Document:

EX10.1 20150331

Exhibit 10.1

Published CUSIP number: 73651GAP8

AMENDED AND RESTATED CREDIT AGREEMENT DATED AS OF MARCH 6, 2015
AMONG

PORTLAND GENERAL ELECTRIC COMPANY, THE LENDERS,
WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT,

BANK OF AMERICA, N.A., BARCLAYS BANK PLC, JPMORGAN CHASE BANK, N.A. AND
U.S. BANK NATIONAL ASSOCIATION, AS CO-SYNDICATION AGENTS,

WELLS FARGO SECURITIES, LLC,
MERILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, BARCLAYS BANK PLC,
J.P. MORGAN SECURITIES LLC, AND
U.S. BANK NATIONAL ASSOCIATION,
AS JOINT LEAD ARRANGERS AND JOINT BOOK RUNNERS

TABLE OF CONTENTS

Page

ARTICLE I DEFINITIONS ......................................................................................................1
ARTICLE II THE CREDITS...................................................................................................14
2.1    The Facility .......................................................................................................14
2.2    Advances ...........................................................................................................14
2.3    Increases and Reductions of the Aggregate Commitment .................................15
2.4    Method of Borrowing ........................................................................................17
2.5    Facility Fee.........................................................................................................17
2.6    Minimum Amount of Each Advance .................................................................17
2.7    Optional Principal Payments..............................................................................18
2.8    Changes in Interest Rate, etc..............................................................................18
2.9    Rates Applicable After Default...........................................................................18
2.10    Method of Payment ............................................................................................19
2.11    Evidence of Indebtedness; Recordkeeping ........................................................19
2.12    Telephonic Notices .............................................................................................19
2.13    Interest Payment Dates; Interest and Fee Basis ..................................................19
2.14    Notification of Advances, Interest Rates, Prepayments and Commitment
Reductions...........................................................................................................20
2.15    Lending Installations.............................................................................................20
2.16    Non-Receipt of Funds by the Agent .....................................................................20
2.17    Replacement of Lender .........................................................................................20
2.18    Extension of Final Termination Date.....................................................................21
2.19    Letters of Credit. ...................................................................................................21
2.20    Cash Collateral. ....................................................................................................29
2.21    Defaulting Lenders................................................................................................30
2.22    Swing Line Loans. ................................................................................................31
ARTICLE III YIELD PROTECTION; TAXES ..........................................................................33
3.1    Yield Protection .................................................................................................... 33
3.2    Changes in Capital Adequacy Regulations ...........................................................33
3.3    Availability of Types of Advances ........................................................................34
3.4    Funding Indemnification........................................................................................34
3.5    Taxes ................................................................................................................. ....34
3.6    Lender Statements; Survival of Indemnity ............................................................36
ARTICLE IV  CONDITIONS PRECEDENT ..............................................................................37
4.1    Effectiveness ..........................................................................................................37
4.2    Each Credit Extension............................................................................................38
ARTICLE V  REPRESENTATIONS AND WARRANTIES .......................................................38
5.1    Corporate Existence ...............................................................................................38
5.2    Litigation and Contingent Obligations...................................................................38
5.3    No Breach ..............................................................................................................39
5.4    Corporate Action....................................................................................................39
5.5    Approvals ...............................................................................................................39
5.6    Use of Loans ..........................................................................................................39
5.7    ERISA ....................................................................................................................39
5.8    Taxes ......................................................................................................................40
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5.9    Subsidiaries ............................................................................................................40
5.10    No Material Adverse Change.................................................................................40
5.11    Financial Statements ..............................................................................................40
5.12    No Material Misstatements ....................................................................................40
5.13    Properties ...............................................................................................................41
5.14    Environmental Matters...........................................................................................41
5.15    Investment Company Act ......................................................................................41
5.16    Anti-Terrorism; Anti-Money Laundering ..............................................................41
ARTICLE VI COVENANTS .......................................................................................................41
6.1    Preservation of Existence and Business.................................................................41
6.2    Preservation of Property ........................................................................................42
6.3    Payment of Taxes...................................................................................................42
6.4    Compliance with Applicable Laws and Contracts .................................................42
6.5    Preservation of Loan Document Enforceability ....................................................42
6.6    Insurance ................................................................................................................42
6.7    Use of Proceeds......................................................................................................42
6.8    Visits, Inspections and Discussions .......................................................................42
6.9    Information to Be Furnished ..................................................................................43
6.10    Liens.......................................................................................................................45
6.11    Indebtedness to Capitalization Ratio .....................................................................46
6.12    Merger or Consolidation ........................................................................................46
6.13    Disposition of Assets .............................................................................................46
ARTICLE VII DEFAULTS..........................................................................................................47
ARTICLE VIII ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES .............48
8.1    Acceleration ..........................................................................................................48
8.2    Amendments .........................................................................................................48
8.3    Preservation of Rights ...........................................................................................49
ARTICLE IX  GENERAL PROVISIONS ...................................................................................50
9.1    Survival of Representations ...................................................................................50
9.2    Governmental Regulation ......................................................................................50
9.3    Headings ................................................................................................................50
9.4    Entire Agreement; Amendment and Restatement.................................................. 50
9.5    Several Obligations; Benefits of this Agreement................................................... 50
9.6    Expenses; Indemnification .....................................................................................51
9.7    Numbers of Documents ......................................................................................... 51
9.8    Accounting ............................................................................................................. 51
9.9    Severability of Provisions ...................................................................................... 51
9.10    Nonliability of Lenders .......................................................................................... 52
9.11    Confidentiality ....................................................................................................... 52
9.12    Nonreliance ............................................................................................................53
9.13    No Advisory or Fiduciary Relationship .................................................................53
9.14    USA PATRIOT ACT NOTIFICATION .................................................................53
9.15    Letter of Credit Amounts. ......................................................................................53
ARTICLE X  THE AGENT .........................................................................................................54
10.1    Appointment; Nature of Relationship ....................................................................54
10.2    Powers....................................................................................................................54
10.3    General Immunity ..................................................................................................54
10.4    Responsibility for Loans, Recitals, etc. .................................................................54
10.5    Action on Instructions of Lenders..........................................................................55

10.6    Employment of Agents and Counsel .....................................................................55
10.7    Reliance on Documents; Counsel ..........................................................................55
10.8    Agent’s Reimbursement and Indemnification .......................................................55
10.9    Notice of Default....................................................................................................55
10.10   Rights as a Lender.................................................................................................56
10.11   Lender Credit Decision ........................................................................................56
10.12   Successor Agent ...................................................................................................56
10.13   Agent and Arranger Fees ......................................................................................57
10.14   Delegation to Affiliates .........................................................................................57
10.15   Other Agents .........................................................................................................57
ARTICLE XI SETOFF; RATABLE PAYMENTS ............................................................57
11.1    Setoff.......................................................................................................................57
11.2    Ratable Payments ...................................................................................................58
ARTICLE XII BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS ...58
12.1    Successors and Assigns...........................................................................................58
12.2    Participations...........................................................................................................58
12.3    Assignments ...........................................................................................................59
12.4    Dissemination of Information ................................................................................62
12.5    Tax Treatment ........................................................................................................62
12.6    Designation of SPVs ..............................................................................................62
ARTICLE XIII  NOTICES ..............................................................................................63
13.1    Notices ...................................................................................................................63
13.2    Change of Address .................................................................................................64
ARTICLE XIV  COUNTERPARTS .................................................................................64
ARTICLE XV  CHOICE OF LAW; CONSENT TO JURISDICTION .............................64
15.1    CHOICE OF LAW ..................................................................................................64
15.2    CONSENT TO JURISDICTION.............................................................................64

SCHEDULES

SCHEDULE 1        PRICING SCHEDULE SCHEDULE 2        COMMITMENTS
SCHEDULE 3        INDEBTEDNESS EXCEPTIONS
SCHEDULE 4        EXISTING LETTERS OF CREDIT SCHEDULE 5.2    LITIGATION
SCHEDULE 5.9    SUBSIDIARIES
SCHEDULE 5.16    ANTI-TERRORISM; ANTI-MONEY LAUNDERING SCHEDULE 13.1    NOTICE ADDRESSES

EXHIBITS

EXHIBIT A    FORM OF ASSIGNMENT AGREEMENT
EXHIBIT B    FORM OF OPINION OF BORROWER’S COUNSEL 
EXHIBIT C    FORM OF COMPLIANCE CERTIFICATE  
EXHIBIT D    FORM OF NOTE
EXHIBIT E    FORM OF BORROWING NOTICE
EXHIBIT F    FORM OF CONVERSION/CONTINUATION NOTICE

This AMENDED AND RESTATED CREDIT AGREEMENT, dated as of March 6, 2015 (this “Agreement”), is among Portland General Electric Company (the “Borrower”), the Lenders party hereto and Wells Fargo Bank, National Association, as administrative agent for the Lenders.

A.         The Borrower, the lenders party thereto (the “Existing Lenders”), and the Agent are parties to that certain Credit Agreement dated as of November 14, 2012.  That agreement, as modified, amended or extended to the date hereof is referred to in this Agreement as the “Existing Credit Agreement”.

B.         Pursuant to the terms of the Existing Credit Agreement, the Existing Lenders extended a revolving credit facility to the Borrower in the amount of $400,000,000.

C.         The Borrower has requested that the Existing Credit Agreement be amended and restated in order to: (i) increase the aggregate commitment by $100,000,000 to $500,000,000, with the right to increase the aggregate commitment by an additional $100,000,000 to $600,000,000 pursuant to Section
2.3(a) of this Agreement; (ii) extend the Scheduled Termination Date (as defined in the Existing Credit
Agreement) by one year to November 14, 2019; and (iii)   make certain other changes to the Existing Credit Agreement.  The Lenders are willing to do so, subject to the terms and conditions set forth in this Agreement.

NOW, THEREFORE, for valuable consideration, the receipt and sufficiency of which hereby are acknowledged, Lenders, Agent, and Borrower agree to amend and restate the Existing Credit Agreement as of the Effective Date (as defined below) as follows:

ARTICLE I DEFINITIONS
As used in this Agreement:

“Adjusted Eurodollar Rate” means, with respect to a Eurodollar Advance for the relevant Interest Period, the quotient of (a) the Eurodollar Base Rate applicable to such Interest Period, divided by (b) one minus the Reserve Requirement (expressed as a decimal) applicable to such Interest Period.

“Advance” means a borrowing hereunder (i) made by the Lenders on the same Borrowing Date, or (ii) converted or continued by the Lenders on the same date of conversion or continuation, consisting, in either case, of the aggregate amount of the several Loans of the same Type and, in the case of Eurodollar Loans, for the same Interest Period.

“Affected Lender” is defined in  Section 2.17.

“Affiliate” of any Person means any other Person directly or indirectly controlling, controlled by
or under common control with such Person.

“Agent” means Wells Fargo, in its capacity as administrative agent for and contractual representative of the Lenders pursuant to Article X, and not in its individual capacity as a Lender, and any successor Agent appointed pursuant to Article X.

“Aggregate  Commitment”  means  the  aggregate  of  the  Commitments  of  all  the  Lenders,  as changed from time to time pursuant to the terms hereof. The Aggregate Commitment as of the Effective Date is FIVE HUNDRED MILLION DOLLARS ($500,000,000).

“Aggregate Outstanding Credit Exposure” means, at any time, the aggregate of the Outstanding
Credit Exposure of all the Lenders.

“Agreement” is defined in the preamble.

“Agreement   Accounting  Principles”   means   United   States   generally  accepted   accounting principles as in effect from time to time, applied in a manner consistent with that used in preparing the financial statements referred to in Section 5.11.

“Alternate Base Rate”   means, for any day, a floating rate of interest per annum equal to the highest of (i) the rate of interest in effect for such day as publicly announced from time to time by Wells Fargo as its “prime rate”, (ii) the sum of Federal Funds Effective Rate for such day plus 0.50% per annum and (iii) the sum of (a) the quotient of (x) LIBOR applicable for a one month U.S. dollar deposit on such day (or if such day is not a Business Day, the immediately preceding Business Day) divided by (y) one minus the Reserve Requirement (expressed as a decimal) applicable to a Eurodollar Advance with a one- month Interest Period plus (b) 1.00%.  The “prime rate” is a rate set by Wells Fargo based on various factors including Wells Fargo’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above or below such announced rate.   Any change in such “prime rate” announced by Wells Fargo shall take place at the opening of business on the day specified in the public announcement of such change.   If the Alternate Base Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.

“Anti-Terrorism Laws” is defined in Section 5.16.

“Applicable Margin” means, for any day, (i) with respect to the Eurodollar Rate, the percentage rate per annum opposite the heading “Applicable Eurodollar Margin” in the Pricing Schedule which is applicable at such time, (ii) with respect to the Floating Rate, the percentage rate per annum opposite the heading “Applicable ABR Margin” in the Pricing Schedule which is applicable at such time and (iii) with respect to Letter of Credit Fees, the percentage rate per annum opposite the heading “Letter of Credit Fees” in the Pricing Schedule which is applicable at such time.

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an
Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

“Arrangers” means Wells Fargo Securities, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Bank PLC, J.P. Morgan Securities LLC and U.S. Bank National Association and their respective successors, in their capacity as joint lead arrangers and joint book runners.

“Assignee Group” means two or more assignees that are Affiliates of one another or two or more
Approved Funds managed by the same investment advisor.

“Article” means an article of this Agreement unless another document is specifically referenced.

“Assignment Agreement” means an Assignment Agreement in the form of  Exhibit A.

“Benefit  Plan”  of any Person,  means,  at  any time,  any employee  benefit  plan  (including a
Multiemployer Benefit Plan), the funding requirements of which (under Section 302 of ERISA or Section

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412 of the Code) are, or at any time within six years immediately preceding the time in question were, in whole or in part, the responsibility of such Person.

“Borrower” is defined in the preamble.

“Borrowing Date” means a date on which an Advance is made hereunder.

“Borrowing Notice” is defined in Section 2.2(c).

“Business Day” means (i) with respect to any borrowing, payment or rate selection of Eurodollar Advances, a day that is also a London Banking Day and (ii) for all other purposes, a day (other than a Saturday or Sunday) on which banks generally are open in California for the conduct of substantially all of their commercial lending activities and interbank wire transfers can be made on the Fedwire system.

“Capitalized Lease” of a Person means any lease of Property by such Person as lessee which would be capitalized on a balance sheet of such Person prepared in accordance with Agreement Accounting Principles.

“Capitalized Lease Obligations” of a Person means the amount of the obligations of such Person under Capitalized Leases which would be shown as a liability on a balance sheet of such Person prepared in accordance with Agreement Accounting Principles.

“Cash Collateralize” means to pledge and deposit with or deliver to the Agent, for the benefit of the Agent or the L/C Issuers and the Lenders, as collateral for L/C Obligations or obligations of Lenders to fund participations in respect thereof, cash or deposit account balances or, if the applicable L/C Issuer benefitting from such collateral shall agree in its sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to (a) the Agent and (b) the applicable L/C Issuer. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

“Change in Control” means the acquisition by any Person, or two or more Persons acting in concert, of beneficial ownership (within the meaning of Rule 13d3 of the SEC under the Securities Exchange Act of 1934) of 30% or more of the outstanding shares of voting stock of the Borrower.

“Change in Law” means the occurrence, after the Effective Date, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental  Authority  or  (c)  the  making  or  issuance  of  any  request,  rule,  guideline  or  directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted or issued.

“Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified
from time to time.

“Commitment” means, for each Lender, the obligation of such Lender (a) to make Loans to the
Borrower and (b) to purchase participations in L/C Obligations and Swing Line Loans, in an aggregate

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amount not exceeding the amount set forth on Schedule 2 or as set forth in any Assignment Agreement relating to any assignment that has become effective pursuant to Section 12.3(a), as such amount may be modified from time to time pursuant to the terms hereof.

“Consolidated  Indebtedness”  means  at  any  time  all  Indebtedness  of  the  Borrower  and  its
Subsidiaries calculated on a consolidated basis as of such time.

“Conversion/Continuation Notice” is defined in Section 2.2(d).

“Credit Extension” means each of the following: (a) an Advance and (b) an L/C Credit Extension.

“Debt” means any liability that constitutes “debt” or “Debt” under Section 101(11) of the United States Bankruptcy Code or under the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any analogous applicable law, rule or regulation, Governmental Approval, order, writ, injunction or decree of any court or Governmental Authority.

“Default” means an event described in  Article VII.

“Defaulting Lender” means, subject to Section 2.21(b), any Lender that, as determined by the Agent, (a) has failed to perform any of its funding obligations hereunder, including in respect of its Loans or participations in respect of Letters of Credit, within three Business Days of the date required to be funded by it hereunder, unless such Lender notifies the Agent and the Borrower in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, (b) has notified the Borrower or the Agent that it does not intend to comply with its funding obligations or has made a public statement to that effect with respect to its funding obligations hereunder or under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after written request by the Agent, to confirm in writing to the Agent that it will comply with its funding obligations (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any bankruptcy or similar debtor relief law, (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or a custodian appointed for it, or (iii) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction  of  courts  within  the  United  States  or  from  the  enforcement  of  judgments  or  writs  of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.

“Disclosure Documents” means (i) the Borrower’s Annual Report on Form 10-K for the year ended December 31, 2014 and (ii) the Borrower’s Current Reports on Form 8-K since the date referred to in clause (i) and prior to the date hereof, in each case filed with the SEC.

“Effective Date” is defined in  Section 4.1.

“Environmental Laws” means any and all federal, state, local and foreign statutes, laws, judicial decisions, regulations, ordinances, rules, judgments, orders, injunctions, permits, grants, franchises, licenses, agreements and other governmental restrictions relating to (i) the protection of the environment,

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(ii) the effect of the environment on human health, (iii) emissions, discharges or releases of pollutants, contaminants, hazardous substances or wastes into surface water, ground water or land, or (iv) the manufacture,  processing,  distribution,  use,  treatment,  storage,  disposal,  transport  or  handling  of pollutants, contaminants, hazardous substances or wastes or the clean-up or other remediation thereof.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time
to time, and any rule or regulation issued thereunder.

“ERISA Affiliate” means, with respect to any Person, any other Person, including a Subsidiary or other Affiliate of such first Person, that is a member of any group of organizations within the meaning of Code Sections 414(b), (c), (m) or (o) of which such first Person is a member.

“Eurodollar Advance” means an Advance which bears interest at a Eurodollar Rate requested by
the Borrower pursuant to Section 2.2.

“Eurodollar Base Rate” means, with respect to a Eurodollar Advance for the relevant Interest Period, LIBOR quoted two (2) London Banking Days prior to the first day of such Interest Period, applicable to dollar deposits with a maturity equal to such Interest Period.  If such rate is not available at such time for any reason, then “LIBOR” for such Interest Period shall be the rate per annum determined by the Agent to be the rate at which deposits in U.S. dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the Eurodollar Advance being made, continued or converted by the Agent and with a term equivalent to such Interest Period would be offered by the Agent’s London Branch to major banks in the London interbank eurodollar market at their request at approximately 11:00 a.m. (London time) two London Banking Days prior to the commencement of such Interest Period; provided that, if the Eurodollar Base Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.

“Eurodollar Loan” means a Loan which bears interest at a Eurodollar Rate requested by the
Borrower pursuant to Section 2.2.

“Eurodollar Rate” means, with respect to a Eurodollar Advance for the relevant Interest Period, the sum of (i) Adjusted Eurodollar Rate applicable to such Interest Period, plus (ii) the Applicable Margin.

“Excluded Taxes” means, in the case of each Lender or applicable Lending Installation and the Agent, (A) taxes imposed on its overall net income, and franchise taxes or gross revenue taxes in the nature of net income taxes, including without limitation the Washington Business and Occupation Tax, the Ohio Commercial Activity Tax and other similar taxes, by either (i) any jurisdiction under the laws of which such Lender or the Agent is incorporated or organized or (ii) the jurisdiction in which the Agent’s or such Lender’s principal executive office or such Lender’s applicable Lending Installation is located and (B) any U.S. federal withholding taxes imposed under FATCA.

“Exhibit” refers to an exhibit to this Agreement, unless another document is specifically referenced.

“Existing Credit Agreement” is defined in the preamble.

“Existing Letters of Credit” means the letters of credit identified on Schedule 4.

“Facility” means the credit facility established under this Agreement.

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“Facility Fee Rate” means, at any time, the percentage rate per annum opposite the heading
“Facility Fee Rate” in the Pricing Schedule which is applicable at such time.

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any applicable intergovernmental agreements.

“Federal Funds Effective Rate” means, for any day, an interest rate per annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published for such day (or, if such day is not a Business Day, for the immediately preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations at approximately 11:00 a.m. (New York time) on such day on such transactions received by the Agent  from  three  Federal  funds  brokers  of  recognized  standing  selected  by  the  Agent  in  its  sole discretion.

“Final Termination Date” means the latest Scheduled Termination Date for any Lender (without giving effect to any extension any Lender may elect to agree to pursuant to Section 2.18 unless and until such extension shall have become effective in accordance with the terms of Section 2.18) or any earlier date on which the Aggregate Commitment is reduced to zero or otherwise terminated pursuant to the terms hereof.

“Floating Rate” means, for any day, a rate per annum equal to (i) the Alternate Base Rate for such day, changing when and as the Alternate Base Rate changes plus (ii) the Applicable Margin.

“Floating Rate Advance” means an Advance which, except as otherwise provided in  Section 2.9, bears interest at the Floating Rate.

“Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to the applicable L/C Issuer, such Defaulting Lender’s Pro Rata Share of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof and (b) with respect to the Swing Line Lender, such Defaulting Lender’s Pro Rata Share of the outstanding Swing Line Loans other than Swing Line Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders in accordance with the terms hereof.

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

“Governmental Approval” means any authorization, consent, approval, license or exception of,
registration or filing with, or report or notice to, any governmental unit.

“Governmental Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra- national bodies such as the European Union or the European Central Bank).

“Granting Lender” is defined in Section 12.6.

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“Guaranty” of a Person means any agreement, undertaking or arrangement (including, without limitation, any comfort letter, operating agreement, take or pay contract, application for a letter of credit or the obligations of any such Person as general partner of a partnership with respect to the liabilities of the partnership) by which such Person (i) assumes, guarantees, endorses, contingently agrees to purchase or provide funds for the payment of, or otherwise becomes or is contingently liable upon, the obligation or liability of any other Person, (ii) agrees to maintain the net worth or working capital or other financial condition of any other Person, or (iii) otherwise assures any creditor of such other Person against loss.

“Honor Date” is defined in Section 2.19(c).

“Indebtedness” of a Person means such Person’s (i) obligations for borrowed money, (ii) obligations representing the deferred purchase price of Property or services (other than accounts payable arising in the ordinary course of such Person’s business payable on terms customary in the trade), (iii) obligations, whether or not assumed, secured by Liens or payable out of the proceeds or production from Property now or hereafter owned or acquired by such Person, (iv) obligations which are evidenced by notes, bankers’ acceptances, or other instruments, (v) obligations of such Person to purchase accounts, securities or other Property arising out of or in connection with the sale of the same or substantially similar accounts, securities or Property, (vi) Capitalized Lease Obligations, (vii) any other obligation for borrowed money or other financial accommodation which in accordance with Agreement Accounting Principles would be shown as a liability on the consolidated balance sheet of such Person, (viii) net liabilities under interest rate swap, exchange or cap agreements, obligations or other liabilities with respect to accounts or notes, (ix) sale and leaseback transactions which do not create a liability on the consolidated balance sheet of such Person, (x) other transactions which are the functional equivalent, or take the place, of borrowing but which do not constitute a liability on the consolidated balance sheet of such  Person  and  (xi)  Guaranties  of  Indebtedness;  provided  that  there  shall  be  excluded  from  this definition (1) (except for the purposes of Section 7.5) Interest Deferral Obligations up to an amount outstanding at any one time equal to 15% of the amount described in clause (a) of the definition of “Total Capitalization,” excluding in the calculation thereof for the purposes of this proviso, however, preferred and preference stock, and (2) the agreements listed on Schedule 3 and similar agreements entered into for the operation and maintenance of power plants or the purchase of power or transmission services (provided, for the avoidance of doubt, that this Agreement shall not be deemed to be such an agreement as a result of it being available to support collateral requirements under the Borrower’s energy purchase and sale agreements).

"Initial L/C Issuers" means Wells Fargo, JPMorgan Chase Bank, N.A., U.S. Bank National
Association, Bank of America, N.A. and Barclays Bank PLC in their capacity as L/C Issuers.

“Interest  Deferral  Obligations”  means  obligations  and  guaranties  related  thereto,  which obligations and guaranties are junior and subordinated in all respects to all amounts owing under the Loan Documents, that contain provisions allowing the obligor to extend the interest payment period from time to  time  and  defer  any interest  payments  (however denominated)  due  during such  extended  interest payment period.

“Interest Period” means with respect to a Eurodollar Advance, a period of one, two, three or six months commencing on a Business Day selected by the Borrower pursuant to this Agreement.  Such Interest Period shall end on the day which corresponds numerically to such date one, two, three or six months thereafter, provided that if there is no such numerically corresponding day in such next, second, third or sixth succeeding month, such Interest Period shall end on the last Business Day of such next, second, third or sixth succeeding month.  If an Interest Period would otherwise end on a day which is not a Business Day, such Interest Period shall end on the next succeeding Business Day, provided that if said

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next succeeding Business Day falls in a new calendar month, such Interest Period shall end on the immediately preceding Business Day.   Notwithstanding any other provision of this Agreement the Borrower may not select any Interest Period that would extend beyond the Scheduled Termination Date of any Lender.

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

“Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered into by a L/C Issuer and the Borrower (or any Subsidiary) or in favor of such L/C Issuer and relating to such Letter of Credit.

“L/C Advance” means, with respect to each Lender, such Lender’s funding of its participation in
any L/C Borrowing in accordance with its Pro Rata Share.

“L/C Borrowing” means an extension of credit resulting from a drawing under any Letter of
Credit which has not been reimbursed on the date when made or refinanced as an Advance of Loans.

"L/C Commitment" means, (a) with respect to Wells Fargo, in its capacity as an Initial L/C Issuer, its obligation to issue Letters of Credit to the Borrower pursuant to Section 2.19 in an aggregate principal amount at any one time outstanding not to exceed $30,000,000, (b) with respect to JPMorgan Chase Bank, N.A., in its capacity as an Initial L/C Issuer, its obligation to issue Letters of Credit to the Borrower pursuant to Section 2.19 in an aggregate principal amount at any one time outstanding not to exceed $30,000,000, (c) with respect to U.S. Bank National Association, in its capacity as an Initial L/C Issuer, its obligation to issue Letters of Credit to the Borrower pursuant to Section 2.19 in an aggregate principal amount at any one time outstanding not to exceed $30,000,000, (d) with respect to Bank of America, N.A., in its capacity as an Initial L/C Issuer, its obligation to issue Letters of Credit to the Borrower pursuant to Section 2.19 in an aggregate principal amount at any one time outstanding not to exceed $30,000,000 and (e) with respect to Barclays Bank PLC, in its capacity as an Initial L/C Issuer, its obligation to issue Letters of Credit to the Borrower pursuant to Section 2.19 in an aggregate principal amount at any one time outstanding not to exceed $30,000,000, in each case, as such amount may be adjusted from time to time in accordance with this Credit Agreement.  Notwithstanding the foregoing, each Initial L/C Issuer may, in its sole discretion, issue Letters of Credit to the Borrower in excess of its L/C Commitment provided that the outstanding amount of all L/C Obligations shall not exceed the Letter of Credit Sublimit.

“L/C Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or
extension of the expiry date thereof, or the increase of the amount thereof.

“L/C Issuer” means, with respect to a particular Letter of Credit, (a) the applicable Initial L/C Issuer in its capacity as issuer of such Letter of Credit, (b) any other Lender that agrees to issue Letters of Credit hereunder, in each case, in its capacity as an issuer of such Letter of Credit hereunder and/or (c) any successor issuer of Letters of Credit hereunder.  The term “L/C Issuer” when used with respect to a Letter of Credit or the L/C Obligations relating to a Letter of Credit shall refer to the L/C Issuer that issued such Letter of Credit.

“L/C Obligations” means, as at any date of determination, the aggregate amount available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings.  For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 9.15.  For all

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purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.

“Lender Funding Obligation” is defined in  Section 12.6(a).

“Lenders” means the financial institutions from time to time parties hereto as lenders, together with their respective successors and assigns, and including, as the context requires, the L/C Issuers and/or the Swing Line Lender.

“Lending  Installation”  means,  with  respect  to  a  Lender  or  the  Agent,  the  office,  branch, subsidiary or affiliate of such Lender or the Agent listed on Schedule 13.1 or otherwise selected by such Lender or the Agent pursuant to Section 2.15.

“Letter of Credit” means any standby letter of credit issued hereunder and shall include the
Existing Letters of Credit.

“Letter  of  Credit  Application”  means  an  application  and  agreement  for  the  issuance  or
amendment of a letter of credit in the form from time to time in use by the applicable L/C Issuer.

“Letter of Credit Expiration Date” means, as to any L/C Issuer, the day that is thirty days prior to the Scheduled Termination Date of such L/C Issuer in its capacity as a Lender then in effect (or, if such day is not a Business Day, the next preceding Business Day).

“Letter of Credit Fee” has the meaning specified in  Section 2.19(h).

“Letter  of  Credit  Sublimit”  means  an  amount  equal  to  the  lesser  of  (a)  the  Aggregate Commitment and (b) $150,000,000.  The Letter of Credit Sublimit is part of, and not in addition to, the Aggregate Commitment.

“LIBOR” means the rate of interest per annum determined on the basis of the rate for deposits in
Dollars for a period equal to the applicable Interest Period which appears on Reuters Screen LIBOR01
Page (or any applicable successor page) at approximately 11:00 a.m. (London time) two (2) London
Banking Days prior to the first day of the applicable Interest Period.  If, for any reason, such rate does not
appear on Reuters Screen LIBOR01 Page (or any applicable successor page), then “LIBOR” shall be determined by the Agent to be the arithmetic average of the rate per annum at which deposits in Dollars would be offered by first class banks in the London interbank market to the Agent at approximately 11:00 a.m. (London time) two (2) London Banking Days prior to the first day of the applicable Interest Period for a period equal to such Interest Period.  Each calculation by the Agent of LIBOR shall be conclusive and binding for all purposes, absent manifest error.  If LIBOR shall be less than zero, LIBOR shall be deemed zero for purposes of this Agreement.

“LIBOR Market Index Rate” means, for any day, the one month rate of interest per annum appearing on Reuters Screen LIBOR01 Page (or any applicable successor page) as the London interbank offered rate for deposits in Dollars at approximately 11:00 A.M. (London time) on such day, or if such day is not a London Banking Day, then the immediately preceding London Banking Day (or if not so reported, then as determined by the Agent from another recognized source or interbank quotation), or another rate as agreed to by the Agent and the Borrower; provided that, if the LIBOR Market Index Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.

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“Lien” means any lien (statutory or other), mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor under any conditional sale, Capitalized Lease or other title retention agreement).

“Loan” means, with respect to a Lender, any loan (including any Swing Line Loan) made by such Lender  pursuant  to  Article  II  (including,  in  the  case  of  a  loan  made  pursuant  to  Section  2.2,  any conversion or continuation thereof).

“Loan Documents” means this Agreement, each Note, each Issuer Document and any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.20.

“London Banking Day” means any day on which dealings in Dollar deposits are conducted by
and between banks in the London interbank eurodollar market.

“Margin Stock” means margin stock as defined in Regulation U.

“Material Adverse Effect” means a material adverse effect on (i) the business or financial condition of the Borrower and its Subsidiaries taken as a whole, (ii) the ability of the Borrower to perform its obligations under the Loan Documents, or (iii) the validity or enforceability of any of the Loan Documents  against  the  Borrower  or  the  material  rights  or  remedies  of  the  Agent  or  the  Lenders thereunder, it being understood that if the Moody’s Rating and/or the S&P Rating (as such terms are defined in the Pricing Schedule) is downgraded to Baa3 or below or BBB- or below, respectively, such downgrade in and of itself shall not constitute a Material Adverse Effect (but shall only constitute a Material Adverse Effect if such downgrade results in a material adverse effect of the type described in clause (i) or (ii) above).

“Material Indebtedness” is defined in Section 7.5.

“ Moody’ s ” means Moody’s Investors Service, Inc. and any successor thereto.

“Mortgage” is defined in  Section 6.10(v).

“Multiemployer Benefit Plan” means any Benefit Plan that is a multiemployer plan as defined in
Section 4001(a)(3) of ERISA.

“Note” is defined in  Section 2.11.

“Obligations” means all unpaid principal of and accrued and unpaid interest with respect to any Loan or Letter of Credit, all accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations of the Borrower to the Lenders or to any Lender, the Agent or any indemnified party arising under the Loan Documents.

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

“Other Agents” is defined in  Section 10.15.

“Other Taxes” is defined in Section 3.5(ii).

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“Outstanding Credit Exposure” means, as to any Lender at any time, the sum of (a) the aggregate principal amount of its Loans outstanding at such time plus (b) its Pro Rata Share of all L/C Obligations and Swing Line Loans outstanding at such time.

“Participant Register” has the meaning specified in Section 12.2(c).

“Participants” is defined in Section 12.2(a).

“Payment Date” means the last Business Day of each March, June, September and December.

“PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto.

“Person” means any natural person, corporation, firm, joint venture, partnership, limited liability company, association, enterprise, trust or other entity or organization, or any government or political subdivision or any agency, department or instrumentality thereof.

“Pricing Schedule” means Schedule 1 attached hereto.

“Property” of a Person means any and all property, whether real, personal, tangible, intangible, or
mixed, of such Person, or other assets owned or leased by such Person.

“Pro Rata Share” means, with respect to any Lender, the percentage that the amount of such Lender’s Commitment is of the Aggregate Commitment (or, if the Commitments have terminated, that such Lender’s Outstanding Credit Exposure is of the Aggregate Outstanding Credit Exposure).  The Pro Rata Share of a Lender shall be subject to adjustment as provided in Section 2.21.

“Purchaser” means any Person that meets the requirements to be an assignee under  Sections
12.3(a)(iii) and (v) (subject to such consents, if any, as may be required under Section 12.3(a)(iii)).

“Regulation D” means Regulation D of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor thereto or other regulation or official interpretation of said Board of Governors relating to reserve requirements applicable to member banks of the Federal Reserve System.

“Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as from time to time in effect and any successor or other regulation or official interpretation of said Board of Governors relating to the extension of credit by banks for the purpose of purchasing or carrying margin stock applicable to member banks of the Federal Reserve System.

“Reportable Event” means a reportable event described in Section 4043 of ERISA.

“Required Lenders” means Lenders in the aggregate having more than 50% of the Aggregate Commitment or, if the Aggregate Commitment has been terminated, Lenders in the aggregate holding more than 50% of the Aggregate Outstanding Credit Exposure; provided, however, that if any Lender shall be a Defaulting Lender at such time then there shall be excluded from the determination of Required Lenders the Commitment (or, if the Aggregate Commitment has been terminated, the Outstanding Credit Exposure) of such Lender at such time.

“Reserve  Requirement”  means,  with  respect  to  an  Interest  Period,  the  maximum  aggregate reserve requirement (including all basic, supplemental, marginal and other reserves) which is imposed under Regulation D on Eurocurrency liabilities.

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“Sanctioned Country” means a country subject to a sanctions program identified on the list maintained by OFAC and available at http://www.treasury.gov/resource- center/sanctions/Programs/Pages/Programs.aspx, or as otherwise published from time to time.

“Sanctioned Person” means (a) a Person named on the list of “Specially Designated Nationals and Blocked Persons” maintained by OFAC available at http://www.treasury.gov/resource- center/sanctions/SDN-List/Pages/default.aspx, or as otherwise published from time to time, (b) a Person named on the lists maintained by the United Nations Security Council available at http://www.un.org/sc/committees/list_compend.shtml, or as otherwise published from time to time, (c) a Person named on the lists maintained by the European Union available at http://eeas.europa.eu/cfsp/sanctions/consol-list_en.htm, or as otherwise published from time to time, (d) a Person named on the lists maintained by Her Majesty’s Treasury available at http://www.hm- treasury.gov.uk/fin_sanctions_index.htm, or as otherwise published from time to time, or (e) (i) an agency of the government of a Sanctioned Country, (ii) an organization controlled by a Sanctioned Country, or (iii) a person resident in a Sanctioned Country, to the extent subject to a sanctions program administered by OFAC.

“SEC” means the Securities and Exchange Commission.

“Schedule”  refers  to  a  specific  schedule  to  this  Agreement,  unless  another  document  is
specifically referenced.

“Scheduled Termination Date” means, for any Lender, November 14, 2019 or such later date as may be established for such Lender in accordance with Section 2.18.

“Section” means a numbered section of this Agreement, unless another document is specifically
referenced.

“Significant Subsidiary” means a “significant subsidiary” (as defined in Regulation S-X of the
SEC as in effect on the date of this Agreement) of the Borrower.

“SPV” is defined in  Section 12.6.

“Subsidiary” of a Person means (i) any corporation more than 50% of the outstanding securities having ordinary voting power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or  (ii)  any  partnership,  limited  liability  company,  association,  joint  venture  or  similar  business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled.   Unless otherwise expressly provided, all references herein to a “Subsidiary” shall mean a Subsidiary of the Borrower.

“Substantial Portion” means, with respect to the Property of the Borrower and its Subsidiaries, Property which (i) represents more than 25% of the consolidated assets of the Borrower and its Subsidiaries as would be shown in the consolidated financial statements of the Borrower and its Subsidiaries as at the beginning of the twelve-month period ending with the month in which such determination is made, or (ii) is responsible for more than 25% of the consolidated net sales or of the consolidated net income of the Borrower and its Subsidiaries as reflected in the financial statements referred to in clause (i) above.

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“Swing Line Lender” means Wells Fargo in its capacity as swing line lender hereunder or any successor thereto.

“Swing Line Loan” means any swing line loan made by the Swing Line Lender to the Borrower
pursuant to Section 2.22, and all such swing line loans collectively as the context requires.

“Swing Line Rate” means, for any date, a rate per annum equal to (i) the LIBOR Market Index
Rate for such day plus (ii) the Applicable Margin for the Eurodollar Rate.

“Swing Line Sublimit” means the lesser of (a) $40,000,000 and (b) the Aggregate Commitment.

“Tax-Free Debt” means Debt of the Borrower to a state, territory or possession of the United States or any political subdivision thereof issued in a transaction in which such state, territory, possession or political subdivision issued obligations the interest on which is excludable from gross income pursuant to the provisions of Section 103 of the Code (or similar provisions), as in effect at the time of issuance of such obligations, and debt to a bank issuing a letter of credit with respect to the principal of or interest on such obligations.

“Taxes”  means  any  and  all  present  or  future  taxes,  duties,  levies,  imposts,  charges  or withholdings imposed by or payable to any governmental or regulatory authority or agency, and any and all liabilities with respect to the foregoing, but excluding Excluded Taxes and Other Taxes.

“Total Capitalization” means, at any time, the sum of the following for the Borrower and its Subsidiaries, determined on a consolidated basis in accordance with Agreement Accounting Principles (without duplication and excluding minority interests in Subsidiaries):

(a)        the amount of capital stock, including preferred and preference stock (less cost of treasury shares), plus any amounts deducted from stockholders’ equity as unearned compensation on the Borrower’s balance sheet, plus (or minus in the case of a deficit) capital surplus and earned surplus, but including current sinking fund obligations; plus

(b)    the  aggregate  outstanding  principal  amount  of  Interest  Deferral  Obligations
excluded by the proviso in the definition of “Indebtedness”; plus

(c)    the aggregate outstanding principal amount of all Consolidated Indebtedness.

“Transferee” is defined in  Section 12.4.

“Type”  means,  with  respect  to  any  Advance,  its  nature  as  a  Floating  Rate  Advance  or  a
Eurodollar Advance.

“Unmatured Default” means an event which but for the lapse of time or the giving of notice, or
both, would constitute a Default.

“Unreimbursed Amount” is defined in Section 2.19(c)(i).

“Wells Fargo” means Wells Fargo Bank, National Association.

The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms.

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ARTICLE II

THE CREDITS

2.1    The Facility.

(a)    Description of Facility.   The Lenders grant to the Borrower a revolving credit facility pursuant to which, subject to the terms and conditions herein set forth:

(i)    each  Lender  severally  agrees  to  make  Loans  to  the  Borrower  in accordance with Section 2.2;

(ii)    each L/C Issuer agrees to issue Letters of Credit for the account of the
Borrower and its Subsidiaries in accordance with Section 2.19;

(iii)    the Swing Line Lender shall make Swing Line Loans to the Borrower in accordance with Section 2.22; and

(iv)    each Lender severally agrees to participate in (x) the Letters of Credit in accordance with Section 2.19 and (y) the Swing Line Loans in accordance with Section
2.22.

(b)        Amount of Facility.  In no event may the Aggregate Outstanding Credit Exposure exceed the Aggregate Commitment.

(c)        Availability of Facility.  Subject to the terms of this Agreement, the Facility is available from the Effective Date to the Final Termination Date, and the Borrower may borrow, repay and reborrow at any time prior to the Final Termination Date; provided that, if not earlier terminated in accordance with the terms hereof, the Commitment of each Lender shall expire on such Lender’s Scheduled Termination Date.

(d)        Repayment of Facility.   The Aggregate Outstanding Credit Exposure and all other unpaid Obligations (to the extent that such Obligations have accrued and the amount thereof has been determined) shall be paid in full by the Borrower on the Final Termination Date; provided that, if not earlier paid in accordance with the terms hereof, all of the Outstanding Credit Exposure of each Lender and all other Obligations owed to such Lender shall be paid on such Lender’s Scheduled Termination Date.

2.2    Advances.

(a)    Advances.  Each Advance hereunder shall consist of Loans made by the several
Lenders ratably according to their Pro Rata Share.

(b)        Types  of  Advances.     The  Advances  may  be  Floating  Rate  Advances  or Eurodollar Advances, or a combination thereof, as selected by the Borrower in accordance with Section 2.2(c).

(c)        Method of Selecting Types and Interest Periods for Advances.   The Borrower shall select the Type of Advance and, in the case of each Eurodollar Advance, the Interest Period applicable thereto, from time to time.  The Borrower shall give the Agent irrevocable notice in

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substantially the form of Exhibit E hereto (a “Borrowing Notice”) not later than 11:30 a.m. (New York time) on the Borrowing Date of each Floating Rate Advance and each Swing Line Loan and at least three (3) Business Days before the Borrowing Date for each Eurodollar Advance.  Each Borrowing Notice shall specify:

(i)    the Borrowing Date, which shall be a Business Day, of such Advance, (ii)    (ii)    the aggregate amount of such Advance,

(iii)    the Type of Advance selected,

(iv)    in the case of each Eurodollar Advance, the Interest Period applicable thereto; and

(v)    whether such Advance is to be a Swing Line Loan.

(d)         Conversion  and  Continuation  of  Outstanding  Advances.    Floating  Rate Advances shall continue as Floating Rate Advances unless and until such Floating Rate Advances are either converted into Eurodollar Advances in accordance with this Section 2.2(d) or are repaid in  accordance  with  Section  2.7.    Each  Eurodollar  Advance  shall  continue  as  a  Eurodollar Advance  until  the  end  of  the  then  applicable  Interest  Period  therefor,  at  which  time  such Eurodollar Advance shall be automatically converted into a Floating Rate Advance unless (x) such Eurodollar Advance is or was repaid in accordance with Section 2.7 or (y) the Borrower shall have given the Agent a Conversion/Continuation Notice (as defined below) requesting that, at the end of such Interest Period, such Eurodollar Advance continue as a Eurodollar Advance for the same or another Interest Period.  Subject to the terms of Section 2.6, the Borrower may elect from time to time to convert all or any part of a Floating Rate Advance into a Eurodollar Advance.   The Borrower shall give the Agent irrevocable notice in substantially the form of Exhibit F hereto (a “Conversion/Continuation Notice”) of each conversion of a Floating Rate Advance into a Eurodollar Advance, or continuation of a Eurodollar Advance, not later than
11:30 a.m. (New York time) at least three (3) Business Days prior to the date of the requested conversion or continuation, specifying:

(i)    the requested date, which shall be a Business Day, of such conversion or continuation,

(ii)    the aggregate amount and Type of the Advance which is to be converted or continued, and

(iii)    the amount of such Advance which is to be converted or continued as a
Eurodollar Advance and the duration of the Interest Period applicable thereto.

2.3        Increases and Reductions of the Aggregate Commitment.

(a)        Increases  of  the  Aggregate  Commitment.    The  Borrower  may  increase  the Aggregate Commitment by up to $100,000,000 in the aggregate in one or more increases, at any time after the Effective Date and prior to the date that is six months prior to the Scheduled Termination Date, upon at least five Business Days’ prior written notice to the Agent,  subject, however, in any such case, to satisfaction of the following conditions precedent:

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(i)         the Aggregate Commitment shall not exceed $600,000,000 without the consent of the Required Lenders;

(ii)        no Default or Unmatured Default shall have occurred and be continuing on the date on which such increase is to become effective;

(iii)       the representations and warranties contained in Article V are true and correct in all material respects as of the date such increase is to become effective, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects on and as of such earlier date.

(iv)       such increase shall be in a minimum amount of $10,000,000 and in integral multiples of $5,000,000 in excess thereof;

(v)        such requested increase shall only be effective upon receipt by the Agent of (A) additional Commitments in a corresponding amount of such requested increase from either existing Lenders (subject to the consent of the L/C Issuers and the Swing Line Lender) and/or one or more other institutions that qualify as Purchasers (it being understood and agreed that no existing Lender shall be required to provide an additional Commitment) and (B) documentation from each institution providing an additional Commitment evidencing its additional Commitment and its obligations under this Agreement in form and substance acceptable to the Agent;

(vi)       the Agent shall have received all documents (including resolutions of the board of directors of the Borrower) it may reasonably request relating to the corporate or other necessary authority for such increase and the validity of such increase in the Aggregate Commitment, and any other matters relevant thereto, all in form and substance reasonably satisfactory to the Agent;

(vii)      if any Loans are outstanding at the time of the increase in the Aggregate Commitment, the Borrower shall, if applicable, prepay one or more existing Loans (such prepayment to be subject to Section 3.4) in an amount necessary such that after giving effect to the increase in the Aggregate Commitment, each Lender will hold its Pro Rata Share (based on its Pro Rata Share of the increased Aggregate Commitment) of outstanding Loans;

(viii)     the   Agent   shall   have   received   evidence,  in  form  and   substance reasonably satisfactory to the Agent, that the Borrower has obtained the approval of the Public Utility Commission of Oregon to increase in the Aggregate Commitment; and

(ix)    approval of the Borrower’s Board of Directors to increase the Aggregate
Commitment.

(b)    Reductions of the Aggregate Commitment.

(i)       The Borrower may terminate or permanently reduce the Aggregate Commitment (i) in part ratably among the Lenders in integral multiples of $5,000,000, upon at least five (5) Business Days’ written notice to the Agent, which notice shall specify the amount of any such reduction, or (ii) in whole upon at least one (1) Business Days’  written  notice  to  the  Agent,   provided  that  in  either  case  the  amount  of  the

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Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit Exposure.  If the Aggregate Commitment is being terminated in whole, all fees accrued with respect to thereto until the effective date of such termination shall be paid on the effective date of such termination and upon receipt of all amounts owed, the Loan Documents shall be terminated.

(ii)       The Aggregate Commitment shall be reduced to zero following the occurrence of a Change in Control upon the Borrower’s receipt of notice thereof from the Required Lenders (or the Agent with the consent of the Required Lenders).

(iii)      On the Scheduled Termination Date for each Lender, the Aggregate Commitment shall be reduced by the amount of the Commitment of such Lender as in effect immediately prior to such date (and the Pro Rata Shares of the Lenders shall be adjusted accordingly).

(iv)       For the avoidance of doubt, in the event and on such occasion that (1) Aggregate Outstanding Credit Exposure exceeds the Aggregate Commitment, the Borrower shall concurrently therewith prepay Advances in an aggregate amount equal to such excess; provided, however, that (1) if, after giving effect to any reduction of the Aggregate Commitment, the Letter of Credit Sublimit exceeds the amount of the Aggregate Commitment, the Letter of Credit Sublimit shall be automatically reduced by the amount of such excess, (2) if, after giving effect to any reduction of the Aggregate Commitment,   the   Swing   Line   Sublimit   exceeds   the   amount   of   the   Aggregate Commitment, the Swing Line Sublimit shall be automatically reduced by the amount of such excess and (3) in the event that Aggregate Outstanding Credit Exposure exceeds the Aggregate Commitment as a result of a reduction in the Aggregate Commitment pursuant to subsection (b)(ii) above, the Borrower shall not be required to prepay Advances in an aggregate amount equal to such excess unless and until the Borrower shall have received written notice thereof from the Required Lenders (or from the Agent with the consent of the Required Lenders).

2.4        Method of Borrowing.  Not later than 1:00 p.m. (New York time) on each Borrowing Date, each Lender shall (or, in the case of an Advance of Swing Line Loans, the Swing Line Lender shall) make available its Loan or Loans in funds immediately available to the Agent at its address specified pursuant to Article XIII.  The Agent will make the funds so received from the Lenders available to the Borrower on the day received and in the form received, at the Borrower’s account specified by the Borrower to the Agent.  Loans to be made for the purpose of refunding Swing Line Loans shall be made by the Lenders as provided in Section 2.22(b).

2.5        Facility Fee.  The Borrower agrees to pay to the Agent for the account of each Lender a facility fee at a per annum rate equal to the Facility Fee Rate on the average daily amount of such Lender’s Commitment (whether used or unused) from the date hereof to and including such Lender’s Scheduled Termination Date (and, if any Loans from such Lender or L/C Obligations of such Lender remain outstanding after such Lender’s Scheduled Termination Date, thereafter on the unpaid amount of such Lender’s Outstanding Credit Exposure), payable on each Payment Date and on such Lender’s Scheduled Termination Date (and thereafter, if applicable, on demand), subject to adjustment as provided in Section 2.21

2.6        Minimum Amount of Each Advance.  Each Advance (other than an Advance of Swing Line Loans) shall be in the minimum amount of $5,000,000 (or a higher integral multiple of $1,000,000), provided that any Floating Rate Advance may be in the amount of the unused Aggregate Commitment.

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Each Advance of Swing Line Loans shall be in the minimum amount of $500,000 (or a higher integral multiple of $100,000).  The Borrower shall not request a Eurodollar Advance if, after giving effect to the requested Eurodollar Advance, more than ten (10) separate Eurodollar Advances would be outstanding.

2.7        Optional Principal Payments.   The Borrower may from time to time pay, without penalty or premium, (i) all outstanding Floating Rate Advances, or, in a minimum aggregate amount of
$5,000,000 or any higher integral multiple of $1,000,000, any portion of the outstanding Floating Rate
Advances and (ii) all outstanding Swing Line Loans, or, in a minimum aggregate amount of $500,000 or any higher integral multiple of $100,000, any portion of the outstanding Swing Line Loans, in each case, upon prior notice to the Agent not later than 11:30 a.m. (New York time) on the date of payment (which shall be a Business Day).   The Borrower may from time to time pay, subject to the payment of any funding indemnification amounts required by Section 3.4 but without penalty or premium, all outstanding Eurodollar Advances or, in a minimum aggregate amount of $5,000,000 or any higher integral multiple of
$1,000,000, any portion of the outstanding Eurodollar Advances upon prior notice to the Agent not later than 1:00 p.m. (New York time) three (3) Business Days prior to the date of payment (which shall be a
Business Day).

2.8        Changes in Interest Rate, etc.  Each Floating Rate Advance shall bear interest on the outstanding principal amount thereof, for each day from and including the date such Advance is made or is converted from a Eurodollar Advance into a Floating Rate Advance pursuant to Section 2.2(d) to but excluding the date it becomes due, is prepaid or is converted into a Eurodollar Advance pursuant to Section 2.2(d), at a rate per annum equal to the Floating Rate for such day.  Changes in the rate of interest on that portion of any Advance maintained as a Floating Rate Advance will take effect simultaneously with each change in the Alternate Base Rate.  Each Eurodollar Advance shall bear interest on the outstanding principal amount thereof from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such Interest Period or, with respect to any principal amount prepaid pursuant to Section 2.7, the date of such prepayment, at the interest rate determined as applicable to such Eurodollar Advance.   Each Swing Line Loan shall bear interest on the outstanding principal amount thereof, for each day from and including date such Advance is made to but excluding the date it becomes due or is prepaid, at a rate per annum equal to the Swing Line Rate for such day.  Changes in the rate of interest on that portion of any Advance maintained as a Swing Line Loan will take effect simultaneously with each change in the LIBOR Market Index Rate.

2.9        Rates Applicable After Default.  Notwithstanding anything to the contrary contained in Section 2.2(c) or Section 2.2(d), during the continuance of a Default or Unmatured Default the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that no  Advance  may be  made  as, converted into or continued as a Eurodollar Advance.  During the continuance of any such Default, the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that (i) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum, (ii) each Floating Rate Advance (and any Eurodollar Advance which is not paid at the end of the applicable Interest Period) shall bear interest at a rate per annum equal to the Floating Rate plus 2% per annum, (iii) each Swing Line Loan shall bear interest a rate per annum equal to the Swing Line Rate plus 2% per annum and (iv) Letter of Credit Fees shall be equal to the Applicable Margin for Letter of Credit Fees plus 2% per annum, provided that, during the continuance of a Default under Section 7.6  or
7.7, the interest rates set forth in clauses (i) and (ii) above and the increase in Letter of Credit Fees set forth in clause (iii) above shall be applicable to all applicable Credit Extensions without any election or action on the part of the Agent or any Lender.

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2.10      Method  of  Payment.    Except  as  otherwise  provided  herein,  all  payments  of  the Obligations shall be made, without setoff, deduction, or counterclaim, in immediately available funds to the Agent at the Agent’s address specified pursuant to  Article XIII, or at any other Lending Installation of the Agent specified in writing by 1:00 p.m. (New York time) on the Business Day prior to the date when due by the Agent to the Borrower.  Each payment delivered to the Agent for the account of any Lender shall be delivered promptly by the Agent to such Lender in the same type of funds that the Agent received at its address specified pursuant to Article XIII or at any Lending Installation specified in a notice received by the Agent from such Lender.   Each payment delivered to the Agent on account of the principal of or interest on the Swing Line Loans or of any fee, commission or other amounts payable to the Swing Line Lender shall be made in like manner, but for the account of the Swing Line Lender.

2.11    Evidence of Indebtedness; Recordkeeping.

(i)         Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.

(ii)        Upon the request of any Lender, the Loans made by such Lender also may be evidenced by a promissory note in favor of each Lender, substantially in the form of Exhibit D (a “Note”).  In such event, the Borrower shall prepare, execute and deliver to such Lender a Note payable to the order of such Lender.

(iii)       The Agent shall also maintain accounts in which it will record (a) the amount of each Credit Extension made hereunder, and if applicable, the Type thereof and the Interest Period with respect thereto, (b) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (c) the amount of any sum received by the Agent hereunder from the Borrower and each Lender’s share thereof.

(iv)       The entries set forth in the accounts maintained pursuant to paragraphs (i) and (iii) above, in the absence of manifest error, shall be prima facie evidence of the existence and amounts of the Obligations therein recorded and outstanding hereunder; provided that the failure of the Agent or any Lender to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Obligations in accordance with their terms.

2.12      Telephonic Notices.   The Borrower hereby authorizes the Lenders and the Agent to extend, convert or continue Advances, effect selections of Types of Advances and to transfer funds based on telephonic notices made by any person or persons the Agent or any Lender in good faith believes to be acting on behalf of the Borrower, it being understood that the foregoing authorization is specifically intended to allow Borrowing Notices and Conversion/Continuation Notices to be given telephonically. The Borrower agrees to deliver promptly to the Agent a written confirmation (signed by an authorized representative of the Borrower) of each telephonic notice, if such confirmation is requested by the Agent or any Lender.  If the written confirmation differs in any material respect from the action taken by the Agent and the Lenders, the records of the Agent and the Lenders shall govern absent manifest error.

2.13      Interest Payment Dates; Interest and Fee Basis.   Interest accrued on each Floating Rate Advance shall be payable on each Payment Date, on any date on which such Floating Rate Advance is prepaid, whether due to acceleration or otherwise, and at maturity.  Interest accrued on that portion of the outstanding principal amount of any Floating Rate Advance converted into a Eurodollar Advance on a day other than a Payment Date shall be payable on the date of conversion.   Interest accrued on each

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Swing Line Loan shall be payable on each Payment Date, on any date on which such Swing Line Loan is prepaid, whether due to acceleration or otherwise, and at maturity.  Interest accrued on each Eurodollar Advance shall be payable on the last day of its applicable Interest Period, on any date on which such Eurodollar Advance is prepaid, whether by acceleration or otherwise, and at maturity.  Interest accrued on each Eurodollar Advance having an Interest Period longer than three months shall also be payable on the last day of each three-month interval during such Interest Period.   Interest on Floating Rate Advances shall be calculated for actual days elapsed on the basis of a 365-day year or, when appropriate, a 366-day year.  All other interest and all fees shall be calculated for actual days elapsed on the basis of a 360-day year.  Interest shall be payable for the day an Advance is made but not for the day of any payment on the amount paid if payment is received prior to noon (New York time) at the place of payment.   If any payment of principal of or interest on an Advance shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing interest in connection with such payment.

2.14    Notification  of  Advances,  Interest  Rates,  Prepayments  and  Commitment Reductions.  Promptly after receipt thereof, the Agent will notify each Lender of the contents of each Aggregate Commitment reduction notice, Borrowing Notice, Conversion/Continuation Notice and repayment notice received by it hereunder; provided, however, that the failure of the Agent to provide such notice to the Lenders shall not affect the validity or binding nature of such notice delivered to the Agent by the Borrower.  The Agent will notify each Lender of the interest rate applicable to each Eurodollar Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate.

2.15      Lending Installations.   Each Lender may book its Loans at any Lending Installation selected by such Lender and may change its Lending Installation from time to time.  All terms of this Agreement shall apply to any such Lending Installation.  Each Lender may, by written notice to the Agent and the Borrower in accordance with Article XIII, designate replacement or additional Lending Installations through which Loans will be made by it and for whose account Loan payments are to be made.

2.16      Non-Receipt of Funds by the Agent.  Unless the Borrower or a Lender, as the case may be, notifies the Agent prior to the date on which it is scheduled to make payment to the Agent of (i) in the case of a Lender, the proceeds of a Loan or (ii) in the case of the Borrower, a payment of principal, interest or fees to the Agent for the account of the Lenders, that it does not intend to make such payment, the Agent may assume that such payment has been made.  The Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption.  If such Lender or the Borrower, as the case may be, has not in fact made such payment to the Agent, the recipient of such payment shall, on demand by the Agent, repay to the Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by the Agent until the date the Agent recovers such amount at a rate per annum equal to (x) in the case of payment by a Lender, the Federal Funds Effective Rate for such day for the first three (3) days and, thereafter, the interest rate applicable to the relevant Loan or (y) in the case of payment by the Borrower, the interest rate applicable to the relevant Loan.

2.17    Replacement of Lender.  If (a) the Borrower is required pursuant to Section 3.1, 3.2 or
3.5 to make any additional payment to any Lender or if any Lender’s obligation to make or continue, or to
convert Floating Rate Advances into, Eurodollar Advances is suspended pursuant to Section 3.3, (b) any Lender becomes a Defaulting Lender or (c) any Lender shall have a Scheduled Termination Date that is earlier than the then-effective Final Termination Date (any Lender so affected as described in subclauses (a), (b) or (c), an “Affected Lender”), the Borrower may (but only, in the case of clause (a), if such amounts continue to be charged or such suspension is still effective) elect to replace such Affected Lender

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as a Lender party to this Agreement, provided that no Default or Unmatured Default shall have occurred and be continuing at the time of such replacement, and provided further that, concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory to the Borrower, the Agent and the L/C Issuers shall agree, as of such date, to purchase for cash the Credit Extensions due to the Affected Lender pursuant to an Assignment Agreement substantially in the form of Exhibit A and to become a Lender for all purposes under this Agreement and to assume all obligations of the Affected Lender to be terminated as of such date and to comply with the requirements of Section 12.3 applicable to assignments, and (ii) the Borrower shall pay to such Affected Lender in same day funds on the day of such replacement (A) all interest, fees and other amounts then accrued but unpaid to such Affected Lender by the Borrower hereunder to and including the date of termination, including, without limitation, any payments due to such Affected Lender under Sections 3.1, 3.2 and 3.5, and (B) an amount, if any, equal to the payment which would have been due to such Lender on the day of such replacement under Section 3.4 had the Loans and L/C Obligations of such Affected Lender been prepaid on such date rather than sold to the replacement Lender.

2.18      Extension  of  Final  Termination  Date.    At  any  time  after  the  Effective  Date,  the Borrower may, up to two times during the term of this Agreement, request a one-year extension of each Lender’s  Scheduled  Termination  Date  by  submitting  a  request  for  an  extension  to  the  Agent  (an “Extension Request”) no more than ninety (90) days, but not less than sixty (60) days, prior to any anniversary of the Effective Date commencing with the first anniversary thereof (the “Extension Date”). Any Extension Request shall specify the date (which must be at least thirty (30) days after the Extension Request is delivered to the Agent but no later than thirty (30) days prior to the Extension Date) as of which the Lenders must respond to such Extension Request (the “Response Date”).   Promptly upon receipt of an Extension Request, the Agent shall notify each Lender of the contents thereof.  Each Lender shall, not later than the Response Date for any Extension Request, deliver a written response to the Agent approving or rejecting such Extension Request (and any Lender that fails to deliver such a response by the Response Date shall be deemed to have rejected such Extension Request).  If (i) Lenders that collectively have a Pro Rata Share of more than 50% approve an Extension Request (which approval shall be at the sole discretion of each Lender) and (ii) all of the Aggregate Outstanding Credit Exposure shall have been paid in full on the Extension Date, then the then-effective Final Termination Date, and the Scheduled Termination Date for each such approving Lender, shall be extended to the date that is one year after the then-effective Final Termination Date or, if such date is not a Business Day, to the next preceding Business Day (but the then-effective Scheduled Termination Date for each other Lender shall remain unchanged).  The Agent shall promptly (and in any event not later than twenty-five (25) days prior to the Extension Date for each of the Lenders) notify the Borrower, in writing, of the Lenders’ elections pursuant to this Section 2.18.  If Lenders that collectively have a Pro Rata Share of 50% or more reject an Extension Request, then the Final Termination Date, and the Scheduled Termination Date of each Lender, shall remain unchanged.  The Borrower may elect to replace any declining Lender under this Section 2.18 pursuant to the terms of Section 2.17.  Prior to the effectiveness of any Extension Request under this Section 2.18, the Agent shall have received evidence, in form and substance reasonably satisfactory to the Agent, that the Borrower has obtained the approval of the Borrower’s board of directors in connection with such Extension Request.

2.19      Letters of Credit.

(a)    The Letter of Credit Commitment.

(i)         Subject to the terms and conditions set forth herein, (A) each L/C Issuer agrees, in reliance upon the agreements of the Lenders set forth in this Section 2.19, (1) from time to time on any Business Day during the period from the Effective Date until the Letter of Credit Expiration Date, to issue Letters of Credit in U.S. dollars for the account of the Borrower or any

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of its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit; and (B) the Lenders severally agree to participate in Letters of Credit issued for the account of the Borrower or its Subsidiaries and any drawings thereunder; provided that after giving effect to any L/C Credit Extension with respect to any Letter of Credit, (w) the Aggregate Outstanding Credit Exposure shall not exceed the Aggregate Commitment, (x) the aggregate outstanding amount of the Loans of any Lender, plus such Lender’s Pro Rata Share of the outstanding amount of all L/C Obligations, plus such Lender’s Pro Rata Share of the outstanding amount of all Swing Line Loans, shall not exceed such Lender’s Commitment, (y) the outstanding amount of the L/C Obligations shall not exceed the Letter of Credit Sublimit and (z) the aggregate principal amount of outstanding L/C Obligations of any Initial L/C Issuer shall not exceed such Initial L/C Issuer's L/C Commitment unless otherwise agreed by such Initial L/C Issuer.   Each request by the Borrower for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Borrower that the L/C Credit Extension so requested complies with the conditions set forth in the proviso to the preceding sentence.  Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed.  All Existing Letters of Credit shall be deemed to have been issued pursuant hereto, and  from  and  after  the  Effective  Date  shall  be  subject  to  and  governed  by  the  terms  and conditions hereof.

(ii)    No L/C Issuer shall issue any Letter of Credit if:

(A)        subject to Section 2.19(b)(iii), the expiry date of such requested Letter of Credit would occur more than twelve months after the date of issuance or last extension of such Letter of Credit, unless the Lenders (other than Defaulting Lenders) holding a majority of the Commitments have approved such expiry date; or

(B)       the expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the Lenders that have Commitments have approved such expiry date.

(iii)    No L/C Issuer shall be under any obligation to issue any Letter of Credit if:

(A)       any  order,  judgment  or  decree  of  any  Governmental  Authority  or arbitrator shall by its terms purport to enjoin or restrain such L/C Issuer from issuing such Letter of Credit, or any law applicable to such L/C Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such L/C Issuer shall prohibit, or request that such L/C Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such L/C Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such L/C Issuer is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon such L/C Issuer any unreimbursed loss, cost or expense which was not applicable on the Effective Date and which such L/C Issuer in good faith deems material to it;

(B)       the issuance of such Letter of Credit would violate one or more policies of such L/C Issuer applicable to borrowers generally;

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(C)    except as otherwise agreed by the Agent and such L/C Issuer, such Letter of Credit is in an initial stated amount less than $500,000;

(D)    such Letter of Credit is to be denominated in a currency other than U.S. dollars;

(E)       such Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any drawing thereunder; or

(F)        any Lender is at that time a Defaulting Lender, unless such L/C Issuer has entered into arrangements, including the delivery of Cash Collateral, satisfactory to such L/C Issuer (in its sole discretion) with the Borrower or such Lender to eliminate such L/C Issuer’s actual or potential Fronting Exposure (after giving effect to  Section
2.21(a)(iv)) with respect to the Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C Obligations as to
which such L/C Issuer has actual or potential Fronting Exposure, as it may elect in its
sole discretion.

(iv)       No L/C Issuer shall amend any Letter of Credit if such L/C Issuer would not be permitted at such time to issue the Letter of Credit in its amended form under the terms hereof.

(v)        No L/C Issuer shall be under any obligation to amend any Letter of Credit if (A) such L/C Issuer would have no obligation at such time to issue the Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of the Letter of Credit does not accept the proposed amendment to the Letter of Credit.

(vi)       Each L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated therewith, and such L/C Issuer shall have all of the benefits and immunities (A) provided to the Agent in Article X with respect to any acts taken or omissions suffered by such L/C Issuer in connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Agent” as used in Article X included such L/C Issuer with respect to such acts or omissions, and (B) as additionally provided herein with respect to such L/C Issuer.

(b)    Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit.

(i)         Each Letter of Credit shall be issued or amended, as the case may be, upon the request of the Borrower delivered to the applicable L/C Issuer (with a copy to the Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Borrower.  Such Letter of Credit Application may be sent by facsimile, by United States mail, by overnight courier, by electronic transmission using the system provided by the applicable L/C Issuer, by personal delivery or by any other means acceptable to such L/C Issuer. Such Letter of Credit Application must be received by the applicable L/C Issuer and the Agent not later than 11:00 a.m. (New York time) at least five Business Days (or such later date and time as the Agent and such L/C Issuer may agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the case may be.  In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and  detail  satisfactory  to  the  applicable  L/C  Issuer:  (A)  the  proposed  issuance  date  of  the requested Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be

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presented  by  such  beneficiary  in  case  of  any  drawing  thereunder;  (F)  the  full  text  of  any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the purpose and nature of the requested Letter of Credit; and (H) such other matters as such L/C Issuer may require.   In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to the applicable L/C Issuer (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C) the nature of the proposed amendment; and (D) such other matters  as  such  L/C  Issuer  may  require.    Additionally,  the  Borrower  shall  furnish  to  the applicable L/C Issuer and the Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as such L/C Issuer or the Agent may require.

(ii)        Promptly after receipt of any Letter of Credit Application, the applicable L/C Issuer will confirm with the Agent (by telephone or in writing) that the Agent has received a copy of such Letter of Credit Application from the Borrower and, if not, such L/C Issuer will provide the Agent with a copy thereof.  Unless the applicable L/C Issuer has received written notice from any Lender, the Agent or any Loan Party, at least one Business Day prior to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained in Article V shall not be satisfied, then, subject to the terms and conditions hereof, such L/C Issuer shall, on the requested date, issue a Letter of Credit for the account of the Borrower or the applicable Subsidiary or enter into the applicable amendment, as the case may be, in each case in accordance with such L/C Issuer’s usual and customary business practices.  Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the applicable L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Lender’s Pro Rata Share  times the amount of such Letter of Credit.

(iii)       If the Borrower so requests in any applicable Letter of Credit Application, the applicable L/C Issuer may, in its sole discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”);  provided that any such Auto-Extension Letter of Credit must permit such L/C Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Non- Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued.  Unless otherwise directed by the applicable L/C Issuer, the Borrower shall not be required to make a specific request to such L/C Issuer for any such extension.  Once an Auto-Extension Letter of Credit has been issued, the Lenders shall be deemed to have authorized (but may not require) the applicable L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that such L/C Issuer shall not permit any such extension if (A) such L/C Issuer has determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section 2.19(a) or otherwise), or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven Business Days before the Non-Extension Notice Date (1) from the Agent that the Required Lenders have elected not to permit such extension or (2) from the Agent, any Lender or the Borrower that one or more of the applicable conditions specified in Section 4.2 is not then satisfied, and in each case directing such L/C Issuer not to permit such extension.

(iv)       Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the applicable L/C

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Issuer will also deliver to the Borrower and the Agent a true and complete copy of such Letter of
Credit or amendment.

(c)    Drawings and Reimbursements; Funding of Participations.

(i)         Upon  receipt  from the  beneficiary of  any Letter  of Credit  of  any notice  of drawing under such Letter of Credit, the applicable L/C Issuer shall notify the Borrower and the Agent thereof.  Not later than 11:00 a.m. (New York time) on the date of any payment by the applicable L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the Borrower shall reimburse such L/C Issuer through the Agent in an amount equal to the amount of such drawing.  If the Borrower fails to so reimburse the applicable L/C Issuer by such time, the Agent shall promptly notify each Lender of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Lender’s Pro Rata Share thereof.  In such event, the Borrower shall be deemed to have requested an Advance of Loans that are Floating Rate Advances to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.6 for the principal amount of Floating Rate Advances, but subject to the conditions set forth in Section 4.2 (other than the delivery of a Loan Notice) and provided that, after giving effect to such Advance, the Aggregate Outstanding Credit Exposure shall not exceed the Aggregate Commitment.   Any notice given by the applicable L/C Issuer or the Agent pursuant to this Section 2.19(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

(ii)       Each Lender shall upon any notice pursuant to Section 2.19(c)(i) make funds available (and the Agent may apply Cash Collateral provided for this purpose) for the account of the applicable L/C Issuer at the Agent’s Lending Installation in an amount equal to its Pro Rata Share of the Unreimbursed Amount not later than 1:00 p.m. (New York time)on the Business Day specified in such notice by the Agent, whereupon, subject to the provisions of Section 2.19(c)(iii), each Lender that so  makes funds available shall be  deemed  to  have  made a  Floating Rate Advance to the Borrower in such amount.  The Agent shall remit the funds so received to the applicable L/C Issuer.

