be true and correct in all respects (other than for de minimis inaccuracies) as of such specified date); and (ii) all other representations and warranties of the ODIT Parties shall be true and correct in all material respects as of the Closing Date, as though such representations and warranties had been made on and as of the Closing Date (unless any such representation or warranty is made only as of a specified date, in which event such representation or warranty shall be true and correct in all material respects as of such specified date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)ODIT shall have delivered to the Transferors all of the items required to be delivered by ODIT pursuant to <u>Section 8.2</u>.

Section 7.3<u>Conditions to the ODIT Parties' Obligations to Effect the Closing</u>. The obligation of the ODIT Parties to consummate the Transactions shall be subject to the fulfillment (or written waiver by ODIT) at or prior to the Closing of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Transferors shall have performed in all material respects their agreements and obligations contained in this Agreement required to be performed by them at or before the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)(i) The Fundamental Representations of the BODI I Funds and the BODI Fund I GP shall be true and correct in all respects (other than for *de minimis* inaccuracies) as of the Signing Date and as of Closing Date, as though such Fundamental Representations had been made on and as of such time (unless any such Fundamental Representation is made only as of a specified date, in which event such Fundamental Representation shall be true and correct in all respects (other than for *de minimis* inaccuracies) as of such specified date); and (ii) all other representations and warranties of the BODI I Funds and the BODI Fund I GP shall be true and correct in all material respects as of the Closing Date, as though such representations and warranties had been made on and as of the Closing Date (unless any such representation or

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warranty is made only as of a specified date, in which event such representation or warranty shall be true and correct in all material respects as of such specified date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)During the Interim Period, no "event of default" of a material payment obligation shall have occurred under the credit facilities of the Acquired REIT or any of its subsidiaries that remains uncured as of the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)From the Signing Date, there shall not have occurred a Transaction Material Adverse Effect

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Transferors shall have delivered to ODIT a duly executed copy of an opinion of Gibson, Dunn & Crutcher LLP or other counsel reasonably acceptable to ODIT as to each of the Acquired REIT's qualification as a REIT as of the Closing Date with such opinion in a form that is customary for such matters and that is reasonably acceptable to ODIT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Each Transferor shall have delivered to ODIT, all of the items required to be delivered by them to ODIT under <u>Section 8.1</u>.

Article VIII<br>CLOSING DATE DELIVERIES

Section 8.1<u>Documents to be Delivered by the Transferors at the Closing</u>. At the Closing, each Transferor shall deliver or cause to be delivered to ODIT:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Instruments of Transfer</u>. To the extent required, duly executed instruments of assignment with respect to each Transferred Asset in favor of ODIT together with, if applicable, any other documents (including approvals contractually required by any Acquired REIT to be delivered as a condition to the transfer of such Transferred Asset), as may be reasonably necessary to convey and vest in ODIT all right, title and interest in and to such Transferred Asset, free and clear of any Liens, except for Permitted Liens.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>IRS Form W-9</u>. In the case of each Selling Entity only, an IRS Form W-9 (or any successor form) duly executed and properly completed by such Selling Entity.

Section 8.2<u>Documents to be Delivered by ODIT at the Closing</u>. At the Closing, ODIT shall deliver to the Transferors the following with respect to the Transferred Assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Instruments of Transfer</u>. Such other instruments of transfer and assumption with respect to the Transferred Assets as may be reasonably acceptable to the Transferors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Joinders, Representation Letters and Other Undertakings</u>. Such joinders, representation letters and other undertakings that the Acquired REITs may reasonably require in connection with the transfer of the Transferred Assets to ODIT.

Article IX<br>INDEMNIFICATION

Section 9.1<u>Survival</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The covenants of the Parties contained in this Agreement that require performance prior to or at the Closing shall not survive the Closing, and there shall be no right to indemnification in respect of breaches thereof from and after the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The representations and warranties of the Parties contained in this Agreement or in any certificate or other writing delivered pursuant hereto or in connection

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herewith shall not survive the Closing, and there shall be no right to indemnification in respect of breaches thereof from and after the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The right to indemnification with respect to any covenant of a Party herein that by its terms requires performance by such Party after the Closing (other than the covenants set forth in <u>Article VI</u>) shall survive the Closing until the earlier of (i) the date on which such covenant or agreement is fully performed in accordance with its terms or (ii) the expiration of the applicable statute of limitations under the laws of the State of Delaware (or in the case of the covenants in <u>Article VI</u>, until the date that is thirty (30) days following expiration of the applicable statute of limitations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Any representation or warranty in the case of Fraud, and the right to indemnification for breaches thereof pursuant to this <u>Article IX</u>, shall survive the Closing until the expiration of the applicable statute of limitations under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The survival periods set forth in the foregoing clauses (a)-(e) are in lieu of, and the Parties expressly waive, any otherwise applicable statute of limitations, whether arising at law or in equity. Any claim for breach of representation or warranty hereunder shall be deemed to have accrued as of the Closing. No claim for breach of any representation, warranty, covenant or agreement may be brought after expiration of the survival periods set forth in the foregoing clauses (a)-(e); <u>provided</u>; <u>however</u>, that any breach of a representation, warranty, covenant or agreement described in the foregoing clauses (d)-(e) in respect of which indemnity may be sought under this Agreement shall survive the time at which it would otherwise terminate pursuant to the preceding sentence if written notice of a claim for indemnification resulting from such inaccuracy or breach of such representation, warranty, covenant or agreement is duly given in good faith prior to the end of the applicable survival period to the Party against whom such indemnity is being sought, in which case such indemnification claim shall survive until it is fully resolved (either by mutual written agreement of the applicable Parties or, absent such mutual written agreement, as resolved by a court of competent jurisdiction in a final, non-appealable order). For the avoidance of doubt and notwithstanding the foregoing, the survival periods set forth in this <u>Section 9.1</u>, shall not control with respect to the RWI Policy, which shall contain survival periods that shall control for purposes thereunder.

Section 9.2<u>Obligation to Indemnify</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Subject to the provisions of this <u>Article IX</u> (including <u>Section 9.3</u>), from and after the Closing, each Selling Entity shall, severally and not jointly, defend, indemnify and hold harmless ODIT Indemnified Parties from and against, and pay or reimburse ODIT Indemnified Parties for, any and all Losses based upon, resulting from or arising out of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any breach of a covenant or agreement (which include, for the avoidance of doubt, the covenants set forth in <u>Article VI</u>) required to be performed by such Selling Entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Fraud committed (A) by such Selling Entity or any of its Affiliates and each of their respective officers, directors, managers, shareholders, members, partners, employees, successors and permitted assigns or (B) by the BODI I Fund, the BODI Fund I GP or any of their respective Affiliates and each of the officers, directors, managers, shareholders, members, partners, employees, successors and permitted assigns of each of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Subject to the provisions of this <u>Article IX</u>, from and after the Closing, ODIT shall defend, indemnify and hold harmless the Transferors from and against, and pay or reimburse the Transferors for, any and all Losses based upon, resulting from or arising out of any breach of a material covenant required to be performed by ODIT in this Agreement.

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Section 9.3<u>Certain Limitations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The aggregate liability of a Selling Entity with respect to Losses that are the subject matter of <u>Section 9.2(a)(i)</u> shall not exceed, in the aggregate, an amount equal to such Selling Entity's Final Transferor Closing Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The amount of any Losses for which any ODIT Indemnified Party claims indemnification under this Agreement shall be reduced by any indemnification or reimbursement payments actually received by such Person from third parties, including any amounts received under the RWI Policy, net of the aggregate amount of all costs and expenses (including reasonable attorneys' fees and expenses) of recovery or collection, including any deductibles, retentions or similar costs or payments and any increases in premiums ("<u>Recovery Costs</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)No Party shall, in any event, be liable or otherwise responsible for any punitive damages arising out of or relating to this Agreement or the performance or breach hereof; <u>provided</u>, that nothing in this <u>Section 9.3(c)</u> shall limit a Person's liability for any punitive damages paid or payable by such Person in connection with a Third Party Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The aggregate liability of ODIT with respect to Losses that are the subject matter of <u>Section 9.2(b)</u> shall in no event exceed an amount equal to the portion of the Aggregate Closing Consideration attributable to ODIT (without duplication).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)For the avoidance of doubt, any limitations on indemnification (including with respect to the maximum indemnifiable amount) in this <u>Article IX</u> shall not apply to any indemnification obligations with respect to Losses resulting from Fraud.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)For purposes of clarification, the Selling Entities shall be severally (and not jointly and severally) liable hereunder, pro rata in accordance with such Selling Entities' respective Seller Pro Rata Shares, for any indemnifiable Losses under <u>Section 9.2(a)</u>. For purposes of calculating any limits of liability pursuant to this <u>Section 9.3</u>, such limitation shall be calculated on a Selling Entity-by-Selling Entity basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)For the avoidance of doubt, it is the intention of the Parties that any indemnification payments received by ODIT pursuant to this Agreement shall only be allocated and distributed to the New Investors and any indemnification claims against ODIT pursuant to this Agreement shall only be allocated to and funded only by the New Investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Notwithstanding anything herein to the contrary, as among BODI Fund I LPs, the BODI Fund I GP shall be authorized to allocate any indemnification payments to be borne by the BODI I Funds hereunder in its good faith discretion and make equitable adjustments that are, in its reasonable judgment, necessary, including for purposes of ensuring that any such obligations are borne by the BODI Fund I LPs based on their respective pro rata portion of (i) the Aggregate Closing Consideration *plus* (ii) the value of the capital contributions that will be deemed made pursuant to <u>Section 1.5(a)</u>.

Section 9.4<u>Claim Procedures Against the Selling Entities</u>. In the event that an indemnification claim pursuant to this <u>Article X</u> is finally resolved against a Selling Entity (both as to validity of the indemnification claim and the amount of the Losses indemnifiable by such Selling Entity hereunder), whether by agreement of such Selling Entity or a judicial determination with respect thereto (an "<u>Approved Claim</u>"), the applicable Selling Entity shall be liable for such Approved Claim, subject to the limitations set forth in <u>Section 9.3</u>. To the extent necessary to satisfy an Approved Claim hereunder (including to the extent the Selling Entity has insufficient cash or other liquid investments available to satisfy an Approved Claim), the BODI Fund I GP shall enforce the All Partner Giveback Provisions against the applicable parties for the purpose of funding such indemnification.

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Section 9.5<u>Third Party Claim Procedure</u>. In the case of any litigation asserted by a third party (a "<u>Third Party Claim</u>") against a party entitled to indemnification under this Agreement (an "<u>Indemnified Party</u>"), notice shall be given by the Indemnified Party to the Party required to provide indemnification hereunder (the "<u>Indemnifying Party</u>") promptly after such Indemnified Party has actual knowledge of such Third Party Claim, and if within ten (10) Business Days after receiving such notice, the Indemnifying Party gives written notice that the Indemnifying Party disputes and intends to defend against such Third Party Claim, then the Indemnifying Party shall have the right (at the expense of such Indemnifying Party and so long as the Indemnifying Party acknowledges in writing (i) that the Indemnifying Party would be liable for indemnity under the provisions hereof if such Third Party Claim were valid and (ii) its obligation to indemnify the Indemnified Party for all Losses related to such Third Party Claim) to assume the defense of such Third Party Claim; <u>provided</u>, that (a) counsel for the Indemnifying Party who shall conduct the defense of such Third Party Claim shall be reasonably satisfactory to the Indemnified Party, and the Indemnified Party may participate in such defense at such Indemnified Party's expense, and (b) the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its indemnification obligation under this Agreement except to the extent such Indemnifying Party is actually and materially prejudiced as a result of such failure to give notice. If the Indemnifying Party does not assume the defense of such Third Party Claim within ten (10) Business Days following notice thereof, or if the Third Party Claim (i) involves any possibility of criminal liability, (ii) involves any material customer, supplier or vendor of any Indemnified Party, (iii) seeks injunctive relief, specific performance or other equitable relief against any Indemnified Party, (iv) if determined adversely to any of the Indemnified Parties, would (together with all other pending claims) reasonably be expected to result in Losses to the Indemnified Parties in excess of the maximum amount the Indemnified Parties would then be entitled to recover from the Indemnifying Party under this <u>Article IX,</u> (v) the Indemnified Party reasonably determines based on advice of counsel that the Indemnifying Party has a potential or actual legal conflict, or (vi) the Indemnifying Party fails to continue to defend the Third Party Claim in good faith, the Indemnified Party shall be entitled to assume and control such defense and to settle or agree to pay in full such Third Party Claim without the consent of the Indemnifying Party without prejudice to the ability of the Indemnified Party to enforce its claim for indemnification against the Indemnifying Party hereunder. Except with the prior written consent of the Indemnified Party, no Indemnifying Party, in the defense of any such Third Party Claim, shall consent to entry of any judgment or enter into any settlement that provides for injunctive or other non-monetary relief affecting the Indemnified Party or a finding or admission of any wrongdoing or that does not include as an unconditional term thereof the giving, by each claimant or plaintiff to such Indemnified Party, of an irrevocable release from all liability with respect to such Third Party Claim. If the Indemnified Party in good faith determines that the conduct of the defense or any proposed settlement of any Third Party Claim would reasonably be expected to affect adversely the Indemnified Party's ability to conduct its business, or that the Indemnified Party may have available to it one or more defenses or counterclaims that are inconsistent with one or more of those that may be available to the Indemnifying Party in respect of such Third Party Claim, the Indemnified Party shall have the right at all times to take over and control the defense, settlement, negotiation or litigation relating to any such Third Party Claim at the sole cost of the Indemnifying Party; <u>provided</u>, that if the Indemnified Party does so take over and control, the Indemnified Party shall not settle such Third Party Claim without the written consent of the Indemnifying Party, such consent not to be unreasonably withheld or delayed. In any event, each of the Parties shall reasonably cooperate in the defense of any Third Party Claim subject to this <u>Article IX</u> and the records of each shall be reasonably available to the other with respect to such defense.

Section 9.6<u>Treatment of Indemnity Payment</u>. The Parties agree to treat any indemnity payment made pursuant to this <u>Article IX</u> as an adjustment to the Aggregate Closing Consideration for all purposes, including applicable Tax purposes, unless otherwise required by applicable Law.

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Section 9.7<u>Exclusive Remedies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The indemnification provisions of this <u>Article IX</u>, shall be the sole and exclusive remedies of the Transferors, ODIT or any other Indemnified Parties (or any Person acting through the Indemnified Parties, including the New Investors) for any claims based on this Agreement or the Transactions, including, without limitation, for (i) any breach or inaccuracy of the representations and warranties contained in this Agreement and (ii) the breach of or failure to perform any covenant, agreement or obligation contained in this Agreement, in each case including in connection with any Fraud in connection with the Transactions. Transferors, ODIT and each Indemnified Party (on behalf of itself and any other Person acting through such Indemnified Party, including the New Investors) covenants and agrees not to bring or maintain a claim hereunder (other than as permitted under this <u>Article X</u>), and no recourse shall be brought or granted against any Indemnifying Party, including the BODI I Fund, the BODI Fund I GP, any Transferor or any of their respective partners or members by virtue of or based upon this Agreement or the Transactions or any alleged misrepresentation or inaccuracy in or breach of any of the representations, warranties or covenants of any Person set forth or contained in this Agreement or any information, document, or material furnished or made available to such Indemnified Party, and/or any of its or their investors or representatives in "data rooms," management or other presentations or in any other form in anticipation of or in connection with the Transactions (other than as permitted under this <u>Article IX</u>). In furtherance of the foregoing, the Transferors, ODIT and each Indemnified Party hereby irrevocably waives (on behalf of itself and any other Person acting through such Indemnified Party, including the New Investors) all rights, causes of action and claims of any type or description based on this Agreement or the Transactions, other than the right to seek indemnity in accordance with the terms of this <u>Article IX</u>. Notwithstanding the foregoing, nothing in this <u>Article IX</u> will limit or restrict the right of a Party to seek any recovery under the RWI Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Each ODIT Indemnified Party (on behalf of itself and any other Person acting through such ODIT Indemnified Party, including the New Investors) acknowledges and agrees that the RWI Policy (to the extent obtained) shall be the sole source of recovery available to such Party and its Affiliates and representatives and its and its Affiliates' and representatives' respective successors and assigns for breaches of representations and warranties contained herein by the BODI I Fund, the BODI Fund I GP or any Transferor (other than in case of Fraud) (it being understood that if no RWI Policy is obtained, there shall be no source of recovery available for such breaches). Each Indemnified Party shall use, and cause its Affiliates to use, commercially reasonable efforts to seek recovery under all applicable insurance policies (including, as applicable, the RWI Policy) covering any Losses for which indemnity has been provided hereunder (provided, for the avoidance of doubt, that, subject to <u>Section 9.3</u>, the amount of any Recovery Costs, deductibles, retentions or similar costs incurred in connection with such recovery shall also constitute Losses of such Indemnified Party). For the avoidance of doubt, notwithstanding anything to the contrary in this Agreement, the Indemnified Party shall be entitled to seek indemnification under this <u>Article IX</u> concurrently with seeking recovery from any third party insurance policies (including the RWI Policy) or other third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Parties acknowledge and agree that the RWI Policy shall be the sole source of recovery available from the Selling Entities with respect to breaches of representations and warranties hereunder by the BODI I Fund, the BODI Fund I GP or the Selling Entities (other than in case of Fraud).