(iii)      With respect to any Unreimbursed Amount that is not fully refinanced by an Advance of Loans that are Floating Rate Advances because the conditions set forth in Section 4.2 cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred from the applicable L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate provided in Section 2.9.  In such event, each Lender’s payment to the Agent for the account of the applicable L/C Issuer pursuant to Section 2.19(c)(ii) shall  be  deemed  payment  in  respect  of  its  participation  in  such  L/C  Borrowing  and  shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.19.

(iv)    Until each Lender funds its Loans or L/C Advance pursuant to this  Section
2.19(c) to reimburse the applicable L/C Issuer for any amount drawn under any Letter of Credit,
interest in respect of such Lender’s Pro Rata Share of such amount shall be solely for the account of such L/C Issuer.

(v)    Each Lender’s obligation to make Loans or L/C Advances to reimburse the
applicable L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this Section
2.19(c), shall be absolute and unconditional and shall not be affected by any circumstance,

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including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against such L/C Issuer, the Borrower or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Lender’s obligation to make Loans pursuant to this Section 2.19(c) is subject to the conditions set forth in Section 4.2 (other than delivery by the Borrower of a Borrowing Notice).   No such making of an L/C Advance shall relieve or otherwise impair the obligation of the Borrower to reimburse the applicable L/C Issuer for the amount of any payment made by such L/C Issuer under any Letter of Credit, together with interest as provided herein.

(vi)       If  any  Lender  fails  to  make  available  to  the  Agent  for  the  account  of  the applicable L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.19(c) by the time specified in Section 2.19(c)(ii), then, without limiting the other provisions of this Agreement, such L/C Issuer shall be entitled to recover from such Lender (acting through the Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Effective Rate and a rate determined by such L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by such L/C Issuer in connection with the foregoing.  If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Loan included in the relevant Advance or L/C Advance in respect of the relevant L/C Borrowing, as the case may be.   A certificate of the applicable L/C Issuer submitted to any Lender (through the Agent) with respect to any amounts owing under this clause (vi) shall be conclusive absent manifest error.

(d)        Repayment of Participations.

(i)         At any time after the applicable L/C Issuer has made a payment under any Letter of Credit and has received from any Lender such Lender’s L/C Advance in respect of such payment in accordance with Section 2.19(c), if the Agent receives for the account of such L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the Borrower or otherwise, including proceeds of cash collateral applied thereto by the Agent), the Agent will distribute to such Lender its Pro Rata Share thereof in the same funds as those received by the Agent.

(ii)        If any payment received by the Agent for the account of the applicable L/C Issuer pursuant to Section 2.19(c)(i) is required to be returned under any of the circumstances (including pursuant to any settlement entered into by such L/C Issuer in its discretion), each Lender shall pay to the Agent for the account of such L/C Issuer its Pro Rata Share thereof on demand of the Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Lender, at a rate per annum equal to the Federal Funds Effective Rate from time to time in effect.  The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.

(e)        Obligations Absolute.  The obligation of the Borrower to reimburse the applicable L/C Issuer for each drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:

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(i)         any lack of validity or enforceability of such Letter of Credit, this Agreement or any other Loan Document;

(ii)        the existence of any claim, counterclaim, setoff, defense or other right that any Loan Party or any Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), such L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

(iii)       any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

(iv)       any payment by such L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by such L/C Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any bankruptcy or similar debtor relief law; or

(v)        any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Loan Party or any Subsidiary.

The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with the Borrower’s instructions or other irregularity, the Borrower will immediately notify the applicable L/C Issuer.  The Borrower shall be conclusively deemed to have waived any such claim against the applicable L/C Issuer and its correspondents unless such notice is given as aforesaid.

(f)         Role of L/C Issuer.  Each Lender and the Borrower agree that, in paying any drawing under a Letter of Credit, the applicable L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by such Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document.  None of the L/C Issuers, the Agent, any of their respective affiliates, directors, officers, trustees or employees, nor any correspondent, participant or assignee of the L/C Issuers shall be liable to any Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct (such gross negligence or willful  misconduct  as  determined  in  a  final,  nonappealable  judgment  by  a  court  of  competent jurisdiction); or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit or Issuer Document.  The Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided,  however, that  this  assumption is  not  intended  to,  and  shall  not,  preclude the  Borrower’s pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement.  None of the L/C Issuers, the Agent, any of their respective affiliates, directors, officers, trustees or employees, nor any correspondent, participant or assignee of the L/C Issuers shall be liable or responsible for any of the matters described in clauses (i) through (v) of Section 2.19(e); provided,

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however, that anything in such clauses to the contrary notwithstanding, the Borrower may have a claim against a L/C Issuer, and a L/C Issuer may be liable to the Borrower, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower which the Borrower proves were caused by such L/C Issuer’s willful misconduct or gross negligence (as determined in a final, nonappealable judgment by a court of competent jurisdiction) or such L/C Issuer’s willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter of Credit.  In furtherance and not in limitation of the foregoing, the L/C Issuers may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and no L/C Issuer shall be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.   A L/C Issuer may send a Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) message or overnight courier, or any other commercially reasonable means of communicating with a beneficiary.

(g)        Applicability of ISP.  Unless otherwise expressly agreed by the applicable L/C Issuer and the Borrower when a Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), the rules of the ISP shall apply to each Letter of Credit.

(h)        Letter of Credit Fees.   The Borrower shall pay to the Agent for the account of each Lender in accordance with its Pro Rata Share a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Margin times the daily amount available to be drawn under such Letter of Credit; provided, however, any Letter of Credit Fees otherwise payable for the account of a Defaulting Lender with respect to any Letter of Credit as to which such Defaulting Lender has not provided Cash Collateral satisfactory to the applicable L/C Issuer pursuant to this Section 2.19 shall be payable, to the maximum extent permitted by applicable law, to the other Lenders in accordance with the upward adjustments in their respective Pro Rata Shares allocable to such Letter of Credit pursuant to Section 2.21(a)(iv), with the balance of such fee, if any, payable to the applicable L/C Issuer for its own account.  For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 9.15.  Letter of Credit Fees shall be (i) due and payable on the first Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in arrears.  If there is any change in the Applicable Margin during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Margin separately   for   each   period   during   such   quarter   that   such   Applicable   Margin   was   in   effect. Notwithstanding anything to the contrary contained herein, upon the request of the Required Lenders, while any Default exists, all Letter of Credit Fees shall accrue at the rate set forth in Section 2.9 for Letter of Credit Fees.

(i)         Fronting Fee and  Documentary and  Processing Charges  Payable to  L/C Issuer. The Borrower shall pay directly to the applicable L/C Issuer for its own account a fronting fee with respect to each Letter of Credit, at the rate per annum agreed by the Borrower and the applicable L/C Issuer in writing, computed on the daily amount available to be drawn under such Letter of Credit and on a quarterly basis in arrears.  Such fronting fee shall be due and payable on the tenth Business Day after the end of each March, June, September and December in respect of the most recently-ended quarterly period (or portion thereof, in the case of the first payment), commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 9.15.  In addition, the Borrower

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shall pay directly to the applicable L/C Issuer for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of such L/C Issuer relating to letters of credit as from time to time in effect.  Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable.

(j)         Conflict with Issuer Documents.  In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof shall control.

(k)        Letters of Credit Issued for Subsidiaries.  Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Borrower shall be obligated to reimburse the applicable L/C Issuer hereunder for any and all drawings under such Letter of Credit.  The Borrower hereby acknowledges that the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of the Borrower, and that the Borrower’s business derives substantial benefits from the businesses of such Subsidiaries.

2.20      Cash Collateral.

(a)        Certain Credit Support Events.  Upon the request of the Agent or any L/C Issuer (i) if such L/C Issuer has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing, or (ii) if, as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, the Borrower shall, in each case, immediately Cash Collateralize the then outstanding amount of all L/C Obligations.   At any time that there shall exist a Defaulting Lender, immediately upon the request of the Agent or any L/C Issuer, the Borrower shall deliver to the Agent Cash Collateral in an amount sufficient to cover all Fronting Exposure (after giving effect to Section 2.21(a)(iv) and any Cash Collateral provided by the Defaulting Lender).

(b)        Grant of Security Interest.  All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained in blocked, non-interest bearing deposit accounts at Wells Fargo.  The Borrower, and to the extent provided by any Lender, such Lender, hereby grants to (and subjects to the control of) the Agent, for the benefit of the Agent, the L/C Issuers and the Lenders, and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to Section 2.20(c).  If at any time the Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Agent as herein provided, or that the total amount of such Cash Collateral is less than the applicable Fronting Exposure and other obligations secured thereby, the Borrower or the relevant Defaulting Lender will, promptly upon demand by the Agent, pay or provide to the Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency.

(c)        Application.   Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section 2.20 or Sections 2.7, 2.19, 2.21 or 8.1 in respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C Obligations, obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may be provided for herein.

(d)        Release.  Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or other obligations shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following compliance with Section 12.3(a)) or (ii) the Agent’s good faith determination that there exists excess Cash Collateral;  provided,

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however, (x) that Cash Collateral furnished by or on behalf of the Borrower shall not be released during the continuance of a Unmatured Default or Default (and following application as provided in this Section
2.20 may be otherwise applied in accordance with this Agreement), and (y) the Person providing Cash
Collateral and the applicable L/C Issuer may agree that Cash Collateral shall not be released but instead held to support future anticipated Fronting Exposure or other obligations.

2.21    Defaulting Lenders.

(a)        Adjustments.  Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:

(i)         Waivers  and  Amendments.    That  Defaulting  Lender’s  right  to  approve  or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 8.2.

(ii)        Reallocation of Payments.   Any payment of principal, interest, fees or other amounts received by the Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 8.1 or otherwise, and including any amounts made available to the Agent by that Defaulting Lender pursuant to Section 11.1), shall be applied at such time or times as may be determined by the Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender to the Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by that Defaulting Lender to any L/C Issuer  or Swing Line Lender hereunder; third, if so determined by the Agent or requested by any L/C Issuer, to be held as Cash Collateral for future funding obligations of that Defaulting Lender of any participation in any Letter of Credit; fourth, as the Borrower may request (so long as no Default or Unmatured Default exists), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Agent; fifth, if so determined by the Agent and the Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting Lender to fund Loans under this Agreement; sixth, to the payment of any amounts owing to the Lenders, the L/C Issuers or the Swing Line Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender, any L/C Issuer or the Swing Line Lender against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement;  seventh, so long as no Default or Unmatured Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement;  and  eighth,  to  that  Defaulting  Lender  or  as  otherwise  directed  by  a  court  of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which that Defaulting Lender has not fully funded its appropriate share and (y) such Loans or L/C Borrowings were made at a time when the conditions set forth in Section 4.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Borrowings owed to, all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Borrowings owed to, that Defaulting Lender.  Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.21(a)(ii) shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto.

(iii)       Certain Fees.   That Defaulting Lender (x) shall not be entitled to receive any facility fee pursuant to Section 2.5 for any period during which that Lender is a Defaulting

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Lender except to the extent allocable to the sum of (1) the outstanding amount of the Loans funded by it and (2) its Pro Rata Share of the stated amount of Letters of Credit and Swing Line Loans for which it has provided Cash Collateral pursuant to Section 2.7, Section 2.19, Section
2.20, or Section 2.21(a)(ii), as applicable (and the Borrower shall (A) be required to pay to each
L/C Issuer the amount of such fee allocable to its Fronting Exposure arising from that Defaulting Lender and (B) not be required to pay the remaining amount of such fee that otherwise would have been required to have been paid to that Defaulting Lender) and (y) shall be limited in its right to receive Letter of Credit Fees as provided in Section 2.19(h).

(iv)       Reallocation of Pro Rata Shares to Reduce Fronting Exposure.   During any period in which there is a Defaulting Lender, for purposes of computing the amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit pursuant to Section 2.19 or Swing Line Loans pursuant to Section 2.22, the “Pro Rata Share”  of  each  non-Defaulting  Lender  shall  be  computed  without  giving  effect  to  the Commitment of that Defaulting Lender; provided, that, (i) each such reallocation shall be given effect only if, at the date the applicable Lender becomes a Defaulting Lender, no Unmatured Default or Default exists; and (ii) the aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters of Credit and Swing Line Loans shall not exceed the positive difference, if any, of (1) the Commitment of that non-Defaulting Lender minus (2) the aggregate outstanding amount of the Loans of that Lender.

(b)        Cash Collateral, Repayment of Swing Line Loans.  If the reallocation described in clause (a)(iv) above cannot, or can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under applicable law, (x) first, prepay Swing Line Loans in an amount equal to the Swing Line Lenders’ Fronting Exposure and (y)  second, Cash Collateralize the L/C Issuers’ Fronting Exposure in accordance with the procedures set forth in  Section 2.20.

(c)        Defaulting Lender Cure.  If the Borrower, the Agent, the Swing Line Lender and the L/C Issuers agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swing Line Loans to be held on a pro rata basis by the Lenders in accordance with their Pro Rata Shares (without giving effect to  Section 2.21(a)(iv)),  whereupon  that  Lender  will  cease to  be a  Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

2.22    Swing Line Loans.

(a)        Availability.   Subject to the terms and conditions of this Agreement, the Swing Line Lender shall, unless (x) any Lender is at such time a Defaulting Lender hereunder and (y) the Swing Line Lender has not entered into arrangements satisfactory to it to eliminate its Fronting Exposure with respect to such Defaulting Lender, in which case the Swing Line Lender may in its sole discretion, make Swing Line Loans to the Borrower from time to time from the Effective Date through, but not including, the Scheduled Maturity Date; provided that after giving effect to any amount requested, (i) the Aggregate Outstanding Credit Exposure shall not exceed the Aggregate Commitment, (ii) the aggregate outstanding

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amount of the Loans of any Lender, plus such Lender’s Pro Rata Share of the outstanding amount of all L/C Obligations, plus such Lender’s Pro Rata Share of the outstanding amount of all Swing Line Loans, shall not exceed such Lender’s Commitment and (iii) the aggregate principal amount of all outstanding Swing Line  Loans  (after giving effect to  any amount  requested),  shall  not exceed  the  Swing Line Sublimit.

(b)    Refunding.

(i)         Swing Line Loans shall be refunded by the Lenders on demand by the Swing Line Lender.  Such refundings shall be made by the Lenders in accordance with their respective Pro Rata Shares and shall thereafter be reflected as Loans of the Lenders on the books and records of the Agent.  Each Lender shall fund its respective Pro Rata Share of Loans as required to repay Swing Line Loans outstanding to the Swing Line Lender upon demand by the Swing Line Lender but in no event later than 1:00 p.m. on the next succeeding Business Day after such demand is made.  No Lender’s obligation to fund its respective Pro Rata Share of a Swing Line Loan shall be affected by any other Lender’s failure to fund its Pro Rata Share of a Swing Line Loan, nor shall any Lender’s Pro Rata Share be increased as a result of any such failure of any other Lender to fund its Pro Rata Share of a Swing Line Loan.

(ii)        The Borrower shall pay to the Swing Line Lender on demand the amount of such Swing Line Loans to the extent amounts received from the Lenders are not sufficient to repay in full the outstanding Swing Line Loans requested or required to be refunded.  In addition, the Borrower hereby authorizes the Agent to charge any account maintained by the Borrower with the Swing Line Lender (up to the amount available therein) in order to immediately pay the Swing Line Lender the amount of such Swing Line Loans to the extent amounts received from the Lenders are not sufficient to repay in full the outstanding Swing Line Loans requested or required to be refunded.  If any portion of any such amount paid to the Swing Line Lender shall be recovered by or on behalf of the Borrower from the Swing Line Lender in bankruptcy or otherwise, the loss of the amount so recovered shall be ratably shared among all the Lenders in accordance with their respective Pro Rata Shares (unless the amounts so recovered by or on behalf of the Borrower pertain to a Swing Line Loan extended after the occurrence and during the continuance of a Default of which the Agent has received notice in the manner required pursuant to Section 13.1 and which such Default has not been waived by the Required Lenders or the Lenders, as applicable).

(iii)       Each Lender acknowledges and agrees that its obligation to refund Swing Line Loans in accordance with the terms of this Section is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction of the conditions set forth in Article IV.  Further, each Lender agrees and acknowledges that if prior to the refunding of any outstanding Swing Line Loans pursuant to this Section, one of the events described in Section 7.6 or 7.7 shall have occurred, each Lender will, on the date the applicable Loan would have been made, purchase an undivided participating interest in the Swing Line Loan to be refunded in an amount equal to its Pro Rata Share of the aggregate amount of such Swing Line Loan.  Each Lender will, by the time the applicable Loan would have been due to be made under clause (i) above, transfer to the Swing Line Lender, in immediately available funds, the amount of its participation and upon receipt thereof the Swing Line Lender will deliver to such Lender a certificate evidencing such participation dated the date of receipt of such funds and for such amount.  No funding of participations shall relieve or otherwise impair the obligations of the Borrower to repay Swing Line Loans together with interest thereon.  Whenever, at any time after the Swing Line Lender has received from any Lender such Lender’s participating interest in a Swing Line Loan, the Swing Line Lender receives any payment on account thereof, the Swing

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Line Lender will distribute to such Lender its participating interest in such amount (appropriately adjusted,  in the  case  of  interest  payments,  to reflect  the  period  of  time  during which  such Lender’s participating interest was outstanding and funded).

(c)        Repayment of Swing Line Loans.   If outstanding Swing Line Loans have not been refinanced with Loans pursuant to Section 2.22(b) hereof, Swing Line Loans shall be due and payable within fourteen (14) days following the making of such Swing Line Loan.

(d)        Defaulting  Lenders.     Notwithstanding  anything  to  the  contrary  contained  in  this
Agreement, this Section 2.22 shall be subject to the terms and conditions of Section 2.20 and Section
2.21.

ARTICLE III

YIELD PROTECTION; TAXES

3.1    Yield Protection.  If, on or after the date of this Agreement, any Change in Law:

(i)         subjects the Agent, any Lender or any applicable Lending Installation to any Taxes, or changes the basis of taxation of payments (other than in each case with respect to Excluded Taxes) to any Lender in respect of its Eurodollar Loans or

(ii)        imposes or increases or deems applicable any reserve, assessment, insurance charge, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender or any applicable Lending Installation (other than reserves and assessments taken into account in determining the interest rate applicable to Eurodollar Advances), or

(iii)       imposes any other condition the result of which is to increase the cost to any Lender or any applicable Lending Installation of making, funding or maintaining its Eurodollar Loans or reduces any amount receivable by any Lender or any applicable Lending Installation in connection with its Eurodollar Loans, or requires any Lender or any applicable Lending Installation to make any payment calculated by reference to the amount of Eurodollar Loans or interest received by it, by an amount deemed material by such Lender,

and the result of any of the foregoing is to increase the cost to the Agent, such Lender or applicable Lending Installation, as the case may be, of making, continuing, converting into or maintaining its Eurodollar Loans, Commitment or to reduce the return received by such Lender or applicable Lending Installation in connection with such Eurodollar Loans or Commitment, then, within fifteen (15) days of demand by such Lender, the Borrower shall pay such Lender such additional amount or amounts as will compensate such Lender for such increased cost or reduction in amount received.

3.2        Changes in Capital Adequacy Regulations.  If a Lender determines that the amount of capital required or expected to be maintained by such Lender, any Lending Installation of such Lender or any corporation controlling such Lender is increased as a result of a Change in Law, then, within fifteen (15) days of demand by such Lender, the Borrower shall pay such Lender the amount necessary to compensate for any shortfall in the rate of return on the portion of such increased capital which such Lender determines is attributable to this Agreement, its Outstanding Credit Exposure or its Commitment to make Loans (after taking into account such Lender’s policies as to capital adequacy).

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3.3        Availability of Types of Advances.  If (x) any Lender determines that maintenance of its Eurodollar Loans at a suitable Lending Installation would violate any applicable law, rule, regulation, or directive, whether or not having the force of law, or if (y) the Required Lenders determine that (i) deposits of a type and maturity appropriate to match fund Eurodollar Advances are not available or (ii) the interest rate applicable to Eurodollar Advances does not accurately reflect the cost of making or maintaining Eurodollar Advances, then the Agent shall suspend the availability of Eurodollar Advances and require any affected Eurodollar Advances to be repaid or converted to Floating Rate Advances, subject to the payment of any funding indemnification amounts required by Section 3.4.

3.4        Funding Indemnification.   If any payment of a Eurodollar Advance occurs on a date which is not the last day of the applicable Interest Period, whether because of acceleration, prepayment or otherwise, or a Eurodollar Advance is not made, continued or prepaid, or a Floating Rate Advance is not converted into a Eurodollar Advance, on the date specified by the Borrower for any reason other than default by the Lenders, the Borrower will indemnify each Lender for any loss or cost incurred by it resulting therefrom, including, without limitation, any loss or cost in liquidating or employing deposits acquired to fund or maintain such Eurodollar Advance.

3.5    Taxes.

(i)         All payments by the Borrower to or for the account of any Lender or the Agent hereunder shall be made free and clear of and without deduction for any and all Taxes, except to the extent such Lender is entitled to an exemption from or reduction of withholding tax with respect to payments under this Agreement but fails to properly and timely complete and execute documentation as provided in Section 3.5(iv) or Section 3.5(vi), as the case may be.  Subject to each  Lender’s  and  the  Agent’s  compliance  with   Section  3.5(iv)  and  Section  3.5(vi),  if  the Borrower or the Agent shall be required by law to deduct any Taxes from or in respect of any sum payable hereunder to any Lender or the Agent, (a) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section 3.5) such Lender or the Agent (as the case may be) receives an amount equal to the sum it would have received had no such deductions been made, (b) the Borrower or the Agent, as applicable, shall make such deductions, (c) the Borrower or the Agent, as applicable, shall pay the full amount deducted to the relevant authority in accordance with applicable law and (d) the Borrower shall furnish to the Agent the original copy of a receipt evidencing payment thereof within thirty (30) days after such payment is made.

(ii)        In addition, the Borrower hereby agrees to pay any present or future stamp or documentary taxes and any other excise (but excluding Excluded Taxes) or property taxes, charges or similar levies which arise from any payment made hereunder or from the execution or delivery of, or otherwise with respect to, this Agreement (“Other Taxes”).

(iii)       Except as otherwise provided herein, the Borrower hereby agrees to indemnify the Agent and each Lender for the full amount of Taxes or Other Taxes (including, without limitation, any Taxes or Other Taxes imposed on amounts payable under this Section 3.5) paid by the Agent or such Lender and any liability (including penalties, interest and expenses) arising therefrom or with respect thereto; provided that the Borrower shall not be required to indemnify the Agent or any Lender for interest, penalties or associated expenses described in the foregoing if such liability is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the party seeking indemnification.  Payments due under this indemnification shall be made within thirty (30) days of the date the Agent or such Lender makes demand therefor pursuant to Section 3.6.

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(iv)       Each Lender that is not incorporated under the laws of the United States of America or a state thereof (each a “Non-U.S. Lender”) agrees that it will, not less than ten (10) Business Days after the date of this Agreement (or, if later, ten (10) Business Days after such Lender shall become a Lender pursuant to Section 12.3), deliver to each of the Borrower and the Agent two duly completed copies of United States Internal Revenue Service Form W-8BEN or W-8ECI, certifying in either case that such Lender is entitled to receive payments under this Agreement without deduction or withholding of any United States federal income taxes and is entitled to an exemption from United States backup withholding tax.  Each Non-U.S. Lender further undertakes to deliver to each of the Borrower and the Agent (x) renewals or additional copies of such form (or any successor form) on or before the date that such form expires or becomes obsolete, and (y) after the occurrence of any event requiring a change in the most recent forms so delivered by it, such additional forms or amendments thereto as may be reasonably requested by the Borrower or the Agent.  All forms or amendments described in the preceding sentence shall certify that such Lender is entitled to receive payments under this Agreement without deduction or withholding of any United States federal income taxes, unless an event (including without limitation any change in treaty, law or regulation) has occurred prior to the date on which any such delivery would otherwise be required which renders all such forms inapplicable or which would prevent such Lender from duly completing and delivering any such form or amendment with respect to it and such Lender advises the Borrower and the Agent that it is not capable of receiving payments without any deduction or withholding of United States federal income tax.

(v)        For  any  period  during  which  a  Non-U.S.  Lender  has  failed  to  provide  the Borrower with an appropriate form pursuant to clause (iv), above (unless such failure is due to a change in treaty, law or regulation, or any change in the interpretation or administration thereof by any Governmental Authority, occurring subsequent to the date on which a form originally was required to be provided), such Non-U.S. Lender shall not be entitled to indemnification under this Section 3.5 with respect to Taxes imposed by the United States; provided that, should a Non-U.S. Lender which is otherwise exempt from or subject to a reduced rate of withholding tax become subject to Taxes because of its failure to deliver a form required under clause (iv), above, the Borrower shall take such steps as such Non-U.S. Lender shall reasonably request to assist such Non-U.S. Lender to recover such Taxes.

(vi)       Any Lender that is entitled to an exemption from or reduction of withholding tax, including backup withholding, with respect to payments under this Agreement pursuant to the law of any relevant jurisdiction or any treaty shall deliver to the Borrower (with a copy to the Agent), at the time or times prescribed by applicable law, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate.  In the event such Lender has failed timely to provide the Borrower (with a copy to the Agent) with such properly completed and executed documentation, such Lender shall not be entitled to indemnification under this Section 3.5 with respect to Taxes withheld to the extent such Taxes would have been reduced or exempt from withholding had such properly completed and executed documentation been timely provided to the Borrower (with a copy to the Agent).

(vii)      If the U.S. Internal Revenue Service or any other Governmental Authority of the United States or any other country or any political subdivision thereof asserts a claim that the Agent did not properly withhold tax from amounts paid to or for the account of any Lender (because the appropriate form was not delivered or properly completed, because such Lender failed to notify the Agent of a change in circumstances which rendered its exemption  from

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withholding ineffective, or for any other reason), such Lender shall indemnify the Agent fully for all amounts paid, directly or indirectly, by the Agent as tax, withholding therefor, or otherwise, including penalties and interest, and including taxes imposed by any jurisdiction on amounts payable to the Agent under this subsection, together with all costs and expenses related thereto (including attorneys fees and time charges of attorneys for the Agent, which attorneys may be employees of the Agent); provided that no Lender shall be required to indemnify the Agent for any of the foregoing to the extent the failure of the Agent to withhold tax from amounts paid to or for  the  account  of  any  Lender  is  found  in  a  final  non-appealable  judgment  by  a  court  of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Agent.  In addition, each Lender shall severally indemnify the Agent for any taxes attributable to such Lender’s failure to comply with the provisions of Section 12.2(c) relating to the maintenance of a Participant Register that are payable or paid by the Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. The obligations of the Lenders under this Section 3.5(vii) shall survive the payment of the Obligations and termination of this Agreement.

(viii)     If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or
1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Agent at the time or times prescribed by law and at such time or times reasonably requested by the
Borrower or the Agent such documentation prescribed by applicable law (including as prescribed
by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Agent as may be necessary for the Borrower and the Agent to comply
with their obligations under FATCA and to determine that such Lender has complied with such
Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this paragraph (viii), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.   For purposes of determining withholding Taxes imposed under FATCA, from and after the Effective Date, the Borrower and the Agent shall treat (and the Lenders hereby authorize the Agent to treat) the Loans as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

3.6        Lender Statements; Survival of Indemnity.   To the extent reasonably possible, each Lender shall designate an alternate Lending Installation with respect to its Eurodollar Loans to reduce any liability of the Borrower to such Lender under Sections 3.1, 3.2 and 3.5 or to avoid the unavailability of Eurodollar Advances under Section 3.3, so long as such designation is not, in the judgment of such Lender, disadvantageous to such Lender.   Each Lender shall notify the Borrower of any amounts due under Section 3.1, 3.2, 3.4 or 3.5 as soon as reasonably practicable and, thereafter, deliver a written statement of such Lender to the Borrower (with a copy to the Agent) as to the amount due, if any, under such Section(s).  Such written statement shall set forth in reasonable detail the calculations upon which such Lender determined such amount and shall be final, conclusive and binding on the Borrower in the absence of manifest error.  Determination of amounts payable under such Sections in connection with a Eurodollar Loan shall be calculated as though each Lender funded its Eurodollar Loan through the purchase of a deposit of the type and maturity corresponding to the deposit used as a reference in determining the Eurodollar Rate applicable to such Loan, whether in fact that is the case or not.  Unless otherwise provided herein, the amount specified in the written statement of any Lender shall be payable on demand after receipt by the Borrower of such written statement.   The obligations of the Borrower under Sections 3.1, 3.2, 3.4 and 3.5 shall survive payment of the Obligations and termination of this Agreement.

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ARTICLE IV 
CONDITIONS PRECEDENT

4.1    Effectiveness.  This Agreement shall become effective (the “Effective Date”) as of the
date hereof upon satisfaction of the following conditions precedent:

(a)    Receipt by the Agent of counterparts of this Agreement executed by the Borrower, the
Lenders and the Agent.

(b)    Receipt by the Agent of:

(i)         Copies of the articles or certificate of incorporation of the Borrower, together with all amendments, and a certificate of existence, certified by the appropriate governmental officer in its jurisdiction of incorporation.

(ii)        Copies, certified by the Secretary or Assistant Secretary of the Borrower, of its bylaws  and  of  its  Board  of  Directors’  resolutions  authorizing  the  execution  of  the  Loan Documents by the Borrower.

(iii)       An incumbency certificate, executed by the Secretary or Assistant Secretary of the Borrower, which shall identify by name and title and bear the signatures of the officers of the Borrower  authorized  to  sign  this  Agreement  and  the  other  Loan  Documents,  upon  which certificate the Agent and the Lenders shall be entitled to rely until informed of any change in writing by the Borrower.

(iv)       A  certificate,  signed  by  the  chief  financial  officer  or  the  controller  of  the Borrower,  stating,  as  of the  Effective  Date, that  (A)  no  Default  or  Unmatured  Default  has occurred and is continuing, (B) the Borrower is in compliance with Section 6.11 and setting forth in reasonable detail and calculation of the ratio set forth therein, determined as of December 31,
2014, and (C) the representations and warranties contained in Article V are true and correct.

(v)    A written opinion of counsel to the Borrower, substantially in the form of Exhibit
B.

(vi)       Evidence, in form and substance satisfactory to the Agent, that the Borrower has obtained all governmental approvals, if any, necessary for it to enter into the Loan Documents, including, without limitation, the approval of the Public Utility Commission of Oregon.

(vii)    A Note executed by the Borrower in favor of each Lender that has requested an
Note pursuant to Section 2.11.

(viii)     Evidence, in form and substance satisfactory to the Agent, that all outstanding amounts  under  that  certain  Credit  Agreement,  dated  as  of  December  8,  2011,  among  the Borrower, the lenders party thereto and Bank of America, N.A., as administrative agent shall have been repaid and all commitments thereunder terminated.

(ix)       Such  other  documents  as  any  Lender  or  its  counsel  may  have  reasonably requested.

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(c)        The  Agent  shall  have  received  all  fees  and  other  amounts  due  and  payable  by  the Borrower hereunder on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder.

Without limiting the generality of the provisions of Section 10.4, for purposes of determining compliance with the conditions specified in this Section 4.1, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Agent shall have received notice from such Lender prior to the proposed Effective Date specifying its objection thereto.

4.2    Each  Credit  Extension.    The  Lenders  shall  not  be  required  to  make  any  Credit
Extension unless on the applicable date of such Credit Extension:

(i)    No Default or Unmatured Default exists or will result after giving effect to such
Credit Extension.

(ii)    The representations and warranties contained in Article V (other than Section
5.10) are true and correct in all material respects as of the date of such Credit Extension except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which
case such representation or warranty shall have been true and correct in all material respects on
and as of such earlier date.

Each  request  for  a  Credit  Extension  shall  constitute  a  representation  and  warranty  by  the
Borrower that the conditions contained in Sections 4.2(i)  and (ii) have been satisfied.

ARTICLE V 
REPRESENTATIONS AND WARRANTIES

The Borrower represents and warrants to the Lenders as follows:

5.1       Corporate Existence.  Each of the Borrower and its Significant Subsidiaries: (a) is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation; (b) has all requisite corporate power, and has all material governmental licenses, authorizations, consents and approvals necessary to own its Property and carry on its business as now being conducted; and (c) is qualified to do business in all jurisdictions in which the nature of the business conducted by it makes such qualification necessary and where failure so to qualify would have a Material Adverse Effect.

5.2        Litigation and Contingent Obligations.  To the Borrower’s knowledge, there are not, in any court or before any arbitrator of any kind or before or by any governmental body, any actions, suits or proceedings  pending  or  threatened  in  writing  (a)  against  or  affecting  (except  as  disclosed  in  the Disclosure Documents or on Schedule 5.2) the Borrower or any Significant Subsidiary or any of their respective businesses or properties except actions, suits or proceedings that there is no material likelihood would, singly or in the aggregate, have a Material Adverse Effect or which seeks to prevent, enjoin or delay the making of any Credit Extension or (b) affecting in an adverse manner the binding nature, validity or enforceability of any Loan Document as an obligation of the Borrower involving the Borrower or any Significant Subsidiary or any of their respective businesses or properties or, to the Borrower’s knowledge, otherwise.

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5.3       No Breach.  None of the execution and delivery of this Agreement, any other Loan Document, the consummation of the transactions herein or therein contemplated or compliance with the terms and provisions hereof or thereof will (a) contravene the terms of the Articles of Incorporation or Bylaws of the Borrower, (b) except for any increase in the Aggregate Commitment pursuant to Section 2.3(a) and any extension of the Scheduled Termination Date pursuant to Section 2.18, conflict with or result in a breach of, or require any consent under, any applicable law, rule or regulation, or any order, writ, injunction or decree of any Governmental Authority, or any agreement or instrument to which the Borrower or any of its Significant Subsidiaries is a party or by which it is bound or to which it is subject, or (c) constitute a default under any agreement or instrument to which the Borrower or any of its
Significant Subsidiaries is a party or by which it is bound or to which it is subject, or result in the creation
or imposition of any Lien upon any of the revenues or assets of the Borrower or any of its Significant
Subsidiaries pursuant to the terms of any such agreement or instrument.

5.4        Corporate Action.  Except for any increase in the Aggregate Commitment pursuant to Section 2.3(a) and any extension of the Scheduled Termination Date pursuant to Section 2.18, the Borrower has all necessary corporate power and authority to execute, deliver and perform its obligations under this Agreement and the other Loan Documents; the execution, delivery and performance by the Borrower of this Agreement and the other Loan Documents have been duly authorized by all necessary corporate action on its part; and this Agreement has been duly and validly executed and delivered by the Borrower and constitutes its legal, valid and binding obligation, enforceable against the Borrower in accordance with its terms, except as may be limited by applicable bankruptcy laws or similar laws of general applicability affecting creditors’ rights.

5.5    Approvals.  Except for any increase in the Aggregate Commitment pursuant to Section 2.3(a) and any extension of the Scheduled Termination Date pursuant to Section 2.18, the Borrower has obtained all Governmental Approvals from, and has made or will timely make all filings and registrations with any federal, state or local governmental or regulatory authority or agency that has authority over the Borrower or any of its Significant Subsidiaries, that are necessary for the execution, delivery or performance by the Borrower of this Agreement and each other Loan Document or for the validity or enforceability hereof or thereof, and such Governmental Approvals, filings and registrations are and shall continue to be in full force and effect (it being understood that the Borrower may be required to make customary filings with the SEC and other governmental or regulatory authorities or agencies disclosing the existence and/or material terms of this Agreement, but failure to make any such filing shall not affect the validity or enforceability hereof or of any other Loan Document).

5.6        Use of Loans.  Neither the Borrower nor any of its Significant Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, as defined in Regulation U, and no part of the proceeds of any Loan hereunder will be used to buy or carry any Margin Stock.  No part of the proceeds of any Loan hereunder will be used to acquire stock of any corporation the board of directors  of  which  has  publicly  stated  its  opposition  to  such  acquisition  or  fails  to  endorse  such acquisition.

5.7        ERISA.    Except  as  disclosed  in  the  Disclosure  Documents,  the  Borrower  and  its Significant Subsidiaries and, to the knowledge of the Borrower, the other ERISA Affiliates have fulfilled their respective obligations under the minimum funding standards of ERISA and the Code with respect to each Benefit Plan of the Borrower or any ERISA Affiliate; the Benefit Plans of  the Borrower and its Significant Subsidiaries and, to the knowledge of the Borrower, of the other ERISA Affiliates are in compliance in all material respects with the presently applicable provisions of ERISA and the Code or any non-compliance is not reasonably expected to result in a Material Adverse Effect; and the Borrower

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and its Significant Subsidiaries and, to the knowledge of the Borrower, the other ERISA Affiliates have not incurred any liability to the PBGC (other than liability for premium payments which are paid when due) or to such Benefit Plan which, individually or in the aggregate, exceeds $10,000,000.  Without limiting the generality of the foregoing, except as disclosed in the Disclosure Documents, the Borrower has not received notice with respect to any of the foregoing events with respect to any ERISA Affiliate or such Benefit Plan.

5.8       Taxes.  United States Federal income tax returns of the Borrower and its Significant Subsidiaries  have  been  examined  and  closed  through  the  period  ended  December  31,  2010.    The Borrower and its Significant Subsidiaries have filed all United States Federal and state income tax returns which are required to be filed by them and have paid all taxes due pursuant to such returns or pursuant to any assessment received by the Borrower or any of its Significant Subsidiaries, except such taxes, if any, as are being contested in good faith and by proper proceedings or the non-payment of which, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.  The charges, accruals and reserves on the books of the Borrower and its Significant Subsidiaries in respect of taxes and other governmental charges are, in the opinion of the Borrower, adequate.

5.9        Subsidiaries.  Schedule 5.9 contains an accurate list of all Subsidiaries of the Borrower as of the Effective Date, setting forth their respective jurisdictions of organization, the percentage of their respective capital stock or other ownership interests owned by the Borrower or other Subsidiaries and identifying which Subsidiaries are Significant Subsidiaries.  All of the issued and outstanding shares of capital stock or other ownership interests of such Subsidiaries have been (to the extent such concepts are relevant with respect to such ownership interests) duly authorized and issued and are fully paid and nonassessable.

5.10      No Material Adverse Change.  Since December 31, 2014, there has been no change in the business or financial condition of the Borrower and its Significant Subsidiaries from that reflected in the Borrower’s Annual Report on Form 10-K for the year ended December 31, 2014, which would reasonably be expected to have a Material Adverse Effect.

5.11     Financial Statements.  The Borrower has furnished the Disclosure Documents to the Lenders prior to the date hereof.  The financial statements contained in the Disclosure Documents and all financial statements furnished pursuant to Section 6.9(i) or (ii) fairly present in all material respects, in accordance with Agreement Accounting Principles, the consolidated financial position of the Borrower and its Subsidiaries  as at their respective  dates and  the  consolidated  results of  operations,  retained earnings  and,  as  applicable,  changes  in  financial  position  or  cash  flows  of  the  Borrower  and  its Subsidiaries for the respective periods to which such statements relate.

5.12      No Material Misstatements.  None of the following contained, contains or will contain as of the date thereof any material misstatement of fact or omitted, omits or will omit as of the date thereof  to  state  any  material  fact  necessary  to  make  the  statements  therein,  in  the  light  of  the circumstances under which they were, are or will be made, not misleading:

(i)    the  Disclosure  Documents  (excluding  any  exhibits  referred  to  in  any  such
Disclosure Documents); or

(ii)    any report delivered to the Agent or any Lender pursuant to Section 6.9(i) or (ii) (excluding exhibits referred to in any such report).

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To the best knowledge of the Borrower, no other written information delivered to the Agent or any Lender pursuant to Section 6.9 contained, contains or will contain as of the date thereof any material misstatement of fact.

5.13      Properties.  As of the date of this Agreement, the Borrower has good right or title to all of its Properties to the extent reflected in the Disclosure Documents, except for minor restrictions, reservations and defects which do not in any substantial way interfere with the Borrower’s ability to conduct  its business  as  now conducted and except for such assets  as have been  disposed of since December 31, 2014 in transactions of the types described in Sections 6.13(a), (b) and (c), and all such Properties are free and clear of any Liens, except as permitted by Section 6.10.

5.14      Environmental Matters.  Except as described in the Disclosure Documents, to the best of Borrower’s knowledge, no event has occurred and no condition exists related to Environmental Laws which would reasonably be expected to have a Material Adverse Effect.  Except as otherwise described in the Disclosure Documents, neither the Borrower nor any Subsidiary has received any notice from a federal or state governmental agency to the effect that its operations are not in material compliance with any of the requirements of applicable Environmental Laws or are the subject of any federal or state investigation evaluating whether any remedial action is needed to respond to a release of any toxic or hazardous waste or substance into the environment, which noncompliance or remedial action would reasonably be expected to have a Material Adverse Effect.

5.15      Investment Company Act.  Neither the Borrower nor any Subsidiary is an “investment company” or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended.

5.16      Anti-Terrorism;  Anti-Money  Laundering.    Except  as  set  forth  on  Schedule  5.16, neither the Borrower nor any of its Subsidiaries or, to their knowledge, any of their respective directors, officers, employees and agents (i) is an “enemy” or an “ally of the enemy” within the meaning of Section 2 of the Trading with the Enemy Act of the United States (50 U.S.C. App. §§ 1 et seq.), (ii) is in violation of (A) the Trading with the Enemy Act, (B) any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V) or any enabling legislation or executive order relating thereto or (C) the PATRIOT Act (collectively, the “Anti-Terrorism Laws”) or (iii) is a Sanctioned Person.  No part of the proceeds of any Loan hereunder will be unlawfully used directly or indirectly to fund any operations in, finance any investments or activities in or make any payments to, a Sanctioned Person or a Sanctioned Country, or in any other manner that will result in any violation by any Person (including any Lender, any Arranger or the Agent) of any Anti-Terrorism Laws.

ARTICLE VI COVENANTS
So long as any Lender has any Commitment hereunder or any Obligations are outstanding, the
Borrower shall, unless the Required Lenders otherwise consent in writing:

6.1        Preservation  of  Existence  and  Business.    Preserve  and  maintain,  and  cause  each Significant Subsidiary to preserve and maintain, its corporate existence and all of its material rights, privileges, licenses and franchises, except as permitted by Section 6.12, and carry on and conduct its business in substantially the same manner and in substantially the same fields of enterprise as it is presently conducted.

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6.2        Preservation of Property.  Maintain, and cause each Significant Subsidiary to maintain, all of its Property used or useful in its business in good working order and condition, ordinary wear and tear excepted (it being understood that this covenant relates only to the good working order and condition of such Property and shall not be construed as a covenant of the Borrower not to dispose of any such Property  by  sale,  lease,  transfer  or  otherwise  or  to  discontinue  operation  thereof  if  the  Borrower reasonably determines that such discontinuation is necessary).

6.3        Payment of Taxes.  Pay, and cause each Significant Subsidiary to pay, promptly when due all taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits, or upon any of its Property, before the same shall become in default; provided that neither the Borrower nor any Significant Subsidiary shall be required to pay any such tax, assessment, charge or levy (i) in an amount in excess of the amount shown on any related tax return (the Borrower having a reasonable basis for the position reflected therein) or (ii) that is being contested in good faith by appropriate proceedings and with respect to which the Borrower has set aside on its books, in accordance with Agreement Accounting Principles, adequate reserves, or (iii) so long as such tax, assessment, charge or levy, if sustained, would not have a Material Adverse Effect.

6.4        Compliance  with  Applicable  Laws  and  Contracts.     Comply,  and  cause  each Significant Subsidiary to comply, with the requirements of all applicable laws, rules or regulations, Governmental Approvals, and orders, writs, injunctions or decrees of any court or Governmental Authority,  including,  without  limitation,  Environmental  Laws,  if  failure  to  comply  with  such requirements would have a Material Adverse Effect or an adverse effect on the binding nature, validity or enforceability of any Loan Document as an obligation of the Borrower.

6.5        Preservation of Loan Document Enforceability. Take all reasonable actions (including obtaining and maintaining in full force and effect consents and Governmental Approvals), and cause each Significant Subsidiary to take all reasonable actions, that are required so that its obligations under the Loan Documents will at all times be legal, valid and binding and enforceable  against it in accordance with their respective terms.

6.6        Insurance.     Maintain,  and  cause  each  Significant  Subsidiary  to  maintain,  with responsible  insurance  companies,  or  through  the  Borrower’s  program  of  self-insurance,  insurance coverage against at least such risks and in at least such amounts as is customarily maintained by similar businesses, or as may be required by any applicable law, rule or regulation, any Governmental Approval, or any order, writ, injunction or decree of any court or Governmental Authority.

6.7        Use of Proceeds.   Use, directly or indirectly, the proceeds of the Loans for general corporate purposes of the Borrower (in compliance with all applicable legal and regulatory requirements), including,  without  limitation,  to  provide  back-up  liquidity  for  the  short-term  Indebtedness  of  the Borrower, to support commercial paper, to refinance existing Indebtedness of the Borrower, and to support collateral requirements under the Borrower’s energy purchase and sale agreements.

6.8        Visits, Inspections and Discussions.  Permit, and cause each Significant Subsidiary to permit,  representatives  of  the  Agent  or  of  any  Lender  with  a  Commitment  of  at  least  $5,000,000 (provided, however, that Lenders with a Commitment of less than $5,000,000 shall be permitted to exercise rights under this Section 6.8 if such right is exercised jointly with the Agent or a Lender with a Commitment of at least $5,000,000), and subject in all cases to such Lender being bound by the confidentiality provisions of  Section  9.11,  during normal  business  hours and upon reasonable  prior written notice to the Borrower:

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(i)         if no Default or Unmatured Default shall exist and be continuing, to visit the principal office of the Borrower, to discuss its business and affairs with its officers and independent certified accountants (provided that the Borrower shall be permitted to attend any such discussions with such accountants), and to visit its material Property, all to the extent reasonably requested by the Agent or such Lender; provided that such visits and discussions shall in no event occur more frequently than once during any calendar year; provided, further that the Borrower reserves the right to restrict access to any of its generating facilities in accordance with reasonably adopted procedures relating to safety and security, and to the extent reasonably requested to maintain normal operations of the Borrower; and provided, further, that, Sections 9.6 and 10.8 hereof notwithstanding, the costs and expenses incurred by any Lender or the Agent or their agents or representatives in connection with any such visits or discussions shall be solely for the account of such Lender or the Agent, as applicable; and

(ii)        if a Default or Unmatured Default shall exist and be continuing, to visit and inspect its Property, to examine, copy and make extracts from its books and records, and to discuss its business and affairs with its officers and independent certified accountants, all to the extent  reasonably  requested  by  such  Lender  or  the  Agent,  as  often  as  may  be  reasonably requested; provided that the Borrower reserves the right to restrict access to any of its generating facilities in accordance with reasonably adopted procedures relating to safety and security, and to the extent reasonably requested to maintain normal operations of the Borrower.

6.9    Information to Be Furnished.  Furnish to the Agent and, if requested by any Lender, furnish to such Lender:

(i)         Form 10-Q; Quarterly Financial Statements.   Promptly after filing and in any event within sixty (60) days after the close of each of the first three quarterly accounting periods in each fiscal year of the Borrower, a copy of the Quarterly Report on Form 10-Q (or any successor form) for the Borrower for such quarter.

(ii)        Form 10-K; Year-End Financial Statements; Acc ount ant s’  Cer ti fi cat es  .  Promptly after filing and in any event within ninety (90) days after the end of each fiscal  year of the Borrower, the Annual Report on Form 10-K (or any successor form) for the Borrower for such year.

(iii)        Of f ice r’ s  Cert if icat e  as  t o  Cal cul at i ons  .  At the time that financial statements are furnished  pursuant to  Section 6.9(i)  or (ii),  a certificate  of the Chief  Financial  Officer,  the Treasurer, an Assistant Treasurer or any other financial officer of the Borrower substantially in the form of Exhibit C.

(iv)       Requested Information.  From time to time, such other information regarding the business, affairs, insurance or financial condition of the Borrower or any of its Subsidiaries (including, without limitation, any Benefit Plan and any reports of other information required to be filed under ERISA) as any Lender or the Agent may reasonably request.

(v)        Notice of Defaults, Material Adverse Changes and Other Matters.   Promptly upon (and in any event within three (3) Business Days after) becoming aware thereof, notice of:

(a)    any Default or Unmatured Default, and

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(b)        any circumstance that has resulted in a Material Adverse Effect or an adverse effect on the binding nature, validity or enforceability of any Loan Document as an obligation of the Borrower.

The Borrower may furnish information, documents and other materials that it is obligated to furnish to the Agent and the Lenders pursuant to the Loan Documents, including all items described above in this Section 6.9 and all other notices, requests, financial statements, financial and other reports, certificates and other information materials, but excluding any communication that (i) relates to a request for a new, or the conversion or continuation of an existing, Loan, (ii) relates to the payment of any amount due under this Agreement prior to the scheduled date therefor or any reduction of the Commitments, (iii) provides notice of any Default or Unmatured Default or (iv) is required to be delivered to satisfy any condition precedent   to   the   effectiveness   of   this   Agreement   or   any   Loan   hereunder   (any   non-excluded communication described above, a “Communication”), electronically (including by posting such documents, or providing a link thereto, on the Borrower’s Internet website).   Notwithstanding the foregoing, the Borrower agrees that, to the extent requested by the Agent or any Lender, it will continue to provide “hard copies” of Communications to the Agent or such Lender.

The Borrower further agrees that the Agent may make Communications available to the Lenders by posting such Communications on IntraLinks or a substantially similar secure electronic delivery system (the “Platform”).

THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE”.  THE AGENT DOES NOT WARRANT THE ACCURACY OR COMPLETENESS OF ANY COMMUNICATION OR THE ADEQUACY OF THE PLATFORM AND EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS OR OMISSIONS IN ANY COMMUNICATION.  NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE AGENT IN CONNECTION WITH ANY COMMUNICATION OR THE PLATFORM.   IN NO EVENT SHALL THE AGENT HAVE ANY LIABILITY TO THE BORROWER, ANY LENDER OR ANY OTHER PERSON FOR DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE BORROWER’S OR THE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET, EXCEPT TO THE EXTENT SUCH DAMAGES ARE FOUND IN A FINAL NON-APPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION TO HAVE RESULTED FROM SUCH PERSON’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.     WITHOUT LIMITING THE FOREGOING, UNDER NO CIRCUMSTANCES SHALL THE AGENT BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THE USE OF THE PLATFORM  OR THE  BORROWER’S  OR  THE AGENT’S TRANSMISSION  OF COMMUNICATIONS THROUGH THE INTERNET.

Each Lender agrees that notice to it (as provided in the next sentence) specifying that a Communication has been posted to the Platform shall constitute effective delivery of such Communication to such Lender for purposes of the Loan Documents.  Each Lender agrees (i) to notify the Agent from time to time of the e-mail address to which the foregoing notice may be sent and (ii) that such notice may be sent to such e- mail address.  For the avoidance of doubt, the failure of the Agent to provide notice to the Lenders as explicitly required by this Agreement shall not affect the validity or binding nature of a related notice delivered to the Agent by the Borrower; provided, that the Borrower shall remain obligated to provide notice directly to the Agent and/or Lenders when and as required by this Agreement.

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6.10      Liens.  Not, and not permit any Significant Subsidiary to, suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, except this Section 6.10 shall not apply to:

(i)         Liens  for  taxes,  assessments  or  charges  imposed  on  the  Borrower  or  any Subsidiary or any of their property by any Governmental Authority not yet due or which are being contested in good faith by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the Borrower or any of its Subsidiaries, as the case may be, in accordance with Agreement Accounting Principles;

(ii)      Liens imposed by law, such as carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens incurred in the ordinary course of business and securing obligations that are not yet due or that are being contested in good faith by appropriate proceedings, and Liens arising out of judgments or awards which secure payment of legal obligations that would not constitute a Default under Section 7.9;

(iii)      pledges or deposits in connection with worker’s compensation, unemployment insurance and other social security laws, or to secure the performance of bids, tenders contracts (other than for borrowed money), leases, statutory obligations, surety or appeal bonds, or indemnity, performance or other similar bonds, in the ordinary course of business;

(iv)       easements, rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of business and encumbrances consisting of zoning restrictions, easements, licenses, restrictions on the use of property or minor imperfections in title thereto which, in the aggregate, are not material in amount, and which do not in any case materially detract from the value of the property subject thereto or interfere with the ordinary conduct of the business of the Borrower or any of its Subsidiaries;

(v)        the Lien of the Indenture of Mortgage and Deed of Trust dated July 1, 1945, as supplemented  and  in  effect  from  time  to  time,  from  the  Borrower  to  Wells  Fargo  (the “Mortgage”);

(vi)    Permitted Encumbrances (as defined in Section 1.11 of the Mortgage);

(vii)      Liens securing the payment of Tax-Free Debt, provided that each such Lien shall extend only to the property, and proceeds thereof, being financed by the Tax-Free Debt secured thereby;

(viii)     Liens on or over the whole or any part of the assets of the Borrower as security for any indebtedness owing by the Borrower to any Subsidiary whose primary function is that of acting as a financing Subsidiary of the Borrower and consisting of one or more loans made to the Borrower by such Subsidiary and repayable on the same date as a loan or other indebtedness incurred by such Subsidiary; provided that the aggregate principal amount of the indebtedness secured  by  all  such  Liens  shall  not  exceed  the  aggregate  principal  amount  of  all  such indebtedness incurred  by such  Subsidiary;  and  provided  further  that  the  aggregate  principal amount of the indebtedness secured by all such Liens shall not exceed $100,000,000;

(ix)       Liens  over  all  or  any part  of  the  assets  of  the  Borrower  or  any Subsidiary constituting a specific construction project or generating plant as security for any indebtedness incurred for the purpose of financing all or such part, as the case may be, of such construction project or generating plant, and Liens and charges incidental to such construction;

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(x)        the right reserved to, or vested in, any municipality or public authority by the terms of any right, power, franchise, grant, license or permit, or by any provision of law, to purchase or recapture or designate a purchaser of any property;

(xi)    Liens on property or assets of any Subsidiary in favor of the Borrower;

(xii)      Liens with respect to which cash in the amount of such Liens has been deposited with the Agent;

(xiii)     Liens on or over specific assets hereafter acquired which are created or assumed contemporaneously with, or within 120 days after, such acquisition, for the sole purpose of financing or refinancing the acquisition of such assets (including without limitation Liens to secure obligations to make deferred payments, earn-out payments or royalty payments where such obligations are incurred in connection with the acquisition of such assets);

(xiv)    Liens on conservation investment assets as security for obligations incurred in financing or refinancing bondable conservation investments in accordance with Oregon Revised Statutes Section 757.400-450;

(xv)     Liens on cash collateral deposited by the Borrower with counterparties in the ordinary course of the Borrower’s purchase and sale of electric energy, coal, oil and natural gas; and

(xvi)     Liens, in addition to those listed in clauses (i) through (xv) above, incurred in the ordinary course of the Borrower’s business on collateral with a market value that in the aggregate does not exceed $50,000,000.

6.11      Indebtedness to Capitalization Ratio.  Not permit the aggregate outstanding principal amount of all Consolidated Indebtedness to exceed 65% of Total Capitalization as of the end of any fiscal quarter.

6.12      Merger or Consolidation.  Not merge with or into or consolidate with or into any other corporation or entity, unless (i) immediately after giving effect thereto, no event shall occur and be continuing that would constitute a Default or Unmatured Default, (ii) the surviving or resulting person, as the case may be, if not the Borrower, assumes by operation of law or agrees in writing to pay and perform all of the obligations of the Borrower hereunder, (iii) the surviving or resulting person, as the case may be, qualifies or is qualified to do business in the State of Oregon, and (iv) the consolidated net worth (as determined in accordance with Agreement Accounting Principles) of the surviving or resulting Person, as the case may be, would be at least equal to the consolidated net worth of the Borrower immediately prior to such merger or consolidation.

6.13      Disposition of Assets.   Not sell, lease, assign, transfer or otherwise dispose of any Property or any interest therein, except that this Section 6.13 shall not apply to (a) any disposition of any Property or any interest therein in the ordinary course of business, (b) any disposition of obsolete or retired Property not used or useful in its business, (c) any disposition of any Property or any interest therein (i) for cash or cash equivalent or (ii) in exchange for utility plant, equipment or other utility assets, other than notes or other obligations, in each case equal to the fair market value (as determined in good faith by the Board of Directors of the Borrower) of such Property or interest therein, and provided that such disposition does not constitute a disposition of all or substantially all of the Property of the Borrower and (d) any disposition of any Property or any interest therein in exchange for notes or other obligations

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substantially equal to the fair market value (as determined in good faith by the Board of Directors of the Borrower)  of  such  asset  or  interest  therein,  provided  that  the  aggregate  amount  of  notes  or  other obligations  received  after  the  date  hereof  from  any  one  obligor  in  one  transaction  or  a  series  of transactions shall not exceed 15% of the net asset value of the Borrower.

ARTICLE VII DEFAULTS

The occurrence of any one or more of the following events shall constitute a Default:

7.1       Any representation or warranty made or deemed made by the Borrower or any of its Subsidiaries to the Lenders or the Agent under or in connection with this Agreement, any Loan, or any certificate or information delivered in connection with this Agreement or any other Loan Document shall be materially false on the date as of which made.

7.2        Nonpayment of principal of any Loan or any L/C Obligation when due, or nonpayment of interest upon any Loan, L/C Obligation or of any facility fee or other Obligation under any of the Loan Documents within five (5) days after the same becomes due.

7.3        The breach by the Borrower of any of the terms or provisions of Sections 6.1 (with respect to the Borrower), 6.7, 6.9(v)(a), 6.10, 6.11, 6.12, or 6.13.

7.4        The breach by the Borrower (other than a breach which constitutes a Default under another Section of this Article VII) of any of the terms or provisions of this Agreement which is not remedied within thirty (30) days after written notice from the Agent or any Lender.

7.5        (a) To the extent not waived, or if applicable, cured, (i) the failure of the Borrower or any Subsidiary to pay when due any Indebtedness aggregating in excess of $10,000,000 (“Material Indebtedness”); (ii) the default by the Borrower or any Significant Subsidiary in the performance (beyond the applicable grace period with respect thereto, if any) of any term, provision or condition contained in any agreement under which any such Material Indebtedness was created or is governed, or any other event shall occur or condition exist, the effect of which default or event is to cause, or to permit the holder or holders of such Material Indebtedness to cause, such Material Indebtedness to become due prior to its stated maturity; or (iii) any Material Indebtedness of the Borrower or any Significant Subsidiary shall be declared to be due and payable or required to be prepaid or repurchased (other than by a regularly scheduled payment) prior to the stated maturity thereof; or (b) the Borrower or any of its Significant Subsidiaries shall not pay, or shall admit in writing its inability to pay, its debts generally as they become due.

7.6        The Borrower or any Significant Subsidiary shall (i) have an order for relief entered with respect to it under the Federal bankruptcy laws as now or hereafter in effect, (ii) make an assignment for the benefit of creditors, (iii) apply for, seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any Substantial Portion of its Property, (iv) institute any proceeding seeking an order for relief under the Federal bankruptcy laws as now or hereafter in effect or seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an answer or other pleading denying the material allegations of any such proceeding filed against it, (v) take any corporate or

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partnership action to authorize or effect any of the foregoing actions set forth in this Section 7.6 or (vi)
fail to contest in good faith any appointment or proceeding described in Section 7.7.

7.7        Without  the  application,  approval  or  consent  of  the  Borrower  or  the  applicable Significant Subsidiary, a receiver, trustee, examiner, liquidator or similar official shall be appointed for the Borrower or such Significant Subsidiary or any Substantial Portion of its Property, or a proceeding described in Section 7.6(iv) shall be instituted against the Borrower or such Significant Subsidiary and such appointment continues undischarged or such proceeding continues undismissed or unstayed for a period of thirty (30) consecutive days.

7.8      Any court, government or governmental agency shall condemn, seize or otherwise appropriate,  or  take  custody  or  control  of,  all  or  any  portion  of  Property  of  the  Borrower  and  its Significant Subsidiaries which, when taken together with all other Property of the Borrower and its Significant Subsidiaries so condemned, seized, appropriated, or taken custody or control of, during the twelve-month period ending with the month in which any such action occurs, constitutes a Substantial Portion.

7.9        The Borrower or any Significant Subsidiary shall fail within sixty (60) days to pay, bond or otherwise discharge in accordance with its terms one or more (i) judgments or orders for the payment of money in excess of $10,000,000 (or the equivalent thereof in currencies other than U.S. dollars) in the aggregate, or (ii) nonmonetary judgments or orders which, individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect, which judgment(s), in any such case, is/are not stayed on appeal or otherwise being appropriately contested in good faith.

7.10      Except as disclosed in the Disclosure Documents, the Borrower or any ERISA Affiliate incurs any liability to the PBGC (other than liability for premium payments which are paid when due) or a Benefit  Plan  pursuant  to  Title  IV  of  ERISA  or  the  Borrower  or  any  ERISA  Affiliate  incurs  any withdrawal liability pursuant to Title IV of ERISA with respect to a Benefit Plan or Multiemployer Benefit Plan (determined as of the date of notice of such withdrawal liability) in excess of $10,000,000.

ARTICLE VIII

ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES

8.1        Acceleration.  If any Default described in Section 7.6 or 7.7 occurs with respect to the Borrower, the Commitment of each Lender hereunder shall automatically terminate, the Obligations shall immediately become due and payable and the Borrower shall automatically be required to Cash Collateralize the L/C Obligations, in each case without further act of the Agent or any Lender and without any election or action on the part of the Agent or any Lender.  If any other Default occurs, the Required Lenders (or the Agent with the consent of the Required Lenders) may (i) terminate or suspend the Aggregate Commitment, (ii) declare the Obligations to be due and payable or (iii) require that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount thereof), or all of the foregoing, whereupon such Aggregate Commitment shall be immediately terminated or suspended and/or the Obligations shall become immediately due and payable, without presentment, demand, protest or notice of any kind, all of which the Borrower hereby expressly waives.

8.2        Amendments.  Subject to the provisions of this Article VIII, the Required Lenders (or the Agent with the consent in writing of the Required Lenders) and the Borrower may enter into agreements supplemental hereto for the purpose of adding or modifying any provisions to the Loan Documents or changing in any manner the rights of the Lenders or the Borrower hereunder or waiving

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any Default hereunder or other provisions hereof; provided that no such supplemental agreement shall, without the consent of all of the Lenders affected thereby:

(i)         Extend the final maturity of any Loan to a date after the Scheduled Termination Date of any affected Lender, or forgive all or any portion of the principal amount thereof, or reduce the rate or extend the time of payment of interest or fees thereon.

(ii)    Reduce the percentage specified in the definition of Required Lenders.

(iii)       Extend the Final Termination Date (except as provided in Section 2.18), increase the amount of the Commitment of any Lender hereunder or permit the Borrower to assign its rights under this Agreement.

(iv)    Amend this Section 8.2.

(v)    Amend Section 11.2.

No amendment of any provision of this Agreement relating to the Agent shall be effective without the written consent of the Agent.  No amendment, waiver or consent shall affect the rights or duties of the L/C Issuers under this Agreement or any Issuer Document relating to any Letter of Credit issued or to be issued by them without the written consent of the L/C Issuers.  No amendment, waiver or consent shall affect the rights or duties of the Swing Line Lender under this Agreement without the written consent of the Swing Line Lender.  The Agent may waive payment of any fee required under Section 12.3(a)(iv) without obtaining the consent of any other party to this Agreement.

Notwithstanding anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender.

8.3        Preservation of Rights.  No delay or omission of the Lenders or the Agent to exercise any right under the Loan Documents shall impair such right or be construed to be a waiver of any Default or an acquiescence therein, and the making of a Credit Extension notwithstanding the existence of a Default or the inability of the Borrower to satisfy the conditions precedent to such Credit Extension shall not constitute any waiver or acquiescence.  Any single or partial exercise of any such right shall not preclude other or further exercise thereof or the exercise of any other right, and no waiver, amendment or other variation of the terms, conditions or provisions of the Loan Documents whatsoever shall be valid unless in writing signed by the Lenders required pursuant to Section 8.2, and then only to the extent in such writing specifically set forth.  All remedies contained in the Loan Documents or by law afforded shall be cumulative and all shall be available to the Agent and the Lenders until the Obligations have been paid in full.

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ARTICLE IX 
GENERAL PROVISIONS

9.1        Survival  of  Representations.    All  representations  and  warranties  of  the  Borrower contained in this Agreement shall survive the making of the Credit Extensions herein contemplated.

9.2       Governmental Regulation.   Anything contained in this Agreement to the contrary notwithstanding, no Lender shall be obligated to extend credit to the Borrower in violation of any limitation or prohibition provided by any applicable statute or regulation.

9.3        Headings.   Section headings in the Loan Documents are for convenience of reference only, and shall not govern the interpretation of any of the provisions of the Loan Documents.

9.4    Entire Agreement; Amendment and Restatement.

(a)        The Loan Documents embody the entire agreement and understanding among the Borrower, the Agent and the Lenders and supersede all prior agreements and understandings among the Borrower, the Agent and the Lenders relating to the subject matter thereof (including the indemnity, confidentiality, advisory and fiduciary provisions in that certain commitment letter dated as of October 2, 2012 among the Borrower, Wells Fargo and Wells Fargo Securities, LLC and that certain commitment letter dated as of January 27, 2015 among the Borrower, Wells Fargo and Wells Fargo Securities, LLC), other than documentation of the fees described in Sections 2.5 and 10.13.

(b)        Each party hereto hereby agrees that, at such time as this Agreement shall have become effective pursuant to the terms of Article IV, (i) the Existing Credit Agreement automatically shall be deemed amended, superseded and restated in its entirety by this Agreement and (ii) the Commitments under the Existing Credit Agreement and as defined therein automatically shall be replaced with the Commitments hereunder as set forth on Schedule 2.  The promissory notes executed and delivered by the Borrower under the Existing Credit Agreement are hereby cancelled and shall be deemed replaced with the Notes issued hereunder.   This Agreement  is  not  a  novation  of  the  Existing  Credit  Agreement.    The  Commitments  and outstanding Loans of the lenders party to the Existing Credit Agreement that are not Lenders under this Agreement (collectively, the “Exiting Lenders”) under the Existing Credit Agreement are hereby terminated simultaneously with the effectiveness of this Agreement.   After giving effect to this Agreement, the Exiting Lenders shall no longer have any Commitments or outstanding Loans.  Concurrently with the effectiveness of this Agreement, each Exiting Lender shall receive payment in full for all outstanding Obligations owing to it under the Existing Credit Agreement.

9.5        Several Obligations; Benefits of this Agreement.   The respective obligations of the Lenders hereunder are several and not joint and no Lender shall be the partner or agent of any other (except to the extent to which the Agent is authorized to act as such).   The failure of any Lender to perform any of its obligations hereunder shall not relieve any other Lender from any of its obligations hereunder.  This Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their respective successors and assigns, provided that the parties hereto expressly agree that each Arranger shall enjoy the benefits of the provisions of Sections 9.6,
9.10 and 10.11 to the extent specifically set forth therein and shall have the right to enforce such provisions on its own behalf and in its own name to the same extent as if it were a party to this
Agreement.

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9.6    Expenses; Indemnification.
(i)         The Borrower shall reimburse the Agent and Wells Fargo Securities, LLC for all reasonable costs, internal charges and out of pocket expenses of a single external counsel paid or incurred by the Agent or Wells Fargo Securities, LLC in connection with the preparation, negotiation,  execution,  delivery,  syndication,  review,  amendment,  modification,  and administration of the Loan Documents.  The Borrower also agrees to reimburse the Agent, the Arrangers, the Swing Line Lender, the L/C Issuers and the Lenders for all reasonable costs, internal charges and out of pocket expenses (including the attorneys’ fees of external counsel) paid or incurred by the Agent, any Arranger, the Swing Line Lender, any L/C Issuer or any Lender in connection with the collection and enforcement of the Loan Documents.

(ii)        The Borrower hereby further agrees to indemnify the Agent, each Arranger, each L/C Issuer, the Swing Line Lender, each Lender, their respective affiliates, and each of their directors, officers, advisors, trustees and employees against all losses, claims, damages, penalties, judgments, liabilities and reasonable expenses (including, without limitation, all reasonable expenses of litigation or preparation therefor whether or not the Agent, any Arranger, any L/C Issuer, the Swing Line Lender any Lender or any affiliate is a party thereto and whether or not such investigation, litigation or proceeding is brought by the Borrower, the Borrower’s equity holders or creditors or any other party) which any of them may pay or incur arising out of or relating to this Agreement, the other Loan Documents, the transactions contemplated hereby or the application of the proceeds of any Credit Extension hereunder except to the extent that they are determined in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the party seeking indemnification. The obligations of the Borrower under this Section 9.6 shall survive the termination of this Agreement.

9.7       Numbers of Documents.   All statements, notices, closing documents, and requests hereunder shall be furnished to the Agent with sufficient counterparts so that the Agent may furnish one to each of the Lenders.

9.8        Accounting.  Except as provided to the contrary herein, all accounting terms used herein shall be interpreted and all accounting determinations hereunder shall be made in accordance with Agreement Accounting Principles.  If at any time any change in the Agreement Accounting Principles would affect the computation of the financial ratio or requirement set forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in the Agreement Accounting Principles (subject to the approval of the Required Lenders); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with the Agreement Accounting Principles prior to such change therein and (ii) the Borrower shall provide to the Agent and the Lenders financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such  ratio  or  requirement  made  before  and  after  giving  effect  to  such  change  in  the  Agreement Accounting Principles.

9.9       Severability of Provisions.  Any provision in any Loan Document that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of all Loan Documents are declared to be severable.  Without limiting the foregoing provisions of this Section
9.9, if and to the extent that the enforceability of any provisions in this Agreement relating to Defaulting
Lenders shall be limited by bankruptcy or other similar debtor relief laws, as determined in good faith by

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the Agent or the L/C Issuers, as applicable, then such provisions shall be deemed to be in effect only to the extent not so limited.