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Article X<br>DEFINITIONS

Section 10.1<u>Certain Terms</u>. The following terms have the respective meanings given to them below:

"<u>394 Pacific REIT Election Date</u>" means August 2, 2016.

"<u>Acquired REIT</u>" means each of STACK USA and 394 Pacific.

"<u>Adjusted Per Unit Price</u>" means an amount equal to (i) the Aggregate Closing Consideration <u>divided by</u> (ii) the aggregate number of Sold Assets.

"<u>Affiliate</u>" means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with such Person as of the date on which, or at any time during the period for which, the determination of affiliation is being made. For purposes of this definition, the term "control" (including the correlative meanings of the terms "controlled by" and "under common control with"), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

"<u>Aggregate Closing Consideration</u>" means the sum of the Final Transferor Closing Consideration for all of the Selling Entities.

"<u>Agreement</u>" has the meaning set forth in the Preamble.

"<u>All Partner Giveback Provisions</u>" means, with respect to any BODI I Fund, the "all partner giveback" provisions set forth in the BODI Fund I LPA (or equivalent provision requiring the return by partners of amounts distributed by such BODI I Fund).

"<u>Amendment</u>" means the amendments to the BODI Fund I LPAs substantially in the form attached hereto as <u>Exhibit I</u>.

"<u>Ancillary Revenue</u>" means the amounts paid by users of the Owned Real Property for (i) utilities including electricity, gas and water, (ii) air conditioning, (iii) rubbish removal, (iv) parking and (v) other similar ancillary utility or service charges.

"<u>Applicable Accounting Principles</u>" means the accounting principles, practices, assumptions, conventions and policies used in the preparation of the Preliminary Closing Statement, which shall be consistent with GAAP, unless the Parties expressly agree to proceed in a manner inconsistent with GAAP in the Preliminary Closing Statement.

"<u>Approved Claim</u>" has the meaning set forth in <u>Section 9.4</u>.

"<u>Base Purchase Price</u>" means $3,289,000,000.

"<u>BODI Fund I GP</u>" has the meaning set forth in the Preamble.

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"<u>BODI Fund I LP</u>" means each of the limited partners of the BODI I Funds.

"<u>BODI Fund I LPA</u>" means (i) with respect to BODI I Main Fund, the Second Amended and Restated Agreement of Limited Partnership of Blue Owl Digital Infrastructure Fund I LP, (ii) with respect to BODI I-A, the Fourth Amended and Restated Agreement of Limited Partnership of Blue Owl Digital Infrastructure Fund I-A LP, and (iii) with respect to BODI I-B, the Fourth Amended and Restated Agreement of Limited Partnership of Blue Owl Digital Infrastructure Fund I-B LP, in each case, as amended, restated, supplemented or otherwise modified from time to time."<u>BODI I Fund</u>" has the meaning set forth in the Preamble.

"<u>Business Day</u>" means any day, other than a Saturday, Sunday or a day on which banks located in New York City, New York are authorized or required by Law to close.

"<u>Capital Expenditure Amount</u>" means the amount of estimated capital expenditures reasonably expected to be incurred by the Acquired REITs and/or their subsidiaries following the Measurement Time in respect of the Owned Real Property set forth in <u>Schedule 10.1(a)</u> to complete the construction projects in such Owned Real Property that are ongoing as of the date hereof and effect delivery thereof pursuant to contractual obligations existing as of the date hereof, which amount shall be determined by the BODI Fund I GP in good faith (and verified by ODIT, acting reasonably). Assuming a Closing Date of December 31, 2025, the BODI Fund I GP estimates, as of the date hereof, that the Capital Expenditure Amount will equal approximately $19,000,000.

"<u>Cash</u>" means, as at a specified date, the aggregate amount of all cash, cash equivalents and marketable securities held by the Acquired REITs and their respective subsidiaries, including all outstanding security, customer or other deposits and all uncashed and uncleared checks, drafts and wires received by or on behalf of an Acquired REIT or any of its subsidiaries, calculated on a basis consistent with the Applicable Accounting Principles.

"<u>Closing</u>" has the meaning set forth in <u>Section 1.6(a)</u>.

"<u>Closing Capital Expenditure Amount</u>" has the meaning set forth in <u>Section 1.3(b)</u>.

"<u>Closing Cash</u>" has the meaning set forth in <u>Section 1.3(b)</u>.

"<u>Closing Date</u>" has the meaning set forth in <u>Section 1.6(a)</u>.

"<u>Closing Indebtedness</u>" has the meaning set forth in <u>Section 1.3(b)</u>.

"<u>Closing Transfers</u>" has the meaning set forth in <u>Section 1.2(b)</u>.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended.

"<u>Contract</u>" means any legally binding contract, agreement, license, sublicense, lease, sublease, commitment, or sales or purchase order or any other arrangement, whether written or oral, including any Contract relating to Indebtedness; provided, however, that "Lease(s)" shall be excluded from the definition of "Contracts."

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"<u>Contributed Assets</u>" means all of the Subject Assets (a) that are indirectly owned by the Rolling Fund I LPs as of immediately prior to the Closing and (b) which will be indirectly rolled, directly or indirectly, into ODIT or ODIT OP, as applicable, in the Pre-Closing Restructuring and will continue to be indirectly owned by such Persons through ODIT or ODIT OP, as applicable.

"<u>Election Deadline</u>" means 5:00 pm New York City time on the date that is twenty (20) Business Days after the distribution date of the applicable Transaction Election Form.

"<u>End Date</u>" has the meaning set forth in <u>Section 11.1(b)</u>.

"<u>Estimated Aggregate Closing Consideration</u>" means the sum of the Estimated Transferor Closing Consideration for all of the Selling Entities.

"<u>Estimated Capital Expenditure Amount</u>" has the meaning set forth in <u>Section 1.3(a)</u>.

"<u>Estimated Cash</u>" has the meaning set forth in <u>Section 1.3(a)</u>.

"<u>Estimated Indebtedness</u>" has the meaning set forth in <u>Section 1.3(a)</u>.

"<u>Estimated Per Unit Price</u>" means (a) the Estimated Purchase Price divided by (b) the number of Subject Assets.

"<u>Estimated Proration Amount</u>" has the meaning set forth in <u>Section 1.4(h)</u>.

"<u>Estimated Purchase Price</u>" means (i) the Base Purchase Price, plus (ii) Estimated Cash minus (iii) Estimated Indebtedness, minus (iv) the Estimated Capital Expenditure Amount, plus or minus (v) the Estimated Proration Amount.

"<u>Estimated Rollover Contribution Value</u>" means, with respect to each Rolling Fund I LP, an amount equal to (a) the product of (i) the Estimated Per Unit Price applicable to the Subject Assets attributable to such Rolling Fund I LP <u>multiplied by</u> (ii) the applicable number of Subject Assets attributable to such Rolling Fund I LP <u>minus</u> (b) such Rolling Fund I LP's *pro rata* share of the carried interest paid to affiliates of the BODI Fund I GP and any amounts payable pursuant to the management incentive plan of STACK USA Holdco.

"<u>Estimated Transferor Closing Consideration</u>" means, with respect to each Selling Entity, an amount equal to the product of (a) the Estimated Per Unit Price applicable to such Selling Entity's Subject Assets <u>multiplied by</u> (b) the applicable number of Subject Assets of such Selling Entity that become Sold Assets, as set forth on <u>Schedule 1-B</u>.

"<u>Existing Indebtedness</u>" means the notes that have been issued to STACK Infrastructure Issuer, LLC as of the date hereof under that certain Indenture, dated as of February 8, 2019, as amended, supplemented or otherwise modified from time to time, among STACK Infrastructure Issuer, LLC, Wilmington Trust, National Association, as indenture trustee, and certain Asset Entities (as defined and named therein).

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"<u>Final Per Unit Price</u>" means (a) the Final Purchase Price divided by (b) the number of Subject Assets.

"<u>Final Purchase Price</u>" means, with respect to each Acquired REIT, the Estimated Purchase Price with respect to such Acquired REIT, as it may be adjusted in accordance with <u>Section 1.3</u>.

"<u>Final Transferor Closing Consideration</u>" means, with respect to each Selling Entity, an amount equal to the product of (A) the Final Per Unit Price applicable to such Selling Entity's Subject Assets <u>multiplied by</u> (B) the applicable number of Subject Assets of such Selling Entity that become Sold Assets, as set forth on <u>Schedule 1-B</u>.

"<u>Financial Advisor</u>" means Goldman Sachs & Co. LLC.

"<u>Fraud</u>" means knowing and intentional common law fraud under Delaware law (including, for the avoidance of doubt, intentional misrepresentations or willful and deliberate breaches of representations) with respect to breaches of representations and warranties set forth in this Agreement.

"<u>Fundamental Representations</u>" means those representations and warranties made by (i) the BODI I Fund in <u>Sections 2.1(a)</u>, <u>2.2</u>, <u>2.3(a)</u>, <u>2.4</u>, <u>2.5</u>, <u>2.8(a)</u>, <u>2.9</u>, <u>2.13(a)</u> and the first sentence of <u>Section 2.6</u>, and (ii) the BODI Fund I GP in <u>Sections 3.1</u>, <u>3.2</u> and <u>3.3</u>.

"<u>GAAP</u>" means U.S. generally accepted accounting principles.

"<u>Governmental Authority</u>" means any nation or government, any state or other political subdivision thereof, any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, any court, tribunal or arbitrator, any taxing authority, and any self-regulatory organization.

"<u>Indebtedness</u>" means, as at a specified date, without duplication, the principal amount, plus any related accrued and unpaid interest, fees and prepayment premiums or penalties, of (i) indebtedness for borrowed money of any of the Acquired REITs and/or any of their subsidiaries, (ii) indebtedness of any of the Acquired REITs and/or any of their subsidiaries evidenced by any note, bond, debenture or other debt security, (iii) reimbursement obligations of any of the Acquired REITs and/or any of their subsidiaries under letters of credit, performance bonds or similar obligations, in each case (but, solely for the purposes of calculating any amount of Indebtedness outstanding, only to the extent drawn), (iv) obligations of any of the Acquired REITs and/or any of their subsidiaries under any interest rate, currency or other hedging or similar agreement, and/or (v) any guaranty by any of the Acquired REITs and/or any of their subsidiaries of any of the items set forth in clauses (i) through (iv) of any other Person. Notwithstanding the foregoing, "Indebtedness" does not include (A) any operating or lease obligations (including capital leases), (B) any intercompany obligations solely between or among an Acquired REIT and any of its wholly-owned subsidiaries, (C) Tax obligations or (D) trade payables and accrued expenses arising in the ordinary course of business.

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"<u>Indemnified Party</u>" has the meaning set forth in <u>Section 9.5</u>.

"<u>Indemnifying Party</u>" has the meaning set forth in <u>Section 9.5</u>.

"<u>Interim Period</u>" means the period from the Signing Date through the Closing (or, if earlier, the termination of this Agreement pursuant to its terms).

"<u>Intermediate Holding Vehicle</u>" means, as of any time of determination, any intermediate holding vehicle through which a BODI I Fund indirectly owns Subject Assets.

"<u>IRS</u>" means the Internal Revenue Service.

"<u>Knowledge</u>" of each BODI I Fund or the BODI Fund I GP, as applicable, means the actual knowledge of Josh Friedman and Jack Viellieu.

"<u>Laws</u>" means applicable bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium, other applicable laws, statutes, ordinances, rules, regulations, judgments, injunctions, orders and decrees of general application.

"<u>Lease</u>" means any and all leases, subleases, license agreements, and any other agreements and other instruments for the use, possession and/or occupancy of the Owned Real Property (or any portion thereof), including any service level agreement (or any similar services agreement) attached thereto, together with all amendments and modifications thereto and guarantees thereof.

"<u>Leasing Costs</u>" means, with respect to any Lease, (a) all tenant improvement costs, (b) "tenant allowances", "free rent" and other concessions and (c) leasing and brokerage commissions, in each case under, or incurred or payable in connection with, such Lease.

"<u>Lien</u>" means, with respect to any property or asset, any mortgage, deed of trust, pledge, hypothecation, security interest, encumbrance, claim, lien, right of others, lease, sublease, license, occupancy agreement, adverse claim or interest, easement, covenant, encroachment, burden, title defect, title retention agreement, voting trust agreement, interest, equity, option, right of first refusal, charge or other restriction or limitation of any kind.

"<u>Limited Partner Advisory Committee</u>" means the limited partner advisory committee of the BODI I Funds.

"<u>Litigation</u>" means any action, cause of action, suit, arbitration proceeding, citation, summons, subpoena or investigation of any nature, civil, criminal, regulatory or otherwise, in law or in equity.

"<u>Losses</u>" means any damages, losses, charges, liabilities, judgments, settlements, awards, fees, claims, obligations, deficiencies, demands, Taxes, interest, fines, penalties, assessments, costs and reasonable expenses (including costs of investigation and defense and reasonable attorneys' and other professionals' fees) whether or not involving a third-party claim, whether resulting from a judgment, a settlement, an award or otherwise.

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"<u>Material Adverse Effect</u>" means any event, occurrence, change, development or effect that, individually or in the aggregate, has had or would reasonably be expected to have a material adverse effect on the business, financial condition or results of operations of an Acquired REIT and its subsidiaries taken as a whole, it being understood and agreed that a Material Adverse Effect shall not include any changes (i) as a result of war, urban conflict, riots or civil unrest, (ii) as a result of a hurricane, tornado, fire, flood, pandemics or disease outbreaks (including COVID-19, SARS-CoV-2 virus or any mutation or variation thereof), or other "act of god," (iii) any changes in general political, economic, financial or capital market or applicable industry-wide conditions, and/or (iv) regulatory changes, changes in applicable Law or interpretation thereof or changes in GAAP or the interpretation thereof, except, in the case of clause (i), (ii), (iii) and (iv), to the extent such changes that have had or would reasonably be expected to have a disproportionate adverse effect on such Acquired REIT as compared to other companies and entities engaged in the same industry as such Acquired REIT (in which case such incremental disproportionate adverse effect shall be taken into account in determining whether a Material Adverse Effect has occurred or would reasonably be expected to occur).