9.10      Nonliability of Lenders.  The relationship between the Borrower on the one hand and the Lenders, the Arrangers and the Agent on the other hand shall be solely that of borrower and lender. None of the Agent, any Arranger or any Lender shall have any fiduciary responsibilities to the Borrower. None of the Agent, any Arranger or any Lender undertakes any responsibility to the Borrower to review or inform the Borrower of any matter in connection with any phase of the Borrower’s business or operations.  The Borrower agrees that none of the Agent, any Arranger or any Lender shall have liability to the Borrower for losses suffered by the Borrower in connection with, arising out of, or in any way related to, the transactions contemplated and the relationship established by the Loan Documents, or any act, omission or event occurring in connection therewith, except to the extent determined in a final non- appealable judgment by a court of competent jurisdiction.  Neither the Agent, any Arranger or any Lender nor the Borrower shall have any liability with respect to, and the Borrower (with respect to the Agent, each Arranger and each Lender) and the Agent, each Arranger and each Lender (with respect to the Borrower)  hereby waives, releases  and  agrees  not to  sue  for  any special,  indirect  or  consequential damages suffered by any such party in connection with, arising out of, or in any way related to the Loan Documents  or  the  transactions  contemplated  thereby;  provided,  that  this  sentence  shall  in  no  way diminish the Borrower’s obligations under Section 9.6 to indemnify the Agent, each Arranger, each L/C Issuer,  the Swing Line  Lender,  each  Lender,  their respective  affiliates, and each of their  directors, officers, advisors, trustees and employees for any special, indirect or consequential damages awarded to an unaffiliated third party.

9.11      Confidentiality.    The  Agent,  each  Arranger  and  each  Lender  agrees  to  hold  any confidential information which it may receive from the Borrower pursuant to this Agreement in confidence, except for disclosure (i) to its Affiliates and to other Lenders and their respective Affiliates, (ii) to legal counsel, accountants, and other professional advisors to such Lender or to a Transferee, (iii) to regulatory officials, (iv) to any Person as requested pursuant to or as required by law, regulation, or legal process, (v) to any Person in connection with any legal proceeding to which such Agent, Arranger or Lender is a party, (vi) to such Lender’s direct or indirect contractual counterparties in swap agreements or to legal counsel, accountants and other professional advisors to such counterparties, (vii) permitted by Section 12.4, (viii)  to rating agencies if required by such agencies in connection with a rating relating to the Advances hereunder, and (ix) to the extent required in connection with the exercise of any remedy or any enforcement of this Agreement by such Lender or the Agent; provided that, in the case of clauses (i), (ii), (vi) and (vii), the recipient of such information shall be advised that the information is confidential and shall agree to be bound by the confidentiality obligations of this Section 9.11; and provided further, that in the case of clauses (i) and (ii), the recipient needs to know such information in connection with such Lender’s, such Arranger’s, the Agent’s or applicable Transferee’s, as applicable, exercise of rights and performance of obligations under this Agreement.

Any Person required to maintain the confidentiality of confidential information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such confidential information as such Person would accord to its own confidential information.

Each of the Agent and the Lenders acknowledges that (a) the confidential information may include material non-public information concerning the Borrower or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable law, including United States federal and state securities laws.

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9.12      Nonreliance.  Each Lender hereby represents that it is not relying on or looking to any
Margin Stock for the repayment of the Credit Extension provided for herein.

9.13      No  Advisory  or  Fiduciary  Relationship.    In  connection  with  all  aspects  of  each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by the Agent and the Arrangers are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and the Agent, the Arrangers and the Lenders, on the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the Agent, each Arranger and each Lender each is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and (B) neither the Agent, any Arranger nor any Lender has any obligation to the Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (iii) the Agent, the Arrangers, the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its Affiliates, and neither the Agent, any Arranger nor any Lender has any obligation to disclose any of such interests to the Borrower or its Affiliates.   To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that it may have against the Agent, any Arranger and any Lender with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

9.14      USA PATRIOT ACT NOTIFICATION.  The following notification is provided to the
Borrower pursuant to Section 326 of the USA Patriot Act of 2001, 31 U.S.C. Section 5318:

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person or entity that opens an account, including any deposit account, treasury management account, loan, other extension of credit, or other financial services product.  What this means for the Borrower: When the Borrower opens an account, if the Borrower is an individual, the Agent and the Lenders will ask for the Borrower’s name, residential address, tax identification number, date of birth, and other information that will allow the Agent and the Lenders to identify the Borrower, and, if the Borrower is not an individual, the Agent and the Lenders will ask for the Borrower’s name, tax identification number, business address, and other information that will allow the Agent and the Lenders to identify the Borrower.  The Agent and the Lenders may also ask, if the Borrower is an individual, to see the Borrower’s driver’s license or other identifying documents, and, if the Borrower is not an individual, to see the Borrower’s legal organizational documents or other identifying documents.

9.15      Letter of Credit Amounts.

Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.

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ARTICLE X 
THE AGENT

10.1      Appointment; Nature of Relationship.  Wells Fargo is hereby appointed by each of the Lenders as its contractual representative (herein referred to as the “Agent”) hereunder and under each other Loan Document, and each of the Lenders irrevocably authorizes the Agent to act as the contractual representative of such Lender with the rights and duties expressly set forth herein and in the other Loan Documents.  The Agent agrees to act as such contractual representative upon the express conditions contained in this Article X.   Notwithstanding the use of the defined term “Agent,” it is expressly understood and agreed that the Agent shall not have any fiduciary responsibilities to any Lender by reason of this Agreement or any other Loan Document and that the Agent is merely acting as the contractual representative of the Lenders with only those duties as are expressly set forth in this Agreement and the other Loan Documents.  In its capacity as the Lenders’ contractual representative, the Agent (i) does not hereby assume any fiduciary duties to any of the Lenders, (ii) is a “representative” of the Lenders within the  meaning  of  Section  9-102(a)(72)  of  the  Uniform  Commercial  Code  and  (iii)  is  acting  as  an independent contractor, the rights and duties of which are limited to those expressly set forth in this Agreement and the other Loan Documents.  Each of the Lenders hereby agrees to assert no claim against the Agent on any agency theory or any other theory of liability for breach of fiduciary duty, all of which claims each Lender hereby waives.

10.2      Powers.  The Agent shall have and may exercise such powers under the Loan Documents as are specifically delegated to the Agent by the terms of each thereof, together with such powers as are reasonably incidental thereto.  The Agent shall have no implied duties to the Lenders, or any obligation to the Lenders to take any action thereunder except any action specifically provided by the Loan Documents to be taken by the Agent.

10.3     General Immunity.   Neither the Agent nor any of its directors, officers, agents or employees, in each case acting in its capacity as Agent and not as Lender, shall be liable to the Borrower, the Lenders or any Lender for any action taken or omitted to be taken by it or them hereunder or under any other Loan Document or in connection herewith or therewith except for its or their breach of the Agent’s obligations hereunder or thereunder or to the extent such action or inaction is determined in a final non-appealable judgment by a court of competent jurisdiction to have arisen from the gross negligence or willful misconduct of such Person.

10.4      Responsibility for Loans, Recitals, etc.   Neither the Agent nor any of its directors, officers, agents or employees shall be responsible for or have any duty to ascertain, inquire into, or verify (a) any statement, warranty or representation made in connection with any Loan Document or any borrowing hereunder; (b) the performance or observance of any of the covenants or agreements of any obligor under any Loan Document, including, without limitation, any agreement by an obligor to furnish information directly to each Lender; (c) the satisfaction of any condition specified in Article IV, except receipt of items required to be delivered solely to the Agent; (d) the existence or possible existence of any Default or Unmatured Default; or (e) the validity, enforceability, effectiveness, sufficiency or genuineness of any Loan Document or any other instrument or writing furnished in connection therewith.  The Agent shall have no duty to disclose to the Lenders information that is not required to be furnished by the Borrower to the Agent at such time, but is voluntarily furnished by the Borrower to the Agent (either in its capacity as Agent or in its individual capacity).

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10.5      Action on Instructions of Lenders.  The Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder and under any other Loan Document in accordance with written instructions signed by the Required Lenders (or, when expressly required hereunder, all of the Lenders), and such instructions and any action taken or failure to act pursuant thereto shall be binding on all of the Lenders.  The Lenders hereby acknowledge that the Agent shall be under no duty to take any discretionary action permitted to be taken by it pursuant to the provisions of this Agreement or any other Loan Document unless it shall be requested in writing to do so by the Required Lenders.  The Agent shall be fully justified in failing or refusing to take any action hereunder and under any other Loan Document unless it shall first be indemnified to its satisfaction by the Lenders pro rata against any and all liability, cost and expense that it may incur by reason of taking or continuing to take any such action.

10.6      Employment of Agents and Counsel. The Agent may execute any of its duties as Agent hereunder and under any other Loan Document by or through employees, agents, and attorneys in fact and shall not be answerable to the Lenders, except as to money or securities received by it or its authorized agents, for the default or misconduct of any such agents or attorneys in fact selected by it with reasonable care.  The Agent shall be entitled to advice of counsel concerning the contractual arrangement between the Agent and the Lenders and all matters pertaining to the Agent’s duties hereunder and under any other Loan Document.

10.7      Reliance on Documents; Counsel.  The Agent shall be entitled to rely upon any notice, consent, certificate, affidavit, letter, telegram, statement, paper or document believed by it to be genuine and correct and to have been signed or sent by the proper person or persons, and, in respect to legal matters, upon the opinion of counsel selected by the Agent, which counsel may be employees of the Agent.

10.8       Agent ’s  Reim bursem ent  and  Indem nif ication.  To the extent that the Borrower has not otherwise indemnified the Agent pursuant to Section 9.6(ii), each Lender severally agrees to reimburse and indemnify the Agent ratably in proportion to their respective Commitments (or, if the Commitments have been terminated, in proportion to their Commitments immediately prior to such termination) (i) for any amounts not reimbursed by the Borrower for which the Agent is entitled to reimbursement by the Borrower under the Loan Documents, (ii) for any other expenses incurred by the Agent on behalf of the Lenders, in connection with the preparation, execution, delivery, administration and enforcement of the Loan Documents (including, without limitation, for any expenses incurred by the Agent in connection with any dispute between the Agent and any Lender or between two or more of the Lenders) and (iii) for any  liabilities,  obligations,  losses,  damages,  penalties,  actions,  judgments,  suits,  costs,  expenses  or disbursements of any kind and nature whatsoever which may be imposed  on,  incurred by or asserted against the Agent in any way relating to or arising out of the Loan Documents or any other document delivered in connection therewith or the transactions contemplated thereby (including, without limitation, for any such amounts incurred by or asserted against the Agent in connection with any dispute between the Agent and any Lender or between two or more of the Lenders), or the enforcement of any of the terms of the Loan Documents or of any such other documents, provided that (i) no Lender shall be liable for any of the foregoing to the extent any of the foregoing is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of the Agent and (ii) any indemnification required pursuant to Section 3.5(vii) shall, notwithstanding the provisions of this  Section  10.8,  be  paid by the  relevant  Lender  in  accordance  with the  provisions thereof.    The obligations  of  the  Lenders  under  this  Section  10.8  shall  survive  payment  of  the  Obligations  and termination of this Agreement.

10.9      Notice of Default.  The Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Unmatured Default hereunder unless the Agent has received written notice from a Lender or the Borrower referring to this Agreement describing such Default or Unmatured Default

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and stating that such notice is a “notice of default”.  In the event that the Agent receives such a notice, the Agent shall give prompt notice thereof to the Lenders and, in the case of a “notice of default” received from a Lender, to the Borrower.

10.10    Rights as a Lender.  Notwithstanding anything to the contrary in this Article X, in the event the Agent is a Lender, the Agent shall have the same rights, powers, and obligations hereunder and under any other Loan Document with respect to its Commitment and its Loans as any Lender and may exercise such rights and powers, and shall comply with such obligations, as though it were not the Agent, and the term “Lender” or “Lenders” shall, at any time when the Agent is a Lender, unless the context otherwise indicates, include the Agent in its individual capacity.  The Agent and its Affiliates may accept deposits from, lend money to, and generally engage in any kind of trust, debt, equity or other transaction, in addition to those contemplated by this Agreement or any other Loan Document, with the Borrower or any of its Subsidiaries in which the Borrower or such Subsidiary is not restricted hereby from engaging with any other Person. The Agent in its individual capacity is not obligated to remain a Lender.

10.11    Lender Credit Decision.   Each Lender acknowledges that it has, independently and without reliance upon the Agent, any Arranger or any other Lender and based on the financial statements prepared by the Borrower and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement and the other Loan Documents.  Each Lender also acknowledges that it will, independently and without reliance upon the Agent, any Arranger or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement and the other Loan Documents.

10.12    Successor Agent.  The Agent may resign at any time by giving written notice thereof to the Lenders and the Borrower, such resignation to be effective upon the appointment of a successor Agent or, if no successor Agent has been appointed, forty-five (45) days after the retiring Agent gives notice of its intention to resign.  The Agent may be removed at any time with or without cause by written notice received by the Agent from the Required Lenders, such removal to be effective on the date specified by the Required Lenders.  Upon any such resignation or removal, the Required Lenders shall have the right to appoint with the Borrower’s written consent, not to be unreasonably withheld or delayed, on behalf of the Borrower and the Lenders, a successor Agent.  If no successor Agent shall have been so appointed by the Required Lenders within thirty (30) days after the resigning Agent’s giving notice of its intention to resign, then the resigning Agent may appoint with the Borrower’s written consent, not to be unreasonably withheld or delayed, on behalf of the Borrower and the Lenders, a successor Agent.  Notwithstanding the previous sentence, the Agent may at any time without the consent of any Lender and with the consent of the Borrower, not to be unreasonably withheld or delayed, appoint any of its Affiliates which is a commercial bank as a successor Agent hereunder.  If the Agent has resigned or been removed and no successor Agent has been appointed, the Lenders may perform all the duties of the Agent hereunder and the Borrower shall make all payments in respect of the Obligations to the applicable Lender and for all other purposes shall deal directly with the Lenders.  No successor Agent shall be deemed to be appointed hereunder until such successor Agent has accepted the appointment.  Any such successor Agent shall be a commercial bank having capital and retained earnings of at least $100,000,000.  Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the resigning or removed Agent. Upon the effectiveness of the resignation or removal of the Agent, the resigning or removed Agent shall be discharged from its duties and obligations hereunder and under the Loan Documents.  After the effectiveness of the resignation or removal of an Agent, the provisions of this Article X shall continue in effect for the benefit of such Agent in respect of any actions taken or omitted to be taken by it while it was acting as the Agent hereunder and under the other Loan Documents.  In the event that there is a successor to the Agent by merger, or the Agent assigns its duties and obligations to an Affiliate pursuant

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to this Section 10.12, then the term “prime rate” as used in this Agreement shall mean the prime rate, base rate or other analogous rate of the new Agent.

Any resignation by or removal of Wells Fargo as Agent pursuant to this Section shall also constitute its resignation or removal as a L/C Issuer and Swing Line Lender.  Upon the acceptance of a successor’s appointment as Agent hereunder, (i) such successor shall succeed to and become vested with all of the rights, powers, privileges, obligations and duties of the retiring L/C Issuer and Swing Line Lender, (ii) the retiring L/C Issuer and Swing Line Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (iii) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring L/C Issuer to effectively assume the obligations of the retiring L/C Issuer with respect to such Letters of Credit.

10.13    Agent and Arranger Fees.  The Borrower agrees to pay to the Agent and the Arrangers, for their own respective accounts, the fees agreed to by the Borrower, the Agent and the Arrangers, including, without limitation, the administrative agency fee and letter of credit fronting fee agreed to pursuant to the letter agreement dated October 2, 2012, among the Borrower, the Agent and Wells Fargo Securities, LLC and the fees agreed to pursuant to the letter agreement dated January 27, 2015 among the Borrower, the Agent and Wells Fargo Securities, LLC.

10.14    Delegation to Affiliates.   The Borrower and the Lenders agree that the Agent may delegate any of its duties under this Agreement to any of its Affiliates.   Any such Affiliate (and such Affiliate’s directors, officers, agents and employees) which performs duties in connection with this Agreement shall be entitled to the same benefits of the indemnification, waiver and other protective provisions to which the Agent is entitled under Articles IX and X.

10.15   Other Agents.  The Lenders identified on the signature pages of this Agreement or otherwise herein, or in any amendment hereof or other document related hereto, as being the “Syndication Agent” or a “Co-Documentation Agent” (collectively, the “Other Agents”), shall have no rights, powers, obligations, liabilities, responsibilities or duties under this Agreement other than those applicable to all Lenders as such.  Without limiting the foregoing, the Other Agents and the Arrangers shall not have or be deemed to have any fiduciary relationship with any Lender.  Each Lender acknowledges that it has not relied, and will not rely, on the Other Agents or the Arrangers in deciding to enter into this Agreement or in taking or refraining from taking any action hereunder or pursuant hereto.

ARTICLE XI

SETOFF; RATABLE PAYMENTS

11.1      Setoff.    In  addition  to,  and  without  limitation  of,  any  rights  of  the  Lenders  under applicable law, if a Default occurs, any and all deposits (including all account balances, whether provisional or final and whether or not collected or available) and any other Indebtedness at any time owing by any Lender or any Affiliate of any Lender to or for the credit or account of the Borrower may be offset and applied toward the payment of the Obligations owing to such Lender, whether or not the Obligations, or any part thereof, shall then be due, provided each Lender agrees, solely for the benefit of the other Lenders and not for the benefit of the Borrower, that it shall not exercise any right provided for in this Section 11.1 without the prior consent of the Required Lenders; provided, further, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Agent for further application in accordance with the provisions of Section 2.21 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and

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deemed held in trust for the benefit of the Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff.

11.2      Ratable Payments.  If any Lender, whether by setoff or otherwise, has payment made to it upon its Outstanding Credit Exposure (other than payments received pursuant to Section 2.20, 3.1, 3.2,
3.4 or 3.5) in a greater proportion than that received by any other Lender, such Lender agrees, promptly
upon demand, to purchase a portion of the Aggregate Outstanding Credit Exposure held by the other Lenders  so  that  after  such  purchase  each  Lender  will  hold  its  Pro  Rata  Share  of  the  Aggregate Outstanding Credit Exposure.  If any Lender, whether in connection with setoff or amounts which might be subject to setoff or otherwise, receives collateral or other protection for its Obligations or such amounts which may be subject to setoff, such Lender agrees, promptly upon demand, to take such action necessary such that all Lenders share in the benefits of such collateral ratably in proportion to their respective Pro Rata Shares.  In case any such payment is disturbed by legal process, or otherwise, appropriate further adjustments shall be made.

ARTICLE XII

BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS

12.1      Successors and Assigns.   The terms and provisions of the Loan Documents shall be binding upon and inure to the benefit of the Borrower and the Lenders and their respective successors and assigns, except that (i) the Borrower shall not have the right to assign its rights or obligations under the Loan Documents and (ii) any assignment by any Lender must be made in compliance with Section 12.3. The parties to this Agreement acknowledge that clause (ii) of this Section 12.1 relates only to absolute assignments and does not prohibit assignments creating security interests, including, without limitation, any pledge or assignment by any Lender of all or any portion of its rights under this Agreement to a Federal Reserve Bank; provided that no such pledge or assignment creating a security interest shall release the transferor Lender from its obligations hereunder unless and until the parties thereto have complied with the provisions of Section 12.3.  The Agent may treat the Person which made any Loan or which holds any Note as the owner thereof for all purposes hereof unless and until such Person complies with Section 12.3; provided that the Agent may in its discretion (but shall not be required to) follow instructions from the Person which made any Loan to direct payments relating to such Loan to another Person.  Any assignee of the rights to any Loan agrees by acceptance of such assignment to be bound by all the terms and provisions of the Loan Documents.  Any request, authority or consent of any Person, who at the time of making such request or giving such authority or consent is the owner of the rights to any Loan, shall be conclusive and binding on any subsequent holder or assignee of the rights to such Loan.

12.2    Participations.

(a)        Permitted Participants; Effect.  Any Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other entities  (“Participants”)  participating  interests  in  any  Outstanding  Credit  Exposure  of  such Lender, any Commitment of such Lender or any other interest of such Lender under the Loan Documents.  In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under the Loan Documents shall remain unchanged, such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, such Lender shall remain the owner of its Outstanding Credit Exposure for all purposes under the Loan Documents, all amounts payable by the Borrower under this Agreement shall be determined as if

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such Lender had not sold such participating interests, and the Borrower and the Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under the Loan Documents.

(b)         Voting Rights.  Each Lender shall retain the sole right to approve, without the consent of any Participant, any amendment, modification or waiver of any provision of the Loan Documents other than any amendment, modification or waiver with respect to any Credit Extension or Commitment in which such Participant has an interest which forgives principal, interest or fees or reduces the interest rate or fees payable with respect to any such Loan, L/C Obligation or Commitment, extends the Scheduled Termination Date, postpones any date fixed for any regularly scheduled payment of principal of, or interest or fees on, any such Credit Extension or Commitment.

(c)           Participant Register.  Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s  interest  in  the  Loans  or  other  obligations  under  the  Loan  Documents  (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, the Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant Register.

12.3      Assignments.

(a)        Assignments by Lenders.  Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement and the other Loan Documents (including all or a portion of its Commitment and the Loans (including for purposes of this subsection (b), participations in L/C Obligations and Swing Line Loans) at the time owing to it); provided that any such assignment shall be subject to the following conditions:

(i)    Minimum Amounts.

(A)       in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the related Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

(B)       in any case not described in subsection (a)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment Agreement with respect to such assignment is delivered to the Agent or, if “Trade Date” is specified in the Assignment Agreement, as of the Trade Date, shall not be less than $5,000,000

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unless  each  of  the  Agent  and,  so  long  as  no  Default  has  occurred  and  is continuing, the Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, however, that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a single assignee (or to an assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining whether such minimum amount has been met.

(ii)         Proportionate Amounts.  Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s Loans and Commitments, and rights and obligations with respect thereto, assigned.

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

(A)       the   consent   of   the   Borrower   (such   consent   not   to   be unreasonably withheld or delayed) shall be required unless (1) a Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Agent within five (5) Business Days after having received notice thereof;

(B)       the consent of the Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of any Commitment if such assignment is to a Person that is not a Lender with a Commitment, an Affiliate of such Lender or an Approved Fund with respect to such Lender; and

(C)       the consent of the L/C Issuers and the Swing Line Lender (such consent not to be unreasonably withheld or delayed) shall be required for any assignment.

(iv)        Assignment and Assumption.   The parties to each assignment shall execute and deliver to the Agent an Assignment Agreement, together with a processing and recordation fee in the amount of $3,500; provided, however, that the Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment.  The assignee, if it shall not be a Lender, shall deliver to the Agent an administrative questionnaire in a form acceptable to the Agent.

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

(vi)        Certain Additional Payments.   In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties  to  the  assignment  shall  make  such  additional  payments  to  the  Agent  in  an aggregate amount sufficient, upon distribution thereof as appropriate (which may be

60

outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and participations in Letters of Credit and Swing Line Loans in accordance with its Pro Rata Share.  Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

Subject to acceptance and recording thereof by the Agent pursuant to subsection (b) of this Section, from and after the effective date specified in each Assignment Agreement, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by  such  Assignment  Agreement,  have  the  rights  and  obligations  of  a  Lender  under  this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment Agreement, be released from its obligations under this Agreement (and, in the case of an Assignment Agreement covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Article III and Section 9.6 with respect to facts and circumstances occurring prior to the effective date of such assignment).  Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender.  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 12.2 (other than a purported assignment to a natural Person or the Borrower or any of the Borrower’s Subsidiaries or Affiliates, which shall be null and void).

(b)         Register.  The Agent, acting solely for this purpose as an agent of the Borrower (and such agency being solely for tax purposes), shall maintain at the Agent’s office a copy of each Assignment Agreement delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans and L/C Obligations  owing  to,  each  Lender  pursuant  to  the  terms  hereof  from  time  to  time  (the “Register”).  The entries in the Register shall be conclusive, and the Borrower, the Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.   In addition, the Agent shall maintain on the Register information regarding the designation, and revocation of designation, of any Lender as a Defaulting Lender.  The Register shall be available for inspection by the Borrower and any Lender at any reasonable time and from time to time upon reasonable prior notice.

(c)       Resignation as L/C Issuer or Swing Line Lender after Assignment. Notwithstanding anything to the contrary contained herein, if at any time an L/C Issuer or the Swing Line Lender assigns all of its Commitment and Loans pursuant to subsection (a) above, such L/C Issuer or Swing Line Lender, as applicable, may, (i) upon thirty days’ notice to the Borrower and the Lenders, resign as L/C Issuer and/or (ii) upon thirty days’ notice to the Borrower, resign as Swing Line Lender.  In the event of any such resignation as L/C Issuer or Swing Line Lender, the Borrower shall be entitled to appoint from among the Lenders a successor

61

L/C Issuer or Swing Line Lender hereunder; provided, however, that no failure by the Borrower to appoint any such successor shall affect the resignation of such L/C Issuer or Swing Line Lender, as the case may be.  If an L/C Issuer resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of such L/C Issuer hereunder with respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Lenders to make Floating Rate Advances or fund risk participations).  If the Swing Line Lender resigns as Swing Line Lender, it shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Lenders to make Floating Rate Advances or fund risk participations.  Upon the appointment  of  a successor  L/C Issuer  and/or  Swing Line  Lender, (1) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer or Swing Line Lender, as the case may be, and (2) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the resigning L/C Issuer to effectively assume the obligations of the resigning L/C Issuer with respect to such Letters of Credit.

12.4      Dissemination of Information.  The Borrower authorizes each Lender to disclose to any Participant or Purchaser or any other Person acquiring an interest in the Loan Documents by operation of law (each a “Transferee”) and any prospective Transferee any and all information in such Lender’s possession concerning the creditworthiness of the Borrower and its Subsidiaries, including without limitation any information contained in any Annual Report on Form 10-K or any Quarterly Report on Form 10-Q; provided that each Transferee and prospective Transferee agrees to be bound by Section 9.11 of this Agreement.

12.5      Tax Treatment.  If any interest in any Loan Document is transferred to any Transferee which is organized under the laws of any jurisdiction other than the United States or any State thereof, the transferor Lender shall cause such Transferee, concurrently with the effectiveness of such transfer, to comply with the provisions of Section 3.5(iv) and Section 3.5(vi), as applicable.

12.6    Designation of SPVs.

(a)        Notwithstanding  anything  to  the  contrary  contained  herein,  any  Lender  (a “Granting Lender”) may grant to a special purpose funding vehicle (an “SPV”, identified as such in writing from time to time by such Granting Lender to the Agent and the Borrower) the option to fund all or any part of any Advance or fee or expense reimbursement or other obligation (each, a “Lender Funding Obligation”) that such Granting Lender would otherwise be obligated to fund pursuant to this Agreement; provided that (i) nothing herein shall constitute a commitment by any SPV to fund any Lender Funding Obligation, (ii) if an SPV elects not to exercise such option or otherwise fails to fund all or any part of any such Lender Funding Obligation, the Granting Lender shall be obligated to fund such Lender Funding Obligation pursuant to the terms hereof, (iii) no SPV shall exercise any voting rights pursuant to Section 8.2 (such voting rights to be exercised instead by such Granting Lender) and (iv) with respect to notices, payments and other matters hereunder, the Borrower, the Agent and the Lenders shall not be obligated to deal with an SPV,  but  may  limit  their  communications  and  other  dealings  relevant  to  such  SPV  to  the applicable  Granting  Lender.    The  funding  of  any  Lender  Funding  Obligation  by  an  SPV hereunder shall utilize the Commitment of the Granting Lender to the same extent that, and as if, such Lender Funding Obligation were funded by such Granting Lender.

(b)    As to any Lender Funding Obligations or portion thereof made by it, each SPV
shall  have  all  the  rights  that  its  applicable  Granting  Lender  making  such  Lender  Funding

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Obligations or portion thereof would have had under this Agreement; provided that each SPV shall have granted to its Granting Lender an irrevocable power of attorney to deliver and receive all  communications  and  notices  under  this  Agreement  (and  any  related  documents)  and  to exercise on such SPV’s behalf, all of such SPV’s voting rights under this Agreement.   No additional Note shall be required to evidence the Lender Funding Obligations or portion thereof made by an SPV; and the related Granting Lender shall be deemed to hold its Note as agent for such SPV to the extent of the Lender Funding Obligations or portion thereof funded by such SPV. In addition, any payments for the account of any SPV shall be paid to its Granting Lender as agent for such SPV.

(c)        Each party hereto hereby agrees that no SPV shall be liable for any indemnity or payment under this Agreement for which a Lender would otherwise be liable for so long as, and to  the  extent,  the  Granting  Lender  provides  such  indemnity  or  makes  such  payment.    In furtherance of the foregoing, each party hereto hereby agrees (which agreements shall survive the termination of this Agreement) that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper or other senior indebtedness of any SPV, it will not institute against, or join any other person in instituting against, such SPV any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings under the laws of the United States or any State thereof.

(d)        In   addition,   notwithstanding   anything   to   the   contrary   contained   in   this Agreement, any SPV may (i) at any time and without paying any processing fee therefor, assign or participate all or a portion of its interest in any Lender Funding Obligations to the Granting Lender or to any financial institutions providing liquidity and/or credit support to or for the account of such SPV to support the funding or maintenance of Lender Funding Obligations and (ii) disclose on a confidential basis any non-public information relating to its Lender Funding Obligations to any rating agency, commercial paper dealer or provider of any surety, guarantee or credit or liquidity enhancements to such SPV.  This Section 12.6 may not be amended without the written consent of any Granting Lender affected thereby.

ARTICLE XIII NOTICES
13.1      Notices.

(a)        Except as otherwise permitted by Section 2.12 with respect to borrowing notices, all notices, requests and other communications to any party hereunder shall be in writing (including electronic transmission, facsimile transmission or similar writing) and shall be given to such party at its address or facsimile number set forth on Schedule 13.1 or at such other address or facsimile number as such party may hereafter specify for the purpose by notice to the Agent and the Borrower in accordance with the provisions of this Section 13.1.   Each such notice, request or other communication shall be effective (i) if given by facsimile transmission, when transmitted to the facsimile number specified in this Section and confirmation of receipt is received, (ii) if given by mail, 72 hours after such communication is deposited in the mails with first class postage prepaid, addressed as aforesaid, (iii) if given by any other means, when delivered at the address specified in this Section or (iv) if given by electronic transmission, as provided in Section 13.1(b); provided that notices to the Agent under Article II shall not be effective until received.

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(b)        Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and internet or intranet websites) pursuant to procedures approved by the Agent or as otherwise determined by the Agent, provided that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Agent that it is incapable of receiving notices under such Article by electronic communication.  The Agent or the Borrower may, in its respective discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it or as it otherwise determines, provided that such determination or approval may be limited to particular notices or communications.  Unless the Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not given during the normal business hours of the recipient, such notice or communication shall be deemed to have been given at the opening of business on the next Business Day for the recipient, and (ii) notices or communications posted to an internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor.

13.2      Change of Address.   The Borrower, the Agent and any Lender may each change the address for service of notice upon it by a notice in writing to the other parties hereto.

ARTICLE XIV COUNTERPARTS

This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the parties hereto may execute this Agreement by signing any such counterpart.  Delivery of an executed counterpart hereof or a signature page hereto by facsimile or other secure electronic format shall be effective as delivery of an original executed counterpart.

ARTICLE XV

CHOICE OF LAW; CONSENT TO JURISDICTION

15.1    CHOICE OF LAW.   THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS.

15.2      CONSENT TO JURISDICTION.  THE BORROWER HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND THE BORROWER HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN

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SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM.   NOTHING HEREIN SHALL LIMIT THE RIGHT OF THE AGENT OR ANY LENDER TO BRING PROCEEDINGS AGAINST THE BORROWER IN THE COURTS OF ANY OTHER JURISDICTION.   ANY JUDICIAL PROCEEDING BY THE BORROWER AGAINST THE AGENT OR ANY LENDER OR ANY AFFILIATE OF THE AGENT OR ANY LENDER INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH ANY LOAN DOCUMENT SHALL BE BROUGHT ONLY IN A COURT IN NEW YORK, NEW YORK.

[Signature pages follow]

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

PORTLAND GENERAL ELECTRIC COMPANY

By:    /s/ James F. Lobdell            
Name:    James F. Lobdell
Title:    Senior Vice President - Finance, 
Chief Financial Officer and Treasurer

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent 

By:    /s/ Yann Blindert            
Name:    Yann Blindert
Title:    Director

WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender and L/C Issuer

By:    /s/ Yann Blindert            
Name:    Yann Blindert
Title:    Director

JPMORGAN CHASE BANK, N.A., as a Lender and L/C Issuer

By:    /s/ Helen D. Davis            
Name:    Helen D. Davis
Title:    Authorized Officer

U.S. BANK NATIONAL ASSOCIATION, as a Lender and L/C Issuer

By:    /s/ Raymond Palmer            
Name:    Raymond Palmer
Title:    Senior Vice President

BANK OF AMERICA, N.A., as a Lender and L/C Issuer

By:    /s/ Daryl K. Hogge            
Name:    Daryl K. Hogge
Title:    Senior Vice President

BARCLAYS BANK PLC, as a Lender and L/C Issuer

By:    /s/ Alicia Borys                
Name:    Alicia Borys
Title:    Vice President

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BANK OF THE WEST, as a Lender

By:    /s/ Brett German            
Name:    Brett German
Title:    Director

COBANK, ACB, as a Lender

By:    /s/ Josh Batchelder            
Name:    Josh Batchelder
Title:    Vice President

THE NORTHERN TRUST COMPANY, as a Lender

By:    /s/ Fiyaz Khan                
Name:    Fiyaz Khan
Title:    Vice President

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SCHEDULE 1

PRICING SCHEDULE

	
						
	PRICING
	

LEVEL I STATUS 
> A-/A3
	LEVEL II STATUS 
BBB+/BAA1
	LEVEL III STATUS BBB/BAA2
	LEVEL IV STATUS BBB-/BAA3
	LEVEL V
STATUS
< BA1 /BB+ OR
UNRATED

	Applicable
Eurodollar
Margin
	1.000%
	1.075%
	1.275%
	1.475%
	1.650%

	Applicable ABR
Margin
	0.000%
	0.075%
	0.275%
	0.475%
	0.650%

	Facility Fee Rate
	0.125%
	0.175%
	0.225%
	0.275%
	0.350%

	Letter of Credit
Fee
	1.000%
	1.075%
	1.275%
	1.475%
	1.650%

The Applicable Margin, Facility Fee Rate and Letter of Credit Fee shall be determined in accordance with the foregoing table based on the Borrower’s Status as determined from its then-current Moody’s and S&P Ratings.  The credit rating in effect on any date for the purposes of this Schedule is that in effect at the close of business on such date.  If at any time the Borrower has no Moody’s Rating or no S&P Rating, Level V Status shall exist.   For purposes of the foregoing (and subject to the last paragraph of this Pricing Schedule), the following terms have the respective meanings set forth below:

“Level I Status” exists at any date if, on such date, the Borrower’s Moody’s Rating is A3 or better
or the Borrower’s S&P Rating is A- or better.

“Level II Status” exists at any date if, on such date, (i) the Borrower has not qualified for Level I Status and (ii) the Borrower’s Moody’s Rating is Baa1 or better or the Borrower’s S&P Rating is BBB+ or better.

“Level III Status” exists at any date if, on such date, (i) the Borrower has not qualified for Level I Status or Level II Status and (ii) the Borrower’s Moody’s Rating is Baa2 or better or the Borrower’s S&P Rating is BBB or better.

“Level IV Status” exists at any date if, on such date, (i) the Borrower has not qualified for Level I Status, Level II Status or Level III Status and (ii) the Borrower’s Moody’s Rating is Baa3 or better or the Borrower’s S&P Rating is BBB- or better.

“Level V Status” exists at any date if, on such date, the Borrower has not qualified for Level I Status, Level II Status, Level III Status or Level IV Status.

“Moody’s Rating” means, at any time, the rating issued by Moody’s Investors Service, Inc. (“Moody’  s”) and then in effect with respect to the Borrower’s senior unsecured long-term debt securities without third-party credit enhancement; provided that if at any time such rating is not published by Moody’s, “Moody’s Rating” shall mean the Borrower’s long term issuer rating issued by Moody’s and then in effect.

“S&P Rating” means, at any time, the rating issued by Standard & Poor’s Financial Services LLC
(“S&P”), a subsidiary of The McGraw-Hill Companies, Inc.  and then in effect with respect to the
Borrower’s senior unsecured long-term debt securities without third-party credit enhancement; provided that if at any time such rating is not published by S&P, “S&P Rating” shall mean the Borrower’s long term issuer rating issued by S&P and then in effect.

“Status” means Level I Status, Level II Status, Level III Status, Level IV or Level V Status.

If the Borrower is split-rated and the ratings differential is one level, the higher rating will apply. If the Borrower is split-rated and the ratings differential is two levels or more, the rating immediately below the higher rating will apply.

SCHEDULE 2

COMMITMENTS

	
		
	Lender
	Revolving
Commitment

	Wells Fargo Bank, National Association
	$83,800,000.00

	Bank of America, N.A.
	$83,800,000.00

	Barclays Bank PLC
	$83,800,000.00

	JPMorgan Chase Bank, National Association
	$83,800,000.00

	U.S. Bank National Association
	$83,800,000.00

	Bank of the West
	$27,000,000.00

	CoBank, ACB
	$27,000,000.00

	The Northern Trust Company
	$27,000,000.00

	TOTAL
	$500,000,000.00

SCHEDULE 3

INDEBTEDNESS EXCEPTIONS

Ownership and Operating Agreement, COLSTRIP UNITS #3 & #4, dated May 6, 1981, between The Montana Power Company, Puget Sound Power and Light Company, The Washington Water Power Company, Portland General Electric Company and Pacific Power & Light Company, and the successors to any thereof, as amended and supplemented.

Power Sales Agreement, dated as of April 12, 1979, executed by City of Portland, Oregon and Portland
General Electric Company, as amended and supplemented.

Power Sales Contract Executed by Public Utility District No. 1 of Douglas County, Washington and Portland General Electric Company, made and entered into as of September 18, 1963, as amended and supplemented.

Power Sales Contract, made and entered into as of November 14, 1957, by and between Public Utility District No. 1 of Chelan County, Washington and Portland General Electric Company, as amended and supplemented.

Wanapum Power Sales Contract Executed by Public Utility District No. 2 of Grant County, Washington and Portland General Electric Company, entered into as of June 22, 1959, as amended and supplemented.

Power  Sales Contract  Executed by Public  Utility District  No. 2  of  Grant  County,  Washington and
Portland General Electric Company, entered into as of May 21, 1956, as amended and supplemented. Performance Guaranty by and between ODOT and PGE dated as of August 6, 2008.
Guaranty by and among SunWay 1, LLC, Firstar Development LLC, and PGE dated as of September 2,
2008.

Guaranty by and among SunWay 2, LLC, U.S. Bancorp Community Development Corporation and PGE
dated as of October 2, 2008.

SunWay 3, LLC Operating Agreement, by and between Firstar Development, LLC and PGE dated as of
February 25, 2010.
Guaranty by and among SunWay 3, LLC, Firstar Development, LLC and PGE dated February 25, 2010. Construction Loan Guaranty by PGE in favor Wells Fargo Bank, National Association dated February 25,
2010.

The Lease for the Willamette Center (now World Trade Center), dated September 11, 1978, between 121
SW Salmon Street Corporation, Tenant, and IEH Portland LLC (transferee of American Real Estate
Holdings LP), and the Sublease, dated September 11, 1978, from Tenant to the Company.

Obligations set forth in Section 12 of that certain PGE-Lessee Agreement by and between PGE and Fale- Safe Incorporated, dated as of December 30, 1985 and in Section 10 (ix) of that certain Participation Agreement, dated December 30, 1985 among J. Henry Schroder Bank & Trust Company, as Owner Trustee, The Chase Manhattan Bank (National Association), as Indenture Trustee, General Electric Credit Corporation, certain Loan Participants, Fale-Safe Inc., and PGE.

Master Lease Agreement between Banc of America Leasing and Capital, LLC and PGE dated as of July
29, 2011 and Schedules to such Master Lease Agreement as executed from time to time.

Lease agreements with financial institutions or their affiliates relating to the acquisition and installation of solar equipment.

SCHEDULE 4

Existing Letters of Credit

	
					
	L/C Number
	L/C Issuer
	Expiry Date
	Letter of Credit
Amount
	Beneficiary

	US SLCPDXB04772
	U.S. Bank National
Association
	3/31/15
	$7,300,000.00
	Barclays Bank PLC

	US SLCPDXBO4656
	U.S. Bank National
Association
	3/15/15
	$2,400,000.00
	Morgan Stanley
Capital

	US SCLPDXC01979
	U.S. Bank National
Association
	6/30/15
	$1.00
	Natural Gas
Exchange

	US SLCPPDX05508
	U.S. Bank National
Association
	3/31/15
	$10,195,000.00
	Transalta Energy

	US-SLCPPDX06486
	U.S. Bank National
Association
	3/31/15
	$14,090,000.00
	Canadian Imperial
BA

	US-SLCPPDX06512
	U.S. Bank National
Association
	3/31/15
	$5,400,000.00
	Bank of Montreal

	US-SCLPPDX06523
	U.S. Bank National
Association
	3/31/15
	$550,000.00
	Iberdrola
Renewables

SCHEDULE 5.2

LITIGATION

None.

SCHEDULE 5.9

SUBSIDIARIES

	
					
	Subsidiary
	Jurisdictions
	Owned By
	Percent
Ownership
	Significant
Subsidiary
(Yes/No)

	Salmon Springs
Hospitality Group, Inc.
	Oregon
	PGE
	100 percent
	No

	121 SW Salmon Street
Corporation
	Oregon
	PGE
	100 percent
	No

	World Trade Center
Northwest Corporation
	Oregon
	121 SW Salmon Street
Corporation
	100 percent
	No

SCHEDULE 5.16

ANTI-TERRORISM; ANTI-MONEY LAUNDERING

BNP Paribas SA, with whom the Borrower engages in commercial transactions, has entered into settlements with federal and state regulators regarding apparent violations of the foreign assets control regulations of the United States Treasury Department and other legal requirements occurring prior to the Closing Date.

SCHEDULE 13.1

NOTICE ADDRESSES

Borrower:

PORTLAND GENERAL ELECTRIC COMPANY One World Trade Center
121 S.W. Salmon
Portland, Oregon 97204
Attention: Treasurer’s Office
Tel: (503) 464-7085
Fax: (503) 464-2236

Agent:

Administrative Agent’ s Office and Notices for L/C Issuer and Swing Line Lender

Wells Fargo Bank, N.A.
1525 W.WT Harris Blvd. Mail Code:  D 1109-019
Charlotte, NC 28262
Attention:    Shawn Horton
Telephone:    704.590.2727
Telecopier:    704.715.0017
Electronic Mail: Shawn.Horton@WellsFargo.com

Account No. (for Dollars): 01104331628807
Ref:  Portland General Electric Company
Attn: Financial Cash Controls
ABA# 121000248

Other Notices as Administrative Agent:

Wells Fargo Bank, N.A.
1525 W.WT Harris Blvd. Mail Code:  D 1109-019
Charlotte, NC 28262
Attention:    Lisa White
Telephone:    704.590.2778
Telecopier:    704.715.0017
Electronic Mail: Lisa.A.White1@wellsfargo.com

Lenders:

JPMorgan Chase Bank, N.A.
10 S. Dearborn, IL 1-0090, 9th Floor
Chicago, IL 6063
Attention:    Helen Davis
Telephone:    312.732.1759
Telecopier:    312.732.1762
Electronic Mail: Helen.d.davis@jpmorgan.com

U.S. Bank National Association
101 S. Capitol Boulevard
Boise, Idaho 83702
Attention:  Holland Williams
Tel: (208) 383-7565
Fax: (208) 383-7489
Electronic Mail:  hollandhuffman.williams@usbank.com

Bank of America, N.A.
121 SW Morrison St., Suite 1700
Portland, OR 97204
Tel: 503.795.6469
Fax: 312.453.5325
Attn: Daryl.k.hogge@baml.com and Melissa.d.hudson@baml.com (for credit notices).
Attn: Ruby.nandwani@bankofamerica.com and Madhvi.swami@bankofamerica.com  (borrowing notices)

Barclays Bank PLC
745 Seventh Avenue, 27th Floor
New York, NY 10019
Tel: 212 526-0787
Fax: 212 526-5115
Attn: May Huang / Assistant Vice President / Bank Debt Management
Email: may.huang@barclays.com

Bank of the West
222 SW Columbia Street, Suite 1200
Portland OR 97201
T 503.223.6971
F 503.227.3423
Attn: Brett German, Director
Email: brett.german@bankofthewest.com

CoBank, ACB
Power, Energy & Utilities
5500 S. Quebec Street
Greenwood Village, CO 80111
Attention: Josh Batchelder
Telephone: (303) 740-4120
Email: JBatchelder@cobank.com

Operations Contact (Draws/Repayments/Funding Matters) Attention: Kelly Gibbs
Telephone: (303) 740-4352
Fax: (303) 740-4021
Email: agencybank@cobank.com

The Northern Trust Company
50 S. LaSalle St., M-27
Chicago, IL 60603
Telephone: 312.444.4791
Fax: 312.557.1425
Attn: Fiyaz Khan
Email: Fak1@ntrs.com

EXHIBIT A

FORM OF ASSIGNMENT AGREEMENT

This  Assignment  and  Assumption  (the  “Assignment  and  Assumption”)  is  dated  as  of  the Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”).   Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below  (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee.  The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full.

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Agent as contemplated below (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto in the amounts and equal to the percentage interests identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including without limitation any letters of credit, guarantees, and swing line loans included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned to the Assignee pursuant to clauses (i) and (ii)  above  being  referred  to  herein  collectively  as,  the  “Assigned  Interest”).    Each  such  sale  and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor.

	
					
	1.
	Assignor:
	 
	 
	 

	 
	 
	 
	Assignor [is] [is not] a Defaulting Lender.
	 

	 
	 
	 
	 
	 

	2.
	Assignee:
	 
	 
	 

	 
	 
	 
	[and is an Affiliate/Approved Fund of [identify Lender]]

	 
	 
	 
	 
	 

	3.
	Borrower:
	 
	Portland General Electric Company
	 

	 
	 
	 
	 
	 

	4.
	Agent:
	 
	Wells Fargo Bank, National Association, as the administrative agent under the Credit Agreement

	 
	 
	 
	 
	 

	5.
	Credit Agreement:
	 
	The Amended and Restated Credit Agreement dated as of March 6, 2015 among the Borrower, the Lenders parties thereto and the Agent

6.    Assigned Interest:

	
					
	Facility
Assigned
	Aggregate Amount
of Commitment/ Outstanding Credit
Exposure for all
Lenders*
	Amount of
Commitment/ Loans Assigned*
	Percentage Assigned
of Commitment/ Outstanding Credit Exposure1
	CUSIP Number

	 
	$
	$
	%
	 

	 
	$
	$
	%
	 

	 
	$
	$
	%
	 

[7.    Trade Date:                     ]2

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

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

ASSIGNOR
[NAME OF ASSIGNOR]

		
	By:
	                              

Title:

ASSIGNEE
[NAME OF ASSIGNEE]

		
	By:
	                              

Title:

[Consented to and]3 Accepted:

WELLS FARGO BANK, NATIONAL ASSOCIATION, as
Agent

		
	By
	                      

Title:

            
1 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.
2 To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date.
3 To be added only if the consent of the Agent is required by the terms of the Credit Agreement.

[Consented to:]4

[PORTLAND GENERAL ELECTRIC COMPANY]

		
	By
	                         

Title:

[Consented to:]5

[WELLS FARGO BANK, N.A., as L/C Issuer and Swing Line Lender

		
	By
	                          

Title:

JPMORGAN CHASE BANK, N.A., as L/C Issuer

		
	By
	                         

Title:

U.S. BANK NATIONAL ASSOCIATION, as L/C Issuer

		
	By
	                          

Title:

BANK OF AMERICA, N.A., as L/C Issuer

		
	By
	                          

Title:

BARCLAYS BANK PLC, as L/C Issuer] 
By                             
Title:

            
4 To be added only if the consent of the Borrower and/or other parties is required by the terms of the Credit
Agreement.
5 To be added only if the consent of the L/C Issuers or Swing Line Lender, as applicable, is required by the terms of the Credit Agreement.

ANNEX 1

STANDARD TERMS AND CONDITIONS FOR ASSIGNMENT AND ASSUMPTION

1.    Representations and Warranties.

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

1.2.       Assignee.  The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all requirements of an assignee under the Credit Agreement (subject to receipt of such consents as may be required under the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 6.9 thereof and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest, (vi) it has independently and without reliance on the Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interests, and (vii) if it is a Non-U.S. Lender,  attached  to  the  Assignment  and  Assumption  is  any  documentation  required  to  be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender.

2.          Payments.      From and after the Effective Date, the Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for

amounts which have accrued from and after the Effective Date.  Notwithstanding the foregoing, the Agent shall make all payments of interest, fees or other amounts paid or payable in kind from and after the Effective Date to the Assignee.

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

EXHIBIT B

FORM OF OPINION OF BORROWER’S COUNSEL

March 6, 2015

To the Lenders and the Agent referred to below:

Re:    Portland General Electric Company
Amended and Restated Credit Agreement dated as of March 6, 2015

We have acted as special counsel for Portland General Electric Company, an Oregon corporation (the “Borrower”), in connection with the $500 million revolving credit facility established pursuant to that certain Amended and Restated Credit Agreement dated as of March 6, 2015 (the “Agreement”), among the Borrower, Wells Fargo Bank, National Association, as Administrative Agent (the “Agent”), and the financial institutions identified on Schedule 2 thereto as Lenders (the “Lenders”).

This  opinion  is  being  furnished  to  you  at  the  request  of  the  Borrower  pursuant  to Section 4.1(v) of the Agreement.  Unless the context indicates otherwise, capitalized terms used in this opinion have the meanings attributed to them in the Agreement.

In rendering this opinion, we have assumed the genuineness of all signatures, the authenticity of all documents provided to us as originals, and the conformity to authentic original documents of all documents provided to us as certified, conformed, or photostatic copies.  As to questions of fact material to the following opinions, we have relied upon certificates and other documentation of officers of the Borrower and of public officials.  Whenever our opinion is based on factual matters that are “to our knowledge,” or words of similar impact, it means conscious awareness of facts or other information by the Primary Lawyer Group.   The Primary Lawyer  Group consists of David Copley Forman and Andrea R. Schmidt.

This opinion is subject to the qualifications listed on Annex A.

Based upon the foregoing, and subject to the assumptions, qualifications, limitations and exceptions set forth herein, we are of the opinion that:

1.          The Borrower is a corporation duly incorporated and validly existing under the laws of the State of Oregon.  The Borrower is duly qualified to do business in each of the following jurisdictions: Oregon, Washington and Montana.

2.          The execution and delivery by the Borrower of the Agreement and the Notes (together, the “Loan Documents”) and the performance of its obligations thereunder are within the Borrower’s corporate power, have been duly authorized by all necessary corporate action on the part of Borrower, and will not (i) violate the Borrower’s articles of incorporation or bylaws; or (ii) breach or cause a default under any provision of any indenture, instrument or agreement listed on Annex B to this opinion.

The Lenders and the Agent
March 6, 2015
Page 2

3.          The Agreement, assuming its due authorization, execution, and delivery by the Agent and the  Lenders,  and  the  Notes  that  have  been  requested  to  be  delivered  by  the  Lenders  pursuant  to Section 2.11(ii) of the Agreement, each constitute the legal, valid and binding obligation of the Borrower, enforceable in accordance with their terms.

4.          The execution and delivery by the Borrower of the Agreement and the Notes that have been requested to be delivered by the Lenders pursuant to Section 2.11(ii) of the Agreement, and the performance of its obligations thereunder, will not violate (a) any law, rule or regulation applicable to the Borrower under the laws of the State of Oregon or generally applicable to borrowers under the laws of the United States or (b) any order, writ, judgment, injunction, decree or award known by us to be binding on the Borrower under the State of Oregon.

5.          Except as disclosed in (i) the Borrower’s Annual Report on Form 10-K for the year ended December 31, 2014; and (ii) the Borrower’s Current Reports on Form 8-K since the date of the Annual Report referred to in clause (i) and prior to the date hereof, in each case filed with the Securities and Exchange Commission, and Schedule 5.2 to the Agreement, there is, to our knowledge, no litigation, arbitration, governmental investigation, proceeding or inquiry pending or threatened against the Borrower that either questions the validity of the Agreement and the Notes, or the transactions contemplated thereby, or that would reasonably be expected to have a Material Adverse Effect.

6.          The Borrower is not subject to regulation under the Investment Company Act of 1940, as amended.

7.          No order, consent, approval or authorization of or by any Governmental Authority of the State of Oregon, which has not been obtained by the Borrower, is required to be obtained by the Borrower solely in connection with the execution and delivery of the Agreement and the Notes, except for (a) any of the foregoing that are not due as of the date of this opinion or (b) customary filings with the SEC and other Governmental Authorities disclosing the existence and/or material terms of the Agreement.

We call to your attention that as of the date of this opinion, (a) the Borrower has not received corporate approval or the approval of the Public Utility Commission of Oregon with respect to an increase in the Aggregate Commitment pursuant to Section 2.3(a) of the Agreement; and (b) the Borrower has not received corporate approval with respect to an extension of the Final Termination Date pursuant to Section 2.18 of the Agreement.

Furthermore, we call to your attention that the consent of the Federal Energy Regulatory Commission dated February 3, 2014, Docket No. ES14-10-000, expires on February 6, 2016.   If the consent is not renewed, then at the time of such expiry, the Borrower will not be permitted to borrow funds under the Agreement if such funds must be repaid in, or shall only be outstanding for, 364 days or less.

The opinions herein expressed are limited to matters governed by the laws of the State of Oregon and United States laws generally applicable to borrowers, in each case as they exist at the date hereof, and we express no opinion as to the laws of any other jurisdiction.  We have assumed for purposes of our opinion rendered in paragraph (3) that the relevant substantive laws of the State of New York are substantially identical to those of the State of Oregon.

The Lenders and the Agent
March 6, 2015
Page 3

This  letter  represents  our  opinion  as  of  the  date  it  bears.    We  do  not  assume  any obligation to provide you with any subsequent opinion or advice by reason of any change subsequent to the date of this letter in any fact or in any law covered by any of our opinions, or for any other reason, even though such change may affect a legal analysis, conclusion or opinion in this letter.

This opinion is delivered solely for the benefit of the persons to whom it is addressed and is not to be relied upon by any other person, and this opinion is not to be used, circulated, quoted, or otherwise  referred  to  in  connection  with  any  transactions  other  than  those  contemplated  by  the Agreement.  However, you may deliver a copy of this opinion to a subsequent Transferee and such subsequent Transferee may rely on this opinion as if it were addressed and had been delivered to it on the date of this opinion, unless statements in this opinion would be affected by the status of any such subsequent Transferee.  In addition, copies of this opinion may be delivered to, but not relied upon by, any appropriate Governmental Authority, regulatory authority or other person, in each case as required by law.

Very truly yours,

Reviewed by:  DCF/KWR

cc:    Cheryl A. Chevis

ANNEX A Qualifications

1.          Bankruptcy  and  Insolvency  Exception.    Our  opinions  are  subject  to  the  effect  of bankruptcy, insolvency, reorganization, receivership, moratorium and other similar laws affecting the rights and remedies of creditors generally. This exception includes:

(a)          the federal Bankruptcy Code and thus includes, among other things, matters of turn-over, automatic stay, avoiding powers, fraudulent transfer, preference, discharge, conversion of a non- recourse obligation into a recourse claim, limitations on ipso facto and anti-assignment clauses, and the coverage of pre-petition security agreements applicable to property acquired after a petition is filed;

(b)          laws and judicial decisions relating to or affecting the rights of the FDIC as insurer, regulator, conservator or receiver of banks, the accounts of which are insured by the FDIC;

(c)          all   other   federal   and   state   bankruptcy,   insolvency,   reorganization,   receivership, moratorium, arrangement and assignment for the benefit of creditors laws that affect the rights and remedies of creditors generally (not just creditors of specific types of debtors);

(d)         all other federal bankruptcy, insolvency, reorganization, receivership, moratorium, arrangement and assignment for the benefit of creditors laws that have reference to or affect generally only creditors of specific types of debtors, and state laws of like character affecting generally only creditors of financial institutions and insurance companies;

(e)    state fraudulent transfer and conveyance laws; and

		
	(f)
	judicially developed doctrines relevant to any of the preceding laws, such as substantive consolidation of entities.

2.          Equitable  Principles  Limitation.    Our  opinions  are  subject  to  the  effect  of  general principles of equity, whether applied by a court of law or equity, including without limitation, principles:

		
	(a)
	governing  the  availability  of  specific  performance,  injunctive  relief  or  other equitable remedies;

		
	(b)
	affording equitable defenses (e.g., waiver, laches and estoppel) against a party seeking enforcement;

		
	(c)
	requiring good faith and fair dealing in the performance and enforcement of a contract by the party seeking its enforcement;

		
	(d)
	requiring reasonableness in the performance and enforcement of an agreement by the party seeking enforcement;

		
	(e)
	requiring consideration of the materiality of the consequences of the breach to the party seeking enforcement;

		
	(f)
	requiring consideration of the impracticability or impossibility of performance at the time of attempted enforcement; and

(g)    affording  defenses  based  on  the  unconscionability  of  the  enforcing  party’s
conduct after the parties have entered into the contract.

3.    Other  Common  Qualifications.  Our  opinions  are  subject  to  the  effect  of  generally applicable rules of law that:

(a)          limit or affect the enforcement of provisions of a contract that purport to require waiver of the obligations of good faith, fair dealing, diligence or reasonableness;

(b)          provide that forum selection and choice of law clauses in contracts are not necessarily binding on the court(s) in the forum selected;

(c)          limit the availability of a remedy under certain circumstances where another remedy has been elected;

(d)          limit the enforceability of provisions releasing, exculpating or exempting a party from, or requiring indemnification of a party for, liability for its own action or inaction, to the extent the action or inaction involves negligence, recklessness, willful misconduct or unlawful conduct;

(e)          may, where less than all of a contract may be unenforceable, limit the enforceability of the balance of the contract to circumstances in which the unenforceable portion is not an essential part of the agreed exchange;

		
	(f)
	govern  and  afford  judicial  discretion  regarding  the  determination  of  damages  and entitlement to attorney fees through all appeals and other costs; and

(g)          may permit a party who has materially failed to render or offer performance required by a contract  to  cure  that  failure,  unless:    (i)  permitting  a  cure  would  unreasonably  hinder  the aggrieved party from making substitute arrangements for performance; or (ii) it was important in the circumstances to the aggrieved party that performance occur by the date stated in the contract.

Our opinions are subject to the following other qualifications:

(a)          Notwithstanding  any  provision  in  the  Loan  Documents  to  the  effect  that  the  Loan Documents reflect the entire understanding of the parties with respect to the matters described therein, a court may consider extrinsic evidence of the circumstances surrounding the entering into of the Loan Documents to ascertain the intent of the parties in using the language employed in the Loan Documents, regardless of whether or not the meaning of the language used in the Loan Documents is plain and unambiguous on its face, and may determine that additional or supplementary terms can be incorporated into the Loan Documents.

(b)          We express no opinion as to the validity, binding effect or enforceability of any provision pertaining to cumulative remedies.

(c)    A court may not treat as conclusive those certificates and determinations that the Loan
Documents state are to be so treated.

(d)          A  provision  in  the  Loan  Documents  that  purports  to  restrict,  or  has  the  effect  of restricting, access to a court may not be enforceable.

(e)          A provision in the Loan Documents that purports to waive any statutory rights may not be enforceable.

		
	(f)
	The effectiveness of a provision that purports to relieve a person from a liability or duty otherwise owed may be limited by law, and a provision requiring indemnification or reimbursement may not be enforced by a court to the extent that it relates to the failure of such person to have satisfied or performed such liability or duty.

(g)          The failure to exercise or the delay in exercising a right of action or remedy under the Loan Documents may act as a bar to the enforcement at any time thereafter, or the waiver of, such rights.

(h)          We  express  no  opinion  regarding  the  enforceability  of  any  provision  in  the  Loan Documents to the effect that modifications, amendments or waivers of or with respect to the Loan Documents that are not in writing will be ineffective.

4.    Oregon Law Exceptions.  We wish to emphasize specifically that we express no opinion as to the enforceability of any of the following that may appear in the Loan Documents:

(a)          provisions that permit a lender to collect a late charge, increased interest rate after default or  maturity,  or  a  prepayment  premium  to  the  extent  they  constitute  a  penalty  rather  than liquidated damages;

(b)          provisions for payment or reimbursement of costs and expenses or indemnification for claims, losses, or liabilities (including, without limitation, attorney fees through all appeals) in excess of statutory limits;

(c)    provisions for attorney fees;

(d)    provisions for charging interest on interest;

(e)          provisions purporting to apply the Oregon statute of frauds to oral loan commitments not entitled to the protection of ORS 41.580; and

		
	(f)
	provisions that give a lender the right to purchase insurance on behalf of an obligor except to the extent that any such provision complies with the requirements of ORS 746.201.

ANNEX B

1.   Credit Agreement dated May 7, 2014, among Portland General Electric Company, Wells Fargo Bank, National Association, as Administrative Agent, JPMorgan Chase Bank, N.A. and U.S. Bank National Association, as Co-Syndication Agents, Wells Fargo Securities, LLC, as Sole Lead Arranger and Sole Book Runner and a group of lenders.

2.   Portland General Electric Company Indenture of Mortgage and Deed of Trust dated July 1,
1945, as supplemented

EXHIBIT C

FORM OF COMPLIANCE CERTIFICATE

To:       The Lenders parties to the Amended and Restated Credit Agreement Described Below

This  Compliance  Certificate  is  furnished  pursuant  to  that  certain  Amended  and  Restated  Credit Agreement dated as of March 6, 2015 (as amended, modified, renewed or extended from time to time, the “Agreement”) among Portland General Electric Company, an Oregon corporation (the “Borrower”), the lenders party thereto and Wells Fargo Bank, National Association, as Agent for the Lenders.  Unless otherwise  defined  herein,  capitalized  terms  used  in  this  Compliance  Certificate  have  the  meanings ascribed thereto in the Agreement.

THE UNDERSIGNED HEREBY CERTIFIES THAT:

1.    I am the duly elected [Chief Financial Officer][Treasurer][Assistant Treasurer] of the
Borrower;

2.          I have reviewed the terms of the Agreement and I have made, or have caused to be made under my supervision, a detailed review of the transactions and conditions of the Borrower and its Subsidiaries during the accounting period covered by the attached financial statements;

3.          The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or event which constitutes a Default or Unmatured Default during or at the end of the accounting period covered by the attached financial statements or as of the date of this Certificate, except as set forth below; and

4.         Schedule I attached hereto sets forth financial data and computations evidencing the Borrower’s compliance with certain covenants of the Agreement, all of which data and computations are true, complete and correct.

Described below are the exceptions, if any, to paragraph 3 by listing, in detail, the nature of the condition or event, the period during which it has existed and the action which the Borrower has taken, is taking, or proposes to take with respect to each such condition or event: 

The foregoing certifications,  together  with the computations set forth  in  Schedule I hereto  and  the financial statements delivered with this Certificate in support hereof, are made and delivered this         day of                  ,        .

PORTLAND GENERAL ELECTRIC COMPANY

	
		
	By:
	 

	Print Name:
	 

	Title:
	 

SCHEDULE I TO COMPLIANCE CERTIFICATE

Compliance as of          ,      with

Provisions of Section 6.11 of the Agreement

Indebtedness to Capitalization Ratio

	
				
	1.
	aggregate outstanding principal amount of all Consolidated Indebtedness:
	$

	 
	 
	 

	2.
	Total Capitalization
	 

	 
	(a)
	the amount of capital stock, including preferred and preference stock (less  cost  of  treasury  shares),  plus  any  amounts  deducted  from stockholders’  equity  as  unearned  compensation  on  the  Borrower’s balance sheet, plus (or minus in the case of a deficit) capital surplus and earned surplus, but including current sinking fund obligations:
	$

	 
	 
	 
	 

	 
	(b)
	the aggregate outstanding principal amount of Interest Deferral Obligations excluded by the provision in the definition of "Indebtedness":
	$

	 
	 
	 
	 

	 
	(c)
	the  aggregate  outstanding  principal  amount  of  all  Consolidated
Indebtedness:
	$

	 
	 
	 
	 

	 
	(d)
	Total Capitalization:  

	$

	 
	 
	[2.(a) + 2.(b) + 2.(c)]
	 

	 
	 
	 
	 

	3.
	 
	Indebtedness to Capitalization Ratio

	%

	 
	 
	[1. / 2.(d)]
	 

	 
	 
	Maximum permitted: 65%

EXHIBIT D

FORM OF NOTE

[Date]

PORTLAND GENERAL ELECTRIC COMPANY, an Oregon corporation (the  “Borrower”),
promises  to  pay                               (the  “Lender”)  the  aggregate  unpaid
principal amount of all Loans made by the Lender to the Borrower pursuant to Article II of the Agreement (as hereinafter defined), in immediately available funds to Wells Fargo Bank, National Association, as Agent, together with interest on the unpaid principal amount hereof at the rates and on the dates set forth in the Agreement.  The Borrower shall pay the principal of and accrued and unpaid interest on each Loan on the Lender’s Scheduled Termination Date.

The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to otherwise record in accordance with its usual practice, the date and amount of each Loan and the date and amount of each principal payment hereunder.

This Note is one of the Notes issued pursuant to, and is entitled to the benefits of, the Amended and Restated Credit Agreement dated as of March 6, 2015 (which, as it may be amended or modified and in effect from time to time, is herein called the “Agreement”), among the Borrower, the lenders party thereto,  including  the  Lender,  and  Wells  Fargo  Bank,  National  Association,  as  Agent,  to  which Agreement reference is hereby made for a statement of the terms and conditions governing this Note, including the terms and conditions under which this Note may be prepaid or its maturity date accelerated. Capitalized terms used herein and not otherwise defined herein are used with the meanings attributed to them in the Agreement.

PORTLAND GENERAL ELECTRIC COMPANY

	
		
	By:
	 

	Name:
	 

	Title:
	 

SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL 
TO

NOTE OF                      ,
DATED                          ,

	
									
	Date
	 
	Principal 
Amount of 
Loan
	 
	Maturity 
of Interest 
Period
	 
	Principal Amount Paid
	 
	Unpaid Balance

EXHIBIT E

FORM OF BORROWING NOTICE

, 20        

VIA HAND DELIVERY OR FACSIMILE

Wells Fargo Bank, National Association, as Agent
1525 W.WT Harris Blvd. Mail Code:  D 1109-019
Charlotte, NC 28262
Attention:    Lisa White

Ladies and Gentlemen:

Reference is made to the Amended and Restated Credit Agreement, dated March 6, 2015 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Portland General Electric Company, an Oregon corporation (the “Borrower”), the financial institutions from time to time parties thereto as Lenders and Wells Fargo Bank, National Association, as administrative agent (the “Agent”).  Capitalized terms used herein which are not defined herein are used as defined in the Credit Agreement.

(i)    Pursuant to Section 2.2(c) of the Credit Agreement, the Borrower hereby requests
an Advance in an aggregate principal amount of $        on         , 20     (the Borrowing
Date, which is a Business Day), as follows:

	
					
	Type of Advance
(Eurodollar or Floating Rate 
Advance)
	Amount
	 
	Initial Interest Period for Eurodollar Advances
	Advance is to be a Swing Line Loan

	 
	$ 
	 
	        months
	Yes/No

(ii)    The location and account to which funds are to be disbursed are as follows:

Portland General Electric Company
Account #               Amount:          

(iii)       The Borrower hereby certifies that, on the date hereof and on the Borrowing Date set forth above, no Default or Unmatured Default exists or will result after giving effect to such Advance.

(iv)       The Borrower hereby certifies that on the date hereof and on the Borrowing Date set forth above, the representations and warranties contained in Article V of the Credit Agreement (other than Section 5.10 of the Credit Agreement) are or shall be true and correct in all material respects as of the date of the requested Advance except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty was true and correct in all material respects on and as of such earlier date.

[remainder of page intentionally left blank]

IN WITNESS WHEREOF, the Borrower has duly executed this Borrowing Notice as of the date and year first written above.

Very truly yours,

PORTLAND GENERAL ELECTRIC COMPANY

	
				
	By:
	 
	 
	 

	 
	Name:
	 
	 

	 
	Title:
	 
	 

    

EXHIBIT F

FORM OF CONVERSION/CONTINUATION NOTICE

	
							
	 
	 
	,
	20
	 

VIA HAND DELIVERY OR FACSIMILE

Wells Fargo Bank, National Association, as Agent
1525 W.WT Harris Blvd. Mail Code:  D 1109-019
Charlotte, NC 28262
Attention:  Lisa White

Ladies and Gentlemen:

Reference is made to the Amended and Restated Credit Agreement, dated March 6, 2015 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),  by  and  among  Portland  General  Electric  Company,  an  Oregon  corporation  (the “Borrower”), the financial institutions from time to time parties thereto as Lenders and Wells Fargo Bank, National Association, as administrative agent (the “Agent”).  Capitalized terms used herein which are not defined herein are used as defined in the Credit Agreement.

Pursuant to Section 2.2(d) of the Credit Agreement, the Borrower hereby requests that following
Advance convert to or continue as a new Advance, as set forth below:

(a)    [effective on         , 20     , to continue $         in principal amount of a
presently outstanding Eurodollar Advance having an Interest Period that expires on         ,
200_ to a new Eurodollar Advance that has an Interest Period of      months;]

(b)    [effective  on         , 20     , to convert $         in  principal  amount  of  a
presently outstanding Eurodollar Advance having an Interest Period that expires on             ,
200_, to a new Floating Rate Advance;]

(c)    [effective  on         , 20     ,  to convert $         in  principal  amount  of  a
presently outstanding Floating Rate Advance to a new Eurodollar Advance having an Interest
Period of      months.]

[remainder of page intentionally left blank]

IN  WITNESS  WHEREOF,  the  Borrower  has  duly  executed  this  Conversion/Continuation
Notice as of the date and year first written above.

PORTLAND GENERAL ELECTRIC COMPANY

	
				
	By:
	 
	 
	 

	 
	Name:
	 
	 

	 
	Title:EX-4.1

 Exhibit 4.1 

Execution Version 

AMENDED AND RESTATED CREDIT AGREEMENT 

DATED AS OF APRIL 23, 2015 

AMONG 
 DDR CORP.