"<u>Material Agreement</u>" means, (i) with respect to each BODI I Fund, any agreement to which such Person is a party that includes material rights and/or material obligations of such Person and (ii) with respect to each Acquired REIT, any agreement to which such Acquired REIT (or any of its subsidiaries) is a party that includes material rights and/or material obligations of such Acquired REIT (or its subsidiaries).

"<u>Material Lease</u>" means a Lease pursuant to which the customer or tenant thereunder is provided with at least 8 MWs of critical IT load.

"<u>Measurement Time</u>" means 11:59 p.m. on the date immediately prior to the Closing Date.

"<u>New Investors</u>" means each of the direct or indirect shareholders of ODIT or ODIT OP as of immediately following the Closing (which, for the avoidance of doubt shall exclude the ODIT OP SLPs and the Rolling Fund I LPs, which are not intended to be considered New Investors).

"<u>Occupancy Payments</u>" has the meaning set forth in <u>Section 1.4(a)</u>.

"<u>ODIT</u>" has the meaning set forth in the Preamble.

"<u>ODIT Governing Agreements</u>" means the Organizational Documents of ODIT, ODIT OP and/or any other vehicle through which Rolling Fund I LPs indirectly hold an interest in ODIT, as applicable.

"<u>ODIT Indemnified Party</u>" means, subject to <u>Section 9.3(g)</u>, ODIT, each New Investor and each of the Affiliates of each of the foregoing and each of the officers, directors, managers, shareholders, members, partners, employees, successors and permitted assigns of each of the foregoing.

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"<u>ODIT OP</u>" has the meaning set forth in the Preamble.

"<u>ODIT OP SLPs</u>" means Blue Owl Digital Infrastructure Trust Carry LLC, a Delaware limited liability company and Blue Owl Digital Infrastructure Trust Carry LP, a Delaware limited partnership.

"<u>ODIT OP Units</u>" means units of ODIT OP.

"<u>ODIT Share Value</u>" means, with respect to ODIT Shares and ODIT OP Units, the lesser of (i) $10.00 and (ii) the price at which any New Investor has acquired such ODIT Shares or ODIT OP Units, respectively.

"<u>ODIT Shares</u>" means ODIT's common shares of beneficial interest, par value $0.01 per share.

"<u>Operative Documents</u>" means, with respect to each Acquired REIT and each of its subsidiaries, the Organizational Documents of such Acquired REIT or such subsidiary, as applicable, and any material agreements that govern the material rights and/or material obligations of a Selling Entity with respect to any Transferred Assets.

"<u>Organizational Documents</u>" means the articles of incorporation, certificate of incorporation, charter, bylaws, articles of formation, certificate of formation, operating agreement, certificate of limited partnership, partnership agreement, and all other similar documents, instruments or certificates executed, adopted, or filed in connection with the creation, formation, or organization of a Person, including any amendments thereto.

"<u>Owned Real Property</u>" means the real property owned in fee by the Acquired REITs and their respective subsidiaries as more particularly described on <u>Schedule 10.1(b)</u> of the Disclosure Schedules, together with all buildings and other structures, facilities or improvements located thereon and all covenants, easements, licenses, rights and appurtenances pertaining thereto.

"<u>Parties</u>" has the meaning set forth in the Preamble.

"<u>Permitted Liens</u>" means, with respect to each Acquired REIT, restrictions and other limitations on the transferability of a Subject Asset set forth in (a) the Organizational Documents of such Acquired REIT and (b) restrictions on transferability under applicable securities laws and regulations.

"<u>Person</u>" means an individual, corporation, partnership, limited liability company, association, trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

"<u>Pre-Closing Restructuring</u>" has the meaning set forth in <u>Section 1.2(a)</u>.

"<u>Pre-Closing Tax Period</u>" means any taxable period (or portion thereof) ending on or prior to the Closing Date.

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"<u>Recovery Costs</u>" has the meaning set forth in <u>Section 9.3(b)</u>.

**"**<u>REIT</u>**"** shall mean a "real estate investment trust" within the meaning of Sections 856 through 860 of the Code.

**<u>"</u>**<u>REIT Election Date"</u> shall mean (i) with respect to 394 Pacific, the 394 Pacific REIT Election Date and (ii) with respect to STACK USA, the STACK USA REIT Election Date.

"<u>REIT Maintenance Date</u>" shall mean January 1, 2027.

"<u>Restraint</u>" has the meaning set forth in <u>Section 11.1(f)</u>.

"<u>Restructuring Agreement</u>" means the agreement to consummate the Pre-Closing Restructuring on the terms and in a form reasonably acceptable to the BODI Fund I GP and ODIT.

"<u>Rolling Fund I LP</u>" means any BODI Fund I LP that has validly elected the Rollover Option in accordance with the terms of their Transaction Election Form and this Agreement.

"<u>R&W Insurer</u>" means the insurer that issues that RWI Policy obtained in accordance with <u>Section 5.5(b)</u>.

"<u>RWI Policy</u>" means the insurance policy expected to be obtained as contemplated by <u>Section 5.5(b)</u> in the name of ODIT and for the benefit of ODIT, which policy shall provide for reasonable coverage, as agreed by the BODI Fund I GP and ODIT, in respect of breaches of the representations and warranties of the BODI I Funds and the BODI Fund I GP and certain other losses in respect of the Subject Assets, including as to policy limit and taking into account the expected costs thereof; <u>provided</u>, <u>however</u>, that, ODIT acknowledges and agrees, that without the prior written consent of the BODI Fund I GP, any such policy shall contain customary non-subrogation language.

"<u>Seller Expenses</u>" means all fees, costs and expenses incurred (or required to be reimbursed) by the Transferors and their Affiliates (including the BODI Fund I GP) related to (i) preparation of any memoranda, disclosures, consents, waivers and/or election forms or materials (including the Transaction Election Forms) for each BODI I Fund and the investors in the BODI I Funds, and/or other correspondence or negotiations with the BODI Fund I LPs or the Limited Partner Advisory Committee, (ii) other communications with such investors and the Limited Partner Advisory Committee, (iii) any fairness opinions or other valuation appraisals obtained by the Transferors in connection with the Transactions, (iv) fifty percent (50%) of the costs of the RWI Policy to be obtained by ODIT in connection with the Transaction, including any premium, underwriting and broker fees, and tax thereon and any out-of-pocket costs, fees and expenses that are incurred by the BODI I Fund or ODIT and its Affiliates in connection with the negotiation thereof, (v) any fees and expenses owed to the Financial Advisor in connection with the Transactions and (vi) the structuring, negotiation, execution and consummation of the Transactions and the transfer of the Transferred Assets including, without limitation, the expenses related to the preparation, review and negotiation of this Agreement and the fees and

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expenses related to any assignment agreements. For the avoidance of doubt, any amounts payable pursuant to the management incentive plan of STACK USA Holdco shall be paid by the applicable Selling Entities and shall therefore reduce the proceeds available for distribution to the Selling Fund I LPs but such amounts shall not otherwise be charged or borne by any Party to this Agreement, except as otherwise set forth in this Agreement.

"<u>Seller Pro Rata Share</u>" means, as to any Selling Entity, the quotient, expressed as a percentage, of (i) the Final Transferor Closing Consideration actually paid to such Selling Entity <u>divided by</u> (ii) the Aggregate Closing Consideration.

"<u>Selling Entities</u>" means (a) STACK USA Holdco and (b) 394 Pacific Holdco.

"<u>Selling Entity Expense Proportionate Share</u>" means, as to each Selling Entity, an amount equal to the quotient of (A) the aggregate number of Sold Assets of such Transferor, as set forth on <u>Schedule 1-B,</u> <u>divided by</u> (B) the aggregate number of Subject Assets set forth under the columns titled "Sold Assets" and "Rollover Assets" on <u>Schedule 1-B</u>.

"<u>Selling Fund I LP</u>" means any BODI Fund I LP that has validly elected the Sale Option in accordance with the terms of their Transaction Election Form and this Agreement.

"<u>Signing Date</u>" has the meaning set forth in the Preamble.

"<u>Sold Assets</u>" means all of the Subject Assets that are indirectly owned by the Selling Fund I LPs as of immediately prior to the Closing.

"<u>STACK USA REIT Election Date</u>" means February 1, 2018.

"<u>Straddle Period</u>" has the meaning set forth in <u>Section 6.2(c)(iii)</u>.

"<u>Subject Assets</u> " has the meaning set forth in the Recitals.

"<u>Tax</u>" means (i) any and all U.S. federal, state, local or non-U.S. income, alternative, minimum, accumulated earnings, personal holding company, franchise, capital stock, capital gains, profits, windfall profits, gross receipts, sales, use, value-added, transfer, registration, stamp, premium, excise, customs duties, severance, real property, personal property, ad valorem, employment, payroll, social security, disability, unemployment, workers' compensation, withholding, imputed underpayment, estimated or other similar tax, duty, fee, assessment or other governmental charge in the nature of a tax (including any and all interest and penalties thereon and additions thereto and including any amounts resulting from the failure to file any Tax Return), (ii) any liability for payment of amounts described in clause (i) whether as a result of transferee liability, of being a member of an affiliated, consolidated, combined or unitary group for any period or otherwise through operation of law; and (iii) any liability for the payment of amounts described in clause (i) or (ii) as a result of any tax sharing, tax indemnity or tax allocation agreement or any other express or implied agreement to indemnify any other Person, or of being a party to any agreement or arrangement whereby liability for payment of such amounts was determined or taken into account with reference to the liability of any other Person.

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"<u>Tax Return</u>" means any federal, state, local or non-U.S. tax return, election, declaration, statement, report, schedule, form or information return or any amendment to any of the foregoing relating to Taxes filed or required to be filed with a taxing authority.

"<u>Tenant</u>" means any tenant, licensee or other occupant under any Lease.

"<u>Third Party Claim</u>" has the meaning set forth in <u>Section 9.5</u>.

"<u>Transaction Election Form</u>" means, with respect to each BODI Fund I LP, the election form pursuant to which such BODI Fund I LP shall have the right to elect to (i) sell all of its indirect interest in the Subject Assets (the "<u>Sale Option</u>"), or (ii) roll its indirect interest in the Subject Assets, directly or indirectly, into ODIT or ODIT OP (the "<u>Rollover Option</u>") (in each case of clauses (i)-(ii) in accordance with the terms of such election form).

"<u>Transaction Expenses</u>" means (a) all fees and expenses incurred (or required to be reimbursed) by the Transferors and their Affiliates (including the BODI Fund I GP) related to certain regulatory filings required in connection with the Transactions and related filing and legal fees in connection therewith, (b) any and all Transfer Taxes incurred in connection with the Transactions and (c) all fees and expenses owed to any escrow agent engaged by the parties in connection with the Transactions.

"<u>Transaction Material Adverse Effect</u>" means any change, event, state of facts or development that has had or would reasonably be expected to have a material adverse effect on (a) the business, financial condition, assets or continuing results of operations of the Acquired REITs and their subsidiaries, taken as a whole, or (b) the ability of the Acquired REITs and/or any of their subsidiaries to consummate the Transactions before the End Date; <u>provided</u>, <u>however</u>, that in the case of clause (a), no change, event, state of facts or development resulting from any of the following, alone or in combination, shall be deemed to be or taken into account in determining whether there has been or will be, a "<u>Transaction Material Adverse Effect</u>": (i) the entry into or the announcement, pendency or performance of this Agreement or the Transactions contemplated hereby or the consummation of any Transactions contemplated hereby, including (A) the failure to obtain any third party consent in connection with the Transactions contemplated hereby and (B) the impact of any of the foregoing on any relationships with customers, suppliers, vendors, business partners, employees or any other Person, (ii) any change, event or development in or affecting financial, economic, social or political conditions generally or the securities, credit or financial markets in general, including interest rates or exchange rates, or any changes therein, in the United States or other countries in which the Acquired REITs and/or any of its subsidiaries conduct operations or any change, event or development generally affecting the industries in which the Acquired REITs and/or any of its subsidiaries operate, (iii) any adoption, implementation, proposal or change after the date hereof in any applicable Law or GAAP or interpretation of any of the foregoing, (iv) the failure of the Acquired REITs and/or any of its subsidiaries to meet any projections, budgets, forecasts or estimates of revenues, earnings or other financial results for any period ending on or after the date of this Agreement; <u>provided</u>, <u>however</u>, that the exception in this <u>clause (iv)</u> shall not prevent the underlying facts giving rise or contributing to such failure, if not otherwise excluded from the definition of Transaction Material Adverse Effect, from being taken into account in determining

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whether a Transaction Material Adverse Effect has occurred; and <u>provided</u>, <u>further</u>, that this <u>clause (iv)</u> shall not be construed as implying that the Acquired REITs and/or any of its subsidiaries are making any representations or warranties with respect to any internal or public projections, budgets, forecasts or estimates of revenues, earnings or other financial results for any period, (v) the commencement, occurrence, continuation or escalation of any war (whether or not declared), civil disobedience, sabotage, armed hostilities, military or para-military actions or acts of terrorism (including cyberattacks), (vi) any actions or claims made or brought by any of the current or former shareholders or equityholders of the Transferors, the Acquired REITs and/or any of their respective subsidiaries (or on their behalf or on behalf of the Transferors, Acquired REITs and/or any of their respective subsidiaries, but in any event only in their capacities as current or former shareholders or equityholders) arising out of this Agreement or (vii) the existence, occurrence or continuation of any force majeure events, including any earthquakes, floods, hurricanes, tropical storms, fires or other natural disasters, any national, international or regional calamity or any outbreak of illness, epidemic, pandemic or other public health event (including COVID-19) or any restrictions to the extent relating to, or arising out of, any outbreak of illness, epidemic, pandemic or other public health event (including COVID-19) or any material worsening of any of the foregoing; <u>provided</u>, that with respect to <u>clauses (ii)</u>, <u>(iii)</u>, <u>(v)</u>, and <u>(vii)</u>, such changes, events, state of facts or developments may be taken into account to the extent they disproportionately adversely affect the Acquired REITs and their subsidiaries, taken as a whole, compared to other companies operating in the United States in the industries in which the Acquired REITs and their respective subsidiaries operate.

"<u>Transactions</u>" means the transactions specifically contemplated by this Agreement, including without limitation, the Closing Transfers.

"<u>Transfer Taxes</u>" means all transfer, documentary, sales, use, stamp, registration, value-added and other similar Taxes and fees (including any penalties and interest) incurred in connection with the Transactions (including any real property transfer Tax and any similar Tax related to the transfer of property) (but excluding any income, profits, franchise, gross receipts or similar Tax).

"<u>Transferor</u>" means each of (a) the BODI I Funds and (b) the Selling Entities.

"<u>Transferred Assets</u>" means, collectively, the Contributed Assets and the Sold Assets.

"<u>Treasury Regulations</u>" means the regulations promulgated or proposed under the Code by the U.S. Department of Treasury and the IRS, as amended from time to time (including any successor regulations), including temporary and proposed regulations.

"<u>Willful Breach</u>" means a material breach of this Agreement that is a consequence of an act or failure to act by the breaching Party with actual knowledge (as opposed to imputed or constructive knowledge), that such Party's act or failure to act would, or would be reasonably be expected to, constitute a material breach of this Agreement.

Section 10.2<u>Construction</u>. The words "hereof," "herein" and "hereunder" and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any

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particular provision of this Agreement. The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections and Exhibits are to Articles, Sections and Exhibits of this Agreement unless otherwise specified. All Exhibits and Schedules annexed or attached hereto are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized term used in any Exhibit or Schedule but not otherwise defined therein shall have the meaning given to such term in this Agreement. The inclusion of any disclosure on a Schedule hereto is not an admission as to the materiality or lack thereof of the subject matter of any such disclosure. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words "include," "includes" or "including" are used in this Agreement, they shall be deemed to be followed by the words "without limitation," whether or not they are in fact followed by those words or words of like import. "Writing," "written" and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof. References to any Person include the successors and permitted assigns of that Person. References "from" or "through" any date mean, unless otherwise specified, from and including or through and including, respectively. Any reference to "days" means calendar days unless Business Days are expressly specified. If any action under this Agreement is required to be done or taken on a day that is not a Business Day, then such action shall be required to be done or taken not on such day but on the first succeeding Business Day thereafter. The terms "Dollars" and "$" mean United States Dollars. Each Party acknowledges that it participated in, or had the meaningful opportunity to participate in, the negotiations and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed to be the product of meaningful individualized negotiations among the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement.