 AND 
 DDR PR
VENTURES LLC, S.E., 
 AS BORROWERS 

J.P. MORGAN SECURITIES LLC 

AND 
 WELLS FARGO
SECURITIES, LLC, 
 AS JOINT LEAD ARRANGERS/JOINT BOOK RUNNERS 

AND 
 JPMORGAN CHASE
BANK, N.A., AS ADMINISTRATIVE AGENT 
 AND 

WELLS FARGO BANK, N.A., AS SYNDICATION AGENT 

AND 
 THE BANK OF NOVA
SCOTIA, 
 U.S. BANK NATIONAL ASSOCIATION, 

CITIZENS BANK, NATIONAL ASSOCIATION, 

ROYAL BANK OF CANADA, 

AND 
 CAPITAL ONE,
NATIONAL ASSOCIATION, 
 AS DOCUMENTATION AGENTS 

AND 
 CITIBANK, N.A.,

 DEUTSCHE BANK AG NEW YORK BRANCH, 

GOLDMAN SACHS BANK USA, 

KEYBANK, N.A., 
 REGIONS
BANK, 
 THE BANK OF NEW YORK MELLON, 

AND 
 UBS LOAN FINANCE
LLC, 
 AS MANAGING AGENTS 

AND 
 THE SEVERAL
LENDERS 
 FROM 

TIME TO TIME PARTIES HERETO, 

AS LENDERS 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I. DEFINITIONS
	  	 	1	  
			
	 1.1.
	 	 Defined Terms
	  	 	1	  
			
	 1.2.
	 	 Classification of Loans and Borrowings
	  	 	35	  
			
	 1.3.
	 	 Terms Generally
	  	 	35	  
			
	 1.4.
	 	 Exchange Rates
	  	 	36	  
			
	 1.5.
	 	 Currency Conversion
	  	 	36	  
			
	 1.6.
	 	 Convertible Debt Accounting Guidance; Changes in GAAP
	  	 	37	  
		
	 ARTICLE II. THE CREDIT
	  	 	37	  
			
	 2.1.
	 	 Commitments; Reduction or Increase in Aggregate Commitment; Adjustment of Commitment
	  	 	37	  
			
	 2.2.
	 	 Loans and Borrowings
	  	 	40	  
			
	 2.3.
	 	 Requests for Borrowings
	  	 	41	  
			
	 2.4.
	 	 Applicable Margins
	  	 	42	  
			
	 2.5.
	 	 Final Principal Payment
	  	 	43	  
			
	 2.6.
	 	 Facility Fee
	  	 	43	  
			
	 2.7.
	 	 Other Fees
	  	 	43	  
			
	 2.8.
	 	 Principal Payments
	  	 	43	  
			
	 2.9.
	 	 Funding of Borrowings
	  	 	44	  
			
	 2.10.
	 	 Interest Elections
	  	 	44	  
			
	 2.11.
	 	 Changes in Interest Rate, Etc.
	  	 	45	  
			
	 2.12.
	 	 Rates Applicable After Default
	  	 	45	  
			
	 2.13.
	 	 Method of Payment
	  	 	46	  
			
	 2.14.
	 	 Notes; Telephonic Notices
	  	 	47	  
			
	 2.15.
	 	 Interest Payment Dates; Interest and Fee Basis
	  	 	47	  
			
	 2.16.
	 	 Notification of Borrowings, Interest Rates and Prepayments
	  	 	47	  
			
	 2.17.
	 	 Lending Installations
	  	 	48	  
			
	 2.18.
	 	 Non-Receipt of Funds by the Administrative Agent
	  	 	48	  
			
	 2.19.
	 	 Mitigation Obligations; Replacement of Lenders
	  	 	48	  
			
	 2.20.
	 	 [Reserved]
	  	 	49	  
			
	 2.21.
	 	 Competitive Bid Loans
	  	 	49	  

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 2.22.
	 	 Agent Administered Competitive Bid Loans
	  	 	50	  
			
	 2.23.
	 	 Bid Loans Administered by Borrower
	  	 	54	  
			
	 2.24.
	 	 Application of Moneys Received
	  	 	56	  
			
	 2.25.
	 	 Usury
	  	 	57	  
			
	 2.26.
	 	 Special Provisions Regarding Foreign Currency Loans
	  	 	57	  
			
	 2.27.
	 	 Defaulting Lenders
	  	 	59	  
			
	 2.28.
	 	 Extension of Facility Termination Date
	  	 	61	  
		
	 ARTICLE IIA THE LETTER OF CREDIT SUBFACILITY
	  	 	62	  
			
	 2A.1
	 	 Obligation to Issue
	  	 	62	  
			
	 2A.2
	 	 Types and Amounts
	  	 	62	  
			
	 2A.3
	 	 Conditions
	  	 	63	  
			
	 2A.4
	 	 Procedure for Issuance of Facility Letters of Credit
	  	 	63	  
			
	 2A.5
	 	 Reimbursement Obligations; Duties of Issuing Lender
	  	 	65	  
			
	 2A.6
	 	 Participation
	  	 	67	  
			
	 2A.7
	 	 Payment of Reimbursement Obligations
	  	 	68	  
			
	 2A.8
	 	 Compensation for Facility Letters of Credit
	  	 	70	  
			
	 2A.9
	 	 Letter of Credit Collateral Account
	  	 	70	  
			
	 2A.10
	 	 Conversion
	  	 	71	  
		
	 ARTICLE III. CHANGE IN CIRCUMSTANCES
	  	 	71	  
			
	 3.1.
	 	 Increased Costs
	  	 	71	  
			
	 3.2.
	 	 Capital Adequacy
	  	 	72	  
			
	 3.3.
	 	 Availability of Types of Borrowings
	  	 	73	  
			
	 3.4.
	 	 Funding Indemnification
	  	 	74	  
			
	 3.5.
	 	 Taxes
	  	 	74	  
			
	 3.6.
	 	 Lender Statements; Survival of Indemnity
	  	 	79	  
			
	 3.7.
	 	 Change in Law
	  	 	79	  
		
	 ARTICLE IV. CONDITIONS PRECEDENT
	  	 	80	  
			
	 4.1.
	 	 Initial Borrowing
	  	 	80	  
			
	 4.2.
	 	 Each Borrowing
	  	 	81	  

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 ARTICLE V. REPRESENTATIONS AND WARRANTIES
	  	 	82	  
			
	 5.1.
	 	 Existence
	  	 	82	  
			
	 5.2.
	 	 Authorization and Validity
	  	 	82	  
			
	 5.3.
	 	 No Conflict; Government Consent
	  	 	82	  
			
	 5.4.
	 	 Financial Statements; Material Adverse Change
	  	 	83	  
			
	 5.5.
	 	 Taxes
	  	 	83	  
			
	 5.6.
	 	 Litigation and Guarantee Obligations
	  	 	83	  
			
	 5.7.
	 	 ERISA
	  	 	83	  
			
	 5.8.
	 	 Accuracy of Information
	  	 	83	  
			
	 5.9.
	 	 Regulation U
	  	 	84	  
			
	 5.10.
	 	 Material Agreements
	  	 	84	  
			
	 5.11.
	 	 Compliance With Laws
	  	 	84	  
			
	 5.12.
	 	 Ownership of Properties
	  	 	84	  
			
	 5.13.
	 	 Investment Company Act
	  	 	84	  
			
	 5.14.
	 	 Anti-Corruption Laws and Sanctions
	  	 	84	  
			
	 5.15.
	 	 Solvency
	  	 	85	  
			
	 5.16.
	 	 Insurance
	  	 	85	  
			
	 5.17.
	 	 REIT Status
	  	 	86	  
			
	 5.18.
	 	 Environmental Matters
	  	 	86	  
			
	 5.19.
	 	 Unencumbered Assets
	  	 	87	  
		
	 ARTICLE VI. COVENANTS
	  	 	87	  
			
	 6.1.
	 	 Financial Reporting
	  	 	87	  
			
	 6.2.
	 	 Use of Proceeds
	  	 	89	  
			
	 6.3.
	 	 Notice of Default
	  	 	90	  
			
	 6.4.
	 	 Conduct of Business
	  	 	90	  
			
	 6.5.
	 	 Taxes
	  	 	90	  
			
	 6.6.
	 	 Insurance
	  	 	90	  
			
	 6.7.
	 	 Compliance with Laws
	  	 	90	  
			
	 6.8.
	 	 Maintenance of Properties
	  	 	91	  
			
	 6.9.
	 	 Inspection
	  	 	91	  

  
 -iii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 6.10.
	 	 Maintenance of Status
	  	 	91	  
			
	 6.11.
	 	 Restricted Payments
	  	 	91	  
			
	 6.12.
	 	 Merger; Sale of Assets
	  	 	91	  
			
	 6.13.
	 	 Sale and Leaseback
	  	 	92	  
			
	 6.14.
	 	 [Reserved]
	  	 	92	  
			
	 6.15.
	 	 Liens
	  	 	92	  
			
	 6.16.
	 	 Affiliates
	  	 	93	  
			
	 6.17.
	 	 Financial Undertakings
	  	 	93	  
			
	 6.18.
	 	 Indebtedness and Cash Flow Covenants
	  	 	93	  
			
	 6.19.
	 	 Environmental Matters
	  	 	94	  
			
	 6.20.
	 	 Certain Amendments to Other Loan Agreements
	  	 	95	  
		
	 ARTICLE VII. DEFAULTS
	  	 	95	  
		
	 ARTICLE VIII. ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES
	  	 	98	  
			
	 8.1.
	 	 Acceleration
	  	 	98	  
			
	 8.2.
	 	 Amendments
	  	 	99	  
			
	 8.3.
	 	 Preservation of Rights
	  	 	101	  
		
	 ARTICLE IX. GENERAL PROVISIONS
	  	 	101	  
			
	 9.1.
	 	 Survival of Representations
	  	 	101	  
			
	 9.2.
	 	 Governmental Regulation
	  	 	101	  
			
	 9.3.
	 	 Taxes
	  	 	101	  
			
	 9.4.
	 	 Headings
	  	 	101	  
			
	 9.5.
	 	 Entire Agreement
	  	 	101	  
			
	 9.6.
	 	 Several Obligations; Benefits of this Agreement
	  	 	101	  
			
	 9.7.
	 	 Expenses; Indemnification
	  	 	102	  
			
	 9.8.
	 	 Numbers of Documents
	  	 	103	  
			
	 9.9.
	 	 Accounting
	  	 	103	  
			
	 9.10.
	 	 Severability of Provisions
	  	 	104	  
			
	 9.11.
	 	 Nonliability of Lenders
	  	 	104	  
			
	 9.12.
	 	 CHOICE OF LAW
	  	 	104	  
			
	 9.13.
	 	 CONSENT TO JURISDICTION
	  	 	104	  

  
 -iv- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 9.14.
	 	 WAIVER OF JURY TRIAL
	  	 	105	  
			
	 9.15.
	 	 No Bankruptcy Proceedings
	  	 	105	  
			
	 9.16.
	 	 Judgment Currency
	  	 	106	  
			
	 9.17.
	 	 Release of Subsidiary Guaranties
	  	 	106	  
		
	 ARTICLE X. THE ADMINISTRATIVE AGENT
	  	 	106	  
		
	 ARTICLE XI. SETOFF; RATABLE PAYMENTS
	  	 	109	  
			
	 11.1.
	 	 Setoff
	  	 	109	  
			
	 11.2.
	 	 Ratable Payments
	  	 	109	  
		
	 ARTICLE XII. BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS
	  	 	109	  
			
	 12.1.
	 	 Successors and Assigns
	  	 	109	  
			
	 12.2.
	 	 Participations.
	  	 	110	  
			
	 12.3.
	 	 Assignments
	  	 	111	  
			
	 12.4.
	 	 Lender Pledges
	  	 	113	  
			
	 12.5.
	 	 Dissemination of Information
	  	 	113	  
			
	 12.6.
	 	 Confidentiality
	  	 	113	  
			
	 12.7.
	 	 USA Patriot Act
	  	 	114	  
			
	 12.8.
	 	 Co-Agents: Lead Managers; No Fiduciary Relationship
	  	 	114	  
		
	 ARTICLE XIII. NOTICES
	  	 	115	  
			
	 13.1.
	 	 Notices
	  	 	115	  
		
	 ARTICLE XIV. COUNTERPARTS
	  	 	117	  
		
	 ARTICLE XV. TRANSITIONAL ARRANGEMENTS
	  	 	117	  
			
	 15.1.
	 	 Prior Agreement Superseded
	  	 	117	  
			
	 15.2.
	 	 Interest and Fees under Prior Agreement
	  	 	118	  

  
 -v- 

 TABLE OF CONTENTS 

(continued) 
  

			
	SCHEDULES:		
		
	 Schedule 1
		Lenders’ Commitments
	 Schedule 1A
		Issuing Lenders’ Letter of Credit Commitments
	 Schedule 2
		Ownership of Properties
	 Schedule 3
		Litigation and Guarantee Obligations
	 Schedule 5
		Qualified Borrower Requirements
	 Schedule FGL
		Financeable Ground Leases
		
	 EXHIBITS:
		
		
	 Exhibit A-1
		Form of Note
	 Exhibit A-2
		Form of Competitive Bid Note
	 Exhibit B
		Form of Opinion
	 Exhibit C
		Form of Compliance Certificate
	 Exhibit D
		Form of Assignment and Assumption
	 Exhibit E
		Form of Loan/Credit Related Money Transfer Instruction
	 Exhibit F
		Forms of U.S. Tax Compliance Certificates
	 Exhibit G
		Intentionally Omitted
	 Exhibit H
		Intentionally Omitted
	 Exhibit I-1
		Form of Competitive Bid Quote Request
	 Exhibit I-2
		Form of Invitation for Competitive Bid Quotes
	 Exhibit I-3
		Form of Competitive Bid Quote
	 Exhibit J-1
		Form of Invitation for Competitive Bid Quotes
	 Exhibit J-2
		Form of Competitive Bid Quote
	 Exhibit K
		Form of Amendment Regarding Increase
	 Exhibit L
		Form of Designation Agreement
	 Exhibit M
		Form of Qualified Borrower Guaranty
	 Exhibit N
		Form of Qualified Borrower Note
	 Exhibit O
		Form of Qualified Borrower Competitive Bid Note

  
 -vi- 

 AMENDED AND RESTATED CREDIT AGREEMENT 

This Amended and Restated Credit Agreement, dated as of April 23, 2015, is among DDR Corp., a corporation organized under the laws of the
State of Ohio (“DDR” or “Parent Borrower”), DDR PR Ventures LLC, S.E., a Delaware limited liability company (“DDRPR”) (DDR, DDRPR, and any additional Qualified Borrower that issues a Qualified Borrower Note in
accordance with the terms hereof are collectively referred to as the “Borrower”), JPMorgan Chase Bank, N.A., a national banking association, and the several banks, financial institutions and other entities from time to time parties to this
Agreement (collectively, the “Lenders”), JPMorgan Chase Bank, N.A., not individually, but as “Administrative Agent”, and Wells Fargo Bank, N.A., not individually, but as “Syndication Agent”. 

RECITALS 
 A. The Borrower
is primarily engaged in the business of purchasing, developing, owning, operating, leasing and managing retail, office and industrial properties. 

B. DDR is listed on the New York Stock Exchange and is qualified as a real estate investment trust under Section 856 of the Code. 

C. The Borrower, the Administrative Agent, and certain of the Lenders entered into an Eighth Amended and Restated Credit Agreement, dated as
of October 20, 2010, as amended by Amendment No. 1, dated as of June 28, 2011, as further amended by Amendment No. 2, dated as of January 17, 2013, and as further amended by Amendment No. 3, dated as of June 14,
2013 (such agreement, as amended, the “Prior Agreement”), pursuant to which the Lenders that are parties thereto agreed to make loans to the Borrower in the aggregate amount of up to $1,250,000,000. The Borrower has requested that the
Lenders and the Administrative Agent make certain changes to the Prior Agreement, and the Administrative Agent and the Lenders have agreed to do so. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties hereto agree as follows: 

ARTICLE I. 

DEFINITIONS 
 1.1.
Defined Terms 
 As used in this Agreement: 

“ABR Applicable Margin” means, as of any date, the Applicable Margin in effect on such date with respect to Floating Rate Borrowings
and Floating Rate Loans. 
 “Absolute Interest Period” means, with respect to a Competitive Bid Loan made at an Absolute Rate, a
period of up to 180 days as requested by Borrower and confirmed by a Lender but in no event extending beyond the Facility Termination Date. If an Absolute Interest Period would end on a day which is not a Business Day, such Absolute Interest Period
shall end on the next succeeding Business Day. 

 “Absolute Rate” means a fixed rate of interest (rounded to the nearest 1/100 of 1%) for
an Absolute Interest Period with respect to a Competitive Bid Loan offered by a Lender and accepted by the Borrower at such rate. 

“Acceptable Jurisdiction” means a place (in addition to the United States, Canada and Puerto Rico) where Unencumbered Assets can be
located, which shall be subject to the approval of the Administrative Agent, based on satisfactory advice received by it from local counsel in such jurisdiction with respect to the procedure for enforcement of a U.S. judgment in such jurisdiction,
and the collection of such judgment from assets located there. 
 “Acquisition” means any transaction, or any series of related
transactions, consummated on or after the date of this Agreement, by which the Borrower or any of its Subsidiaries (i) acquires any going business or all or substantially all of the assets of any firm, corporation or division thereof, whether
through purchase of assets, merger or otherwise or (ii) directly or indirectly acquires (in one transaction or as the most recent transaction in a series of transactions) at least a majority (in number of votes) of the securities of a
corporation which have ordinary voting power for the election of directors (other than securities having such power only by reason of the happening of a contingency) or a majority (by percentage or voting power) of the outstanding partnership
interests of a partnership. 
 “Acquisition Asset” means an asset which has not been owned for at least a period of twelve
(12) months. 
 “Administrative Agent” or “Agent” means JPMorgan Chase Bank, N.A. in its capacity as agent for the
Lenders pursuant to Article X, and not in its individual capacity as a Lender, and any successor Administrative Agent appointed pursuant to Article X, it being understood that matters concerning Qualified Foreign Global Currency Loans
will be administered by J.P. Morgan Europe Limited. 
 “Administrative Office” means the New York Administrative Office or
the London Administrative Office, as applicable. 
 “Affiliate” of any Person means any other Person directly or indirectly
controlling, controlled by or under common control with such Person. A Person shall be deemed to control another Person if the controlling Person owns 10% or more of any class of voting securities (or other ownership interests) of the controlled
Person or possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of the controlled Person, whether through ownership of stock, by contract or otherwise. 

“Affiliated Qualified Institution” means one or more banks, finance companies, insurance or other financial institutions which is an
Affiliate of a Lender and which (A) has (or, in the case of a bank or other financial institution which is a subsidiary, such bank’s or financial institution’s parent has) a rating of its senior unsecured debt obligations of not less
than Baa-1 by Moody’s or a comparable rating by a rating agency acceptable to Administrative Agent and (B) has total assets in excess of Five Hundred Million Dollars ($500,000,000). 

  
 -2- 

 “Aggregate Commitment” means, as of any date, the total of all Domestic Revolving
Commitments and Global Revolving Commitments, which as of the Closing Date is $750,000,000. 
 “Agreement” means this Amended and
Restated Credit Agreement, as it may be amended or modified and in effect from time to time. 
 “Alternate Base Rate” means, for
any day, a rate of interest per annum equal to the greatest of (i) the Prime Rate in effect for such day, (ii) the sum of Federal Funds Effective Rate in effect for such day plus 1/2% per annum and (iii) the LIBOR Rate for a one
month LIBOR Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that, for the avoidance of doubt, the LIBOR Rate for any day shall be based on (A) the rate appearing on
the Page LIBOR 01 of the Reuters screen (or on any successor or substitute page of such page) at approximately 11:00 a.m. London time on such day (or if such day is not a Business Day, the immediately preceding Business Day) and (B) the
assumption that a Eurocurrency Borrowing is actually being made. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate or the LIBOR Rate shall be effective from and including the effective date of
such change in the Prime Rate, the Federal Effective Rate or the LIBOR Rate, respectively. 
 “Alternative Currency” means any
currency that is freely available, freely transferable and freely convertible into Dollars and in which dealings in deposits are carried on in the London interbank market, provided that such currency is reasonably acceptable to the
Administrative Agent and the applicable Issuing Lender. 
 “Alternative Currency LC Exposure” means at any time, the sum of
(a) the Dollar Equivalent of the aggregate undrawn and unexpired amount of all outstanding Alternative Currency Letters of Credit at such time plus (b) the Dollar Equivalent of the aggregate principal amount of all LC Disbursements in
respect of Alternative Currency Letters of Credit that have not yet been reimbursed at such time. 
 “Alternative Currency Letter of
Credit” means a Facility Letter of Credit denominated in an Alternative Currency. 
 “Anti-Corruption Laws” means all laws,
rules, and regulations of any jurisdiction applicable to the Borrower or any of its Subsidiaries from time to time concerning or relating to bribery or corruption. 

“Applicable Margin” means the applicable margin set forth in the table in Section 2.4 used in calculating the interest
rate applicable to the various Types of Borrowings, which shall vary from time to time in accordance with Borrower’s long term unsecured debt ratings. 

“Applicable Percentage” means, with respect to any Lender, the percentage of the total Commitments represented by such Lender’s
Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments. 

  
 -3- 

 “Approved Fund” means any Person (other than a natural person) that is engaged in
making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an
Affiliate of an entity that administers or manages a Lender. 
 “Article” means an article of this Agreement unless another
document is specifically referenced. 
 “Assets Under Development” means, as of any date of determination, all Projects, expansion
areas of existing Projects and redevelopments owned by the Consolidated Group and the Investment Affiliates which are then treated as assets under development under GAAP, plus, at Borrower’s option, assets that (A) previously had been
Assets Under Development and (B) have been placed in service for less than twelve months, to be valued for purposes of this Agreement, for each Asset Under Development as determined individually, for up to twelve months from the time such asset
is no longer treated as an asset under development under GAAP, at either (i) 100% of then-current book value, as determined in accordance with GAAP, (a) for each Asset Under Development owned by members of the Consolidated Group and
(b) multiplied by the applicable Consolidated Group Pro Rata Share for an Asset Under Development owned by an Investment Affiliate; or (ii) 100% of the value of such Asset Under Development determined by dividing (x) twelve months of
income from signed leases by (y) the Capitalization Rate (I) for each Asset Under Development owned by members of the Consolidated Group and (II) multiplied by the applicable Consolidated Group Pro Rata Share for an Asset Under Development
owned by an Investment Affiliate. For purposes of the foregoing, income from signed leases shall be equal to 70% of the revenues payable by the tenant. Once an election of (ii) above is chosen, the asset will continue to be valued under that
method until the asset is no longer an Asset Under Development. 
 “Assignment and Assumption” means an assignment and assumption
entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 12.3), and accepted by the Administrative Agent, in the form of Exhibit D or any other form approved by the
Administrative Agent. 
 “Authorized Officer” means any of the Chief Executive Officer, President, Chief Operating Officer,
Executive Vice President, Senior Vice President, Chief Financial Officer Vice President, General Counsel or Secretary of the Borrower, or any other officer designated in writing by one of the foregoing, acting singly. 

“Bankruptcy Event” means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or
has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it under the Bankruptcy Code or under any other
applicable bankruptcy, insolvency or similar law now or hereafter in effect, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any
such proceeding or appointment, provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or

  
 -4- 

 
instrumentality thereof if such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of
judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 

“Borrower” has the meaning set forth in the preamble paragraph of this Agreement. 

“Borrowing” means (a) Loans of the same Class and Type, made, converted or continued on the same date and, in the case of
Eurocurrency Loans, as to which a single Interest Period is in effect or (b) a Competitive Bid Loan. 
 “Borrowing Date”
means a date on which a Borrowing is made hereunder. 
 “Borrowing Request” is a request by the relevant Borrower for a Borrowing
in accordance with Section 2.3. 
 “Business Day” means any day that is not a Saturday, Sunday or other day on which
commercial banks in New York City (with respect to Loans denominated in Dollars) or London (with respect to Loans denominated in a Qualified Foreign Global Currency and with respect to all LIBOR Rate elections and with respect to Floating Rate Loans
when the interest thereon is determined by reference to clause (iii) of the definition of “Alternate Base Rate” in this Section 1.1) are authorized or required by law to remain closed; provided that (a) with
respect to any borrowings, disbursements and payments in respect of and calculations, interest rates and Interest Periods pertaining to Eurocurrency Loans, such day is also a day on which banks are open for general business in the principal
financial center of the country of the relevant currency and (b) with respect to notices and determinations in connection with, and payments of principal and interest on, Loans denominated in Euros, such day is also a day on which the
Trans-European Automated Real-Time Gross Settlement Express Transfer System (TARGET) (or, if such clearing system ceases to be operative, such other clearing system (if any) determined by the Administrative Agent to be a suitable replacement) is
open for settlement of payment in Euros. 
 “Capital Stock” means any and all shares, interests, participations or other
equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person which is not a corporation and any and all warrants or options to purchase any of the foregoing. 

“Capitalization Rate” means 6.75%. 

“Capitalized Lease” of a Person means any lease of Property imposing obligations on such Person, as lessee thereunder, which are
required in accordance with GAAP to be capitalized on a balance sheet of such Person. 
 “Capitalized Lease Obligations” of a
Person means the amount of the obligations of such Person under Capitalized Leases which would be shown as a liability on a balance sheet of such Person prepared in accordance with GAAP. 

  
 -5- 

 “Cash Equivalents” means, as of any date: 

 

	 	(i)	securities issued or directly and fully guaranteed or insured by the United States Government or any agency or instrumentality thereof having maturities of not more than one year from such date; 

 

	 	(ii)	mutual funds organized under the United States Investment Company Act rated AAm or AAm-G by S&P, P-1 by Moody’s and A by Fitch; 

 

	 	(iii)	certificates of deposit or other interest-bearing obligations of a bank or trust company which is a member in good standing of the Federal Reserve System having a short term unsecured debt rating of not less than A-1 by
S&P, not less than P-1 by Moody’s and F-1 by Fitch (or in each case, if no bank or trust company is so rated, the highest comparable rating then given to any bank or trust company, but in such case only for funds invested overnight or over
a weekend) provided that such investments shall mature or be redeemable upon the option of the holders thereof on or prior to a date one month from the date of their purchase; 

 

	 	(iv)	certificates of deposit or other interest-bearing obligations of a bank or trust company which is a member in good standing of the Federal Reserve System having a short term unsecured debt rating of not less than A-1+
by S&P, and not less than P-1 by Moody’s and which has a long term unsecured debt rating of not less than A1 by Moody’s (or in each case, if no bank or trust company is so rated, the highest comparable rating then given to any bank or
trust company, but in such case only for funds invested overnight or over a weekend) provided that such investments shall mature or be redeemable upon the option of the holders thereof on or prior to a date three months from the date of their
purchase; 

  

	 	(v)	bonds or other obligations having a short term unsecured debt rating of not less than A-1+ by S&P and P-1+ by Moody’s and having a long term debt rating of not less than A1 by Moody’s issued by or by
authority of any state of the United States, any territory or possession of the United States, including the Commonwealth of Puerto Rico and agencies thereof, or any political subdivision of any of the foregoing; 

 

	 	(vi)	repurchase agreements issued by an entity rated not less than A-1+ by S&P, and not less than P-1 by Moody’s which are secured by U.S. Government securities of the type described in clause (i) of this
definition maturing on or prior to a date one month from the date the repurchase agreement is entered into; 

  

	 	(vii)	short term promissory notes rated not less than A-1+ by S&P, and not less than P-1 by Moody’s maturing or to be redeemable upon the option of the holders thereof on or prior to a date one month from the date of
their purchase; and 

  
 -6- 

	 	(viii)	commercial paper (having original maturities of not more than 365 days) rated at least A-1+ by S&P and P-1 by Moody’s and issued by a foreign or domestic issuer who, at the time of the investment, has
outstanding long-term unsecured debt obligations rated at least A1 by Moody’s. 

 “CDOR” means, for the
relevant Interest Period, the Canadian Dealer Offered Rate which, in turn means the annual rate of interest determined with reference to the arithmetic average of the discount rate quotations of all institutions listed in respect of the relevant
Interest Period for Canadian dollar-denominated bankers’ acceptances displayed and identified as such on the “Reuters Screen CDOR Page” as defined in the International Swap Dealer Association, Inc. definitions, as modified and amended
from time to time (the “CDOR Screen Rate”) for a term equivalent to such Interest Period, as of 10:00 a.m., New York City time, on the first day of such Interest Period and, if such day is not a Business Day, then on the immediately
preceding Business Day (as adjusted by the Administrative Agent after 10:00 a.m., New York City time, to reflect any error in the posted rate of interest or in the posted average annual rate of interest), provided that if such rate shall be less
than zero, such rate shall be deemed to be zero. 
 “CDOR Screen Rate” has the meaning set forth in the definition of
“CDOR”. 
 “Change in Law” means the occurrence after the date of this Agreement or, with respect to any Lender, such
later date on which such Lender becomes a party to this Agreement) of (a) the adoption of or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the interpretation or
application thereof by any Governmental Authority or (c) compliance by any Lender or the Issuing Lender (or, for purposes of Section 3.2, by any lending office of such Lender or by such Lender’s or the Issuing Lender’s
holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided that, notwithstanding anything herein to the
contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by
the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall be deemed to be a
“Change in Law,” regardless of the date enacted, adopted or issued. 
 “Change of Control” means the occurrence of any
of the following: 
 (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)) is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person will be deemed to have “beneficial ownership”
of all securities that such Person has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than forty percent (40%) of the total voting power of the then issued
and outstanding voting Capital Stock of the Borrower; 

  
 -7- 

 (b) any “person” or “group” (as such terms are used in Sections 13(d) and
14(d) of the Exchange Act) acquires, directly or indirectly, by contract or otherwise, the power to exercise control over the Capital Stock of the Borrower representing more than forty percent (40%) of the total voting power represented by the
issued and outstanding Capital Stock of the Borrower; or 
 (c) during any period of twelve (12) consecutive months, individuals who at
the beginning of any such 12-month period constituted the Board of Directors of the Borrower (together with any new directors whose election by such Board or whose nomination for election by the shareholders of the Borrower was approved by a vote of
a majority of the directors then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the Board of
Directors of the Borrower. 
 “Class” means when used in reference to any Loan or Borrowing, refers to whether such Loan, or the
Loans comprising such Borrowing, are Domestic Revolving Loans, Global Revolving Loans or Competitive Bid Loans, and, when used in reference to any Commitment, refers to whether such Commitment is a Domestic Revolving Commitment or Global Revolving
Commitment. 
 “Closing Date” means the date of this Agreement. 

“Code” means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time. 

“Commitment” means, for each Lender, a Domestic Revolving Commitment, a Global Revolving Commitment, or any combination thereof.

 “Competitive Bid Borrowing Request” is defined in Section 2.22(e). 

“Competitive Bid Lender” means a Lender which has a Competitive Bid Loan outstanding. 

“Competitive Bid Loan” is a Loan made pursuant to Section 2.21 hereof. 

“Competitive Bid Note” means the new or amended and restated promissory note payable to the order of each Lender in the form
attached hereto as Exhibit A-2 to be used to evidence any Competitive Bid Loans which such Lender elects to make (collectively, the “Competitive Bid Notes”). 

“Competitive Bid Quote” means a response submitted by a Lender to the Administrative Agent or the Borrower, as the case may be with
respect to an Invitation for Competitive Bid Quotes in the form attached as Exhibit I-3 or J-2. 
 “Competitive Bid
Quote Request” means a written request from Borrower to Administrative Agent in the form attached as Exhibit I-1. 

  
 -8- 

 “Competitive LIBOR Margin” means, with respect to any Competitive Bid Loan for a LIBOR
Interest Period, the percentage established in the applicable Competitive Bid Quote which is to be used to determine the interest rate applicable to such Competitive Bid Loan. 

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that
are franchise Taxes or branch profits Taxes. 
 “Consolidated Capitalization Value” means, as of any date, an amount equal to the
sum of (i) Net Operating Income from Stabilized Projects for the most recent period of four (4) consecutive fiscal quarters for which the Borrower has reported results divided by the Capitalization Rate, plus (ii) the
Consolidated Group Pro Rata Share of Net Operating Income from Stabilized Projects owned by Investment Affiliates for the most recent period of four (4) consecutive fiscal quarters for which the Borrower has reported results divided by the
Capitalization Rate, plus (iii) the amount of Consolidated Cash Flow attributable to Management Fees received by the Consolidated Group for the most recent period of four (4) consecutive fiscal quarters for which the Borrower has
reported results, divided by the Capitalization Rate, provided that the amount added to Consolidated Capitalization Value pursuant to this clause (iii) shall not exceed 12.5% of the total Consolidated Capitalization Value, plus
(iv) Acquisition Assets valued at the higher of their acquisition cost or capitalization value, such value to be calculated by dividing (x) the Net Operating Income for such Acquisition Assets for the most recent period of four
(4) consecutive fiscal quarters for which the Borrower has reported results (even if the Borrower or its Subsidiary or Investment Affiliate did not own such Acquisition Asset for the entire four (4) quarter period) by (y) the
Capitalization Rate, provided that once an Acquisition Asset is valued by capitalizing Net Operating Income, that Acquisition Asset can no longer be valued using its acquisition cost. 

“Consolidated Cash Flow” means, for any period, an amount equal to (a) Funds From Operations for such period plus
(b) Consolidated Interest Expense for such period. 
 “Consolidated Group” means the Borrower and all Subsidiaries which are
consolidated with it for financial reporting purposes under GAAP. 
 “Consolidated Group Pro Rata Share” means, with respect to
any Investment Affiliate, the percentage of the total equity ownership interests held by the Consolidated Group in the aggregate, in such Investment Affiliate determined by calculating the greater of (i) the percentage of the issued and
outstanding stock, partnership interests or membership interests in such Investment Affiliate held by the Consolidated Group in the aggregate and (ii) the percentage of the total book value of such Investment Affiliate that would be received by
the Consolidated Group in the aggregate, upon liquidation of such Investment Affiliate, after repayment in full of all Indebtedness of such Investment Affiliate. 

“Consolidated Interest Expense” means, for any period without duplication, the sum of (a) the amount of interest expense,
determined in accordance with GAAP, of the Consolidated Group for such period attributable to Consolidated Outstanding Indebtedness during such period, plus (b) the Consolidated Group Pro Rata Share of any interest expense, determined in
accordance with GAAP, of any Investment Affiliate, for such period, whether recourse or non-recourse, 

  
 -9- 

 
less (c) with respect to each consolidated Subsidiary of the Borrower in which the Borrower does not directly or indirectly hold a 100% ownership interest, a percentage of the interest
expense attributable to such consolidated Subsidiary which is included under clause (a) of this definition and which is not related to Indebtedness which is a Guarantee Obligation of the Borrower equal to the percentage ownership in such
consolidated Subsidiary which is not held either (i) directly or indirectly by the Borrower, or (ii) by holders of operating partnership units in such consolidated Subsidiary which are convertible into stock of the Borrower. 

“Consolidated Market Value” means, as of any date, an amount equal to the sum of: 

(a) the Consolidated Capitalization Value as of such date, plus  

(b) the value of Unrestricted Cash and Cash Equivalents, plus  

(c) the value of Assets Under Development (provided that the amount included in Consolidated Market Value pursuant to this clause
(c) shall not exceed 10% of the Consolidated Market Value), plus  
 (d) 100% of the then-current value under GAAP of all First
Mortgage Receivables (provided that the amount included in Consolidated Market Value pursuant to this clause (d) shall not exceed 5% of the Consolidated Market Value), plus  

(e) 100% of the then-current book value, as determined in accordance with GAAP, of Developable Land (provided that the amount included in
Consolidated Market Value pursuant to this clause (e) shall not exceed 5% of the Consolidated Market Value), plus  
 (f) cash
from like-kind exchanges on deposit with a qualified intermediary (provided that the amount included in Consolidated Market Value pursuant to this clause (f) shall not exceed 10% of the Consolidated Market Value), plus  

(g) the value of Mezzanine Debt Investments that are not more than ninety (90) days past due determined in accordance with GAAP (provided
that the amount included in Consolidated Market Value for Mezzanine Debt Investments pursuant to this clause (g) shall not exceed 5% of the Consolidated Market Value), plus 

(h) the value of Non-Stabilized Projects, as determined individually for each Non-Stabilized Project, at the then-current book value (after
taking into account any impairments), as determined in accordance with GAAP, (a) for each Non-Stabilized Project owned by members of the Consolidated Group and (b) multiplied by the applicable Consolidated Group Pro Rata Share, for each
Non-Stabilized Project owned by an Investment Affiliate (provided that the amount included in Consolidated Market Value pursuant to this clause (h) shall not exceed 5% of the Consolidated Market Value); plus 

(i) 100% of the then-current book value, as determined in accordance with GAAP, of Passive Non-Real Estate Investments (provided that the
amount included in Consolidated Market Value pursuant to this clause (i) shall not exceed 10% of the Consolidated Market Value); 

  
 -10- 

 provided that (x) the amount included in Consolidated Market Value that is attributable to Investment
Affiliates shall not exceed 30% of Consolidated Market Value and (y) the aggregate amount included in Consolidated Market Value that is attributable to Developable Land, Passive Non-Real Estate Investments, First Mortgage Receivables, Assets
Under Development, and Properties not located in the United States or Puerto Rico shall not exceed 30% of Consolidated Market Value. 

“Consolidated Net Income” means, for any period, consolidated net income (or loss) of the Consolidated Group for such period
determined on a consolidated basis in accordance with GAAP; plus that portion of any amount deducted as minority equity interest in calculating such consolidated net income which is attributable to minority interest holders holding operating
partnership units in a member of the Consolidated Group which are convertible into stock in the Borrower, but provided that there shall be excluded the income (or deficit) of any other Person accrued prior to the date it becomes a Subsidiary
of the Borrower or is merged into or consolidated with the Borrower or any of its Subsidiaries. 
 “Consolidated Outstanding
Indebtedness” means, as of any date of determination, without duplication, the sum of (a) all Indebtedness of the Consolidated Group outstanding at such date, determined on a consolidated basis in accordance with GAAP, plus (b) the
applicable Consolidated Group Pro Rata Share of any Indebtedness of each Investment Affiliate other than Indebtedness of such Investment Affiliate to a member of the Consolidated Group, less (c) with respect to each consolidated Subsidiary of
the Borrower in which the Borrower does not directly or indirectly hold a 100% ownership interest, a percentage of any Indebtedness of such consolidated Subsidiary which is not a Guarantee Obligation of the Borrower equal to the percentage ownership
interest in such consolidated Subsidiary which is not held directly or indirectly by the Borrower. 
 “Consolidated Secured
Indebtedness” means, as of any date of determination, without duplication, the sum of (a) the aggregate principal amount of that portion of the Consolidated Outstanding Indebtedness which is secured by any Lien on the Property of Borrower
or its Subsidiaries, without regard to recourse, plus (b) the excess, if any, over $25,000,000, of the sum of (x) the aggregate principal amount of all Unsecured Indebtedness for borrowed money (including Guarantee Obligations for borrowed
money) of the Subsidiaries of the Borrower, determined on a consolidated basis in accordance with GAAP, excluding any Indebtedness of a Subsidiary that is a Qualified Borrower or a Subsidiary Guarantor and (y) a percentage of the aggregate
principal amount of all Indebtedness of each Investment Affiliate that is secured by any Lien on the Property of that Investment Affiliate equal to the greater of (i) the percentage of such Indebtedness for which any member of the Consolidated
Group is liable and (ii) the Consolidated Group Pro Rata Share of such Investment Affiliate. 
 “Consolidated Unsecured
Indebtedness” means, as of any date of determination, the aggregate principal amount of all Unsecured Indebtedness of the Consolidated Group outstanding at such date, including without limitation all the outstanding Indebtedness under this
Agreement as of such date, determined on a consolidated basis in accordance with GAAP. 
 “Controlled Group” means all members of
a controlled group of corporations and all trades or businesses (whether or not incorporated) under common control which, together with the Borrower or any of its Subsidiaries, are treated as a single employer under Section 414 of the Code.

  
 -11- 

 “Conversion/Continuation Notice” is defined in Section 2.10. 

“Convertible Debt Accounting Guidance” means any rule, regulation, pronouncement or other guidance under GAAP in the United States,
which specifically relates to the accounting for convertible debt instruments that may be settled in cash upon conversion, and requires that the accounting treatment of such instruments be modified to (i) bifurcate the instrument into an
indebtedness and an equity component, (ii) value each component of the instrument separately, and (iii) recognize interest expense on the indebtedness component at a rate similar to a liability instrument that does not have an equity
component (which effectively represents a non-cash adjustment to interest expense in excess of the stated interest rate on the instrument). 

“Credit Party” means the Administrative Agent, each Issuing Lender or any other Lender. 

“Currencies” means the then lawful currency of a particular nation at such time whether or not the name of such currency is the same
as it was on the date of this Agreement. 
 “DDR” is defined in the recitals. 

“DDRPR” is defined in the recitals. 

“Default” means an event described in Article VII. 

“Defaulting Lender” means any Lender that (a) has failed, within two Business Days of the date required to be funded or paid,
to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause
(i) or clause (ii) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including
the particular default, if any) has not been satisfied or, in the case of clause (iii) above, such Lender notifies the Administrative Agent in writing that such failure is the result of a good faith dispute as to the amount of indemnification
claimed by the Administrative Agent under Section 10.8 hereof, (b) has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its
funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular
default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by the Administrative Agent, acting
at the request of a Lender in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans and
participations in then outstanding Letters of Credit under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon the Administrative Agent’s receipt of such certification in form
and substance satisfactory to the Administrative Agent, or (d) has become the subject of a Bankruptcy Event. 

  
 -12- 

 “Default Rate” means the interest rate which may apply during the continuance of a
Default pursuant to Section 2.12. 
 “Designated Lender” means any Person who has been designated by a Lender to fund
Competitive Bid Loans pursuant to a Designation Agreement in the form attached hereto as Exhibit L. 
 “Developable
Land” means land which is appropriately zoned, has access to all necessary utilities and has access to publicly dedicated streets. 

“Dollar Equivalent” means, on any date of determination, (a) for the purposes of determining compliance with Article VI or the
existence of a Default under Article VII (other than as set forth in clause (b) below) with respect to any amount denominated in a currency other than Dollars, the equivalent in Dollars of such amount, determined in good faith by the Parent
Borrower in a manner consistent with the way such amount is or would be reflected on the Parent Borrower’s audited consolidated financial statements for the fiscal year in which such determination is made and (b) solely with respect to
determining the outstanding amount hereunder denominated in an Alternative Currency or a Qualified Foreign Global Currency, the amount of Dollars that may be purchased with such amount of such currency at the Exchange Rate (determined as of the most
recent Exchange Rate Date) with respect to such currency on such date. 
 “Dollars” or “$” refers to lawful money
of the United States of America. 
 “Domestic Revolving Commitment” means with respect to each Lender, the commitment, if any, of
such Lender to make Domestic Revolving Loans and to acquire participations in Facility Letters of Credit hereunder, as such commitment may be changed from time to time pursuant to this Agreement. The amount of each Lender’s Domestic Revolving
Commitment as of the Closing Date is set forth on Schedule 1 or in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Domestic Revolving Commitment, as applicable. The aggregate amount of the Domestic Revolving
Commitments is $550,000,000 as of the Closing Date. 
 “Domestic Revolving Exposure” means with respect to any Lender at any time,
the sum of the outstanding principal amount of such Lender’s Domestic Revolving Loans and its LC Exposure at such time. 

“Domestic Revolving Facility” is defined in the definition of Facility. 

“Domestic Revolving Lender” means a Lender with a Domestic Revolving Commitment or with Domestic Revolving Exposure. 

“Domestic Revolving Loan” means a Loan made pursuant to Section 2.1(a)(i). 

“Domestic Subsidiary” means any Subsidiary other than a Foreign Subsidiary. 

“Electronic System” means any electronic system, including e-mail, e-fax,
Intralinks®, ClearPar®, Debt Domain, Syndtrak and any other Internet or extranet-based site, whether such

  
 -13- 

 
electronic system is owned, operated or hosted by the Administrative Agent and the Issuing Lenders and any of its respective Related Persons or any other Person, providing for access to data
protected by passcodes or other security system. 
 “EMU” means Economic and Monetary Union as contemplated in the Treaty. 

“Environmental Laws” means any and all foreign, Federal, state, local or municipal laws, rules, orders, regulations, statutes,
ordinances, codes, decrees, requirements of any Governmental Authority or other Requirements of Law (including common law) regulating, relating to or imposing liability or standards of conduct concerning protection of human health or the
environment, as now or may at any time hereafter be in effect, in each case to the extent the foregoing are applicable to the Borrower or any Subsidiary or any of their respective assets or Projects. 

“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage,
treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual
arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “ERISA” means the Employee
Retirement Income Security Act of 1974, as amended from time to time, and any rule or regulation issued thereunder. 
 “Equity
Value” means, with respect to a Subsidiary owned and in operation for a period of four (4) or more consecutive full fiscal quarters, by the Borrower or one of its other Subsidiaries, an amount equal to (A) the sum of net income (or
loss) for the most recent four (4) consecutive fiscal quarters without giving effect to depreciation and amortization, gains or losses from extraordinary items, gains or losses on sales of real estate, and gains or losses on investments in
marketable securities for such period, plus the amount of interest expense for such period on the aggregate principal amount of the Indebtedness of such Subsidiary, divided by (B) the Capitalization Rate, and then minus
(C) Indebtedness of the Subsidiary as of the date of determination. For any Subsidiary not owned and in operation for four (4) fiscal quarters, until it or its Properties have been owned and operated by the Borrower or one of its other
Subsidiaries for four (4) or more consecutive full fiscal quarters, “Equity Value” shall mean the Borrower’s estimated annual Net Operating Income for the Projects owned by such Subsidiary based on leases in existence at the date
such Subsidiary is formed or purchased divided by the Capitalization Rate, and then minus the Indebtedness of such Subsidiary as of the date of determination. 

“Euro” means the single currency of participating member states introduced in accordance with the provisions of Article 109(1)4 of
the Treaty and, in respect of all payments to be made under this Agreement in Euros, means immediately available, freely transferable funds. 

  
 -14- 

 “Eurocurrency” means when used in reference to any Loan or Borrowing, refers to whether
such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the LIBOR Rate. 

“Exchange Rate” means, on any day, for purposes of determining the Dollar Equivalent of any other currency, the rate at which such
other currency may be exchanged into Dollars at the time of determination on such day on the Bloomberg Page for such currency. In the event that such rate does not appear on any Bloomberg Page, the Exchange Rate shall be determined by reference to
such other publicly available service for displaying exchange rates as may be agreed upon by the Administrative Agent and the Borrower, or, in the absence of such an agreement, such Exchange Rate shall instead be the arithmetic average of the spot
rates of exchange of the Administrative Agent in the market where its foreign currency exchange operations in respect of such currency are then being conducted, at or about such time as the Administrative Agent shall elect after determining that
such rates shall be the basis for determining the Exchange Rate, on such date for the purchase of Dollars for delivery two Business Days later (or on the date of delivery, in the case of Sterling); provided that if at the time of any such
determination, for any reason, no such spot rate is being quoted, the Administrative Agent may use any reasonable method it deems appropriate to determine such rate, and such determination shall be conclusive absent manifest error. 

“Exchange Rate Date” means, if on such date any outstanding Revolving Exposure is (or any Revolving Exposure that has been requested
at such time would be) denominated in a currency other than Dollars, each of: 
 (a) the last Business Day of each calendar
month, 
 (b) if a Default has occurred and is continuing, the date a Sharing Event occurs and any other Business Day
designated as an Exchange Rate Date by the Administrative Agent in its sole discretion, and 
 (c) each date (with such date
to be reasonably determined by the Administrative Agent) that is on or about the effective date of (i) a Borrowing Request or a Conversion/Continuation Notice with respect to any Borrowing or (ii) each request for the issuance, amendment,
renewal or extension of any Facility Letter of Credit denominated in a currency other than Dollars. 
 “Excluded Taxes” means any
of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits
Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any
political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. Federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a
Loan, Facility Letter of Credit or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan, Facility Letter of Credit or Commitment (other than pursuant to an assignment request by the
Borrower under Section 2.19 or (ii) such 

  
 -15- 

 
Lender changes its lending office, except in each case to the extent that, pursuant to Section 3.5, amounts with respect to such Taxes were payable either to such Lender’s
assignor immediately before such Lender acquired the applicable interest in a Loan, Facility Letter of Credit or Commitment or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s
failure to comply with Section 3.5(f) and (d) any U.S. Federal withholding Taxes imposed under FATCA. 
 “Extension
Option” is defined in Section 2.28. 
 “Facility” means each of (a) the Domestic Revolving Commitments and
the extensions of credit made thereunder (the “Domestic Revolving Facility”) and (b) the Global Revolving Commitments and the Global Revolving Loans made hereunder (the “Global Revolving Facility” and, together with the
Domestic Revolving Facility, the “Revolving Facility” or “Facility”). 
 “Facility Fee” is defined in
Section 2.6. 
 “Facility Fee Rate” is, as of any date, the percentage established in accordance with the terms of
Section 2.4. 
 “Facility Letter of Credit” means a Letter of Credit issued under the Domestic Revolving Facility.

 “Facility Letter of Credit Fee” is defined in Section 2A.8. 

“Facility Termination Date” means June 1, 2019, subject to extension in accordance with Section 2.28. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version
that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Code. 

“Federal Funds Effective Rate” means, for any day, an interest rate per annum equal to the weighted average of the rates on
overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published for such day (or, if such day is not a Business Day, for the immediately preceding Business Day) by the
Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations at approximately 11 a.m. (New York time) on such day on such transactions received by the Administrative Agent
from three Federal funds brokers of recognized standing selected by the Administrative Agent in its sole discretion, provided that if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero. 

“Financeable Ground Lease” means a ground lease that would constitute a financeable ground lease to a prudent institutional lender
in the business of making commercial real estate loans and, accordingly, provide protections for a potential leasehold mortgagee (“Mortgagee”) including (i) a remaining term, including any optional extension terms exercisable
unilaterally by the tenant, of no less than 20 years from the Closing Date, (ii) that the ground lease will not be 

  
 -16- 

 
terminated until the Mortgagee has received notice of a default, has had a reasonable opportunity to cure or complete foreclosure, and has failed to do so, (iii) provision for a new lease on
the same terms to the Mortgagee as tenant if the ground lease is terminated for any reason, (iv) non-merger of the fee and leasehold estates, (v) transferability of the tenant’s interest under the ground lease without any requirement
for consent of the ground lessor unless based on reasonable objective criteria as to the creditworthiness or line of business of the transferee or delivery of customary assignment and assumption agreements from the transferor and transferee, and
(vi) that insurance proceeds and condemnation awards (from the fee interest as well as the leasehold interest) will be applied pursuant to the terms of the applicable leasehold mortgage. The Financeable Ground Leases as of the Closing Date are
listed on Schedule FGL. 
 “Financial Contract” of a Person means (i) any exchange - traded or over-the-counter
futures, forward, swap or option contract or other financial instrument with similar characteristics, or (ii) any Rate Management Transaction. 

“Financial Undertaking” of a Person means (i) any transaction which is the functional equivalent of or takes the place of
borrowing but which does not constitute a liability on the consolidated balance sheet of such Person, or (ii) any agreements, devices or arrangements designed to protect at least one of the parties thereto from the fluctuations of interest
rates, exchange rates or forward rates applicable to such party’s assets, liabilities or exchange transactions, including, but not limited to, interest rate exchange agreements, forward currency exchange agreements, interest rate cap or collar
protection agreements, forward rate currency or interest rate options. 
 “First Mortgage Receivable” means any
Indebtedness owing to a member of the Consolidated Group which is secured by a first-priority mortgage or deed of trust on commercial real estate having a value in excess of (x) the purchase price of such Indebtedness with respect to any such
Indebtedness that was originated by a third party and acquired by such member of the Consolidated Group, or (y) the amount of such Indebtedness with respect to any such Indebtedness that was originated by such member of the Consolidated Group,
and in each case, which has been designated by the Borrower as a “First Mortgage Receivable” in its most recent compliance certificate; provided, however, that (i) any such Indebtedness owed by an Investment Affiliate shall be reduced
by the Consolidated Group Pro Rata Share of such Indebtedness, and (ii) any such Indebtedness owed by a member of the Consolidated Group shall be reduced by the Consolidated Group’s pro rata share of such Indebtedness. 

“Fitch” means Fitch Investor Services, Inc. and its successors. 

“Fixed Charges” shall mean, for any period, the sum of (i) Consolidated Interest Expense, (ii) all scheduled principal
payments due on account of Consolidated Outstanding Indebtedness (excluding balloon payments), (iii) all dividends payable on account of preferred stock or preferred operating partnership units of the Borrower or any other Person in the
Consolidated Group and (iv) all ground lease payments to the extent not deducted as an expense in calculating Consolidated Cash Flow. 

“Fixed Rate” means the Absolute Rate or the LIBOR Rate. 

  
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 “Fixed Rate Borrowing” means a Borrowing which bears interest at a Fixed Rate. 

“Fixed Rate Loan” means a Loan which bears interest at a Fixed Rate. 

“Floating Rate” means, for any day, a rate per annum equal to (i) the Alternate Base Rate for such day plus (ii) ABR
Applicable Margin for such day, in each case changing when and as the Alternate Base Rate changes. 
 “Floating Rate Borrowing”
means a Borrowing which bears interest at the Floating Rate. 
 “Floating Rate Loan” means a Loan which bears interest at the
Floating Rate. 
 “Foreign Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and
(b) if the Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. 

“Foreign Subsidiary” means any Subsidiary (a) that is organized under the laws of a jurisdiction other than the United States
of America or any State thereof or the District of Columbia or (b) that is a Foreign Subsidiary Holdco. 
 “Foreign Subsidiary
Holdco” means any Domestic Subsidiary that has no material assets other than the Capital Stock of one or more Foreign Subsidiaries, and other assets relating to an ownership interest in any such Capital Stock. 

“Funded Percentage” means, with respect to any Lender at any time, a percentage equal to a fraction the numerator of which is the
amount actually disbursed and outstanding to Borrower by such Lender at such time (including Competitive Bid Loans), and the denominator of which is the total amount disbursed and outstanding to Borrower by all of the Lenders at such time (including
Competitive Bid Loans). 
 “Funds From Operations” means, for any period, the sum of (i) Consolidated Net Income for such
period, excluding (A) gains (losses) on sales of property, (B) extraordinary or non-recurring expenses, income, losses or gains (including, for the avoidance of doubt, gains or losses on debt retirements), and (C) non-cash income and
non-cash charges (including, without limitation, depreciation and amortization, and equity gains (losses) from each Investment Affiliate included therein, but excluding any amortization of deferred finance costs), plus (ii) the applicable
Consolidated Group Pro Rata Share of funds from operations of each Investment Affiliate that is due to the Consolidated Group for such period, all determined on a consistent basis. With regard to the foregoing sentence, for each consolidated
Subsidiary of the Borrower in which the Borrower does not directly or indirectly hold a 100% ownership interest, each of clauses (A), (B) and (C) shall exclude the prorata share of such item attributable to minority interest holders
which do not hold operating partnership units convertible to stock in the Borrower. 
 “GAAP” means generally accepted accounting
principles in the United States of America as in effect from time to time, applied in a manner consistent with that used in preparing the financial statements referred to in Section 6.1, subject to Section 1.6. 

  
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 “Global Revolving Facility” is defined in the definition of Facility. 

“Global Revolving Commitment” means with respect to each Lender, the commitment, if any, of such Lender to make Global Revolving
Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Global Revolving Exposure hereunder, as such commitment may be changed from time to time pursuant to this Agreement. The amount of each
Lender’s Global Revolving Commitment as of the date hereof is set forth on Schedule 1, or in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Global Revolving Commitment, as applicable. The aggregate
amount of the Global Revolving Commitments is $200,000,000 as of the date hereof. 
 “Global Revolving Exposure” means with
respect to any Lender at any time, the sum of (a) the aggregate outstanding principal amount of such Lender’s Global Revolving Loans at such time that are denominated in Dollars plus (b) the Dollar Equivalent of the aggregate
outstanding principal amount of such Lender’s Global Revolving Loans at such time that are denominated in Qualified Foreign Global Currencies. 

“Global Revolving Lender” means a Lender with a Global Revolving Commitment or with Global Revolving Exposure. 

“Global Revolving Loan” means a Loan made pursuant to Section 2.1(a)(ii). 

“Governmental Authority” means any nation or government, any state or other political subdivision thereof and any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
 “Guarantee Obligation”
means, as to any Person (the “guaranteeing person”), any obligation (determined without duplication) of (a) the guaranteeing person or (b) another Person (including, without limitation, any bank under any Letter of Credit) to
induce the creation of which the guaranteeing person has issued a reimbursement, counter-indemnity or similar obligation, in either case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends or other obligations (the
“primary obligations”) of any other third Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation of the guaranteeing person, whether or not contingent,
(i) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such primary obligation or (2) to maintain
working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any such
primary obligation of the ability of the primary obligor to make payment of such primary obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided,
however, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be
the maximum stated amount of the primary obligation relating to such Guarantee Obligation (or, if less, the maximum stated liability set forth in the instrument embodying such Guarantee Obligation), provided, that in the absence of any such
stated amount or stated liability, the amount of such Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the Borrower in good faith. 

  
 -19- 

 “Hazardous Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes
of any nature regulated pursuant to any Environmental Law. 
 “Impacted Interest Period” has the meaning set forth in the
definition of “LIBOR Base Rate”. 
 “Indebtedness” of any Person at any date means without duplication, (a) all
indebtedness of such Person for borrowed money including without limitation any repurchase obligation or liability of such Person with respect to securities, accounts or notes receivable sold by such Person, (b) all obligations of such Person
for the deferred purchase price of property or services (other than current trade liabilities incurred in the ordinary course of business and payable in accordance with customary practices), to the extent such obligations constitute indebtedness for
the purposes of GAAP, (c) any other indebtedness of such Person which is evidenced by a note, bond, debenture or similar instrument, (d) all Capitalized Lease Obligations, (e) all obligations of such Person in respect of acceptances
issued or created for the account of such Person, (f) all Guarantee Obligations of such Person (excluding in any calculation of consolidated Indebtedness of the Consolidated Group, Guarantee Obligations of one member of the Consolidated Group
in respect of primary obligations of any other member of the Consolidated Group), (g) all reimbursement obligations of such Person for letters of credit and other contingent liabilities, (h) any Net Mark-to-Market Exposure and (i) all
liabilities secured by any lien (other than liens for taxes not yet due and payable) on any property owned by such Person even though such Person has not assumed or otherwise become liable for the payment thereof. 

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

“Interest Period” means an Absolute Interest Period or a LIBOR Interest Period. 

“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal
places as the LIBO Screen Rate or CDOR Screen Rate, as applicable) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear
basis between: (a) the LIBO Screen Rate or the CDOR Screen Rate, as applicable, for the longest period for which the LIBO Screen Rate or the CDOR Screen Rate, as applicable, is available) that is shorter than the Impacted Interest Period; and
(b) the LIBO Screen Rate or CDOR Screen Rate, as applicable, for the shortest period (for which that LIBO Screen Rate or CDOR Screen Rate, as applicable, is available) that exceeds the Impacted Interest Period, in each case, at such time. 

“Investment” of a Person means any loan, advance (other than commission, travel and similar advances to officers and employees made
in the ordinary course of business), extension 

  
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of credit (other than accounts receivable arising in the ordinary course of business on terms customary in the trade), deposit account or contribution of capital by such Person to any other
Person or any investment in, or purchase or other acquisition of, the stock, partnership interests, notes, debentures or other securities of any other Person made by such Person. For the avoidance of doubt, an Investment shall not include any
security of any Person that is convertible into, exchangeable for or exercisable into or an option to purchase equity securities of Borrower. 

“Investment Affiliate” means any Person in which the Consolidated Group, directly or indirectly, has an ownership interest, whose
financial results are not consolidated under GAAP with the financial results of the Consolidated Group. 
 “Invitation for Competitive
Bid Quotes” means a written notice to the Lenders from the Administrative Agent in the form attached as Exhibit I-2 for Competitive Bid Loans made pursuant to Section 2.22, and a written notice to the Lenders from the
Borrower in the form of Exhibit J-1 for Competitive Bid Loans made pursuant to Section 2.23. 
 “Issuance
Date” is defined in Section 2A.4. 
 “Issuance Notice” is defined in Section 2A.4. 

“Issuing Lender” means, with respect to each Facility Letter of Credit, the Lender which issues such Facility Letter of Credit. As
of the Closing Date, the permitted Issuing Lenders are JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A. Each reference herein to the Issuing Lender shall mean all of the Issuing Lenders, each Issuing Lender, any Issuing Lender or the applicable
Issuing Lender, as the context may require. 
 “Joint Lead Arrangers” means JPMorgan Securities, Inc. and Wells Fargo Securities,
LLC. 
 “JPMorgan Chase Bank” means JPMorgan Chase Bank, N.A., in its individual capacity and its successors. 

“Judgment Currency” is defined in Section 9.16(a). 

“Judgment Currency Conversion Date” is defined in Section 9.16(a). 

“LC Disbursement” means a payment made by the applicable Issuing Lender pursuant to a Facility Letter of Credit. 

“LC Exposure” means at any time, the Dollar Equivalent of the sum of (a) the aggregate undrawn amount of all outstanding
Facility Letters of Credit, plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the relevant Borrower at such time. The LC Exposure of any Domestic Revolving Lender at any time shall be its
Percentage of the total LC Exposure at such time. 
 “Lenders” means the lending institutions listed on the signature pages of
this Agreement, their respective successors and assigns, any other lending institutions that subsequently become parties to this Agreement and the Designated Lenders, if any, provided that the term “Lender”

  
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shall exclude each such Designated Lender when used in the reference to the Commitments or terms relating to the Commitments. Unless the context otherwise requires, the term “Lenders”
includes the Issuing Lenders. 
 “Lending Installation” means, with respect to a Lender, any office, branch, subsidiary or
affiliate of such Lender. 
 “Letter of Credit” of a Person means a letter of credit or similar instrument which is issued upon
the application of such Person or upon which such Person is an account party or for which such Person is in any way liable. 
 “Letter
of Credit Collateral Account” is defined in Section 2A.9. 
 “Letter of Credit Commitment” means as to any
Issuing Lender (i) the amount set forth opposite such Issuing Lender’s name on Schedule 1A hereof or (ii) if such Issuing Lender has entered into an Assignment and Assumption, the amount set forth for such Lender as its Letter
of Credit Commitment in the Register maintained by the Administrative Agent pursuant to Section 12.3. 
 “Letter of Credit
Request” is defined in Section 2A.4. 
 “LIBO Screen Rate” has the meaning set forth it in the definition of
“LIBOR Base Rate.” 
 “LIBOR Applicable Margin” means, as of any date with respect to any LIBOR Interest Period, the
Applicable Margin in effect for such LIBOR Interest Period as determined in accordance with Section 2.4 hereof. 
 “LIBOR
Base Rate” means (a) with respect to any Eurocurrency Borrowing denominated in any currency other than Canadian dollars for any Interest Period, the London interbank offered rate as administered by ICE Benchmark Administration (or any
other Person that takes over the administration of such rate, the applicable currency for a period equal in length to such Interest Period) appearing on Page LIBOR 01 of the Reuters screen (or any successor to or substitute for such screen,
providing rate quotations comparable to those currently provided on such page of such screen, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to deposits in Dollars or the
relevant Qualified Global Currency, as the case may be, in the relevant interbank market) (the “LIBO Screen Rate”) at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period (or on the
date the commencement of such Interest Period, in the case of Sterling), as the rate for deposits in such currency with a maturity comparable to such Interest Period; provided that if such rate shall be less than zero, such rate shall be
deemed to be zero, and (b) with respect to any Eurocurrency Borrowing denominated in Canadian dollars for any Interest Period, CDOR for such Interest Period, as determined in accordance with the definition thereof; provided further that
if the LIBO Screen Rate or the CDOR Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”) then the LIBO Rate or the CDOR Screen Rate, as applicable, shall be the Interpolated Rate;
provided that if any Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

  
 -22- 

 “LIBOR Interest Period” means a period of one, two, three or six months (or such
shorter period as may be approved by the Lenders) commencing on a Business Day selected by the Borrower pursuant to this Agreement. Such LIBOR Interest Period shall end on (but exclude) the day which corresponds numerically to such date one, two,
three or six months thereafter (or such shorter period as may be approved by all of the Lenders), provided, however, that if there is no such numerically corresponding day in such next, second, third or sixth succeeding month, such LIBOR Interest
Period shall end on the last Business Day of such next, second, third or sixth succeeding month. If a LIBOR Interest Period would otherwise end on a day which is not a Business Day, such LIBOR Interest Period shall end on the next succeeding
Business Day, provided, however, that if said next succeeding Business Day falls in a new calendar month, such LIBOR Interest Period shall end on the immediately preceding Business Day. 

“LIBOR Rate” means, with respect to a Eurocurrency Borrowing for the relevant LIBOR Interest Period, the sum of (i) the
quotient of (a) the LIBOR Base Rate applicable to such LIBOR Interest Period, divided by (b) one minus the Reserve Requirement (expressed as a decimal) applicable to such LIBOR Interest Period, plus (ii) in the case of ratable
Eurocurrency Borrowings, the LIBOR Applicable Margin in effect from time to time during such LIBOR Interest Period, or in the case of Eurocurrency Borrowings made as Competitive Bid Loans, the Competitive LIBOR Margin established in the Competitive
Bid Quote applicable to such Competitive Bid Loan. The LIBOR Rate shall be rounded to the next higher 1/100 of 1% if the rate is not a multiple of 1/100 of 1%. 

“Lien” means any lien (statutory or other), mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance or
preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor under any conditional sale, Capitalized Lease or other title retention
agreement). 
 “Loan” means, with respect to a Lender, such Lender’s portion of any Borrowing. 

“Loan Documents” means this Agreement, the Notes (including the Qualified Borrower Notes), the Qualified Borrower Guaranty and any
other document from time to time evidencing or securing indebtedness incurred by the Borrower under this Agreement, as any of the foregoing may be amended or modified from time to time. 

“Loan Party” means Parent Borrower, any Qualified Borrower, or any Subsidiary providing a guaranty of the Obligations. 

“London Administrative Office” means the Administrative Agent’s office designated in Section 13.1(a)(ii) as the London
Administrative Office, or such other office in London as may be designated by the Administrative Agent by written notice to the Borrower and the Lenders. 

“Major Acquisition” means (a) a single transaction for the purpose of or resulting, directly or indirectly, in the acquisition
(including, without limitation, a merger or consolidation or any other combination with another Person) by one or more of Borrower and its Subsidiaries of Properties or assets of a Person for a gross purchase price equal to or in excess of 10% of
Consolidated Market Value (without giving effect to such acquisition) or (b) one or more 

  
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transactions for the purpose of or resulting, directly or indirectly, in the acquisition (including, without limitation, a merger or consolidation or any other combination with another Person) by
one or more of the Borrower and its Subsidiaries of Properties or assets of a Person in any two consecutive fiscal quarters for an aggregate gross purchase price equal to or in excess of 10% of Consolidated Market Value (without giving effect to
such acquisitions). 
 “Management Fees” means, collectively, all fees and income earned by the Borrower and any of its
Wholly-Owned Subsidiaries for the applicable period in connection with the management, development, and operations of a Property including, without limitation, all property management fees, asset management fees, leasing and sales commissions,
development fees, construction management fees, tenant coordination fees, legal fees, accounting fees, tax preparation fees, consulting fees, and financing or debt placement fees. 

“Material Adverse Effect” means a material adverse effect on (i) the business, Property or condition (financial or otherwise)
of the Borrower and its Subsidiaries taken as a whole, (ii) the ability of the Borrower to perform its obligations under the Loan Documents, or (iii) the validity or enforceability of any of the Loan Documents. 

“Materials of Environmental Concern” means any gasoline or petroleum (including crude oil or any fraction thereof) or petroleum
products or any hazardous or toxic substances, materials or wastes, defined or regulated as such in or under any Environmental Law, including, without limitation, asbestos, polychlorinated biphenyls and urea-formaldehyde insulation. 

“Maximum Legal Rate” means the maximum nonusurious interest rate, if any, that at any time or from time to time may be contracted
for, taken, reserved, charged or received on the indebtedness evidenced by the Note and as provided for herein or in the Note or other Loan Documents, under the laws of such state or states whose laws are held by any court of competent jurisdiction
to govern the interest rate provisions of the Loan. 
 “Mezzanine Debt Investments” mean any mezzanine or subordinated mortgage
loans made by a member of the Consolidated Group to entities that own commercial real estate or to the members, partners, stockholders, etc. of such entities, which real estate has a value in excess of the sum of (x) the purchase price of such
Indebtedness with respect to any such Indebtedness that was originated by a third party and acquired by such member of the Consolidated Group, or (y) the amount of such Indebtedness with respect to any such Indebtedness that was originated by
such member of the Consolidated Group, plus any senior debt encumbering such real estate and which has been designated by the Borrower as a “Mezzanine Debt Investment” in its most recent compliance certificate; provided, however, that
(i) any such Indebtedness owed by an Investment Affiliate shall be reduced by the Consolidated Group Pro Rata Share of such Indebtedness, and (ii) any such Indebtedness owed by a member of the Consolidated Group shall be reduced by the
Consolidated Group’s pro rata share of such Indebtedness. 
 “Moody’s” means Moody’s Investors Service, Inc. and
its successors. 
 “Multiemployer Plan” means a Plan maintained pursuant to a collective bargaining agreement or any other
arrangement to which the Borrower or any member of the Controlled Group is a party to which more than one employer is obligated to make contributions. 

  
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 “Multi-Property Entity” is a Subsidiary that owns more than one Project, either
directly or indirectly through the ownership of Capital Stock in another Subsidiary of Borrower, and owns an interest in any Capital Stock in a Subsidiary of Borrower that owns fee simple title in, or ground leases an asset that is not an
Unencumbered Asset. 
 “Net Mark-to-Market Exposure” of a Person means, as of any date of determination, the excess (if any) of
all unrealized losses over all unrealized profits of such Person arising from Rate Management Transactions or any other Financial Contract. “Unrealized losses” means the fair market value of the cost to such Person of replacing such Rate
Management Transaction or other Financial Contract as of the date of determination (assuming the Rate Management Transaction or other Financial Contract were to be terminated as of that date), and “unrealized profits” means the fair market
value of the gain to such Person of replacing such Rate Management Transaction or other Financial Contract as of the date of determination (assuming such Rate Management Transaction or other Financial Contract were to be terminated as of that date).

 “Net Operating Income” means, with respect to any Project for any period, “property rental and other income” (as
determined by GAAP) attributable to such Project accruing for such period minus the amount of all expenses (as determined in accordance with GAAP) incurred in connection with and directly attributable to the ownership and operation of such
Project for such period, including, without limitation, Property Management Fees and amounts accrued for the payment of real estate taxes and insurance premiums, but excluding interest expense or other debt service charges and any non-cash charges
such as depreciation or amortization of financing costs plus acquisition costs for consummated acquisitions. As used herein “Property Management Fees”, means, with respect to each Project for any period, an assumed amount equal to
three percent (3%) of the aggregate base rent and percentage rent due and payable under leases with tenants at such Project. 