Article XI<br>TERMINATION

Section 11.1<u>Termination</u>. This Agreement may be terminated and the Transactions contemplated by it abandoned at any time prior to the Closing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)by mutual written agreement of the BODI Fund I GP and ODIT;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)by the BODI Fund I GP, if the Closing does not occur on or before March 31, 2026 (or such later date as may be agreed upon in writing by the BODI Fund I GP and ODIT) (the "<u>End Date</u>"); <u>provided</u>, <u>however</u>, that (i) the right to terminate this Agreement under this <u>Section 11.1</u> shall not be available to the BODI Fund I GP if the Transferors or any of their respective Affiliates knowingly or willfully breached this Agreement and such breach has been the direct cause of or resulted in the failure of the Closing to occur on or before the End Date and (ii) the BODI Fund I GP cannot agree to any Closing Date later than March 31, 2026 without obtaining an additional approval of the Limited Partner Advisory Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)by ODIT, if the Closing does not occur on or before the End Date; provided, however, that the right to terminate this Agreement under this Section 11.1 shall not be available to ODIT if ODIT or any of its Affiliates knowingly or willfully breached this Agreement and such breach has been the direct cause of or resulted in the failure of the Closing to occur on or before the End Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)by ODIT, if a Selling Entity, a BODI I Fund or the BODI Fund I GP breaches or fails to perform any of its representations, warranties or covenants contained in this Agreement and such breach or failure to perform would give rise to the failure of a condition set forth in <u>Section 7.1</u> or <u>Section 7.3</u> (subject, for the avoidance of doubt, to the provisos set forth in

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clauses (a), (b) and (e) of <u>Section 7.3</u>) that (i) cannot be cured prior to the End Date or (ii) if capable of being cured, has not been cured within the earlier of (x) twenty (20) days following receipt by the BODI Fund I GP of written notice from ODIT of such breach or failure to perform and (y) the End Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)by the BODI Fund I GP, if ODIT breaches or fails to perform in any material respects any of its representations, warranties or covenants contained in this Agreement and such breach or failure to perform would give rise to the failure of a condition set forth in <u>Section 7.1</u> or <u>Section 7.2</u> that (i) cannot be cured prior to the End Date or (ii) if capable of being cured, has not been cured within the earlier of (x) twenty (20) days following receipt by ODIT of written notice from the BODI Fund I GP of such breach or failure to perform and (y) the End Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)by the BODI Fund I GP or ODIT, if any court of competent jurisdiction or other Governmental Authority shall have issued a final order, decree or ruling or taken any other final action restraining, enjoining, or otherwise prohibiting the consummation of the Transactions and such order, decree, ruling or other action is or shall have become final and nonappealable (each, a "<u>Restraint</u>"); <u>provided</u> that the BODI Fund I GP or ODIT, as applicable, shall not have the right to terminate this Agreement pursuant to this <u>Section 11.1(f)</u> if the failure of (i) in the case of the BODI Fund I GP, the Transferors or any of their respective Affiliates, or (ii) in the case of ODIT, the ODIT Parties or any of their respective Affiliates, to fulfill any obligation under this Agreement shall have been the primary cause of any such Restraint;

The Party terminating this Agreement pursuant to <u>Section 11.1(b)-(f)</u> shall give written notice of such termination to the other Party.

Section 11.2<u>Effect of Termination.</u> In the event of termination of this Agreement pursuant to <u>Section 11.1</u>, the provisions of this Agreement shall immediately become void and of no further force and effect (other than the provisions of <u>Section 5.1</u> (Confidentiality), this <u>Section 11.2</u> (Effect of Termination), and <u>Article XII</u> (Miscellaneous) each of which shall survive the termination of this Agreement), and there shall be no liability on the part of any Party, or any of their respective Affiliates, except for any Willful Breaches by such Party of any of its covenants, agreements, representations or warranties contained herein, at or prior to the effective time of such termination.

Article XII<br>MISCELLANEOUS

Section 12.1<u>Notices</u>. Any notice hereunder shall be in writing (including e-mail, other electronic means or similar writing) and shall be deemed to have been duly delivered (a) if sent by certified or registered mail, return receipt requested, three (3) Business Days after such notice is sent, (b) if sent by UPS, FedEx or other overnight courier, one Business Day after such notice is sent, (c) if posted on an electronic data site with an e-mail to the recipient that informs the recipient of such posting and clearly identifies the nature of such notice or document, on the date of delivery of such notice, or, if such date is not a Business Day, the first date thereafter that is a Business Day, (d) if sent by e-mail or other electronic means (with confirmation of receipt), on the date of delivery of such notice, or, if such date is not a Business Day, the first date thereafter that is a Business Day and (e) if delivered by hand, on the date of receipt, and shall be given:

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if to ODIT:

150 N Riverside Plaza, 37th Floor

Chicago, IL 60606

Email: <u>legal@blueowl.com</u> 

with copies to (which shall not constitute notice):

Simpson Thacher & Bartlett LLP<br>425 Lexington Avenue

New York, NY 10017<br>Attention: Benjamin Wells and James Hahn<br>E-mail: <u>bwells@stblaw.com</u> and <u>james.hahn@stblaw.com</u> 

if to the BODI I Funds or the BODI Fund I GP:

150 N Riverside Plaza, 37th Floor

Chicago, IL 60606

Email: <u>BODIlegal@blueowl.com</u> 

with copies to (which shall not constitute notice):

Gibson, Dunn & Crutcher LLP<br>200 Park Avenue

New York, NY 10166-0193<br>Attention: Shukie Grossman; Kira Idoko; Carlos M. Soto<br>E-mail: <u>SGrossman@gibsondunn.com</u>; <u>KIdoko@gibsondunn.com</u>; <u>CSoto@gibsondunn.com</u> 

or such other address as such Party may hereafter specify for the purpose by notice in accordance with this <u>Section 12.1</u> to the other Parties hereto.

Section 12.2<u>Amendment; Waivers, etc.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Except as otherwise specifically set forth herein with respect to certain permitted amendments to the Schedules, no amendment, modification or discharge of this Agreement shall be valid or binding unless set forth in a writing and duly executed by each Party hereto, and no waiver hereunder shall be valid or binding unless set forth in writing and duly executed by the Party against whom enforcement of such waiver is sought. Any such waiver shall constitute a waiver only with respect to the specific matter described in such writing and shall in no way impair the rights of the Party granting such waiver in any other respect or at any other time. Neither the waiver by any of the Parties hereto of a breach of or a default under any of the provisions of this Agreement, nor the failure by any of the Parties, on one or more occasions, to enforce any of the provisions of this Agreement or to exercise any right or privilege hereunder, shall be construed as a waiver of any other breach or default of a similar nature, or as a waiver of any of such provisions, rights or privileges hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The rights and remedies herein provided are cumulative and none are exclusive of any other, or of any rights or remedies that any Party may otherwise have at law or in equity.