“New York Administrative Office” means the Administrative Agent’s office designated in Section 13.1(a)(ii) as the New York
Administrative Office or such other office as may be designated by the Administrative Agent by written notice to the Borrower and the Lenders. 

“Nonrecourse Indebtedness” means, with respect to a Person, Indebtedness for borrowed money in respect of which recourse for payment
(except for customary exceptions for fraud, misapplication of funds, environmental indemnities, violation of “special purpose entity” covenants, bankruptcy, insolvency, receivership or other similar events and other similar exceptions to
recourse liability until a claim is made with respect thereto, and then in the event of any such claim, only a portion of such Indebtedness in an amount equal to the amount of such claim shall no longer constitute “Nonrecourse
Indebtedness” for the period that such portion is subject to such claim) is contractually limited to specific assets of such Person encumbered by a Lien securing such Indebtedness. 

“Non-Stabilized Project” means, as of any date of determination, all Projects owned by the Consolidated Group and the Investment
Affiliates that have a negative Net Operating Income for the most recently ended period of twelve (12) months, but excluding Acquisition Assets and Assets under Development. A Project may continue to be treated as a Non-Stabilized Project for
up to eighteen (18) months from the Closing Date or such later date on which such Project 

  
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becomes a Non-Stabilized Project; thereafter such Project will be valued at zero until such Project generates positive Net Operating Income. Notwithstanding anything herein to the contrary,
DDR’s corporate headquarters complex currently located in Beachwood, Ohio shall constitute a Non-Stabilized Project at all times. 

“Non-U.S. Lender” is defined in Section 3.5(iv). 

“Note” means a new (in the case of Lenders not parties to the Prior Agreement) or an amended and restated (in the case of Lenders
parties to the Prior Agreement) promissory note, in substantially the form of Exhibit A-1 hereto, duly executed by the Borrower and payable to the order of a Lender and in the case of a Qualified Borrower, a Qualified Borrower Note, including
in each case any amendment, modification, renewal or replacement of such promissory note. 
 “Notice to Extend” is defined in
Section 2.28. 
 “Obligation Currency” is defined in Section 9.16(a). 

“Obligations” means the Borrowings, the LC Exposures and all accrued and unpaid interest, fees and all other obligations of Borrower
to the Administrative Agent or the Lenders, or any of them, arising under this Agreement or any of the other Loan Documents. 
 “Other
Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having
executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an
interest in any Loan, Facility Letter of Credit or Loan Document). 
 “Other Taxes” means all present or future stamp, court or
documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise
with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19). 

“Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a Subsidiary. 

“Participant” is defined in Section 12.2. 

“Participant Register” is defined in Section 12.2. 

“Passive Non-Real Estate Investments” means stock or other equity interests in or debt of entities not primarily involved in
commercial real estate development or ownership. 
 “Payment Date” means, with respect to the payment of interest accrued on any
Borrowing, the first day of each calendar month. 

  
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 “PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto. 

“Percentage” with respect to any Domestic Revolving Lender, the percentage of the total Domestic Revolving Commitments represented
by such Lender’s Domestic Revolving Commitment; provided that in the case of Section 2.27 when a Defaulting Lender shall exist, “Percentage” shall mean the percentage of the total Domestic Revolving Commitments
(disregarding any Defaulting Lender’s Domestic Revolving Commitments) represented by such Lender’s Domestic Revolving Commitment. If the Domestic Revolving Commitments have terminated or expired, the Percentages shall be determined based
upon the Domestic Revolving Commitments most recently in effect, giving effect to any assignments and any Lender’s status as a Defaulting Lender. 

“Permitted Liens” are defined in Section 6.15. 

“Person” means any natural person, corporation, firm, joint venture, partnership, association, enterprise, trust or other entity or
organization, or any government or political subdivision or any agency, department or instrumentality thereof. 
 “Plan” means an
employee pension benefit plan which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Code as to which the Borrower or any member of the Controlled Group may have any liability. 

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

“Prime Rate” means a rate per annum equal to the prime rate of interest publicly announced from time to time by JPMorgan Chase Bank
or its parent as its prime rate (which is not necessarily the lowest rate charged to any customer), changing when and as said prime rate changes. In the event that there is a successor to the Administrative Agent by merger, or the Administrative
Agent assigns its duties and obligations to an Affiliate, then the term “Prime Rate” as used in this Agreement shall mean the prime rate, base rate or other analogous rate of the new Administrative Agent. 

“Prior Agreement” is defined in Recital C. 

“Project” means any real estate asset owned by Borrower or any of its Subsidiaries or any Investment Affiliate, and operated or
intended to be operated as a retail, office or industrial property. 
 “Property” of a Person means any and all property, whether
real, personal, tangible, intangible, or mixed, of such Person, or other assets owned, leased or operated by such Person. 
 “Qualified
Borrower” means DDRPR and any other Wholly-Owned Subsidiary of Borrower which has complied with the requirements set forth in Section 2.1 for being a Borrower hereunder, the Indebtedness of which, in all cases, shall be guaranteed
by DDR and each Subsidiary Guarantor. 

  
 -27- 

 “Qualified Borrower Competitive Bid Note” means a promissory note, in substantially the
same form of Exhibit O hereto, duly executed by the Qualified Borrower and payable to the order of the Administrative Agent on behalf of the Lenders to be used to evidence any Competitive Bid Loans which a Lender elects to make to a Qualified
Borrower, including any amendment, modification renewal or replacement of such promissory note. 
 “Qualified Borrower Guaranty”
means a full and unconditional guaranty of payment in the form of Exhibit M attached hereto, enforceable against DDR for the payment of a Qualified Borrower’s debt or obligation to the Lenders pursuant to this Agreement. 

“Qualified Borrower Note” means a promissory note, in substantially the same form of Exhibit N hereto, duly executed by the
Qualified Borrower and payable to the order of the Administrative Agent on behalf of a Lender, including any amendment, modification renewal or replacement of such promissory note. 

“Qualified Foreign Global Currency” means any Qualified Global Currency other than Dollars. 

“Qualified Global Currency” means (a) Dollars (borrowed in New York City), and Sterling, Euros, Canadian dollars and Yen
(borrowed in London), and (b) any other eurocurrency designated by the Borrower with the consent of the Administrative Agent and each Global Revolving Lender. 

“Qualified Global Currency Borrowing” means any Borrowing comprised of Qualified Global Currency Loans. 

“Qualified Global Currency Loan” means any Loan denominated in a Qualified Global Currency. 

“Rate Management Transaction” means any transaction (including an agreement with respect thereto) now existing or hereafter entered
into by the Borrower which is a rate swap, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap
transaction, floor transaction, collar transaction, forward transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of these
transactions) or any combination thereof, whether linked to one or more interest rates, foreign currencies, commodity prices, equity prices or other financial measures. 

“Recipient” means the Administrative Agent, any Lender and the Issuing Lenders, as applicable. 

“Recourse Indebtedness” means any Indebtedness of Borrower or any of its Subsidiaries with respect to which the liability of the
obligor is not limited to the obligor’s interest in specified assets securing such Indebtedness, subject to customary limited exceptions for certain acts or types of liability. 

“Register” is defined in Section 12.3. 

  
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 “Regulation D” means Regulation D of the Board of Governors of the Federal Reserve
System as from time to time in effect and any successor thereto or other regulation or official interpretation of said Board of Governors relating to reserve requirements applicable to member banks of the Federal Reserve System. 

“Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System as from time to time in effect and any
successor or other regulation or official interpretation of said Board of Governors relating to the extension of credit by banks for the purpose of purchasing or carrying margin stocks applicable to member banks of the Federal Reserve System. 

“Reimbursement Obligations” means at any time, the aggregate of the Obligations of the Borrower to the Lenders, the Issuing Lender
and the Administrative Agent in respect of all unreimbursed payments or disbursements made by the Lenders, the Issuing Lender and the Administrative Agent under or in respect of the Facility Letters of Credit. 

“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers,
employees, agents and advisors of such Person and such Person’s Affiliates. 
 “Removal Effective Date” is defined in
Article X. 
 “Reportable Event” means a reportable event as defined in Section 4043 of ERISA and the regulations
issued under such section, with respect to a Plan, excluding, however, such events as to which the PBGC by regulation waived the requirement of Section 4043(a) of ERISA that it be notified within 30 days of the occurrence of such event,
provided, however, that a failure to meet the minimum funding standard of Section 412 of the Code and of Section 302 of ERISA shall be a Reportable Event regardless of the issuance of any such waiver of the notice requirement in accordance
with either Section 4043(a) of ERISA or Section 412(d) of the Code. 
 “Required Facility Lenders” means with respect to
any Facility, the holders of more than 50% of the Revolving Commitments for the applicable Facility (or, in the case of the termination of the Revolving Commitments, the holders of more than 50% of the aggregate unpaid principal amount of Revolving
Exposure outstanding under such Facility, provided that (a) for purposes of determining Required Facility Lenders for the Domestic Revolving Facility after the termination of the Commitments, the outstanding Competitive Bid Loans of the Lenders
shall be included in their Revolving Exposures and (b) the Revolving Exposures and Revolving Commitments of Defaulting Lenders shall be excluded for purposes of such determination, as provided in Section 2.27(b). 

“Required Lenders” means at any time, Lenders having Revolving Exposures, and unused Commitments representing more than 50% of the
sum of the total Revolving Exposures, and unused Commitments at such time, provided that (a) for purposes of declaring the Loans to be due and payable pursuant to Article VIII, and for all purposes after the Loans become due and payable
pursuant to Article VIII or the Commitments expire or terminate, the outstanding Competitive Bid Loans of the Lenders shall be included in their respective Revolving Exposures in determining the Required Lenders and (b) the Revolving Exposures
and Commitments of Defaulting Lenders shall be excluded for purposes of such determination, as provided in Section 2.27(b). 

  
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 “Reserve Requirement” means, with respect to a Eurocurrency Loan and LIBOR Interest
Period, that percentage (expressed as a decimal) which is in effect on such day, as prescribed by the Federal Reserve Board or other governmental authority or agency having jurisdiction with respect thereto for determining the maximum reserves
(including, without limitation, basic, supplemental, marginal and emergency reserves) for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D) maintained by a member bank of the Federal Reserve System.

 “Restricted Cash Collateral” is defined in Section 6.18(i). 

“Revolving Commitments” means the aggregate of the Domestic Revolving Commitments and the Global Revolving Commitments. 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any
Capital Stock in the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or
termination of any such Capital Stock in the Borrower or any option, warrant or other right to acquire any such Capital Stock in the Borrower, or any transaction that has a substantially similar effect. 

“Revolving Exposure” means with respect to any Lender at any time, the sum of such Lender’s Domestic Revolving Exposure and
Global Revolving Exposure. 
 “Revolving Facility” is defined in the definition of Facility. 

“Revolving Lenders” means Domestic Revolving Lenders and Global Revolving Lenders. 

“Revolving Loans” means Domestic Revolving Loans and Global Revolving Loans. 

“Sanctioned Country” means, at any time, (A) a country, region or territory which is itself the subject or target of any
Sanctions (at the time of this Agreement, Crimea, Cuba, Iran, North Korea, Sudan and Syria), (B) any country, region or territory listed in any sanctions-related list of designated countries, regions or territories maintained by the Office of
Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations Security Council, the European Union or any European Union Member State. 

“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by
the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations Security Council, the European Union or any European Union member state, (b) any Person operating, organized or
resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b). 

  
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 “Sanctions” means all economic or financial sanctions or trade embargoes
imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the United
Nations Security Council, the European Union, any European Union member state or Her Majesty’s Treasury of the United Kingdom. 

“Section” means a numbered section of this Agreement, unless another document is specifically referenced. 

“Sharing Event” means (i) the occurrence of a Default under Section 7.7 or 7.8, (ii) the termination of
the Commitments pursuant to Section 8.1, or (iii) the acceleration of the maturity date of the Loans by the Administrative Agent upon the occurrence of a Default. 

“Single Employer Plan” means a Plan maintained by the Borrower or any member of the Controlled Group for employees of the Borrower
or any member of the Controlled Group. 
 “S&P” means Standard & Poor’s Ratings Group and its successors. 

“Stabilized Project” means a Project which is not (i) an Acquisition Asset, (ii) an Asset Under Development or
(iii) a Non-Stabilized Project. 
 “Subsidiary” of a Person means (i) any corporation more than 50% of the outstanding
securities having ordinary voting power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or (ii) any
partnership, association, joint venture or similar business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. Unless otherwise expressly provided, all references
herein to a “Subsidiary” shall mean a Subsidiary of the Borrower. 
 “Subsidiary Guarantor” means a Subsidiary which has
delivered a Subsidiary Guaranty. 
 “Subsidiary Guaranty” means a guarantee of all Obligations delivered by a Subsidiary if
necessary pursuant to the definition of Unencumbered Assets or Consolidated Secured Indebtedness. 
 “Substantial Portion” means,
with respect to the Property of the Borrower and its Subsidiaries, Property which (i) represents more than 10% of the assets of the Consolidated Group as would be shown in the consolidated financial statements of the Consolidated Group as at
the beginning of the twelve-month period ending with the month immediately preceding the month in which such determination is made, or (ii) is responsible for more than 10% of the consolidated net sales or of the consolidated net income of the
Consolidated Group as reflected in the financial statements referred to in clause (i) above. 
 “Taxes” means all present or
future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

  
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 “Total Domestic Exposure” means at any time, the sum of the aggregate Domestic
Revolving Exposures for each of the Domestic Revolving Lenders. 
 “Total Global Exposure” means at any time, the sum of the
aggregate Global Revolving Exposures for each of the Global Revolving Lenders. 
 “Transferee” is defined in
Section 12.5. 
 “Treaty” means the Treaty establishing the European Economic Community, being the Treaty of Rome of
March 25, 1957 as amended by the Single European Act 1986 and the Maastricht Treaty (which was signed on February 7, 1992 and came into force on November 1, 1993) and as may from time to time be further amended, supplemented or
otherwise modified. 
 “Type” when used in reference to any Loan or Borrowing, refers to the rate by reference to which interest
on such Loan, or on the Loans comprising such Borrowing, is determined and the currency in which such Loan, or the Loans comprising such Borrowing, are denominated. For purposes hereof, “rate” shall include the LIBOR Rate and the Alternate
Base Rate, and “currency” shall include Dollars and any Qualified Global Currency permitted hereunder. 
 “Unencumbered
Asset” means, subject to clauses (a), (b) and (c) below, any Project and any Asset Under Development located in the United States, Canada, Puerto Rico or an Acceptable Jurisdiction 100% of which is owned in fee simple, in a
condominium structure or ground leased by the Borrower or a Wholly-Owned Subsidiary (provided that a Project which is ground leased shall be included as an Unencumbered Asset only if such ground lease is a Financeable Ground Lease) which, as of any
date of determination, is not subject to any Liens, claims, or restrictions on transferability or assignability of any kind (including any such Lien, claim or restriction imposed by the organizational documents of any Subsidiary) other than
Permitted Liens set forth in Sections 6.15(i) through 6.15(iv)). 
 (a) No Project or Asset Under Development
will be an Unencumbered Asset if Borrower, the owner of such Project or Asset Under Development (an “Unencumbered Asset Ownership Entity”) or any Subsidiary that is in the direct chain of ownership between any Borrower and the Unencumbered
Asset Ownership Entity (a “Relevant Subsidiary”) is subject to any agreement (including (i) any agreement governing Indebtedness and (ii) if applicable, the organizational documents of Borrower, any Relevant Subsidiary or
Unencumbered Asset Ownership Entity) that prohibits or limits the ability of the Borrower, the Unencumbered Asset Ownership Entity or any Relevant Subsidiary to create, incur, assume or suffer to exist any Lien upon that Project or Asset Under
Development or upon the Capital Stock of the Unencumbered Asset Ownership Entity, or any Relevant Subsidiary, including, without limitation, any negative pledge or similar covenant or restriction. 

(b) No Project or Asset Under Development will be an Unencumbered Asset if the Unencumbered Asset Ownership Entity or any
Relevant Subsidiary is subject to any agreement (including any agreement governing Indebtedness incurred in order to finance or refinance the acquisition of such asset) that entitles any Person to the benefit of any Lien (other than Permitted Liens
set forth in Sections 6.15(i) through 6.15(iv)) on any 

  
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assets or Capital Stock of the Unencumbered Asset Ownership Entity or any Relevant Subsidiary or would entitle any Person to the benefit of any Lien (other than Permitted Liens set forth in
Sections 6.15(i) through 6.15(iv)) on such assets or Capital Stock upon the occurrence of any contingency (including, without limitation, pursuant to an “equal and ratable” clause), except, in each case, for (x) Liens
upon the assets of a Multi-Property Entity, provided such assets are not Unencumbered Assets, and (y) Liens on the Capital Stock of Subsidiaries of a Multi-Property Entity that do not directly or indirectly own Unencumbered Assets. 

(c) No Project or Asset Under Development will be an Unencumbered Asset unless the Unencumbered Asset Ownership Entity and each
Relevant Subsidiary (to the extent such entity is not a Subsidiary Guarantor) does not have any Indebtedness for borrowed money or any Guarantee Obligations, other than (A) Guarantee Obligations or Indebtedness for which recovery is limited to
a Project or Asset Under Development that is not an Unencumbered Asset or the Capital Stock of an entity that owns a Project or Asset Under Development that is not an Unencumbered Asset, or (B) Guarantee Obligations for nonrecourse carveouts,
completion guarantees or environmental guarantees provided that the obligations described in this clause (B) shall be permitted only if the Unencumbered Asset Ownership Entity or the Relevant Subsidiary that has the Guarantee Obligation is a
Qualified Borrower or has executed a Subsidiary Guaranty. 
 “Unfunded Liabilities” means the amount (if any) by which the present
value of all vested nonforfeitable benefits under all Single Employer Plans exceeds the fair market value of all such Plan assets allocable to such benefits, all determined as of the then most recent valuation date for such Plans. 

“Unmatured Default” means an event which but for the lapse of time or the giving of notice, or both, would constitute a Default.

 “Unrestricted Cash and Cash Equivalents” means, in the aggregate, all cash and Cash Equivalents which are not pledged or
otherwise restricted for the benefit of any creditor or subject to any reserves, escrow or claim of any kind in favor of any Person (other than, with respect to certain joint ventures, non-discretionary and purely procedural requirements that must
be satisfied in order for such cash and Cash Equivalents to be distributed) and which are owned by members of the Consolidated Group or Investment Affiliates, to be valued for purposes of this Agreement at (i) 100% of its then-current book
value, as determined under GAAP, for any such items owned by a member of the Consolidated Group or (ii) the applicable Consolidated Group Pro Rata Share of its then-current book value, as determined under GAAP, for any such items owned by an
Investment Affiliate. For purposes hereof, cash reserves set aside by the Borrower under Section 2.27 or Section 7.6 shall be treated as restricted. 

“Unsecured Indebtedness” means all Indebtedness of any person that is not secured by a Lien on any asset of such Person. 

“U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code. 

  
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 “U.S. Tax Compliance Certificate” has the meaning assigned to such term in
Section 3.5(f)(ii)(B)(3). 
 “Value of Unencumbered Assets” means, as of any date, the sum of: 

(A) the amount determined by dividing the Net Operating Income for each Stabilized Project which is an Unencumbered Asset
(excluding the Net Operating Income for any Acquisition Asset which is an Unencumbered Asset) as of such date for a calculation period which shall be either the immediately preceding four (4) full fiscal quarters by the Capitalization Rate
(provided that not more than fifteen percent (15%) of the Value of Unencumbered Assets with respect to Stabilized Projects shall be attributable to the value of those portions of Unencumbered Assets which are ground leased by Borrower or one of
its Subsidiaries, as lessee, with a remaining term of less than 40 years including options, and provided further, that not more than fifteen percent (15%) of the Value of Unencumbered Assets shall be attributable to Unencumbered Assets not
located in the United States or Puerto Rico), plus 
 (B) cash of the Consolidated Group from like-kind exchanges on deposit
with a qualified intermediary, provided that the aggregate amount added to the Value of Unencumbered Assets under this clause (B) shall not exceed ten percent (10%) of the total Value of Unencumbered Assets, plus 

(C) the amount by which the value of Unrestricted Cash and Cash Equivalents of the Consolidated Group exceeds $25,000,000, plus

 (D) the value of Assets Under Development which are Unencumbered Assets, provided that the aggregate amount added to Value
of Unencumbered Assets under this clause (D) shall not exceed ten percent (10%) of the total Value of Unencumbered Assets, plus 

(E) the then-current value under GAAP of all First Mortgage Receivables (excluding the portion of any First Mortgage Receivable
for which the ratio of the principal balance of the loan to the value of the Project securing repayment of such First Mortgage Receivable exceeds seventy-five percent (75%); provided, however, that such ratio shall be determined (i) by Borrower
in good faith and (ii) at the time such First Mortgage Receivable is created) provided that the aggregate amount added to Value of Unencumbered Assets under this clause (E) shall not exceed ten percent (10%) of the total Value of
Unencumbered Assets, plus 
 (F) the then-current book value, as determined in accordance with GAAP, of Developable Land
which is an Unencumbered Asset, provided that the aggregate amount added to the Value of Unencumbered Assets under this clause (F) shall not exceed three percent (3.0%) of the total Value of Unencumbered Assets, plus 

(G) the amount determined by taking seventy five percent (75%) of the amount of Management Fees received by the Borrower
or a Wholly-Owned Subsidiary for a calculation period of the immediately preceding four (4) full fiscal quarters and dividing such amount by 15%, plus 

  
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 (H) the value of each Acquisition Asset that is an Unencumbered Asset determined
in the same manner as is set forth in the definition of Consolidated Capitalization Value, plus 
 (I) the value of each
Non-Stabilized Project that is an Unencumbered Asset determined in the same manner as is set forth in the definition of Consolidated Market Value, provided that the aggregate amount added to the Value of Unencumbered Assets under this clause
(I) shall not exceed five percent (5%) of the total Value of Unencumbered Assets. 
 At no time shall the aggregate amount added
to Value of Unencumbered Assets under clauses (B), (D), (E), (F) and (G) exceed twenty percent (20%) of the total Value of Unencumbered Assets. If a Project is no longer owned as of the date of determination, then no value shall be
included from such Project. 
 For the avoidance of doubt, no Value of Unencumbered Assets shall be attributable to Subsidiaries of the
Borrower which are not members of the Consolidated Group. 
 “Wholly-Owned Subsidiary” of a Person means (i) any Subsidiary
all of the outstanding voting securities of which shall at the time be owned or controlled, directly or indirectly, by such Person or one or more Wholly-Owned Subsidiaries of such Person, or by such Person and one or more Wholly-Owned Subsidiaries
of such Person, or (ii) any partnership, association, joint venture or similar business organization 100% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. 

The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms. 

1.2. Classification of Loans and Borrowings. 

For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Revolving Loan”) or by Type (e.g., a
“Eurocurrency Loan”) or by Class and Type (e.g., a “Eurocurrency Revolving Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurocurrency
Borrowing”) or by Class and Type (e.g., a “Eurocurrency Revolving Borrowing”). 
 1.3. Terms Generally. 

The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require,
any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word
“will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be
construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any
reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and 

  
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“hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to
Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) where applicable, any amount (including, without limitation, minimum borrowing, prepayment or
repayment amounts) expressed in Dollars shall, when referring to any currency other than Dollars, be deemed to mean an amount of such currency having a Dollar Equivalent approximately equal to such amount. 

1.4. Exchange Rates. (a) Not later than 1:00 p.m., New York City time, on each Exchange Rate Date on which there are any Loans
denominated in a Qualified Foreign Global Currency or as Alternative Currency Letters of Credit, the Administrative Agent shall (i) determine the Exchange Rate as of such Exchange Rate Date to be used for calculating the Dollar Equivalent
amounts of each currency in which a Global Revolving Loan, Alternative Currency Letter of Credit or unreimbursed LC Disbursement is denominated and (ii) give notice thereof to the Borrower and the Lenders. The Exchange Rates so determined shall
remain effective until the next succeeding Exchange Rate Date and shall (other than for the purpose of converting into Dollars, under Sections 2A.5, 2A.6, 2A.8, 2A.9 and the obligations of the Borrowers and the Domestic
Revolving Lenders in respect of LC Disbursements that have not been reimbursed when due) be the Exchange Rates employed in converting any amounts between the applicable currencies pursuant to this Agreement. 

(b) Not later than 5:00 p.m., New York City time, on each Exchange Rate Date, the Administrative Agent shall (i) determine
the Global Revolving Exposure or the Alternative Currency LC Exposure, as the case may be, on such date (after giving effect to any Global Revolving Loans to be made or any Alternative Currency Letters of Credit to be issued, renewed, extended or
terminated in connection with such determination) and (ii) notify the Borrower and, if applicable, each Issuing Lender of the results of such determination. 

1.5. Currency Conversion. (a) If more than one currency or currency unit are at the same time recognized by the central bank of
any country as the lawful currency of that country, then (i) any reference in the Loan Documents to, and any obligations arising under the Loan Documents in, the currency of that country shall be translated into or paid in the currency or
currency unit of that country designated by the Administrative Agent in consultation with Borrower and (ii) any translation from one currency or currency unit to another shall be at the official rate of exchange recognized by the central bank
for conversion of that currency or currency unit into the other, rounded up or down by the Administrative Agent as it deems appropriate. 

(b) If a change in any currency of a country occurs, this Agreement shall be amended (and each party hereto agrees to enter
into any supplemental agreement necessary to effect any such amendment) to the extent that the Administrative Agent specifies to be necessary to reflect the change in currency and to put the Lenders in the same position, so far as possible, that
they would have been in if no change in currency had occurred. 

  
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 1.6. Convertible Debt Accounting Guidance; Changes in GAAP. Notwithstanding any provision
contained in the Credit Agreement to the contrary, solely for purposes of calculating any financial covenant required hereunder, such calculation shall ignore the application of the Convertible Debt Accounting Guidance, if and to the extent
otherwise applicable to Borrower’s financial statements. If at any time any material change in GAAP would materially affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or the
Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the
approval of the Required Lenders (which shall not be unreasonably withheld)); provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the
Borrower shall provide to the Administrative Agent and the Lenders an explanation of the impact of such change in reasonable detail satisfactory to the Administrative Agent. 

ARTICLE II. 
 THE
CREDIT 
 2.1. Commitments; Reduction or Increase in Aggregate Commitment; Adjustment of Commitment. 

(a) Commitment to Lend. Subject to the terms and conditions of this Agreement, each Lender in the applicable Facility
severally and not jointly agrees (i) to make Domestic Revolving Loans in Dollars to the Parent Borrower or any Qualified Borrower from time to time prior to the Facility Termination Date in an aggregate principal amount that will not result in
such Lender’s Domestic Revolving Exposure exceeding such Lender’s Domestic Revolving Commitment, or the Total Domestic Exposure plus the amount of all outstanding Competitive Bid Loans exceeding the aggregate amount of the Domestic
Revolving Commitment, and (ii) to make Global Revolving Loans in Dollars to Parent Borrower or any Qualified Borrower or in one or more Qualified Global Currencies (as specified in the Borrowing Requests with respect thereto) to the Parent
Borrower or any Foreign Subsidiary that is a Qualified Borrower from time to time prior to the Facility Termination Date in an aggregate principal amount that will not result in such Lender’s Global Revolving Exposure exceeding such
Lender’s Global Revolving Commitment or the Total Global Exposure exceeding the aggregate amount of the Global Revolving Commitment. Notwithstanding the foregoing, in no event shall Lenders be obligated to make a Competitive Bid Loan to a
Foreign Subsidiary or a Loan in any currency other than Dollars to Parent Borrower or any Domestic Subsidiary. The Borrowings may be ratable Floating Rate Borrowings (but only Loans in Dollars can be Floating Rate Borrowings), ratable Eurocurrency
Borrowings or non-pro rata Competitive Bid Loans. This Facility is a revolving credit facility and, subject to the provisions of this Agreement, Borrower may request Borrowings hereunder, repay such Borrowings and reborrow Borrowings at any time
prior to the Facility Termination Date. 
 (b) Loans to Qualified Borrowers. Subject to limitations set forth above
with respect to which Borrowers can request certain types of Loans, a Qualified Borrower 

  
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shall have the right to request Borrowings, subject to all of the same terms and conditions as are applicable to the Parent Borrower provided that DDR gives Administrative Agent thirty
(30) days prior notice of its intention to have a Qualified Borrower, other than DDRPR. Following receipt of such a notice, Administrative Agent agrees to promptly notify the Lenders of Borrower’s intention to have an additional Qualified
Borrower. As a condition to any initial Borrowing to a Qualified Borrower (including DDRPR) such Qualified Borrower shall have executed and delivered a Qualified Borrower Note to Administrative Agent for the benefit of each of the Lenders, and
Parent Borrower shall have executed and delivered a Qualified Borrower Guaranty relating to amounts to be borrowed by such Qualified Borrower, and Administrative Agent shall have received the items specified in Schedule 5 attached hereto with
respect to such Qualified Borrower. If an initial Borrowing is requested by a Qualified Borrower, the Credit Agreement shall be deemed modified such that at any place where the term “Borrower” currently appears, such provision shall be
modified to also include and apply to any such Qualified Borrower, as the context may require, and any reference to a “Note” shall include and apply to any Qualified Borrower Note, as the context may require. 

Following the giving of any notice designating a Qualified Borrower, if such designation obligates the Administrative Agent or
any Lender to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, the Borrower shall, promptly upon the request of the Administrative Agent
or any Lender, supply such documentation and other evidence as is reasonably requested by the Administrative Agent or any Lender in order for the Administrative Agent or such Lender to carry out and be satisfied it has complied with the results of
all necessary “know your customer” or other similar checks under all applicable laws and regulations. 
 If DDR
shall designate as a Qualified Borrower hereunder any Subsidiary not organized under the laws of the United States or any State thereof or Puerto Rico, any Lender may, with notice to the Administrative Agent and DDR, fulfill its Commitment by
causing an Affiliate of such Lender to act as the Lender in respect of such Qualified Borrower (and such Lender shall, to the extent of Borrowings made to and participations in Facility Letters of Credit issued for the account of such Qualified
Borrower, be deemed for all purposes hereof to have pro tanto assigned such Borrowings and participations to such Affiliate) provided that either such Affiliate is a permitted assignee pursuant to Section 12.3 or such Lender is not
released from its funding obligations if such Affiliate fails to fund. 
 To the extent that any Lender may not legally lend
to, establish credit for the account of and/or do any business whatsoever with a designated Qualified Borrower that is a Foreign Subsidiary, directly or through an Affiliate of such Lender, such Lender shall so notify the Borrower and the
Administrative Agent in writing. With respect to each such affected Lender, the Borrower shall, effective on or before the date that such Qualified Borrower shall have the right to borrow hereunder, either (A) notify the Administrative Agent
and such affected Lender that the Commitments of such Lender shall be assigned to another Lender pursuant to Section 12.3 or terminated; provided that such affected Lender shall have received payment of an amount equal to the outstanding

  
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principal of its Loans and/or Letter of Credit reimbursement obligations, accrued interest thereon, accrued fees and all other amounts payable to it hereunder from the assignee (to the extent of
such outstanding principal and accrued interest and fees) or the Borrower or the relevant Qualified Borrower (in the case of all other amounts), or (B) cancel its request to designate such Subsidiary as a “Qualified Borrower”
hereunder. 
 (c) Termination of Commitments. The Borrower shall have the right, upon not less than five
(5) Business Days’ irrevocable notice to the Administrative Agent, to terminate the Commitments of any Class in their entirety or, from time to time, to reduce the amount of the Commitments of any Class provided that no such
termination or reduction shall be permitted if, after giving effect thereto and to any payments of Borrowings made on the effective date thereof, the Total Domestic Exposure plus Competitive Bid Loans then outstanding would exceed the remaining
aggregate Domestic Revolving Commitments or the Total Global Exposure to exceed the remaining aggregate Global Revolving Commitments, subject to the provisions of the following grammatical paragraph. Any such reduction shall be in an amount equal to
$5,000,000 or a whole multiple thereof and shall reduce permanently the Domestic Revolving Commitments or Global Revolving Commitments. Any such reduction shall reduce the Commitments of all of the Lenders ratably in proportion to their respective
Commitments for that Class. The Administrative Agent shall promptly forward to the Lenders any notice of termination or reduction of the Commitments for any Class. 

(d) Increase of Commitments. The Borrower may, by written notice to the Administrative Agent on up to four
(4) occasions during the period from the Closing Date to the Facility Termination Date, request incremental Commitments in an amount not to exceed the aggregate amount of $500,000,000 from one or more additional Lenders (which may include any
existing Lender) willing to provide such incremental Commitments in their own discretion. The Administrative Agent and/or its Affiliates shall use commercially reasonable efforts, with the assistance of the Borrower, to arrange a syndicate of
Lenders willing to hold the requested incremental Commitments. If Lenders are willing to provide such Incremental Commitments, the Domestic Revolving Commitments and/or the Global Revolving Commitments may be increased from time to time by the
addition of a new Lender or the increase of the Commitment of an existing Lender with the consent of only the Borrower, the Administrative Agent, and the new or existing Lender providing such additional Commitment so long as the Aggregate Commitment
does not exceed $1,250,000,000 less any voluntary reductions after the Closing Date pursuant to this Section 2.1. Nothing in this Section 2.1 shall constitute or be deemed to constitute an agreement by any Lender to increase
its Commitments hereunder. Such increases shall be evidenced by the execution and delivery of an Amendment Regarding Increase in the form of Exhibit K attached hereto by the Borrower, the Administrative Agent and the new Lender or
existing Lender providing such additional Commitment, a copy of which shall be forwarded to each Lender by the Administrative Agent promptly after execution thereof. On the effective date of each such increase in the Domestic Revolving Commitments
or Global Revolving Commitments, as the case may be, the Borrower and the Administrative Agent shall cause the new or existing Lenders providing such increase to hold its or their pro rata share of all ratable Borrowings outstanding at the close of
business on such day for such 

  
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Class, by either funding more than its or their pro rata share of new ratable Borrowings made on such date or purchasing shares of outstanding ratable Loans held by the other Lenders or a
combination thereof. The Lenders agree to cooperate in any required sale and purchase of outstanding ratable Borrowings to achieve such result. The Borrower agrees to pay all fees associated with the increase in the Aggregate Commitment including
any amounts due under Section 3.4 in connection with any reallocation of Eurocurrency Borrowings. In no event will such new or existing Lenders providing the increase be required to fund or purchase a portion of any Competitive Bid Loan
to comply with this Section on such date. Notwithstanding the foregoing, no incremental Commitment shall become effective under this Section 2.1 unless (i) on the date of such effectiveness, the conditions set forth in
Section 4.2 shall be satisfied and the Administrative Agent shall have received a certificate to that effect dated such date and executed by an Authorized Officer of the Borrower, (ii) the Administrative Agent shall have received a
certificate of an Authorized Officer of the Borrower as to the board resolutions evidencing authority for such incremental Commitment and as to any changes to the formation documents of the Borrower since the Closing Date, and (iii) the
Borrower shall be in pro forma compliance with the covenants set forth in Section 6.18 after giving effect to the Loans to be made on such date pursuant to such incremental Commitments and the application of the proceeds therefrom as if
made and applied on such date. 
 (e) Adjustment of Commitments. Each party hereto agrees that so long as the total
Commitment of a Lender stays the same and the sum of the Domestic Revolving Commitments and the Global Revolving Commitments does not exceed the Aggregate Commitment, the Domestic Revolving Commitment and the Global Revolving Commitment of such
Lender can be changed with the consent of only the Borrower, Administrative Agent, and the affected Lender, and upon any such change, Schedule 1 shall be deemed modified to reflect such change and the Domestic Revolving Commitment amount and Global
Revolving Commitment amount set forth in the definitions thereof shall be further deemed amended to reflect such change. 
 2.2. Loans
and Borrowings. (a) Each Loan (other than a Competitive Bid Loan) shall be made as part of a Borrowing consisting of Loans of the same Class and Type made by the Lenders ratably in accordance with their respective Commitments of the
applicable Class. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder. 

(b) Subject to Section 3.3, (i) each Borrowing denominated in Dollars shall be comprised entirely of Floating
Rate Loans or Eurocurrency Loans as the relevant Borrower may request in accordance herewith and (ii) each Borrowing denominated in a Qualified Foreign Global Currency shall be comprised entirely of Eurocurrency Loans. Each Competitive Bid Loan
shall be deemed outstanding under the Domestic Revolving Facility. Each Lender at its option may make any Eurocurrency Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such
option shall not affect the obligation of the relevant Borrower to repay such Loan in accordance with the terms of this Agreement. 

  
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 (c) At the commencement of each Interest Period for any Eurocurrency Borrowing,
such Borrowing shall be in an aggregate amount that is not less than $1,000,000. At the time that each Floating Rate Borrowing is made, such Borrowing shall be in an aggregate amount that is not less than $1,000,000; provided that (i) a
Floating Rate Borrowing under the Domestic Revolving Facility may be in an aggregate amount that is equal to the entire unused balance of the aggregate Domestic Revolving Commitments or that is required to finance the reimbursement of an LC
Disbursement as contemplated by Section 2A.5 and (ii) a Floating Rate Borrowing in Dollars under the Global Revolving Facility may be in an aggregate amount that is equal to the unused balance of the aggregate Global Revolving
Commitments. No more than 20 Eurocurrency Borrowings may be outstanding at any one time under the Facilities. 
 (d)
Notwithstanding any other provision of this Agreement, a Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Facility Termination
Date. 
 2.3. Requests for Borrowings. To request a Revolving Borrowing, the relevant Borrower shall notify the Administrative Agent
of such request by telephone (a) in the case of a Eurocurrency Borrowing, not later than 11:00 a.m., New York City time (or if the request is a Borrowing in a Qualified Global Currency other than Dollars, delivered to the London Administrative
Office, 11:00 a.m., London time), three Business Days before the date of the proposed Borrowing or (b) in the case of a Floating Rate Borrowing, not later than 12:00 p.m., New York City time, on the date of the proposed Borrowing; provided
that any such notice of a Floating Rate Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2A.5 may be given not later than 10:00 a.m., New York City time, on the date of the proposed Borrowing.
Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by delivery to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent. Each such telephonic and written
Borrowing Request shall specify the following information in compliance with Section 2.2: (i) the Borrower requesting such Borrowing; (ii) the Class and Type of the requested Borrowing; (iii) the aggregate amount of such
Borrowing; (iv) the date of such Borrowing, which shall be a Business Day; (v) in the case of a Eurocurrency Borrowing, the initial Interest Period to be applicable thereto; (vi) the location and number of the relevant Borrower’s
account to which funds are to be disbursed, which shall comply with the requirements of Section 2.10; and (vii) the currency of such Borrowing (which shall be in Dollars in the case of Domestic Revolving Loans and Competitive Bid
Loans, and otherwise shall be in a Qualified Global Currency). If no election as to the currency of a Global Revolving Borrowing is specified in any such notice, then the requested Borrowing shall be denominated in Dollars. If no election as to the
Type of Borrowing is specified, then the requested Borrowing shall be a Floating Rate Borrowing if denominated in Dollars or a Eurocurrency Borrowing if denominated in a Qualified Foreign Global Currency. If no Interest Period is specified with
respect to any requested Eurocurrency Borrowing, then the relevant Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the
Administrative Agent shall advise each relevant Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 

  
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 2.4. Applicable Margins. Each of the ABR Applicable Margin and the LIBOR Applicable Margin
to be used in calculating the interest rate applicable to different Types of Borrowings and the Facility Fee Rate to be used in calculating the Facility Fee shall vary from time to time in accordance with the higher of Borrower’s then
applicable Moody’s debt rating and S&P’s debt rating unless one of such two ratings is more than one rating category lower than the other, in which case the Applicable Margins and the Facility Fee Rate shall be based on the rating
category which is in between such two ratings (or if there is more than one rating category in between the two ratings, the higher rating category in between the two ratings shall apply). The Applicable Margins shall be adjusted effective on the
next Business Day following any change in Borrower’s Moody’s debt rating and/or S&P’s debt rating, as the case may be. The applicable debt ratings, the Applicable Margins and Facility Fee Rate are set forth in the following table:

  

															
	 S&P Rating
	  	Moody’s Rating	  	LIBOR
Applicable
Margin	 	 	ABR
Applicable
Margin	 	 	Facility
Fee Rate	 
	 A- or higher
	  	A3 or higher	  	 	0.875	% 	 	 	0	% 	 	 	0.125	% 
	 BBB+
	  	Baa1	  	 	0.925	% 	 	 	0	% 	 	 	0.15	% 
	 BBB
	  	Baa2	  	 	1.00	% 	 	 	0	% 	 	 	0.20	% 
	 BBB-
	  	Baa3	  	 	1.20	% 	 	 	0.20	% 	 	 	0.25	% 
	 Less than BBB-
	  	Less than Baa3	  	 	1.55	% 	 	 	0.55	% 	 	 	0.30	% 

 In the event that either of S&P or Moody’s shall discontinue their ratings of the REIT industry or the Borrower, the
Borrower may seek a debt rating from another substitute rating agency reasonably satisfactory to the Administrative Agent and the Borrower. For the period from the date of such discontinuance until the date the Borrower receives a debt rating from
such new rating agency, the single rating from S&P or Moody’s, as the case may be, shall be used to determine the Applicable Margin and the Facility Fee Rate. If both S&P and Moody’s shall discontinue their ratings of the REIT
industry or the Borrower, the Applicable Margin to be used for the calculation of interest on Borrowings hereunder shall be the highest Applicable Margin for each Type and the Facility Fee to be used for the calculation of the Facility Fee shall be
the highest rate shown above. 
 If a rating agency downgrade or discontinuance results in an increase in the ABR Applicable Margin or the
LIBOR Applicable Margin or in the Facility Fee Rate and if such increase is reversed and the affected Applicable Margin or Facility Fee Rate is restored within ninety (90) days thereafter, at Borrower’s request, Borrower shall receive a
credit against interest next due the Lenders equal to (i) interest accrued at the differential between such Applicable Margins plus (ii) the differential in the Facility Fees accruing from time to time during such period of downgrade or
discontinuance. 
 If a rating agency upgrade results in decrease in the ABR Applicable Margin or the LIBOR Applicable Margin or in the
Facility Fee Rate and if such upgrade is reversed and the affected Applicable Margin or Facility Fee Rate is restored within ninety (90) days thereafter, Borrower shall be required to pay an amount to the Lenders equal to the interest
differential on the Borrowings and the differential on the Facility Fees during such period of upgrade. 

  
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 2.5. Final Principal Payment. Any outstanding Borrowings and all other unpaid Obligations
shall be paid in full by the Borrower on the Facility Termination Date. 
 2.6. Facility Fee. Subject to Section 2.27(a),
the Borrower agrees to pay to the Administrative Agent for the account of each Lender a facility fee (the “Facility Fee”) calculated for each day after the Closing Date through the Facility Termination Date at a per annum rate equal to the
Facility Fee Rate in effect for such day (converted to a per diem rate) times the Aggregate Commitment as of such day. The Facility Fee shall be payable quarterly in arrears on the last day of each calendar quarter hereafter beginning June 30,
2015 (for the period from the Closing Date through June 30, 2015) and continuing on the last day of each calendar quarter thereafter, with any accrued and unpaid Facility Fee due and payable on the Facility Termination Date (for the period from
the first day of the quarter during which the Facility Termination Date occurs through the Facility Termination Date). Notwithstanding the foregoing, all accrued Facility Fees shall be payable on the effective date of any reduction in the Aggregate
Commitment or any termination of the obligations of the Lenders to make Loans hereunder. 
 2.7. Other Fees. The Borrower agrees to
pay all fees payable to the Administrative Agent and the Joint Lead Arrangers pursuant to the Borrower’s letter agreements with (a) Wells Fargo Securities, LLC and Wells Fargo Bank, National Association, dated March 17, 2015, and
(b) JPMorgan Chase Bank and JPMorgan Securities LLC, dated March 24, 2015. The Borrower shall also pay the fee due to the Administrative Agent in connection with certain Competitive Bid Loans as provided in Section 2.22 hereof.

 2.8. Principal Payments. (a) The Borrower may from time to time pay, without penalty or premium, all or any part of
outstanding Floating Rate Borrowings without prior notice to the Administrative Agent. A Fixed Rate Borrowing may be paid on the last day of the applicable Interest Period or, if and only if the Borrower pays any amounts due to the Lenders under
Sections 3.4 and 3.5 as a result of such prepayment, on a day prior to such last day. Notwithstanding the foregoing, in no event shall Borrower have the right to prepay a Competitive Bid Loan without the consent of the applicable
Competitive Bid Lender. 
 (b) If on any Exchange Rate Date relating to the Global Revolving Facility, the Total Global
Exposure exceeds 105% of the total Global Revolving Commitments, the Parent Borrower shall, without notice or demand, within three Business Days after such Exchange Rate Date, prepay (or cause the relevant Qualified Borrower to prepay) Global
Revolving Loans in an aggregate amount such that, after giving effect thereto, the Total Global Exposure does not exceed the total Global Revolving Commitments. If on any Exchange Rate Date relating to the Domestic Revolving Facility, the Total
Domestic Exposure plus the amount of all outstanding Competitive Bid Loans exceeds 105% of the aggregate Domestic Revolving Commitments, the Parent Borrower shall, without notice or demand, within three Business Days after such Exchange Rate Date,
prepay Borrowings or, if no such Borrowings are outstanding, deposit cash collateral in an account with the Administrative Agent pursuant to Section 2A.9 in an aggregate amount such that, after giving effect thereto, the Total Domestic
Exposure plus the amount of all outstanding Competitive Bid Loans does not exceed the aggregate Domestic Revolving Commitments. 

  
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 2.9. Funding of Borrowings. Each Lender shall make each Loan to be made by it hereunder on
the proposed date thereof by wire transfer to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders, in immediately available funds, not later than 2:00 p.m., New York City time, in the
case of fundings to an account in New York City, or 2:00 p.m., local time, in the case of fundings to an account in another jurisdiction. The Administrative Agent will make such Loans available to the relevant Borrower by promptly crediting the
amounts so received, in like funds, to an account designated by such Borrower in the applicable Borrowing Request, which account must be in the name of such Borrower provided that Floating Rate Loans made to finance the reimbursement of an LC
Disbursement as provided in Section 2A.5 shall be remitted by the Administrative Agent to the applicable Issuing Lender. 

2.10. Interest Elections. 

(a) Each Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a
Eurocurrency Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, a Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurocurrency
Borrowing, may elect Interest Periods therefor, all as provided in this Section. A Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among
the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. Notwithstanding the foregoing, a Borrower may not (i) elect to convert the currency in which any Loans
are denominated, (ii) elect to convert Qualified Foreign Global Currency Loans from Eurocurrency Loans to Floating Rate Loans, (iii) elect an Interest Period for Eurocurrency Loans that does not comply with Section 2.2(d),
(iv) elect to convert any Floating Rate Loans to Eurocurrency Loans that would result in the number of Eurocurrency Borrowings exceeding the maximum number of Eurocurrency Borrowings permitted under Section 2.2(c), or (v) elect
an Interest Period for Eurocurrency Loans unless the aggregate outstanding principal amount of Eurocurrency Loans (including any Eurocurrency Loans made to such Borrower in the same currency on the date that such Interest Period is to begin) to
which such Interest Period will apply complies with the requirements as to minimum principal amount set forth in Section 2.2(c). 

(b) To make an election pursuant to this Section (an “Interest Election Request”), a Borrower shall notify the
Administrative Agent of such election by telephone by the time that a Borrowing Request would be required under Section 2.3 if such Borrower were requesting a Revolving Borrowing of the Type resulting from such election to be made on the
effective date of such election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by delivery to the Administrative Agent of a written Interest Election Request in a form approved by the
Administrative Agent (hereinafter referred to as a “Conversion/Continuation Notice”). 

  
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 (c) Each telephonic and written Conversion/Continuation Notice shall specify the
following information in compliance with Section 2.2 and paragraph (a) of this Section: (i) the Borrowing to which such Conversion/Continuation Notice applies; (ii) the effective date of the election made pursuant to such
Conversion/Continuation Notice, which shall be a Business Day; (iii) whether the resulting Borrowing is to be a Floating Rate Borrowing or a Eurocurrency Borrowing; and (iv) if the resulting Borrowing is a Eurocurrency Borrowing, the
Interest Period to be applicable thereto after giving effect to such election. If any such Conversion/Continuation Notice requests a Eurocurrency Borrowing but does not specify an Interest Period, then the relevant Borrower shall be deemed to have
selected an Interest Period of one month’s duration. 
 (d) Promptly following receipt of a Conversion/Continuation
Notice, the Administrative Agent shall advise each relevant Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 

(e) If the relevant Borrower fails to deliver a timely Conversion/Continuation Notice with respect to a Eurocurrency Borrowing
denominated in Dollars prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to a Floating Rate Borrowing. If the
relevant Borrower fails to deliver a timely Conversion/Continuation Notice with respect to a Eurocurrency Borrowing denominated in a Qualified Foreign Global Currency prior to the end of the Interest Period applicable thereto, then, unless such
Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall automatically continue as a Eurocurrency Loan having an Interest Period of one month. 

2.11. Changes in Interest Rate, Etc. Each Floating Rate Borrowing shall bear interest on the outstanding principal amount thereof, for
each day from and including the date such Borrowing is made or is converted from a Fixed Rate Borrowing into a Floating Rate Borrowing pursuant to Section 2.10 to but excluding the date it becomes due or is converted into a Fixed Rate
Borrowing pursuant to Section 2.10 hereof, at a rate per annum equal to the Floating Rate for such day. Changes in the rate of interest on that portion of any Borrowing maintained as a Floating Rate Borrowing will take effect
simultaneously with each change in the Alternate Base Rate. Each Fixed Rate Borrowing shall bear interest from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such Interest Period at the
interest rate determined as applicable to such Fixed Rate Borrowing. 
 2.12. Rates Applicable After Default. Notwithstanding
anything to the contrary contained in Section 2.9 or 2.10, during the continuance of a Default the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders
notwithstanding any provision of Section 8.2 requiring unanimous consent of the Lenders to changes in interest rates), declare that (i) no Borrowing denominated in Dollars may be made as, converted into or continued as a Fixed Rate
Borrowing, (ii) unless repaid, each Eurocurrency Borrowing denominated in Dollars shall be converted to a Floating Rate Borrowing at the end of the Interest Period applicable thereto and (iii) no Borrowing denominated in a Qualified
Foreign Global Currency having an Interest Period in excess of one month may be made or continued. During the continuance of a Default the Required Lenders 

  
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may, at their option, by notice to the Borrower (which notice may be revoked at the option of the Required Lenders notwithstanding any provision of Section 8.2 requiring unanimous
consent of the Lenders to changes in interest rates), declare that (i) each Fixed Rate Borrowing shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per
annum and (ii) each Floating Rate Borrowing shall bear interest at a rate per annum equal to the Floating Rate otherwise applicable to the Floating Rate Borrowing plus 2% per annum. 

2.13. Method of Payment. 

(i) All payments of the Obligations hereunder shall be made, without setoff, deduction, or counterclaim, in immediately
available funds to the Administrative Agent at the New York Administrative office for payments in Dollars, and at the London Administrative Office for payments in currencies other than Dollars, or at any other Lending Installation of the
Administrative Agent specified in writing by the Administrative Agent to the Borrower, by 1:00 p.m. New York time (or if the payment is made to the London Administrative Office, 3:00 p.m. London time) on the date when due and shall be
applied ratably by the Administrative Agent among the Lenders in the Domestic Revolving Facility or Global Revolving Facility, as the case may be. Except as otherwise specified in this Agreement, each such payment (other than principal of and
interest on Qualified Global Currency Loans and LC Disbursements denominated in an Alternative Currency, which shall be made in the applicable Qualified Global Currency or, except as otherwise specified in Section 2A.5, Alternative
Currency, as the case may be) shall be made in Dollars. 
 (ii) As provided elsewhere herein, all Lenders’ interests in
the Borrowings and the Loan Documents shall be ratable undivided interests and none of such Lenders’ interests shall have priority over the others. Each payment delivered to the Administrative Agent for the account of any Lender or amount to be
applied or paid by the Administrative Agent to any Lender shall be paid promptly (on the same day as received by the Administrative Agent if received prior to 1:00 p.m. New York time or 1:00 p.m. London time, as applicable, and otherwise on the
next Business Day) by the Administrative Agent to such Lender in the same type of funds that the Administrative Agent received at its address specified pursuant to Article XIII or at any Lending Installation specified in a notice
received by the Administrative Agent from such Lender. Payments received by the Administrative Agent but not timely funded to the Lenders shall bear interest payable by the Administrative Agent at the Federal Funds Effective Rate from the date due
until the date paid. The Administrative Agent is hereby authorized to charge the account of the Borrower maintained with JPMorgan Chase Bank for each payment of principal, interest and fees as it becomes due hereunder. 

(iii) If any Lender shall fail to make any payment required to be made by it pursuant to
Section 2.9, 2.20, 2A.5, 2A.6(b) or 10.8, then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, 

  
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(A) apply any amounts thereafter received by the Administrative Agent for the account of such Lender for the benefit of the Administrative Agent or the Issuing Lender to satisfy such
Lender’s obligations to it under such Section until all such unsatisfied obligations are fully paid, and/or (B) hold any such amounts in a segregated account as cash collateral for, and application to, any such unsatisfied obligations of
such Lender under any such Section or any contingent reimbursement obligations of such Lender with respect to then outstanding Letters of Credit until all such unsatisfied obligations are fully paid, in the case of each of clauses (A) and
(B) above, in any order as determined by the Administrative Agent in its discretion. 
 2.14. Notes; Telephonic Notices. Each
Lender is hereby authorized to record the principal amount of each of its Loans and each repayment on the schedule attached to its Note, provided, however, that the failure to so record shall not affect the Borrower’s obligations under such
Note. The Borrower hereby authorizes the Lenders and the Administrative Agent to extend, convert or continue Borrowings, effect selections of Types of Borrowings and to transfer funds based on telephonic notices made by any Authorized Officer. The
Borrower agrees to deliver promptly to the Administrative Agent a written confirmation, if such confirmation is requested by the Administrative Agent or any Lender, of each telephonic notice. If the written confirmation differs in any material
respect from the action taken by the Administrative Agent and the Lenders, the records of the Administrative Agent and the Lenders shall govern absent manifest error. 

2.15. Interest Payment Dates; Interest and Fee Basis. Interest accrued on each Borrowing (other than Competitive Bid Loans) shall be
payable on each Payment Date, commencing with the first such date to occur after the date hereof, at maturity, whether by acceleration or otherwise, and upon any termination of the Aggregate Commitment in its entirety under Section 2.1
hereof. Interest accrued on each Competitive Bid Loan shall be payable on the last day of the Interest Period applicable to such Competitive Bid Loan (or, if such Interest Period is in excess of three months, on the 90th day of such Interest Period) or any earlier date on which such Competitive Bid Loan is repaid, at maturity, whether by acceleration or otherwise, and upon any termination of the Aggregate Commitment
in its entirety under Section 2.1 hereof. Interest and Facility Fees shall be calculated for actual days elapsed on the basis of a 360-day year, except interest on loans made in Sterling or bearing interest at the CDOR Rate shall be
computed on the basis of a 365 day year. Interest shall be payable for the day a Borrowing is made but not for the day of any payment on the amount paid if payment is received prior to noon (local time) at the place of payment. If any payment of
principal of or interest on a Borrowing shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in
computing interest in connection with such payment. 
 2.16. Notification of Borrowings, Interest Rates and Prepayments. The
Administrative Agent will notify each Lender of the contents of each Borrowing Request, Conversion/Continuation Notice, and repayment notice received by it hereunder not later than the close of business on the Business Day such notice is received by
the Administrative Agent (or such earlier time as is required by Section 2.3). The Administrative Agent will notify each Lender of the interest rate applicable to each Fixed Rate Borrowing promptly upon determination of such interest
rate and will give each Lender prompt notice of each change in the Alternate Base Rate. 

  
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 2.17. Lending Installations. Subject to Section 3.6, each Lender may book its
Loans at any Lending Installation selected by such Lender and may change its Lending Installation from time to time. All terms of this Agreement shall apply to any such Lending Installation and the Notes shall be deemed held by each Lender for the
benefit of such Lending Installation. Each Lender may, by written notice to the Administrative Agent and the Borrower, designate a Lending Installation through which Loans will be made by it and for whose account Loan payments are to be made. 

2.18. Non-Receipt of Funds by the Administrative Agent. Unless the Borrower or a Lender, as the case may be, notifies the
Administrative Agent prior to the time at which it is scheduled to make payment to the Administrative Agent of (i) in the case of a Lender, the proceeds of a Loan or (ii) in the case of the Borrower, a payment of principal, interest or
fees to the Administrative Agent for the account of the Lenders, that it does not intend to make such payment, the Administrative Agent may assume that such payment has been made. The Administrative Agent may, but shall not be obligated to, make the
amount of such payment available to the intended recipient in the applicable currency in reliance upon such assumption. If such Lender or the Borrower, as the case may be, has not in fact made such payment to the Administrative Agent, the recipient
of such payment shall, on demand by the Administrative Agent, repay to the Administrative Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made
available by the Administrative Agent until the date the Administrative Agent recovers such amount at a rate per annum equal to (i) in the case of payment by a Lender, the Federal Funds Effective Rate for such day or (ii) in the case of
payment by the Borrower, the interest rate applicable to the relevant Loan. If such Lender so repays such amount and interest thereon to the Administrative Agent within one Business Day after such demand, all interest accruing on the Loan not funded
by such Lender during such period shall be payable to such Lender when received from the Borrower. 
 2.19. Mitigation Obligations;
Replacement of Lenders. (a) If any Lender requests compensation under Section 3.1 or Section 3.2, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 3.5, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations
hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Sections 3.1, 3.2 or 3.5, as the
case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any
Lender in connection with any such designation or assignment. 
 (b) If (w) any Lender requests compensation under
Section 3.1 or Section 3.2, or (x) the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 3.5, or (y) any Lender becomes Defaulting Lender, or (z) any Lender has refused 

  
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to consent to any proposed amendment, modification, waiver, termination or consent with respect to any provision of this Agreement or any other Loan Document that, pursuant to
Section 8.2, requires the consent of all Lenders or each Lender affected thereby and with respect to which Lenders constituting the Required Lenders have consented to such proposed amendment, modification, waiver, termination or consent,
then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in
Section 12.3), all of its interests, rights (other than its existing rights to payments pursuant to Sections 3.1, 3.2 or 3.5) and obligations under the Loan Documents to an assignee that shall assume such
obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent (and if a Revolving Commitment is being
assigned, the Issuing Lenders), which consent shall not unreasonably be withheld, (ii) subject to the Borrower’s rights with respect to Defaulting Lenders under Section 2.27, such Lender shall have received payment of an amount equal
to the outstanding principal of its Loans and participations in Facility Letters of Credit, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and
accrued interest and fees) or the Borrower (in the case of all other amounts), (iii) in the case of any such assignment resulting from a claim for compensation under Section 3.1 or Section 3.2 or payments required to be
made pursuant to Section 3.5, such assignment will result in a reduction in such compensation or payments, and (iv) in the case of any such assignment resulting from a Lender’s refusal to consent to a proposed amendment,
modification, waiver, termination or consent, the assignee shall approve the proposed amendment, modification, waiver, termination or consent. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result
of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 

2.20. [Reserved]. 
 2.21.
Competitive Bid Loans. 
 (a) Competitive Bid Option. In addition to ratable Borrowings pursuant to
Section 2.3, but subject to the terms and conditions of this Agreement (including, without limitation the limitation set forth in Section 2.1 as to the maximum amount of all outstanding Borrowings, including Competitive Bid
Loans), the Borrower may, as set forth in Sections 2.22 or 2.23, request the Lenders, prior to the Facility Termination Date, to make offers to make Competitive Bid Loans to the Borrower. Each Lender may, but shall have no
obligation to, make such offers and the Borrower may, but shall have no obligation to, accept any such offers in the manner set forth in Section 2.22 or Section 2.23, as the case may be. Competitive Bid Loans shall be
evidenced by the Competitive Bid Notes. Borrower shall not have the right to request a Competitive Bid Loan at any time that a Default exists. If Borrower elects to have Administrative Agent administer the Competitive Bid Loan process, the
procedures set forth in Section 2.22 shall apply. If Borrower elects to administer the Competitive Bid Loan process itself, the procedures set forth in Section 2.23 shall apply. 

  
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 (b) General Terms. Any Competitive Bid Loan shall not reduce the
Commitment of the Lender making such Competitive Bid Loan, and each such Lender shall continue to be obligated to fund its full share of all pro rata Borrowings under the Domestic Revolving Facility or Global Revolving Facility as the case may be.
In no event can the aggregate amount of all Competitive Bid Loans at any time exceed fifty percent (50%) of the then Aggregate Commitment. Notwithstanding anything to the contrary in Section 2.10, Competitive Bid Loans may not be
continued or converted and, if not repaid at the end of the Interest Period applicable thereto, shall (subject to the conditions set forth in this Agreement) be replaced by new Competitive Bid Loans made in accordance with Section 2.22
or Section 2.23 or by ratable Borrowings in accordance with Section 2.3. 
 (c) Funding of
Competitive Bid Loans. Each Lender that is to make a Competitive Bid Loan shall, before 1:00 p.m. (New York time) on the date of such Competitive Bid Loan specified in the notice received from the Borrower make available the amount of such
Competitive Bid Loan to the Administrative Agent. If such Lender also has an outstanding Competitive Bid Loan that is payable on such date, the Borrower agrees that such Lender may fund only the net increase, if any, in such new Competitive Bid Loan
over the principal balance of such outstanding Competitive Bid Loan and such outstanding Competitive Bid Loan shall be deemed advanced by the Lender to the Borrower on the terms of the new Competitive Bid Loan. Upon fulfillment of the applicable
conditions to disbursement and after receipt of such funds, the Administrative Agent will make such funds available to the Borrower at the Administrative Agent’s aforesaid address. 

2.22. Agent Administered Competitive Bid Loans. 

(a) Competitive Bid Quote Request. When the Borrower wishes to request offers to make Competitive Bid Loans under this
Section 2.22, it shall transmit to the Administrative Agent by telecopy a Competitive Bid Quote Request substantially in the form of Exhibit I-1 hereto so as to be received no later than (i) 11:00 a.m. (New York time) at
least five Business Days prior to the Borrowing Date proposed therein, in the case of a request for a Competitive LIBOR Margin or (ii) 10:00 a.m. (New York time) at least one Business Day prior to the Borrowing Date proposed therein, in the
case of a request for an Absolute Rate specifying: 
 (i) the proposed Borrowing Date for the proposed Competitive Bid Loan,

 (ii) the requested aggregate principal amount of such Competitive Bid Loan which shall be at least $5,000,000 and in an
integral multiple of $1,000,000, 
 (iii) whether the Competitive Bid Quotes requested are to set forth a Competitive LIBOR
Margin or an Absolute Rate, or both, and 
 (iv) the LIBOR Interest Period, if a Competitive LIBOR Margin is requested, or
the Absolute Interest Period, if an Absolute Rate is requested. 

  
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 The Borrower may request offers to make Competitive Bid Loans for more than one (but not more
than five) Interest Periods in a single Competitive Bid Quote Request. A Competitive Bid Quote Request that does not conform substantially to the form of Exhibit I-1 hereto shall be rejected, and the Administrative Agent shall promptly
notify the Borrower of such rejection by telecopy. 
 (b) Invitation for Competitive Bid Quotes. Promptly and in any
event before the close of business on the same Business Day of receipt of a Competitive Bid Quote Request that is not rejected pursuant to Section 2.22(a), the Administrative Agent shall send to each of the Lenders by telecopy an
Invitation for Competitive Bid Quotes substantially in the form of Exhibit I-2 hereto, which shall constitute an invitation by the Borrower to each Lender to submit Competitive Bid Quotes offering to make the Competitive Bid Loans to
which such Competitive Bid Quote Request relates in accordance with this Section 2.22. 
 (c) Submission and
Contents of Competitive Bid Quotes. 
 (i) Each Lender may, in its sole discretion, submit a Competitive Bid Quote
containing an offer or offers to make Competitive Bid Loans in response to any Invitation for Competitive Bid Quotes. Each Competitive Bid Quote must comply with the requirements of this Section 2.22(c) and must be submitted to the
Administrative Agent by telecopy at its offices not later than (a) 3:00 p.m. (New York time) at least four Business Days prior to the proposed Borrowing Date, in the case of a request for a Competitive LIBOR Margin or (b) 10:00 a.m. (New
York time) on the proposed Borrowing Date, in the case of a request for an Absolute Rate (or, in either case upon reasonable prior notice to the Lenders, such other time and date as the Borrower and the Administrative Agent may agree);
provided that Competitive Bid Quotes submitted by JPMorgan Chase Bank may only be submitted if the Administrative Agent or JPMorgan Chase Bank notifies the Borrower of the terms of the offer or offers contained therein no later than 30
minutes prior to the latest time at which the relevant Competitive Bid Quotes must be submitted by the other Lenders. Subject to the Borrower’s compliance with all other conditions to disbursement herein, any Competitive Bid Quote so made shall
be irrevocable except with the written consent of the Administrative Agent given on the instructions of the Borrower. 
 (ii)
Each Competitive Bid Quote shall be in substantially the form of Exhibit I-3 hereto and shall in any case specify: 

(A) the proposed Borrowing Date, which shall be the same as that set forth in the applicable Invitation for Competitive Bid
Quotes, 
 (B) the principal amount of the Competitive Bid Loan for which each such offer is being made, which principal
amount (1) may be greater than, less than or equal to the Commitment of the quoting Lender, (2) must be at least $5,000,000 and an integral multiple of $1,000,000, and (3) may not exceed the principal amount of Competitive Bid Loans
for which offers are requested, 

  
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 (C) as applicable, the Competitive LIBOR Margin and Absolute Rate offered for
each such Competitive Bid Loan, 
 (D) the minimum amount, if any, of the Competitive Bid Loan which may be accepted by the
Borrower, and 
 (E) the identity of the quoting Lender, provided that such Competitive Bid Loan may be funded by such
Lender’s Designated Lender as provided in Section 2.22(h), regardless of whether that is specified in the Competitive Bid Quote. 

(iii) The Administrative Agent shall reject any Competitive Bid Quote that: 

(A) is not substantially in the form of Exhibit I-3 hereto or does not specify all of the information required by
Section 2.22(c)(ii), 
 (B) contains qualifying, conditional or similar language, other than any such language
contained in Exhibit I-3 hereto, 
 (C) proposes terms other than or in addition to those set forth in the
applicable Invitation for Competitive Bid Quotes, or 
 (D) arrives after the time set forth in
Section 2.22(c)(i). 
 If any Competitive Bid Quote shall be rejected pursuant to this Section 2.22(c)(iii), then the
Administrative Agent shall notify the relevant Lender of such rejection as soon as practical. 
 (d) Notice to
Borrower. The Administrative Agent shall promptly notify the Borrower of the terms (i) of any Competitive Bid Quote submitted by a Lender that is in accordance with Section 2.22(c) and (ii) of any Competitive Bid Quote that
amends, modifies or is otherwise inconsistent with a previous Competitive Bid Quote submitted by such Lender with respect to the same Competitive Bid Quote Request. Any such subsequent Competitive Bid Quote shall be disregarded by the Administrative
Agent unless such subsequent Competitive Bid Quote specifically states that it is submitted solely to correct a manifest error in such former Competitive Bid Quote. The Administrative Agent’s notice to the Borrower shall specify the aggregate
principal amount of Competitive Bid Loans for which offers have been received for each Interest Period specified in the related Competitive Bid Quote Request and the respective principal amounts and Competitive LIBOR Margins or Absolute Rate, as the
case may be, so offered. 
 (e) Acceptance and Notice by Borrower. Not later than (i) 7:00 p.m. (New York
time) at least four Business Days prior to the proposed Borrowing Date in the case 

  
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of a request for a Competitive LIBOR Margin or (ii) 11:00 a.m. (New York time) on the proposed Borrowing Date, in the case of a request for an Absolute Rate (or, in either case upon
reasonable prior notice to the Lenders, such other time and date as the Borrower and the Administrative Agent may agree), the Borrower shall notify the Administrative Agent of its acceptance or rejection of the offers so submitted to it pursuant to
Section 2.22(d); provided, however, that the failure by the Borrower to give such notice to the Administrative Agent shall be deemed to be a rejection of all such offers. In the case of acceptance, such notice (a
“Competitive Bid Borrowing Request”) shall specify the aggregate principal amount of offers for each Interest Period that are accepted and the applicable interest rate. The Administrative Agent shall immediately advise the Lenders
making the accepted offers of the contents of the Competitive Bid Borrowing Request. The Borrower may accept any Competitive Bid Quote in whole or in part (subject to the terms of Section 2.22(c)(iii)); provided that: 

(i) the aggregate principal amount of all Competitive Bid Loans to be disbursed on a given Borrowing Date may not exceed the
applicable amount set forth in the related Competitive Bid Quote Request, 
 (ii) acceptance of offers may only be made on
the basis of ascending Competitive LIBOR Margins or Absolute Rates, as the case may be, and 
 (iii) the Borrower may not
accept any offer that is described in Section 2.22(c)(iii) or that otherwise fails to comply with the requirements of this Agreement. 

(f) Allocation by Administrative Agent. If offers are made by two or more Lenders with the same Competitive LIBOR
Margins or Absolute Rates, as the case may be, for a greater aggregate principal amount than the amount in respect of which offers are accepted for the related Interest Period, the principal amount of Competitive Bid Loans in respect of which such
offers are accepted shall be allocated by the Administrative Agent among such Lenders as nearly as possible (in such multiples, not greater than $1,000,000, as the Administrative Agent may deem appropriate) in proportion to the aggregate principal
amount of such offers provided, however, that no Lender shall be allocated any Competitive Bid Loan which is less than the minimum amount which such Lender has indicated that it is willing to accept. Allocations by the Administrative Agent of
the amounts of Competitive Bid Loans shall be conclusive in the absence of manifest error. The Administrative Agent shall promptly, but in any event on the same Business Day, notify each Lender of its receipt of a Competitive Bid Borrowing Request
and the principal amounts of the Competitive Bid Loans allocated to each participating Lender. 
 (g) Administrative
Fee. The Borrower hereby agrees to pay to the Administrative Agent an administration fee of $2,500 for each Competitive Bid Quote Request regardless of whether or not Borrower borrows such Competitive Bid Loan. Such administration fees, if not
paid at the time of the applicable Competitive Bid Quote Request shall be payable monthly in arrears on the first Business Day of each month and on the Facility Termination Date (or such earlier date on which the Aggregate Commitment shall terminate
or be cancelled). 

  
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 (h) Designated Lenders. A Lender may designate its Designated Lender to
fund a Competitive Bid Loan on its behalf as described in Section 2.22(c)(ii)(e). Any Designated Lender which funds a Competitive Bid Loan shall on and after the time of such funding become the obligee under such Competitive Bid Loan and
be entitled to receive payments thereof when due. No Lender shall be relieved of its obligation to fund a Competitive Bid Loan, and no Designated Lender shall assume such obligation, prior to the time such Competitive Bid Loan is funded. 

2.23. Bid Loans Administered by Borrower. 

(a) Competitive Bid Quote Request. When the Borrower wishes to request offers to make Competitive Bid Loans under this
Section 2.23, it shall transmit to the Lenders and Administrative Agent by telecopy an Invitation for Competitive Bid Quote substantially in the form of Exhibit J-1 hereto so as to be received no later than (i) 11:00
a.m. (New York time) at least four Business Days prior to the Borrowing Date proposed therein, in the case of a request for a Competitive LIBOR Margin or (ii) 10:00 a.m. (New York time) at least one Business Day prior to the Borrowing Date
proposed therein, in the case of a request for an Absolute Rate specifying: 
 (i) the proposed Borrowing Date for the
proposed Competitive Bid Loan, 
 (ii) the requested aggregate principal amount of such Competitive Bid Loan which shall be
at least $5,000,000 and in an integral multiple of $1,000,000, 
 (iii) whether the Competitive Bid Quotes requested are to
set forth a Competitive LIBOR Margin or an Absolute Rate, or both, and 
 (iv) the LIBOR Interest Period, if a Competitive
LIBOR Margin is requested, or the Absolute Interest Period, if an Absolute Rate is requested. 
 The Borrower may request offers to make
Competitive Bid Loans for more than one (but not more than five) Interest Periods in a single Competitive Bid Quote. 
 (b)
Submission and Contents of Competitive Bid Quotes. 
 (i) Each Lender may, in its sole discretion, submit a
Competitive Bid Quote containing an offer or offers to make Competitive Bid Loans in response to any Invitation for Competitive Bid Quotes. Each Competitive Bid Quote must comply with the requirements of this Section 2.23(b) and must be
submitted to the Borrower by telecopy at its offices not later than (a) 10:00 a.m. (New York time) at least three Business Days prior to the proposed Borrowing Date, in the case of a request for a Competitive LIBOR Margin or (b) 10:00 a.m.
(New York time) on the proposed Borrowing Date, in the case of a request for an Absolute Rate (or, in either case upon reasonable prior notice to the Lenders, such other time and date 

  
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as the Borrower and the Administrative Agent may agree). Subject to the Borrower’s compliance with all other conditions to disbursement herein, any Competitive Bid Quote so made shall be
irrevocable except with the written consent of the Administrative Agent given on the instructions of the Borrower. 
 (ii)
Each Competitive Bid Quote shall be in substantially the form of Exhibit J-2 hereto and shall in any case specify: 

(A) the proposed Borrowing Date, which shall be the same as that set forth in the applicable Invitation for Competitive Bid
Quotes, 
 (B) the principal amount of the Competitive Bid Loan for which each such offer is being made, which principal
amount (1) may be greater than, less than or equal to the Commitment of the quoting Lender, (2) must be at least $5,000,000 and an integral multiple of $1,000,000, and (3) may not exceed the principal amount of Competitive Bid Loans
for which offers are requested, 
 (C) as applicable, the Competitive LIBOR Margin and Absolute Rate offered for each such
Competitive Bid Loan, 
 (D) the minimum amount, if any, of the Competitive Bid Loan which may be accepted by the Borrower,
and 
 (E) the identity of the quoting Lender, provided that such Competitive Bid Loan may be funded by such Lender’s
Designated Lender as provided in Section 2.23(e), regardless of whether that is specified in the Competitive Bid Quote. 

(iii) The Borrower shall reject any Competitive Bid Quote that: 

(A) is not substantially in the form of Exhibit J-2 hereto or does not specify all of the information required by
Section 2.23(b)(ii), 
 (B) contains qualifying, conditional or similar language, other than any such language
contained in Exhibit J-2 hereto, 
 (C) proposes terms other than or in addition to those set forth in the
applicable Invitation for Competitive Bid Quotes, or 
 (D) arrives after the time set forth in
Section 2.23(b)(i). 
 If any Competitive Bid Quote shall be rejected pursuant to this Section 2.23(b)(iii), then the
Borrower shall notify the relevant Lender of such rejection as soon as practical. 
 (c) Acceptance and Notice by
Borrower. Not later than (i) 3:00 p.m. (New York time) at least three Business Days prior to the proposed Borrowing Date in the case of a request for a Competitive LIBOR Margin or (ii) 11:00 a.m. (New York time) on the

  
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proposed Borrowing Date, in the case of a request for an Absolute Rate (or, in either case upon reasonable prior notice to the Lenders, such other time and date as the Borrower and the
Administrative Agent may agree), the Borrower shall notify the Lenders and Administrative Agent of its acceptance or rejection of the offers submitted to it pursuant to Section 2.23(b); provided, however, that the failure
by the Borrower to give such notice to the Lenders and Administrative Agent shall be deemed to be a rejection of all such offers. In the case of acceptance, such notice to each Lender and the Administrative Agent shall specify the aggregate
principal amount of offers for each Interest Period that are accepted and the applicable interest rate. The Borrower may accept any Competitive Bid Quote in whole or in part (subject to the terms of Section 2.23(b)(iii)); provided
that: 
 (i) the aggregate principal amount of all Competitive Bid Loans to be disbursed on a given Borrowing Date may not
exceed the applicable amount set forth in the related Invitation for Competitive Bid Quote, 
 (ii) acceptance of offers may
only be made on the basis of ascending Competitive LIBOR Margins or Absolute Rates, as the case may be, and 
 (iii) the
Borrower may not accept any offer that is described in Section 2.23(b)(iii) or that otherwise fails to comply with the requirements of this Agreement. 

(d) Allocation by Borrower. If offers are made by two or more Lenders with the same Competitive LIBOR Margins or
Absolute Rates, as the case may be, for a greater aggregate principal amount than the amount in respect of which offers are accepted for the related Interest Period, the principal amount of Competitive Bid Loans in respect of which such offers are
accepted shall be allocated by the Borrower among such Lenders as nearly as possible (in such multiples, not greater than $1,000,000, as the Administrative Agent may deem appropriate) in proportion to the aggregate principal amount of such offers
provided, however, that no Lender shall be allocated any Competitive Bid Loan which is less than the minimum amount which such Lender has indicated that it is willing to accept. Allocations by the Borrower of the amounts of Competitive Bid
Loans shall be conclusive in the absence of manifest error. 
 (e) Designated Lenders. A Lender may designate its
Designated Lender to fund a Competitive Bid Loan on its behalf as described in Section 2.23(b)(ii)(e). Any Designated Lender which funds a Competitive Bid Loan shall on and after the time of such funding become the obligee under such
Competitive Bid Loan and be entitled to receive payments thereof when due. No Lender shall be relieved of its obligation to fund a Competitive Bid Loan, and no Designated Lender shall assume such obligation, prior to the time such Competitive Bid
Loan is funded. 
 2.24. Application of Moneys Received. All moneys collected or received by the Administrative Agent on account of
the Facility directly or indirectly, shall be applied in the following order of priority, subject to Section 2.13(iii) and Section 2.27: 

(i) to the payment of all reasonable costs incurred in the collection of such moneys of which the Administrative Agent shall
have given notice to the Borrower; 

  
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 (ii) to the reimbursement of any yield protection due to any of the Lenders in
accordance with Section 3.1; 
 (iii) to the payment of any fee due pursuant to Section 2A.8(b) in
connection with the issuance of a Facility Letter of Credit to the Issuing Lender, to the payment of the Facility Fee to the Lenders, if then due, and to the payment of all fees to the Administrative Agent; 

(iv) first to interest and the Facility Letter of Credit Fee then due to the 1Lenders until paid in full and then to principal
for all Lenders (i) as allocated by the Borrower (unless a Default exists) among the Facilities and between Competitive Bid Loans and ratable Borrowings (the amount allocated to ratable Borrowings under either of the Facilities to be
distributed in accordance with the applicable pro rata shares of the outstanding amounts of the Lenders for the applicable Facility) or (ii) if a Default exists, in accordance with the respective Funded Percentages of the Lenders until
principal is paid in full, each Lender’s share of such payment to be allocated pro rata among the outstanding Classes and Types of Loans owed to such Lender and then to the Letter of Credit Collateral Account until the full amount of LC
Exposures is on deposit therein; and 
 (v) any other sums due to the Administrative Agent or any Lender under any of the
Loan Documents. 
 2.25. Usury. This Agreement and each Note and Competitive Bid Note are subject to the express condition that at no
time shall Borrower be obligated or required to pay interest on the principal balance of the Loan at a rate which could subject any Lender to either civil or criminal liability as a result of being in excess of the Maximum Legal Rate. If by the
terms of this Agreement or the Loan Documents, Borrower is at any time required or obligated to pay interest on the principal balance due hereunder at a rate in excess of the Maximum Legal Rate, the interest rate or the Default Rate, as the case may
be, shall be deemed to be immediately reduced to the Maximum Legal Rate and all previous payments in excess of the Maximum Legal Rate shall be deemed to have been payments in reduction of principal and not on account of the interest due hereunder.
All sums paid or agreed to be paid to Lender for the use, forbearance, or detention of the sums due under the Loan, shall, to the extent permitted by applicable law, be amortized, prorated, allocated, and spread throughout the full stated term of
the Loan until payment in full so that the rate or amount of interest on account of the Loan does not exceed the Maximum Legal Rate of interest from time to time in effect and applicable to the Loan for so long as the Loan is outstanding. 

2.26. Special Provisions Regarding Foreign Currency Loans. 

(a) Upon the occurrence of a Sharing Event, automatically (and without the taking of any action) (i) all then outstanding
Eurocurrency Borrowings denominated in a currency other than Dollars shall be automatically converted into Floating Rate 

  
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Borrowings denominated in Dollars (in an amount equal to the Dollar Equivalent of the aggregate principal amount of the applicable Eurocurrency Borrowings on the date such Sharing Event first
occurred, which Loans denominated in Dollars (1) shall thereafter continue to be deemed to be Floating Rate Borrowings and (2) unless the Sharing Event resulted solely from a termination of the Commitments, shall be immediately due and
payable on the date such Sharing Event has occurred) and (ii) unless the Sharing Event resulted solely from a termination of the Commitments, all accrued and unpaid interest and other amounts owing with respect to such Loans shall be
immediately due and payable in Dollars, using the Dollar Equivalent of such accrued and unpaid interest and other amounts. 

(b) Upon the occurrence of a Sharing Event, and after giving effect to any automatic conversion pursuant to Section
2.26(a), each Lender shall (and hereby unconditionally and irrevocably agrees to) purchase and sell (in each case in Dollars) undivided participating interests in all such Loans outstanding so that each Lender shall have a share of
such outstanding Loans equal to its pro rata share of the aggregate Domestic Revolving Commitments, and aggregate Global Revolving Commitments (provided that if such purchase of a participating interest would increase the Lender’s
Revolving Exposure to an amount greater than its Revolving Commitment then the amount of the participation it would be required to purchase would be reduced by such excess amount). Upon any such occurrence, the Administrative Agent shall notify each
Lender and shall specify the amount of Dollars required from such Lender in order to effect the purchases and sales by the various Lenders of participating interests in the amounts required above (together with accrued interest with respect to the
period for the last interest payment date through the date of the Sharing Event plus any additional amounts payable by the Borrower pursuant to this Section in respect of such accrued but unpaid interest); provided, in the event that a Sharing Event
shall have occurred, each Lender shall be deemed to have purchased, automatically and without request, such participating interests. Promptly upon receipt of such request, each Lender shall deliver to the Administrative Agent (in immediately
available funds in Dollars) the net amounts as specified by the Administrative Agent. The Administrative Agent shall promptly deliver the amounts so received to the various Lenders in such amounts as are needed to effect the purchases and sales of
participations as provided above. Promptly following receipt thereof, each Lender which has sold participations in any of its Loans (through the Administrative Agent) will deliver to each Lender (through the Administrative Agent) which has so
purchased a participating interest a participation certificate dated the date of receipt of such funds and in such amount. It is understood that the amount of funds delivered by each Lender shall be calculated on a net basis, giving effect to both
the sales and purchases of participations by the various Lenders as required above. 
 (c) Upon the occurrence of a Sharing
Event all amounts from time to time accruing with respect to, and all amounts from time to time payable on account of, any outstanding Eurocurrency Borrowings initially denominated in a Qualified Foreign Global Currency (including, without
limitation, any interest and other amounts which were accrued but unpaid on the date of such purchase) shall be payable in Dollars as if such Eurocurrency Borrowing had originally been made in Dollars. 

  
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 (d) If any amount required to be paid by any Lender pursuant to
Section 2.26(b) is not paid to the Administrative Agent within one (1) Business Day following the date upon which such Lender receives notice from the Administrative Agent of the amount of its participations required to be purchased
pursuant to Section 2.26(b), such Lender shall also pay to the Administrative Agent on demand an amount equal to the product of (i) the amount so required to be paid by such Lender for the purchase of its participations multiplied
by (ii) the daily average Federal Funds Effective Rate during the period from and including the date of request for payment to the date on which such payment is immediately available to the Administrative Agent multiplied by (iii) a
fraction the numerator of which is the number of days that elapsed during such period and the denominator of which is 360. If any such amount required to be paid by any Lender pursuant to Section 2.26(b) is not in fact made available to
the Administrative Agent within three (3) Business Days following the date upon which such Lender receives notice from the Administrative Agent as to the amount of participations required to be purchased by it, the Administrative Agent shall be
entitled to recover from such Lender on demand, such amount with interest thereon calculated from such request date at the rate per annum applicable to Floating Rate Borrowings. A certificate of the Administrative Agent submitted to any Lender with
respect to any amounts payable by any Lender pursuant to this Section shall be conclusive and binding. 
 (e) Each
Lender’s obligation to purchase participating interests pursuant to this Section shall be absolute and unconditional and shall not be affected by any circumstance including, without limitation, (i) any setoff, counterclaim, recoupment,
defense or other right which such Lender may have against any other Lender, the Borrower or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default, (iii) any adverse change in the condition (financial
or otherwise) of any Party or any other Person, (iv) any breach of this Agreement by any Party, any Lender or any other Person, or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

 (f) Notwithstanding anything to the contrary contained elsewhere in this Agreement, upon any purchase of participations as
required above, each Lender which has purchased such participations shall be entitled to receive from the Borrower any increased costs and indemnities directly from the Borrower to the same extent as if it were the direct Lender as opposed to a
participant therein. The Borrower acknowledges and agrees that, upon the occurrence of a Sharing Event and after giving effect to the requirements of this Section, increased Taxes may be owing by the Borrower pursuant to Section 3.5,
which Taxes shall be paid (to the extent provided in Section 3.5 by the Borrower, without any claim that the increased Taxes are not payable because same resulted from the participations effected as otherwise required by this Section.

 2.27. Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting
Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 
 (a) fees shall cease
to accrue on the unused portion of the Commitment of such Defaulting Lender pursuant to Section 2.6, and fees shall continue to accrue on the 

  
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used portion of the Commitment of such Defaulting Lender pursuant to Section 2.6, but shall not be payable to such Defaulting Lender by the Borrower until such Defaulting Lender
ceases to be a Defaulting Lender, if ever; 
 (b) the Commitment and Revolving Exposure of such Defaulting Lender shall not
be included in determining whether the Required Lenders or Required Facility Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 8.2); provided
that any waiver, amendment or modification that increases the Commitment of a Defaulting Lender, forgives all or any portion of the principal amount of any Loan or Reimbursement Obligation or interest thereon owing to a Defaulting Lender, reduces
the Applicable Margin on the underlying interest rate owing to a Defaulting Lender or extends the Facility Termination Date shall require the consent of such Defaulting Lender; 

(c) if any LC Exposure exists at the time such Lender becomes a Defaulting Lender then: 

(i) so long as no Default or Unmatured Default has occurred and is continuing, all or any part of the LC Exposure of such
Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance with their respective Percentages but only to the extent the sum of all non-Defaulting Lenders’ Revolving Exposures plus such Defaulting Lender’s LC
Exposure does not exceed the total of all non-Defaulting Lenders’ Commitments; 
 (ii) if the reallocation described in
clause (i) above cannot, or can only partially, be effected, the Borrower shall within three Business Days following notice by the Administrative Agent cash collateralize for the benefit of the Issuing Lender only the Borrower’s
obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2A.9 and
Section 8.1 for so long as such LC Exposure is outstanding; 
 (iii) if the Borrower cash collateralizes any
portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Borrower shall not be required to pay any fees, and such fees shall not accrue, to such Defaulting Lender pursuant to Section 2A.8 with
respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized; 

(iv) if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable
to the Lenders pursuant to Section 2A.8(a) shall be adjusted in accordance with such non-Defaulting Lenders’ reallocated Percentages; and 

(v) if all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized pursuant
to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Lender or any other 

  
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Lender hereunder, all facility fees that otherwise would have been payable to such Defaulting Lender (solely with respect to the portion of such Defaulting Lender’s Commitment that was
utilized by such LC Exposure) and letter of credit fees payable under Section 2A.8(a) with respect to such Defaulting Lender’s LC Exposure shall be payable to the Issuing Lender until and to the extent that such LC Exposure is
reallocated and/or cash collateralized; and 
 (d) so long as such Lender is a Defaulting Lender, the Issuing Bank shall not
be required to issue, amend or increase any Letter of Credit, unless the Defaulting Lender’s then outstanding LC Exposure will be 100% covered by the Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the
Borrower in accordance with Section 2.27(c), and participating interests in any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.27(c)(i) (and
such Defaulting Lender shall not participate therein). 
 If (i) a Bankruptcy Event with respect to a Parent of any Lender shall occur
following the date hereof and for so long as such event shall continue or (ii) the Issuing Lender has a good faith belief that any Lender has defaulted or will default in fulfilling its obligations under one or more other agreements in which
such Lender commits to extend credit, the Issuing Lender shall not be required to issue, amend or increase any Letter of Credit, unless the related exposure and the Defaulting Lender’s then outstanding LC Exposure will be 100% covered by the
Commitments of the non-Defaulting Lenders or the Issuing Lender shall have entered into arrangements with the Borrower or such Lender, satisfactory to the Issuing Lender to defease any risk to it in respect of such Lender hereunder. 

In the event that the Administrative Agent, the Borrower and the Issuing Lender each agrees that a Defaulting Lender has adequately remedied
all matters that caused such Lender to be a Defaulting Lender, then the LC Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such date such Lender shall purchase at par such of the Loans of
the other Lenders (other than Competitive Bid Loans) and the funded and unpaid participations of the other Lenders in the Letters of Credit as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in
accordance with its Percentage. 
 2.28. Extension of Facility Termination Date. The Borrower shall have two options (each, an
“Extension Option”) to extend the then applicable Facility Termination Date for a period of six (6) months per extension (for a total extension of one (1) year). Subject to the conditions set forth below, the Borrower may
exercise an Extension Option by delivering a written notice to Administrative Agent (who shall provide such notice, promptly upon receipt, to each of the Lenders) not more than one hundred twenty (120) days and not less than thirty
(30) days prior to the then applicable Facility Termination Date (a “Notice to Extend”), stating that the Borrower has elected to extend the Facility Termination Date for six (6) months. The Borrower’s right to exercise each
Extension Option shall be subject to the following terms and conditions: (i) there shall exist no Default or Unmatured Default on both the date the Borrower delivers the Notice to Extend to the Administrative Agent and on the then applicable
scheduled Facility Termination Date, (ii) the Borrower shall have paid to the Administrative Agent for the 

  
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account of each Lender for each extension an extension fee equal to 0.075% of such Lender’s percentage share of the Aggregate Commitment simultaneously with delivery of the Notice to Extend,
(iii) the representations and warranties of the Borrower contained in Article V shall be true and correct in all material respects as of the date the Borrower delivers the Notice to Extend and the applicable Facility Termination Date; provided
that any representation or warranty that is qualified as to “materiality”, Material Adverse Effect or similar language shall be true and correct in all respects on such date and any such representation or warranty that is stated to relate
solely to an earlier date shall be true and correct on and as of such earlier date, and (iv) the Borrower shall be in compliance with the covenants contained in Article VI, as evidenced by a certificate from the Borrower of the sort required by
Section 6.1(v) (based on financial results for the most recent calendar quarter for which the Borrower is required to report financial results). 

ARTICLE IIA 
 THE LETTER
OF CREDIT SUBFACILITY 
 2A.1 Obligation to Issue. Subject to the terms and conditions of this Agreement and in reliance upon the
representations and warranties of the Borrower herein set forth, each Issuing Lender hereby agrees to issue for the account of the Borrower, one or more Facility Letters of Credit in accordance with this Article 2A, from time to time during
the period commencing on the date hereof and ending on the fifth Business Day prior to the Facility Termination Date. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of
letter of credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, any Issuing Lender relating to any Facility Letter of Credit, the terms and conditions of this Agreement shall control.
Notwithstanding anything herein to the contrary, the Issuing Lenders shall have no obligation hereunder to issue, and shall not issue, any Facility Letter of Credit the proceeds of which would be made available to any Person (i) to fund any
activity or business of or with any Sanctioned Person, or in any country or territory that, at the time of such funding, is the subject to any Sanctions or (ii) in any manner that would result in a violation of any Sanctions by any party to
this Agreement. 
 2A.2 Types and Amounts. The Issuing Lender shall not: 

(i) issue any Facility Letter of Credit if the aggregate maximum amount then available for drawing under Letters of Credit
issued by such Issuing Lender, after giving effect to the Facility Letter of Credit requested hereunder, shall exceed any limit imposed by law or regulation upon such Issuing Lender; 

(ii) issue any Facility Letter of Credit if, after giving effect thereto, the LC Exposure of any Issuing Lender would exceed
its Letter of Credit Commitment at such time; 
 (iii) issue any Facility Letter of Credit if, after giving effect thereto,
the LC Exposure would exceed $50,000,000 or the Total Domestic Exposure plus the amount of all outstanding Competitive Bid Loans would exceed the aggregate Domestic Revolving Commitments; 

  
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 (iv) issue any Alternative Currency Letter of Credit if it has determined that it
is unlawful to fund obligations in the Alternative Currency in which it is denominated, or 
 (v) issue any Facility Letter
of Credit having an expiration date, or containing automatic extension provisions to extend such date, to a date which is later than five (5) Business Days prior to the Facility Termination Date (subject to the provisions set forth below). 

Notwithstanding the foregoing conditions contained in 2.A. 2(v) above, a Facility Letter of Credit may have an expiration date that is up to
two (2) years after the maturity of the Facility provided that not later than forty-five (45) days prior to such maturity, Borrower provides cash or other collateral acceptable to all Lenders in the full amount available to be drawn (using
the Dollar Equivalent thereof in the case of any Alternative Currency Letters of Credit) under all Facility Letters of Credit with expiration dates after the maturity date of the Facility. Any such collateral shall be held in the Letter of Credit
Collateral Account. 
 2A.3 Conditions. In addition to being subject to the satisfaction of the conditions contained in
Section 4.2 hereof, the obligation of the Issuing Lender to issue any Facility Letter of Credit is subject to the satisfaction in full of the following conditions: 

(i) the Borrower shall have delivered to the Issuing Lender at such times and in such manner as the Issuing Lender may
reasonably prescribe such documents and materials as may be reasonably required pursuant to the terms of the proposed Facility Letter of Credit (it being understood that if any inconsistency exists between such documents and the Loan Documents, the
terms of the Loan Documents shall control) and the proposed Facility Letter of Credit shall be reasonably satisfactory to the Issuing Lender as to form and content; and 

(ii) as of the date of issuance, no order, judgment or decree of any court, arbitrator or governmental authority shall purport
by its terms to enjoin or restrain the Issuing Lender from issuing the requested Facility Letter of Credit and no law, rule or regulation applicable to the Issuing Lender and no request or derivative (whether or not having the force of law) from any
governmental authority with jurisdiction over the Issuing Lender shall prohibit or request that the Issuing Lender refrain from the issuance of Letters of Credit generally or the issuance of the requested Facility Letter of Credit in particular.

 2A.4 Procedure for Issuance of Facility Letters of Credit. 

(a) Borrower shall give the Issuing Lenders and the Administrative Agent at least five (5) Business Days’ prior
written notice of any requested issuance of a Facility Letter of Credit under this Agreement (a “Letter of Credit Request”) (except that, in lieu of such written notice, the Borrower may give the Issuing Lenders and the Administrative
Agent telephonic notice of such request if confirmed in writing by delivery to the Issuing 

  
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Lenders and the Administrative Agent immediately of a telecopy of the written notice required hereunder; such notice shall be irrevocable and shall specify: 

(i) the identity of the Issuing Lender selected to issue the Facility Letter of Credit requested (it being agreed that the
Borrower shall use commercially reasonable efforts to cause the Facility Letters of Credit to be issued by the Issuing Lenders on a proportionate basis in accordance with their proportionate share of the Letter of Credit Commitments); and 

(ii) the stated amount of the Facility Letter of Credit requested (which stated amount shall not be less than $50,000); and

 (iii) the effective date (which day shall be a Business Day) of issuance of such requested Facility Letter of Credit (the
“Issuance Date”); and 
 (iv) the date on which such requested Facility Letter of Credit is to expire (which date
shall be a Business Day and shall in no event be later than the latest permissible date pursuant to Section 2A.2; and 

(v) the purpose for which such Facility Letter of Credit is to be issued; and 

(vi) the full name and the address of the Person for whose benefit the requested Facility Letter of Credit is to be issued; and

 (vii) whether an Alternative Currency Letter of Credit is being requested and, if so, in which Alternative Currency,
provided that if no Alternative Currency is requested, the Facility Letter of Credit shall be issued in Dollars. 
 (b) At
the time such request is made, the Borrower shall also provide the Administrative Agent and the Issuing Lender with a copy of the form of the Facility Letter of Credit that the Borrower is requesting be issued, which shall be subject to the approval
of the Issuing Lender and Administrative Agent. Such notice, to be effective, must be received by such Issuing Lender and the Administrative Agent not later than 3:00 p.m. (New York time) on the last Business Day on which notice can be given under
this Section 2A.4(a). Following receipt of such notice and prior to the issuance of the requested Facility Letter of Credit, the Administrative Agent shall calculate the Dollar Equivalent of such Facility Letter of Credit and shall
notify the Parent Borrower, the relevant Borrower and the applicable Issuing Lender of the amount of the Total Domestic Exposure after giving effect to (i) the issuance of such Facility Letter of Credit, (ii) the issuance or expiration of
any other Facility Letter of Credit that is to be issued or will expire prior to the requested date of issuance of such Facility Letter of Credit and (iii) the borrowing or repayment of any Domestic Revolving Loans that (based upon notices
delivered to the Administrative Agent by the Parent Borrower) are to be borrowed or repaid prior to the requested date of issuance of such Facility Letter of Credit. A Facility Letter of Credit shall be issued, amended, renewed or extended only if
(and upon issuance, amendment, renewal or extension of each Facility Letter of Credit the Parent Borrower and the relevant Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension
(i) the LC Exposure 

  
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shall not exceed $50,000,000, and (ii) the Total Domestic Exposure plus the amount of all outstanding Competitive Bid Loans shall not exceed the aggregate Domestic Revolving Commitments. A
Facility Letter of Credit shall not be issued, extended or renewed if the Issuing Lender has received written notice from the Administrative Agent at least one (1) Business Day prior to the date of such requested issuance, extension or renewal,
that one or more applicable conditions contained in Section 4.2 shall not be satisfied. Administrative Agent shall promptly give a copy of the Letter of Credit Request to the other Lenders. 

(c) Subject to the terms and conditions of this Article IIA and provided that the applicable conditions set forth in
Section 4.2 hereof have been satisfied, such Issuing Lender shall, on the Issuance Date, issue a Facility Letter of Credit on behalf of the Borrower in accordance with the Letter of Credit Request and the Issuing Lender’s usual and
customary business practices unless the Issuing Lender has actually received (i) written notice from the Borrower specifically revoking the Letter of Credit Request with respect to such Facility Letter of Credit, (ii) written notice from a
Lender, which complies with the provisions of Section 2A.6(a), or (iii) written or telephonic notice from the Administrative Agent stating that the issuance of such Facility Letter of Credit would violate Section 2A.2.

 (d) The Issuing Lender shall give the Administrative Agent and the Borrower written notice, or telephonic notice confirmed
promptly thereafter in writing, of the issuance of a Facility Letter of Credit (the “Issuance Notice”) and the Administrative Agent shall promptly give a copy of the Issuance Notice to the other Lenders. 

(e) The Issuing Lender shall not extend or amend any Facility Letter of Credit unless the requirements of this
Section 2A.4 are met as though a new Facility Letter of Credit was being requested and issued. 
 2A.5 Reimbursement
Obligations; Duties of Issuing Lender. 
 (a) If the applicable Issuing Lender shall make any LC Disbursement in respect
of a Facility Letter of Credit, the relevant Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement in Dollars, or (subject to the two immediately succeeding sentences) the
applicable Alternative Currency, not later than 12:00 noon, New York City time, as applicable, on the date that such LC Disbursement is made, if such Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City
time, as applicable, on such date, or, if such notice has not been received by such Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, as applicable, on the Business Day immediately following the day that
such Borrower receives such notice; provided that, in the case of any LC Disbursement made in Dollars, the relevant Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.3 or
2.4 that such payment be financed in Dollars with a Floating Rate Borrowing under the Domestic Revolving Facility in an equivalent amount and, to the extent so financed, such Borrower’s obligation to make such payment shall be discharged
and replaced by the resulting Floating Rate Borrowing. If the 

  
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relevant Borrower’s reimbursement of, or obligation to reimburse, any amounts in any Alternative Currency would subject the Administrative Agent, the applicable Issuing Lender or any Lender
to any stamp duty, ad valorem charge or similar tax that would not be payable if such reimbursement were made or required to be made in Dollars, such Borrower shall, at its option, either (x) pay the amount of any such tax requested by the
Administrative Agent, the relevant Issuing Lender or Lender or (y) reimburse each LC Disbursement made in such Alternative Currency in Dollars, in an amount equal to the Dollar Equivalent, calculated using the applicable Exchange Rate on the
date such LC Disbursement is made, of such LC Disbursement. If the relevant Borrower fails to make such payment when due, then (i) if such payment relates to an Alternative Currency Letter of Credit, automatically and with no further action
required, such Borrower’s obligation to reimburse the applicable LC Disbursement shall be permanently converted into an obligation to reimburse the Dollar Equivalent, calculated using the Exchange Rates on the date when such payment was due, of
such LC Disbursement and (ii) the Administrative Agent shall promptly notify the applicable Issuing Lender and each other Domestic Revolving Lender of the applicable LC Disbursement, the Dollar Equivalent thereof (if such LC Disbursement
relates to an Alternative Currency Letter of Credit), the payment then due from such Borrower in respect thereof and such Lender’s Percentage thereof. Promptly following receipt of such notice, each Domestic Revolving Lender shall pay to the
Administrative Agent in Dollars its Percentage of the payment then due from the relevant Borrower (determined as provided in clause (i) above, if such payment relates to an Alternative Currency Letter of Credit), in the same manner as provided
in Section 2.6 with respect to Loans made by such Lender (and Section 2.10 shall apply, mutatis mutandis, to the payment obligations of the Domestic Revolving Lenders), and the Administrative Agent shall promptly pay to the
applicable Issuing Lender in Dollars the amounts so received by it from the Domestic Revolving Lenders. Promptly following receipt by the Administrative Agent of any payment from any Borrower pursuant to this paragraph, the Administrative Agent
shall distribute such payment to the applicable Issuing Lender or, to the extent that Domestic Revolving Lenders have made payments pursuant to this paragraph to reimburse such Issuing Lender, then to such Lenders and such Issuing Lender as their
interests may appear. Any payment made by a Domestic Revolving Lender pursuant to this paragraph to reimburse any Issuing Lender for any LC Disbursement (other than the funding of Floating Rate Domestic Revolving Loans as contemplated above) shall
not constitute a Loan and shall not relieve any Borrower of its obligation to reimburse such LC Disbursement. 
 (b) If an
Issuing Lender shall make any LC Disbursement, then, unless the relevant Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (in the local time where the LC Disbursement is made regardless of when such
reimbursement is due under Section 2A.5(a)), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that such Borrower reimburses such LC
Disbursement, at the rate per annum then applicable to Floating Rate Borrowings; provided that, if such Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (a) of this Section, then Section 2.12 shall
apply; provided further that, in the case of an LC Disbursement made under an Alternative Currency Letter of Credit, the amount of interest due with respect thereto shall (i) in the case of any LC Disbursement that is

  
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reimbursed on or before the Business Day immediately succeeding such LC Disbursement, (A) be payable in the applicable Alternative Currency and (B) if not reimbursed on the date of such
LC Disbursement, bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Lender to be the cost to such Issuing Lender of funding such LC Disbursement plus the Applicable Margin applicable to Eurocurrency Revolving
Loans at such time and (ii) in the case of any LC Disbursement that is reimbursed after the Business Day immediately succeeding such LC Disbursement (A) be payable in Dollars, (B) accrue on the Dollar Equivalent, calculated using the
Exchange Rates on the date such LC Disbursement was made, of such LC Disbursement and (C) bear interest at the rate per annum then applicable to Floating Rate Revolving Loans, subject to Section 2.12. Interest accrued pursuant to
this paragraph shall be for the account of the applicable Issuing Lender, except that interest accrued on and after the date of payment by any Domestic Revolving Lender pursuant to Section 2A.5 to reimburse such Issuing Lender shall be
for the account of such Lender to the extent of such payment. 
 2A.6 Participation. 

(a) Immediately upon issuance by the Issuing Lender of any Facility Letter of Credit in accordance with the procedures set
forth in Section 2A.4, each Domestic Revolving Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing Lender, without recourse, representation or warranty, an undivided interest and
participation equal to such Lender’s Percentage in such Facility Letter of Credit (including, without limitation, all obligations of the Borrower with respect thereto) and any security therefor or guaranty pertaining thereto (using the Dollar
Equivalent thereof in the case of any Alternative Currency Letters of Credit); provided that a Facility Letter of Credit issued by the Issuing Lender shall not be deemed to be a Facility Letter of Credit for purposes of this
Section 2A.6 if the Issuing Lender shall have received written notice from any Lender on or before the Business Day prior to the date of its issuance of such Facility Letter of Credit that one or more of the conditions contained in
Section 2A.2 is not then satisfied, and in the event the Issuing Lender receives such a notice it shall have no further obligation to issue any Facility Letter of Credit until such notice is withdrawn by that Lender or the Issuing Lender
receives a notice from the Administrative Agent that such condition has been effectively waived in accordance with the provisions of this Agreement. Each Domestic Revolving Lender’s obligation to make further Domestic Revolving Loans to the
Borrower (other than any payments such Lender is required to make under subparagraph (b) below) or issue any letters of credit on behalf of Borrower shall be reduced by such Lender’s Percentage of each Facility Letter of Credit
outstanding. 
 (b) In the event that the Issuing Lender makes any payment under any Facility Letter of Credit and the
Borrower shall not have repaid such amount to the Issuing Lender pursuant to Section 2A.7 hereof, the Issuing Lender shall promptly notify the Administrative Agent, which shall promptly notify each Domestic Revolving Lender of such
failure, and each Domestic Revolving Lender shall promptly and unconditionally pay to the Administrative Agent for the account of the Issuing Lender the amount of such Lender’s Percentage of (i) each LC Disbursement made by such Issuing
Lender in 

  
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Dollars and (ii) the Dollar Equivalent, using the Exchange Rates on the date such payment is required, of each LC Disbursement made by such Issuing Lender in an Alternative Currency and, in
each case, not reimbursed by the relevant Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to such Borrower for any reason (or, if such reimbursement payment was
refunded in an Alternative Currency, the Dollar Equivalent thereof using the Exchange Rates on the date of such refund). The failure of any Domestic Revolving Lender to make available to the Administrative Agent for the account of any Issuing Lender
its Percentage of the unreimbursed amount of any such payment shall not relieve any other Lender of its obligation hereunder to make available to the Administrative Agent for the account of such Issuing Lender its Percentage of the unreimbursed
amount of any payment on the date such payment is to be made, but no Lender shall be responsible for the failure of any other Lender to make available to the Administrative Agent its Percentage of the unreimbursed amount of any payment on the date
such payment is to be made. 
 (c) Whenever the Issuing Lender receives a payment on account of a Reimbursement Obligation,
including any interest thereon, the Issuing Lender shall promptly pay to the Administrative Agent and the Administrative Agent shall promptly pay to each Lender which has funded its participating interest therein, in immediately available funds, an
amount equal to such Lender’s Percentage thereof. 
 (d) Upon the request of the Administrative Agent or any Lender, an
Issuing Lender shall furnish to the Administrative Agent or such Lender copies of any Facility Letter of Credit to which that Issuing Lender is party and such other documentation as may reasonably be requested by the Administrative Agent or such
Lender. 
 (e) The obligations of a Lender to make payments to the Administrative Agent for the account of each Issuing
Lender with respect to a Facility Letter of Credit shall be absolute, unconditional and irrevocable, not subject to any counterclaim, set-off, qualification or exception whatsoever other than a failure of any such Issuing Lender to comply with the
terms of this Agreement relating to the issuance of such Facility Letter of Credit and shall be made in accordance with the terms and conditions of this Agreement under all circumstances. 

2A.7 Payment of Reimbursement Obligations. 

(a) The Borrower agrees to pay to each Issuing Lender the amount of all Reimbursement Obligations, interest and other amounts
payable to such Issuing Lender under or in connection with any Facility Letter of Credit when due in accordance with Section 2A.5(a) above, and the Borrower’s obligation to reimburse in accordance with Section 2A.5(a) shall be
absolute, unconditional and irrevocable, irrespective of any claim, set-off, defense or other right which the Borrower may have at any time against any Issuing Lender or any other Person, under all circumstances, including without limitation any of
the following circumstances: 
 (i) any lack of validity or enforceability of this Agreement or any of the other Loan
Documents, or any term or provision therein; 

  
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 (ii) the existence of any claim, setoff, defense or other right which the
Borrower may have at any time against a beneficiary named in a Facility Letter of Credit or any transferee of any Facility Letter of Credit (or any Person for whom any such transferee may be acting), the Administrative Agent, the Issuing Lender, any
Lender, or any other Person, whether in connection with this Agreement, any Facility Letter of Credit, the transactions contemplated herein or any unrelated transactions (including any underlying transactions between the Borrower and the beneficiary
named in any Facility Letter of Credit); 
 (iii) any draft, certificate or any other document presented under the Facility
Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect of any statement therein being untrue or inaccurate in any respect; 

(iv) the surrender or impairment of any security for the performance or observance of any of the terms of any of the Loan
Documents; 
 (v) the occurrence of any Default or Unmatured Default; 

(vi) payment by the Issuing Lender under a Facility Letter of Credit against presentation of a draft or other document that
does not comply with the terms of such Facility Letter of Credit; or 
 (vii) any other event or circumstance whatsoever,
whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder. 

Neither the Administrative Agent, the Lenders nor the Issuing Lender, nor any of their Related Parties, shall have any
liability or responsibility by reason of or in connection with the issuance or transfer of any Facility Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding
sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Facility Letter of Credit (including any document required to make a drawing thereunder),
any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Lender; provided that the foregoing shall not be construed to excuse the Issuing Lender from liability to the Borrower to
the extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by
the Issuing Lender’s failure to exercise care when determining whether drafts and other documents presented under a Facility Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross
negligence or wilful misconduct on the part of the Issuing Lender (as finally determined by a court of competent jurisdiction), 

  
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the Issuing Lender shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree that, with
respect to documents presented which appear on their face to be in substantial compliance with the terms of a Facility Letter of Credit, the Issuing Lender may, in its sole discretion, either accept and make payment upon such documents without
responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Facility Letter of
Credit. 
 (b) In the event any payment by the Borrower received by the Issuing Lender with respect to a Facility Letter of
Credit and distributed by the Administrative Agent to the Lenders on account of their participations is thereafter set aside, avoided or recovered from the Issuing Lender in connection with any receivership, liquidation, reorganization or bankruptcy
proceeding, each Lender which received such distribution shall, upon demand by the Issuing Lender, contribute such Lender’s Percentage of the amount set aside, avoided or recovered together with interest at the rate required to be paid by the
Issuing Lender upon the amount required to be repaid by the Issuing Lender. 
 2A.8 Compensation for Facility Letters of Credit. 

(a) Subject to Section 2.27, the Borrower shall pay to the Administrative Agent, for the ratable account of the
Domestic Revolving Lenders, based upon such Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) with respect to the face amount of each Facility Letter of Credit (taking into account any reductions
from time to time) that is equal to the LIBOR Applicable Margin. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall be due and payable in arrears in equal installments on each Payment Date and, to the extent any such
fees are then due and unpaid, on the Facility Termination Date. The Administrative Agent shall promptly remit such Facility Letter of Credit Fees, when paid, to the other Domestic Revolving Lenders in accordance with their Percentages thereof. The
fee due in connection with a Facility Letter of Credit issued in an Alternative Currency shall be calculated by multiplying (x) the average daily balance of each Alternative Currency Letter of Credit (expressed in the currency in which such
Alternative Currency Letter of Credit is denominated) by (y) the Exchange Rate for each such Alternative Currency in effect on the last Business Day of such period or by such other reasonable method that the Administrative Agent deems
appropriate. 
 (b) The Issuing Lender also shall have the right to receive solely for its own account an issuance fee of
0.125% of the face amount of each Facility Letter of Credit issued by such Issuing Lender, payable by the Borrower on the Issuance Date for each such Facility Letter of Credit. The Issuing Lender shall also be entitled to receive its reasonable
out-of-pocket costs and the Issuing Lender’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder. The Borrower shall pay such issuance fee and other amounts when due to the Issuing
Lender. 
 2A.9 Letter of Credit Collateral Account. The Borrower hereby agrees that it will, from the time a deposit is required
pursuant to Section 8.1, Section 2A.2, Section 2.8(b) or 

  
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Section 2.27(c) until Obligations are satisfied and all Facility Letters of Credit have expired or been terminated, maintain a special collateral account (the “Letter of Credit
Collateral Account”) at the Administrative Agent’s office at the address specified pursuant to Article XIII, in the name of the Borrower but under the sole dominion and control of the Administrative Agent, for the benefit of
the Domestic Revolving Lenders, and in which the Borrower shall have no interest other than as set forth in Section 8.1. Such Letter of Credit Collateral Account shall be funded to the extent required by Section 8.1,
Section 2A.2, Section 2.8(b) or Section 2.27(c). In addition to the foregoing, the Borrower hereby grants to the Administrative Agent, for the benefit of itself, the Issuing Lender and the Lenders, a properly
perfected security interest in and lien on the Letter of Credit Collateral Account, any cash or other funds, notes, certificates of deposit and other instruments that may hereafter be on deposit in such account, any certificates or instruments from
time to time evidencing or representing the Letter of Credit Account, all interest, dividends and other property distributed in respect of or in exchange for the foregoing, and the proceeds thereof (the “Letter of Credit Collateral”), all
to secure the payment and performance of the Obligations. The Borrower agrees that it will not (i) sell or otherwise dispose of any interest in the Letter of Credit Collateral or (ii) create or permit to exist any lien, security interest
or other charge or encumbrance upon or with respect to any of the Letter of Credit Collateral, except for the security interest created by this Section 2A.9. 

2A.10 Conversion. In the event that the Loans become immediately due and payable on any date pursuant to Article VIII, all amounts
(i) that a Borrower is at the time or thereafter becomes required to reimburse or otherwise pay to the Administrative Agent in respect of LC Disbursements made under any Alternative Currency Letter of Credit (other than amounts in respect of
which such Borrower has deposited cash collateral pursuant to this Agreement, if such cash collateral was deposited in the applicable Alternative Currency to the extent so deposited or applied), (ii) that the Domestic Revolving Lenders are at
the time or thereafter become required to pay to the Administrative Agent and the Administrative Agent is at the time or thereafter becomes required to distribute to the applicable Issuing Lender pursuant to 2A.5 in respect of unreimbursed LC
Disbursements made under any Alternative Currency Letter of Credit and (iii) of each Domestic Revolving Lender’s participation in any Alternative Currency Letter of Credit under which an LC Disbursement has been made shall, automatically
and with no further action required, be converted into the Dollar Equivalent, calculated using the Exchange Rates on such date (or in the case of any LC Disbursement made after such date, on the date such LC Disbursement is made), of such amounts.
On and after such conversion, all amounts accruing and owed to the Administrative Agent, the applicable Issuing Lender or any Lender in respect of the Obligations described in this paragraph shall accrue and be payable in Dollars at the rates
otherwise applicable hereunder. 
 ARTICLE III. 

CHANGE IN CIRCUMSTANCES 

3.1. Increased Costs. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory
loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Fixed Rate) or the Issuing Lender; 

  
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 (ii) impose on any Lender or the Issuing Lender or the London interbank market
any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or any Facility Letter of Credit or participation therein; or 

(iii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses
(b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital
attributable thereto; 
 and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, continuing,
converting or maintaining any Fixed Rate Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender, the Issuing Lender or such other Recipient of participating in, issuing or maintaining any Facility Letter
of Credit or to reduce the amount of any sum received or receivable by such Lender, the Issuing Lender or such other Recipient hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender, the Issuing Lender or
such other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, the Issuing Lender or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered. A certificate of a
Lender or the Issuing Lender setting forth the amount or amounts necessary to compensate such Lender or the Issuing Lender or its holding company, as the case may be, as specified in this Section shall be delivered to the Borrower and shall be
conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Lender, as the case may be, the amount shown as due on any such certificate within 30 days after receipt thereof. Failure or delay on the part of any Lender or the
Issuing Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or the Issuing Lender’s right to demand such compensation; provided that the Borrower shall not be required to
compensate a Lender or the Issuing Lender pursuant to this Section for any increased costs or reductions incurred more than 180 days prior to the date that such Lender or the Issuing Lender, as the case may be, notifies the Borrower of the
Change in Law giving rise to such increased costs or reductions and of such Lender’s or the Issuing Lender’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased
costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include the period of retroactive effect thereof. 

3.2. Capital Adequacy. If any Lender or the Issuing Lender determines that any Change in Law regarding capital or liquidity ratios or
requirements has or would have the effect of reducing the rate of return on such Lender’s or the Issuing Lender’s capital or on the capital of such Lender’s or the Issuing Lender’s holding company, if any, as a consequence of
this Agreement or the Loans made by, or participations in Facility Letters of Credit held by, such Lender, or the Facility Letters of Credit issued by the Issuing Lender, to a level below that which such Lender or the Issuing Lender or such
Lender’s or the Issuing Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the 

  
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Issuing Lender’s policies and the policies of such Lender’s or the Issuing Lender’s holding company with respect to capital adequacy and liquidity), then from time to time the
Borrower will pay to such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Lender or such Lender’s or the Issuing Lender’s holding company for any such
reduction suffered. A certificate of a Lender or the Issuing Lender setting forth the amount or amounts necessary to compensate such Lender or the Issuing Lender or its holding company, as the case may be, as specified in this Section shall be
delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Lender, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. Failure or
delay on the part of any Lender or the Issuing Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or the Issuing Lender’s right to demand such compensation; provided that the
Borrower shall not be required to compensate a Lender or the Issuing Lender pursuant to this Section for any increased costs or reductions incurred more than 270 days prior to the date that such Lender or the Issuing Lender, as the case may be,
notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or the Issuing Lender’s intention to claim compensation therefor; provided further that, if the Change in Law
giving rise to such increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof. 

3.3. Availability of Types of Borrowings. (a) If any Lender in good faith determines that maintenance of any of its Fixed Rate
Loans at a suitable Lending Installation would violate any applicable law, rule, regulation or directive, whether or not having the force of law, the Administrative Agent shall suspend the availability of the affected Type of Borrowing and require
any Fixed Rate Borrowings of the affected Type to be repaid, provided that if the Borrower is required to so repay a Fixed Rate Borrowing, the Borrower may concurrently with such repayment borrow from the Lenders, in the amount of such repayment, a
Loan bearing interest at the Alternate Base Rate. 
 (b) If prior to the commencement of any Interest Period for a Fixed Rate Borrowing:

 (i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and
reasonable means do not exist for ascertaining the LIBOR Base Rate or the LIBOR Rate, as applicable, for such Interest Period; or 

(ii) the Administrative Agent is advised by the Required Lenders (or, in the case of a Eurocurrency Competitive Bid Loan, the
Lender that is required to make such Loan) that the LIBOR Base Rate or the LIBOR Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its
Loan) included in such Borrowing for such Interest Period; 
 then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by
telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that
requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Eurocurrency Borrowing shall be 

  
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ineffective, (ii) if any Borrowing Request requests a Eurocurrency Revolving Borrowing, such Borrowing shall be made as a Floating Rate Borrowing and (iii) any request by the Borrower
for a Eurocurrency Competitive Bid Borrowing shall be ineffective; provided that (A) if the circumstances giving rise to such notice do not affect all the Lenders, then requests by the Borrower for Eurocurrency Competitive Bid Borrowings may be
made to Lenders that are not affected thereby and (B) if the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted. 

3.4. Funding Indemnification. If any payment of a ratable Fixed Rate Borrowing or a Competitive Bid Loan occurs on a date which is not
the last day of the applicable Interest Period, whether because of acceleration, prepayment or otherwise, or a ratable Fixed Rate Borrowing or a Competitive Bid Loan is not made, or is not continued, converted or prepaid, in the case of a
Eurocurrency Revolving Borrowing, on the date specified by the Borrower for any reason other than default by the Lenders or as a result of unavailability pursuant to Section 3.3, or the assignment of a ratable Fixed Rate Borrowing or a
Competitive Bid Loan pursuant to Section 2.19 shall occur on a date other than the last day of the applicable Interest Period, the Borrower will indemnify each Lender for any loss or cost (only if and to the extent that a Lender requests
such indemnification from the Borrower) incurred by it resulting therefrom, including, without limitation, any loss or cost in liquidating or employing deposits acquired to fund or maintain the ratable Fixed Rate Borrowing or Competitive Bid Loan,
as the case may be, and shall pay all such losses or costs within fifteen (15) days after written demand therefor. Without limitation of any losses arising from changes in the Fixed Rate adverse to the Lenders, in no event will the
administrative fee payable by the Borrower as a result of such early payment or failure to make an advance exceed $250 per contract occurrence per Lender (such amount shall be payable only if and to the extent that a Lender requests such an
administrative fee from the Borrower) to be billed by the Administrative Agent ten (10) Business Days following quarter-end along with breakage costs. Only if and to the extent that a Lender requests breakage costs from the Borrower, breakage
costs for the Eurocurrency Borrowings shall be determined by the Administrative Agent on behalf of that Lender by multiplying the amount prepaid by the amount, if any, by which (x) a LIBOR-based rate for a term quoted on Page LIBOR 01 of the
Reuters screen and closest to (but at least as long as) the remaining duration of the Interest Period as the case may be for the principal sum being prepaid, and for an amount comparable to such principal sum, is less than (y) the LIBOR Base
Rate in effect for the principal sum being so prepaid, immediately prior to the prepayment of such sum, all as determined as of the date of the occurrence of the event giving rise to the LIBOR Rate break funding. Nothing in this
Section 3.4 shall authorize the prepayment of a Competitive Bid Loan prior to the end of the applicable Interest Period. 
 3.5.
Taxes. (a) Payments Free of Taxes. Any and all payments by or on account of any obligation of the Borrower under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law.
If any applicable law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be
entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the
Borrower shall be increased as necessary so that after such deduction or withholding has 

  
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been made (including such deductions and withholdings applicable to additional sums payable under this Section 3.5) the applicable Recipient receives an amount equal to the sum it
would have received had no such deduction or withholding been made. 
 (b) Payment of Other Taxes by the Borrower. The
Borrower shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for, Other Taxes. 

(c) Evidence of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority
pursuant to this Section 3.5, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment
or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (d) Indemnification by the
Borrower. The Borrower shall indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section)
payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed
or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on
behalf of a Lender, shall be conclusive absent manifest error. 
 (e) Indemnification by the Lenders. Each Lender
shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent
for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 12.2 relating to the maintenance of a
Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be
conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender
from any other source against any amount due to the Administrative Agent under this paragraph (e). 
 (f) Status of
Lenders. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably
requested by the Borrower or the Administrative Agent, such properly 

  
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completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of
withholding. In addition, any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as
will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the
completion, execution and submission of such documentation (other than such documentation set forth in Section 3.5(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such
completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

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

(A) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on
which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form W-9 (or successor form) certifying that such Lender is
exempt from U.S. Federal backup withholding tax; 
 (B) any Foreign Lender shall, to the extent it is legally entitled to do
so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter
upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 
 (1)
in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E, as
applicable (or successor form), establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan
Document, IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable (or successor form), establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or “other income” article of such
tax treaty; 

  
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 (2) in the case of a Foreign Lender claiming that its extension of credit will
generate U.S. effectively connected income, executed originals of IRS Form W-8ECI (or successor form); 
 (3) in the case of
a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit F-1 to the effect that such Foreign Lender is not a
“bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, or a “controlled foreign corporation” described
in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable (or successor form); or 

(4) to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY (or successor form),
accompanied by IRS Form W-8ECI (or successor form), IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable (or successor form), a U.S. Tax Compliance Certificate
substantially in the form of Exhibit F-2 or Exhibit F-3, IRS Form W-9 (or successor form), and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and
one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit F-4 on behalf of each such
direct and indirect partner; 
 (C) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the
Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable
request of the Borrower or the Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. Federal withholding Tax, duly completed, together with such
supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if
such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent
at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the 

  
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Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested
by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA
or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. 

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

(g) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has
received a refund of any Taxes as to which it has been indemnified pursuant to this Section 3.5 (including by the payment of additional amounts pursuant to this Section 3.5), it shall pay to the indemnifying party an amount
equal to such refund (but only to the extent of indemnity payments made under this Section 3.5 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and
without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over
pursuant to this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.
Notwithstanding anything to the contrary in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party
in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or
additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to
the indemnifying party or any other Person. 
 (h) Survival. Each party’s obligations under this
Section 3.5 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all
obligations under any Loan Document. 
 (i) Defined Terms. For purposes of this Section 3.5, the term
“Lender” includes any Issuing Lender and the term “applicable law” includes FATCA. 

  
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 (j) FATCA Acknowledgement. For purposes of determining withholding Taxes
imposed upon FATCA, from and after the effective date of this Agreement, the Borrower and the Administrative Agent shall treat (and the Lenders hereby authorized the Administrative Agent to treat) the Loans and this Agreement as not qualifying as a
“grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i). 
 3.6. Lender Statements;
Survival of Indemnity. To the extent reasonably possible, each Lender shall designate an alternate Lending Installation with respect to its Fixed Rate Loans to reduce any liability of the Borrower to such Lender under
Sections 3.1, 3.2 and 3.5 or to avoid the unavailability of Fixed Rate Borrowings under Section 3.3, so long as such designation is not, in the reasonable judgment of such Lender, disadvantageous to such Lender. Each
Lender shall deliver a written statement of such Lender to the Borrower (with a copy to the Administrative Agent) as to the amount due, if any, under Section 3.1, 3.2, 3.4 or 3.5. Such written statement shall set forth in reasonable
detail the calculations upon which such Lender determined such amount and shall be final, conclusive and binding on the Borrower in the absence of manifest error. Determination of amounts payable under such Sections in connection with a Fixed Rate
Loan shall be calculated as though each Lender funded its Fixed Rate Loan through the purchase of a deposit of the type and maturity corresponding to the deposit used as a reference in determining the Fixed Rate applicable to such Loan, whether in
fact that is the case or not. Unless otherwise provided herein, the amount specified in the written statement of any Lender shall be payable on demand after receipt by the Borrower of such written statement. The obligations of the Borrower under
Sections 3.1, 3.2, 3.4 and 3.5 shall survive payment of the Obligations and termination of this Agreement. 
 3.7. Change
in Law. Notwithstanding any other provision of this Agreement, if, after the date hereof, (a) any Change in Law shall make it unlawful for any Issuing Lender to issue Facility Letters of Credit denominated in an Alternative Currency, or any
Global Revolving Lender to make Global Revolving Loans denominated in a Qualified Foreign Global Currency, or (b) there shall have occurred any change in national or international financial, political or economic conditions (including the
imposition of or any change in exchange controls) or currency exchange rates that would make it impracticable for any Issuing Lender to issue Facility Letters of Credit denominated in such Alternative Currency for the account of a Borrower, or any
Global Revolving Lender to make Global Revolving Loans denominated in a Qualified Foreign Global Currency, then by prompt written notice thereof to the Parent Borrower and to the Administrative Agent (which notice shall be withdrawn whenever such
circumstances no longer exist), (i) such Issuing Lender may declare that Facility Letters of Credit will not thereafter be issued by it in the affected Alternative Currency or Alternative Currencies, whereupon the affected Alternative Currency
or Alternative Currencies shall be deemed (for the duration of such declaration) not to constitute an Alternative Currency for purposes of the issuance of Facility Letters of Credit by such Issuing Lender, (ii) such Global Revolving Lender may
declare that Global Revolving Loans will not thereafter be made by it in the affected Qualified Foreign Global Currency or Qualified Foreign Global Currencies, whereupon the affected Qualified Global Currency or Qualified Foreign Global Currencies
shall be deemed (for the duration of such declaration) not to constitute a Qualified Foreign Global Currency for purposes of the making of Global Revolving Loans by such Global Revolving Lender. 

  
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 ARTICLE IV. 

CONDITIONS PRECEDENT 

4.1. Initial Borrowing. The Lenders shall not be required to make the initial Borrowing hereunder unless (a) the Borrower shall,
prior to or concurrently with such initial Borrowing, have paid all fees due and payable to the Lenders and the Administrative Agent hereunder, and (b) the Borrower shall have furnished to the Administrative Agent, with sufficient copies for
the Lenders, the following (the term “Borrower” being deemed to include any Qualified Borrower as of the Closing Date): 

(i) The duly executed originals of the Loan Documents, including the Notes, payable to the order of each of the Lenders
(including the Qualified Borrower Note and Qualified Borrower Competitive Note from each Qualified Borrower), this Agreement, and the Qualified Borrower Guaranty; 

(ii) Certificates of good standing for each Borrower from the states of organization of each Borrower, certified by the
appropriate governmental officer and dated not more than thirty (30) days prior to the Closing Date; 
 (iii) Copies of
the formation documents (including code of regulations, if appropriate) of the Borrower certified by an officer of the Borrower, together with all amendments thereto; 

(iv) Incumbency certificates, executed by officers of the Borrower, which shall identify by name and title and bear the
signature of the Persons authorized to sign the Loan Documents and to make borrowings hereunder on behalf of the Borrower, upon which certificate the Administrative Agent and the Lenders shall be entitled to rely until informed of any change in
writing by the Borrower; 
 (v) Copies, certified by a Secretary or an Assistant Secretary of the Borrower of the Board of
Directors’ resolutions (and resolutions of other bodies, if any are reasonably deemed necessary by counsel for any Lender) authorizing the Borrowings provided for herein, with respect to the Borrower, and the execution, delivery and performance
of the Loan Documents to be executed and delivered by the Borrower; 
 (vi) A written opinion of the Borrower’s counsel,
addressed to the Lenders in substantially the form of Exhibit B hereto or such other form as the Administrative Agent may reasonably approve; 

(vii) A certificate, signed by an officer of the Borrower, stating that on the initial Borrowing Date no Default or Unmatured
Default has occurred and is continuing and that all representations and warranties of the Borrower are true and correct as of the initial Borrowing Date provided that such certificate is in fact true and correct; 

  
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 (viii) The financial statements of the Borrower for the fiscal year ended on
December 31, 2014; 
 (ix) UCC financing statement, judgment, and tax lien searches with respect to each Borrower from
its State of organization; 
 (x) Written money transfer instructions, in substantially the form of Exhibit E
hereto, addressed to the Administrative Agent and signed by an Authorized Officer, together with such other related money transfer authorizations as the Administrative Agent may have reasonably requested; 

(xi) A pro-forma compliance certificate in the form of Exhibit C as of the fiscal quarter ended December 31,
2014, executed by the Borrower’s chief financial officer or chief accounting officer prepared on the assumption that the other Indebtedness of Borrower being repaid by the initial Borrowing hereunder was replaced by Borrowings hereunder for the
period covered by such certificate; 
 (xii) Evidence that the Commitments of any lenders under the Prior Agreement which are
not Lenders under this Agreement (the “Exiting Lenders”) have been properly terminated and all amounts due to the Exiting Lenders have been paid, or will be paid out of the proceeds of the initial Borrowing hereunder; 

(xiii) Evidence that all upfront fees due to each of the Lenders under the terms of their respective commitment letters have
been paid, or will be paid out of the proceeds of the initial Borrowing hereunder; and 
 (xiv) Such other documents as any
Lender or its counsel may have reasonably requested, the form and substance of which documents shall be reasonably acceptable to the parties and their respective counsel. 

4.2. Each Borrowing. The Lenders shall not be required to make any Borrowing and the Issuing Lender shall not be required to issue,
amend, renew or extend any Facility Letters of Credit, unless on the applicable Borrowing Date or Issuance Date (or date of amendment, renewal or extension of a Facility Letter of Credit): 

(i) There exists no Default or Unmatured Default; and 

(ii) The representations and warranties of the Borrower contained in Article V are true and correct in all material respects as
of such date with respect to Borrower and to any Subsidiary in existence on such date; provided that any representation or warranty that is qualified as to “materiality”, Material Adverse Effect or similar language shall be true and
correct in all respects on such Borrowing Date and any such representation or warranty that is stated to relate solely to an earlier date shall be true and correct on and as of such earlier date. 

Each Borrowing Request with respect to each such Borrowing or such Letter of Credit Request shall constitute a representation and warranty by
the Borrower that the conditions contained in Sections 4.2(i) and (ii) have been satisfied. 

  
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 ARTICLE V. 

REPRESENTATIONS AND WARRANTIES 

The Borrower represents and warrants to the Lenders that: 

5.1. Existence. DDR is a corporation duly organized and validly existing under the laws of the State of Ohio, with its principal place
of business in Beachwood, Ohio and is duly qualified as a foreign corporation, properly licensed (if required), in good standing and has all requisite authority to conduct its business in each jurisdiction in which its business is conducted, except
where the failure to be so qualified, licensed and in good standing and to have the requisite authority would not have a Material Adverse Effect. Each Qualified Borrower is duly organized and validly existing under the laws of its state of
organization, properly licensed (if required) in good standing, and has requisite authority to conduct its businesses in each jurisdiction in which its business is conducted except where the failure to be qualified, licensed and in good standing and
to have the requisite authority would not have a Material Adverse Effect. Each of Borrower’s Subsidiaries is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and has all requisite
authority to conduct its business in each jurisdiction in which its business is conducted. 
 5.2. Authorization and Validity. The
Borrower has the corporate power and authority and legal right to execute and deliver the Loan Documents and to perform its obligations thereunder. The execution and delivery by the Borrower of the Loan Documents and the performance of its
obligations thereunder have been duly authorized by proper corporate proceedings, and the Loan Documents constitute legal, valid and binding obligations of the Borrower enforceable against the Borrower in accordance with their terms, except as
enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally. 

5.3. No Conflict; Government Consent. Neither the execution and delivery by the Borrower of the Loan Documents, nor the consummation of
the transactions therein contemplated, nor compliance with the provisions thereof will violate any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on the Borrower or any of its Subsidiaries or the Borrower’s or
any Subsidiary’s articles of incorporation or by-laws, or the provisions of any indenture, instrument or agreement to which the Borrower or any of its Subsidiaries is a party or is subject, or by which it, or its Property, is bound, or conflict
with or constitute a default thereunder, except where such violation, conflict or default would not have a Material Adverse Effect, or result in the creation or imposition of any Lien in, of or on the Property of the Borrower or a Subsidiary
pursuant to the terms of any such indenture, instrument or agreement. No order, consent, approval, license, authorization, or validation of, or filing, recording or registration with, or exemption by, any governmental or public body or authority, or
any subdivision thereof, is required to authorize, or is required in connection with the execution, delivery and performance of, or the legality, validity, binding effect or enforceability of, any of the Loan Documents other than the filing of a
copy of this Agreement, or the filing of information concerning this Agreement, with the Securities and Exchange Commission. 

  
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 5.4. Financial Statements; Material Adverse Change. All consolidated financial statements
of the Borrower and its Subsidiaries heretofore or hereafter delivered to the Lenders were prepared in accordance with GAAP in effect on the preparation date of such statements and fairly present in all material respects the consolidated financial
condition and operations of the Borrower and its Subsidiaries at such date and the consolidated results of their operations for the period then ended, subject, in the case of interim financial statements, to normal and customary year-end
adjustments. Since December 31, 2014, there was no change in the business, properties, or condition (financial or otherwise) of the Borrower and its Subsidiaries which could reasonably be expected to have a Material Adverse Effect. 

5.5. Taxes. The Borrower and its Subsidiaries have filed all United States federal tax returns and all other tax returns which are
required to be filed and have paid all taxes due pursuant to said returns or pursuant to any assessment received by the Borrower or any of its Subsidiaries except such taxes, if any, as are being contested in good faith and as to which adequate
reserves have been provided. No tax liens have been filed and remain outstanding for amounts in excess of $250,000. The charges, accruals and reserves on the books of the Borrower and its Subsidiaries in respect of any taxes or other governmental
charges are adequate. 
 5.6. Litigation and Guarantee Obligations. Except as set forth on Schedule 3 hereto or as set forth
in written notice to the Administrative Agent from time to time, there is no litigation, arbitration, governmental investigation, proceeding or inquiry pending or, to the knowledge of any of their officers, threatened against or affecting the
Borrower or any of its Subsidiaries which could reasonably be expected to have a Material Adverse Effect. Notwithstanding the disclosure of the litigation identified on Schedule 3 or in a notice to Administrative Agent, unless such disclosure has
been approved by the Required Lenders, the Borrower, based on consultation with its counsel, represents that the Borrower is unlikely to suffer any material adverse result in such litigation that could reasonably be expected to have a Material
Adverse Effect. The Borrower has no material contingent obligations not provided for or disclosed in the financial statements referred to in Section 6.1 or as set forth in written notices to the Administrative Agent given from time to
time after the Closing Date on or about the date such material contingent obligations are incurred. 
 5.7. ERISA. The Unfunded
Liabilities of all Single Employer Plans do not in the aggregate exceed $1,000,000. Neither the Borrower nor any other member of the Controlled Group has incurred, or is reasonably expected to incur, any withdrawal liability to Multiemployer Plans
in excess of $250,000 in the aggregate. Each Plan complies in all material respects with all applicable requirements of law and regulations, no Reportable Event has occurred with respect to any Plan, neither the Borrower nor any other members of the
Controlled Group has withdrawn from any Plan or initiated steps to do so, and no steps have been taken to reorganize or terminate any Plan. 

5.8. Accuracy of Information. All factual information heretofore or contemporaneously furnished by or on behalf of the Borrower or any
of its Subsidiaries to the Administrative Agent or any Lender for purposes of or in connection with this Agreement or any transaction contemplated hereby is, and all other such factual information hereafter furnished by or on behalf of the Borrower
or any of its Subsidiaries to the Administrative Agent or any Lender will be, to the knowledge of Borrower, true and accurate (taken as a whole) on the date as of 

  
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which such information is dated or certified and not incomplete by omitting to state any material fact necessary to make such information (taken as a whole) not misleading in light of the
circumstances and purposes for which such information was provided at such time. 
 5.9. Regulation U. The Borrower has not used the
proceeds of any Borrowing to buy or carry any margin stock (as defined in Regulation U) in violation of the terms of this Agreement. The Borrower is not engaged, principally or as one of its important activities, in the business of purchasing or
carrying margin stock (within the meaning of Regulation U), or extending credit for the purpose of purchasing or carrying margin stock. 

5.10. Material Agreements. Neither the Borrower nor any Subsidiary is a party to any agreement or instrument or subject to any charter
or other corporate restriction which could reasonably be expected to have a Material Adverse Effect. Neither the Borrower nor any Subsidiary is in default in the performance, observance or fulfillment of any of the obligations, covenants or
conditions contained in (i) any agreement to which it is a party, which default could have a Material Adverse Effect, or (ii) any agreement or instrument evidencing or governing Indebtedness, which default would constitute a Default
hereunder. 
 5.11. Compliance With Laws. The Borrower and its Subsidiaries have complied with all applicable statutes, rules,
regulations, orders and restrictions of any domestic or foreign government or any instrumentality or agency thereof, having jurisdiction over the conduct of their respective businesses or the ownership of their respective Property, except for any
non-compliance which would not have a Material Adverse Effect. Neither the Borrower nor any Subsidiary has received any notice to the effect that its operations are not in material compliance with any of the requirements of applicable federal, state
and local environmental, health and safety statutes and regulations or the subject of any federal or state investigation evaluating whether any remedial action is needed to respond to a release of any toxic or hazardous waste or substance into the
environment, which non-compliance or remedial action could have a Material Adverse Effect. 
 5.12. Ownership of Properties. Except
as set forth on Schedule 2 hereto, on the date of this Agreement, the Borrower and its Subsidiaries will have good and marketable title, free of all Liens other than those permitted by Section 6.15, to all of the Property and
assets reflected in the financial statements as owned by it. 
 5.13. Investment Company Act. Neither the Borrower nor any Subsidiary
is an “investment company” or a company “controlled” by an “investment company”, within the meaning of the Investment Company Act of 1940, as amended. 

5.14. Anti-Corruption Laws and Sanctions. The Borrower has implemented and maintains in effect policies and procedures designed to
ensure compliance in all material respects by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrower, its Subsidiaries and their respective
officers and employees and to the knowledge of the Borrower its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the Borrower, any Subsidiary or, to the knowledge
of the Borrower or such Subsidiary, any of their respective directors, officers or employees, or (b) to the knowledge of 

  
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the Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. No
Borrowing or Facility Letter of Credit, use of proceeds or other transaction contemplated by this Agreement will violate any Anti-Corruption Law or applicable Sanctions. 

5.15. Solvency. 

(i) Immediately after the Closing Date and immediately following the making of each Loan and after giving effect to the
application of the proceeds of such Loans, (a) the fair value of the assets of the Borrower and its Subsidiaries on a consolidated basis, at a fair valuation, will exceed the debts and liabilities, subordinated, contingent or otherwise, of the
Borrower and its Subsidiaries on a consolidated basis; (b) the present fair saleable value of the Property of the Borrower and its Subsidiaries on a consolidated basis will be greater than the amount that will be required to pay the probable
liability of the Borrower and its Subsidiaries on a consolidated basis on their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (c) the Borrower and its
Subsidiaries on a consolidated basis will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (d) the Borrower and its Subsidiaries on a consolidated
basis will not have unreasonably small capital with which to conduct the businesses in which they are engaged as such businesses are now conducted and are proposed to be conducted after the date hereof. 