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Section 12.3<u>Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Parties understand and agree that, if the Closing is consummated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the Transaction Expenses shall be borne and paid fifty percent (50%) by the Transferors (each in accordance with its respective Selling Entity Expense Proportionate Share) and fifty percent (50%) by ODIT. ODIT shall pay such amounts payable by a Transferor hereunder to each Person owed such amounts in accordance with <u>Section 1.2(c)</u>, to the extent included on the Expenses Schedule, and the Estimated Transferor Closing Consideration payable to each such Transferor shall correspondingly be reduced for each such Transferor's proportionate share of the Transaction Expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)the Transferors (each in accordance with its respective Selling Entity Expense Proportionate Share) shall bear all Seller Expenses. ODIT shall pay such amounts payable by a Transferor hereunder to each Person owed such amounts in accordance with <u>Section 1.2(c)</u>, to the extent included on the Expenses Schedule, and the Estimated Transferor Closing Consideration paid to each such Transferor shall correspondingly be reduced for each such Transferor's Selling Entity Expense Proportionate Share of the Seller Expenses. Any such amounts paid to the Person owed such Seller Expenses shall be deemed to have been paid to the Transferors (or, where applicable, such Transferor's limited partners) and then simultaneously thereafter paid by the Transferors (or, where applicable, such Transferor's limited partners) to the Persons owed such Seller Expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)the Parties hereby acknowledge and agree that notwithstanding anything to the contrary in this Agreement, the Seller Expenses and the portion of the Transaction Expenses payable by the Transferors pursuant to this Agreement shall be deemed to be part of the Aggregate Closing Consideration, and the payment of such amounts or any portion thereof by ODIT pursuant to this <u>Section 12.3</u> or <u>Section 1.2</u> is being made at the direction of the Transferors and only for administrative convenience (and without altering the rights and obligations of the Parties to this Agreement as set forth herein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If the Closing is not consummated, ODIT shall bear one hundred percent (100%) of the Transaction Expenses and the Seller Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Except as otherwise provided herein (including the preceding clauses of this <u>Section 12.3</u>), all costs, fees and expenses incurred in connection with this Agreement, and the Transactions, whether or not consummated, shall be paid by the Party incurring such cost or expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Notwithstanding anything herein to the contrary, as among the applicable Transferors, the BODI Fund I GP shall be authorized to allocate any fees or expenses to be borne by the Transferors hereunder in its good faith discretion and make equitable adjustments in its reasonable judgment necessary to carry out the effect of this <u>Section 12.3</u>.

Section 12.4<u>Governing Law</u>. THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING AS TO VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ITS PRINCIPLES OR RULES OF CONFLICT OF LAWS, TO THE EXTENT SUCH PRINCIPLES OR RULES ARE NOT MANDATORILY APPLICABLE BY THE STATUTE AND WOULD PERMIT OR REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

Section 12.5<u>Jurisdiction; Venue; Service of Process; Waiver of Jury Trial</u>. Each Party hereby irrevocably submits to the non-exclusive jurisdiction of courts of the State of Delaware

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and the federal courts of the United States of America located in the District of Delaware solely in respect of the interpretation and enforcement of the provisions of this Agreement, and in respect of the Transactions. Each Party hereby waives, and agrees not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or of any such document or in respect of any such Transaction, that it is not subject to such jurisdiction. Each Party hereby waives, and agrees not to assert, to the maximum extent permitted by law, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or of any such document or in respect of any such Transaction, that such action, suit or proceeding may not be brought or is not maintainable in such courts or that the venue thereof may not be appropriate or that this Agreement or any such document may not be enforced in or by such courts. Each Party hereby consents to and grants any such court jurisdiction over such Party and over the subject matter of any such dispute and agrees that mailing of process or other papers in connection with any such action or proceeding in the manner provided in <u>Section 12.1</u> or in such other manner as may be permitted by Law, shall be valid and sufficient service thereof. THE PARTIES HEREBY WAIVE TRIAL BY JURY IN ANY ACTION, SUIT, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THEM AGAINST THE OTHER IN ANY MATTERS ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT OR THE TRANSACTIONS.

Section 12.6<u>Successors and Assigns</u>. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs, successors and permitted assigns. This Agreement shall not be assignable or otherwise transferable by any Party hereto without the prior written consent of the other Parties hereto.

Section 12.7<u>Entire Agreement</u>. This Agreement (when executed and delivered) shall constitute the entire agreement and supersede all prior agreements and understandings, both written and oral, among the Parties with respect to the subject matter hereof.

Section 12.8<u>Severability</u>. If any provision, including any phrase, sentence, clause, section or subsection, of this Agreement is determined by a court of competent jurisdiction to be invalid, inoperative or unenforceable for any reason, such circumstances shall not have the effect of rendering such provision in question invalid, inoperative or unenforceable in any other case or circumstance, or of rendering any other provision herein contained invalid, inoperative, or unenforceable to any extent whatsoever. Upon any such determination, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner in order that the Transactions be consummated as originally contemplated to the fullest extent possible.

Section 12.9<u>Counterparts</u>. This Agreement may be executed in several counterparts, each of which shall be deemed an original and all of which shall together constitute one and the same instrument. This Agreement or any document delivered in connection herewith, to the extent signed and delivered by means of electronic mail or other electronic transmission, shall be treated in all respects as an original contract and shall have the same binding legal effects as if it were the original signed version thereof delivered in person. At the request of any Party, any electronically mailed document shall be re-executed in its original form by the Parties who executed such electronically mailed document. No Party may raise the use of electronic mail or electronically transmitted .pdf format, or the fact that any signature was transmitted through the use of electronic mail or electronically transmitted .pdf format as a defense to the enforcement of this Agreement or any amendment or other document executed and delivered pursuant to this Agreement and each Party hereby forever waives any such defense.

Section 12.10<u>No Third Party Beneficiaries</u>. Except as provided under <u>Article IX</u>, no provision of this Agreement is intended to confer any rights, benefits, remedies, obligations, or liabilities hereunder upon any Person other than the Parties and their respective successors and assigns.

Section 12.11<u>Intentionally Omitted</u>.

Section 12.12<u>Waiver of Conflicts</u>. Each of the Parties hereby agrees that Gibson, Dunn & Crutcher LLP may represent ODIT and one or more Parties in connection with this Agreement and waives any and all present and future conflicts of interest with Gibson, Dunn & Crutcher

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LLP regarding its involvement with ODIT, any Transferor, the BODI Fund I GP or any other Party, this Agreement and/or the Transactions.

\* \* \* \* \*

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

IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the date first above written.

**Blue Owl Digital Infrastructure Fund I LP**

**Blue Owl Digital Infrastructure Fund I-A LP**

&nbsp;&nbsp;&nbsp;&nbsp;**Blue Owl Digital Infrastructure Fund I-B LP** 

&nbsp;&nbsp;&nbsp;&nbsp;By: Blue Owl Digital Infrastructure I GP LLC,

&nbsp;&nbsp;&nbsp;&nbsp;*its general partner*

By: <u>/s/ Michael Reiter&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Michael Reiter <br> Title: Authorized Signatory

&nbsp;&nbsp;&nbsp;&nbsp;**ICONIQ DC Splitter 1-A, L.P.** 

&nbsp;&nbsp;&nbsp;&nbsp;By: Blue Owl Digital Infrastructure I GP LLC,

&nbsp;&nbsp;&nbsp;&nbsp;*its general partner*

By: /<u>s/ Michael Reiter &nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Name: Michael Reiter <br> Title: Authorized Signatory

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Blue Owl Digital Infrastructure I GP LLC**

By: <u>/s/ Michael Reiter&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Michael Reiter <br> Title: Authorized Signatory

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IPI STACK Domestic REIT Holdings L.P.**

By: IPI STACK REIT Holdings GP, LLC, *its general partner*

By: <u>/s/ Joshua Friedman&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Name: Joshua Friedman<br> Title: Authorized Signatory

**Blue Owl Digital Infrastructure Trust**

By: <u>/s/ Matthew A'Hearn&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Name: Matthew A'Hearn<br> Title: Authorized Signatory

**Blue Owl Digital Infrastructure Operating Partnership LP**

**&nbsp;&nbsp;&nbsp;&nbsp;**By: Blue Owl Digital Infrastructure Trust,

&nbsp;&nbsp;&nbsp;&nbsp;*its general partner*

By: <u>/s/ Matthew A'Hearn&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> Name: Matthew A'Hearn<br> Title: Authorized Signatory

<br> <br> <br>

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

**<u>Exhibit I</u>**

**<u>Form of BODI Fund I LPA Amendments</u>**

<br>