(ii) The Borrower does not intend to, or to permit any of its Subsidiaries to, and does not believe that it or any of its
Subsidiaries will, incur debts beyond its ability to pay such debts as they mature, taking into account the timing of and amounts of cash to be received by it or any such Subsidiary and the timing of the amounts of cash to be payable on or in
respect of its Indebtedness or the Indebtedness of any such Subsidiary. 
 5.16. Insurance. The Borrower and its Subsidiaries carry
insurance on their Projects with financially sound and reputable insurance companies, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar businesses and owning similar Projects in
localities where the Borrower and its Subsidiaries operate, including, without limitation: 
 (i) Property and casualty
insurance (including coverage for flood and other water damage for any Project located within a 100-year flood plain) in the amount of the replacement cost of the improvements at the Project (to the extent replacement cost insurance is maintained by
companies engaged in similar business and owning similar properties); 
 (ii) Builder’s risk insurance for any Project
under construction in the amount of the construction cost of such Project; 

  
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 (iii) Loss of rental income insurance in the amount not less than one year’s
gross revenues from the Projects; and 
 (iv) Comprehensive general liability insurance in the amount of $20,000,000 per
occurrence. 
 5.17. REIT Status. The Borrower is in good standing on the New York Stock Exchange, is qualified as a real estate
investment trust under Section 856 of the Code and currently is in compliance in all material respects with all provisions of the Code applicable to the qualification of the Borrower as a real estate investment trust. 

5.18. Environmental Matters. Each of the following representations and warranties is true and correct on and as of the Closing Date
except to the extent that the facts and circumstances giving rise to any such failure to be so true and correct, in the aggregate, could not reasonably be expected to have a Material Adverse Effect: 

(a) To the best knowledge of the Borrower, the Projects of the Borrower and its Subsidiaries do not contain any Materials of
Environmental Concern in amounts or concentrations which constitute a violation of, or could reasonably give rise to liability of the Borrower or any Subsidiary under, Environmental Laws. 

(b) To the best knowledge of the Borrower, (i) the Projects of the Borrower and its Subsidiaries and all operations at the
Projects are in compliance with all applicable Environmental Laws, and (ii) with respect to all Projects owned by the Borrower and/or its Subsidiaries (x) for at least two (2) years, have in the last two years, or (y) for less
than two (2) years, have for such period of ownership, been in compliance in all material respects with all applicable Environmental Laws. 

(c) Neither the Borrower nor any of its Subsidiaries has received any notice of violation, alleged violation, non-compliance,
liability or potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Projects, nor does the Borrower have knowledge or reason to believe that any such notice will be received or is being
threatened. 
 (d) To the best knowledge of the Borrower, Materials of Environmental Concern have not been transported or
disposed of from the Projects of the Borrower and its Subsidiaries in violation of, or in a manner or to a location which could reasonably give rise to liability of the Borrower or any Subsidiary under, Environmental Laws, nor have any Materials of
Environmental Concern been generated, treated, stored or disposed of at, on or under any of the Projects of the Borrower and its Subsidiaries in violation of, or in a manner that could give rise to liability of the Borrower or any Subsidiary under,
any applicable Environmental Laws. 
 (e) No judicial proceedings or governmental or administrative action is pending, or, to
the knowledge of the Borrower, threatened, under any Environmental Law to which the Borrower or any of its Subsidiaries is or, to the Borrower’s knowledge, will be named as a party with respect to the Projects of the Borrower and its
Subsidiaries, nor are there any consent decrees or other decrees, consent orders, administrative order or other orders, or other administrative of judicial requirements outstanding under any Environmental Law with respect to the Projects of the
Borrower and its Subsidiaries. 

  
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 (f) To the best knowledge of the Borrower, there has been no release or threat of
release of Materials of Environmental Concern at or from the Projects of the Borrower and its Subsidiaries, or arising from or related to the operations of the Borrower and its Subsidiaries in connection with the Projects in violation of or in
amounts or in a manner that could give rise to liability under Environmental Laws. 
 5.19. Unencumbered Assets. Each of the assets
included as an Unencumbered Asset for purposes of the covenants contained herein, satisfies each of the requirements for an Unencumbered Asset set forth in the definition thereof. 

ARTICLE VI. 

COVENANTS 
 During
the term of this Agreement and until payment in full of the Obligations and termination of the Commitments, unless the Required Lenders shall otherwise consent in writing: 

6.1. Financial Reporting. The Borrower will maintain, for itself and each Subsidiary, a system of accounting established and
administered in accordance with GAAP, and furnish to the Lenders: 
 (i) As soon as available, but in any event not later
than 45 days after the close of each of the first three fiscal quarters of each fiscal year, commencing with the fiscal quarter ended March 31, 2015, for the Borrower and its Subsidiaries, a copy of Borrower’s Financial Statements in the
form filed under 10-Q which shall include an unaudited consolidated balance sheet as of the close of each such period and the related unaudited consolidated statements of income and retained earnings and of cash flows of the Borrower and its
Subsidiaries for such period and the portion of the fiscal year through the end of such period, setting forth in each case in comparative form the figures for the previous year, all certified by DDR’s chief financial officer or chief accounting
officer; 
 (ii) As soon as available, but in any event not later than 45 days after the close of each of the first three
fiscal quarters, for the Borrower and its Subsidiaries, a copy of the Borrower’s Quarterly Financial Supplement and other schedules as may be required containing the following reports in form and substance reasonably satisfactory to the
Lenders, which may be in the form filed as its 10-Q, all certified by DDR’s chief financial officer or chief accounting officer: a statement of Funds From Operations, a statement detailing Consolidated Outstanding Indebtedness, Consolidated
Secured Indebtedness, Consolidated Unsecured Indebtedness, Consolidated Cash Flow and, upon request, an asset schedule listing all consolidated assets and their net operating income with a breakdown between Unencumbered Assets and other assets, and
Acquisition Assets, Borrower will provide such other information as may be reasonably requested; 

  
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 (iii) As soon as available, but in any event not later than 90 days after the
close of each fiscal year, for the Borrower and its Subsidiaries, (A) audited annual financial statements in the form filed as 10-K, including a consolidated balance sheet as at the end of such year and the related consolidated statements of
income and retained earnings and of cash flows for such year, setting forth in each case in comparative form the figures for the previous year, without a “going concern” or like qualification or exception, or qualification arising out of
the scope of the audit, prepared by PricewaterhouseCoopers (or other independent certified public accountants of nationally recognized standing reasonably acceptable to Administrative Agent) and (B) an asset schedule listing all consolidated
assets and their net operating income with a breakdown between Unencumbered Assets and other assets, and Acquisition Assets; 

(iv) Together with the quarterly and annual financial statements required hereunder, a compliance certificate in substantially
the form of Exhibit C hereto signed by DDR’s chief financial officer or chief accounting officer showing the calculations and computations necessary to determine compliance with this Agreement and stating that, to such officer’s
knowledge, no Default or Unmatured Default exists, or if, to such officer’s knowledge, any Default or Unmatured Default exists, stating the nature and status thereof; provided, however, that solely with respect to the financial
statements for the fiscal quarter ending March 31, 2015, the requirements of this clause (iv) shall be satisfied by Borrower’s delivery of such compliance certificate within 45 days after the close of such fiscal quarter (regardless
of when the quarterly financial statements for the fiscal quarter ending March 31, 2015 are delivered); 
 (v) As soon
as possible and in any event within 10 days after a responsible officer of DDR knows that any Reportable Event has occurred with respect to any Plan, a statement, signed by the chief financial officer of DDR, describing said Reportable Event and the
action which the Borrower proposes to take with respect thereto; 
 (vi) As soon as possible and in any event within 10 days
after receipt by a responsible officer of the Borrower, a copy of (a) any notice or claim to the effect that the Borrower or any of its Subsidiaries is or may be liable to any Person as a result of the release by the Borrower, any of its
Subsidiaries, or any other Person of any toxic or hazardous waste or substance into the environment, and (b) any notice alleging any violation of any federal, state or local environmental, health or safety law or regulation by the Borrower or
any of its Subsidiaries, which, in either case, could have a Material Adverse Effect; 
 (vii) Promptly upon the furnishing
thereof to the shareholders of the Borrower, copies of all financial statements, reports and proxy statements so furnished; 

  
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 (viii) Promptly upon the filing thereof, copies of all registration statements
and annual, quarterly, monthly or other reports and any other public information which the Borrower or any of its Subsidiaries files with the Securities Exchange Commission; and 

(ix) Such other information (including, without limitation, financial statements for the Borrower and non-financial
information) as the Administrative Agent or any Lender may from time to time reasonably request. 
 Documents required to be delivered
pursuant to Sections 6.1(i), (ii), (iii), (vii) or (viii) (to the extent any such documents are included in materials otherwise filed with the Securities and Exchange Commission) may be delivered electronically and if so delivered,
shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto, on the Borrower’s website on the Internet at the website address listed in Article XIII; or (ii) on
which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the
Administrative Agent). The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower
with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 

The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Joint Lead Arrangers will make available to the Lenders
materials and/or information provided by or on behalf of the Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic system (the “Platform”) and
(b) certain of the Lenders may be “public-side” Lenders (i.e., Lenders that do not wish to receive material non-public information with respect to the Borrower or its securities) (each, a “Public Lender”). The Borrower
hereby agrees that (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently
on the first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, the Joint Lead Arrangers, and the Lenders to treat such Borrower Materials as not
containing any material non-public information with respect to the Borrower or its securities for purposes of United States Federal and state securities laws; (y) all Borrower Materials marked “PUBLIC” are permitted to be made
available through a portion of the Platform designated “Public Side Information;” and (z) the Administrative Agent and the Joint Lead Arrangers shall treat any Borrower Materials that are not marked “PUBLIC” as being
suitable only for posting on a portion of the Platform not designated “Public Side Information.” 
 6.2. Use of Proceeds.
The Borrower will, and will cause each of its Subsidiaries to, use the proceeds of the Borrowings for the general corporate purposes of the Borrower, including, without limitation, working capital needs, the repayment of Indebtedness, financing for
property acquisitions of new Projects, the construction of new improvements or expansions of existing improvements on Projects, the repayment of outstanding Borrowings, the making of investments in First Mortgage Receivables, the making of Mezzanine
Debt Investments and the 

  
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making of Passive Non-Real Estate Investments. The Borrower will not, nor will it permit any Subsidiary to, use any of the proceeds of the Borrowings and Facility Letters of Credit to purchase or
carry any “margin stock” (as defined in Regulation U) if such usage could constitute a violation of Regulation U by any Lender. The Borrower will not request any Borrowing or Facility Letter of Credit, and the Borrower shall not use, and
shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Facility Letter of Credit (A) in furtherance of an offer, payment, promise to pay, or
authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any
Sanctioned Person, or in any Sanctioned Country, to the extent such activities, businesses or transactions would be prohibited by Sanctions if conducted by a corporation incorporated in the United States, or (C) in any manner that would result
in the violation of any Sanctions applicable to any party hereto. 
 6.3. Notice of Default. The Borrower will give, and will cause
each of its Subsidiaries to give, prompt notice in writing to the Administrative Agent and the Lenders of the occurrence of any Default or Unmatured Default and of any other development, financial or otherwise, which could reasonably be expected to
have a Material Adverse Effect. 
 6.4. Conduct of Business. The Borrower will do, and will cause each of its Subsidiaries to do, all
things necessary to remain duly incorporated or duly qualified, validly existing and in good standing as a real estate investment trust, corporation, general partnership, limited partnership, or limited liability company, as the case may be, in its
jurisdiction of incorporation/formation (except with respect to mergers permitted pursuant to Section 6.12) and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted and to carry
on and conduct their businesses in substantially the same manner as they are presently conducted where the failure to do so could reasonably be expected to have a Material Adverse Effect and, specifically, neither the Borrower nor its Subsidiaries
may undertake any business other than the acquisition, development, ownership, management, operation and leasing of retail, office or industrial properties, ancillary businesses specifically related to such types of properties and any other
investments permitted by Section 6.2. 
 6.5. Taxes. The Borrower will pay, and will cause each of its Subsidiaries to
pay, when due all taxes, assessments and governmental charges and levies upon them of their income, profits or Projects, except those which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves have
been set aside. 
 6.6. Insurance. The Borrower will, and will cause each of its Subsidiaries to, maintain insurance which is
consistent with the representation contained in Section 5.16 on all their Property and the Borrower will furnish to any Lender upon reasonable request full information as to the insurance carried. 

6.7. Compliance with Laws. The Borrower will, and will cause each of its Subsidiaries to, comply with all laws, rules, regulations,
orders, writs, judgments, injunctions, decrees or awards to which they may be subject, the violation of which could reasonably be expected to have a Material Adverse Effect. The Borrower will maintain in effect and enforce policies and procedures
designed to ensure compliance in all material respects by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 

  
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 6.8. Maintenance of Properties. The Borrower will, and will cause each of its Subsidiaries
to, do all things necessary to maintain, preserve, protect and keep their respective Projects and Properties, reasonably necessary for the continuous operation of the Projects, in good repair, working order and condition, ordinary wear and tear
excepted. 
 6.9. Inspection. The Borrower will, and will cause each of its Subsidiaries to, permit the Lenders upon reasonable
notice, by their respective representatives and agents, to inspect any of the Projects, corporate books and financial records of the Borrower and each of its Subsidiaries, to examine and make copies of the books of accounts and other financial
records of the Borrower and each of its Subsidiaries, and to discuss the affairs, finances and accounts of the Borrower and each of its Subsidiaries with officers thereof, and to be advised as to the same by, their respective officers at such
reasonable times and intervals as the Lenders may designate. 
 6.10. Maintenance of Status. The Borrower shall at all times
(i) remain a corporation listed and in good standing on the New York Stock Exchange, and (ii) maintain its status as a real estate investment trust in compliance with all applicable provisions of the Code relating to such status. 

6.11. Restricted Payments. If a Default has occurred and is continuing, the Borrower will not declare or make, or agree to pay or make,
directly or indirectly, any Restricted Payment other than (a) dividends with respect to its Capital Stock payable solely in additional shares of its Capital Stock, (b) Restricted Payments pursuant to and in accordance with stock option
plans or other benefit plans for management or employees of the Borrower or its Subsidiaries in the ordinary course, or (c) dividends and distributions by the Borrower to its shareholders in an amount not to exceed the minimum amount necessary
for the Borrower to maintain its tax status as a real estate investment trust, as reasonably determined by the Borrower. 
 6.12. Merger;
Sale of Assets. (a) The Borrower will not, nor will it permit any of its Subsidiaries to, enter into any merger (other than mergers in which the Borrower or such Subsidiary is the survivor and mergers of Subsidiaries (but not the Borrower)
as part of transactions that are not prohibited by this Agreement provided that following such merger the target entity becomes a Wholly-Owned Subsidiary of Borrower), consolidation, reorganization or liquidation or transfer or otherwise dispose of
all or a Substantial Portion of their Properties, except for (i) such transactions that occur between Wholly-Owned Subsidiaries or between Borrower and a Wholly-Owned Subsidiary, (ii) mergers solely to change the jurisdiction of
organization of a Subsidiary (other than a Qualified Borrower), and (iii) as otherwise approved in advance by the Required Lenders. The Borrower will not reorganize itself under the laws of any jurisdiction other than the United States of
America or any state thereof. 
 (b) Without the prior written consent of the Required Lenders, the Borrower will not, and
will not permit any of its Subsidiaries to, sell, transfer or otherwise dispose of any of their respective Properties or Projects if a Default has occurred and is continuing. 

  
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 (c) The Borrower shall deliver to the Administrative Agent and the Lenders prior
written notice of the sale, transfer or other disposition of an Unencumbered Asset in a single transaction for consideration in excess of $400,000,000. In addition, simultaneously with delivery of any such notice, the Borrower shall deliver to the
Administrative Agent a certificate of the Borrower’s chief financial officer or chief accounting officer certifying that the Borrower is in compliance in all material respects with this Agreement and the other Loan Documents and would be in
compliance with the financial covenants set forth in Section 6.18 on a pro-forma basis using the most recent quarterly financial statements then available and after giving effect to the proposed transaction (or will be after making the
required prepayments described in the next paragraph), along with a certification that the Borrower has no knowledge of any facts or circumstances that would make any such information inaccurate, incomplete or otherwise misleading in any material
respect. 
 To the extent such proposed transaction would result in a failure to comply with the covenants set forth herein,
the Borrower shall apply the proceeds of such transaction (together with such additional amounts as may be required), to prepay the Obligations in an amount equal to that which would be required to reduce the Obligations so that Borrower will be in
compliance with the covenants set forth herein upon the consummation of the contemplated transaction. Amounts so prepaid shall be applied to the Obligations in accordance with Section 2.8. 

6.13. Sale and Leaseback. The Borrower will not, nor will it permit any of its Subsidiaries to, sell or transfer a Substantial Portion
of its Property in order to concurrently or subsequently lease such Property as lessee. 
 6.14. [Reserved]. 

6.15. Liens. The Borrower will not, nor will it permit any of its Subsidiaries to, create, incur, or suffer to exist any Lien in, of or
on the Property of the Borrower or any of its Subsidiaries, except: 
 (i) Liens for taxes, assessments or governmental
charges or levies on its Property if the same shall not at the time be delinquent or thereafter can be paid without penalty, or are being contested in good faith and by appropriate proceedings and for which adequate reserves shall have been set
aside on its books; 
 (ii) Liens imposed by law, such as carriers’, warehousemen’s and mechanics’ liens and
other similar liens arising in the ordinary course of business which secure payment of obligations not more than 60 days past due or which are being contested in good faith by appropriate proceedings and for which adequate reserves shall have been
set aside on its books; 
 (iii) Liens arising out of pledges or deposits under workers’ compensation laws, unemployment
insurance, old age pensions, or other social security or retirement benefits, or similar legislation; 

  
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 (iv) Easements, restrictions and such other encumbrances or charges against real
property as are of a nature generally existing with respect to properties of a similar character and which do not in any material way affect the marketability of the same or interfere with the use thereof in the business of the Borrower or its
Subsidiaries; and 
 (v) Liens other than Liens described in subsections (i) through (iv) above arising in
connection with any Indebtedness permitted hereunder to the extent such Liens will not result in a Default in any of Borrower’s covenants herein. 

Liens permitted pursuant to this Section 6.15 shall be deemed to be “Permitted Liens”. 

6.16. Affiliates. The Borrower will not, nor will it permit any of its Subsidiaries to, enter into any transaction (including, without
limitation, the purchase or sale of any Property or service) with, or make any payment or transfer to, any Affiliate except in the ordinary course of business and pursuant to the reasonable requirements of the Borrower’s or such
Subsidiary’s business and upon fair and reasonable terms no less favorable to the Borrower or such Subsidiary than the Borrower or such Subsidiary would obtain in a comparable arms-length transaction. 

6.17. Financial Undertakings. The Borrower will not enter into or remain liable upon, nor will it permit any Subsidiary to enter into
or remain liable upon, any Financial Undertaking, except to the extent required to protect the Borrower and its Subsidiaries against increases in interest payable by them under variable interest Indebtedness. 

6.18. Indebtedness and Cash Flow Covenants. The Borrower on a consolidated basis with its Subsidiaries shall not permit, as of the last
day of any fiscal quarter: 
 (i) the sum of (x) Consolidated Outstanding Indebtedness minus (y) the amount of
restricted cash and Cash Equivalents held as collateral or in escrow in a bank account by a lender, creditor, or counterparty (“Restricted Cash Collateral”) with respect to any Consolidated Outstanding Indebtedness to exceed sixty percent
(60%) of Consolidated Market Value; provided that such ratio may exceed 60% but shall not exceed 65% for up to four (4) consecutive fiscal quarters following a Major Acquisition; 

(ii) the sum of (x) Consolidated Secured Indebtedness minus (y) Restricted Cash Collateral with respect to
Consolidated Secured Indebtedness to exceed thirty-five percent (35%) of Consolidated Market Value; provided that such ratio may exceed 35% but shall not exceed 40% for up to four (4) consecutive fiscal quarters following a Major
Acquisition; 
 (iii) the Value of Unencumbered Assets to be less than 1.67 times the sum of (x) Consolidated Unsecured
Indebtedness minus (y) Restricted Cash Collateral with respect to Consolidated Unsecured Indebtedness; provided that such ratio may be less than 1.67 to 1.00 but shall not be less than 1.55 to 1.00 for up to four (4) consecutive
fiscal quarters following a Major Acquisition; 

  
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 (iv) Consolidated Cash Flow to be less than 1.5 times Fixed Charges, based on the
most recent four (4) fiscal quarters; and 
 (v) the aggregate principal amount of Recourse Indebtedness that is secured
by a Lien on partnership or other equity interests or by any other Lien which is not a mortgage Lien on real property shall not exceed $300,000,000. 

Notwithstanding anything herein to the contrary, all calculations to determine compliance with the above financial covenants shall exclude
values, including, without limitation, Indebtedness, assets, liabilities, income, revenues and expenses, attributable to any Project owned by a member of the Consolidated Group or an Investment Affiliate if (1) a receiver, custodian, trustee,
examiner, liquidator or similar official has been appointed for such Project and (2) the Indebtedness encumbering or attributable to such Project is Nonrecourse Indebtedness, and (3) no recourse event has been triggered and is continuing
under any guaranty or indemnity agreement of a member of the Consolidated Group or an Investment Affiliate related to such Nonrecourse Indebtedness as a result of any of the events described in clause (1) of this paragraph which has not been
waived in writing by the holder of such Nonrecourse Indebtedness or with respect to which the holder of such Nonrecourse Indebtedness has not otherwise agreed in writing to forbear from enforcing or exercising its rights under such guaranty or
indemnity agreement (but only for so long as such waiver or forbearance continues), provided, further, however, that in no event shall this paragraph be deemed or construed to exclude any Project, member of the Consolidated Group or Investment
Affiliate from any covenants, requirements or obligations of such entities set forth in any other Section of this Agreement and in the other Loan Documents. The aggregate amount of such members of the Consolidated Group and Investment
Affiliates’ pro rata share of all such Nonrecourse Indebtedness encumbering or attributable to all such Projects excluded from calculations to determine compliance with the above financial covenants shall not exceed $300,000,000. 

6.19. Environmental Matters. Borrower and its Subsidiaries shall: 

(a) Comply with, and use all reasonable efforts to ensure compliance by all tenants and subtenants, if any, with, all
applicable Environmental Laws and obtain and comply with and maintain, and use all reasonable efforts to ensure that all tenants and subtenants obtain and comply with and maintain, any and all licenses, approvals, notifications, registrations or
permits required by applicable Environmental Laws, except to the extent that failure to do so could not be reasonably expected to have a Material Adverse Effect; provided that in no event shall the Borrower or its Subsidiaries be required to modify
the terms of leases, or renewals thereof, with existing tenants (i) at Projects owned by the Borrower or its Subsidiaries as of the date hereof, or (ii) at Projects hereafter acquired by the Borrower or its Subsidiaries as of the date of
such acquisition, to add provisions to such effect. 
 (b) Conduct and complete all investigations, studies, sampling and
testing, and all remedial, removal and other actions required under Environmental Laws and promptly comply in all material respects with all lawful orders and directives of all Governmental Authorities regarding Environmental Laws, except to the
extent that (i) the same are being contested in good faith by appropriate proceedings and the pendency of such proceedings could not be reasonably expected to have a Material Adverse Effect, or 

  
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(ii) the Borrower has determined in good faith that contesting the same is not in the best interests of the Borrower and its Subsidiaries and the failure to contest the same could not be
reasonably expected to have a Material Adverse Effect. 
 (c) Defend, indemnify and hold harmless Administrative Agent and
each Lender, and their respective officers and directors, from and against any claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature known or unknown, contingent or otherwise, arising out
of, or in any way relating to the violation of, noncompliance with or liability under any Environmental Laws applicable to the operations of the Borrower, its Subsidiaries or the Projects, or any orders, requirements or demands of Governmental
Authorities related thereto, including, without limitation, attorney’s and consultant’s fees, investigation and laboratory fees, response costs, court costs and litigation expenses, except to the extent that any of the foregoing arise out
of the gross negligence or willful misconduct of the party seeking indemnification therefor. This indemnity shall continue in full force and effect regardless of the termination of this Agreement. 

(d) Prior to the acquisition of a new Project after the Closing Date, perform or cause to be performed an environmental
investigation consistent with standards used by institutional purchasers of similar properties. In connection with any such investigation, Borrower shall cause to be prepared a report of such investigation, to be made available to any Lenders upon
reasonable request, for informational purposes. 
 6.20. Certain Amendments to Other Loan Agreements. The Borrower will, as soon as
possible and in any event within thirty (30) Business Days after the Closing Date, execute and deliver to the Administrative Agent (a) an amendment to, or amendment and restatement of, the Second Amended and Restated Secured Term Loan
Agreement, dated as of June 28, 2011, as amended, among the Borrower, KeyBank, National Association, as administrative agent, and the other lenders party thereto, in order to revise the financial covenants and certain other provisions set forth
therein to be consistent with this Agreement and to modify certain other terms thereof, in form and substance reasonably satisfactory to the Administrative Agent; and (b) an amendment to, or an amendment and restatement of, the Second Amended
and Restated Credit Agreement, dated as of October 20, 2010, as amended, among the Borrower and PNC Bank, National Association, in order to revise the financial covenants and certain other provisions set forth therein to be consistent with this
Agreement and to modify certain other terms thereof, in form and substance reasonably satisfactory to the Administrative Agent. 
 ARTICLE
VII. 
 DEFAULTS 

The occurrence of any one or more of the following events shall constitute a Default: 

7.1 Nonpayment of any principal payment on any Note when due. 

  
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 7.2 Nonpayment of interest upon any Note or of any Facility Fee or other payment Obligations
under any of the Loan Documents within five (5) Business Days after the same becomes due. 
 7.3 The breach of any of the terms or
provisions of Sections 6.2 through 6.18. 
 7.4 Any representation or warranty made or deemed made by or on behalf of the
Borrower or any of its Subsidiaries to the Lenders or the Administrative Agent under or in connection with this Agreement, any Loan, or any material certificate or information delivered in connection with this Agreement or any other Loan Document
shall be materially false on the date as of which made. 
 7.5 The breach by the Borrower (other than a breach which constitutes a Default
under Sections 7.1, 7.2, 7.3 or 7.4) of any of the terms or provisions of this Agreement which is not remedied within fifteen (15) days after written notice from the Administrative Agent or any Lender. 

7.6 Failure of the Borrower or any of its Subsidiaries to pay when due any Indebtedness (other than Nonrecourse Indebtedness), in excess of
$50,000,000 in the aggregate, after giving effect to any applicable cure, grace or forbearance periods; or the default by the Borrower or any of its Subsidiaries in the performance of any term, provision or condition contained in any agreement, or
any other event shall occur or condition exist, which causes or permits Indebtedness (other than Nonrecourse Indebtedness) in excess of $50,000,000 in the aggregate to be due and payable or required to be prepaid (other than by a regularly scheduled
payment) prior to the stated maturity thereof, after giving effect to any applicable cure, grace or forbearance periods (provided that (a) the failure to pay any such Indebtedness shall not constitute a Default so long as the Borrower or its
Subsidiaries is diligently contesting the payment of the same by appropriate legal proceedings and the Borrower or its Subsidiaries have set aside, in a manner reasonably satisfactory to Administrative Agent, a sufficient reserve to repay such
Indebtedness plus all accrued interest thereon calculated at the default rate thereunder and costs of enforcement in the event of an adverse outcome) and (b) in the case of Indebtedness that is partially Recourse Indebtedness and partially
Nonrecourse Indebtedness, (i) to the extent that the Recourse Indebtedness been paid in full or otherwise irrevocably satisfied, such Indebtedness shall be considered Nonrecourse Indebtedness, and (ii) only the portion of any Indebtedness
that is Recourse Indebtedness shall be counted against the $50,000,000 figure set forth above. 
 7.7 The Borrower, or any Subsidiary having
more than $50,000,000 of Equity Value (or in the case of a Subsidiary that is not a Wholly-Owned Subsidiary, a Subsidiary for which the Borrower’s proportionate share of the Equity Value of such Subsidiary exceeds $50,000,000), shall
(i) have an order for relief entered with respect to it under the Federal bankruptcy laws as now or hereafter in effect, (ii) make an assignment for the benefit of creditors, (iii) apply for, seek, consent to, or acquiesce in, the
appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any Substantial Portion of its Property, (iv) institute any proceeding seeking an order for relief under the Federal bankruptcy laws as now or
hereafter in effect or seeking to adjudicate it as a bankrupt or insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any

  
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law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an answer or other pleading denying the material allegations of any such proceeding filed against it,
(v) take any corporate action to authorize or effect any of the foregoing actions set forth in this Section 7.7, (vi) fail to contest in good faith any appointment or proceeding described in Section 7.8 or
(vii) admit in writing its inability to pay its debts generally as they become due. 
 7.8 A receiver, trustee, examiner, liquidator or
similar official shall be appointed for the Borrower or any Subsidiary having more than $50,000,000 of Equity Value (or in the case of a Subsidiary that is not a Wholly-Owned Subsidiary, a Subsidiary for which the Borrower’s proportionate share
of the Equity Value of such Subsidiary exceeds $50,000,000), or for any Substantial Portion of the Property of the Borrower or such Subsidiary, or a proceeding described in Section 7.7(iv) shall be instituted against the Borrower or any
such Subsidiary and such appointment continues undischarged or such proceeding continues undismissed or unstayed for a period of ninety (90) consecutive days. 

7.9 The Borrower or any of its Subsidiaries shall fail within sixty (60) days to pay, bond or otherwise discharge any judgments or orders
for the payment of money in an amount which, when added to all other judgments or orders outstanding against Borrower or any Subsidiary would exceed $50,000,000 in the aggregate, which have not been stayed on appeal or otherwise appropriately
contested in good faith. 
 7.10 The Borrower or any other member of the Controlled Group shall have been notified by the sponsor of a
Multiemployer Plan that it has incurred withdrawal liability to such Multiemployer Plan in an amount which, when aggregated with all other amounts required to be paid to Multiemployer Plans by the Borrower or any other member of the Controlled Group
as withdrawal liability (determined as of the date of such notification), exceeds $10,000,000 or requires payments exceeding $5,000,000 per annum. 

7.11 The Borrower or any other member of the Controlled Group shall have been notified by the sponsor of a Multiemployer Plan that such
Multiemployer Plan is in reorganization or is being terminated, within the meaning of Title IV of ERISA, if as a result of such reorganization or termination the aggregate annual contributions of the Borrower and the other members of the Controlled
Group (taken as a whole) to all Multiemployer Plans which are then in reorganization or being terminated have been or will be increased over the amounts contributed to such Multiemployer Plans for the respective plan years of each such Multiemployer
Plan immediately preceding the plan year in which the reorganization or termination occurs by an amount exceeding $5,000,000. 
 7.12
Failure to remediate within the time period permitted by law or governmental order, after all administrative hearings and appeals have been concluded (or within a reasonable time in light of the nature of the problem if no specific time period is so
established), environmental problems at Properties owned by the Borrower or any of its Subsidiaries or Investment Affiliates if the estimated costs of remediation at all such Properties in the aggregate exceed $50,000,000. 

  
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 7.13 The occurrence of any “Default” as defined in any Loan Document or the breach of
any of the terms or provisions of any Loan Document, which default or breach continues beyond any period of grace therein provided. 
 7.14
The occurrence of any Material Adverse Effect. 
 7.15 The Borrower or any other Loan Party shall disavow, revoke or terminate (or attempt
to terminate) any Loan Document to which it is a party or shall otherwise challenge or contest in any action, suit or proceeding in any court or before any Governmental Authority the validity or enforceability of this Agreement or any other Loan
Document, or this Agreement or any other Loan Document shall cease to be in full force and effect (except as a result of the express terms thereof). 

7.16 A Change of Control shall occur. 

ARTICLE VIII. 

ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES 

8.1. Acceleration. If any Default described in Section 7.7 or 7.8 occurs with respect to the Borrower, the
Commitments and all other obligations of the Lenders to make Loans and of the Issuing Lender to issue Facility Letters of Credit hereunder shall automatically terminate and the Obligations shall immediately become due and payable without any
election or action on the part of the Administrative Agent or any Lender and without presentment, demand, protest or notice of any kind, all of which the Borrower hereby expressly waives. If any other Default occurs, the Required Lenders, at any
time prior to the date that such Default has been fully cured, may terminate or suspend the Commitments and all other obligations of the Lenders to make Loans hereunder and to issue Facility Letters of Credit, whereupon (in the case of termination)
the Commitments and such other obligations of the Lenders shall terminate, or declare the Obligations to be due and payable, or both, whereupon if the Required Lenders elected to accelerate (i) the Obligations shall become immediately due and
payable, without presentment, demand, protest or notice of any kind, all of which the Borrower hereby expressly waives and (ii) if any automatic or optional acceleration has occurred, the Administrative Agent, as directed by the Required
Lenders (or if no such direction is given within 30 days after a request for direction, as the Administrative Agent deems in the best interests of the Lenders, in its sole discretion), shall use its good faith efforts to collect, including without
limitation, by filing and diligently pursuing judicial action, all amounts owed by the Borrower under the Loan Documents. 
 In addition to
the foregoing, following the occurrence of a Default and so long as any Facility Letter of Credit has not been fully drawn and has not been cancelled or expired by its terms, upon demand by the Administrative Agent, the Borrower shall deposit in the
Letter of Credit Collateral Account cash in an amount equal to the LC Exposure as of such date plus any accrued and unpaid interest thereon provided that (i) the portions of such amount attributable to undrawn Alternative Currency Letters of
Credit or LC Disbursements in an Alternative Currency that the Borrowers are not late in reimbursing shall be deposited in the applicable Alternative Currencies in the actual amounts of such undrawn Letters of Credit and LC Disbursements and
(ii) the obligation to deposit such cash collateral shall become effective immediately, and such 

  
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deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Default with respect to any Borrower described in Section 7.7
or 7.8. For the purposes of this paragraph, the Alternative Currency LC Exposure shall be calculated using the Exchange Rates on the date notice demanding cash collateralization is delivered to a Borrower. Each Borrower also shall deposit
cash collateral pursuant to this paragraph as and to the extent required by Section 2.8(b) and Section 2.27(c). Each such deposit pursuant to this paragraph or pursuant to Section 2.8(b) or
Section 2.27(c) shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of each Borrower under this Agreement. The Administrative Agent shall have exclusive dominion and control,
including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the relevant
Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the
applicable Issuing Lender for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the Reimbursement Obligations of the relevant Borrower for the LC Exposure at such time or,
if the maturity of the Loans has been accelerated (but subject to the consent of Domestic Revolving Lenders with LC Exposure representing at least 51% of the total LC Exposure), be applied to satisfy other obligations of such Borrower under this
Agreement. If a Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of a Default, such amount (to the extent not applied as aforesaid) shall be returned to such Borrower within three Business Days
after all Defaults have been cured or waived. If a Borrower is required to provide an amount of cash collateral hereunder pursuant to Section 2.8(b) or Section 2.27(c), such amount (to the extent not applied as aforesaid)
shall be returned to such Borrower as and to the extent that, after giving effect to such return, such Borrower would remain in compliance with Section 2.8(b) or Section 2.27(c), as applicable, and no Default shall have
occurred and be continuing. The Borrower shall have no control over funds in the Letter of Credit Collateral Account, which funds will be invested by the Administrative Agent from time to time under the Facility Letters of Credit. Such funds, if
any, remaining in the Letter of Credit Collateral Account following the payment of all Obligations in full shall, unless the Administrative Agent is otherwise directed by a court of competent jurisdiction, be promptly paid over to the Borrower. 

If, after acceleration of the maturity of the Obligations or termination of the obligations of the Lenders to make Loans hereunder or to issue
Facility Letters of Credit as a result of any Default (other than any Default as described in Section 7.7 or 7.8 with respect to the Borrower) and before any judgment or decree for the payment of the Obligations due shall have
been obtained or entered, all of the Lenders (in their sole discretion) shall so direct, the Administrative Agent shall, by notice to the Borrower, rescind and annul such acceleration and/or termination. 

8.2. Amendments. Subject to the provisions of this Article VIII and the right of the Borrower, solely with the agreement of the
Administrative Agent and such new banks or existing Lenders as may provide new or increased Commitments, to increase the Aggregate Commitment as described in Section 2.1 above, the Required Lenders (or the Administrative Agent with the
consent in writing of the Required Lenders) and the Borrower may enter into written agreements supplemental hereto for the purpose of amending, modifying or waiving any provisions to the Loan Documents or changing in any manner the rights of the
Lenders or the Borrower hereunder 

  
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or waiving any Default or any provision hereunder or under the other Loan Documents (and no such amendment or waiver shall be effective except pursuant to an agreement in writing entered into by
the Borrower and the Required Lenders); provided however, that no such supplemental agreement or waiver shall, without the consent in writing of all Lenders affected thereby: 

(i) Extend the Facility Termination Date or forgive all or any portion of the principal amount of any Loan or accrued interest
thereon or the Facility Fee, reduce the Applicable Margins or any accepted Absolute Rate (or modify any definition herein which would have the effect of reducing the Applicable Margins or any accepted Absolute Rate) or the underlying interest rate
options or extend the time of payment of any such principal, interest or Facility Fees. 
 (ii) Subject to releases given in
accordance with Section 9.17, release DDR from its guarantee of the obligations of Qualified Borrowers or release any Subsidiary Guarantor (other than a Subsidiary Guarantor that has liquidated all of its assets and applied all of the
proceeds of such liquidation in accordance with its organizational documents) from the Subsidiary Guaranty or any other future guarantor (other than a Subsidiary Guarantor that has liquidated all of its assets and applied all of the proceeds of such
liquidation in accordance with its organizational documents) from any liability it may undertake with respect to the Obligations. 

(iii) Reduce the percentage specified in the definition of Required Lenders or Required Facility Lenders, as applicable, or
change any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder. 

(iv) Increase the Aggregate Commitment beyond $1,250,000,000. 

(v) Permit the Borrower to assign its rights or obligations under this Agreement. 

(vi) Amend Sections 2.3, 2.13(ii), 2.24, 8.1, 8.2, 11.1 or 11.2. 

No amendment, modification or waiver that increases the Commitment of any Lender shall be effective without the consent of such Lender. No amendment,
modification or waiver of any provision of this Agreement relating to the Administrative Agent or the Issuing Lender, including Section 2.27, shall be effective without the written consent of the Administrative Agent or the Issuing
Lender, as the case may be. No amendment, modification or waiver affecting the application of payments among the Facilities shall be effective without the consent of the Required Facility Lenders in respect of each of the Facilities adversely
affected thereby. Each Lender which has been designated a Designated Lender may act on behalf of such Designated Lender with respect to any rights of such Designated Lender to grant or withhold any consent hereunder to the fullest extent it has been
so delegated to act by such Designated Lender pursuant to its Designation Agreement. 

  
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 8.3. Preservation of Rights. No delay or omission of the Lenders or the Administrative
Agent to exercise any right under the Loan Documents shall impair such right or be construed to be a waiver of any Default or an acquiescence therein, and the making of a Loan notwithstanding the existence of a Default or the inability of the
Borrower to satisfy the conditions precedent to such Loan shall not constitute any waiver or acquiescence. Any single or partial exercise of any such right shall not preclude other or further exercise thereof or the exercise of any other right, and
no waiver, amendment or other variation of the terms, conditions or provisions of the Loan Documents whatsoever shall be valid unless in writing signed by the Lenders required pursuant to Section 8.2, and then only to the extent in such
writing specifically set forth. All remedies contained in the Loan Documents or by law afforded shall be cumulative and all shall be available to the Administrative Agent and the Lenders until the Obligations have been paid in full. 

ARTICLE IX. 
 GENERAL
PROVISIONS 
 9.1. Survival of Representations. All representations and warranties of the Borrower contained in this
Agreement shall survive delivery of the Notes and the making of the Loans herein contemplated. 
 9.2. Governmental Regulation.
Anything contained in this Agreement to the contrary notwithstanding, no Lender shall be obligated to extend credit to the Borrower in violation of any limitation or prohibition provided by any applicable statute or regulation. 

9.3. Taxes. Any taxes (excluding taxes on the overall net income of any Lender) or other similar assessments or charges made by any
governmental or revenue authority in respect of the Loan Documents shall be paid by the Borrower, together with interest and penalties, if any. 

9.4. Headings. Section headings in the Loan Documents are for convenience of reference only, and shall not govern the interpretation of
any of the provisions of the Loan Documents. 
 9.5. Entire Agreement. The Loan Documents embody the entire agreement and
understanding among the Borrower, the Administrative Agent and the Lenders and supersede all prior commitments, agreements and understandings among the Borrower, the Administrative Agent and the Lenders relating to the subject matter thereof. 

9.6. Several Obligations; Benefits of this Agreement. The respective obligations of the Lenders hereunder are several and not joint and
no Lender shall be the partner or agent of any other (except to the extent to which the Administrative Agent is authorized to act as such). The failure of any Lender to perform any of its obligations hereunder shall not relieve any other Lender from
any of its obligations hereunder. This Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their respective successors and assigns. 

  
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 9.7. Expenses; Indemnification. (a) The Borrower shall pay (i) all reasonable
and documented out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (which shall be limited, in the case of legal fees and expenses, to the reasonable and documented fees, charges and disbursements of one primary counsel,
and one local counsel in each applicable jurisdiction, for the Administrative Agent), in connection with the syndication of the credit facilities provided for herein, the preparation and administration of this Agreement or any amendments,
modifications or waivers of the provisions hereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by each Issuing Lender in connection
with the issuance, amendment, renewal or extension of any Facility Letter of Credit or any demand for payment thereunder and (iii) all documented out-of-pocket expenses incurred by the Administrative Agent, any Issuing Lender or any Lender
(which shall be limited, in the case of legal fees and expenses, to the documented fees, charges and disbursements of one primary counsel, and one local counsel in each applicable jurisdiction, for the Administrative Agent, and not more than one
primary counsel, and one local counsel in each applicable jurisdiction, for all of the other Lenders and the Issuing Lenders (selected by the Required Lenders other than the Lender acting as Administrative Agent) and, solely in the case of a
conflict of interest, one additional counsel for each affected Lender or Issuing Lender), in connection with the enforcement or protection of its rights in connection with this Agreement, including its rights under this Section, or in connection
with the Loans made or Facility Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Facility Letters of Credit. 

(b) The Borrower shall indemnify the Administrative Agent, each Issuing Lender and each Lender, and each Related Party of any
of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (which shall be limited, in the case of legal
fees and expenses, to the reasonable and documented fees, charges and disbursements of one primary counsel, and one local counsel in each applicable jurisdiction, for the Administrative Agent, and not more than one primary counsel, and one local
counsel in each applicable jurisdiction, for all of the other Lenders and the Issuing Lenders (selected by the Required Lenders other than the Lender acting as Administrative Agent) and, solely in the case of a conflict of interest, one additional
counsel for each affected Lender or Issuing Lender), incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document, or any agreement
or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby, (ii) any Loan or Facility Letter of Credit
or the use of the proceeds therefrom (including any refusal by an Issuing Lender to honor a demand for payment under a Facility Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such
Facility Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the
Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not such claim, litigation, investigation or proceeding is brought by

  
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the Borrower or its equity holders, Affiliates, creditors or any other third Person and whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party
thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and
non-appealable judgment to have resulted from (x) the gross negligence, bad faith or wilful misconduct of such Indemnitee, (y) the material breach by such Indemnitee of its express obligations under this Agreement pursuant to a claim
initiated by the Borrower or (z) any disputes solely among Indemnitees and not arising out of any act or omission of the Borrower or any of its Affiliates (other than (A) any proceeding against any Indemnitee solely in its capacity or in
fulfilling its role as Administrative Agent, Issuing Lender, Syndication Agent, Documentation Agent, lead arranger, bookrunner or any other similar role with respect to the credit facility evidenced by this Agreement or (B) arising as a result
of an act or omission by the Borrower or any of its Affiliates). This Section 9.7(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims or damages arising from any non-Tax claim. 

(c) To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent or the
Issuing Lenders under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent or the Issuing Lenders, as the case may be, such Lender’s Applicable Percentage (determined as of the time
that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or
asserted against the Administrative Agent or the Issuing Lenders in their capacity as such. 
 (d) To the extent permitted by
applicable law, no party hereto shall assert, and each such party hereby waives, any claim against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages)
arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby, the transactions contemplated hereby, any Loan or Facility Letter of Credit or the use of
the proceeds thereof; provided that, nothing in this clause (d) shall relieve the Borrower of any obligation it may have to indemnify an Indemnitee against special, indirect, consequential or punitive damages asserted against such
Indemnitee by a third party. 
 (e) All amounts due under this Section shall be payable promptly after written demand
therefor. 
 9.8. Numbers of Documents. All statements, notices, closing documents, and requests hereunder shall be furnished to the
Administrative Agent with sufficient counterparts so that the Administrative Agent may furnish one to each of the Lenders. 
 9.9.
Accounting. Except as provided to the contrary herein, including Section 1.6, all accounting terms used herein shall be interpreted and all accounting determinations hereunder shall be made in accordance with GAAP. 

  
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 9.10. Severability of Provisions. Any provision of this Agreement held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions
hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

9.11. Nonliability of Lenders. The relationship between the Borrower, on the one hand, and the Lenders, the Issuing Lender, the Joint
Lead Arrangers and the Administrative Agent, on the other, shall be solely that of borrower and lender. None of the Administrative Agent, the Issuing Lender, any Joint Lead Arranger or any Lender shall have any fiduciary responsibilities to the
Borrower, and the Borrower acknowledges that each of the Administrative Agent, the Issuing Lender, the Joint Lead Arrangers and the Lenders and their respective Affiliates may have economic interests that conflict with those of the Borrower. None of
the Administrative Agent, the Issuing Lender, any Joint Lead Arranger or any Lender undertakes any responsibility to the Borrower to review or inform the Borrower of any matter in connection with any phase of the Borrower’s business or
operations. 
 9.12. CHOICE OF LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS
CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS. 

9.13. CONSENT TO JURISDICTION. (a) EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE
EXCLUSIVE JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN, AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN, AND ANY APPELLATE
COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN
RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING
SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTWITHSTANDING THE FOREGOING, NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE (I) ANY PARTY HERETO
FROM BRINGING ANY LEGAL ACTION OR PROCEEDING IN ANY JURISDICTION FOR THE RECOGNITION AND ENFORCEMENT OF ANY JUDGMENT, (II) IF ALL SUCH NEW YORK COURTS DECLINE JURISDICTION OVER ANY PERSON, OR DECLINE (OR, IN THE CASE OF THE FEDERAL DISTRICT COURT,
LACK) JURISDICTION OVER ANY SUBJECT MATTER OF SUCH ACTION OR PROCEEDING, ANY PARTY HERETO FROM BRINGING A LEGAL ACTION OR PROCEEDING WITH 

  
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RESPECT THERETO IN ANOTHER COURT HAVING JURISDICTION AND (III) IN THE EVENT A LEGAL ACTION OR PROCEEDING IS BROUGHT AGAINST ANY PARTY HERETO OR INVOLVING ANY OF ITS ASSETS OR PROPERTY IN ANOTHER
COURT (WITHOUT ANY COLLUSIVE ASSISTANCE BY SUCH PARTY OR ANY OF ITS SUBSIDIARIES OR AFFILIATES), SUCH PARTY FROM ASSERTING A CLAIM OR DEFENSE (INCLUDING ANY CLAIM OR DEFENSE THAT THIS SECTION 9.13 WOULD OTHERWISE REQUIRE TO BE ASSERTED IN A LEGAL
ACTION OR PROCEEDING IN A NEW YORK COURT) IN ANY SUCH ACTION OR PROCEEDING. 
 (b) EACH PARTY TO THIS AGREEMENT HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR
PROCEEDING IN ANY SUCH COURT. 
 (c) EACH PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER
PROVIDED FOR NOTICES IN SECTION 13.1. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW. 

9.14. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE
TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT
NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER
PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

9.15. No Bankruptcy Proceedings. Each of the Borrower, the Lenders and the Administrative Agent agrees that it will not institute
against any Designated Lender or join any other Person in instituting against any Designated Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any federal or state bankruptcy of similar law, for one year
and one day after the payment in full of the latest maturing commercial paper note issued by such Designated Lender. 

  
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 9.16. Judgment Currency. (a) The Borrowers’ obligations hereunder and under the
other Loan Documents to make payments in a specified currency (the “Obligation Currency”) shall not be discharged or satisfied by any tender or recovery pursuant to any judgment expressed in or converted into any currency other than the
Obligation Currency, except to the extent that such tender or recovery results in the effective receipt by the Administrative Agent or a Lender of the full amount of the Obligation Currency expressed to be payable to the Administrative Agent or such
Lender under this Agreement or the other Loan Documents. If, for the purpose of obtaining or enforcing judgment against any Loan Party in any court or in any jurisdiction, it becomes necessary to convert into or from any currency other than the
Obligation Currency (such other currency being hereinafter referred to as the “Judgment Currency”) an amount due in the Obligation Currency, the conversion shall be made, at the rate of exchange (as quoted by the Administrative Agent or if
the Administrative Agent does not quote a rate of exchange on such currency, by a known dealer in such currency designated by the Administrative Agent) determined, in each case, as of the Business Day immediately preceding the date on which the
judgment is given (such Business Day being hereinafter referred to as the “Judgment Currency Conversion Date”). 

(b) If there is a change in the rate of exchange prevailing between the Judgment Currency Conversion Date and the date of
actual payment of the amount due, the Borrowers covenant and agree to pay, or cause to be paid, such additional amounts, if any (but in any event not a lesser amount), as may be necessary to ensure that the amount paid in the Judgment Currency, when
converted at the rate of exchange prevailing on the date of payment, will produce the amount of the Obligation Currency which could have been purchased with the amount of Judgment Currency stipulated in the judgment or judicial award at the rate of
exchange prevailing on the Judgment Currency Conversion Date. 
 (c) For purposes of determining any rate of exchange or
currency equivalent for this Section, such amounts shall include any premium and costs payable in connection with the purchase of the Obligation Currency. 

9.17. Release of Subsidiary Guaranties. If a Subsidiary has delivered a Subsidiary Guaranty, Borrower may at any time request a release
of such Subsidiary Guaranty. If there is no Default or Unmatured Default, and Borrower would still be in compliance with all covenants if such Subsidiary were not a Subsidiary Guarantor, then Administrative Agent shall deliver within ten
(10) Business Days a release of such Subsidiary Guarantor without the consent of any Lender. 
 ARTICLE X. 

THE ADMINISTRATIVE AGENT 

Each of the Lenders and the Issuing Lenders hereby irrevocably appoints the Administrative Agent as its agent and authorizes the
Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto. 

  
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 The bank serving as the Administrative Agent hereunder shall have the same rights and powers in
its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the
Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder. 
 The Administrative Agent
shall not have any duties or obligations except those expressly set forth herein. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of
whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby
that the Administrative Agent is required to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 8.2), and
(c) except as expressly set forth herein, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is
communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required
Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 8.2) or in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be
deemed not to have knowledge of any Unmatured Default or Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to
ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement, (ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith,
(iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or
document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 

The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate,
consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by
it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and
shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents
appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the

  
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preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection
with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 
 Subject to the
appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders, the Issuing Lenders and the Borrower. Upon any such resignation, the Required
Lenders shall have the right to appoint a successor (which successor shall be consented to by the Borrower, such consent not to be unreasonably withheld or delayed; provided that no consent of the Borrower shall be required if a Default has occurred
and is continuing). If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring
Administrative Agent may, on behalf of the Lenders and the Issuing Lenders, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment
as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged
from its duties and obligations hereunder. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the
Administrative Agent’s resignation hereunder, the provisions of this Article and Section 9.7 shall continue in effect for the benefit of such retiring Administrative Agent, its sub agents and their respective Related Parties in
respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent. 
 If the Person serving as
Administrative Agent is a Defaulting Lender, the Required Lenders may, to the extent permitted by applicable law, by notice in writing to the Borrower and such Person, remove such Person as Administrative Agent and appoint a successor, which
appointment shall, provided no Unmatured Default or Default exists, be consented to by the Borrower, which consent shall not be unreasonably withheld or delayed. If no such successor shall have been so appointed by the Required Lenders and shall
have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective on the Removal Effective Date
in accordance with such notice and (1) the removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents and (2) all payments, communications and determinations provided to be
made by, to or through the Administrative Agent shall instead be made to each Lender directly, until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above in this Section; provided, further that
such Lenders so acting directly shall be and be deemed to be protected by all indemnities and other provisions herein for the benefit and protection of the Administrative Agent as if each such Lender were itself the Administrative Agent. 

Each Lender acknowledges and agrees that the extensions of credit made hereunder are commercial loans and letters of credit and not
investments in a business enterprise or securities. Each Lender further represents that it is engaged in making, acquiring or holding commercial loans in the ordinary course of its business and has, independently and without reliance upon the
Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder. Each
Lender shall, independently and without reliance upon the 

  
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Administrative Agent or any other Lender and based on such documents and information (which may contain material, non-public information within the meaning of the United States securities laws
concerning the Borrower and its Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any related agreement or any document furnished
hereunder or thereunder and in deciding whether or to the extent to which it will continue as a Lender or assign or otherwise transfer its rights, interests and obligations hereunder. 

ARTICLE XI. 
 SETOFF;
RATABLE PAYMENTS 
 11.1. Setoff. In addition to, and without limitation of, any rights of the Lenders under applicable law,
if the Borrower becomes insolvent, however evidenced, or any Default occurs, any and all deposits (including all account balances, whether provisional or final and whether or not collected or available) and any other Indebtedness at any time held or
owing by any Lender or any of its Affiliates to or for the credit or account of the Borrower may be offset and applied toward the payment of the Obligations owing to such Lender at any time prior to the date that such Default has been fully cured,
whether or not the Obligations, or any part hereof, shall then be due, subject to Section 11.2. 
 11.2. Ratable
Payments. If any Lender, whether by setoff or otherwise, has payment made to it upon its Loans (other than payments received pursuant to Sections 3.1, 3.2 or 3.4) in a greater proportion than that received by any other
Lender, such Lender agrees, promptly upon demand, to purchase a portion of the Loans held by the other Lenders so that after such purchase each Lender will hold its ratable proportion of Loans. If any Lender, whether in connection with setoff or
amounts which might be subject to setoff or otherwise, receives collateral or other protection for its Obligations or such amounts which may be subject to setoff, such Lender agrees, promptly upon demand, to take such action necessary such that all
Lenders share in the benefits of such collateral ratably in proportion to their Loans. In case any such payment is disturbed by legal process, or otherwise, appropriate further adjustments shall be made. 

ARTICLE XII. 

BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS 

12.1. Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted hereby (including any Affiliate of an Issuing Lender that issues any Facility Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights or
obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may

  
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assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any
Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of an Issuing Lender that issues any Facility Letter of Credit), Participants (to the extent provided in
Section 12.2) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Lenders and the Lenders) any legal or equitable right, remedy or claim under or by reason of this
Agreement. 
 12.2. Participations. Any Lender may, without the consent of the Borrower, the Administrative Agent or the Issuing
Lenders, sell participations to one or more banks or other entities (a “Participant”), other than an Ineligible Institution, in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion
of its Commitment and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged; (B) such Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations; and (C) the Borrower, the Administrative Agent, the Issuing Lenders and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations
under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any
provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to
Section 8.2 that affects such Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.1, 3.2, 3.4 and 3.5 (subject to the requirements and limitations
therein, including the requirements under Sections 3.5(f) and (g) (it being understood that the documentation required under Section 3.5(f) shall be delivered to the participating Lender and the information and
documentation required under Section 3.5(g) will be delivered to the Borrower and the Administrative Agent)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 12.3;
provided that such Participant (A) agrees to be subject to the provisions of Section 2.19 as if it were an assignee under Section 12.3; and (B) shall not be entitled to receive any greater payment under
Section 3.1, 3.2 or 3.5, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law
that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions
of Section 2.19 with respect to any Participant. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each
Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall have any
obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Facility Letters of Credit or its other
obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Facility Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of
the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person 

  
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whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt,
the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

12.3. Assignments. (a) Subject to the conditions set forth in paragraph (ii) below, any Lender may assign to one or more
Persons (other than an Ineligible Institution) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment, participations in Facility Letters of Credit and the Loans at the time owing to it)
with the prior written consent (such consent not to be unreasonably withheld or delayed) of: 
 (i) the Borrower,
provided that, the Borrower shall be deemed to have consented to an assignment unless it shall have objected thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof;
provided, further that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if a Default has occurred and is continuing, any other assignee (but, in each case, the assignor
or assignee shall send notice of such assignment to the Borrower); 
 (ii) the Administrative Agent, provided that no
consent of the Administrative Agent shall be required for an assignment of any Commitment to an assignee that is a Lender (other than a Defaulting Lender) with a Commitment immediately prior to giving effect to such assignment, an Affiliate of a
Lender or an Approved Fund; and 
 (iii) each Issuing Lender, if such Person’s obligation to participate in Facility
Letters of Credit would be increased by such assignment. 
 (b) Assignments shall be subject to the following additional
conditions: 
 (i) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire
remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent, provided that no such consent of the Borrower shall be required if a
Default has occurred and is continuing; 
 (ii) each partial assignment shall be made as an assignment of a proportionate
part of all the assigning Lender’s rights and obligations under this Agreement, provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all the assigning Lender’s rights and obligations
in respect of one Class of Commitments or Loans; 
 (iii) the parties to each assignment shall execute and deliver to the
Administrative Agent (x) an Assignment and Assumption or (y) to the extent 

  
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applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to a Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are
participants), together with a processing and recordation fee of $3,500; and 
 (iv) the assignee, if it shall not be a
Lender, shall deliver to the Administrative Agent an administrative questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the
Borrower and its related parties or its securities) will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws. 

For the purposes of Section 12.2 and this Section 12.3, the term “Ineligible Institution” have the following
meanings: 
 “Ineligible Institution” means (a) a natural person, (b) a Defaulting Lender or its parent company,
(c) a company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof or (d) the Borrower or any of its Affiliates. 

(c) Subject to acceptance and recording thereof pursuant to paragraph (iv) of this Section, from and after the effective
date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the
assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning
Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 3.1, 3.2, 3.4, 3.5 and 9.7). Any assignment
or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 12.3 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations
in accordance with Section 12.2. 
 (d) The Administrative Agent, acting for this purpose as a non-fiduciary
agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount (and
stated interest) of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the
Administrative Agent, the Issuing Lenders and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.
The Register shall be available for inspection by the Borrower, any Issuing Lender and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

  
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 (e) Upon its receipt of (x) a duly completed Assignment and Assumption
executed by an assigning Lender and an assignee or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to a Platform as to which the Administrative Agent and the parties to the Assignment
and Assumption are participants), the assignee’s completed administrative questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in this Section 12.3 and any written
consent to such assignment required by this Section 12.3, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning
Lender or the assignee shall have failed to make any payment required to be made by it pursuant to this Agreement, the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the
Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this
paragraph. 
 12.4. Lender Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its
rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest;
provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

12.5. Dissemination of Information. The Borrower authorizes each Lender to disclose to any Participant or assignee or any other Person
acquiring an interest in the Loan Documents by operation of law (each a “Transferee”) and any prospective Transferee any and all information in such Lender’s possession concerning the creditworthiness of the Borrower and its
Subsidiaries, subject to Section 12.6. 
 12.6. Confidentiality. Each of the Administrative Agent, the Issuing Lenders
and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal
counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested
by any Governmental Authority (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process,
(d) to any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (f) subject to an agreement
containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (ii) any actual or
prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the extent such Information (i) becomes publicly available
other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, any 

  
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Issuing Lender or any Lender on a non-confidential basis from a source other than the Borrower. For the purposes of this Section, “Information” means all information received from the
Borrower relating to the Borrower or its business, other than any such information that is available to the Administrative Agent, any Issuing Lender or any Lender on a non-confidential basis prior to disclosure by the Borrower and other than
information pertaining to this Agreement routinely provided by arrangers to data service providers, including league table providers, that serve the lending industry; provided that, in the case of information received from the Borrower after
the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its
obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 

12.7. USA Patriot Act. Each Lender hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of
Pub. L 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information
that will allow such Lender to identify the Borrower in accordance with the Act. Any Lender may request additional information with respect to any Qualified Borrower in connection with such Lender’s “Know your customer” procedures.

 12.8. Co-Agents: Lead Managers; No Fiduciary Relationship. None of the Lenders identified on the facing page or signature pages of
this Agreement as a “documentation agent,” “syndication agent,” “managing agent”, “co-agent” or “joint arranger/joint book manager” shall have the right, power, obligation, liability, responsibility
or duty under this Agreement other than those applicable to all Lenders as such. Without limiting the foregoing, none of the Lenders so identified as a “documentation agent,” “syndication agent,” “managing agent,”
“co-agent” or “joint arranger/joint book manager” shall have or be deemed to have any fiduciary relationship with any Lenders. Each Lender acknowledges that it has not relied, and will not rely, on any of Lenders so identified in
deciding to enter into this Agreement or in taking or not taking action hereunder. In addition to the foregoing, the Borrower agrees that in connection with all aspects of the transactions contemplated hereby and any communications in connection
therewith, the Borrower and its Affiliates, on the one hand, and the Administrative Agent, the Lenders, and each of the Lenders identified on the facing page or the signature page hereof as a “documentation agent,” “syndication
agent,” “managing agent, “co-agent” or “joint arranger/joint book manager” and their Affiliates, on the other hand, will have a business relationship that does not create, by implication or otherwise, any fiduciary duty
on the part of the Administrative Agent, the Lenders, or any Lenders so identified as a “documentation agent,” “syndication agent,” “managing agent,” “co-agent” or “joint arranger/joint book
manager” or their Affiliates, and no such duty will be deemed to have arisen in connection with any such transactions or communications. 

  
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 ARTICLE XIII. 

NOTICES 
 13.1.
Notices. 
 (a) Except in the case of notices and other communications expressly permitted to be given by telephone
(and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as
follows: 
 (i) if to the Borrower, to it at 3300 Enterprise Parkway, Beachwood, Ohio 44122, Attention of Chief Financial
Officer (Telephone No. (216) 755-6453; Telecopy No. (216) 755-3453), with a copy to 3300 Enterprise Parkway, Beachwood, Ohio 44122, Attention of General Counsel (Telephone No. (216) 755-5650; Telecopy No. (216) 755-1560); 

(ii) if to the Administrative Agent, to JPMorgan Chase Bank, N.A., Loan and Agency Services Group, 500 Stanton Christiana Road,
Ops 2, Newark, Delaware 19713, Attention of Joseph Burke, (Telephone: (302) 634-1697, Telecopy No. (302) 634-4733), Email: Joseph.M.Burke@chase.com (the “New York Administrative Office”); with a copy to JPMorgan Chase
Bank, N.A., 383 Madison Avenue, 24th Floor, New York, New York 10179, Attention of Chiara Carter, Vice President (Telephone No. (212) 622-6401, Telecopy No. (212) 270-2157); and, in the case of an Alternative Currency, with a copy to the
London Administrative Office at JPMorgan Chase Bank, N.A., EMEA Loan Agency, 25 Bank Street, Canary Wharf, London E14 5JP, (Telecopy No. +44(0) 20 7777 2360), Email: loan_and_agency_london@jpmorgan.com (the “London Administrative
Office”); 
 (iii) if to any of Issuing Lenders, to it at (A) in the case of JPMorgan Chase Bank, N.A., 500 Stanton
Christiana Road, Ops 2, Newark, Delaware 19713, Attention of Joseph Burke (Telephone: (302) 634-1697, Telecopy No. (302) 634-4733), Email: Joseph.M.Burke@chase.com; with a copy to JPMorgan Chase Bank, N.A., 383 Madison Avenue, 24th
Floor, New York, New York 10179, Attention of Chiara Carter, Vice President (Telephone No. (212) 622-6401, Telecopy No. (212) 270-2157); and, in the case of an Alternative Currency, with a copy to the London Administrative
Office at JPMorgan Chase Bank, N.A., EMEA Loan Agency, 25 Bank Street, Canary Wharf, London E14 5JP, (Telecopy No. +44(0) 20 7777 2360), Email: loan_and_agency_london@jpmorgan.com, and (B) in the case of Wells Fargo Bank, N.A.
to Wells Fargo Bank, National Association, 10 South Wacker Drive, 32nd Floor, Chicago, Illinois 60606, Attention: Brandon Barry, Telephone: (312) 827-1525, Facsimile:
(312) 782-0969; and 
 (iv) if to any other Lender, to it at its address (or telecopy number) set forth in its
Administrative Questionnaire. 
 Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be
deemed to have been given when received; notices sent by facsimile shall 

  
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be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next
business day for the recipient). Notices delivered through Electronic Systems, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b). 

(b) Notices and other communications to the Lenders and the Issuing Lenders hereunder may be delivered or furnished by using
Electronic Systems pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender.
The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures
may be limited to particular notices or communications. 
 Unless the Administrative Agent otherwise prescribes,
(i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as
available, return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as
described in the foregoing clause (i), of notification that such notice or communication is available and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or
other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient. 

(c) Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the
other parties hereto. 
 (d) Electronic Systems. 

(i) The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make Communications (as defined
below) available to the Issuing Lenders and the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar Electronic System. 

(ii) Any Electronic System used by the Administrative Agent is provided “as is” and “as available.” The
Agent Parties (as defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions in the Communications. No warranty of any kind, express, implied or statutory, including any warranty of
merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or any Electronic System. In no event shall the
Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender, the Issuing Lenders or any other Person or 

  
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entity for damages of any kind, including direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the
Borrower’s or the Administrative Agent’s transmission of communications through an Electronic System. “Communications” means, collectively, any notice, demand, communication, information, document or other material provided by or
on behalf of the Borrower pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or any Issuing Lender by means of electronic communications pursuant to this Section,
including through an Electronic System. 
 ARTICLE XIV. 

COUNTERPARTS 

(a) This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which
shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among
the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.1, this Agreement shall become
effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 
 (b)
Delivery of an executed counterpart of a signature page of this Agreement by telecopy, emailed pdf. or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed
counterpart of this Agreement. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any document to be signed in connection with this Agreement and the
transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature,
physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York
State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 
 ARTICLE
XV. 
 TRANSITIONAL ARRANGEMENTS 

15.1. Prior Agreement Superseded. This Agreement shall supersede the Prior Agreement in its entirety, except as provided in this
ARTICLE XV. On the Closing Date, (i) the 

  
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loans outstanding under the Prior Agreement shall become Loans hereunder, (ii) the rights and obligations of the parties under the Prior Agreement and the “Notes” defined therein
shall be subsumed within and be governed by this Agreement and the Notes; provided, however, that for purposes of this clause (ii) any of the “Obligations” (as defined in the Prior Agreement) outstanding under the Prior Agreement
shall, for purposes of this Agreement, be Obligations hereunder, (iii) this Agreement shall not in any way release or impair the rights, duties or obligations created pursuant to the Prior Agreement or any other Loan Document or affect the
relative priorities thereof, in each case to the extent in force and effect thereunder as of the Closing Date, except as modified hereby or by documents, instruments and agreements executed and delivered in connection herewith, and all of such
rights, duties and obligations are assumed, ratified and affirmed by the Borrower; (iv) the obligations incurred under the Prior Agreement shall, to the extent outstanding on the Closing Date, continue outstanding under this Agreement and shall
not be deemed to be paid, released, discharged or otherwise satisfied by the execution of this Agreement, and this Agreement shall not constitute a refinancing, substitution or novation of such obligations or any of the other rights, duties and
obligations of the parties hereunder; and (v) the execution, delivery and effectiveness of this Agreement shall not operate as a waiver of any right, power or remedy of the Lenders or the Administrative Agent under the Prior Agreement, or
constitute a waiver of any covenant, agreement or obligation under the Prior Agreement, except to the extent that any such covenant, agreement or obligation is no longer set forth herein or is modified hereby. The Lenders’ interests in such
obligations, and participations in letters of credit under the Prior Agreement, shall be reallocated on the Closing Date in accordance with each Lender’s Applicable Percentage. On the Closing Date, (A) the loan commitment of each Lender
that is a party to the Prior Agreement but is not a party to this Agreement (an “Exiting Lender”) shall be terminated, all outstanding obligations owing to such Exiting Lender under the Prior Agreement on the Closing Date shall be paid in
full, and each Exiting Lender shall cease to be a Lender under this Agreement; provided, however, that, notwithstanding anything else provided herein or otherwise, any rights of an Exiting Lender under the Loan Documents that are intended by their
express terms to survive termination of the Commitments and/or the repayment, satisfaction or discharge of obligations under any Loan Document shall survive for such Exiting Lender hereunder, and (B) each Person listed on Schedule 1
attached to this Agreement shall be a Lender under this Agreement with the Commitment set forth opposite its name on such Schedule 1. 

15.2. Interest and Fees under Prior Agreement. All interest and all commitment, facility and other fees and expenses owing or accruing
under or in respect of the Prior Agreement shall be calculated as of the Closing Date (prorated in the case of any fractional periods), and shall be paid on the Closing Date in accordance with the method specified in the Prior Agreement as if such
agreement were still in effect. 
 (Remainder of page intentionally left blank) 

  
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 IN WITNESS WHEREOF, the Borrower, the Lenders and the Administrative Agent have executed this
Agreement as of the date first above written. 
  

			
	DDR CORP.
		
	By:		 /s/ Luke Petherbridge

	Name:		Luke J. Petherbridge
	Title:		Chief Financial Officer

  
 [Signature Page - A/R DDR
Credit Agreement] 

 
			
	DDR PR VENTURES LLC, S.E.
		
	By:		 /s/ Luke Petherbridge

	Name:		Luke J. Petherbridge
	Title:		Chief Financial Officer

  
 [Signature Page - A/R DDR
Credit Agreement] 

 
			
	JPMORGAN CHASE BANK, N.A.,
	Individually and as Administrative Agent
		
	By:		 /s/ Chiara Carter

	Name:		Chiara Carter
	Title:		Vice President

  
 [Signature Page - A/R DDR
Credit Agreement] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:		 /s/ Brandon H. Barry

	Name:		Brandon H. Barry
	Title:		Vice President

  
 [Signature Page - A/R DDR
Credit Agreement] 

 
			
	THE BANK OF NOVA SCOTIA
		
	By:		 /s/ Chad Hale

	Name:		Chad Hale
	Title:		Director & Execution Head REGAL

  
 [Signature Page - A/R DDR
Credit Agreement] 

 
			
	U.S. BANK NATIONAL ASSOCIATION
		
	By:		 /s/ Curt M. Steiner

	Name:		Curt M. Steiner
	Title:		Senior Vice President

  
 [Signature Page - A/R DDR
Credit Agreement] 

 
			
	CITIZENS BANK, N.A.
		
	By:		 /s/ Kerri Colwell

	Name:		Kerri Colwell
	Title:		Senior Vice President

  
 [Signature Page - A/R DDR
Credit Agreement] 

 
			
	ROYAL BANK OF CANADA
		
	By:		 /s/ Brian Gross

	Name:		Brian Gross
	Title:		Authorized Signatory

  
 [Signature Page - A/R DDR
Credit Agreement] 

 
			
	CAPITAL ONE, N.A.
		
	By:		 /s/ Ashish Tandon

	Name:		Ashish Tandon
	Title:		Vice President

  
 [Signature Page - A/R DDR
Credit Agreement] 

 
			
	CITIBANK, N.A.
		
	By:		 /s/ Michael Chlopak

	Name:		Michael Chlopak
	Title:		Vice President

  
 [Signature Page - A/R DDR
Credit Agreement] 

 
			
	DEUTSCHE BANK AG NEW YORK BRANCH
		
	By:		 /s/ James Rolison

	Name:		James Rolison
	Title:		Managing Director
		
	By:		 /s/ J.T. Johnston Coe

	Name:		J.T. Johnston Coe
	Title:		Managing Director

  
 [Signature Page - A/R DDR
Credit Agreement] 

 
			
	GOLDMAN SACHS BANK USA
		
	By:		 /s/ Rebecca Kratz

	Name:		Rebecca Kratz
	Title:		Authorized Signatory

  
 [Signature Page - A/R DDR
Credit Agreement] 

 
			
	KEYBANK NATIONAL ASSOCIATION
		
	By:		 /s/ Angela Kara

	Name:		Angela Kara
	Title:		Assistant Vice President

  
 [Signature Page - A/R DDR
Credit Agreement] 

 
			
	REGIONS BANK
		
	By:		 /s/ T. Barrett Vawter

	Name:		T. Barrett Vawter
	Title:		Vice President

  
 [Signature Page - A/R DDR
Credit Agreement] 

 
			
	THE BANK OF NEW YORK MELLON
		
	By:		 /s/ Helga Blum

	Name:		Helga Blum
	Title:		Managing Director

  
 [Signature Page - A/R DDR
Credit Agreement] 

 
			
	UBS AG, STAMFORD BRANCH
		
	By:		 /s/ Houssem Daly

	Name:		Houssem Daly
	Title:		Associate Director
		
	By:		 /s/ Craig Pearson

	Name:		Craig Pearson
	Title:		Associate Director

  
 [Signature Page - A/R DDR
Credit Agreement] 

			
	HUNTINGTON NATIONAL BANK
		
	By:		 /s/ Marla S. Bergrin

	Name:		Marla S. Bergrin
	Title:		Vice President

  
 [Signature Page - A/R DDR
Credit Agreement] 

			
	SUMITOMO MITSUI BANKING CORPORATION
		
	By:		 /s/ William G. Karl

	Name:		William G. Karl
	Title:		Executive Officer

  
 [Signature Page - A/R DDR
Credit Agreement] 

			
	FIRST TENNESSEE BANK NATIONAL ASSOCIATION
		
	By:		 /s/ Gregory Cullum

	Name:		Gregory Cullum
	Title:		Senior Vice President

  
 [Signature Page - A/R DDR
Credit Agreement] 

			
	PNC BANK, NATIONAL ASSOCIATION
		
	By:		 /s/ John E. Wilgus, II

	Name:		John E. Wilgus, II
	Title:		Senior Vice President

  
 [Signature Page - A/R DDR
Credit Agreement] 

			
	THE NORTHERN TRUST COMPANY
		
	By:		 /s/ John DiLegge

	Name:		John DiLegge
	Title:		Vice President

  
 [Signature Page - A/R DDR
Credit Agreement] 

 EXHIBIT A-1 

FORM OF [SECOND] [AMENDED AND RESTATED] NOTE 

[Date] 
 DDR CORP., an Ohio
corporation (the “Borrower”), promises to pay to the order of                      (the “Lender”) the aggregate unpaid principal
amount of all Loans (other than Competitive Bid Loans) made by the Lender to the Borrower pursuant to Article II of the Agreement (as hereinafter defined), in immediately available funds at the main office of JPMorgan Chase Bank, N.A. in New York,
New York, as Administrative Agent, or at such other location as is required pursuant to the Agreement together with interest on the unpaid principal amount hereof at the rates and on the dates set forth in the Agreement. The Borrower shall pay
remaining unpaid principal of and accrued and unpaid interest on the Loans in full on the Facility Termination Date or such earlier date as may be required under the Agreement. 

The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to otherwise record in accordance with its usual
practice, the date and amount of each Loan and the date and amount of each principal payment hereunder. 
 This Note amends and restates in
its entirety that certain note previously made by the Borrower in favor of the Lender issued pursuant to the Prior Agreement. 
 This Note
is one of the Notes issued pursuant to, and is entitled to the benefits of, the Amended and Restated Credit Agreement, dated as of April 23, 2015 among the Borrower, DDR PR Ventures LLC, S.E., JPMorgan Chase Bank, N.A., individually and as
Administrative Agent, and the other Lenders named therein (as the same may be amended, modified or restated from time to time, the “Agreement”), to which Agreement reference is hereby made for a statement of the terms and conditions
governing this Note, including the terms and conditions under which this Note may be prepaid or its maturity date accelerated. Capitalized terms used herein and not otherwise defined herein are used with the meanings attributed to them in the
Agreement. 
 If there is a Default under the Agreement or any other Loan Document and Administrative Agent exercises the remedies provided
under the Agreement and/or any of the Loan Documents for the Lenders, then in addition to all amounts recoverable by Administrative Agent and the Lenders under such documents, Administrative Agent and the Lenders shall be entitled to receive
reasonable attorneys fees and expenses incurred by Administrative Agent and the Lenders in connection with the exercise of such remedies. 

Borrower and all endorsers severally waive presentment, protest and demand, notice of protest, demand and of dishonor and nonpayment of this
Note, and any and all lack of diligence or delays in collection or enforcement of this Note, and expressly agree that this Note, or any payment hereunder, may be extended from time to time, and expressly consent to the release of

 
any party liable for the obligation secured by this Note, the release of any of the security for this Note, the acceptance of any other security therefor, or any other indulgence or forbearance
whatsoever, all without notice to any party and without affecting the liability of the Borrower and any endorsers hereof. 
 This Note shall
be governed and construed under the internal laws of the State of New York. 
 THE BORROWER AND THE LENDER, BY ITS ACCEPTANCE HEREOF,
EACH HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHT UNDER THIS NOTE OR ANY OTHER LOAN DOCUMENT OR RELATING THERETO OR ARISING FROM THE LENDING RELATIONSHIP WHICH IS THE SUBJECT OF THIS NOTE AND
AGREE THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A JUDGE AND NOT BEFORE A JURY. 
  

			
	DDR CORP.
		
	By:		  

	Name:		
	Title:		

  
 A1-22 

 SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL 

TO [SECOND] [AMENDED AND RESTATED] 

NOTE OF DDR CORP., 
 DATED APRIL 23,
2015 
  

									
	 Date
	  	Principal
Amount of
Loan	  	Maturity
of Interest
Period	  	Maturity
Principal
Amount
Paid	  	Unpaid
Balance
	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

  
 A1-33 

 EXHIBIT A-2 

FORM OF [SECOND] [AMENDED AND RESTATED] 

COMPETITIVE BID NOTE 
 [Date]

 On or before the last day of each “Interest Period” applicable to a “Competitive Bid Loan”, as defined in that
certain Amended and Restated Credit Agreement dated as of April 23, 2015, (as amended, modified or restated from time to time hereafter, the “Agreement”) among DDR CORP., an Ohio corporation (the “Borrower”),
DDR PR Ventures LLC, S.E., JPMorgan Chase Bank, N.A., a national bank organized under the laws of the United States of America, individually and as Administrative Agent for the Lenders (as such terms are defined in the Agreement) and certain other
Lenders which are parties thereto, Borrower promises to pay to the order of                      (the “Lender”), or its successors and
assigns, the unpaid principal amount of such Competitive Bid Loan made by the Lender to the Borrower pursuant to Section 2.21 of the Agreement, in immediately available funds at the office of the Administrative Agent in New York, New
York, together with interest on the unpaid principal amount hereof at the rates and on the dates set forth in the Agreement. The Borrower shall pay any remaining unpaid principal amount of such Competitive Bid Loans under this Competitive Bid Note
(“Note”) in full on or before the Facility Termination Date or such earlier date as may be required in accordance with the terms of the Agreement. 

The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to otherwise record in accordance with its usual
practice, the date, amount and due date of each Competitive Bid Loan and the date and amount of each principal payment hereunder. 
 [This
[Second] [Amended and Restated] Note amends and restates in its entirety that certain [Amended and Restated] Competitive Bid Note dated [October 20, 2010] made by the Borrower in favor of the Lender.] 

This Note is issued pursuant to, and is entitled to the security under and benefits of, the Agreement and the other Loan Documents, to which
Agreement and Loan Documents, as they may be amended, modified or restated from time to time, reference is hereby made for, inter alia, a statement of the terms and conditions under which this Note may be prepaid or its maturity date
accelerated. Capitalized terms used herein and not otherwise defined herein are used with the meanings attributed to them in the Agreement. 

If there is a Default under the Agreement or any other Loan Document and the Lender exercises its remedies provided under the Agreement and/or
any of the Loan Documents, then in addition to all amounts recoverable by the Lender under such documents, the Lender shall be entitled to receive reasonable attorneys fees and expenses incurred by the Lender in exercising such remedies. 

  
 A2-11 

 The Borrower and all endorsers severally waive presentment, protest and demand, notice of
protest, demand and of dishonor and nonpayment of this Note (except as otherwise expressly provided for in the Agreement), and any and all lack of diligence or delays in collection or enforcement of this Note, and expressly agree that this Note, or
any payment hereunder, may be extended from time to time, and expressly consent to the release of any party liable for the obligation secured by this Note, the release of any of the security of this Note, the acceptance of any other security
therefor, or any other indulgence or forbearance whatsoever, all without notice to any party and without affecting the liability of the Borrower and any endorsers hereof. 

This Note shall be governed and construed under the internal laws of the State of New York. 

THE BORROWER AND THE LENDER, BY ITS ACCEPTANCE HEREOF, EACH HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO
ENFORCE OR DEFEND ANY RIGHT UNDER THIS PROMISSORY NOTE OR ANY OTHER LOAN DOCUMENT OR RELATING THERETO OR ARISING FROM THE LENDING RELATIONSHIP WHICH IS THE SUBJECT OF THIS NOTE AND AGREE THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A
COURT AND NOT BEFORE A JURY. 
  

			
	DDR CORP.
		
	By:		  

	Name:		
	Title:		

  
 A2-22 

 PAYMENTS OF PRINCIPAL 

 

					
	Date	  	 Unpaid

Principal
 Balance
	  	 Notation

Made by

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

  
 A2-33 

 EXHIBIT B 

FORM OF OPINION 

  
 B-11 

 EXHIBIT C 

COMPLIANCE CERTIFICATE 
  

	To:	The Administrative Agent and 

 the Lenders party to the Agreement 

described below 
  

			
			For the Fiscal Quarter Ending                    
			For the Fiscal Year Ending                    

 This Compliance Certificate is furnished pursuant to Section 6.1(iv) of the Amended and Restated
Credit Agreement dated as of April 23, 2015 (the “Agreement”), among DDR CORP. and any additional Qualified Borrowers that are parties thereto (collectively, the “Borrower”), JPMORGAN CHASE BANK, N.A. (the
“Administrative Agent”), the several banks, financial institutions and other entities from time to time parties thereto (collectively, with the Arrangers, the “Lenders”), and JPMORGAN CHASE BANK, N.A., not individually, but as
“Administrative Agent”. Unless otherwise defined herein, the terms used in this Compliance Certificate have the meanings ascribed thereto in the Agreement. 

The undersigned [                    ] of
the Borrower hereby certifies as follows: 
 (1) The financial statements referred to in Section 6.1(i), 6.1(ii), or 6.1(iii),
as the case may be, of the Agreement which are delivered concurrently with the delivery of this Compliance Certificate fairly present in all material respects the consolidated financial condition and operations of the Borrower and its Subsidiaries
at such date and the consolidated results of their operations for the period then-ended, in accordance with GAAP applied consistently throughout such period and with prior periods (except as approved by the accountants performing the audit in
connection therewith or the undersigned, as the case may be, and disclosed therein), subject, in the case of interim financial statements, to normal and customary year-end adjustments. 

(2) Attached hereto are calculations and computations demonstrating compliance with the financial covenants set forth in
Section 6.18 of the Agreement. Such covenants are calculated as of the date set forth above or for the period of four (4) consecutive fiscal quarters of the Borrower ending on the date set forth above, as appropriate. 

(3) [As of the date hereof, to the best of the undersigned’s knowledge, no Default or Unmatured Default exists.]1 
  
  

	1 	If Default or Unmatured Default exists, state the nature and status thereof. 

  
 C-11 

 The foregoing certifications, together with the covenant computations attached hereto and the
financial statements delivered with this Certificate in support hereof, are made and delivered this      day of             ,
        . 
  

			
	DDR CORP.
		
	By:		  

	Name:		
	Title:		

  
 C-22 

 EXHIBIT D 

ASSIGNMENT AGREEMENT 

This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is
entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to
them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby
agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 
 For an
agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit
Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments
delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including any letters of
credit, guarantees, and swingline loans included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender)
against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any
of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and
obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly
provided in this Assignment and Assumption, without representation or warranty by the Assignor. 
  

					
	1.		Assignor:		
			
	2.		Assignee:		
			
					[and is an Affiliate/Approved Fund of [identify Lender]2]
			
	3.		Borrower(s):		DDR Corp.
			
	4.		Administrative Agent:		JPMorgan Chase Bank, N.A., as the Administrative Agent under the Credit Agreement
			
	5.		Credit Agreement:		The Amended and Restated Credit Agreement dated as of April 23, 2015 among DDR Corp. (the “Borrower”), DDR PR Ventures LLC, S.E., the Lenders parties thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and
the other agents parties thereto.

  

	2 	Select as applicable. 

  
 D-11 

	6.	Assigned Interest: 

  

													
	 Facility Assigned3
	  	Aggregate Amount of
Commitment/Loans
for all Lenders	 	  	Amount of
Commitment/Loans
Assigned	 	  	Percentage Assigned
of
Commitment/Loans4	 
		  	$	            	  	  	$	            	  	  	 	    	% 
		  	$	            	  	  	$	            	  	  	 	    	% 
		  	$	            	  	  	$	            	  	  	 	    	% 

 Effective Date:             , 20     [TO BE
INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The Assignee agrees to
deliver to the Administrative Agent a completed Administrative Questionnaire in which the Assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower,
the Loan Parties and their Affiliates or their respective securities) will be made available and who may receive such information in accordance with the Assignee’s compliance procedures and applicable laws, including Federal and state
securities laws 
  
  

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

	4 	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

  
 D-22 

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

 

			
	ASSIGNOR
	
	[NAME OF ASSIGNOR]
		
	By:		  

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

	Name:		
	Title:		

 [Consented to and]5 Accepted: 

JPMorgan Chase Bank, N.A., as 
 Administrative Agent 

 

			
	By:		  

	Name:		
	Title:		
	
	[Consented to:]6
	
	[DDR CORP.]
		
	By:		  

	Name:		
	Title:		

 [ISSUING LENDERS] 
  

 

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

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

  
 D-33 

			
	By:		  

	Name:		
	Title:		

  
 D-44 

 ANNEX 1 

[                    ]7 
 STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 
 1.
Representations and Warranties. 
 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial
owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this
Assignment and Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any
other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or
Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan
Document. 
 1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all
action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the
Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder
and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person
exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, and (v) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements
delivered pursuant to Section 6.1 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the
Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (vi) if it is a Non-U.S. Lender, attached to the Assignment and Assumption is
any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent,
the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform
in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 
  

 

	7 	Describe Credit Agreement at option of Administrative Agent. 

 2. Payments. From and after the Effective Date, the Administrative Agent shall make all payments
in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the Assignee for amounts which have accrued from and
after the Effective Date. 
 3. General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the
parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this
Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of
New York. 

 EXHIBIT E 

LOAN/CREDIT RELATED MONEY TRANSFER INSTRUCTION 
  

	To:	JPMorgan Chase Bank, N.A., 

 as Administrative Agent (the “Administrative Agent”) 

under the Credit Agreement Described Below 
  

	Re:	Amended and Restated Credit Agreement, dated April 23, 2015 (as the same may be amended, modified or restated from time to time, the “Credit Agreement”), among DDR Corp., an Ohio corporation (the
“Borrower”), DDR PR Ventures LLC, S.E. a Delaware limited liability company, the Administrative Agent, and the Lenders named therein. Terms used herein and not otherwise defined shall have the meanings assigned thereto in the Credit
Agreement. 

 The Administrative Agent is specifically authorized and directed to act upon the following standing money
transfer instructions with respect to the proceeds of Borrowings or other extensions of credit from time to time until receipt by the Administrative Agent of a specific written revocation of such instructions by the Borrower, provided, however, that
the Administrative Agent may otherwise transfer funds as hereafter directed in writing by the Borrower in accordance with Article XIII of the Credit Agreement or based on any telephonic notice made in accordance with Section 2.14
of the Credit Agreement. 
  

			
	Facility Identification Number(s)		  

			
		
	Customer/Account Name		  

			
		
	Transfer Funds To		  

		
			  

			
		
	For Account No.		  

			
		
	Reference/Attention To		  

  

					
	Authorized Officer (Customer Representative)				Date                     
			
	  
				  

	(Please Print)				Signature
			
	Bank Officer Name				Date                     
			
	  
				  

	(Please Print)				Signature

 (Deliver Completed Form to Credit Support Staff For Immediate Processing) 

  
 E-11 

 EXHIBIT F-1 

FORM OF U.S. TAX COMPLIANCE CERTIFICATES 

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to the Amended and Restated Revolving Credit Agreement dated as of April 23, 2015 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”) among DDR Corp., an Ohio corporation (the “Borrower”), DDR PR Ventures LLC, S.E., a Delaware limited liability company (“DDRPR”), JPMorgan Chase Bank, N.A.
and the several banks, financial institutions and other entities from time to time parties to this Agreement (collectively, the “Lenders”), and JPMorgan Chase Bank, N.A., not individually, but as Administrative Agent (the
“Administrative Agent”) for the Lenders. 
 Pursuant to the provisions of Section 3.5(f)(ii)(B)(3) of the Credit Agreement,
the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the
meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the
Borrower as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished the Administrative Agent and the Borrower
with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform
the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which
each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:		  

	Name:		
	Title:		

 Date:              , 20    

 EXHIBIT F-2 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to the Amended and Restated Revolving Credit Agreement dated as of April 23, 2015 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”) among DDR Corp., an Ohio corporation (the “Borrower”), DDR PR Ventures LLC, S.E., a Delaware limited liability company (“DDRPR”), JPMorgan Chase Bank, N.A.
and the several banks, financial institutions and other entities from time to time parties to this Agreement (collectively, the “Lenders”), and JPMorgan Chase Bank, N.A., not individually, but as Administrative Agent (the
“Administrative Agent”) for the Lenders. 
 Pursuant to the provisions of 3.5(f)(ii)(B)(4) of the Credit Agreement, the
undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the
sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct
or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect
partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as
described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished the Administrative Agent and the Borrower with IRS Form
W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E or (ii) an IRS Form W-8ECI
from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the
undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in
either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

			
	[NAME OF LENDER]
		
	By:		  

	Name:		
	Title:		

 Date:             , 20    

 EXHIBIT F-3 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to the Amended and Restated Revolving Credit Agreement dated as of April 23, 2015 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”) among DDR Corp., an Ohio corporation (the “Borrower”), DDR PR Ventures LLC, S.E., a Delaware limited liability company (“DDRPR”), JPMorgan Chase Bank, N.A.
and the several banks, financial institutions and other entities from time to time parties to this Agreement (collectively, the “Lenders”), and JPMorgan Chase Bank, N.A., not individually, but as Administrative Agent (the
“Administrative Agent”) for the Lenders. 
 Pursuant to the provisions of 3.5(f)(ii)(B)(4) of the Credit Agreement, the
undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code,
(iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of
the Code. 
 The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and
(2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar
years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the
meanings given to them in the Credit Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:		  

	Name:		
	Title:		

 Date:             , 20    

  
 F-11 

 EXHIBIT F-4 

FORM OF U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to the Amended and Restated Revolving Credit Agreement dated as of April 23, 2015 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”) among DDR Corp., an Ohio corporation (the “Borrower”), DDR PR Ventures LLC, S.E., a Delaware limited liability company (“DDRPR”), JPMorgan Chase Bank, N.A.
and the several banks, financial institutions and other entities from time to time parties to this Agreement (collectively, the “Lenders”), and JPMorgan Chase Bank, N.A., not individually, but as Administrative Agent (the
“Administrative Agent”) for the Lenders. 
 Pursuant to the provisions of 3.5(f)(ii)(B)(4) of the Credit Agreement, the
undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation,
(iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the
meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or
indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its
partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E or (ii) an IRS Form W-8ECI from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest
exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times
furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

			
	 [NAME OF PARTICIPANT]

		
	 By:
		  

	 Name:
		
	 Title:
		

 Date:             , 20    

  
 F-11 

 EXHIBIT G 

INTENTIONALLY OMITTED 

  
 G-11 

 EXHIBIT H 

INTENTIONALLY OMITTED 

  
 H-11 

 EXHIBIT I-1 

FORM OF COMPETITIVE BID QUOTE REQUEST 

(Section 2.22(a)) 
  

			
	To:		JPMorgan Chase Bank, N.A.,
			as Administrative Agent (the “Administrative Agent”)
		
	From:		DDR Corp. (the “Borrower”)
		
	Re:		Amended and Restated Credit Agreement dated as of April 23, 2015, among the Borrower, DDR PR Ventures LLC, S.E., the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., individually and as Administrative
Agent for the lenders (as amended, supplemented or otherwise modified from time to time through the date hereof, the “Agreement”)

 1. Capitalized terms used herein have the meanings assigned to them in the Agreement. 

2. We hereby give notice pursuant to Section 2.22(a) of the Agreement that we request Competitive Bid Quotes for the following
proposed Competitive Bid Loan(s): 
 Borrowing Date:
                ,       
  

			
	 Principal Amount8
		Interest Period9

 3. Such Competitive Bid Quotes should offer [a Competitive LIBOR Margin] [an Absolute Rate]. 

4. Upon acceptance by the undersigned of any or all of the Competitive Bid Loans offered by Lenders in response to this request, the
undersigned shall be deemed to affirm as of the Borrowing Date thereof the representations and warranties made in Article V of the Agreement as provided in Section 4.2(ii) of the Agreement. 

[Remainder of page intentionally left blank.] 
  

 

	8 	Amount must be at least $5,000,000 and an integral multiple of $1,000,000. 

	9 	One, two, three or six months (Competitive LIBOR Margin) or up to 180 days (Absolute Rate), subject to the provisions of the definitions of LIBOR Interest Period and Absolute Interest Period. 

  
 I1-11 

			
	DDR CORP.
		
	By:		  

	Name:		
	Title:		

  
 I1-11 

 EXHIBIT I-2 

INVITATION FOR COMPETITIVE BID QUOTES 

(Section 2.22(b)) 
  

	To:	Each of the Lenders party to 

 The Agreement referred to below 

 

	From:	Invitation for Competitive Bid Quotes to 

 DDR Corp. (the “Borrower”) 

Pursuant to Section 2.22(b) of the Amended and Restated Credit Agreement dated as of April 23, 2015, as amended from time to
time, among the Borrower, DDR PR Ventures LLC, S.E., the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., individually and as Administrative Agent for the lenders (as amended, supplemented or otherwise modified from time to
time through the date hereof, the “Agreement”), we are pleased on behalf of the Borrower to invite you to submit Competitive Bid Quotes to the Borrower for the following proposed Competitive Bid Loan(s): 

Borrowing Date:                 ,       

 

			
	Principal Amount		Interest Period

 Such Competitive Bid Quotes should offer [a Competitive LIBOR Margin] [an Absolute Rate]. Your Competitive Bid
Quote must comply with Section 2.22(c) of the Agreement and the foregoing. Capitalized terms used herein have the meanings assigned to them in the Agreement. 

Please respond to this invitation by no later than [3:00 p.m.] [10:00 a.m.] (New York time) on
                ,     . 
  

			
	JPMORGAN CHASE BANK, N.A.,
	as Administrative Agent
		
	By:		  

	Name:		
	Title:		

  
 I2-11 

 EXHIBIT I-3 

COMPETITIVE BID QUOTE 

(Section 2.22(c)) 

                ,      

 

	To:	JPMorgan Chase Bank, N.A., 

 as Administrative Agent 

 

	From:	Competitive Bid Quote to DDR Corp. 

 (the “Borrower”) 

In response to your invitation on behalf of the Borrower dated             ,
        , we hereby make the following Competitive Bid Quote pursuant to Section 2.22(c) of the Agreement hereinafter referred to and on the following terms: 

 

			
	1.    		Quoting Lender:                                  
                                         
                                         
                                    
		
	2.    		Person to contact at Quoting Lender:                           
                                         
                                         
           
		
	3.    		Borrowing Date:                         
                                         
                                         
                                         
   10
		
	4.    		We hereby offer to make Competitive Bid Loan(s) in the following principal amounts, for the following Interest Periods and at the following rates:

  

									
	 Principal

Amount11
		 Interest

Period12
		 [Competitive

LIBOR
 Margin13]
		 [Absolute

Rate14]
		 Minimum

Amount15

 We understand and agree that the offer(s) set forth above, subject to the satisfaction of the applicable
conditions set forth in the Amended and Restated Credit Agreement dated as of April 23, 2015, among the Borrower, DDR PR Ventures LLC, S.E., the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., individually and as
Administrative Agent for the lenders (as amended, supplemented or otherwise modified from time to time through the date hereof, the “Agreement”), irrevocably obligates us to make the Competitive Bid Loan(s) for which any offer(s) are
accepted, in whole or in part. Capitalized terms used herein and not otherwise defined herein shall have their meanings as defined in the Agreement. 
  

 

	10 	As specified in the related Invitation For Competitive Bid Quotes. 

	11 	Principal amount bid for each Interest Period may not exceed the principal amount request. Bids must be made for at least $5,000,000 and integral multiples of $1,000,000. 

	12 	One, two, three or six months or up to 180 days, as specified in the related Invitation For Competitive Bid Quotes. 

	13 	Competitive LIBOR Margin for the applicable LIBOR Interest Period. Specify percentage (rounded to the nearest 1/100 of 1%) and specify whether “PLUS” or MINUS”. 

	14 	Specify rate of interest per annum (rounded to the nearest 1/100 of 1%). 

	15 	Specify minimum amount, if any, which the Borrower may accept (see Section 2.22(c)(ii)(D)). 

  
 I3-11 

 
			
	Very truly yours,
	
	[NAME OF LENDER]
		
	By:		  

	Name:		
	Title:		

  
 I3-22 

 EXHIBIT J-1 

INVITATION FOR COMPETITIVE BID QUOTES 

(Section 2.23(a)) 
  

	To:	Each of the Lenders party to 

 the Agreement referred to below 

 

	From:	Invitation for Competitive Bid Quotes to 

 DDR Corp. (the “Borrower”) 

Pursuant to Section 2.23(a) of the Amended and Restated Credit Agreement dated as of April 23, 2015, as amended from time to
time, among the Borrower, DDR PR Ventures LLC, S.E., the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., individually and as Administrative Agent for the lenders (as amended, supplemented or otherwise modified from time to
time through the date hereof, the “Agreement”), we are pleased to invite you to submit Competitive Bid Quotes to the Borrower for the following proposed Competitive Bid Loan(s): 

Borrowing Date:                 ,      

 

			
	Principal Amoun16		Interest Period17

 Such Competitive Bid Quotes should offer [a Competitive LIBOR Margin] [an Absolute Rate]. Your Competitive Bid
Quote must comply with Section 2.23(a) of the Agreement and the foregoing. Capitalized terms used herein have the meanings assigned to them in the Agreement. 

Please respond to this invitation by no later than [3:00 p.m.] [10:00 a.m.] (New York time) on
                ,     . 
  

 

	16 	Amount must be at least $5,000,000 and an integral multiple of $1,000,000. 

	17 	One, two, three or six months (Competitive LIBOR Margin) or up to 180 days (Absolute Rate), subject to the provisions of the definitions of LIBOR Interest Period and Absolute Interest Period. 

  
 J1-11 

 Upon acceptance by the undersigned of any or all of the Competitive Bid Loans offered by Lenders
in response to this request, the undersigned shall be deemed to affirm as of the Borrowing Date thereof the representations and warranties made in Article V of this Agreement as provided in Section 4.2(ii) of the Agreement.

  

			
	DDR CORP.
		
	By:		  

	Name:		
	Title:		

  
 J1-22 

 EXHIBIT J-2 

COMPETITIVE BID QUOTE 

(Section 2.23(b)) 

                    ,
     
  

	To:	DDR Corp. 

  

	Re:	Competitive Bid Quote 

 In response to your invitation dated
            ,         , we hereby make the following Competitive Bid Quote pursuant to Section 2.23(b) of the Agreement hereinafter
referred to and on the following terms: 
  

			
	1.    		Quoting
Lender:                                        
                                         
                                         
                              
		
	2.    		Person to contact at Quoting
Lender:                                        
                                         
                                       
		
	3.    		Borrowing
Date:                               
                                         
                                         
                                      18
		
	4.    		We hereby offer to make Competitive Bid Loan(s) in the following principal amounts, for the following Interest Periods and at the following rates:

  

									
	 Principal

Amount19
		 Interest

Period20
		 [Competitive

LIBOR
 Margin21]
		 [Absolute

Rate22]
		 Minimum

Amount23

 We understand and agree that the offer(s) set forth above, subject to the satisfaction of the applicable
conditions set forth in the Amended and Restated Credit Agreement dated as of April 23, 2015, among the Borrower, DDR PR Ventures LLC, S.E., the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., individually and as
Administrative Agent for the lenders (as amended, supplemented or otherwise modified from time to time through the date hereof, the “Agreement”), irrevocably obligates us to make the Competitive Bid Loan(s) for which any offer(s) are
accepted, in whole or in part. Capitalized terms used herein and not otherwise defined herein shall have their meanings as defined in the Agreement. 
  

 

	18 	As specified in the related Invitation For Competitive Bid Quotes. 

	19 	Principal amount bid for each Interest Period may not exceed the principal amount request. Bids must be made for at least $5,000,000 and integral multiples of $1,000,000. 

	20 	One, two, three or six months or up to 180 days, as specified in the related Invitation For Competitive Bid Quotes. 

	21 	Competitive LIBOR Margin for the applicable LIBOR Interest Period. Specify percentage (rounded to the nearest 1/100 of 1%) and specify whether “PLUS” or MINUS”. 

	22 	Specify rate of interest per annum (rounded to the nearest 1/100 of 1%). 

	23 	Specify minimum amount, if any, which the Borrower may accept (see Section 2.23(b)(ii)(D)). 

	

  
 J2-11 

 
			
	Very truly yours,
	
	[NAME OF LENDER]
		
	By:		  

	 Name:
		
	 Title:
		

  
 J2-22 

 EXHIBIT K 

AMENDMENT REGARDING INCREASE 

AMENDMENT TO AMENDED AND 
 RESTATED
REVOLVING CREDIT AGREEMENT 
 This
                    Amendment to the Amended and Restated Revolving Credit Agreement (the “Amendment”) is made as of
                    ,         , by and among DDR Corp., an Ohio corporation (the “Borrower”), DDR
PR Ventures LLC, S.E., a Delaware limited liability company (“DDRPR”), JPMorgan Chase Bank, N.A., and the several banks, financial institutions and other entities from time to time parties to this Agreement (the “Lenders”), and
JPMorgan Chase Bank, N.A., not individually, but as “Administrative Agent”, and one or more new or existing “Lenders” shown on the signature pages hereof. 

R E C I T A L S 

A. Borrower, DDRPR, Administrative Agent and certain other Lenders have entered into an Amended and Restated Credit Agreement dated as of April 23, 2015
(as amended or modified, the “Credit Agreement”). All capitalized terms used herein and not otherwise defined shall have the meanings given to them in the Credit Agreement. 

B. Pursuant to the terms of the Credit Agreement, the Lenders initially agreed to provide Borrower with a Domestic Revolving Facility in an aggregate
principal amount of $750,000,000 and a Global Revolving Facility in an aggregate principal amount of $200,000,000. The Borrower, the Administrative Agent and the Lenders now desire to amend the Credit Agreement in order to, among other things
(i) increase the [Domestic Revolving Facility] [Global Revolving Facility] to $        ,000,000; and (ii) admit [name of new banks] as “Lenders” under the [Domestic Revolving
Facility] [Global Revolving Facility] pursuant to the Credit Agreement.  
 NOW, THEREFORE, in consideration of the foregoing
Recitals and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

AGREEMENTS 
 1. The
foregoing Recitals to this Amendment hereby are incorporated into and made part of this Amendment. 
 2. From and after
                    ,         (the “Effective Date”) (i) [name of new banks]
shall be considered as “Lenders” under the Credit Agreement and the Loan Documents with a [Domestic Revolving Commitment] [Global Revolving Commitment], and (ii) [name of existing lenders] shall each be deemed to have
increased its [Domestic Revolving Commitment] [Global Revolving Commitment] to the amount shown next to their respective signatures on the signature pages of this Amendment, each having a Commitment in the amount shown next to their respective
signatures on the signature pages of this Amendment. The Borrower shall, on or before the Effective Date, execute and deliver to each of such new or existing Lenders a new or amended and restated Note in the amount of such Commitment (and in the
case of a new Lender, a Competitive Bid Note as well). 

  
 K-11 

 3. From and after the Effective Date, the Aggregate Commitment shall equal
         Million Dollars ($        ,000,000). Schedule 1 of the Credit Agreement is hereby amended to reflect the foregoing amounts, and a copy of the updated Schedule 1
is attached hereto. 
 4. For purposes of Article XIII of the Credit Agreement (Notices), the address(es) and facsimile number(s)
for [name of new banks] shall be as specified below their respective signature(s) on the signature pages of this Amendment. 

5. The Borrower hereby represents and warrants that, as of the Effective Date, there is no Default or Unmatured Default, the representations
and warranties contained in Article V of the Agreement are true and correct in all material respects as of such date; provided that any representation or warranty that is qualified as to “materiality,” Material Adverse Effect or
similar language shall be true and correct in all respects on such date and any representation or warranty that is stated to relate solely to an earlier date shall be true and correct on and as of such earlier date. 

6. As expressly modified as provided herein, the Credit Agreement shall continue in full force and effect. 

7. This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the
parties hereto may execute this Amendment by signing any such counterpart. 

  
 K-22 

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

									
	DDR CORP.				 JPMORGAN CHASE BANK, N.A.,

Individually and as Administrative Agent

					
	By		  
				By		  

					
	Print Name:		  
				Print Name:		  

					
	Title:		  
				Title:		  

			
	 3300 Enterprise Parkway

Beachwood, Ohio 44122
				 383 Madison Avenue, 24th floor

New York, NY 10179

	Phone:    216/755-6453				Attention:    Chiara Carter
	Facsimile:    216/755-3453				Telephone:    (212) 622-6401
	Attention:    Chief Financial Officer				Facsimile:     (646) 534-0574
			
	Amount of Commitment: $         				[NAME OF NEW LENDER]
					
							By:		  

					
							Print Name:		  

					
							Title:		  

				
							[Address of New Lender]
					
							Attention:		  

					
							Telephone:		  

					
							Facsimile:		  

  
 K-33 

 EXHIBIT L 

FORM OF DESIGNATION AGREEMENT 

Dated             ,      

Reference is made to the Amended and Restated Revolving Credit Agreement dated as of April 23, 2015 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”) among DDR Corp., an Ohio corporation (the “Borrower”), DDR PR Ventures LLC, S.E., a Delaware limited liability company (“DDRPR”), JPMorgan Chase Bank, N.A.
and the several banks, financial institutions and other entities from time to time parties to this Agreement (collectively, the “Lenders”), and JPMorgan Chase Bank, N.A., not individually, but as Administrative Agent (the
“Administrative Agent”) for the Lenders. Terms defined in the Credit Agreement are used herein with the same meaning. 
 [NAME
OF DESIGNOR] (the “Designor”), [NAME OF DESIGNATED LENDER] (the “Designee”), the Administrative Agent and the Borrower agree as follows: 

1. The Designor hereby designates the Designee, and the Designee hereby accepts such designation, to have a right to make Competitive Bid
Loans pursuant to Section 2.21 of the Credit Agreement. Any assignment by the Designor to the Designee of its rights to make a Competitive Bid Loan pursuant to such Section 2.21 shall be effective at the time of the funding
for such Competitive Bid Loan and not before such time. 
 2. Except as set forth in Section 7 below, the Designor makes no
representation or warranty and assumes no responsibility pursuant to this Designation Agreement with respect to (a) any statements, warranties or representations made in or in connection with any Loan Document or the execution, legality,
validity, enforceability, genuineness, sufficiency or value of any Loan Document or any other instrument and document furnished pursuant thereto and (b) the financial condition of the Borrower or the performance or observance by the Borrower of
any of its obligations under any Loan Documents or any other instrument or document furnished pursuant thereto. (It is acknowledged that the Designor may make representations and warranties of the type described above in other agreements to which
the Designor is a party). 
 3. The Designee (a) confirms that it has received a copy of each Loan Document, together with copies of
the financial statements referred to in Section 6.1 of the Credit Agreement and such other documents and information as it has deemed appropriate to make its own independent credit analysis and decision to enter into this Designation
Agreement, (b) agrees that it will, independently and without reliance upon the Administrative Agent, the Designor or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its
own credit decisions in taking or not taking action under any Loan Document; (c) confirms that it is a Designated Lender; (d) appoints and 

  
 L-11 

 
authorizes the Administrative Agent to take such action as Administrative Agent on its behalf and to exercise such powers and discretion under any Loan Document as are delegated to the
Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto, and (e) agrees that it will perform in accordance with their terms all of the obligations which by the terms of any Loan
Document are required to be performed by it as a Lender. 
 4. The Designee hereby appoints the Designor as the Designee’s
Administrative Agent and attorney in fact, and grants to the Designor an irrevocable power of attorney, to deliver and receive all communications and notices under the Credit Agreement and other Loan Documents and to exercise on the Designee’s
behalf all rights to vote and to grant and make approvals, waivers, consents or amendment to or under the Credit Agreement or other Loan Documents. Any document executed by the Designor on the Designee’s behalf in connection with the Credit
Agreement or other Loan Documents shall be binding on the Designee. The Borrower, the Administrative Agent and each of the Lenders may rely on and are beneficiaries of the preceding provisions. 

5. Following the execution of this Designation Agreement by the Designor and its Designee, it will be delivered to the Administrative Agent
for acceptance and recording by the Administrative Agent and the Borrower. The effective date for this Designation Agreement (the “Effective Date”) shall be the date of acceptance hereof by the Administrative Agent and the Borrower, unless
otherwise specified on the signature pages thereto. 
 6. The Administrative Agent shall not institute or join any other person in
instituting against the Designee any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any federal or state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing
commercial paper note issued by the Designee. 
 7. The Borrower shall not institute or join any other person in instituting against the
Designee any bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding under any federal or state bankruptcy or similar law, for one year and one day after the payment in full of the latest maturing commercial paper note issued
by the Designee. 
 8. The Designor unconditionally agrees to pay or reimburse the Designee and save the Designee harmless against all
liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed or asserted by any of the parties to the Loan Documents against the Designee, in
its capacity as such, in any way relating to or arising out of this Designation Agreement or any other Loan Documents or any action taken or omitted by the Designee hereunder or thereunder, provided that the Designor shall not be liable for
any portion of such liabilities, obligations, losses, damage, penalties, actions, judgments, suits, costs, expenses or disbursements if the same results from the Designee’s gross negligence or willful misconduct. 

  
 L-22 

 9. Upon such acceptance and recording of this Designation Agreement by the Borrower and the
Administrative Agent, as of the Effective Date, the Designee shall be entitled to the benefits of the Credit Agreement with a right to fund and receive payment of the principal and interest on Competitive Bid Loans pursuant to
Section 2.21 of the Credit Agreement and otherwise with the same rights and obligations it would have if it were a Participant or Designor thereunder rather than a direct Lender pursuant to this Designation Agreement. 

10. This Designation Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without reference to
the provisions thereof regarding conflicts of law. 
 11. This Designation Agreement may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page
to this Designation Agreement by facsimile transmission shall be effective as of delivery of a manually executed counterpart of this Designation Agreement. 

IN WITNESS WHEREOF, the Designor and the Designee, intending to be legally bound, have caused this Designation Agreement to be executed
by their officers thereunto duly authorized as of the date first above written. 
 Effective Date24
            ,         ,          

 

			
	[NAME OF DESIGNOR], as Designor
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	[NAME OF DESIGNATED LENDER], as Designee
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  

	24 	This date should be no earlier than five Business Days after the delivery of this Designation Agreement to the Administrative Agent. 

  
 L-33 

 Accepted this      day of
            ,          
  

									
	JPMORGAN CHASE BANK, N.A.,				DDR CORP.
	not individually but as Administrative Agent						
					
	By:		  
				By:		  

					
	Name:		  
				Name:		  

					
	Title:		  
				Title:		  

  
 L-44 

 EXHIBIT M 

FORM OF QUALIFIED BORROWER GUARANTY 

This Guaranty is made as of April 23, 2015 by DDR Corp., an Ohio corporation (“Guarantor), to and for the benefit of JPMorgan Chase
Bank, N.A., as Administrative Agent (“Administrative Agent”) for itself and the lenders under the Credit Agreement (as defined below) and their respective successors and assigns (collectively, the “Lenders”). 

RECITALS 
 A. Guarantor
has requested that the Lenders make a revolving credit facility available to Borrower in an aggregate principal amount of $750,000,000, subject to increase to up to $1,250,000,000 (the “Facility”). 

B. The Lenders have agreed to make available the Facility to Borrower pursuant to the terms and conditions set forth in an Amended and
Restated Credit Agreement dated as of even date herewith, between Guarantor, as Borrower, DDR PR Ventures LLC, S.E., a Delaware limited liability company, Administrative Agent, and the Lenders named therein (as amended, modified or restated from
time to time, the “Credit Agreement”). All capitalized terms used herein and not otherwise defined shall have the meanings ascribed to such terms in the Credit Agreement. 

C. The Credit Agreement allows, among other things, for Qualified Borrowers to request Borrowings under the Facility provided, among other
things, that Guarantor execute and deliver this Guaranty. Each Qualified Borrower from time to time will execute and deliver to the Lenders promissory notes as evidence of such Qualified Borrower’s indebtedness to each such Lender with respect
to the Facility (the promissory notes described above, together with any amendments or allonges thereto, or restatements, replacements or renewals thereof, and/or new promissory notes to new Lenders under the Credit Agreement, are collectively
referred to herein as the “Notes”). 
 D. Each Qualified Borrower is directly or indirectly wholly owned by Guarantor. 

AGREEMENTS 
 NOW,
THEREFORE, Guarantor, in consideration of the matters described in the foregoing Recitals, which Recitals are incorporated herein and made a part hereof, and for other good and valuable consideration, hereby agrees as follows: 

1. Guarantor absolutely, unconditionally, and irrevocably guaranties to each of the Lenders: 

(a) the full and prompt payment of the principal of and interest on the Notes when due, whether at stated maturity, upon
acceleration or otherwise, and at all times thereafter, and the prompt payment of all sums which may now be or may hereafter become due and owing from each Qualified Borrower under the Notes, the Credit Agreement, and the other Loan Documents; 

  
 M-11 

 (b) the payment of all Enforcement Costs (as hereinafter defined in
Paragraph 7 hereof); and 
 (c) the full, complete, and punctual observance, performance, and satisfaction of all
of the obligations, duties, covenants, and agreements of each Qualified Borrower under the Credit Agreement and the Loan Documents. 
 All amounts due,
debts, liabilities, and payment obligations described in subparagraphs (a) and (b) of this Paragraph 1 are referred to herein as the “Facility Indebtedness.” All obligations described in subparagraph (c)
of this Paragraph 1 are referred to herein as the “Obligations.” 
 2. In the event of any default by a
Qualified Borrower in making payment of the Facility Indebtedness, or in performance of the Obligations, as aforesaid, in each case beyond the expiration of any applicable grace period, Guarantor agrees, on demand by the Administrative Agent or the
holder of a Note, to pay all the Facility Indebtedness and to perform all the Obligations as are then or thereafter become due and owing or are to be performed under the terms of the Notes, the Credit Agreement, and the other Loan Documents. All
references to Borrower in this Guaranty shall refer to each Qualified Borrower. 
 3. Guarantor does hereby waive (i) notice of
acceptance of this Guaranty by the Administrative Agent and the Lenders and any and all notices and demands of every kind which may be required to be given by any statute, rule or law, (ii) any defense, right of
set-off or other claim which Guarantor may have against Borrower or which Guarantor or Borrower may have against the Administrative Agent or the Lenders or the holder of a Note, (iii) presentment for
payment, demand for payment (other than as provided for in Paragraph 2 above), notice of nonpayment (other than as provided for in Paragraph 2 above) or dishonor, protest and notice of protest, diligence in collection and any
and all formalities which otherwise might be legally required to charge Guarantor with liability, (iv) any failure by the Administrative Agent and the Lenders to inform Guarantor of any facts the Administrative Agent and the Lenders may now or
hereafter know about Borrower, the Facility, or the transactions contemplated by the Credit Agreement, it being understood and agreed that the Administrative Agent and the Lenders have no duty so to inform and that Guarantor is fully responsible for
being and remaining informed by Borrower of all circumstances bearing on the existence or creation, or the risk of nonpayment of the Facility Indebtedness or the risk of nonperformance of the Obligations, and (v) any and all right to cause a
marshalling of assets of Borrower or any other action by any court or governmental body with respect thereto, or to cause the Administrative Agent and the Lenders to proceed against any other security given to a Lender in connection with the
Facility Indebtedness or the Obligations. Credit may be granted or continued from time to time by the Lenders to Borrower without notice to or authorization from Guarantor, regardless of the financial or other condition of Borrower at the time of
any such grant or continuation. The Administrative Agent and the Lenders shall have no obligation to disclose or discuss with Guarantor the Lenders’ assessment of the financial condition of Borrower. Guarantor acknowledges that no
representations of any kind whatsoever have been made by the Administrative Agent and the Lenders to Guarantor. No modification or waiver of any of the provisions of this Guaranty shall be binding upon the Administrative Agent and the Lenders except
as expressly set forth in a 

  
 M-22 

 
writing duly signed and delivered on behalf of the Administrative Agent and the Lenders. Guarantor further agrees that any exculpatory language contained in the Credit Agreement, the Notes, and
the other Loan Documents shall in no event apply to this Guaranty, and will not prevent the Administrative Agent and the Lenders from proceeding against Guarantor to enforce this Guaranty. 

4. Guarantor further agrees that Guarantor’s liability as guarantor shall in no way be impaired by any renewals or extensions which may
be made from time to time, with or without the knowledge or consent of Guarantor of the time for payment of interest or principal under a Note or by any forbearance or delay in collecting interest or principal under a Note, or by any waiver by the
Administrative Agent and the Lenders under the Credit Agreement, or any other Loan Documents, or by the Administrative Agent or the Lenders’ failure or election not to pursue any other remedies they may have against Borrower, or by any change
or modification in a Note, the Credit Agreement, or any other Loan Documents, or by the acceptance by the Administrative Agent or the Lenders of any security or any increase, substitution or change therein, or by the release by the Administrative
Agent and the Lenders of any security or any withdrawal thereof or decrease therein, or by the application of payments received from any source to the payment of any obligation other than the Facility Indebtedness, even though a Lender might
lawfully have elected to apply such payments to any part or all of the Facility Indebtedness, it being the intent hereof that Guarantor shall remain liable as principal for payment of the Facility Indebtedness and performance of the Obligations
until all indebtedness has been paid in full and the other terms, covenants and conditions of the Credit Agreement, and other Loan Documents and this Guaranty have been performed, notwithstanding any act or thing which might otherwise operate as a
legal or equitable discharge of a surety. Guarantor further understands and agrees that the Administrative Agent and the Lenders may at any time enter into agreements with Borrower to amend and modify a Note, the Credit Agreement or any of the other
Loan Documents, or any thereof, and may waive or release any provision or provisions of a Note, the Credit Agreement, or any other Loan Document and, with reference to such instruments, may make and enter into any such agreement or agreements as the
Administrative Agent, the Lenders and Borrower may deem proper and desirable, without in any manner impairing this Guaranty or any of the Administrative Agent and the Lenders’ rights hereunder or any of Guarantor’s obligations hereunder.

 5. This is an absolute, unconditional, complete, present and continuing guaranty of payment and performance and not of collection.
Guarantor agrees that its obligations hereunder shall be joint and several with any and all other guarantees given in connection with the Facility from time to time. Guarantor agrees that this Guaranty may be enforced by the Administrative Agent and
the Lenders without the necessity at any time of resorting to or exhausting any security or collateral, if any, given in connection herewith or with a Note, the Credit Agreement, or any of the other Loan Documents or by or resorting to any other
guaranties, and Guarantor hereby waives the right to require the Administrative Agent and the Lenders to join Borrower in any action brought hereunder or to commence any action against or obtain any judgment against Borrower or to pursue any other
remedy or enforce any other right. Guarantor further agrees that nothing contained herein or otherwise shall prevent the Administrative Agent and the Lenders from pursuing concurrently or successively all rights and remedies available to them at law
and/or in equity or under a Note, the Credit Agreement or any other Loan Documents, and the exercise of any of their rights or the completion of any of their remedies shall not constitute a discharge of any of Guarantor’s obligations hereunder,
it being the purpose and intent of 

  
 M-33 

 
Guarantor that the obligations of Guarantor hereunder shall be primary, absolute, independent and unconditional under any and all circumstances whatsoever. Neither Guarantor’s obligations
under this Guaranty nor any remedy for the enforcement thereof shall be impaired, modified, changed or released in any manner whatsoever by any impairment, modification, change, release or limitation of the liability of Borrower under a Note, the
Credit Agreement or any other Loan Document or by reason of Borrower’s bankruptcy or by reason of any creditor or bankruptcy proceeding instituted by or against Borrower. This Guaranty shall continue to be effective and be deemed to have
continued in existence or be reinstated (as the case may be) if at any time payment of all or any part of any sum payable pursuant to a Note, the Credit Agreement or any other Loan Document is rescinded or otherwise required to be returned by the
payee upon the insolvency, bankruptcy, or reorganization of the payor, all as though such payment to such Lender had not been made, regardless of whether such Lender contested the order requiring the return of such payment. The obligations of
Guarantor pursuant to the preceding sentence shall survive any termination, cancellation, or release of this Guaranty. 
 6. This Guaranty
shall be assignable by a Lender to any assignee of all or a portion of such Lender’s rights under the Loan Documents made in accordance with the Credit Agreement. 

7. If: (i) this Guaranty, a Note, or any of the Loan Documents are placed in the hands of an attorney for collection or is collected
through any legal proceeding; (ii) an attorney is retained to represent the Administrative Agent or any Lender in any bankruptcy, reorganization, receivership, or other proceedings affecting creditors’ rights and involving a claim under
this Guaranty, a Note, the Credit Agreement, or any Loan Document; (iii) an attorney is retained to enforce any of the other Loan Documents or to provide advice or other representation with respect to the Loan Documents in connection with an
enforcement action or potential enforcement action; or (iv) an attorney is retained to represent the Administrative Agent or any Lender in any other legal proceedings whatsoever in connection with this Guaranty, a Note, the Credit Agreement,
any of the Loan Documents, or any property subject thereto (other than any action or proceeding brought by any Lender or participant against the Administrative Agent alleging a breach by the Administrative Agent of its duties under the Loan
Documents), then Guarantor shall pay to the Administrative Agent or such Lender upon demand all reasonable attorney’s fees, costs and expenses, including, without limitation, court costs, filing fees and all other costs and expenses incurred in
connection therewith (all of which are referred to herein as “Enforcement Costs”), in addition to all other amounts due hereunder. 

8. The parties hereto intend that each provision in this Guaranty comports with all applicable local, state and federal laws and judicial
decisions. However, if any provision or provisions, or if any portion of any provision or provisions, in this Guaranty is found by a court of law to be in violation of any applicable local, state or federal ordinance, statute, law, administrative or
judicial decision, or public policy, and if such court should declare such portion, provision or provisions of this Guaranty to be illegal, invalid, unlawful, void or unenforceable as written, then it is the intent of all parties hereto that such
portion, provision or provisions shall be given force to the fullest possible extent that they are legal, valid and enforceable, that the remainder of this Guaranty shall be construed as if such illegal, invalid, unlawful, void or unenforceable
portion, provision or provisions were not contained therein, and that the rights, obligations and interest of the Administrative Agent and the Lender or the holder of a Note under the remainder of this Guaranty shall continue in full force and
effect. 

  
 M-44 

 9. Any indebtedness of Borrower to Guarantor now or hereafter existing is hereby subordinated to
the Facility Indebtedness. Guarantor will not seek, accept, or retain for Guarantor’s own account, any payment from Borrower on account of such subordinated debt at any time when a Default exists under the Credit Agreement or the Loan
Documents, and any such payments to Guarantor made while any Default then exists under the Credit Agreement or the Loan Documents on account of such subordinated debt shall be collected and received by Guarantor in trust for the Lenders and shall be
paid over to the Administrative Agent on behalf of the Lenders on account of the Facility Indebtedness without impairing or releasing the obligations of Guarantor hereunder. 

10. Guarantor hereby subordinates to the Facility Indebtedness any and all claims and rights, including, without limitation, subrogation
rights, contribution rights, reimbursement rights and set-off rights, which Guarantor may have against Borrower arising from a payment made by Guarantor under this Guaranty and agree that, until the entire Facility Indebtedness is paid in full, not
to assert or take advantage of any subrogation rights of Guarantor or the Lenders or any right of Guarantor or the Lenders to proceed against (i) Borrower for reimbursement, or (ii) any other guarantor or any collateral security or
guaranty or right of offset held by the Lenders for the payment of the Facility Indebtedness and performance of the Obligations, nor shall Guarantor seek or be entitled to seek any contribution or reimbursement from Borrower or any other guarantor
in respect of payments made by Guarantor hereunder. It is expressly understood that the agreements of Guarantor set forth above constitute additional and cumulative benefits given to the Lenders for their security and as an inducement for their
extension of credit to Borrower. 
 11. Any amounts received by a Lender from any source on account of any indebtedness may be applied by
such Lender toward the payment of such indebtedness, and in such order of application, as a Lender may from time to time elect. 
 12.
Guarantor hereby submits to personal jurisdiction in the State of New York for the enforcement of this Guaranty and waives any and all personal rights to object to such jurisdiction for the purposes of litigation to enforce this Guaranty. Guarantor
hereby consents to the jurisdiction of either the Courts of the State of New York located in New York County, New York, or the United States District Court for the Southern District of New York, in any action, suit, or proceeding which the
Administrative Agent or a Lender may at any time wish to file in connection with this Guaranty or any related matter. Guarantor hereby agrees that an action, suit, or proceeding to enforce this Guaranty may be brought in any state or federal court
in the State of New York and hereby waives any objection which Guarantor may have to the laying of the venue of any such action, suit, or proceeding in any such court; provided, however, that the provisions of this Paragraph shall not be deemed to
preclude the Administrative Agent or a Lender from filing any such action, suit, or proceeding in any other appropriate forum. 
 13. All
notices and other communications provided to any party hereto under this Agreement or any other Loan Document shall be in writing or by telex or by facsimile and addressed or delivered to such party at its address set forth below or at such other
address as may be designated by such party in a notice to the other parties. Any notice, if mailed and properly 

  
 M-55 

 
addressed with postage prepaid, shall be deemed given when received; any notice, if transmitted by facsimile, shall be deemed given when transmitted. Notice may be given as follows: 

To Guarantor: 
 DDR Corp. 

3300 Enterprise Parkway 

Beachwood, Ohio 44122 

Attention:     Chief Financial Officer 

Telephone:    (216) 755-6453 

Facsimile:     (216) 755-3453 

With a copy to: 
 DDR Corp.

 3300 Enterprise Parkway 

Beachwood, Ohio 44122 

Attention:     General Counsel 

Telephone:    (216) 755-5650 

Facsimile:     (216) 755-1560 

To Administrative Agent : 

JPMorgan Chase Bank, N.A. 
 383
Madison Avenue, 24th floor 
 New York, NY 10179 

Attention:     Chiara Carter, Vice President 

Telephone:    (212) 622-6401 

Facsimile:     (646) 534-0574 

With a copy to: 
 Morgan,
Lewis & Bockius 
 One Federal Street 

Boston, Massachusetts 02110 

Attention:     Steven M. Miklus, Esq. 

Telephone:    (617) 951-8364 

Facsimile:     (617) 951-8736 

If to any other Lender, to its address set forth in the Credit Agreement. 

14. This Guaranty shall be binding upon the heirs, executors, legal and personal representatives, successors and assigns of Guarantor and
shall inure to the benefit of the Administrative Agent and the Lenders’ successors and assigns. 

  
 M-66 

 15. This Guaranty shall be construed and enforced under the internal laws of the State of New
York. 
 16. GUARANTOR, THE ADMINISTRATIVE AGENT AND THE LENDERS, BY THEIR ACCEPTANCE HEREOF, EACH HEREBY WAIVE ANY RIGHT TO A TRIAL BY
JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHT UNDER THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR RELATING THERETO OR ARISING FROM THE LENDING RELATIONSHIP WHICH IS THE SUBJECT OF THIS GUARANTY AND AGREE THAT ANY SUCH ACTION OR
PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 M-77 

 IN WITNESS WHEREOF, Guarantor has delivered this Guaranty as of the date first written above.

  

			
	DDR CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 M-88 

 EXHIBIT N 

FORM OF QUALIFIED BORROWER NOTE 

[Date] 
 [QUALIFIED BORROWER
NAME], a                      organized under the laws of
                     (the “Borrower”), promises to pay to the order of JPMORGAN CHASE BANK, N.A., as Administrative Agent pursuant to the
Credit Agreement described below (the “Lender”) the aggregate unpaid principal amount of all Loans made to the Borrower pursuant to Article II of the Agreement (as hereinafter defined), in immediately available funds at the office of
JPMorgan Chase Bank, N.A. in New York, New York, as Administrative Agent, together with interest on the unpaid principal amount hereof at the rates and on the dates set forth in the Agreement. The Borrower shall pay remaining unpaid principal of and
accrued and unpaid interest on the Loans in full on the Facility Termination Date or such earlier date as may be required under the Agreement. 

The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to otherwise record in accordance with its usual
practice, the date and amount of each Loan and the date and amount of each principal payment hereunder. 
 This Note is one of the Notes
issued pursuant to, and is entitled to the benefits of, the Amended and Restated Credit Agreement, dated as of April 23, 2015, as amended, among the Borrower, DDR PR Ventures LLC, S.E., JPMorgan Chase Bank, N.A., individually and as
Administrative Agent, and the other Lenders named therein, (as the same may be amended, modified or restated from time to time, the “Agreement”) to which Agreement, reference is hereby made for a statement of the terms and conditions
governing this Note, including the terms and conditions under which this Note may be prepaid or its maturity date accelerated. Capitalized terms used herein and not otherwise defined herein are used with the meanings attributed to them in the
Agreement. 
 If there is a Default under the Agreement or any other Loan Document and Administrative Agent exercises the remedies provided
under the Agreement and/or any of the Loan Documents for the Lenders, then in addition to all amounts recoverable by Administrative Agent and the Lenders under such documents, Administrative Agent and the Lenders shall be entitled to receive
reasonable attorneys fees and expenses incurred by Administrative Agent and the Lenders in connection with the exercise of such remedies. 

Borrower and all endorsers severally waive presentment, protest and demand, notice of protest, demand and of dishonor and nonpayment of this
Note, and any and all lack of diligence or delays in collection or enforcement of this Note, and expressly agree that this Note, or any payment hereunder, may be extended from time to time, and expressly consent to the release of any party liable
for the obligation secured by this Note, the release of any of the security for this Note, the acceptance of any other security therefor, or any other indulgence or forbearance whatsoever, all without notice to any party and without affecting the
liability of the Borrower and any endorsers hereof. 

  
 N-11 

 This Note shall be governed and construed under the internal laws of the State of New York. 

THE BORROWER AND THE LENDER, BY ITS ACCEPTANCE HEREOF, EACH HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO
ENFORCE OR DEFEND ANY RIGHT UNDER THIS NOTE OR ANY OTHER LOAN DOCUMENT OR RELATING THERETO OR ARISING FROM THE LENDING RELATIONSHIP WHICH IS THE SUBJECT OF THIS NOTE AND AGREE THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A JUDGE AND NOT
BEFORE A JURY. 
  

			
	[QUALIFIED BORROWER NAME]
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 N-22 

 SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL 

TO NOTE OF [QUALIFIED BORROWER NAME] 

DATED [                    ] 

 

									
	 Date
	  	 Principal

Amount of

Loan
	  	 Maturity

of Interest

Period
	  	 Maturity

Principal
 Amount

Paid
	  	 Unpaid

Balance

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

  
 N-33 

 EXHIBIT O 

FORM OF QUALIFIED BORROWER COMPETITIVE BID NOTE 

[Date] 
 [QUALIFIED BORROWER
NAME], a                      organized under the laws of the State of
                     (the “Borrower”), promises to pay to the order of JPMORGAN CHASE BANK, N.A., as Administrative Agent pursuant to the
Agreement (as hereinafter defined) (the “Lender”) the aggregate unpaid principal amount of all Competitive Bid Loans made to the Borrower pursuant to Article II of the Agreement in immediately available funds at the office of JPMorgan
Chase Bank, N.A. in New York, New York, as Administrative Agent, together with interest on the unpaid principal amount hereof at the rates and on the dates set forth in the Agreement. The Borrower shall pay remaining unpaid principal of and accrued
and unpaid interest on the Loans in full on the Facility Termination Date or such earlier date as may be required under the Agreement. 

The Lender shall, and is hereby authorized to, record on the schedule attached hereto, or to otherwise record in accordance with its usual
practice, the date and amount of each Loan and the date and amount of each principal payment hereunder. 
 This Note is one of the Notes
issued pursuant to, and is entitled to the benefits of, the Amended and Restated Credit Agreement, dated as of April 23, 2015, as amended, among the Borrower, DDR PR Ventures LLC, S.E., JPMorgan Chase Bank, N.A., individually and as
Administrative Agent, and the other Lenders named therein, (as the same may be amended, modified or restated from time to time, the “Agreement”) to which Agreement reference is hereby made for a statement of the terms and conditions
governing this Note, including the terms and conditions under which this Note may be prepaid or its maturity date accelerated. Capitalized terms used herein and not otherwise defined herein are used with the meanings attributed to them in the
Agreement. 
 If there is a Default under the Agreement or any other Loan Document and Administrative Agent exercises the remedies provided
under the Agreement and/or any of the Loan Documents for the Lenders, then in addition to all amounts recoverable by the Administrative Agent and the Lenders under such documents, Administrative Agent and the Lenders shall be entitled to receive
reasonable attorneys fees and expenses incurred by Administrative Agent and the Lenders in connection with the exercise of such remedies. 

The Borrower and all endorsers severally waive presentment, protest and demand, notice of protest, demand and of dishonor and nonpayment of
this Note, and any and all lack of diligence or delays in collection or enforcement of this Note, and expressly agree that this Note, or any payment hereunder, may be extended from time to time, and expressly consent to the release of any party
liable for the obligation secured by this Note, the release of any of the security for this Note, the acceptance of any other security therefor, or any other indulgence or forbearance whatsoever, all without notice to any party and without affecting
the liability of the Borrower and any endorsers hereof. 

  
 1 

 This Note shall be governed and construed under the internal laws of the State of New York. 

THE BORROWER AND THE LENDER, BY ITS ACCEPTANCE HEREOF, EACH HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO
ENFORCE OR DEFEND ANY RIGHT UNDER THIS NOTE OR ANY OTHER LOAN DOCUMENT OR RELATING THERETO OR ARISING FROM THE LENDING RELATIONSHIP WHICH IS THE SUBJECT OF THIS NOTE AND AGREE THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A JUDGE AND NOT
BEFORE A JURY. 
  

			
	[QUALIFIED BORROWER NAME]
		
	By:		  

	Name:		
	Title:		

  
 22 

 SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL 

TO NOTE OF [QUALIFIED BORROWER NAME] 

DATED [                    ] 

 

											
	 Date
	  	 Principal
Amount of
Loan
	  	 Maturity
of Interest
Period
	  	 Maturity
Principal
Amount
Paid
	  	 Unpaid
Balance
	  	 Applicable
Interest Rate

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

  
 33 

 Schedule 1 

Commitments 
  

													
	Lender	  	Domestic Revolving
Commitment	 	  	Global Revolving
Commitment	 	  	Total	 
	 JPMorgan Chase Bank, N.A.
	  	$	55,000,000.00	  	  	$	20,000,000.00	  	  	$	75,000,000.00	  
				
	 Wells Fargo Bank, National Association
	  	$	55,000,000.00	  	  	$	20,000,000.00	  	  	$	75,000,000.00	  
				
	 The Bank of Nova Scotia
	  	$	40,333,333.34	  	  	$	14,666,666.66	  	  	$	55,000,000.00	  
				
	 U.S. Bank National Association
	  	$	40,333,333.34	  	  	$	14,666,666.66	  	  	$	55,000,000.00	  
				
	 RBS Citizens, N.A.
	  	$	36,666,666.67	  	  	$	13,333,333.33	  	  	$	50,000,000.00	  
				
	 Royal Bank of Canada
	  	$	36,666,666.67	  	  	$	13,333,333.33	  	  	$	50,000,000.00	  
				
	 Capital One, N.A.
	  	$	33,000,000.00	  	  	$	12,000,000.00	  	  	$	45,000,000.00	  
				
	 Citibank, N.A.
	  	$	29,333,333.33	  	  	$	10,666,666.67	  	  	$	40,000,000.00	  
				
	 Deutsche Bank AG New York Branch
	  	$	29,333,333.33	  	  	$	10,666,666.67	  	  	$	40,000,000.00	  
				
	 Goldman Sachs Bank USA
	  	$	29,333,333.33	  	  	$	10,666,666.67	  	  	$	40,000,000.00	  
				
	 KeyBank National Association
	  	$	29,333,333.33	  	  	$	10,666,666.67	  	  	$	40,000,000.00	  
				
	 Regions Bank
	  	$	29,333,333.33	  	  	$	10,666,666.67	  	  	$	40,000,000.00	  
				
	 The Bank of New York Mellon
	  	$	29,333,333.33	  	  	$	10,666,666.67	  	  	$	40,000,000.00	  
				
	 UBS AG, Stamford Branch
	  	$	29,333,333.33	  	  	$	10,666,666.67	  	  	$	40,000,000.00	  
				
	 Huntington National Bank
	  	$	14,666,666.67	  	  	$	5,333,333.33	  	  	$	20,000,000.00	  
				
	 Sumitomo Mitsui Banking Corporation
	  	$	14,666,666.67	  	  	$	5,333,333.33	  	  	$	20,000,000.00	  
				
	 First Tennessee Bank National Association
	  	$	7,333,333.33	  	  	$	2,666,666.67	  	  	$	10,000,000.00	  
				
	 PNC Bank, National Association
	  	$	7,333,333.33	  	  	$	2,666,666.67	  	  	$	10,000,000.00	  
				
	 The Northern Trust Company
	  	$	3,666,666.67	  	  	$	1,333,333.33	  	  	$	5,000,000.00	  
				
	 Total
	  	$	550,000,000.00	  	  	$	200,000,000.00	  	  	$	750,000,000.00	  

 Schedule 2 

Matters Affecting Ownership of Properties 

None. 

 Schedule 3 

Litigation and Guarantee Obligations 

None. 

 Schedule 4 

Intentionally Omitted 

 Schedule 5 

Qualified Borrower Requirements 
  

	1.	Certificate of good standing for the Qualified Borrower from its State of Organization, certified by the appropriate governmental officer and dated not more than thirty (30) days prior to such entity becoming a
Qualified Borrower; 

  

	2.	Copies of the formation documents (including code of regulations, if appropriate) of the Qualified Borrower certified by an officer of the Qualified Borrower, as appropriate, together with all amendments thereto;

  

	3.	Incumbency certificates, executed by officers of the Qualified Borrower, which shall identify by name and title and bear the signature of the Persons authorized to sign the Loan Documents and to make borrowings
hereunder on behalf of the Qualified Borrower, upon which certificate the Administrative Agent and the Lenders shall be entitled to rely until informed of any change in writing by the Qualified Borrower (or the Borrower on its behalf);

  

	4.	Copies, certified by a Secretary or an Assistant Secretary of the Qualified Borrower, of the Board of Directors’ resolutions (and resolutions of other bodies, if any are reasonably deemed necessary by counsel for
any Lender) authorizing the Borrowings provided for herein, with respect to the Qualified Borrower, and the execution, delivery and performance of the Loan Documents to be executed and delivered by the Qualified Borrower; 

 

	5.	A written opinion of the Qualified Borrower’s and Borrower’s counsel, addressed to the Lenders in such form as the Administrative Agent may reasonably approve; 

 

	6.	UCC financing statement, judgment, and tax lien searches with respect to the Qualified Borrower from the State of Ohio and if different, its State of Organization; 

 

	7.	Written money transfer instructions, in substantially the form of Exhibit E to the Credit Agreement hereto, addressed to the Administrative Agent and signed by an Authorized Officer, together with such other related
money transfer authorizations as the Administrative Agent may have reasonably requested; 

  

	8.	Such other documents as any Lender or its counsel may have reasonably requested, the form and substance of which documents shall be reasonably acceptable to the parties and their respective counsel. 

 Schedule FGL 

Financeable Ground Leases 
  

			
	 SITE
	  	 LOCATION

	 Morris Corners
	  	Springfield, MO
		
	 1000 Van Ness
	  	San Francisco, CA
		
	 Kmart Shopping Center
	  	Brandon, FL
		
	 The Pike at Rainbow Harbor
	  	Long Beach, CA
		
	 Johnson City Marketplace
	  	Johnson City, TN
		
	 River Oaks SC (MRV)
	  	Valencia, CA
		
	 Flatacres Market Center
	  	Parker, CO
		
	 Delaware Consumer Square (2670 Delaware Ave.)
	  	Buffalo, NY
		
	 Burlington Plaza
	  	Austell, GA
		
	 Crossroads Center
	  	Gulfport, MS

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00244-of-00352.parquet"}]]